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Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months Ended September 30, 2024
Shreveport, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal
About this update from Home Federal Bancorp, Inc. Of Louisiana
[{"type":"text","content":"Shreveport, Oct. 29, 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 September 30, 2024, of $941,000 compared to net income of $1.2 million reported for the three months ended September 30, 2023. The Company’s basic and diluted earnings per share were $0.31 for the three months ended September 30, 2024, compared to basic and diluted earnings per share of $0.40 and $0.39, respectively, for the three months ended September 30, 2023. The decrease in net income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from a decrease in net interest income of $857,000, or 16.2%, and a decrease in non-interest income of $134,000, or 30.9%, partially offset by a decrease in non-interest expense of $177,000, or 4.2%, a decrease in provision for income taxes of $312,000, or 100.6%, a decrease in the provision of credit losses of $223,000. The decrease in net interest income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from an increase in total interest expense of $524,000, or 18.8%, and a decrease in total interest income of $333,000, or 4.1%. The Company’s average interest rate spread was 2.23% for the three months ended September 30, 2024, compared to 2.68% for the three months ended September 30, 2023. The Company’s net interest margin was 2.98% for the three months ended September 30, 2024, compared to 3.37% for the three months ended September 30, 2023. 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, 2024 2023 AverageBalance AverageYield/Rate AverageBalance AverageYield/Rate (Dollars in thousands) Interest-earning assets: Loans receivable $466,170 5.87% $498,242 5.79%Investment securities 96,749 2.09 113,584 2.18 Interest-earning deposits 25,617 5.20 10,066 6.98 Total interest-earning assets $588,536 5.22% $621,892 5.15% Interest-bearing liabilities: Savings accounts $82,556 1.61% $78,572 0.38%NOW accounts 72,787 1.10 55,900 0.48 Money market accounts 75,216 2.29 108,891 2.26 Certificates of deposit 204,019 4.30 194,785 3.73 Total ...