Home Loan Financial : HLFC Reports Earnings for the Quarter Ended June 30, 2023

PRESS RELEASE	FOR IMMEDIATE RELEASE
	Contact: Breann Miller, Chief Financial Officer
	Telephone: [phone]

HOME LOAN FINANCIAL CORPORATION REPORTS

EARNINGS FOR THE QUARTER ENDED JUNE 30, 2023

Coshocton, Ohio, July 26, 2023 - Home Loan Financial Corporation (OTCBB: HLFN), the parent company of The Home Loan Savings Bank, today announced net income of $1,458,000, or $1.04 basic and diluted earnings per share, for the quarter ended June 30, 2023 compared to net income of $1,293,000, or $0.92 basic and diluted earnings per share, for the quarter ended June 30, 2022, an increase of $166,000, or 12.8%.

Net income for the year ended June 30, 2023 was $5,171,000, or $3.69 basic and diluted earnings per share, compared to $4,156,000 for the year ended June 30, 2022, or $2.97 basic and diluted earnings per share, an increase of $1,014,000, or 24.4%.

This increase in earnings for the year ended June 30, 2023 compared with June 30, 2022 was primarily attributable to an increase in net interest income of 532,000 and a decrease in the provision for loan losses of $32,000, partially offset by a decrease in noninterest income of $37,000, an increase in noninterest expense of $223,000, and increase in federal income tax expense of 138,000.

Total assets at June 30, 2023 were $291.2 million compared to June 30, 2022 assets of $254.6 million, an increase of $36.6 million or 14.4%. Total deposits at June 30, 2023 were $220.6 million compared to June 30, 2022 deposits of $215.3 million, an increase of $5.3 million or 2.5%. Total equity at June 30, 2023 was $35.7 million compared to $33.1 million at June 30, 2022, an increase of $2.6 million or 7.9%.

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 in Newark, Ohio.

HOME LOAN FINANCIAL CORPORATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	June 30, 2023		June 30, 2022
ASSETS
Cash and cash equivalents	$ 5,427,678		$ 6,105,928
Interest-bearing time deposits	2,834,000		2,097,000
Securities available for sale	13,825,074		14,542,380
Federal Home Loan Bank stock	1,920,100	2,513,400
Loans held for sale	-	-
Loans, net	255,347,213		218,213,249
Premises and equipment	3,306,089		3,286,864
Accrued interest receivable	1,031,769		685,067
Bank owned life insurance	5,664,501	5,514,501
Other assets		1,804,667			1,607,507
Total assets	$291,161,091		$254,565,896
LIABILITIES
Deposits	$ 220,611,165		$ 215,279,026
Federal Home Loan Bank advances	32,036,282	4,250,679
Accrued interest payable	799,126		139,088
Accrued expenses and other liabilities		2,013,231			1,797,171
Total liabilities	255,459,804		221,465,964
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	14,992,821		15,054,601
Retained earnings	32,115,862		29,631,586
Treasury stock, at cost - 847,153 shares at	(10,818,732)	(10,932,867)
June 30, 2023 and June 30, 2022
Accumulated other comprehensive income		(588,665)	(653,388)
Total shareholders' equity		35,701,287			33,099,931
Total liabilities and shareholders' equity	$291,161,091	$254,565,897

CONSOLIDATED STATEMENTS OF INCOME
					Three Months Ended					Year Ended
						June 30,					June 30,
					2023							2022							2023						2022
Total interest income	$	4,063,920			$2,818,581	$14,465,025	$10,776,544
Total interest expense				918,446							204,865						2,205,526					996,275
Net interest income				3,145,474			2,613,716		12,259,499	9,780,269
Provision for loan losses				163,000							195,000						433,000					250,000
Net interest income after
provision for loan losses				2,982,474			2,418,716	11,826,499	9,530,269
Total noninterest income				393,644							430,815					1,386,931	1,792,079
Total noninterest expense					1,595,520			1,372,864					6,693,624					6,220,928
Income before income
tax expense	1,780,598			1,476,667					6,519,806	5,101,420
Income tax expense				322,190							183,957						1,349,124					945,227
Net income	$	1,458,408			$1,292,710	$5,170,681	$4,156,193
Basic earnings per share		$	1.04			$	.92				$	3.69		$	2.97
Diluted earnings per share	$	1.04		$	.92			$	3.69		$	2.97