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Home Federal Bancorp, Inc. of Louisiana (Nasdaq: HFBL) operates as the holding company for Home Federal Bank. It is a federally chartered stock savings bank providing a range of financial services to individuals, corporate entities, and organizations primarily in northwest Louisiana. The company attracts deposits from the public through various products such as savings accounts, NOW accounts, money market accounts, certificate accounts, passbook savings, certificates of deposit, and demand deposit accounts.
Home Federal Bancorp's loan portfolio is diverse, encompassing real estate loans including one to four-family residential loans, commercial real estate loans, multi-family residential loans, and land loans. They also offer construction loans, home equity and second mortgage loans, equity lines of credit, and consumer loans like those secured by deposit accounts and automobile loans.
The company has shown robust financial performance with notable achievements. As of June 30, 2023, Home Federal Bancorp reported total assets of $660.9 million, an 11.9% increase from the previous year. The company’s net income for the fiscal year ended June 30, 2023, was $5.7 million, marking a significant rise from $4.9 million in 2022. This growth in net income was driven by a substantial increase in net interest income, despite rising interest expenses.
In the wake of adopting the new CECL (Current Expected Credit Loss) methodology in 2023, the company made strategic adjustments to its allowance for credit losses and stockholders’ equity. As of December 31, 2023, the ACL stood at $5.1 million, with a ratio of ACL to gross loans at 1.00%.
Home Federal Bancorp continues expanding its loan portfolio and enhancing its financial services. The acquisition of First National Bank of Benton in February 2023 significantly boosted its loan and investment securities portfolios. Despite fluctuations in refinance activities affecting mortgage loan originations, the company managed to maintain a steady stream of service charges and other income.
As of March 31, 2024, the company reported total assets of $643.0 million. Shareholders' equity saw a 4.0% increase to $52.6 million, supported by net income, a decrease in comprehensive loss, and the vesting of stock awards. The company remains focused on delivering consistent dividend payouts, with a quarterly cash dividend of $0.125 per share declared in April 2024.
Home Federal Bancorp's operations highlight its commitment to providing comprehensive financial solutions, managing risks effectively, and ensuring financial stability and growth for its stakeholders.
Home Federal Bancorp, Inc. of Louisiana (NASDAQ: HFBL) announced a quarterly cash dividend of $0.12 per share, declared by its Board of Directors on April 19, 2023. This dividend will be paid on May 15, 2023, to shareholders recorded by the close of business on May 1, 2023. The company operates in northwest Louisiana, providing services through its nine full-service banking offices.
For more information, visit www.hfb.bank.
Home Federal Bancorp, Inc. of Louisiana (Nasdaq: HFBL) completed the acquisition of Northwest Bancshares Corporation and its subsidiary, First National Bank of Benton, on February 1, 2023. Shareholders of Northwest Bancshares will receive $128.16 in cash per share. This transaction enhances Home Federal's market reach and branch network, aiming to serve the Benton area effectively. Following the merger, Home Federal's consolidated assets reach approximately $661 million, with $481 million in loans and $585 million in deposits. The existing branch of First National Bank will operate as a division of Home Federal Bank through May 2023.
Home Federal Bancorp, Inc. of Louisiana (Nasdaq: HFBL) reported a net income of $1.7 million for Q4 2022, up from $1.2 million in Q4 2021, with earnings per share increasing to $0.57 from $0.36. For the first half of FY 2023, net income reached $3.4 million, compared to $2.5 million last year. Loans receivable increased by 8.1% to $419.2 million. The average interest rate spread improved to 3.70%, and net interest margin rose to 3.91%. However, non-interest income fell due to decreased loan sales, and total assets decreased by 2.4% to $576.5 million. Shareholders' equity decreased by 7.0% amid stock repurchases and dividends.
Home Federal Bancorp, Inc. of Louisiana (NASDAQ: HFBL) has declared a quarterly cash dividend of $0.12 per share on January 18, 2023. This dividend will be payable on February 13, 2023, to shareholders on record by January 30, 2023. The company operates nine full-service banking offices in northwest Louisiana, providing a range of financial services. The announcement reflects the company’s commitment to returning value to its shareholders while maintaining a stable operational presence in its region.
Home Federal Bancorp, the holding company of Home Federal Bank, reported a net income of $1.7 million for Q3 2022, up from $1.4 million in Q3 2021. Earnings per share increased to $0.55 from $0.42. Total loans receivable grew by $18.5 million, or 4.8%, to $406.4 million. The interest rate spread rose to 3.74%, while the net interest margin was 3.90%. However, total assets decreased to $581.6 million.
Shareholders’ equity fell by 10.0% to $47.1 million, primarily due to stock repurchases and dividends.
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