Home Loan Financial : HLFC Reports Earnings for the Quarter Ended June 30, 2020
July 24, 2020 at 09:15 am EDT
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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, 2020
Coshocton, Ohio, July 22, 2020 - Home Loan Financial Corporation (OTCBB: HLFN), the parent company of The Home Loan Savings Bank, today announced net income of $891,000, or $0.64 basic and diluted earnings per share, for the quarter ended June 30, 2020 compared to net income of $1,020,000, or $0.73 basic and diluted earnings per share, for the quarter ended June 30, 2019, a decrease of $129,000, or 12.7%.
Net income for the year ended June 30, 2020 was $3,591,000, or $2.57 basic and diluted earnings per share, compared to $3,741,000 for the year ended June 30, 2019, or $2.67 basic and diluted earnings per share, a decrease of $151,000, or 4.0%.
This decrease in earnings for the year ended June 30, 2020 compared with June 30, 2019 was primarily attributable to a decrease in net interest income of $232,000, an increase in the provision for loan losses of $109,000 and an increase in noninterest expense of $203,000, partially offset by an increase in noninterest income of $325,000, and a decrease in income tax expense of $68,000.
Total assets at June 30, 2020 were $244.7 million compared to June 30, 2019 assets of $214.7 million, an increase of $29.9 million or 13.9%. Total deposits at June 30, 2020 were $206.6 million compared to June 30, 2019 deposits of $175.0 million, an increase of $31.7 million or 18.1%. Total equity at June 30, 2020 was $30.1 million compared to $29.4 million at June 30, 2019, an increase of $1.3 million or 4.3%.
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 and a branch in Mount Vernon, Ohio.
HOME LOAN FINANCIAL CORPORATION
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, 2020
June 30, 2019
ASSETS
Cash and cash equivalents
$
34,542,059
$ 3,407,917
Interest-bearing time deposits
1,100,000
850,000
Securities available for sale
4,021,605
3,502,312
Federal Home Loan Bank stock
2,513,400
2,513,400
Loans held for sale
-
460,000
Loans, net
192,252,086
194,165,691
Premises and equipment
2,518,662
2,543,684
Accrued interest receivable
625,260
724,868
Bank owned life insurance
5,225,001
5,081,501
Other assets
1,872,324
1,472,796
Total assets
$244,670,397
$214,722,168
LIABILITIES
Deposits
$ 206,604,897
$ 174,950,253
Federal Home Loan Bank advances
5,399,830
8,569,882
Accrued interest payable
459,916
395,171
Accrued expenses and other liabilities
1,562,674
1,431,374
Total liabilities
214,027,317
185,346,680
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
15,076,631
15,058,031
Retained earnings
26,522,062
25,284,110
Treasury stock, at cost - 850,145 and 849,345 shares
Home Loan Financial Corporation published this content on 22 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2020 13:15:23 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 
