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Shreveport, Louisiana, April 28, 2022 (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 March 31, 2022 of $1.3 million compared to net income of $1.4 million reported for the three months ended March 31, 2021. The Company’s basic and diluted earnings per share were $0.39 and $0.37, respectively, for the three months ended March 31, 2022 compared to basic and diluted earnings per share of $0.44 and $0.41, respectively, for the three months ended March 31, 2021. The Company reported net income of $3.8 million for the nine months ended March 31, 2022 compared to $4.1 million for the nine months ended March 31, 2021. The Company’s basic and diluted earnings per share were $1.18 and $1.10, respectively, for the nine months ended March 31, 2022 compared to $1.26 and $1.20, respectively, for the nine months ended March 31, 2021.

The Company reported the following during the nine months ended March 31, 2022:

  • Total deposits increased $10.3 million or 2.0% to $516.9 million at March 31, 2022, compared to $506.6 million at June 30, 2021, however time deposits decreased $29.6 million, or 27.1%, to $79.4 million at March 31, 2022, compared to $109.0 million at June 30, 2021.
  • Core loans (Non-GAAP Measure), excluding SBA PPP loans and loans held-for-sale for the three months ended March 31, 2022 increased $10.3 million, or 2.9%, to $364.8 million at March 31, 2022, compared to $354.6 million at December 31, 2021. SBA PPP loans at March 31, 2022 and December 31, 2021 totaled $2.5 million and $10.9 million, respectively. The pipeline for our commercial loan originations remains strong.
  • In September 2021, we opened a loan production office in Minden, Louisiana with a team of six seasoned local bankers, which converted to a full service branch in October 2021. In December 2021, we opened our ninth full service branch office in southwest Shreveport.

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 authority to make SBA PPP loans through May 31, 2021. As of March 31, 2022, Home Federal Bank has funded 597 SBA PPP loans totaling approximately $68.8 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. We have had $66.4 million of SBA PPP loans that have been forgiven which represents 96.4% of the total amount of loans funded. The provision for loan losses for the nine months ended March 31, 2022 was $61,000 compared to $1.8 million for the nine months ended March 31, 2021. The decrease is mainly due to improved economic quality factors along with an improvement in our overall credit quality.

The decrease in net income for the three months ended March 31, 2022, as compared to the prior year quarter resulted primarily from a $377,000, or 31.1%, decrease in non-interest income, a decrease of $174,000, or 3.9%, in net interest income, and an increase of $166,000, or 4.9%, in non-interest expense, partially offset by a decrease of $450,000, or 100.0%, in provision for loan losses, and a $126,000, or 31.9%, decrease in provision for income taxes. The decrease in the provision for loan losses for the three months ended March 31, 2022, was primarily due to improvement in economic and credit quality factors. The decrease in net interest income for the three months ended March 31, 2022 was primarily due to a $503,000, or 9.7%, decrease …….

Source: https://www.globenewswire.com/news-release/2022/04/28/2432049/12251/en/HOME-FEDERAL-BANCORP-INC-OF-LOUISIANA-REPORTS-RESULTS-OF-OPERATIONS-FOR-THE-THREE-AND-NINE-MONTHS-ENDED-MARCH-31-2022.html

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