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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October 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 October 22, 2015
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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Date: October 22, 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 October 22, 2015
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For the Three Months Ended September 30,
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||||||||||||||||
2015
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2014
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|||||||||||||||
Average
Balance
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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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284,158
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5.12
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%
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$
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252,870
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5.23
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%
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||||||||
Investment securities
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43,970
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1.82
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53,820
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1.82
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||||||||||||
Interest-earning deposits
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20,346
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0.17
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4,191
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0.28
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||||||||||||
Total interest-earning assets
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$
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348,474
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4.41
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%
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$
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310,881
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4.57
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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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20,169
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0.35
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%
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$
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12,788
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0.20
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%
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||||||||
NOW accounts
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35,172
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0.87
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26,227
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0.69
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||||||||||||
Money market accounts
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47,701
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0.32
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45,002
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0.36
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Certificates of deposit
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145,756
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1.30
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125,386
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1.41
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Total interest-bearing deposits
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248,798
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0.97
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209,403
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1.02
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FHLB advances
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30,371
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0.82
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36,608
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0.49
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Total interest-bearing liabilities
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$
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279,169
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0.96
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%
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$
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246,011
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0.94
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%
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Quarter Ended
September 30,
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2015
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2014
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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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31,490
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$
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26,896
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17.1
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%
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||||||
Commercial — real estate secured:
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Owner occupied
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9,143
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18,065
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(49.4
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)%
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Non-owner occupied
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268
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1,524
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(82.4
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)%
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Multi-family residential
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10
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2,440
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(99.6
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)%
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Commercial business
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7,714
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10,145
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(24.0
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)%
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Land
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306
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1,884
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(83.8
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)%
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Construction
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5,884
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8,673
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(32.2
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)%
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Home equity loans and lines of credit and other consumer
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1,846
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2,314
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(20.2
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)%
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Total loan originations
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$
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56,661
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$
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71,941
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(21.2
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)%
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Loans sold
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$
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(30,261
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)
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$
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(21,402
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)
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41.4
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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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September 30, 2015
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June 30, 2015
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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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22,780
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$
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21,166
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Securities available for sale at fair value
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41,549
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44,885
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Securities held to maturity (fair value September 30, 2015: $1,502; June 30, 2015: $2,010)
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1,502
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2,010
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Loans held-for-sale
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10,948
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14,203
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Loans receivable, net of allowance for loan losses (September 30, 2015: $2,613; June 30, 2015: $2,515)
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268,982
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268,427
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Other assets
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20,383
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19,142
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Total assets
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$
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366,144
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$
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369,833
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Deposits
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$
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293,274
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$
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286,238
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Advances from the Federal Home Loan Bank of Dallas
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26,351
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38,411
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Other liabilities
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2,500
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1,798
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Total liabilities
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322,125
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326,447
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Shareholders' equity
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44,019
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43,386
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Total liabilities and shareholders' equity
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$
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366,144
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$
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369,833
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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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September 30,
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2015
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2014
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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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3,636
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$
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3,307
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Investment securities
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6
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1
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Mortgage-backed securities
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195
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244
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Other interest-earning assets
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8
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3
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Total interest income
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3,845
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3,555
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Interest expense
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Deposits
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605
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535
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Federal Home Loan Bank borrowings
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62
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45
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Total interest expense
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667
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580
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Net interest income
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3,178
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2,975
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Provision for loan losses
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65
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40
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Net interest income after provision for loan losses
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3,113
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2,935
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Non-interest income
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||||||||
Gain on sale of loans
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725
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472
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Income on Bank Owned Life Insurance
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40
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41
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Service charges on deposit accounts
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134
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101
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Other income
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13
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15
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Total non-interest income
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912
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629
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Non-interest expense
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||||||||
Compensation and benefits
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1,708
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1,500
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Occupancy and equipment
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239
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229
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Data processing
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130
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119
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Audit and examination fees
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50
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53
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Franchise and bank shares tax
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91
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73
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Advertising
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61
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75
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Legal fees
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66
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69
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Loan and collection
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83
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66
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Deposit insurance premium
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60
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31
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Other expenses
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145
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122
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Total non-interest expense
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2,633
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2,337
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Income before income taxes
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1,392
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1,227
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Provision for income tax expense
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451
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404
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NET INCOME
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$
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941
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$
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823
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EARNINGS PER SHARE
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Basic
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$
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0.49
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$
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0.41
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Diluted
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$
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0.47
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$
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0.40
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Three Months Ended
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September 30,
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2015
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2014
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Selected Operating Ratios(1):
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Average interest rate spread
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3.45
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%
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3.63
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%
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Net interest margin
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3.65
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%
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3.83
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%
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Return on average assets
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1.01
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%
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0.99
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%
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Return on average equity
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8.21
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%
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7.10
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%
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Asset Quality Ratios(2):
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Non-performing assets as a percent of total assets
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0.08
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%
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0.03
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%
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Allowance for loan losses as a percent of non-performing loans
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904.15
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%
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2,115.74
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%
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Allowance for loan losses as a percent of total loans receivable
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0.96
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%
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0.91
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%
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Per Share Data:
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Shares outstanding at period end
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1,922,293
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2,203,442
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Weighted average shares outstanding:
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Basic
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1,927,478
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2,005,487
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Diluted
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1,991,140
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2,057,803
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Tangible book value at period end
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$
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22.90
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$
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19.36
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CONTACT:
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James R. Barlow
President and Chief Operating Officer
(318) 222-1145
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