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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April 23, 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 April 23, 2015
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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Date: April 23, 2015
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By:
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/s/Glen W. Brown |
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 April 23, 2015
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For the Three Months Ended March 31,
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||||||||||||||||
2015
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2014
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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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276,182
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5.01
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%
|
$
|
224,019
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5.30
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%
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||||||||
Investment securities
|
51,340
|
1.93
|
43,010
|
2.19
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||||||||||||
Interest-earning deposits
|
2,443
|
0.18
|
2,940
|
0.26
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||||||||||||
Total interest-earning assets
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$
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329,965
|
4.49
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%
|
$
|
269,969
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4.75
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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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14,593
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0.21
|
%
|
$
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11,603
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0.19
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%
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||||||||
NOW accounts
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30,659
|
0.77
|
26,941
|
0.85
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||||||||||||
Money market accounts
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43,630
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0.30
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45,230
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0.31
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||||||||||||
Certificates of deposit
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136,148
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1.35
|
113,963
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1.49
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||||||||||||
Total interest-bearing deposits
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225,030
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1.00
|
197,737
|
1.06
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||||||||||||
Other bank borrowings
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262
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4.24
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-
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-
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||||||||||||
FHLB advances
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41,424
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0.64
|
17,357
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0.85
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||||||||||||
Total interest-bearing liabilities
|
$
|
266,716
|
0.94
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%
|
$
|
215,094
|
1.04
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%
|
For the Nine Months Ended March 31,
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||||||||||||||||
2015
|
2014
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|||||||||||||||
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Interest-earning assets:
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||||||||||||||||
Loans receivable
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$
|
265,809
|
5.12
|
%
|
$
|
218,796
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5.47
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%
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||||||||
Investment securities
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53,289
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1.95
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48,080
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2.17
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||||||||||||
Interest-earning deposits
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2,704
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0.27
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5,072
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0.25
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||||||||||||
Total interest-earning assets
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$
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321,802
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4.55
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%
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$
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271,948
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4.79
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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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13,581
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0.20
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%
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$
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10,851
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0.21
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%
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||||||||
NOW accounts
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29,142
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0.73
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26,445
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0.98
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||||||||||||
Money market accounts
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43,534
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0.32
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43,617
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0.35
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||||||||||||
Certificates of deposit
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130,321
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1.39
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114,022
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1.55
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||||||||||||
Total interest-bearing deposits
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216,578
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1.01
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194,935
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1.13
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||||||||||||
Other bank borrowings
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88
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4.23
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333
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5.70
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||||||||||||
FHLB advances
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41,666
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0.57
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19,060
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0.88
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||||||||||||
Total interest-bearing liabilities
|
$
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258,332
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0.94
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%
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$
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214,328
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1.11
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%
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Nine Months Ended
March 31,
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||||||||||||
2015
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2014 (1)
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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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73,118
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$
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67,288
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8.7
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%
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||||||
Commercial — real estate secured:
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||||||||||||
Owner occupied
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49,167
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33,547
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46.6
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%
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||||||||
Non-owner occupied
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3,271
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4,484
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(27.1
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)%
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||||||||
Multi-family residential
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2,851
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348
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719.3
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%
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||||||||
Commercial business
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39,003
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31,036
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25.7
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%
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||||||||
Land
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4,763
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7,627
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(37.6
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)%
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||||||||
Construction
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20,403
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20,172
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1.2
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%
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||||||||
Home equity loans and lines of credit and other consumer
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6,355
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5,273
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20.5
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%
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||||||||
Total loan originations
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$
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198,931
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$
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169,775
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17.2
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%
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||||||
Loans sold
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$
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(63,425
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)
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$
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(49,753
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)
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29.3
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%
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(1) | One-to four-family residential loan originations for the nine months ended March 31, 2014 included $30.3 million of loans that were reclassified as commercial – real estate secured ($25.3 million), multi-family residential ($348,000) and home equity loans and lines of credit and other consumer ($4.6 million) to conform to the current period presentation. |
Home Federal Bancorp, Inc. of Louisiana
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(In thousands)
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March 31,
2015
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June 30,
2014
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ASSETS
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(Unaudited)
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|||||||
Cash and cash equivalents
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$
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12,371
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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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48,340
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48,434
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||||||
Securities held to maturity (fair value March 31, 2015: $2,244; June 30, 2014: $1,765)
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2,244
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1,765
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||||||
Loans held-for-sale
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10,294
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9,375
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||||||
Loans receivable, net of allowance for loan losses (March 31, 2015: $2,455; June 30, 2014: $2,396)
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265,500
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239,563
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||||||
Other assets
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18,985
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16,759
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||||||
Total assets
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$
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357,734
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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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274,806
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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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38,471
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12,897
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||||||
Other liabilities
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1,308
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1,558
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||||||
Total liabilities
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314,585
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286,750
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||||||
Shareholders' equity
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43,149
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42,779
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||||||
Total liabilities and shareholders' equity
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$
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357,734
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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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Nine Months Ended
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|||||||||||||||
March 31,
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March 31,
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|||||||||||||||
2015
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2014
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2015
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2014 | |||||||||||||
(Unaudited)
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||||||||||||||||
Interest income
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||||||||||||||||
Loans, including fees
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$
|
3,457
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$
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2,968
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$
|
10,201
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$
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8,979
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||||||||
Investment securities
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2
|
1
|
5
|
4
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||||||||||||
Mortgage-backed securities
|
246
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235
|
773
|
780
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||||||||||||
Other interest-earning assets
|
1
|
2
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6
|
10
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||||||||||||
Total interest income
|
3,706
|
3,206
|
10,985
|
9,773
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||||||||||||
Interest expense
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||||||||||||||||
Deposits
|
560
|
522
|
1,647
|
1,652
|
||||||||||||
Federal Home Loan Bank borrowings
|
66
|
37
|
178
|
125
|
||||||||||||
Other bank borrowings
|
3
|
--
|
3
|
14
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||||||||||||
Total interest expense
|
629
|
559
|
1,828
|
1,791
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||||||||||||
Net interest income
|
3,077
|
2,647
|
9,157
|
7,982
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||||||||||||
Provision for loan losses
|
90
|
30
|
210
|
118
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||||||||||||
Net interest income after provision for loan losses
|
2,987
|
2,617
|
8,947
|
7,864
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||||||||||||
Non-interest income
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||||||||||||||||
Gain on sale of real estate
|
--
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129
|
--
|
129
|
||||||||||||
Gain on sale of loans
|
781
|
360
|
1,668
|
1,240
|
||||||||||||
Gain on sale of securities
|
--
|
1
|
10
|
35
|
||||||||||||
Income on Bank Owned Life Insurance
|
40
|
43
|
123
|
131
|
||||||||||||
Service charges on deposit accounts
|
116
|
85
|
329
|
239
|
||||||||||||
Other income
|
9
|
9
|
40
|
25
|
||||||||||||
Total non-interest income
|
946
|
627
|
2,170
|
1,799
|
||||||||||||
Non-interest expense
|
||||||||||||||||
Compensation and benefits
|
1,669
|
1,474
|
4,616
|
4,204
|
||||||||||||
Occupancy and equipment
|
280
|
202
|
778
|
634
|
||||||||||||
Data Processing
|
133
|
152
|
377
|
353
|
||||||||||||
Audit and Examination Fees
|
66
|
57
|
167
|
163
|
||||||||||||
Franchise and Bank Shares Tax
|
72
|
85
|
193
|
263
|
||||||||||||
Advertising
|
48
|
62
|
183
|
195
|
||||||||||||
Legal fees
|
81
|
82
|
284
|
320
|
||||||||||||
Loan and collection
|
144
|
28
|
261
|
92
|
||||||||||||
Deposit insurance premium
|
45
|
39
|
119
|
107
|
||||||||||||
Other expenses
|
139
|
123
|
412
|
381
|
||||||||||||
Total non-interest expense
|
2,677
|
2,304
|
7,390
|
6,712
|
||||||||||||
Income before income taxes
|
1,256
|
940
|
3,727
|
2,951
|
||||||||||||
Provision for income tax expense
|
413
|
302
|
1,226
|
955
|
||||||||||||
NET INCOME
|
$
|
843
|
$
|
638
|
$
|
2,501
|
$
|
1,996
|
||||||||
EARNINGS PER SHARE
|
||||||||||||||||
Basic
|
$
|
0.43
|
$
|
0.31
|
$
|
1.26
|
$
|
0.96
|
||||||||
Diluted
|
$
|
0.42
|
$
|
0.31
|
$
|
1.22
|
$
|
0.94
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Selected Operating Ratios(1):
|
||||||||||||||||
Average interest rate spread
|
3.55
|
%
|
3.71
|
%
|
3.61
|
%
|
3.68
|
%
|
||||||||
Net interest margin
|
3.73
|
%
|
3.92
|
%
|
3.79
|
%
|
3.91
|
%
|
||||||||
Return on average assets
|
0.95
|
%
|
0.87
|
%
|
0.97
|
%
|
0.91
|
%
|
||||||||
Return on average equity
|
7.57
|
%
|
5.91
|
%
|
7.39
|
%
|
6.08
|
%
|
||||||||
Asset Quality Ratios(2):
|
||||||||||||||||
Non-performing assets as a percent of total assets
|
0.04
|
%
|
0.10
|
%
|
0.04
|
%
|
0.10
|
%
|
||||||||
Allowance for loan losses as a percent of non-performing loans
|
1,704.86
|
%
|
797.50
|
%
|
1,704.86
|
%
|
797.50
|
%
|
||||||||
Allowance for loan losses as a percent of total loans receivable
|
0.92
|
%
|
1.06
|
%
|
0.92
|
%
|
1.06
|
%
|
||||||||
Per Share Data:
|
||||||||||||||||
Shares outstanding at period end
|
2,131,343
|
2,243,047
|
2,131,343
|
2,243,047
|
||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
1,970,066
|
2,030,216
|
1,990,960
|
2,081,010
|
||||||||||||
Diluted
|
2,024,055
|
2,081,572
|
2,045,333
|
2,130,561
|
||||||||||||
Tangible book value at period end
|
$
|
20.25
|
$
|
18.72
|
$
|
20.25
|
$
|
18.72
|
CONTACT:
|
James R. Barlow
President and Chief Operating Officer
(318) 222-1145
|
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