HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF
OPERATIONS FOR THE THREE MONTHS AND YEAR ENDED JUNE 30,
2020
Shreveport, Louisiana – July 30, 2020 – 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 June 30, 2020 of $1.0 million, compared to $1.2
million for the three months ended June 30, 2019. The Company’s
basic and diluted earnings per share were $0.63 and $0.61,
respectively, for the three months ended June 30, 2020 compared to
basic and diluted earnings per share of $0.66 and $0.62,
respectively, for the three months ended June 30, 2019. The Company
reported net income of $3.9 million for the year ended June 30,
2020 compared to $4.7 million for the year ended June 30, 2019. The
Company’s basic and diluted earnings per share were $2.29 and
$2.14, respectively, for the year ended June 30, 2020 compared to
$2.68 and $2.50, respectively, for the year ended June 30,
2019.
The Company reported the following key achievements
during fiscal 2020:
- Total deposits increased $72.6 million or 18.7% to $460.8
million at year end.
- Total assets increased $75.8 million or 17.1% to $518.2 million
at year end.
- Total loans receivable increased $35.8 million or 11.0% to
$359.9 million at year end.
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. As of June 30,
2020, Home Federal Bank has funded 374 SBA PPP loans totaling
approximately $46.2 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.
Home Federal Bank is also working with customers affected by
COVID-19 through payment accommodations on their loans. Borrowers
who were current prior to becoming affected by COVID-19, that
received payment accommodations as a result of the pandemic,
generally are not reported as past due. Effects of COVID-19 may
negatively impact management assumptions and estimates, such as the
allowance for loan losses. The Bank is evaluating all payment
accommodations to customers to identify and quantify any impact
they might have on the Bank. However, it is difficult to assess or
predict how and to what extent COVID-19 will affect the Company in
the future.
The $123,000 decrease in net income for the three months ended
June 30, 2020 resulted primarily from a $411,000, or 14.4%,
increase in non-interest expense, and a $300,000, or 200.0%,
increase in provision for loan losses, partially offset by an
increase of $379,000, or 10.3%, in net interest income, a $177,000,
or 22.3%, increase in non-interest income and a decrease of
$32,000, or 10.7%, in provision for income taxes. The
increase in net interest income for the three months ended June 30,
2020 was due to a $209,000, or 16.2%, decrease in total interest
expense, and an increase of $170,000, or 3.4%, in total interest
income, primarily due to a 34 basis point reduction in the average
rate on interest bearing liabilities. The Company’s average
interest rate spread was 3.08% for the three months ended June 30,
2020 compared to 3.24% for the three months ended June 30, 2019.
The Company’s net interest margin was 3.40% for the three months
ended June 30, 2020 compared to 3.56% for the three months ended
June 30, 2019. The decrease in net interest margin on a comparative
quarterly basis was primarily the result of a decrease of 50 basis
points in the average yield on average balances of interest-earning
assets mainly due to an increase in interest-earning deposits
earning only 15 basis points for the three months ended June 30,
2020 compared to 234 basis points for the prior year due to the
substantial rate decrease in overnight rates at the Federal Home
Loan Bank, First National Bankers Bank, and Texas Independent
Bank.
The decrease in net income for the year ended June 30, 2020
resulted primarily from an increase of $1.3 million, or 11.8%, in
non-interest expense, a $1.3 million, or 215.2%, increase in the
provision for loan losses, and a decrease of $132,000, or 0.9% in
net interest income partially offset by an increase of $1.5
million, or 63.5%, in non-interest income and a $326,000, or 25.4%,
decrease in the provision for income taxes. The decrease in net
interest income for the year was due to a $622,000, or 13.7%,
increase in interest expense on borrowings and deposits, partially
offset by a $490,000, or 2.5%, increase in total interest income.
The Company’s average interest rate spread was 3.13% for the year
ended June 30, 2020 compared to 3.50% for the year ended June 30,
2019. The Company’s net interest margin was 3.46% for the year
ended June 30, 2020 compared to 3.78% for the year ended June 30,
2019. The decrease in the average interest rate spread and
net interest margin was attributable primarily to a decrease of 26
basis points in average rate on interest earning assets for the
year, from 4.90% at June 30, 2019 to 4.64% at June 30,
2020.
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 June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
(Dollars in thousands) |
Interest-earning assets: |
|
|
|
|
|
|
|
Loans receivable |
$ |
365,917 |
|
5.23 |
% |
|
$ |
329,800 |
|
5.43 |
% |
Investment securities |
|
65,252 |
|
2.10 |
|
|
|
67,886 |
|
2.38 |
|
Interest-earning deposits |
|
46,659 |
|
0.15 |
|
|
|
16,297 |
|
2.34 |
|
Total interest-earning assets |
$ |
477,828 |
|
4.31 |
% |
|
$ |
413,983 |
|
4.81 |
% |
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Savings accounts |
$ |
79,179 |
|
0.81 |
% |
|
$ |
35,647 |
|
0.61 |
% |
NOW accounts |
|
37,718 |
|
0.34 |
|
|
|
30,705 |
|
0.57 |
|
Money market accounts |
|
74,188 |
|
0.45 |
|
|
|
76,322 |
|
1.21 |
|
Certificates of deposit |
|
160,033 |
|
1.95 |
|
|
|
186,344 |
|
2.03 |
|
Total interest-bearing deposits |
|
351,118 |
|
1.20 |
|
|
|
329,018 |
|
1.55 |
|
Other bank borrowings |
|
1,927 |
|
3.33 |
|
|
|
234 |
|
5.13 |
|
FHLB advances |
|
1,085 |
|
4.79 |
|
|
|
1,280 |
|
5.02 |
|
Total interest-bearing liabilities |
$ |
354,130 |
|
1.23 |
% |
|
$ |
330,532 |
|
1.57 |
% |
|
|
For the Year Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Average |
|
Average |
|
Average |
|
Average |
|
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
|
(Dollars in thousands) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
Loans receivable |
$ |
340,302 |
|
5.42 |
% |
|
$ |
326,994 |
|
5.52 |
% |
|
Investment securities |
|
69,073 |
|
2.26 |
|
|
|
63,029 |
|
2.32 |
|
|
Interest-earning
deposits |
|
29,326 |
|
1.17 |
|
|
|
14,613 |
|
2.24 |
|
|
Total interest-earning
assets |
$ |
438,701 |
|
4.64 |
% |
|
$ |
404,636 |
|
4.90 |
% |
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
Savings accounts |
$ |
63,719 |
|
1.10 |
% |
|
$ |
35,449 |
|
0.55 |
% |
|
NOW accounts |
|
33,206 |
|
0.53 |
|
|
|
30,617 |
|
0.54 |
|
|
Money market accounts |
|
74,190 |
|
0.98 |
|
|
|
72,266 |
|
1.05 |
|
|
Certificates of
deposit |
|
167,666 |
|
2.05 |
|
|
|
178,823 |
|
1.82 |
|
|
Total interest-bearing
deposits |
|
338,781 |
|
1.49 |
|
|
|
317,155 |
|
1.38 |
|
Other bank borrowings |
|
1,228 |
|
4.23 |
|
|
|
172 |
|
5.23 |
|
|
FHLB advances |
|
1,197 |
|
4.76 |
|
|
|
4,697 |
|
3.04 |
|
|
Total interest-bearing
liabilities |
$ |
341,206 |
|
1.51 |
% |
|
$ |
322,024 |
|
1.41 |
% |
The $177,000 increase in non-interest income for the three
months ended June 30, 2020 compared to the prior year quarterly
period was primarily due to increases of $245,000 in gain on sale
of loans, and $2,000 in other income, partially offset by decreases
of $65,000 in service charges on deposit accounts, $4,000 in loss
on sale of real estate, and $1,000 on income from bank owned life
insurance. The $1.5 million increase in non-interest income for the
year ended June 30, 2020, compared to the prior year, was primarily
due to an increase of $925,000 in gain on sale of loans, a decrease
of $345,000 in loss on sale of real estate, an increase of
$219,000 in gain on sale of securities, and an increase of
$44,000 in service charges on deposit accounts, partially offset by
a decrease of $18,000 in other income, and a decrease of $1,000 on
income from bank owned life insurance. The Company sells most of
its long term fixed rate residential mortgage loan originations
primarily in order to manage interest rate risk. The increase in
gain on sale of loans for the year ended June 30, 2020 over the
prior year reflects an increase in the amount of loans sold
primarily due to the low interest rate environment.
The $411,000 increase in non-interest expense for the three
months ended June 30, 2020, compared to the same period in 2019, is
primarily attributable to increases of $382,000 in compensation and
benefits expense, $58,000 in occupancy and equipment expense,
$51,000 in other non-interest expense, $14,000 in franchise and
bank shares tax expense, $11,000 in data processing, $10,000 in
loan and collection expense, $8,000 in legal fees, and $8,000 in
deposit insurance premiums. The increases were partially offset by
decreases of $98,000 in advertising expense and $33,000 in audit
and examination fees. The $1.3 million increase in non-interest
expense for the year ended June 30, 2020, compared to the year
ended June 30, 2019, is primarily attributable to increases
of $1.2 million in compensation and benefits expense,
$168,000 in occupancy and equipment expense, $67,000 in
franchise and bank shares tax expense, $41,000 in data processing
expense, and $27,000 in loan and collection expense partially
offset by decreases of $72,000 in advertising expense, $57,000 in
audit and examination fees, $49,000 in legal fees, $39,000 in
deposit insurance premiums, and $20,000 in other non-interest
expense. The increase in compensation and benefits expense
for the fiscal year ended June 30, 2020 was primarily due to
increased payroll costs in our mortgage division due to high volume
of mortgage loan sales, along with additional costs related to a
new branch that was opened in March 2019, additional hires in our
commercial department, and normal annual payroll
increases.
At June 30, 2020, the Company reported total assets of $518.2
million, an increase of $75.8 million, or 17.1%, compared to total
assets of $442.5 million at June 30, 2019. The increase in assets
was comprised primarily of increases in cash and cash equivalents
of $36.8 million, or 203.0%, from $18.1 million at June 30, 2019 to
$54.9 million at June 30, 2020, loans receivable net of $35.8
million, or 11.0%, from $324.1 million at June 30, 2019 to $359.9
million at June 30, 2020, loans held-for-sale of $6.2 million, or
71.9%, from $8.6 million at June 30, 2019 to $14.8 million at June
30, 2020, other assets of $1.1 million, or 12.0%, from $8.8 million
at June 30, 2019 to $9.9 million at June 30, 2020, and premises and
equipment of $558,000, or 4.1%, from $13.6 million at June 30, 2019
to $14.1 million at June 30, 2020. These increases were
partially offset by decreases in investment securities of $4.1
million, or 6.1%, from $67.0 million at June 30, 2019 to $62.9
million at June 30, 2020, real estate owned of $416,000, or 30.5%,
from $1.4 million at June 30, 2019 to $950,000 at June 30, 2020,
and deferred tax assets of $92,000, or 10.8%, from $849,000 at June
30, 2019 to $757,000 at June 30, 2020. The decrease in
investment securities was primarily due to $17.0 million of
principal repayments on mortgage backed securities and $9.6 million
from the sale of mortgage backed securities, partially offset by
the purchases of $21.2 million of mortgage-backed securities, a
purchase of one municipal bond for $245,000, and an increase of
$1.1 million in the market value adjustments on available for sale
securities. The increase in loans held-for-sale resulted
primarily from an increase in loans originated for sale during the
year ended June 30, 2020. The decrease in real estate owned
was due to the sale of four one-to-four family residences and one
residential lot during the year ended June 30, 2020.
Total liabilities increased $75.6 million, or
19.3%, from $392.1 million at June 30, 2019 to $467.7 million at
June 30, 2020 primarily due to an increase in total deposits of
$72.6 million that consisted of roughly $46.2 million related to
PPP loans funded, or 18.7%, to $460.8 million at June 30, 2020
compared to $388.2 million at June 30, 2019, an increase in other
borrowings of $1.9 million, or 411.1%, from $450,000 at June 30,
2019 to $2.3 million at June 30, 2020, and an increase of $1.4
million, or 64.1%, in other liabilities from $2.1 million at June
30, 2019 to $3.5 million at June 30, 2020, partially offset by a
decrease of $295,000, or 21.8%, in advances from the Federal Home
Loan Bank from $1.4 million at June 30, 2019 to $1.1 million at
June 30, 2020. The increase in deposits was primarily due to
a $44.2 million, or 111.8%, increase in savings deposits from $39.6
million at June 30, 2019 to $83.8 million at June 30, 2020, a $44.0
million, or 74.3%, increase in non-interest bearing deposits from
$59.4 million at June 30, 2019 to $103.4 million at June 30, 2020,
and a $10.3 million, or 33.2%, increase in NOW accounts from $31.0
million at June 30, 2019 to $41.4 million at June 30, 2020,
partially offset by a decrease of $25.7 million, or 14.0%, in
certificates of deposit from $183.3 million at June 30, 2019 to
$157.6 million at June 30, 2020, and a decrease in money market
deposits of $297,000, or 0.4%, from $74.9 million at June 30, 2019
to $74.6 million at June 30, 2020. The Company had $16.1 million in
brokered deposits at June 30, 2020 compared to $11.2 million at
June 30, 2019. The decrease in advances from the Federal Home
Loan Bank was primarily due to principal paydowns on amortizing
advances.
At June 30, 2020, the Company had $7.0 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 $5.1 million of non-performing assets at June 30, 2019,
consisting of two commercial business loans, three commercial real
estate loans, five single-family residential loans, one lot loan,
one land loan, and two commercial real estate loans in other real
estate owned at June 30, 2020, compared to five single-family
residential loans, two line of credit loans, two commercial
business loans, one lot loan, one land loan, one residential lot in
other real estate owned, and two properties that secured
single-family residential loans in other real estate owned at June
30, 2019. The increase in non-performing assets from $5.1
million at June 30, 2019 to $7.0 million at June 30, 2020 was
primarily due to a $2.3 million borrower relationship, consisting
of six loans to one borrower which include three commercial real
estate loans, two non-real estate loans, and one single family
residential loan that were placed on non-accrual status. The
six loans had previously been paying interest only payments and
were classified as troubled debt restructurings in the fiscal year
ended June 30, 2019. At June 30, 2020, the Company had four
single family residential loans, two commercial land and lot
development loans, and six loans to one borrower consisting of
three commercial real estate loans, two non-real estate loans, and
one single family residential loan classified as substandard
compared to four single family residential loans, one line of
credit loan, two commercial business loans, two commercial land and
lot development loans, and six loans to one borrower consisting of
three commercial real estate loans, two non-real estate loans, and
one single family residential loan classified as substandard at
June 30, 2019. There were no loans classified as doubtful at June
30, 2020 or June 30, 2019.
Under the CARES Act, loans less than 30 days
past due as of December 31, 2019 will be considered current for
COVID-19 modifications. Similarly, the Financial Accounting
Standards Board has confirmed that short-term modifications made on
a good-faith basis in response to COVID-19 to loan customers who
were current prior to any relief will not be considered troubled
debt restructurings.
The Bank handles loan payment modification
requests on a case-by-case basis. Through June 30, 2020, we
modified 216 loans with principal balances totaling $84.1 million
representing 23.0% of our loans outstanding as of June 30, 2020. A
majority of deferrals are three-month payment deferrals of
principal and interest, with payments after deferral increased to
collect amounts deferred. It is too early to determine if
these modified loans will perform in accordance with their modified
terms.
Details with respect to actual loan
modifications are as follows:
|
Number of Covid-19 |
|
Balance |
|
Percent of Total |
|
Deferments June 30, 2020 |
|
(in thousands) |
|
Loans at June 30, 2020 |
One-to-Four family residential |
101 |
|
$ |
27,705 |
|
25.6 |
% |
Commercial real estate |
40 |
|
|
28,278 |
|
32.5 |
|
Multi-family residential |
9 |
|
|
18,046 |
|
38.0 |
|
Land |
7 |
|
|
1,190 |
|
6.6 |
|
Construction |
1 |
|
|
680 |
|
8.3 |
|
Equity and second mortgage |
-- |
|
|
-- |
|
-- |
|
Equity lines of credit |
19 |
|
|
1,586 |
|
12.9 |
|
Commercial business |
39 |
|
|
6,609 |
|
8.1 |
|
Consumer |
-- |
|
|
-- |
|
-- |
|
Total |
216 |
|
$ |
84,094 |
|
23.0 |
% |
Shareholders’ equity increased $193,000, or 0.4%, to $50.5
million at June 30, 2020 from $50.3 million at June 30, 2019.
The primary reasons for the changes in shareholders’ equity from
June 30, 2019 were the acquisition of Company stock of $4.1 million
and dividends paid totaling $1.1 million, partially offset by net
income of $3.9 million, the vesting of restricted stock awards,
stock options, and the release of employee stock ownership plan
shares totaling $667,000, an increase in the Company’s accumulated
other comprehensive income of $895,000, and proceeds from the
issuance of common stock from the exercise of stock options of
$65,000.
The Company repurchased 131,254 shares of its common stock under
its stock repurchase program during the year ended June 30, 2020 at
an average price per share of $31.50. On September 11, 2019, the
Company announced that its Board of Directors approved a ninth
stock repurchase program for the repurchase of up to 90,000 shares.
As of the date hereof, the ninth stock repurchase program has been
completed.
Home Federal Bancorp, Inc. of Louisiana is the
holding company for Home Federal Bank which conducts business from
its seven 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; the scope and
duration of the COVID-19 pandemic; the effects of the COVID-19
pandemic, including on the Company’s credit quality and operations
as well as its impact on general economic conditions; legislative
and regulatory changes including actions taken by governmental
authorities in response to the COVID-19 pandemic; 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, in each case as may be
affected by the COVID-19 pandemic, 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 |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
(In thousands) |
|
|
|
|
|
June 30, 2020 |
|
June 30, 2019 |
|
(Unaudited) |
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
54,871 |
|
$ |
18,108 |
Securities available-for-sale at fair value |
|
42,060 |
|
|
41,655 |
Securities held-to-maturity (fair value June 30, 2020: $21,796;
June 30, 2019: $25,532) |
|
20,858 |
|
|
25,349 |
Loans held-for-sale |
|
14,798 |
|
|
8,608 |
Loans receivable, net of allowance for loan losses (June 30, 2020:
$4,081; June 30, 2019: $3,452) |
|
359,927 |
|
|
324,134 |
Premises and equipment, net |
|
14,112 |
|
|
13,554 |
Deferred tax asset |
|
757 |
|
|
849 |
Real estate owned |
|
950 |
|
|
1,366 |
Other assets |
|
9,887 |
|
|
8,830 |
|
|
|
|
Total assets |
$ |
518,220 |
|
$ |
442,453 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Deposits |
$ |
460,810 |
|
$ |
388,164 |
Advances from the Federal Home Loan Bank of Dallas |
|
1,060 |
|
|
1,355 |
Other Borrowings |
|
2,300 |
|
|
450 |
Other liabilities |
|
3,515 |
|
|
2,142 |
|
|
|
|
Total liabilities |
|
467,685 |
|
|
392,111 |
|
|
|
|
Shareholders’ equity |
|
50,535 |
|
|
50,342 |
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
518,220 |
|
$ |
442,453 |
Home Federal Bancorp, Inc. of Louisiana |
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share data) |
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
2019 |
|
2020 |
|
|
2019 |
|
Interest income |
|
|
|
|
|
|
|
Loans, including fees |
$ |
4,773 |
|
|
$ |
4,465 |
|
$ |
18,435 |
|
$ |
18,058 |
|
Investment securities |
|
9 |
|
|
|
16 |
|
|
52 |
|
|
62 |
|
Mortgage-backed
securities |
|
341 |
|
|
|
386 |
|
|
1,559 |
|
|
1,398 |
|
Other interest-earning
assets |
|
9 |
|
|
|
95 |
|
|
290 |
|
|
328 |
|
Total interest income |
|
5,132 |
|
|
|
4,962 |
|
|
20,336 |
|
|
19,846 |
|
Interest expense |
|
|
|
|
|
|
|
Deposits |
|
1,053 |
|
|
|
1,272 |
|
|
5,045 |
|
|
4,380 |
|
Federal Home Loan Bank
borrowings |
|
13 |
|
|
|
16 |
|
|
57 |
|
|
143 |
|
Other bank borrowings |
|
16 |
|
|
|
3 |
|
|
52 |
|
|
9 |
|
Total interest
expense |
|
1,082 |
|
|
|
1,291 |
|
|
5,154 |
|
|
4,532 |
|
Net interest income |
|
4,050 |
|
|
|
3,671 |
|
|
15,182 |
|
|
15,314 |
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
450 |
|
|
|
150 |
|
|
1,891 |
|
|
600 |
|
Net interest income after
provision for loan losses |
|
3,600 |
|
|
|
3,521 |
|
|
13,291 |
|
|
14,714 |
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
Gain on sale of loans |
|
729 |
|
|
|
484 |
|
|
2,480 |
|
|
1,555 |
|
Loss on sale of real
estate |
|
(4 |
) |
|
|
-- |
|
|
-- |
|
|
(345 |
) |
Gain on sale of
securities |
|
-- |
|
|
|
-- |
|
|
219 |
|
|
-- |
|
Income on bank owned life
insurance |
|
34 |
|
|
|
35 |
|
|
139 |
|
|
140 |
|
Service charges on deposit
accounts |
|
198 |
|
|
|
263 |
|
|
1,019 |
|
|
975 |
|
Other income |
|
14 |
|
|
|
12 |
|
|
42 |
|
|
60 |
|
|
|
|
|
|
|
|
|
Total non-interest
income |
|
971 |
|
|
|
794 |
|
|
3,899 |
|
|
2,385 |
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
Compensation and
benefits |
|
2,030 |
|
|
|
1,648 |
|
|
7,687 |
|
|
6,443 |
|
Occupancy and
equipment |
|
446 |
|
|
|
388 |
|
|
1,527 |
|
|
1,359 |
|
Data processing |
|
139 |
|
|
|
128 |
|
|
574 |
|
|
533 |
|
Audit and examination
fees |
|
20 |
|
|
|
53 |
|
|
185 |
|
|
242 |
|
Franchise and bank shares
tax |
|
111 |
|
|
|
97 |
|
|
459 |
|
|
392 |
|
Advertising |
|
33 |
|
|
|
131 |
|
|
290 |
|
|
362 |
|
Legal fees |
|
119 |
|
|
|
111 |
|
|
495 |
|
|
544 |
|
Loan and collection |
|
91 |
|
|
|
81 |
|
|
317 |
|
|
290 |
|
Deposit insurance
premium |
|
37 |
|
|
|
29 |
|
|
49 |
|
|
88 |
|
Other expenses |
|
240 |
|
|
|
189 |
|
|
800 |
|
|
820 |
|
|
|
|
|
|
|
|
|
Total non-interest
expense |
|
3,266 |
|
|
|
2,855 |
|
|
12,383 |
|
|
11,073 |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
1,305 |
|
|
|
1,460 |
|
|
4,807 |
|
|
6,026 |
|
Provision for income tax
expense |
|
267 |
|
|
|
299 |
|
|
957 |
|
|
1,283 |
|
|
|
|
|
|
|
|
|
NET INCOME |
$ |
1,038 |
|
|
$ |
1,161 |
|
$ |
3,850 |
|
$ |
4,743 |
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.63 |
|
|
$ |
0.66 |
|
$ |
2.29 |
|
$ |
2.68 |
|
Diluted |
$ |
0.61 |
|
|
$ |
0.62 |
|
$ |
2.14 |
|
$ |
2.50 |
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
Selected Operating Ratios(1): |
|
|
|
|
|
|
|
Average interest rate spread |
|
3.08 |
% |
|
|
3.24 |
% |
|
|
3.13 |
% |
|
|
3.50 |
% |
Net interest margin |
|
3.40 |
% |
|
|
3.56 |
% |
|
|
3.46 |
% |
|
|
3.78 |
% |
Return on average assets |
|
0.82 |
% |
|
|
1.05 |
% |
|
|
0.83 |
% |
|
|
1.10 |
% |
Return on average equity |
|
8.27 |
% |
|
|
9.37 |
% |
|
|
7.74 |
% |
|
|
9.82 |
% |
|
|
|
|
|
|
|
|
Asset Quality Ratios(2): |
|
|
|
|
|
|
|
Non-performing assets as a percent of total assets |
|
1.34 |
% |
|
|
1.15 |
% |
|
|
1.34 |
% |
|
|
1.15 |
% |
Allowance for loan losses as a percent of non-performing
loans |
|
58.56 |
% |
|
|
92.3 |
% |
|
|
58.56 |
% |
|
|
92.3 |
% |
Allowance for loan losses as a percent of total loans
receivable |
|
1.12 |
% |
|
|
1.05 |
% |
|
|
1.12 |
% |
|
|
1.05 |
% |
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
Shares outstanding at period end |
|
1,724,512 |
|
|
|
1,845,482 |
|
|
|
1,724,512 |
|
|
|
1,845,482 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
1,644,151 |
|
|
|
1,748,218 |
|
|
|
1,681,816 |
|
|
|
1,767,736 |
|
Diluted |
|
1,712,906 |
|
|
|
1,874,634 |
|
|
|
1,797,385 |
|
|
|
1,894,011 |
|
Tangible book value at period end |
$ |
29.30 |
|
|
$ |
27.28 |
|
|
$ |
29.30 |
|
|
$ |
27.28 |
|
|
|
|
|
|
|
|
|
|
(1) Ratios for the three month periods are annualized. |
|
|
|
|
|
|
|
(2) Asset quality ratios are end of period ratios. |
|
|
|
|
|
|
|
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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