UNITED STATES | |
SECURITIES AND EXCHANGE COMMISSION | |
Washington, DC 20549 | |
FORM 10-Q | |
(Mark One) | |
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) |
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock (par value $.01 per share) | HFBL | Nasdaq Stock Market, LLC |
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. |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. |
Large accelerated filer | Accelerated filer | ||||
Non-accelerated filer | [X] | Smaller reporting company | [X] | ||
Emerging growth company | [ ] |
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. [ ] |
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 | | |
Notes to Consolidated Financial Statements | | |
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) |
December 31, 2020 | June 30, 2020 | |||||||||||||||
September 30, 2020 | June 30, 2020 | (In Thousands) | ||||||||||||||
(In Thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $69,505 and $50,417 September 30, 2020 and June 30, 2020, Respectively) | $ | 75,628 | $ | 54,871 | ||||||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $75,195 and $50,417 December 31, 2020 and June 30, 2020, Respectively) | $ | 79,795 | $ | 54,871 | ||||||||||||
Securities Available-for-Sale | 38,375 | 42,060 | 33,060 | 42,060 | ||||||||||||
Securities Held-to-Maturity (Fair Value of $19,261 and $21,879, Respectively) | 18,351 | 20,858 | ||||||||||||||
Securities Held-to-Maturity (Fair Value of $32,222 and $21,879, Respectively) | 31,309 | 20,858 | ||||||||||||||
Loans Held-for-Sale | 27,842 | 14,798 | 27,904 | 14,798 | ||||||||||||
Loans Receivable, Net of Allowance for Loan Losses of $4,553 and $4,081, Respectively | 354,793 | 359,927 | ||||||||||||||
Loans Receivable, Net of Allowance for Loan Losses of $3,790 and $4,081, Respectively | 336,363 | 359,927 | ||||||||||||||
Accrued Interest Receivable | 1,622 | 1,860 | 1,406 | 1,860 | ||||||||||||
Premises and Equipment, Net | 13,918 | 13,235 | 14,838 | 13,235 | ||||||||||||
Bank Owned Life Insurance | 7,120 | 7,087 | 7,154 | 7,087 | ||||||||||||
Deferred Tax Asset | 945 | 757 | 787 | 757 | ||||||||||||
Foreclosed Assets | 950 | 950 | 750 | 950 | ||||||||||||
Other Assets | �� | 2,081 | 1,817 | 2,028 | 1,817 | |||||||||||
Total Assets | $ | 541,625 | $ | 518,220 | $ | 535,394 | $ | 518,220 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
LIABILITIES | ||||||||||||||||
Deposits: | ||||||||||||||||
Non-interest bearing | $ | 120,987 | $ | 103,422 | $ | 106,883 | $ | 103,422 | ||||||||
Interest-bearing | 362,718 | 357,388 | 370,976 | 357,388 | ||||||||||||
Total Deposits | 483,705 | 460,810 | 477,859 | 460,810 | ||||||||||||
Advances from Borrowers for Taxes and Insurance | 926 | 522 | 333 | 522 | ||||||||||||
Short-term Federal Home Loan Bank Advances | 125 | 193 | 57 | 193 | ||||||||||||
Long-term Federal Home Loan Bank Advances | 858 | 867 | 850 | 867 | ||||||||||||
Other Borrowings | 1,500 | 2,300 | 2,500 | 2,300 | ||||||||||||
Other Accrued Expenses and Liabilities | 3,459 | 2,993 | 2,333 | 2,993 | ||||||||||||
Total Liabilities | 490,573 | 467,685 | 483,932 | 467,685 | ||||||||||||
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; 1,716,842 and 1,724,512 Shares Issued and Outstanding at September 30, 2020 and June 30, 2020, Respectively | 22 | 22 | ||||||||||||||
Common Stock – $.01 Par Value; 40,000,000 Shares Authorized; 1,689,527 and 1,724,512 Shares Issued and Outstanding at December 31, 2020 and June 30, 2020, Respectively | 22 | 22 | ||||||||||||||
Additional Paid-in Capital | 36,643 | 36,531 | 36,970 | 36,531 | ||||||||||||
Unearned ESOP Stock | (841 | ) | (870 | ) | (812 | ) | (870 | ) | ||||||||
Retained Earnings | 14,515 | 13,937 | 14,629 | 13,937 | ||||||||||||
Accumulated Other Comprehensive Income | 713 | 915 | 653 | 915 | ||||||||||||
Total Stockholders’ Equity | 51,052 | 50,535 | 51,462 | 50,535 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 541,625 | $ | 518,220 | $ | 535,394 | $ | 518,220 |
For the Three Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
(In Thousands, Except per Share Data) | ||||||||
INTEREST INCOME | ||||||||
Loans, Including Fees | $ | 4,647 | $ | 4,653 | ||||
Investment Securities | 2 | 16 | ||||||
Mortgage-Backed Securities | 317 | 390 | ||||||
Other Interest-Earning Assets | 18 | 109 | ||||||
Total Interest Income | 4,984 | 5,168 | ||||||
INTEREST EXPENSE | ||||||||
Deposits | 971 | 1,335 | ||||||
Other Borrowings | 14 | 4 | ||||||
Federal Home Loan Bank Borrowings | 12 | 15 | ||||||
Total Interest Expense | 997 | 1,354 | ||||||
Net Interest Income | 3,987 | 3,814 | ||||||
PROVISION FOR LOAN LOSSES | 700 | 175 | ||||||
Net Interest Income after Provision for Loan Losses | 3,287 | 3,639 | ||||||
NON-INTEREST INCOME | ||||||||
Gain on Sale of Real Estate | -- | 80 | ||||||
Gain on Sale of Loans | 1,411 | 567 | ||||||
Income on Bank Owned Life Insurance | 34 | 35 | ||||||
Service Charges on Deposit Accounts | 248 | 272 | ||||||
Other Income | 13 | 10 | ||||||
Total Non-Interest Income | 1,706 | 964 | ||||||
NON-INTEREST EXPENSE | ||||||||
Compensation and Benefits | 2,214 | 1,806 | ||||||
Occupancy and Equipment | 376 | 372 | ||||||
Data Processing | 194 | 160 | ||||||
Audit and Examination Fees | 66 | 56 | ||||||
Franchise and Bank Shares Tax | 108 | �� | 115 | |||||
Advertising | 26 | 147 | ||||||
Legal Fees | 131 | 110 | ||||||
Loan and Collection | 94 | 119 | ||||||
Deposit Insurance Premium | 30 | -- | ||||||
Other Expense | 184 | 192 | ||||||
Total Non-Interest Expense | 3,423 | 3,077 | ||||||
Income Before Income Taxes | 1,570 | 1,526 | ||||||
PROVISION FOR INCOME TAX EXPENSE | 323 | 279 | ||||||
Net Income | $ | 1,247 | $ | 1,247 | ||||
EARNINGS PER COMMON SHARE: | ||||||||
Basic | $ | 0.76 | $ | 0.73 | ||||
Diluted | $ | 0.74 | $ | 0.68 | ||||
DIVIDENDS DECLARED | $ | 0.165 | $ | 0.16 |
For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(In Thousands, Except per Share Data) | ||||||||||||||||
INTEREST INCOME | ||||||||||||||||
Loans, Including Fees | $ | 5,074 | $ | 4,632 | $ | 9,721 | $ | 9,284 | ||||||||
Investment Securities | 1 | 15 | 4 | 31 | ||||||||||||
Mortgage-Backed Securities | 281 | 427 | 597 | 817 | ||||||||||||
Other Interest-Earning Assets | 24 | 88 | 42 | 198 | ||||||||||||
Total Interest Income | 5,380 | 5,162 | 10,364 | 10,330 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 877 | 1,360 | 1,848 | 2,695 | ||||||||||||
Other Borrowings | 17 | 13 | 30 | 17 | ||||||||||||
Federal Home Loan Bank Borrowings | 11 | 14 | 23 | 30 | ||||||||||||
Total Interest Expense | 905 | 1,387 | 1,901 | 2,742 | ||||||||||||
Net Interest Income | 4,475 | 3,775 | 8,463 | 7,588 | ||||||||||||
PROVISION FOR LOAN LOSSES | 600 | 950 | 1,300 | 1,125 | ||||||||||||
Net Interest Income after Provision for Loan Losses | 3,875 | 2,825 | 7,163 | 6,463 | ||||||||||||
NON-INTEREST INCOME | ||||||||||||||||
Gain on Sale of Loans | 1,207 | 580 | 2,618 | 1,147 | ||||||||||||
Gain on Sale of Real Estate | -- | -- | -- | 80 | ||||||||||||
Income on Bank Owned Life Insurance | 33 | 35 | 67 | 71 | ||||||||||||
Service Charges on Deposit Accounts | 253 | 291 | 500 | 564 | ||||||||||||
Other Income | 15 | 11 | 28 | 20 | ||||||||||||
Total Non-Interest Income | 1,508 | 917 | 3,213 | 1,882 | ||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||
Compensation and Benefits | 2,138 | 1,890 | 4,352 | 3,696 | ||||||||||||
Occupancy and Equipment | 393 | 356 | 769 | 728 | ||||||||||||
Data Processing | 201 | 131 | 395 | 291 | ||||||||||||
Audit and Examination Fees | 63 | 57 | 129 | 114 | ||||||||||||
Franchise and Bank Shares Tax | 89 | 122 | 198 | 237 | ||||||||||||
Advertising | 47 | 65 | 73 | 212 | ||||||||||||
Legal Fees | 134 | 153 | 264 | 262 | ||||||||||||
Loan and Collection | 83 | 50 | 177 | 169 | ||||||||||||
Deposit Insurance Premium | 38 | -- | 68 | -- | ||||||||||||
Valuation Adjustment Real Estate Owned | 200 | -- | 200 | -- | ||||||||||||
Other Expense | 204 | 183 | 388 | 375 | ||||||||||||
Total Non-Interest Expense | 3,590 | 3,007 | 7,013 | 6,084 | ||||||||||||
Income Before Income Taxes | 1,793 | 735 | 3,363 | 2,261 | ||||||||||||
PROVISION FOR INCOME TAX EXPENSE | 390 | 147 | 713 | 426 | ||||||||||||
Net Income | $ | 1,403 | $ | 588 | $ | 2,650 | $ | 1,835 | ||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||
Basic | $ | 0.87 | $ | 0.35 | $ | 1.63 | $ | 1.07 | ||||||||
Diluted | $ | 0.83 | $ | 0.32 | $ | 1.58 | $ | 1.00 | ||||||||
DIVIDENDS DECLARED | $ | 0.165 | $ | 0.16 | $ | 0.33 | $ | 0.32 |
For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||||||||||||||||||||||
For the Three Months Ended September 30, | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
2020 | 2019 | (In Thousands) | (In Thousands) | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Net Income | $ | 1,247 | $ | 1,247 | $ | 1,403 | $ | 588 | $ | 2,650 | $ | 1,835 | ||||||||||||
Other Comprehensive (Loss) Income, Net of Tax | ||||||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||||||
Net unrealized (Losses)/Gains | (256 | ) | 83 | (75 | ) | (197 | ) | (331 | ) | (114 | ) | |||||||||||||
Income Tax Effect | 54 | (17 | ) | 15 | 41 | 69 | 24 | |||||||||||||||||
Reclassification adjustments for net (gains) losses realized in net income | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Income tax effect | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Other Comprehensive (Loss) Income | (202 | ) | 66 | (60 | ) | (156 | ) | (262 | ) | (90 | ) | |||||||||||||
Total Comprehensive Income | $ | 1,045 | $ | 1,313 | $ | 1,343 | $ | 432 | $ | 2,388 | $ | 1,745 |
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, 2019 | $ | 23 | $ | 35,914 | $ | (985 | ) | $ | -- | $ | 15,370 | $ | 20 | $ | 50,342 | |||||||||||||
Net Income | -- | -- | -- | -- | 1,247 | -- | 1,247 | |||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | 66 | 66 | |||||||||||||||||||||
RRP Shares Earned | -- | 24 | -- | -- | -- | -- | 24 | |||||||||||||||||||||
Stock Options Vested | -- | 35 | -- | -- | -- | -- | 35 | |||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 4 | -- | -- | -- | -- | 4 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 66 | 29 | -- | -- | -- | 95 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (1,783 | ) | -- | (1,783 | ) | |||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (293 | ) | -- | (293 | ) | |||||||||||||||||||
BALANCE – September 30, 2019 | $ | 23 | $ | 36,043 | $ | (956 | ) | $ | -- | $ | 14,541 | $ | 86 | $ | 49,737 | |||||||||||||
BALANCE – June 30, 2020 | $ | 22 | $ | 36,531 | $ | (870 | ) | $ | -- | $ | 13,937 | $ | 915 | $ | 50,535 | |||||||||||||
Net Income | -- | -- | -- | -- | 1,247 | -- | 1,247 | |||||||||||||||||||||
Changes in Unrealized Gain on Securities Available- for-Sale, Net of Tax Effects | -- | -- | -- | -- | -- | (202 | ) | (202 | ) | |||||||||||||||||||
RRP Shares Earned | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Stock Options Vested | -- | 34 | -- | -- | -- | -- | 34 | |||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 38 | -- | -- | -- | -- | 38 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 40 | 29 | -- | -- | -- | 69 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (387 | ) | -- | (387 | ) | |||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (282 | ) | -- | (282 | ) | |||||||||||||||||||
BALANCE – September 30, 2020 | $ | 22 | $ | 36,643 | $ | (841 | ) | $ | -- | $ | 14,515 | $ | 713 | $ | 51,052 |
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 – September 30, 2019 | $ | 23 | $ | 36,043 | $ | (956 | ) | $ | -- | $ | 14,541 | $ | 86 | $ | 49,737 | |||||||||||||
Net Income | -- | -- | -- | -- | 588 | -- | 588 | |||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | (156 | ) | (156 | ) | |||||||||||||||||||
Share Awards Earned | -- | 134 | -- | -- | -- | -- | 134 | |||||||||||||||||||||
RRP Shares Earned | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Stock Options Vested | -- | 34 | -- | -- | -- | -- | 34 | |||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 46 | -- | -- | -- | -- | 46 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 70 | 29 | -- | -- | -- | 99 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (222 | ) | -- | (222 | ) | |||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (286 | ) | -- | (286 | ) | |||||||||||||||||||
BALANCE – December 31, 2019 | $ | 23 | $ | 36,327 | $ | (927 | ) | $ | -- | $ | 14,621 | $ | (70 | ) | $ | 49,974 | ||||||||||||
BALANCE – September 30, 2020 | $ | 22 | $ | 36,643 | $ | (841 | ) | $ | -- | $ | 14,515 | $ | 713 | $ | 51,052 | |||||||||||||
Net Income | -- | -- | -- | -- | 1,403 | -- | 1,403 | |||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | (60 | ) | (60 | ) | |||||||||||||||||||
Share Awards Earned | -- | 134 | -- | -- | -- | -- | 134 | |||||||||||||||||||||
RRP Shares Earned | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Stock Options Vested | -- | 21 | -- | -- | -- | -- | 21 | |||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 126 | -- | -- | -- | -- | 126 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 46 | 29 | -- | -- | -- | 75 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (1,006 | ) | -- | (1,006 | ) | |||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (283 | ) | -- | (283 | ) | |||||||||||||||||||
BALANCE – December 31, 2020 | $ | 22 | $ | 36,970 | $ | (812 | ) | $ | -- | $ | 14,629 | $ | 653 | $ | 51,462 |
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, 2019 | $ | 23 | $ | 35,914 | $ | (985 | ) | $ | -- | $ | 15,370 | $ | 20 | $ | 50,342 | |||||||||||||
Net Income | -- | -- | -- | -- | 1,835 | -- | 1,835 | |||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | (90 | ) | (90 | ) | |||||||||||||||||||
Share Awards Earned | -- | 134 | -- | -- | -- | -- | 134 | |||||||||||||||||||||
RRP Shares Earned | -- | 24 | -- | -- | -- | -- | 24 | |||||||||||||||||||||
Stock Options Vested | -- | 69 | -- | -- | -- | -- | 69 | |||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 50 | -- | -- | -- | -- | 50 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 136 | 58 | -- | -- | -- | 194 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (2,005 | ) | -- | (2,005 | ) | |||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (579 | ) | -- | (579 | ) | |||||||||||||||||||
BALANCE – December 31, 2019 | $ | 23 | $ | 36,327 | $ | (927 | ) | $ | -- | $ | 14,621 | $ | (70 | ) | $ | 49,974 | ||||||||||||
BALANCE – June 30, 2020 | $ | 22 | $ | 36,531 | $ | (870 | ) | $ | -- | $ | 13,937 | $ | 915 | $ | 50,535 | |||||||||||||
Net Income | -- | -- | -- | -- | 2,650 | -- | 2,650 | |||||||||||||||||||||
Changes in Unrealized Gain on Securities Available-for- Sale, Net of Tax Effects | -- | -- | -- | -- | -- | (262 | ) | (262 | ) | |||||||||||||||||||
Share Awards Earned | -- | 134 | -- | -- | -- | -- | 134 | |||||||||||||||||||||
RRP Shares Earned | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Stock Options Vested | -- | 55 | -- | -- | -- | -- | 55 | |||||||||||||||||||||
Common Stock Issuance for Stock Option Exercises | -- | 164 | -- | -- | -- | -- | 164 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 86 | 58 | -- | -- | -- | 144 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (1,393 | ) | -- | (1,393 | ) | |||||||||||||||||||
Dividends Declared | -- | -- | -- | -- | (565 | ) | -- | (565 | ) | |||||||||||||||||||
BALANCE – December 31, 2020 | $ | 22 | $ | 36,970 | $ | (812 | ) | $ | -- | $ | 14,629 | $ | 653 | $ | 51,462 |
Three Months Ended | ||||||||
September 30, | ||||||||
2020 | 2019 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 1,247 | $ | 1,247 | ||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | ||||||||
Bad Debt Recovery | 52 | 2 | ||||||
Federal Home Loan Bank stock certificate | (2 | ) | 16 | |||||
Net Amortization and Accretion on Securities | 44 | 32 | ||||||
Gain on Sale of Loans | (1,411 | ) | (567 | ) | ||||
Gain on Sale of Real Estate | -- | (80 | ) | |||||
Amortization of Deferred Loan Fees | (216 | ) | (38 | ) | ||||
Depreciation of Premises and Equipment | 168 | 161 | ||||||
ESOP Expense | 69 | 95 | ||||||
Stock Option Expense | 34 | 35 | ||||||
Recognition and Retention Plan Expense | -- | 2 | ||||||
Deferred Income Tax | (188 | ) | (17 | ) | ||||
Provision for Loan Losses | 700 | 175 | ||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance | (34 | ) | (35 | ) | ||||
Share Awards Expense | 37 | 4 | ||||||
Changes in Assets and Liabilities: | ||||||||
Loans Held-for-Sale – Originations and Purchases | (60,258 | ) | (24,441 | ) | ||||
Loans Held-for-Sale – Sale and Principal Repayments | 48,625 | 21,573 | ||||||
Accrued Interest Receivable | 238 | 70 | ||||||
Other Operating Assets | (264 | ) | (212 | ) | ||||
Other Operating Liabilities | 429 | 489 | ||||||
Net Cash Used in Operating Activities | (10,730 | ) | (1,489 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Loan Originations and Purchases, Net of Principal Collections | 4,586 | 1,027 | ||||||
Deferred Loan Fees Collected | 67 | 2 | ||||||
Acquisition of Premises and Equipment | (851 | ) | (357 | ) | ||||
Proceeds Sale of Land | -- | 796 | ||||||
Activity in Available-for-Sale Securities: | ||||||||
Principal Payments on Mortgage-Backed Securities | 8,488 | 3,216 | ||||||
Purchases of Securities | (5,090 | ) | (4,975 | ) | ||||
Activity in Held-to-Maturity Securities: | ||||||||
Principal Payments on Mortgage-Backed Securities | 2,496 | 1,330 | ||||||
Net Cash Provided by Investing Activities | 9,696 | 1,039 |
Six Months Ended | ||||||||
December 31, | ||||||||
2020 | 2019 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 2,650 | $ | 1,835 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash (Used in) Provided by Operating Activities | ||||||||
Bad Debt Recovery | 55 | 5 | ||||||
Federal Home Loan Bank stock certificate | (3 | ) | 31 | |||||
Net Amortization and Accretion on Securities | 68 | 51 | ||||||
Gain on Sale of Real Estate | -- | (80 | ) | |||||
Gain on Sale of Loans | (2,618 | ) | (1,147 | ) | ||||
Amortization of Deferred Loan Fees | (881 | ) | (76 | ) | ||||
Depreciation of Premises and Equipment | 333 | 323 | ||||||
ESOP Expense | 144 | 194 | ||||||
Stock Option Expense | 55 | 69 | ||||||
Recognition and Retention Plan Expense | -- | 2 | ||||||
Deferred Income Tax | (30 | ) | (45 | ) | ||||
Valuation Adjustment Real Estate Owned | 200 | -- | ||||||
Provision for Loan Losses | 1,300 | 1,125 | ||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance | (67 | ) | (71 | ) | ||||
Share Awards Expense | 62 | 74 | ||||||
Changes in Assets and Liabilities: | ||||||||
Loans Held-for-Sale – Originations and Purchases | (114,889 | ) | (50,982 | ) | ||||
Loans Held-for-Sale – Sale and Principal Repayments | 104,401 | 46,944 | ||||||
Accrued Interest Receivable | 454 | 62 | ||||||
Other Operating Assets | (211 | ) | (135 | ) | ||||
Other Operating Liabilities | (660 | ) | (283 | ) | ||||
Net Cash Used in Operating Activities | (9,637 | ) | (2,104 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Loan Originations and Purchases, Net of Principal Collections | 23,016 | 121 | ||||||
Deferred Loan Fees Collected | 82 | 107 | ||||||
Acquisition of Premises and Equipment | (1,936 | ) | (653 | ) | ||||
Proceeds Sale of Land | -- | 796 | ||||||
Activity in Available-for-Sale Securities: | ||||||||
Principal Payments on Mortgage-Backed Securities | 13,698 | 5,735 | ||||||
Purchases of Securities | (5,077 | ) | (21,250 | ) | ||||
Activity in Held-to-Maturity Securities: | ||||||||
Principal Payments on Mortgage-Backed Securities | 3,500 | 2,943 | ||||||
Sale/Redemptions of Securities | 2,437 | |||||||
Purchase of Securities | (16,406 | ) | -- | |||||
Net Cash Provided by (Used in) Investing Activities | 19,314 | (12,201 | ) |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | HOME FEDERAL BANCORP, INC. OF LOUISIANA | HOME FEDERAL BANCORP, INC. OF LOUISIANA | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Net Increase in Deposits | $ | 22,895 | $ | 16,851 | $ | 17,049 | $ | 13,201 | ||||||||
Repayments of Advances from Federal Home Loan Bank | (77 | ) | (73 | ) | (153 | ) | (146 | ) | ||||||||
Proceeds from Other Borrowings | 700 | 1,000 | ||||||||||||||
Repayments of Other Borrowings | (1,500 | ) | (450 | ) | (1,500 | ) | (450 | ) | ||||||||
Net Increase in Advances from Borrowers for Taxes and Insurance | 404 | 226 | ||||||||||||||
Net Decrease in Advances from Borrowers for Taxes and Insurance | (189 | ) | (312 | ) | ||||||||||||
Dividends Paid | (282 | ) | (293 | ) | (565 | ) | (579 | ) | ||||||||
Company Stock Purchased | (387 | ) | (1,783 | ) | (1,393 | ) | (2,005 | ) | ||||||||
Proceeds from Stock Options Exercised | 38 | 4 | 164 | 50 | ||||||||||||
Proceeds from Other Bank Borrowings | 1,700 | 1,200 | ||||||||||||||
Plan Share Distributions | 134 | 134 | ||||||||||||||
Net Cash Provided by Financing Activities | 21,791 | 15,482 | 15,247 | 11,093 | ||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 20,757 | 15,032 | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 24,924 | (3,212 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | $ | 54,871 | $ | 18,108 | $ | 54,871 | $ | 18,108 | ||||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 75,628 | $ | 33,140 | $ | 79,795 | $ | 14,896 | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||||||
Interest Paid on Deposits and Borrowed Funds | $ | 1,008 | $ | 1,361 | $ | 1,968 | $ | 1,887 | ||||||||
Income Taxes Paid | 275 | 150 | 925 | 580 | ||||||||||||
Market Value Adjustment for Unrealized Gain (Loss) on Debt Securities Available-for-Sale | (256 | ) | 83 | |||||||||||||
Market Value Adjustment for Unrealized Gain (Loss) on Debt Securities Available- for-Sale | (331 | ) | (115 | ) |
(In Thousands) | September 30, 2020 | June 30, 2020 | |
Lease Right-of-Use Assets | Classification | ||
Operating lease right-of-use assets | Other Assets | $ 869 | $ 877 |
Total Lease Right-of-Use Assets | $ 869 | $ 877 | |
Lease Liabilities | |||
Operating lease liabilities | Other Accrued Expenses and Liabilities | $ 879 | $ 887 |
Total Lease Liabilities | $ 879 | $ 887 | |
September 30, 2020 | June 30, 2020 | |
Weighted-average remaining lease term | ||
Operating leases | 38.1 years | 38.4 years |
Weighted-average discount rate | ||
Operating leases | 3.00% | 3.00% |
December 31, 2020 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 3,184 | $ | 74 | $ | -- | $ | 3,258 | ||||||||
FNMA Mortgage-Backed Certificates | 21,425 | 822 | -- | 22,247 | ||||||||||||
GNMA Mortgage-Backed Certificates | 7,624 | 2 | 71 | 7,555 | ||||||||||||
Debt Securities | ||||||||||||||||
Total Debt Securities | 32,233 | 898 | 71 | 33,060 | ||||||||||||
Total Securities Available-for-Sale | $ | 32,233 | $ | 898 | $ | 71 | $ | 33,060 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Debt Securities | ||||||||||||||||
GNMA Mortgage-Backed Certificates | $ | 944 | $ | 16 | $ | -- | $ | 960 | ||||||||
FNMA Mortgage-Backed Certificates | 5,005 | -- | 32 | 4,973 | ||||||||||||
FHLMC Mortgage-Backed Certificates | 23,465 | 922 | -- | 24,387 | ||||||||||||
Total Debt Securities | 29,414 | 938 | 32 | 30,320 | ||||||||||||
Municipals | 1,369 | 7 | -- | 1,376 | ||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
276 Shares – Federal Home Loan Bank | 276 | -- | -- | 276 | ||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | ||||||||||||
Total Equity Securities | 526 | -- | -- | 526 | ||||||||||||
Total Securities Held-to-Maturity | $ | 31,309 | $ | 945 | $ | 32 | $ | 32,222 |
September 30, 2020 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 4,197 | $ | 115 | $ | -- | $ | 4,312 | ||||||||
FNMA Mortgage-Backed Certificates | 24,623 | 818 | -- | 25,441 | ||||||||||||
GNMA Mortgage-Backed Certificates | 8,653 | 9 | 40 | 8,622 | ||||||||||||
Debt Securities | ||||||||||||||||
Total Debt Securities | 37,473 | 942 | 40 | 38,375 | ||||||||||||
Total Securities Available-for-Sale | $ | 37,473 | $ | 942 | $ | 40 | $ | 38,375 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Debt Securities | ||||||||||||||||
GNMA Mortgage-Backed Certificates | $ | 949 | $ | 15 | $ | -- | $ | 964 | ||||||||
FNMA Mortgage-Backed Certificates | 14,199 | 888 | -- | 15,087 | ||||||||||||
Total Debt Securities | 15,148 | 903 | -- | 16,051 | ||||||||||||
Municipals | 241 | 7 | -- | 248 | ||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
27,118 Shares – Federal Home Loan Bank | 2,712 | -- | -- | 2,712 | ||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | ||||||||||||
Total Equity Securities | 2,962 | -- | -- | 2,962 | ||||||||||||
Total Securities Held-to-Maturity | $ | 18,351 | $ | 910 | $ | -- | $ | 19,261 |
June 30, 2020 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 5,018 | $ | 141 | $ | -- | $ | 5,159 | ||||||||
FNMA Mortgage-Backed Certificates | 30,820 | 1,032 | -- | 31,852 | ||||||||||||
GNMA Mortgage-Backed Certificates | 5,064 | 23 | 38 | 5,049 | ||||||||||||
Total Debt Securities | 40,902 | 1,196 | 38 | 42,060 | ||||||||||||
Total Securities Available-for-Sale | $ | 40,902 | $ | 1,196 | $ | 38 | $ | 42,060 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Debt Securities | ||||||||||||||||
GNMA Mortgage-Backed Securities | $ | 1,109 | $ | 20 | $ | -- | $ | 1,129 | ||||||||
FNMA Mortgage-Backed Securities | 16,546 | 997 | -- | 17,543 | ||||||||||||
Total Debt Securities | 17,655 | 1,017 | -- | 18,672 | ||||||||||||
Municipals | 243 | 4 | -- | 247 | ||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
27,094 Shares – Federal Home Loan Bank | 2,710 | -- | -- | 2,710 | ||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | ||||||||||||
Total Equity Securities | 2,960 | -- | -- | 2,960 | ||||||||||||
Total Securities Held-to-Maturity | $ | 20,858 | $ | 1,021 | $ | -- | $ | 21,879 |
Available-for-Sale | Held-to-Maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||
Cost | Value | Cost | Value | Cost | Value | Cost | Value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Within One Year or Less | $ | 11 | $ | 12 | $ | -- | $ | -- | $ | 665 | $ | 652 | $ | -- | $ | -- | ||||||||||||||||
One through Five Years | 10,002 | 10,248 | -- | -- | 7,385 | 7,606 | -- | -- | ||||||||||||||||||||||||
After Five through Ten Years | 22,383 | 23,038 | -- | -- | 19,170 | 19,820 | -- | -- | ||||||||||||||||||||||||
Over Ten Years | 5,077 | 5,077 | 15,148 | 16,051 | 5,013 | 4,982 | 29,414 | 30,320 | ||||||||||||||||||||||||
37,473 | 38,375 | 15,148 | 16,051 | 32,233 | 33,060 | 29,414 | 30,320 | |||||||||||||||||||||||||
Municipals | -- | -- | 241 | 248 | -- | -- | 1,370 | 1,377 | ||||||||||||||||||||||||
Other Equity Securities | -- | -- | 2,962 | 2,962 | -- | -- | 525 | 525 | ||||||||||||||||||||||||
Total | $ | 37,473 | $ | 38,375 | $ | 18,351 | $ | 19,261 | $ | 32,233 | $ | 33,060 | $ | 31,309 | $ | 32,222 | ||||||||||||||||
September 30, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | $ | -- | $ | -- | $ | 40 | $ | 2,227 | $ | 31 | $ | 4,982 | $ | 40 | $ | 1,969 | ||||||||||||||||
Total Securities Available-for-Sale | $ | -- | $ | -- | $ | 40 | $ | 2,227 | $ | 31 | $ | 4,982 | $ | 40 | $ | 1,969 |
June 30, 2020 | ||||||||||||||||
Less Than Twelve Months | Over Twelve Months | |||||||||||||||
Gross | Gross | |||||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||||
Losses | Value | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Mortgage-Backed Securities | $ | -- | $ | -- | $ | 38 | $ | 2,816 | ||||||||
Total Securities Available-for-Sale | $ | -- | $ | -- | $ | 38 | $ | 2,816 |
September 30, 2020 | June 30, 2020 | December 31, 2020 | June 30, 2020 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Loans Secured by Mortgages on Real Estate | ||||||||||||||||
One-to-Four Family Residential | $ | 103,667 | $ | 108,146 | $ | 103,703 | $ | 108,146 | ||||||||
Commercial | 89,171 | 87,088 | 86,406 | 87,088 | ||||||||||||
Multi-Family Residential | 46,482 | 47,432 | 45,714 | 47,432 | ||||||||||||
Land | 17,829 | 18,068 | 15,553 | 18,068 | ||||||||||||
Construction | 9,518 | 8,159 | 11,672 | 8,159 | ||||||||||||
Equity and Second Mortgage | 1,464 | 1,410 | 1,442 | 1,410 | ||||||||||||
Equity Lines of Credit | 11,532 | 12,252 | 10,493 | 12,252 | ||||||||||||
Total Mortgage Loans | 279,663 | 282,555 | 274,983 | 282,555 | ||||||||||||
Commercial Loans | 80,070 | 81,909 | 64,890 | 81,909 | ||||||||||||
Consumer Loans | ||||||||||||||||
Loans on Savings Accounts | 342 | 364 | 350 | 364 | ||||||||||||
Other Consumer Loans | 558 | 615 | 568 | 615 | ||||||||||||
Total Consumer Other Loans | 900 | 979 | 918 | 979 | ||||||||||||
Total Loans | 360,633 | 365,443 | 340,791 | 365,443 | ||||||||||||
Less: Allowance for Loan Losses | (4,553 | ) | (4,081 | ) | (3,790 | ) | (4,081 | ) | ||||||||
Unamortized Loan Fees | (1,287 | ) | (1,435 | ) | (638 | ) | (1,435 | ) | ||||||||
Net Loans Receivable | $ | 354,793 | $ | 359,927 | $ | 336,363 | $ | 359,927 |
Three Months Ended September 30, | Six Months Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Balance - Beginning of Period | $ | 4,081 | $ | 3,452 | $ | 4,081 | $ | 3,452 | ||||||||
Provision for Loan Losses | 700 | 175 | 1,300 | 1,125 | ||||||||||||
Loan Charge-Offs | (280 | ) | (45 | ) | (1,646 | ) | (1,084 | ) | ||||||||
Recoveries | 52 | 2 | 55 | 4 | ||||||||||||
Balance - End of Period | $ | 4,553 | $ | 3,584 | $ | 3,790 | $ | 3,497 |
September 30, 2020 | Pass and Pass Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
December 31, 2020 | Pass and Pass Watch | Special Mention | Substandard | Dboubtful | Total | |||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 102,528 | $ | 472 | $ | 667 | $ | -- | $ | 103,667 | $ | 102,704 | $ | 360 | $ | 639 | $ | $ | 103,703 | |||||||||||||||||||||
Commercial | 85,616 | -- | 3,555 | -- | 89,171 | 83,309 | -- | 3,097 | -- | 86,406 | ||||||||||||||||||||||||||||||
Multi-Family Residential | 46,482 | -- | -- | -- | 46,482 | 45,714 | -- | -- | -- | 45,714 | ||||||||||||||||||||||||||||||
Land | 14,848 | -- | 2,981 | -- | 17,829 | 13,479 | -- | 2,074 | -- | 15,553 | ||||||||||||||||||||||||||||||
Construction | 9,518 | -- | -- | -- | 9,518 | 11,672 | -- | -- | -- | 11,672 | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | 1,464 | -- | -- | -- | 1,464 | 1,442 | -- | -- | -- | 1,442 | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 11,515 | 17 | -- | -- | 11,532 | 10,493 | -- | -- | -- | 10,493 | ||||||||||||||||||||||||||||||
Commercial Loans | 80,070 | -- | -- | -- | 80,070 | 64,890 | -- | -- | -- | 64,890 | ||||||||||||||||||||||||||||||
Consumer Loans | 900 | -- | -- | -- | 900 | 918 | -- | -- | -- | 918 | ||||||||||||||||||||||||||||||
Total | $ | 334,621 | $ | 360 | $ | 5,810 | $ | -- | $ | 340,791 | ||||||||||||||||||||||||||||||
Totals | $ | 352,941 | $ | 489 | $ | 7,203 | $ | -- | $ | 360,633 | ||||||||||||||||||||||||||||||
June 30, 2020 | Pass and Pass Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||
One-to-Four Family Residential | $ | 106,886 | $ | 475 | $ | 785 | $ | -- | $ | 108,146 | ||||||||||
Commercial | 83,376 | 1,915 | 1,797 | -- | 87,088 | |||||||||||||||
Multi-Family Residential | 47,432 | -- | -- | -- | 47,432 | |||||||||||||||
Land | 15,087 | -- | 2,981 | -- | 18,068 | |||||||||||||||
Construction | 8,159 | -- | -- | -- | 8,159 | |||||||||||||||
Equity and Second Mortgage | 1,410 | -- | -- | -- | 1,410 | |||||||||||||||
Equity Lines of Credit | 12,235 | 17 | -- | -- | 12,252 | |||||||||||||||
Commercial Loans | 81,452 | -- | 457 | -- | 81,909 | |||||||||||||||
Consumer Loans | 979 | -- | -- | -- | 979 | |||||||||||||||
Total | $ | 357,016 | $ | 2,407 | $ | 6,020 | $ | -- | $ | 365,443 |
Recorded | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
>90 Days | ||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Total Loans | and | |||||||||||||||||||||||
September 30, 2020 | Past Due | Past Due | More | Past Due | Current | Receivable | Accruing | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 800 | $ | 240 | $ | -- | $ | 1,040 | $ | 102,627 | $ | 103,667 | $ | -- | ||||||||||||||
Commercial | -- | -- | 1,641 | 1,641 | 87,530 | 89,171 | -- | |||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 46,482 | 46,482 | -- | |||||||||||||||||||||
Land | -- | -- | 2,981 | 2,981 | 14,848 | 17,829 | -- | |||||||||||||||||||||
Construction | -- | -- | -- | -- | 9,518 | 9,518 | -- | |||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,464 | 1,464 | -- | |||||||||||||||||||||
Equity Lines of Credit | 17 | -- | -- | 17 | 11,515 | 11,532 | -- | |||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | 80,070 | 80,070 | -- | |||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 900 | 900 | -- | |||||||||||||||||||||
Total | $ | 817 | $ | 240 | $ | 4,622 | $ | 5,679 | $ | 354,954 | $ | 360,633 | $ | -- |
December 31, 2020 | 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 | $ | 220 | $ | 374 | $ | 841 | $ | 1,435 | $ | 102,268 | $ | 103,703 | $ | 174 | ||||||||||||||
Commercial | -- | -- | 1,183 | 1,183 | 85,223 | 86,406 | -- | |||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 45,714 | 45,714 | -- | |||||||||||||||||||||
Land | -- | -- | 2,074 | 2,074 | 13,479 | 15,553 | -- | |||||||||||||||||||||
Construction | -- | -- | -- | -- | 11,672 | 11,672 | -- | |||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,442 | 1,442 | -- | |||||||||||||||||||||
Equity Lines of Credit | 120 | -- | -- | 120 | 10,373 | 10,493 | -- | |||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | 64,890 | 64,890 | -- | |||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 918 | 918 | -- | |||||||||||||||||||||
Total | $ | 340 | $ | 374 | $ | 4,098 | $ | 4,812 | $ | 335,979 | $ | 340,791 | $ | 174 |
June 30, 2020 | 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 | 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 | $ | 1,312 | $ | 557 | $ | 1,003 | $ | 2,872 | $ | 105,274 | $ | 108,146 | $ | 319 | $ | 1,312 | $ | 557 | $ | 1,003 | $ | 2,872 | $ | 105,274 | $ | 108,146 | $ | 319 | ||||||||||||||||||||||||||||
Commercial | -- | -- | 1,797 | 1,797 | 85,291 | 87,088 | -- | -- | -- | 1,797 | 1,797 | 85,291 | 87,088 | -- | ||||||||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 47,432 | 47,432 | -- | -- | -- | -- | -- | 47,432 | 47,432 | -- | ||||||||||||||||||||||||||||||||||||||||||
Land | -- | -- | 2,981 | 2,981 | 15,087 | 18,068 | -- | -- | -- | 2,981 | 2,981 | 15,087 | 18,068 | -- | ||||||||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 8,159 | 8,159 | -- | -- | -- | -- | -- | 8,159 | 8,159 | -- | ||||||||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,410 | 1,410 | -- | -- | -- | -- | -- | 1,410 | 1,410 | -- | ||||||||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | -- | -- | -- | -- | 12,252 | 12,252 | -- | -- | -- | -- | -- | 12,252 | 12,252 | -- | ||||||||||||||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | 457 | 457 | 81,452 | 81,909 | -- | -- | -- | 457 | 457 | 81,452 | 81,909 | -- | ||||||||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 979 | 979 | -- | -- | -- | -- | -- | 979 | 979 | -- | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,312 | $ | 557 | $ | 6,238 | $ | 8,107 | $ | 357,336 | $ | 365,443 | $ | 319 | $ | 1,312 | $ | 557 | $ | 6,238 | $ | 8,107 | $ | 357,336 | $ | 365,443 | $ | 319 |
Real Estate Loans | Real Estate Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | 1-4 Family Residential | Commercial | Multi- Family | Land | Construction | Home Equity Loans and Lines of Credit | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 966 | $ | 568 | $ | 364 | $ | 1,024 | $ | 80 | $ | 126 | $ | 949 | $ | 4 | $ | 4,081 | $ | 966 | $ | 568 | $ | 364 | $ | 1,024 | $ | 80 | $ | 126 | $ | 949 | $ | 4 | $ | 4,081 | ||||||||||||||||||||||||||||||||||||
Charge-Offs | (40 | ) | (240 | ) | -- | -- | -- | -- | -- | -- | (280 | ) | (41 | ) | (698 | ) | -- | (907 | ) | -- | -- | -- | -- | (1,646 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | 3 | 49 | -- | 52 | 1 | -- | -- | -- | -- | 5 | 49 | -- | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Provision | (53 | ) | 728 | (7 | ) | (4 | ) | 14 | (10 | ) | 33 | (1 | ) | 700 | 1 | 679 | 134 | (19 | ) | 30 | 30 | 446 | (1 | ) | 1,300 | |||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances | $ | 873 | $ | 1,056 | $ | 357 | $ | 1,020 | $ | 94 | $ | 119 | $ | 1,031 | $ | 3 | $ | 4,553 | $ | 927 | $ | 549 | $ | 498 | $ | 98 | $ | 110 | $ | 161 | $ | 1,444 | $ | 3 | $ | 3,790 | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | 14 | 458 | -- | 907 | -- | -- | -- | -- | 1,379 | 14 | -- | -- | -- | -- | -- | -- | -- | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | 859 | 598 | 357 | 113 | 94 | 119 | 1,031 | 3 | 3,174 | 913 | 549 | 498 | 98 | 110 | 161 | 1,444 | 3 | 3,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 103,667 | $ | 89,171 | $ | 46,482 | $ | 17,829 | $ | 9,518 | $ | 12,996 | $ | 80,070 | $ | 900 | $ | 360,633 | $ | 103,703 | $ | 86,406 | $ | 45,714 | $ | 15,553 | $ | 11,672 | $ | 11,935 | $ | 64,890 | $ | 918 | $ | 340,791 | ||||||||||||||||||||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually | 1,140 | 3,555 | -- | 2,981 | -- | 16 | -- | -- | 7,692 | 1,026 | 3,098 | -- | 2,074 | -- | -- | -- | -- | 6,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively | $ | 102,527 | $ | 85,616 | $ | 46,482 | $ | 14,848 | $ | 9,518 | $ | 12,980 | $ | 80,070 | $ | 900 | $ | 352,941 | $ | 102,677 | $ | 83,308 | $ | 45,714 | $ | 13,479 | $ | 11,672 | $ | 11,935 | $ | 64,890 | $ | 918 | $ | 334,593 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
June 30, 2020 | 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 | $ | 1,017 | $ | 508 | $ | 338 | $ | 100 | $ | 115 | $ | 144 | $ | 1,227 | $ | 3 | $ | 3,452 | ||||||||||||||||||
Charge-Offs | (40 | ) | (100 | ) | -- | -- | -- | (107 | ) | (1,135 | ) | -- | (1,382 | ) | ||||||||||||||||||||||
Recoveries | 2 | -- | -- | -- | -- | 9 | 109 | -- | 120 | |||||||||||||||||||||||||||
Current Provision | (13 | ) | 160 | 26 | 924 | (35 | ) | 80 | 748 | 1 | 1,891 | |||||||||||||||||||||||||
Ending Balances | $ | 966 | $ | 568 | $ | 364 | $ | 1,024 | $ | 80 | $ | 126 | $ | 949 | $ | 4 | $ | 4,081 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 34 | 23 | -- | 907 | -- | -- | -- | -- | 964 | |||||||||||||||||||||||||||
Collectively | 932 | 545 | 364 | 117 | 80 | 126 | 949 | 4 | 3,117 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 108,146 | $ | 87,088 | $ | 47,432 | $ | 18,068 | $ | 8,159 | $ | 13,662 | $ | 81,909 | $ | 979 | $ | 365,443 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 1,260 | 3,712 | -- | 2,981 | -- | 17 | 457 | -- | 8,427 | |||||||||||||||||||||||||||
Collectively | $ | 106,886 | $ | 83,376 | $ | 47,432 | $ | 15,087 | $ | 8,159 | $ | 13,645 | $ | 81,452 | $ | 979 | $ | 357,016 |
September 30, 2020 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 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 | $ | 1,139 | $ | 1,139 | $ | -- | $ | 1,139 | $ | -- | $ | 1,179 | $ | 1,026 | $ | 1,026 | $ | -- | $ | 1,026 | $ | -- | $ | 1,047 | ||||||||||||||||||||||||
Commercial | 3,555 | 1,915 | 1,640 | 3,555 | 458 | 3,939 | 3,098 | 3,098 | -- | 3,098 | -- | 3,692 | ||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Land | 2,981 | -- | 2,981 | 2,981 | 907 | 2,981 | 2,074 | 2,074 | -- | 2,074 | -- | 2,868 | ||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | 17 | 17 | -- | 17 | -- | 17 | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Total | $ | 7,692 | $ | 2,351 | $ | 5,341 | $ | 7,692 | $ | 1,365 | $ | 8,116 | $ | 6,198 | $ | 6,198 | $ | -- | $ | 6,198 | $ | -- | $ | 7,607 |
June 30, 2020 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
One-to-Four Family Residential | $ | 1,260 | $ | 1,260 | $ | -- | $ | 1,260 | $ | -- | $ | 1,271 | ||||||||||||
Commercial | 3,712 | 3,712 | -- | 3,712 | -- | 5,108 | ||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Land | 2,981 | -- | 2,981 | 2,981 | 907 | 2,981 | ||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity Lines of Credit | 17 | 17 | -- | 17 | -- | 17 | ||||||||||||||||||
Commercial Loans | 457 | 457 | -- | 457 | -- | 457 | ||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total | $ | 8,427 | $ | 5,446 | $ | 2,981 | $ | 8,427 | $ | 907 | $ | 9,834 |
September 30, 2020 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial business | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||
1-4 Family Residential | -- | -- | -- | -- | ||||||||||||
Commercial real estate | -- | 1,641 | 1,641 | 1,641 | ||||||||||||
June 30, 2020 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial business | $ | -- | $ | 457 | $ | 457 | $ | 457 | ||||||||
1-4 Family Residential | -- | 76 | 76 | 76 | ||||||||||||
Commercial real estate | -- | 1,797 | 1,797 | 1,797 |
December 31, 2020 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial business | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||
1-4 Family Residential | -- | -- | -- | -- | ||||||||||||
Commercial real estate | -- | 1,183 | 1,183 | 1,183 | ||||||||||||
June 30, 2020 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial business | $ | -- | $ | 457 | $ | 457 | $ | 457 | ||||||||
1-4 Family Residential | -- | 76 | 76 | 76 | ||||||||||||
Commercial real estate | -- | 1,797 | 1,797 | 1,797 |
Number of Covid-19 Deferments Year Ended June 30, 2020 | Balance (in thousands) | Percent of Total Loans at at June 30, 2020 | Number of Covid-19 Remaining Deferments at December 31, 2020 | Balance (in thousands) | Percent of Total Loans at December 31, 2020 | |||||||||||||||||||
One-to-Four family residential | 101 | $ | 27,705 | 25.6 | % | 2 | $ | 2,314 | 2.4 | % | ||||||||||||||
Commercial real estate | 40 | 28,278 | 32.5 | 2 | 2,937 | 3.4 | ||||||||||||||||||
Multi-family residential | 9 | 18,046 | 38.0 | -- | -- | -- | ||||||||||||||||||
Land | 7 | 1,190 | 6.6 | -- | -- | -- | ||||||||||||||||||
Construction | 1 | 680 | 8.3 | -- | -- | -- | ||||||||||||||||||
Equity and second mortgage | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Equity lines of credit | 19 | 1,586 | 12.9 | 2 | 228 | 2.2 | ||||||||||||||||||
Commercial business | 39 | 6,609 | 8.1 | 4 | 465 | 0.7 | ||||||||||||||||||
Consumer | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total | 216 | $ | 84,094 | 23.0 | % | 10 | $ | 5,944 | 1.7 | % | ||||||||||||||
Number of Covid-19 Remaining Deferments at September 30, 2020 | Balance (in thousands) | Percent of Total Loans at September 30, 2020 | ||||||||||||||||||||||
One-to-Four family residential | 7 | $ | 1,115 | 1.1 | % | |||||||||||||||||||
Commercial real estate | 2 | 2,937 | 3.3 | |||||||||||||||||||||
Multi-family residential | -- | -- | -- | |||||||||||||||||||||
Land | 1 | 1,224 | 6.9 | |||||||||||||||||||||
Construction | -- | -- | -- | |||||||||||||||||||||
Equity and second mortgage | -- | -- | -- | |||||||||||||||||||||
Equity lines of credit | 3 | 148 | 1.3 | |||||||||||||||||||||
Commercial business | 6 | 752 | 0.9 | |||||||||||||||||||||
Consumer | -- | -- | -- | |||||||||||||||||||||
Total | 19 | $ | 6,176 | 1.7 | % |
Number of Covid-19 Deferments Year Ended June 30, 2020 | Balance (in thousands) | Percent of Total Loans at June 30, 2020 | ||||||||||
One-to-Four family residential | 101 | $ | 27,705 | 25.6 | % | |||||||
Commercial real estate | 40 | 28,278 | 32.5 | |||||||||
Multi-family residential | 9 | 18,046 | 38.0 | |||||||||
Land | 7 | 1,190 | 6.6 | |||||||||
Construction | 1 | 680 | 8.3 | |||||||||
Equity and second mortgage | -- | -- | -- | |||||||||
Equity lines of credit | 19 | 1,586 | 12.9 | |||||||||
Commercial business | 39 | 6,609 | 8.1 | |||||||||
Consumer | -- | -- | -- | |||||||||
Total | 216 | $ | 84,094 | 23.0 | % |
September 30, 2020 | June 30, 2020 | December 31, 2020 | June 30, 2020 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Non-Interest Bearing | $ | 120,987 | $ | 103,422 | $ | 106,883 | $ | 103,422 | ||||||||
NOW Accounts | 43,236 | 41,365 | 46,704 | 41,365 | ||||||||||||
Money Markets | 72,666 | 74,637 | 76,070 | 74,637 | ||||||||||||
Passbook Savings | 95,233 | 83,797 | 108,264 | 83,797 | ||||||||||||
332,122 | 303,221 | 337,921 | 303,221 | |||||||||||||
Certificates of Deposit | 151,583 | 157,589 | 139,938 | 157,589 | ||||||||||||
Total Deposits | $ | 483,705 | $ | 460,810 | $ | 477,859 | $ | 460,810 |
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||
Three Months Ended September 30, | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
2020 | 2019 | (In Thousands, Except Per Share Data) | ||||||||||||||||||||||
(In Thousands, Except Per Share Data) | ||||||||||||||||||||||||
Net income | $ | 1,247 | $ | 1,247 | $ | 1,403 | $ | 588 | $ | 2,650 | $ | 1,835 | ||||||||||||
Weighted average shares outstanding - basic | 1,631 | 1,717 | ||||||||||||||||||||||
Weighted average shares outstanding – basic | 1,617 | 1,699 | 1,624 | 1,707 | ||||||||||||||||||||
Effect of dilutive common stock equivalents | 64 | 125 | 67 | 133 | 57 | 129 | ||||||||||||||||||
Adjusted weighted average shares outstanding – diluted | 1,695 | 1,842 | 1,684 | 1,832 | 1,681 | 1,836 | ||||||||||||||||||
Basic earnings per share | $ | 0.76 | $ | 0.73 | $ | 0.87 | $ | 0.35 | $ | 1.63 | $ | 1.07 | ||||||||||||
Diluted earnings per share | $ | 0.74 | $ | 0.68 | $ | 0.83 | $ | 0.32 | $ | 1.58 | $ | 1.00 |
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||
Three Months Ended September 30, | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
2020 | 2019 | (In Thousands) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Average common shares issued | 1,717 | 1,815 | 3,062 | 3,062 | 3,062 | 3,062 | ||||||||||||||||||
Average unearned ESOP shares | (86 | ) | (97 | ) | (82 | ) | (94 | ) | (84 | ) | (95 | ) | ||||||||||||
Average unearned RRP shares | -- | (1 | ) | -- | -- | -- | (1 | ) | ||||||||||||||||
Average Company stock purchased | (1,363 | ) | (1,269 | ) | (1,354 | ) | (1,259 | ) | ||||||||||||||||
Weighted average shares outstanding | 1,631 | 1,717 | 1,617 | 1,699 | 1,624 | 1,707 |
September 30, 2020 | June 30, 2020 | December 31, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||
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 | $ | 75,628 | $ | 75,628 | $ | 54,871 | $ | 54,871 | $ | 79,795 | $ | 79,795 | $ | 54,871 | $ | 54,871 | ||||||||||||||||
Securities Available-for-Sale | 38,375 | 38,375 | 42,060 | 42,060 | 33,060 | 33,060 | 42,060 | 42,060 | ||||||||||||||||||||||||
Securities to be Held-to-Maturity | 18,351 | 19,261 | 20,858 | 21,879 | 31,309 | 32,222 | 20,858 | 21,879 | ||||||||||||||||||||||||
Loans Held-for-Sale | 27,842 | 27,842 | 14,798 | 14,798 | 27,904 | 27,904 | 14,798 | 14,798 | ||||||||||||||||||||||||
Loans Receivable | 354,793 | $ | 355,390 | 359,927 | $ | 359,581 | 336,363 | $ | 333,962 | 359,927 | $ | 359,581 | ||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 483,705 | $ | 479,842 | $ | 460,810 | $ | 458,994 | $ | 477,859 | $ | 472,465 | $ | 460,810 | $ | 458,994 | ||||||||||||||||
Advances from FHLB | 984 | 1,066 | 1,060 | 1,150 | 907 | 980 | 1,060 | 1,150 | ||||||||||||||||||||||||
Off-Balance Sheet Items | ||||||||||||||||||||||||||||||||
Mortgage Loan Commitments | $ | 9,560 | $ | 9,560 | $ | 8,536 | $ | 8,536 | $ | 8,388 | $ | 8,388 | $ | 8,536 | $ | 8,536 |
Fair Value Measurements Using: | ||||||||||||||||
December 31, 2020 | 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 | $ | -- | $ | 3,258 | $ | -- | $ | 3,258 | ||||||||
FNMA | -- | 22,247 | -- | 22,247 | ||||||||||||
GNMA | -- | 7,555 | -- | 7,555 | ||||||||||||
Total | $ | -- | $ | 33,060 | $ | -- | $ | 33,060 |
Fair Value Measurements Using: | ||||||||||||||||
June 30, 2020 | 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 | $ | -- | $ | 5,159 | $ | -- | $ | 5,159 | ||||||||
FNMA | -- | 31,852 | -- | 31,852 | ||||||||||||
GNMA | -- | 5,059 | -- | 5,049 | ||||||||||||
Total | $ | -- | $ | 42,060 | $ | -- | $ | 42,060 |
(In Thousands) | December 31, 2020 | June 30, 2020 | |||||||
Lease Right-of-Use Assets | Classification | ||||||||
Operating lease right-of-use assets | Other Assets | $ | 866 | $ | 877 | ||||
Total Lease Right-of-Use Assets | $ | 866 | $ | 877 | |||||
Lease Liabilities | |||||||||
Operating lease liabilities | Other Accrued Expenses and Liabilities | $ | 878 | $ | 887 | ||||
Total Lease Liabilities | $ | 878 | $ | 887 | |||||
Fair Value Measurements Using: | ||||||||||||||||
September 30, 2020 | 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 | $ | -- | $ | 4,312 | $ | -- | $ | 4,312 | ||||||||
FNMA | -- | 25,441 | -- | 25,441 | ||||||||||||
GNMA | -- | 8,622 | -- | 8,622 | ||||||||||||
Total | $ | -- | $ | 38,375 | $ | -- | $ | 38,375 |
December 31, 2020 | June 30, 2020 | |
Weighted-average remaining lease term | ||
Operating leases | 37.9 years | 38.4 years |
Weighted-average discount rate | ||
Operating leases | 3.00% | 3.00% |
Fair Value Measurements Using: | ||||||||||||||||
June 30, 2020 | 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 | $ | -- | $ | 5,159 | $ | -- | $ | 5,159 | ||||||||
FNMA | -- | 31,852 | -- | 31,852 | ||||||||||||
GNMA | -- | 5,059 | -- | 5,049 | ||||||||||||
Total | $ | -- | $ | 42,060 | $ | -- | $ | 42,060 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended September 30, | Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | $ | 378,516 | $ | 5,074 | 5.32 | % | $ | 331,368 | $ | 4,632 | 5.55 | % | ||||||||||||||||||||||||||||||||||||
Investment securities | $ | 58,881 | $ | 319 | 2.15 | % | $ | 65,520 | $ | 406 | 2.46 | % | 60,890 | 282 | 1.84 | 72,291 | 442 | 2.43 | ||||||||||||||||||||||||||||||
Loans receivable | 373,311 | 4,647 | 4.94 | 331,368 | 4,653 | 5.57 | ||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | 60,651 | 18 | 0.12 | 19,659 | 109 | 2.20 | 68.242 | 24 | 0.14 | 21.481 | 88 | 1.63 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 492,843 | 4,984 | 4.01 | % | 416,547 | 5,168 | 4.92 | % | $ | 507,648 | 5,380 | 4.20 | % | $ | 425,140 | 5,162 | 4.82 | % | ||||||||||||||||||||||||||||||
Non-interest-earning assets | 35,121 | 27,491 | 31,566 | 32,515 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 527,964 | $ | 444,038 | $ | 539,214 | $ | 457,655 | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | $ | 90,621 | 158 | 0.69 | % | $ | 46,630 | 121 | 1.03 | % | $ | 101,802 | 153 | 0.60 | % | $ | 57,878 | 194 | 1.33 | % | ||||||||||||||||||||||||||||
NOW accounts | 40,611 | 32 | 0.31 | 31,254 | 49 | 0.62 | 43,605 | 24 | 0.22 | 31,133 | 50 | 0.64 | ||||||||||||||||||||||||||||||||||||
Money market accounts | 73,180 | 75 | 0.41 | 74,407 | 229 | 1.22 | 73,316 | 65 | 0.35 | 75,371 | 230 | 1.21 | ||||||||||||||||||||||||||||||||||||
Certificate accounts | 156,320 | 706 | 1.79 | 176,897 | 936 | 2.10 | 147,322 | 635 | 1.71 | 168,834 | 886 | 2.08 | ||||||||||||||||||||||||||||||||||||
Total deposits | 360,732 | 971 | 1.07 | 329,188 | 1,335 | 1.61 | ||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 366,045 | 877 | 0.95 | 333,216 | 1,360 | 1.62 | ||||||||||||||||||||||||||||||||||||||||||
Other Borrowings | 1,752 | 14 | 3.17 | 343 | 4 | 4.63 | 2,043 | 17 | 3.30 | 1,063 | 13 | 4.85 | ||||||||||||||||||||||||||||||||||||
FHLB advances | 1,010 | 12 | 4.71 | 1,307 | 15 | 4.55 | 933 | 11 | 4.68 | 1,233 | 14 | 4.66 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 363,494 | 997 | 1.09 | % | $ | 330,838 | 1,354 | 1.62 | % | $ | 369,021 | 905 | 0.97 | % | $ | 335,512 | 1,387 | 1.64 | % | ||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing demand accounts | 111,352 | 62,167 | 114,983 | 67,460 | ||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 3,498 | 2,168 | 3,766 | 4,340 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 478,344 | 395,173 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 487,770 | 407,312 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Stockholders’ Equity(1) | 49,620 | 48,865 | 51,444 | 50,343 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 527,964 | $ | 444,038 | $ | 539,214 | $ | 457,655 | ||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets | $ | 129,349 | $ | 85,709 | $ | 138,627 | $ | 89,628 | ||||||||||||||||||||||||||||||||||||||||
Net interest income; average interest rate spread(2) | $ | 3,987 | 2.92 | % | $ | 3,814 | 3.30 | % | $ | 4,475 | 3.23 | % | $ | 3,775 | 3.18 | % | ||||||||||||||||||||||||||||||||
Net interest margin(3) | 3.21 | % | 3.63 | % | 3.50 | % | 3.52 | % | ||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 135.58 | % | 125.91 | % | 137.57 | % | 126.71 | % | ||||||||||||||||||||||||||||||||||||||||
(1) | Includes retained earnings and accumulated other comprehensive loss. |
(2) | Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate on interest-bearing liabilities. |
(3) | Net interest margin is net interest income divided by net average interest-earning assets. |
Six Months Ended December 31, | ||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | |||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans receivable | $ | 379,377 | $ | 9,721 | 5.08 | % | $ | 333,955 | $ | 9,284 | 5.52 | % | ||||||||||||
Investment securities | 59,021 | 601 | 2.02 | 68,905 | 848 | 2.44 | ||||||||||||||||||
Interest-earning deposits | 64,447 | 42 | 0.13 | 20,570 | 198 | 1.91 | ||||||||||||||||||
Total interest-earning assets | $ | 502,845 | 10,364 | 4.09 | % | $ | 423,430 | 10,330 | 4.84 | % | ||||||||||||||
Non-interest-earning assets | 30,744 | 27,415 | ||||||||||||||||||||||
Total assets | $ | 533,589 | $ | 450,845 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | $ | 98,211 | 311 | 0.63 | % | $ | 52,906 | 314 | 1.18 | % | ||||||||||||||
NOW accounts | 42,108 | 56 | 0.26 | 31,321 | 99 | 0.62 | ||||||||||||||||||
Money market accounts | 73,248 | 141 | 0.38 | 74,889 | 459 | 1.22 | ||||||||||||||||||
Certificate accounts | 151,821 | 1,340 | 1.75 | 172,866 | 1,823 | 2.09 | ||||||||||||||||||
Total interest-bearing deposits | 365,388 | 1,848 | 1.00 | 331,982 | 2,695 | 1.61 | ||||||||||||||||||
Other bank borrowings | 1,898 | 30 | 3.24 | 703 | 17 | 4.80 | ||||||||||||||||||
FHLB advances | 971 | 23 | 4.70 | 1,270 | 30 | 4.69 | ||||||||||||||||||
Total interest-bearing liabilities | $ | 368,257 | 1,901 | 1.02 | % | $ | 333,955 | 2,742 | 1.63 | % | ||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest bearing demand accounts | 113,057 | 64,815 | ||||||||||||||||||||||
Other liabilities | 1,741 | 2,471 | ||||||||||||||||||||||
Total liabilities | 483,055 | 401,241 | ||||||||||||||||||||||
Total Stockholders’ Equity(1) | 50,534 | 49,604 | ||||||||||||||||||||||
Total liabilities and equity | $ | 533,589 | $ | 450,845 | ||||||||||||||||||||
Net interest-earning assets | $ | 134,588 | $ | 89,475 | ||||||||||||||||||||
Net interest income; average interest rate spread(2) | $ | 8.463 | 3.06 | % | $ | 7.588 | 3.21 | % | ||||||||||||||||
Net interest margin(3) | 3.34 | % | 3.56 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 136.55 | % | 126.79 | % |
(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) | ||||||||||||
July 1, 2020 – July 31, 2020 | 15,471 | $ | 25.00 | 13,928 | -- | |||||||||||
August 1, 2020 – August 31, 2020 | 4,471 | 23.50 | -- | -- | ||||||||||||
September 1, 2020–September 30, 2020 | -- | -- | -- | -- | ||||||||||||
Total | 19,942 | $ | 24.66 | 13,928 |
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, 2020 – October 31, 2020 | 1,870 | $ | 22.81 | -- | -- | |||||||||||
November 1, 2020 – November 30, 2020 | 40,000 | $ | 24.37 | -- | 85,000 | |||||||||||
December 1, 2020 – December 31, 2020 | -- | -- | -- | 85,000 | ||||||||||||
Total | 41,870 | $ | 24.30 | -- | 85,000 |
(a) | On |
No. | Description | ||||
31.1 | |||||
31.2 | |||||
32.0 | |||||
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: 2021 | By: | /s/Glen W. Brown | ||
Glen W. Brown | ||||
Senior Vice President and Chief Financial Officer (Duly authorized officer and principal financial and accounting officer) |