Workflow
Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months and Year Ended June 30, 2024
HFBLHome Federal Bancorp(HFBL) Newsfilter·2024-07-26 20:30

Core Insights - The company reported a decrease in net income for the three months ended June 30, 2024, amounting to 638,000comparedto638,000 compared to 1.3 million for the same period in 2023, with basic and diluted earnings per share both at 0.21,downfrom0.21, down from 0.42 and 0.40respectively[17][29]−FortheyearendedJune30,2024,netincomewas0.40 respectively [17][29] - For the year ended June 30, 2024, net income was 3.6 million, a decline from 5.7millionin2023,withbasicanddilutedearningspersharebothat5.7 million in 2023, with basic and diluted earnings per share both at 1.18, compared to 1.89and1.89 and 1.80 in the previous year [17][18] Financial Performance - Net interest income decreased by 2.6million,or12.12.6 million, or 12.1%, for the year ended June 30, 2024, primarily due to a 7.8 million increase in total interest expense, which rose by 154.2% [18] - Total interest income increased by 5.2million,or19.75.2 million, or 19.7%, while non-interest income decreased by 515,000, or 24.5% [18] - The average interest rate spread was 2.38% for the year ended June 30, 2024, down from 3.37% in 2023, and the net interest margin decreased from 3.73% to 3.08% [18][16] Asset and Liability Management - Total assets decreased by 23.4million,or3.523.4 million, or 3.5%, from 660.9 million at June 30, 2023, to 637.5millionatJune30,2024,drivenbyareductioninnetloansreceivableandinvestmentsecurities[9]−Totalliabilitiesdecreasedby637.5 million at June 30, 2024, driven by a reduction in net loans receivable and investment securities [9] - Total liabilities decreased by 25.7 million, or 4.2%, from 610.4millionto610.4 million to 584.7 million, with total deposits declining by 23.4million,or3.923.4 million, or 3.9% [23] - Shareholders' equity increased by 2.3 million, or 4.5%, from 50.5millionto50.5 million to 52.8 million, supported by current year net income and stock option exercises [11] Credit Quality - The allowance for credit losses (ACL) was 4.6millionasofJune30,2024,witharatioofACLtogrossloansat0.964.6 million as of June 30, 2024, with a ratio of ACL to gross loans at 0.96%, down from 1.05% a year earlier [5][18] - Non-performing assets increased to 2.0 million at June 30, 2024, compared to 1.6millionatJune30,2023[10]Non−InterestIncomeandExpenses−Non−interestincomeforthethreemonthsendedJune30,2024,sawaslightincreaseof1.6 million at June 30, 2023 [10] Non-Interest Income and Expenses - Non-interest income for the three months ended June 30, 2024, saw a slight increase of 2,000, while for the year, it decreased by 515,000,primarilyduetolossesonrealestatesales[8][18]−Non−interestexpensesincreasedby515,000, primarily due to losses on real estate sales [8][18] - Non-interest expenses increased by 413,000, or 2.6%, for the year ended June 30, 2024, driven by higher compensation and benefits expenses [22]