Home Federal Bancorp, Inc. of Louisiana reports recurring banking-company developments as the holding company for Home Federal Bank, a northwest Louisiana community bank with full-service banking offices. Company updates center on operating results, net interest margin, average balances, loan and deposit trends, securities portfolio effects, and balance-sheet measures tied to its savings-bank model.
HFBL announcements also cover capital-return actions, including quarterly cash dividends and stock repurchase programs approved by the board. Its news releases regularly connect earnings performance with funding mix, book value, asset growth, and shareholder distributions.
Home Federal Bank (HFBL) announced a cash bonus of up to $1,000 for eligible non-exempt employees, with approximately 60% of its staff set to benefit. This decision, made in response to COVID-19 challenges, underscores the bank's commitment to employee well-being and job security. CEO Jim Barlow emphasized the importance of recognizing employees' hard work, particularly amidst the resurgence of local Coronavirus cases. The bonus initiative reflects a commitment to both employee morale and the future growth of the bank.
Home Federal Bancorp of Louisiana (Nasdaq: HFBL) reported a net income of $1.0 million for Q3 2020, down from $1.2 million in Q3 2019. Yearly net income also declined to $3.9 million from $4.7 million. Basic and diluted EPS fell to $0.63 and $0.61 for Q3 2020, compared to $0.66 and $0.62 in Q3 2019. Total deposits rose 18.7% to $460.8 million. Loans increased by 11.0% to $359.9 million. The company funded 374 SBA PPP loans totaling $46.2 million, demonstrating community support amid COVID-19. However, non-interest expenses surged by 14.4%, and loan loss provisions spiked by 200%.
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