UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported)
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January 22, 2015
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Home Federal Bancorp, Inc. of Louisiana
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(Exact name of registrant as specified in its charter)
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Louisiana
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001-35019
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02-0815311
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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624 Market Street, Shreveport, Louisiana
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71101
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code
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(318) 222-1145
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Not Applicable
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit Number
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Description
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||
99.1
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Press release dated January 22, 2015
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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Date: January 22, 2015 | By: | /s/Glen W. Brown |
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Glen W. Brown
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Senior Vice President and Chief Financial Officer
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Exhibit Number
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Description
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99.1
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Press release dated January 22, 2015
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For the Three Months Ended December 31,
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||||||||||||||||
2014
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2013
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|||||||||||||||
Average
Balance
|
Average
Yield/Rate
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Average
Balance
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Average
Yield/Rate
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|||||||||||||
(Dollars in thousands)
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||||||||||||||||
Interest-earning assets:
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||||||||||||||||
Loans receivable
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$
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268,376
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5.12
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%
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$
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216,626
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5.47
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%
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||||||||
Investment securities
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54,706
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2.08
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45,919
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2.36
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||||||||||||
Interest-earning deposits
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1,479
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0.11
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6,963
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0.20
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||||||||||||
Total interest-earning assets
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$
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324,561
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4.59
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%
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$
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269,508
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4.80
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%
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||||||||
Interest-bearing liabilities:
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||||||||||||||||
Savings accounts
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$
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13,363
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0.20
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%
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$
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10,949
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0.20
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%
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||||||||
NOW accounts
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30,540
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0.72
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26,858
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1.03
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||||||||||||
Money market accounts
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41,971
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0.32
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41,597
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0.33
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||||||||||||
Certificates of deposit
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129,428
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1.41
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114,461
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1.56
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||||||||||||
Total interest-bearing deposits
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215,302
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1.03
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193,865
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1.15
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||||||||||||
Other bank borrowings
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-
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-
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267
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5.18
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||||||||||||
FHLB advances
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46,966
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0.56
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17,958
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0.89
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||||||||||||
Total interest-bearing liabilities
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$
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262,268
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0.94
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%
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$
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212,090
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1.14
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%
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For the Six Months Ended December 31,
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||||||||||||||||
2014
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2013
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|||||||||||||||
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
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|||||||||||||
(Dollars in thousands)
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||||||||||||||||
Interest-earning assets:
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||||||||||||||||
Loans receivable
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$
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260,623
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5.18
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%
|
$
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216,183
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5.56
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%
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||||||||
Investment securities
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54,263
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1.95
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50,616
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2.17
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||||||||||||
Interest-earning deposits
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2,835
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0.32
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6,138
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0.25
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||||||||||||
Total interest-earning assets
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$
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317,721
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4.58
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%
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$
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272,937
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4.81
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%
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||||||||
Interest-bearing liabilities:
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||||||||||||||||
Savings accounts
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$
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13,076
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0.20
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%
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$
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10,475
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0.22
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%
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||||||||
NOW accounts
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28,383
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0.70
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26,197
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1.04
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||||||||||||
Money market accounts
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43,486
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0.34
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42,811
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0.37
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||||||||||||
Certificates of deposit
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127,407
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1.41
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114,051
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1.58
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||||||||||||
Total interest-bearing deposits
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212,352
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1.02
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193,534
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1.17
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||||||||||||
Other bank borrowings
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-
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-
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500
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5.71
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||||||||||||
FHLB advances
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41,788
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0.53
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19,911
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0.89
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||||||||||||
Total interest-bearing liabilities
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$
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254,140
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0.94
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%
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$
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213,945
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1.15
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%
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Six Months Ended
December 31,
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||||||||||||
2014
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2013
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% Change
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||||||||||
(In thousands)
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||||||||||||
Loan originations:
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||||||||||||
One- to four-family residential
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$
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46,226
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$
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47,157
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(2.0
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)%
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||||||
Commercial — real estate secured:
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||||||||||||
Owner occupied
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37,983
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20,470
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85.6
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%
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||||||||
Non-owner occupied
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1,493
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2,683
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(44.4
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)%
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||||||||
Multi-family residential
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2,441
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324
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653.4
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%
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||||||||
Commercial business
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22,372
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18,944
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18.1
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%
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||||||||
Land
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3,381
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2,964
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14.1
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%
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||||||||
Construction
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15,416
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13,811
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11.6
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%
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||||||||
Home equity loans and lines of credit and other consumer
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4,732
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2,986
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58.5
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%
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||||||||
Total loan originations
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$
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134,044
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$
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109,339
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22.6
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%
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||||||
Loans sold
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$
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(40,442
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)
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$
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(33,041
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)
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22.4
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%
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Home Federal Bancorp, Inc. of Louisiana
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(In thousands)
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||||||||
December 31,
2014
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June 30,
2014
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ASSETS
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(Unaudited)
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Cash and cash equivalents
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$
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4,611
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$
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13,633
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Securities available for sale at fair value
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50,799
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48,434
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||||||
Securities held to maturity (fair value December 31, 2014: $2,376; June 30, 2014: $1,765)
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2,376
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1,765
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||||||
Loans held-for-sale
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9,761
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9,375
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||||||
Loans receivable, net of allowance for loan losses (December 31, 2014: $2,365; June 30, 2014: $2,396)
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260,147
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239,563
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||||||
Other assets
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18,613
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16,759
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||||||
Total assets
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$
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346,307
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$
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329,529
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LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||
Deposits
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$
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252,764
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$
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272,295
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||||
Advances from the Federal Home Loan Bank of Dallas
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49,030
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12,897
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||||||
Other liabilities
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1,221
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1,558
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||||||
Total liabilities
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303,015
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286,750
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||||||
Shareholders' equity
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43,292
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42,779
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||||||
Total liabilities and shareholders' equity
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$
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346,307
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$
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329,529
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Home Federal Bancorp, Inc. of Louisiana
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CONSOLIDATED STATEMENTS OF INCOME
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(In thousands, except per share data)
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Three Months Ended
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Six Months Ended
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||||||||||||||||
December 31,
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December 31,
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||||||||||||||||
2014
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2013
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2014
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2013
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||||||||||||||
(Unaudited)
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|||||||||||||||||
Interest income
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|||||||||||||||||
Loans, including fees
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$
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3,436
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$
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2,961
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$
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6,744
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$
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6,011
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|||||||||
Investment securities
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2
|
1
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3
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3
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|||||||||||||
Mortgage-backed securities
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283
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270
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527
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545
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|||||||||||||
Other interest-earning assets
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2
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3
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4
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8
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|||||||||||||
Total interest income
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3,723
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3,235
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7,278
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6,567
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|||||||||||||
Interest expense
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|||||||||||||||||
Deposits
|
552
|
556
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1,087
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1,131
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|||||||||||||
Federal Home Loan Bank borrowings
|
66
|
40
|
111
|
88
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|||||||||||||
Other bank borrowings
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-
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7
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-
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14
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|||||||||||||
Total interest expense
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618
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603
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1,198
|
1,233
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|||||||||||||
Net interest income
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3,105
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2,632
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6,080
|
5,334
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|||||||||||||
Provision for loan losses
|
80
|
22
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120
|
88
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|||||||||||||
Net interest income after provision for loan losses
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3,025
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2,610
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5,960
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5,246
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|||||||||||||
Non-interest income
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|||||||||||||||||
Gain on sale of loans
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415
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404
|
887
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880
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|||||||||||||
Gain on sale of securities
|
10
|
34
|
10
|
34
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|||||||||||||
Income on Bank Owned Life Insurance
|
41
|
44
|
83
|
88
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|||||||||||||
Service charges on deposit accounts
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113
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79
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213
|
154
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|||||||||||||
Other income
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15
|
8
|
31
|
16
|
|||||||||||||
Total non-interest income
|
594
|
569
|
1,224
|
1,172
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|||||||||||||
Non-interest expense
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|||||||||||||||||
Compensation and benefits
|
1,445
|
1,346
|
2,947
|
2,730
|
|||||||||||||
Occupancy and equipment
|
269
|
236
|
498
|
431
|
|||||||||||||
Data Processing
|
124
|
86
|
243
|
201
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|||||||||||||
Audit and Examination Fees
|
49
|
50
|
101
|
106
|
|||||||||||||
Franchise and Bank Shares Tax
|
47
|
85
|
122
|
178
|
|||||||||||||
Advertising
|
60
|
69
|
135
|
133
|
|||||||||||||
Legal fees
|
134
|
144
|
203
|
238
|
|||||||||||||
Loan and collection
|
50
|
32
|
117
|
64
|
|||||||||||||
Deposit insurance premium
|
44
|
35
|
75
|
68
|
|||||||||||||
Other expenses
|
153
|
142
|
272
|
258
|
|||||||||||||
Total non-interest expense
|
2,375
|
2,225
|
4,713
|
4,407
|
|||||||||||||
Income before income taxes
|
1,244
|
954
|
2,471
|
2,011
|
|||||||||||||
Provision for income tax expense
|
409
|
309
|
813
|
653
|
|||||||||||||
NET INCOME
|
$
|
835
|
$
|
645
|
$
|
1,658
|
$
|
1,358
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|||||||||
EARNINGS PER SHARE
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|||||||||||||||||
Basic
|
$ 0.42
|
$
|
0.31
|
$
|
0.83
|
$
|
0.64
|
||||||||||
Diluted
|
$ 0.41
|
$
|
0.30
|
$
|
0.81
|
$
|
0.63
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Selected Operating Ratios(1):
|
||||||||||||||||
Average interest rate spread
|
3.65
|
%
|
3.66
|
%
|
3.64
|
%
|
3.66
|
%
|
||||||||
Net interest margin
|
3.83
|
%
|
3.91
|
%
|
3.83
|
%
|
3.91
|
%
|
||||||||
Return on average assets
|
0.96
|
%
|
0.89
|
%
|
0.98
|
%
|
0.93
|
%
|
||||||||
Return on average equity
|
7.50
|
%
|
5.89
|
%
|
7.30
|
%
|
6.17
|
%
|
||||||||
Asset Quality Ratios(2):
|
||||||||||||||||
Non-performing assets as a percent of total assets
|
0.05
|
%
|
0.19
|
%
|
0.05
|
%
|
0.19
|
%
|
||||||||
Allowance for loan losses as a percent of non-performing loans
|
1,383.04
|
%
|
409.91
|
%
|
1,383.04
|
%
|
409.91
|
%
|
||||||||
Allowance for loan losses as a percent of total loans receivable
|
0.90
|
%
|
1.08
|
%
|
0.90
|
%
|
1.08
|
%
|
||||||||
Per Share Data:
|
||||||||||||||||
Shares outstanding at period end
|
2,190,812
|
2,249,962
|
2,190,812
|
2,249,962
|
||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
1,996,814
|
2,098,976
|
2,001,154
|
2,105,826
|
||||||||||||
Diluted
|
2,053,225
|
2,143,026
|
2,055,596
|
2,154,337
|
||||||||||||
Tangible book value at period end
|
$
|
19.76
|
$
|
18.36
|
$
|
19.76
|
$
|
18.36
|
CONTACT:
|
James R. Barlow
President and Chief Operating Officer
(318) 222-1145
|
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