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HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE MONTHS AND YEAR ENDED JUNE 30, 2023
Shreveport, Louisiana, July 31, 2023 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home
About this update from Home Federal Bancorp, Inc. Of Louisiana
[{"type":"text","content":"Shreveport, Louisiana, July 31, 2023 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended June 30, 2023, of $1.3 million compared to net income of $1.1 million reported for the three months ended June 30, 2022. The Company’s basic and diluted earnings per share were $0.42 and $0.40, respectively, for the three months ended June 30, 2023, compared to basic and diluted earnings per share of $0.33 and $0.31, respectively, for the three months ended June 30, 2022. The Company reported net income of $5.7 million for the year ended June 30, 2023, compared to $4.9 million for the year ended June 30, 2022. The Company’s basic and diluted earnings per share were $1.89 and $1.80, respectively, for the year ended June 30, 2023, compared to $1.50 and $1.41, respectively, for the year ended June 30, 2022. The Company reported the following during the year ended June 30, 2023: On February 1, 2023, the Company completed the acquisition of Northwest Bancshares Corporation (“NWB”) and its wholly-owned subsidiary, First National Bank of Benton (“FNBB). As of February 1, 2023, FNBB reported $83.4 million in assets, $77.3 million in liabilities and $6.1 million in equity.Total loans receivable, net of allowance for loan losses for the year ended June 30, 2023, increased $101.6 million, or 26.2%, to $489.5 million at June 30, 2023, compared to $387.9 million at June 30, 2022. Loans acquired from FNBB amounted to $54.9 million.Total deposits for the year ended June 30, 2023, increased $65.4 million, or 12.3%, to $597.4 million at June 30, 2023, compared to $532.0 million at June 30, 2022. Deposits acquired from FNBB amounted to $77.4 million.Basic earnings per share increased $0.39, or 26.0%, from $1.50 for the year ended June 30, 2022, compared to $1.89 for the year ended June 30, 2023. Diluted earnings per share increased $0.39 or 27.7%, from $1.41 for the year ended June 30, 2022, compared to $1.80 for the year ended June 30, 2023. The increase in net income for the three months ended June 30, 2023, as compared to the prior year quarter resulted primarily from an increase of $771,000, or 16.5%, in net interest income, and a decrease of $125,000, or 45.5%, in provision for loan losses, partially offset by an increase of $4...