Home Federal Bancorp(HFBL) - 2025 Q2 - Quarterly Results

Financial Performance - The Company reported net income of $1.02 million for the three months ended December 31, 2024, a slight increase from $1.00 million for the same period in 2023[1]. - For the six months ended December 31, 2024, net income was $2.0 million, down from $2.2 million in the prior year[1]. - Net income for the six-month period ending December 31, 2024, was $2.0 million, compared to $2.2 million for the same period in 2023, reflecting a decrease of approximately 11.74%[21]. Income and Expenses - Non-interest expense decreased by $413,000, or 9.7%, for the three months ended December 31, 2024, primarily due to reductions in various expense categories[2]. - Non-interest income increased by $351,000, or 256.2%, for the three months ended December 31, 2024, mainly due to a decrease in loss on sale of real estate[2]. - Total interest income for the six months ended December 31, 2024, was $15.4 million, down from $16.2 million in the same period of 2023, a decline of about 4.68%[21]. Assets and Liabilities - Total assets decreased by $29.7 million, or 4.7%, from $637.5 million at June 30, 2024, to $607.8 million at December 31, 2024[9]. - Total liabilities decreased by $30.9 million, or 5.3%, from $584.7 million at June 30, 2024, to $553.8 million at December 31, 2024[10]. - Total assets decreased from $637.5 million at June 30, 2024, to $607.8 million at December 31, 2024, a decline of approximately 4.65%[19]. - Total deposits decreased from $574.0 million at June 30, 2024, to $546.5 million at December 31, 2024, a reduction of about 4.77%[19]. Asset Quality - Nonperforming assets totaled $1.8 million, or 0.30% of total assets, at December 31, 2024, unchanged from June 30, 2024[4]. - As of December 31, 2024, non-performing assets decreased to $1.8 million from $1.9 million as of June 30, 2024, representing a reduction of approximately 5.26%[11]. - The allowance for credit losses as a percentage of total loans receivable was 1.02% as of December 31, 2024, compared to 1.00% at June 30, 2024[22]. Shareholder Equity - Shareholders' equity increased by $1.1 million, or 2.1%, from $52.8 million at June 30, 2024, to $53.9 million at December 31, 2024[13]. - Book value per share increased to $17.22 at December 31, 2024, from $16.73 at June 30, 2024[22]. Interest Rates - The average interest rate spread was 2.40% for the three months ended December 31, 2024, compared to 2.45% for the same period in 2023[2]. - The Company's net interest margin was 3.12% for the three months ended December 31, 2024, down from 3.14% in the prior year[2]. - The average interest rate spread for the three months ended December 31, 2024, was 2.40%, slightly down from 2.45% in the same period of 2023[22]. Return on Assets - The return on average assets for the six months ended December 31, 2024, was 0.62%, compared to 0.67% for the same period in 2023[22].