Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three and Six Months Ended December 31, 2024

Core Viewpoint - Home Federal Bancorp, Inc. of Louisiana reported a slight increase in net income for the three months ended December 31, 2024, compared to the same period in 2023, but a decrease in net income for the six months ended December 31, 2024, compared to the prior year [1][3]. Financial Performance - For the three months ended December 31, 2024, net income was $1.02 million, up from$ 1.00 million in the same period of 2023, with earnings per share remaining stable at $0.33 [1]. - For the six months ended December 31, 2024, net income decreased to$ 2.0 million from $2.2 million in the same period of 2023, with earnings per share dropping from$ 0.73 to $0.64 [1][3]. Income and Expense Analysis - The increase in net income for the three months ended December 31, 2024, was primarily due to a decrease in non-interest expense by$ 413,000 (9.7%) and an increase in non-interest income by $351,000 (256.2%) [2]. - The decrease in net income for the six months ended December 31, 2024, was mainly due to a decline in net interest income by$ 1.2 million (11.4%) and an increase in provision for income taxes by $71,000 (62.3%) [3]. Interest Income and Expense - For the three months ended December 31, 2024, total interest income was$ 7.658 million, down from $8.080 million in the same period of 2023, while total interest expense decreased slightly from$ 3.177 million to $3.058 million [23]. - The average interest rate spread for the three months ended December 31, 2024, was 2.40%, compared to 2.45% for the same period in 2023 [24]. Asset and Liability Management - Total assets decreased by$ 29.7 million (4.7%) from $637.5 million at June 30, 2024, to$ 607.8 million at December 31, 2024, primarily due to a reduction in cash and cash equivalents and net loans receivable [10]. - Total liabilities decreased by $30.9 million (5.3%) from$ 584.7 million at June 30, 2024, to $553.8 million at December 31, 2024, with total deposits declining by$ 27.5 million (4.8%) [11]. Shareholders' Equity - Shareholders' equity increased by $1.1 million (2.1%) from$ 52.8 million at June 30, 2024, to $53.9 million at December 31, 2024, driven by net income and other equity transactions [13]. Asset Quality - Non-performing assets totaled$ 1.8 million (0.30% of total assets) at December 31, 2024, unchanged from June 30, 2024 [6][12]. - The allowance for credit losses as a percentage of non-performing loans was 260.70% at December 31, 2024, compared to 226.50% at June 30, 2024 [25].