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HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
Shreveport, Louisiana, Oct. 30, 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, Oct. 30, 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 September 30, 2023, of $1.2 million compared to net income of $1.7 million reported for the three months ended September 30, 2022. The Company’s basic and diluted earnings per share were $0.40 and $0.39, respectively, for the three months ended September 30, 2023, compared to basic and diluted earnings per share of $0.55 and $0.52, respectively, for the three months ended September 30, 2022. The Company reported the following highlights during the three months ended September 30, 2023: Total loans receivable, net for the three months ended September 30, 2023 increased $17.1 million, or 3.5%, to $506.6 million at September 30, 2023, compared to $489.5 million at June 30, 2023.The Company’s average interest rate spread was 2.68% for the three months ended September 30, 2023, compared to 3.74% for the three months ended September 30, 2022.The Company’s net interest margin was 3.37% for the three months ended September 30, 2023, compared to 3.90% for the three months ended September 30, 2022.Basic earnings per share decreased $0.15, or 27.3%, from $0.55 for the three months ended September 30, 2022, compared to $0.40 for the three months ended September 30, 2023.Diluted earnings per share decreased $0.13 or 25.0%, from $0.52 for the three months ended September 30, 2022, compared to $0.39 for the three months ended September 30, 2023.Nonperforming assets totaled $1.8 million, or 0.28% of total assets at September 30, 2023 compared to $1.6 million, or 0.24% of total assets, at June 30, 2023. The decrease in net income for the three months ended September 30, 2023, as compared to the prior year quarter resulted primarily from an increase of $435,000, or 11.6%, in non-interest expense, an increase of $301,000 in provision for income taxes, a decrease of $112,000, or 20.5%, in non-interest income, and a decrease of $21,000, or 0.4% in net interest income, partially offset by a decrease of $418,000, or 100.0% in the provision for credit losses. The decrease in net interest income for the three months ended September 30, 2023, was primarily due to a $2.3 million, or 486.1%, increase in total interest expense, partially offse...