05:31 AM EST, 03/08/2024 (MT Newswires) -- Home Federal Bancorp (HFBL) said late Thursday its Home Federal Bank unit has received regulatory approval to pay $10 million of dividends from the bank to the company.

The company anticipates using the money for its "ongoing operations, as well as fund stock repurchases and dividends to shareholders."

The bank anticipates paying the dividend in four installments across four quarters this year.

Home Federal Bancorp also said its board approved an open-ended share repurchase program to buy back up to 2% of its outstanding shares.