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Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months Ended September 30, 2020
Shreveport, Louisiana, Oct. 27, 2020 (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, Oct. 27, 2020 (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 September 30, 2020 of $1.2 million, consistent with $1.2 million for the three months ended September 30, 2019. The Company’s basic and diluted earnings per share were $0.76 and $0.74, respectively, for the three months ended September 30, 2020 compared to basic and diluted earnings per share of $0.73 and $0.68, respectively, for the three months ended September 30, 2019.\n The Company reported the following key achievements during the three months ended September 30, 2020: Total deposits increased $22.9 million or 5.0% to $483.7 million at quarter end.Total mortgage loans originated for sale were $60.3 million for the quarter.Total loan deferrals decreased from $84.1 million at June 30, 2020 to $6.2 million at September 30, 2020.Time deposits decreased $6.0 million, or 3.8%, to $151.6 million at September 30, 2020. In light of the events surrounding the COVID-19 epidemic, the Company is continually assessing the effects of the pandemic on its employees, customers and communities. In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. The CARES Act contains many provisions related to banking, lending, mortgage forbearance and taxation. The Company has worked diligently to help support its customers through the SBA Paycheck Protection Program (“SBA PPP”), loan modifications and loan deferrals. As of September 30, 2020, Home Federal Bank has funded 378 SBA PPP loans totaling approximately $46.3 million to existing customers and key prospects located primarily in our trade area of NW Louisiana. Our commercial lenders and operational support staff have worked diligently to accomplish what seemed to be an insurmountable task in providing a lifeline to our small community businesses. We believe the customer interaction during this time provides a real opportunity to broaden and deepen our customer relationships while benefiting our community. The provision for loan losses for the three months ended September 30, 2020 was $700,000 compared to $175,000 for the three months ended September 30, 2019. The increase in the provision for loans losses was primarily a result of the det...