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Home Federal Bancorp Inc. of Louisiana (HFBL+1.64%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total assets of $607.8 million, reflecting a decrease from $637.5 million at June 30, 2024. This decrease is attributed to reductions in cash and cash equivalents, net loans receivable, and loans held-for-sale.
Cash and cash equivalents decreased by $15.4 million, primarily due to a reduction in total deposits. Net loans receivable decreased by $12.2 million, with notable declines in commercial real estate and multi-family residential loans.
Investment securities totaled $95.7 million, a slight decrease from $96.0 million at the end of the previous fiscal year. The change was primarily due to principal repayments on mortgage-backed securities.
Total liabilities decreased to $553.8 million, mainly due to a reduction in deposits and other borrowings. Shareholders’ equity increased by $1.1 million, supported by net income and stock-related activities.
Net income for the three months ended December 31, 2024, was $1.02 million, an increase from the previous year. This was driven by a decrease in non-interest expense and an increase in non-interest income.
The provision for credit losses was $45,000 for the quarter, reflecting a slight increase in loans receivable. Non-interest income increased due to a decrease in loss on sale of real estate.
Non-interest expense decreased by $413,000, attributed to reductions in various operational costs. Income tax expense for the quarter was $187,000, resulting in an effective tax rate of 15.5%.
The Bank's regulatory capital ratios remained well above the required minimums, with a common equity tier 1 ratio of 13.23% as of December 31, 2024.
The Bank maintains adequate liquidity levels and has access to additional borrowing capacity if needed. At the end of the quarter, the Bank had no outstanding advances from the Federal Home Loan Bank of Dallas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Home Federal Bancorp Inc. of Louisiana quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.