Home Federal Bancorp(HFBL) - 2024 Q3 - Quarterly Report

Financial Performance - Net interest income for the three months ended March 31, 2024, was $4.404 million, down from $5.473 million for the same period in 2023, a decrease of about 19.5%[11] - Net income for the three months ended March 31, 2024, was $732,000, compared to $1.062 million for the same period in 2023, reflecting a decline of approximately 30.9%[11] - Non-interest income for the three months ended March 31, 2024, was $1.078 million, compared to $1.594 million for the same period in 2023, a decrease of approximately 32.4%[11] - Earnings per share for the three months ended March 31, 2024, was $0.24, down from $0.35 for the same period in 2023, a decrease of approximately 31.4%[11] - Net income for the nine months ended March 31, 2024, was $2,955,000, a decrease of 33.5% compared to $4,446,000 for the same period in 2023[21] Assets and Deposits - Total assets decreased from $660.915 million as of June 30, 2023, to $643.026 million as of March 31, 2024, representing a decline of approximately 2.7%[7] - Total deposits decreased from $597.361 million as of June 30, 2023, to $578.881 million as of March 31, 2024, a reduction of about 3.1%[7] - The company reported a net cash decrease in deposits of $18,480,000 for the nine months ended March 31, 2024, compared to an increase of $82,383,000 in the same period of 2023[24] - Cash provided by operating activities was $460,000 for the nine months ended March 31, 2024, significantly lower than $8,834,000 for the same period in 2023[21] Stockholders' Equity - Total stockholders' equity increased from $50.542 million as of June 30, 2023, to $52.550 million as of March 31, 2024, an increase of about 4%[8] - Total stockholders' equity increased to $52,550,000 as of March 31, 2024, up from $50,123,000 as of March 31, 2023, reflecting a growth of 4.8%[19] - The balance of retained earnings increased to $14,257,000 as of March 31, 2024, from $11,824,000 as of March 31, 2023[21] Credit Losses and Provisions - The provision for credit losses for the three months ended March 31, 2024, was $11,000, compared to a recovery of $150,000 for the same period in 2023[11] - The allowance for credit losses decreased to $4.89 million from $5.17 million, a reduction of approximately 5.4%[93] - The allowance for credit losses increased to $4,887,000 as of March 31, 2024, from $5,173,000 as of June 30, 2023, reflecting a current provision recovery of $5,000[114] Securities and Investments - The unrealized losses on securities available for sale for the three months ended March 31, 2024, amounted to $(608,000), impacting the total comprehensive income negatively[13] - The total amortized cost of securities available-for-sale was $33.089 million, with a fair value of $29.829 million as of March 31, 2024, reflecting unrealized losses of $3.333 million[84] - The total amortized cost of securities held-to-maturity was $68.706 million, with a fair value of $55.660 million, indicating unrealized losses of $13.046 million[84] Loans and Credit Quality - Total loans receivable amounted to $504.27 million, an increase from $494.83 million as of June 30, 2023, representing a growth of approximately 1.8%[93] - The net loans receivable after allowance for credit losses was $499.27 million, compared to $489.49 million in the previous period, indicating a net increase of about 2%[93] - The total amount of commercial loans is $56.96 million, with $54.65 million classified as "Pass," reflecting a robust lending portfolio[106] - The overall credit quality indicators suggest a stable and improving loan portfolio, with a focus on maintaining low levels of charge-offs and high classifications of "Pass" loans[106] Other Financial Metrics - The company declared dividends totaling $1,177,000 for the nine months ended March 31, 2024, slightly higher than $1,165,000 in the same period of 2023[24] - The company reported a significant decrease in loans held-for-sale originations and purchases, totaling $10,640,000 for the nine months ended March 31, 2024, compared to $22,065,000 in 2023[21] - The company incurred a loss on the sale of loans amounting to $184,000 for the nine months ended March 31, 2024, compared to a loss of $404,000 in the same period of 2023[21]