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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 (Nasdaq: HFBL) reported a net income of $1.4 million for the quarter ended September 30, 2021, up from $1.2 million a year earlier. Earnings per share increased to $0.42 from $0.38. Total deposits rose by $987,000 to $507.6 million, though time deposits fell by 13.0%. Core loans saw a 6.9% increase. The company has funded 597 SBA PPP loans totaling $68.8 million. A decrease in the provision for loan losses contributed to the income growth, while non-interest income declined by 40.4%.
Home Federal Bancorp, Inc. (NASDAQ: HFBL) declared a quarterly cash dividend of $0.10 per share on October 20, 2021. This dividend is payable on November 15, 2021, to shareholders of record on November 1, 2021. The company, which operates through seven banking offices in northwestern Louisiana, continues to support its shareholders with regular dividends, reflecting its commitment to returning income to investors.
Home Federal Bank (HFB), a subsidiary of Home Federal Bancorp, Inc. of Louisiana (NASDAQ: HFBL), has announced the hiring of five banking professionals to establish a new loan production office in Minden, Louisiana. This location will evolve into a full-service banking center. The new team possesses over 100 years of combined banking experience in the Webster Parish market, aiming to enhance banking relationships and support HFB’s local expansion. Additionally, Mike Toland has been appointed to the Advisory Board to represent Webster Parish interests.
Home Federal Bancorp (Nasdaq: HFBL) reported net income of $1.3 million for Q3 2021, up from $1.0 million in Q3 2020. Basic and diluted EPS increased to $0.40 and $0.37, respectively. For the fiscal year ending June 30, 2021, net income rose to $5.4 million, with EPS at $1.66 and $1.57. Total deposits increased 9.9% to $506.6 million. Time deposits decreased by 30.8%. The bank funded 597 SBA PPP loans, totaling $68.8 million, with 56.1% forgiven. Non-performing assets fell from $7.2 million to $1.4 million year-over-year.
Home Federal Bancorp, Inc. of Louisiana (NASDAQ: HFBL) announced a quarterly cash dividend of $0.10 per share, declared during the Board meeting on July 21, 2021. This dividend, marking the 65th consecutive quarterly payment, will be payable on August 16, 2021, to shareholders of record by August 2, 2021. The dividend reflects a 21.2% increase from previous rates, demonstrating the company's commitment to shareholder value and confidence in its financial stability, with a payout ratio of approximately 24%.
Home Federal Bank (HFBL) is set to break ground on a new micro branch in West Shreveport, Louisiana, located at 6903 Pines Road. This marks the bank's ninth location, part of an aggressive expansion plan initiated in 2009. The new branch will offer full-service banking, including consumer and commercial lending, mortgage loans, and various deposit accounts, in a smaller footprint. The move aims to address the lack of local banking options, as major banks leave the area, providing critical services to the community.
Home Federal Bancorp, holding company for Home Federal Bank, reported a net income of $1.4 million for Q1 2021, up from $977,000 in Q1 2020. EPS rose to $0.44 from $0.29. For the nine months ended March 31, 2021, net income reached $4.1 million, compared to $2.8 million in 2020. Total deposits increased 9.7% to $505.4 million, while loan deferrals dropped significantly. A two-for-one stock split was announced, maintaining cash dividends at $0.0825 per share. Challenges remain due to COVID-19, with non-performing assets down to $2.7 million.
Home Federal Bancorp, Inc. of Louisiana (NASDAQ: HFBL) declared a quarterly cash dividend of $0.0825 per share on April 21, 2021. The dividend is payable on May 17, 2021, to shareholders on record by May 3, 2021. Chairman James R. Barlow emphasized that this dividend follows a 2-for-1 stock split and aims to maintain similar total cash dividends post-split. Home Federal Bancorp operates several banking offices in northwest Louisiana.
Home Federal Bancorp, Inc. of Louisiana (HFBL) announced a two-for-one stock split in the form of a 100% stock dividend, effective March 31, 2021, for shareholders on record as of March 22, 2021. This will increase the outstanding shares from 1.7 million to 3.4 million without altering the par value of $0.01 per share. The quarterly cash dividend will adjust to $0.0825 per share, post-split, reflecting a continued commitment to shareholder value. CEO James R. Barlow emphasized the stock split aims to enhance liquidity and attract new investors.
Home Federal Bancorp reported strong financial results for Q2 2020, with net income reaching $1.4 million, up from $588,000 in the same quarter last year. Basic earnings per share (EPS) stood at $0.87, nearly triple from $0.35 in Q2 2019. For the first half, net income was $2.7 million, up from $1.8 million year-over-year. Deposits rose 3.7% to $477.9 million, while mortgage loans originated were $114.9 million. Despite an increase in provisions for loan losses due to COVID-19, the overall outlook remains positive with a focus on community support and loan modifications.
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