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Home Federal Bancorp Posts Q1 Profit

Home Federal Bancorp, Inc. (HOME: Quote), the parent company of Home Federal Bank, reported net income for the first quarter ended March 31 of $702,000 or $0.05 per share, compared to a net loss of $1.2 million or $0.08 per share for the year-ago quarter.

Net interest income for the first quarter rose to $12.4 million from $8.5 million a year ago. A negative provision for loan losses of $783,000 was recorded during the first quarter, compared to a provision of $3.0 million in the same quarter last year.

Non-interest income for the first quarter was a loss of $1.1 million, compared to income of $6.1 million in the same quarter last year.

On January 27, 2012, the company announced the change of its fiscal year end to December 31 from September 30. The company's next fiscal year end will be December 31, 2012. The quarter ended March 31, 2012, represents the first quarter of the company's current fiscal year.

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by RTT Staff Writer

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