|
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:
|
March
31, 2009
|
|||||||||
|
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:
|
000-51117
|
|||||||||
|
HOME
FEDERAL BANCORP, INC. OF LOUISIANA
|
||||||||||
|
(Exact
name of registrant as specified in its charter)
|
||||||||||
|
Federal
|
86-1127166
|
|||||||||
|
(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)
|
||||||||||
|
(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. [ ]
Yes [X] 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). [
] 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 May 14, 2009:
The registrant had 3,377,600 shares of common stock outstanding, of which
2,135,375 shares were held by Home Federal Mutual Holding Company of
Louisiana, the registrant’s mutual holding company, and 1,242,225 shares
were held by the public and directors, officers and employees of the
registrant, and the registrant’s employee benefit
plans.
|
||||||||||
|
PART
I
|
--
|
FINANCIAL
INFORMATION
|
Page
|
|
Item
1:
|
Financial
Statements
|
||
|
Consolidated
Statements of Financial Condition
|
1
|
||
|
Consolidated
Statements of Income
|
2
|
||
|
Consolidated
Statements of Changes in Stockholders' Equity
|
3
|
||
|
Consolidated
Statements of Cash Flows
|
4
|
||
|
Notes
to Consolidated Financial Statements
|
6
|
||
|
Item
2:
|
Management's
Discussion and Analysis of Financial Condition and
Results
of Operations
|
12
|
|
|
Item
3:
|
Quantitative
and Qualitative Disclosures About Market Risk
|
18
|
|
|
Item
4:
|
Controls
and Procedures
|
18
|
|
|
Item
4T.
|
Controls
and Procedures
|
18
|
|
|
PART
II - OTHER INFORMATION
|
|||
|
Item
1:
|
Legal
Proceedings
|
19
|
|
|
Item
1A:
|
Risk
Factors
|
19
|
|
|
Item
2:
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
19
|
|
|
Item
3:
|
Defaults
Upon Senior Securities
|
20
|
|
|
Item
4:
|
Submission
of Matters to a Vote of Security Holders
|
20
|
|
|
Item
5:
|
Other
Information
|
20
|
|
|
Item
6:
|
Exhibits
|
20
|
|
|
SIGNATURES
|
|||
|
PART
I - FINANCIAL INFORMATION
Item 1 - Financial Statements
HOME
FEDERAL BANCORP, INC. OF LOUISIANA
|
||||||||
|
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION
|
||||||||
|
March
31,
|
June
30,
|
|||||||
|
2009
|
2008
|
|||||||
|
(Unaudited)
|
(Audited)
|
|||||||
|
ASSETS
|
(In
Thousands)
|
|||||||
|
Cash
and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks
of $2,915 and $4,957 for
March
31, 2009 and June 30, 2008, respectively)
|
$ | 4,306 | $ | 7,363 | ||||
|
Securities
Available-for-Sale
|
111,709 | 96,324 | ||||||
|
Securities
Held-to-Maturity
|
2,200 | 1,688 | ||||||
|
Loans
Held for Sale
|
1,067 | 852 | ||||||
|
Loans
Receivable, Net
|
28,558 | 28,263 | ||||||
|
Accrued
Interest Receivable
|
580 | 550 | ||||||
|
Premises
and Equipment, Net
|
977 | 880 | ||||||
|
Deferred
Tax Asset
|
- | 1,691 | ||||||
|
Foreclosed
Real Estate
|
- | 52 | ||||||
|
Other
Assets
|
59 | 52 | ||||||
|
Total Assets
|
$ | 149,456 | $ | 137,715 | ||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
|
LIABILITIES
|
||||||||
|
Deposits
|
$ | 79,826 | $ | 78,359 | ||||
|
Advances
from Borrowers for Taxes and Insurance
|
92 | 177 | ||||||
|
Advances
from Federal Home Loan Bank of Dallas
|
35,995 | 26,876 | ||||||
|
Stock
Purchase Deposit Escrow
|
- | 3,575 | ||||||
|
Other
Accrued Expenses and Liabilities
|
874 | 854 | ||||||
|
Deferred
Tax Liability
|
534 | - | ||||||
|
Total Liabilities
|
117,321 | 109,841 | ||||||
|
COMMITMENTS
|
||||||||
|
STOCKHOLDERS’
EQUITY
|
||||||||
|
Preferred
Stock – No Par Value; 2,000,000 Shares
Authorized;
None Issued and Outstanding
|
- | - | ||||||
|
Common
stock - 8,000,000 shares of $.01 par value
authorized;
3,558,958 shares issued; 3,377,600
shares
outstanding and 3,383,287 shares outstanding at
March
31, 2009 and June 30, 2008, respectively
|
14 | 14 | ||||||
|
Additional
paid-in capital
|
13,598 | 13,567 | ||||||
|
Treasury
Stock, at Cost – 181,358 Shares at March 31,
2009;
175,671 Shares at June 30, 2008
|
(1,858 | ) | (1,809 | ) | ||||
|
Unearned
ESOP Stock
|
(897 | ) | (940 | ) | ||||
|
Unearned
RRP Trust Stock
|
(269 | ) | (395 | ) | ||||
|
Retained
Earnings
|
20,368 | 20,071 | ||||||
|
Accumulated
Other Comprehensive Income (Loss)
|
1,179 | (2,634 | ) | |||||
|
Total Stockholders’
Equity
|
32,135 | 27,874 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS’
EQUITY
|
$ | 149,456 | $ | 137,715 | ||||
| See accompanying notes to consolidated financial statements. | ||||||||
|
HOME
FEDERAL BANCORP, INC. OF LOUISIANA
|
||||||||||||
|
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||
|
(Unaudited)
|
||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||
|
March
31,
|
March
31,
|
|||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
(In
Thousands, Except Per Share Data)
|
||||||||||||
|
INTEREST
INCOME
|
||||||||||||
|
Loans,
Including Fees
|
$ 502
|
$ 514
|
$ 1,540
|
$ 1,559
|
||||||||
|
Investment
Securities
|
23
|
60
|
94
|
204
|
||||||||
|
Mortgage-Backed
Securities
|
1,417
|
1,088
|
4,009
|
3,319
|
||||||||
|
Other
Interest-Earning Assets
|
1
|
54
|
21
|
140
|
||||||||
|
Total
Interest Income
|
1,943
|
1,716
|
5,664
|
5,222
|
||||||||
|
INTEREST
EXPENSE
|
||||||||||||
|
Deposits
|
572
|
760
|
1,884
|
2,327
|
||||||||
|
Federal
Home Loan Bank Borrowings
|
367
|
247
|
1,026
|
647
|
||||||||
|
Total
Interest Expense
|
939
|
1,007
|
2,910
|
2,974
|
||||||||
|
Net
Interest Income
|
1,004
|
709
|
2,754
|
2,248
|
||||||||
|
PROVISION
FOR LOAN LOSSES
|
--
|
--
|
--
|
--
|
||||||||
|
Net
Interest Income after
|
||||||||||||
|
Provision
for Loan Losses
|
1,004
|
709
|
2,754
|
2,248
|
||||||||
|
NON-INTEREST
INCOME
|
||||||||||||
|
Gain
on Sale of Loans
|
1
|
1
|
1
|
5
|
||||||||
|
Gain
on Sale of Investments
|
113
|
55
|
146
|
149
|
||||||||
|
Other
Income
|
7
|
7
|
27
|
29
|
||||||||
|
Total
Non-Interest Income
|
121
|
63
|
174
|
183
|
||||||||
|
NON-INTEREST
EXPENSE
|
||||||||||||
|
Compensation
and Benefits
|
432
|
390
|
1,238
|
1,180
|
||||||||
|
Occupancy
and Equipment
|
51
|
43
|
141
|
128
|
||||||||
|
Data
Processing
|
19
|
19
|
55
|
52
|
||||||||
|
Audit
and Professional Fees
|
73
|
52
|
183
|
184
|
||||||||
|
Franchise
and Bank Shares Tax
|
38
|
26
|
113
|
102
|
||||||||
|
Merger
and Stock Issuance Costs
|
-
|
-
|
133
|
-
|
||||||||
|
Other
Expense
|
99
|
72
|
276
|
218
|
||||||||
|
Total
Non-Interest Expense
|
712
|
602
|
2,139
|
1,864
|
||||||||
|
Income
Before Income Taxes
|
413
|
170
|
789
|
567
|
||||||||
|
PROVISION
FOR INCOME TAX EXPENSE
|
140
|
58
|
268
|
192
|
||||||||
|
Net
Income
|
$
273
|
$ 112
|
$
521
|
$ 375
|
||||||||
|
INCOME
PER COMMON SHARE:
|
||||||||||||
|
Basic
|
$ 0.08
|
$ 0.03
|
$ 0.16
|
$ 0.12
|
||||||||
|
Diluted
|
$ 0.08
|
$ 0.03
|
$ 0.16
|
$ 0.12
|
||||||||
|
DIVIDENDS
DECLARED
|
$ 0.06
|
$ 0.06
|
$ 0.18
|
$ 0.18
|
||||||||
| See accompanying notes to consolidated financial statements. | ||||||||||||
|
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, 2007
|
$ | 14 | $ | 13,509 | $ | (997 | ) | $ | (551 | ) | $ | 20,449 | $ | (1,771 | ) | $ | (2,841 | ) | $ | 27,812 | ||||||||||||
|
Net
Income
|
-- | -- | -- | -- | 374 | -- | -- | 374 | ||||||||||||||||||||||||
|
Other
Comprehensive Income:
|
||||||||||||||||||||||||||||||||
|
Changes
in Unrealized Gain
on
Securities Available-
for-Sale,
Net of Tax
Effects
|
-- | -- | -- | -- | -- | -- | 3,082 | 3,082 | ||||||||||||||||||||||||
|
RRP
Shares Earned
|
-- | -- | -- | 156 | -- | -- | -- | 156 | ||||||||||||||||||||||||
|
Stock
Options Vested
|
-- | 47 | -- | -- | -- | -- | -- | 47 | ||||||||||||||||||||||||
|
ESOP
Compensation Earned
|
-- | (2 | ) | 43 | -- | -- | -- | -- | 41 | |||||||||||||||||||||||
|
Dividends
Declared
|
-- | -- | -- | -- | (199 | ) | -- | -- | (199 | ) | ||||||||||||||||||||||
|
Acquisition
of Treasury Stock
|
-- | -- | -- | -- | -- | (38 | ) | -- | (38 | ) | ||||||||||||||||||||||
|
BALANCE
– MARCH
31, 2008
|
$ | 14 | $ | 13,554 | $ | (954 | ) | $ | (395 | ) | $ | 20,624 | $ | (1,809 | ) | $ | 241 | $ | 31,275 | |||||||||||||
|
BALANCE
– JUNE 30, 2008
|
$ | 14 | $ | 13,567 | $ | (940 | ) | $ | (395 | ) | $ | 20,071 | $ | (1,809 | ) | $ | (2,634 | ) | $ | 27,874 | ||||||||||||
|
Net
Income
|
-- | -- | -- | -- | 521 | -- | -- | 521 | ||||||||||||||||||||||||
|
Other
Comprehensive Income:
|
||||||||||||||||||||||||||||||||
|
Changes
in Unrealized Gain
on
Securities Available-
for-Sale,
Net of Tax Effects
|
-- | -- | -- | -- | -- | -- | 3,813 | 3,813 | ||||||||||||||||||||||||
|
RRP
Shares Earned
|
-- | -- | -- | 126 | -- | -- | -- | 126 | ||||||||||||||||||||||||
|
Stock
Options Vested
|
-- | 43 | -- | -- | -- | -- | -- | 43 | ||||||||||||||||||||||||
|
ESOP
Compensation Earned
|
-- | (12 | ) | 43 | -- | -- | -- | -- | 31 | |||||||||||||||||||||||
|
Dividends
Declared
|
-- | -- | -- | -- | (224 | ) | -- | -- | (224 | ) | ||||||||||||||||||||||
|
Acquisition
of Treasury Stock
|
-- | -- | -- | -- | -- | (49 | ) | -- | (49 | ) | ||||||||||||||||||||||
|
BALANCE
– MARCH
31, 2009
|
$ | 14 | $ | 13,598 | $ | (897 | ) | $ | (269 | ) | $ | 20,368 | $ | (1,858 | ) | $ | 1,179 | $ | 32,135 | |||||||||||||
| See accompanying notes to consolidated financial statements. | ||||||||||||||||||||||||||||||||
|
HOME
FEDERAL BANCORP, INC. OF LOUISIANA
|
||||||||||||||
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||||||||
|
(Unaudited)
|
||||||||||||||
|
Nine
Months Ended
|
||||||||||||||
|
March
31,
|
||||||||||||||
| 2009 |
2008
|
|
||||||||||||
|
(In
Thousands)
|
||||||||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||
|
Net
Income
|
$ | 521 | $ | 374 | ||||||||||
|
Adjustments
to Reconcile Net Income to Net
|
||||||||||||||
|
Cash
Provided by Operating Activities
|
||||||||||||||
|
Net
Amortization and Accretion on Securities
|
(208 | ) | (132 | ) | ||||||||||
|
Gain
on Sale of Investments
|
(146 | ) | (149 | ) | ||||||||||
|
Amortization
of Deferred Loan Fees
|
(11 | ) | (17 | ) | ||||||||||
|
Depreciation
of Premises and Equipment
|
43 | 41 | ||||||||||||
|
ESOP
Expense
|
31 | 41 | ||||||||||||
|
Stock
Option Expense
|
43 | 48 | ||||||||||||
|
Recognition
and Retention Plan Expense
|
94 | 118 | ||||||||||||
|
Deferred
Income Tax
|
(11 | ) | (16 | ) | ||||||||||
|
Changes
in Assets and Liabilities
|
||||||||||||||
|
Loans
Held-for-Sale – Originations
|
(10,229 | ) | (10,712 | ) | ||||||||||
|
Loans
Held-for-Sale – Principal Repayments
|
10,014 | 11,706 | ||||||||||||
|
Accrued
Interest Receivable
|
(30 | ) | (60 | ) | ||||||||||
|
Other
Operating Assets
|
(6 | ) | (209 | ) | ||||||||||
|
Other
Operating Liabilities
|
325 | 23 | ||||||||||||
|
Net
Cash Provided by Operating Activities
|
430 | 1,056 | ||||||||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||
|
Loan
Originations and Purchases, Net of Principal Collections
|
(285 | ) | (3,550 | ) | ||||||||||
|
Deferred
Loan Fees Collected
|
10 | 38 | ||||||||||||
|
Acquisition
of Premises and Equipment
|
(140 | ) | (12 | ) | ||||||||||
|
Activity
in Available-for-Sale Securities:
|
||||||||||||||
|
Proceeds
from Sales of Securities
|
6,697 | 15,507 | ||||||||||||
|
Principal
Payments on Mortgage-backed Securities
|
8,319 | 8,970 | ||||||||||||
|
Purchases
of Securities
|
(24,269 | ) | (36,129 | ) | ||||||||||
|
Activity
in Held-to-Maturity Securities
|
||||||||||||||
|
Principal
Payments on Mortgage-Backed Securities
|
96 | 115 | ||||||||||||
|
Purchases
of Securities
|
(608 | ) | (407 | ) | ||||||||||
|
Proceeds
from Disposition of Foreclosed Real Estate
|
42 |
-
|
||||||||||||
|
Net
Cash Used in Investing Activities
|
$ |
(10,138
|
) | $ | (15,468 | ) | ||||||||
|
HOME
FEDERAL BANCORP, INC. OF LOUISIANA
|
||||||||
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (Continued)
|
||||||||
|
(Unaudited)
|
||||||||
|
Nine
Months Ended
|
||||||||
|
March
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
(In
Thousands)
|
|||||||
|
Net
Increase in Deposits
|
$ | 1,466 | $ | 1,632 | ||||
|
Proceeds
from Federal Home Loan Bank Advances
|
45,950 | 17,700 | ||||||
|
Repayments
of Advances from Federal Home Loan Bank
|
(36,831 | ) | (2,936 | ) | ||||
|
Net
Decrease in Mortgage-Escrow Funds
|
(86 | ) | (74 | ) | ||||
|
Dividends
Paid
|
(224 | ) | (199 | ) | ||||
|
Acquisition
of Treasury Stock
|
(49 | ) | (38 | ) | ||||
|
Stock
Purchase Deposits Received
|
4,556 | -- | ||||||
|
Stock
Purchase Deposits Refunded
|
(8,131 | ) | -- | |||||
|
Net
Cash Provided by Financing Activities
|
6,651 | 16,085 | ||||||
|
NET
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(3,057 | ) | 1,673 | |||||
|
CASH
AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
||||||||
|
|
7,363 | 3,972 | ||||||
|
CASH
AND CASH EQUIVALENTS - END OF PERIOD
|
$ | 4,306 | $ | 5,645 | ||||
|
SUPPLEMENTARY
CASH FLOW INFORMATION
|
||||||||
|
Interest
Paid on Deposits and Borrowed Funds
|
$ | 2,889 | $ | 2,940 | ||||
|
Income
Taxes Paid
|
-- | 185 | ||||||
|
Market
Value Adjustment for Gain on Securities
|
||||||||
|
Available-for-Sale
|
5,778 | 4,670 | ||||||
|
NON-CASH
INVESTING ACTIVITY
|
||||||||
|
Real
Estate Acquired through Foreclosure
|
$ | -- | $ | 33 | ||||
|
Three
Months Ended
March
31, 2009
|
Three
Months Ended
March
31, 2008
|
|||
|
Basic
|
Diluted
|
Basic
|
Diluted
|
|
|
(In
Thousands, Except Per Share Data)
|
||||
|
Net
Income
|
$ 273
|
$ 273
|
$ 112
|
$ 112
|
|
Weighted
average shares outstanding
|
3,260
|
3,260
|
3,247
|
3,247
|
|
Effect
of unvested common stock awards
|
--
|
--
|
--
|
--
|
|
Adjusted
weighted average shares used in
earnings
per share computation
|
3,260
|
3,260
|
3,247
|
3,247
|
|
Earnings
per share
|
$0.08
|
$0.08
|
$0.03
|
$0.03
|
|
Nine
Months Ended
March
31, 2009
|
Nine
Months Ended
March
31, 2008
|
|||
|
Basic
|
Diluted
|
Basic
|
Diluted
|
|
|
(In
Thousands, Except Per Share Data)
|
||||
|
Net
Income
|
$ 520
|
$ 520
|
$ 374
|
$ 374
|
|
Weighted
average shares outstanding
|
3,257
|
3,257
|
3,243
|
3,243
|
|
Effect
of unvested common stock awards
|
--
|
--
|
--
|
--
|
|
Adjusted
weighted average shares used in
earnings per share computation
|
3,257
|
3,257
|
3,243
|
3,243
|
|
Earnings
per share
|
$0.16
|
$0.16
|
$0.12
|
$0.12
|
|
|
ITEM
2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
|
|
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
|
||||||||||||
|
January
1, 2009 – January 31, 2009
|
- | $ | - | - | 119,313 | |||||||||||
|
February
1, 2009 – February 28, 2009
|
- | - | - | 119,313 | ||||||||||||
|
March
1, 2009 – March 31, 2009
|
- | - | - | 119,313 | ||||||||||||
|
Total
|
- | $ | - | - | 119,313 | |||||||||||
|
(a)
|
On
August 26, 2008, the Company issued a press release announcing that the
Board of Directors authorized a stock repurchase program (the "program")
on August 13, 2008.
|
|
(b)
|
The
Company was authorized to repurchase 10% or 125,000 of the outstanding
shares other than shares held by Home Federal Mutual Holding
Company.
|
|
(c)
|
The
program does not have an expiration
date.
|
|
No.
|
Description
|
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
|
31.2
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
|
32.0
|
Section
1350 Certifications
|
|
No.
|
Description | |
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer | |
|
31.2
|
13a-14(a)/15d-14(a) Certification of Chief Financial Officer | |
|
32.0
|
Section 1350 Certifications |