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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July 28, 2016
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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 July 28, 2016
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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Date: July 28, 2016
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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 July 28, 2016
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For the Three Months Ended June 30,
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||||||||||||||||
2016
|
2015
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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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300,776
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5.06
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%
|
$
|
280,206
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5.08
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%
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||||||||
Investment securities
|
46,037
|
1.63
|
47,993
|
1.81
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||||||||||||
Interest-earning deposits
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3,443
|
0.45
|
14,227
|
0.25
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||||||||||||
Total interest-earning assets
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$
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350,256
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4.57
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%
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$
|
342,426
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4.42
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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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28,442
|
0.41
|
%
|
$
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18,304
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0.30
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%
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||||||||
NOW accounts
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37,663
|
0.63
|
31,861
|
0.86
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||||||||||||
Money market accounts
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49,182
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0.32
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44,477
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0.31
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||||||||||||
Certificates of deposit
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133,949
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1.27
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143,456
|
1.31
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||||||||||||
Total interest-bearing deposits
|
249,236
|
0.89
|
238,098
|
0.99
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||||||||||||
Other Bank Borrowing
|
4
|
3.80
|
--
|
--
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||||||||||||
FHLB advances
|
37,852
|
0.81
|
38,431
|
0.69
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||||||||||||
Total interest-bearing liabilities
|
$
|
287,092
|
0.88
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%
|
$
|
276,529
|
0.94
|
%
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||||||||
For the Year Ended June 30,
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||||||||||||||||
2016
|
2015
|
|||||||||||||||
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Interest-earning assets:
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||||||||||||||||
Loans receivable
|
$
|
287,405
|
5.09
|
%
|
$
|
269,408
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5.11
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%
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||||||||
Investment securities
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43,562
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1.78
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51,965
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1.92
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||||||||||||
Interest-earning deposits
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15,604
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0.36
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5,585
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0.26
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||||||||||||
Total interest-earning assets
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$
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346,571
|
4.46
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%
|
$
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326,958
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4.52
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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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23,993
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0.38
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%
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$
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14,762
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0.23
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%
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||||||||
NOW accounts
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35,797
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0.79
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29,821
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0.76
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||||||||||||
Money market accounts
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47,953
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0.31
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43,770
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0.32
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||||||||||||
Certificates of deposit
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141,160
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1.28
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133,605
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1.37
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||||||||||||
Total interest-bearing deposits
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248,903
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0.94
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221,958
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1.01
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||||||||||||
Other bank borrowings
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421
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4.25
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65
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4.25
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||||||||||||
FHLB advances
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30,277
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0.87
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40,858
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0.60
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||||||||||||
Total interest-bearing liabilities
|
$
|
279,601
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0.93
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%
|
$
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262,881
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0.94
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%
|
Year Ended
June 30,
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||||||||||||
2016
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2015
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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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115,449
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$
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103,052
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12.0
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%
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||||||
Commercial — real estate secured:
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||||||||||||
Owner occupied
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48,076
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69,849
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(31.2
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)%
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||||||||
Non-owner occupied
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8,169
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5,307
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53.9
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%
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||||||||
Multi-family residential
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5,914
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3,035
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94.9
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%
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||||||||
Commercial business
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33,092
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48,309
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(31.5
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)%
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||||||||
Land
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8,302
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7,176
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15.7
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%
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||||||||
Construction
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19,538
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26,920
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(27.4
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)%
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||||||||
Home equity loans and lines of credit and other consumer
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9,351
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8,974
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4.2
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%
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||||||||
Total loan originations
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$
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247,891
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$
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272,622
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(9.1
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)%
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||||||
Loans sold
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$
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(101,295
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)
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$
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(86,806
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)
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16.7
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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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||||||||
June 30,
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||||||||
2016
|
2015
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|||||||
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(Unaudited)
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|||||||
ASSETS | ||||||||
Cash and cash equivalents
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$
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4,756
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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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50,173
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44,885
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||||||
Securities held to maturity (fair value June 30, 2016: $2,349; June 30, 2015: $2,010)
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2,349
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2,010
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||||||
Loans held-for-sale
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11,919
|
14,203
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||||||
Loans receivable, net of allowance for loan losses (June 30, 2016: $2,845; June 30, 2015: $2,515)
|
290,827
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268,427
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||||||
Premises and equipment, net
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12,366
|
10,188
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||||||
Other assets
|
9,311
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8,954
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||||||
Total assets
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$
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381,701
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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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287,822
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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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47,665
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38,411
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||||||
Other Borrowings
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400
|
--
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||||||
Other liabilities
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2,422
|
1,798
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||||||
Total liabilities
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338,309
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326,447
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||||||
Shareholders' equity
|
43,392
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43,386
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||||||
Total liabilities and shareholders' equity
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$
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381,701
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$
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369,833
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Home Federal Bancorp, Inc. of Louisiana
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||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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||||||||||||||||
(In thousands, except per share data)
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||||||||||||||||
Three Months Ended
|
Year Ended
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|||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2016
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2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
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|||||||||||||||
Interest income
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||||||||||||||||
Loans, including fees
|
$
|
3,807
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$
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3,561
|
$
|
14,628
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$
|
13,762
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||||||||
Investment securities
|
4
|
2
|
11
|
7
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||||||||||||
Mortgage-backed securities
|
183
|
216
|
763
|
989
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||||||||||||
Other interest-earning assets
|
4
|
9
|
56
|
14
|
||||||||||||
Total interest income
|
3,998
|
3,788
|
15,458
|
14,772
|
||||||||||||
Interest expense
|
||||||||||||||||
Deposits
|
552
|
587
|
2,329
|
2,234
|
||||||||||||
Federal Home Loan Bank borrowings
|
76
|
66
|
263
|
244
|
||||||||||||
Other bank borrowings
|
--
|
--
|
18
|
3
|
||||||||||||
Total interest expense
|
628
|
653
|
2,610
|
2,481
|
||||||||||||
Net interest income
|
3,370
|
3,135
|
12,848
|
12,291
|
||||||||||||
Provision for loan losses
|
90
|
90
|
271
|
300
|
||||||||||||
Net interest income after provision for loan losses
|
3,280
|
3,045
|
12,577
|
11,991
|
||||||||||||
Non-interest income
|
||||||||||||||||
Gain on sale of loans
|
748
|
610
|
2,492
|
2,278
|
||||||||||||
Gain on sale of securities
|
--
|
--
|
--
|
10
|
||||||||||||
Income on Bank Owned Life Insurance
|
38
|
40
|
157
|
163
|
||||||||||||
Service charges on deposit accounts
|
148
|
128
|
559
|
456
|
||||||||||||
Other income
|
12
|
13
|
46
|
54
|
||||||||||||
Total non-interest income
|
946
|
791
|
3,254
|
2,961
|
||||||||||||
Non-interest expense
|
||||||||||||||||
Compensation and benefits
|
1,755
|
1,645
|
6,814
|
6,261
|
||||||||||||
Occupancy and equipment
|
302
|
272
|
1,091
|
1,050
|
||||||||||||
Data processing
|
145
|
150
|
562
|
527
|
||||||||||||
Audit and examination fees
|
56
|
49
|
246
|
216
|
||||||||||||
Franchise and bank shares tax
|
83
|
72
|
349
|
265
|
||||||||||||
Advertising
|
55
|
66
|
236
|
249
|
||||||||||||
Legal fees
|
62
|
46
|
412
|
330
|
||||||||||||
Loan and collection
|
90
|
71
|
281
|
332
|
||||||||||||
Deposit insurance premium
|
42
|
45
|
207
|
164
|
||||||||||||
Other expenses
|
170
|
130
|
612
|
542
|
||||||||||||
Total non-interest expense
|
2,760
|
2,546
|
10,810
|
9,936
|
||||||||||||
Income before income taxes
|
1,466
|
1,290
|
5,021
|
5,016
|
||||||||||||
Provision for income tax expense
|
486
|
435
|
1,644
|
1,661
|
||||||||||||
NET INCOME
|
$
|
980
|
$
|
855
|
$
|
3,377
|
$
|
3,355
|
||||||||
EARNINGS PER SHARE
|
||||||||||||||||
Basic
|
$
|
0.53
|
$
|
0.44
|
$
|
1.80
|
$
|
1.70
|
||||||||
Diluted
|
$
|
0.52
|
$
|
0.43
|
$
|
1.74
|
$
|
1.65
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Selected Operating Ratios(1):
|
||||||||||||||||
Average interest rate spread
|
3.69
|
%
|
3.48
|
%
|
3.53
|
%
|
3.58
|
%
|
||||||||
Net interest margin
|
3.85
|
%
|
3.66
|
%
|
3.71
|
%
|
3.76
|
%
|
||||||||
Return on average assets
|
1.04
|
%
|
0.93
|
%
|
0.91
|
%
|
0.96
|
%
|
||||||||
Return on average equity
|
8.65
|
%
|
7.64
|
%
|
7.44
|
%
|
7.45
|
%
|
||||||||
Asset Quality Ratios(2):
|
||||||||||||||||
Non-performing assets as a percent of total assets
|
0.03
|
%
|
0.03
|
%
|
0.03
|
%
|
0.03
|
%
|
||||||||
Allowance for loan losses as a percent of non-performing loans
|
2,501.99
|
%
|
3,143.75
|
%
|
2,501.99
|
%
|
3,143.75
|
%
|
||||||||
Allowance for loan losses as a percent of total loans receivable
|
0.97
|
%
|
0.93
|
%
|
0.97
|
%
|
0.93
|
%
|
||||||||
Per Share Data:
|
||||||||||||||||
Shares outstanding at period end
|
1,967,955
|
2,109,606
|
1,967,955
|
2,109,606
|
||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
1,833,466
|
1,939,888
|
1,877,388
|
1,978,232
|
||||||||||||
Diluted
|
1,893,570
|
1,991,663
|
1,941,702
|
2,031,859
|
||||||||||||
Tangible book value at period end
|
$
|
22.05
|
$
|
20.57
|
$
|
22.05
|
$
|
20.57
|
||||||||
____________
|
||||||||||||||||
(1) Ratios for the three month periods are annualized.
|
||||||||||||||||
(2) Asset quality ratios are end of period ratios.
|
CONTACT:
|
James R. Barlow
President and Chief Executive Officer
(318) 222-1145
|
|
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