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Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months and Year Ended June 30, 2024
Shreveport, Louisiana, July 26, 2024 (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 26, 2024 (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, 2024, of $638,000 compared to net income of $1.3 million reported for the three months ended June 30, 2023. The Company’s basic and diluted earnings per share were both $0.21, respectively, for the three months ended June 30, 2024, compared to basic and diluted earnings per share of $0.42 and $0.40, respectively, for the three months ended June 30, 2023. The Company reported net income of $3.6 million for the year ended June 30, 2024, compared to $5.7 million for the year ended June 30, 2023. The Company’s basic and diluted earnings per share were both $1.18 for the year ended June 30, 2024 compared to $1.89 and $1.80, respectively, for the year ended June 30, 2023. The decrease in net income for the three months ended June 30, 2024, compared to the same period in 2023, resulted from a decrease in net interest income of $1.1 million, or 20.0%, partially offset by a decrease in non-interest expense of $207,000, or 4.9%, a decrease in provision for income taxes of $157,000, or 45.8%, a decrease in the provision of credit losses of $105,000, or 70.0%, and an increase in non-interest income of $2,000, or 0.4%, The decrease in net interest income for the three months ended June 30, 2024, compared to the same period in 2023, resulted from an increase in total interest expense of $1.2 million, or 50.5%, partially offset by an increase in total interest income of $70,000, or 0.9%. The Company’s average interest rate spread was 2.15% for the three months ended June 30, 2024, compared to 2.84% for the three months ended June 30, 2023. The Company’s net interest margin was 2.91% for the three months ended June 30, 2024, compared to 3.35% for the three months ended June 30, 2023. The decrease in net income for the year ended June 30, 2024, compared to the year ended June 30, 2023, resulted from a decrease in net interest income of $2.6 million, or 12.1%, a decrease in non-interest income of $515,000, or 24.5%, and an increase in non-interest expense of $413,000, or 2.6%, partially offset by a decrease in the provision of credit losses of $828,000, or 95.4%, and a decrease in provision for income taxes of $590,000, or ...