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 23, 2014
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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 |
Press release dated January 23, 2014
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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Date: January 23, 2014
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By:
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/s/Clyde D. Patterson |
Clyde D. Patterson
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Executive Vice President and Chief Financial Officer
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Exhibit Number
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Description
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99.1 |
Press release dated January 23, 2014
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For the Three Months Ended December 31,
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2013
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2012
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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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Investment Securities
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$ | 45,919 | 2.36 | % | $ | 60,208 | 3.02 | % | ||||||||
Loans Receivable
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216,626 | 5.47 | 194,620 | 5.84 | ||||||||||||
Interest-earning deposits
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6,963 | 0.20 | 2,303 | 0.32 | ||||||||||||
Total interest-earning assets
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$ | 269,508 | 4.80 | % | $ | 257,131 | 5.13 | % | ||||||||
Interest-bearing liabilities:
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Savings accounts
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10,949 | 0.20 | % | $ | 6,679 | 0.29 | % | |||||||||
NOW accounts
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26,858 | 1.03 | 18,950 | 0.83 | ||||||||||||
Money market accounts
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41,597 | 0.33 | 37,732 | 0.43 | ||||||||||||
Certificates of deposit
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114,461 | 1.56 | 107,090 | 1.77 | ||||||||||||
Total interest-bearing deposits
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193,865 | 1.15 | 170,451 | 1.31 | ||||||||||||
Other bank borrowings
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267 | 5.18 | -- | -- | ||||||||||||
FHLB advances
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17,958 | 0.89 | 29,584 | 1.22 | ||||||||||||
Total interest-bearing liabilities
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$ | 212,090 | 1.14 | % | $ | 200,035 | 1.29 | % |
For the Six Months Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Average | Average | Average | Average | |||||||||||||
Balance | Yield/Rate | Balance | Yield/Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest-earning assets:
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Investment securities
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$ | 50,616 | 2.17 | % | $ | 62,976 | 3.01 | % | ||||||||
Loans receivable
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216,183 | 5.56 | 189,624 | 6.00 | ||||||||||||
Interest-earning deposits
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6,138 | 0.25 | 5,701 | 0.28 | ||||||||||||
Total interest-earning assets
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$ | 272,937 | 4.81 | % | $ | 258,301 | 5.14 | % | ||||||||
Interest-bearing liabilities:
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Savings accounts
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$ | 10,475 | 0.22 | % | $ | 6,736 | 0.28 | % | ||||||||
NOW accounts
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26,197 | 1.04 | 18,691 | 0.81 | ||||||||||||
Money market accounts
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42,811 | 0.37 | 41,278 | 0.47 | ||||||||||||
Certificates of deposit
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114,051 | 1.58 | 107,316 | 1.81 | ||||||||||||
Total interest-bearing deposits
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193,534 | 1.17 | 174,021 | 1.32 | ||||||||||||
Other bank borrowings | 500 | 5.71 | -- | -- | ||||||||||||
FHLB advances
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19,911 | 0.89 | 26,375 | 1.45 | ||||||||||||
Total interest-bearing liabilities
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$ | 213,945 | 1.15 | % | $ | 200,396 | 1.34 | % |
Six Months Ended
December 31,
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2013
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2012
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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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$ | 67,400 | $ | 93,841 | (28.2 | )% | ||||||
Commercial — real estate secured (owner occupied and non-owner occupied)
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6,052 | 8,766 | (31.0 | )% | ||||||||
Multi-family residential
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-- | 6,484 | (100.0 | )% | ||||||||
Commercial business
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18,944 | 3,145 | 502.4 | % | ||||||||
Land
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2,964 | 2,603 | 13.9 | % | ||||||||
Construction
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13,811 | 16,539 | (16.5 | )% | ||||||||
Home equity loans and lines of credit and other consumer
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168 | 1,960 | (91.4 | )% | ||||||||
Total loan originations
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$ | 109,339 | $ | 133,338 | (18.0 | )% | ||||||
Loans sold
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$ | (33,041 | ) | $ | (64,311 | ) | (48.6 | )% |
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, 2013
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June 30, 2013
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ASSETS
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(Unaudited)
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Cash and cash equivalents
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$ | 6,881 | $ | 3,685 | ||||
Securities available for sale at fair value
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43,702 | 47,961 | ||||||
Securities held to maturity (fair value December 31, 2013: $1,259 June 30, 2013: $1,465)
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1,259 | 1,465 | ||||||
Loans held-for-sale
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5,600 | 3,464 | ||||||
Loans receivable, net of allowance for loan losses
(December 31, 2013: $2,316; June 30, 2013: $2,240)
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212,013 | 206,079 | ||||||
Other assets
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16,353 | 14,501 | ||||||
Total assets
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$ | 285,808 | $ | 277,155 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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Deposits
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$ | 225,340 | $ | 211,922 | ||||
Advances from the Federal Home Loan Bank of Dallas
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18,457 | 21,662 | ||||||
Other liabilities
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691 | 1,589 | ||||||
Total liabilities
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244,488 | 235,173 | ||||||
Shareholders’ equity
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41,320 | 41,982 | ||||||
Total liabilities and shareholders’ equity
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$ | 285,808 | $ | 277,155 |
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
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Six Months Ended
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December 31,
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December 31,
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2013
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2012
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2013
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2012
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(Unaudited)
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Interest income
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Loans, including fees
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$ | 2,961 | $ | 2,843 | $ | 6,011 | $ | 5,684 | ||||||||
Investment securities
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1 | 7 | 3 | 14 | ||||||||||||
Mortgage-backed securities
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270 | 447 | 545 | 932 | ||||||||||||
Other interest-earning assets
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3 | 2 | 8 | 8 | ||||||||||||
Total interest income
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3,235 | 3,299 | 6,567 | 6,638 | ||||||||||||
Interest expense
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Deposits
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556 | 557 | 1,131 | 1,150 | ||||||||||||
Federal Home Loan Bank borrowings
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40 | 87 | 88 | 187 | ||||||||||||
Other bank borrowings
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7 | 3 | 14 | 3 | ||||||||||||
Total interest expense
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603 | 647 | 1,233 | 1,340 | ||||||||||||
Net interest income
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2,632 | 2,652 | 5,334 | 5,298 | ||||||||||||
Provision for loan losses
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22 | 116 | 88 | 227 | ||||||||||||
Net interest income after provision for loan losses
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2,610 | 2,536 | 5,246 | 5,071 | ||||||||||||
Non-interest income
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Gain on sale of loans
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404 | 654 | 880 | 1,336 | ||||||||||||
Gain on sale of securities
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34 | 120 | 34 | 215 | ||||||||||||
Income on Bank Owned Life Insurance
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44 | 48 | 88 | 97 | ||||||||||||
Other income
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87 | 97 | 170 | 203 | ||||||||||||
Total non-interest income
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569 | 919 | 1,172 | 1,851 | ||||||||||||
Non-interest expense
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Compensation and benefits
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1,346 | 1,347 | 2,730 | 2,664 | ||||||||||||
Occupancy and equipment
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236 | 187 | 431 | 393 | ||||||||||||
Data Processing
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86 | 99 | 201 | 187 | ||||||||||||
Audit and Examination Fees
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50 | 58 | 106 | 106 | ||||||||||||
Franchise and Bank Shares Tax
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85 | 57 | 178 | 141 | ||||||||||||
Advertising
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69 | 60 | 133 | 120 | ||||||||||||
Legal fees
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144 | 159 | 238 | 247 | ||||||||||||
Loan and collection
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32 | 21 | 64 | 61 | ||||||||||||
Deposit insurance premium
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35 | 32 | 68 | 63 | ||||||||||||
Other expenses
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142 | 114 | 258 | 213 | ||||||||||||
Total non-interest expense
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2,225 | 2,134 | 4,407 | 4,195 | ||||||||||||
Income before income taxes
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954 | 1,321 | 2,011 | 2,727 | ||||||||||||
Provision for income tax expense
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309 | 440 | 653 | 908 | ||||||||||||
NET INCOME
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$ | 645 | $ | 881 | $ | 1,358 | $ | 1,819 | ||||||||
EARNINGS PER SHARE
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Basic
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$ | 0.31 | $ | 0.36 | $ | 0.64 | $ | 0.73 | ||||||||
Diluted
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$ | 0.30 | $ | 0.35 | $ | 0.63 | $ | 0.71 |
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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2013
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2012
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2013
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2012
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(Unaudited)
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Selected Operating Ratios(1):
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Average interest rate spread
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3.66 | % | 3.84 | % | 3.66 | % | 3.80 | % | ||||||||
Net interest margin
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3.91 | % | 4.13 | % | 3.91 | % | 4.10 | % | ||||||||
Return on average assets
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0.89 | % | 1.29 | % | 0.93 | % | 1.33 | % | ||||||||
Return on average equity
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5.89 | % | 7.52 | % | 6.17 | % | 7.58 | % | ||||||||
Asset Quality Ratios(2):
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Non-performing assets as a percent of total assets
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0.19 | % | 0.14 | % | 0.19 | % | 0.14 | % | ||||||||
Allowance for loan losses as a percent of non-performing loans
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409.91 | % | 509.26 | % | 409.91 | % | 509.26 | % | ||||||||
Allowance for loan losses as a percent of total loans receivable
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1.08 | % | 1.03 | % | 1.08 | % | 1.03 | % | ||||||||
Per Share Data:
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Shares outstanding at period end
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2,249,962 | 2,556,829 | 2,249,962 | 2,556,829 | ||||||||||||
Weighted average shares outstanding:
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Basic
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2,098,976 | 2,420,591 | 2,105,826 | 2,507,336 | ||||||||||||
Diluted
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2,143,026 | 2,488,430 | 2,154,337 | 2,575,130 | ||||||||||||
Tangible book value at period end
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$ | 18.36 | $ | 17.70 | $ | 18.36 | $ | 17.70 |
CONTACT:
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James R. Barlow
President and Chief Operating Officer
(318) 222-1145
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