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 December 31, 2023, of $1.0
million compared to net income of $1.7 million reported for the
three months ended December 31, 2022. The Company’s basic and
diluted earnings per share were $0.33 for the three months ended
December 31, 2023, compared to basic and diluted earnings per share
of $0.57 and $0.55, respectively, for the three months ended
December 31, 2022. The Company reported net income of $2.2 million
for the six months ended December 31, 2023, compared to $3.4
million for the six months ended December 31, 2022. The Company’s
basic and diluted earnings per share were $0.73 and $0.72,
respectively, for the six months ended December 31, 2023 compared
to $1.10 and $1.05, respectively, for the six months ended December
31, 2022.
The Company reported the following highlights during the
six months ended December 31, 2023:
- Total loans receivable, net for the six months ended December
31, 2023 increased $12.3 million, or 2.5%, to $501.8 million at
December 31, 2023, compared to $489.5 million at June 30,
2023.
- The Company’s average interest rate spread was 2.60% for the
six months ended December 31, 2023, compared to 3.70% for the six
months ended December 31, 2022.
- The Company’s net interest margin was 3.26% for the six months
ended December 31, 2023, compared to 3.91% for the six months ended
December 31, 2022.
- Nonperforming assets totaled $2.2 million, or 0.34% of total
assets at December 31, 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 December
31, 2023, as compared to same period in 2022 resulted primarily
from an increase of $693,000, or 19.4%, in non-interest expense, a
decrease of $421,000, or 7.9%, in net interest income, and a
decrease of $402,000, or 74.5%, in non-interest income, partially
offset by a decrease of $640,000, or 144.1%, in provision (benefit)
for income taxes, and a decrease of $166,000, or 110.7%, in the
provision for credit losses. The decrease in net interest income
for the three months ended December 31, 2023, as compared to same
period in 2022, was primarily due to an increase of $2.4 million,
or 315.9%, in total interest expense, partially offset by an
increase of $2.0 million, or 32.7%, in total interest income. The
Company’s average interest rate spread was 2.45% for the three
months ended December 31, 2023, compared to 3.67% for the three
months ended December 31, 2022. The Company’s net interest margin
was 3.14% for the three months ended December 31, 2023, compared to
3.91% for the three months ended December 31, 2022.
The decrease in net income for the six months ended December 31,
2023, as compared to same period in 2022 resulted primarily from an
increase of $1.1 million, or 15.4%, in non-interest expense, a
decrease of $514,000, or 47.3%, in non-interest income, a decrease
of $443,000, or 4.2%, in net interest income, partially offset by a
decrease of $584,000, or 102.8%, in the provision for credit
losses, and a decrease of $339,000, or 74.7%, in provision for
income taxes. The decrease in net interest income for the six
months ended December 31, 2023, as compared to same period in 2022,
was primarily due to an increase of $4.7 million, or 381.3%, in
total interest expense, partially offset by an increase of $4.3
million, or 36.1%, in total interest income. The Company’s average
interest rate spread was 2.60% for the six months ended December
31, 2023 compared to 3.70% for the six months ended December 31,
2022. The Company’s net interest margin was 3.26% for the six
months ended December 31, 2023 compared to 3.91% for the six months
ended December 31, 2022.
On July 1, 2023, the Company adopted the new current expected
credit loss (“CECL”) methodology for estimating credit losses. This
resulted in a $189,000 increase to the allowance for credit losses
(the “ACL”) and a one-time cumulative adjustment resulted in a
$149,000, net of tax, decrease to stockholders’ equity. For
purchased credit deteriorated loans, the Company applied the
guidance under CECL using the prospective transition approach. As a
result, the Company adjusted the amortized cost basis of the
purchased credit deteriorated loans by $170,000 to reclassify the
purchase discount to the allowance for credit losses on July 1,
2023. The ACL account increased $359,000 from these two
transactions. No provision expense was recorded in the first
quarter of 2024 and a recovery of credit losses in the provision of
$16,000 was recorded in the second quarter of 2024. As of December
31, 2023, the ACL was $5.1 million, and the ratio of ACL to gross
loans was 1.00%. As of June 30, 2023, the ACL was $5.2 million, and
the ratio of ACL to gross loans was 1.05%.
The following tables set 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 December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
(Dollars in thousands) |
Interest-earning assets: |
|
|
|
|
|
|
|
Loans
receivable |
$ |
507,844 |
|
5.78 |
% |
|
$ |
415,113 |
|
5.17 |
% |
Investment
securities |
|
109,485 |
|
2.43 |
|
|
|
107,490 |
|
1.82 |
|
Interest-earning
deposits |
|
1,751 |
|
2.95 |
|
|
|
17,067 |
|
4.39 |
|
Total interest-earning
assets |
$ |
619,080 |
|
5.18 |
% |
|
$ |
539,670 |
|
4.48 |
% |
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
Savings
accounts |
$ |
73,228 |
|
0.40 |
% |
|
$ |
109,471 |
|
0.29 |
% |
NOW accounts |
|
65,252 |
|
0.43 |
|
|
|
61,223 |
|
0.27 |
|
Money market
accounts |
|
95,763 |
|
2.49 |
|
|
|
96,264 |
|
0.40 |
|
Certificates of
deposit |
|
212,792 |
|
4.01 |
|
|
|
101,234 |
|
1.67 |
|
Total interest-bearing deposits
|
|
447,035 |
|
2.57 |
|
|
|
368,192 |
|
0.70 |
|
Other bank
borrowings |
|
9,202 |
|
8.58 |
|
|
|
6,422 |
|
6.74 |
|
FHLB advances |
|
5,379 |
|
5.75 |
|
|
|
817 |
|
4.80 |
|
Total interest-bearing
liabilities |
$ |
461,616 |
|
2.73 |
% |
|
$ |
375,431 |
|
0.81 |
% |
|
For the Six Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
(Dollars in thousands) |
Interest-earning assets: |
|
|
|
|
|
|
|
Loans
receivable |
$ |
503,043 |
|
5.79 |
% |
|
$ |
405,940 |
|
5.10 |
% |
Investment
securities |
|
111,535 |
|
2.46 |
|
|
|
109,045 |
|
1.79 |
|
Interest-earning
deposits |
|
5,843 |
|
3.43 |
|
|
|
24,931 |
|
3.58 |
|
Total interest-earning
assets |
$ |
620,421 |
|
5.16 |
% |
|
$ |
539,916 |
|
4.36 |
% |
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
Savings
accounts |
$ |
75,900 |
|
0.39 |
% |
|
$ |
119,110 |
|
0.27 |
% |
NOW accounts |
|
66,639 |
|
0.41 |
|
|
|
59,940 |
|
0.19 |
|
Money market
accounts |
|
102,327 |
|
2.37 |
|
|
|
95,479 |
|
0.27 |
|
Certificates of
deposit |
|
203,779 |
|
3.88 |
|
|
|
92,974 |
|
1.47 |
|
Total interest-bearing deposits
|
|
448,645 |
|
2.43 |
|
|
|
367,503 |
|
0.56 |
|
Other bank
borrowings |
|
8,928 |
|
8.47 |
|
|
|
5,668 |
|
6.12 |
|
FHLB advances |
|
3,259 |
|
5.66 |
|
|
|
822 |
|
4.83 |
|
Total interest-bearing
liabilities |
$ |
460,832 |
|
2.57 |
% |
|
$ |
373,993 |
|
0.66 |
% |
The $402,000 decrease in non-interest income for the three
months ended December 31, 2023, compared to the prior year
quarterly period, was primarily due to an increase of $381,000 in
loss on sale of real estate, and a $66,000 decrease in gain on sale
of loans, partially offset by a $38,000 increase in service charges
on deposit accounts, an increase of $5,000 in other non-interest
income, and an increase of $2,000 in income on bank owned life
insurance. The $514,000 decrease in non-interest income for the six
months ended December 31, 2023 compared to the prior year six-month
period was primarily due to an increase of $415,000 in loss on sale
of real estate, and a decrease of $202,000 in gain on sale of
loans, partially offset by a $94,000 increase in service charges on
deposit accounts, an increase of $7,000 in other non-interest
income, and a $2,000 increase in income from bank owned life
insurance. The decreases in gain on sale of loans for both the
quarter and six months ended December 31, 2023, were primarily due
to a decrease in refinance activity causing a decrease in mortgage
loan originations. In addition, in recent periods the Company has
increased its originations of adjustable rate mortgages for
portfolio rather than for sale in the secondary market. The
increases in loss on sale of real estate for both the quarter and
six months ended December 31, 2023, were primarily due to the bulk
sale of twenty-one distressed rental properties.
The $693,000 increase in non-interest expense for the three
months ended December 31, 2023, compared to the same period in
2022, is primarily attributable to increases of $235,000 in
compensation and benefits expense, $186,000 in audit and
examination fees, $113,000 in professional fees, $85,000 in
amortization of core deposit intangible expense, $55,000 in deposit
insurance premium expense, $46,000 in occupancy and equipment
expense, $42,000 in franchise and bank shares tax expense, $38,000
in other non-interest expense, and $14,000 in advertising expense.
The increases were partially offset by a decrease of $91,000 in
data processing expense, and $30,000 in loan and collection
expense. The $1.1 million increase in non-interest expense for the
six months ended December 31, 2023, compared to the same six-month
period in 2022, is primarily attributable to increases of $309,000
in compensation and benefits expense, $213,000 in audit and
examination fees, $179,000 in amortization of core deposit
intangible expense, $147,000 in professional fees, $99,000 in
deposit insurance premium expense, $93,000 in occupancy and
equipment expense, $83,000 in advertising expense, and $79,000 in
franchise and bank shares tax expense. The increases were partially
offset by decreases of $27,000 in data processing expense, $26,000
in other non-interest expense, and $22,000 in loan and collection
expense. The increases in compensation and benefits expense were
primarily due to additional branch and back office staff.
At December 31, 2023, the Company reported total assets of
$654.2 million, a decrease of $6.7 million, or 1.0%, compared to
total assets of $660.9 million at June 30, 2023. The decrease in
assets was comprised primarily of decreases in cash and cash
equivalents of $16.1 million, or 65.0%, from $24.8 million at June
30, 2023 to $8.7 million at December 31, 2023, investment
securities of $5.2 million, or 4.5%, from $114.0 million at June
30, 2023 to $108.8 million at December 31, 2023, real estate owned
of $368,000, or 100.0% from $368,000 at June 30, 2023 to none at
December 31, 2023, core deposit intangible of $179,000, or 11.7%,
from $1.5 million at June 30, 2023 to $1.4 million at December 31,
2023, deferred tax asset of $140,000, or 10.7%, from $1.3 million
at June 30, 2023 to $1.2 million at December 31, 2023, other assets
of $117,000, or 8.2%, from $1.4 million at June 30, 2023 to $1.3
million at December 31, 2023. These decreases were partially offset
by increases in net loans receivable of $12.3 million, or 2.5%,
from $489.5 million at June 30, 2023 to $501.8 million at December
31, 2023, loans-held-for-sale of $1.8 million, from $4,000 at June
30, 2023 to $1.9 million at December 31, 2023, premises and
equipment of $1.0 million, or 6.3%, from $16.6 million at June 30,
2023 to $17.6 million at December 31, 2023, accrued interest
receivable of $93,000, or 5.2%, from $1.8 million at June 30, 2023
to $1.9 million at December 31, 2023, and bank owned life insurance
of $54,000, or 0.8%, from $6.7 million at June 30, 2023 to $6.8
million at December 31, 2023. The decrease in cash and cash
equivalents was primarily due to a decrease in total deposits and
the funding of additional loan growth. The decrease in held to
maturity securities was due to $2.9 million in principal payments.
The increase in loans held-for-sale primarily reflected an increase
in loans originated for sale during the six months ended December
31, 2023.
Total liabilities decreased $8.8 million, or 1.4%,
from $610.4 million at June 30, 2023 to $601.6 million at December
31, 2023. The decrease in liabilities was comprised primarily of
decreases in total deposits of $13.7 million, or 2.3%, from $597.4
million at June 30, 2023 to $583.7 million at December 31, 2023,
other accrued expenses and liabilities of $1.4 million, or 35.8%,
from $3.9 million at June 30, 2023 to $2.5 million at December 31,
2023, and advances from borrowers for taxes and insurance of
$209,000, or 37.7%, from $554,000 at June 30, 2023 to $345,000 at
December 31, 2023. The decreases were partially offset by increases
in short term advances from FHLB of $5.4 million from none at June
30, 2023 to $5.4 million at December 31, 2023, and other borrowings
of $1.1 million, or 12.9%, from $8.6 million at June 30, 2023 to
$9.7 million at December 31, 2023. The decrease in deposits was
primarily due to decreases in money market deposits of $21.8
million, or 19.1%, from $114.2 million at June 30, 2023 to $92.4
million at December 31, 2023, savings deposits of $11.3 million, or
13.8%, from $81.9 million at June 30, 2023 to $70.6 million at
December 31, 2023, non-interest deposits of $9.4 million, or 6.4%,
from $145.6 million at June 30, 2023 to $136.2 million at December
31, 2023, NOW accounts of $150,000, or 0.2%, from $65.3 million at
June 30, 2023 to $65.2 million at December 31, 2023, partially
offset by an increase in certificates of deposit of $28.8 million,
or 15.2%, from $190.4 million at June 30, 2023 to $219.2 million at
December 31, 2023. The Company had $3.0 million in brokered
deposits at both December 31, 2023 and June 30, 2023. There
was a shift of balances between deposit categories due to customers
moving funds from lower yielding categories to higher yielding
categories. The $13.7 million decrease in deposits from June 30,
2023 to December 31, 2023 was primarily due to an estate settlement
totaling $24.2 million. $15.4 million of the settlement has been
paid out to date, with the remaining $8.8 million to be paid out in
the future. This loss of deposits resulted in an increase in short
term advances from FHLB.
At December 31, 2023, the Company had $2.2 million
of non-performing assets (defined as non-accruing loans, accruing
loans 90 days or more past due, and other real estate owned)
compared to $1.6 million on non-performing assets at June 30, 2023,
consisting of eleven commercial non-real estate loans, six
single-family residential loans, three land loans, and three home
equity line-of-credit loans at December 31, 2023, compared to seven
single-family residential loans, three commercial non-real estate
loans, one consumer loan and two single-family residences in other
real estate owned at June 30, 2023. At December 31, 2023 the
Company had 12 commercial non-real-estate loans, seven single
family residential loans, four home-equity line-of-credit loans,
two land loans, one commercial real estate loan, and one auto loan
classified as substandard, compared to ten single family
residential loans, three commercial non-real-estate loans, two
commercial real estate loans, and three home equity line-of-credit
loans classified as substandard at June 30, 2023. There were no
loans classified as doubtful at December 31, 2023 or June 30,
2023.
Shareholders’ equity increased $2.1 million, or 4.1%, to $52.6
million at December 31, 2023 from $50.5 million at June 30, 2023.
The primary reasons for the changes in shareholders’ equity from
June 30, 2023 was net income of $2.2 million, a decrease in the
Company’s accumulated other comprehensive loss of $531,000, the
vesting of restricted stock awards, stock options, and the release
of employee stock ownership plan shares totaling $301,000,
partially offset by dividends paid totaling $783,000, CECL
implementation totaling $189,000, and stock repurchases of
$30,000.
Home Federal Bancorp, Inc. of Louisiana is the
holding company for Home Federal Bank which conducts business from
its ten full-service banking offices and home office in northwest
Louisiana.
Statements contained in this news release which are not
historical facts may be forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words like “believe”, “expect”, “anticipate”, “estimate”,
and “intend”, or future or conditional verbs such as “will”,
“would”, “should”, “could”, or “may”. We undertake no obligation to
update any forward-looking statements.
In addition to factors previously disclosed in the reports filed
by the Company with the Securities and Exchange Commission and
those identified elsewhere in this press release, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: the strength of the United States economy in general
and the strength of the local economies in which the Company
conducts its operations; general economic conditions; legislative
and regulatory changes; monetary and fiscal policies of the federal
government; changes in tax policies, rates and regulations of
federal, state and local tax authorities including the effects of
the Tax Reform Act; changes in interest rates, deposit flows, the
cost of funds, demand for loan products and the demand for
financial services, competition, changes in the quality or
composition of the Company’s loans, investment and mortgage-backed
securities portfolios; geographic concentration of the Company’s
business; fluctuations in real estate values; the adequacy of loan
loss reserves; the risk that goodwill and intangibles recorded in
the Company’s financial statements will become impaired; changes in
accounting principles, policies or guidelines and other economic,
competitive, governmental and technological factors affecting the
Company’s operations, markets, products, services and fees.
Home Federal Bancorp, Inc. of Louisiana |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(In
thousands) |
|
|
|
|
|
December 31, 2023 |
|
June 30, 2023 |
|
(Unaudited) |
|
(Audited) |
ASSETS |
|
|
|
|
|
|
|
Cash and Cash Equivalents (Includes Interest-Bearing |
|
|
|
|
|
|
|
Deposits with Other Banks of $990 and
$22,215 at December 31, 2023 and June
30, 2023, Respectively) |
$ |
8,668 |
|
|
$ |
24,765 |
|
Securities Available-for-Sale (amortized cost December 31, 2023:
$39,935; |
|
|
|
|
|
|
|
June 30, 2023: $42,910, Respectively) |
|
37,309 |
|
|
|
39,551 |
|
Securities Held-to-Maturity (fair value December 31, 2023: $59,728
June 30, 2023: $61,222,
Respectively) |
|
71,533 |
|
|
|
74,423 |
|
Loans Held-for-Sale |
|
1,851 |
|
|
|
4 |
|
Loans Receivable, Net of Allowance for Credit Losses (December 31,
2023: $5,073; June 30, 2023:
$5,173, Respectively) |
|
501,761 |
|
|
|
489,493 |
|
Accrued Interest Receivable |
|
1,883 |
|
|
|
1,790 |
|
Premises and Equipment, Net |
|
17,605 |
|
|
|
16,561 |
|
Bank Owned Life Insurance |
|
6,754 |
|
|
|
6,700 |
|
Goodwill |
|
2,990 |
|
|
|
2,990 |
|
Core Deposit Intangible |
|
1,354 |
|
|
|
1,533 |
|
Deferred Tax Asset |
|
1,173 |
|
|
|
1,313 |
|
Real Estate Owned |
|
- |
|
|
|
368 |
|
Other Assets |
|
1,307 |
|
|
|
1,424 |
|
|
|
|
|
Total
Assets |
$ |
654,188 |
|
|
$ |
660,915 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ |
136,217 |
|
|
$ |
145,553 |
|
Interest-bearing |
|
447,472 |
|
|
|
451,808 |
|
Total Deposits |
|
583,689 |
|
|
|
597,361 |
|
Advances from Borrowers for Taxes and Insurance |
|
345 |
|
|
|
554 |
|
Short-term Federal Home Loan Bank Advances |
|
5,400 |
|
|
|
-- |
|
Other Borrowings |
|
9,650 |
|
|
|
8,550 |
|
Other Accrued Expenses and Liabilities |
|
2,510 |
|
|
|
3,908 |
|
|
|
|
|
Total
Liabilities |
|
601,594 |
|
|
|
610,373 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Preferred Stock - $0.01 Par Value; 10,000,000 Shares |
|
|
|
Authorized; None Issued and
Outstanding |
|
-- |
|
|
|
-- |
|
Common Stock - $0.01 Par Value; 40,000,000 Shares |
|
|
|
Authorized: 3,143,532 and 3,133,351
Shares Issued and |
|
|
|
Outstanding at December 31, 2023 and
June 30, 2023, Respectively |
|
31 |
|
|
|
34 |
|
Additional Paid-in Capital |
|
41,224 |
|
|
|
40,981 |
|
Unearned ESOP Stock |
|
(466 |
) |
|
|
(523 |
) |
Retained Earnings |
|
13,927 |
|
|
|
12,707 |
|
Accumulated Other Comprehensive Loss |
|
(2,122 |
) |
|
|
(2,654 |
) |
|
|
|
|
Total Shareholders’ Equity |
|
52,594 |
|
|
|
50,542 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
654,188 |
|
|
$ |
660,915 |
|
Home Federal Bancorp, Inc. of Louisiana |
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share data) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
Interest income |
|
|
|
|
|
|
|
Loans, including fees |
$ |
7,397 |
|
|
$ |
5,406 |
|
$ |
14,671 |
|
|
$ |
10,434 |
Investment securities |
|
210 |
|
|
|
3 |
|
|
449 |
|
|
|
5 |
Mortgage-backed securities |
|
460 |
|
|
|
490 |
|
|
933 |
|
|
|
980 |
Other interest-earning assets |
|
13 |
|
|
|
189 |
|
|
101 |
|
|
|
450 |
Total interest income |
|
8,080 |
|
|
|
6,088 |
|
|
16,154 |
|
|
|
11,869 |
Interest expense |
|
|
|
|
|
|
|
Deposits |
|
2,901 |
|
|
|
645 |
|
|
5,494 |
|
|
|
1,045 |
Federal Home Loan Bank borrowings |
|
78 |
|
|
|
10 |
|
|
93 |
|
|
|
20 |
Other bank borrowings |
|
198 |
|
|
|
109 |
|
|
381 |
|
|
|
175 |
Total interest expense |
|
3,177 |
|
|
|
764 |
|
|
5,968 |
|
|
|
1,240 |
Net interest income |
|
4,903 |
|
|
|
5,324 |
|
|
10,186 |
|
|
|
10,629 |
|
|
|
|
|
|
|
|
Provision for (recovery of)
credit losses |
|
(16 |
) |
|
|
150 |
|
|
(16 |
) |
|
|
568 |
Net interest income after provision for credit losses |
|
4,919 |
|
|
|
5,174 |
|
|
10,202 |
|
|
|
10,061 |
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
Loss on sale of real estate |
|
(381 |
) |
|
|
- |
|
|
(415 |
) |
|
|
- |
Gain on sale of loans |
|
76 |
|
|
|
142 |
|
|
115 |
|
|
|
317 |
Income on Bank-Owned Life Insurance |
|
28 |
|
|
|
26 |
|
|
54 |
|
|
|
52 |
Service charges on deposit accounts |
|
397 |
|
|
|
359 |
|
|
788 |
|
|
|
694 |
Other income |
|
17 |
|
|
|
12 |
|
|
30 |
|
|
|
23 |
|
|
|
|
|
|
|
|
Total non-interest income |
|
137 |
|
|
|
539 |
|
|
572 |
|
|
|
1,086 |
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
Compensation and benefits |
|
2,328 |
|
|
|
2,093 |
|
|
4,684 |
|
|
|
4,375 |
Occupancy and equipment |
|
544 |
|
|
|
498 |
|
|
1,092 |
|
|
|
999 |
Data processing |
|
129 |
|
|
|
220 |
|
|
374 |
|
|
|
401 |
Audit and examination fees |
|
271 |
|
|
|
85 |
|
|
373 |
|
|
|
160 |
Franchise and bank shares tax |
|
164 |
|
|
|
122 |
|
|
320 |
|
|
|
241 |
Advertising |
|
82 |
|
|
|
68 |
|
|
225 |
|
|
|
142 |
Legal fees |
|
187 |
|
|
|
74 |
|
|
347 |
|
|
|
200 |
Loan and collection |
|
32 |
|
|
|
62 |
|
|
92 |
|
|
|
114 |
Amortization Core Deposit Intangible |
|
85 |
|
|
|
- |
|
|
179 |
|
|
|
- |
Deposit insurance premium |
|
108 |
|
|
|
53 |
|
|
199 |
|
|
|
100 |
Other expenses |
|
319 |
|
|
|
281 |
|
|
552 |
|
|
|
578 |
|
|
|
|
|
|
|
|
Total non-interest expense |
|
4,249 |
|
|
|
3,556 |
|
|
8,437 |
|
|
|
7,310 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
807 |
|
|
|
2,157 |
|
|
2,337 |
|
|
|
3,837 |
Provision for income tax expense
(benefit) |
|
(196 |
) |
|
|
444 |
|
|
114 |
|
|
|
453 |
|
|
|
|
|
|
|
|
NET INCOME |
$ |
1,003 |
|
|
$ |
1,713 |
|
$ |
2,223 |
|
|
$ |
3,384 |
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.33 |
|
|
$ |
0.57 |
|
$ |
0.73 |
|
|
$ |
1.10 |
Diluted |
$ |
0.33 |
|
|
$ |
0.55 |
|
$ |
0.72 |
|
|
$ |
1.05 |
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Selected Operating
Ratios(1): |
|
|
|
|
|
|
|
Average interest rate spread |
|
2.45 |
% |
|
|
3.67 |
% |
|
|
2.60 |
% |
|
|
3.70 |
% |
Net interest margin |
|
3.14 |
% |
|
|
3.91 |
% |
|
|
3.26 |
% |
|
|
3.91 |
% |
Return on average assets |
|
0.60 |
% |
|
|
1.18 |
% |
|
|
0.67 |
% |
|
|
1.16 |
% |
Return on average equity |
|
7.81 |
% |
|
|
14.21 |
% |
|
|
8.64 |
% |
|
|
14.10 |
% |
|
|
|
|
|
|
|
|
Asset Quality
Ratios(2): |
|
|
|
|
|
|
|
Non-performing assets as a percent of total assets |
|
0.34 |
% |
|
|
0.38 |
% |
|
|
0.34 |
% |
|
|
0.38 |
% |
Allowance for credit losses as a percent of non-performing
loans(3) |
|
226.50 |
% |
|
|
245.89 |
% |
|
|
226.50 |
% |
|
|
245.89 |
% |
Allowance for credit losses as a percent of total loans
receivable(3) |
|
1.00 |
% |
|
|
1.14 |
% |
|
|
1.00 |
% |
|
|
1.14 |
% |
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
Shares outstanding at period end |
|
3,143,532 |
|
|
|
3,121,251 |
|
|
|
3,143,532 |
|
|
|
3,121,251 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
3,040,006 |
|
|
|
2,995,164 |
|
|
|
3,033,341 |
|
|
|
3,083,822 |
|
Diluted |
|
3,085,271 |
|
|
|
3,131,382 |
|
|
|
3,096,546 |
|
|
|
3,233,328 |
|
Book value per share at period end |
$ |
16.73 |
|
|
$ |
15.60 |
|
|
$ |
16.73 |
|
|
$ |
15.60 |
|
_________________ |
|
|
|
|
|
|
|
|
(1) Ratios for the
three and six month periods are
annualized. |
(2) Asset quality
ratios are end of period
ratios. |
(3) Prior to July 1, 2023, the incurred
loss methodology was used to estimate credit losses. |
Subsequent to that
date, credit losses are estimated using the CECL
methodology. |
James R. Barlow
Chairman of the Board, President and Chief Executive Officer
(318) 222-1145
Home Federal Bancorp Inc... (NASDAQ:HFBL)
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Home Federal Bancorp Inc... (NASDAQ:HFBL)
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De May 2023 a May 2024