[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1: Financial Statements (Unaudited)](index=4&type=section&id=Item%201%3A%20Financial%20Statements%20%28Unaudited%29) The unaudited consolidated financial statements for the quarter ended September 30, 2023, show a net income of $1.2 million, a decrease from $1.7 million in the prior-year period, with total assets slightly increasing to $662.6 million driven by loan growth, and a key accounting change being the adoption of the CECL standard [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) As of September 30, 2023, total assets increased slightly to $662.6 million, driven by a $17.1 million increase in net loans receivable funded by a $15.9 million decrease in cash, while liabilities and equity saw minor changes Consolidated Balance Sheet Highlights (in thousands) | Financial Metric | Sep 30, 2023 (Unaudited) | June 30, 2023 (Audited) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | $8,878 | $24,765 | -64.2% | | Loans Receivable, Net | $506,599 | $489,493 | +3.5% | | Total Assets | $662,602 | $660,915 | +0.3% | | Total Deposits | $592,505 | $597,361 | -0.8% | | Total Liabilities | $612,129 | $610,373 | +0.3% | | Total Stockholders' Equity | $50,473 | $50,542 | -0.1% | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for the three months ended September 30, 2023, decreased to $1.22 million ($0.39 per diluted share) from $1.67 million in 2022, primarily due to a significant rise in interest expense offsetting interest income growth, despite no provision for credit losses Quarterly Income Statement Summary (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Total Interest Income | $8,074 | $5,781 | | Total Interest Expense | $2,790 | $476 | | Net Interest Income | $5,284 | $5,305 | | Provision for Credit Losses | $0 | $418 | | Net Income | $1,220 | $1,671 | | Diluted Earnings Per Share | $0.39 | $0.52 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q3 2023 significantly decreased to $408,000 from $793,000 in 2022, driven by lower net income and an $812,000 other comprehensive loss from unrealized securities losses Comprehensive Income (in thousands) | Component | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net Income | $1,220 | $1,671 | | Other Comprehensive Loss, Net of Tax | ($812) | ($878) | | **Total Comprehensive Income** | **$408** | **$793** | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased from $50.54 million to $50.47 million, primarily due to a $189,000 accounting change, $392,000 in dividends, and an $812,000 unrealized loss on securities, partially offset by $1.22 million net income - Key drivers for the change in stockholders' equity during the quarter included: - Net Income: **+$1,220,000** - Dividends Declared: **-$392,000** - Unrealized Loss on Securities: **-$812,000** - Cumulative Effect of ASU 2016-13 Adoption: **-$189,000**[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q3 2023, the company experienced a net decrease in cash and cash equivalents of $15.9 million, primarily due to $18.1 million used in investing activities for loan originations, partially offset by $2.4 million from operating activities Cash Flow Summary (in thousands) | Cash Flow Category | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $2,445 | $4,335 | | Net Cash Used in Investing Activities | ($18,145) | ($20,626) | | Net Cash Used in Financing Activities | ($187) | ($10,256) | | **Net Decrease in Cash and Cash Equivalents** | **($15,887)** | **($26,547)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, notably the July 1, 2023, adoption of ASU 2016-13 (CECL) increasing allowance for credit losses by $359,000, alongside significant unrealized losses on securities, growth in the loan portfolio to $511.8 million, and fair value disclosures - The Company adopted ASU 2016-13 (CECL) on July 1, 2023, which requires earlier measurement of credit losses on financial instruments, resulting in a one-time cumulative adjustment to retained earnings[70](index=70&type=chunk) Impact of Adopting ASU 2016-13 (in thousands) | Item | Balance June 30, 2023 (in thousands) | Impact of Adoption (in thousands) | Balance after Adoption (in thousands) | | :--- | :--- | :--- | :--- | | Allowance for credit losses - loans | $5,173 | $359 | $5,532 | - As of September 30, 2023, the loan portfolio totaled **$511.8 million**, an increase from **$494.8 million** at June 30, 2023, with the allowance for credit losses standing at **$5.1 million**[93](index=93&type=chunk) - Unrealized losses on mortgage-backed securities were attributed to changes in interest rates, not credit quality, and no allowance for credit losses was recorded as the company intends to hold these investments until recovery[89](index=89&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 0.3% asset increase to loan growth funded by decreased cash, while quarterly net income declined due to net interest margin compression from 3.90% to 3.37% and higher non-interest expenses, despite strong liquidity and capital positions [Discussion of Financial Condition Changes](index=38&type=section&id=Discussion%20of%20Financial%20Condition%20Changes) From June 30 to September 30, 2023, total assets increased by $1.7 million to $662.6 million, driven by a $17.1 million (3.5%) rise in net loans funded by a $15.9 million (64.2%) decrease in cash, while deposits and equity saw minor declines - Net loans receivable increased by **$17.1 million (3.5%)**, primarily driven by growth in one-to-four-family residential, construction, and land loans[168](index=168&type=chunk) - Cash and cash equivalents decreased by **$15.9 million (64.2%)** primarily to fund the growth in loan originations[167](index=167&type=chunk) - Stockholders' equity decreased by **$69,000** due to dividends (**$392,000**), CECL implementation (**$189,000**), and a decrease in accumulated other comprehensive income (**$812,000**), partially offset by net income of **$1.2 million**[175](index=175&type=chunk) [Comparison of Operating Results](index=40&type=section&id=Comparison%20of%20Operating%20Results) Net income for Q3 2023 decreased by $451,000 due to a $21,000 decline in net interest income from interest expense growth outpacing interest income, net interest margin compression to 3.37%, a $112,000 fall in non-interest income, and a $435,000 rise in non-interest expense Net Interest Margin and Spread Comparison | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Average Interest Rate Spread | 2.68% | 3.74% | | Net Interest Margin | 3.37% | 3.90% | - Non-interest income decreased by **$112,000**, primarily due to a **$137,000** decrease in gain on sale of loans as refinance activity slowed and the company held more adjustable-rate mortgages in its portfolio[183](index=183&type=chunk) - Non-interest expense increased by **$435,000**, with notable increases in amortization of core deposit intangible (**$94k**), compensation and benefits (**$74k**), and advertising (**$69k**)[184](index=184&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The Bank maintains adequate liquidity through deposits, loan and security repayments, and available credit lines, including **$198.1 million** in FHLB borrowing capacity, while regulatory capital levels remain strong with a total risk-based capital ratio of **13.87%** - The Bank has access to significant additional funding, including **$198.1 million** in borrowing capacity from the FHLB of Dallas and an **$11.0 million** line of credit with First National Bankers Bank[195](index=195&type=chunk) Regulatory Capital Ratios as of September 30, 2023 | Ratio | Value | | :--- | :--- | | Tangible Equity | 8.91% | | Common Equity Tier 1 | 12.76% | | Core Capital | 8.91% | | Total Risk-Based Capital | 13.87% | [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable for the reporting period - The company has indicated that quantitative and qualitative disclosures about market risk are not applicable for this filing[203](index=203&type=chunk) [Item 4: Controls and Procedures](index=44&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the reporting period, with no material changes to internal control over financial reporting during the quarter - The President and Chief Executive Officer and the Chief Financial Officer concluded that the company's disclosure controls and procedures are effective[204](index=204&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the most recent fiscal quarter[205](index=205&type=chunk) [PART II OTHER INFORMATION](index=45&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1: Legal Proceedings](index=45&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is not involved in any material pending legal proceedings beyond routine matters occurring in the ordinary course of business - The Company is not involved in any material pending legal proceedings outside of the ordinary course of business[208](index=208&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any common stock during the quarter ended September 30, 2023 - No shares of common stock were repurchased by the Company during the three months ended September 30, 2023[210](index=210&type=chunk) [Other Items (1A, 3, 4, 5)](index=45&type=section&id=Other%20Items%20%281A%2C%203%2C%204%2C%205%29) No disclosures are provided for Risk Factors, Defaults Upon Senior Securities, Mine Safety Disclosures, or Other Information, as these items were not applicable for the reporting period - The following items were reported as 'Not applicable': Risk Factors, Defaults Upon Senior Securities, Mine Safety Disclosures, and Other Information[209](index=209&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)

Part I [Business](index=4&type=section&id=Item%201.%20Business) Home Federal Bancorp operates as a federally chartered savings bank, focusing on deposits and diversified loan origination in northwest Louisiana - The company operates as the holding company for Home Federal Bank, which has ten full-service branch offices in Caddo, Bossier, and Webster Parishes, Louisiana[9](index=9&type=chunk) - In February 2023, the Bank acquired First National Bank of Benton, expanding its presence with a branch in Benton, Louisiana[9](index=9&type=chunk) - The primary market area has a diversified economy based on services (especially healthcare), government, trade, and the energy sector[14](index=14&type=chunk) - The company faces significant competition for both deposits and loans from commercial banks, credit unions, savings institutions, and non-bank lenders like mortgage companies[15](index=15&type=chunk)[16](index=16&type=chunk) [Lending Activities](index=5&type=section&id=Lending%20Activities) Net loans reached **$489.5 million**, with a diversified portfolio and active sales of fixed-rate residential loans to manage risk Loan Portfolio Composition at June 30 | Loan Type | 2023 (in thousands) | % of Total | 2022 (in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | One-to-four family residential | $179,579 | 36.29% | $120,014 | 30.57% | | Commercial – real estate secured | $148,441 | 30.00% | $127,589 | 32.49% | | Multi-family residential | $28,849 | 5.83% | $30,411 | 7.75% | | Land | $26,841 | 5.42% | $22,127 | 5.64% | | Construction | $28,035 | 5.67% | $27,884 | 7.10% | | Equity lines of credit | $23,817 | 4.81% | $17,831 | 4.54% | | Commercial business | $55,364 | 11.19% | $44,487 | 11.33% | | Other Consumer/Real Estate | $3,904 | 0.79% | $2,292 | 0.58% | | **Total Loans** | **$494,830** | **100.00%** | **$392,635** | **100.00%** | Loan Origination and Sale Activity (Year Ended June 30) | Activity | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Total loan originations | $244,024 | $339,609 | | Loans purchased | $54,949 | $0 | | Loans Sold | ($24,865) | ($87,238) | | Loan principal repayments | ($171,869) | ($199,431) | - The regulatory limit on loans to one borrower was **$7.6 million** as of June 30, 2023. The five largest loans to single borrowers were all within this limit and performing as per their terms[20](index=20&type=chunk) - The company sold **$24.9 million** and **$87.2 million** of loans in fiscal 2023 and 2022, respectively, recognizing gains of **$466 thousand** and **$2.0 million**. These sales, primarily of long-term, fixed-rate residential loans, were aimed at reducing interest rate risk[32](index=32&type=chunk) [Asset Quality](index=11&type=section&id=Asset%20Quality) Asset quality improved in fiscal 2023, with non-performing assets decreasing and allowance for loan losses increasing Non-Performing Assets at June 30 | Category | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Non-accruing loans | $1,228 | $2,157 | | Accruing loans 90+ days past due | $0 | $26 | | **Total non-performing loans** | **$1,228** | **$2,183** | | Real estate owned, net | $368 | $0 | | **Total non-performing assets** | **$1,596** | **$2,183** | | Non-performing assets as a % of total assets | 0.24% | 0.37% | Allowance for Loan Losses Activity (Year Ended June 30) | Category | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Beginning Balance | $4,451 | $4,122 | | Provision for loan losses | $868 | $336 | | Recoveries | $91 | $24 | | Charge-offs | ($237) | ($31) | | **Ending Balance** | **$5,173** | **$4,451** | | Allowance as a % of loans outstanding | 1.05% | 1.13% | - Classified assets totaled **$7.1 million** at June 30, 2023, consisting of loans designated as special mention (**$3.1 million**) and substandard (**$4.0 million**)[61](index=61&type=chunk) [Investment Securities](index=14&type=section&id=Investment%20Securities) The investment securities portfolio totaled **$117.3 million** at amortized cost, primarily comprising fixed-rate mortgage-backed securities Investment Securities Portfolio at June 30 | Category | 2023 Amortized Cost (in thousands) | 2023 Fair Value (in thousands) | 2022 Amortized Cost (in thousands) | 2022 Fair Value (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Held-to-Maturity** | | | | | | Mortgage-backed securities | $71,568 | $58,447 | $78,072 | $67,737 | | Other (Municipals, FHLB/FNBB) | $2,855 | $2,775 | $1,878 | $1,776 | | **Available-for-Sale** | | | | | | Mortgage-backed securities | $32,063 | $28,634 | $30,250 | $28,099 | | US Treasury & Municipals | $10,847 | $10,917 | $0 | $0 | | **Total** | **$117,333** | **$100,773** | **$110,200** | **$97,612** | - The mortgage-backed securities portfolio is predominantly fixed-rate, totaling **$86.9 million** at fair value at June 30, 2023, compared to **$94.7 million** in 2022[80](index=80&type=chunk) [Sources of Funds](index=17&type=section&id=Sources%20of%20Funds) Deposits, primarily certificates of deposit, are the main funding source, supplemented by FHLB and other lines of credit Deposit Composition at June 30 | Deposit Type | 2023 (in thousands) | % of Total | 2022 (in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Non-interest-bearing demand | $145,553 | 24.37% | $161,142 | 30.29% | | Passbook savings | $81,895 | 13.71% | $132,981 | 25.00% | | NOW accounts | $65,335 | 10.94% | $58,957 | 11.08% | | Money market | $114,195 | 19.12% | $98,627 | 18.54% | | Certificate accounts | $190,383 | 31.87% | $80,284 | 15.09% | | **Total Deposits** | **$597,361** | **100.00%** | **$531,991** | **100.00%** | - The company had access to **$212.2 million** in borrowing capacity from the FHLB of Dallas and a **$20.4 million** Federal Funds line with First National Bankers Bank as of June 30, 2023[94](index=94&type=chunk) - At June 30, 2023, the company had an outstanding balance of **$8.6 million** on a **$10.0 million** line of credit with First National Bankers Bank[94](index=94&type=chunk) [Regulation](index=20&type=section&id=Regulation) The company is subject to extensive regulation by the OCC, FDIC, and Federal Reserve Board, maintaining a 'well-capitalized' status - Home Federal Bank is primarily regulated by the Office of the Comptroller of the Currency (OCC), with deposit insurance provided by the FDIC[99](index=99&type=chunk) - The holding company, Home Federal Bancorp, is regulated by the Federal Reserve Board. Due to its asset size (under **$3.0 billion**), it is subject to the Small Bank Holding Company (SBHC) Policy and is exempt from certain regulatory capital requirements[103](index=103&type=chunk)[106](index=106&type=chunk) - At June 30, 2023, Home Federal Bank exceeded all regulatory capital requirements and was deemed "well-capitalized" under prompt corrective action regulations[126](index=126&type=chunk)[133](index=133&type=chunk) - The Bank believes it meets the Qualified Thrift Lender (QTL) test, which is required to avoid certain operational restrictions[140](index=140&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable as per the report - Not applicable[165](index=165&type=chunk) [Properties](index=30&type=section&id=Item%202.%20Properties) The company operates ten banking offices across Louisiana, with most properties owned and a total net book value of **$13.0 million** Office Locations and Value as of June 30, 2023 | Location | Status | Net Book Value (in thousands) | Deposits (in thousands) | | :--- | :--- | :--- | :--- | | Shreveport, LA (6 offices) | Owned | $8,677 | $410,227 | | Bossier City, LA (2 offices) | Owned | $3,183 | $95,976 | | Minden, LA (1 office) | Leased | $386 | $20,926 | | Benton, LA (1 office) | Owned | $704 | $70,232 | [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company is not involved in any material legal proceedings outside of ordinary business - Home Federal Bancorp and Home Federal Bank are not involved in any pending legal proceedings other than nonmaterial legal proceedings occurring in the ordinary course of business[170](index=170&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq, with no repurchases during the quarter ended June 30, 2023 - The company's common stock is traded on the Nasdaq Capital Market under the symbol "HFBL"[176](index=176&type=chunk) - No shares of common stock were repurchased during the three months ended June 30, 2023[173](index=173&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income increased to **$5.7 million** in FY2023, driven by higher net interest income and asset growth, despite increased expenses Key Performance Indicators (Fiscal Year Ended June 30) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Income | $5.7 million | $4.9 million | | Diluted EPS | $1.81 | $1.41 | | Net Interest Income | $21.6 million | $17.4 million | | Net Interest Margin | 3.73% | 3.27% | | Return on Average Assets | 0.92% | 0.85% | | Return on Average Equity | 11.57% | 9.24% | | Efficiency Ratio | 67.71% | 69.59% | - The company's business strategy includes growing the commercial loan portfolio, diversifying products, managing expenses, and expanding its franchise through de novo branching and potential acquisitions[179](index=179&type=chunk) - Critical accounting policies identified by management include the allowance for loan losses and accounting for business combinations, both of which require significant estimates and judgments[178](index=178&type=chunk)[180](index=180&type=chunk)[183](index=183&type=chunk) [Changes in Financial Condition](index=36&type=section&id=Changes%20in%20Financial%20Condition) Total assets grew by **$70.4 million** to **$660.9 million**, driven by loan and deposit growth, while equity decreased due to repurchases and dividends - Total assets increased **11.9%** to **$660.9 million**, driven by a **26.2%** increase in net loans receivable to **$489.5 million**[196](index=196&type=chunk) - The acquisition of First National Bank of Benton contributed **$54.9 million** in loans and **$77.4 million** in deposits[197](index=197&type=chunk)[202](index=202&type=chunk) - Total deposits increased by **12.3%** to **$597.4 million**, with a significant shift towards certificates of deposit, which grew by **137.1%**[202](index=202&type=chunk) - Stockholders' equity decreased by **3.4%** to **$50.5 million** due to stock repurchases (**$6.0 million**) and dividends (**$1.5 million**) exceeding net income (**$5.7 million**)[203](index=203&type=chunk) [Comparison of Operating Results (FY 2023 vs FY 2022)](index=39&type=section&id=Comparison%20of%20Operating%20Results) Net income increased to **$5.7 million** in FY2023, driven by a **24.2%** rise in net interest income, despite lower non-interest income and higher expenses Rate/Volume Analysis of Net Interest Income Change (2023 vs. 2022) | Component | Change Due to Rate (in thousands) | Change Due to Volume (in thousands) | Total Change (in thousands) | | :--- | :--- | :--- | :--- | | **Interest Income** | | | | | Loans receivable, net | $1,988 | $3,963 | $5,951 | | Investment securities | $464 | $232 | $696 | | **Interest Expense** | | | | | Deposits | $2,278 | $458 | $2,736 | | Borrowings | $261 | $205 | $466 | | **Change in Net Interest Income** | **$819** | **$3,376** | **$4,195** | - Net interest income increased by **$4.2 million** (**24.2%**) due to a higher interest rate environment and growth in average earning assets[209](index=209&type=chunk)[210](index=210&type=chunk) - Non-interest income decreased by **$1.4 million** (**39.6%**), mainly from a **$1.5 million** drop in gain on sale of loans as mortgage refinance activity slowed[219](index=219&type=chunk) - Non-interest expense increased by **$1.5 million** (**10.5%**), primarily driven by **$875 thousand** in professional fees associated with the FNBB acquisition[220](index=220&type=chunk) [Exposure to Changes in Interest Rates](index=41&type=section&id=Exposure%20to%20Changes%20in%20Interest%20Rates) The company manages interest rate risk through loan sales and securities, with NPV sensitivity analysis indicating an asset-sensitive balance sheet Net Portfolio Value (NPV) Sensitivity Analysis at June 30, 2023 | Rate Shock (Basis Points) | Net Portfolio Value (in thousands) | % Change from Static | | :--- | :--- | :--- | | +300 | $67,744 | (6.37)% | | +200 | $72,747 | (2.59)% | | +100 | $74,779 | (4.73)% | | Static | $78,493 | 0.00% | | -100 | $87,788 | 11.84% | | -200 | $92,848 | 6.45% | - The company mitigates interest rate risk by selling long-term fixed-rate loans, maintaining available-for-sale securities, and emphasizing shorter-term commercial and consumer loans[223](index=223&type=chunk)[225](index=225&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and capital, exceeding all regulatory requirements, with CECL adoption anticipated in fiscal 2024 - Primary sources of funds include deposits, loan/security repayments, and earnings. Additional liquidity is available from the FHLB of Dallas (**$212.2 million** capacity) and other bank lines[228](index=228&type=chunk)[229](index=229&type=chunk) - At June 30, 2023, the Bank exceeded all capital requirements with a total risk-based capital ratio of **13.95%**[231](index=231&type=chunk) - The company will adopt CECL in fiscal 2024 and estimates the allowance for credit losses will increase by **4% to 9%**, with the regulatory capital impact phased in over three years[232](index=232&type=chunk) [Financial Statements and Supplementary Data](index=44&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements with an unqualified auditor's opinion, highlighting critical audit matters - The independent auditor, FORVIS, LLP, provided an unqualified opinion on the consolidated financial statements[239](index=239&type=chunk) - Critical Audit Matters identified were the Allowance for Loan Losses (due to judgment in qualitative factors) and the Fair Value of Acquired Loans and Core Deposit Intangible from the Northwest Bancshares acquisition (due to significant estimates and assumptions)[245](index=245&type=chunk)[248](index=248&type=chunk) - On February 1, 2023, the company acquired Northwest Bancshares Corporation for **$10.2 million** in cash, resulting in **$3.0 million** of goodwill and a **$1.5 million** core deposit intangible[436](index=436&type=chunk)[437](index=437&type=chunk) Consolidated Balance Sheet Highlights (at June 30) | Account | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Total Assets | $660,915 | $590,480 | | Loans Receivable, Net | $489,493 | $387,873 | | Total Deposits | $597,361 | $531,991 | | Total Liabilities | $610,373 | $538,133 | | Total Stockholders' Equity | $50,542 | $52,347 | [Controls and Procedures](index=97&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of June 30, 2023 - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[456](index=456&type=chunk) - Based on an evaluation using the COSO framework, management concluded that internal control over financial reporting was effective as of June 30, 2023[453](index=453&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=98&type=section&id=Item%2010.%20Directors,%20Executive%20Officers,%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the Proxy Statement - The required information is incorporated by reference from the Registrant's Proxy Statement[457](index=457&type=chunk) - The company has adopted a Code of Ethics for its principal officers, directors, and employees[458](index=458&type=chunk) [Executive Compensation](index=98&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the Proxy Statement - The required information is incorporated by reference from the section captioned "Management Compensation" in the Proxy Statement[459](index=459&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=98&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference, detailing equity compensation plan securities and available future issuances Equity Compensation Plan Information as of June 30, 2023 | Plan Category | Securities to be Issued Upon Exercise (a) | Weighted-Average Exercise Price (b) | Securities Remaining Available for Future Issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 402,816 | $11.82 | 24,600 | [Certain Relationships and Related Transactions and Director Independence](index=98&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the Proxy Statement - The required information is incorporated by reference from the section captioned "Indebtedness of Management and Related Party Transactions" in the Proxy Statement[463](index=463&type=chunk) [Principal Accountant Fees and Services](index=99&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the Proxy Statement - The required information is incorporated by reference from the section captioned "Ratification of Appointment of Independent Registered Public Accounting Firm — Audit Fees" in the Proxy Statement[464](index=464&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=99&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists filed financial statements and an index of all exhibits, including corporate governance and compensation plans - This section includes the Report of Independent Registered Public Accounting Firm and the full set of Consolidated Financial Statements and Notes[466](index=466&type=chunk) - Exhibits filed include corporate governance documents, descriptions of equity compensation plans (e.g., 2014 and 2019 Stock Incentive Plans), employment agreements, and SEC certifications[467](index=467&type=chunk) [Form 10-K Summary](index=100&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section is not applicable as per the report - None[471](index=471&type=chunk)

PART I - FINANCIAL INFORMATION [Item 1: Financial Statements](index=4&type=section&id=Item%201%3A%20Financial%20Statements) Presents Home Federal Bancorp's unaudited consolidated financial statements as of March 31, 2023, with accompanying notes on policies and a recent acquisition [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to **$686.0 million** by March 31, 2023, driven by net loan growth, while equity slightly decreased Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | June 30, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **$685,985** | **$590,480** | **+16.2%** | | Cash and Cash Equivalents | $45,568 | $64,078 | -28.9% | | Loans Receivable, Net | $486,394 | $387,873 | +25.4% | | Goodwill | $2,990 | $0 | N/A | | **Total Liabilities** | **$635,862** | **$538,133** | **+18.2%** | | Total Deposits | $614,374 | $531,991 | +15.5% | | **Total Stockholders' Equity** | **$50,123** | **$52,347** | **-4.2%** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for the nine-month period increased to **$4.45 million**, while quarterly net income decreased to **$1.06 million** due to higher expenses Quarterly and Nine-Month Income Statement Highlights (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $5,473 | $4,268 | $16,102 | $12,678 | | Provision for Loan Losses | $150 | $0 | $718 | $61 | | Non-Interest Income | $208 | $836 | $1,594 | $2,888 | | Non-Interest Expense | $4,498 | $3,558 | $11,809 | $10,778 | | **Net Income** | **$1,062** | **$1,277** | **$4,446** | **$3,805** | | **Diluted EPS** | **$0.34** | **$0.37** | **$1.41** | **$1.10** | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q1 2023 was **$1.67 million**, and **$4.17 million** for the nine-month period, influenced by net income and unrealized gains/losses Comprehensive Income Summary (in thousands) | Component | Q1 2023 | Q1 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $1,062 | $1,277 | $4,446 | $3,805 | | Other Comprehensive Gain (Loss), Net of Tax | $603 | $(881) | $(275) | $(1,094) | | **Total Comprehensive Income** | **$1,665** | **$396** | **$4,171** | **$2,711** | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased to **$50.1 million** by March 31, 2023, primarily due to stock repurchases and dividends, partially offset by net income - Key drivers for the change in stockholders' equity during the nine months ended March 31, 2023 included: - Net Income: **+$4.4 million** - Company Stock Purchased: **-$6.0 million** - Dividends Paid: **-$1.2 million** - Changes in Unrealized Loss on Securities: **-$0.3 million**[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash and cash equivalents decreased by **$18.5 million** for the nine months ended March 31, 2023, primarily due to investing activities, largely funded by financing and operating cash flows Cash Flow Summary for the Nine Months Ended March 31 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $8,719 | $16,044 | | Net Cash Used in Investing Activities | $(117,716) | $(47,593) | | Net Cash Provided by Financing Activities | $90,487 | $6,212 | | **Net Decrease in Cash and Cash Equivalents** | **$(18,510)** | **$(25,337)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the **$10.2 million** acquisition of Northwest Bancshares resulting in goodwill, and provide breakdowns of the loan portfolio and allowance for loan losses - On February 1, 2023, the Company completed the acquisition of Northwest Bancshares Corporation for an aggregate purchase price of **$10.2 million** in cash The acquisition resulted in goodwill of **$3.0 million** and a core deposit intangible of **$1.5 million**[149](index=149&type=chunk)[150](index=150&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2023 | June 30, 2022 | | :--- | :--- | :--- | | One-to-Four Family Residential | $173,444 | $120,014 | | Commercial Real Estate | $152,092 | $127,589 | | Commercial Loans | $51,490 | $44,487 | | Other | $114,480 | $100,225 | | **Total Loans** | **$491,506** | **$392,635** | - The allowance for loan losses increased to **$4.9 million** as of March 31, 2023, from **$4.5 million** at the beginning of the period, with a provision of **$718,000** recorded for the nine months[88](index=88&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20%28Unaudited%29) Management discusses **$686.0 million** asset growth driven by net loans and the FNBB acquisition, quarterly net income decline, nine-month improvement from net interest income, and strong regulatory capital - Total assets increased by **$95.5 million** (**16.2%**) to **$686.0 million** at March 31, 2023, from June 30, 2022, primarily driven by a **$98.5 million** (**25.4%**) increase in net loans receivable[166](index=166&type=chunk) - The acquisition of First National Bank of Benton (FNBB) contributed significantly to growth, adding **$53.3 million** in loans and **$77.9 million** in deposits[168](index=168&type=chunk)[175](index=175&type=chunk) Net Interest Margin and Spread | Period | Net Interest Spread | Net Interest Margin | | :--- | :--- | :--- | | **Three Months Ended March 31, 2023** | **3.15%** | **3.56%** | | Three Months Ended March 31, 2022 | 3.13% | 3.27% | | **Nine Months Ended March 31, 2023** | **3.55%** | **3.84%** | | Nine Months Ended March 31, 2022 | 3.03% | 3.19% | - At March 31, 2023, the Bank exceeded all regulatory capital requirements, with a total risk-based capital ratio of **12.91%**[178](index=178&type=chunk)[203](index=203&type=chunk) [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%20%28Unaudited%29) This section is indicated as not applicable for the current reporting period - This item is not applicable[210](index=210&type=chunk) [Item 4: Controls and Procedures](index=49&type=section&id=Item%204%3A%20Controls%20and%20Procedures%20%28Unaudited%29) Disclosure controls and procedures were deemed effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of the end of the period covered by this report[211](index=211&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[212](index=212&type=chunk) PART II - OTHER INFORMATION [Item 1: Legal Proceedings](index=50&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is not involved in any material pending legal proceedings beyond routine ordinary course of business matters - The Company is not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business[215](index=215&type=chunk) [Item 1A: Risk Factors](index=50&type=section&id=Item%201A%3A%20Risk%20Factors) This section is indicated as not applicable for the current reporting period - This item is not applicable[216](index=216&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any common stock during the three-month period ended March 31, 2023 - No shares of common stock were repurchased during the quarter ended March 31, 2023[217](index=217&type=chunk) [Item 3: Defaults Upon Senior Securities](index=50&type=section&id=Item%203%3A%20Defaults%20Upon%20Senior%20Securities) This section is indicated as not applicable for the current reporting period - This item is not applicable[218](index=218&type=chunk) [Item 4: Mine Safety Disclosures](index=50&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This section is indicated as not applicable for the current reporting period - This item is not applicable[219](index=219&type=chunk) [Item 5: Other Information](index=50&type=section&id=Item%205%3A%20Other%20Information) This section is indicated as not applicable for the current reporting period - This item is not applicable[220](index=220&type=chunk) [Item 6: Exhibits](index=51&type=section&id=Item%206%3A%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - Exhibits filed with this report include: - CEO Certification (Rule 13a-14(a)/15d-14(a)) - CFO Certification (Rule 13a-14(a)/15d-14(a)) - Certification Pursuant to 18 U.S.C Section 1350 - Inline XBRL Instance Document and related files[224](index=224&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 624 Market Street, Shreveport, Louisiana 71101 (Address of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35019 HOME FEDERAL BANCORP, INC. OF LOUISIANA (Exact name of registrant as specified in its charter) Louisiana 02-0815311 (State ...

(Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _________________. Commission File Number 001-35019 HOME FEDERAL BANCORP, INC. OF LOUISIANA (Exact name of registrant as specified in its charter) L ...