Home Loan Financial : HLFC Reports Earnings for the Quarter Ended June 30, 2022
July 26, 2022
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PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Breann Miller, Chief Financial Officer
Telephone: (740) 622-0444
HOME LOAN FINANCIAL CORPORATION REPORTS
EARNINGS FOR THE QUARTER ENDED JUNE 30, 2022
Coshocton, Ohio, July 27, 2022 - Home Loan Financial Corporation (OTCBB: HLFN), the parent company of The Home Loan Savings Bank, today announced net income of $1,293,000, or $0.92 basic and diluted earnings per share, for the quarter ended June 30, 2022 compared to net income of $1,112,000, or $0.79 basic and diluted earnings per share, for the quarter ended June 30, 2021, an increase of $180,000, or 16.2%.
Net income for the year ended June 30, 2022 was $4,156,000, or $2.97 basic and diluted earnings per share, compared to $3,842,000 for the year ended June 30, 2021, or $2.74 basic and diluted earnings per share, an increase of 314,000, or 8.2%.
This increase in earnings for the year ended June 30, 2022 compared with June 30, 2021 was primarily attributable to an increase in net interest income of 897,000 and a decrease in the provision for loan losses of $330,000, partially offset by a decrease in noninterest income of $689,000, an increase in noninterest expense of $153,000, and increase in federal income tax expense of 71,000.
Total assets at June 30, 2022 were $254.6 million compared to June 30, 2021 assets of $252.6 million, an increase of $1.9 million or 0.8%. Total deposits at June 30, 2022 were $215.3 million compared to June 30, 2021 deposits of $215.0 million, an increase of $303,000 or 0.1%. Total equity at June 30, 2022 was $33.1 million compared to $32.1 million at June 30, 2021, an increase of $995,000 or 3.1%.
Home Loan Financial Corporation and The Home Loan Savings Bank are headquartered at 413 Main Street, Coshocton, Ohio 43812. The Home Loan Savings Bank has two offices located in Coshocton, Ohio, a branch in West Lafayette, Ohio, a branch in Mount Vernon, Ohio, and a branch opening soon in Newark, Ohio.
HOME LOAN FINANCIAL CORPORATION
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, 2022
June 30, 2021
ASSETS
Cash and cash equivalents
$ 6,105,928
$ 34,771,494
Interest-bearing time deposits
2,097,000
1,100,000
Securities available for sale
14,542,380
9,417,985
Federal Home Loan Bank stock
2,513,400
2,513,400
Loans held for sale
-
964,269
Loans, net
218,213,249
193,800,905
Premises and equipment
3,286,864
2,433,312
Accrued interest receivable
685,067
555,658
Bank owned life insurance
5,514,501
5,366,501
Other assets
1,607,507
1,703,373
Total assets
$254,565,896
$252,626,897
LIABILITIES
Deposits
$ 215,279,026
$ 214,976,270
Federal Home Loan Bank advances
4,250,679
4,758,206
Accrued interest payable
139,088
253,452
Accrued expenses and other liabilities
1,797,171
533,695
Total liabilities
221,465,964
220,521,623
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 500,000 shares authorized,
none outstanding
--
--
Common stock, no par value, 9,500,000 shares authorized,
2,248,250 shares issued
--
--
Additional paid-in capital
15,054,601
15,085,349
Retained earnings
29,631,586
28,011,952
Treasury stock, at cost - 848,545 shares at
(10,932,867)
(10,974,218)
June 30, 2022 and June 30, 2021
Accumulated other comprehensive income
(653,388)
(17,809)
Total shareholders' equity
33,099,931
32,105,274
Total liabilities and shareholders' equity
$254,565,897
$252,626,897
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
Year Ended
June 30,
June 30,
2022
2021
2022
2021
Total interest income
$
2,818,581
$2,582,173
$10,776,544
$10,371,362
Total interest expense
204,865
312,587
996,275
1,488,206
Net interest income
2,613,716
2,269,586
9,780,269
8,883,156
Provision for loan losses
195,000
155,000
250,000
579,500
Net interest income after
provision for loan losses
2,418,716
2,114,586
9,530,269
8,303,656
Total noninterest income
430,815
562,180
1,792,079
2,481,055
Total noninterest expense
1,372,864
1,415,468
6,220,928
6,067,682
Income before income
tax expense
1,476,667
1,261,298
5,101,420
4,717,029
Income tax expense
183,957
148,863
945,227
874,701
Net income
$
1,292,710
$1,112,435
$4,156,193
$3,842,328
Basic earnings per share
$
.92
$
.79
$
2.97
$
2.74
Diluted earnings per share
$
.92
$
.79
$
2.97
$
2.74
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Home Loan Financial Corporation published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2022 13:22:02 UTC.
Home Loan Financial Corporation is a holding company. The Company operates through its subsidiaries, Home Loan Savings Bank (Bank) and Home Loan Financial Services, Inc., which provides insurance and investment services. The Bank conducts business from its main office in Coshocton, Ohio and full-service branch offices in Coshocton, Mount Vernon and West Lafayette, Ohio. Its primary deposit products are checking, savings and term certificate accounts, and its primary lending products are residential mortgage, nonresidential mortgage, residential construction and land, commercial and consumer loans. The Bank also offers loans for the construction of one- to four-family residences and permanent mortgage loans secured by multifamily and nonresidential real estate in its primary market area. The Bank also offers various types of consumer credit, including home improvement loans, education loans, loans secured by savings accounts, motor vehicle loans, unsecured loans and credit cards.
HOME LOAN FINANCIAL CORPORATION 
