UNITED STATES
|
|
SECURITIES AND EXCHANGE COMMISSION
|
|
Washington, DC 20549
|
|
FORM 10-Q
|
|
(Mark One)
|
|
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended:
|
December 31, 2017
|
or
|
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
|
to
|
Commission file number:
|
001-35019
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
(Exact name of registrant as specified in its charter)
|
Louisiana
|
02-0815311
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
624 Market Street, Shreveport, Louisiana
|
71101
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(318) 222-1145
|
(Registrant's telephone number, including area code)
|
N/A
|
(Former name, former address and former fiscal year, if changed since last report)
|
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):
|
Large accelerated filer
|
[ ]
|
Accelerated filer
|
[ ]
|
||
Non-accelerated filer
|
[ ]
|
Smaller reporting company
|
[X]
|
||
(Do not check if a smaller reporting company)
|
Emerging growth company
|
[ ]
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
[ ] Yes [
X] No
|
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. [ ]
|
Shares of common stock, par value $.01 per share, outstanding as of February 8, 2018: The registrant had 1,911,381
shares of common stock outstanding.
|
Page
|
||
PART I
|
FINANCIAL INFORMATION
|
|
Item 1:
|
Financial Statements (Unaudited)
|
|
Consolidated Statements of Financial Condition
|
1
|
|
Consolidated Statements of Income
|
2
|
|
Consolidated Statements of Comprehensive Income
|
3
|
|
Consolidated Statements of Changes in Stockholders' Equity
|
4
|
|
Consolidated Statements of Cash Flows
|
5
|
|
Notes to Consolidated Financial Statements
|
7
|
|
Item 2:
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
30
|
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
38
|
Item 4:
|
Controls and Procedures
|
38
|
PART II
|
OTHER INFORMATION
|
|
Item 1:
|
Legal Proceedings
|
38
|
Item 1A:
|
Risk Factors
|
38
|
Item 2:
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
39
|
Item 3:
|
Defaults Upon Senior Securities
|
39
|
Item 4:
|
Mine Safety Disclosures
|
39
|
Item 5:
|
Other Information
|
39
|
Item 6:
|
Exhibits
|
39
|
SIGNATURES |
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
|
December 31, 2017
|
June 30, 2017
|
|||||||
(In Thousands) | ||||||||
ASSETS
|
||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $3,213
and $8,212 for
December 31, 2017 and June 30, 2017, Respectively)
|
$
|
9,444
|
$
|
11,905
|
||||
Securities Available-for-Sale
|
33,497
|
36,935
|
||||||
Securities Held-to-Maturity (Fair Value of $27,580 and $27,989, Respectively)
|
28,074
|
28,357
|
||||||
Loans Held-for-Sale
|
2,750
|
13,631
|
||||||
Loans Receivable, Net of Allowance for Loan Losses of $3,383 and $3,729, Respectively
|
316,090
|
312,772
|
||||||
Accrued Interest Receivable
|
1,173
|
1,094
|
||||||
Premises and Equipment, Net
|
12,079
|
12,219
|
||||||
Bank Owned Life Insurance
|
6,739
|
6,668
|
||||||
Deferred Tax Asset
|
991
|
1,601
|
||||||
Other Real Estate Owned
|
540
|
540
|
||||||
Other Assets
|
456
|
884
|
||||||
Total Assets
|
$
|
411,833
|
$
|
426,606
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
LIABILITIES
|
||||||||
Deposits
|
$
|
342,225
|
$
|
329,045
|
||||
Advances from Borrowers for Taxes and Insurance
|
314
|
698
|
||||||
Short-term Federal Home Loan Bank advances
|
10,000
|
37,000
|
||||||
Long-term Federal Home Loan Bank advances
|
11,774
|
11,907
|
||||||
Other Borrowings
|
350
|
--
|
||||||
Other Accrued Expenses and Liabilities
|
1,238
|
1,710
|
||||||
Total Liabilities
|
365,901
|
380,360
|
||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred Stock – $.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding
|
--
|
--
|
||||||
Common Stock – $.01 Par Value; 40,000,000 Shares Authorized; 1,911,927 and 1,953,066 Shares Issued
and Outstanding at December 31, 2017 and June 30, 2017, Respectively
|
23
|
23
|
||||||
Additional Paid-in Capital
|
34,874
|
34,516
|
||||||
Unearned ESOP Stock
|
(1,158
|
)
|
(1,215
|
)
|
||||
Unearned RRP Trust Stock
|
(22
|
)
|
(46
|
)
|
||||
Retained Earnings
|
12,806
|
13,320
|
||||||
Accumulated Other Comprehensive Income
|
(591
|
)
|
(352
|
)
|
||||
Total Stockholders' Equity
|
45,932
|
46,246
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
411,833
|
$
|
426,606
|
For the Three Months Ended
December 31,
|
For the Six Months Ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(In Thousands, Except per Share Data)
|
||||||||||||||||
INTEREST INCOME
|
||||||||||||||||
Loans, Including Fees
|
$
|
4,280
|
$
|
3,794
|
$
|
8,564
|
$
|
7,688
|
||||||||
Investment Securities
|
12
|
8
|
23
|
13
|
||||||||||||
Mortgage-Backed Securities
|
268
|
252
|
528
|
444
|
||||||||||||
Other Interest-Earning Assets
|
27
|
8
|
65
|
12
|
||||||||||||
Total Interest Income
|
4,587
|
4,062
|
9,180
|
8,157
|
||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Deposits
|
738
|
563
|
1,445
|
1,103
|
||||||||||||
Federal Home Loan Bank Borrowings
|
117
|
89
|
261
|
184
|
||||||||||||
Other Bank Borrowings
|
1
|
5
|
1
|
8
|
||||||||||||
Total Interest Expense
|
856
|
657
|
1,707
|
1,295
|
||||||||||||
Net Interest Income
|
3,731
|
3,405
|
7,473
|
6,862
|
||||||||||||
PROVISION FOR LOAN LOSSES
|
200
|
300
|
500
|
600
|
||||||||||||
Net Interest Income after Provision for Loan Losses
|
3,531
|
3,105
|
6,973
|
6,262
|
||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||
Gain on Sale of Loans
|
430
|
587
|
1,035
|
1,385
|
||||||||||||
Gain on Sale of Real Estate
|
(1
|
)
|
-
|
(1
|
)
|
110
|
||||||||||
Gain on Sale of Securities
|
-
|
-
|
94
|
-
|
||||||||||||
Income on Bank Owned Life Insurance
|
35
|
37
|
71
|
74
|
||||||||||||
Service Charges on Deposit Accounts
|
221
|
184
|
437
|
347
|
||||||||||||
Other Income
|
12
|
13
|
29
|
23
|
||||||||||||
Total Non-Interest Income
|
697
|
821
|
1,665
|
1,939
|
||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||
Compensation and Benefits
|
1,581
|
1,737
|
3,296
|
3,459
|
||||||||||||
Occupancy and Equipment
|
361
|
311
|
671
|
618
|
||||||||||||
Data Processing
|
165
|
159
|
332
|
314
|
||||||||||||
Audit and Examination Fees
|
77
|
81
|
126
|
133
|
||||||||||||
Franchise and Bank Shares Tax
|
103
|
106
|
201
|
201
|
||||||||||||
Advertising
|
30
|
94
|
70
|
166
|
||||||||||||
Legal Fees
|
143
|
147
|
289
|
228
|
||||||||||||
Loan and Collection
|
73
|
49
|
153
|
148
|
||||||||||||
Deposit Insurance Premium
|
40
|
20
|
68
|
65
|
||||||||||||
Other Expense
|
182
|
142
|
380
|
289
|
||||||||||||
Total Non-Interest Expense
|
2,755
|
2,846
|
5,586
|
5,621
|
||||||||||||
Income Before Income Taxes
|
1,473
|
1,080
|
3,052
|
2,580
|
||||||||||||
PROVISION FOR INCOME TAX EXPENSE
|
1,112
|
317
|
1,683
|
815
|
||||||||||||
Net Income
|
$
|
361
|
$
|
763
|
$
|
1,369
|
$
|
1,765
|
||||||||
EARNINGS PER SHARE:
|
||||||||||||||||
Basic
|
$
|
0.20
|
$
|
0.42
|
$
|
0.76
|
$
|
0.97
|
||||||||
Diluted
|
$
|
0.19
|
$
|
0.40
|
$
|
0.72
|
$
|
0.94
|
||||||||
DIVIDENDS DECLARED
|
$
|
0.12
|
$
|
0.09
|
$
|
0.24
|
$
|
0.18
|
For the Three Months Ended
December 31,
|
For the Six Months Ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
Net Income
|
$
|
361
|
$
|
763
|
$
|
1,369
|
$
|
1,765
|
||||||||
Other Comprehensive Loss, Net of Tax
|
||||||||||||||||
Unrealized Holding Loss on Securities Available-for-Sale,
Net of Tax of $78 and $124 in 2017 and $220 and $322 in 2016
|
(
153
|
)
|
(427
|
)
|
(239
|
)
|
(625
|
)
|
||||||||
Total Comprehensive Income
|
$
|
208
|
$
|
336
|
$
|
1,130
|
$
|
1,140
|
Common
Stock
|
Additional
Paid-in
Capital
|
Unearned
ESOP
Stock
|
Unearned RRP
Trust
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
Stockholders'
Equity
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
BALANCE – June 30, 2016
|
$
|
23
|
$
|
33,863
|
$
|
(1,331
|
)
|
$
|
(265
|
)
|
$
|
11,018
|
$
|
84
|
$
|
43,392
|
||||||||||||
Net Income
|
--
|
--
|
--
|
--
|
1,765
|
--
|
1,765
|
|||||||||||||||||||||
Changes in Unrealized Gain
on Securities Available-for-
Sale, Net of Tax Effects
|
--
|
--
|
--
|
--
|
--
|
(625
|
)
|
(625
|
)
|
|||||||||||||||||||
RRP Shares Earned
|
--
|
--
|
--
|
24
|
--
|
--
|
24
|
|||||||||||||||||||||
Stock Options Vested
|
--
|
146
|
--
|
--
|
--
|
--
|
146
|
|||||||||||||||||||||
Common Stock Issuance for
Share Awards Earned
|
--
|
138
|
--
|
--
|
--
|
--
|
138
|
|||||||||||||||||||||
Common Stock Issuance for
Stock Option Exercises
|
--
|
39
|
--
|
--
|
--
|
--
|
39
|
|||||||||||||||||||||
ESOP Compensation Earned
|
--
|
79
|
58
|
--
|
--
|
--
|
137
|
|||||||||||||||||||||
Company Stock Purchased
|
--
|
--
|
--
|
--
|
(525
|
)
|
--
|
(525
|
)
|
|||||||||||||||||||
Dividends Declared
|
--
|
--
|
--
|
--
|
(353
|
)
|
--
|
(353
|
)
|
|||||||||||||||||||
BALANCE – December 31, 2016
|
$
|
23
|
$
|
34,265
|
$
|
(1,273
|
)
|
$
|
(241
|
)
|
$
|
11,905
|
$
|
(541
|
)
|
$
|
44,138
|
|||||||||||
BALANCE – June 30, 2017
|
$
|
23
|
$
|
34,516
|
$
|
(1,215
|
)
|
$
|
(46
|
)
|
$
|
13,320
|
$
|
(352
|
)
|
$
|
46,246
|
|||||||||||
Net Income
|
--
|
--
|
--
|
--
|
1,369
|
--
|
1,369
|
|||||||||||||||||||||
Changes in Unrealized Gain
on Securities Available-for-
Sale, Net of Tax Effects
|
--
|
--
|
--
|
--
|
--
|
(239
|
)
|
(239
|
)
|
|||||||||||||||||||
RRP Shares Earned
|
--
|
--
|
--
|
24
|
--
|
--
|
24
|
|||||||||||||||||||||
Stock Options Vested
|
--
|
68
|
--
|
--
|
--
|
--
|
68
|
|||||||||||||||||||||
Common Stock Issuance for
Stock Option Exercises
|
--
|
191
|
--
|
--
|
--
|
--
|
191
|
|||||||||||||||||||||
ESOP Compensation Earned
|
--
|
99
|
57
|
--
|
--
|
--
|
156
|
|||||||||||||||||||||
Company Stock Purchased
|
--
|
--
|
--
|
--
|
(1,417
|
)
|
--
|
(1,417
|
)
|
|||||||||||||||||||
Dividends Declared
|
--
|
--
|
--
|
(466
|
)
|
--
|
(466
|
)
|
||||||||||||||||||||
BALANCE – December 31, 2017
|
$
|
23
|
$
|
34,874
|
$
|
(1,158
|
)
|
$
|
(22
|
)
|
$
|
12,806
|
$
|
(591
|
)
|
$
|
45,932
|
Six Months Ended
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net Income
|
$
|
1,369
|
$
|
1,765
|
||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
|
||||||||
Net Amortization and Accretion on Securities
|
96
|
18
|
||||||
Gain/(Loss) on Sale of Real Estate
|
1
|
(110
|
)
|
|||||
Gain on Sale of Loans
|
(1,035
|
)
|
(1,385
|
)
|
||||
Gain on Sale of Securities
|
(94
|
)
|
--
|
|||||
Amortization of Deferred Loan Fees
|
(72
|
)
|
(31
|
)
|
||||
Depreciation of Premises and Equipment
|
254
|
247
|
||||||
ESOP Expense
|
156
|
137
|
||||||
Stock Option Expense
|
68
|
146
|
||||||
Recognition and Retention Plan Expense
|
14
|
116
|
||||||
Share Awards Expense
|
68
|
69
|
||||||
Deferred Income Tax
|
610
|
(252
|
)
|
|||||
Provision for Loan Losses
|
500
|
600
|
||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance
|
(71
|
)
|
(74
|
)
|
||||
Bad Debt Recovery
|
5
|
8
|
||||||
Changes in Assets and Liabilities:
|
||||||||
Loans Held-for-Sale – Originations and Purchases
|
(44,573
|
)
|
(58,028
|
)
|
||||
Loans Held-for-Sale – Sale and Principal Repayments
|
56,531
|
60,402
|
||||||
Accrued Interest Receivable
|
(79
|
)
|
10
|
|||||
Other Operating Assets
|
428
|
(40
|
)
|
|||||
Other Operating Liabilities
|
(472
|
)
|
(305
|
)
|
||||
Net Cash Provided by Operating Activities
|
13,704
|
3,293
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Loan Originations and Purchases, Net of Principal Collections
|
(3,920
|
)
|
(6,950
|
)
|
||||
Deferred Loan Fees Collected
|
169
|
86
|
||||||
Acquisition of Premises and Equipment
|
(114
|
)
|
(241
|
)
|
||||
Proceeds from Sale of Real Estate
|
--
|
423
|
||||||
Activity in Available-for-Sale Securities:
|
||||||||
Principal Payments on Mortgage-Backed Securities
|
4,479
|
7,178
|
||||||
Sale of Securities
|
3,555
|
--
|
||||||
Purchases of Securities
|
(4,947
|
)
|
--
|
|||||
Activity in Held-to-Maturity Securities:
|
||||||||
Principal Payments on Mortgage-Backed Securities
|
1,466
|
591
|
||||||
Purchases of Securities
|
(1,174
|
)
|
(22,793
|
)
|
||||
Net Cash Used In Investing Activities
|
(486
|
)
|
(21,706
|
)
|
||||
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
|
||||||||
(Unaudited)
|
||||||||
Six Months Ended
|
||||||||
December 31,
|
||||||||
2017
|
2016
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net Increase in Deposits
|
$
|
13,180
|
$
|
22,832
|
||||
Proceeds from Federal Home Loan Bank Advances
|
61,675
|
512,100
|
||||||
Repayments of Advances from Federal Home Loan Bank
|
(88,808
|
)
|
(506,727
|
)
|
||||
Net Decrease in Advances from Borrowers for Taxes and Insurance
|
(384
|
)
|
(363
|
)
|
||||
Dividends Paid
|
(466
|
)
|
(353
|
)
|
||||
Company Stock Purchased
|
(1,417
|
)
|
(525
|
)
|
||||
Proceeds from Stock Options Exercised
|
191
|
39
|
||||||
Proceeds from other Bank Borrowings
|
350
|
300
|
||||||
Recognition and Retention Plan Share Distributions
|
--
|
--
|
||||||
Net Cash Provided (Used In) Financing Activities
|
(15,679
|
)
|
27,303
|
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
(2,461
|
)
|
8,890
|
|||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
11,905
|
4,756
|
||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$
|
9,444
|
$
|
13,646
|
||||
SUPPLEMENTARY CASH FLOW INFORMATION
|
||||||||
Interest Paid on Deposits and Borrowed Funds
|
$
|
1,614
|
$
|
1,288
|
||||
Income Taxes Paid
|
1,101
|
1,083
|
||||||
Market Value Adjustment for Loss on Securities Available-for-Sale
|
(363
|
)
|
(947
|
)
|
December 31, 2017
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$
|
8,251
|
$
|
1
|
$
|
434
|
$
|
7,818
|
||||||||
FNMA Mortgage-Backed Certificates
|
14,391
|
1
|
354
|
14,038
|
||||||||||||
GNMA Mortgage-Backed Certificates
|
11,802
|
2
|
163
|
11,641
|
||||||||||||
Total Debt Securities
|
34,444
|
4
|
951
|
33,497
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
34,444
|
$
|
4
|
$
|
951
|
$
|
33,497
|
||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
GNMA Mortgage-Backed Certificates
|
$
|
1,171
|
$
|
-
|
$
|
20
|
$
|
1,151
|
||||||||
FNMA Mortgage-Backed Certificates
|
24,081
|
-
|
474
|
23,607
|
||||||||||||
Total Debt Securities
|
25,252
|
-
|
494
|
24,758
|
||||||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
25,720
Shares – Federal Home Loan Bank
|
2,572
|
-
|
-
|
2,572
|
||||||||||||
630 Shares – First National Bankers Bankshares, Inc.
|
250
|
-
|
-
|
250
|
||||||||||||
Total Equity Securities
|
2,822
|
-
|
-
|
2,822
|
||||||||||||
Total Securities Held-to-Maturity
|
$
|
28,074
|
$
|
-
|
$
|
494
|
$
|
27,580
|
June 30, 2017 | ||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$
|
9,140
|
$
|
5
|
$
|
297
|
$
|
8,848
|
||||||||
FNMA Mortgage-Backed Certificates
|
19,986
|
256
|
285
|
19,957
|
||||||||||||
GNMA Mortgage-Backed Certificates
|
8,342
|
3
|
215
|
8,130
|
||||||||||||
Total Debt Securities
|
37,468
|
264
|
797
|
36,935
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
37,468
|
$
|
264
|
$
|
797
|
$
|
36,935
|
||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FNMA Mortgage-Backed Securities
|
$
|
25,558
|
$
|
2
|
$
|
370
|
$
|
25,190
|
||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
25,488 Shares – Federal Home Loan Bank
|
2,549
|
--
|
--
|
2,549
|
||||||||||||
630 Shares – First National Bankers Bankshares, Inc.
|
250
|
--
|
--
|
250
|
||||||||||||
Total Equity Securities
|
2,799
|
--
|
--
|
2,799
|
||||||||||||
Total Securities Held-to-Maturity
|
$
|
28,357
|
$
|
2
|
$
|
370
|
$
|
27,989
|
Available-for-Sale | Available-for-Sale | |||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities
|
||||||||||||||||
Within One Year or Less
|
$
|
4
|
$
|
4
|
$
|
--
|
$
|
--
|
||||||||
One through Five Years
|
40
|
40
|
--
|
--
|
||||||||||||
After Five through Ten Years
|
39
|
39
|
--
|
--
|
||||||||||||
Over Ten Years
|
34,361
|
33,414
|
25,252
|
24,758
|
||||||||||||
34,444
|
33,497
|
25,252
|
24,758
|
|||||||||||||
Other Equity Securities
|
--
|
--
|
2,822
|
2,822
|
||||||||||||
Total
|
$
|
34,444
|
$
|
33,497
|
$
|
28,074
|
$
|
27,580
|
December 31, 2017
|
||||||||||||||||
Less Than Twelve Months
|
Over Twelve Months
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Securities Available-for-Sale
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
Mortgage-Backed Securities
|
$
|
1
|
$
|
48
|
$
|
950
|
$
|
28,438
|
||||||||
Marketable Equity Securities
|
--
|
--
|
--
|
--
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
1
|
$
|
48
|
$
|
950
|
$
|
28,438
|
||||||||
June 30, 2017
|
||||||||||||||||
Less Than Twelve Months
|
Over Twelve Months
|
|||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
|||||||||||||
Losses
|
Value
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Securities Available-for-Sale
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
Mortgage-Backed Securities
|
$
|
144
|
$
|
10,278
|
$
|
653
|
$
|
21,719
|
||||||||
Marketable Equity Securities
|
--
|
--
|
--
|
--
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
144
|
$
|
10,278
|
$
|
653
|
$
|
21,719
|
|
December 31, 2017
|
June 30, 2017
|
||||||
(In Thousands)
|
||||||||
Loans Secured by Mortgages on Real Estate
|
||||||||
One-to-Four Family Residential
|
$
|
129,053
|
$
|
125,306
|
||||
Commercial
|
73,044
|
77,945
|
||||||
Multi-Family Residential
|
30,844
|
21,281
|
||||||
Land
|
20,657
|
25,038
|
||||||
Construction
|
8,724
|
9,529
|
||||||
Equity and Second Mortgage
|
1,609
|
1,710
|
||||||
Equity Lines of Credit
|
20,343
|
20,976
|
||||||
Total Mortgage Loans
|
284,274
|
281,785
|
||||||
Commercial Loans
|
34,979
|
34,429
|
||||||
Consumer Loans
|
||||||||
Loans on Savings Accounts
|
401
|
420
|
||||||
Other Consumer Loans
|
112
|
63
|
||||||
Total Consumer Loans
|
513
|
483
|
||||||
Total Loans
|
319,766
|
316,697
|
||||||
Less: Allowance for Loan Losses
|
(3,383
|
)
|
(3,729
|
)
|
||||
Unamortized Loan Fees
|
(293
|
)
|
(196
|
)
|
||||
Net Loans Receivable
|
$
|
316,090
|
$
|
312,772
|
Six Months Ended December 31,
|
||||||||
|
2017
|
2016
|
||||||
(In Thousands)
|
||||||||
Balance - Beginning of Period
|
$
|
3,729
|
$
|
2,845
|
||||
Provision for Loan Losses
|
500
|
600
|
||||||
Loan Charge-Offs
|
(851
|
)
|
(14
|
)
|
||||
Recoveries
|
5
|
8
|
||||||
Balance - End of Period
|
$
|
3,383
|
$
|
3,439
|
Special | ||||||||||||||||||||
December 31, 2017 | Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||
One-to-Four Family Residential | $ | 127,828 | $ | - | $ | 1,225 | $ | - | $ | 129,053 | ||||||||||
Commercial
|
68,833
|
-
|
4,211
|
-
|
73,044
|
|||||||||||||||
Multi-Family Residential
|
30,844
|
-
|
-
|
-
|
30,844
|
|||||||||||||||
Land
|
20,657
|
-
|
-
|
-
|
20,657
|
|||||||||||||||
Construction
|
8,724
|
-
|
-
|
-
|
8,724
|
|||||||||||||||
Equity and Second Mortgage
|
1,570
|
-
|
39
|
-
|
1,609
|
|||||||||||||||
Equity Lines of Credit
|
20,343
|
-
|
-
|
-
|
20,343
|
|||||||||||||||
Commercial Loans
|
32,903
|
-
|
2,076
|
-
|
34,979
|
|||||||||||||||
Consumer Loans
|
513
|
-
|
-
|
-
|
513
|
|||||||||||||||
Total
|
$
|
312,215
|
$
|
-
|
$
|
7,551
|
$
|
-
|
$
|
319,766
|
||||||||||
June 30, 2017
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||
One-to-Four Family Residential
|
$
|
124,450
|
$
|
303
|
$
|
553
|
$
|
--
|
$
|
125,306
|
||||||||||
Commercial
|
77,690
|
--
|
255
|
--
|
77,945
|
|||||||||||||||
Multi-Family Residential
|
21,281
|
--
|
--
|
--
|
21,281
|
|||||||||||||||
Land
|
24,915
|
123
|
--
|
--
|
25,038
|
|||||||||||||||
Construction
|
9,232
|
297
|
--
|
--
|
9,529
|
|||||||||||||||
Equity and Second Mortgage
|
1,710
|
--
|
--
|
--
|
1,710
|
|||||||||||||||
Equity Lines of Credit
|
20,976
|
--
|
--
|
--
|
20,976
|
|||||||||||||||
Commercial Loans
|
31,926
|
--
|
2,503
|
--
|
34,429
|
|||||||||||||||
Consumer Loans
|
483
|
--
|
--
|
--
|
483
|
|||||||||||||||
Total
|
$
|
312,663
|
$
|
723
|
$
|
3,311
|
$
|
--
|
$
|
316,697
|
||||||||||
December 31, 2017
|
30-59 Days
Past Due
|
60-89
Days Past Due
|
Greater
Than 90 Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Recorded
Investment
> 90 Days
and
Accruing
|
|||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
One-to-Four Family Residential
|
$
|
2,387
|
$
|
1,380
|
$
|
1,305
|
$
|
5,072
|
$
|
123,981
|
$
|
129,053
|
$
|
--
|
||||||||||||||
Commercial
|
--
|
--
|
--
|
--
|
73,044
|
73,044
|
--
|
|||||||||||||||||||||
Multi-Family Residential
|
--
|
--
|
--
|
--
|
30,844
|
30,844
|
--
|
|||||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
20,657
|
20,657
|
--
|
|||||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
8,724
|
8,724
|
--
|
|||||||||||||||||||||
Equity and Second Mortgage
|
--
|
--
|
--
|
--
|
1,609
|
1,609
|
--
|
|||||||||||||||||||||
Equity Lines of Credit
|
209
|
30
|
19
|
258
|
20,085
|
20,343
|
--
|
|||||||||||||||||||||
Commercial Loans
|
--
|
--
|
1,619
|
1,619
|
33,360
|
34,979
|
--
|
|||||||||||||||||||||
Consumer Loans
|
--
|
--
|
--
|
--
|
513
|
513
|
--
|
|||||||||||||||||||||
Total
|
$
|
2,596
|
$
|
1,410
|
$
|
2,943
|
$
|
6,949
|
$
|
312,817
|
$
|
319,766
|
$
|
-- |
June 30, 2017
|
30-59 Days
Past Due
|
60-89
Days Past Due
|
Greater
Than 90 Days
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Recorded
Investment
> 90 Days
and
Accruing
|
|||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
One-to-Four Family Residential
|
$
|
1,650
|
$
|
350
|
$
|
662
|
$
|
2,662
|
$
|
122,644
|
$
|
125,306
|
$
|
181
|
||||||||||||||
Commercial
|
8
|
--
|
--
|
8
|
77,937
|
77,945
|
--
|
|||||||||||||||||||||
Multi-Family Residential
|
--
|
--
|
--
|
--
|
21,281
|
21,281
|
--
|
|||||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
25,038
|
25,038
|
--
|
|||||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
9,529
|
9,529
|
--
|
|||||||||||||||||||||
Equity and Second Mortgage
|
--
|
--
|
--
|
--
|
1,710
|
1,710
|
--
|
|||||||||||||||||||||
Equity Lines of Credit
|
194
|
--
|
4
|
198
|
20,778
|
20,976
|
4
|
|||||||||||||||||||||
Commercial Loans
|
--
|
--
|
2,503
|
2,503
|
31,926
|
34,429
|
--
|
|||||||||||||||||||||
Consumer Loans
|
--
|
--
|
--
|
--
|
483
|
483
|
--
|
|||||||||||||||||||||
Total
|
$
|
1,852
|
$
|
350
|
$
|
3,169
|
$
|
5,371
|
$
|
311,326
|
$
|
316,697
|
$
|
185
|
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
December 31, 2017
|
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
|
$
|
1,822
|
$
|
353
|
$
|
73
|
$
|
203
|
$
|
147
|
$
|
142
|
$
|
979
|
$
|
10
|
$
|
3,729
|
||||||||||||||||||
Charge-Offs
|
--
|
--
|
--
|
(49
|
)
|
--
|
(5
|
)
|
(797
|
)
|
--
|
(851
|
)
|
|||||||||||||||||||||||
Recoveries
|
5
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
5
|
|||||||||||||||||||||||||||
Current Provision
|
(543
|
)
|
138
|
99
|
9
|
20
|
66
|
718
|
(7
|
)
|
500
|
|||||||||||||||||||||||||
Ending Balances
|
$
|
1,284
|
$
|
491
|
$
|
172
|
$
|
163
|
$
|
167
|
$
|
203
|
$
|
900
|
$
|
3
|
$
|
3,383
|
||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Collectively
|
$
|
1,284
|
$
|
491
|
$
|
172
|
$
|
163
|
167
|
$
|
203
|
$
|
900
|
$
|
3
|
3,383
|
||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances – Total
|
$
|
129,053
|
$
|
73,044
|
$
|
30,844
|
$
|
20,657
|
$
|
8,724
|
$
|
21,952
|
$
|
34,979
|
$
|
513
|
$
|
319,766
|
||||||||||||||||||
Ending Balances Evaluated
|
||||||||||||||||||||||||||||||||||||
for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
1,225
|
4,211
|
--
|
--
|
--
|
39
|
2,076
|
--
|
7,551
|
|||||||||||||||||||||||||||
Collectively
|
$
|
127,828
|
$
|
68,833
|
$
|
30,844
|
$
|
20,657
|
$
|
8,724
|
$
|
21,913
|
$
|
32,903
|
$
|
513
|
$
|
312,215
|
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
December 31, 2016
|
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
|
$
|
1,517
|
$
|
321
|
$
|
111
|
$
|
201
|
$
|
126
|
$
|
117
|
$
|
444
|
$
|
8
|
$
|
2,845
|
||||||||||||||||||
Charge-Offs
|
--
|
--
|
--
|
--
|
--
|
(14
|
)
|
--
|
--
|
(14
|
)
|
|||||||||||||||||||||||||
Recoveries
|
8
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
8
|
|||||||||||||||||||||||||||
Current Provision
|
179
|
19
|
(27
|
)
|
(7
|
)
|
(6
|
)
|
23
|
427
|
(8
|
)
|
600
|
|||||||||||||||||||||||
Ending Balances
|
$
|
1,704
|
$
|
340
|
$
|
84
|
$
|
194
|
$
|
120
|
$
|
126
|
$
|
871
|
$
|
--
|
$
|
3,439
|
||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Collectively
|
1,704
|
340
|
84
|
194
|
120
|
126
|
871
|
--
|
3,439
|
|||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances – Total
|
$
|
119,868
|
$
|
73,226
|
$
|
15,548
|
$
|
23,991
|
$
|
13,745
|
$
|
20,039
|
$
|
33,964
|
$
|
390
|
$
|
300,771
|
||||||||||||||||||
Ending Balances Evaluated
|
||||||||||||||||||||||||||||||||||||
for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
1,161
|
2,580
|
--
|
679
|
298
|
--
|
2,785
|
--
|
7,503
|
|||||||||||||||||||||||||||
Collectively
|
$
|
118,707
|
$
|
70,646
|
$
|
15,548
|
$
|
23,312
|
$
|
13,447
|
$
|
20,039
|
$
|
31,179
|
$
|
390
|
$
|
293,268
|
December 31, 2017
|
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
|
$
|
1,225
|
$
|
1,225
|
$
|
--
|
$
|
1,225
|
$
|
--
|
$
|
1,229
|
||||||||||||
Commercial
|
4,211
|
4,211
|
--
|
4,211
|
--
|
4,177
|
||||||||||||||||||
Multi-Family Residential
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Equity and Second Mortgage
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Equity Lines of Credit
|
39
|
39
|
--
|
39
|
--
|
50
|
||||||||||||||||||
Commercial Loans
|
2,076
|
2,076
|
--
|
2,076
|
--
|
2,120
|
||||||||||||||||||
Consumer Loans
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Total
|
$
|
7,551
|
$
|
7,551
|
$
|
--
|
$
|
7,551
|
$
|
--
|
$
|
7,576
|
June 30, 2017
|
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
|
$
|
856
|
$
|
856
|
$
|
--
|
$
|
856
|
$
|
--
|
$
|
861
|
||||||||||||
Commercial
|
255
|
255
|
--
|
255
|
--
|
261
|
||||||||||||||||||
Multi-Family Residential
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Land
|
123
|
123
|
--
|
123
|
--
|
125
|
||||||||||||||||||
Construction
|
297
|
297
|
--
|
297
|
--
|
299
|
||||||||||||||||||
Equity and Second Mortgage
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Equity Lines of Credit
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Loans
|
2,513
|
2,513
|
--
|
2,513
|
--
|
2,649
|
||||||||||||||||||
Consumer Loans
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Total
|
$
|
4,044
|
$
|
4,044
|
$
|
--
|
$
|
4,044
|
$
|
--
|
$
|
4,195
|
|
December 31, 2017
|
|||||||||||||||
|
Current
|
Past Due Greater
Than 30 Days
|
Nonaccrual TDRs
|
Total TDRs
|
||||||||||||
Commercial business
|
$
|
4,745
|
$
|
1,619
|
$
|
1,619
|
$
|
6,364
|
||||||||
|
June 30, 2017
|
|||||||||||||||
|
Current
|
Past Due Greater
Than 30 Days
|
Nonaccrual TDRs
|
Total TDRs
|
||||||||||||
Commercial business
|
$
|
--
|
$
|
1,717
|
$
|
1,717
|
$
|
1,717
|
December 31, 2017
|
June 30, 2017
|
|||||||
(In Thousands)
|
||||||||
Non-Interest Bearing
|
$
|
60,860
|
$
|
54,420
|
||||
NOW Accounts
|
30,382
|
34,500
|
||||||
Money Markets
|
45,977
|
42,439
|
||||||
Passbook Savings
|
37,210
|
35,050
|
||||||
174,429
|
166,409
|
|||||||
Certificates of Deposit
|
167,796
|
162,636
|
||||||
Total Deposits
|
$
|
342,225
|
$
|
329,045
|
Three Months Ended
December 31,
|
Six Months Ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(In Thousands, Except Per Share Data)
|
||||||||||||||||
Net income
|
$
|
361
|
$
|
763
|
$
|
1,369
|
$
|
1,765
|
||||||||
Weighted average shares outstanding - basic
|
1,801
|
1,812
|
1,807
|
1,812
|
||||||||||||
Effect of dilutive common stock equivalents
|
102
|
84
|
100
|
75
|
||||||||||||
Adjusted weighted average shares outstanding - diluted
|
1,903
|
1,896
|
1,907
|
1,887
|
||||||||||||
Basic earnings per share
|
$
|
0.20
|
$
|
0.42
|
$
|
0.76
|
$
|
0.97
|
||||||||
Diluted earnings per share
|
$
|
0.19
|
$
|
0.40
|
$
|
0.72
|
$
|
0.94
|
Three Months Ended
December 31,
|
Six Months Ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Average common shares issued
|
3,062
|
3,062
|
3,062
|
3,062
|
||||||||||||
Average unearned ESOP shares
|
(117
|
)
|
(129
|
)
|
(119
|
)
|
(130
|
)
|
||||||||
Average unearned RRP shares
|
(3
|
)
|
(19
|
)
|
(3
|
)
|
(19
|
)
|
||||||||
Average Company stock purchased
|
(
1,141
|
)
|
(
1,102
|
)
|
(1,133
|
)
|
(1,101
|
)
|
||||||||
Weighted average shares outstanding
|
1,801
|
1,812
|
1,807
|
1,812
|
December 31, 2017
|
June 30, 2017
|
|||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||
Value
|
Fair Value
|
Value
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash and Cash Equivalents
|
$
|
9,444
|
$
|
9,444
|
$
|
11,905
|
$
|
11,905
|
||||||||
Securities Available-for-Sale
|
33,497
|
33,497
|
36,935
|
36,935
|
||||||||||||
Securities to be Held-to-Maturity
|
28,074
|
27,580
|
28,357
|
27,989
|
||||||||||||
Loans Held-for-Sale
|
2,750
|
2,750
|
13,631
|
13,631
|
||||||||||||
Loans Receivable
|
316,090
|
307,255
|
312,772
|
301,741
|
||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
342,225
|
328,671
|
$
|
329,045
|
$
|
313,514
|
||||||||||
Advances from FHLB
|
21,774
|
21,826
|
48,907
|
48,918
|
||||||||||||
Off-Balance Sheet Items
|
||||||||||||||||
Mortgage Loan Commitments
|
$
|
5,140
|
$
|
5,140
|
$
|
457
|
$
|
457
|
●
|
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.
|
ITEM 2. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three Months Ended December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable
|
$
|
326,397
|
$
|
4,280
|
5.20
|
%
|
$
|
302,592
|
$
|
3,794
|
4.97
|
%
|
||||||||||||
Investment securities
|
58,740
|
280
|
1.89
|
59,234
|
260
|
1.74
|
||||||||||||||||||
Interest-earning deposits
|
8,211
|
27
|
1.30
|
6,662
|
8
|
0.48
|
||||||||||||||||||
Total interest-earning assets
|
$
|
393,348
|
4,587
|
4.63
|
%
|
$
|
368,488
|
4,062
|
4.37
|
%
|
||||||||||||||
Non-interest-earning assets
|
25,626
|
23,439
|
||||||||||||||||||||||
Total assets
|
$
|
418,974
|
$
|
391,927
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$
|
37,317
|
50
|
0.53
|
%
|
$
|
32,350
|
38
|
0.47
|
%
|
||||||||||||||
NOW accounts
|
34,664
|
41
|
0.47
|
36,321
|
48
|
0.52
|
||||||||||||||||||
Money market accounts
|
41,836
|
41
|
0.39
|
46,398
|
36
|
0.31
|
||||||||||||||||||
Certificate accounts
|
168,085
|
606
|
1.43
|
139,218
|
441
|
1.26
|
||||||||||||||||||
Total interest-bearing deposits
|
281,902
|
738
|
1.04
|
254,287
|
563
|
0.88
|
||||||||||||||||||
Other bank borrowings
|
126
|
1
|
3.15
|
457
|
5
|
3.48
|
||||||||||||||||||
FHLB advances
|
30,408
|
117
|
1.53
|
42,294
|
89
|
0.83
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
312,436
|
856
|
1.09
|
%
|
$
|
297,038
|
657
|
0.44
|
%
|
||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest bearing demand accounts
|
58,603
|
48,827
|
||||||||||||||||||||||
Other liabilities
|
1,005
|
1,462
|
||||||||||||||||||||||
Total liabilities
|
372,044
|
347,327
|
||||||||||||||||||||||
Total Stockholders' Equity(1)
|
46,930
|
44,600
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and equity
|
$
|
418,974
|
$
|
391,927
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest-earning assets
|
$
|
80,912
|
$
|
71,450
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income; average interest rate spread(2)
|
$
|
3,731
|
3.54
|
%
|
$
|
3,405
|
3.49
|
%
|
||||||||||||||||
Net interest margin(3)
|
3.76
|
%
|
3.67
|
%
|
||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
125.90
|
%
|
124.05
|
%
|
(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.
|
Six Months Ended December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable
|
$
|
326,128
|
$
|
8,564
|
5.21
|
%
|
$
|
291,796
|
$
|
7,688
|
5.23
|
%
|
||||||||||||
Investment securities
|
59,647
|
551
|
1.83
|
56,768
|
457
|
1.60
|
||||||||||||||||||
Interest-earning deposits
|
9,895
|
65
|
1.30
|
4,900
|
12
|
0.49
|
||||||||||||||||||
Total interest-earning assets
|
$
|
395,670
|
9,180
|
4.60
|
%
|
$
|
353,464
|
8,157
|
4.58
|
%
|
||||||||||||||
Non-interest-earning assets
|
26,050
|
34,934
|
||||||||||||||||||||||
Total assets
|
$
|
421,720
|
$
|
388,398
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
$
|
36,536
|
98
|
0.53
|
%
|
$
|
30,895
|
69
|
0.44
|
%
|
||||||||||||||
NOW accounts
|
35,472
|
85
|
0.48
|
35,639
|
98
|
0.55
|
||||||||||||||||||
Money market accounts
|
41,659
|
79
|
0.38
|
47,053
|
75
|
0.32
|
||||||||||||||||||
Certificate accounts
|
166,288
|
1,183
|
1.41
|
136,019
|
861
|
1.26
|
||||||||||||||||||
Total interest-bearing deposits
|
279,955
|
1,445
|
1.02
|
249,606
|
1,103
|
0.88
|
||||||||||||||||||
Other bank borrowings
|
62
|
1
|
3.20
|
429
|
8
|
3.70
|
||||||||||||||||||
FHLB advances
|
36,634
|
261
|
1.41
|
44,330
|
184
|
0.82
|
||||||||||||||||||
Total interest-bearing liabilities
|
$
|
316,651
|
1,707
|
1.07
|
%
|
$
|
294,365
|
1,295
|
0.87
|
%
|
||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest bearing demand accounts
|
57,159
|
48,071
|
||||||||||||||||||||||
Other liabilities
|
1,117
|
1,620
|
||||||||||||||||||||||
Total liabilities
|
374,927
|
344,056
|
||||||||||||||||||||||
Total Stockholders' Equity(1)
|
46,793
|
44,342
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and equity
|
$
|
421,720
|
$
|
388,398
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest-earning assets
|
$
|
78,956
|
$
|
59,099
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income; average interest rate spread(2)
|
$
|
7.473
|
3.53
|
%
|
$
|
6,862
|
3.71
|
%
|
||||||||||||||||
Net interest margin(3)
|
3.75
|
%
|
3.85
|
%
|
||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
124.93
|
%
|
120.08
|
%
|
(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.
|
(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)
|
||||||||||||
October 1, 2017 – October 31, 2017
|
1,501
|
$
|
26.00
|
1,501
|
76,360
|
|||||||||||
November 1, 2017 – November 30, 2017
|
23,024
|
$
|
27.04
|
23,024
|
53,336
|
|||||||||||
December 1, 2017 –December 31, 2017
|
1,101
|
$
|
28.00
|
1,101
|
52,235
|
|||||||||||
Total
|
25,718
|
$
|
27.02
|
25,718
|
52,235
|
(a)
|
On October 12, 2016, the Company announced that its Board of Directors approved a seventh stock repurchase program for the repurchase of up to 97,000 shares to commence after the completion of the sixth stock repurchase program. The repurchase program does not have an expiration date.
|
No.
|
Description
|
|||
101.INS
|
XBRL Instance Document
|
|||
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|||
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document
|
* |
Denotes a management contract or compensatory plan or arrangement.
|
(1) |
Incorporated herein by reference from Home Federal Bancorp, Inc. of Louisiana's Current Report on Form 8-K filed with the SEC on December 18, 2017 (File No. 001-35019).
|
Date: February 9, 2018
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
|
By:
|
/s/Glen W. Brown | |
Glen W. Brown
Senior Vice President and Chief Financial Officer
(Duly authorized officer and principal financial and
accounting officer)
|
(i) |
any material breach of this Agreement by the Employers, including without limitation any of the following: (A) a material diminution in the Executive's base compensation, (B) a material diminution in the Executive's authority, duties or responsibilities, or (C) any requirement that the Executive report to a corporate officer or employee of the Employers instead of reporting directly to James R. Barlow, President and Chief Executive Officer;
|
(ii) |
any material change in the geographic location at which the Executive must perform his services under this Agreement;
|
(h)
|
IRS.
"IRS" shall mean the Internal Revenue Service.
|
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
||
/s/Mark M. Harrison
|
By:
|
/s/Timothy W. Wilhite
|
|
Mark M. Harrison
|
Timothy W. Wilhite, Esq. on behalf of
|
||
Director
|
the Compensation Committee
|
||
|
HOME FEDERAL BANK
|
||
|
By:
|
/s/Timothy W. Wilhite
|
|
|
Timothy W. Wilhite, Esq. on behalf of
|
||
|
the Compensation Committee
|
|
EXECUTIVE
|
||
|
By:
|
/s/Daniel R. Herndon
|
|
|
Daniel R. Herndon
|
||
|
Executive Chairman of the Board
|
1. |
I have reviewed this quarterly report on Form 10-Q of Home Federal Bancorp, Inc. of Louisiana;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5. |
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
|
|
|
|
/s/James R. Barlow
|
|
|
James R. Barlow
President and Chief Executive Officer
(Principal Executive Officer)
|
1. |
I have reviewed this quarterly report on Form 10-Q of Home Federal Bancorp, Inc. of Louisiana;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5. |
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
|
|
|
|
/s/Glen W. Brown
|
|
|
Glen W. Brown
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
|
Date: February 9, 2018
|
|
/s/James R. Barlow
|
|
|
Name: James R. Barlow
Title: President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date: February 9, 2018
|
|
/s/Glen W. Brown
|
|
|
Name: Glen W. Brown
Title: Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|