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HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019
Shreveport, Louisiana , Oct. 28, 2019 (GLOBE NEWSWIRE) -- Shreveport, Louisiana – October 28, 2019 – Home Federal Bancorp, Inc. of Louisiana (the “Company”)
About this update from Home Federal Bancorp, Inc. Of Louisiana
[{"type":"text","content":"Shreveport, Louisiana , Oct. 28, 2019 (GLOBE NEWSWIRE) -- Shreveport, Louisiana – October 28, 2019 – 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 September 30, 2019 of $1.2 million, which was substantially consistent with net income for the three months ended September 30, 2018. The Company’s basic and diluted earnings per share were $0.73 and $0.68, respectively, for the three months ended September 30, 2019 compared to basic and diluted earnings per share of $0.68 and $0.63, respectively, for the three months ended September 30, 2018.\n The $29,000 increase in net income for the three months ended September 30, 2019 resulted primarily from a $294,000, or 43.9%, increase in non-interest income, a decrease of $75,000, or 30.0%, in provision for loan losses and a decrease of $35,000, or 11.1%, in provision for income taxes, partially offset by an increase of $301,000, or 10.8%, in non-interest expense, and a $74,000, or 1.9%, decrease in net interest income. The $74,000 decrease in net interest income for the three months ended September 30, 2019 was primarily due to a $356,000, or 35.7%, increase in total interest expense, primarily due to an increase of 41 basis points in the average rate on total interest-bearing deposits, partially offset by an increase of $282,000, or 5.8%, in total interest income. The Company’s average interest rate spread was 3.30% for the three months ended September 30, 2019 compared to 3.60% for the three months ended September 30, 2018. The Company’s net interest margin was 3.63% for the three months ended September 30, 2019 compared to 3.86% for the three months ended September 30, 2018. The decrease in net interest margin on a comparative quarterly basis was primarily the result of the increase of 41 basis points in average cost of interest-bearing deposits for the three months ended September 30, 2019 compared to the prior year. The following table sets forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated. For the Three Months Ended September 30, 2019 2018 Average Average Average Average Balance Yield/Rate Balance Yield/Rate (Dollars in thousands) Interest-earning assets:...