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, 2022 of $1.1 million
compared to net income of $1.3 million reported for the three
months ended June 30, 2021. The Company’s basic and diluted
earnings per share were $0.33 and $0.31, respectively, for the
three months ended June 30, 2022 compared to basic and diluted
earnings per share of $0.40 and $0.37, respectively, for the three
months ended June 30, 2021. The Company reported net income of $4.9
million for the year ended June 30, 2022 compared to $5.4 million
for the year ended June 30, 2021. The Company’s basic and diluted
earnings per share were $1.50 and $1.41, respectively, for the year
ended June 30, 2022 compared to $1.66 and $1.57, respectively, for
the year ended June 30, 2021.
The Company reported the following key achievements
during the year ended
June 30,
2022:
- Total deposits increased $25.4 million or 5.0% to $532.0
million at June 30, 2022, compared to $506.6 million at June 30,
2021.
- Core loans (Non-GAAP Measure), excluding SBA PPP loans and
loans held-for-sale for the year ended June 30, 2022 increased
$83.1 million, or 26.9% to $391.7 million at June 30, 2022,
compared to $308.6 million at June 30, 2021. SBA PPP loans at June
30, 2022 and 2021 totaled $602,000 and $31.9 million, respectively.
The pipeline for our commercial loan originations remains
strong.
- Time deposits decreased $28.7 million, or 26.4%, to $80.3
million at June 30, 2022, compared to $109.0 million at June 30,
2021.
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 June 30, 2022, Home Federal Bank 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 $68.2 million of SBA PPP
loans that have been forgiven which represents 99.1% of the total
amount of loans funded. The provision for loan losses for the year
ended June 30, 2022 was $336,000 compared to $1.8 million for the
year ended June 30, 2021. The decrease is mainly due to an
improvement in our overall credit quality.
The decrease in net income for the three months ended June 30,
2022, as compared to the prior year quarter resulted primarily from
a $438,000, or 42.6%, decrease in non-interest income, an increase
of $342,000, or 10.1%, in non-interest expense, and an increase of
$225,000, or 450.0%, in provision for loan losses, partially offset
by an increase of $644,000, or 15.9%, in net interest income, and a
$132,000, or 39.2%, decrease in provision for income taxes. The
increase in the provision for loan losses for the three months
ended June 30, 2022, was primarily due to loan growth. The increase
in net interest income for the three months ended June 30, 2022 was
primarily due to a $397,000, or 8.5%, increase in total interest
income, and a decrease of $247,000, or 38.0%, in total interest
expense. The Company’s average interest rate spread was 3.36% for
the three months ended June 30, 2022 compared to 2.85% for the
three months ended June 30, 2021. The Company’s net interest margin
was 3.53% for the three months ended June 30, 2022 compared to
3.04% for the three months ended June 30, 2021.
The decrease in net income for the year ended June 30, 2022
resulted primarily from a $2.0 million, or 36.2%, decrease in
non-interest income, and an increase of $714,000, or 5.2%, in
non-interest expense, partially offset by a decrease of $1.5
million, or 81.3%, in provision for loan losses, an increase of
$416,000, or 2.5%, in net interest income, and a decrease of
$318,000 in provision for income taxes. The decrease in the
provision for loan losses is mainly due to an improvement in
overall credit quality. The increase in net interest income was
primarily due to a $1.4 million, or 43.2%, decrease in total
interest expense, partially offset by a $1.0 million, or 5.0%,
decrease in total interest income. The Company’s average interest
rate spread was 3.11% for the year ended June 30, 2022 compared to
3.07% for the year ended June 30, 2021. The Company’s net interest
margin was 3.27% for the year ended June 30, 2022 compared to 3.31%
for the year ended June 30, 2021.
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, |
|
2022 |
|
|
2021 |
|
|
Average |
|
Average |
|
Average |
|
Average |
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
(Dollars in thousands) |
Interest-earning assets: |
|
|
|
|
|
|
|
Loans
receivable |
$ |
375,957 |
|
4.82 |
% |
|
$ |
352,395 |
|
4.94 |
% |
Investment
securities |
|
107,530 |
|
1.63 |
|
|
|
76,806 |
|
1.66 |
|
Interest-earning
deposits |
|
54,022 |
|
0.85 |
|
|
|
102,944 |
|
0.11 |
|
Total
interest-earning
assets |
$ |
537,509 |
|
3.79 |
% |
|
$ |
532,145 |
|
3.53 |
% |
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
Savings
accounts |
$ |
136,248 |
|
0.26 |
% |
|
$ |
126,506 |
|
0.39 |
% |
NOW
accounts |
|
55,746 |
|
0.11 |
|
|
|
48,552 |
|
0.12 |
|
Money market
accounts |
|
98,598 |
|
0.12 |
|
|
|
84,934 |
|
0.15 |
|
Certificates of
deposit |
|
78,840 |
|
1.21 |
|
|
|
117,990 |
|
1.55 |
|
Total
interest-bearing deposits
|
|
369,432 |
|
0.40 |
|
|
|
377,982 |
|
0.66 |
|
Other bank
borrowings |
|
2,007 |
|
3.99 |
|
|
|
1,774 |
|
3.39 |
|
FHLB
advances |
|
835 |
|
4.85 |
|
|
|
870 |
|
5.07 |
|
Total interest-bearing
liabilities |
$ |
372,274 |
|
0.43 |
% |
|
$ |
380,626 |
|
0.68 |
% |
|
For the Year Ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
Average |
|
Average |
|
Average |
|
Average |
|
|
Balance |
|
Yield/Rate |
|
Balance |
|
Yield/Rate |
|
|
(Dollars in thousands) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
Loans
receivable |
$ |
360,774 |
|
4.85 |
% |
|
$ |
366,546 |
|
5.16 |
% |
|
Investment
securities |
|
98,229 |
|
1.57 |
|
|
|
65,721 |
|
1.87 |
|
|
Interest-earning
deposits |
|
72,189 |
|
0.26 |
|
|
|
79,028 |
|
0.13 |
|
|
Total
interest-earning
assets |
$ |
531,192 |
|
3.62 |
% |
|
$ |
511,295 |
|
3.96 |
% |
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
Savings
accounts |
$ |
136,139 |
|
0.29 |
% |
|
$ |
108,592 |
|
0.52 |
% |
|
NOW
accounts |
|
51,412 |
|
0.11 |
|
|
|
44,655 |
|
0.20 |
|
|
Money market
accounts |
|
91,862 |
|
0.12 |
|
|
|
77,198 |
|
0.28 |
|
|
Certificates of
deposit |
|
88,450 |
|
1.37 |
|
|
|
138,603 |
|
1.68 |
|
|
Total
interest-bearing
deposits |
|
367,863 |
|
0.48 |
|
|
|
369,048 |
|
0.87 |
|
|
Other bank
borrowings |
|
1,921 |
|
3.44 |
|
|
|
1,991 |
|
3.21 |
|
|
FHLB
advances |
|
848 |
|
4.83 |
|
|
|
923 |
|
4.88 |
|
|
Total interest-bearing
liabilities |
$ |
370,632 |
|
0.51 |
% |
|
$ |
371,962 |
|
0.89 |
% |
|
The $438,000 decrease in non-interest income for the three
months ended June 30, 2022, compared to the prior year quarterly
period, was primarily due to a decrease of $530,000 in gain on sale
of loans, and a $2,000 decrease in other non-interest income,
partially offset by an increase of $50,000 in service charges on
deposit accounts, a $42,000 decrease in loss on sale of real
estate, and a $2,000 increase in income on bank owned life
insurance. The $2.0 million decrease in non-interest income for the
year ended June 30, 2022 compared to the prior year period was
primarily due to a decrease of $2.3 million in gain on sale of
loans, a $14,000 decrease in income from bank owned life insurance,
and an increase of $6,000 in loss on sale of real estate, partially
offset by an increase of $225,000 in other non-interest income, and
a $156,000 increase in service charges on deposit accounts. The
decreases in gain on sale of loans for both the quarter and year
ended June 30, 2022 were primarily due to a decrease in refinance
activity causing a decrease in mortgage loan originations. 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 other non-interest income for the year ended June
30, 2022 was due to a $228,000 bank-owned life insurance claim on a
retired bank executive officer.
The $342,000 increase in non-interest expense for the three
months ended June 30, 2022, compared to the same period in 2021, is
primarily attributable to increases of $195,000 in compensation and
benefits expense, $137,000 in occupancy and equipment expense,
$107,000 in data processing expense, $27,000 in franchise and bank
share tax expense, $25,000 in advertising expense, and a $5,000
increase in deposit insurance premium expense. The increases were
partially offset by decreases of $64,000 in loan and collection
expense, $45,000 in other non-interest expense, $26,000 in legal
fees, and $19,000 in audit and examination fees. The $714,000
increase in non-interest expense for the year ended June 30, 2022,
compared to the prior year period, is primarily attributable to
increases of $354,000 in compensation and benefits expense,
$299,000 in occupancy and equipment expense, $139,000 in
advertising expense, $128,000 in franchise and bank shares tax
expense, $95,000 in audit and examination fees, $70,000 in data
processing expense, $52,000 in other non-interest expense, and a
$17,000 increase in deposit insurance premium expense, partially
offset by decreases of $200,000 in real estate owned valuation
adjustment expense, $146,000 in loan and collection expense, and
$94,000 in legal fees.
At June 30, 2022, the Company reported total assets of $590.5
million, an increase of $24.7 million, or 4.4%, compared to total
assets of $565.7 million at June 30, 2021. The increase in assets
was comprised primarily of increases in loans receivable, net of
$51.5 million, or 15.3%, from $336.4 million at June 30, 2021 to
$387.9 million at June 30, 2022, investment securities of $23.8
million, or 28.2%, from $84.3 million at June 30, 2021 to $108.0
million at June 30, 2022, premises and equipment of $1.3 million,
or 8.9%, from $14.9 million at June 30, 2021 to $16.2 million at
June 30, 2022, and deferred tax assets of $324,000, or 39.6%, from
$819,000 at June 30, 2021 to $1.1 million at June 30, 2022. These
increases were partially offset by decreases in cash and cash
equivalents of $40.3 million, or 38.6%, from $104.4 million at June
30, 2021 to $64.1 million at June 30, 2022, loans held-for-sale of
$10.4 million, or 72.4%, from $14.4 million at June 30, 2021 to
$4.0 million at June 30, 2022, bank owned life insurance of
$617,000, or 8.6%, from $7.2 million at June 30, 2021 to $6.6
million at June 30, 2022, real estate owned of $383,000, or 100.0%,
from $383,000 at June 30, 2021 to none at June 30, 2022, other
assets of $366,000, or 20.9%, from $1.8 million at June 30, 2021 to
$1.4 million at June 30, 2022, and accrued interest receivable of
$39,000, or 3.4%, from $1.2 million at June 30, 2021to $1.1 million
at June 30, 2022. The decrease in cash and cash equivalents was
primarily due to the funding of additional loan growth and
purchases of securities with excess liquidity. The increase in
loans receivable, net, was primarily due to an increase of $31.1
million in commercial real estate loans. The pipeline for our
commercial loan originations remains strong. The increase in
investment securities was primarily due to security purchases of
$44.1 million offset by principal repayments on mortgage backed
securities of $17.7 million. The decrease in loans held-for-sale
primarily reflected a reduction in loans originated for sale during
the year ended June 30, 2022 due mainly to a decrease in mortgage
refinance activity likely attributable to the increase in interest
rates.
Core loans (Non-GAAP Measure), excluding SBA PPP loans and loans
held-for-sale for the year ended June 30, 2022 increased $83.1
million, or 26.9%, to $391.7 million at June 30, 2022, compared to
$308.6 million at June 30, 2021. SBA PPP loans at June 30, 2022 and
2021 totaled $602,000 and $31.9 million, respectively. The
following table sets forth the Company’s core loans as of the
periods indicated.
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
Total loans, before net
items |
$ |
396,302 |
|
|
$ |
369,390 |
|
|
$ |
375,659 |
|
|
$ |
354,124 |
|
|
$ |
354,943 |
|
SBA PPP
loans |
|
(602 |
) |
|
|
(2,472 |
) |
|
|
(10,923 |
) |
|
|
(13,756 |
) |
|
|
(31,938 |
) |
Loans
held-for-sale |
|
(3,978 |
) |
|
|
(2,417 |
) |
|
|
(10,180 |
) |
|
|
(10,573 |
) |
|
|
(14,427 |
) |
Core loans
(Non-GAAP
Measure) |
$ |
391,722 |
|
|
$ |
364,501 |
|
|
$ |
354,556 |
|
|
$ |
329,795 |
|
|
$ |
308,578 |
|
Total liabilities increased $25.1 million, or 4.9%, from $513.0
million at June 30, 2021 to $538.1 million at June 30, 2022
primarily due to increases in total deposits of $25.4 million, or
5.0%, to $532.0 million at June 30, 2022 compared to $506.6 million
at June 30, 2021, partially offset by a decrease of $111,000, or
4.1%, in other accrued expenses and liabilities from $2.7 million
at June 30, 2021 to $2.6 million at June 30, 2022, a decrease of
$72,000, or 16.9%, in advances from borrowers for taxes and
insurance from $426,000 at June 30, 2021 to $354,000 at June 30,
2022, a decrease of $50,000, or 2.1%, in other borrowings from $2.4
million at June 30, 2021 to $2.3 million at June 30, 2022, and a
decrease of $35,000, or 4.0%, in advances from the Federal Home
Loan Bank from $867,000 at June 30, 2021 to $832,000 at June 30,
2022. The increase in deposits was primarily due to a $30.1
million, or 23.0%, increase in non-interest bearing deposits from
$131.0 million at June 30, 2021 to $161.1 million at June 30, 2022,
a $10.4 million, or 11.8%, increase in money market deposits from
$88.2 million at June 30, 2021 to $98.6 million at June 30, 2022, a
$9.7 million, or 19.7%, increase in NOW accounts from $49.3 million
at June 30, 2021 to $59.0 million at June 30, 2022, and an increase
in savings deposits of $3.9 million, or 3.0%, from $129.1 million
at June 30, 2021 to $133.0 million at June 30, 2022, partially
offset by a decrease of $28.7 million, or 26.4%, in certificates of
deposit from $109.0 million at June 30, 2021 to $80.3 million at
June 30, 2022. The Company had $6.0 million in brokered deposits at
June 30, 2022 compared to $10.7 million at June 30, 2021. The
decrease in advances from the Federal Home Loan Bank was primarily
due to principal paydowns on amortizing advances. The entire
balance in advances from the Federal Home Loan Bank are now
short-term due to our only advance with a balloon maturity in
January 2023.
At June 30, 2022, the Company had $2.2 million, or
0.37%, of non-performing assets (defined as non-accruing loans,
accruing loans 90 days or more past due, and other real estate
owned) compared to $1.4 million on non-performing assets at June
30, 2021, consisting of six single-family residential loans and one
line of credit loan at June 30, 2022, compared to six commercial
real estate loans to one borrower, three single-family residential
loans, and one commercial real estate property and one single
family residence in other real estate owned at June 30, 2021. At
June 30, 2022, the Company had five single family residential loans
and two commercial real estate loans classified as substandard
compared to one single family residential loan and eight commercial
real estate loans classified as substandard at June 30, 2021. There
were no loans classified as doubtful at June 30, 2022 or 2021.
Shareholders’ equity decreased $378,000, or 0.7%, to $52.3
million at June 30, 2022 from $52.7 million at June 30, 2021. The
primary reasons for the changes in shareholders’ equity from June
30, 2021 were the repurchase of Company stock of $4.5 million, a
decrease in the Company’s accumulated other comprehensive income of
$2.0 million, and dividends paid totaling $1.4 million, partially
offset by net income of $4.9 million, proceeds from the issuance of
common stock from the exercise of stock options of $1.9 million,
and the vesting of restricted stock awards, stock options, and the
release of employee stock ownership plan shares totaling
$670,000.
The Company repurchased 220,747 shares of its common stock
during the year ended June 30, 2022 at an average price per share
of $19.8. On February 16, 2022, the Company announced that its
Board of Directors approved an eleventh stock repurchase program
for the repurchase of up to 170,000 shares. As of June 30, 2022,
there were 134,076 shares remaining for repurchase under the
eleventh stock repurchase program.
Home Federal Bancorp, Inc. of Louisiana is the
holding company for Home Federal Bank which conducts business from
its nine 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
LouisianaCONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION(In thousands)
|
June 30, |
|
2022 |
|
2021 |
|
(Unaudited) |
ASSETS |
|
|
|
|
|
|
|
Cash and Cash Equivalents (Includes Interest-Bearing |
|
|
|
Deposits with Other Banks of $42,531 and
$94,325 |
|
|
|
June 30, 2022 and 2021, Respectively) |
$ |
64,078 |
|
|
$ |
104,405 |
|
Securities Available-for-Sale |
|
28,099 |
|
|
|
29,550 |
|
Securities Held-to-Maturity (fair value June 30, 2022:
$69,513; |
|
|
|
June 30, 2021: $54,608, Respectively) |
|
79,950 |
|
|
|
54,706 |
|
Loans Held-for-Sale |
|
3,978 |
|
|
|
14,427 |
|
Loans Receivable, Net of Allowance for Loan Losses (June 30,
2022: |
|
|
|
$4,451; June 30, 2021: $4,122,
Respectively) |
|
387,873 |
|
|
|
336,394 |
|
Accrued Interest Receivable |
|
1,124 |
|
|
|
1,163 |
|
Premises and Equipment, Net |
|
16,249 |
|
|
|
14,915 |
|
Bank Owned Life Insurance |
|
6,597 |
|
|
|
7,214 |
|
Deferred Tax Asset |
|
1,143 |
|
|
|
819 |
|
Real Estate Owned |
|
-- |
|
|
|
383 |
|
Other Assets |
|
1,389 |
|
|
|
1,755 |
|
|
|
|
|
Total Assets |
$ |
590,480 |
|
|
$ |
565,731 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ |
161,142 |
|
|
$ |
131,014 |
|
Interest-bearing |
|
370,849 |
|
|
|
375,582 |
|
Total Deposits |
|
531,991 |
|
|
|
506,596 |
|
Advances from Borrowers for Taxes and Insurance |
|
354 |
|
|
|
426 |
|
Short-term Federal Home Loan Bank Advances |
|
832 |
|
|
|
35 |
|
Long-term Federal Home Loan Bank Advances |
|
-- |
|
|
|
832 |
|
Other Borrowings |
|
2,350 |
|
|
|
2,400 |
|
Other Accrued Expenses and Liabilities |
|
2,606 |
|
|
|
2,717 |
|
|
|
|
|
Total
Liabilities |
|
538,133 |
|
|
|
513,006 |
|
|
|
|
|
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: 3,387,839 and 3,350,966 Shares Issued
and |
|
|
|
Outstanding at June 30, 2022 and 2021,
Respectively |
|
34 |
|
|
|
34 |
|
Additional Paid-in Capital |
|
40,145 |
|
|
|
37,701 |
|
Unearned ESOP Stock |
|
(639 |
) |
|
|
(754 |
) |
Retained Earnings |
|
14,506 |
|
|
|
15,469 |
|
Accumulated Other Comprehensive (Loss) Income |
|
(1,699 |
) |
|
|
275 |
|
|
|
|
|
Total Shareholders’ Equity |
|
52,347 |
|
|
|
52,725 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
590,480 |
|
|
$ |
565,731 |
|
|
|
|
|
Home Federal Bancorp, Inc. of
LouisianaCONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share data)(Unaudited)
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
Interest income |
|
2022 |
|
|
2021 |
|
2022 |
|
2021 |
Loans, including
fees |
$ |
4,516 |
|
$ |
4,339 |
|
|
$ |
17,501 |
|
|
$ |
18,913 |
|
Investment
securities |
|
4 |
|
|
-- |
|
|
|
4 |
|
|
|
5 |
|
Mortgage-backed securities |
|
438 |
|
|
318 |
|
|
|
1,505 |
|
|
|
1,223 |
|
Other
interest-earning assets |
|
124 |
|
|
28 |
|
|
|
224 |
|
|
|
104 |
|
Total interest income |
|
5,082 |
|
|
4,685 |
|
|
|
19,234 |
|
|
|
20,245 |
|
Interest expense |
|
|
|
|
|
|
|
Deposits |
|
373 |
|
|
624 |
|
|
|
1,770 |
|
|
|
3,195 |
|
Federal Home Loan Bank borrowings |
|
10 |
|
|
11 |
|
|
|
41 |
|
|
|
45 |
|
Other
bank borrowings |
|
20 |
|
|
15 |
|
|
|
66 |
|
|
|
64 |
|
Total interest expense |
|
403 |
|
|
650 |
|
|
|
1,877 |
|
|
|
3,304 |
|
Net interest income |
|
4,679 |
|
|
4,035 |
|
|
|
17,357 |
|
|
|
16,941 |
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
275 |
|
|
50 |
|
|
|
336 |
|
|
|
1,800 |
|
Net
interest income after provision for loan losses |
|
4,404 |
|
|
3,985 |
|
|
|
17,021 |
|
|
|
15,141 |
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
Gain
on sale of loans |
|
236 |
|
|
766 |
|
|
|
1,982 |
|
|
|
4,319 |
|
Loss
on sale of real estate and fixed assets |
|
-- |
|
|
(42 |
) |
|
|
(48 |
) |
|
|
(42 |
) |
Income
on Bank-Owned Life Insurance |
|
31 |
|
|
29 |
|
|
|
113 |
|
|
|
127 |
|
Service charges on deposit accounts |
|
310 |
|
|
260 |
|
|
|
1,147 |
|
|
|
991 |
|
Other
income |
|
12 |
|
|
14 |
|
|
|
282 |
|
|
|
57 |
|
|
|
|
|
|
|
|
|
Total non-interest income |
|
589 |
|
|
1,027 |
|
|
|
3,476 |
|
|
|
5,452 |
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
Compensation and benefits |
|
2,309 |
|
|
2,114 |
|
|
|
9,019 |
|
|
|
8,665 |
|
Occupancy and equipment |
|
494 |
|
|
357 |
|
|
|
1,813 |
|
|
|
1,514 |
|
Data
processing |
|
286 |
|
|
179 |
|
|
|
820 |
|
|
|
750 |
|
Audit
and examination fees |
|
35 |
|
|
54 |
|
|
|
328 |
|
|
|
233 |
|
Franchise and bank shares tax |
|
132 |
|
|
105 |
|
|
|
535 |
|
|
|
407 |
|
Advertising |
|
97 |
|
|
72 |
|
|
|
329 |
|
|
|
190 |
|
Legal
fees |
|
71 |
|
|
97 |
|
|
|
358 |
|
|
|
452 |
|
Loan
and collection |
|
36 |
|
|
100 |
|
|
|
220 |
|
|
|
366 |
|
Real
estate owned valuation adjustment |
|
-- |
|
|
-- |
|
|
|
-- |
|
|
|
200 |
|
Deposit insurance premium |
|
39 |
|
|
34 |
|
|
|
154 |
|
|
|
137 |
|
Other
expenses |
|
221 |
|
|
266 |
|
|
|
921 |
|
|
|
869 |
|
|
|
|
|
|
|
|
|
Total non-interest expense |
|
3,720 |
|
|
3,378 |
|
|
|
14,497 |
|
|
|
13,783 |
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
1,273 |
|
|
1,634 |
|
|
|
6,000 |
|
|
|
6,810 |
|
Provision for income tax
expense |
|
205 |
|
|
337 |
|
|
|
1,127 |
|
|
|
1,445 |
|
|
|
|
|
|
|
|
|
NET
INCOME |
$ |
1,068 |
|
$ |
1,297 |
|
|
$ |
4,873 |
|
|
$ |
5,365 |
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.33 |
|
$ |
0.40 |
|
|
$ |
1.50 |
|
|
$ |
1.66 |
|
Diluted |
$ |
0.31 |
|
$ |
0.37 |
|
|
$ |
1.41 |
|
|
$ |
1.57 |
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Selected Operating Ratios(1): |
|
|
|
|
|
|
|
Average interest rate spread |
|
3.36 |
% |
|
|
2.85 |
% |
|
|
3.11 |
% |
|
|
3.07 |
% |
Net interest margin |
|
3.53 |
% |
|
|
3.04 |
% |
|
|
3.27 |
% |
|
|
3.31 |
% |
Return on average assets |
|
0.74 |
% |
|
|
0.91 |
% |
|
|
0.85 |
% |
|
|
0.98 |
% |
Return on average equity |
|
8.13 |
% |
|
|
9.88 |
% |
|
|
9.24 |
% |
|
|
10.45 |
% |
|
|
|
|
|
|
|
|
Asset Quality Ratios(2): |
|
|
|
|
|
|
|
Non-performing assets as a percent of total
assets |
|
0.37 |
% |
|
|
0.24 |
% |
|
|
0.37 |
% |
|
|
0.24 |
% |
Allowance for loan losses as a percent of
non-performing loans |
|
202.91 |
% |
|
|
420.70 |
% |
|
|
202.91 |
% |
|
|
420.70 |
% |
Allowance for loan losses as a percent of total loans
receivable |
|
1.13 |
% |
|
|
1.21 |
% |
|
|
1.13 |
% |
|
|
1.21 |
% |
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
Shares outstanding at period end |
|
3,387,839 |
|
|
|
3,350,966 |
|
|
|
3,387,839 |
|
|
|
3,350,966 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
3,263,324 |
|
|
|
3,206,916 |
|
|
|
3,250,320 |
|
|
|
3,230,499 |
|
Diluted |
|
3,440,244 |
|
|
|
3,498,976 |
|
|
|
3,465,299 |
|
|
|
3,426,203 |
|
Tangible book value at period end |
$ |
15.45 |
|
|
$ |
15.73 |
|
|
$ |
15.45 |
|
|
$ |
15.73 |
|
_______________(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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