Exhibit 99.1
Home Federal Bancorp, Inc. of Louisiana Reports Net Earnings for the Quarter and
Nine Months Ended March 31, 2005
SHREVEPORT, La.--(BUSINESS WIRE)--May 3, 2005--Home Federal Bancorp, Inc.
of Louisiana (OTC BB:HFBL), the recently formed "mid-tier" holding company of
Home Federal Savings and Loan Association, reported net earnings for the third
quarter ended March 31, 2005 of $156,000, or basic earnings per share of $.05, a
decrease of $50,000, or 24.3%, from the $206,000 in net earnings, reported for
the third quarter ended March 31, 2004. On January 18, 2005, Home Federal
Savings and Loan Association completed its reorganization to the mutual holding
company form and the related subscription offering for shares of Home Federal
Bancorp, Inc. of Louisiana's common stock. Home Federal Bancorp, Inc. of
Louisiana generated gross proceeds of $14.2 million through the initial public
offering.
The decrease in net earnings for the quarter resulted primarily from a
$135,000, or 88.2%, decrease in non-interest income which was partially offset
by an $83,000, or 12.0%, increase in net interest income and a $30,000, or
28.9%, decrease in income taxes. The decrease in non-interest income for the
quarter was primarily attributable to the recognition of gains on the sales of
investments during the quarter ended March 31, 2004. There were no sales of
investments during the quarter ended March 31, 2005. The increase in net
interest income for the quarter was primarily attributable to a $55,000, or
4.5%, increase in interest income and a continued decrease in the Company's cost
of funds.
For the nine months ended March 31, 2005, Home Federal Bancorp, Inc. of
Louisiana reported net earnings of $423,000, or basic earnings per share of
$0.12, a decrease of $249,000, or 37.1%, as compared to the $672,000 in net
earnings, reported for the nine months ended March 31, 2004.
The decrease in net earnings for the nine months ended March 31, 2005 was
primarily due to a $261,000, or 86.4%, decrease in non-interest income and a
$124,000, or 5.4%, decrease in net interest income which were partially offset
by a $126,000, or 37.4%, decrease in income taxes. The decrease in non-interest
income was a result of gains recognized on the sale of investments during the
nine months ended March 31, 2004.
At March 31, 2005, Home Federal Bancorp, Inc. of Louisiana reported total
assets of $108.1 million, an increase of $12.4 million, or 13.0%, compared to
total assets at June 30, 2004. The increase in assets was comprised primarily of
the increase in cash and cash equivalents of $6.0 million to $10.4 million at
March 31, 2005 compared to $4.3 million at June 30, 2004 as well as a $5.4
million, or 8.2%, increase in investment securities at March 31, 2005 compared
to June 30, 2004. These increases were primarily due to the investment of $13.5
million in net proceeds from our stock issuance completed in January 2005.
Shareholders' equity increased $13.8 million to $31.1 million or 28.8% of
total assets at March 31, 2005 compared to $17.3 million at June 30, 2004. The
primary reason for the increase was $13.5 million in net proceeds from our
initial public offering on January 18, 2005. The Company sold 1,423,583 shares
of stock to eligible depositors, Home Federal Savings and Loan Association's
Employee Stock Ownership Plan and the general public for $10 per share
representing 40% of the total outstanding shares of Home Federal Bancorp, Inc.
of Louisiana. The remaining 60%, or 2,135,375, outstanding shares are owned by
Home Federal Bancorp, Inc. of Louisiana's parent mutual holding company, Home
Federal Mutual Holding Company.
Home Federal Bancorp, Inc. of Louisiana is the mid-tier thrift holding
company for Home Federal Savings and Loan Association which conducts business
from its main office and two branch offices in northwest Louisiana.
Home Federal Bancorp, Inc. of Louisiana
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, June 30,
ASSETS 2005 2004
--------- ---------
(Unaudited)
Cash and cash equivalents $ 10,353 $ 4,342
Investment Securities 72,208 66,769
Loans receivable 23,322 22,786
Other assets 2,188 1,765
--------- ---------
Total assets $108,071 $ 95,663
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 68,666 $ 68,134
Advances from the Federal Home Loan Bank of Dallas 7,863 9,748
Other liabilities 452 472
--------- ---------
Total liabilities $ 76,981 $ 78,353
========= =========
Shareholders' equity 31,090 17,309
--------- ---------
Total liabilities and shareholders' equity $108,071 $ 95,663
========= =========
Home Federal Bancorp, Inc. of Louisiana
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share data)
Three months Nine months
ended ended
March 31, March 31,
--------------- ---------------
2005 2004 2005 2004
------- ------- ------- -------
(Unaudited) (Unaudited)
Total interest income $1,275 $1,220 $3,686 $3,938
Total interest expense 498 526 1,521 1,649
------- ------- ------- -------
Net interest income 777 694 2,165 2,289
Provision for loan losses - - - -
------- ------- ------- -------
Net interest income after provision
for loan losses 777 694 2,165 2,289
Non-interest income 18 153 41 302
Non-interest expense 565 537 1,572 1,582
------- ------- ------- -------
Income before income taxes 230 310 634 1,009
Income taxes 74 104 211 337
------- ------- ------- -------
NET INCOME $ 156 $ 206 $ 423 $ 672
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EARNINGS PER SHARE
Basic $ .05 n/a $ .12 n/a
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CONTACT: Home Federal Bancorp, Inc. of Louisiana
Daniel R. Herndon, 318-222-1145
or
Clyde D. Patterson, 318-222-1145