UNITED STATES
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||||||||||
SECURITIES AND EXCHANGE COMMISSION
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Washington, DC 20549
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FORM 10-Q
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(Mark One)
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||||||||||
T
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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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March 31, 2014
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G
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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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001-35019
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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||||||||||
(Exact name of registrant as specified in its charter)
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||||||||||
Louisiana
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02-0815311
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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|||||||||
624 Market Street, Shreveport, Louisiana
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71101
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(Address of principal executive offices)
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(Zip Code)
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(318) 222-1145
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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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||||||||||
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. TYes G No
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||||||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). TYes G No
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||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):
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Large accelerated filer G Accelerated filer G
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||||||||||
Non-accelerated filer G Smaller reporting company T
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(Do not check if a smaller reporting company)
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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).
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G Yes T No
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Shares of common stock, par value $.01 per share, outstanding as of May 9, 2014: The registrant had 2,238,181 shares of common stock outstanding.
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PART I - FINANCIAL INFORMATION |
Page
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Item 1:
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Financial Statements (Unaudited)
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Consolidated Statements of Financial Condition
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1
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Consolidated Statements of Income
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2
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Consolidated Statements of Comprehensive Income | 3 | |
Consolidated Statements of Changes in Stockholders' Equity
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4
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Consolidated Statements of Cash Flows
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5
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Notes to Consolidated Financial Statements
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7
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Item 2:
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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24
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Item 3:
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Quantitative and Qualitative Disclosures About Market Risk
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33
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Item 4:
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Controls and Procedures
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33
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PART II - OTHER INFORMATION
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||
Item 1:
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Legal Proceedings
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33
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Item 1A:
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Risk Factors
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33
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Item 2:
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Unregistered Sales of Equity Securities and Use of Proceeds
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33
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Item 3:
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Defaults Upon Senior Securities
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34
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Item 4:
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Mine Safety Disclosures
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34
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Item 5:
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Other Information
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34
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Item 6:
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Exhibits
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34
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SIGNATURES
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
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|||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
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March 31, 2014
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June 30, 2013
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|||||||
(Dollars In Thousands)
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||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing
Deposits with Other Banks of $123 and $1,028 for
March 31, 2014 and June 30, 2013, Respectively)
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$ | 6,649 | $ | 3,685 | ||||
Securities Available-for-Sale
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40,094 | 47,961 | ||||||
Securities Held-to-Maturity
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1,113 | 1,465 | ||||||
Loans Held-for-Sale
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6,795 | 3,464 | ||||||
Loans Receivable, Net of Allowance for Loan Losses
of $2,346 and $2,240, Respectively
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218,731 | 206,079 | ||||||
Accrued Interest Receivable
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914 | 774 | ||||||
Premises and Equipment, Net
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7,814 | 6,559 | ||||||
Bank Owned Life Insurance
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6,161 | 6,030 | ||||||
Deferred Tax Asset
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813 | 775 | ||||||
Other Assets
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440 | 363 | ||||||
Total Assets
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$ | 289,524 | $ | 277,155 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
LIABILITIES
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||||||||
Deposits
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$ | 229,246 | $ | 211,922 | ||||
Advances from Borrowers for Taxes and Insurance
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222 | 277 | ||||||
Advances from Federal Home Loan Bank of Dallas
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17,454 | 21,662 | ||||||
Other Bank Borrowings
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-- | 500 | ||||||
Other Accrued Expenses and Liabilities
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623 | 812 | ||||||
Total Liabilities
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247,545 | 235,173 | ||||||
STOCKHOLDERS’ EQUITY
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||||||||
Preferred Stock – 10,000,000 Shares of $.01 Par Value
Authorized; None Issued and Outstanding
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-- | -- | ||||||
Common Stock – 40,000,000 Shares of $.01 Par Value
Authorized; 3,062,386 Shares Issued and
2,243,047 Shares Outstanding at March 31, 2014;
2,351,950 Shares Outstanding at June 30, 2013
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34 | 32 | ||||||
Additional Paid-in Capital
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32,675 | 32,218 | ||||||
Treasury Stock, at Cost – 819,339 shares at March 31, 2014;
710,436 at June 30, 2013
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(15,486 | ) | (13,168 | ) | ||||
Unearned ESOP Stock
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(1,590 | ) | (1,676 | ) | ||||
Unearned RRP Trust Stock
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(609 | ) | (863 | ) | ||||
Retained Earnings
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26,974 | 25,395 | ||||||
Accumulated Other Comprehensive (Loss) Income
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(19 | ) | 44 | |||||
Total Stockholders’ Equity
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41,979 | 41,982 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 289,524 | $ | 277,155 |
For the Three Months Ended
March 31,
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For the Nine Months Ended
March 31,
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|||||||||||||||
2014
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2013
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2014
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2013
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|||||||||||||
(In Thousands, Except per Share Data)
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||||||||||||||||
INTEREST INCOME
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||||||||||||||||
Loans, Including Fees
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$ | 2,968 | $ | 2,880 | $ | 8,979 | $ | 8,564 | ||||||||
Investment Securities
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1 | 5 | 4 | 20 | ||||||||||||
Mortgage-Backed Securities
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235 | 383 | 780 | 1,314 | ||||||||||||
Other Interest-Earning Assets
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2 | 2 | 10 | 10 | ||||||||||||
Total Interest Income
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3,206 | 3,270 | 9,773 | 9,908 | ||||||||||||
INTEREST EXPENSE
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||||||||||||||||
Deposits
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522 | 543 | 1,652 | 1,693 | ||||||||||||
Federal Home Loan Bank Borrowings
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37 | 1 | 125 | 4 | ||||||||||||
Other Bank Borrowings
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-- | 76 | 14 | 263 | ||||||||||||
Total Interest Expense
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559 | 620 | 1,791 | 1,960 | ||||||||||||
Net Interest Income
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2,647 | 2,650 | 7,982 | 7,948 | ||||||||||||
PROVISION FOR LOAN LOSSES
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30 | 214 | 118 | 441 | ||||||||||||
Net Interest Income after
Provision for Loan Losses
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2,617 | 2,436 | 7,864 | 7,507 | ||||||||||||
NON-INTEREST INCOME
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||||||||||||||||
Gain on Sale of Real Estate
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129 | -- | 129 | -- | ||||||||||||
Gain on Sale of Loans
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360 | 655 | 1,240 | 1,992 | ||||||||||||
Gain on Sale of Securities
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1 | -- | 35 | 215 | ||||||||||||
Income on Bank Owned Life Insurance
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43 | 44 | 131 | 141 | ||||||||||||
Other Income
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94 | 71 | 264 | 273 | ||||||||||||
Total Non-Interest Income
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627 | 770 | 1,799 | 2,621 | ||||||||||||
NON-INTEREST EXPENSE
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||||||||||||||||
Compensation and Benefits
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1,474 | 1,403 | 4,204 | 4,068 | ||||||||||||
Occupancy and Equipment
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202 | 148 | 634 | 540 | ||||||||||||
Data Processing
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152 | 126 | 353 | 313 | ||||||||||||
Audit and Examination Fees
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57 | 52 | 163 | 158 | ||||||||||||
Franchise and Bank Shares Tax
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85 | 84 | 263 | 224 | ||||||||||||
Advertising
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62 | 61 | 195 | 181 | ||||||||||||
Legal Fees
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82 | 151 | 320 | 398 | ||||||||||||
Loan and Collection
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28 | 25 | 92 | 87 | ||||||||||||
Deposit Insurance Premium
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39 | 32 | 107 | 95 | ||||||||||||
Other Expense
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123 | 125 | 381 | 338 | ||||||||||||
Total Non-Interest Expense
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2,304 | 2,207 | 6,712 | 6,402 | ||||||||||||
Income Before Income Taxes
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940 | 999 | 2,951 | 3,726 | ||||||||||||
PROVISION FOR INCOME TAX EXPENSE
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302 | 323 | 955 | 1,231 | ||||||||||||
Net Income
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$ |
638
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$ | 676 | $ | 1,996 | $ | 2,495 | ||||||||
EARNINGS PER COMMON SHARE:
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||||||||||||||||
Basic
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$ |
0.31
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$ | 0.31 | $ | 0.96 | $ | 1.04 | ||||||||
Diluted
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$ |
0.31
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$ | 0.30 | $ | 0.94 | $ | 1.01 | ||||||||
DIVIDENDS DECLARED
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$ |
0.06
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$ | 0.06 | $ | 0.18 | $ | 0.18 |
For the Three Months Ended
March 31,
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For the Nine Months Ended
March 31,
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|||||||||||||||
2014
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2013
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2014
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2013
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|||||||||||||
(In Thousands)
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||||||||||||||||
Net Income
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$ | 638 | $ | 676 | $ | 1,996 | $ | 2,495 | ||||||||
Other Comprehensive Income (Loss), Net of Tax
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||||||||||||||||
Unrealized Holding Gain (Loss) on Securities Available-for-Sale,
Net of Tax of $28 and $27 in 2014, respectively, and $121 and
$240 in 2013, respectively
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(55 | ) | (234 | ) | (53 | ) | (466 | ) | ||||||||
Reclassification Adjustment for Gain Included in
Net Income, Net of Tax of $0 and $5 in 2014, respectively, and
$7 and $69 in 2013, respectively
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-- | (14 | ) | (10 | ) | (134 | ) | |||||||||
Net Other Comprehensive Income (Loss)
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(55 | ) | (248 | ) | (63 | ) | (600 | ) | ||||||||
Total Comprehensive Income
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$ |
583
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$ | 428 | $ | 1,933 | $ | 1,895 |
Common
Stock
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Additional
Paid-in
Capital
|
Unearned
ESOP
Stock
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Unearned
RRP
Trust
Stock
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Retained
Earnings
|
Treasury Stock
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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, 2012
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$ | 32 | $ | 31,199 | $ | (1,792 | ) | $ | (1,114 | ) | $ | 22,897 | $ | (2,706 | ) | $ | 1,372 | $ | 49,888 | |||||||||||||
Net Income
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-- | -- | -- | -- | 2,495 | -- | -- | 2,495 | ||||||||||||||||||||||||
Changes in Unrealized Gain
on Securities Available-for-
Sale, Net of Tax Effects
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-- | -- | -- | -- | -- | -- | (600 | ) | (600 | ) | ||||||||||||||||||||||
RRP Shares Earned
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-- | -- | -- | 251 | -- | -- | -- | 251 | ||||||||||||||||||||||||
Stock Options Vested
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-- | 125 | -- | -- | -- | -- | -- | 125 | ||||||||||||||||||||||||
Common Stock Issuance for Stock
Option Exercises
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-- | 742 | -- | -- | -- | -- | -- | 742 | ||||||||||||||||||||||||
ESOP Compensation Earned
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-- | 62 | 87 | -- | -- | -- | -- | 149 | ||||||||||||||||||||||||
Acquisition of Treasury Stock
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-- | -- | -- | -- | -- | (10,244 | ) | -- | (10,244 | ) | ||||||||||||||||||||||
Dividends Declared
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-- | -- | -- | -- | (492 | ) | -- | -- | (492 | ) | ||||||||||||||||||||||
BALANCE – March 31, 2013
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$ | 32 | $ | 32,128 | $ | (1,705 | ) | $ | (863 | ) | $ | 24,900 | $ | (12,950 | ) | $ | 772 | $ | 42,314 | |||||||||||||
BALANCE – June 30, 2013
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$ | 32 | $ | 32,218 | $ | (1,676 | ) | $ | (863 | ) | $ | 25,395 | $ | (13,168 | ) | $ | 44 | $ | 41,982 | |||||||||||||
Net Income
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-- | -- | -- | -- | 1,996 | -- | -- | 1,996 | ||||||||||||||||||||||||
Changes in Unrealized Gain
on Securities Available-for-
Sale, Net of Tax Effects
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-- | -- | -- | -- | -- | -- | (63 | ) | (63 | ) | ||||||||||||||||||||||
RRP Shares Earned
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-- | -- | -- | 254 | -- | -- | -- | 254 | ||||||||||||||||||||||||
Stock Options Vested
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-- | 122 | -- | -- | -- | -- | -- | 122 | ||||||||||||||||||||||||
Common Stock Issuance for Stock
Option Exercises
|
2 | 270 | -- | -- | -- | -- | -- | 272 | ||||||||||||||||||||||||
ESOP Compensation Earned
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-- | 65 | 86 | -- | -- | -- | -- | 151 | ||||||||||||||||||||||||
Acquisition of Treasury Stock
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-- | -- | -- | -- | -- | (2,318 | ) | -- | (2,318 | ) | ||||||||||||||||||||||
Dividends Declared
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-- | -- | -- | -- | (417 | ) | -- | -- | (417 | ) | ||||||||||||||||||||||
BALANCE – March 31, 2014
|
$ | 34 | $ | 32,675 | $ | (1,590 | ) | $ | (609 | ) | $ | 26,974 | $ | (15,486 | ) | $ | (19 | ) | $ | 41,979 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA
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||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
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||||||||
Nine Months Ended
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||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
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||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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||||||||
Net Income
|
$ | 1,996 | $ | 2,495 | ||||
Adjustments to Reconcile Net Income to Net
|
||||||||
Cash (Used in) Provided by Operating Activities
|
||||||||
Net Amortization and Accretion on Securities
|
50 | 13 | ||||||
Gain on Sale of Securities
|
(35 | ) | (215 | ) | ||||
Gain on Sale of Loans
|
(1,240 | ) | (1,991 | ) | ||||
Amortization of Deferred Loan Fees
|
(65 | ) | (197 | ) | ||||
Depreciation of Premises and Equipment
|
223 | 156 | ||||||
ESOP Expense
|
151 | 149 | ||||||
Stock Option Expense
|
122 | 125 | ||||||
Recognition and Retention Plan Expense
|
157 | 157 | ||||||
Deferred Income Tax
|
(5 | ) | (120 | ) | ||||
Provision for Loan Losses
|
118 | 441 | ||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance
|
(131 | ) | (141 | ) | ||||
Gain on Sale of Real Estate
|
(129 | ) | -- | |||||
Changes in Assets and Liabilities:
|
||||||||
Loans Held-for-Sale – Originations
|
(49,753 | ) | (84,719 | ) | ||||
Loans Held-for-Sale – Sale and Principal Repayments
|
47,661 | 93,693 | ||||||
Accrued Interest Receivable
|
(140 | ) | 37 | |||||
Other Operating Assets
|
(78 | ) | 329 | |||||
Other Operating Liabilities
|
(93 | ) | (623 | ) | ||||
Net Cash (Used In) Provided by Operating Activities
|
(1,191 | ) | 9,589 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Loan Originations and Purchases, Net of Principal Collections
|
(12,812 | ) | (28,480 | ) | ||||
Deferred Loan Fees Collected
|
108 | 81 | ||||||
Acquisition of Premises and Equipment
|
(1,914 | ) | (1,270 | ) | ||||
Proceeds from Sale of Real Estate
|
566 | -- | ||||||
Activity in Available-for-Sale Securities:
|
||||||||
Proceeds from Sales of Securities
|
13,019 | 34,638 | ||||||
Principal Payments on Mortgage-Backed Securities
|
8,029 | 11,282 | ||||||
Purchases of Securities
|
(13,292 | ) | (31,515 | ) | ||||
Activity in Held-to-Maturity Securities:
|
||||||||
Redemption Proceeds
|
488 | 107 | ||||||
Purchases of Securities
|
(136 | ) | (646 | ) | ||||
Net Cash Used in Investing Activities
|
(5,944 | ) | (15,803 | ) |
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
|
||||||||
(Unaudited)
|
||||||||
Nine Months Ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net Increase (Decrease) in Deposits
|
$ | 17,324 | $ | (18,368 | ) | |||
Proceeds from Federal Home Loan Bank Advances
|
401,850 | 162,400 | ||||||
Repayments of Advances from Federal Home Loan Bank
|
(406,057 | ) | (156,123 | ) | ||||
Net Decrease in Advances from Borrowers for Taxes and Insurance
|
(55 | ) | (40 | ) | ||||
Dividends Paid
|
(417 | ) | (492 | ) | ||||
Acquisition of Treasury Stock
|
(2,113 | ) | (10,085 | ) | ||||
Proceeds from Stock Options Exercised
|
67 | 583 | ||||||
Proceeds from other Bank Borrowings
|
300 | 1,500 | ||||||
Repayment of Other Bank Borrowings
|
(800 | ) | 1,000 | |||||
Net Cash Provided by (Used In) Financing Activities
|
10,099 | (21,625 | ) | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
2,964 | (27,839 | ) | |||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
3,685 | 34,863 | ||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD
|
$ | 6,649 | $ | 7,024 | ||||
SUPPLEMENTARY CASH FLOW INFORMATION
|
||||||||
Interest Paid on Deposits and Borrowed Funds
|
$ | 1,797 | $ | 1,979 | ||||
Income Taxes Paid
|
884 | 1,353 | ||||||
Market Value Adjustment for Loss on Securities Available-for-Sale
|
(95 | ) | (909 | ) |
March 31, 2014
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Securities Available-for-Sale
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$ | 325 | $ | 13 | $ | -- | $ | 338 | ||||||||
FNMA Mortgage-Backed Certificates
|
15,464 | 701 | 101 | 16,064 | ||||||||||||
GNMA Mortgage-Backed Certificates
|
24,334 | 7 | 649 | 23,692 | ||||||||||||
Total Debt Securities
|
40,123 | 721 | 750 | 40,094 | ||||||||||||
Total Securities Available-for-Sale
|
$ |
40,123
|
$ |
721
|
$ |
750
|
$ |
40,094
|
||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
8,633 Shares – Federal Home Loan Bank
|
$ | 863 | $ | -- | $ | -- | $ | 863 | ||||||||
630 Shares – First National Bankers Bankshares, Inc.
|
250 | -- | -- | 250 | ||||||||||||
Total Equity Securities
|
1,113 | -- | -- | 1,113 | ||||||||||||
Total Securities Held-to-Maturity
|
$ |
$1,113
|
$ |
--
|
$ |
--
|
$ |
1,113
|
June 30, 2013
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Securities Available-for-Sale
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$ | 397 | $ | 19 | $ | -- | $ | 416 | ||||||||
FNMA Mortgage-Backed Certificates
|
11,185 | 775 | -- | 11,960 | ||||||||||||
GNMA Mortgage-Backed Certificates
|
36,312 | 10 | 737 | 35,585 | ||||||||||||
Total Debt Securities
|
47,894 | 804 | 737 | 47,961 | ||||||||||||
Total Securities Available-for-Sale
|
$ | 47,894 | $ | 804 | $ | 737 | $ | 47,961 | ||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
12,149 Shares – Federal Home Loan Bank
|
$ | 1,215 | $ | -- | $ | -- | $ | 1,215 | ||||||||
630 Shares – First National Bankers Bankshares, Inc.
|
250 | -- | -- | 250 | ||||||||||||
Total Equity Securities
|
1,465 | -- | -- | 1,465 | ||||||||||||
Total Securities Held-to-Maturity
|
$ | 1,465 | $ | -- | $ | -- | $ | 1,465 |
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Within One Year or Less
|
$ | 3 | $ | 3 | $ | -- | $ | -- | ||||||||
One through Five Years
|
282 | 290 | -- | -- | ||||||||||||
After Five through Ten Years
|
184 | 189 | -- | -- | ||||||||||||
Over Ten Years
|
39,654 | 39,612 | -- | -- | ||||||||||||
Total
|
$ | 40,123 | $ | 40,094 | $ | -- | $ | -- |
March 31, 2014
|
||||||||||||||||
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
|
$ | 101 | $ | 1,879 | $ | 649 | $ | 23,550 | ||||||||
Total Securities Available-for-Sale
|
$ | 101 | $ | 1,879 | $ | 649 | $ | 23,550 | ||||||||
June 30, 2013
|
||||||||||||||||
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
|
$ | 737 | $ | 27,875 | $ | -- | $ | -- | ||||||||
Total Securities Available-for-Sale
|
$ | 737 | $ | 27,875 | $ | -- | $ | -- |
March 31, 2014 | June 30, 2013 | |||||||
(In Thousands) | ||||||||
Loans Secured by Mortgages on Real Estate | ||||||||
One- to Four-Family Residential
|
$ | 82,315 | $ | 73,243 | ||||
Commercial
|
49,834 | 51,169 | ||||||
Multi-Family Residential
|
19,587 | 19,587 | ||||||
Land
|
17,577 | 15,589 | ||||||
Construction
|
13,464 | 16,937 | ||||||
Equity and Second Mortgage
|
2,538 | 2,305 | ||||||
Equity Lines of Credit
|
13,368 | 12,592 | ||||||
Total Mortgage Loans
|
198,683 | 191,422 | ||||||
Commercial Loans
|
22,242 | 16,776 | ||||||
Consumer Loans
|
||||||||
Loans on Savings Accounts
|
350 | 259 | ||||||
Automobile and Other Consumer Loans
|
110 | 128 | ||||||
Total Consumer and Other Loans
|
460 | 387 | ||||||
Total Loans
|
221,385 | 208,585 | ||||||
Less: Allowance for Loan Losses
|
(2,346 | ) | (2,240 | ) | ||||
Unamortized Loan Fees
|
(308 | ) | (266 | ) | ||||
Net Loans Receivable
|
$ | 218,731 | $ | 206,079 |
Nine Months Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
(In Thousands)
|
||||||||
Balance - Beginning of Period
|
$ | 2,240 | $ | 1,698 | ||||
Provision for Loan Losses
|
118 | 441 | ||||||
Loan Charge-Offs
|
(12 | ) | (15 | ) | ||||
Balance - End of Period
|
$ | 2,346 | $ | 2,124 |
Special | ||||||||||||||||||||
March 31, 2014
|
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||
|
(In Thousands) | |||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
One- to Four-Family Residential
|
$ | 81,848 | $ | 396 | $ | 71 | $ | -- | $ | 82,315 | ||||||||||
Commercial
|
49,505 | 329 | -- | -- | 49,834 | |||||||||||||||
Multi-Family Residential
|
19,587 | -- | -- | -- | 19,587 | |||||||||||||||
Land
|
17,577 | -- | -- | -- | 17,577 | |||||||||||||||
Construction
|
13,464 | -- | -- | -- | 13,464 | |||||||||||||||
Equity and Second Mortgage
|
2,538 | -- | -- | -- | 2,538 | |||||||||||||||
Equity Lines of Credit
|
13,252 | 89 | -- | 27 | 13,368 | |||||||||||||||
Commercial Loans
|
22,242 | -- | -- | -- | 22,242 | |||||||||||||||
Consumer Loans
|
460 | -- | -- | -- | 460 | |||||||||||||||
Total
|
$ | 220,473 | $ | 814 | $ | 71 | $ | 27 | $ | 221,385 | ||||||||||
June 30, 2013
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||
One- to Four-Family Residential
|
$ | 72,595 | $ | 313 | $ | 335 | $ | -- | $ | 73,243 | ||||||||||
Commercial
|
49,457 | -- | 1,712 | -- | 51,169 | |||||||||||||||
Multi-Family Residential
|
19,587 | -- | -- | -- | 19,587 | |||||||||||||||
Land
|
15,589 | -- | -- | -- | 15,589 | |||||||||||||||
Construction
|
16,937 | -- | -- | -- | 16,937 | |||||||||||||||
Equity and Second Mortgage
|
2,305 | -- | -- | -- | 2,305 | |||||||||||||||
Equity Lines of Credit
|
12,476 | 89 | -- | 27 | 12,592 | |||||||||||||||
Commercial Loans
|
13,545 | -- | 3,231 | -- | 16,776 | |||||||||||||||
Consumer Loans
|
387 | -- | -- | -- | 387 | |||||||||||||||
Total
|
$ | 202,878 | $ | 402 | $ | 5,278 | $ | 27 | $ | 208,585 |
Recorded | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
60-89 | Greater | Total | >90 Days | |||||||||||||||||||||||||
30-59 Days | Days Past | Than 90 | Total | Loans | and | |||||||||||||||||||||||
March 31, 2014 | Past Due | Due | Days | Past Due | Current | Receivable | Accruing | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
One- to Four-Family
Residential
|
$ | 151 | $ | 89 | $ | 267 | $ | 507 | $ | 81,808 | $ | 82,315 | $ | 196 | ||||||||||||||
Commercial
|
-- | -- | -- | -- | 49,834 | 49,834 | -- | |||||||||||||||||||||
Multi-Family Residential
|
-- | -- | -- | -- | 19,587 | 19,587 | -- | |||||||||||||||||||||
Land
|
-- | -- | -- | -- | 17,577 | 17,577 | -- | |||||||||||||||||||||
Construction
|
-- | -- | -- | -- | 13,464 | 13,464 | -- | |||||||||||||||||||||
Equity and Second Mortgage
|
-- | -- | -- | -- | 2,538 | 2,538 | -- | |||||||||||||||||||||
Equity Lines of Credit
|
60 | 27 | -- | 87 | 13,281 | 13,368 | -- | |||||||||||||||||||||
Commercial Loans
|
-- | -- | -- | -- | 22,242 | 22,242 | -- | |||||||||||||||||||||
Consumer Loans
|
-- | -- | -- | -- | 460 | 460 | -- | |||||||||||||||||||||
Total
|
$ | 211 | $ | 116 | $ | 267 | $ | 594 | $ | 220,791 | $ | 221,385 | $ | 196 |
June 30, 2013
|
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
|
$ | 1,437 | $ | 925 | $ | 622 | $ | 2,984 | $ | 70,259 | $ | 73,243 | $ | 236 | ||||||||||||||
Commercial
|
-- | -- | -- | -- | 51,169 | 51,169 | -- | |||||||||||||||||||||
Multi-Family Residential
|
-- | -- | -- | -- | 19,587 | 19,587 | -- | |||||||||||||||||||||
Land
|
-- | -- | -- | -- | 15,589 | 15,589 | -- | |||||||||||||||||||||
Construction
|
-- | -- | -- | -- | 16,937 | 16,937 | -- | |||||||||||||||||||||
Equity and Second Mortgage
|
-- | -- | -- | -- | 2,305 | 2,305 | -- | |||||||||||||||||||||
Equity Lines of Credit
|
-- | -- | 27 | 27 | 12,565 | 12,592 | -- | |||||||||||||||||||||
Commercial Loans
|
-- | -- | -- | -- | 16,776 | 16,776 | -- | |||||||||||||||||||||
Consumer Loans
|
-- | -- | -- | -- | 387 | 387 | -- | |||||||||||||||||||||
Total
|
$ | 1,437 | $ | 925 | $ | 649 | $ | 3,011 | $ | 205,574 | $ | 208,585 | $ | 236 |
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
Home | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
1-4 Family | Multi- | and Lines | Commercial | Consumer | ||||||||||||||||||||||||||||||||
March 31, 2014 | Residential | Commercial | Family | Land | Construction | of Credit | Loans | Loans | Total | |||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balances
|
$ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | ||||||||||||||||||
Charge-Offs
|
-- | -- | -- | -- | -- | -- | (12 | ) | -- | (12 | ) | |||||||||||||||||||||||||
Recoveries
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Current Provision
|
187 | 48 | (12 | ) | 33 | (23 | ) | 3 | (122 | ) | 4 | 118 | ||||||||||||||||||||||||
Ending Balances
|
$ | 1,210 | $ | 386 | $ | 91 | $ | 160 | $ | 123 | $ | 88 | $ | 278 | $ | 10 | $ | 2,346 | ||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively
|
1,210 | 386 | 91 | 160 | 123 | 88 | 278 | 10 | 2,346 | |||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances - Total
|
$ | 82,315 | $ | 49,834 | $ | 19,587 | $ | 17,577 | $ | 13,464 | $ | 15,906 | $ | 22,242 | $ | 460 | $ | 221,385 | ||||||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
467 | 329 | -- | -- | -- | 116 | -- | -- | 912 | |||||||||||||||||||||||||||
Collectively
|
$ | 81,848 | $ | 49,505 | $ | 19,587 | $ | 17,577 | $ | 13,464 | $ | 15,790 | $ | 22,242 | $ | 460 | $ | 220,473 |
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
June 30, 2013
|
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
|
$ | 306 | $ | 185 | $ | 205 | $ | 270 | $ | 311 | $ | 110 | $ | 281 | $ | 30 | $ | 1,698 | ||||||||||||||||||
Charge-Offs
|
-- | -- | -- | -- | -- | (16 | ) | -- | -- | (16 | ) | |||||||||||||||||||||||||
Recoveries
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Current Provision
|
717 | 153 | (102 | ) | (143 | ) | (165 | ) | (9 | ) | 131 | (24 | ) | 558 | ||||||||||||||||||||||
Ending Balances
|
$ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | ||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively
|
1,023 | 338 | 103 | 127 | 146 | 85 | 412 | 6 | 2,240 | |||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances - Total
|
$ | 73,243 | $ | 51,169 | $ | 19,587 | $ | 15,589 | $ | 16,937 | $ | 14,897 | $ | 16,776 | $ | 387 | $ | 208,585 | ||||||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
648 | 1,712 | -- | -- | -- | 116 | 3,231 | -- | 5,707 | |||||||||||||||||||||||||||
Collectively
|
$ | 72,595 | $ | 49,457 | $ | 19,587 | $ | 15,589 | $ | 16,937 | $ | 14,781 | $ | 13,545 | $ | 387 | $ | 202,878 |
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
Home | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||
1-4 Family | Multi- | and Lines | Commercial | Consumer | ||||||||||||||||||||||||||||||||
March 31, 2013
|
Residential | Commercial | Family | Land | Construction | of Credit | Loans | Loans | Total | |||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balances
|
$ | 306 | $ | 185 | $ | 205 | $ | 270 | $ | 311 | $ | 110 | $ | 281 | $ | 30 | $ | 1,698 | ||||||||||||||||||
Charge-Offs
|
-- | -- | -- | -- | -- | (15 | ) | -- | -- | (15 | ) | |||||||||||||||||||||||||
Recoveries
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Current Provision
|
610 | 149 | (110 | ) | (138 | ) | (150 | ) | (10 | ) | 114 | (24 | ) | 441 | ||||||||||||||||||||||
Ending Balances
|
$ | 916 | $ | 334 | $ | 95 | $ | 132 | $ | 161 | $ | 85 | $ | 395 | $ | 6 | $ | 2,124 | ||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively
|
916 | 334 | 95 | 132 | 161 | 85 | 395 | 6 | 2,124 | |||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances - Total
|
$ | 67,352 | $ | 51,450 | $ | 19,976 | $ | 15,899 | $ | 15,298 | $ | 12,828 | $ | 15,600 | $ | 404 | $ | 198,807 | ||||||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
768 | 972 | -- | -- | -- | 116 | 3,704 | -- | 5,560 | |||||||||||||||||||||||||||
Collectively
|
$ | 66,584 | $ | 50,478 | $ | 19,976 | $ | 15,899 | $ | 15,298 | $ | 12,712 | $ | 11,896 | $ | 404 | $ | 193,247 |
March 31, 2014
|
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
|
$ | 467 | $ | 467 | $ | -- | $ | 467 | $ | -- | $ | 487 | ||||||||||||
Commercial
|
329 | 329 | -- | 329 | -- | 344 | ||||||||||||||||||
Multi-Family Residential
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Land
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Construction
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity and Second Mortgage
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity Lines of Credit
|
116 | 116 | -- | 116 | -- | 116 | ||||||||||||||||||
Commercial Loans
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Consumer Loans
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total
|
$ | 912 | $ | 912 | $ | -- | $ | 912 | $ | -- | $ | 947 |
June 30, 2013
|
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
|
$ | 648 | $ | 648 | $ | -- | $ | 648 | $ | -- | $ | 650 | ||||||||||||
Commercial
|
1,712 | 1,712 | -- | 1,712 | -- | 1,151 | ||||||||||||||||||
Multi-Family Residential
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Land
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Construction
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity and Second Mortgage
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity Lines of Credit
|
116 | 116 | -- | 116 | -- | 116 | ||||||||||||||||||
Commercial Loans
|
3,231 | 3,231 | -- | 3,231 | -- | 3,534 | ||||||||||||||||||
Consumer Loans
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total
|
$ | 5,707 | $ | 5,707 | $ | -- | $ | 5,707 | $ | -- | $ | 5,451 |
March 31, 2014
|
June 30, 2013
|
|||||||
(In Thousands)
|
||||||||
Non-Interest Bearing
|
$ | 32,476 | $ | 26,027 | ||||
NOW Accounts
|
26,977 | 24,625 | ||||||
Money Markets
|
43,703 | 39,482 | ||||||
Passbook Savings
|
11,846 | 9,524 | ||||||
115,002 | 99,658 | |||||||
Certificates of Deposit
|
114,244 | 112,264 | ||||||
Total Deposits
|
$ | 229,246 | $ | 211,922 |
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In Thousands, Except Per Share Data) | ||||||||||||||||
Net income
|
$ | 638 | $ | 676 | $ | 1,996 | $ | 2,495 | ||||||||
Weighted average shares outstanding - basic
|
2,030 | 2,180 | 2,081 | 2,400 | ||||||||||||
Effect of dilutive common stock equivalents
|
52 | 67 | 50 | 68 | ||||||||||||
Adjusted weighted average shares outstanding - diluted
|
2,082 | 2,247 | 2,131 | 2,468 | ||||||||||||
Basic earnings per share
|
$ | 0.31 | $ | 0.31 | $ | 0.96 | $ | 1.04 | ||||||||
Diluted earnings per share
|
$ | 0.31 | $ | 0.30 | $ | 0.94 | $ | 1.01 |
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Average common shares issued
|
3,062 | 3,062 | 3,062 | 3,062 | ||||||||||||
Average unearned ESOP shares
|
(160 | ) | (171 | ) | (163 | ) | (174 | ) | ||||||||
Average unearned RRP shares
|
(55 | ) | (69 | ) | (61 | ) | (75 | ) | ||||||||
Average treasury shares
|
(817 | ) | (642 | ) | (757 | ) | (413 | ) | ||||||||
Weighted average shares outstanding
|
2,030 | 2,180 | 2,081 | 2,400 |
|
Cash and Cash Equivalents
|
|
The carrying amount approximates the fair value of cash and cash equivalents.
|
|
For variable-rate loans that re-price frequently and with no significant changes in credit risk, fair value approximates the carrying value. Fair values for other loans are estimated using the discounted value of expected future cash flows. Interest rates used are those being offered currently for loans with similar terms to borrowers of similar credit quality. The carrying amount of accrued interest receivable approximates its fair value.
|
March 31, 2014
|
June 30, 2013
|
|||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||
Value
|
Fair Value
|
Value
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash and Cash Equivalents
|
$ | 6,649 | $ | 6,649 | $ | 3,685 | $ | 3,685 | ||||||||
Securities Available-for-Sale
|
40,094 | 40,094 | 47,961 | 47,961 | ||||||||||||
Securities to be Held-to-Maturity
|
1,113 | 1,113 | 1,465 | 1,465 | ||||||||||||
Loans Held-for-Sale
|
6,795 | 6,795 | 3,464 | 3,464 | ||||||||||||
Loans Receivable
|
218,731 | 221,859 | 206,079 | 206,055 | ||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
229,246 | 226,770 | 211,922 | 211,130 | ||||||||||||
Advances from FHLB
|
17,454 | 17,770 | 21,662 | 22,045 | ||||||||||||
Off-Balance Sheet Items
|
||||||||||||||||
Mortgage Loan Commitments
|
249 | 249 | 291 | 291 |
·
|
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 instrument 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.
|
8.
|
Fair Value Disclosures (continued)
|
Fair Value Measurements Using:
|
||||||||||||
March 31, 2014
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other Observable
Inputs
(Level 2)
|
Total
|
|||||||||
(In Thousands)
|
||||||||||||
Available-for-Sale
|
||||||||||||
Debt Securities
|
||||||||||||
FHLMC Mortgage-Backed Certificates
|
$ | -- | $ | 338 | $ | 338 | ||||||
FNMA Mortgage-Backed Certificates
|
-- | 16,064 | 16,064 | |||||||||
GNMA Mortgage-Backed Certificates
|
-- | 23,692 | 23,692 | |||||||||
Total
|
$ | -- | $ | 40,094 | $ | 40,094 |
Fair Value Measurements Using:
|
||||||||||||
June 30, 2013
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other Observable
Inputs
(Level 2)
|
Total
|
|||||||||
(In Thousands)
|
||||||||||||
Available-for-Sale
|
||||||||||||
Debt Securities
|
||||||||||||
FHLMC Mortgage-Backed Certificates
|
$ | -- | $ | 416 | $ | 416 | ||||||
FNMA Mortgage-Backed Certificates
|
-- | 11,960 | 11,960 | |||||||||
GNMA Mortgage-Backed Certificates
|
-- | 35,585 | 35,585 | |||||||||
Total
|
$ | -- | $ | 47,961 | $ | 47,961 |
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities
|
$ | 43,010 | $ | 236 | 2.19 | % | $ | 55,851 | $ | 388 | 2.78 | % | ||||||||||||
Loans receivable
|
224,019 | 2,969 | 5.30 | 201,100 | 2,880 | 5.73 | ||||||||||||||||||
Interest-earning deposits
|
2,940 | 2 | 0.26 | 6,352 | 2 | 0.12 | ||||||||||||||||||
Total interest-earning assets
|
269,969 | 3,207 | 4.75 | 263,303 | 3,270 | 4.97 | ||||||||||||||||||
Non-interest-earning assets
|
22,069 | 15,781 | ||||||||||||||||||||||
Total assets
|
$ | 292,038 | $ | 279,084 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
11,603 | 6 | 0.19 | 7,948 | 4 | 0.22 | ||||||||||||||||||
NOW accounts
|
26,941 | 57 | 0.85 | 21,776 | 42 | 0.77 | ||||||||||||||||||
Money market accounts
|
45,230 | 35 | 0.31 | 38,533 | 35 | 0.37 | ||||||||||||||||||
Certificate accounts
|
113,963 | 424 | 1.49 | 110,439 | 462 | 1.67 | ||||||||||||||||||
Total deposits
|
197,737 | 522 | 1.06 | 178,696 | 543 | 1.22 | ||||||||||||||||||
FHLB advances
|
17,357 | 37 | 0.85 | 33,567 | 77 | 0.91 | ||||||||||||||||||
Total interest-bearing liabilities
|
215,094 | 559 | 1.04 | % | 212,263 | 620 | 1.17 | % | ||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest bearing demand accounts
|
32,816 | 23,258 | ||||||||||||||||||||||
Other liabilities
|
907 | 879 | ||||||||||||||||||||||
Total liabilities
|
248,817 | 236,400 | ||||||||||||||||||||||
Total Stockholders’ Equity(1)
|
43,221 | 42,684 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 292,038 | $ | 279,084 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 54,875 | $ | 51,040 | ||||||||||||||||||||
Net interest income; average interest rate spread(2)
|
$ | 2,648 | 3.71 | % | $ | 2,650 | 3.80 | % | ||||||||||||||||
Net interest margin(3)
|
3.92 | % | 4.03 | % | ||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
125.51 | % | 124.05 | % |
Nine Months Ended March 31,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities
|
$ | 48,080 | $ | 784 | 2.17 | % | $ | 60,601 | $ | 1,334 | 2.94 | % | ||||||||||||
Loans receivable
|
218,796 | 8,979 | 5.47 | 193,450 | 8,564 | 5.90 | ||||||||||||||||||
Interest-earning deposits
|
5,072 | 10 | 0.25 | 5,917 | 10 | 0.22 | ||||||||||||||||||
Total interest-earning assets
|
271,948 | 9,773 | 4.79 | 259,968 | 9,908 | 5.08 | ||||||||||||||||||
Non-interest-earning assets
|
20,336 | 15,647 | ||||||||||||||||||||||
Total assets
|
$ | 292,284 | $ | 275,615 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
10,851 | 17 | 0.21 | 7,140 | 14 | 0.26 | ||||||||||||||||||
NOW accounts
|
26,445 | 194 | 0.98 | 19,719 | 118 | 0.80 | ||||||||||||||||||
Money market accounts
|
43,617 | 114 | 0.35 | 40,363 | 131 | 0.43 | ||||||||||||||||||
Certificate accounts
|
114,022 | 1,328 | 1.55 | 108,357 | 1,430 | 1.76 | ||||||||||||||||||
Total deposits
|
194,935 | 1,653 | 1.13 | 175,579 | 1,693 | 1.29 | ||||||||||||||||||
Other bank borrowings
|
333 | 14 | 5.70 | -- | -- | -- | ||||||||||||||||||
FHLB advances
|
19,060 | 125 | 0.88 | 28,773 | 267 | 1.24 | ||||||||||||||||||
Total interest-bearing liabilities
|
214,328 | 1,792 | 1.11 | % | 204,352 | 1,960 | 1.28 | % | ||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest bearing demand accounts
|
32,898 | 23,691 | ||||||||||||||||||||||
Other liabilities
|
1,304 | 1,352 | ||||||||||||||||||||||
Total liabilities
|
248,530 | 229,395 | ||||||||||||||||||||||
Total Stockholders’ Equity(1)
|
43,754 | 46,220 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 292,284 | $ | 275,615 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 57,620 | $ | 55,616 | ||||||||||||||||||||
Net interest income; average interest rate spread(2)
|
$ | 7,981 | 3.68 | % | $ | 7,948 | 3.80 | % | ||||||||||||||||
Net interest margin(3)
|
3.91 | % | 4.08 | % | ||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
126.88 | % | 127.22 | % |
(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)(b)
|
||||||||||||
January 1, 2014 – January 31, 2014
|
6,957 | $ | 17.64 | 6,957 | 117,498 | |||||||||||
February 1, 2014– February 28, 2014
|
389 | 17.85 | 389 | 117,109 | ||||||||||||
March 1, 2014– March 31, 2014
|
-- | -- | -- | 117,109 | ||||||||||||
Total
|
7,346 | $ | 17.65 | 7,346 | 117,109 |
(a)
|
On January 24, 2013, the Company announced by press release a repurchase program to repurchase up to 120,000 shares, or approximately 5.0% of the Company’s outstanding shares of common stock. The repurchase program does not have an expiration date.
|
(b)
|
On January 28, 2014, the Company announced by press release a repurchase program to repurchase up to 115,000 shares, or approximately 5.0% of the Company’s outstanding shares of common stock. The repurchase program does not have an expiration date.
|
No.
|
Description
|
||||
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Co-Principal Executive Officer
|
||||
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of Co-Principal Executive Officer
|
||||
31.3
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
||||
32.0
|
Certification Pursuant to 18 U.S.C Section 1350
|
||||
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.
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA | |||
Date: May 12, 2014 | By: | /s/Clyde D. Patterson | |
Clyde D. Patterson | |||
Executive Vice President and Chief Financial Officer
(Duly authorized officer and principal financial and
accounting officer)
|
|
I, Daniel R. Herndon, Chief Executive Officer, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Home Federal Bancorp, Inc. of Louisiana (the “registrant”);
|
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):
|
|
Date: May 12, 2014
|
/s/Daniel R. Herndon | |||
Daniel R. Herndon | |||
Chief Executive Officer | |||
(Co-Principal Executive Officer) |
|
CERTIFICATIONS
|
|
I, James R. Barlow, President and Chief Operating Officer, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Home Federal Bancorp, Inc. of Louisiana (the “registrant”);
|
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):
|
|
Date: May 12, 2014
|
/s/James R. Barlow | |||
James R. Barlow | |||
President and Chief Operating Officer | |||
(Co-Principal Executive Officer) |
|
CERTIFICATIONS
|
|
I, Clyde D. Patterson, Executive Vice President and Chief Financial Officer, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Home Federal Bancorp, Inc. of Louisiana (the “registrant”);
|
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):
|
|
Date: May 12, 2014
|
/s/Clyde D. Patterson | |
Clyde D. Patterson | |
Executive Vice President and Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
Date: May 12, 2014 | /s/Daniel R. Herndon | |
Name: | Daniel R. Herndon | |
Title: |
Chief Executive Officer
(Co-Principal Executive Officer)
|
Date: May 12, 2014 | /s/James R. Barlow | |
Name: | James R. Barlow | |
Title: |
President and Chief Operating Officer
(Co-Principal Executive Officer)
|
Date: May 12, 2014 | /s/Clyde D. Patterson | |
Name: | Clyde D. Patterson | |
Title: |
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
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