UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
|
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 30, 2019
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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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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock (par value $.01 per share)
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HFBL
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Nasdaq Stock Market, LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
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Emerging growth company ☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
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Exhibit Number
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Description
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||
99.1
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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||
Date: July 30, 2019
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By:
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/s/James R. Barlow |
James R. Barlow
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||
President and Chief Executive Officer
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❖
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Total deposits increased $27.9 million or 7.7% to $388.2 million at year end.
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❖
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Total assets increased $20.8 million or 4.9% to $442.5 million at year end.
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❖
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Total equity increased $3.3 million or 7.0% to $50.3 million at year end.
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❖
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Opened new Pierremont Banking Center in Shreveport in March 2019.
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For the Three Months Ended June 30,
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||||||||||||||||
2019
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2018
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|||||||||||||||
Average
Balance
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Average
Yield/Rate
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Average
Balance
|
Average
Yield/Rate
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|||||||||||||
(Dollars in thousands)
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||||||||||||||||
Interest-earning assets:
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||||||||||||||||
Loans receivable
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$
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329,800
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5.43
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%
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$
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322,884
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5.42
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%
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||||||||
Investment securities
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67,886
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2.38
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59,967
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2.11
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||||||||||||
Interest-earning deposits
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16,297
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2.34
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12,710
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1.80
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||||||||||||
Total interest-earning assets
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$
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413,983
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4.81
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%
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$
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395,561
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4.80
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%
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||||||||
Interest-bearing liabilities:
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||||||||||||||||
Savings accounts
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$
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35,647
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0.61
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%
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$
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35,738
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0.53
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%
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||||||||
NOW accounts
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30,705
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0.57
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35,692
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0.47
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||||||||||||
Money market accounts
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76,322
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1.21
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68,996
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0.78
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||||||||||||
Certificates of deposit
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186,344
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2.03
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161,457
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1.52
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||||||||||||
Total interest-bearing deposits
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329,018
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1.55
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301,883
|
1.11
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||||||||||||
Other bank borrowings
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234
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5.13
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--
|
--
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||||||||||||
FHLB advances
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1,280
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5.02
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16,439
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2.27
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||||||||||||
Total interest-bearing liabilities
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$
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330,532
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1.57
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%
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$
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318,322
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1.17
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%
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For the Year Ended June 30,
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||||||||||||||||
2019
|
2018
|
|||||||||||||||
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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$
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326,994
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5.52
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%
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$
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323,692
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5.28
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%
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||||||||
Investment securities
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63,029
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2.32
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59,948
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1.96
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||||||||||||
Interest-earning deposits
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14,613
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2.24
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9,289
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1.52
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||||||||||||
Total interest-earning assets
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$
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404,636
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4.90
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%
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$
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392,929
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4.69
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%
|
||||||||
Interest-bearing liabilities:
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||||||||||||||||
Savings accounts
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$
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35,449
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0.55
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%
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$
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36,323
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0.53
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%
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||||||||
NOW accounts
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30,617
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0.54
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34,892
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0.47
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||||||||||||
Money market accounts
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72,266
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1.05
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51,571
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0.57
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||||||||||||
Certificates of deposit
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178,823
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1.82
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165,141
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1.45
|
||||||||||||
Total interest-bearing deposits
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317,155
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1.38
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287,927
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1.06
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||||||||||||
Other bank borrowings
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172
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5.23
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89
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4.49
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||||||||||||
FHLB advances
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4,697
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3.04
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27,242
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1.63
|
||||||||||||
Total interest-bearing liabilities
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$
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322,024
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1.41
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%
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$
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315,258
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1.11
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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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||||||||
June 30,
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||||||||
2019
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2018
|
|||||||
(Unaudited)
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||||||||
ASSETS
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||||||||
Cash and cash equivalents
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$
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18,108
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$
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15,867
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||||
Securities available for sale at fair value
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41,655
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29,324
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||||||
Securities held to maturity (fair value June 30, 2019: $25,532; June 30, 2018: $27,818)
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25,349
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28,888
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||||||
Loans held-for-sale
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8,608
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6,762
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||||||
Loans receivable, net of allowance for loan losses (June 30, 2019: $3,452; June 30, 2018: $3,425)
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324,134
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317,493
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||||||
Premises and equipment, net
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13,554
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12,243
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||||||
Deferred tax asset
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849
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1,102
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||||||
Real estate owned
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1,366
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1,177
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||||||
Other assets
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8,830
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8,794
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||||||
Total assets
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$
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442,453
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$
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421,650
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||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Deposits
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$
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388,164
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$
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360,260
|
||||
Advances from the Federal Home Loan Bank of Dallas
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1,355
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11,637
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||||||
Other Borrowings
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450
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300
|
||||||
Other liabilities
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2,142
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2,416
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||||||
Total liabilities
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392,111
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374,613
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||||||
Shareholders’ equity
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50,342
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47,037
|
||||||
Total liabilities and shareholders’ equity
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$
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442,453
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$
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421,650
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Home Federal Bancorp, Inc. of Louisiana
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
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||||||||||||||||
Three Months Ended
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Year Ended
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|||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2019
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2018
|
2019
|
2018
|
|||||||||||||
Interest income
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||||||||||||||||
Loans, including fees
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$
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4,465
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$
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4,363
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$
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18,058
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$
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17,106
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||||||||
Investment securities
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16
|
12
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62
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47
|
||||||||||||
Mortgage-backed securities
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386
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303
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1,398
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1,129
|
||||||||||||
Other interest-earning assets
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95
|
57
|
328
|
141
|
||||||||||||
Total interest income
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4,962
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4,735
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19,846
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18,423
|
||||||||||||
Interest expense
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||||||||||||||||
Deposits
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1,272
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833
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4,380
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3,046
|
||||||||||||
Federal Home Loan Bank borrowings
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16
|
93
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143
|
445
|
||||||||||||
Other bank borrowings
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3
|
--
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9
|
4
|
||||||||||||
Total interest expense
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1,291
|
926
|
4,532
|
3,495
|
||||||||||||
Net interest income
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3,671
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3,809
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15,314
|
14,928
|
||||||||||||
Provision for loan losses
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150
|
200
|
600
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1,050
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||||||||||||
Net interest income after provision for loan losses
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3,521
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3,609
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14,714
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13,878
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||||||||||||
Non-interest income
|
||||||||||||||||
Gain on sale of loans
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484
|
447
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1,555
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1,767
|
||||||||||||
(Loss) on sale of real estate
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--
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--
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(345
|
)
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(1
|
)
|
||||||||||
Gain on sale of securities
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--
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--
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--
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94
|
||||||||||||
Income on bank owned life insurance
|
35
|
34
|
140
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140
|
||||||||||||
Service charges on deposit accounts
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263
|
223
|
975
|
883
|
||||||||||||
Other income
|
12
|
64
|
60
|
105
|
||||||||||||
Total non-interest income
|
794
|
768
|
2,385
|
2,988
|
||||||||||||
Non-interest expense
|
||||||||||||||||
Compensation and benefits
|
1,648
|
1,640
|
6,443
|
6,500
|
||||||||||||
Occupancy and equipment
|
388
|
329
|
1,359
|
1,345
|
||||||||||||
Data processing
|
128
|
164
|
533
|
662
|
||||||||||||
Audit and examination fees
|
53
|
61
|
242
|
254
|
||||||||||||
Franchise and bank shares tax
|
97
|
96
|
392
|
392
|
||||||||||||
Advertising
|
131
|
68
|
362
|
185
|
||||||||||||
Legal fees
|
111
|
161
|
544
|
557
|
||||||||||||
Loan and collection
|
81
|
64
|
290
|
269
|
||||||||||||
Deposit insurance premium
|
29
|
30
|
88
|
125
|
||||||||||||
Other expenses
|
189
|
175
|
820
|
757
|
||||||||||||
Total non-interest expense
|
2,855
|
2,788
|
11,073
|
11,046
|
||||||||||||
Income before income taxes
|
1,460
|
1,589
|
6,026
|
5,820
|
||||||||||||
Provision for income tax expense
|
299
|
412
|
1,283
|
2,252
|
||||||||||||
NET INCOME
|
$
|
1,161
|
$
|
1,177
|
$
|
4,743
|
$
|
3,568
|
||||||||
EARNINGS PER SHARE
|
||||||||||||||||
Basic
|
$
|
0.66
|
$
|
0.66
|
$
|
2.68
|
$
|
1.98
|
||||||||
Diluted
|
$
|
0.62
|
$
|
0.61
|
$
|
2.50
|
$
|
1.87
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Selected Operating Ratios(1):
|
||||||||||||||||
Average interest rate spread
|
3.24
|
%
|
3.63
|
%
|
3.50
|
%
|
3.58
|
%
|
||||||||
Net interest margin
|
3.56
|
%
|
3.86
|
%
|
3.78
|
%
|
3.80
|
%
|
||||||||
Return on average assets
|
1.05
|
%
|
1.12
|
%
|
1.10
|
%
|
0.85
|
%
|
||||||||
Return on average equity
|
9.37
|
%
|
10.03
|
%
|
9.82
|
%
|
7.61
|
%
|
||||||||
Asset Quality Ratios(2):
|
||||||||||||||||
Non-performing assets as a percent of total assets
|
1.15
|
%
|
0.72
|
%
|
1.15
|
%
|
0.72
|
%
|
||||||||
Allowance for loan losses as a percent of non-performing loans
|
92.3
|
%
|
112.17
|
%
|
92.3
|
%
|
112.17
|
%
|
||||||||
Allowance for loan losses as a percent of total loans receivable
|
1.05
|
%
|
1.07
|
%
|
1.05
|
%
|
1.07
|
%
|
||||||||
Per Share Data:
|
||||||||||||||||
Shares outstanding at period end
|
1,845,482
|
1,894,081
|
1,845,482
|
1,894,081
|
||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
1,748,218
|
1,791,595
|
1,767,736
|
1,734,948
|
||||||||||||
Diluted
|
1,874,634
|
1,919,185
|
1,894,011
|
1,846,540
|
||||||||||||
Tangible book value at period end
|
$
|
27.28
|
$
|
24.83
|
$
|
27.28
|
$
|
24.83
|
||||||||
(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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