Home Federal Bancorp Files 2024 10-K

TL;DR

HFBL 2024 10-K is in. Shows full year financials. Check it.

AI Summary

Home Federal Bancorp, Inc. of Louisiana filed its 2024 10-K report, detailing its financial performance for the fiscal year ending June 30, 2024. The company, a federally chartered savings institution, is headquartered at 624 Market Street, Shreveport, LA. The filing covers its operations and financial condition, including details on its common stock and retained earnings.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Home Federal Bancorp's financial health and strategic positioning for the past fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• FY 06-30 2024 — Fiscal Year End (Reporting period for the 10-K)
• 20240630 — Conformed Period of Report (The period the report is intended to cover)
• 20240930 — Filed As Of Date (Date the report was officially filed with the SEC)

Key Players & Entities

• Home Federal Bancorp, Inc. of Louisiana (company) — Filer of the 10-K
• 624 Market Street, Shreveport, LA (location) — Company Headquarters
• 0630 2024 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock (par value $0.01 per share) HFBL Nasdaq Stock Market
• $14.34 — is based on the closing sales price of $14.34 per share of the Registrant's Common St
• $470.9 m — 024, our net loan portfolio amounted to $470.9 million, representing approximately 73.9%
• $178.3 m — ur family residential loans amounted to $178.3 million, or 37.5% of the total loan portf
• $143.5 m — ommercial real estate loans amounted to $143.5 million, or 30.2% of the total loan portf
• $9.0 m — tory limit on loans to one borrower was $9.0 million, and the five largest loans or gr
• $5.5 m — including related entities, aggregated $5.5 million, $5.4 million, $5.0 million, $5.0
• $5.4 m — ated entities, aggregated $5.5 million, $5.4 million, $5.0 million, $5.0 million, and
• $5.0 m — aggregated $5.5 million, $5.4 million, $5.0 million, $5.0 million, and $4.5 million.
• $4.5 million — illion, $5.0 million, $5.0 million, and $4.5 million. Each of our five largest loans or gro
• $1.7 million — nclude loans held-for-sale amounting to $1.7 million and $4,000 at June 30, 2024 and 2023, r
• $4,000 — -for-sale amounting to $1.7 million and $4,000 at June 30, 2024 and 2023, respectively
• $500,000 — e President of Mortgage for loans up to $500,000, and for loans up to $1.0 million by th
• $1.0 million — ans up to $500,000, and for loans up to $1.0 million by the Senior Credit Officer. Commercia
• $2.0 million — dent and Chief Executive Officer, up to $2.0 million by the Senior Credit Officer and the Ch

Filing Documents

• ef20030046_10k.htm (10-K) — 5356KB
• ef20030046_ex31-1.htm (EX-31.1) — 11KB
• ef20030046_ex31-2.htm (EX-31.2) — 11KB
• ef20030046_ex32-0.htm (EX-32.0) — 5KB
• ef20030046_ex97-0.htm (EX-97.0) — 41KB
• 0001140361-24-042337.txt ( ) — 24806KB
• hfbl-20240630.xsd (EX-101.SCH) — 108KB
• hfbl-20240630_cal.xml (EX-101.CAL) — 176KB
• hfbl-20240630_def.xml (EX-101.DEF) — 524KB
• hfbl-20240630_lab.xml (EX-101.LAB) — 1667KB
• hfbl-20240630_pre.xml (EX-101.PRE) — 925KB
• ef20030046_10k_htm.xml (XML) — 6072KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 26 Item 1C Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 93 Item 9A.

Controls and Procedures

Controls and Procedures 93 Item 9B. Other Information 93 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 PART III. Item 10. Directors, Executive Officers and Corporate Governance 94 Item 11.

Executive Compensation

Executive Compensation 94 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13. Certain Relationships and Related Transactions and Director Independence 94 Item 14. Principal Accountant Fees and Services 95 PART IV. Item 15. Exhibit and Financial Statement Schedules 95 Item 16. Form 10-K Summary 96

SIGNATURES

SIGNATURES 97 Table of Contents PART I

Business

Item 1. Business Home Federal Bancorp, Inc. of Louisiana, a Louisiana chartered corporation ("Home Federal Bancorp" or the "Company"), is the holding company for Home Federal Bank ("Home Federal Bank" or the "Bank"). Home Federal Bank is a federally chartered stock savings bank originally organized in 1924 as Home Building and Loan Association. The Bank reorganized into the mutual holding company structure in January 2005 and changed its name to "Home Federal Bank" in 2009 as part of its business strategy to be recognized as a community bank. Home Federal Bank's home office and ten full service branch offices are located in Caddo, Bossier and Webster Parishes, Louisiana and serve the Shreveport-Bossier general public and using those funds to originate loans. As of June 30, 2024, Home Federal Bancorp's only business activities are to hold all of the outstanding common stock of Home Federal Bank. Home Federal Bancorp is authorized to pursue other business activities permitted by applicable laws and regulations for savings and loan holding companies, which may include the issuance of additional shares of common stock to raise capital or to support mergers or acquisitions and borrowing funds for reinvestment in Home Federal Bank. Home Federal Bancorp does not own or lease any property but instead uses the premises, equipment, and furniture of Home Federal Bank. At the present time, Home Federal Bancorp employs only persons who are officers of Home Federal Bank to serve as officers of Home Federal Bancorp and may also use the support staff of Home Federal Bank from time to time. These other persons are not separately compensated by Home Federal Bancorp. Pursuant to the regulations under Sections 23A and 23B of the Federal Reserv

Business

Business Land Construction Home Equity Loans and Lines of Credit and Other Consumer Total (In thousands) Amounts due after June 30, 2024 in: One year or less $ 12,223 $ 16,170 $ 10,652 $ 8,105 $ 14,353 $ 15,704 $ 2,663 $ 79,870 After one year through two years 13,194 10,883 4,357 9,273 6,755 -- 1,627 46,089 After two years through three years 22,108 22,866 4,506 3,482 2,852 -- 5,211 61,025 After three years through five years 45,763 53,688 2,369 18,674 5,338 -- 572 126,404 After five years through ten years 9,343 36,748 2,684 8,229 701 -- 1,794 59,499 After ten years through fifteen years 8,865 1,397 10,406 1,493 -- -- 8,892 31,053 After fifteen years 66,851 1,708 2,118 -- 738 -- 169 71,584 Total $ 178,347 $ 143,460 $ 37,092 $ 49,256 $ 30,737 $ 15,704 $ 20,928 $ 475,524 The following table sets forth the dollar amount of all loans at June 30, 2024, before net items, due after June 30, 2025, which have fixed interest rates or which have floating or adjustable interest rates. Fixed-Rate Floating or Adjustable-Rate Total (In thousands) One-to-four family residential $ 114,545 $ 51,579 $ 166,124 Commercial — real estate secured 124,065 3,225 127,290 Multi-family residential 26,438 2 26,440 Commercial business 33,846 7,305 41,151 Land 15,055 1,329 16,384 Construction -- -- -- Home equity loans and lines of credit and other consumer 8,384 9,881 18,265 Total $ 322,333 $ 73,321 $ 395,654 Scheduled contractual maturities of loans do not necessarily reflect the actual expected term of the loan portfolio. The average life of mortgage loans is substantially less than their average contractual terms because of prepayments. The average life of mortgage loans tends to increase when current mortgage loan rates are higher than rates on existing mortgage loans and, conversely, decrease when rates on current mortgage loans are lower than exis

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