UNITED STATES | |
SECURITIES AND EXCHANGE COMMISSION | |
Washington, DC 20549 | |
FORM 10-Q | |
(Mark One) | |
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: | |
or | |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to | ||
Commission file number: | 001-35019 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA |
(Exact name of registrant as specified in its charter) |
Louisiana | 02-0815311 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
624 Market Street, Shreveport, Louisiana | 71101 | |
(Address of principal executive offices) | (Zip Code) |
(318) 222-1145 |
(Registrant's telephone number, including area code) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [ ] No |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check One): |
Large accelerated filer [ ] Accelerated filer [ ] |
Non-accelerated filer [ ] Smaller reporting company [X] |
(Do not check if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). |
[ ] Yes [X] No |
Shares of common stock, par value $.01 per share, outstanding as of |
Page | ||
PART I | FINANCIAL INFORMATION | |
Item 1: | Financial Statements (Unaudited) | |
Consolidated Statements of Financial Condition | 1 | |
Consolidated Statements of Income | 2 | |
Consolidated Statements of Comprehensive Income | 3 | |
Consolidated Statements of Changes in Stockholders' Equity | 4 | |
Consolidated Statements of Cash Flows | 5 | |
Notes to Consolidated Financial Statements | 7 | |
Item 2: | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3: | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4: | Controls and Procedures | |
PART II | OTHER INFORMATION | |
Item 1: | Legal Proceedings | |
Item 1A: | Risk Factors | |
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3: | Defaults Upon Senior Securities | |
Item 4: | Mine Safety Disclosures | |
Item 5: | Other Information | |
Item 6: | Exhibits | |
SIGNATURES |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | ||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) | ||||||||
March 31, 2015 | June 30, 2014 | |||||||
(Dollars In Thousands) | ||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $6,896 and $9,317 for March 31, 2015 and June 30, 2014, Respectively) | $ | 12,371 | $ | 13,633 | ||||
Securities Available-for-Sale | 48,340 | 48,434 | ||||||
Securities Held-to-Maturity | 2,244 | 1,765 | ||||||
Loans Held-for-Sale | 10,294 | 9,375 | ||||||
Loans Receivable, Net of Allowance for Loan Losses of $2,455 and $2,396, Respectively | 265,500 | 239,563 | ||||||
Accrued Interest Receivable | 950 | 965 | ||||||
Premises and Equipment, Net | 10,170 | 8,454 | ||||||
Bank Owned Life Insurance | 6,326 | 6,203 | ||||||
Deferred Tax Asset | 785 | 723 | ||||||
Other Assets | 754 | 414 | ||||||
Total Assets | $ | 357,734 | $ | 329,529 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits | $ | 274,806 | $ | 272,295 | ||||
Advances from Borrowers for Taxes and Insurance | 402 | 428 | ||||||
Advances from Federal Home Loan Bank of Dallas | 38,471 | 12,897 | ||||||
Other Accrued Expenses and Liabilities | 906 | 1,130 | ||||||
Total Liabilities | 314,585 | 286,750 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | ||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) | ||||||||
December 31, 2014 | June 30, 2014 | |||||||
(Dollars In Thousands) | ||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $809 and $9,317 for December 31, 2014 and June 30, 2014, Respectively) | $ | 4,611 | $ | 13,633 | ||||
Securities Available-for-Sale | 50,799 | 48,434 | ||||||
Securities Held-to-Maturity | 2,376 | 1,765 | ||||||
Loans Held-for-Sale | 9,761 | 9,375 | ||||||
Loans Receivable, Net of Allowance for Loan Losses of $2,365 and $2,396, Respectively | 260,147 | 239,563 | ||||||
Accrued Interest Receivable | 943 | 965 | ||||||
Premises and Equipment, Net | 10,084 | 8,454 | ||||||
Bank Owned Life Insurance | 6,285 | 6,203 | ||||||
Deferred Tax Asset | 748 | 723 | ||||||
Other Assets | 553 | 414 | ||||||
Total Assets | $ | 346,307 | $ | 329,529 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits | $ | 252,764 | $ | 272,295 | ||||
Advances from Borrowers for Taxes and Insurance | 264 | 428 | ||||||
Advances from Federal Home Loan Bank of Dallas | 49,030 | 12,897 | ||||||
Other Accrued Expenses and Liabilities | 957 | 1,130 | ||||||
Total Liabilities | 303,015 | 286,750 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred Stock – 10,000,000 Shares of $.01 Par Value Authorized; None Issued and Outstanding | - | - | ||||||
Common Stock – 40,000,000 Shares of $.01 Par Value Authorized; 3,062,386 Shares Issued and 2,190,812 Shares Outstanding at December 31, 2014; 2,241,967 Shares Outstanding at June 30, 2014 | 34 | 34 | ||||||
Additional Paid-in Capital | 33,037 | 32,853 | ||||||
Treasury Stock, at Cost – 871,574 shares at December 31, 2014; 820,419 at June 30, 2014 | (16,750 | ) | (15,698 | ) | ||||
Unearned ESOP Stock | (1,503 | ) | (1,561 | ) | ||||
Unearned RRP Trust Stock | (599 | ) | (609 | ) | ||||
Retained Earnings | 28,936 | 27,588 | ||||||
Accumulated Other Comprehensive Income | 137 | 172 | ||||||
Total Stockholders' Equity | 43,292 | 42,779 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 346,307 | $ | 329,529 |
STOCKHOLDERS' EQUITY | ||||||||
Preferred Stock – 10,000,000 Shares of $.01 Par Value Authorized; None Issued and Outstanding | -- | -- |
Common Stock – 40,000,000 Shares of $.01 Par Value Authorized; 2,131,343 Shares Issued and 2,131,343 Shares Outstanding at March 31, 2015; 2,241,967 Shares Outstanding at June 30, 2014 | 25 | 34 | ||||||
Additional Paid-in Capital | 33,164 | 32,853 | ||||||
Treasury Stock, at Cost – 820,419 shares at June 30, 2014 | -- | (15,698 | ) | |||||
Unearned ESOP Stock | (1,475 | ) | (1,561 | ) | ||||
Unearned RRP Trust Stock | (333 | ) | (609 | ) | ||||
Retained Earnings | 11,632 | 27,588 | ||||||
Accumulated Other Comprehensive Income | 136 | 172 |
Total Stockholders' Equity | 43,149 | 42,779 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 357,734 | $ | 329,529 |
For the Three Months Ended December 31, | For the Six Months Ended December 31 | For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
(In Thousands, Except per Share Data) | (In Thousands, Except per Share Data) | |||||||||||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||||||
Loans, Including Fees | $ | 3,436 | $ | 2,961 | $ | 6,744 | $ | 6,011 | $ | 3,457 | $ | 2,968 | $ | 10,201 | $ | 8,979 | ||||||||||||||||
Investment Securities | 2 | 1 | 3 | 3 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||||
Mortgage-Backed Securities | 283 | 270 | 527 | 545 | 246 | 235 | 773 | 780 | ||||||||||||||||||||||||
Other Interest-Earning Assets | 2 | 3 | 4 | 8 | 1 | 2 | 6 | 10 | ||||||||||||||||||||||||
Total Interest Income | 3,723 | 3,235 | 7,278 | 6,567 | 3,706 | 3,206 | 10,985 | 9,773 | ||||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||||||
Deposits | 552 | 556 | 1,087 | 1,131 | 560 | 522 | 1,647 | 1,652 | ||||||||||||||||||||||||
Federal Home Loan Bank Borrowings | 66 | 40 | 111 | 88 | 66 | 37 | 178 | 125 | ||||||||||||||||||||||||
Other Bank Borrowings | - | 7 | - | 14 | 3 | -- | 3 | 14 | ||||||||||||||||||||||||
Total Interest Expense | 618 | 603 | 1,198 | 1,233 | 629 | 559 | 1,828 | 1,791 | ||||||||||||||||||||||||
Net Interest Income | 3,105 | 2,632 | 6,080 | 5,334 | 3,077 | 2,647 | 9,157 | 7,982 | ||||||||||||||||||||||||
PROVISION FOR LOAN LOSSES | 80 | 22 | 120 | 88 | 90 | 30 | 210 | 118 | ||||||||||||||||||||||||
Net Interest Income after Provision for Loan Losses | 3,025 | 2,610 | 5,960 | 5,246 | 2,987 | 2,617 | 8,947 | 7,864 | ||||||||||||||||||||||||
NON-INTEREST INCOME | ||||||||||||||||||||||||||||||||
Gain on Sale of Real Estate | -- | 129 | -- | 129 | ||||||||||||||||||||||||||||
Gain on Sale of Loans | 415 | 404 | 887 | 880 | 781 | 360 | 1,668 | 1,240 | ||||||||||||||||||||||||
Gain on Sale of Securities | 10 | 34 | 10 | 34 | -- | 1 | 10 | 35 | ||||||||||||||||||||||||
Income on Bank Owned Life Insurance | 41 | 44 | 83 | 88 | 40 | 43 | 123 | 131 | ||||||||||||||||||||||||
Service Charges on deposit accounts | 113 | 79 | 213 | 154 | 116 | 85 | 329 | 239 | ||||||||||||||||||||||||
Other Income | 15 | 8 | 31 | 16 | 9 | 9 | 40 | 25 | ||||||||||||||||||||||||
Total Non-Interest Income | 594 | 569 | 1,224 | 1,172 | 946 | 627 | 2,170 | 1,799 | ||||||||||||||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||||||||||||||||||
Compensation and Benefits | 1,445 | 1,346 | 2,947 | 2,730 | 1,669 | 1,474 | 4,616 | 4,204 | ||||||||||||||||||||||||
Occupancy and Equipment | 269 | 236 | 498 | 431 | 280 | 202 | 778 | 634 | ||||||||||||||||||||||||
Data Processing | 124 | 86 | 243 | 201 | 133 | 152 | 377 | 353 | ||||||||||||||||||||||||
Audit and Examination Fees | 49 | 50 | 101 | 106 | 66 | 57 | 167 | 163 | ||||||||||||||||||||||||
Franchise and Bank Shares Tax | 47 | 85 | 122 | 178 | 72 | 85 | 193 | 263 | ||||||||||||||||||||||||
Advertising | 60 | 69 | 135 | 133 | 48 | 62 | 183 | 195 | ||||||||||||||||||||||||
Legal Fees | 134 | 144 | 203 | 238 | 81 | 82 | 284 | 320 | ||||||||||||||||||||||||
Loan Collection | 50 | 32 | 117 | 64 | 144 | 28 | 261 | 92 | ||||||||||||||||||||||||
Deposit Insurance Premium | 44 | 35 | 75 | 68 | 45 | 39 | 119 | 107 | ||||||||||||||||||||||||
Other Expense | 153 | 142 | 272 | 258 | 139 | 123 | 412 | 381 | ||||||||||||||||||||||||
Total Non-Interest Expense | 2,375 | 2,225 | 4,713 | 4,407 | 2,677 | 2,304 | 7,390 | 6,712 | ||||||||||||||||||||||||
Income Before Income Taxes | 1,244 | 954 | 2,471 | 2,011 | 1,256 | 940 | 3,727 | 2,951 | ||||||||||||||||||||||||
PROVISION FOR INCOME TAX EXPENSE | 409 | 309 | 813 | 653 | 413 | 302 | 1,226 | 955 | ||||||||||||||||||||||||
Net Income | $ | 835 | $ | 645 | $ | 1,658 | $ | 1,358 | $ | 843 | $ | 638 | $ | 2,501 | $ | 1,996 | ||||||||||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.42 | $ | 0.31 | $ | 0.83 | $ | 0.64 | $ | 0.43 | $ | 0.31 | $ | 1.26 | $ | 0.96 | ||||||||||||||||
Diluted | $ | 0.41 | $ | 0.30 | $ | 0.81 | $ | 0.63 | $ | 0.42 | $ | 0.31 | $ | 1.22 | $ | 0.94 | ||||||||||||||||
DIVIDENDS DECLARED | $ | 0.07 | $ | 0.06 | $ | 0.14 | $ | 0.12 | $ | 0.07 | $ | 0.06 | $ | 0.21 | $ | 0.18 |
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(In Thousands) | ||||||||||||||||
Net Income | $ | 843 | $ | 638 | $ | 2,501 | $ | 1,996 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||
Unrealized Holding Gain (Loss) on Securities Available-for-Sale, Net of Tax of $0 and $15 in 2015, respectively, and $28 and $27 in 2014, respectively | (1 | ) | (55 | ) | (29 | ) | (53 | ) | ||||||||
Reclassification Adjustment for Gain Included in Net Income, Net of Tax of $0 and $3 in 2015, respectively, and $0 and $5 in 2014, respectively | -- | -- | (7 | ) | (10 | ) | ||||||||||
Net Other Comprehensive Income (Loss) | (1 | ) | (55 | ) | (36 | ) | (63 | ) | ||||||||
Total Comprehensive Income | $ | 842 | $ | 583 | $ | 2,465 | $ | 1,933 |
For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Net Income | $ | 835 | $ | 645 | $ | 1,658 | $ | 1,358 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||
Unrealized Holding Gain (Loss) on Securities Available-for-Sale, Net of Tax of $68 and $12 in 2014, respectively, and $149 and $20 in 2013, respectively | 132 | 289 | (24 | ) | 39 | |||||||||||
Reclassification Adjustment for Gain Included in Net Income, Net of Tax of $5 and $6 in 2014, respectively, and $18 and $24 in 2013, respectively | (9 | ) | (35 | ) | (11 | ) | (47 | ) | ||||||||
Net Other Comprehensive Income (Loss) | 123 | 254 | (35 | ) | (8 | ) | ||||||||||
Total Comprehensive Income | $ | 958 | $ | 899 | $ | 1,623 | $ | 1,350 |
Common Stock | Additional Paid-in Capital | Unearned ESOP Stock | Unearned RRP Trust Stock | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
BALANCE – June 30, 2013 | $ | 32 | $ | 32,218 | $ | (1,676 | ) | $ | (863 | ) | $ | 25,395 | $ | (13,168 | ) | $ | 44 | $ | 41,982 | |||||||||||||
Net Income | -- | -- | -- | -- | 1,996 | -- | -- | 1,996 | ||||||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | -- | (63 | ) | (63 | ) | ||||||||||||||||||||||
RRP Shares Earned | -- | -- | -- | 254 | -- | -- | -- | 254 | ||||||||||||||||||||||||
Stock Options Vested | -- | 122 | -- | -- | -- | -- | -- | 122 | ||||||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | 2 | 270 | -- | -- | -- | -- | -- | 272 | ||||||||||||||||||||||||
ESOP Compensation Earned | -- | 65 | 86 | -- | -- | -- | -- | 151 | ||||||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | -- | (2,318 | ) | -- | (2,318 | ) | ||||||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (417 | ) | -- | -- | (417 | ) | ||||||||||||||||||||||
BALANCE – March 31, 2014 | $ | 34 | $ | 32,675 | $ | (1,590 | ) | $ | (609 | ) | $ | 26,974 | $ | (15,486 | ) | $ | (19 | ) | $ | 41,979 | ||||||||||||
BALANCE – June 30, 2014 | $ | 34 | $ | 32,853 | $ | (1,561 | ) | $ | (609 | ) | $ | 27,588 | $ | (15,698 | ) | $ | 172 | $ | 42,779 | |||||||||||||
Net Income | -- | -- | -- | -- | 2,501 | -- | -- | 2,501 | ||||||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | -- | (36 | ) | (36 | ) | ||||||||||||||||||||||
RRP Shares Earned | -- | -- | -- | 276 | -- | -- | -- | 276 | ||||||||||||||||||||||||
Stock Options Vested | -- | 134 | -- | -- | -- | -- | -- | 134 | ||||||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 96 | -- | -- | -- | -- | -- | 96 | ||||||||||||||||||||||||
ESOP Compensation Earned | -- | 81 | 86 | -- | -- | -- | -- | 167 | ||||||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | -- | (2,305 | ) | -- | (2,305 | ) | ||||||||||||||||||||||
Reclassification of Treasury Stock per Louisiana Law | (9 | ) | -- | -- | -- | (17,994 | ) | 18,003 | -- | -- | ||||||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (463 | ) | -- | --- | (463 | ) | ||||||||||||||||||||||
BALANCE – March 31, 2015 | $ | 25 | $ | 33,164 | $ | (1,475 | ) | $ | (333 | ) | $ | 11,632 | $ | -- | $ | 136 | $ | 43,149 |
Common Stock | Additional Paid-in Capital | Unearned ESOP Stock | Unearned RRP Trust Stock | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
BALANCE – June 30, 2013 | $ | 32 | $ | 32,218 | $ | (1,676 | ) | $ | (863 | ) | $ | 25,395 | $ | (13,168 | ) | $ | 44 | $ | 41,982 | |||||||||||||
Net Income | -- | -- | -- | -- | 1,358 | -- | -- | 1,358 | ||||||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | -- | (8 | ) | (8 | ) | ||||||||||||||||||||||
RRP Shares Earned | -- | -- | -- | 10 | -- | -- | -- | 10 | ||||||||||||||||||||||||
Stock Options Vested | -- | 81 | -- | -- | -- | -- | -- | 81 | ||||||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | 1 | 249 | -- | -- | -- | -- | -- | 250 | ||||||||||||||||||||||||
ESOP Compensation Earned | -- | 43 | 57 | -- | -- | -- | -- | 100 | ||||||||||||||||||||||||
Acquisition of Treasury Stock | -- | -- | -- | -- | -- | (2,171 | ) | -- | (2,171 | ) | ||||||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (282 | ) | -- | -- | (282 | ) | ||||||||||||||||||||||
BALANCE – December 31, 2013 | $ | 33 | $ | 32,591 | $ | (1,619 | ) | $ | (853 | ) | $ | 26,471 | $ | (15,339 | ) | $ | 36 | $ | 41,320 | |||||||||||||
BALANCE – June 30, 2014 | $ | 34 | $ | 32,853 | $ | (1,561 | ) | $ | (609 | ) | $ | 27,588 | $ | (15,698 | ) | $ | 172 | $ | 42,779 | |||||||||||||
Net Income | -- | -- | -- | -- | 1,658 | -- | -- | 1,658 | ||||||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | -- | (35 | ) | (35 | ) | ||||||||||||||||||||||
RRP Shares Earned | -- | -- | -- | 10 | -- | -- | -- | 10 | ||||||||||||||||||||||||
Stock Options Vested | -- | 88 | -- | -- | -- | -- | -- | 88 | ||||||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 42 | -- | -- | -- | -- | -- | 42 | ||||||||||||||||||||||||
ESOP Compensation Earned | -- | 54 | 58 | -- | -- | -- | -- | 112 | ||||||||||||||||||||||||
Acquisition of Treasury Stock | -- | -- | -- | -- | -- | (1,052 | ) | -- | (1,052 | ) | ||||||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (310 | ) | -- | --- | (310 | ) | ||||||||||||||||||||||
BALANCE – December 31, 2014 | $ | 34 | $ | 33,037 | $ | ( 1,503 | ) | $ | (599 | ) | $ | 28,936 | $ | (16,750 | ) | $ | 137 | $ | 43,292 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Nine Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 2,501 | $ | 1,996 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Used in Operating Activities | ||||||||
Net Amortization and Accretion on Securities | 33 | 50 | ||||||
Gain on Sale of Securities | (10 | ) | (35 | ) | ||||
Gain on Sale of Loans | (1,668 | ) | (1,240 | ) | ||||
Amortization of Deferred Loan Fees | (120 | ) | (65 | ) | ||||
Depreciation of Premises and Equipment | 278 | 223 | ||||||
ESOP Expense | 167 | 151 | ||||||
Stock Option Expense | 134 | 122 | ||||||
Recognition and Retention Plan Expense | 176 | 157 | ||||||
Deferred Income Tax | (43 | ) | (5 | ) | ||||
Provision for Loan Losses | 210 | 118 | ||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance | (123 | ) | (131 | ) | ||||
Gain on Sale of Real Estate | -- | (129 | ) | |||||
Changes in Assets and Liabilities: | ||||||||
Loans Held-for-Sale – Originations and Purchases | (64,344 | ) | (49,753 | ) | ||||
Loans Held-for-Sale – Sale and Principal Repayments | 65,093 | 47,661 | ||||||
Accrued Interest Receivable | 15 | (140 | ) | |||||
Other Operating Assets | (339 | ) | (78 | ) | ||||
Other Operating Liabilities | (125 | ) | (93 | ) | ||||
Net Cash Provided by (Used In) Operating Activities | 1,835 | (1,191 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Loan Originations and Purchases, Net of Principal Collections | (26,041 | ) | (12,812 | ) | ||||
Deferred Loan Fees Collected | 14 | 108 | ||||||
Acquisition of Premises and Equipment | (1,994 | ) | (1,914 | ) | ||||
Proceeds from Sale of Real Estate | -- | 566 | ||||||
Activity in Available-for-Sale Securities: | ||||||||
Proceeds from Sale of Securities | 1,963 | 13,019 | ||||||
Principal Payments on Mortgage-Backed Securities | 7,895 | 8,029 | ||||||
Purchases of Securities | (9,843 | ) | (13,292 | ) | ||||
Activity in Held-to-Maturity Securities: | ||||||||
Redemption Proceeds | 462 | 488 | ||||||
Purchases of Securities | (941 | ) | (136 | ) | ||||
Net Cash Used in Investing Activities | (28,485 | ) | (5,944 | ) |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Six Months Ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 1,658 | $ | 1,358 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Used in Operating Activities | ||||||||
Net Amortization and Accretion on Securities | 7 | 38 | ||||||
Gain on Sale of Securities | (10 | ) | (34 | ) | ||||
Gain on Sale of Loans | (887 | ) | (880 | ) | ||||
Amortization of Deferred Loan Fees | (101 | ) | (40 | ) | ||||
Depreciation of Premises and Equipment | 179 | 145 | ||||||
ESOP Expense | 112 | 100 | ||||||
Stock Option Expense | 88 | 81 | ||||||
Recognition and Retention Plan Expense | 117 | 105 | ||||||
Deferred Income Tax | (6 | ) | (29 | ) | ||||
Provision for Loan Losses | 120 | 88 | ||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance | (83 | ) | (88 | ) | ||||
Changes in Assets and Liabilities: | ||||||||
Loans Held-for-Sale – Originations and Purchases | (40,827 | ) | (35,178 | ) | ||||
Loans Held-for-Sale – Sale and Principal Repayments | 41,329 | 33,921 | ||||||
Accrued Interest Receivable | 23 | (52 | ) | |||||
Other Operating Assets | (138 | ) | (99 | ) | ||||
Other Operating Liabilities | (281 | ) | (344 | ) | ||||
Net Cash Provided by (Used In) Operating Activities | 1,300 | (908 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Loan Originations and Purchases, Net of Principal Collections | (20,611 | ) | (6,025 | ) | ||||
Deferred Loan Fees Collected | 7 | 44 | ||||||
Acquisition of Premises and Equipment | (1,810 | ) | (1,726 | ) | ||||
Activity in Available-for-Sale Securities: | ||||||||
Proceeds from Sale of Securities | 1,964 | 6,782 | ||||||
Principal Payments on Mortgage-Backed Securities | 5,464 | 6,259 | ||||||
Purchases of Securities | ( 9,843 | ) | (8,798 | ) | ||||
Activity in Held-to-Maturity Securities: | ||||||||
Redemption Proceeds | 297 | 341 | ||||||
Purchases of Securities | ( 908 | ) | (135 | ) | ||||
Net Cash Used in Investing Activities | ( 25,440 | ) | (3,258 | ) |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | ||||||||
(Unaudited) | ||||||||
Six Months Ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net (Decrease) Increase in Deposits | $ | ( 19,531 | ) | $ | 13,417 | |||
Proceeds from Federal Home Loan Bank Advances | 523,700 | 296,350 | ||||||
Repayments of Advances from Federal Home Loan Bank | ( 487,567 | ) | (299,555 | ) | ||||
Net Increase in Advances from Borrowers for Taxes and Insurance | (164 | ) | (148 | ) | ||||
Dividends Paid | (310 | ) | (282 | ) | ||||
Acquisition of Treasury Stock | (1,031 | ) | (1,983 | ) | ||||
Proceeds from Stock Options Exercised | 21 | 63 | ||||||
Proceeds from other Bank Borrowings | -- | 300 | ||||||
Repayment of other Bank Borrowings | -- | (800 | ) | |||||
Net Cash Provided by Financing Activities | 15,118 | 7,362 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ( 9,022 | ) | 3,196 | |||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 13,633 | 3,685 | ||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 4,611 | $ | 6,881 | ||||
SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||
Interest Paid on Deposits and Borrowed Funds | $ | 1,153 | $ | 1,344 | ||||
Income Taxes Paid | 785 | 691 | ||||||
Market Value Adjustment for Loss on Securities Available-for-Sale | ( 53 | ) | (12 | ) |
HOME FEDERAL BANCORP, INC. OF LOUISIANA |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) |
(Unaudited) |
Nine Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net Increase in Deposits | $ | 2,511 | $ | 17,324 | ||||
Proceeds from Federal Home Loan Bank Advances | 809,800 | 401,850 | ||||||
Repayments of Advances from Federal Home Loan Bank | (784,226 | ) | (406,057 | ) | ||||
Net Increase in Advances from Borrowers for Taxes and Insurance | (26 | ) | (55 | ) | ||||
Dividends Paid | (463 | ) | (417 | ) | ||||
Company Stock Purchased | (2,284 | ) | (2,113 | ) | ||||
Proceeds from Stock Options Exercised | 76 | 67 | ||||||
Proceeds from other Bank Borrowings | 550 | 300 | ||||||
Repayment of other Bank Borrowings | (550 | ) | (800 | ) | ||||
Net Cash Provided by Financing Activities | 25,388 | 10,099 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,262 | ) | 2,964 | |||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 13,633 | 3,685 | ||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 12,371 | $ | 6,649 | ||||
SUPPLEMENTARY CASH FLOW INFORMATION | ||||||||
Interest Paid on Deposits and Borrowed Funds | $ | 1,804 | $ | 1,797 | ||||
Income Taxes Paid | 1,089 | 884 | ||||||
Market Value Adjustment for Loss on Securities Available-for-Sale | (55 | ) | (95 | ) |
December 31, 2014 | March 31, 2015 | |||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 289 | $ | 18 | $ | -- | $ | 307 | $ | 279 | $ | 18 | $ | -- | $ | 297 | ||||||||||||||||
FNMA Mortgage-Backed Certificates | 30,364 | 851 | 128 | 31,087 | 29,123 | 795 | 169 | 29,749 | ||||||||||||||||||||||||
GNMA Mortgage-Backed Certificates | 19,938 | 6 | 539 | 19,405 | 18,732 | 5 | 443 | 18,294 | ||||||||||||||||||||||||
Total Debt Securities | 50,591 | 875 | 667 | 50,799 | 48,134 | 818 | 612 | 48,340 | ||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 50,591 | $ | 875 | $ | 667 | $ | 50,799 | $ | 48,134 | $ | 818 | $ | 612 | $ | 48,340 | ||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||||||||||||||||||
21,262 Shares – Federal Home Loan Bank | $ | 2,126 | $ | -- | $ | -- | $ | 2,126 | ||||||||||||||||||||||||
19,938 Shares – Federal Home Loan Bank | $ | 1,994 | $ | -- | $ | -- | $ | 1,994 | ||||||||||||||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | 250 | -- | -- | 250 | ||||||||||||||||||||||||
Total Equity Securities | 2,376 | -- | -- | 2,376 | 2,244 | -- | -- | 2,244 | ||||||||||||||||||||||||
Total Securities Held-to-Maturity | $ | 2,376 | $ | -- | $ | -- | $ | 2,376 | $ | 2,244 | $ | -- | $ | -- | $ | 2,244 |
June 30, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 311 | $ | 12 | $ | -- | $ | 323 | $ | 311 | $ | 12 | $ | -- | $ | 323 | ||||||||||||||||
FNMA Mortgage-Backed Certificates | 24,947 | 857 | 24 | 25,780 | 24,947 | 857 | 24 | 25,780 | ||||||||||||||||||||||||
GNMA Mortgage-Backed Certificates | 22,915 | 6 | 590 | 22,331 | 22,915 | 6 | 590 | 22,331 | ||||||||||||||||||||||||
Total Debt Securities | 48,173 | 875 | 614 | 48,434 | 48,173 | 875 | 614 | 48,434 | ||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 48,173 | $ | 875 | $ | 614 | $ | 48,434 | $ | 48,173 | $ | 875 | $ | 614 | $ | 48,434 | ||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||||||||||||||||||
15,145 Shares – Federal Home Loan Bank | $ | 1,515 | $ | -- | $ | -- | $ | 1,515 | $ | 1,515 | $ | -- | $ | -- | $ | 1,515 | ||||||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | 250 | -- | -- | 250 | ||||||||||||||||||||||||
Total Equity Securities | 1,765 | -- | -- | 1,765 | 1,765 | -- | -- | 1,765 | ||||||||||||||||||||||||
Total Securities Held-to-Maturity | $ | 1,765 | $ | -- | $ | -- | $ | 1,765 | $ | 1,765 | $ | -- | $ | -- | $ | 1,765 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||
Cost | Value | Cost | Value | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||
(In Thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Within One Year or Less | $ | 2 | $ | 2 | $ | -- | $ | -- | $ | 1 | $ | 1 | $ | -- | $ | -- | ||||||||||||||||
One through Five Years | 216 | 220 | -- | -- | 211 | 215 | -- | -- | ||||||||||||||||||||||||
After Five through Ten Years | 143 | 147 | -- | -- | 118 | 122 | -- | -- | ||||||||||||||||||||||||
Over Ten Years | 50,230 | 50,430 | -- | -- | 47,804 | 48,002 | -- | -- | ||||||||||||||||||||||||
50,591 | 50,799 | -- | -- | 48,134 | 48,340 | -- | -- | |||||||||||||||||||||||||
Other Equity Securities | -- | -- | 2,376 | 2,376 | -- | -- | 2,244 | 2,244 | ||||||||||||||||||||||||
Total | $ | 50,591 | $ | 50,799 | $ | 2,376 | $ | 2,376 | $ | 48,134 | $ | 48,340 | $ | 2,244 | $ | 2,244 |
December 31, 2014 | March 31, 2015 | |||||||||||||||||||||||||||||||
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 | $ | 128 | $ | 3,778 | $ | 539 | $ | 19,279 | $ | 168 | $ | 14,765 | $ | 444 | $ | 18,178 | ||||||||||||||||
Marketable Equity Securities | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 128 | $ | 3,778 | $ | 539 | $ | 19,279 | $ | 168 | $ | 14,765 | $ | 444 | $ | 18,178 | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
Less Than Twelve Months | Over Twelve Months | |||||||||||||||
Gross | Gross | |||||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||||
Losses | Value | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
Mortgage-Backed Securities | $ | 24 | $ | 1,947 | $ | 590 | $ | 22,193 | ||||||||
Marketable Equity Securities | -- | -- | -- | -- | ||||||||||||
Total Securities Available-for-Sale | $ | 24 | $ | 1,947 | $ | 590 | $ | 22,193 | ||||||||
March 31, 2015 | June 30, 2014 | |||||||
(In Thousands) | ||||||||
Loans Secured by Mortgages on Real Estate | ||||||||
One- to Four-Family Residential | $ | 98,923 | $ | 89,545 | ||||
Commercial | 55,011 | 56,266 | ||||||
Multi-Family Residential | 15,845 | 20,368 | ||||||
Land | 23,666 | 19,945 | ||||||
Construction | 18,179 | 12,505 | ||||||
Equity and Second Mortgage | 2,599 | 2,563 | ||||||
Equity Lines of Credit | 23,996 | 14,950 | ||||||
238,219 | 216,142 | |||||||
Commercial Loans | 29,587 | 25,749 | ||||||
Consumer Loans | ||||||||
Loans on Savings Accounts | 226 | 255 | ||||||
Automobile and Other Consumer Loans | 115 | 111 | ||||||
Total Consumer and Other Loans | 341 | 366 | ||||||
Total Loans | 268,147 | 242,257 | ||||||
Less: Allowance for Loan Losses | (2,455 | ) | (2.396 | ) | ||||
Unamortized Loan Fees | ( 192 | ) | (298 | ) | ||||
Net Loans Receivable | $ | 265,500 | $ | 239,563 |
December 31, 2014 | June 30, 2014 | |||||||
(In Thousands) | ||||||||
Loans Secured by Mortgages on Real Estate | ||||||||
One- to Four-Family Residential | $ | 98,472 | $ | 89,545 | ||||
Commercial | 55,787 | 56,266 | ||||||
Multi-Family Residential | 15,845 | 20,368 | ||||||
Land | 23,283 | 19,945 | ||||||
Construction | 16,228 | 12,505 | ||||||
Equity and Second Mortgage | 2,926 | 2,563 | ||||||
Equity Lines of Credit | 21,224 | 14,950 | ||||||
233,765 | 216,142 | |||||||
Commercial Loans | 28,607 | 25,749 | ||||||
Consumer Loans | ||||||||
Loans on Savings Accounts | 242 | 255 | ||||||
Automobile and Other Consumer Loans | 103 | 111 | ||||||
Total Consumer and Other Loans | 345 | 366 | ||||||
Total Loans | 262,717 | 242,257 | ||||||
Less: Allowance for Loan Losses | (2,365 | ) | (2,396 | ) | ||||
Unamortized Loan Fees | (205 | ) | (298 | ) | ||||
Net Loans Receivable | $ | 260,147 | $ | 239,563 |
Six Months Ended December 31, | Nine Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2015 | 2014 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Balance - Beginning of Period | $ | 2,396 | $ | 2,240 | $ | 2,396 | $ | 2,240 | ||||||||
Provision for Loan Losses | 120 | 88 | 210 | 118 | ||||||||||||
Loan Charge-Offs | (151 | ) | (12 | ) | (151 | ) | (12 | ) | ||||||||
Balance - End of Period | $ | 2,365 | $ | 2,316 | $ | 2,455 | $ | 2,346 |
Special | ||||||||||||||||||||
December 31, 2014 | Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
One- to Four-Family Residential | $ | 98,345 | $ | 114 | $ | 13 | $ | - | $ | 98,472 | ||||||||||
Commercial | 55,178 | 546 | - | 63 | 55,787 | |||||||||||||||
Multi-Family Residential | 15,845 | - | - | - | 15,845 | |||||||||||||||
Land | 23,283 | - | - | - | 23,283 | |||||||||||||||
Construction | 16,228 | - | - | - | 16,228 | |||||||||||||||
Equity and Second Mortgage | 2,926 | - | - | - | 2,926 | |||||||||||||||
Equity Lines of Credit | 21,197 | - | - | 27 | 21,224 | |||||||||||||||
Commercial Loans | 28,607 | - | - | - | 28,607 | |||||||||||||||
Consumer Loans | 345 | - | - | - | 345 | |||||||||||||||
Total | $ | 261,954 | $ | 660 | $ | 13 | $ | 90 | $ | 262,717 | ||||||||||
Special | ||||||||||||||||||||
March 31, 2015 | Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
One- to Four-Family Residential | $ | 98,797 | $ | 113 | $ | 13 | $ | - | $ | 98,923 | ||||||||||
Commercial | 54,406 | 541 | - | 64 | 55,011 | |||||||||||||||
Multi-Family Residential | 15,845 | - | - | - | 15,845 | |||||||||||||||
Land | 23,666 | - | - | - | 23,666 | |||||||||||||||
Construction | 18,179 | - | - | - | 18,179 | |||||||||||||||
Equity and Second Mortgage | 2,599 | - | - | - | 2,599 | |||||||||||||||
Equity Lines of Credit | 23,972 | - | 24 | - | 23,996 | |||||||||||||||
Commercial Loans | 29,587 | - | - | - | 29,587 | |||||||||||||||
Consumer Loans | 341 | - | - | - | 341 | |||||||||||||||
Total | $ | 267,392 | $ | 654 | $ | 37 | $ | 64 | $ | 268,147 |
3. Loans Receivable (continued) Credit Quality Indicators (continued) | 3. Loans Receivable (continued) Credit Quality Indicators (continued) | 3. Loans Receivable (continued) Credit Quality Indicators (continued) | ||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Pass | Special Mention | Substandard | Doubtful | Total | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 89,345 | $ | 49 | $ | -- | $ | 151 | $ | 89,545 | $ | 89,345 | $ | 49 | $ | -- | $ | 151 | $ | 89,545 | ||||||||||||||||||||
Commercial | 53,621 | 2,645 | -- | -- | 56,266 | 53,621 | 2,645 | -- | -- | 56,266 | ||||||||||||||||||||||||||||||
Multi-Family Residential | 20,368 | -- | -- | -- | 20,368 | 20,368 | -- | -- | -- | 20,368 | ||||||||||||||||||||||||||||||
Land | 19,945 | -- | -- | -- | 19,945 | 19,945 | -- | -- | -- | 19,945 | ||||||||||||||||||||||||||||||
Construction | 12,505 | -- | -- | -- | 12,505 | 12,505 | -- | -- | -- | 12,505 | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | 2,563 | -- | -- | -- | 2,563 | 2,563 | -- | -- | -- | 2,563 | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 14,923 | -- | -- | 27 | 14,950 | 14,923 | -- | -- | 27 | 14,950 | ||||||||||||||||||||||||||||||
Commercial Loans | 25,749 | -- | -- | -- | 25,749 | 25,749 | -- | -- | -- | 25,749 | ||||||||||||||||||||||||||||||
Consumer Loans | 366 | -- | -- | -- | 366 | 366 | -- | -- | -- | 366 | ||||||||||||||||||||||||||||||
Total | $ | 239,385 | $ | 2,694 | $ | -- | $ | 178 | $ | 242,257 | $ | 239,385 | $ | 2,694 | $ | -- | $ | 178 | $ | 242,257 |
December 31, 2014 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 1,214 | $ | 861 | $ | 80 | $ | 2,155 | $ | 96,317 | $ | 98,472 | $ | 67 | $ | 1,451 | $ | 626 | $ | 80 | $ | 2,157 | $ | 96,766 | $ | 98,923 | $ | 67 | ||||||||||||||||||||||||||||
Commercial | -- | -- | 64 | 64 | 55,723 | 55,787 | -- | -- | -- | 64 | 64 | 54,947 | 55,011 | -- | ||||||||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 15,845 | 15,845 | -- | -- | -- | -- | -- | 15,845 | 15,845 | -- | ||||||||||||||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 23,283 | 23,283 | -- | -- | -- | -- | -- | 23,666 | 23,666 | -- | ||||||||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 16,228 | 16,228 | -- | -- | -- | -- | -- | 18,179 | 18,179 | -- | ||||||||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 2,926 | 2,926 | -- | -- | -- | -- | -- | 2,599 | 2,599 | -- | ||||||||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | 100 | -- | -- | 100 | 21,124 | 21,224 | -- | -- | -- | -- | -- | 23,996 | 23,996 | -- | ||||||||||||||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | 28,607 | 28,607 | -- | -- | -- | -- | -- | 29,587 | 29,587 | -- | ||||||||||||||||||||||||||||||||||||||||||
Consumer Loans | 4 | -- | -- | 4 | 341 | 345 | -- | -- | -- | -- | -- | 341 | 341 | -- | ||||||||||||||||||||||||||||||||||||||||||
$ | 1,318 | $ | 861 | $ | 144 | $ | 2,323 | $ | 260,394 | $ | 262,717 | $ | 67 | $ | 1,451 | $ | 626 | $ | 144 | $ | 2,221 | $ | 265,926 | $ | 268,147 | $ | 67 |
June 30, 2014 | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 90 Days | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 1,326 | $ | 435 | $ | 164 | $ | 1,925 | $ | 87,620 | $ | 89,545 | $ | 13 | ||||||||||||||
Commercial | -- | -- | -- | -- | 56,266 | 56,266 | -- | |||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 20,368 | 20,368 | -- | |||||||||||||||||||||
Land | -- | -- | -- | -- | 19,945 | 19,945 | -- | |||||||||||||||||||||
Construction | -- | -- | -- | -- | 12,505 | 12,505 | -- | |||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 2,563 | 2,563 | -- | |||||||||||||||||||||
Equity Lines of Credit | -- | -- | 27 | 27 | 14,923 | 14,950 | -- | |||||||||||||||||||||
Commercial Loans | 259 | -- | -- | 259 | 25,490 | 25,749 | -- | |||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 366 | 366 | -- | |||||||||||||||||||||
Total | $ | 1,585 | $ | 435 | $ | 191 | $ | 2,211 | $ | 240,046 | $ | 242,257 | $ | 13 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | 1-4 Family Residential | Commercial | Multi- Family | Land | Construction | Home Equity Loans and Lines of Credit | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | ||||||||||||||||||
Charge-Offs | (151 | ) | -- | -- | -- | -- | -- | -- | -- | (151 | ) | |||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Current Provision | 73 | (89 | ) | (49 | ) | 19 | 49 | 59 | 59 | (1 | ) | 120 | ||||||||||||||||||||||||
Ending Balances | $ | 1,146 | $ | 375 | $ | 79 | $ | 187 | $ | 154 | $ | 158 | $ | 261 | $ | 5 | $ | 2,365 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively | 1,146 | 375 | 79 | 187 | 154 | 158 | 261 | 5 | 2,365 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 98,472 | $ | 55,787 | $ | 15,845 | $ | 23,283 | $ | 16,228 | $ | 24,150 | $ | 28,607 | $ | 345 | $ | 262,717 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 127 | 609 | -- | -- | -- | 27 | -- | -- | 763 | |||||||||||||||||||||||||||
Collectively | $ | 98,345 | $ | 55,178 | $ | 15,845 | $ | 23,283 | $ | 16,228 | $ | 24,123 | $ | 28,607 | $ | 345 | $ | 261,954 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | 1-4 Family Residential | Commercial | Multi- Family | Land | Construction | Home Equity Loans and Lines of Credit | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | ||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | (12 | ) | -- | -- | (12 | ) | |||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Current Provision | 201 | 126 | 25 | 41 | (41 | ) | 26 | (210 | ) | -- | 168 | |||||||||||||||||||||||||
Ending Balances | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively | 1,224 | 464 | 128 | 168 | 105 | 99 | 202 | 6 | 2,396 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 89,545 | $ | 56,266 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,513 | $ | 25,749 | $ | 366 | $ | 242,257 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 200 | 2,645 | -- | -- | -- | 27 | -- | -- | 2,872 | |||||||||||||||||||||||||||
Collectively | $ | 89,345 | $ | 53,621 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,486 | $ | 25,749 | $ | 366 | $ | 239,385 |
Real Estate Loans | Real Estate Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | 1-4 Family Residential | Commercial | Multi-Family | Land | Construction | Home Equity Loans And Lines of Credit | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | 1-4 Family Residential | Commercial | Multi- Family | Land | Construction | Home Equity Loans and Lines of Credit | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | ||||||||||||||||||||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | -- | (12 | ) | -- | (12 | ) | (151 | ) | -- | -- | -- | -- | -- | -- | -- | (151 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Provision | 204 | (8 | ) | (11 | ) | 1 | (19 | ) | (3 | ) | (77 | ) | 1 | 88 | 152 | (83 | ) | (51 | ) | 16 | 45 | 71 | 61 | (1 | ) | 210 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances | $ | 1,227 | $ | 330 | $ | 92 | $ | 128 | $ | 127 | $ | 82 | $ | 323 | $ | 7 | $ | 2,316 | $ | 1,225 | $ | 381 | $ | 77 | $ | 184 | $ | 150 | $ | 170 | $ | 263 | $ | 5 | $ | 2,455 | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | 1,227 | 330 | 92 | 128 | 127 | 82 | 323 | 7 | 2,316 | 1,225 | 381 | 77 | 184 | 150 | 170 | 263 | 5 | 2,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 80,371 | $ | 47,863 | $ | 19,674 | $ | 14,964 | $ | 15,715 | $ | 14,306 | $ | 21,238 | $ | 467 | $ | 214,598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 98,923 | $ | 55,011 | $ | 15,845 | $ | 23,666 | $ | 18,179 | $ | 26,595 | $ | 29,587 | $ | 341 | $ | 268,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | 612 | -- | -- | -- | -- | 116 | -- | -- | 728 | 126 | 605 | -- | -- | -- | 24 | -- | -- | 755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | $ | 79,759 | $ | 47,863 | $ | 19,674 | $ | 14,964 | $ | 15,715 | $ | 14,190 | $ | 21,238 | $ | 467 | $ | 213,870 | $ | 98,797 | $ | 54,406 | $ | 15,845 | $ | 23,666 | $ | 18,179 | $ | 26,571 | $ | 29,587 | $ | 341 | $ | 267,392 |
December 31, 2014 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
One- to Four-Family Residential | $ | 127 | $ | 127 | $ | -- | $ | 127 | $ | -- | $ | 134 | ||||||||||||
Commercial | 609 | 609 | -- | 609 | -- | 629 | ||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity Lines of Credit | 27 | 27 | -- | 27 | -- | 27 | ||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total | $ | 763 | $ | 763 | $ | -- | $ | 763 | $ | -- | $ | 790 |
June 30, 2014 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
One- to Four-Family Residential | $ | 200 | $ | 200 | $ | -- | $ | 200 | $ | -- | $ | 216 | ||||||||||||
Commercial | 2,645 | 2,645 | -- | 2,645 | -- | 2,661 | ||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity Lines of Credit | 27 | 27 | -- | 27 | -- | 27 | ||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total | $ | 2,872 | $ | 2,872 | $ | -- | $ | 2,872 | $ | -- | $ | 2,904 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | 1-4 Family Residential | Commercial | Multi- Family | Land | Construction | Home Equity Loans and Lines of Credit | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | ||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | (12 | ) | -- | -- | (12 | ) | |||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Current Provision | 201 | 126 | 25 | 41 | (41 | ) | 26 | (210 | ) | -- | 168 | |||||||||||||||||||||||||
Ending Balances | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively | 1,224 | 464 | 128 | 168 | 105 | 99 | 202 | 6 | 2,396 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 89,545 | $ | 56,266 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,513 | $ | 25,749 | $ | 366 | $ | 242,257 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 200 | 2,645 | -- | -- | -- | 27 | -- | -- | 2,872 | |||||||||||||||||||||||||||
Collectively | $ | 89,345 | $ | 53,621 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,486 | $ | 25,749 | $ | 366 | $ | 239,385 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
March 31, 2014 | 1-4 Family Residential | Commercial | Multi- Family | Land | Construction | Home Equity Loans and Lines of Credit | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | ||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | -- | (12 | ) | -- | (12 | ) | |||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Current Provision | 187 | 48 | (12 | ) | 33 | (23 | ) | 3 | (122 | ) | 4 | 118 | ||||||||||||||||||||||||
Ending Balances | $ | 1,210 | $ | 386 | $ | 91 | $ | 160 | $ | 123 | $ | 88 | $ | 278 | $ | 10 | $ | 2,346 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively | 1,210 | 386 | 91 | 160 | 123 | 88 | 278 | 10 | 2,346 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 82,315 | $ | 49,834 | $ | 19,587 | $ | 17,577 | $ | 13,464 | $ | 15,906 | $ | 22,242 | $ | 460 | $ | 221,385 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 467 | 329 | -- | -- | -- | 116 | -- | -- | 912 | |||||||||||||||||||||||||||
Collectively | $ | 81,848 | $ | 49,505 | $ | 19,587 | $ | 17,577 | $ | 13,464 | $ | 15,790 | $ | 22,242 | $ | 460 | $ | 220,473 |
December 31, 2014 | June 30, 2014 | |||||||
(In Thousands) | ||||||||
Non-Interest Bearing | $ | 35,976 | $ | 43,447 | ||||
NOW Accounts | 30,402 | 24,015 | ||||||
Money Markets | 41,738 | 72,240 | ||||||
Passbook Savings | 13,123 | 12,165 | ||||||
121,239 | 151,867 | |||||||
Certificates of Deposit | 131,525 | 120,428 | ||||||
Total Deposits | $ | 252,764 | $ | 272,295 |
March 31, 2015 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
One- to Four-Family Residential | $ | 126 | $ | 126 | $ | -- | $ | 126 | $ | -- | $ | 133 | ||||||||||||
Commercial | 605 | 605 | -- | 605 | -- | 626 | ||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity Lines of Credit | 24 | 24 | -- | 24 | -- | 26 | ||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total | $ | 755 | $ | 755 | $ | -- | $ | 755 | $ | -- | $ | 785 |
June 30, 2014 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
One- to Four-Family Residential | $ | 200 | $ | 200 | $ | -- | $ | 200 | $ | -- | $ | 216 | ||||||||||||
Commercial | 2,645 | 2,645 | -- | 2,645 | -- | 2,661 | ||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity Lines of Credit | 27 | 27 | -- | 27 | -- | 27 | ||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total | $ | 2,872 | $ | 2,872 | $ | -- | $ | 2,872 | $ | -- | $ | 2,904 |
March 31, 2015 | June 30, 2014 | |||||||
(In Thousands) | ||||||||
Non-Interest Bearing | $ | 44,177 | $ | 43,447 | ||||
NOW Accounts | 31,069 | 24,015 | ||||||
Money Markets | 44,722 | 72,240 | ||||||
Passbook Savings | 17,228 | 12,165 | ||||||
137,196 | 151,867 | |||||||
Certificates of Deposit | 137,610 | 120,428 | ||||||
Total Deposits | $ | 274,806 | $ | 272,295 |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | |||||||||||||||||||||||||||||||
Net income | $ | 835 | $ | 645 | $ | 1,658 | $ | 1,358 | $ | 843 | $ | 638 | $ | 2,501 | $ | 1,996 | ||||||||||||||||
Weighted average shares outstanding - basic | 1,997 | 2,099 | 2,001 | 2,106 | 1,970 | 2,030 | 1,991 | 2,081 | ||||||||||||||||||||||||
Effect of dilutive common stock equivalents | 56 | 44 | 55 | 48 | 54 | 52 | 54 | 50 | ||||||||||||||||||||||||
Adjusted weighted average shares outstanding - diluted | 2,053 | 2,143 | 2,056 | 2,154 | 2,024 | 2,082 | 2,045 | 2,131 | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.31 | $ | 0.83 | $ | 0.64 | $ | 0.43 | $ | 0.31 | $ | 1.26 | $ | 0.96 | ||||||||||||||||
Diluted earnings per share | $ | 0.41 | $ | 0.30 | $ | 0.81 | $ | 0.63 | $ | 0.42 | $ | 0.31 | $ | 1.22 | $ | 0.94 |
Three Months Ended December 31, | Six Months Ended December 31 | Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Average common shares issued | 3,062 | 3,062 | 3,062 | 3,062 | 3,062 | 3,062 | 3,062 | 3,062 | ||||||||||||||||||||||||
Average unearned ESOP shares | (151 | ) | (163 | ) | (153 | ) | (164 | ) | (148 | ) | (160 | ) | (152 | ) | (163 | ) | ||||||||||||||||
Average unearned RRP shares | (50 | ) | (64 | ) | (50 | ) | (64 | ) | (41 | ) | (55 | ) | (47 | ) | (61 | ) | ||||||||||||||||
Average treasury shares | (864 | ) | (736 | ) | (858 | ) | (728 | ) | (903 | ) | (817 | ) | (872 | ) | (757 | ) | ||||||||||||||||
Weighted average shares outstanding | 1,997 | 2,099 | 2,001 | 2,106 | 1,970 | 2,030 | 1,991 | 2,081 |
December 31, 2014 | June 30, 2014 | March 31, 2015 | June 30, 2014 | |||||||||||||||||||||||||||||
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 | $ | 4,611 | $ | 4,611 | $ | 13,633 | $ | 13,633 | $ | 12,371 | $ | 12,371 | $ | 13,633 | $ | 13,633 | ||||||||||||||||
Securities Available-for-Sale | 50,799 | 50,799 | 48,434 | 48,434 | 48,340 | 48,340 | 48,434 | 48,434 | ||||||||||||||||||||||||
Securities to be Held-to-Maturity | 2,376 | 2,376 | 1,765 | 1,765 | 2,244 | 2,244 | 1,765 | 1,765 | ||||||||||||||||||||||||
Loans Held-for-Sale | 9,761 | 9,761 | 9,375 | 9,375 | 10,294 | 10,294 | 9,375 | 9,375 | ||||||||||||||||||||||||
Loans Receivable | 260,147 | 260,215 | 239,563 | 242,240 | 265,500 | 267,475 | 239,563 | 242,240 | ||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Deposits | 252,764 | 240,630 | 272,295 | 259,411 | 274,806 | 262,038 | 272,295 | 259,411 | ||||||||||||||||||||||||
Advances from FHLB | 49,030 | 49,370 | 12,897 | 13,266 | 38,471 | 38,843 | 12,897 | 13,266 | ||||||||||||||||||||||||
Off-Balance Sheet Items | ||||||||||||||||||||||||||||||||
Mortgage Loan Commitments | 282 | 282 | 349 | 349 | 273 | 273 | 349 | 349 |
· | Defines fair value as the price that would be received to sell an asset or paid to transfer a liability, in either case, through an orderly transaction between market participants at a measurement date and establishes a framework for measuring fair value; |
· | Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date; |
· | Nullifies the guidance in EITF 02-3, which required the deferral of profit at inception of a transaction involving a derivative financial instrument in the absence of observable data supporting the valuation technique; |
· | Eliminates large position discounts for financial instruments quoted in active markets and requires consideration of the company's creditworthiness when valuing liabilities; and |
· | Expands disclosures about instrument that are measured at fair value. |
· | Level 1 – Fair value is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets in which the Company can participate. |
· | Level 2 – Fair value is based upon (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
· | Level 3 – Fair value is based upon inputs that are unobservable for the asset or liability. These inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Company's own data. The Company's own data used to develop unobservable inputs are adjusted if information indicates that market participants would use different assumptions. |
Fair Value Measurements Using: | Fair Value Measurements Using: | |||||||||||||||||||||||||||||||
December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||||||||
March 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
FHLMC | $ | -- | $ | 307 | $ | -- | $ | 307 | $ | -- | $ | 297 | $ | -- | $ | 297 | ||||||||||||||||
FNMA | -- | 31,087 | -- | 31,087 | -- | 29,749 | -- | 29,749 | ||||||||||||||||||||||||
GNMA | -- | 19,405 | -- | 19,405 | -- | 18,294 | -- | 18,294 | ||||||||||||||||||||||||
Total | $ | -- | $ | 50,799 | $ | -- | $ | 50,799 | $ | -- | $ | 48,340 | $ | -- | $ | 48,340 |
Fair Value Measurements Using: | ||||||||||||||||
June 30, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||
(In Thousands) | ||||||||||||||||
Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC | $ | -- | $ | 323 | $ | -- | $ | 323 | ||||||||
FNMA | -- | 25,780 | -- | 25,780 | ||||||||||||
GNMA | -- | 22,331 | -- | 22,331 | ||||||||||||
Total | $ | -- | $ | 48,434 | $ | -- | $ | 48,434 |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Investment securities | $ | 54,706 | $ | 285 | 2.08 | % | $ | 45,919 | $ | 271 | 2.36 | % | ||||||||||||
Loans receivable | 268,376 | 3,436 | 5.12 | 216,626 | 2,961 | 5.47 | ||||||||||||||||||
Interest-earning deposits | 1,479 | 2 | 0.11 | 6,963 | 3 | 0.20 | ||||||||||||||||||
Total interest-earning assets | 324,561 | 3,723 | 4.59 | 269,508 | 3,235 | 4.80 | ||||||||||||||||||
Non-interest-earning assets | 21,798 | 19,699 | ||||||||||||||||||||||
Total assets | $ | 346,359 | $ | 289,207 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | 13,363 | 7 | 0.20 | 10,949 | 5 | 0.20 | ||||||||||||||||||
NOW accounts | 30,540 | 55 | 0.72 | 26,858 | 69 | 1.03 | ||||||||||||||||||
Money market accounts | 41,971 | 33 | 0.32 | 41,597 | 34 | 0.33 | ||||||||||||||||||
Certificate accounts | 129,428 | 457 | 1.41 | 114,461 | 448 | 1.56 | ||||||||||||||||||
Total deposits | 215,302 | 552 | 1.03 | 193,865 | 556 | 1.15 | ||||||||||||||||||
Other Borrowings | -- | -- | -- | 267 | 7 | 5.18 | ||||||||||||||||||
FHLB advances | 46,966 | 66 | 0.56 | 17,958 | 40 | 0.89 | ||||||||||||||||||
Total interest-bearing liabilities | 262,268 | 618 | 0.94 | % | 212,090 | 603 | 1.14 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest bearing demand accounts | 37,551 | 31,916 | ||||||||||||||||||||||
Other liabilities | 2,029 | 1,403 | ||||||||||||||||||||||
Total liabilities | 301,848 | 245,409 | ||||||||||||||||||||||
Total Stockholders' Equity(1) | 44,511 | 43,798 | ||||||||||||||||||||||
Total liabilities and equity | $ | 346,359 | $ | 289,207 | ||||||||||||||||||||
Net interest-earning assets | $ | 62,293 | $ | 57,418 | ||||||||||||||||||||
Net interest income; average interest rate spread(2) | $ | 3,105 | 3.65 | % | $ | 2,632 | 3.66 | % | ||||||||||||||||
Net interest margin(3) | 3.83 | % | 3.91 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 123.75 | % | 127.07 | % |
Six Months Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | (Dollars In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | $ | 54,263 | $ | 530 | 1.95 | % | $ | 50,616 | $ | 548 | 2.17 | % | $ | 51,340 | $ | 248 | 1.93 | % | $ | 43,010 | $ | 236 | 2.19 | % | ||||||||||||||||||||||||
Loans receivable | 260,623 | 6,744 | 5.18 | 216,183 | 6,011 | 5.56 | 276,182 | 3,457 | 5.01 | 224,019 | 2,969 | 5.30 | ||||||||||||||||||||||||||||||||||||
Interest-earning deposits | 2,835 | 4 | 0.32 | 6,138 | 8 | 0.25 | 2,443 | 1 | 0.18 | 2,940 | 2 | 0.26 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 317,721 | 7,278 | 4.58 | 272,937 | 6,567 | 4.81 | 329,965 | 3,706 | 4.49 | 269,969 | 3,207 | 4.75 | ||||||||||||||||||||||||||||||||||||
Non-interest-earning assets | 22,197 | 19,470 | 24,082 | 22,069 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 339,918 | $ | 292,407 | $ | 354,047 | $ | 292,038 | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 13,076 | 13 | 0.20 | 10,475 | 12 | 0.22 | 14,593 | 8 | 0.21 | 11,603 | 6 | 0.19 | ||||||||||||||||||||||||||||||||||||
NOW accounts | 28,383 | 100 | 0.70 | 26,197 | 137 | 1.04 | 30,659 | 59 | 0.77 | 26,941 | 57 | 0.85 | ||||||||||||||||||||||||||||||||||||
Money market accounts | 43,486 | 74 | 0.34 | 42,811 | 79 | 0.37 | 43,630 | 33 | 0.30 | 45,230 | 35 | 0.31 | ||||||||||||||||||||||||||||||||||||
Certificate accounts | 127,407 | 900 | 1.41 | 114,051 | 903 | 1.58 | 136,148 | 460 | 1.35 | 113,963 | 424 | 1.49 | ||||||||||||||||||||||||||||||||||||
Total deposits | 212,352 | 1,087 | 1.02 | 193,534 | 1,131 | 1.17 | 225,030 | 560 | 1.00 | 197,737 | 522 | 1.06 | ||||||||||||||||||||||||||||||||||||
Other bank borrowings | -- | -- | -- | 500 | 14 | 5.71 | 262 | 3 | 4.24 | |||||||||||||||||||||||||||||||||||||||
FHLB advances | 41,788 | 111 | 0.53 | 19,911 | 88 | 0.89 | 41,424 | 66 | 0.64 | 17,357 | 37 | 0.85 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 254,140 | 1,198 | 0.94 | % | 213,945 | 1,233 | 1.15 | % | 266,716 | 629 | 0.94 | % | 215,094 | 559 | 1.04 | % | ||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing demand accounts | 38,178 | 32,940 | 41,390 | 32,816 | ||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 2,153 | 1,502 | 1,423 | 907 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 294,471 | 248,387 | 309,529 | 248,817 | ||||||||||||||||||||||||||||||||||||||||||||
Total Stockholders' Equity(1) | 45,447 | 44,020 | 44,518 | 43,221 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 339,918 | $ | 292,407 | $ | 354,047 | $ | 292,038 | ||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets | $ | 63,581 | $ | 58,992 | $ | 63,249 | $ | 54,875 | ||||||||||||||||||||||||||||||||||||||||
Net interest income; average interest rate spread(2) | $ | 6,080 | 3.64 | % | $ | 5,334 | 3.66 | % | $ | 3,077 | 3.55 | % | $ | 2,648 | 3.71 | % | ||||||||||||||||||||||||||||||||
Net interest margin(3) | 3.83 | % | 3.91 | % | 3.73 | % | 3.92 | % | ||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 125.02 | % | 127.57 | % | Average interest-earning assets to average interest-bearing liabilities | 123.71 | % | 125.51 | % |
(1) | Includes retained earnings and accumulated other comprehensive loss. |
(2) | Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate on interest-bearing liabilities. |
(3) | Net interest margin is net interest income divided by net average interest-earning assets. |
Nine months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Investment securities | $ | 53,289 | $ | 777 | 1.95 | % | $ | 48,080 | $ | 784 | 2.17 | % | ||||||||||||
Loans receivable | 265,809 | 10,201 | 5.12 | 218,796 | 8,979 | 5.47 | ||||||||||||||||||
Interest-earning deposits | 2,704 | 6 | 0.27 | 5,072 | 10 | 0.25 | ||||||||||||||||||
Total interest-earning assets | 321,802 | 10,984 | 4.55 | 271,948 | 9,773 | 4.79 | ||||||||||||||||||
Non-interest-earning assets | 22,825 | 20,336 | ||||||||||||||||||||||
Total assets | $ | 344,627 | $ | 292,284 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | 13,581 | 21 | 0.20 | 10,851 | 17 | 0.21 | ||||||||||||||||||
NOW accounts | 29,142 | 159 | 0.73 | 26,445 | 194 | 0.98 | ||||||||||||||||||
Money market accounts | 43,534 | 106 | 0.32 | 43,617 | 114 | 0.35 | ||||||||||||||||||
Certificate accounts | 130,321 | 1,361 | 1.39 | 114,022 | 1,328 | 1.55 | ||||||||||||||||||
Total deposits | 216,578 | 1,647 | 1.01 | 194,935 | 1,653 | 1.13 | ||||||||||||||||||
Other bank borrowings | 88 | 3 | 4.23 | 333 | 14 | 5.70 | ||||||||||||||||||
FHLB advances | 41,666 | 178 | 0.57 | 19,060 | 125 | 0.88 | ||||||||||||||||||
Total interest-bearing liabilities | 258,332 | 1,828 | 0.94 | % | 214,328 | 1,792 | 1.11 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest bearing demand accounts | 39,249 | 32,898 | ||||||||||||||||||||||
Other liabilities | 1,909 | 1,304 | ||||||||||||||||||||||
Total liabilities | 299,490 | 248,530 | ||||||||||||||||||||||
Total Stockholders' Equity(1) | 45,137 | 43,754 | ||||||||||||||||||||||
Total liabilities and equity | $ | 344,627 | $ | 292,284 | ||||||||||||||||||||
Net interest-earning assets | $ | 63,470 | $ | 57,620 | ||||||||||||||||||||
Net interest income; average interest rate spread(2) | $ | 9,156 | 3.61 | % | $ | 7,981 | 3.68 | % | ||||||||||||||||
Net interest margin(3) | 3.79 | % | 3.91 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 124.57 | % | 126.88 | % |
(1) | Includes retained earnings and accumulated other comprehensive loss. |
(2) | Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate on interest-bearing liabilities. |
(3) | Net interest margin is net interest income divided by net average interest-earning assets. |
(a) | Not applicable. |
(b) | Not applicable. |
(c) | Purchases of Equity Securities |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (a) | ||||||||||||
October 1, 2014 – October 31, 2014 | -- | $ | -- | -- | 65,715 | |||||||||||
November 1, 2014 – November 30, 2014 | 5,841 | 19.58 | 5,841 | 59,874 | ||||||||||||
December 1, 2014 –December 31, 2014 | 8,000 | 20.05 | 8,000 | 51,874 | ||||||||||||
Total | 13,841 | 19.85 | 13,841 | 51,874 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (a)(b) | ||||||||||||
January 1, 2015 – January 31, 2015 | 26,919 | $ | 19.34 | 26,919 | 24,955 | |||||||||||
February 1, 2015 – February 28, 2015 | 37,600 | 19.47 | 37,600 | 95,355 | ||||||||||||
March 1, 2015 –March 31, 2015 | -- | -- | -- | 95,355 | ||||||||||||
Total | 64,519 | $ | 19.42 | 64,519 | 95,355 |
(a) | On January 28, 2014, the Company announced by press release a repurchase program to repurchase up to 115,000 shares, or approximately 5.0% of the Company's outstanding shares of common stock. The repurchase program was completed on February 20, 2015. |
(b) | On February 11, 2015, the Company announced by press release a repurchase program to repurchase up to 108,000 shares, or approximately 5.0% of the Company's outstanding shares of Common Stock. The repurchase program does not have an expiration date. |
No. | Description | |||
10.0 | Home Federal Bank Loan Officer Incentive Compensation Plan | |||
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Co-Principal Executive Officer | |||
31.2 | Rule 13a-14(a)/15d-14(a) Certification of Co-Principal Executive Officer | |||
31.3 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer | |||
32.0 | Certification Pursuant to 18 U.S.C Section 1350 | |||
101.INS | XBRL Instance Document | |||
101.SCH | XBRL Taxonomy Extension Schema Document | |||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||
101.DEF | XBRL Taxonomy Extension Definitions Linkbase Document |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | |||
Date: | By: | /s/Glen W. Brown | |
Glen W. Brown | |||
Senior Vice President and Chief Financial Officer | |||
(Duly authorized officer and principal financial and accounting officer) |