UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, DC 20549
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FORM
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(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended:
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or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
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to
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Commission file number:
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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(
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(Registrant’s telephone number, including area code)
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N/A
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(Former name, former address and former fiscal year, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act:
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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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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):
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Large accelerated filer
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☐ |
Accelerated filer
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☐ |
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☒
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Smaller reporting company
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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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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). |
☒ No |
Shares of common stock, par value $0.01 per share, outstanding as of November 11, 2022: The registrant had
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Page
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PART I
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FINANCIAL INFORMATION
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Item 1:
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Financial Statements (Unaudited)
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1
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2
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3
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4
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5
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7
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Item 2:
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29
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Item 3:
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36
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Item 4:
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36
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PART II
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OTHER INFORMATION
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Item 1:
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37
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Item 1A:
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37
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Item 2:
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37
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Item 3:
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37
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Item 4:
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37
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Item 5:
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37
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Item 6:
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38
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
September 30, 2022 (Unaudited) June 30, 2022 (Audited) (In thousands except share and per share data)
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September 30,
2022
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June 30,
2022
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(unaudited) | (audited) | |||||||
ASSETS
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||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $
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$
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$
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Securities Available-for-Sale
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||||||
Securities Held-to-Maturity (fair value September 30, 2022: $
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||||||
Loans Held-for-Sale
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Loans Receivable, Net of Allowance for Loan Losses (September 30, 2022: $
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||||||
Accrued Interest Receivable
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||||||
Premises and Equipment, Net
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Bank Owned Life Insurance
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Deferred Tax Asset
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Other Real Estate Owned
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Other Assets
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Total Assets
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$
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$
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
LIABILITIES
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||||||||
Deposits:
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||||||||
Non-interest bearing
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$
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$
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Interest-bearing
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||||||
Total Deposits
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||||||
Advances from Borrowers for Taxes and Insurance
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Short-term Federal Home Loan Bank Advances
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Other Borrowings
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Other Accrued Expenses and Liabilities
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Total Liabilities
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STOCKHOLDERS’ EQUITY
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||||||||
Preferred Stock – $
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||||||
Common Stock – $
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Additional Paid-in Capital
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Unearned ESOP Stock
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(
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)
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(
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)
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Retained Earnings
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Accumulated Other Comprehensive Loss
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(
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)
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(
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)
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Total Stockholders’ Equity
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||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$
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$
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Three Months Ended
September 30,
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||||||||
2022
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2021
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|||||||
INTEREST-INCOME
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||||||||
Loans, including fees
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$
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$
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Investment securities
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||||||
Mortgage-backed securities
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Other interest-earning assets
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Total interest income
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INTEREST EXPENSE
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Deposits
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Federal Home Loan Bank borrowings
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Other bank borrowings
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Total interest expense
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Net interest income
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PROVISION FOR LOAN LOSSES
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Net interest income after provision for loan losses
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NON-INTEREST INCOME
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Gain on sale of loans
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Income on bank owned life insurance
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Service charges on deposit accounts
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Other income
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Total non-interest income
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NON-INTEREST EXPENSE
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||||||||
Compensation and benefits
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Occupancy and equipment
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Data processing
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Audit and examination fees
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Franchise and bank shares tax
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Advertising
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Legal fees
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Loan and collection
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Deposit insurance premium
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Other expenses
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Total non-interest expense
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Income before income taxes
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PROVISION FOR INCOME TAX EXPENSE
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NET INCOME
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$
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$
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EARNINGS PER SHARE
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||||||||
Basic
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$
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$
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Diluted
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$
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$
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DIVIDENDS DECLARED
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$
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$
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For the Three Months Ended
September 30,
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||||||||
2022
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2021
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|||||||
(In Thousands)
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||||||||
Net Income
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$
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$
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Other Comprehensive Loss, Net of Tax
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||||||||
Investment securities available-for-sale:
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||||||||
Net unrealized losses
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(
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)
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(
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)
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||||
Income tax effect
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||||||
Other Comprehensive Loss
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(
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)
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(
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)
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||||
Total Comprehensive Income
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$
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$
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Common
Stock
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Additional
Paid-in
Capital
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Unearned
ESOP
Stock
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Retained
Earnings
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Accumulated
Other
Comprehensive
Income (Loss)
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Total
Stockholders’
Equity
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|||||||||||||||||||
(In Thousands)
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||||||||||||||||||||||||
BALANCE – June 30,
2021
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$
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$
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$
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(
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)
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$
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$
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$
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|||||||||||
Net Income
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||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects
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(
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)
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(
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)
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||||||||||||||||
Stock Options Vested
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||||||||||||||||||
Common Stock Issuance for Stock Option Exercises – Split Adjusted
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||||||||||||||||||
ESOP Compensation Earned
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||||||||||||||||||
Company Stock Purchased
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(
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)
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(
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)
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||||||||||||||||
Dividends Declared
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(
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)
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(
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)
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||||||||||||||||
BALANCE – September 30, 2021
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$
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$
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$
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(
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)
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$
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$
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$
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|||||||||||
BALANCE – June 30,
2022
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$
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$
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$
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(
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)
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$
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$
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(
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)
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$
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||||||||||
Net Income
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||||||||||||||||||
Changes in Unrealized Loss on Securities Available-for-Sale, Net of Tax Effects
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(
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)
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(
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)
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||||||||||||||||
Stock Options Vested
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||||||||||||||||||
Common Stock Issuance for Stock Option Exercises
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||||||||||||||||||
ESOP Compensation Earned
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||||||||||||||||||
Company Stock Purchased
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(
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)
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(
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)
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(
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)
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|||||||||||||||
Dividends Declared
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(
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)
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|
(
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)
|
||||||||||||||||
BALANCE – September 30, 2022
|
$
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|
$
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$
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(
|
)
|
$
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|
$
|
(
|
)
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$
|
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2022
|
2021
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net Income
|
$
|
|
$
|
|
||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
|
||||||||
Bad Debt Recovery
|
|
|
||||||
Federal Home Loan Bank Stock Certificate
|
|
|
||||||
Net Amortization and Accretion on Securities
|
|
|
||||||
Gain on Sale of Loans
|
(
|
)
|
(
|
)
|
||||
Amortization of Deferred Loan Fees
|
(
|
)
|
(
|
)
|
||||
Depreciation of Premises and Equipment
|
|
|
||||||
ESOP Expense
|
|
|
||||||
Stock Option Expense
|
|
|
||||||
Deferred Income Tax
|
(
|
)
|
|
|||||
Provision for Loan Losses
|
|
|
||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance
|
(
|
)
|
(
|
)
|
||||
Share Awards Expense
|
|
|
||||||
Changes in Assets and Liabilities:
|
||||||||
Loans Held-for-Sale – Originations and Purchases
|
(
|
)
|
(
|
)
|
||||
Loans Held-for-Sale – Sale and Principal Repayments
|
|
|
||||||
Accrued Interest Receivable
|
(
|
)
|
|
|||||
Other Operating Assets
|
|
|
||||||
Other Operating Liabilities
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|
|
||||||
Net Cash Provided by Operating Activities
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|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Loan Originations and Purchases, Net of Principal Collections
|
(
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)
|
(
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)
|
||||
Deferred Loan Fees Collected
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|
|
||||||
Acquisition of Premises and Equipment
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(
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)
|
(
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)
|
||||
Activity in Available-for-Sale Securities:
|
||||||||
Principal Payments on Securities
|
|
|
||||||
Purchase of Securities
|
(
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)
|
|
|||||
Activity in Held-to-Maturity Securities:
|
||||||||
Principal Payments on Securities
|
|
|
||||||
Purchase of Securities
|
|
(
|
)
|
|||||
Net Cash Used in Investing Activities
|
(
|
)
|
(
|
)
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2022
|
2021
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net (Decrease)/Increase in Deposits
|
$
|
(
|
)
|
$
|
|
|||
Repayments of Advances from Federal Home Loan Bank
|
(
|
)
|
(
|
)
|
||||
Proceeds from Other Borrowings |
||||||||
Repayments of Other Borrowings
|
|
(
|
)
|
|||||
Net Increase in Advances from Borrowers for Taxes and Insurance
|
|
|
||||||
Dividends Paid
|
(
|
)
|
(
|
)
|
||||
Company Stock Purchased
|
(
|
)
|
(
|
)
|
||||
Proceeds from Stock Options Exercised
|
|
|
||||||
Net Cash Used in by Financing Activities
|
(
|
)
|
(
|
)
|
||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(
|
)
|
(
|
)
|
||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
$
|
|
$
|
|
||||
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$
|
|
$
|
|
||||
SUPPLEMENTARY CASH FLOW INFORMATION
|
||||||||
Interest Paid on Deposits and Borrowed Funds
|
$
|
|
$
|
|
||||
Market Value Adjustment for Loss on Securities Available-for-Sale
|
|
(
|
)
|
(
|
)
|
|||
Transfer from Loans to Other Real Estate Owned |
Buildings and Improvements
|
|
|
Furniture and Equipment
|
|
September 30,
2022
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Securities Available-for-Sale |
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands) |
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
FNMA Mortgage-Backed Certificates
|
|
|
|
|
||||||||||||
GNMA Mortgage-Backed Certificates
|
|
|
|
|
||||||||||||
|
||||||||||||||||
Total Debt
Securities
|
|
|
|
|
||||||||||||
Municipals | ||||||||||||||||
Total Securities
Available-for-Sale
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
GNMA Mortgage-Backed
Certificates
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
FHLMC Mortgage-Backed
Certificates
|
|
|
|
|
||||||||||||
FNMA Mortgage-Backed
Certificates
|
|
|
|
|
||||||||||||
Total Debt Securities
|
|
|
|
|
||||||||||||
Municipals
|
|
|
|
|
||||||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
|
|
|
||||||||||||
Total Equity Securities
|
|
|
|
|||||||||||||
Total Securities Held-to-Maturity
|
$
|
|
$
|
|
$
|
|
$
|
|
|
June 30, 2022
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Securities Available-for-Sale
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$
|
$
|
$
|
$
|
||||||||||||
FNMA Mortgage-Backed Certificates
|
||||||||||||||||
GNMA Mortgage-Backed Certificates
|
||||||||||||||||
Total Debt Securities
|
||||||||||||||||
Total Securities Available-for-Sale
|
$
|
$
|
$
|
$
|
||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Debt Securities
|
|
|
|
|
||||||||||||
GNMA Mortgage-Backed Certificates
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
FHLMC Mortgage-Backed Certificates
|
||||||||||||||||
FNMA Mortgage-Backed Certificates
|
|
|
|
|
||||||||||||
Total Debt Securities
|
|
|
|
|
||||||||||||
Municipals
|
|
|
|
|
||||||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
|
|
|
||||||||||||
Total Equity Securities
|
||||||||||||||||
Total Securities Held-to-Maturity
|
$
|
|
$
|
|
$
|
|
$
|
|
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(In Thousands) |
||||||||||||||||
Debt Securities
|
||||||||||||||||
Within One Year or Less
|
$
|
$
|
$
|
$
|
||||||||||||
One through Five Years
|
||||||||||||||||
After Five through Ten Years
|
||||||||||||||||
Over Ten Years
|
||||||||||||||||
Municipals
|
||||||||||||||||
Within One Year or Less
|
$ | $ | $ | $ | ||||||||||||
One through Five Years
|
||||||||||||||||
After Five through Ten Years
|
||||||||||||||||
Over Ten Years
|
||||||||||||||||
Other Equity Securities
|
||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2022
|
||||||||||||||||
Less Than Twelve Months
|
Over Twelve Months
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Securities Available-for-Sale
|
||||||||||||||||
Mortgage-Backed Securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Municipals |
||||||||||||||||
Total
Securities Available-for-Sale
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2022
|
||||||||||||||||
Less Than Twelve Months
|
Over Twelve Months
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Mortgage-Backed Securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Municipals |
||||||||||||||||
Total
Securities Held-to-Maturity
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30, 2022
|
||||||||||||||||
Less Than Twelve Months
|
Over Twelve Months
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Securities Available-for-Sale
|
||||||||||||||||
Mortgage-Backed Securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total
Securities Available-for-Sale
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30, 2022
|
||||||||||||||||
Less Than Twelve Months
|
Over Twelve Months
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Mortgage-Backed Securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Municipals |
$ |
$ |
$ |
$ |
||||||||||||
Total
Securities Held-to-Maturity
|
$
|
|
$
|
|
$
|
|
$
|
|
|
September 30, 2022
|
June 30, 2022
|
||||||
(In Thousands)
|
||||||||
Loans Secured by Mortgages on Real Estate
|
||||||||
One-to-Four Family Residential
|
$
|
|
$
|
|
||||
Commercial
|
|
|
||||||
Multi-Family Residential
|
|
|
||||||
Land
|
|
|
||||||
Construction
|
|
|
||||||
Equity and Second Mortgage
|
|
|
||||||
Equity Lines of Credit
|
|
|
||||||
Total Mortgage Loans
|
|
|
||||||
Commercial Loans
|
|
|
||||||
Consumer Loans
|
||||||||
Loans on Savings Accounts
|
|
|
||||||
Other Consumer Loans
|
|
|
||||||
Total Consumer Other Loans
|
|
|
||||||
Total Loans
|
|
|
||||||
Less: Allowance for
Loan Losses
|
(
|
)
|
(
|
)
|
||||
Unamortized Loan Fees
|
(
|
)
|
(
|
)
|
||||
Net Loans Receivable
|
$
|
|
$
|
|
|
September 30, 2022
|
June 30, 2022
|
||||||
(In Thousands)
|
||||||||
Balance - Beginning of Period
|
$
|
|
$
|
|
||||
Provision for Loan Losses
|
|
|
||||||
Loan Charge-Offs
|
(
|
)
|
(
|
)
|
||||
Recoveries
|
|
|
||||||
Balance - End of Period
|
$
|
|
$
|
|
September 30, 2022
|
Pass and
Pass Watch
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||
One-to-Four Family Residential
|
$
|
|
$
|
|
$
|
|
$ |
$
|
|
|||||||||||
Commercial
|
|
|
|
|
|
|||||||||||||||
Multi-Family Residential
|
|
|
|
|
|
|||||||||||||||
Land
|
|
|
|
|
|
|||||||||||||||
Construction
|
|
|
|
|
|
|||||||||||||||
Equity and Second Mortgage
|
|
|
|
|
|
|||||||||||||||
Equity Lines of Credit
|
|
|
|
|
|
|||||||||||||||
Commercial Loans
|
|
|
|
|
|
|||||||||||||||
Consumer Loans
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30, 2022
|
Pass and
Pass Watch
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
(In Thousands) | ||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||
One-to-Four Family Residential
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Commercial
|
|
|
|
|
|
|||||||||||||||
Multi-Family Residential
|
|
|
|
|
|
|||||||||||||||
Land
|
|
|
|
|
|
|||||||||||||||
Construction
|
|
|
|
|
|
|||||||||||||||
Equity and Second Mortgage
|
|
|
|
|
|
|||||||||||||||
Equity Lines of Credit
|
|
|
|
|
|
|||||||||||||||
Commercial Loans
|
|
|
|
|
|
|||||||||||||||
Consumer Loans
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2022
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days or
More
|
Total
Past Due
|
Current |
Total Loans
Receivable
|
Recorded
Investment
> 90 Days
and
Accruing
|
|||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
One-to-Four Family Residential
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Multi-Family Residential
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Land
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Equity and Second Mortgage
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Equity Lines of Credit
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial Loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30, 2022
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days or
More
|
Total
Past Due
|
Current
|
Total
Loans
Receivable
|
Recorded
Investment
> 90 Days
and
Accruing
|
|||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
One-to-Four Family Residential
|
$ |
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Multi-Family Residential
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Land
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Equity and Second Mortgage
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Equity Lines of Credit
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial Loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$ |
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
September 30, 2022
|
1-4 Family
Residential
|
Commercial
|
Multi-
Family
|
Land
|
Construction
|
Home
Equity
Loans and
Lines of
Credit
|
Commercial
Loans
|
Consumer
Loans
|
Total
|
|||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan
losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balances
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Charge-Offs
|
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
|||||||||||||||||||||||||
Recoveries
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Current Provision
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
||||||||||||||||||||||||
Ending Balances
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Collectively
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances – Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Collectively
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
June 30, 2022
|
1-4 Family
Residential
|
Commercial
|
Multi-
Family
|
Land
|
Construction
|
Other
|
Commercial
Loans
|
Consumer
Loans
|
Total
|
|||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan
losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balances
|
$ | $ | $ | $ | $ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||||
Charge-Offs
|
( |
) | ( |
) |
(
|
)
|
|
|
(
|
)
|
||||||||||||||||||||||||||
Recoveries
|
|
|
|
|
||||||||||||||||||||||||||||||||
Current Provision
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Ending Balances
|
$ | $ | $ | $ | $ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
|
|
|
|
||||||||||||||||||||||||||||||||
Collectively
|
|
|
|
|
||||||||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances – Total
|
$ | $ | $ | $ | $ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
|
|
|
|
||||||||||||||||||||||||||||||||
Collectively
|
$ | $ | $ | $ | $ |
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2022
|
Unpaid
Principal
Balance
|
Recorded
Investment With
No Allowance
|
Recorded
Investment With
Allowance
|
Total
Recorded
Investment
|
Related
Allowance
|
Average Recorded
Investment
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||
One-to-Four Family Residential
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
||||||||||||||||||
Multi-Family Residential
|
|
|
|
|
|
|
||||||||||||||||||
Land
|
|
|
|
|
|
|
||||||||||||||||||
Construction
|
|
|
|
|
|
|
||||||||||||||||||
Equity and Second Mortgage
|
|
|
|
|
|
|
||||||||||||||||||
Equity Lines of Credit
|
|
|
|
|
|
|
||||||||||||||||||
Commercial Loans
|
|
|
|
|
|
|
||||||||||||||||||
Consumer Loans
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30, 2022
|
Unpaid
Principal
Balance
|
Recorded
Investment With
No Allowance
|
Recorded
Investment With
Allowance
|
Total
Recorded
Investment
|
Related
Allowance
|
Average Recorded
Investment
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
One-to-Four Family Residential
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
||||||||||||||||||
Multi-Family Residential
|
|
|
|
|
|
|
||||||||||||||||||
Land
|
|
|
|
|
|
|
||||||||||||||||||
Construction
|
|
|
|
|
|
|
||||||||||||||||||
Equity and Second Mortgage
|
|
|
|
|
|
|
||||||||||||||||||
Equity Lines of Credit
|
|
|
|
|
|
|
||||||||||||||||||
Commercial Loans
|
|
|
|
|
|
|
||||||||||||||||||
Consumer Loans
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
September 30, 2022
|
|||||||||||||||
|
Current
|
Past Due Greater
Than 30 Days
|
Nonaccrual
TDRs
|
Total TDRs
|
||||||||||||
One-to-Four Family | $ |
$ |
$ |
$ |
||||||||||||
Commercial Loans
|
|
|
|
|
|
|
|
|
|
June 30, 2022
|
|||||||||||||||
|
Current
|
Past Due Greater
Than 30 Days
|
Nonaccrual
TDRs
|
Total TDRs
|
||||||||||||
One-to-Four Family |
$ | $ | $ | $ | ||||||||||||
Commercial Loans
|
|
|
|
|
September 30, 2022
|
June 30, 2022
|
|||||||
(In Thousands)
|
||||||||
Non-Interest Bearing
|
$
|
|
$
|
|
||||
NOW Accounts
|
|
|
||||||
Money Markets
|
|
|
||||||
Passbook Savings
|
|
|
||||||
|
|
|||||||
Certificates of Deposit
|
|
|
||||||
Total Deposits
|
$
|
|
$
|
|
|
Three Months Ended
September 30,
|
|||||||
2022
|
2021
|
|||||||
(In
Thousands, Except Per Share Data)
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Weighted average shares outstanding – basic
|
|
|
||||||
Effect of dilutive common stock equivalents
|
|
|
||||||
Adjusted weighted average shares outstanding – diluted
|
|
|
||||||
Basic earnings per share
|
$
|
|
$
|
|
||||
Diluted earnings per share
|
$
|
|
$
|
|
Three Months Ended
September 30,
|
||||||||
2022
|
2021
|
|||||||
(In Thousands)
|
||||||||
Average common shares issued
|
|
|
||||||
Average unearned ESOP shares
|
(
|
)
|
(
|
)
|
||||
Average Company stock purchased
|
(
|
)
|
(
|
)
|
||||
Weighted average shares outstanding
|
|
|
September 30, 2022
|
June 30, 2022
|
|||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||
Value
|
Fair Value
|
Value
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash and Cash Equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Securities Available-for-Sale
|
|
|
|
|
||||||||||||
Securities to be Held-to-Maturity
|
|
|
|
|
||||||||||||
Loans Held-for-Sale
|
|
|
|
|
||||||||||||
Loans Receivable
|
|
|
|
|
||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Advances from FHLB
|
|
|
|
|
||||||||||||
Off-Balance Sheet Items
|
||||||||||||||||
Mortgage Loan Commitments
|
$
|
|
$
|
|
$
|
|
$
|
|
•
|
Defines fair value as the price that would be received to sell
an asset or paid to transfer a liability, in either case, through an orderly transaction between market participants at a measurement date and establishes a framework for measuring fair value;
|
•
|
Establishes a three-level hierarchy for fair value measurements
based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date;
|
•
|
Nullifies the guidance in EITF 02-3, which required the deferral
of profit at inception of a transaction involving a derivative financial instrument in the absence of observable data supporting the valuation technique;
|
•
|
Eliminates large position discounts for financial instruments
quoted in active markets and requires consideration of the company’s creditworthiness when valuing liabilities; and
|
•
|
Expands disclosures about instruments that are measured at fair
value.
|
•
|
Level 1 – Fair value is based upon quoted prices
(unadjusted) for identical assets or liabilities in active markets in which the Company can participate.
|
•
|
Level 2 – Fair value is based upon (a) quoted prices for similar
assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not
current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d)
inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
•
|
Level 3 – Fair value is based upon inputs that are unobservable for the asset or liability. These inputs reflect the Company’s
own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances,
which include the Company’s own data. The Company’s own data used to develop unobservable inputs are adjusted if information indicates that market participants would use different assumptions.
|
Fair Value Measurements
|
||||||||||||||||
September 30, 2022
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Available-for-Sale
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
FNMA
|
|
|
|
|
||||||||||||
GNMA
|
|
|
|
|
||||||||||||
Municipals
|
||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value Measurements
|
||||||||||||||||
June 30, 2022
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Available-for-Sale
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
FNMA
|
|
|
|
|
||||||||||||
GNMA
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
(In Thousands)
|
September 30, 2022
|
June 30, 2022 | |||||||
Lease Right-of-Use Assets
|
Classification
|
||||||||
Operating lease right-of-use assets
|
|
$
|
|
$ | |||||
Total Lease Right-of-Use Assets
|
$ | $ | |||||||
Lease Liabilities
|
|||||||||
Operating lease liabilities
|
|
$ | $ | ||||||
Total Lease Liabilities
|
$ | $ |
September 30, 2022
|
June 30, 2022 | |||||||
Weighted-average remaining lease term
|
||||||||
Operating leases
|
||||||||
Weighted-average discount rate
|
||||||||
Operating leases
|
% |
%
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2022
|
2021
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable
|
$
|
396,768
|
$
|
5,028
|
5.03
|
%
|
$
|
342,942
|
$
|
4,397
|
5.09
|
%
|
||||||||||||
Investment securities
|
110,602
|
491
|
1.76
|
86,350
|
341
|
1.57
|
||||||||||||||||||
Interest-earning deposits
|
32,706
|
262
|
3.18
|
101,732
|
36
|
0.14
|
||||||||||||||||||
Total interest-earning assets
|
540,076
|
5,781
|
4.25
|
%
|
531,024
|
4,774
|
3.57
|
%
|
||||||||||||||||
Non-interest-earning assets
|
45,074
|
36,089
|
||||||||||||||||||||||
Total assets
|
$
|
585,150
|
$
|
567,113
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$
|
128,749
|
84
|
0.26
|
%
|
$
|
133,140
|
108
|
0.32
|
%
|
||||||||||||||
NOW accounts
|
58,658
|
17
|
0.11
|
48,389
|
14
|
0.11
|
||||||||||||||||||
Money market accounts
|
94,694
|
35
|
0.15
|
86,991
|
25
|
0.12
|
||||||||||||||||||
Certificate accounts
|
84,715
|
264
|
1.24
|
101,364
|
382
|
1.50
|
||||||||||||||||||
Total interest-bearing deposits
|
366,816
|
400
|
0.43
|
369,884
|
529
|
0.57
|
||||||||||||||||||
Other Borrowings
|
4,915
|
66
|
5.33
|
1,376
|
11
|
3.17
|
||||||||||||||||||
FHLB advances
|
826
|
10
|
4.80
|
861
|
10
|
4.61
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
372,557
|
476
|
0.51
|
%
|
$
|
372,121
|
550
|
0.59
|
%
|
||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest-bearing demand accounts
|
161,907
|
139,885
|
||||||||||||||||||||||
Other liabilities
|
3,294
|
2,938
|
||||||||||||||||||||||
Total liabilities
|
537,758
|
514,944
|
||||||||||||||||||||||
Total Stockholders’ Equity(1)
|
47,392
|
52,169
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
585,150
|
$
|
567,113
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
167,519
|
$
|
158,903
|
||||||||||||||||||||
Net interest income; average interest rate spread(2)
|
$
|
5,305
|
3.74
|
%
|
$
|
4,224
|
2.98
|
%
|
||||||||||||||||
Net interest margin(3)
|
3.90
|
%
|
3.16
|
%
|
||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
144.96
|
%
|
142.70
|
%
|
(1) |
Includes retained earnings and accumulated other comprehensive loss.
|
(2) |
Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate on interest-bearing liabilities.
|
(3) |
Net interest margin is net interest income divided by net average interest-earning assets.
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 1A. |
RISK FACTORS
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
(a) |
Not applicable.
|
(b) |
Not applicable.
|
(c) |
Purchases of Equity Securities
|
Period
|
Total Number of
Shares
Purchased
|
Average
Price Paid
per Share |
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
|
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans or
Programs (a)
|
||||||||||||
July 1, 2022 – July 31, 2022
|
--
|
$
|
--
|
--
|
130,076
|
|||||||||||
August 1, 2022 – August 31, 2022
|
294,400
|
20
|
130,076
|
--
|
||||||||||||
September 1, 2022 – September 30, 2022
|
--
|
--
|
--
|
--
|
||||||||||||
Total
|
294,400
|
$
|
20
|
130,076
|
--
|
(a) |
On February 16, 2022, the Company announced that its Board of Directors approved the eleventh stock repurchase program for the repurchase of up to 170,000 shares. The eleventh stock repurchase program was completed on August 2, 2022.
|
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4. |
MINE SAFETY DISCLOSURES
|
ITEM 5. |
OTHER INFORMATION
|
ITEM 6. |
EXHIBITS
|
No.
|
Description
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
||
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
||
Certification Pursuant to 18 U.S.C Section 1350
|
||
101.INS
|
Inline XBRL Instance Document
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definitions Linkbase Document
|
|
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
||
Date: November 14, 2022
|
By:
|
/s/ Glen W. Brown |
Glen W. Brown
|
||
Senior Vice President and Chief Financial Officer
|
||
(Duly authorized officer and principal financial and accounting officer)
|