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 26, 2017
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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 26, 2017
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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Date: January 26, 2017
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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 January 26, 2017
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For the Three Months Ended December 31,
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||||||||||||||||
2016
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2015
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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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306,598
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4.95
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%
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$
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276,657
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5.12
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%
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||||||||
Investment securities
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60,512
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1.72
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41,236
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1.85
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||||||||||||
Interest-earning deposits
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6,463
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0.46
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26,337
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0.31
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||||||||||||
Total interest-earning assets
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$
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373,573
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4.35
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%
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$
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344,230
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4.36
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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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33,230
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0.45
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%
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$
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22,143
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0.38
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%
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||||||||
NOW accounts
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34,270
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0.56
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34,574
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0.89
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||||||||||||
Money market accounts
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46,055
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0.32
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46,635
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0.30
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||||||||||||
Certificates of deposit
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139,848
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1.26
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145,289
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1.29
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||||||||||||
Total interest-bearing deposits
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253,403
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0.89
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248,641
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0.96
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||||||||||||
Other bank borrowings
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550
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3.25
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742
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3.58
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||||||||||||
FHLB advances
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43,059
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0.82
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26,310
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0.96
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||||||||||||
Total interest-bearing liabilities
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$
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297,012
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0.88
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%
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$
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275,693
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0.97
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%
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For the Six Months Ended December 31,
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||||||||||||||||
2016
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2015
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|||||||||||||||
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|||||||||||||
(Dollars in thousands)
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||||||||||||||||
Interest-earning assets:
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||||||||||||||||
Loans receivable
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$
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306,572
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5.02
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%
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$
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280,407
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5.12
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%
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||||||||
Investment securities
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58,782
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1.56
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42,603
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1.82
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||||||||||||
Interest-earning deposits
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4,563
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0.52
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23,342
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0.28
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||||||||||||
Total interest-earning assets
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$
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369,917
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4.41
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%
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$
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346,352
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4.39
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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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31,389
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0.44
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%
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$
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21,156
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0.37
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%
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||||||||
NOW accounts
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35,226
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0.56
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34,873
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0.88
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||||||||||||
Money market accounts
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46,982
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0.32
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47,168
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0.31
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||||||||||||
Certificates of deposit
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137,094
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1.26
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145,523
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1.29
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||||||||||||
Total interest-bearing deposits
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250,691
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0.88
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248,720
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0.97
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||||||||||||
Other bank borrowings
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475
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3.25
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371
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3.58
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||||||||||||
FHLB advances
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44,457
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0.83
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28,340
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0.88
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||||||||||||
Total interest-bearing liabilities
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$
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295,623
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0.88
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%
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$
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277,431
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0.96
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%
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Six Months Ended
December 31,
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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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65,992
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$
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57,458
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14.9
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%
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||||||
Commercial — real estate secured:
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||||||||||||
Owner occupied
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38,663
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23,461
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64.8
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%
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||||||||
Non-owner occupied
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4,537
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1,070
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324.0
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%
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||||||||
Multi-family residential
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986
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15
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6,473.3
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%
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||||||||
Commercial business
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22,239
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16,439
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35.3
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%
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||||||||
Land
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5,779
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3,143
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83.9
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%
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||||||||
Construction
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10,410
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9,901
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5.1
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%
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||||||||
Home equity loans and lines of credit and other consumer
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5,030
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4,015
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25.3
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%
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||||||||
Total loan originations
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$
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153,636
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$
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115,502
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33.0
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%
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||||||
Loans sold
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$
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(59,017
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)
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$
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(54,089
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)
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9.1
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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, 2016
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June 30, 2016
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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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13,646
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$
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4,756
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Securities available for sale at fair value
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42,039
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50,173
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||||||
Securities held to maturity (fair value December 31, 2016: $21,242;
June 30, 2016: $2,349)
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24,542
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2,349
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||||||
Loans held-for-sale
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10,931
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11,919
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||||||
Loans receivable, net of allowance for loan losses (December 31, 2016: $3,439;
June 30, 2016: $2,845)
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297,115
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290,827
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||||||
Premises and equipment, net
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12,047
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12,366
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||||||
Other assets
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9,988
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9,311
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||||||
Total assets
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$
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410,308
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$
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381,701
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LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||
Deposits
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$
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310,654
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$
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287,822
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||||
Advances from the Federal Home Loan Bank of Dallas
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53,037
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47,665
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||||||
Other borrowings
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700
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400
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||||||
Other liabilities
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1,779
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2,422
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||||||
Total liabilities
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366,170
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338,309
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||||||
Shareholders' equity
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44,138
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43,392
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||||||
Total liabilities and shareholders' equity
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$
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410,308
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$
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381,701
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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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|||||||||||||||
2016
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2015
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2016
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2015
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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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3,794
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$
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3,541
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$
|
7,688
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$
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7,177
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||||||||
Investment securities
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8
|
1
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13
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3
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||||||||||||
Mortgage-backed securities
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252
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189
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444
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384
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||||||||||||
Other interest-earning assets
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8
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21
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12
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33
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||||||||||||
Total interest income
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4,062
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3,752
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8,157
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7,597
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||||||||||||
Interest expense
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||||||||||||||||
Deposits
|
563
|
599
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1,103
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1,204
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||||||||||||
Federal Home Loan Bank borrowings
|
89
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63
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184
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125
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||||||||||||
Other bank borrowings
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5
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7
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8
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7
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||||||||||||
Total interest expense
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657
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669
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1,295
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1,336
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||||||||||||
Net interest income
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3,405
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3,083
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6,862
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6,261
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||||||||||||
Provision for loan losses
|
300
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26
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600
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91
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||||||||||||
Net interest income after provision for loan losses
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3,105
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3,057
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6,262
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6,170
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||||||||||||
Non-interest income
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||||||||||||||||
Gain on sale of loans
|
587
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428
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1,385
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1,154
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||||||||||||
Gain on sale of real estate
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-
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-
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110
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-
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||||||||||||
Income on Bank Owned Life Insurance
|
37
|
40
|
74
|
80
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||||||||||||
Service charges on deposit accounts
|
184
|
139
|
347
|
272
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||||||||||||
Other income
|
13
|
13
|
23
|
26
|
||||||||||||
Total non-interest income
|
821
|
620
|
1,939
|
1,532
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||||||||||||
Non-interest expense
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||||||||||||||||
Compensation and benefits
|
1,737
|
1,601
|
3,459
|
3,310
|
||||||||||||
Occupancy and equipment
|
311
|
276
|
618
|
514
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||||||||||||
Data Processing
|
159
|
147
|
314
|
277
|
||||||||||||
Audit and Examination Fees
|
81
|
83
|
133
|
133
|
||||||||||||
Franchise and Bank Shares Tax
|
106
|
91
|
201
|
181
|
||||||||||||
Advertising
|
94
|
65
|
166
|
126
|
||||||||||||
Legal fees
|
147
|
151
|
228
|
218
|
||||||||||||
Loan and collection
|
49
|
34
|
148
|
117
|
||||||||||||
Deposit insurance premium
|
20
|
60
|
65
|
120
|
||||||||||||
Other expenses
|
142
|
158
|
289
|
303
|
||||||||||||
Total non-interest expense
|
2,846
|
2,666
|
5,621
|
5,299
|
||||||||||||
Income before income taxes
|
1,080
|
1,011
|
2,580
|
2,403
|
||||||||||||
Provision for income tax expense
|
317
|
330
|
815
|
781
|
||||||||||||
NET INCOME
|
$
|
763
|
$
|
681
|
$
|
1,765
|
$
|
1,622
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||||||||
EARNINGS PER SHARE
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||||||||||||||||
Basic
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$
|
0.42
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$
|
0.36
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$
|
0.97
|
$
|
0.85
|
||||||||
Diluted
|
$
|
0.40
|
$
|
0.35
|
$
|
0.94
|
$
|
0.83
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Selected Operating Ratios(1):
|
||||||||||||||||
Average interest rate spread
|
3.47
|
%
|
3.39
|
%
|
3.53
|
%
|
3.43
|
%
|
||||||||
Net interest margin
|
3.65
|
%
|
3.58
|
%
|
3.71
|
%
|
3.62
|
%
|
||||||||
Return on average assets
|
0.76
|
%
|
0.74
|
%
|
0.89
|
%
|
0.88
|
%
|
||||||||
Return on average equity
|
6.43
|
%
|
5.94
|
%
|
7.48
|
%
|
7.08
|
%
|
||||||||
Asset Quality Ratios(2):
|
||||||||||||||||
Non-performing assets as a percent of total assets
|
1.01
|
%
|
0.07
|
%
|
1.01
|
%
|
0.07
|
%
|
||||||||
Allowance for loan losses as a percent of non-performing loans
|
82.67
|
%
|
1,068.55
|
%
|
82.67
|
%
|
1,068.55
|
%
|
||||||||
Allowance for loan losses as a percent of total loans receivable
|
1.14
|
%
|
0.98
|
%
|
1.14
|
%
|
0.98
|
%
|
||||||||
Per Share Data:
|
||||||||||||||||
Shares outstanding at period end
|
1,955,039
|
2,037,861
|
1,955,039
|
2,037,861
|
||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
1,812,079
|
1,869,835
|
1,812,339
|
1,898,388
|
||||||||||||
Diluted
|
1,895,901
|
1,941,371
|
1,887,090
|
1,964,824
|
||||||||||||
Tangible book value at period end
|
$
|
22.58
|
$
|
21.02
|
$
|
22.58
|
$
|
21.02
|
CONTACT:
|
James R. Barlow
President and Chief Executive Officer
(318) 222-1145
|
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