UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM 10-K |
(Mark One) |
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended June 30, |
OR |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______________ to _________________. |
Commission File Number 001-35019 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA |
(Exact name of registrant as specified in its charter) |
Louisiana | 02-0815311 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) | |
624 Market Street, Shreveport, Louisiana | 71101 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code: | (318) 222-1145 |
Securities registered pursuant to Section 12(b) of the Act: | |||||||
Title of each class | Name of each exchange on which registered | ||||||
Common Stock (par value $.01 per share) | Nasdaq Stock Market, LLC | ||||||
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 | ☒ |
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 |
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 ☐ |
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, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth |
Large accelerated filer | ☐ | Accelerated filer | |||
Non-accelerated filer | ☐ | (Do not check if a smaller reporting company) | Smaller reporting company | ☒ | |
Emerging growth company | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |
The aggregate value of the | |
Number of shares of Common Stock outstanding as of September | |
DOCUMENTS INCORPORATED BY REFERENCE | |
Portions of the Definitive Proxy Statement for the | |
PART I. | ||
Item 1. | Business | 1 |
Item 1A. | Risk Factors | |
Item 1B. | Unresolved Staff Comments | |
Item 2. | Properties | |
Item 3. | Legal Proceedings | |
Item 4. | Mine Safety Disclosures | |
PART II. | ||
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |
Item 6. | Selected Financial Data | |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 7A. | Quantitative and Qualitative Disclosure About Market Risk | |
Item 8. | Financial Statements and Supplementary Data | |
Item 9. | Changes in and Disagreements With Accountants on Accounting andFinancial Disclosure | |
Item 9A. | Controls and Procedures | |
Item 9B. | Other Information | |
PART III. | ||
Item 10. | Directors, Executive Officers and Corporate Governance | |
Item 11. | Executive Compensation | |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
Item 13. | Certain Relationships and Related Transactions and Director Independence | |
Item 14. | Principal Accounting Fees and Services | |
PART IV. | ||
Item 15. | Exhibits and Financial Statement Schedules | |
Item 16. | Form 10-K Summary | 92 |
SIGNATURES |
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential(1) | $ | 125,306 | 39.57 | % | $ | 118,035 | 40.17 | % | $ | 103,332 | 38.11 | % | $ | 89,545 | 36.96 | % | $ | 73,243 | 35.11 | % | $ | 121,257 | 37.76 | % | $ | 125,306 | 39.57 | % | $ | 118,035 | 40.17 | % | $ | 103,332 | 38.11 | % | $ | 89,545 | 36.96 | % | ||||||||||||||||||||||||||||||||||||||||
Commercial – real estate secured: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 51,749 | 16.34 | 47,425 | 16.14 | 38,280 | 14.12 | 29,210 | 12.06 | 25,523 | 12.24 | 52,823 | 16.45 | 51,749 | 16.34 | 47,425 | 16.14 | 38,280 | 14.12 | 29,210 | 12.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 26,196 | 8.27 | 21,772 | 7.41 | 23,800 | 8.78 | 27,056 | 11.17 | 25,646 | 12.30 | 21,593 | 6.72 | 26,196 | 8.27 | 21,772 | 7.41 | 23,800 | 8.78 | 27,056 | 11.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial-real estate secured | 77,945 | 24.61 | 69,197 | 23.55 | 62,080 | 22.90 | 56,266 | 23.23 | 51,169 | 24.54 | 74,416 | 23.17 | 77,945 | 24.61 | 69,197 | 23.55 | 62,080 | 22.90 | 56,266 | 23.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family residential | 21,281 | 6.72 | 20,661 | 7.03 | 15,246 | 5.62 | 20,368 | 8.41 | 19,587 | 9.39 | 38,079 | 11.86 | 21,281 | 6.72 | 20,661 | 7.03 | 15,246 | 5.62 | 20,368 | 8.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | 25,038 | 7.91 | 24,308 | 8.27 | 19,866 | 7.33 | 19,945 | 8.23 | 15,589 | 7.47 | 20,474 | 6.37 | 25,038 | 7.91 | 24,308 | 8.27 | 19,866 | 7.33 | 19,945 | 8.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 9,529 | 3.01 | 14,442 | 4.92 | 17,620 | 6.50 | 12,505 | 5.16 | 16,937 | 8.12 | 11,921 | 3.71 | 9,529 | 3.01 | 14,442 | 4.92 | 17,620 | 6.50 | 12,505 | 5.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and second mortgage loans | 1,710 | 0.54 | 1,526 | 0.52 | 2,460 | 0.91 | 2,563 | 1.06 | 2,305 | 1.11 | 1,541 | 0.48 | 1,710 | 0.54 | 1,526 | 0.52 | 2,460 | 0.91 | 2,563 | 1.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity lines of credit | 20,976 | 6.62 | 17,290 | 5.88 | 22,187 | 8.18 | 14,950 | 6.17 | 12,592 | 6.04 | 17,387 | 5.41 | 20,976 | 6.62 | 17,290 | 5.88 | 22,187 | 8.18 | 14,950 | 6.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate loans | 281,785 | 88.98 | 265,459 | 90.34 | 242,791 | 89.55 | 216,142 | 89.22 | 191,422 | 91.78 | 285,075 | 88.76 | 281,785 | 88.98 | 265,459 | 90.34 | 242,791 | 89.55 | 216,142 | 89.22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 34,429 | 10.87 | 27,886 | 9.49 | 28,019 | 10.33 | 25,749 | 10.63 | 16,776 | 8.04 | 35,458 | 11.04 | 34,429 | 10.87 | 27,886 | 9.49 | 28,019 | 10.33 | 25,749 | 10.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer non-real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 420 | 0.13 | 404 | 0.14 | 209 | 0.08 | 255 | 0.11 | 259 | 0.12 | 462 | 0.14 | 420 | 0.13 | 404 | 0.14 | 209 | 0.08 | 255 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 63 | 0.02 | 86 | 0.03 | 110 | 0.04 | 111 | 0.04 | 128 | 0.06 | 185 | 0.06 | 63 | 0.02 | 86 | 0.03 | 110 | 0.04 | 111 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-real estate loans | 34,912 | 11.02 | 28,376 | 9.66 | 28,338 | 10.45 | 26,115 | 10.78 | 17,163 | 8.22 | 36,105 | 11.24 | 34,912 | 11.02 | 28,376 | 9.66 | 28,338 | 10.45 | 26,115 | 10.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 316,697 | 100.00 | % | 293,835 | 100.00 | % | 271,129 | 100.00 | % | 242,257 | 100.00 | % | 208,585 | 100.00 | % | 321,180 | 100.00 | % | 316,697 | 100.00 | % | 293,835 | 100.00 | % | 271,129 | 100.00 | % | 242,257 | 100.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (3,729 | ) | (2,845 | ) | (2,515 | ) | (2,396 | ) | (2,240 | ) | (3,425 | ) | (3,729 | ) | (2,845 | ) | (2,515 | ) | (2,396 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred loan fees | (196 | ) | (163 | ) | (187 | ) | (298 | ) | (266 | ) | (262 | ) | (196 | ) | (163 | ) | (187 | ) | (298 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans receivable(1) | $ | 312,772 | $ | 290,827 | $ | 268,427 | $ | 239,563 | $ | 206,079 | $ | 317,493 | $ | 312,772 | $ | 290,827 | $ | 268,427 | $ | 239,563 |
(1) | Does not include loans held-for-sale amounting to |
Year Ended June 30, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
(In thousands) | ||||||||||||
Loan originations: | ||||||||||||
One-to-four family residential | $ | 104,375 | $ | 127,233 | $ | 115,449 | ||||||
Commercial — real estate secured: | ||||||||||||
Owner occupied | 58,652 | 64,522 | 48,076 | |||||||||
Non-owner occupied | 6,801 | 8,313 | 8,169 | |||||||||
Multi-family residential | 25,820 | 2,979 | 5,914 | |||||||||
Commercial business | 46,729 | 51,183 | 33,092 | |||||||||
Land | 3,263 | 11,081 | 8,302 | |||||||||
Construction | 23,829 | 28,809 | 19,538 | |||||||||
Home equity loans and lines of credit and other consumer | 10,625 | 10,587 | 9,351 | |||||||||
Total loan originations | 280,094 | 304,707 | 247,891 | |||||||||
Loans purchased | -- | -- | -- | |||||||||
Total loan originations and loans purchased | 280,094 | 304,707 | 247,891 | |||||||||
Loans Sold | (81,990 | ) | (111,171 | ) | (101,295 | ) | ||||||
Loan principal repayments | (188,546 | ) | (165,177 | ) | (126,172 | ) | ||||||
Total loans sold and principal repayments | (270,536 | ) | (276,348 | ) | (227,467 | ) | ||||||
Increase (decrease) due to other items, net(1) | (7,410 | ) | (6,414 | ) | 1,976 | |||||||
Net increase in loan portfolio | $ | (2,148 | ) | $ | 21,945 | $ | 22,400 |
Year Ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(In thousands) | ||||||||||||
Loan originations: | ||||||||||||
One-to-four family residential | $ | 127,233 | $ | 115,449 | $ | 103,052 | ||||||
Commercial — real estate secured: | ||||||||||||
Owner occupied | 64,522 | 48,076 | 69,849 | |||||||||
Non-owner occupied | 8,313 | 8,169 | 5,307 | |||||||||
Multi-family residential | 2,979 | 5,914 | 3,035 | |||||||||
Commercial business | 51,183 | 33,092 | 48,309 | |||||||||
Land | 11,081 | 8,302 | 7,176 | |||||||||
Construction | 28,809 | 19,538 | 26,920 | |||||||||
Home equity loans and lines of credit and other consumer | 10,587 | 9,351 | 8,974 | |||||||||
Total loan originations | 304,707 | 247,891 | 272,622 | |||||||||
Loans purchased | -- | -- | -- | |||||||||
Total loan originations and loans purchased | 304,707 | 247,891 | 272,622 | |||||||||
Loans Sold | (111,171 | ) | (101,295 | ) | (86,806 | ) | ||||||
Loan principal repayments | (165,177 | ) | (126,172 | ) | (152,117 | ) | ||||||
Total loans sold and principal repayments | (276,348 | ) | (227,467 | ) | (238,923 | ) | ||||||
Increase (decrease) due to other items, net(1) | (6,414 | ) | 1,976 | (4,835 | ) | |||||||
Net increase in loan portfolio | $ | 21,945 | $ | 22,400 | $ | 28,864 |
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, 2017 in: | ||||||||||||||||||||||||||||||||
One year or less | $ | 16,375 | $ | 14,089 | $ | 324 | $ | 13,234 | $ | 13,615 | $ | 9,332 | $ | 6,024 | $ | 72,993 | ||||||||||||||||
After one year through two years | 5,947 | 11,000 | 6,321 | 5,578 | 5,717 | 197 | 3,535 | 38,295 | ||||||||||||||||||||||||
After two years through three years | 5,732 | 6,590 | 722 | 4,354 | 2,882 | -- | 1,653 | 21,934 | ||||||||||||||||||||||||
After three years through five years | 24,187 | 20,566 | 1,224 | 8,154 | 1,935 | -- | 157 | 56,223 | ||||||||||||||||||||||||
After five years through ten years | 8,310 | 23,155 | 8,630 | 3,109 | 889 | -- | 845 | 44,938 | ||||||||||||||||||||||||
After ten years through fifteen years | 8,248 | 2,545 | 2,084 | -- | -- | -- | 10,859 | 23,736 | ||||||||||||||||||||||||
After fifteen years | 56,507 | -- | 1,976 | -- | -- | -- | 96 | 58,579 | ||||||||||||||||||||||||
Total | $ | 125,306 | $ | 77,945 | $ | 21,281 | $ | 34,429 | $ | 25,038 | $ | 9,529 | $ | 23,169 | $ | 316,697 |
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, 2018 in: | ||||||||||||||||||||||||||||||||
One year or less | $ | 7,979 | $ | 10,214 | $ | 12,560 | $ | 12,302 | $ | 10,827 | $ | 11,849 | $ | 4,467 | $ | 70,198 | ||||||||||||||||
After one year through two years | 4,260 | 9,767 | 10,074 | 9,142 | 5,810 | 72 | 1,547 | 40,672 | ||||||||||||||||||||||||
After two years through three years | 12,917 | 5,905 | -- | 3,303 | 905 | -- | 194 | 23,224 | ||||||||||||||||||||||||
After three years through five years | 24,658 | 31,616 | 2,179 | 8,398 | 1,863 | -- | 259 | 68,973 | ||||||||||||||||||||||||
After five years through ten years | 7,184 | 15,189 | 9,706 | 2,313 | 1,069 | -- | 737 | 36,198 | ||||||||||||||||||||||||
After ten years through fifteen years | 6,851 | 1,725 | 1,629 | -- | -- | -- | 12,303 | 22,508 | ||||||||||||||||||||||||
After fifteen years | 57,408 | -- | 1,931 | -- | -- | -- | 68 | 59,407 | ||||||||||||||||||||||||
Total | $ | 121,257 | $ | 74,416 | $ | 38,079 | $ | 35,458 | $ | 20,474 | $ | 11,921 | $ | 19,575 | $ | 321,180 |
Floating or | Floating or | |||||||||||||||||||||||
Fixed-Rate | Adjustable-Rate | Total | Fixed-Rate | Adjustable-Rate | Total | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
One-to-four family residential | $ | 100,830 | $ | 8,101 | $ | 108,931 | $ | 88,300 | $ | 24,978 | $ | 113,278 | ||||||||||||
Commercial — real estate secured | 60,149 | 3,707 | 63,856 | 54,106 | 10,095 | 64,201 | ||||||||||||||||||
Multi-family residential | 18,195 | 2,762 | 20,957 | 25,519 | -- | 25,519 | ||||||||||||||||||
Commercial business | 15,744 | 5,451 | 21,195 | 15,003 | 8,153 | 23,156 | ||||||||||||||||||
Land | 6,402 | 5,021 | 11,423 | 7,320 | 2,327 | 9,647 | ||||||||||||||||||
Construction | 197 | -- | 197 | -- | 72 | 72 | ||||||||||||||||||
Home equity loans and lines of credit and other consumer | 1,733 | 15,412 | 17,145 | 1,898 | 13,211 | 15,109 | ||||||||||||||||||
Total | $ | 203,250 | $ | 40,454 | $ | 243,704 | $ | 192,146 | $ | 58,836 | $ | 250,982 |
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 | 90 or More Days | 30-89 | 90 or More Days | 30-89 | 90 or More Days | 30-89 | 90 or More Days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Overdue | Overdue | Days Overdue | Overdue | Days Overdue | Overdue | Days Overdue | Overdue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Principal | Number | Principal | Number | Principal | Number | Principal | Number | Principal | Number | Principal | Number | Principal | Number | Principal | |||||||||||||||||||||||||||||||||||||||||||||||||
of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential | 23 | $ | 2,000 | 6 | $ | 662 | 37 | $ | 4,320 | 2 | $ | 114 | 18 | $ | 1,711 | 14 | $ | 1,954 | 23 | $ | 2,000 | 6 | $ | 662 | ||||||||||||||||||||||||||||||||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 1 | 8 | 15 | 2,503 | -- | -- | -- | -- | -- | -- | 1 | 416 | 1 | 8 | 15 | 2,503 | ||||||||||||||||||||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 1 | 555 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit and other consumer | 3 | 194 | 1 | 4 | 3 | 93 | -- | -- | Home equity loans and lines of credit and other consumer | 6 | 193 | 3 | 117 | 4 | 194 | 1 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Total delinquent loans | 27 | $ | 2,202 | 22 | $ | 3,169 | 41 | $ | 4,968 | 2 | $ | 114 | 24 | $ | 1,904 | 18 | $ | 2,487 | 28 | $ | 2,202 | 22 | $ | 3,169 | ||||||||||||||||||||||||||||||||||||||||
Delinquent loans to total net loans | 0.70 | % | 1.01 | % | 1.71 | % | 0.04 | % | 0.60 | % | 0.78 | % | 0.70 | % | 1.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Delinquent loans to total loans | 0.70 | % | 1.00 | % | 1.69 | % | 0.04 | % | 0.59 | % | 0.77 | % | 0.70 | % | 1.00 | % |
June 30, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Non-accruing loans: | ||||||||||||||||||||
One-to-four family residential | $ | 317 | $ | 13 | $ | 13 | $ | 151 | $ | 386 | ||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | |||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | |||||||||||||||
Commercial business | 2,503 | -- | -- | -- | -- | |||||||||||||||
Land | -- | -- | -- | -- | -- | |||||||||||||||
Construction | -- | -- | -- | -- | -- | |||||||||||||||
Home equity loans and lines of credit and other consumer | -- | -- | -- | 27 | 27 | |||||||||||||||
Total non-accruing loans | 2,820 | 13 | 13 | 178 | 413 | |||||||||||||||
Accruing loans 90 days or more past due: | ||||||||||||||||||||
One-to-four family residential | 181 | 101 | 67 | 13 | 236 | |||||||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | |||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | |||||||||||||||
Commercial business | -- | -- | -- | -- | -- | |||||||||||||||
Land | -- | -- | -- | -- | -- | |||||||||||||||
Construction | -- | -- | -- | -- | -- | |||||||||||||||
Home equity loans and lines of credit and other consumer | 4 | -- | -- | -- | -- | |||||||||||||||
Total non-performing loans(1) | 3,005 | 114 | 80 | 191 | 649 | |||||||||||||||
Real estate owned, net | 540 | -- | 40 | -- | -- | |||||||||||||||
Total non-performing assets | $ | 3,545 | $ | 114 | $ | 120 | $ | 191 | $ | 649 | ||||||||||
Troubled debt restructurings (2) | -- | 1,990 | -- | -- | -- | |||||||||||||||
Total non-performing assets and troubled debt restructurings | $ | 3,545 | $ | 2,104 | $ | 120 | $ | 191 | $ | 649 | ||||||||||
Total non-performing loans as a percent of loans, net | 0.96 | % | 0.04 | % | 0.03 | % | 0.07 | % | 0.31 | % | ||||||||||
Total non-performing assets as a percent of total assets | 0.83 | % | 0.03 | % | 0.03 | % | 0.05 | % | 0.23 | % | ||||||||||
Total non-performing assets and troubled debt restructurings as a percentage of total assets | 0.83 | % | 0.55 | % | 0.03 | % | 0.05 | % | 0.23 | % |
June 30, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Non-accruing loans: | ||||||||||||||||||||
One-to-four family residential | 643 | $ | 317 | $ | 13 | $ | 13 | $ | 151 | |||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | |||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | |||||||||||||||
Commercial business | 416 | 2,503 | -- | -- | -- | |||||||||||||||
Land | -- | -- | -- | -- | -- | |||||||||||||||
Construction | -- | -- | -- | -- | -- | |||||||||||||||
Home equity loans and lines of credit and other consumer | 87 | -- | -- | -- | 27 | |||||||||||||||
Total non-accruing loans | 1,146 | 2,820 | 13 | 13 | 178 | |||||||||||||||
Accruing loans 90 days or more past due: | ||||||||||||||||||||
One-to-four family residential | 680 | 181 | 101 | 67 | 13 | |||||||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | |||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | |||||||||||||||
Commercial business | -- | -- | -- | -- | -- | |||||||||||||||
Land | -- | -- | -- | -- | -- | |||||||||||||||
Construction | -- | -- | -- | -- | -- | |||||||||||||||
Home equity loans and lines of credit and other consumer | 30 | 4 | -- | -- | -- | |||||||||||||||
Total non-performing loans(1) | 1,856 | 3,005 | 114 | 80 | 191 | |||||||||||||||
Real estate owned, net | 1,177 | 540 | -- | 40 | -- | |||||||||||||||
Total non-performing assets | $ | $3,033 | $ | 3,545 | $ | 114 | $ | 120 | $ | 191 | ||||||||||
Troubled debt restructurings (2) | 6,886 | -- | 1,990 | -- | -- | |||||||||||||||
Total non-performing assets and troubled debt restructurings | $ | 9,919 | $ | 3,545 | $ | 2,104 | $ | 120 | $ | 191 | ||||||||||
Total non-performing loans as a percent of loans, net | 0.58 | % | 0.96 | % | 0.04 | % | 0.03 | % | 0.07 | % | ||||||||||
Total non-performing assets as a percent of total assets | 0.72 | % | 0.83 | % | 0.03 | % | 0.03 | % | 0.05 | % | ||||||||||
Total non-performing assets and troubled debt restructurings as a percentage of total assets | 2.45 | % | 0.83 | % | 0.55 | % | 0.03 | % | 0.05 | % |
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Total loans outstanding at end of period | $ | 316,697 | $ | 293,835 | $ | 271,129 | $ | 242,257 | $ | 208,585 | $ | $321,180 | $ | 316,697 | $ | 293,835 | $ | 271,129 | $ | 242,257 | ||||||||||||||||||||
Average loans outstanding | 312,132 | 287,405 | 269,408 | 224,463 | 197,812 | 323,692 | 312,132 | 287,405 | 269,408 | 224,463 | ||||||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | 2,845 | 2,515 | 2,396 | 2,240 | 1,698 | 3,729 | 2,845 | 2,515 | 2,396 | 2,240 | ||||||||||||||||||||||||||||||
Provision for loan losses | 900 | 271 | 300 | 168 | 558 | 1,050 | 900 | 271 | 300 | 168 | ||||||||||||||||||||||||||||||
Recoveries | 14 | 59 | -- | -- | -- | 26 | 14 | 59 | -- | -- | ||||||||||||||||||||||||||||||
Charge-offs | (30 | ) | -- | (181 | ) | (12 | ) | (16 | ) | (1,380 | ) | (30 | ) | -- | (181 | ) | (12 | ) | ||||||||||||||||||||||
Allowance for loan losses, end of period | $ | 3,729 | $ | 2,845 | $ | 2,515 | $ | 2,396 | $ | 2,240 | $ | 3,425 | $ | 3,729 | $ | 2,845 | $ | 2,515 | $ | 2,396 | ||||||||||||||||||||
Allowance for loan losses as a percent of non-performing loans | 123.65 | % | 2,501.99 | % | 3,143.75 | % | 1,254.45 | % | 345.15 | % | Allowance for loan losses as a percent of non-performing loans | 183.57 | % | 123.65 | % | 2,501.99 | % | 3,143.75 | % | 1,254.45 | % | |||||||||||||||||||
Allowance for loan losses as a percent of loans outstanding | 1.18 | % | 0.97 | % | 0.93 | % | 0.99 | % | 1.07 | % | Allowance for loan losses as a percent of loans outstanding | 1.07 | % | 1.18 | % | 0.97 | % | 0.93 | % | 0.99 | % |
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential | One-to-four family residential | $ | 1,822 | 39.57 | % | $ | 1,517 | 40.17 | % | $ | 1,195 | 38.11 | % | $ | 1,224 | 36.96 | % | $ | 1,023 | 35.11 | % | One-to-four family residential | $ | 1,166 | 37.76 | % | $ | 1,822 | 39.57 | % | $ | 1,517 | 40.17 | % | $ | 1,195 | 38.11 | % | $ | 1,224 | 36.96 | % | ||||||||||||||||||||||||||||||||||||||
Commercial – real estate secured | Commercial – real estate secured | 353 | 24.61 | 321 | 23.55 | 415 | 22.90 | 464 | 23.23 | 338 | 24.54 | Commercial – real estate secured | 436 | 23.17 | 353 | 24.61 | 321 | 23.55 | 415 | 22.90 | 464 | 23.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family residential | Multi-family residential | 73 | 6.72 | 111 | 7.03 | 103 | 5.62 | 128 | 8.41 | 103 | 9.39 | Multi-family residential | 256 | 11.86 | 73 | 6.72 | 111 | 7.03 | 103 | 5.62 | 128 | 8.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | 979 | 10.87 | 444 | 9.49 | 305 | 10.33 | 202 | 10.63 | 412 | 8.04 | Commercial business | 929 | 11.04 | 979 | 10.87 | 444 | 9.49 | 305 | 10.33 | 202 | 10.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | 203 | 7.91 | 201 | 8.27 | 154 | 7.33 | 168 | 8.23 | 127 | 7.47 | 161 | 6.37 | 203 | 7.91 | 201 | 8.27 | 154 | 7.33 | 168 | 8.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 147 | 3.01 | 126 | 4.92 | 146 | 6.50 | 105 | 5.16 | 146 | 8.12 | 163 | 3.71 | 147 | 3.01 | 126 | 4.92 | 146 | 6.50 | 105 | 5.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit and other consumer | Home equity loans and lines of credit and other consumer | 152 | 7.31 | 125 | 6.57 | 197 | 9.21 | 105 | 7.38 | 91 | 7.33 | Home equity loans and lines of credit and other consumer | 314 | 6.09 | 152 | 7.31 | 125 | 6.57 | 197 | 9.21 | 105 | 7.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,729 | 100.00 | % | $ | 2,845 | 100.00 | % | $ | 2,515 | 100.00 | % | $ | 2,396 | 100.00 | % | $ | 2,240 | 100.00 | % | $ | 3,425 | 100.00 | % | $ | 3,729 | 100.00 | % | $ | 2,845 | 100.00 | % | $ | 2,515 | 100.00 | % | $ | 2,396 | 100.00 | % |
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 25,558 | $ | 25,190 | $ | -- | $ | -- | $ | -- | $ | -- | $ | 26,042 | $ | 24,972 | $ | 25,558 | $ | 25,190 | $ | -- | $ | -- | ||||||||||||||||||||||||
FNBB stock | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | ||||||||||||||||||||||||||||||||||||
FHLB stock | 2,549 | 2,549 | 2,099 | 2,099 | 1,760 | 1,760 | 2,596 | 2,596 | 2,549 | 2,549 | 2,099 | 2,099 | ||||||||||||||||||||||||||||||||||||
Total Securities Held-to-Maturity | 28,357 | 27,989 | 2,349 | 2,349 | 2,010 | 2,010 | 28,888 | 27,818 | 28,357 | 27,989 | 2,349 | 2,349 | ||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale: | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 37,468 | 36,935 | 50,045 | 50,173 | 44,733 | 44,885 | 30,647 | 29,324 | 37,468 | 36,935 | 50,045 | 50,173 | ||||||||||||||||||||||||||||||||||||
Total Investment Securities | $ | 65,825 | $ | 64,924 | $ | 52,394 | $ | 52,522 | $ | 46,743 | $ | 46,895 | $ | 59,535 | $ | 57,142 | $ | 65,825 | $ | 64,924 | $ | 52,394 | $ | 52,522 |
Amounts at June 30, 2017 which Mature in | Amounts at June 30, 2018 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 | 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) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds and other debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 11 | 1.95 | % | $ | 61 | 4.37 | % | $ | 43 | 1.93 | % | $ | 62,010 | 1.98 | % | $ | 1 | 5.62 | % | $ | 24 | 5.51 | % | $ | 36 | 2.26 | % | $ | 54,235 | 2.16 | % | ||||||||||||||||||||||||||||||||
Equity securities(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FNBB stock | -- | -- | -- | -- | -- | -- | 250 | 1.13 | % | -- | -- | -- | -- | -- | -- | 250 | 0.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | -- | -- | -- | -- | -- | -- | 2,549 | 1.65 | % | -- | -- | -- | -- | -- | -- | 2,596 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities and bank stock | $ | 11 | 1.95 | % | $ | 61 | 4.37 | % | $ | 43 | 1.93 | % | $ | 64,809 | 2.55 | % | $ | 1 | 5.62 | % | $ | 24 | 5.51 | % | $ | 36 | 2.26 | % | $ | 57,081 | 2.14 | % |
June 30, | June 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2018 | 2017 | 2016 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||
GNMA | $ | 32 | $ | 41 | $ | 50 | $ | 5,819 | $ | 32 | $ | 41 | ||||||||||||
FHLMC | 8,781 | 10,698 | 147 | 7,042 | 8,781 | 10,698 | ||||||||||||||||||
FNMA | 45,110 | 27,108 | 27,596 | 35,760 | 45,110 | 27,108 | ||||||||||||||||||
Total fixed rate | 53,923 | 37,847 | 27,793 | 48,621 | 53,923 | 37,847 | ||||||||||||||||||
Adjustable rate: | ||||||||||||||||||||||||
GNMA | 8,098 | 12,116 | 16,744 | 5,623 | 8,098 | 12,116 | ||||||||||||||||||
FHLMC | 67 | 96 | 137 | 43 | 67 | 96 | ||||||||||||||||||
FNMA | 37 | 114 | 211 | 9 | 37 | 114 | ||||||||||||||||||
Total adjustable-rate | 8,202 | 12,326 | 17,092 | 5,675 | 8,202 | 12,326 | ||||||||||||||||||
Total mortgage-backed securities | $ | 62,125 | $ | 50,173 | $ | 44,885 | $ | 54,296 | $ | 62,125 | $ | 50,173 |
Amounts at June 30, 2017 which Mature in | Amounts at June 30, 2018 which Mature in | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted | Over One | Weighted | Weighted | Weighted | Over One | Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||
One Year | Average | through | Average | Over | Average | One Year | Average | through | Average | Over | Average | |||||||||||||||||||||||||||||||||||||
or Less | Yield | Five Years | Yield | Five Years | Yield | or Less | Yield | Five Years | Yield | Five Years | Yield | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||||||||||||||||||||||||||
GNMA | $ | -- | -- | % | $ | 21 | 8.88 | % | $ | 11 | 7.85 | % | $ | -- | -- | % | $ | 13 | 8.52 | % | $ | 5,806 | 7.85 | % | ||||||||||||||||||||||||
FHLMC | -- | -- | -- | -- | 8,781 | 1.55 | -- | -- | -- | -- | 7,042 | 1.50 | ||||||||||||||||||||||||||||||||||||
FNMA | -- | -- | -- | -- | 45,110 | 2.34 | -- | -- | -- | -- | 35,760 | 2.15 | ||||||||||||||||||||||||||||||||||||
Total fixed-rate | -- | -- | % | 21 | 8.88 | % | 53,902 | 2.21 | % | -- | -- | % | 13 | 8.52 | % | 48,608 | 2.07 | % | ||||||||||||||||||||||||||||||
Adjustable rate: | ||||||||||||||||||||||||||||||||||||||||||||||||
GNMA | $ | -- | -- | % | $ | -- | -- | % | $ | 8,098 | 0.39 | % | $ | -- | -- | % | $ | -- | -- | % | $ | 5,623 | 2.88 | % | ||||||||||||||||||||||||
FHLMC | 3 | 1.61 | 13 | 1.83 | 51 | 2.21 | -- | -- | 5 | 2.42 | 38 | 2.64 | ||||||||||||||||||||||||||||||||||||
FNMA | 8 | 2.06 | 27 | 2.05 | 2 | 2.14 | 1 | 5.62 | 6 | 1.59 | 2 | 3.85 | ||||||||||||||||||||||||||||||||||||
Total adjustable-rate | 11 | 1.95 | % | 40 | 1.98 | % | 8,151 | 0.40 | 1 | 5.62 | % | 11 | 1.96 | % | 5,663 | 2.88 | ||||||||||||||||||||||||||||||||
Total | $ | 11 | 1.95 | % | $ | 61 | 4.37 | % | $ | 62,053 | 1.97 | % | $ | 1 | 5.62 | % | $ | 24 | 5.51 | % | $ | 54,271 | 2.16 | % |
At or For the Year Ended June 30, | At or For the Year Ended June 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Mortgage-backed securities at beginning of period | $ | 50,046 | $ | 44,733 | $ | 48,173 | $ | 63,026 | $ | 50,046 | $ | 44,733 | ||||||||||||
Purchases | 27,234 | 16,722 | 9,843 | 8,890 | 27,234 | 16,722 | ||||||||||||||||||
Repayments | (14,218 | ) | (11,392 | ) | (11,263 | ) | (11,602 | ) | (14,218 | ) | (11,392 | ) | ||||||||||||
Sales | -- | -- | (1,954 | ) | (3,461 | ) | -- | -- | ||||||||||||||||
Amortizations of premiums and discounts, net | (36 | ) | (17 | ) | (66 | ) | (164 | ) | (36 | ) | (17 | ) | ||||||||||||
Mortgage-backed securities at end of period | $ | 63,026 | $ | 50,046 | $ | 44,733 | $ | 56,689 | $ | 63,026 | $ | 50,046 | ||||||||||||
Weighted average yield at end of period | 1.98 | % | 1.77 | % | 1.90 | % | 2.16 | % | 1.98 | % | 1.77 | % |
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Certificate accounts: | Certificate accounts: | Certificate accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||
0.00% - 0.99% | $ | 28,293 | 8.60 | % | $ | 46,544 | 16.17 | % | $ | 57,103 | 19.95 | % | 0.00%- 0.99% | $ | 15,310 | 4.24 | % | $ | 28,293 | 8.60 | % | $ | 46,544 | 16.17 | % | |||||||||||||||||||||||||||
1.00% - 1.99% | 123,037 | 37.39 | 70,606 | 24.53 | 68,242 | 23.84 | 1.00%- 1.99% | 121,572 | 33.75 | 123,037 | 37.39 | 70,606 | 24.53 | |||||||||||||||||||||||||||||||||||||||
2.00% - 2.99% | 11,306 | 3.44 | 14,961 | 5.20 | 15,943 | 5.57 | 2.00%- 2.99% | 24,234 | 6.73 | 11,306 | 3.44 | 14,961 | 5.20 | |||||||||||||||||||||||||||||||||||||||
3.00% - 3.99% | -- | -- | 386 | 0.13 | 4,684 | 1.64 | 3.00%- 3.99% | 151 | 0.04 | -- | -- | 386 | 0.13 | |||||||||||||||||||||||||||||||||||||||
Total certificate accounts | Total certificate accounts | 162,636 | 49.43 | 132,497 | 46.03 | 145,972 | 51.00 | Total certificate accounts | 161,267 | 44.76 | 162,636 | 49.43 | 132,497 | 46.03 | ||||||||||||||||||||||||||||||||||||||
Transaction accounts: | Transaction accounts: | Transaction accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Passbook savings | Passbook savings | 35,050 | 10.65 | 29,033 | 10.09 | 18,435 | 6.44 | Passbook savings | 36,241 | 10.06 | 35,050 | 10.65 | 29,033 | 10.09 | ||||||||||||||||||||||||||||||||||||||
Non-interest bearing demand accounts | Non-interest bearing demand accounts | 54,420 | 16.54 | 39,280 | 13.65 | 45,024 | 15.73 | Non-interest bearing demand accounts | 58,001 | 16.10 | 54,420 | 16.54 | 39,280 | 13.65 | ||||||||||||||||||||||||||||||||||||||
NOW accounts | NOW accounts | 34,500 | 10.48 | 37,761 | 13.12 | 31,214 | 10.90 | NOW accounts | 34,576 | 9.60 | 34,500 | 10.48 | 37,761 | 13.12 | ||||||||||||||||||||||||||||||||||||||
Money market | Money market | 42,439 | 12.90 | 49,251 | 17.11 | 45,593 | 15.93 | Money market | 70,175 | 19.48 | 42,439 | 12.90 | 49,251 | 17.11 | ||||||||||||||||||||||||||||||||||||||
Total transaction accounts | Total transaction accounts | 166,409 | 50.57 | 155,325 | 53.97 | 140,266 | 49.00 | Total transaction accounts | 198,993 | 55.24 | 166,409 | 50.57 | 155,325 | 53.97 | ||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 329,045 | 100.00 | % | $ | 287,822 | 100.00 | % | $ | 286,238 | 100.00 | % | Total deposits | $ | 360,260 | 100.00 | % | $ | 329,045 | 100.00 | % | $ | 287,822 | 100.00 | % |
Year Ended June 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Rate | Average | Interest | Rate | Average | Interest | Rate | Average | Interest | Rate | Average | Interest | Rate | Average | Interest | Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Expense | Paid | Balance | Expense | Paid | Balance | Expense | Paid | Balance | Expense | Paid | Balance | Expense | Paid | Balance | Expense | Paid | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Passbook savings | $ | 33,441 | $ | 160 | 0.48 | % | $ | 23,993 | $ | 92 | 0.38 | % | $ | 14,762 | $ | 34 | 0.23 | % | $ | 36,323 | $ | 194 | 0.53 | % | $ | 33,441 | $ | 160 | 0.48 | % | $ | 23,993 | $ | 92 | 0.38 | % | ||||||||||||||||||||||||||||||||||||
NOW accounts | 34,701 | 189 | 0.54 | 35,797 | 283 | 0.79 | 29,821 | 228 | 0.76 | NOW accounts | 34,892 | 165 | 0.47 | 34,701 | 189 | 0.54 | 35,797 | 283 | 0.79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 45,615 | 147 | 0.32 | 47,953 | 149 | 0.31 | 43,770 | 141 | 0.32 | Money market | 51,571 | 293 | 0.57 | 45,615 | 147 | 0.32 | 47,953 | 149 | 0.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 145,445 | 1,860 | 1.28 | 141,160 | 1,805 | 1.28 | 133,605 | 1,831 | 1.37 | Certificates of deposit | 165,141 | 2,394 | 1.45 | 145,445 | 1,860 | 1.28 | 141,160 | 1,805 | 1.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 259,202 | 2,356 | 0.91 | 248,903 | 2,329 | 0.94 | 221,958 | 2,234 | 1.01 | Total interest-bearing deposits | 287,927 | 3,046 | 1.06 | 259,202 | 2,356 | 0.91 | 248,903 | 2,329 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Interest bearing | Non-Interest bearing | Non-Interest bearing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
demand accounts | $ | 51,311 | $ | -- | -- | % | $ | 43,100 | $ | -- | -- | % | $ | 40,428 | $ | -- | -- | % | demand accounts | $ | 55,960 | $ | -- | -- | % | $ | 51,311 | $ | -- | -- | % | $ | 43,100 | $ | -- | -- | % | |||||||||||||||||||||||||||||||||||
Total deposits | $ | 310,513 | $ | 2,356 | 0.76 | % | $ | 292,003 | $ | 2,329 | 0.80 | % | $ | 262,386 | $ | 2,234 | 0.85 | % | $ | 343,887 | $ | 3,046 | 0.89 | % | $ | 310,513 | $ | 2,356 | 0.76 | % | $ | 292,003 | $ | 2,329 | 0.80 | % |
Year Ended June 30, | Year Ended June 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2018 | 2017 | 2016 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Net deposits (withdrawals) | $ | 38,952 | $ | (205 | ) | $ | 12,274 | $ | 28,743 | $ | 38,952 | $ | (205 | ) | ||||||||||
Interest credited | 2,271 | 1,789 | 1,669 | 2,472 | 2,271 | 1,789 | ||||||||||||||||||
Total increase in deposits | $ | 41,223 | $ | 1,584 | $ | 13,943 | $ | 31,215 | $ | 41,223 | $ | 1,584 |
Balance at June 30, 2017 | Balance at June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Maturing in the 12 Months Ending June 30, | Maturing in the 12 Months Ending June 30, | |||||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | Certificates of Deposit | 2018 | 2019 | 2020 | Thereafter | Total | Certificates of Deposit | 2019 | 2020 | 2021 | Thereafter | Total | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||
0.00% - 0.99% | $ | 26,001 | $ | 1,524 | $ | 768 | $ | -- | $ | 28,293 | 0.00%- 0.99% | $ | 10,969 | $ | 1,970 | $ | 2,371 | $ | -- | $ | 15,310 | |||||||||||||||||||||||
1.00% - 1.99% | 42,287 | 28,966 | 32,909 | 18,875 | 123,037 | 1.00%- 1.99% | 58,049 | 37,078 | 14,376 | 12,069 | 121,572 | |||||||||||||||||||||||||||||||||
2.00% - 2.99% | 200 | 1,611 | 2,655 | 6,840 | 11,306 | 2.00%- 2.99% | 2,923 | 7,735 | 1,602 | 11,974 | 24,234 | |||||||||||||||||||||||||||||||||
3.00% - 3.99% | -- | -- | -- | -- | -- | 3.00%- 3.99% | -- | -- | -- | 151 | 151 | |||||||||||||||||||||||||||||||||
Total certificate accounts | Total certificate accounts | $ | 68,488 | $ | 32,101 | $ | 36,332 | $ | 25,715 | $ | 162,636 | Total certificate accounts | $ | 71,941 | $ | 46,783 | $ | 18,349 | $ | 24,194 | $ | 161,267 |
Weighted | ||||||||
Amount | Average Rate | |||||||
(Dollars in thousands) | ||||||||
September 30, 2017 | $ | 8,459 | 0.65 | % | ||||
December 31, 2017 | 10,353 | 0.97 | ||||||
March 31, 2018 | 17,879 | 1.11 | ||||||
June 30, 2018 | 13,897 | 1.13 | ||||||
After June 30, 2018 | 62,624 | 1.64 | ||||||
Total certificates of deposit with balances of $100,000 or more | $ | 113,212 | 1.36 | % |
Weighted | ||||||||
Amount | Average Rate | |||||||
(Dollars in thousands) | ||||||||
September 30, 2018 | $ | 7,321 | 1.07 | % | ||||
December 31, 2018 | 7,830 | 1.10 | ||||||
March 31, 2019 | 16,125 | 1.22 | ||||||
June 30, 2019 | 20,902 | 1.46 | ||||||
After June 30, 2019 | 62,046 | 1.81 | ||||||
Total certificates of deposit with balances of $100,000 or more | $ | 114,224 | 1.57 | % |
At or For the Year | At or For the Year | |||||||||||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2018 | 2017 | 2016 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
FHLB advances: | ||||||||||||||||||||||||
Average balance outstanding | $ | 46,918 | $ | 30,277 | $ | 40,858 | $ | 27,242 | $ | 46,918 | $ | 30,277 | ||||||||||||
Maximum amount outstanding at any month-end during the period | 56,715 | 47,665 | 49,030 | 43,885 | 56,715 | 47,665 | ||||||||||||||||||
Balance outstanding at end of period | 48,907 | 47,665 | 38,411 | 11,637 | 48,907 | 47,665 | ||||||||||||||||||
Average interest rate during the period | 0.92 | % | 0.87 | % | 0.60 | % | 1.63 | % | 0.92 | % | 0.87 | % | ||||||||||||
Weighted average interest rate at end of period | 1.30 | % | 0.81 | % | 0.68 | % | 2.51 | % | 1.30 | % | 0.81 | % |
Years Ending June 30, | Amount | |||
(In thousands) | ||||
2018 | $ | 37,270 | ||
2019 | 5,282 | |||
2020 | 5,295 | |||
2021 | 193 | |||
2022 | 35 | |||
Thereafter | 832 | |||
Total | $ | 48,907 |
Years Ending June 30, | Amount | |||
(In thousands) | ||||
2019 | $ | 5,282 | ||
2020 | 5,295 | |||
2021 | 193 | |||
2022 | 35 | |||
2023 | 36 | |||
Thereafter | 796 | |||
Total | $ | 11,637 |
● | 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. However, certain smaller savings and loan holding companies, such as Home Federal Bancorp, are exempt from those capital requirements. |
● | 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. |
Description/Address | Leased/Owned | Net Book Value of Property | Amount of Deposits | Leased/Owned | Net Book Value of Property | Amount of Deposits | ||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Building (Home Office) 222 Florida Street, Shreveport, LA | Owned | $ 1,642 | $ -- | Owned | $ | 1,589 | $ | -- | ||||||||||||
Building/ATM (Market Street Branch) 624 Market Street, Shreveport, LA | Owned | 974 | 113,116 | |||||||||||||||||
Building/ATM (Market Street Branch 624 Market Street, Shreveport, LA | Owned | 910 | 118,610 | |||||||||||||||||
Building/ATM (Youree Drive Branch) 6363 Youree Drive, Shreveport, LA | Owned | (1) | 194 | 103,398 | Owned | (1) | 206 | 112,673 | ||||||||||||
Building/ATM (Mansfield Road Branch) 9300 Mansfield Road., Suite 101, Shreveport, LA | Leased | 126 | 48,194 | |||||||||||||||||
Building/ATM (Mansfield Road Branch) 9300 Mansfield Road, Suite 101, Shreveport, LA | Leased | 113 | 48,684 | |||||||||||||||||
Building/ATM (Viking Drive Branch) 2555 Viking Drive, Bossier City, LA | Owned | 2,699 | 33,735 | Owned | 2,673 | 39,117 | ||||||||||||||
Building/ATM (Stockwell Branch) 7964 E. Texas Street, Bossier City, LA | Owned | 1,819 | 20,418 | Owned | 1,769 | 23,871 | ||||||||||||||
Building/ATM (Northwood Branch) 5841 North Market Street, Shreveport, LA | Owned | 1,783 | 10,184 | Owned | 1,738 | 17,305 | ||||||||||||||
Building (2) 614 Market Street, Shreveport, LA | Owned | 391 | -- | Owned | 382 | -- | ||||||||||||||
Lots 1-5, Block 1 Highway 171 South, Stonewall, LA | Owned | 765 | -- | Owned | 791 | -- | ||||||||||||||
Land 901 Pierremont Road, Shreveport, LA | Owned | 1,294 | -- | Owned | 1,339 | -- | ||||||||||||||
Land (New Mansfield Road Branch) 9449 Mansfield Road, Shreveport, LA | Owned | 329 | -- | |||||||||||||||||
(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. |
(2) | The building is vacant and available to serve as potential future administrative offices. |
Stock Price per Share | Cash Dividends | Stock Price per Share | Cash Dividends | |||||||||||||||||||||
Quarter Ended | High | Low | per Share | High | Low | per Share | ||||||||||||||||||
Fiscal 2018: | ||||||||||||||||||||||||
June 30, 2018 | $ | 32.56 | $ | 29.75 | $ | 0.12 | ||||||||||||||||||
March 31, 2018 | 31.33 | 27.25 | 0.12 | |||||||||||||||||||||
December 31, 2017 | 27.78 | 26.00 | 0.12 | |||||||||||||||||||||
September 30, 2017 | 26.83 | 24.30 | 0.12 | |||||||||||||||||||||
Fiscal 2017: | ||||||||||||||||||||||||
June 30, 2017 | $ | 29.89 | $ | 24.50 | $ | 0.09 | $ | 29.89 | $ | 24.50 | $ | 0.09 | ||||||||||||
March 31, 2017 | 28.95 | 27.00 | 0.09 | 28.95 | 27.00 | 0.09 | ||||||||||||||||||
December 31, 2016 | 27.00 | 23.52 | 0.09 | 27.00 | 23.52 | 0.09 | ||||||||||||||||||
September 30, 2016 | 23.60 | 21.36 | 0.09 | 23.60 | 21.36 | 0.09 | ||||||||||||||||||
Fiscal 2016: | ||||||||||||||||||||||||
June 30, 2016 | $ | 22.55 | $ | 21.45 | $ | 0.08 | ||||||||||||||||||
March 31, 2016 | 23.25 | 22.00 | 0.08 | |||||||||||||||||||||
December 31, 2015 | 25.00 | 22.34 | 0.08 | |||||||||||||||||||||
September 30, 2015 | 27.37 | 20.19 | 0.08 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (a) | ||||||||||||
April 1, 2018 – April 30, 2018 | -- | $ | -- | -- | 49,689 | |||||||||||
May 1, 2018– May 31, 2018 | 1,000 | $ | 31.68 | 1,000 | 48,689 | |||||||||||
June 1, 2018– June 30, 2018 | 13,500 | $ | 31.79 | 13,500 | 35,189 | |||||||||||
Total | 14,500 | $ | 31.78 | 14,500 |
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) (b) | ||||||||||||
April 1, 2017 – April 30, 2017 | 1,500 | $ | 27.84 | 1,500 | 104,223 | |||||||||||
May 1, 2017 – May 31, 2017 | 392 | 29.30 | 392 | 103,831 | ||||||||||||
June 1, 2017 – June 30, 2017 | -- | -- | -- | 103,831 | ||||||||||||
Total | 1,892 | $ | 28.15 | 1,892 | 103,831 | |||||||||||
____________________________ Notes to this table: (a) On December 9, 2015, the Company announced by press release a repurchase program to repurchase up to 102,000 shares or approximately 5.0% of the Company's outstanding shares of common stock. The repurchase program does not have an expiration date. (b) On October 12, 2016, the Company announced that its Board of Directors approved a seventh stock repurchase program for the repurchase of up to 97,000 shares to commence after the completion of the sixth stock repurchase program. The repurchase program does not have an expiration date. |
At June 30, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Selected Financial and Other Data: | ||||||||||||||||||||
Total assets | $ | 426,606 | $ | 381,701 | $ | 369,833 | $ | 329,529 | $ | 277,155 | ||||||||||
Cash and cash equivalents | 11,905 | 4,756 | 21,166 | 13,633 | 3,685 | |||||||||||||||
Securities available for sale | 36,935 | 50,173 | 44,885 | 48,434 | 47,961 | |||||||||||||||
Securities held to maturity | 28,357 | 2,349 | 2,010 | 1,765 | 1,465 | |||||||||||||||
Loans held-for-sale | 13,631 | 11,919 | 14,203 | 9,375 | 3,464 | |||||||||||||||
Loans receivable, net | 312,722 | 290,827 | 268,427 | 239,563 | 206,079 | |||||||||||||||
Deposits | 329,045 | 287,822 | 286,238 | 272,295 | 211,922 | |||||||||||||||
Federal Home Loan Bank advances | 48,907 | 47,665 | 38,411 | 12,897 | 21,662 | |||||||||||||||
Total Stockholders' equity | 46,246 | 43,392 | 43,386 | 42,779 | 41,982 |
At June 30, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Selected Financial and Other Data: | ||||||||||||||||||||
Total assets | $ | 421,650 | $ | 426,606 | $ | 381,701 | $ | 369,833 | $ | 329,529 | ||||||||||
Cash and cash equivalents | 15,867 | 11,905 | 4,756 | 21,166 | 13,633 | |||||||||||||||
Securities available for sale | 29,324 | 36,935 | 50,173 | 44,885 | 48,434 | |||||||||||||||
Securities held to maturity | 28,888 | 28,357 | 2,349 | 2,010 | 1,765 | |||||||||||||||
Loans held-for-sale | 6,762 | 13,631 | 11,919 | 14,203 | 9,375 | |||||||||||||||
Loans receivable, net | 317,493 | 312,722 | 290,827 | 268,427 | 239,563 | |||||||||||||||
Deposits | 360,260 | 329,045 | 287,822 | 286,238 | 272,295 | |||||||||||||||
Federal Home Loan Bank advances | 11,637 | 48,907 | 47,665 | 38,411 | 12,897 | |||||||||||||||
Total Stockholders' equity | 47,037 | 46,246 | 43,392 | 43,386 | 42,779 |
As of or for the Year Ended June 30, | As of or for the Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | (Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||
Selected Operating Data: | ||||||||||||||||||||||||||||||||||||||||
Total interest income | $ | 16,892 | $ | 15,458 | $ | 14,772 | $ | 13,173 | $ | 13,154 | $ | 18,423 | $ | 16,892 | $ | 15,458 | $ | 14,772 | $ | 13,173 | ||||||||||||||||||||
Total interest expense | 2,803 | 2,610 | 2,481 | 2,336 | 2,579 | 3,495 | 2,803 | 2,610 | 2,481 | 2,336 | ||||||||||||||||||||||||||||||
Net interest income | 14,089 | 12,848 | 12,291 | 10,837 | 10,575 | 14,928 | 14,089 | 12,848 | 12,291 | 10,837 | ||||||||||||||||||||||||||||||
Provision for loan losses | 900 | 271 | 300 | 168 | 558 | 1,050 | 900 | 271 | 300 | 168 | ||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 13,189 | 12,577 | 11,991 | 10,669 | 10,017 | 13,878 | 13,189 | 12,577 | 11,991 | 10,669 | ||||||||||||||||||||||||||||||
Total non-interest income | 3,893 | 3,254 | 2,961 | 2,340 | 3,424 | 2,988 | 3,893 | 3,254 | 2,961 | 2,340 | ||||||||||||||||||||||||||||||
Total non-interest expense | 11,672 | 10,810 | 9,936 | 8,933 | 8,683 | 11,046 | 11,672 | 10,810 | 9,936 | 8,933 | ||||||||||||||||||||||||||||||
Income before income tax expense | 5,410 | 5,021 | 5,016 | 4,076 | 4,758 | 5,820 | 5,410 | 5,021 | 5,016 | 4,076 | ||||||||||||||||||||||||||||||
Income tax expense | 1,758 | 1,644 | 1,661 | 1,332 | 1,628 | 2,252 | 1,758 | 1,644 | 1,661 | 1,332 | ||||||||||||||||||||||||||||||
Net income | $ | 3,652 | $ | 3,377 | $ | 3,355 | $ | 2,744 | $ | 3,130 | $ | 3,568 | $ | 3,652 | $ | 3,377 | $ | 3,355 | $ | 2,744 | ||||||||||||||||||||
Earnings per share of common stock: | ||||||||||||||||||||||||||||||||||||||||
Basic | $ | 2.01 | $ | 1.80 | $ | 1.70 | $ | 1.33 | $ | 1.34 | $ | 1.98 | $ | 2.01 | $ | 1.80 | $ | 1.70 | $ | 1.33 | ||||||||||||||||||||
Diluted | $ | 1.91 | $ | 1.74 | $ | 1.65 | $ | 1.29 | $ | 1.31 | $ | 1.87 | $ | 1.91 | $ | 1.74 | $ | 1.65 | $ | 1.29 | ||||||||||||||||||||
Selected Operating Ratios(1): | ||||||||||||||||||||||||||||||||||||||||
Average yield on interest-earning assets | 4.44 | % | 4.46 | % | 4.52 | % | 4.76 | % | 5.05 | % | 4.69 | % | 4.62 | % | 4.46 | % | 4.52 | % | 4.76 | % | ||||||||||||||||||||
Average rate on interest-bearing liabilities | 0.91 | 0.93 | 0.94 | 1.07 | 1.25 | 1.11 | 0.91 | 0.93 | 0.94 | 1.07 | ||||||||||||||||||||||||||||||
Average interest rate spread(2) | 3.53 | 3.53 | 3.58 | 3.69 | 3.80 | 3.58 | 3.71 | 3.53 | 3.58 | 3.69 | ||||||||||||||||||||||||||||||
Net interest margin(2) | 3.70 | 3.71 | 3.76 | 3.92 | 4.06 | 3.80 | 3.85 | 3.71 | 3.76 | 3.92 | ||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 124.16 | 123.95 | 124.37 | 126.91 | 126.77 | 124.67 | 119.41 | 123.95 | 124.37 | 126.91 | ||||||||||||||||||||||||||||||
Net interest income after provision for loan losses to non-interest expense | 113.00 | 116.35 | 120.68 | 119.43 | 115.36 | 125.64 | 113.00 | 116.35 | 120.68 | 119.43 | ||||||||||||||||||||||||||||||
Total non-interest expense to average assets | 2.87 | 2.92 | 2.84 | 3.01 | 3.14 | 2.64 | 2.92 | 2.92 | 2.84 | 3.01 | ||||||||||||||||||||||||||||||
Efficiency ratio(3) | 64.91 | 67.13 | 65.14 | 67.79 | 62.03 | 61.65 | 64.91 | 67.13 | 65.14 | 67.79 | ||||||||||||||||||||||||||||||
Return on average assets | 0.90 | 0.91 | 0.96 | 0.92 | 1.13 | 0.85 | 0.91 | 0.91 | 0.96 | 0.92 | ||||||||||||||||||||||||||||||
Return on average equity | 7.80 | 7.44 | 7.45 | 6.22 | 6.86 | 7.61 | 8.14 | 7.44 | 7.45 | 6.22 | ||||||||||||||||||||||||||||||
Average equity to average assets | 11.49 | 12.23 | 12.86 | 14.84 | 16.48 | 11.18 | 11.16 | 12.23 | 12.86 | 14.84 | ||||||||||||||||||||||||||||||
Dividend payout ratio | 19.31 | 19.53 | 18.26 | 20.08 | 20.19 | 25.90 | 19.31 | 19.53 | 18.26 | 20.08 |
As of or for the Year Ended June 30, | As of or for the Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||
Selected Quality Ratios(4): | ||||||||||||||||||||||||||||||||||||||||
Non-performing loans as a percent of total loans receivable | 0.95 | % | 0.04 | % | 0.03 | % | 0.07 | % | 0.31 | % | 0.58 | % | 0.96 | % | 0.04 | % | 0.03 | % | 0.07 | % | ||||||||||||||||||||
Non-performing assets as a percent of total assets | 0.83 | 0.03 | 0.03 | 0.05 | 0.23 | 0.72 | 0.83 | 0.03 | 0.03 | 0.05 | ||||||||||||||||||||||||||||||
Allowance for loan losses as a percent of total loans receivable | 1.18 | 0.97 | 0.93 | 0.99 | 1.07 | 1.07 | 1.18 | 0.97 | 0.93 | 0.99 | ||||||||||||||||||||||||||||||
Net charge-offs to average loans receivable | 0.01 | -- | 0.07 | 0.01 | 0.01 | 0.43 | 0.01 | -- | 0.07 | 0.01 | ||||||||||||||||||||||||||||||
Allowance for loan losses as a percent of non-performing loans | 123.65 | 2,501.99 | 3,143.75 | 1,254.45 | 345.15 | 184.54 | 123.65 | 2,501.99 | 3,143.75 | 1,254.45 | ||||||||||||||||||||||||||||||
Bank Capital Ratios(4): | ||||||||||||||||||||||||||||||||||||||||
Tangible capital ratio | 11.06 | % | 11.81 | % | 11.81 | % | 12.74 | % | 15.16 | % | 11.36 | % | 11.06 | % | 11.81 | % | 11.81 | % | 12.74 | % | ||||||||||||||||||||
Core capital ratio | 11.06 | 11.81 | 11.81 | 12.74 | 15.16 | 11.36 | 11.06 | 11.81 | 11.81 | 12.74 | ||||||||||||||||||||||||||||||
Total capital ratio | 17.39 | 17.77 | 18.85 | 21.35 | 25.48 | 17.84 | 17.39 | 17.77 | 18.85 | 21.35 | ||||||||||||||||||||||||||||||
Other Data: | ||||||||||||||||||||||||||||||||||||||||
Offices (branch and home) | 7 | 7 | 6 | 5 | 5 | 7 | 7 | 7 | 6 | 5 | ||||||||||||||||||||||||||||||
Employees (full-time) | 60 | 55 | 58 | 46 | 47 | 54 | 60 | 55 | 58 | 46 |
(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, |
● | 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 |
● | 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 continue to pursue opportunities to expand our market area by opening additional de novo banking |
● | Maintain Our Asset Quality. At June 30, |
● | 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, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | $ | 63,061 | $ | 1,093 | 1.73 | % | $ | 43,562 | $ | 774 | 1.78 | % | $ | 59,948 | $ | 1,176 | 1.96 | % | $ | 61,778 | $ | 1,093 | 1.77 | % | ||||||||||||||||||||||||
Loans receivable(1) | 312,132 | 15,763 | 5.05 | 287,405 | 14,628 | 5.09 | 323,692 | 17,106 | 5.28 | 299,002 | 15,763 | 5.27 | ||||||||||||||||||||||||||||||||||||
Interest-earning deposits | 5,312 | 36 | 0.68 | 15,604 | 56 | 0.36 | 9,289 | 141 | 1.52 | 5,137 | 36 | 0.70 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 380,505 | 16,892 | 4.44 | % | 346,571 | 15,458 | 4.46 | % | 392,929 | 18,423 | 4.69 | % | 365,917 | 16,892 | 4.62 | % | ||||||||||||||||||||||||||||||||
Non-interest-earning assets | 26,832 | 24,110 | 26,069 | 34,441 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 407,337 | $ | 370,681 | $ | 418,998 | $ | 400,358 | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 33,441 | 160 | 0.48 | % | 23,993 | 92 | 0.38 | % | 36,323 | 194 | 0.53 | % | 33,252 | 160 | 0.48 | % | ||||||||||||||||||||||||||||||||
NOW accounts | 34,701 | 189 | 0.54 | 35,797 | 283 | 0.79 | 34,892 | 165 | 0.47 | 36,729 | 189 | 0.51 | ||||||||||||||||||||||||||||||||||||
Money market accounts | 45,615 | 147 | 0.32 | 47,953 | 149 | 0.31 | 51,571 | 293 | 0.57 | 45,708 | 147 | 0.32 | ||||||||||||||||||||||||||||||||||||
Certificate accounts | 145,445 | 1,860 | 1.28 | 141,160 | 1,805 | 1.28 | 165,141 | 2,394 | 1.45 | 144,132 | 1,860 | 1.29 | ||||||||||||||||||||||||||||||||||||
Total deposits | 259,202 | 2,356 | 0.91 | 248,903 | 2,329 | 0.94 | 287,927 | 3,046 | 1.06 | 259,821 | 2,356 | 0.91 | ||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | 47,272 | 447 | 0.95 | 30,698 | 281 | 0.92 | 27,331 | 449 | 1.64 | 46,622 | 447 | 0.96 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 306,474 | 2,803 | 0.91 | % | 279,601 | 2,610 | 0.93 | % | 315,258 | 3,495 | 1.11 | % | 306,443 | 2,803 | 0.91 | % | ||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand accounts | 51,311 | 43,100 | 55,960 | 48,025 | ||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 2,756 | 2,590 | 1,006 | 1,046 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 360,541 | 325,291 | 372,224 | 355,514 | ||||||||||||||||||||||||||||||||||||||||||||
Total stockholders' equity(2) | 46,796 | 45,390 | 46,774 | 44,844 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 407,337 | $ | 370,681 | $ | 418,998 | $ | 400,358 | ||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets | $ | 74,031 | $ | 66,970 | $ | 77,671 | $ | 59,474 | ||||||||||||||||||||||||||||||||||||||||
Net interest income; average interest rate spread(3) | $ | 14,089 | 3.53 | % | $ | 12,848 | 3.53 | % | $ | 14,928 | 3.58 | % | $ | 14,089 | 3.71 | % | ||||||||||||||||||||||||||||||||
Net interest margin(4) | 3.70 | % | 3.71 | % | 3.80 | % | 3.85 | % | ||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | Average interest-earning assets to average interest-bearing liabilities | 124.16 | % | 123.95 | % | 124.64 | % | 119.41 | % |
(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. |
2017 vs. 2016 | 2016 vs. 2015 | 2018 vs. 2017 | 2017 vs. 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) | Total | Increase (Decrease) | Total | Increase (Decrease) | Total | Increase (Decrease) | Total | |||||||||||||||||||||||||||||||||||||||||
Due to | Increase | Due to | Increase | Due to | Increase | Due to | Increase | |||||||||||||||||||||||||||||||||||||||||
Rate | Volume | (Decrease) | Rate | Volume | (Decrease) | Rate | Volume | (Decrease) | Rate | Volume | (Decrease) | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | $ | (28 | ) | $ | 347 | $ | 319 | $ | (61 | ) | $ | (161 | ) | $ | (222 | ) | $ | 115 | $ | (32 | ) | $ | 83 | $ | (28 | ) | $ | 347 | $ | 319 | ||||||||||||||||||
Loans receivable, net | (124 | ) | 1,259 | 1,135 | (54 | ) | 920 | 866 | 42 | 1,301 | 1,343 | (124 | ) | 1,259 | 1,135 | |||||||||||||||||||||||||||||||||
Interest-earning deposits | 17 | (37 | ) | (20 | ) | 16 | 26 | 42 | 76 | 29 | 105 | 17 | (37 | ) | (20 | ) | ||||||||||||||||||||||||||||||||
Total interest-earning assets | (135 | ) | 1,569 | 1,434 | (99 | ) | 785 | 686 | 233 | 1,298 | 1,531 | (135 | ) | 1,569 | 1,434 | |||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 32 | 36 | 68 | 37 | 21 | 58 | (49 | ) | 15 | (34 | ) | 32 | 36 | 68 | ||||||||||||||||||||||||||||||||||
NOW accounts | (85 | ) | (9 | ) | (94 | ) | 10 | 45 | 55 | 33 | (9 | ) | 24 | (85 | ) | (9 | ) | (94 | ) | |||||||||||||||||||||||||||||
Money market accounts | 5 | (7 | ) | (2 | ) | (5 | ) | 13 | 8 | (166 | ) | 19 | (147 | ) | 5 | (7 | ) | (2 | ) | |||||||||||||||||||||||||||||
Certificate accounts | -- | 55 | 55 | (130 | ) | 104 | (26 | ) | (804 | ) | 271 | (533 | ) | -- | 55 | 55 | ||||||||||||||||||||||||||||||||
Total deposits | (48 | ) | 75 | 27 | (88 | ) | 183 | 95 | (986 | ) | 296 | (690 | ) | (48 | ) | 75 | 27 | |||||||||||||||||||||||||||||||
FHLB advances and other borrowings | 14 | 152 | 166 | 95 | (61 | ) | 34 | 188 | (190 | ) | (2 | ) | 14 | 152 | 166 | |||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | (34 | ) | 227 | 193 | 7 | 122 | 129 | (798 | ) | 106 | (692 | ) | (34 | ) | 227 | 193 | ||||||||||||||||||||||||||||||||
Increase (Decrease) in net interest income | $ | (101 | ) | $ | 1,342 | $ | 1,241 | $ | (106 | ) | $ | 663 | $ | 557 | $ | (565 | ) | $ | 1,404 | $ | 839 | $ | (101 | ) | $ | 1,342 | $ | 1,241 |
Change in Interest Rates in | Change in Interest Rates in | Net Portfolio Value | NPV as % of Portfolio Value of Assets | Net Portfolio Value | NPV as % of Portfolio Value of Assets | ||||||||||||||||||||||||||||||||||||
Basis Points (Rate Shock) | Basis Points (Rate Shock) | Amount | $ Change | % Change | NPV Ratio | Change | Amount | $ Change | % Change | NPV Ratio | Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
300 | 300 | $ | 43,589 | $ | (3,247 | ) | (6.93 | )% | 11.21 | % | (0.21 | )% | $ | 50,212 | $ | (2,127 | ) | (4.06 | )% | 12.93 | % | 0.21 | % | ||||||||||||||||||
200 | 200 | 45,791 | (1,045 | ) | (2.23 | ) | 11.58 | 0.16 | 52,842 | 503 | 0.95 | 13.37 | 0.65 | ||||||||||||||||||||||||||||
100 | 100 | 46,052 | (784 | ) | (1.67 | ) | 11.38 | (0.04 | ) | 53,012 | 673 | 1.29 | 13.09 | 0.37 | |||||||||||||||||||||||||||
Static | Static | 46,836 | -- | -- | 11.42 | -- | 52,339 | -- | -- | 12.72 | -- | ||||||||||||||||||||||||||||||
(100) | (100) | 46,804 | (32 | ) | (0.07 | ) | 11.10 | (0.32 | ) | 51,126 | (1,213 | ) | (2.31 | ) | 12.16 | (0.56 | ) | ||||||||||||||||||||||||
(200) | (200) | 45,024 | (1,812 | ) | (3.87 | ) | 10.49 | (0.93 | ) | 48,828 | (3,511 | ) | (6.71 | ) | 11.42 | (1.30 | ) | ||||||||||||||||||||||||
June 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $11,974 and $8,212 for 2018 and 2017, Respectively) | $ | 15,867 | $ | 11,905 | ||||
Securities Available-for-Sale | 29,324 | 36,935 | ||||||
Securities Held-to-Maturity (fair value of $27,818 and $27,989, Respectively) | 28,888 | 28,357 | ||||||
Loans Held-for-Sale | 6,762 | 13,631 | ||||||
Loans Receivable, Net of Allowance for Loan Losses of $3,425 and $3,729 for 2018 and 2017, Respectively | 317,493 | 312,772 | ||||||
Accrued Interest Receivable | 1,146 | 1,094 | ||||||
Premises and Equipment, Net | 12,243 | 12,219 | ||||||
Bank Owned Life Insurance | 6,808 | 6,668 | ||||||
Deferred Tax Asset | 1,102 | 1,601 | ||||||
Foreclosed Assets | 1,177 | 540 | ||||||
Other Assets | 840 | 884 | ||||||
Total Assets | $ | 421,650 | $ | 426,606 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits | $ | 360,260 | $ | 329,045 | ||||
Advances from Borrowers for Taxes and Insurance | 725 | 698 | ||||||
Short-term Federal Home Loan Bank advances | 5,282 | 37,000 | ||||||
Long-term Federal Home Loan Bank advances | 6,355 | 11,907 | ||||||
Other Borrowings | 300 | -- | ||||||
Other Accrued Expenses and Liabilities | 1,691 | 1,710 | ||||||
Total Liabilities | 374,613 | 380,360 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred Stock – $.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding | -- | -- | ||||||
Common Stock – $.01 Par Value; 40,000,000 Shares Authorized; 1,894,081 and 1,953,066 Shares Issued and Outstanding at June 30, 2018 and 2017, Respectively | 23 | 23 | ||||||
Additional Paid-in Capital | 35,057 | 34,516 | ||||||
Unearned ESOP Stock | (1,100 | ) | (1,215 | ) | ||||
Unearned RRP Trust Stock | (22 | ) | (46 | ) | ||||
Retained Earnings | 14,125 | 13,320 | ||||||
Accumulated Other Comprehensive Loss | (1,046 | ) | (352 | ) | ||||
Total Stockholders' Equity | 47,037 | 46,246 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 421,650 | $ | 426,606 |
June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands) | ||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $8,212 and $2,529 for 2017 and 2016, Respectively) | $ | 11,905 | $ | 4,756 | ||||
Securities Available-for-Sale | 36,935 | 50,173 | ||||||
Securities Held-to-Maturity (fair value of $27,989 and $2,349, Respectively) | 28,357 | 2,349 | ||||||
Loans Held-for-Sale | 13,631 | 11,919 | ||||||
Loans Receivable, Net of Allowance for Loan Losses of $3,729 and $2,845 for 2017 and 2016, Respectively | 312,772 | 290,827 | ||||||
Accrued Interest Receivable | 1,094 | 1,024 | ||||||
Premises and Equipment, Net | 12,219 | 12,366 | ||||||
Bank Owned Life Insurance | 6,668 | 6,523 | ||||||
Deferred Tax Asset | 1,601 | 984 | ||||||
Other Real Estate Owned | 540 | -- | ||||||
Other Assets | 884 | 780 | ||||||
Total Assets | $ | 426,606 | $ | 381,701 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits | $ | 329,045 | $ | 287,822 | ||||
Advances from Borrowers for Taxes and Insurance | 698 | 716 | ||||||
Short-term Federal Home Loan Bank advances | 37,000 | 23,500 | ||||||
Long-term Federal Home Loan Bank advances | 11,907 | 24,165 | ||||||
Other Borrowings | -- | 400 | ||||||
Other Accrued Expenses and Liabilities | 1,710 | 1,706 | ||||||
Total Liabilities | 380,360 | 338,309 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred Stock – $.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding | -- | -- | ||||||
Common Stock – $.01 Par Value; 40,000,000 Shares Authorized; 1,953,066 and 1,967,955 Shares Issued and Outstanding at June 30, 2017 and 2016, Respectively | 23 | 23 | ||||||
Additional Paid-in Capital | 34,516 | 33,863 | ||||||
Unearned ESOP Stock | (1,215 | ) | (1,331 | ) | ||||
Unearned RRP Trust Stock | (46 | ) | (265 | ) | ||||
Retained Earnings | 13,320 | 11,018 | ||||||
Accumulated Other Comprehensive (Loss) Income | (352 | ) | 84 | |||||
Total Stockholders' Equity | 46,246 | 43,392 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 426,606 | $ | 381,701 |
For the Years Ended June 30, | For the Years Ended June 30, | |||||||||||||||
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | |||||||||||||||
INTEREST INCOME | ||||||||||||||||
Loans, Including Fees | $ | 15,763 | $ | 14,628 | $ | 17,106 | $ | 15,763 | ||||||||
Mortgage-Backed Securities | 1,059 | 763 | 1,129 | 1,059 | ||||||||||||
Investment Securities | 34 | 11 | 47 | 34 | ||||||||||||
Other Interest-Earning Assets | 36 | 56 | 141 | 36 | ||||||||||||
Total Interest Income | 16,892 | 15,458 | 18,423 | 16,892 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 2,356 | 2,329 | 3,046 | 2,356 | ||||||||||||
Federal Home Loan Bank Borrowings | 433 | 263 | 445 | 433 | ||||||||||||
Other Borrowings | 14 | 18 | 4 | 14 | ||||||||||||
Total Interest Expense | 2,803 | 2,610 | 3,495 | 2,803 | ||||||||||||
Net Interest Income | 14,089 | 12,848 | 14,928 | 14,089 | ||||||||||||
PROVISION FOR LOAN LOSSES | 900 | 271 | 1,050 | 900 | ||||||||||||
Net Interest Income after Provision for Loan Losses | 13,189 | 12,577 | 13,878 | 13,189 | ||||||||||||
NON-INTEREST INCOME | ||||||||||||||||
Gain on Sale of Loans | 2,775 | 2,492 | 1,767 | 2,775 | ||||||||||||
Gain on Sale of Real Estate and Fixed Assets | 164 | -- | ||||||||||||||
(Loss) Gain on Sale of Real Estate and Fixed Assets | (1 | ) | 164 | |||||||||||||
Gain on Sale of Securities | 94 | -- | ||||||||||||||
Income on Bank Owned Life Insurance | 145 | 157 | 140 | 145 | ||||||||||||
Service Charges on Deposit Accounts | 759 | 559 | 883 | 759 | ||||||||||||
Other Income | 50 | 46 | 105 | 50 | ||||||||||||
Total Non-Interest Income | 3,893 | 3,254 | 2,988 | 3,893 | ||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||
Compensation and Benefits | 7,154 | 6,814 | 6,500 | 7,154 | ||||||||||||
Occupancy and Equipment | 1,252 | 1,091 | 1,345 | 1,252 | ||||||||||||
Franchise and Bank Shares Tax | 383 | 349 | 392 | 383 | ||||||||||||
Advertising | 423 | 236 | 185 | 423 | ||||||||||||
Data Processing | 611 | 562 | 662 | 611 | ||||||||||||
Audit and Examination Fees | 245 | 246 | 254 | 245 | ||||||||||||
Legal Fees | 495 | 412 | 557 | 495 | ||||||||||||
Loan and Collection Expense | 327 | 281 | 269 | 327 | ||||||||||||
Deposit Insurance Premiums | 142 | 207 | 125 | 142 | ||||||||||||
Other Expenses | 640 | 612 | 757 | 640 | ||||||||||||
Total Non-Interest Expense | 11,672 | 10,810 | 11,046 | 11,672 | ||||||||||||
Income Before Income Taxes | 5,410 | 5,021 | 5,820 | 5,410 | ||||||||||||
PROVISION FOR INCOME TAX EXPENSE | 1,758 | 1,644 | 2,252 | 1,758 | ||||||||||||
Net Income | $ | 3,652 | $ | 3,377 | $ | 3,568 | $ | 3,652 | ||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Basic | $ | 2.01 | $ | 1.80 | $ | 1.98 | $ | 2.01 | ||||||||
Diluted | $ | 1.91 | $ | 1.74 | $ | 1.87 | $ | 1.91 |
For the Years Ended June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands) | ||||||||
Net Income | $ | 3,652 | $ | 3,377 | ||||
Other Comprehensive Loss, Net of Tax | ||||||||
Unrealized Holding Loss Arising During the Period | (436 | ) | (16 | ) | ||||
Total Comprehensive Income | $ | 3,216 | $ | 3,361 | ||||
Common Stock | Additional Paid-In Capital | Unearned ESOP Stock | Unearned RRP Trust Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
BALANCE – June 30, 2015 | $ | 25 | $ | 33,375 | $ | (1,445 | ) | $ | (333 | ) | $ | 11,664 | $ | 100 | $ | 43,386 | ||||||||||||
ESOP Compensation Earned | -- | 144 | 114 | -- | -- | -- | 258 | |||||||||||||||||||||
Stock Options Exercised | -- | 96 | -- | -- | -- | -- | 96 | |||||||||||||||||||||
Distribution of RRP Trust Stock | -- | 36 | -- | 68 | -- | -- | 104 | |||||||||||||||||||||
Dividends Paid | -- | -- | -- | -- | (660 | ) | -- | (660 | ) | |||||||||||||||||||
Stock Options Vested | -- | 212 | -- | -- | -- | -- | 212 | |||||||||||||||||||||
Company Stock Purchased | (2 | ) | -- | -- | -- | (3,363 | ) | -- | (3,365 | ) | ||||||||||||||||||
Net Income | -- | -- | -- | -- | 3,377 | -- | 3,377 | |||||||||||||||||||||
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes | -- | -- | -- | -- | -- | (16 | ) | (16 | ) | |||||||||||||||||||
BALANCE - June 30, 2016 | $ | 23 | $ | 33,863 | $ | (1,331 | ) | $ | (265 | ) | $ | 11,018 | $ | 84 | $ | 43,392 | ||||||||||||
Share Awards Earned | -- | 154 | -- | -- | -- | -- | 154 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 182 | 116 | -- | -- | -- | 298 | |||||||||||||||||||||
Stock Options Exercised | -- | 61 | -- | -- | -- | -- | 61 | |||||||||||||||||||||
Distribution of RRP Trust Stock | -- | 9 | -- | 219 | -- | -- | 228 | |||||||||||||||||||||
Dividends Paid | -- | -- | -- | -- | (705 | ) | -- | (705 | ) | |||||||||||||||||||
Stock Options Vested | -- | 247 | -- | -- | -- | -- | 247 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (645 | ) | -- | (645 | ) | |||||||||||||||||||
Net Income | -- | -- | -- | -- | 3,652 | -- | 3,652 | |||||||||||||||||||||
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes | -- | -- | -- | -- | -- | (436 | ) | (436 | ) | |||||||||||||||||||
BALANCE - June 30, 2017 | $ | 23 | $ | 34,516 | $ | (1,215 | ) | $ | (46 | ) | $ | 13,320 | $ | (352 | ) | $ | 46,246 | |||||||||||
For the Years Ended June 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
Net Income | $ | 3,568 | $ | 3,652 | ||||
Other Comprehensive Loss, Net of Tax | ||||||||
Unrealized Holding Loss Arising During the Period | (694 | ) | (436 | ) | ||||
Total Comprehensive Income | $ | 2,874 | $ | 3,216 |
Common Stock | Additional Paid-In Capital | Unearned ESOP Stock | Unearned RRP Trust Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
BALANCE – June 30, 2016 | $ | 23 | $ | 33,863 | $ | (1,331 | ) | $ | (265 | ) | $ | 11,018 | $ | 84 | $ | 43,392 | ||||||||||||
Share Awards Earned | -- | 154 | -- | -- | -- | -- | 154 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 182 | 116 | -- | -- | -- | 298 | |||||||||||||||||||||
Stock Options Exercised | -- | 61 | -- | -- | -- | -- | 61 | |||||||||||||||||||||
Distribution of RRP Trust Stock | -- | 9 | -- | 219 | -- | -- | 228 | |||||||||||||||||||||
Dividends Paid | -- | -- | -- | -- | (705 | ) | -- | (705 | ) | |||||||||||||||||||
Stock Options Vested | -- | 247 | -- | -- | -- | -- | 247 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (645 | ) | -- | (645 | ) | |||||||||||||||||||
Net Income | -- | -- | -- | -- | 3,652 | -- | 3,652 | |||||||||||||||||||||
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes | -- | -- | -- | -- | -- | (436 | ) | (436 | ) | |||||||||||||||||||
BALANCE - June 30, 2017 | $ | 23 | $ | 34,516 | $ | (1,215 | ) | $ | (46 | ) | $ | 13,320 | $ | (352 | ) | $ | 46,246 | |||||||||||
Share Awards Earned | -- | 134 | -- | -- | -- | -- | 134 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 214 | 115 | -- | -- | -- | 329 | |||||||||||||||||||||
Stock Options Exercised | -- | 53 | -- | -- | -- | -- | 53 | |||||||||||||||||||||
Distribution of RRP Trust Stock | -- | 4 | -- | 24 | -- | -- | 28 | |||||||||||||||||||||
Dividends Paid | -- | -- | -- | -- | (924 | ) | -- | (924 | ) | |||||||||||||||||||
Stock Options Vested | -- | 136 | -- | -- | -- | -- | 136 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (1,955 | ) | -- | (1,955 | ) | |||||||||||||||||||
Net Income | -- | -- | -- | -- | 3,568 | -- | 3,568 | |||||||||||||||||||||
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes | -- | -- | -- | -- | 116 | (694 | ) | (578 | ) | |||||||||||||||||||
BALANCE - June 30, 2018 | $ | 23 | $ | 35,057 | $ | (1,100 | ) | $ | (22 | ) | $ | 14,125 | $ | (1,046 | ) | $ | 47,037 | |||||||||||
For the Years Ended June 30, | For the Years Ended June 30, | |||||||||||||||
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net Income | $ | 3,652 | $ | 3,377 | $ | 3,568 | $ | 3,652 | ||||||||
Adjustments to Reconcile Net Income to Net | ||||||||||||||||
Cash Provided By Operating Activities | ||||||||||||||||
Gain on Sale of Loans | (2,775 | ) | (2,492 | ) | (1,767 | ) | (2,775 | ) | ||||||||
Gain on Sale of Securities | (94 | ) | -- | |||||||||||||
Net Amortization and Accretion on Securities | 36 | 18 | 165 | 36 | ||||||||||||
Amortization of Deferred Loan Fees | (77 | ) | (72 | ) | (162 | ) | (77 | ) | ||||||||
Provision for Loan Losses | 900 | 271 | 1,050 | 900 | ||||||||||||
Real Estate Owned Valuation Adjustment | 60 | -- | ||||||||||||||
Depreciation of Premises and Equipment | 505 | 441 | 503 | 505 | ||||||||||||
Gain on Sale of Real Estate and Fixed Assets | (164 | ) | -- | 1 | (164 | ) | ||||||||||
ESOP Compensation Expense | 298 | 258 | 329 | 298 | ||||||||||||
Deferred Income Tax Benefit | (393 | ) | (151 | ) | 499 | (393 | ) | |||||||||
Stock Option Expense | 247 | 212 | 136 | 247 | ||||||||||||
Recognition and Retention Plan Expense | 147 | 232 | 28 | 147 | ||||||||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance | (145 | ) | (157 | ) | (140 | ) | (145 | ) | ||||||||
Bad Debt Recovery | 14 | 59 | 25 | 14 | ||||||||||||
Share Awards Expense | 152 | 92 | 134 | 152 | ||||||||||||
Changes in Assets and Liabilities: | ||||||||||||||||
Origination and Purchase of Loans Held-for-Sale | (112,883 | ) | (99,012 | ) | (74,961 | ) | (112,883 | ) | ||||||||
Sale and Principal Repayments on Loans Held-for-Sale | 113,946 | 103,787 | 83,757 | 113,946 | ||||||||||||
Accrued Interest Receivable | (71 | ) | (97 | ) | (52 | ) | (71 | ) | ||||||||
Other Operating Assets | (101 | ) | 57 | 44 | (101 | ) | ||||||||||
Other Operating Liabilities | 87 | 229 | (19 | ) | 87 | |||||||||||
Net Cash Provided By Operating Activities | $ | 3,375 | $ | 7,052 | 13,104 | 3,375 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
Loan Originations and Principal Collections, Net | (22,866 | ) | (22,706 | ) | (6,676 | ) | (22,866 | ) | ||||||||
Deferred Loan Fees Collected | 110 | 48 | 228 | 110 | ||||||||||||
Acquisition of Premises and Equipment | (671 | ) | (2,620 | ) | (516 | ) | (671 | ) | ||||||||
Improvements to Real Estate Owned Prior to Disposition | (90 | ) | -- | (63 | ) | (90 | ) | |||||||||
Activity in Available-for-Sale Securities: | ||||||||||||||||
Principal Payments on Mortgage-Backed Securities | 12,564 | 11,392 | 8,165 | 12,564 | ||||||||||||
Purchases | -- | (16,722 | ) | |||||||||||||
Sale of Securities | 3,555 | -- | ||||||||||||||
Purchases of Securities | (7,717 | ) | -- | |||||||||||||
Activity in Held-to-Maturity Securities: | ||||||||||||||||
Principal Payments on Mortgage-Backed Securities | 1,654 | -- | 3,437 | 1,654 | ||||||||||||
Redemption Proceeds | -- | 509 | ||||||||||||||
Purchases | (27,684 | ) | (848 | ) | ||||||||||||
Purchases of Securities | (1,174 | ) | (27,684 | ) | ||||||||||||
Net Cash Used in Investing Activities | $ | (36,983 | ) | $ | (30,947 | ) | (761 | ) | (36,983 | ) | ||||||
For the Years Ended June 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net Increase in Deposits | $ | 31,250 | $ | 41,223 | ||||
Proceeds from Advances from Federal Home Loan Bank | 183,476 | 776,501 | ||||||
Repayments of Advances from Federal Home Loan Bank | (220,746 | ) | (775,259 | ) | ||||
Dividends Paid | (924 | ) | (705 | ) | ||||
Company Stock Purchased | (1,955 | ) | (645 | ) | ||||
Net (Increase) Decrease in Advances from Borrowers for Taxes and Insurance | 27 | (19 | ) | |||||
Proceeds from Other Bank Borrowings | 800 | 300 | ||||||
Repayment of Other Bank Borrowings | (500 | ) | (700 | ) | ||||
Proceeds from Stock Options Exercised | 53 | 61 | ||||||
Recognition and Retention Plan Share Distributions | 138 | -- | ||||||
Net Cash (Used in) Provided by Financing Activities | (8,381 | ) | 40,757 | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 3,962 | 7,149 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 11,905 | 4,756 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 15,867 | $ | 11,905 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Interest Paid on Deposits and Borrowed Funds | $ | 3,485 | $ | 2,778 | ||||
Income Taxes Paid | 1,576 | 2,114 | ||||||
Market Value Adjustment for Loss on Securities | (790 | ) | (660 | ) | ||||
Loan Originations to Finance Sale of Real Estate | -- | 3,782 | ||||||
For the Years Ended June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net Increase in Deposits | $ | 41,223 | $ | 1,584 | ||||
Proceeds from Advances from Federal Home Loan Bank | 776,501 | 703,700 | ||||||
Repayments of Advances from Federal Home Loan Bank | (775,259 | ) | (694,446 | ) | ||||
Dividends Paid | (705 | ) | (660 | ) | ||||
Company Stock Purchased | (645 | ) | (3,353 | ) | ||||
Net (Increase) Decrease in Advances from Borrowers for Taxes and Insurance | (19 | ) | 139 | |||||
Proceeds from Other Bank Borrowings | 300 | 2,200 | ||||||
Repayment of Other Bank Borrowings | (700 | ) | (1,800 | ) | ||||
Proceeds from Stock Options Exercised | 61 | 85 | ||||||
Recognition and Retention Plan Share Distributions | -- | 36 | ||||||
Net Cash Provided by Financing Activities | 40,757 | 7,485 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,149 | (16,410 | ) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 4,756 | 21,166 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 11,905 | $ | 4,756 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Interest Paid on Deposits and Borrowed Funds | $ | 2,778 | $ | 2,612 | ||||
Income Taxes Paid | 2,114 | 1,762 | ||||||
Market Value Adjustment for Loss on Securities | (660 | ) | (24 | ) | ||||
Loan Originations to Finance Sale of Real Estate | 3,782 | -- | ||||||
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 |
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Cash on Hand | $ | 871 | $ | 2,027 | $ | 861 | $ | 871 | ||||||||
Demand Deposits at Other Institutions | 5,259 | 2,529 | 6,206 | 5,259 | ||||||||||||
Federal Funds Sold | 5,775 | 200 | 8,800 | 5,775 | ||||||||||||
Total | $ | 11,905 | $ | 4,756 | $ | 15,867 | $ | 11,905 |
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 1. | Summary of Significant Accounting Policies (Continued) |
Buildings and Improvements | 10 - 40 Years | ||
Furniture and Equipment | 3 - 10 Years |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 1. | Summary of Significant Accounting Policies (Continued) |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2018 | 2017 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Unrealized Holding Loss on Available-for-Sale Securities | $ | (660 | ) | $ | (24 | ) | (790 | ) | $ | (660 | ) | |||||
Tax Effect | 224 | 8 | 96 | 224 | ||||||||||||
Net-of-Tax Amount | $ | (436 | ) | $ | (16 | ) | $ | (694 | ) | $ | (436 | ) |
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Net Unrealized (Loss) Gain on Securities Available-for-Sale | $ | (533 | ) | $ | 128 | |||||||||||
Net Unrealized Loss on Securities Available-for-Sale | $ | (1,323 | ) | $ | (533 | ) | ||||||||||
Tax Effect | 181 | (44 | ) | 277 | 181 | |||||||||||
Net-of-Tax Amount | $ | (352 | ) | $ | 84 | $ | (1,046 | ) | $ | (352 | ) |
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 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
June 30, 2018 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 7,601 | $ | 2 | $ | 518 | $ | 7,085 | ||||||||
FNMA Mortgage-Backed Certificates | 12,465 | 1 | 554 | 11,912 | ||||||||||||
GNMA Mortgage-Backed Certificates | 10,581 | 2 | 256 | 10,327 | ||||||||||||
Total Debt Securities | 30,647 | 5 | 1,328 | 29,324 | ||||||||||||
Total Securities Available-for-Sale | $ | 30,647 | $ | 5 | $ | 1,328 | $ | 29,324 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Debt Securities | ||||||||||||||||
GNMA Mortgage-Backed Securities | $ | 1,160 | $ | -- | $ | 45 | $ | 1,115 | ||||||||
FNMA Mortgage-Backed Securities | 24,882 | -- | 1,025 | 23,857 | ||||||||||||
Total Debt Securities | 26,042 | -- | 1,070 | 24,972 | ||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
25,959 Shares – Federal Home Loan Bank | 2,596 | -- | -- | 2,596 | ||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | ||||||||||||
Total Equity Securities | 2,846 | -- | -- | 2,846 | ||||||||||||
Total Securities Held-to-Maturity | $ | 28,888 | $ | -- | $ | 1,070 | $ | 27,818 |
June 30, 2017 | ||||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||
June 30, 2017 | Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||
Gross | Gross | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | (In Thousands) | ||||||||||||||||||||||||||||
Securities Available-for-Sale | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 9,140 | $ | 5 | $ | 297 | $ | 8,848 | $ | 9,140 | $ | 5 | $ | 297 | $ | 8,848 | ||||||||||||||||
FNMA Mortgage-Backed Certificates | 19,986 | 256 | 285 | 19,957 | 19,986 | 256 | 285 | 19,957 | ||||||||||||||||||||||||
GNMA Mortgage-Backed Certificates | 8,342 | 3 | 215 | 8,130 | 8,342 | 3 | 215 | 8,130 | ||||||||||||||||||||||||
Total Debt Securities | 37,468 | 264 | 797 | 36,935 | 37,468 | 264 | 797 | 36,935 | ||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 37,468 | $ | 264 | $ | 797 | $ | 36,935 | $ | 37,468 | $ | 264 | $ | 797 | $ | 36,935 | ||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
FNMA Mortgage-Backed Securities | $ | 25,558 | $ | 2 | $ | 370 | $ | 25,190 | ||||||||||||||||||||||||
FNMA Mortgage-backed Securities | $ | 25,558 | $ | 2 | $ | 370 | $ | 25,190 | ||||||||||||||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||||||||||||||||||
25,488 Shares – Federal Home Loan Bank | 2,549 | -- | -- | 2,549 | 2,549 | -- | -- | 2,549 | ||||||||||||||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | 250 | -- | -- | 250 | ||||||||||||||||||||||||
Total Equity Securities | 2,799 | -- | -- | 2,799 | 2,799 | -- | -- | 2,799 | ||||||||||||||||||||||||
Total Securities Held-to-Maturity | $ | 28,357 | $ | 2 | $ | 370 | $ | 27,989 | $ | 28,357 | $ | 2 | $ | 370 | $ | 27,989 |
June 30, 2016 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Securities Available-for-Sale | Cost | Gains | Losses | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 10,928 | $ | 12 | $ | 147 | $ | 10,793 | ||||||||
FNMA Mortgage-Backed Certificates | 26,610 | 613 | -- | 27,223 | ||||||||||||
GNMA Mortgage-Backed Certificates | 12,507 | 4 | 354 | 12,157 | ||||||||||||
Total Debt Securities | 50,045 | 629 | 501 | 50,173 | ||||||||||||
Total Securities Available-for-Sale | $ | 50,045 | $ | 629 | $ | 501 | $ | 50,173 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
20,989 Shares – Federal Home Loan Bank | $ | 2,099 | $ | -- | $ | -- | $ | 2,099 | ||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | ||||||||||||
Total Equity Securities | 2,349 | -- | -- | 2,349 | ||||||||||||
Total Securities Held-to-Maturity | $ | 2,349 | $ | -- | $ | -- | $ | 2,349 |
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) | ||||||||||||||||
Debt Securities | ||||||||||||||||
Within One Year or Less | $ | 10 | $ | 11 | $ | -- | $ | -- | ||||||||
One through Five Years | 60 | 61 | -- | -- | ||||||||||||
After Five through Ten Years | 43 | 43 | -- | -- | ||||||||||||
Over Ten Years | 37,355 | 36,820 | 25,558 | 25,190 | ||||||||||||
37,468 | 36,935 | 25,558 | 25,190 | |||||||||||||
Other Equity Securities | -- | -- | 2,799 | 2,799 | ||||||||||||
Total | $ | 37,468 | $ | 36,935 | $ | 28,357 | $ | 27,989 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities | ||||||||||||||||
Within One Year or Less | $ | 1 | $ | 1 | $ | -- | $ | -- | ||||||||
One through Five Years | 24 | 24 | -- | -- | ||||||||||||
After Five through Ten Years | 34 | 36 | -- | -- | ||||||||||||
Over Ten Years | 30,588 | 29,263 | 26,042 | 24,972 | ||||||||||||
30,647 | 29,324 | 26,042 | 24,972 | |||||||||||||
Other Equity Securities | -- | -- | 2,846 | 2,846 | ||||||||||||
Total | $ | 30,647 | $ | 29.324 | $ | 28,888 | $ | 27,818 |
June 30, 2017 | June 30, 2018 | |||||||||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Less Than Twelve Months | Over Twelve Months | |||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||
Losses | Value | Losses | Value | Losses | Value | Losses | Value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | $ | 144 | $ | 10,278 | $ | 653 | $ | 21,719 | $ | 71 | $ | 4,709 | $ | 1,257 | $ | 24,547 | ||||||||||||||||
Marketable Equity Securities | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 144 | $ | 10,278 | $ | 653 | $ | 21,719 | $ | 71 | $ | 4,709 | $ | 1,257 | $ | 24,547 | ||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||||||||||
June 30, 2016 | Less Than Twelve Months | Over Twelve Months | ||||||||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Gross | Gross | |||||||||||||||||||||||||||||
Gross | Gross | Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Losses | Value | Losses | Value | |||||||||||||||||||||||||
Losses | Value | Losses | Value | (In Thousands) | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | $ | 147 | $ | 17,852 | $ | 354 | $ | 12,066 | $ | 144 | $ | 10,278 | $ | 653 | $ | 21,719 | ||||||||||||||||
Marketable Equity Securities | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 147 | $ | 17,852 | $ | 354 | $ | 12,066 | $ | 144 | $ | 10,278 | $ | 653 | $ | 21,719 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 3. | Loans Receivable |
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Loans Secured by Mortgages on Real Estate | ||||||||||||||||
One-to-Four Family Residential | $ | 125,306 | $ | 118,035 | $ | 121,257 | $ | 125,306 | ||||||||
Commercial | 77,945 | 69,197 | 74,416 | 77,945 | ||||||||||||
Multi-Family Residential | 21,281 | 20,661 | 38,079 | 21,281 | ||||||||||||
Land | 25,038 | 24,308 | 20,474 | 25,038 | ||||||||||||
Construction | 9,529 | 14,442 | 11,921 | 9,529 | ||||||||||||
Equity and Second Mortgage | 1,710 | 1,526 | 1,541 | 1,710 | ||||||||||||
Equity Lines of Credit | 20,976 | 17,290 | 17,387 | 20,976 | ||||||||||||
Total Mortgage Loans | 281,785 | 265,459 | 285,075 | 281,785 | ||||||||||||
Commercial Loans | 34,429 | 27,886 | 35,458 | 34,429 | ||||||||||||
Consumer Loans | ||||||||||||||||
Loans on Savings Accounts | 420 | 404 | 462 | 420 | ||||||||||||
Other Consumer Loans | 63 | 86 | 185 | 63 | ||||||||||||
Total Consumer Other Loans | 483 | 490 | 647 | 483 | ||||||||||||
Total Loans | 316,697 | 293,835 | 321,180 | 316,697 | ||||||||||||
Less: Allowance for Loan Losses | (3,729 | ) | (2,845 | ) | (3,425 | ) | (3,729 | ) | ||||||||
Unamortized Loan Fees | (196 | ) | (163 | ) | (262 | ) | (196 | ) | ||||||||
Net Loans Receivable | $ | 312,772 | $ | 290,827 | $ | 317,493 | $ | 312,772 |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2018 | 2017 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Balance - Beginning of Year | $ | 2,845 | $ | 2,515 | $ | 3,729 | $ | 2,845 | ||||||||
Provision for Loan Losses | 900 | 271 | 1,050 | 900 | ||||||||||||
Recoveries | 14 | 59 | 26 | 14 | ||||||||||||
Loan Charge-Offs | (30 | ) | -- | (1,380 | ) | (30 | ) | |||||||||
Balance - End of Year | $ | 3,729 | $ | 2,845 | $ | 3,425 | $ | 3,729 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Under | Over One | Over Five | Over | Under | Over One | Over Five | Over | |||||||||||||||||||||||||||||||||
One | to Five | to Ten | Ten | One | to Five | to Ten | Ten | |||||||||||||||||||||||||||||||||
Year | Years | Years | Years | Total | Year | Years | Years | Years | Total | |||||||||||||||||||||||||||||||
Loans Secured by One-to-Four | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Family Residential | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||
Loans Secured by One-to-Four Family Residential | ||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 15,145 | $ | 35,540 | $ | 14,944 | $ | 36,108 | $ | 101,737 | $ | 7,464 | $ | 42,369 | $ | 6,691 | $ | 39,239 | $ | 95,763 | ||||||||||||||||||||
Adjustable Rate | 1,556 | 7,135 | 7,288 | 7,590 | 23,569 | 1,324 | 7,400 | 8,338 | 8,432 | 25,494 | ||||||||||||||||||||||||||||||
Other Loans Secured by Real Estate | ||||||||||||||||||||||||||||||||||||||||
Fixed Rate | 12,604 | 46,991 | 32,293 | 7,261 | 99,149 | 18,503 | 55,831 | 26,652 | 6,019 | 107,005 | ||||||||||||||||||||||||||||||
Adjustable Rate | 57,233 | 97 | -- | -- | 57,330 | 56,813 | -- | -- | -- | 56,813 | ||||||||||||||||||||||||||||||
All Other Loans | ||||||||||||||||||||||||||||||||||||||||
Fixed Rate | 2,259 | 12,814 | 3,163 | -- | 18,236 | 2,616 | 12,699 | 2,361 | -- | 17,676 | ||||||||||||||||||||||||||||||
Adjustable Rate | 16,676 | -- | -- | -- | 16,676 | 18,429 | -- | -- | -- | 18,429 | ||||||||||||||||||||||||||||||
Total | $ | 105,473 | $ | 102,577 | $ | 57,688 | $ | 50,959 | $ | 316,697 | $ | 105,149 | $ | 118,299 | $ | 44,042 | $ | 53,690 | $ | 321,180 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
June 30, 2017 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
June 30, 2018 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 124,450 | $ | 303 | $ | 553 | $ | -- | $ | 125,306 | $ | 120,317 | $ | 652 | $ | 996 | $ | -- | $ | 121,257 | ||||||||||||||||||||
Commercial | 77,690 | -- | 255 | -- | 77,945 | 74,416 | -- | 4,060 | -- | 74,416 | ||||||||||||||||||||||||||||||
Multi-Family Residential | 21,281 | -- | -- | -- | 21,281 | 38,079 | -- | -- | -- | 38,079 | ||||||||||||||||||||||||||||||
Land | 24,915 | 123 | -- | -- | 25,038 | 20,474 | -- | -- | -- | 20,474 | ||||||||||||||||||||||||||||||
Construction | 9,232 | 297 | -- | -- | 9,529 | 11,921 | -- | -- | -- | 11,921 | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | 1,710 | -- | -- | -- | 1,710 | 1,541 | -- | -- | -- | 1,541 | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 20,976 | -- | -- | -- | 20,976 | 17,300 | -- | 87 | -- | 17,387 | ||||||||||||||||||||||||||||||
Commercial Loans | 31,916 | -- | 2,503 | -- | 34,429 | 29,817 | -- | 873 | -- | 35,458 | ||||||||||||||||||||||||||||||
Consumer Loans | 483 | -- | -- | -- | 483 | 647 | -- | -- | -- | 647 | ||||||||||||||||||||||||||||||
Total | $ | 312,653 | $ | 723 | $ | 3,311 | $ | -- | $ | 316,697 | $ | 314,512 | $ | 652 | $ | 6,016 | $ | -- | $ | 321,180 | ||||||||||||||||||||
June 30, 2016 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
June 30, 2017 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 117,881 | $ | 40 | $ | 114 | $ | -- | $ | 118,035 | $ | 124,450 | $ | 303 | $ | 553 | $ | -- | $ | 125,306 | ||||||||||||||||||||
Commercial | 68,899 | 30 | 268 | -- | 69,197 | 77,690 | -- | 255 | -- | 77,945 | ||||||||||||||||||||||||||||||
Multi-Family Residential | 20,661 | -- | -- | -- | 20,661 | 21,281 | -- | -- | -- | 21,281 | ||||||||||||||||||||||||||||||
Land | 23,753 | 555 | -- | -- | 24,308 | 24,915 | 123 | -- | -- | 25,038 | ||||||||||||||||||||||||||||||
Construction | 14,442 | -- | -- | -- | 14,442 | 9,232 | 297 | -- | -- | 9,529 | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | 1,526 | -- | -- | -- | 1,526 | 1,710 | -- | -- | -- | 1,710 | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 17,290 | -- | -- | -- | 17,290 | 20,976 | -- | -- | -- | 20,976 | ||||||||||||||||||||||||||||||
Commercial Loans | 25,896 | -- | 1,990 | -- | 27,886 | 31,916 | -- | 2,513 | -- | 34,429 | ||||||||||||||||||||||||||||||
Consumer Loans | 490 | -- | -- | -- | 490 | 483 | -- | -- | -- | 483 | ||||||||||||||||||||||||||||||
Total | $ | 290,838 | $ | 625 | $ | 2,372 | $ | -- | $ | 293,835 | $ | 312,653 | $ | 723 | $ | 3,321 | $ | -- | $ | 316,697 | ||||||||||||||||||||
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
June 30, 2017 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | 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) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | One-to-Four Family Residential | $ | 1,650 | $ | 350 | $ | 662 | $ | 2,662 | $ | 122,644 | $ | 125,306 | $ | 181 | One-to-Four Family Residential | $ | 1,481 | $ | 230 | $ | 1,954 | $ | 3,665 | $ | 117,592 | $ | 121,257 | $ | 680 | ||||||||||||||||||||||||||
Commercial | 8 | -- | -- | 8 | 77,937 | 77,945 | -- | -- | -- | -- | -- | 74,416 | 74,416 | -- | ||||||||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 21,281 | 21,281 | -- | -- | -- | -- | -- | 38,079 | 38,079 | -- | ||||||||||||||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 25,038 | 25,038 | -- | -- | -- | -- | -- | 20,474 | 20,474 | -- | ||||||||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 9,529 | 9,529 | -- | -- | -- | -- | -- | 11,921 | 11,921 | -- | ||||||||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,710 | 1,710 | -- | Equity and Second Mortgage | -- | -- | -- | -- | 1,541 | 1,541 | -- | |||||||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | 194 | -- | 4 | 198 | 20,778 | 20,976 | 4 | 134 | 59 | 117 | 310 | 17,077 | 17,387 | 30 | ||||||||||||||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | 2,503 | 2,503 | 31,926 | 34,429 | -- | -- | -- | 416 | 416 | 35,042 | 35,458 | -- | ||||||||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 483 | 483 | -- | -- | -- | -- | -- | 647 | 647 | -- | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,852 | $ | 350 | $ | 3,169 | $ | 5,371 | $ | 311,326 | $ | 316,697 | $ | 185 | $ | 1,615 | $ | 289 | $ | 2,487 | $ | 4,391 | $ | 316,789 | $ | 321,180 | $ | 710 |
June 30, 2017 | 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 | $ | 1,650 | $ | 350 | $ | 662 | $ | 2,662 | $ | 122,644 | $ | 125,306 | $ | 181 | ||||||||||||||
Commercial | 8 | -- | -- | 8 | 77,937 | 77,945 | -- | |||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 21,281 | 21,281 | -- | |||||||||||||||||||||
Land | -- | -- | -- | -- | 25,038 | 25,038 | -- | |||||||||||||||||||||
Construction | -- | -- | -- | -- | 9,529 | 9,529 | -- | |||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,710 | 1,710 | -- | |||||||||||||||||||||
Equity Lines of Credit | 194 | -- | 4 | 198 | 20,778 | 20,976 | 4 | |||||||||||||||||||||
Commercial Loans | -- | -- | 2,503 | 2,503 | 31,926 | 34,429 | -- | |||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 483 | 483 | -- | |||||||||||||||||||||
Total | $ | 1,852 | $ | 350 | $ | 3,169 | $ | 5,371 | $ | 311,326 | $ | 316,697 | $ | 185 |
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 | $ | 2,646 | $ | 1,674 | $ | 114 | $ | 4,434 | $ | 113,601 | $ | 118,035 | $ | 101 | ||||||||||||||
Commercial | -- | -- | -- | -- | 69,197 | 69,197 | -- | |||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 20,661 | 20,661 | -- | |||||||||||||||||||||
Land | -- | 555 | -- | 555 | 23,753 | 24,308 | -- | |||||||||||||||||||||
Construction | -- | -- | -- | -- | 14,442 | 14,442 | -- | |||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,526 | 1,526 | -- | |||||||||||||||||||||
Equity Lines of Credit | 78 | 15 | -- | 93 | 17,197 | 17,290 | -- | |||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | 27,886 | 27,886 | -- | |||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 490 | 490 | -- | |||||||||||||||||||||
Total | $ | 2,724 | $ | 2,244 | $ | 114 | $ | 5,082 | $ | 288,753 | $ | 293,835 | $ | 101 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Real Estate Loans | Real Estate Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | Residential | Commercial | Multi- Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | Residential | Commercial | Multi- Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,517 | $ | 321 | $ | 111 | $ | 201 | $ | 126 | $ | 117 | $ | 444 | $ | 8 | $ | 2,845 | $ | 1,822 | $ | 353 | $ | 73 | $ | 203 | $ | 147 | $ | 142 | $ | 979 | $ | 10 | $ | 3,729 | ||||||||||||||||||||||||||||||||||||
Charge-Offs | -- | -- | -- | (16 | ) | -- | (14 | ) | -- | -- | (30 | ) | (797 | ) | -- | -- | (109 | ) | -- | (217 | ) | (250 | ) | (7 | ) | (1,380 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 14 | -- | -- | -- | -- | -- | -- | -- | 14 | 5 | -- | -- | 20 | -- | 1 | -- | -- | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Provision | 291 | 32 | (38 | ) | 18 | 21 | 39 | 535 | 2 | 900 | 136 | 83 | 183 | 47 | 16 | 385 | 200 | -- | 1,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances | $ | 1,822 | $ | 353 | $ | 73 | $ | 203 | $ | 147 | $ | 142 | $ | 979 | $ | 10 | $ | 3,729 | $ | 1,166 | $ | 436 | $ | 256 | $ | 161 | $ | 163 | $ | 311 | $ | 929 | $ | 3 | $ | 3,425 | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | 1,822 | 353 | 73 | 203 | 147 | 142 | 979 | 10 | 3,729 | 1,166 | 436 | 256 | 161 | 163 | 311 | 929 | 3 | 3,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable: | Loans Receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 125,306 | $ | 77,945 | $ | 21,281 | $ | 25,038 | $ | 9,529 | $ | 22,686 | $ | 34,429 | $ | 483 | $ | 316,697 | Ending Balances - Total | $ | 121,257 | $ | 74,416 | $ | 38,079 | $ | 20,474 | $ | 11,921 | $ | 18,928 | $ | 35,458 | $ | 647 | $ | 321,180 | |||||||||||||||||||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | 856 | 255 | -- | 123 | 297 | -- | 2,513 | -- | 4,044 | 1,648 | 4,060 | -- | -- | -- | 87 | 873 | -- | 6,668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | $ | 124,450 | $ | 77,690 | $ | 21,281 | $ | 24,915 | $ | 9,232 | $ | 22,686 | $ | 31,916 | $ | 483 | $ | 312,653 | $ | 119,609 | $ | 70,356 | $ | 38,079 | $ | 20,474 | $ | 11,921 | $ | 18,841 | $ | 34,585 | $ | 647 | $ | 314,512 |
Real Estate Loans | Real Estate Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2016 | Residential | Commercial | Multi- Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | Residential | Commercial | Multi-Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,195 | $ | 415 | $ | 103 | $ | 154 | $ | 146 | $ | 192 | $ | 305 | $ | 5 | $ | 2,515 | $ | 1,517 | $ | 321 | $ | 111 | $ | 201 | $ | 126 | $ | 117 | $ | 444 | $ | 8 | $ | 2,845 | ||||||||||||||||||||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | (16 | ) | -- | (14 | ) | -- | -- | (30 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 59 | -- | -- | -- | -- | -- | -- | -- | 59 | 14 | -- | -- | -- | -- | -- | -- | -- | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Provision | 263 | (94 | ) | 8 | 47 | (20 | ) | (75 | ) | 139 | 3 | 271 | 291 | 32 | (38 | ) | 18 | 21 | 39 | 535 | 2 | 900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances | $ | 1,517 | $ | 321 | $ | 111 | $ | 201 | $ | 126 | $ | 117 | $ | 444 | $ | 8 | $ | 2,845 | $ | 1,822 | $ | 353 | $ | 73 | $ | 203 | $ | 147 | $ | 142 | $ | 979 | $ | 10 | $ | 3,729 | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | 1,517 | 321 | 111 | 201 | 126 | 117 | 444 | 8 | 2,845 | 1,822 | 353 | 73 | 203 | 147 | 142 | 979 | 10 | 3,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable: | Loans Receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 118,035 | $ | 69,197 | $ | 20,661 | $ | 24,308 | $ | 14,442 | $ | 18,816 | $ | 27,886 | $ | 490 | $ | 293,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances - Total | Ending Balances - Total | $ | 125,306 | $ | 77,945 | $ | 21,281 | $ | 25,038 | $ | 9,529 | $ | 22,686 | $ | 34,429 | $ | 483 | $ | 316,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | 154 | 298 | -- | 555 | -- | -- | 1,990 | -- | 2,997 | 856 | 255 | -- | 123 | 297 | -- | 2,513 | -- | 4,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | $ | 117,881 | $ | 68,899 | $ | 20,661 | $ | 23,753 | $ | 14,442 | $ | 18,816 | $ | 25,896 | $ | 490 | $ | 290,838 | $ | 124,450 | $ | 77,690 | $ | 21,281 | $ | 24,915 | $ | 9,232 | $ | 22,686 | $ | 31,916 | $ | 483 | $ | 312,653 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
June 30, 2017 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 856 | $ | 856 | $ | -- | $ | 856 | $ | -- | $ | 861 | $ | 1,648 | $ | 1,648 | $ | -- | $ | 1,648 | $ | -- | $ | 1,687 | ||||||||||||||||||||||||
Commercial | 255 | 255 | -- | 255 | -- | 261 | 4,060 | 4,060 | -- | 4,060 | -- | 4,186 | ||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Land | 123 | 123 | -- | 123 | -- | 125 | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Construction | 297 | 297 | -- | 297 | -- | 299 | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | -- | -- | -- | -- | -- | -- | 87 | 87 | -- | 87 | -- | 87 | ||||||||||||||||||||||||||||||||||||
Commercial Loans | 2,513 | 2,513 | -- | 2,513 | -- | 2,649 | 873 | 873 | -- | 873 | -- | 877 | ||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Total | $ | 4,044 | $ | 4,044 | $ | -- | $ | 4,044 | $ | -- | $ | 4,195 | $ | 6,668 | $ | 6,668 | $ | -- | $ | 6,668 | $ | -- | $ | 6,837 |
June 30, 2016 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 154 | $ | 154 | $ | -- | $ | 154 | $ | -- | $ | 162 | $ | 856 | $ | 856 | $ | -- | $ | 856 | $ | -- | $ | 861 | ||||||||||||||||||||||||
Commercial | 298 | 298 | -- | 298 | -- | 274 | 255 | 255 | -- | 255 | -- | 261 | ||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Land | 555 | 555 | -- | 555 | -- | 586 | 123 | 123 | -- | 123 | -- | 125 | ||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | 297 | 297 | -- | 297 | -- | 299 | ||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Commercial Loans | 1,990 | 1,990 | -- | 1,990 | -- | 2,460 | 2,513 | 2,513 | -- | 2,513 | -- | 2,649 | ||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Total | $ | 2,997 | $ | 2,997 | $ | -- | $ | 2,997 | $ | -- | $ | 3,482 | $ | 4,044 | $ | 4,044 | $ | -- | $ | 4,044 | $ | -- | $ | 4,195 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
June 30, 2018 | ||||||||||||||||||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||||||||||||||||||
Commercial business | $ | 4,943 | $ | 416 | $ | 416 | $ | 5,359 | ||||||||||||||||||||||||
1-4 Family Residential | 1,943 | -- | -- | $ | 1,943 | |||||||||||||||||||||||||||
June 30, 2017 | June 30, 2017 | |||||||||||||||||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||||||||||||||
Commercial business | $ | - | $ | 1,717 | $ | 1,717 | $ | 1,717 | $ | -- | $ | 1,717 | $ | 1,717 | $ | 1,717 | ||||||||||||||||
June 30, 2016 | ||||||||||||||||||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||||||||||||||||||
Commercial business | $ | 1,989 | $ | - | $ | - | $ | 1,989 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Real Estate Loans: | ||||||||||||||||
One-to-Four Family Residential | $ | 317 | $ | 13 | 2,586 | $ | 481 | |||||||||
Commercial | -- | -- | 5,359 | -- | ||||||||||||
Multi-Family Residential | -- | -- | -- | -- | ||||||||||||
Land | -- | -- | -- | -- | ||||||||||||
Construction | -- | -- | -- | -- | ||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | ||||||||||||
Equity Lines of Credit | -- | -- | 87 | -- | ||||||||||||
Commercial Loans | 2,503 | 1,990 | 416 | 2,503 | ||||||||||||
Consumer Loans | -- | -- | -- | -- | ||||||||||||
Total | $ | 2,820 | $ | 2,003 | $ | 8,448 | $ | 2,984 |
Note 4. | Accrued Interest Receivable |
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Accrued Interest on: | ||||||||||||||||
Mortgage Loans | $ | 760 | $ | 872 | $ | 554 | $ | 760 | ||||||||
Other Loans | 215 | 58 | 487 | 215 | ||||||||||||
Investments | 3 | 3 | 3 | 3 | ||||||||||||
Mortgage-Backed Securities | 116 | 91 | 102 | 116 | ||||||||||||
Total | $ | 1,094 | $ | 1,024 | $ | 1,146 | $ | 1,094 |
Note 5. | Premises and Equipment |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2018 | 2017 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Land | $ | 3,746 | $ | 4,043 | $ | 3,746 | $ | 3,746 | ||||||||
Buildings | 8,494 | 8,328 | 8,614 | 8,494 | ||||||||||||
Equipment | 1,447 | 1,368 | 1,468 | 1,447 | ||||||||||||
Construction in Progress | 1,307 | 926 | 1,681 | 1,307 | ||||||||||||
14,994 | 14,665 | 15,509 | 14,994 | |||||||||||||
Accumulated Depreciation | (2,775 | ) | (2,299 | ) | (3,266 | ) | (2,775 | ) | ||||||||
Total | $ | 12,219 | $ | 12,366 | $ | 12,243 | $ | 12,219 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 6. | Deposits |
Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||||||||
Average | Average | Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||||||
Rate at | Rate at | 2017 | 2016 | Average | Average | |||||||||||||||||||||||||||||||||||||||||||
6/30/2017 | 6/30/2016 | Amount | Percent | Amount | Percent | Rate at | Rate at | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 6/30/2018 | 6/30/2017 | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-Interest Bearing | 0.00 | % | 0.00 | % | $ | 54,420 | 16.54 | % | $ | 39,280 | 13.65 | % | 0.00 | % | 0.00 | % | $ | 58,001 | 16.10 | % | $ | 54,420 | 16.54 | % | ||||||||||||||||||||||||
NOW Accounts | 0.55 | % | 0.58 | % | 34,500 | 10.48 | 37,761 | 13.12 | 0.67 | % | 0.55 | % | 34,576 | 9.60 | 34,500 | 10.48 | ||||||||||||||||||||||||||||||||
Money Market | 0.36 | % | 0.32 | % | 42,439 | 12.90 | 49,251 | 17.11 | 0.84 | % | 0.36 | % | 70,175 | 19.48 | 42,439 | 12.90 | ||||||||||||||||||||||||||||||||
Passbook Savings | 0.52 | % | 0.42 | % | 35,050 | 10.65 | 29,033 | 10.09 | 0.53 | % | 0.52 | % | 36,241 | 10.06 | 35,050 | 10.65 | ||||||||||||||||||||||||||||||||
166,409 | 50.57 | 155,325 | 53.97 | 198,993 | 55.24 | 166,409 | 50.57 | |||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | 1.37 | % | 1.26 | % | 162,636 | 49.43 | 132,497 | 46.03 | 1.56 | % | 1.37 | % | 161,267 | 44.76 | 162,636 | 49.43 | ||||||||||||||||||||||||||||||||
Total Deposits | $ | 329,045 | 100.00 | % | $ | 287,822 | 100.00 | % | $ | 360,260 | 100.00 | % | $ | 329,045 | 100.00 | % |
2017 | 2016 | |||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | 2018 | 2017 | |||||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
0.00% to 0.99% | $ | 28,293 | 17.40 | % | $ | 46,544 | 35.13 | % | $ | 15,310 | 9.49 | % | $ | 28,293 | 17.40 | % | ||||||||||||||||
1.00% to 1.99% | 123,037 | 75.65 | 70,606 | 53.29 | 121,572 | 75.39 | 123,037 | 75.65 | ||||||||||||||||||||||||
2.00% to 2.99% | 11,306 | 6.95 | 14,961 | 11.29 | 24,234 | 15.03 | 11,306 | 6.95 | ||||||||||||||||||||||||
3.00% to 3.99% | -- | -- | 386 | 0.29 | 151 | 0.09 | -- | -- | ||||||||||||||||||||||||
Total Deposits | $ | 162,636 | 100.00 | % | $ | 132,497 | 100.00 | % | $ | 161,267 | 100.00 | % | $ | 162,636 | 100.00 | % |
Weighted | Weighted | |||||||||||||||||||||||
Year Ending | Average | Average | ||||||||||||||||||||||
June 30, | Amount | Percent | Rate | Amount | Percent | Rate | ||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||
2018 | $ | 68,488 | 42.11 | % | 1.02 | % | ||||||||||||||||||
2019 | 32,101 | 19.74 | 1.38 | $ | 71,941 | 44.61 | % | 1.28 | % | |||||||||||||||
2020 | 36,332 | 22.34 | 1.74 | 46,783 | 29.01 | 1.72 | ||||||||||||||||||
2021 | 11,901 | 7.32 | 1.62 | 18,349 | 11.38 | 1.58 | ||||||||||||||||||
2022 | 13,017 | 8.00 | 1.93 | 16,318 | 10.12 | 2.01 | ||||||||||||||||||
2023 | 797 | 0.49 | 1.98 | 6,787 | 4.21 | 2.09 | ||||||||||||||||||
2024 | 1,089 | 0.67 | 2.64 | |||||||||||||||||||||
Total | $ | 162,636 | 100.00 | % | 1.37 | % | $ | 161,267 | 100.00 | % | 1.56 | % |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2018 | 2017 | ||||||||||||||
(In Thousands) | ||||||||||||||||
NOW and Money Market | $ | 335 | $ | 431 | $ | 458 | $ | 335 | ||||||||
Passbook Savings | 160 | 93 | 194 | 160 | ||||||||||||
Certificates of Deposit | 1,861 | 1,805 | 2,394 | 1,861 | ||||||||||||
Total | $ | 2,356 | $ | 2,329 | $ | 3,046 | $ | 2,356 |
Advance Total | Advance Total | |||||||||||||||
Contract Rate | 2017 | 2016 | 2018 | 2017 | ||||||||||||
(In Thousands) | ||||||||||||||||
(In Thousands) | ||||||||||||||||
0.00% to 0.99% | $ | 5,000 | $ | 41,500 | $ | -- | $ | 5,000 | ||||||||
1.00% to 1.99% | 42,000 | 4,000 | -- | 42,000 | ||||||||||||
2.00% to 2.99% | -- | -- | 10,000 | -- | ||||||||||||
3.00% to 3.99% | -- | -- | -- | -- | ||||||||||||
4.00% to 4.99% | 1,907 | 2,165 | 1,637 | 1,907 | ||||||||||||
Total | $ | 48,907 | $ | 47,665 | $ | 11,637 | $ | 48,907 |
Year Ending | ||||||||
June 30, | Amount | Amount | ||||||
2018 | $ | 37,270 | ||||||
2019 | 5,282 | $ | 5,282 | |||||
2020 | 5,295 | 5,295 | ||||||
2021 | 193 | 193 | ||||||
2022 | 35 | 35 | ||||||
2023 | 36 | |||||||
Thereafter | 832 | 796 | ||||||
Total | $ | 48,907 | $ | 11,637 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 9. | Commitments |
Year Ending | ||||||||
June 30, | Amount | Amount | ||||||
2018 | $ | 78 | ||||||
2019 | 63 | $ | 63 | |||||
2020 | 52 | 52 | ||||||
2021 | 47 | 48 | ||||||
Total | $ | 240 | $ | 163 |
Year Ending | ||||
June 30, | Amount | |||
(In Thousands) | ||||
2018 | $ | 235 | ||
2019 | 215 | |||
Total | $ | 450 |
Year Ending | ||||
June 30, | Amount | |||
(In Thousands) | ||||
2019 | $ | 215 | ||
Total | $ | 215 | ||
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 9. | Commitments (Continued) |
Year Ending | |||||
June 30, | Amount | ||||
(In Thousands) | |||||
2018 | $ | 274 | |||
2019 | 97 | ||||
Total | $ | 371 |
Year Ending | ||||
June 30, | Amount | |||
(In Thousands) | ||||
2019 | $ | 193,950 | ||
2020 | 193,950 | |||
2021 | 193,950 | |||
Total | $ | 581,850 |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2018 | 2017 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Current | $ | 2,151 | $ | 1,795 | $ | 1,753 | $ | 2,151 | ||||||||
Deferred | (393 | ) | (151 | ) | 499 | (393 | ) | |||||||||
Total | $ | 1,758 | $ | 1,644 | $ | 2,252 | $ | 1,758 |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2018 | 2017 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Computed at Expected Statutory Rate | $ | 1,839 | $ | 1,707 | $ | 2,322 | $ | 1,839 | ||||||||
Non-Taxable Income | (50 | ) | (54 | ) | (46 | ) | (50 | ) | ||||||||
Other | (31 | ) | (9 | ) | (24 | ) | (31 | ) | ||||||||
Provision for Income Tax Expense | $ | 1,758 | $ | 1,644 | $ | 2,252 | $ | 1,758 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
2017 | 2016 | 2018 | 2017 | |||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||
Deferred Tax Assets | Deferred Tax Assets | |||||||||||||||||||
Market Value Adjustment to Available-for-Sale | Market Value Adjustment to Available-for-Sale | |||||||||||||||||||
Securities | $ | 181 | $ | -- | Securities | $ | 278 | $ | 181 | |||||||||||
Stock Option and SERP Compensation | 259 | 166 | Stock Option and SERP Compensation | 199 | 259 | |||||||||||||||
Loans Receivable - Bad Debt Loss Allowance | 1,161 | 861 | Loans Receivable - Bad Debt Loss Allowance | 653 | 1,161 | |||||||||||||||
Capital Losses | 73 | 110 | Capital Losses | 45 | 73 | |||||||||||||||
1,674 | 1,137 | 1,175 | 1,674 | |||||||||||||||||
Valuation Allowance | (73 | ) | (110 | ) | Valuation Allowance | 73 | (73 | ) | ||||||||||||
Net Deferred Tax Assets | 1,601 | 1,027 | ||||||||||||||||||
Net Deferred Tax Assets | $ | 1,102 | $ | 1,601 | ||||||||||||||||
Deferred Tax Liabilities | ||||||||||||||||||||
Market Value Adjustment to Available-for-Sale Securities | -- | (43 | ) | |||||||||||||||||
Net Deferred Tax Assets | $ | 1,601 | $ | 984 |
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 |
2017 | 2016 | 2018 | 2017 | |||||||||||||
Allocated and Committed to be Released | ||||||||||||||||
Shares, Beginning of Year | 88,182 | 77,159 | ||||||||||||||
Shares Allocated and Committed to be Released | ||||||||||||||||
During the Year | 11,023 | 11,023 | ||||||||||||||
Allocated and Committed to be Released Shares, Beginning of Year | 99,205 | 88,182 | ||||||||||||||
Shares Allocated and Committed to be Released During the Year | 11,023 | 11,023 | ||||||||||||||
Unallocated and Unreleased Shares, as of Year End | 117,688 | 128,711 | 106,665 | 117,688 | ||||||||||||
Total ESOP Shares | 216,893 | 216,893 | 216,893 | 216,893 | ||||||||||||
Fair Value of Unreleased Shares (In Thousands) | $ | 3,172 | $ | 2,761 | $ | 3,355 | $ | 3,172 | ||||||||
Stock Price | $ | 26.95 | $ | 21.45 | $ | 31.45 | $ | 26.95 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Awarded Shares | ||||||||
2017 | 2016 | |||||||
Balance - Beginning of Year | 20,730 | 36,282 | ||||||
Granted | -- | -- | ||||||
Forfeited | -- | -- | ||||||
Earned and Issued | (15,593 | ) | (15,552 | ) | ||||
Balance - End of Year | 5,137 | 20,730 |
Awarded Shares | ||||||||
2018 | 2017 | |||||||
Balance - Beginning of Year | 5,137 | 20,730 | ||||||
Granted | -- | -- | ||||||
Forfeited | -- | -- | ||||||
Earned and Issued | (1,710 | ) | (15,593 | ) | ||||
Balance - End of Year | 3,427 | 5,137 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 13. | Stock-Based Compensation (Continued) |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 13. | Stock-Based Compensation (Continued) |
Weighted | Weighted | |||||||||||||||||||||||||||||||
Weighted | Average | Weighted | Average | |||||||||||||||||||||||||||||
Average | Remaining | Aggregate | Average | Remaining | Aggregate | |||||||||||||||||||||||||||
Number of | Exercise | Contract | Intrinsic | Number of | Exercise | Contract | Intrinsic | |||||||||||||||||||||||||
Shares | Price | Term | Value | |||||||||||||||||||||||||||||
Outstanding at June 30, 2017 | 300,150 | $ | 17.83 | 6.07 | ||||||||||||||||||||||||||||
Granted | -- | -- | ||||||||||||||||||||||||||||||
Exercised | (3,600 | ) | 14.70 | |||||||||||||||||||||||||||||
Forfeited | (4,500 | ) | 14.70 | |||||||||||||||||||||||||||||
Outstanding at June 30, 2018 | 292,050 | 17.79 | 5.05 | $ | 3,986,887 | |||||||||||||||||||||||||||
Options Exercisable at June 30, 2018 | 220,122 | 16.32 | 4.38 | $ | 3,327,981 | |||||||||||||||||||||||||||
Shares | Price | Term | Value | |||||||||||||||||||||||||||||
Outstanding at June 30, 2016 | 304,477 | $ | 17.79 | 7.05 | 304,476 | $ | 17.79 | 7.05 | ||||||||||||||||||||||||
Granted | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Exercised | (3,937 | ) | 14.70 | (3,937 | ) | 14.70 | ||||||||||||||||||||||||||
Forfeited | (389 | ) | 14.70 | (389 | ) | 14.70 | ||||||||||||||||||||||||||
Outstanding at June 30, 2017 | 300,151 | $ | 17.83 | 6.07 | $ | 2,735,976 | 300,150 | $ | 17.83 | 6.07 | $ | 2,735,976 | ||||||||||||||||||||
Options Exercisable at June 30, 2017 | 202,164 | $ | 15.70 | 5.10 | $ | 2,272,277 | 202,163 | $ | 15.70 | 5.10 | $ | 2,272,277 | ||||||||||||||||||||
Outstanding at June 30, 2015 | 208,461 | $ | 15.03 | |||||||||||||||||||||||||||||
Granted | 103,500 | 23.00 | ||||||||||||||||||||||||||||||
Exercised | (7,484 | ) | 12.86 | |||||||||||||||||||||||||||||
Forfeited | -- | -- | ||||||||||||||||||||||||||||||
Outstanding at June 30, 2016 | 304,477 | $ | 17.79 | 7.05 | $ | 1,274,770 | ||||||||||||||||||||||||||
Options Exercisable at June 30, 2016 | 142,860 | $ | 14.53 | 5.57 | $ | 988,183 |
2014 Stock | ||||||||
Incentive Plan | 2011 Option Plan | |||||||
October 26, 2015 | July 31, 2014 | |||||||
Dividend Yield | 1.39 | % | 1.50 | % | ||||
Expected Term | 10 years | 10 years | ||||||
Risk-Free Interest Rate | 2.07 | % | 2.58 | % | ||||
Expected Life | 10 years | 10 years | ||||||
Expected Volatility | 20.38 | % | 9.56 | % |
Weighted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Number of | Exercise | Number of | Exercise | |||||||||||||
Shares | Price | Shares | Price | |||||||||||||
Nonvested at June 30, 2016 | 161,617 | $ | 20.67 | |||||||||||||
Nonvested at June 30, 2017 | 97,989 | $ | 22.22 | |||||||||||||
Granted | -- | -- | - | - | ||||||||||||
Vested | (63,241 | ) | 18.31 | (26,061 | ) | 22.02 | ||||||||||
Forfeited | (389 | ) | 14.70 | - | - | |||||||||||
Nonvested at June 30, 2017 | 97,987 | $ | 22.22 | |||||||||||||
Nonvested at June 30, 2018 | 71,928 | $ | 22.29 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 14. | Off-Balance Sheet Activities |
Contract Amount | Contract Amount | |||||||||||||||
2017 | 2016 | 2018 | 2017 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Commitments to Grant Loans | $ | 45,679 | $ | 29,621 | $ | 43,595 | $ | 45,679 | ||||||||
Unfunded Commitments Under Lines of Credit | 9,905 | 10,948 | 11,142 | 9,905 | ||||||||||||
$ | 55,584 | $ | 40,569 | $ | 54,737 | $ | 55,584 | |||||||||
Fixed Rate Loans (3.25% - 5.00% in 2017; 3.13% - 5.25% in 2016) | $ | 55,584 | $ | 40,262 | ||||||||||||
Variable Rate Loans (2.88% - 4.75% in 2016) | -- | 307 | ||||||||||||||
Fixed Rate Loans (4.00% - 5.75% in 2018; 3.25% - 5.00% in 2017) | $ | 54,737 | $ | 55,584 | ||||||||||||
Variable Rate Loans (-% in 2017 and 2018) | -- | -- | ||||||||||||||
$ | 55,584 | $ | 40,569 | $ | 54,737 | $ | 55,584 | |||||||||
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Note 15. | Related Party Events |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2018 | 2017 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Balance – Beginning of Year | $ | 3,772 | $ | 3,761 | $ | 2,842 | $ | 3,772 | ||||||||
Additions | 299 | 507 | 236 | 299 | ||||||||||||
Principal Payments | (1,229 | ) | (496 | ) | (476) | (1,229 | ) | |||||||||
Balance – End of Year | $ | 2,842 | $ | 3,772 | $ | 2,602 | $ | 2,842 |
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, 2017 | ||||||||||||||||
Core Capital | (1) | $ | 45,977 | 11.06 | % | $ | 12,475 | 3.00 | % | |||||||
Common Equity Tier 1 | (2) | 45,977 | 16.14 | 12,821 | 4.50 | |||||||||||
Tangible Capital | (1) | 45,977 | 11.06 | 6,237 | 1.50 | |||||||||||
Total Risk-Based Capital | (2) | 49,545 | 17.39 | 22,793 | 8.00 | |||||||||||
June 30, 2016 | ||||||||||||||||
Core Capital | (1) | $ | 42,863 | 11.81 | % | $ | 10,893 | 3.00 | % | |||||||
Common Equity Tier 1 | (2) | 42,863 | 16.66 | 11,574 | 4.50 | |||||||||||
Tangible Capital | (1) | 42,863 | 11.81 | 5,446 | 1.50 | |||||||||||
Total Risk-Based Capital | (2) | 45,708 | 17.77 | 20,577 | 8.00 |
Required for Capital | ||||||||||||||||||||
Actual | Adequacy Purposes | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||
Core Capital | (1 | ) | $ | 47,981 | 11.36 | % | $ | 12,675 | 3.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 47,981 | 16.65 | 12,969 | 4.50 | ||||||||||||||
Tangible Capital | (1 | ) | 47,981 | 11.36 | 6,337 | 1.50 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 51,406 | 17.84 | 23,057 | 8.00 | ||||||||||||||
June 30, 2017 | ||||||||||||||||||||
Core Capital | (1 | ) | $ | 45,977 | 11.06 | % | $ | 12,475 | 3.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 45,977 | 16.14 | 12,821 | 4.50 | ||||||||||||||
Tangible Capital | (1 | ) | 45,977 | 11.06 | 6,237 | 1.50 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 49,545 | 17.39 | 22,793 | 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, 2017 | ||||||||||||||||
Tier 1 Leverage Capital | (1) | $ | 45,977 | 11.06 | % | $ | 20,790 | 5.00 | % | |||||||
Common Equity Tier 1 | (2) | 45,977 | 16.14 | 18,519 | 6.50 | |||||||||||
Tier 1 Risk-Based Capital | (2) | 45,977 | 16.14 | 22,793 | 8.00 | |||||||||||
Total Risk-Based Capital | (2) | 49,545 | 17.39 | 28,492 | 10.00 | |||||||||||
June 30, 2016 | ||||||||||||||||
Tier 1 Leverage Capital | (1) | $ | 42,863 | 11.81 | % | $ | 18,154 | 5.00 | % | |||||||
Common Equity Tier 1 | (2) | 42,863 | 16.66 | 16,719 | 6.50 | |||||||||||
Tier 1 Risk-Based Capital | (2) | 42,863 | 16.66 | 20,576 | 8.00 | |||||||||||
Total Risk-Based Capital | (2) | 45,708 | 17.77 | 25,721 | 10.00 |
Required to be | ||||||||||||||||||||
Actual | Well Capitalized | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||
Tier 1 Leverage Capital | (1 | ) | $ | 47,981 | 11.36 | % | $ | 21,125 | 5.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 47,981 | 16.65 | 18,734 | 6.50 | ||||||||||||||
Tier 1 Risk-Based Capital | (2 | ) | 47,981 | 16.65 | 23,057 | 8.00 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 51,406 | 17.84 | 28,821 | 10.00 | ||||||||||||||
June 30, 2017 | ||||||||||||||||||||
Tier 1 Leverage Capital | (1 | ) | $ | 45,977 | 11.06 | % | $ | 20,790 | 5.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 45,977 | 16.14 | 18,519 | 6.50 | ||||||||||||||
Tier 1 Risk-Based Capital | (2 | ) | 45,977 | 16.14 | 22,793 | 8.00 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 49,545 | 17.39 | 28,492 | 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, 2017 | Ratio | Amount | Ratio | Amount | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Total Equity, and Ratio to Total Assets | 10.96 | % | $ | 45,563 | ||||||||||||
Investments in and Advances to Nonincludable Subsidiaries | (119 | ) | ||||||||||||||
Unrealized Gains on Securities Available-for-Sale | 533 | |||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets | 11.06 | % | $ | 45,977 | 1.50 | % | $ | 6,237 | ||||||||
Tier 1 (Core) Capital, and Ratio to Adjusted Total Assets | 11.06 | % | $ | 45,977 | 3.00 | % | 12,475 | |||||||||
Tier 1 (Core) Capital, and Ratio to Risk-Weighted Assets | 16.14 | % | 45,977 | 4.50 | % | 12,821 | ||||||||||
Allowance for Loan Losses | 3,728 | |||||||||||||||
Excess Allowance for Loan Losses | (160 | ) | ||||||||||||||
Total Risk-Based Capital, and Ratio to Risk-Weighted Assets | 17.39 | % | $ | 49,545 | 8.00 | % | $ | 22,793 | ||||||||
Total Assets | $ | 415,652 | ||||||||||||||
Adjusted Total Assets | $ | 415,817 | ||||||||||||||
Risk-Weighted Assets | $ | 284,918 |
Minimum for Capital | ||||||||||||||||
Actual | Adequacy Purposes | |||||||||||||||
June 30, 2018 | Ratio | Amount | Ratio | Amount | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Total Equity, and Ratio to Average Total Assets | 11.10 | % | $ | 46,775 | ||||||||||||
Investments in and Advances to | ||||||||||||||||
Nonincludable Subsidiaries | (119 | ) | ||||||||||||||
Unrealized Gains on Securities Available-for-Sale | 1,325 | |||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets | 11.36 | % | $ | 47,981 | 1.50 | % | $ | 6,337 | ||||||||
Tier 1 (Core) Capital, | ||||||||||||||||
and Ratio to Adjusted Total Assets | 11.36 | % | $ | 47,981 | 3.00 | % | 12,675 | |||||||||
Tier 1 (Core) Capital, | ||||||||||||||||
and Ratio to Risk-Weighted Assets | 16.65 | % | 47,981 | 4.50 | % | 12,969 | ||||||||||
Allowance for Loan Losses | 3,425 | |||||||||||||||
Excess Allowance for Loan Losses | -- | |||||||||||||||
Total Risk-Based Capital, and | ||||||||||||||||
Ratio to Risk-Weighted Assets | 17.84 | % | $ | 51,406 | 8.00 | % | $ | 23,057 | ||||||||
Average Total Assets | $ | 421,548 | ||||||||||||||
Adjusted Total Assets | $ | 422,504 | ||||||||||||||
Risk-Weighted Assets | $ | 288,208 |
Minimum for Capital | ||||||||||||||||
Actual | Adequacy Purposes | |||||||||||||||
June 30, 2016 | Ratio | Amount | Ratio | Amount | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Total Equity, and Ratio to Total Assets | 11.87 | % | $ | 43,110 | ||||||||||||
Investments in and Advances to Nonincludable Subsidiaries | (119 | ) | ||||||||||||||
Unrealized Gains on Securities Available-for-Sale | (128 | ) | ||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets | 11.81 | % | $ | 42,863 | 1.5 | % | $ | 5,446 | ||||||||
Tier 1 (Core) Capital, and Ratio to Adjusted Total Assets | 11.81 | % | $ | 42,863 | 3.0 | % | $ | 10,893 | ||||||||
Tier 1 (Core) Capital, and Ratio to Risk-Weighted Assets | 16.66 | % | 42,863 | 4.5 | % | $ | 11,574 | |||||||||
Allowance for Loan Losses | 2,845 | |||||||||||||||
Total Risk-Based Capital, and Ratio to Risk-Weighted Assets | 17.77 | % | $ | 45,708 | 8.0 | % | $ | 20,577 | ||||||||
Total Assets | $ | 363,585 | ||||||||||||||
Adjusted Total Assets | $ | 363,088 | ||||||||||||||
Risk-Weighted Assets | $ | 257,211 |
Minimum for Capital | ||||||||||||||||
Actual | Adequacy Purposes | |||||||||||||||
June 30, 2017 | Ratio | Amount | Ratio | Amount | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Total Equity, and Ratio to Average Total Assets | 10.96 | % | $ | 45,563 | ||||||||||||
Investments in and Advances to | ||||||||||||||||
Nonincludable Subsidiaries | (119 | ) | ||||||||||||||
Unrealized Gains on Securities Available-for-Sale | 533 | |||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets | 11.06 | % | $ | 45,977 | 1.50 | % | $ | 6,237 | ||||||||
Tier 1 (Core) Capital, | ||||||||||||||||
and Ratio to Adjusted Total Assets | 11.06 | % | $ | 45,977 | 3.00 | % | 12,475 | |||||||||
Tier 1 (Core) Capital, | ||||||||||||||||
and Ratio to Risk-Weighted Assets | 16.14 | % | 45,977 | 4.50 | % | 12,821 | ||||||||||
Allowance for Loan Losses | 3,728 | |||||||||||||||
Excess Allowance for Loan Losses | (160 | ) | ||||||||||||||
Total Risk-Based Capital, and Ratio to Risk-Weighted Assets | 17.39 | % | $ | 49,545 | 8.00 | % | $ | 22,793 | ||||||||
Average Total Assets | $ | 415,652 | ||||||||||||||
Adjusted Total Assets | $ | 415,817 | ||||||||||||||
Risk-Weighted Assets | $ | 284,918 |
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 |
2017 | 2016 | 2018 | 2017 | |||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 11,905 | $ | 11,905 | $ | 4,756 | $ | 4,756 | $ | 15,867 | $ | 15,867 | $ | 11,905 | $ | 11,905 | ||||||||||||||||
Securities Available-for-Sale | 36,935 | 36,935 | 50,173 | 50,173 | 29,324 | 29,324 | 36,935 | 36,935 | ||||||||||||||||||||||||
Securities to be Held-to-Maturity | 28,357 | 27,989 | 2,349 | 2,349 | 28,888 | 27,818 | 28,357 | 27,989 | ||||||||||||||||||||||||
Loans Held-for-Sale | 13,631 | 13,631 | 11,919 | 11,919 | 6,762 | 6,762 | 13,631 | 13,631 | ||||||||||||||||||||||||
Loans Receivable | 312,772 | 301,741 | 290,827 | 290,339 | 317,493 | 314,724 | 312,772 | 301,741 | ||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 329,045 | $ | 313,514 | $ | 287,822 | $ | 285,503 | $ | 360,260 | $ | 345,347 | $ | 329,045 | $ | 313,514 | ||||||||||||||||
Advances from FHLB | 48,907 | 48,918 | 47,665 | 47,802 | 11,637 | 11,517 | 48,907 | 48,918 | ||||||||||||||||||||||||
Off-Balance Sheet Items | ||||||||||||||||||||||||||||||||
Mortgage Loan Commitments | $ | 457 | $ | 457 | $ | 296 | $ | 296 | $ | 5,827 | $ | 5,827 | $ | 457 | $ | 457 |
● | Defines fair value as the price that would be received to sell an asset or paid to transfer a liability, in either case, through an orderly transaction between market participants at a measurement date and establishes a framework for measuring fair value; |
● | Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date; |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
● | Nullifies the guidance in EITF 02-3, which required the deferral of profit at inception of a transaction involving a derivative financial instrument in the absence of observable data supporting the valuation technique; |
● | Eliminates large position discounts for financial instruments quoted in active markets and requires consideration of the company's creditworthiness when valuing liabilities; and |
● | Expands disclosures about instruments that are measured at fair value. |
● | Level 1 - Fair value is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets in which the Company can participate. |
● | Level 2 - Fair value is based upon (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
● | Level 3 - Fair value is based upon inputs that are unobservable for the asset or liability. These inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Company's own data. The Company's own data used to develop unobservable inputs are adjusted, if information indicates that market participants would use different assumptions. |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
Fair Value Measurements | ||||||||||||||||
June 30, 2018 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
(In Thousands) | ||||||||||||||||
Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC | $ | -- | $ | 7,085 | $ | -- | $ | 7,085 | ||||||||
FNMA | -- | 11,912 | -- | 11,912 | ||||||||||||
GNMA | -- | 10,327 | -- | 10,327 | ||||||||||||
Total | $ | -- | $ | 29,324 | $ | -- | $ | 29,324 |
Fair Value Measurements | ||||||||||||||||
June 30, 2017 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
(In Thousands) | ||||||||||||||||
Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC | $ | -- | $ | 8,848 | $ | -- | $ | 8,848 | ||||||||
FNMA | -- | 19,957 | -- | 19,957 | ||||||||||||
GNMA | -- | 8,130 | -- | 8,130 | ||||||||||||
Total | $ | -- | $ | 36,935 | $ | -- | $ | 36,935 |
Fair Value Measurements | ||||||||||||||||
June 30, 2016 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
(In Thousands) | ||||||||||||||||
Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC | $ | -- | $ | 10,793 | $ | -- | $ | 10,793 | ||||||||
FNMA | -- | 27,223 | -- | 27,223 | ||||||||||||
GNMA | -- | 12,157 | -- | 12,157 | ||||||||||||
Total | $ | -- | $ | 50,173 | $ | -- | $ | 50,173 |
Fair Value Measurements | ||||||||||||||||
June 30, 2017 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
(In Thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired Loans, | ||||||||||||||||
Net of Allowance | $ | -- | $ | -- | $ | 282 | $ | 282 | ||||||||
Other Real Estate Owned | -- | -- | 540 | -- | ||||||||||||
Total | $ | -- | $ | -- | $ | 822 | $ | 282 |
Fair Value Measurements | ||||||||||||||||
June 30, 2018 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
(In Thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired Loans, Net of Allowance | $ | -- | $ | -- | $ | 1,754 | $ | 1,754 | ||||||||
Foreclosed Assets | -- | -- | 1,177 | 1,177 | ||||||||||||
Total | $ | -- | $ | -- | $ | 2,931 | $ | 2,931 |
Fair Value Measurements | ||||||||||||||||
June 30, 2016 | (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, 2017 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
(In Thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired Loans, Net of Allowance | $ | -- | $ | -- | $ | 2,984 | $ | 2,984 | ||||||||
Foreclosed Assets | -- | -- | 540 | 540 | ||||||||||||
Total | $ | -- | $ | -- | $ | 3,524 | $ | 3.524 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
2017 | 2016 | |||||||||||||||
2018 | 2017 | |||||||||||||||
Average Common Shares Issued | 1,957,859 | 2,045,179 | 1,918,831 | 1,957,859 | ||||||||||||
Average Unearned ESOP Shares | (127,254 | ) | (138,784 | ) | (115,724 | ) | (127,254 | ) | ||||||||
Average Unearned RRP Trust Shares | (13,456 | ) | (29,007 | ) | (3,572 | ) | (13,456 | ) | ||||||||
Weighted Average Number of Common Shares Used in Basic EPS | 1,817,149 | 1,877,388 | 1,799,535 | 1,817,149 | ||||||||||||
Effect of Dilutive Securities Stock Options | 92,318 | 64,314 | ||||||||||||||
Effect of Dilutive SecuritiesStock Options | 111,592 | 92,318 | ||||||||||||||
Weighted Average Number of Common Shares and Dilutive Potential Common Shares Used in Dilutive EPS | 1,909,467 | 1,941,702 | 1,911,127 | 1,909,467 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
HOME FEDERAL BANCORP, INC. OF LOUISIANA Condensed Balance Sheets June 30, 2017 and 2016 | |||||||||
June 30, | |||||||||
2017 | 2016 | ||||||||
(In Thousands) | |||||||||
Assets | |||||||||
Cash and Cash Equivalents | $ | 197 | $ | 90 | |||||
Investment in Subsidiary | 45,813 | 43,360 | |||||||
Other Assets | 275 | 409 | |||||||
Total Assets | $ | 46,285 | $ | 43,859 | |||||
Liabilities and Stockholders' Equity | |||||||||
Borrowings | $ | -- | $ | 400 | |||||
Other Liabilities | 39 | 67 | |||||||
Stockholders' Equity | 46,246 | 43,392 | |||||||
Total Liabilities and Stockholders' Equity | $ | 46,285 | $ | 43,859 |
June 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
Cash and Cash Equivalents | $ | 128 | $ | 197 | ||||
Investment in Subsidiary | 47,024 | 45,813 | ||||||
Other Assets | 213 | 275 | ||||||
Total Assets | $ | 47,365 | $ | 46,285 | ||||
Liabilities and Stockholders' Equity | ||||||||
Borrowings | $ | 300 | $ | -- | ||||
Other Liabilities | 28 | 39 | ||||||
Stockholders' Equity | 47,037 | 46,246 | ||||||
Total Liabilities and Stockholders' Equity | $ | 47,365 | $ | 46,285 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA Condensed Statements of Operations For the Years Ended June 30, 2017 and 2016 | |||||||||
For the Years Ended June 30, | |||||||||
2017 | 2016 | ||||||||
(In Thousands) | |||||||||
Equity in Undistributed Earnings of Subsidiary | $ | 3,888 | $ | 3,612 | |||||
Interest Income | 80 | 85 | |||||||
Total Income | 3,968 | 3,697 | |||||||
Operating Expenses | 424 | 423 | |||||||
Interest Expense | 14 | 18 | |||||||
Total Expense | 438 | 441 | |||||||
Income Before Income Tax Benefit | 3,530 | 3,256 | |||||||
Income Tax Benefit | (122 | ) | (121 | ) | |||||
Net Income | $ | 3,652 | $ | 3,377 |
For the Years Ended June 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
Equity in Undistributed Earnings of Subsidiary | $ | 3,791 | $ | 3,888 | ||||
Interest Income | 74 | 80 | ||||||
Total Income | 3,865 | 3,968 | ||||||
Operating Expenses | 377 | 424 | ||||||
Interest Expense | 4 | 14 | ||||||
Total Expense | 381 | 438 | ||||||
Income Before Income Tax Benefit | 3,484 | 3,530 | ||||||
Income Tax Benefit | (84 | ) | (122 | ) | ||||
Net Income | $ | 3,568 | $ | 3,652 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA AND SUBSIDIARY |
Notes to Consolidated Financial Statements |
HOME FEDERAL BANCORP, INC. OF LOUISIANA Condensed Statements of Cash Flows For the Years Ended June 30, 2017 and 2016 | |||||||||
For the Years Ended June 30, | |||||||||
2017 | 2016 | ||||||||
(In Thousands) | |||||||||
Operating Activities | |||||||||
Net Income | $ | 3,652 | $ | 3,377 | |||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | |||||||||
Equity in Undistributed Earnings of Subsidiary | (3,888 | ) | (3,612 | ) | |||||
Decrease (Increase) in Other Assets | 134 | (162 | ) | ||||||
(Decrease) Increase in Other Liabilities | (28 | ) | 54 | ||||||
Net Cash Used in Operating Activities | (130 | ) | (343 | ) | |||||
Financing Activities | |||||||||
Distribution from Subsidiary | 1,000 | 3,000 | |||||||
Proceeds from Stock Options Exercised | 61 | 85 | |||||||
Proceeds of Borrowings | 300 | 2,200 | |||||||
Repayment of Borrowings | (700 | ) | (1,800 | ) | |||||
Proceeds Received from Subsidiary on Stock Compensation Programs | 926 | 573 | |||||||
Company Stock Purchased | (645 | ) | (3,353 | ) | |||||
Dividends Paid | (705 | ) | (660 | ) | |||||
Net Cash Provided by Financing Activities | 237 | 45 | |||||||
Increase (Decrease) in Cash and Cash Equivalents | 107 | (298 | ) | ||||||
Cash and Cash Equivalents, Beginning of Year | 90 | 388 | |||||||
Cash and Cash Equivalents, End of Year | $ | 197 | $ | 90 |
For the Years Ended June 30, | ||||||||
2018 | 2017 | |||||||
(In Thousands) | ||||||||
Operating Activities | ||||||||
Net Income | $ | 3,568 | $ | 3,652 | ||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | ||||||||
Equity in Undistributed Earnings of Subsidiary | (3,791 | ) | (3,888 | ) | ||||
Decrease (Increase) in Other Assets | 62 | 134 | ||||||
(Decrease) Increase in Other Liabilities | (11 | ) | (28 | ) | ||||
Net Cash Used in Operating Activities | (172 | ) | (130 | ) | ||||
Financing Activities | ||||||||
Distribution from Subsidiary | 2,000 | 1,000 | ||||||
Proceeds from Stock Options Exercised | 53 | 61 | ||||||
Proceeds of Borrowings | 800 | 300 | ||||||
Repayment of Borrowings | (500 | ) | (700 | ) | ||||
Proceeds Received from Subsidiary on Stock Compensation Programs | 629 | 926 | ||||||
Company Stock Purchased | (1,955 | ) | (645 | ) | ||||
Dividends Paid | (924 | ) | (705 | ) | ||||
Net Cash Provided by Financing Activities | 103 | 237 | ||||||
(Decrease) Increase in Cash and Cash Equivalents | (69 | ) | 107 | |||||
Cash and Cash Equivalents, Beginning of Year | 197 | 90 | ||||||
Cash and Cash Equivalents, End of Year | $ | 128 | $ | 197 |
(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) | 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 | 340,177 | $ | 18.36 | 12,000 | ||||||||||||||||||
Equity compensation approved by security holders | 315,577 | $ | 17.79 | 16,889 | ||||||||||||||||||
Equity compensation plans not approved by security holders | -- | -- | -- | - | - | - | ||||||||||||||||
Total | 340,177 | $ | 18.36 | 12,000 | 315,577 | $ | 17.79 | 16,889 |
No. | Description | Location | |||
3.1 | (1) | ||||
3.2 | (1) | ||||
4.0 | (1) | ||||
10.1 | (2) | ||||
10.2 | (2) | ||||
10.3 | (3) | ||||
10.4 | (3) | ||||
10.5 | (4) | ||||
10.6 | (4) | ||||
10.7 | (4) | ||||
10.8 | (4) | ||||
10.9 | (4) | ||||
10.10 | (4) | ||||
10.11 | (4) | ||||
10.12 | (5) | ||||
10.13 | (6) | ||||
10.14 | (7) | ||||
10.15 | (8) | ||||
23.0 | Filed Herewith | ||||
31.1 | Filed Herewith | ||||
31.2 | Filed Herewith | ||||
32.0 | Filed Herewith |
No. | Description | Location | ||
(1) | ||||
(1) | ||||
(1) | ||||
(2) | ||||
(3) | ||||
(3) | ||||
(4) | ||||
(4) | ||||
(4) | ||||
(4) | ||||
(5) | ||||
(6) | ||||
(7) | ||||
(8) | ||||
(9) | ||||
(10) | ||||
Filed Herewith | ||||
Filed Herewith | ||||
Filed Herewith | ||||
Filed Herewith |
No. | Description | Location | |||
101.INS | XBRL Instance Document. | Filed Herewith | |||
101.SCH | XBRL Taxonomy Extension Schema Document. | Filed Herewith | |||
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 |
(2) | Incorporated herein by reference from |
(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). |
(8) | Incorporated by reference from the Company's Current Report on Form 8-K filed with the SEC on February 11, 2016 (File No. 001-35019). |
(9) | Incorporated by reference from the Company's Quarterly Report on Form 10-Q filed with the SEC on February 9, 2018 (File No. 001-35019). |
(10) | Incorporated herein by reference from the Company's Current Report on Form 8-K filed with the SEC on December 18, 2017 (File No. 001-35019). |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | |||
Date: September | By: | /s/James R. Barlow | |
James R. Barlow | |||
President and Chief Executive Officer |
Name | Title | Date | ||
/s/Daniel R. Herndon | ||||
Daniel R. Herndon | September | |||
/s/James R. Barlow | ||||
James R. Barlow | Director, President and Chief Executive Officer (Principal Executive Officer) | September | ||
/s/Glen W. Brown | ||||
Glen W. Brown | Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | September | ||
/s/Clyde D. Patterson | ||||
Clyde D. Patterson | Director | September | ||
/s/Walter T. Colquitt, III | ||||
Walter T. Colquitt, III | Director | September | ||
/s/Scott D. Lawrence | ||||
Scott D. Lawrence | Director | September | ||
/s/Mark M. Harrison | ||||
Mark M. Harrison | Director | September | ||
/s/ Woodus K. Humphrey | ||||
Woodus K. Humphrey | Director | September | ||
/s/ Thomas Steen Trawick, Jr. | ||||
Thomas Steen Trawick, Jr. | Director | September | ||
/s/Timothy W. Wilhite, Esq. | ||||
Timothy W. Wilhite, Esq. | Director | September | ||