Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months and Year Ended June 30, 2024
Home Federal Bancorp, Inc. of Louisiana (NASDAQ: HFBL) reported net income of $638,000 for Q4 2024, down from $1.3 million in Q4 2023. For the full fiscal year 2024, net income was $3.6 million, compared to $5.7 million in FY 2023. The decrease was primarily due to lower net interest income and non-interest income, partially offset by decreased credit loss provisions and income taxes.
Key financial metrics for FY 2024:
- Net interest margin: 3.08% (down from 3.73% in FY 2023)
- Total assets: $637.5 million (3.5% decrease)
- Net loans: $470.9 million (3.8% decrease)
- Total deposits: $574.0 million (3.9% decrease)
- Shareholders' equity: $52.8 million (4.5% increase)
The company adopted the CECL methodology for estimating credit losses on July 1, 2023, resulting in a $189,000 increase to the allowance for credit losses.
Home Federal Bancorp, Inc. della Louisiana (NASDAQ: HFBL) ha riportato un utile netto di 638.000 dollari per il quarto trimestre del 2024, in calo rispetto a 1,3 milioni di dollari nel quarto trimestre del 2023. Per l'intero anno fiscale 2024, l'utile netto è stato di 3,6 milioni di dollari, rispetto a 5,7 milioni di dollari nell'anno fiscale 2023. La diminuzione è stata principalmente dovuta a un calo del reddito da interessi netti e del reddito non da interessi, parzialmente compensata dalla riduzione delle provvigioni per perdite su crediti e delle imposte sul reddito.
Indicatori finanziari chiave per l'anno fiscale 2024:
- Margine di interesse netto: 3,08% (in diminuzione rispetto al 3,73% dell'anno fiscale 2023)
- Attività totali: 637,5 milioni di dollari (diminuzione del 3,5%)
- Prestiti netti: 470,9 milioni di dollari (diminuzione del 3,8%)
- Depositi totali: 574,0 milioni di dollari (diminuzione del 3,9%)
- Patrimonio netto degli azionisti: 52,8 milioni di dollari (aumento del 4,5%)
L'azienda ha adottato la metodologia CECL per la stima delle perdite su crediti il 1° luglio 2023, con un aumento di 189.000 dollari della riserva per perdite su crediti.
Home Federal Bancorp, Inc. de Louisiana (NASDAQ: HFBL) reportó un ingreso neto de $638,000 para el cuarto trimestre de 2024, en comparación con $1.3 millones en el cuarto trimestre de 2023. Para el año fiscal completo 2024, el ingreso neto fue de $3.6 millones, en comparación con $5.7 millones en el año fiscal 2023. La disminución se debió principalmente a menores ingresos netos por intereses y ingresos no por intereses, parcialmente compensados por una disminución en las provisiones para pérdidas crediticias y en los impuestos sobre la renta.
Métricas financieras clave para el año fiscal 2024:
- Margen de interés neto: 3.08% (bajó del 3.73% en el año fiscal 2023)
- Activos totales: $637.5 millones (disminución del 3.5%)
- Préstamos netos: $470.9 millones (disminución del 3.8%)
- Depósitos totales: $574.0 millones (disminución del 3.9%)
- Patrimonio neto de los accionistas: $52.8 millones (aumento del 4.5%)
La compañía adoptó la metodología CECL para la estimación de pérdidas crediticias el 1 de julio de 2023, resultando en un aumento de $189,000 en la reserva para pérdidas crediticias.
루이지애나주 홈 연방 뱅콥, Inc. (NASDAQ: HFBL)는 2024년 4분기 순이익 638,000 달러를 보고했으며, 이는 2023년 4분기 130만 달러에서 감소한 수치입니다. 2024 회계연도의 전체 순이익은 360만 달러로, 2023 회계연도의 570만 달러와 비교됩니다. 감소의 주된 원인은 순이자 수익과 비이자 수익의 감소였으며, 신용 손실 충당금 및 소득세의 감소가 부분적으로 상쇄되었습니다.
2024 회계연도의 주요 재무 지표:
- 순이자 마진: 3.08% (2023 회계연도의 3.73%에서 감소)
- 총 자산: 6억 3,750만 달러 (3.5% 감소)
- 순 대출: 4억 7,090만 달러 (3.8% 감소)
- 총 예금: 5억 7,400만 달러 (3.9% 감소)
- 주주 자본: 5,280만 달러 (4.5% 증가)
회사는 2023년 7월 1일 신용 손실 추정을 위한 CECL 방법론을 채택하여 신용 손실충당금을 189,000 달러 증가시켰습니다.
Home Federal Bancorp, Inc. de Louisiane (NASDAQ: HFBL) a annoncé un revenu net de 638 000 dollars pour le quatrième trimestre de 2024, en baisse par rapport à 1,3 million de dollars au quatrième trimestre de 2023. Pour l'exercice fiscal complet 2024, le revenu net s'élevait à 3,6 millions de dollars, contre 5,7 millions de dollars pour l'exercice fiscal 2023. La diminution a été principalement due à une baisse des revenus d'intérêts nets et des revenus non d'intérêts, partiellement compensée par une diminution des provisions pour pertes sur créances et des impôts sur le revenu.
Principaux indicateurs financiers pour l'exercice fiscal 2024 :
- Marges d'intérêts nets : 3,08 % (en baisse par rapport à 3,73 % en 2023)
- Actif total : 637,5 millions de dollars (baisse de 3,5 %)
- Prêts nets : 470,9 millions de dollars (baisse de 3,8 %)
- Dépôts totaux : 574,0 millions de dollars (baisse de 3,9 %)
- Capitaux propres des actionnaires : 52,8 millions de dollars (augmentation de 4,5 %)
L'entreprise a adopté la méthodologie CECL pour l'estimation des pertes sur créances le 1er juillet 2023, entraînant une augmentation de 189 000 dollars de la provision pour pertes sur créances.
Home Federal Bancorp, Inc. aus Louisiana (NASDAQ: HFBL) berichtete von einem Jahresüberschuss von 638.000 Dollar für das 4. Quartal 2024, was einen Rückgang von 1,3 Millionen Dollar im 4. Quartal 2023 bedeutet. Für das gesamte Geschäftsjahr 2024 betrug der Jahresüberschuss 3,6 Millionen Dollar, im Vergleich zu 5,7 Millionen Dollar im Geschäftsjahr 2023. Der Rückgang war hauptsächlich auf geringere Nettozins- und Nichtzins-Erträge zurückzuführen, die teilweise durch gesenkte Rückstellungen für Kreditausfälle und Ertragsteuern ausgeglichen wurden.
Wichtige Finanzkennzahlen für das Geschäftsjahr 2024:
- Nettozinsspanne: 3,08% (gesunken von 3,73% im Geschäftsjahr 2023)
- Gesamtvermögen: 637,5 Millionen Dollar (Rückgang um 3,5%)
- Netto-Darlehen: 470,9 Millionen Dollar (Rückgang um 3,8%)
- Gesamteinlagen: 574,0 Millionen Dollar (Rückgang um 3,9%)
- Eigenkapital der Aktionäre: 52,8 Millionen Dollar (Zunahme um 4,5%)
Das Unternehmen hat am 1. Juli 2023 die CECL-Methodik zur Schätzung von Kreditausfällen übernommen, was zu einem Anstieg von 189.000 Dollar in der Rückstellung für Kreditausfälle führte.
- Shareholders' equity increased by 4.5% to $52.8 million
- Decrease in provision for credit losses by 95.4% for the full year
- Increase in interest income by 19.7% for the full year
- Cash and cash equivalents increased by 41.1% to $34.9 million
- Net income decreased by 51% for Q4 and 37% for the full year
- Net interest margin declined from 3.73% to 3.08% for the full year
- Total assets decreased by 3.5% to $637.5 million
- Net loans decreased by 3.8% to $470.9 million
- Total deposits decreased by 3.9% to $574.0 million
- Non-performing assets increased from $1.6 million to $2.0 million
Insights
Home Federal Bancorp's latest financial results reveal a challenging year for the Louisiana-based bank. Net income for the fiscal year ended June 30, 2024, dropped to
Key financial metrics paint a concerning picture:
- Net interest margin contracted to
3.08% from3.73% year-over-year - Interest expense on deposits surged by
166.3% - Non-interest income fell by
24.5% - Total assets decreased by
3.5% to$637.5 million
The bank's struggle with rising interest rates is evident, as the cost of deposits significantly outpaced the yield on earning assets. This margin compression is a common challenge in the current rate environment, but Home Federal seems to be more severely impacted than some peers.
On a positive note, the bank's credit quality remains stable, with non-performing assets only slightly increasing. The adoption of the CECL methodology resulted in a minor adjustment to the allowance for credit losses, suggesting manageable credit risk.
Investors should closely monitor the bank's ability to grow core deposits and manage interest rate risk in the coming quarters. The decrease in total deposits and shift towards higher-cost CDs could continue to pressure margins if not addressed effectively.
Home Federal Bancorp's results highlight the challenges regional banks face in the current economic environment. The bank's performance reflects several industry-wide trends:
- Margin compression due to rapidly rising interest rates
- Deposit mix shifts as customers seek higher yields
- Reduced mortgage activity impacting non-interest income
- Increased operating costs, particularly in compensation and regulatory compliance
The
The bank's decision to sell distressed rental properties, resulting in a
The
Home Federal's capital position remains solid, with shareholders' equity increasing by
Looking ahead, the bank's ability to optimize its balance sheet, control deposit costs and find new avenues for non-interest income will be critical in improving its financial performance in fiscal year 2025.
Shreveport, Louisiana, July 26, 2024 (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 June 30, 2024, of
The decrease in net income for the three months ended June 30, 2024, compared to the same period in 2023, resulted from a decrease in net interest income of
The decrease in net income for the year ended June 30, 2024, compared to the year ended June 30, 2023, resulted from a decrease in net interest income of
On July 1, 2023, the Company adopted the new current expected credit loss (“CECL”) methodology for estimating credit losses. This resulted in a
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, | ||||||||||||||||
2024 | 2023 | |||||||||||||||
Average Balance | Average Yield/Rate | Average Balance | Average Yield/Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||
Loans receivable | $ | 485,859 | 5.85 | % | $ | 511,045 | 5.39 | % | ||||||||
Investment securities | 98,277 | 2.13 | 121,911 | 2.07 | ||||||||||||
Interest-earning deposits | 19,094 | 4.97 | 19,282 | 5.28 | ||||||||||||
Total interest-earning assets | $ | 603,230 | 5.21 | % | $ | 652,238 | 4.77 | % | ||||||||
Interest-bearing liabilities: | ||||||||||||||||
Savings accounts | $ | 75,523 | 1.18 | % | $ | 88,790 | 0.33 | % | ||||||||
NOW accounts | 67,460 | 0.72 | 71,102 | 0.34 | ||||||||||||
Money market accounts | 78,543 | 2.53 | 128,377 | 1.78 | ||||||||||||
Certificates of deposit | 224,791 | 4.42 | 181,439 | 3.13 | ||||||||||||
Total interest-bearing deposits | 446,317 | 2.98 | 469,708 | 1.81 | ||||||||||||
Other bank borrowings | 7,149 | 8.38 | 8,319 | 8.29 | ||||||||||||
FHLB advances | - | - | 583 | 5.51 | ||||||||||||
Total interest-bearing liabilities | $ | 453,466 | 3.07 | % | $ | 478,610 | 1.93 | % |
For the Year Ended June 30, | ||||||||||||||||
2024 | 2023 | |||||||||||||||
Average Balance | Average Yield/Rate | Average Balance | Average Yield/Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest-earning assets: | ||||||||||||||||
Loans receivable | $ | 499,237 | 5.81 | % | $ | 442,469 | 5.30 | % | ||||||||
Investment securities | 106,526 | 2.33 | 113,332 | 1.95 | ||||||||||||
Interest-earning deposits | 8,550 | 4.34 | 22,001 | 4.43 | ||||||||||||
Total interest-earning assets | $ | 614,313 | 5.19 | % | $ | 577,802 | 4.61 | % | ||||||||
Interest-bearing liabilities: | ||||||||||||||||
Savings accounts | $ | 74,135 | 0.65 | % | $ | 105,850 | 0.29 | % | ||||||||
NOW accounts | 67,224 | 0.53 | 63,074 | 0.26 | ||||||||||||
Money market accounts | 93,178 | 2.46 | 106,146 | 1.02 | ||||||||||||
Certificates of deposit | 213,662 | 4.15 | 126,156 | 2.34 | ||||||||||||
Total interest-bearing deposits | 448,199 | 2.68 | 401,226 | 1.12 | ||||||||||||
Other bank borrowings | 8,700 | 8.45 | 6,784 | 7.28 | ||||||||||||
FHLB advances | 3,119 | 5.77 | 1,623 | 4.87 | ||||||||||||
Total interest-bearing liabilities | $ | 460,018 | 2.81 | % | $ | 409,633 | 1.24 | % |
The
The
Total assets decreased
Total liabilities decreased
At June 30, 2024, the Company had
Shareholders’ equity increased
Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten 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; legislative and regulatory changes; 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, 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 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands except share and per share data) |
June 30, 2024 | June 30, 2023 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of | $ | 34,948 | $ | 24,765 | ||||
Securities Available-for-Sale (amortized cost June 30, 2024: | 27,037 | 39,551 | ||||||
Securities Held-to-Maturity (fair value June 30, 2024: | 67,302 | 72,879 | ||||||
Other Securities | 1,614 | 1,544 | ||||||
Loans Held-for-Sale | 1,733 | 4 | ||||||
Loans Receivable, Net of Allowance for Credit Losses (June 30, 2024: | 470,852 | 489,493 | ||||||
Accrued Interest Receivable | 1,775 | 1,790 | ||||||
Premises and Equipment, Net | 18,303 | 16,561 | ||||||
Bank Owned Life Insurance | 6,810 | 6,700 | ||||||
Goodwill | 2,990 | 2,990 | ||||||
Core Deposit Intangible | 1,199 | 1,533 | ||||||
Deferred Tax Asset | 1,181 | 1,313 | ||||||
Real Estate Owned | 418 | 368 | ||||||
Other Assets | 1,350 | 1,424 | ||||||
Total Assets | $ | 637,512 | $ | 660,915 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 130,334 | $ | 145,553 | ||||
Interest-bearing | 443,673 | 451,808 | ||||||
Total Deposits | 574,007 | 597,361 | ||||||
Advances from Borrowers for Taxes and Insurance | 521 | 554 | ||||||
Other Borrowings | 7,000 | 8,550 | ||||||
Other Accrued Expenses and Liabilities | 3,181 | 3,908 | ||||||
Total Liabilities | 584,709 | 610,373 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred Stock - | - | - | ||||||
Common Stock - | 32 | 31 | ||||||
Additional Paid-in Capital | 41,739 | 40,981 | ||||||
Unearned ESOP Stock | (408 | ) | (523 | ) | ||||
Retained Earnings | 14,055 | 12,707 | ||||||
Accumulated Other Comprehensive Loss | (2,615 | ) | (2,654 | ) | ||||
Total Shareholders’ Equity | 52,803 | 50,542 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 637,512 | $ | 660,915 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA |
CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) (In thousands except share and per share data) |
Three Months Ended | Year Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
INTEREST INCOME | ||||||||||||||||
Loans, including fees | $ | 7,064 | $ | 6,866 | $ | 29,016 | $ | 23,452 | ||||||||
Investment securities | 78 | 146 | 651 | 251 | ||||||||||||
Mortgage-backed securities | 441 | 483 | 1,826 | 1,954 | ||||||||||||
Other interest-earning assets | 236 | 254 | 371 | 974 | ||||||||||||
Total interest income | 7,819 | 7,749 | 31,864 | 26,631 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 3,310 | 2,119 | 11,998 | 4,506 | ||||||||||||
Federal Home Loan Bank borrowings | - | 8 | 180 | 79 | ||||||||||||
Other bank borrowings | 149 | 172 | 735 | 494 | ||||||||||||
Total interest expense | 3,459 | 2,299 | 12,913 | 5,079 | ||||||||||||
Net interest income | 4,360 | 5,450 | 18,951 | 21,552 | ||||||||||||
PROVISION FOR CREDIT LOSSES | 45 | 150 | 40 | 868 | ||||||||||||
Net interest income after provision for credit losses | 4,315 | 5,300 | 18,911 | 20,684 | ||||||||||||
NON-INTEREST INCOME | ||||||||||||||||
Gain on sale of loans | 81 | 62 | 265 | 466 | ||||||||||||
Loss on sale of real estate | - | - | (415 | ) | - | |||||||||||
Gain on sale of fixed assets | - | - | - | 4 | ||||||||||||
Gain on sale of securities | - | - | 26 | - | ||||||||||||
Income on bank owned life insurance | 28 | 25 | 110 | 103 | ||||||||||||
Service charges on deposit accounts | 373 | 402 | 1,524 | 1,476 | ||||||||||||
Other income | 24 | 15 | 74 | 50 | ||||||||||||
Total non-interest income | 506 | 504 | 1,584 | 2,099 | ||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||
Compensation and benefits | 2,387 | 2,394 | 9,524 | 9,088 | ||||||||||||
Occupancy and equipment | 577 | 540 | 2,202 | 2,080 | ||||||||||||
Data processing | 142 | 278 | 655 | 842 | ||||||||||||
Audit and examination fees | 93 | 71 | 549 | 314 | ||||||||||||
Franchise and bank shares tax | 168 | 145 | 656 | 531 | ||||||||||||
Advertising | 58 | 101 | 360 | 340 | ||||||||||||
Professional fees | 114 | 147 | 557 | 1,233 | ||||||||||||
Loan and collection | 31 | 50 | 155 | 198 | ||||||||||||
Amortization core deposit intangible | 76 | 103 | 334 | 174 | ||||||||||||
Deposit insurance premium | 104 | 148 | 393 | 297 | ||||||||||||
Other expenses | 247 | 227 | 1,041 | 916 | ||||||||||||
Total non-interest expense | 3,997 | 4,204 | 16,426 | 16,013 | ||||||||||||
Income before income taxes | 824 | 1,600 | 4,069 | 6,770 | ||||||||||||
PROVISION FOR INCOME TAX EXPENSE | 186 | 343 | 476 | 1,066 | ||||||||||||
NET INCOME | $ | 638 | $ | 1,257 | $ | 3,593 | $ | 5,704 | ||||||||
EARNINGS PER SHARE | ||||||||||||||||
Basic | $ | 0.21 | $ | 0.42 | $ | 1.18 | $ | 1.89 | ||||||||
Diluted | $ | 0.21 | $ | 0.40 | $ | 1.18 | $ | 1.81 |
Three Months Ended | Year Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Selected Operating Ratios(1): | ||||||||||||||||
Average interest rate spread | 2.15 | % | 2.84 | % | 2.38 | % | 3.37 | % | ||||||||
Net interest margin | 2.91 | % | 3.35 | % | 3.08 | % | 3.73 | % | ||||||||
Return on average assets | 0.40 | % | 0.73 | % | 0.55 | % | 0.92 | % | ||||||||
Return on average equity | 5.07 | % | 9.24 | % | 7.01 | % | 11.57 | % | ||||||||
Asset Quality Ratios(2): | ||||||||||||||||
Non-performing assets as a percent of total assets | 0.31 | % | 0.24 | % | 0.31 | % | 0.24 | % | ||||||||
Allowance for credit losses as a percent of non-performing loans(3) | 228.70 | % | 417.85 | % | 228.70 | % | 417.85 | % | ||||||||
Allowance for credit losses as a percent of total loans receivable(3) | 0.96 | % | 1.05 | % | 0.96 | % | 1.05 | % | ||||||||
Per Share Data: | ||||||||||||||||
Shares outstanding at period end | 3,144,168 | 3,133,351 | 3,144,168 | 3,133,351 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 3,056,633 | 3,015,858 | 3,044,081 | 3,020,748 | ||||||||||||
Diluted | 3,020,939 | 3,113,769 | 3,045,009 | 3,152,885 |
_______________________________________
(1) | Ratios for the three-month period are annualized. |
(2) | Asset quality ratios are end of period ratios. |
(3) | Prior to July 1, 2023, the incurred loss methodology was used to estimate credit losses. Subsequent to that date, credit losses are estimated using the CECL methodology. |
FAQ
What was Home Federal Bancorp's (HFBL) net income for Q4 2024?
How did HFBL's full-year 2024 net income compare to 2023?
What was HFBL's net interest margin for fiscal year 2024?
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