Exhibit 99.1
 
 

 
 
 
FOR RELEASE: Tuesday, July 31, 2018 at 4:30 PM (Eastern)

HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS
FOR THE THREE MONTHS AND YEAR ENDED JUNE 30, 2018

Shreveport, Louisiana – July 31, 2018 – Home Federal Bancorp, Inc. of Louisiana (the "Company") (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended June 30, 2018 of $1.2 million compared to net income of $1.0 million reported for the three months ended June 30, 2017. The Company's basic and diluted earnings per share were $0.66 and $0.61, respectively, for the three months ended June 30, 2018 compared to basic and diluted earnings per share of $0.57 and $0.54, respectively, for the three months ended June 30, 2017. The Company reported net income of $3.6 million for the year ended June 30, 2018 compared to $3.7 million for the year ended June 30, 2017. The Company's basic and diluted earnings per share were $2.06 and $1.93, respectively, for the year ended June 30, 2018 compared to $2.01 and $1.91, respectively, for the year ended June 30, 2017. The decrease in net income for the year ended June 30, 2018 as compared to the same period in the prior year reflected in part the effect of the one-time non-cash charge related to the re-measurement of the Company's deferred tax assets arising from the lower U.S. corporate tax rate provided for by the Tax Cuts and Jobs Act (the "Tax Act") enacted in December 2017. The non-recurring deferred tax adjustment was $642,000 for the year ended June 30, 2018 representing $0.35 diluted earnings per share.

The Company reported the following key achievements during fiscal 2018:
Restructuring of Mortgage Loan Division and sale of mortgage servicing assets.
Reduction in wholesale funding through organic deposit growth.
Began construction of new Pierremont Banking Center in Shreveport.
Total deposits increased $31.2 million or 9.5% to $360.3 million at year end.

The increase in net income for the three months ended June 30, 2018 resulted primarily from a decrease of $394,000, or 12.4%, in non-interest expense, a $102,000, or 19.8% decrease in provision for income taxes along with an increase of $101,000, or 2.7%, in net interest income partially offset by a decrease of $400,000, or 34.2%, in non-interest income along with an increase of $55,000, or 37.9%, in provision for loan losses.  The decrease in the provision for income taxes was primarily due to the Tax Act signed into law on December 22, 2017, which reduced the Company's effective tax rate for the three months ended June 30, 2018.  The increase in net interest income for the three months ended June 30, 2018 was primarily due to a $233,000, or 5.2%, increase in total interest income, partially offset by an increase of $132,000, or 16.6%, in interest expense, primarily due to an increase in the average volume of loans receivable. The Company's average interest rate spread was 3.63% for the three months ended June 30, 2018 compared to 3.64% for the three months ended June 30, 2017. The Company's net interest margin was 3.86% for the three months ended June 30, 2018 compared to 3.83% for the three months ended June 30, 2017. The increase in net interest margin on a comparative quarterly basis was primarily the result of an increase of 16 basis points in average yield on average balances of loans receivable combined with a $5.3 million increase in average balance of loans receivable for the three months ended June 30, 2018 compared to the prior year.

The decrease in net income for the year ended June 30, 2018 resulted primarily from a decrease of $904,000, or 23.2%, in non-interest income, a $494,000, or 28.1%, increase in the provision for income taxes, and a $150,000, or 16.7%, increase in the provision for loan losses partially offset by an increase of $839,000, or 6.0%, in net interest income and a decrease of $625,000, or 5.4%, in non-interest expense.  The increase in the provision for income taxes for the year ended June 30, 2018 over the same prior year period was primarily due to the $642,000 re-measurement charge of the Company's net deferred tax asset as a result of the Tax Act signed into law on December 22, 2017. The increase in net interest income for the year was primarily due to a $1.5 million, or 9.1%, increase in total interest income, partially offset by a $692,000, or 24.7%, increase in interest expense on borrowings and deposits. The Company's average interest rate spread was 3.58% for the year ended June 30, 2018 compared to 3.71% for the year ended June 30, 2017. The Company's net interest margin was 3.80% for the year ended June 30, 2018 compared to 3.85% for the year ended June 30, 2017.  The decrease in the average interest rate spread and net interest margin was attributable primarily to an increase of 20 basis points in average rate on interest bearing liabilities for the year ended June 30, 2018 compared to the prior year.
 
 
 

The following information was filed by Home Federal Bancorp, Inc. Of Louisiana (HFBL) on Tuesday, July 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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