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Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months Ended September 30, 2021
Shreveport, Louisiana, Oct. 26, 2021 (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. 26, 2021 (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, 2021 of $1.4 million compared to net income of $1.2 million reported for the three months ended September 30, 2020. The Company’s basic and diluted earnings per share were $0.42 and $0.38, respectively, for the three months ended September 30, 2021 compared to basic and diluted earnings per share (split adjusted) of $0.38 and $0.37, respectively, for the three months ended September 30, 2020. The Company reported the following key achievements during the three months ended September 30, 2021: Total deposits increased $987,000 or 0.2% to $507.6 million at September 30, 2021, compared to $506.6 million at June 30, 2021, however time deposits decreased $14.2 million, or 13.0%, to $94.8 million at September 30, 2021, compared to $109.0 million at June 30, 2021.Total mortgage loans originated for sale were $28.5 million for the three months ended September 30, 2021. The pipeline for mortgage originations remains strong going into our second fiscal quarter.In July 2021, we announced plans to enter the Minden, Louisiana market area. In September 2021, we opened a loan production office with a team of five seasoned local bankers.Core loans for the three months ended September 30, 2021 increased $21.2 million, or 6.9%, from $308.6 million at September 30, 2021, compared to $329.8 million at June 30, 2021. Core loans are total gross loans less the PPP loans. The pipeline for our commercial loan originations remains strong. 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. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) became law. The Economic Aid Act extended the au...