On this page of StockholderLetter.com we present the latest annual shareholder letter from Home Federal Bancorp, Inc. of Louisiana — ticker symbol HFBL. Reading current and past HFBL letters to shareholders can bring important insights into the investment thesis.
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10/11/2024 Letter Continued (Full PDF)
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10/4/2023 HFBL Stockholder Letter
• More "Banking & Savings" Category Stockholder Letters
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HFBL Benford's Law Stock Score = 95
10/11/2024 Letter Continued (Full PDF)
•
10/4/2023 HFBL Stockholder Letter•
More "Banking & Savings" Category Stockholder Letters•
HFBL Benford's Law Stock Score = 95HFBL Shareholder/Stockholder Letter Transcript:
HOME FEDERAL BANCORP INC Of Louisiana 2024 Annual Report Directors, Executive & Senior Officers ( 0 James R. Barlow Glen W. Brown Chairman of the Board, President and Chief Executive Officer Senior Vice President and Chief Financial Officer DeNell W. Mitchell Dawn F. Williams Senior Vice President and Corporate Secretary Senior Vice President and Assistant Corporate Secretary Outside Directors Walter T. Colquitt, III Director Retired Dentist, Shreveport, Louisiana Mark M. Harrison Director Owner of House of Carpets and Lighting Scott D. Lawrence Director President of Southwestern Wholesale Thomas Steen Trawick, Jr., M.D. Director Chief Executive Off icer and Chief Medical Off icer of CHR ISTUS Health Shreveport - Bossier Timothy W. Wilhite, Esq. Director Chief Financial Off icer and General Counsel of Wilhite Electric Co., Inc. RI 0 James R. Barlow Chairman of the Board of Directors, President and CEO Glen W. Brown SV P and CFO Mar y L. Jones SV P and COO David S. Barber SV P Mortgage Lending Delayne C. Lewis SV P and CRO K. Matthew Sawrie SV P Commercial Lending A. Cantu, Jr. SV P and Sr. Credit Off icer DeNell W. Mitchell SV P Loan Operations Dawn F. Williams SV P Human Resources, Marketing and Facilities 100 Defining Local Since 1924 Locations DOWNTOWN YOUREE DRIVE PIERREMONT 624 Market Street Shreveport, LA 71101 6363 Youree Drive Shreveport, LA 71105 925 Pierremont Road Shreveport, LA 71106 SOUTHERN HILLS NORTHWOOD STOCKWELL 9449 Mansfield Road Shreveport, LA 71118 5841 North Market Shreveport, LA 71107 7964 East Texas Street Bossier City, LA 71111 VIKING DRIVE HUNTINGTON MINDEN 2555 Viking Drive Bossier City, LA 71111 6903 Pines Road Shreveport, LA 71129 BENTON MAIN OFFICE 104 Sibley Street Benton, LA 71006 222 Florida Street Shreveport, LA 71105 412 Homer Road Minden, LA 71055 Dear valued shareholders, I present to you the Annual Report for Home Federal Bancorp, Inc. of Louisiana (Company) and its subsidiary, Home Federal Bank (HFB), covering the fiscal year ended June 30, 2024. This report is a testament to our commitment to transparency and dedication to delivering value to our customers, shareholders, and employees. Considering the multitude of headwinds encountered during fiscal 2024, our Company performed well. These headwinds, including higher interest rates, higher inflation, concerns regarding commercial real estate, and expanding geopolitical tensions, created one of the most challenging banking environments in our lifetime. This banking environment set the stage for a new three phase strategy for HFB to shift its deposit mix, increase liquidity, and reduce debt. As rates moved higher, a significant portion of our deposits transferred into higher costs products within HFB or to non bank brokerage accounts. This required HFB to concentrate on lower cost core deposits and not depend on wholesale funding such as single service jumbo CD customers, brokered deposits and borrowings. Additionally, HFB moved capital to the Company to be used primarily to reduce high cost debt. These maneuvers have significantly lowered future dividend requirements for HFB, as well as debt service payments for the Company. Our long time banking strategy has been, and will continue to be, maintaining core personal and business relationships within our home market of Northwest Louisiana. During the past year, we have completed several milestones. We have opened a new permanent banking facility in Minden, Louisiana to replace the existing temporary location. Our Minden team comprises individuals with longstanding banking experience and deep relationships with customers. Additionally, we have continued to integrate our new Benton, Louisiana location that was the result of acquiring First National Bank of Benton during fiscal 2023. As these communities continue to grow, we will have an opportunity to provide A Better Way of banking to the individuals, businesses, and organizations in Minden and Benton Louisiana. HFB achieved a net income of $3.6 million, resulting in diluted earnings per share of $1.17. The Company s total assets were $637.5 million and net loans receivable were $470.9 million. Additionally, total deposits were $574.0 million. We achieved these results while maintaining a strong core deposit base that provided liquidity without relying on high cost wholesale funding sources like brokered deposits or borrowings. Our commitment to delivering value to all our shareholders remains unwavering. On July 24, 2024, we announced our 11th annual dividend increase, and 77th consecutive quarterly cash dividend payment. We are dedicated to creating value for our shareholders, providing exceptional service to our customers, and fostering a rewarding work environment for our employees. As HFB celebrates its centennial anniversary, we are proud to reflect on the decades of dedication and hard work that have brought us to this milestone. Throughout our history, our commitment to delivering value to all our shareholders remains unwavering. We are grateful for your trust and support, and we look forward to continuing to provide you with exceptional service and growth for many years to come. On behalf of the Board of Directors, management team, and staff at Home Federal Bancorp, Inc. of Louisiana, we extend our sincere gratitude for your investment and continued support. Sincerely, James R. Barlow, Chairman of the Board, President & Chief Executive Officer Home Federal Bancorp, Inc of Louisiana and Home Federal Bank