UNITED STATES
|
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 10-K
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☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended June 30, 2015
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OR
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☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _______________ to _________________.
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Commission File Number 001-35019
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HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
(Exact name of registrant as specified in its charter)
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Louisiana
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02-0815311
|
||
(State or Other Jurisdiction of
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(I.R.S. Employer
|
||
Incorporation or Organization)
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Identification No.)
|
||
624 Market Street, Shreveport, Louisiana
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71101
|
||
(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code:
|
(318) 222-1145
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Securities registered pursuant to Section 12(b) of the Act:
|
|||||||
Title of each class
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Name of each exchange on which registered
|
||||||
Common Stock (par value $.01 per share)
|
Nasdaq Stock Market, LLC
|
||||||
Securities registered pursuant to Section 12(g) of the Act: None
|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
|
|
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
|
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 5(d) of the Securities and 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.Yes ☒ No ☐
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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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). Yes ☒ No ☐
|
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒
|
|
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.
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☐ (Do not check if a smaller reporting company)
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Smaller reporting company ☒
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
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The aggregate value of the 1.6 million shares of Common Stock of the Registrant issued and outstanding on December 31, 2014, which excludes an aggregate of 550,000 shares held by all directors and executives officers of the Registrant, the Registrant's Employee Stock Ownership Plan ("ESOP"), the Recognition and Retention Plan Trust ("RRP") and Employees' Savings and Profit Sharing Plan ("401(k) Plan") as a group was $32.0 million. This figure is based on the closing sales price of $19.53 per share of the Registrant's Common Stock on December 31, 2014, the last business day of the Registrant's second fiscal quarter. Although directors and executive officers, the ESOP, RRP and 401(k) Plan were assumed to be "affiliates" of the Registrant for purposes of this calculation, the classification is not to be interpreted as an admission of such status.
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|
Number of shares of Common Stock outstanding as of September 21, 2015: 2,100,241
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|
DOCUMENTS INCORPORATED BY REFERENCE
|
|
Portions of the Definitive Proxy Statement for the 2015 Annual Meeting of Shareholders are incorporated into Part III, Items 10 through 14.
|
|
PART I.
|
||
Item 1.
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Business
|
1
|
Item 1A.
|
Risk Factors
|
27
|
Item 1B.
|
Unresolved Staff Comments
|
27
|
Item 2.
|
Properties
|
27
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Item 3.
|
Legal Proceedings
|
28
|
Item 4.
|
Mine Safety Disclosures
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28
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PART II.
|
||
Item 5.
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Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
28
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Item 6.
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Selected Financial Data
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29
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Item 7.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
|
30
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Item 7A.
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Quantitative and Qualitative Disclosure About Market Risk
|
39
|
Item 8.
|
Financial Statements and Supplementary Data
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40
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Item 9.
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Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
|
85
|
Item 9A.
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Controls and Procedures
|
85
|
Item 9B.
|
Other Information
|
85
|
PART III.
|
||
Item 10.
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Directors, Executive Officers and Corporate Governance
|
86
|
Item 11.
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Executive Compensation
|
86
|
Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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86
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Item 13.
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Certain Relationships and Related Transactions and Director Independence
|
86
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Item 14.
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Principal Accounting Fees and Services
|
87
|
PART IV.
|
||
Item 15.
|
Exhibits and Financial Statement Schedules
|
87
|
June 30,
|
||||||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent of Total Loans
|
Amount
|
Percent of Total Loans
|
Amount
|
Percent of Total Loans
|
Amount
|
Percent of Total Loans
|
Amount
|
Percent of Total Loans
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family residential(1)
|
$
|
103,332
|
38.11
|
%
|
$
|
89,545
|
36.96
|
%
|
$
|
73,243
|
35.11
|
%
|
$
|
59,410
|
34.88
|
%
|
$
|
45,567
|
36.02
|
%
|
||||||||||||||||||||
Commercial – real estate secured:
|
||||||||||||||||||||||||||||||||||||||||
Owner occupied
|
38,280
|
14.12
|
29,210
|
12.06
|
25,523
|
12.24
|
27,103
|
15.91
|
22,962
|
18.15
|
||||||||||||||||||||||||||||||
Non-owner occupied
|
23,800
|
8.78
|
27,056
|
11.17
|
25,646
|
12.30
|
12,127
|
7.12
|
9,801
|
7.75
|
||||||||||||||||||||||||||||||
Total commercial-real estate secured
|
62,080
|
22.90
|
56,266
|
23.23
|
51,169
|
24.54
|
39,230
|
23.03
|
32,763
|
25.90
|
||||||||||||||||||||||||||||||
Multi-family residential
|
15,246
|
5.62
|
20,368
|
8.41
|
19,587
|
9.39
|
12,919
|
7.58
|
8,360
|
6.61
|
||||||||||||||||||||||||||||||
Land
|
19,866
|
7.33
|
19,945
|
8.23
|
15,589
|
7.47
|
12,317
|
7.23
|
11,254
|
8.90
|
||||||||||||||||||||||||||||||
Construction
|
17,620
|
6.50
|
12,505
|
5.16
|
16,937
|
8.12
|
22,660
|
13.30
|
10,325
|
8.16
|
||||||||||||||||||||||||||||||
Home equity loans and second
mortgage loans
|
2,460
|
0.91
|
2,563
|
1.06
|
2,305
|
1.11
|
2,520
|
1.48
|
1,519
|
1.20
|
||||||||||||||||||||||||||||||
Equity lines of credit
|
22,187
|
8.18
|
14,950
|
6.17
|
12,592
|
6.04
|
8,461
|
4.97
|
5,974
|
4.73
|
||||||||||||||||||||||||||||||
Total real estate loans
|
242,791
|
89.55
|
216,142
|
89.22
|
191,422
|
91.78
|
157,517
|
92.47
|
115,762
|
91.52
|
||||||||||||||||||||||||||||||
Commercial business
|
28,019
|
10.33
|
25,749
|
10.63
|
16,776
|
8.04
|
12,369
|
7.26
|
10,237
|
8.09
|
||||||||||||||||||||||||||||||
Consumer non-real estate loans:
|
||||||||||||||||||||||||||||||||||||||||
Savings accounts
|
209
|
0.08
|
255
|
0.11
|
259
|
0.12
|
227
|
0.13
|
328
|
0.26
|
||||||||||||||||||||||||||||||
Automobile and other consumer loans
|
110
|
0.04
|
111
|
0.04
|
128
|
0.06
|
228
|
0.14
|
163
|
0.13
|
||||||||||||||||||||||||||||||
Total non-real estate loans
|
28,338
|
0.12
|
26,115
|
0.15
|
17,163
|
0.18
|
455
|
0.27
|
491
|
0.39
|
||||||||||||||||||||||||||||||
Total loans
|
271,129
|
100.00
|
%
|
242,257
|
100.00
|
%
|
208,585
|
100.00
|
%
|
170,341
|
100.00
|
%
|
126,490
|
100.00
|
%
|
|||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(2,515
|
)
|
(2,396
|
)
|
(2,240
|
)
|
(1,698
|
)
|
(842
|
)
|
||||||||||||||||||||||||||||||
Deferred loan fees
|
(187
|
)
|
(298
|
)
|
(266
|
)
|
(380
|
)
|
(277
|
)
|
||||||||||||||||||||||||||||||
Net loans receivable(1)
|
$
|
268,427
|
$
|
239,563
|
$
|
206,079
|
$
|
168,263
|
$
|
125,371
|
(1) | Does not include loans held-for-sale amounting to $14.2 million, $9.4 million, $3.5 million, $11.2 million and $6.7 million at June 30, 2015, 2014, 2013, 2012 and 2011, respectively. |
Year Ended June 30,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
(In thousands)
|
||||||||||||
Loan originations:
|
||||||||||||
One- to four-family residential
|
$
|
103,052
|
$
|
91,891
|
$
|
110,690
|
||||||
Commercial — real estate secured:
|
||||||||||||
Owner occupied
|
69,849
|
53,966
|
60,490
|
|||||||||
Non-owner occupied
|
5,307
|
9,946
|
2,240
|
|||||||||
Multi-family residential
|
3,035
|
1,242
|
903
|
|||||||||
Commercial business
|
48,309
|
42,200
|
23,826
|
|||||||||
Land
|
7,176
|
12,135
|
6,591
|
|||||||||
Construction
|
26,920
|
27,855
|
29,879
|
|||||||||
Home equity loans and lines of credit and other consumer
|
8,974
|
7,813
|
6,235
|
|||||||||
Total loan originations
|
272,622
|
247,048
|
240,854
|
|||||||||
Loans purchased
|
--
|
--
|
--
|
|||||||||
Total loan originations and loans purchased
|
272,622
|
247,048
|
240,854
|
|||||||||
Loans Sold
|
(86,806
|
)
|
(83,579
|
)
|
(110,428
|
)
|
||||||
Loan principal repayments
|
(152,117
|
)
|
(123,885
|
)
|
(99,860
|
)
|
||||||
Total loans sold and principal repayments
|
(238,923
|
)
|
(207,464
|
)
|
(210,288
|
)
|
||||||
Increase (decrease) due to other items, net(1)
|
(4,835
|
)
|
(6,100
|
)
|
7,250
|
|||||||
Net increase in loan portfolio
|
$
|
$ $ 28,864
|
$
|
$ 33,484
|
$
|
37,816
|
One to
Four Family
Residential
|
Commercial
Real Estate
Secured
|
Multi-
Family
Residential
|
Commercial
Business
|
Land
|
Construction
|
Home
Equity Loans
and Lines
of Credit
and Other
Consumer
|
Total
|
|||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
Amounts due after
June 30, 2015 in:
|
||||||||||||||||||||||||||||||||
One year or less
|
$
|
10,769
|
$
|
5,722
|
$
|
885
|
$
|
14,162
|
$
|
13,438
|
$
|
17,620
|
$
|
9,415
|
$
|
72,011
|
||||||||||||||||
After one year through
two years
|
3,531
|
8,297
|
--
|
2,665
|
3,188
|
--
|
3,644
|
21,325
|
||||||||||||||||||||||||
After two years through
three years
|
14,532
|
7,492
|
--
|
3,826
|
1,490
|
--
|
3,203
|
30,543
|
||||||||||||||||||||||||
After three years through
five years
|
13,572
|
22,794
|
1,586
|
6,222
|
1,229
|
--
|
5,875
|
51,278
|
||||||||||||||||||||||||
After five years through
ten years
|
6,620
|
15,418
|
6,604
|
1,144
|
521
|
--
|
136
|
30,443
|
||||||||||||||||||||||||
After ten years through
fifteen years
|
10,002
|
2,357
|
2,426
|
--
|
--
|
--
|
2,693
|
17,478
|
||||||||||||||||||||||||
After fifteen years
|
44,306
|
--
|
3,745
|
--
|
--
|
--
|
--
|
48,051
|
||||||||||||||||||||||||
Total
|
$
|
103,332
|
$
|
62,080
|
$
|
15,246
|
$
|
28,019
|
$
|
19,866
|
$
|
17,620
|
$
|
24,966
|
$
|
271,129
|
Floating or | ||||||||||||
Fixed-Rate | Adjustable-Rate | Total | ||||||||||
(In Thousands) | ||||||||||||
One- to four-family residential
|
$
|
76,390
|
$
|
16,173
|
$
|
92,563
|
||||||
Commercial — real estate secured
|
56,358
|
--
|
56,358
|
|||||||||
Multi-family residential
|
14,361
|
--
|
14,361
|
|||||||||
Commercial business
|
13,857
|
--
|
13,857
|
|||||||||
Land
|
6,428
|
--
|
6,428
|
|||||||||
Construction
|
--
|
--
|
--
|
|||||||||
Home equity loans and lines of credit and other consumer
|
15,551
|
--
|
15,551
|
|||||||||
|
||||||||||||
Total
|
$
|
182,945
|
$
|
16,173
|
$
|
199,118
|
June 30,
|
||||||||||||||||||||||||||||||||
|
2015
|
2014
|
||||||||||||||||||||||||||||||
|
30-89
Days Overdue
|
90 or More Days
Overdue
|
30-89
Days Overdue
|
90 or More Days
Overdue
|
||||||||||||||||||||||||||||
|
Number
|
Principal
|
Number
|
Principal
|
Number
|
Principal
|
Number
|
Principal
|
||||||||||||||||||||||||
|
of Loans
|
Balance
|
of Loans
|
Balance
|
of Loans
|
Balance
|
of Loans
|
Balance
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||
One- to four-family residential
|
29
|
$
|
3,237
|
2
|
$
|
80
|
17
|
$
|
1,761
|
2
|
$
|
164
|
||||||||||||||||||||
Commercial — real estate secured
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
2
|
259
|
--
|
--
|
||||||||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||||||||
Home equity loans and lines of credit and
other consumer
|
1
|
3
|
--
|
--
|
--
|
--
|
1
|
27
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total delinquent loans
|
30
|
$
|
3,240
|
2
|
$
|
80
|
19
|
$
|
2,020
|
3
|
$
|
191
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Delinquent loans to total net loans
|
1.21
|
%
|
0.03
|
%
|
0.84
|
%
|
0.08
|
%
|
||||||||||||||||||||||||
Delinquent loans to total loans
|
1.20
|
%
|
0.03
|
%
|
0.83
|
%
|
0.08
|
%
|
June 30,
|
||||||||||||||||||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Non-accruing loans:
|
||||||||||||||||||||
One- to four-family residential
|
$
|
13
|
$
|
151
|
$
|
386
|
$
|
14
|
$
|
15
|
||||||||||
Commercial — real estate secured
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Multi-family residential
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Commercial business
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Land
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||
Home equity loans and lines of credit and other consumer
|
--
|
27
|
27
|
--
|
--
|
|||||||||||||||
Total non-accruing loans
|
13
|
178
|
413
|
14
|
15
|
|||||||||||||||
Accruing loans 90 days or more past due
|
67
|
13
|
236
|
--
|
99
|
|||||||||||||||
Total non-performing loans(1)
|
80
|
191
|
649
|
14
|
114
|
|||||||||||||||
Real estate owned, net
|
40
|
--
|
--
|
--
|
--
|
|||||||||||||||
Total non-performing assets
|
$
|
120
|
$
|
191
|
$
|
649
|
$
|
14
|
$
|
114
|
||||||||||
|
||||||||||||||||||||
Total non-performing loans as a percent of loans, net
|
0.03
|
%
|
0.07
|
%
|
0.31
|
%
|
0.01
|
%
|
0.09
|
%
|
||||||||||
Total non-performing assets as a percent of total assets
|
0.03
|
%
|
0.05
|
%
|
0.23
|
%
|
*
|
%
|
0.05
|
%
|
|
June 30,
|
|||||||||||||||||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
|
||||||||||||||||||||
Total loans outstanding at end of period
|
$
|
271,129
|
$
|
242,257
|
$
|
208,585
|
$
|
170,341
|
$
|
126,490
|
||||||||||
Average loans outstanding
|
269,408
|
224,463
|
197,812
|
156,759
|
115,505
|
|||||||||||||||
Allowance for loan losses, beginning of period
|
2,396
|
2,240
|
1,698
|
842
|
489
|
|||||||||||||||
Provision for loan losses
|
300
|
168
|
558
|
856
|
353
|
|||||||||||||||
Charge-offs
|
(181
|
)
|
(12
|
)
|
(16
|
)
|
--
|
--
|
||||||||||||
Allowance for loan losses, end of period
|
$
|
2,515
|
$
|
2,396
|
$
|
2,240
|
$
|
1,698
|
$
|
842
|
||||||||||
|
||||||||||||||||||||
Allowance for loan losses as a percent of non-performing loans
|
3,143.75
|
%
|
1,254.45
|
%
|
345.15
|
%
|
12,128.57
|
%
|
738.60
|
%
|
||||||||||
Allowance for loan losses as a percent of loans outstanding
|
0.93
|
%
|
0.99
|
%
|
1.07
|
%
|
1.00
|
%
|
0.67
|
%
|
June 30,
|
||||||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||||||||||||||||||||||
Amount
of
Allowance
|
Loan
Category
as a %
of Total
Loans
|
Amount of
Allowance
|
Loan
Category
as a %
of Total
Loans
|
Amount of
Allowance
|
Loan
Category
as a %
of Total
Loans
|
Amount of
Allowance
|
Loan
Category
as a %
of Total
Loans
|
Amount of
Allowance
|
Loan
Category
as a %
of Total
Loans
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family residential
|
$
|
1,195
|
38.11
|
%
|
$
|
1,224
|
36.96
|
%
|
$
|
1,023
|
35.11
|
%
|
$
|
306
|
34.88
|
%
|
$
|
110
|
36.02
|
%
|
||||||||||||||||||||
Commercial – real estate secured
|
415
|
22.90
|
464
|
23.23
|
338
|
24.54
|
185
|
23.03
|
125
|
25.90
|
||||||||||||||||||||||||||||||
Multi-family residential
|
103
|
5.62
|
128
|
8.41
|
103
|
9.39
|
205
|
7.58
|
140
|
6.61
|
||||||||||||||||||||||||||||||
Commercial business
|
305
|
10.33
|
202
|
10.63
|
412
|
8.04
|
281
|
7.26
|
175
|
8.09
|
||||||||||||||||||||||||||||||
Land
|
154
|
7.33
|
168
|
8.23
|
127
|
7.47
|
270
|
7.23
|
150
|
8.90
|
||||||||||||||||||||||||||||||
Construction
|
146
|
6.50
|
105
|
5.16
|
146
|
8.12
|
311
|
13.30
|
130
|
8.16
|
||||||||||||||||||||||||||||||
Home equity loans and lines of
credit and other consumer
|
197
|
9.21
|
105
|
7.38
|
91
|
7.33
|
140
|
6.72
|
12
|
6.32
|
||||||||||||||||||||||||||||||
Total
|
$
|
2,515
|
100.00
|
%
|
$
|
2,396
|
100.00
|
%
|
$
|
2,240
|
100.00
|
%
|
$
|
1,698
|
100.00
|
%
|
$
|
842
|
100.00
|
%
|
June 30, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Amortized | Fair | |||||||||||||||||||
Cost | Value | Cost | Value | Cost | Value | |||||||||||||||||||
Securities Held-to-Maturity:
|
(In Thousands) | |||||||||||||||||||||||
FNBB stock
|
$
|
250
|
$
|
250
|
$
|
250
|
$
|
250
|
$
|
250
|
$
|
250
|
||||||||||||
FHLB stock
|
1,760
|
1,760
|
1,515
|
1,515
|
1,215
|
1,215
|
||||||||||||||||||
Total Securities Held-to-Maturity
|
2,010
|
2,010
|
1,765
|
1,765
|
1,465
|
1,465
|
||||||||||||||||||
Securities Available-for-Sale:
|
||||||||||||||||||||||||
Mortgage-backed securities
|
44,733
|
44,885
|
48,173
|
48,434
|
47,894
|
47,961
|
||||||||||||||||||
Total Investment Securities
|
$
|
46,743
|
$
|
46,895
|
$
|
49,938
|
$
|
50,199
|
$
|
49,359
|
$
|
49,426
|
Amounts at June 30, 2015 which Mature in
|
||||||||||||||||||||||||||||||||
One Year
or Less
|
Weighted
Average
Yield
|
Over One
Year
Through
Five Years
|
Weighted
Average
Yield
|
Over Five
Through
Ten Years
|
Weighted
Average
Yield
|
Over
Ten Years
|
Weighted
Average
Yield
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||
Bonds and other debt securities:
|
||||||||||||||||||||||||||||||||
Mortgage-backed securities
|
$
|
2
|
6.29
|
%
|
$
|
206
|
2.75
|
%
|
$
|
102
|
3.50
|
%
|
$
|
44,575
|
1.89
|
%
|
||||||||||||||||
Equity securities(1):
|
||||||||||||||||||||||||||||||||
FHLB stock
|
--
|
--
|
--
|
--
|
--
|
--
|
250
|
1.13
|
||||||||||||||||||||||||
FHLB stock
|
--
|
--
|
--
|
--
|
--
|
--
|
1,760
|
0.39
|
||||||||||||||||||||||||
Total investment securities and bank stocks
|
$
|
2
|
6.29
|
%
|
$
|
206
|
2.75
|
%
|
$
|
102
|
3.50
|
%
|
$
|
46,585
|
1.83
|
%
|
June 30,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
(In thousands)
|
||||||||||||
Fixed rate:
|
||||||||||||
GNMA
|
$
|
50
|
$
|
65
|
$
|
79
|
||||||
FHLMC
|
147
|
150
|
183
|
|||||||||
FNMA
|
27,596
|
25,466
|
11,509
|
|||||||||
Total fixed rate
|
27,793
|
25,681
|
11,771
|
|||||||||
Adjustable rate:
|
||||||||||||
GNMA
|
16,744
|
22,266
|
35,506
|
|||||||||
FHLMC
|
137
|
173
|
233
|
|||||||||
FNMA
|
211
|
314
|
451
|
|||||||||
Total adjustable-rate
|
17,092
|
22,753
|
36,190
|
|||||||||
Total mortgage-backed securities
|
$
|
44,885
|
$
|
48,434
|
$
|
47,961
|
|
Amounts at June 30, 2015 which Mature in
|
|||||||||||||||||||||||
|
Weighted
|
Over One
|
Weighted
|
Weighted
|
||||||||||||||||||||
|
One Year
|
Average
|
through
|
Average
|
Over
|
Average
|
||||||||||||||||||
|
or Less
|
Yield
|
Five Years
|
Yield
|
Five Years
|
Yield
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Fixed rate:
|
||||||||||||||||||||||||
GNMA
|
$
|
2
|
6.29
|
%
|
$
|
9
|
9.74
|
%
|
$
|
39
|
8.57
|
%
|
||||||||||||
FHLMC
|
--
|
--
|
--
|
--
|
147
|
5.11
|
||||||||||||||||||
FNMA
|
--
|
--
|
--
|
--
|
27,596
|
2.82
|
||||||||||||||||||
Total fixed-rate
|
2
|
6.29
|
%
|
9
|
9.74
|
%
|
27,782
|
2.72
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Adjustable rate:
|
||||||||||||||||||||||||
GNMA
|
$
|
--
|
--
|
%
|
$
|
--
|
--
|
%
|
$
|
16,744
|
0.57
|
%
|
||||||||||||
FHLMC
|
--
|
--
|
30
|
1.77
|
107
|
2.37
|
||||||||||||||||||
FNMA
|
--
|
--
|
167
|
2.55
|
44
|
2.34
|
||||||||||||||||||
Total adjustable-rate
|
--
|
--
|
%
|
197
|
2.43
|
%
|
16,895
|
0.24
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
2
|
6.29
|
%
|
$
|
206
|
2.75
|
%
|
$
|
44,677
|
0.59
|
%
|
At or For the
Year Ended June 30,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
(Dollars in thousands) | ||||||||||||
Mortgage-backed securities at beginning of period
|
$
|
48,173
|
$
|
47,894
|
$
|
65,056
|
||||||
Purchases
|
9,843
|
23,158
|
31,515
|
|||||||||
Repayments
|
(11,263
|
)
|
(9,845
|
)
|
(15,477
|
)
|
||||||
Sales
|
(1,954
|
)
|
(12,984
|
)
|
(33,163
|
)
|
||||||
Amortizations of premiums and discounts, net
|
(66
|
)
|
(50
|
)
|
(37
|
)
|
||||||
Mortgage-backed securities at end of period
|
$
|
44,733
|
$
|
48,173
|
$
|
47,894
|
||||||
Weighted average yield at end of period
|
1.90
|
%
|
2.16
|
%
|
2.36
|
%
|
June 30,
|
|||||||||||||||||||||||||
2015
|
2014
|
2013
|
|||||||||||||||||||||||
Percent of
|
Percent of
|
Percent of
|
|||||||||||||||||||||||
Amount
|
Total
Deposits
|
Amount
|
Total
Deposits
|
Amount
|
Total
Deposits
|
||||||||||||||||||||
Certificate accounts:
|
|||||||||||||||||||||||||
0.00% - 0.99%
|
|
$
|
57,103
|
19.95
|
%
|
$
|
46,786
|
17.18
|
%
|
$
|
34,288
|
16.18
|
%
|
||||||||||||
1.00% - 1.99%
|
|
68,242
|
23.84
|
43,105
|
15.83
|
40,466
|
19.10
|
||||||||||||||||||
2.00% - 2.99%
|
|
15,943
|
5.57
|
17,780
|
6.53
|
21,822
|
10.30
|
||||||||||||||||||
3.00% - 3.99%
|
|
4,684
|
1.64
|
12,757
|
4.69
|
15,354
|
7.24
|
||||||||||||||||||
4.00% - 4.99%
|
|
--
|
--
|
--
|
--
|
334
|
0.16
|
||||||||||||||||||
Total certificate accounts
|
145,972
|
51.00
|
120,428
|
44.23
|
112,264
|
52.98
|
|||||||||||||||||||
Transaction accounts:
|
|||||||||||||||||||||||||
Passbook savings
|
18,435
|
6.44
|
12,165
|
4.47
|
9,524
|
4.49
|
|||||||||||||||||||
Non-interest bearing
demand accounts
|
45,024
|
15.73
|
43,447
|
15.95
|
26,027
|
13.77
|
|||||||||||||||||||
NOW accounts
|
31,214
|
10.90
|
24,015
|
8.82
|
24,625
|
10.13
|
|||||||||||||||||||
Money market
|
45,593
|
15.93
|
72,240
|
26.53
|
39,482
|
18.63
|
|||||||||||||||||||
Total transaction accounts
|
140,266
|
49.00
|
151,867
|
55.77
|
99,658
|
47.02
|
|||||||||||||||||||
Total deposits
|
$
|
286,238
|
100.00
|
%
|
$
|
272,295
|
100.00
|
%
|
$
|
211,922
|
100.00
|
%
|
Year Ended June 30,
|
||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2013
|
||||||||||||||||||||||||||||||||||
Average
|
Average
|
Average
|
||||||||||||||||||||||||||||||||||
Average
|
Interest
|
Rate
|
Average
|
Interest
|
Rate
|
Average
|
Interest
|
Rate
|
||||||||||||||||||||||||||||
Balance
|
Expense
|
Paid
|
Balance
|
Expense
|
Paid
|
Balance
|
Expense
|
Paid
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Passbook savings
|
$
|
14,762
|
$
|
34
|
0.23
|
%
|
$
|
11,221
|
$
|
23
|
0.20
|
%
|
$
|
7,724
|
$
|
21
|
0.27
|
%
|
||||||||||||||||||
Non-interest bearing
demand accounts
|
40,428
|
--
|
--
|
33,776
|
--
|
--
|
24,322
|
--
|
--
|
|||||||||||||||||||||||||||
NOW accounts
|
29,821
|
228
|
0.76
|
26,544
|
240
|
0.90
|
20,812
|
182
|
0.88
|
|||||||||||||||||||||||||||
Money market
|
43,770
|
141
|
0.32
|
45,637
|
150
|
0.33
|
40,539
|
168
|
0.42
|
|||||||||||||||||||||||||||
Certificates of
deposit
|
133,605
|
1,831
|
1.37
|
114,496
|
1,745
|
1.52
|
109,033
|
1,873
|
1.72
|
|||||||||||||||||||||||||||
Total deposits
|
$
|
262,386
|
$
|
2,234
|
0.85
|
%
|
$
|
231,674
|
$
|
2,158
|
0.93
|
%
|
$
|
202,430
|
$
|
2,244
|
1.10
|
%
|
Year Ended June 30,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
(In thousands)
|
||||||||||||
Net deposits (withdrawals)
|
$
|
12,274
|
$
|
58,706
|
$
|
(11,230
|
)
|
|||||
Interest credited
|
1,669
|
1,667
|
1,716
|
|||||||||
Total increase (decrease) in deposits
|
$
|
13,943
|
$
|
60,373
|
$
|
(9,514
|
)
|
Balance at June 30, 2015
|
|||||||||||||||||||||
Maturing in the 12 Months Ending June 30,
|
|||||||||||||||||||||
Certificates of Deposit
|
2016
|
2017
|
2018
|
Thereafter
|
Total
|
||||||||||||||||
(In thousands)
|
|||||||||||||||||||||
0.00% - 0.99%
|
$
|
46,410
|
$
|
7,402
|
$
|
3,202
|
$
|
89
|
$
|
57,103
|
|||||||||||
1.00% - 1.99%
|
10,524
|
16,351
|
16,455
|
24,912
|
68,242
|
||||||||||||||||
2.00% - 2.99%
|
4,745
|
4,959
|
200
|
6,039
|
15,943
|
||||||||||||||||
3.00% - 3.99%
|
4,298
|
386
|
--
|
--
|
4,684
|
||||||||||||||||
Total certificate accounts
|
$
|
65,977
|
$
|
29,098
|
$
|
19,857
|
$
|
31,040
|
$
|
145,972
|
Weighted
|
||||||||
Amount
|
Average Rate
|
|||||||
(Dollars in thousands)
|
||||||||
September 30, 2015
|
$
|
10,855
|
1.17
|
%
|
||||
December 31, 2015
|
10,143
|
0.76
|
||||||
March 31, 2016
|
8,715
|
0.71
|
||||||
June 30, 2016
|
12,473
|
0.91
|
||||||
After June 30, 2016
|
42,458
|
1.48
|
||||||
Total certificates of deposit with balances in excess of $100,000
|
$
|
84,644
|
1.19
|
%
|
|
At or For the Year
|
|||||||||||
|
Ended June 30,
|
|||||||||||
|
2015
|
2014
|
2013
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||
FHLB advances:
|
||||||||||||
Average balance outstanding
|
$
|
40,858
|
$
|
19,816
|
$
|
27,529
|
||||||
Maximum amount outstanding at any month-end during the period
|
49,030
|
29,666
|
37,233
|
|||||||||
Balance outstanding at end of period
|
38,411
|
12,897
|
21,662
|
|||||||||
Average interest rate during the period
|
0.60
|
%
|
0.83
|
%
|
1.22
|
%
|
||||||
Weighted average interest rate at end of period
|
0.68
|
%
|
1.16
|
%
|
1.09
|
%
|
Years Ending June 30,
|
Amount
|
|||
(In thousands)
|
||||
2016
|
$
|
4,247
|
||
2017
|
32,258
|
|||
2018
|
270
|
|||
2019
|
282
|
|||
2020
|
295
|
|||
Thereafter
|
1,059
|
|||
Total
|
$
|
38,411
|
●
|
The Office of Thrift Supervision merged into the Office of the Comptroller of the Currency and the authority of the other remaining bank regulatory agencies were restructured. The federal thrift charter is preserved under the jurisdiction of the Office of the Comptroller of the Currency.
|
●
|
A new independent consumer financial protection bureau was established within the Federal Reserve Board, empowered to exercise broad regulatory, supervisory and enforcement authority with respect to both new and existing consumer financial protection laws. However, smaller financial institutions, like Home Federal Bank, are subject to the supervision and enforcement of their primary federal banking regulator with respect to the federal consumer financial protection laws.
|
●
|
Tier 1 capital treatment for "hybrid" capital items like trust preferred securities was eliminated subject to various grandfathering and transition rules.
|
●
|
The prohibition on payment of interest on demand deposits was repealed.
|
●
|
State law is preempted only if it would have a discriminatory effect on a federal savings association or is preempted by any other federal law. The Office of the Comptroller of the Currency must make a preemption determination on a case-by-case basis with respect to a particular state law or other state law with substantively equivalent terms.
|
●
|
Deposit insurance is permanently increased to $250,000.
|
●
|
Deposit insurance assessment base calculation equals the depository institution's total assets minus the sum of its average tangible equity during the assessment period.
|
●
|
The minimum reserve ratio of the Deposit Insurance Fund increased to 1.35 percent of estimated annual insured deposits or assessment base; however, the Federal Deposit Insurance Corporation is directed to "offset the effect" of the increased reserve ratio for insured depository institutions with total consolidated assets of less than $10 billion.
|
●
|
Authority over savings and loan holding companies transferred to the Federal Reserve Board.
|
●
|
Leverage capital requirements and risk based capital requirements applicable to depository institutions and bank holding companies were extended to thrift holding companies.
|
●
|
The Federal Deposit Insurance Act was amended to direct federal regulators to require depository institution holding companies to serve as a source of strength for their depository institution subsidiaries.
|
●
|
The Securities and Exchange Commission is authorized to adopt rules requiring public companies to make their proxy materials available to shareholders for nomination of their own candidates for election to the board of directors.
|
●
|
Public companies are now required to provide their shareholders with a non-binding vote: (i) at least once every three years on the compensation paid to executive officers, and (ii) at least once every six years on whether they should have a "say on pay" vote every one, two or three years.
|
●
|
A separate, non-binding shareholder vote is now required regarding golden parachutes for named executive officers when a shareholder vote takes place on mergers, acquisitions, dispositions or other transactions that would trigger the parachute payments.
|
●
|
Securities exchanges are now required to prohibit brokers from using their own discretion to vote shares not beneficially owned by them for certain "significant" matters, which include votes on the election of directors, executive compensation matters, and any other matter determined to be significant.
|
●
|
Stock exchanges, which do not include the OTC Bulletin Board, will be prohibited from listing the securities of any issuer that does not have a policy providing for (i) disclosure of its policy on incentive compensation payable on the basis of financial information reportable under the securities laws, and (ii) the recovery from current or former executive officers, following an accounting restatement triggered by material noncompliance with securities law reporting requirements, of any incentive compensation paid erroneously during the three-year period preceding the date on which the restatement was required that exceeds the amount that would have been paid on the basis of the restated financial information.
|
●
|
Disclosure in annual proxy materials will be required concerning the relationship between the executive compensation paid and the financial performance of the issuer.
|
●
|
Item 402 of Regulation S-K will be amended to require companies to disclose the ratio of the Chief Executive Officer's annual total compensation to the median annual total compensation of all other employees.
|
●
|
Smaller reporting companies are exempt from complying with the internal control auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.
|
Total Risk-
|
Tier 1 Risk-
|
Common
|
Tier 1
|
|||||
Based
|
Based
|
Equity Tier 1
|
Leverage
|
|||||
Capital Category
|
Capital
|
Capital
|
Capital
|
Capital
|
||||
Well capitalized
|
10% or more
|
8% or more
|
6.5% or more
|
5% or more
|
||||
Adequately capitalized
|
8% or more
|
6% or more
|
4.5% or more
|
4% or more
|
||||
Undercapitalized
|
Less than 8%
|
Less than 6%
|
Less than 4.5%
|
Less than 4%
|
||||
Significantly undercapitalized
|
Less than 6%
|
Less than 4%
|
Less than 3%
|
Less than 3%
|
·
|
Making any new investments or engaging in any new activity not allowed for both a national bank and a savings association;
|
·
|
Establishing any new branch office unless allowable for a national bank; and
|
·
|
Paying dividends unless allowable for a national bank and necessary to meet the obligations of its holding company.
|
|
|
|
|
Net Book Value
|
Amount of
|
||||||||
Description/Address
|
|
Leased/Owned
|
|
of Property
|
Deposits
|
||||||||
(In thousands)
|
|||||||||||||
Building/ATM (Main Office)
|
|||||||||||||
624 Market Street, Shreveport, LA
|
Owned
|
|
$ |
1,087
|
$
|
95,532
|
|
||||||
Building/ATM
|
|||||||||||||
6363 Youree Dr., Shreveport, LA
|
Owned
|
(1)
|
229
|
|
106,849
|
||||||||
Building/ATM
|
|||||||||||||
9300 Mansfield Rd., Suite 101, Shreveport, LA
|
Leased
|
76
|
41,804
|
||||||||||
Building/ATM
|
|||||||||||||
2555 Viking Drive, Bossier City, LA
|
Owned
|
2,481
|
31,658
|
||||||||||
Building/ATM
|
|||||||||||||
7964 E. Texas Street, Bossier City, LA
|
Owned
|
1,921
|
10,395
|
||||||||||
Building (Agency Office)
|
|||||||||||||
222 Florida Street, Shreveport, LA
|
Owned
|
1,697
|
--
|
||||||||||
Building (2)
|
|||||||||||||
614 Market Street, Shreveport, LA
|
Owned
|
406
|
--
|
||||||||||
Lots 1-5, Block 1
|
|||||||||||||
Highway 171 South, Stonewall, LA
|
Owned
|
657
|
--
|
||||||||||
Land
|
|||||||||||||
901 Pierremont Road, Shreveport, LA
|
Owned
|
1,073
|
--
|
(1) | The building is owned but the land is subject to an operating lease which was renewed effective December 1, 2008 for a ten-year period. |
Stock Price per Share
|
Cash Dividends
|
|||||||||||
Quarter Ended
|
High
|
Low
|
per Share
|
|||||||||
Fiscal 2015:
|
||||||||||||
June 30, 2015
|
$
|
21.77
|
$
|
19.25
|
$
|
0.07
|
||||||
March 31, 2015
|
20.00
|
19.02
|
0.07
|
|||||||||
December 31, 2014
|
20.30
|
19.00
|
0.07
|
|||||||||
September 30, 2014
|
19.52
|
18.65
|
0.07
|
|||||||||
Fiscal 2014:
|
||||||||||||
June 30, 2014
|
$
|
19.53
|
$
|
17.85
|
$
|
0.06
|
||||||
March 31, 2014
|
18.10
|
17.14
|
0.06
|
|||||||||
December 31, 2013
|
17.80
|
16.70
|
0.06
|
|||||||||
September 30, 2013
|
17.68
|
16.97
|
0.06
|
Maximum
|
||||||||||||||||
Total Number of
|
Number of Shares
|
|||||||||||||||
Average
|
Shares Purchased
|
That May Yet Be
|
||||||||||||||
Total Number
|
Price
|
as Part of Publicity
|
Purchased Under
|
|||||||||||||
of Shares
|
Paid per
|
Announced Plans
|
the Plans or
|
|||||||||||||
Period
|
Purchased
|
Share
|
or Programs
|
Programs (a)
|
||||||||||||
April 1, 2015 – April 30, 2015
|
20,293
|
$
|
19.55
|
18,550
|
76,805
|
|||||||||||
May 1, 2015 – May 31, 2015
|
--
|
--
|
--
|
76,805
|
||||||||||||
June 1, 2015 – June 30, 2015
|
13,900
|
19.91
|
13,900
|
62,905
|
||||||||||||
Total
|
34,193
|
$
|
19.70
|
32,450
|
62,905
|
|||||||||||
____________________________
Notes to this table:
(a) On February 11, 2015, the Company announced by press release a repurchase program to repurchase up to 108,000 shares or approximately 5.0% of the Company's outstanding
shares of common stock. The repurchase program does not have an expiration date.
|
At June 30, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Selected Financial and Other Data:
|
||||||||||||||||||||
Total assets
|
$
|
369,833
|
$
|
329,529
|
$
|
277,155
|
$
|
296,183
|
$
|
233,320
|
||||||||||
Cash and cash equivalents
|
21,166
|
13,633
|
3,685
|
34,863
|
9,599
|
|||||||||||||||
Securities available for sale
|
44,885
|
48,434
|
47,961
|
68,426
|
75,039
|
|||||||||||||||
Securities held to maturity
|
2,010
|
1,765
|
1,465
|
1,381
|
5,725
|
|||||||||||||||
Loans held-for-sale
|
14,203
|
9,375
|
3,464
|
11,157
|
6,653
|
|||||||||||||||
Loans receivable, net
|
268,427
|
239,563
|
206,079
|
168,263
|
125,371
|
|||||||||||||||
Deposits
|
286,238
|
272,295
|
211,922
|
221,436
|
153,616
|
|||||||||||||||
Federal Home Loan Bank advances
|
38,411
|
12,897
|
21,662
|
23,469
|
26,891
|
|||||||||||||||
Total Stockholders' equity
|
43,386
|
42,779
|
41,982
|
49,888
|
51,183
|
As of or for the Year Ended June 30,
|
||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Total interest income
|
$
|
14,772
|
$
|
13,173
|
$
|
13,154
|
$
|
12,722
|
$
|
10,297
|
||||||||||
Total interest expense
|
2,481
|
2,336
|
2,579
|
3,050
|
3,186
|
|||||||||||||||
Net interest income
|
12,291
|
10,837
|
10,575
|
9,672
|
7,111
|
|||||||||||||||
Provision for loan losses
|
300
|
168
|
558
|
856
|
353
|
|||||||||||||||
Net interest income after provision for loan losses
|
11,991
|
10,669
|
10,017
|
8,816
|
6,758
|
|||||||||||||||
Total non-interest income
|
2,961
|
2,340
|
3,424
|
3,324
|
2,630
|
|||||||||||||||
Total non-interest expense
|
9,936
|
8,933
|
8,683
|
8,170
|
6,512
|
|||||||||||||||
Income before income tax expense
|
5,016
|
4,076
|
4,758
|
3,970
|
2,876
|
|||||||||||||||
Income tax expense (benefit)
|
1,661
|
1,332
|
1,628
|
1,127
|
938
|
|||||||||||||||
Net income
|
$
|
3,355
|
$
|
2,744
|
$
|
3,130
|
$
|
2,843
|
$
|
1,938
|
||||||||||
Earnings per share of common stock:
|
||||||||||||||||||||
Basic
|
$
|
1.70
|
$
|
1.33
|
$
|
1.34
|
$
|
1.02
|
$
|
0.67
|
||||||||||
Diluted
|
$
|
1.65
|
$
|
1.29
|
$
|
1.31
|
$
|
1.01
|
$
|
0.67
|
Selected Operating Ratios(1):
|
||||||||||||||||||||
Average yield on interest-earning assets
|
4.52
|
%
|
4.76
|
%
|
5.05
|
%
|
5.26
|
%
|
5.22
|
%
|
||||||||||
Average rate on interest-bearing liabilities
|
0.94
|
1.07
|
1.25
|
1.64
|
2.13
|
|||||||||||||||
Average interest rate spread(2)
|
3.58
|
3.69
|
3.80
|
3.62
|
3.09
|
|||||||||||||||
Net interest margin(2)
|
3.76
|
3.92
|
4.06
|
4.00
|
3.60
|
|||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
124.33
|
126.91
|
126.77
|
130.09
|
131.85
|
|||||||||||||||
Net interest income after provision for loan losses to non-interest expense
|
120.68
|
119.43
|
115.36
|
107.91
|
103.78
|
|||||||||||||||
Total non-interest expense to average assets
|
2.84
|
3.01
|
3.14
|
3.19
|
3.13
|
|||||||||||||||
Efficiency ratio(3)
|
65.14
|
67.79
|
62.03
|
62.87
|
66.85
|
|||||||||||||||
Return on average assets
|
0.96
|
0.92
|
1.13
|
1.11
|
0.93
|
|||||||||||||||
Return on average equity
|
7.45
|
6.22
|
6.86
|
5.62
|
4.47
|
|||||||||||||||
Average equity to average assets
|
12.86
|
14.84
|
16.48
|
19.76
|
20.86
|
|||||||||||||||
Dividend payout ratio
|
18.26
|
20.08
|
20.19
|
25.57
|
26.37
|
As of or for the Year Ended June 30,
|
||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||||
Selected Quality Ratios(4):
|
||||||||||||||||||||
Non-performing loans as a percent of total loans receivable
|
0.03
|
%
|
0.07
|
%
|
0.31
|
%
|
0.01
|
%
|
0.09
|
%
|
||||||||||
Non-performing assets as a percent of total assets
|
0.03
|
0.05
|
0.23
|
*
|
0.05
|
|||||||||||||||
Allowance for loan losses as a percent of total loans receivable
|
0.93
|
0.99
|
1.07
|
1.00
|
0.67
|
|||||||||||||||
Net charge-offs to average loans receivable
|
0.07
|
0.01
|
0.01
|
--
|
--
|
|||||||||||||||
Allowance for loan losses as a percent of non-performing loans
|
3,143.75
|
1,254.45
|
345.15
|
12,128.57
|
738.60
|
|||||||||||||||
Bank Capital Ratios(4):
|
||||||||||||||||||||
Tangible capital ratio
|
11.81
|
%
|
12.74
|
%
|
15.16
|
%
|
14.83
|
%
|
18.18
|
%
|
||||||||||
Core capital ratio
|
11.81
|
12.74
|
15.16
|
14.83
|
18.18
|
|||||||||||||||
Total capital ratio
|
18.85
|
21.35
|
25.48
|
28.99
|
35.17
|
|||||||||||||||
Other Data:
|
||||||||||||||||||||
Full service offices (branch and agency)
|
6
|
5
|
5
|
5
|
5
|
|||||||||||||||
Employees (full-time)
|
58
|
46
|
47
|
39
|
41
|
*
|
Not meaningful.
|
(1)
|
With the exception of end of period ratios, all ratios are based on average monthly balances during the indicated periods.
|
(2)
|
Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets.
|
(3)
|
The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income.
|
(4)
|
Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable.
|
● |
Continuing to Grow and Diversify Our Loan Portfolio. We intend to grow and continue to diversify of loan portfolio by, among other things, emphasizing the origination of commercial real estate and business loans. At June 30, 2015, our commercial real estate loans amounted to $62.1 million, or 22.9% of the total loan portfolio. Our commercial business loans amounted to $28.0 million, or 10.3% of the total loan portfolio. Commercial real estate, commercial business, construction and development and consumer loans all typically have higher yields and are more interest sensitive than long-term single-family residential mortgage loans.
|
● |
Diversify Our Products and Services. We intend to continue to emphasize our commercial business products to provide a full-service banking relationship to our commercial customers. We have introduced mobile and Internet banking and remote deposit capture, to better serve our commercial clients. Additionally, we have developed new deposit products focused on expanding our deposit base to new types of customers.
|
● |
Managing Our Expenses. We have incurred significant additional expenses related to personnel and infrastructure in recent periods as we implemented our business strategy. Our total non-interest expense increased $1.0 million, or 11.2%, in fiscal 2015 compared to 2014. Our efficiency ratio for 2015 was 65.1% compared to 67.8% for fiscal 2014.
|
●
|
Enhancing Core Earnings. We expect to continue to emphasize commercial real estate and business loans which generally bear interest rates higher than residential real estate loans and sell a substantial part of our fixed rate residential mortgage loan originations.
|
● |
Expanding Our Franchise in our Market Area and Contiguous Communities. We intend to pursue opportunities to expand our market area by opening additional de novo banking offices and possibly, through acquisitions of other financial institutions and banking related businesses (although we have no current plans, understandings or agreements with respect to any specific acquisitions). We expect to focus on contiguous areas to our current locations in Caddo and Bossier Parishes.
|
●
|
Maintain Our Asset Quality. At June 30, 2015, our non-performing assets totaled $120,000, or 0.03% of total assets. We had one property acquired through foreclosure with a carrying value of $40,000 and no troubled debt restructurings at June 30, 2015. We intend to continue to stress maintaining high asset quality even as we continue to grow our institution and diversity our loan portfolio.
|
●
|
Cross-Selling Products and Services and Emphasizing Local Decision Making. We have promoted cross-selling products and services in our branch offices and emphasized our local decision making and streamlined loan approval process.
|
|
June 30,
|
|||||||||||||||||||||||
|
2015
|
2014
|
||||||||||||||||||||||
|
Average
|
Average
|
||||||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||||||||||
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities
|
$
|
51,965
|
$
|
996
|
1.92
|
%
|
$
|
47,150
|
$
|
999
|
2.12
|
%
|
||||||||||||
Loans receivable(1)
|
269,408
|
13,762
|
5.11
|
224,463
|
12,161
|
5.42
|
||||||||||||||||||
Interest-earning deposits
|
5,585
|
14
|
0.26
|
4,996
|
13
|
0.25
|
||||||||||||||||||
Total interest-earning assets
|
326,958
|
14,772
|
4.52
|
%
|
276,609
|
13,173
|
4.76
|
%
|
||||||||||||||||
Non-interest-earning assets
|
23,262
|
20,648
|
||||||||||||||||||||||
Total assets
|
$
|
350,220
|
$
|
297,257
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings accounts
|
14,762
|
34
|
0.23
|
%
|
11,221
|
23
|
0.20
|
%
|
||||||||||||||||
NOW accounts
|
29,821
|
228
|
0.76
|
26,544
|
240
|
0.90
|
||||||||||||||||||
Money market accounts
|
43,770
|
141
|
0.32
|
45,637
|
150
|
0.33
|
||||||||||||||||||
Certificate accounts
|
133,605
|
1,831
|
1.37
|
114,496
|
1,745
|
1.52
|
||||||||||||||||||
Total deposits
|
221,958
|
2,234
|
1.01
|
197,898
|
2,158
|
1.09
|
||||||||||||||||||
FHLB advances and other borrowings
|
40,923
|
247
|
0.60
|
20,066
|
178
|
0.90
|
||||||||||||||||||
Total interest-bearing liabilities
|
262,881
|
2,481
|
0.94
|
%
|
217,964
|
2,336
|
1.07
|
%
|
||||||||||||||||
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
Non-interest bearing demand accounts
|
40,428
|
33,776
|
||||||||||||||||||||||
Other liabilities
|
1,879
|
1,418
|
||||||||||||||||||||||
Total liabilities
|
305,188
|
253,158
|
||||||||||||||||||||||
Total stockholders' equity(2)
|
45,032
|
44,099
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and equity
|
$
|
350,220
|
$
|
297,257
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest-earning assets
|
$
|
64,077
|
$
|
58,645
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income; average interest rate spread(3)
|
$
|
12,291
|
3.58
|
%
|
$
|
10,837
|
3.69
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin(4)
|
3.76
|
%
|
3.92
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
124.37
|
%
|
126.91
|
%
|
||||||||||||||||||||
|
(1) | Includes loans held for sale. |
(2) | Includes retained earnings and accumulated other comprehensive loss. |
(3) | Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate on interest-bearing liabilities. |
(4) | Net interest margin is net interest income divided by net average interest-earning assets. |
2015 vs. 2014
|
2014 vs. 2013
|
|||||||||||||||||||||||
Increase (Decrease)
|
Total
|
Increase (Decrease)
|
Total
|
|||||||||||||||||||||
Due to
|
Increase
|
Due to
|
Increase
|
|||||||||||||||||||||
Rate
|
Volume
|
(Decrease)
|
Rate
|
Volume
|
(Decrease)
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Interest income:
|
||||||||||||||||||||||||
Investment securities
|
$
|
(104
|
)
|
$
|
102
|
$
|
(2
|
)
|
$
|
(323
|
)
|
$
|
(307
|
)
|
$
|
(630
|
)
|
|||||||
Loans receivable, net
|
(836
|
)
|
2,435
|
1,599
|
(903
|
)
|
1,551
|
648
|
||||||||||||||||
Interest-earning deposits
|
1
|
1
|
2
|
--
|
1
|
1
|
||||||||||||||||||
Total interest-earning assets
|
(939
|
)
|
2,538
|
1,599
|
(1,226
|
)
|
1,245
|
19
|
||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||
Savings accounts
|
4
|
7
|
11
|
(7
|
)
|
9
|
2
|
|||||||||||||||||
NOW accounts
|
(42
|
)
|
29
|
(13
|
)
|
8
|
50
|
58
|
||||||||||||||||
Money market accounts
|
(4
|
)
|
(6
|
)
|
(10
|
)
|
(39
|
)
|
21
|
(18
|
)
|
|||||||||||||
Certificate accounts
|
(199
|
)
|
290
|
91
|
(222
|
)
|
94
|
(128
|
)
|
|||||||||||||||
Total deposits
|
(241
|
)
|
320
|
79
|
(260
|
)
|
174
|
(86
|
)
|
|||||||||||||||
FHLB advances and other borrowings
|
(122
|
)
|
188
|
66
|
(66
|
)
|
(91
|
)
|
(157
|
)
|
||||||||||||||
Total interest-bearing liabilities
|
(363
|
)
|
508
|
145
|
(326
|
)
|
83
|
(243
|
)
|
|||||||||||||||
Increase (Decrease) in net interest income
|
$
|
(576
|
)
|
$
|
2,030
|
$
|
1,454
|
$
|
(900
|
)
|
$
|
1,162
|
$
|
262
|
Change in Interest Rates in
|
Net Portfolio Value
|
NPV as % of Portfolio
Value of Assets
|
|||||||||||||||||||
Basis Points (Rate Shock)
|
Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
300 |
$
|
52,529
|
$
|
6,626
|
14.43
|
%
|
15.06
|
%
|
2.45
|
%
|
|||||||||||
200 |
50,457
|
4,554
|
9.92
|
14.27
|
1.66
|
||||||||||||||||
100 |
48,598
|
2,695
|
5.87
|
13.54
|
0.93
|
||||||||||||||||
Static
|
45,903
|
--
|
--
|
12.61
|
--
|
||||||||||||||||
(100)
|
|
42,016
|
(3,887
|
)
|
(8.47
|
)
|
11.45
|
(1.16
|
)
|
||||||||||||
(200)
|
|
36,808
|
(9,095
|
)
|
(19.81
|
)
|
9.97
|
(2.64
|
)
|
June 30,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
ASSETS
|
||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $16,105 and $9,317 for 2015 and 2014, Respectively)
|
$
|
21,166
|
$
|
13,633
|
||||
Securities Available-for-Sale
|
44,885
|
48,434
|
||||||
Securities Held-to-Maturity (fair value of $2,010 and $1,765, respectively)
|
2,010
|
1,765
|
||||||
Loans Held-for-Sale
|
14,203
|
9,375
|
||||||
Loans Receivable, Net of Allowance for Loan Losses of $2,515 and $2,396 for 2015 and 2014, Respectively
|
268,427
|
239,563
|
||||||
Accrued Interest Receivable
|
927
|
965
|
||||||
Premises and Equipment, Net
|
10,188
|
8,454
|
||||||
Bank Owned Life Insurance
|
6,365
|
6,203
|
||||||
Deferred Tax Asset
|
824
|
723
|
||||||
Other Real Estate Owned
|
40
|
--
|
||||||
Other Assets
|
798
|
414
|
||||||
Total Assets
|
$
|
369,833
|
$
|
329,529
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
LIABILITIES
|
||||||||
Deposits
|
286,238
|
$
|
272,295
|
|||||
Advances from Borrowers for Taxes and Insurance
|
578
|
428
|
||||||
Advances from Federal Home Loan Bank of Dallas
|
38,411
|
12,897
|
||||||
Other Accrued Expenses and Liabilities
|
1,220
|
1,130
|
||||||
Total Liabilities
|
326,447
|
286,750
|
||||||
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; 2,109,606 Shares Issued and Outstanding at June 30, 2015; 3,062,386 Shares Issued
and 2,241,967 Shares Outstanding at June 30, 2014
|
25
|
34
|
||||||
Additional Paid-in Capital
|
33,375
|
32,853
|
||||||
Treasury Stock, at Cost – none at June 30, 2015 and 820,419 Shares at June 30, 2014
|
--
|
(15,698
|
)
|
|||||
Unearned ESOP Stock
|
(1,445
|
)
|
(1,561
|
)
|
||||
Unearned RRP Trust Stock
|
(333
|
)
|
(609
|
)
|
||||
Retained Earnings
|
11,664
|
27,588
|
||||||
Accumulated Other Comprehensive Income
|
100
|
172
|
||||||
Total Stockholders' Equity
|
43,386
|
42,779
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
369,833
|
$
|
329,529
|
For the Years Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands, Except Per Share Data)
|
||||||||
INTEREST INCOME
|
||||||||
Loans, Including Fees
|
$
|
13,762
|
$
|
12,161
|
||||
Mortgage-Backed Securities
|
989
|
994
|
||||||
Investment Securities
|
7
|
5
|
||||||
Other Interest-Earning Assets
|
14
|
13
|
||||||
Total Interest Income
|
14,772
|
13,173
|
||||||
INTEREST EXPENSE
|
||||||||
Deposits
|
2,234
|
2,158
|
||||||
Federal Home Loan Bank Borrowings
|
244
|
164
|
||||||
Other Borrowings
|
3
|
14
|
||||||
Total Interest Expense
|
2,481
|
2,336
|
||||||
Net Interest Income
|
12,291
|
10,837
|
||||||
PROVISION FOR LOAN LOSSES
|
300
|
168
|
||||||
Net Interest Income after Provision for Loan Losses
|
11,991
|
10,669
|
||||||
NON-INTEREST INCOME
|
||||||||
Gain on sale of real estate
|
--
|
129
|
||||||
Gain on Sale of Loans
|
2,278
|
1,636
|
||||||
Gain on Sale of Securities
|
10
|
35
|
||||||
Income on Bank Owned Life Insurance
|
163
|
173
|
||||||
Service Charges on Deposit Accounts
|
456
|
333
|
||||||
Other Income
|
54
|
34
|
||||||
Total Non-Interest Income
|
2,961
|
2,340
|
||||||
NON-INTEREST EXPENSE
|
||||||||
Compensation and Benefits
|
6,261
|
5,619
|
||||||
Occupancy and Equipment
|
1,050
|
861
|
||||||
Franchise and Bank Shares Tax
|
265
|
348
|
||||||
Advertising
|
249
|
272
|
||||||
Data Processing
|
527
|
476
|
||||||
Audit and Examination Fees
|
216
|
200
|
||||||
Legal Fees
|
330
|
367
|
||||||
Loan and Collection Expense
|
332
|
132
|
||||||
Deposit Insurance Premiums
|
164
|
152
|
||||||
Other Expenses
|
542
|
506
|
||||||
Total Non-Interest Expense
|
9,936
|
8,933
|
||||||
Income Before Income Taxes
|
5,016
|
4,076
|
||||||
PROVISION FOR INCOME TAX EXPENSE
|
1,661
|
1,332
|
||||||
Net Income
|
$
|
3,355
|
$
|
2,744
|
||||
EARNINGS PER SHARE:
|
||||||||
Basic
|
$
|
1.70
|
$
|
1.33
|
||||
Diluted
|
$
|
1.65
|
$
|
1.29
|
For the Years Ended June 30,
|
||||||||
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Net Income
|
$
|
3,355
|
$
|
2,744
|
||||
Other Comprehensive (Loss) Income , Net of Tax
|
||||||||
Unrealized Holding (Loss) Gain Arising During the Period
|
(35
|
)
|
138
|
|||||
Reclassification Adjustment for Gains Included in Net Income
|
(37
|
)
|
(10
|
)
|
||||
Total Other Comprehensive (Loss) Income
|
(72
|
)
|
128
|
|||||
Total Comprehensive Income
|
$
|
3,283
|
$
|
2,872
|
|
Common
Stock
|
Additional
Paid-In
Capital
|
Treasury
Stock
|
Unearned
ESOP
Stock
|
Unearned
RRP Trust
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
Stockholders'
Equity
|
||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
BALANCE – June 30, 2013
|
$
|
32
|
$
|
32,218
|
$
|
(13,168
|
)
|
$
|
(1,676
|
)
|
$
|
(863
|
)
|
$
|
25,395
|
$
|
44
|
$
|
41,982
|
|||||||||||||
ESOP Compensation Earned
|
--
|
90
|
--
|
115
|
--
|
--
|
--
|
205
|
||||||||||||||||||||||||
Stock Options Exercised
|
2
|
383
|
--
|
--
|
--
|
--
|
--
|
385
|
||||||||||||||||||||||||
Distribution of RRP Trust Stock
|
--
|
--
|
--
|
--
|
254
|
--
|
--
|
254
|
||||||||||||||||||||||||
Dividends Paid
|
--
|
--
|
--
|
--
|
--
|
(551
|
)
|
--
|
(551
|
)
|
||||||||||||||||||||||
Stock Options Vested
|
--
|
162
|
--
|
--
|
--
|
--
|
--
|
162
|
||||||||||||||||||||||||
Company Stock Purchased
|
--
|
--
|
(2,530
|
)
|
--
|
--
|
--
|
--
|
(2,530
|
)
|
||||||||||||||||||||||
Net Income
|
--
|
--
|
--
|
--
|
--
|
2,744
|
--
|
2,744
|
||||||||||||||||||||||||
Other Comprehensive Income,
Net of Applicable Deferred
Income Taxes
|
--
|
--
|
--
|
--
|
--
|
--
|
128
|
128
|
||||||||||||||||||||||||
BALANCE - June 30, 2014
|
$
|
34
|
$
|
32,853
|
$
|
(15,698
|
)
|
$
|
(1,561
|
)
|
$
|
(609
|
)
|
$
|
27,588
|
$
|
172
|
$
|
42,779
|
|||||||||||||
ESOP Compensation Earned
|
--
|
109
|
--
|
116
|
--
|
--
|
--
|
225
|
||||||||||||||||||||||||
Stock Options Exercised
|
--
|
235
|
--
|
--
|
--
|
--
|
--
|
235
|
||||||||||||||||||||||||
Distribution of RRP Trust Stock
|
--
|
--
|
--
|
--
|
276
|
--
|
--
|
276
|
||||||||||||||||||||||||
Dividends Paid
|
--
|
--
|
--
|
--
|
--
|
(613
|
)
|
--
|
(613
|
)
|
||||||||||||||||||||||
Stock Options Vested
|
--
|
178
|
--
|
--
|
--
|
--
|
--
|
178
|
||||||||||||||||||||||||
Company Stock Purchased
|
--
|
--
|
(2,977
|
)
|
--
|
--
|
--
|
--
|
(2,977
|
)
|
||||||||||||||||||||||
Net Income
|
--
|
--
|
--
|
--
|
--
|
3,355
|
--
|
3,355
|
||||||||||||||||||||||||
Other Comprehensive Loss,
Net of Applicable Deferred
Income Taxes
|
--
|
--
|
--
|
--
|
--
|
(72
|
)
|
(72
|
)
|
|||||||||||||||||||||||
Reclassification of Treasury Stock
|
(9
|
)
|
--
|
18,675
|
--
|
--
|
(18,666
|
)
|
--
|
--
|
||||||||||||||||||||||
BALANCE - June 30, 2015
|
$
|
25
|
$
|
33,375
|
$
|
--
|
$
|
(1,445
|
)
|
$
|
(333
|
)
|
$
|
11,664
|
$
|
100
|
$
|
43,386
|
||||||||||||||
For the Years Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net Income
|
$
|
3,355
|
$
|
2,744
|
||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
|
||||||||
Gain on Sale of Loans
|
(2,278
|
)
|
(1,636
|
)
|
||||
Net Amortization and Accretion on Securities
|
67
|
50
|
||||||
Amortization of Deferred Loan Fees
|
(140
|
)
|
(98
|
)
|
||||
Provision for Loan Losses
|
300
|
168
|
||||||
Depreciation of Premises and Equipment
|
384
|
303
|
||||||
Gain on Sale of Securities
|
(10
|
)
|
(35
|
)
|
||||
ESOP Compensation Expense
|
225
|
205
|
||||||
Deferred Income Tax Benefit
|
(64
|
)
|
(14
|
)
|
||||
Stock Option Expense
|
178
|
162
|
||||||
Recognition and Retention Plan Expense
|
235
|
210
|
||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance
|
(163
|
)
|
(173
|
)
|
||||
Gain on Sale of Real Estate
|
--
|
(129
|
)
|
|||||
Changes in Assets and Liabilities:
|
||||||||
Origination and Purchase of Loans Held-for-Sale
|
(91,633
|
)
|
(89,490
|
)
|
||||
Sale and Principal Repayments on Loans Held-for-Sale
|
89,084
|
85,214
|
||||||
Accrued Interest Receivable
|
38
|
(191
|
)
|
|||||
Other Operating Assets
|
(424
|
)
|
(51
|
)
|
||||
Other Operating Liabilities
|
130
|
363
|
||||||
Net Cash Used in Operating Activities
|
(716
|
)
|
(2,398
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Loan Originations and Principal Collections, Net
|
(29,052
|
)
|
(33,684
|
)
|
||||
Deferred Loan Fees Collected
|
29
|
131
|
||||||
Acquisition of Premises and Equipment
|
(2,117
|
)
|
(2,634
|
)
|
||||
Proceeds from Sale of Real Estate
|
--
|
566
|
||||||
Activity in Available-for-Sale Securities:
|
||||||||
Proceeds from Sales of Securities
|
1,963
|
13,019
|
||||||
Principal Payments on Mortgage-Backed Securities
|
11,263
|
9,844
|
||||||
Purchases
|
(9,843
|
)
|
(23,158
|
)
|
||||
Activity in Held-to-Maturity Securities:
|
||||||||
Redemption Proceeds
|
698
|
488
|
||||||
Purchases
|
(943
|
)
|
(787
|
)
|
||||
Net Cash Used in Investing Activities
|
(28,002
|
)
|
(36,215
|
)
|
||||
For the Years Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net Increase in Deposits
|
$
|
13,943
|
$
|
60,373
|
||||
Proceeds from Advances from Federal Home Loan Bank
|
809,800
|
605,850
|
||||||
Repayments of Advances from Federal Home Loan Bank
|
(784,286
|
)
|
(614,615
|
)
|
||||
Dividends Paid
|
(613
|
)
|
(551
|
)
|
||||
Company Stock Purchased
|
(2,923
|
)
|
(2,325
|
)
|
||||
Net Decrease in Advances from Borrowers for Taxes and Insurance
|
150
|
150
|
||||||
Proceeds from Other Bank Borrowings
|
550
|
300
|
||||||
Repayment of Other Bank Borrowings
|
(550
|
)
|
(800
|
)
|
||||
Proceeds from Stock Options Exercised
|
180
|
179
|
||||||
Net Cash Provided by Financing Activities
|
36,251
|
48,561
|
||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
7,533
|
9,948
|
||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
13,633
|
3,685
|
||||||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$
|
21,166
|
$
|
13,633
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
||||||||
Interest Paid on Deposits and Borrowed Funds
|
$
|
2,459
|
$
|
2,341
|
||||
Income Taxes Paid
|
1,584
|
1,286
|
||||||
Market Value Adjustment for Loss on Securities
|
||||||||
Available-for-Sale
|
(109
|
)
|
194
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Cash on Hand
|
$
|
791
|
$
|
410
|
||||
Demand Deposits at Other Institutions
|
4,475
|
4,098
|
||||||
Federal Funds Sold
|
15,900
|
9,125
|
||||||
Total
|
$
|
21,166
|
$
|
13,633
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Unrealized Holding (Loss) Gain on Available-for-Sale Securities
|
$
|
(99
|
)
|
$
|
209
|
|||
Reclassification Adjustment for Gain Realized in Income
|
(10
|
)
|
(15
|
)
|
||||
Net Unrealized (Loss) Gain
|
(109
|
)
|
194
|
|||||
Tax Effect
|
37
|
(66
|
)
|
|||||
Net-of-Tax Amount
|
$
|
(72
|
)
|
$
|
128
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Net Unrealized Gain on Securities Available-for-Sale
|
$
|
152
|
$
|
261
|
||||
Tax Effect
|
(52
|
)
|
(89
|
)
|
||||
Net-of-Tax Amount
|
$
|
100
|
$
|
172
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
June 30, 2015
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Securities Available-for-Sale
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$
|
267
|
$
|
17
|
$
|
--
|
$
|
284
|
||||||||
FNMA Mortgage-Backed Certificates
|
27,263
|
605
|
61
|
27,807
|
||||||||||||
GNMA Mortgage-Backed Certificates
|
17,203
|
5
|
414
|
16,794
|
||||||||||||
Total Debt Securities
|
44,733
|
627
|
475
|
44,885
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
44,733
|
$
|
627
|
$
|
475
|
$
|
44,885
|
||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
17,600 Shares – Federal Home Loan Bank
|
$
|
1,760
|
$
|
--
|
$
|
--
|
$
|
1,760
|
||||||||
630 Shares – First National Bankers Bankshares, Inc.
|
250
|
--
|
--
|
250
|
||||||||||||
Total Equity Securities
|
2,010
|
--
|
--
|
2,010
|
||||||||||||
Total Securities Held-to-Maturity
|
$
|
2,010
|
$
|
--
|
$
|
--
|
$
|
2,010
|
June 30, 2014
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Securities Available-for-Sale
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC Mortgage-Backed Certificates
|
$
|
311
|
$
|
12
|
$
|
--
|
$
|
323
|
||||||||
FNMA Mortgage-Backed Certificates
|
24,947
|
857
|
24
|
25,780
|
||||||||||||
GNMA Mortgage-Backed Certificates
|
22,915
|
6
|
590
|
22,331
|
||||||||||||
Total Debt Securities
|
48,173
|
875
|
614
|
48,434
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
48,173
|
$
|
875
|
$
|
614
|
$
|
48,434
|
||||||||
Securities Held-to-Maturity
|
||||||||||||||||
Equity Securities (Non-Marketable)
|
||||||||||||||||
15,145 Shares – Federal Home Loan Bank
|
$
|
1,515
|
$
|
--
|
$
|
--
|
$
|
1,515
|
||||||||
630 Shares – First National Bankers Bankshares, Inc.
|
250
|
--
|
--
|
250
|
||||||||||||
Total Equity Securities
|
1,765
|
--
|
--
|
1,765
|
||||||||||||
Total Securities Held-to-Maturity
|
$
|
1,765
|
$
|
--
|
$
|
--
|
$
|
1,765
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Within One Year or Less
|
$
|
2
|
$
|
2
|
$
|
--
|
$
|
--
|
||||||||
One through Five Years
|
201
|
206
|
--
|
--
|
||||||||||||
After Five through Ten Years
|
97
|
102
|
--
|
--
|
||||||||||||
Over Ten Years
|
44,433
|
44,575
|
--
|
--
|
||||||||||||
44,733
|
44,885
|
--
|
--
|
|||||||||||||
Other Equity Securities
|
--
|
--
|
2,010
|
2,010
|
||||||||||||
Total
|
$
|
44,733
|
$
|
44,885
|
$
|
2,010
|
$
|
2,010
|
June 30, 2015
|
||||||||||||||||
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
|
$
|
61
|
$
|
10,345
|
$
|
414
|
$
|
16,683
|
||||||||
Marketable Equity Securities
|
--
|
--
|
--
|
--
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
61
|
$
|
10,345
|
$
|
414
|
$
|
16.683
|
June 30, 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
|
$
|
24
|
$
|
1,947
|
$
|
590
|
$
|
22,193
|
||||||||
Marketable Equity Securities
|
--
|
--
|
--
|
--
|
||||||||||||
Total Securities Available-for-Sale
|
$
|
24
|
$
|
1,947
|
$
|
590
|
$
|
22,193
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 3. | Loans Receivable |
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Loans Secured by Mortgages on Real Estate
|
||||||||
One- to Four-Family Residential
|
$
|
103,332
|
$
|
89,545
|
||||
Commercial
|
62,080
|
56,266
|
||||||
Multi-Family Residential
|
15,246
|
20,368
|
||||||
Land
|
19,866
|
19,945
|
||||||
Construction
|
17,620
|
12,505
|
||||||
Equity and Second Mortgage
|
2,460
|
2,563
|
||||||
Equity Lines of Credit
|
22,187
|
14,950
|
||||||
Total Mortgage Loans
|
242,791
|
216,142
|
||||||
Commercial Loans
|
28,019
|
25,749
|
||||||
Consumer Loans
|
||||||||
Loans on Savings Accounts
|
209
|
255
|
||||||
Automobile and Other Consumer Loans
|
110
|
111
|
||||||
Total Consumer and Other Loans
|
319
|
366
|
||||||
Total Loans
|
271,129
|
242,257
|
||||||
Less: Allowance for Loan Losses
|
(2,515
|
)
|
(2,396
|
)
|
||||
Unamortized Loan Fees
|
(187
|
)
|
(298
|
)
|
||||
Net Loans Receivable
|
$
|
268,427
|
$
|
239,563
|
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Balance - Beginning of Year
|
$
|
2,396
|
$
|
2,240
|
||||
Provision for Loan Losses
|
300
|
168
|
||||||
Loan Charge-Offs
|
(181
|
)
|
(12
|
)
|
||||
Balance - End of Year
|
$
|
2,515
|
$
|
2,396
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Under
|
Over One
|
Over Five
|
Over
|
|||||||||||||||||
One
|
to Five
|
to Ten
|
Ten
|
|||||||||||||||||
|
Year
|
Years
|
Years
|
Years
|
Total
|
|||||||||||||||
Loans Secured by One- to Four-Family Residential
|
(In Thousands)
|
|||||||||||||||||||
Fixed Rate
|
$
|
9,386
|
$
|
29,317
|
$
|
5,374
|
$
|
41,698
|
$
|
85,775
|
||||||||||
Adjustable Rate
|
1,384
|
2,318
|
1,246
|
12,609
|
17,557
|
|||||||||||||||
Other Loans Secured by Real Estate
|
||||||||||||||||||||
Fixed Rate
|
46,979
|
58,666
|
22,593
|
11,221
|
139,459
|
|||||||||||||||
All Other Loans
|
14,262
|
12,846
|
1,230
|
--
|
28,338
|
|||||||||||||||
Total
|
$
|
72,011
|
$
|
103,147
|
$
|
30,443
|
$
|
65,528
|
$
|
271,129
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
June 30, 2015
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||
One- to Four-Family Residential
|
$
|
103,207
|
$
|
112
|
$
|
13
|
$
|
--
|
$
|
103,332
|
||||||||||
Commercial
|
61,542
|
538
|
--
|
--
|
62,080
|
|||||||||||||||
Multi-Family Residential
|
15,246
|
--
|
--
|
--
|
15,246
|
|||||||||||||||
Land
|
19,866
|
--
|
--
|
--
|
19,866
|
|||||||||||||||
Construction
|
17,620
|
--
|
--
|
--
|
17,620
|
|||||||||||||||
Equity and Second Mortgage
|
2,460
|
--
|
--
|
--
|
2,460
|
|||||||||||||||
Equity Lines of Credit
|
22,163
|
--
|
24
|
--
|
22,187
|
|||||||||||||||
Commercial Loans
|
28,019
|
--
|
--
|
--
|
28,019
|
|||||||||||||||
Consumer Loans
|
319
|
--
|
--
|
--
|
319
|
|||||||||||||||
Total
|
$
|
270,442
|
$
|
650
|
$
|
37
|
$
|
--
|
$
|
271,129
|
June 30, 2014
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||
One- to Four-Family Residential
|
$
|
89,345
|
$
|
49
|
$
|
--
|
$
|
151
|
$
|
89,545
|
||||||||||
Commercial
|
53,621
|
2,645
|
--
|
--
|
56,266
|
|||||||||||||||
Multi-Family Residential
|
20,368
|
--
|
--
|
--
|
20,368
|
|||||||||||||||
Land
|
19,945
|
--
|
--
|
--
|
19,945
|
|||||||||||||||
Construction
|
12,505
|
--
|
--
|
--
|
12,505
|
|||||||||||||||
Equity and Second Mortgage
|
2,563
|
--
|
--
|
--
|
2,563
|
|||||||||||||||
Equity Lines of Credit
|
14,923
|
--
|
--
|
27
|
14,950
|
|||||||||||||||
Commercial Loans
|
25,749
|
--
|
--
|
--
|
25,749
|
|||||||||||||||
Consumer Loans
|
366
|
--
|
--
|
--
|
366
|
|||||||||||||||
Total
|
$
|
239,385
|
$
|
2,694
|
$
|
--
|
$
|
178
|
$
|
242,257
|
||||||||||
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
June 30, 2015
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days or
More
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Recorded
Investment
> 90 Days
and Accruing
|
|||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
One- to Four-Family
Residential
|
$
|
2,137
|
$
|
1,100
|
$
|
80
|
$
|
3,317
|
$
|
100,015
|
$
|
103,332
|
$
|
67
|
||||||||||||||
Commercial
|
--
|
--
|
--
|
--
|
62,080
|
62,080
|
--
|
|||||||||||||||||||||
Multi-Family
Residential
|
--
|
--
|
--
|
--
|
15,246
|
15,246
|
--
|
|||||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
19,866
|
19,866
|
--
|
|||||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
17,620
|
17,620
|
--
|
|||||||||||||||||||||
Equity and Second
Mortgage
|
--
|
--
|
--
|
--
|
2,460
|
2,460
|
--
|
|||||||||||||||||||||
Equity Lines of
Credit
|
--
|
--
|
--
|
--
|
22,187
|
22,187
|
--
|
|||||||||||||||||||||
Commercial Loans
|
--
|
--
|
--
|
--
|
28,019
|
28,019
|
--
|
|||||||||||||||||||||
Consumer Loans
|
3
|
--
|
--
|
3
|
316
|
319
|
--
|
|||||||||||||||||||||
Total
|
$
|
2,140
|
$
|
1,100
|
$
|
80
|
$
|
3,320
|
$
|
267,809
|
$
|
271,129
|
$
|
67
|
June 30, 2014
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days or
More
|
Total
Past Due
|
Current
|
Total Loans
Receivable
|
Recorded
Investment
> 90 Days
and
Accruing
|
|||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate Loans:
|
||||||||||||||||||||||||||||
One- to Four-Family
Residential
|
$
|
1,326
|
$
|
435
|
$
|
164
|
$
|
1,925
|
$
|
87,620
|
$
|
89,545
|
$
|
13
|
||||||||||||||
Commercial
|
--
|
--
|
--
|
--
|
56,266
|
56,266
|
--
|
|||||||||||||||||||||
Multi-Family
Residential
|
--
|
--
|
--
|
--
|
20,368
|
20,368
|
--
|
|||||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
19,945
|
19,945
|
--
|
|||||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
12,505
|
12,505
|
--
|
|||||||||||||||||||||
Equity and Second
Mortgage
|
--
|
--
|
--
|
--
|
2,563
|
2,563
|
--
|
|||||||||||||||||||||
Equity Lines of
Credit
|
--
|
--
|
27
|
27
|
14,923
|
14,950
|
--
|
|||||||||||||||||||||
Commercial Loans
|
259
|
--
|
--
|
259
|
25,490
|
25,749
|
--
|
|||||||||||||||||||||
Consumer Loans
|
--
|
--
|
--
|
--
|
366
|
366
|
--
|
|||||||||||||||||||||
Total
|
$
|
1,585
|
$
|
435
|
$
|
191
|
$
|
2,211
|
$
|
240,046
|
$
|
242,257
|
$
|
13
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
June 30, 2015
|
Residential
|
Commercial
|
Multi-
Family
|
Land
|
Construction
|
Other
|
Commercial
Loans
|
Consumer
Loans
|
Total
|
|||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Beginning Balances
|
$
|
1,224
|
$
|
464
|
$
|
128
|
$
|
168
|
$
|
105
|
$
|
99
|
$
|
202
|
$
|
6
|
$
|
2,396
|
||||||||||||||||||
Charge-Offs
|
(181
|
)
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
(181
|
)
|
|||||||||||||||||||||||||
Recoveries
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Current Provision
|
152
|
(49
|
)
|
(25
|
)
|
(14
|
)
|
41
|
93
|
103
|
(1
|
)
|
300
|
|||||||||||||||||||||||
Ending Balances
|
$
|
1,195
|
$
|
415
|
$
|
103
|
$
|
154
|
$
|
146
|
$
|
192
|
$
|
305
|
$
|
5
|
$
|
2,515
|
||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Collectively
|
1,195
|
415
|
103
|
154
|
146
|
192
|
305
|
5
|
2,515
|
|||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances - Total
|
$
|
103,332
|
$
|
62,080
|
$
|
15,246
|
$
|
19,866
|
$
|
17,620
|
$
|
24,647
|
$
|
28,019
|
$
|
319
|
$
|
271,129
|
||||||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
125
|
537
|
--
|
--
|
--
|
25
|
--
|
--
|
687
|
|||||||||||||||||||||||||||
Collectively
|
$
|
103,207
|
$
|
61,543
|
$
|
15,246
|
$
|
19,866
|
$
|
17,620
|
$
|
24,622
|
$
|
28,019
|
$
|
319
|
$
|
270,442
|
Real Estate Loans
|
||||||||||||||||||||||||||||||||||||
June 30, 2014
|
Residential
|
Commercial
|
Multi-
Family
|
Land
|
Construction
|
Other
|
Commercial
Loans
|
Consumer
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
|
201
|
126
|
25
|
41
|
(41
|
)
|
26
|
(210
|
)
|
--
|
168
|
|||||||||||||||||||||||||
Ending Balances
|
$
|
1,224
|
$
|
464
|
$
|
128
|
$
|
168
|
$
|
105
|
$
|
99
|
$
|
202
|
$
|
6
|
$
|
2,396
|
||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||||
Collectively
|
1,224
|
464
|
128
|
168
|
105
|
99
|
202
|
6
|
2,396
|
|||||||||||||||||||||||||||
Loans Receivable:
|
||||||||||||||||||||||||||||||||||||
Ending Balances – Total
|
$
|
89,545
|
$
|
56,266
|
$
|
20,368
|
$
|
19,945
|
$
|
12,505
|
$
|
17,513
|
$
|
25,749
|
$
|
366
|
$
|
242,257
|
||||||||||||||||||
Ending Balances:
|
||||||||||||||||||||||||||||||||||||
Evaluated for Impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
200
|
2,645
|
--
|
--
|
--
|
27
|
--
|
--
|
2,872
|
|||||||||||||||||||||||||||
Collectively
|
$
|
89,345
|
$
|
53,621
|
$
|
20,368
|
$
|
19,945
|
$
|
12,505
|
$
|
17,486
|
$
|
25,749
|
$
|
366
|
$
|
239,385
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
June 30, 2015
|
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
|
$
|
125
|
$
|
125
|
$
|
--
|
$
|
125
|
$
|
--
|
$
|
133
|
||||||||||||
Commercial
|
537
|
537
|
--
|
537
|
--
|
556
|
||||||||||||||||||
Multi-Family Residential
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Equity and Second Mortgage
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Equity Lines of Credit
|
25
|
25
|
--
|
25
|
--
|
25
|
||||||||||||||||||
Commercial Loans
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Consumer Loans
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Total
|
$
|
687
|
$
|
687
|
$
|
--
|
$
|
687
|
$
|
--
|
$
|
714
|
June 30, 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
|
$
|
200
|
$
|
200
|
$
|
--
|
$
|
200
|
$
|
--
|
$
|
216
|
||||||||||||
Commercial
|
2,645
|
2,645
|
--
|
2,645
|
--
|
2,661
|
||||||||||||||||||
Multi-Family Residential
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Land
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Equity and Second Mortgage
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Equity Lines of Credit
|
27
|
27
|
--
|
27
|
--
|
27
|
||||||||||||||||||
Commercial Loans
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Consumer Loans
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Total
|
$
|
2,872
|
$
|
2,872
|
$
|
--
|
$
|
2,872
|
$
|
--
|
$
|
2,904
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Real Estate Loans:
|
||||||||
One- to Four-Family Residential
|
$
|
13
|
$
|
151
|
||||
Commercial
|
--
|
--
|
||||||
Multi-Family Residential
|
--
|
--
|
||||||
Land
|
--
|
--
|
||||||
Construction
|
--
|
--
|
||||||
Equity and Second Mortgage
|
--
|
--
|
||||||
Equity Lines of Credit
|
--
|
27
|
||||||
Commercial Loans
|
--
|
--
|
||||||
Consumer Loans
|
--
|
--
|
||||||
Total
|
$
|
13
|
$
|
178
|
Note 4. | Accrued Interest Receivable |
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Accrued Interest on:
|
||||||||
Mortgage Loans
|
$
|
772
|
$
|
799
|
||||
Other Loans
|
58
|
54
|
||||||
Investments
|
3
|
4
|
||||||
Mortgage-Backed Securities
|
94
|
108
|
||||||
Total
|
$
|
927
|
$
|
965
|
Note 5. | Premises and Equipment |
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Land
|
$
|
3,434
|
$
|
3,371
|
||||
Buildings
|
6,125
|
4,627
|
||||||
Equipment
|
1,348
|
1,205
|
||||||
Construction in Progress
|
1,325
|
953
|
||||||
12,232
|
10,156
|
|||||||
Accumulated Depreciation
|
(2,044
|
)
|
(1,702
|
)
|
||||
Total
|
$
|
10,188
|
$
|
8,454
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 6. | Deposits |
Weighted
|
Weighted
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Rate at
|
Rate at
|
2015
|
2014
|
|||||||||||||||||||||
6/30/2015
|
6/30/2014
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Non-Interest Bearing
|
0.00
|
%
|
0.00
|
%
|
$
|
45,024
|
15.73
|
%
|
$
|
43,447
|
15.95
|
%
|
||||||||||||
NOW Accounts
|
1.11
|
%
|
0.88
|
%
|
31,214
|
10.90
|
24,015
|
8.82
|
||||||||||||||||
Money Market
|
0.31
|
%
|
0.33
|
%
|
45,593
|
15.93
|
72,240
|
26.53
|
||||||||||||||||
Passbook Savings
|
0.32
|
%
|
0.20
|
%
|
18,435
|
6.44
|
12,165
|
4.47
|
||||||||||||||||
140,266
|
49.00
|
151,867
|
55.77
|
|||||||||||||||||||||
Certificates of Deposit
|
1.26
|
%
|
1.28
|
%
|
145,972
|
51.00
|
120,428
|
44.23
|
||||||||||||||||
Total Deposits
|
$
|
286,238
|
100.00
|
%
|
$
|
272,295
|
100.00
|
%
|
2015
|
2014
|
|||||||||||||||
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
0.00% to 0.99%
|
$
|
57,103
|
39.12
|
%
|
$
|
46,786
|
38.85
|
%
|
||||||||
1.00% to 1.99%
|
68,242
|
46.75
|
43,105
|
35.80
|
||||||||||||
2.00% to 2.99%
|
15,943
|
10.92
|
17,780
|
14.76
|
||||||||||||
3.00% to 3.99%
|
4,684
|
3.21
|
12,757
|
10.59
|
||||||||||||
Total Deposits
|
$
|
145,972
|
100.00
|
%
|
$
|
120,428
|
100.00
|
%
|
Weighted
|
||||||||||||
Year Ending
|
Average
|
|||||||||||
June 30,
|
Amount
|
Percent
|
Rate
|
|||||||||
(Dollars in Thousands)
|
||||||||||||
2016
|
$
|
65,977
|
45.20
|
%
|
1.01
|
%
|
||||||
2017
|
29,098
|
19.93
|
1.34
|
%
|
||||||||
2018
|
19,857
|
13.60
|
1.43
|
%
|
||||||||
2019
|
10,462
|
7.17
|
1.69
|
%
|
||||||||
2020
|
18,524
|
12.69
|
1.83
|
%
|
||||||||
2021
|
2,054
|
1.41
|
2.01
|
%
|
||||||||
Total
|
$
|
145,972
|
100.00
|
%
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
NOW and Money Market
|
$
|
369
|
$
|
390
|
||||
Passbook Savings
|
34
|
23
|
||||||
Certificates of Deposit
|
1,831
|
1,745
|
||||||
Total
|
$
|
2,234
|
$
|
2,158
|
Advance Total
|
||||||||
Contract Rate
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
0.00% to 0.99%
|
$
|
32,000
|
$
|
10,250
|
||||
1.00% to 1.99%
|
4,000
|
--
|
||||||
2.00% to 2.99%
|
--
|
--
|
||||||
3.00% to 3.99%
|
--
|
--
|
||||||
4.00% to 4.99%
|
2,411
|
2,647
|
||||||
Total
|
$
|
38,411
|
$
|
12,897
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Year Ending
|
||||
June 30,
|
Amount
|
|||
2016
|
$
|
4,247
|
||
2017
|
32,258
|
|||
2018
|
270
|
|||
2019
|
282
|
|||
2020
|
295
|
|||
Thereafter
|
1,059
|
|||
Total
|
$
|
38,411
|
Note 8. | Other Borrowings |
Note 9. | Commitments |
Year Ending
|
||||
June 30,
|
Amount
|
|||
2016
|
$
|
72
|
||
2017
|
26
|
|||
2018
|
26
|
|||
2019
|
11
|
|||
Total
|
$
|
135
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 9. | Commitments (Continued) |
Year Ending
|
||||
June 30,
|
Amount
|
|||
(In Thousands)
|
||||
2016
|
$
|
138
|
||
2017
|
138
|
|||
2018
|
138
|
|||
2019
|
126
|
|||
$
|
540
|
Year Ending
|
||||
June 30,
|
Amount
|
|||
(In Thousands)
|
||||
2016
|
$
|
378
|
||
2017
|
354
|
|||
2018
|
274
|
|||
2019
|
97
|
|||
Total
|
$
|
1,103
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Current
|
$
|
1,725
|
$
|
1,346
|
||||
Deferred
|
(64
|
)
|
(14
|
)
|
||||
Total
|
$
|
1,661
|
$
|
1,332
|
2015
|
2014
|
|||||||
(In Thousands)
|
||||||||
Computed at Expected Statutory Rate
|
$
|
1,706
|
$
|
1,386
|
||||
Capital Gains and Losses
|
--
|
6
|
||||||
Non-Taxable Income
|
(56
|
)
|
(60
|
)
|
||||
Other
|
11
|
--
|
||||||
Provision for Income Tax Expense
|
$
|
1,661
|
$
|
1,332
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Deferred Tax Assets
|
||||||||
Stock Option Compensation
|
$
|
127
|
$
|
104
|
||||
Loans Receivable - Bad Debt Loss Allowance
|
749
|
708
|
||||||
Capital Losses
|
110
|
109
|
||||||
986
|
921
|
|||||||
Valuation Allowance
|
(110
|
)
|
(109
|
)
|
||||
Net Deferred Tax Assets
|
876
|
812
|
||||||
Deferred Tax Liabilities
|
||||||||
Market Value Adjustment to Available-for-Sale Securities | (52 | ) | (89 | ) | ||||
Net Deferred Tax Assets
|
$
|
824
|
$
|
723
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 12. | Employee Stock Ownership Plan |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
|
2015
|
2014
|
||||||
Allocated Shares
|
72,474
|
64,850
|
||||||
Shares Released for Allocation
|
5,765
|
5,765
|
||||||
Unreleased Shares
|
144,549
|
156,079
|
||||||
Total ESOP Shares
|
222,788
|
226,694
|
||||||
Fair Value of Unreleased Shares (In Thousands)
|
$
|
2,920
|
$
|
3,048
|
||||
Stock Price
|
$
|
20.20
|
$
|
19.53
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 13. | Stock-Based Compensation (Continued) |
Awarded Shares
|
||||||||
2015
|
2014
|
|||||||
Balance - Beginning of Year
|
41,567
|
55,409
|
||||||
Granted
|
8,557
|
--
|
||||||
Forfeited
|
--
|
--
|
||||||
Earned and Issued
|
(13,842
|
)
|
(13,842
|
)
|
||||
Balance - End of Year
|
36,282
|
41,567
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 13. | Stock-Based Compensation (Continued) |
|
Weighted
|
|||||||||||||||
|
Weighted
|
Average
|
||||||||||||||
|
Average
|
Remaining
|
Aggregate
|
|||||||||||||
|
Number of
|
Exercise
|
Contract
|
Intrinsic
|
||||||||||||
|
Shares
|
Price
|
Term
|
Value
|
||||||||||||
Outstanding at June 30, 2014
|
198,480
|
$
|
13.99
|
|||||||||||||
Granted
|
31,311
|
18.92
|
||||||||||||||
Exercised
|
(21,330
|
)
|
10.99
|
|||||||||||||
Forfeited
|
--
|
--
|
||||||||||||||
Outstanding at June 30, 2015
|
208,461
|
15.03
|
6.81
|
$
|
1,078,470
|
|||||||||||
|
||||||||||||||||
Options Exercisable at June 30, 2015
|
106,689
|
$
|
14.26
|
6.35
|
$
|
634,083
|
||||||||||
Outstanding at June 30, 2013
|
237,077
|
$
|
13.64
|
|||||||||||||
Granted
|
--
|
--
|
||||||||||||||
Exercised
|
(34,707
|
)
|
11.02
|
|||||||||||||
Forfeited
|
(3,890
|
)
|
14.70
|
|||||||||||||
Outstanding at June 30, 2014
|
198,480
|
13.99
|
6.87
|
$
|
1,242,576
|
|||||||||||
|
||||||||||||||||
Options Exercisable at June 30, 2014
|
90,627
|
$
|
13.49
|
6.08
|
$
|
547,385
|
2011 Option Plan | ||||||||||||
July 31, 2014
|
January 31, 2012
|
2005 Option Plan
|
||||||||||
Dividend Yield
|
1.50
|
%
|
1.65
|
%
|
2.0
|
%
|
||||||
Expected Term
|
10 years
|
10 years
|
10 Years
|
|||||||||
Risk-Free Interest Rate
|
2.58
|
%
|
1.83
|
%
|
4.13
|
%
|
||||||
Expected Life
|
10 years
|
10 years
|
10 Years
|
|||||||||
Expected Volatility
|
9.56
|
%
|
29.74
|
%
|
8.59
|
%
|
Weighted
|
||||||||
Average
|
||||||||
Number of
|
Exercise
|
|||||||
|
Shares
|
Price
|
||||||
Nonvested at June 30, 2014
|
107,853
|
$
|
13.49
|
|||||
Granted
|
31,311
|
18.92
|
||||||
Vested
|
(37,392
|
)
|
14.29
|
|||||
Forfeited
|
--
|
--
|
||||||
Nonvested at June 30, 2015
|
101,772
|
$
|
15.84
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 13. | Stock-Based Compensation (Continued) |
Note 14. | Off-Balance Sheet Activities |
Contract Amount
|
||||||||
2015 | 2014 | |||||||
(In Thousands)
|
||||||||
Commitments to Grant Loans
|
$
|
29,005
|
$
|
34,888
|
||||
Unfunded Commitments Under Lines of Credit
|
9,230
|
13,978
|
||||||
$
|
38,235
|
$
|
48,866
|
|||||
Fixed Rate Loans (3.25% - 4.75% in 2015; 3.125% - 5.85% in 2014)
|
$
|
38,235
|
$
|
48,383
|
||||
Variable Rate Loans
|
--
|
483
|
||||||
|
$
|
38,235
|
$
|
48,866
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Note 15. | Related Party Events |
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Balance – Beginning of Year
|
$
|
2,510
|
$
|
3,393
|
||||
Additions
|
2,488
|
377
|
||||||
Principal Payments
|
(1,237
|
)
|
(1,260
|
)
|
||||
Balance – End of Year
|
$
|
3,761
|
$
|
2,510
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Required for Capital
|
||||||||||||||||||||
Actual
|
Adequacy Purposes
|
|||||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
June 30, 2015
|
||||||||||||||||||||
Core Capital
|
(1
|
)
|
$
|
42,492
|
11.81
|
%
|
$
|
10,798
|
3.00
|
%
|
||||||||||
Common Equity Tier 1
|
(2
|
)
|
42,492
|
17.90
|
%
|
10,682
|
4.50
|
%
|
||||||||||||
Tangible Capital
|
(1
|
)
|
42,492
|
11.81
|
%
|
5,399
|
1.50
|
%
|
||||||||||||
Total Risk-Based Capital
|
(2
|
)
|
44,757
|
18.85
|
%
|
18,990
|
8.00
|
%
|
||||||||||||
June 30, 2014
|
||||||||||||||||||||
Core Capital
|
(1
|
)
|
$
|
42,001
|
12.74
|
%
|
$
|
9,887
|
3.00
|
%
|
||||||||||
Tangible Capital
|
(1
|
)
|
42,001
|
12.74
|
%
|
4,943
|
1.50
|
%
|
||||||||||||
Total Risk-Based Capital
|
(2
|
)
|
44,147
|
21.35
|
%
|
16,545
|
8.00
|
%
|
||||||||||||
__________________________
|
||||||||||||||||||||
(1) Amounts and Ratios to Adjusted Total Assets
|
||||||||||||||||||||
(2) Amounts and Ratios to Total Risk-Weighted Assets
|
Required to be
|
||||||||||||||||||||
Actual
|
Well Capitalized
|
|||||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
June 30, 2015
|
||||||||||||||||||||
Tier 1 Leverage Capital
|
(1
|
)
|
$
|
42,492
|
11.81
|
%
|
$
|
17,997
|
5.00
|
%
|
||||||||||
Common Equity Tier 1
|
(2
|
)
|
42,492
|
17.90
|
%
|
15,429
|
6.50
|
%
|
||||||||||||
Tier 1 Risk-Based Capital
|
(2
|
)
|
42,492
|
17.90
|
%
|
18,990
|
8.00
|
%
|
||||||||||||
Total Risk-Based Capital
|
(2
|
)
|
44,757
|
18.85
|
%
|
23,738
|
10.00
|
%
|
||||||||||||
June 30, 2014
|
||||||||||||||||||||
Tier 1 Leverage Capital
|
(1
|
)
|
$
|
42,001
|
12.74
|
%
|
$
|
16,479
|
5.00
|
%
|
||||||||||
Tier 1 Risk-Based Capital
|
(2
|
)
|
42,001
|
20.31
|
%
|
12,409
|
6.00
|
%
|
||||||||||||
Total Risk-Based Capital
|
(2
|
)
|
44,147
|
21.35
|
%
|
20,682
|
10.00
|
%
|
||||||||||||
__________________________
|
||||||||||||||||||||
(1) Amounts and Ratios to Adjusted Total Assets
|
||||||||||||||||||||
(2) Amounts and Ratios to Total Risk-Weighted Assets
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Minimum for Capital
|
||||||||||||||||
Actual
|
Adequacy Purposes
|
|||||||||||||||
June 30, 2015
|
Ratio
|
Amount
|
Ratio
|
Amount
|
||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Total Equity, and Ratio to Total Assets
|
11.87
|
%
|
$
|
42,763
|
||||||||||||
Investments in and Advances to Nonincludable Subsidiaries
|
(119 | ) | ||||||||||||||
Unrealized Gains on Securities Available-for-Sale
|
(152
|
)
|
||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets
|
11.81
|
%
|
$
|
42,492
|
1.5
|
%
|
$
|
5,399
|
||||||||
Tier 1 (Core) Capital, and Ratio to Adjusted Total Assets
|
11.81
|
%
|
$
|
42,492
|
3.0
|
%
|
$
|
10,798
|
||||||||
Tier 1 (Core) Capital, and Ratio to Risk-Weighted Assets
|
17.90
|
%
|
42,492
|
4.5
|
%
|
$
|
10,682
|
|||||||||
Allowance for Loan Losses
|
2,515
|
|||||||||||||||
Equity Investment
|
(250
|
)
|
||||||||||||||
Total Risk-Based Capital, and Ratio to Risk-Weighted Assets
|
18.85
|
%
|
$
|
44,757
|
8.0
|
%
|
$
|
18,990
|
||||||||
Total Assets
|
$
|
360,219
|
||||||||||||||
Adjusted Total Assets
|
$
|
359,948
|
||||||||||||||
Risk-Weighted Assets
|
$
|
237,376
|
Minimum for Capital
|
||||||||||||||||
Actual
|
Adequacy Purposes
|
|||||||||||||||
June 30, 2014
|
Ratio
|
Amount
|
Ratio
|
Amount
|
||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Total Equity, and Ratio to Total Assets
|
12.82
|
%
|
$
|
42,292
|
||||||||||||
Investments in and Advances to Nonincludable Subsidiaries
|
(119 | ) | ||||||||||||||
Unrealized Gains on Securities Available-for-Sale
|
(172
|
)
|
||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets
|
12.74
|
%
|
$
|
42,001
|
1.5
|
%
|
$
|
4,943
|
||||||||
Tier 1 (Core) Capital, and Ratio to Adjusted Total Assets
|
12.74
|
%
|
$
|
42,001
|
3.0
|
%
|
$
|
9,887
|
||||||||
Tier 1 (Core Capital, and Ratio to Risk-Weighted Assets
|
20.31
|
%
|
$
|
42,001
|
||||||||||||
Allowance for Loan Losses
|
2,396
|
|||||||||||||||
Equity Investment
|
(250
|
)
|
||||||||||||||
Total Risk-Based Capital, and Ratio to Risk-Weighted Assets
|
21.35
|
%
|
$
|
44,147
|
8.0
|
%
|
$
|
16,545
|
||||||||
Total Assets
|
$
|
329,950
|
||||||||||||||
Adjusted Total Assets
|
$
|
329,570
|
||||||||||||||
Risk-Weighted Assets
|
$
|
206,815
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
The following methods and assumptions were used by the Company in estimating fair values of financial instruments: |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
2015
|
2014
|
|||||||||||||||
Carrying
|
Estimated
|
Carrying
|
Estimated
|
|||||||||||||
Value
|
Fair Value
|
Value
|
Fair Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash and Cash Equivalents
|
$
|
21,166
|
$
|
21,166
|
$
|
13,633
|
$
|
13,633
|
||||||||
Securities Available-for-Sale
|
44,885
|
44,885
|
48,434
|
48,434
|
||||||||||||
Securities to be Held-to-Maturity
|
2,010
|
2,010
|
1,765
|
1,765
|
||||||||||||
Loans Held-for-Sale
|
14,203
|
14,203
|
9,375
|
9,375
|
||||||||||||
Loans Receivable
|
268,427
|
267,157
|
239,563
|
242,240
|
||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
286,238
|
266,412
|
272,295
|
259,411
|
||||||||||||
Advances from FHLB
|
38,411
|
38,751
|
12,897
|
13,266
|
||||||||||||
Off-Balance Sheet Items
|
||||||||||||||||
Mortgage Loan Commitments
|
290
|
290
|
349
|
349
|
·
|
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;
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
·
|
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.
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
Fair Value Measurements
|
||||||||||||||||
June 30, 2015
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Available-for-Sale
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC
|
$
|
--
|
$
|
284
|
$
|
--
|
$
|
284
|
||||||||
FNMA
|
--
|
27,807
|
--
|
27,807
|
||||||||||||
GNMA
|
--
|
16,794
|
--
|
16,794
|
||||||||||||
Total
|
$
|
--
|
$
|
44,885
|
$
|
--
|
$
|
44,885
|
||||||||
Fair Value Measurements
|
||||||||||||||||
June 30, 2014
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Available-for-Sale
|
||||||||||||||||
Debt Securities
|
||||||||||||||||
FHLMC
|
$
|
--
|
$
|
323
|
$
|
--
|
$
|
323
|
||||||||
FNMA
|
--
|
25,780
|
--
|
25,780
|
||||||||||||
GNMA
|
--
|
22,331
|
--
|
22,331
|
||||||||||||
Total
|
$
|
--
|
$
|
48,434
|
$
|
--
|
$
|
48,434
|
Fair Value Measurements
|
||||||||||||||||
June 30, 2015
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Impaired Loans, Net of Allowance
|
$
|
--
|
$
|
--
|
$
|
13
|
$
|
13
|
||||||||
Total
|
$
|
--
|
$
|
--
|
$
|
13
|
$
|
13
|
Fair Value Measurements
|
||||||||||||||||
June 30, 2014
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Impaired Loans, Net of Allowance
|
$
|
--
|
$
|
--
|
$
|
178
|
$
|
178
|
||||||||
Total
|
$
|
--
|
$
|
--
|
$
|
178
|
$
|
178
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
2015
|
2014
|
|||||||
Average Common Shares Issued
|
2,172,944
|
3,062,386
|
||||||
Average Treasury Shares Held
|
--
|
(773,437
|
)
|
|||||
Average Unearned ESOP Shares
|
(150,314
|
)
|
(161,844
|
)
|
||||
Average Unearned RRP Trust Shares
|
(44,398
|
)
|
(58,239
|
)
|
||||
Weighted Average Number of Common
|
||||||||
Shares Used in Basic EPS
|
1,978,232
|
2,068,866
|
||||||
Effect of Dilutive Securities
|
||||||||
Stock Options
|
53,627
|
51,932
|
||||||
Weighted Average Number of Common
|
||||||||
Shares and Dilutive Potential Common
|
||||||||
Shares Used in Dilutive EPS
|
2,031,859
|
2,120,798
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
June 30,
|
||||||||
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Assets
|
||||||||
Cash and Cash Equivalents
|
$
|
388
|
$
|
222
|
||||
Investment in Subsidiary
|
42,764
|
42,293
|
||||||
Other Assets
|
247
|
278
|
||||||
Total Assets
|
$
|
43,399
|
$
|
42,793
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Other Liabilities
|
13
|
14
|
||||||
Stockholders' Equity
|
43,386
|
42,779
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
43,399
|
$
|
42,793
|
For the Years Ended June 30,
|
||||||||
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Equity in Undistributed Earnings of Subsidiary
|
$
|
3,543
|
$
|
2,938
|
||||
Interest Income
|
90
|
95
|
||||||
Total Income
|
3,633
|
3,033
|
||||||
Operating Expenses
|
372
|
375
|
||||||
Interest Expense
|
3
|
14
|
||||||
Total Expense
|
375
|
389
|
||||||
Income Before Income Tax Benefit
|
3,258
|
2,644
|
||||||
Income Tax Benefit
|
(97
|
)
|
(100
|
)
|
||||
Net Income
|
$
|
3,355
|
$
|
2,744
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY
|
Notes to Consolidated Financial Statements
|
For the Years Ended June 30,
|
||||||||
|
2015
|
2014
|
||||||
(In Thousands)
|
||||||||
Operating Activities
|
||||||||
Net Income
|
$
|
3,355
|
$
|
2,744
|
||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
|
||||||||
Equity in Undistributed Earnings of Subsidiary
|
(3,543
|
)
|
(2,938
|
)
|
||||
Decrease (Increase) in Other Assets
|
31
|
(37
|
)
|
|||||
Net Cash Used in Operating Activities
|
(157
|
)
|
(231
|
)
|
||||
Financing Activities
|
||||||||
Distribution from Subsidiary
|
3,000
|
3,000
|
||||||
Proceeds from Stock Options Exercised
|
180
|
179
|
||||||
Proceeds of Borrowings
|
550
|
300
|
||||||
Repayment of Borrowings
|
(550
|
)
|
(800
|
)
|
||||
Proceeds Received from Subsidiary on Stock Compensation Programs
|
679
|
621
|
||||||
Company Stock Purchased
|
(2,923
|
)
|
(2,325
|
)
|
||||
Dividends Paid
|
(613
|
)
|
(551
|
)
|
||||
Net Cash Provided by Financing Activities
|
323
|
424
|
||||||
Increase in Cash and Cash Equivalents
|
166
|
193
|
||||||
Cash and Cash Equivalents, Beginning of Year
|
222
|
29
|
||||||
Cash and Cash Equivalents, End of Year
|
$
|
388
|
$
|
222
|
(a) | Our management evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and regulations and are operating in an effective manner. |
(b) | Management's Report on Internal Control over Financial Reporting |
(c) | No change in the Company's internal control over financial reporting (as defined in rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. |
Plan Category
|
Number of Securities to be
Issued Upon Exercise of
Outstanding Options,
Warrants
and Rights
(a)
|
Weighted-Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
(b)
|
Number of Securities
Remaining Available for
Future Issuance Under Equity
Compensation Plans
(Excluding Securities
Reflected in Column (a))
(c)
|
|||||||||
Equity compensation plans approved by security holders
|
244,743
|
$
|
15.02
|
150,000
|
||||||||
Equity compensation plans not approved by security holders
|
--
|
--
|
--
|
|||||||||
Total
|
244,743
|
$
|
15.02
|
150,000
|
No.
|
Description
|
Location
|
|||||
3.1
|
Articles of Incorporation of Home Federal Bancorp, Inc. of Louisiana
|
(1
|
)
|
||||
3.2
|
Bylaws of Home Federal Bancorp, Inc. of Louisiana
|
(1
|
)
|
||||
4.0
|
Form of Stock Certificate of Home Federal Bancorp, Inc. of Louisiana
|
(1
|
)
|
||||
10.1
|
Home Federal Bancorp, Inc. of Louisiana 2005 Stock Option Plan*
|
(2
|
)
|
||||
10.2
|
Home Federal Bancorp, Inc. of Louisiana 2005 Recognition and Retention Plan*
|
(2
|
)
|
||||
10.3
|
Home Federal Bancorp, Inc. of Louisiana 2011 Stock Option Plan*
|
(3
|
)
|
||||
10.4
|
Home Federal Bancorp, Inc. of Louisiana 2011 Recognition and Retention Plan and Trust Agreement*
|
(3
|
)
|
||||
10.5
|
Amended and Restated Employment Agreement between Home Federal Bank and James R. Barlow, dated as of December 27, 2012*
|
(4
|
)
|
||||
10.6
|
Employment Agreement between Home Federal Bancorp, Inc. of Louisiana and James R. Barlow, dated as of December 27, 2012*
|
(4
|
)
|
||||
10.7
|
Amended and Restated Employment and Transition Agreement between Home Federal Bank and Daniel R. Herndon, dated as of December 27, 2012*
|
(4
|
)
|
||||
10.8
|
Amended and Restated Employment and Transition Agreement between Home Federal Bancorp, Inc. of Louisiana and Daniel R. Herndon, dated as of
December 27, 2012*
|
(4
|
)
|
||||
10.9
|
Employment and Transition Agreement between Home Federal Bancorp, Inc. of Louisiana, Home Federal Bank and Clyde D. Patterson, dated as of
December 27, 2012*
|
(4
|
)
|
||||
10.10
|
Supplemental Executive Retirement Agreement between Home Federal Bank and Daniel R. Herndon, dated as of December 27, 2012*
|
(4
|
)
|
||||
10.11
|
Supplemental Executive Retirement Agreement between Home Federal Bank and Clyde D. Patterson, dated as of December 27, 2012*
|
(4
|
)
|
||||
10.12
|
Letter Agreement between Home Federal Bank and Adalberto Cantu, Jr., dated as of February 6, 2013*
|
(5
|
)
|
||||
10.13
|
Letter Agreement by and among Home Federal Bank, Home Federal Bancorp, Inc. of Louisiana and Glen W. Brown accepted as of April 9, 2014*
|
(6
|
)
|
||||
10.14
|
Home Federal Bancorp. Inc. of Louisiana 2014 Stock Incentive Plan*
|
(7
|
)
|
||||
10.15
|
Home Federal Bank Loan Officer Incentive Compensation Plan*
|
(8
|
)
|
||||
23.0
|
Consent of LaPorte, A Professional Accounting Corporation
|
Filed Herewith
|
|||||
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of the Co-Principal Executive Officer
|
Filed Herewith
|
|||||
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of the Co-Principal Executive Officer
|
Filed Herewith
|
|||||
31.3
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer
|
Filed Herewith
|
|||||
32.0
|
Section 1350 Certifications
|
Filed Herewith
|
|||||
101.INS
|
XBRL Instance Document.
|
Filed Herewith
|
|||||
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
Filed Herewith
|
No. | Description | Location | ||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
Filed Herewith
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
Filed Herewith
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
Filed Herewith
|
||
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document.
|
Filed Herewith
|
* | Denotes a management contract or compensatory plan or arrangement. |
(1) | Incorporated herein by reference from Home Federal Bancorp's Registration Statement on Form S-1, as amended, filed with the SEC on September 3, 2010 (File No. 333-169230). |
(2) | Incorporated herein by reference from Home Federal Bancorp, Inc. of Louisiana's Definitive Schedule 14A filed with the SEC on June 29, 2005 (File No. 000-51117). |
(3) | Incorporated by reference from the Company's definitive proxy statement for the Annual Meeting of Shareholders held on December 23, 2011 filed with the Commission on October 28, 2011 (File No. 001-35019). |
(4) | Incorporated by reference from the Company's Current Report on Form 8-K filed with the SEC on December 28, 2012 (File No. 001-35019). |
(5) | Incorporated by reference from the Company's Quarterly Report on Form 10-Q filed with the SEC on May 10, 2013 (File No. 001-35019). |
(6) | Incorporated by reference from the Company's Current Report on Form 8-K filed with the SEC on July 9, 2014 (File No. 001-35019). |
(7) | Incorporated by reference from the Company's definitive proxy statement for the Annual Meeting of Shareholders held on November 12, 2014 (File No. 001-35019). |
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
|
|
Date: September 22, 2015
|
By:
|
/s/Daniel R. Herndon |
|
|
|
Daniel R. Herndon
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
|
Name
|
Title
|
Date
|
||
/s/Daniel R. Herndon
|
Chairman of the Board and Chief
|
September 22, 2015
|
||
Daniel R. Herndon |
Executive Officer
|
|||
(Co-Principal Executive Officer)
|
||||
/s/James R. Barlow
|
Director, President and Chief
|
September 22, 2015 | ||
James R. Barlow |
Operating Officer
|
|||
(Co-Principal Executive Officer)
|
||||
/s/Glen W. Brown
|
Senior Vice President and Chief
|
September 22, 2015 | ||
Glen W. Brown |
Financial Officer
|
|||
(Principal Financial and Accounting Officer)
|
||||
/s/Clyde D. Patterson
|
Director, Executive Vice President
|
September 22, 2015 | ||
Clyde D. Patterson |
and Treasurer
|
|||
/s/Walter T. Colquitt III |
Director
|
September 22, 2015 | ||
Walter T. Colquitt III
|
|
|||
/s/David A. Herndon, III |
Director
|
September 22, 2015 | ||
David A. Herndon, III
|
|
|
||
/s/Scott D. Lawrence |
Director
|
September 22, 2015 | ||
Scott D. Lawrence
|
|
|
||
/s/Mark M. Harrison |
Director
|
September 22, 2015 | ||
Mark M. Harrison
|
|
|
||
/s/Woodus K. Humphrey |
Director
|
September 22, 2015 | ||
Woodus K. Humphrey
|
|
|
||
/s/Thomas Steen Trawick, Jr. |
Director
|
September 22, 2015 | ||
Thomas Steen Trawick, Jr.
|
|
|
||
/s/Timothy W. Wilhite, Esq. |
Director
|
September 22, 2015 | ||
Timothy W. Wilhite, Esq.
|
|
|
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 officer 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: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer 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 registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/Daniel R. Herndon | |
Daniel R. Herndon
|
|
Chief Executive Officer
|
|
(Co-Principal Executive Officer)
|
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 officer 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: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer 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 registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/James R. Barlow | |
James R. Barlow
|
|
President and Chief Operating Officer
|
|
(Co-Principal Executive Officer)
|
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 officer 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: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer 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 registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/Glen W. Brown | |
Glen W. Brown
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
Date: September 22, 2015
|
/s/Daniel R. Herndon |
Daniel R. Herndon
|
|
Chief Executive Officer
|
|
(Co-Principal Executive Officer)
|
Date: September 22, 2015
|
/s/James R. Barlow |
James R. Barlow
|
|
President and Chief Operating Officer
|
|
(Co-Principal Executive Officer)
|
Date: September 22, 2015
|
/s/Glen W. Brown |
Glen W. Brown
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
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Employee Stock Ownership Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP Shares | The ESOP shares as of June 30, 2015 and 2014, were as follows:
|
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