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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: 
March 31, 2023
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 $0.01 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.  ☒ Yes  ☐ No
 
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).  ☒ Yes  ☐ No
 
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. (Check One):

Large accelerated filer
Accelerated filer
Non-accelerated filer 
Smaller reporting company
☒ 
 
 
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  
☒   No
 
Shares of common stock, par value $0.01 per share, outstanding as of May 10, 2023: The registrant had 3,123,651 shares of common stock outstanding.



INDEX

 
 
Page
PART I
FINANCIAL INFORMATION
 
 
 
 
Item 1:
Financial Statements
 
 
 
 
 
  1
 
 
 
 
  2
 
 
 
 
  3
 
 
 
 
  4
 
 
 
 
  6
 
 
 
 
  8
 
 
 
Item 2:
33
 
 
 
Item 3:
41
 
 
 
Item 4:
41
 
 
 
PART II
OTHER INFORMATION
 
 
 
 
Item 1:
42
 
 
 
Item 1A:
42
 
 
 
Item 2:
42
 
 
 
Item 3:
42
 
 
 
Item 4:
42
 
 
 
Item 5:
42
 
 
 
Item 6:
43
 
 
 
 
 

HOME FEDERAL BANCORP, INC. OF LOUISIANA
 
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, 2023 (Unaudited) and June 30, 2022 (Audited)

   
March 31,
2023
   
June 30,
2022
 
    (In Thousands, Except Share Data)  
ASSETS
           
             
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $37,994 and $42,531 March 31, 2023 and June 30, 2022, Respectively)
 
$
45,568
   
$
64,078
 
Securities Available-for-Sale
   
44,756
     
28,099
 
Securities Held-to-Maturity (fair value March 31, 2023: $64,012; June 30, 2022: $69,513, Respectively)
   
75,812
     
79,950
 
Loans Held-for-Sale
   
1,160
     
3,978
 
Loans Receivable, Net of Allowance for Loan Losses (March 31, 2023: $4,935; June 30, 2022: $4,451, Respectively)
   
486,394
     
387,873
 
Accrued Interest Receivable
   
1,620
     
1,124
 
Premises and Equipment, Net
   
16,598
     
16,249
 
Bank Owned Life Insurance
   
6,674
     
6,597
 
Goodwill
    2,990       -  
Core Deposit Intangible
    1,636       -  
Deferred Tax Asset
   
1,096
     
1,143
 
Other Real Estate Owned
   
311
     
-
 
Other Assets
   
1,370
     
1,389
 
                 
Total Assets
 
$
685,985
   
$
590,480
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
                 
LIABILITIES
               
                 
Deposits:
               
Non-interest bearing
 
$
163,598
   
$
161,142
 
Interest-bearing
   
450,776
     
370,849
 
Total Deposits
   
614,374
     
531,991
 
Advances from Borrowers for Taxes and Insurance
   
276
     
354
 
Short-term Federal Home Loan Bank Advances
   
10,000
     
832
 
Other Borrowings
   
8,250
     
2,350
 
Other Accrued Expenses and Liabilities
   
2,962
     
2,606
 
                 
Total Liabilities
   
635,862
     
538,133
 
                 
STOCKHOLDERS’ EQUITY
               
                 
Preferred Stock - $0.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding
    -
     
-
 
Common Stock - $0.01 Par Value; 40,000,000 Shares Authorized: 3,123,651 and 3,387,839 Shares Issued and Outstanding at March 31, 2023 and June 30, 2022, Respectively
   
31
     
34
 
Additional Paid-in Capital
   
40,794
     
40,145
 
Unearned ESOP Stock
   
(552
)
   
(639
)
Retained Earnings
   
11,824
     
14,506
 
Accumulated Other Comprehensive Loss
   
(1,974
)
   
(1,699
)
                 
Total Stockholders’ Equity
   
50,123
     
52,347
 
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
685,985
   
$
590,480
 

See accompanying notes to unaudited consolidated financial statements.

1
HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

   
For the Three Months Ended
March 31,
   
For the Nine Months Ended
March 31,
 
   
2023
   
2022
   
2023
   
2022
 
   
(In Thousands, Except per Share Data)
 
INTEREST INCOME
                       
Loans, Including Fees
 
$
6,151
   
$
4,277
   
$
16,585
   
$
12,985
 
Investment Securities
   
100
     
-
     
105
     
-
 
Mortgage-Backed Securities
   
492
     
380
     
1,472
     
1,066
 
Other Interest-Earning Assets
   
270
     
35
     
720
     
101
 
Total Interest Income
   
7,013
     
4,692
     
18,882
     
14,152
 
                                 
INTEREST EXPENSE
                               
Deposits
   
1,342
     
394
     
2,387
     
1,397
 
     Other Borrowings
   
146
     
20
     
321
     
46
 
Federal Home Loan Bank Borrowings
   
52
     
10
     
72
     
31
 
Total Interest Expense
   
1,540
     
424
     
2,780
     
1,474
 
Net Interest Income
   
5,473
     
4,268
     
16,102
     
12,678
 
                                 
PROVISION FOR LOAN LOSSES
   
150
     
-
     
718
     
61
 
Net Interest Income after Provision for Loan Losses
   
5,323
     
4,268
     
15,384
     
12,617
 
                                 
NON-INTEREST INCOME
                               
     Gain on Sale of Loans
   
87
     
327
     
404
     
1,747
 
 Gain/(Loss) on Sale of Real Estate and Fixed Assets
    4       (48 )     4       (48 )
Income on Bank Owned Life Insurance
   
25
     
27
     
77
     
82
 
Service Charges on Deposit Accounts
   
380
     
289
     
1,074
     
838
 
Other Income
   
12
     
241
     
35
     
269
 
Total Non-Interest Income
   
508
     
836
     
1,594
     
2,888
 
                                 
NON-INTEREST EXPENSE
                               
Compensation and Benefits
   
2,319
     
2,194
     
6,694
     
6,710
 
Occupancy and Equipment
   
541
     
449
     
1,540
     
1,320
 
Data Processing
   
163
     
149
     
564
     
534
 
Audit and Examination Fees
   
82
     
102
     
243
     
293
 
Franchise and Bank Shares Tax
   
145
     
132
     
386
     
403
 
Advertising
   
97
     
88
     
238
     
233
 
Legal Fees
   
268
     
82
     
469
     
287
 
Loan and Collection
   
34
     
44
     
148
     
184
 
 Amortization Core Deposit Intangible
    71       -       71       -  
Deposit Insurance Premium
   
49
     
38
     
150
     
114
 
Other Expense
   
729
     
280
     
1,306
     
700
 
Total Non-Interest Expense
   
4,498
     
3,558
     
11,809
     
10,778
 
Income Before Income Taxes
   
1,333
     
1,546
     
5,169
     
4,727
 
                                 
PROVISION FOR INCOME TAX EXPENSE
   
271
     
269
     
723
     
922
 
Net Income
 
$
1,062
   
$
1,277
   
$
4,446
   
$
3,805
 
EARNINGS PER COMMON SHARE:
                               
Basic
 
$
0.35
   
$
0.39
   
$
1.48
   
$
1.18
 
Diluted
 
$
0.34
   
$
0.37
   
$
1.41
   
$
1.10
 
DIVIDENDS DECLARED
 
$
0.12
   
$
0.10
   
$
0.36
   
$
0.30
 

See accompanying notes to unaudited consolidated financial statements.

2
HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

   
For the Three Months Ended
March 31,
   
For the Nine Months Ended
March 31,
 
   
2023
   
2022
   
2023
   
2022
 
   
(In Thousands)
   
(In Thousands)
 
                         
Net Income
 
$
1,062
   
$
1,277
   
$
4,446
   
$
3,805
 
                                 
Other Comprehensive Gain (loss) Net of Tax
                               
Investment Securities Available-for-Sale:
                               
Net Unrealized Gains (Losses)
   
763
     
(1,115
)
   
(348
)
   
(1,385
)
Income Tax Effect
   
(160
)
   
234
     
73
     
291
 
Other Comprehensive Gain (loss) Net of Tax
   
603
     
(881
)
   
(275
)
   
(1,094
)
Total Comprehensive Income
 
$
1,665
   
$
396
   
$
4,171
   
$
2,711
 

See accompanying notes to unaudited consolidated financial statements.

3
HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
THREE MONTHS ENDED MARCH 31, 2023 AND 2022
(Unaudited)

   
Common
Stock
   
Additional
Paid-in
Capital
   
Unearned
ESOP
Stock
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Stockholders’
Equity
 
   
(In Thousands)
 
BALANCE – December 31, 2021
 
$
34
   
$
39,271
   
$
(696
)
 
$
14,737
   
$
62
   
$
53,408
 
                                                 
Net Income
   
-
     
-
     
-
     
1,277
     
-
     
1,277
 
                                                 
Changes in Unrealized loss on Securities Available-for-Sale, Net of Tax Effects
   
-
     
-
     
-
     
-
     
(881
)
   
(881
)
                                                 
Share Awards Earned     -       10       -       -       -       10  
                                                 
Stock Options Vested
   
-
     
19
     
-
     
-
     
-
     
19
 
                                                 
Common Stock Issuance for Stock Option Exercises – Split Adjusted
   
-
     
643
     
-
     
-
     
-
     
643
 
                                                 
ESOP Compensation Earned
   
-
     
90
     
29
     
-
     
-
     
119
 
                                                 
Company Stock Purchased
   
-
     
-
     
-
     
(1,621
)
   
-
     
(1,621
)
                                                 
Dividends Paid
   
-
     
-
     
-
     
(342
)
   
-
     
(342
)
                                                 
BALANCE – March 31, 2022
 
$
34
   
$
40,033
   
$
(667
)
 
$
14,051
   
$
(819
)
 
$
52,632
 
                                                 
BALANCE – December 31, 2022
 
$
31
   
$
40,669
   
$
(581
)
 
$
11,147
   
$
(2,577
)
 
$
48,689
 
                                                 
Net Income
   
-
     
-
     
-
     
1,062
     
-
     
1,062
 
                                                 
Changes in Unrealized Loss on Securities Available-for-Sale, Net of Tax Effects
    -       -       -       -       603       603  
                                                 
Share Awards Earned
    -       10       -       -       -       10  
                                                 
Stock Options Vested
   
-
     
26
     
-
     
-
     
-
     
26
 
                                                 
Common Stock Issuance for Stock Option Exercises
   
-
     
19
     
-
     
-
     
-
     
19
 
                                                 
ESOP Compensation Earned
   
-
     
70
     
29
     
-
     
-
     
99
 
                                                 
Company Stock Purchased
   
-
     
-
     
-
     
(1
)
   
-
     
(1
)
                                                 
Dividends Paid
   
-
     
-
     
-
     
(384
)
   
-
     
(384
)
                                                 
BALANCE – March 31, 2023
 
$
31
   
$
40,794
   
$
(552
)
 
$
11,824
   
$
(1,974
)
 
$
50,123
 
 
See accompanying notes to unaudited consolidated financial statements.

4
HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
NINE MONTHS ENDED MARCH 31, 2023 AND 2022
(Unaudited)

   
Common
Stock
   
Additional
Paid-in
Capital
   
Unearned
ESOP
Stock
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Stockholders’
Equity
 
   
(In Thousands)
 
BALANCE – June 30, 2021
 
$
34
   
$
37,701
   
$
(754
)
 
$
15,469
   
$
275
   
$
52,725
 
                                                 
Net Income
   
-
     
-
     
-
     
3,805
     
-
     
3,805
 
                                                 
Changes in Unrealized loss on Securities Available-for-Sale, Net of Tax Effects
   
-
     
-
     
-
     
-
     
(1,094
)
   
(1,094
)
                                                 
Share Awards Earned
   
-
     
117
     
-
     
-
     
-
     
117
 
                                                 
Stock Options Vested
   
-
     
71
     
-
     
-
     
-
     
71
 
                                                 
Common Stock Issuance for Stock Option Exercises
   
-
     
1,889
     
-
     
-
     
-
     
1,889
 
                                                 
ESOP Compensation Earned
   
-
     
255
     
87
     
-
     
-
     
342
 
                                                 
Company Stock Purchased
   
-
     
-
     
-
     
(4,210
)
   
-
     
(4,210
)
                                                 
Dividends Paid
   
-
     
-
     
-
     
(1,013
)
   
-
     
(1,013
)
                                                 
BALANCE – March 31, 2022
 
$
34
   
$
40,033
   
$
(667
)
 
$
14,051
   
$
(819
)
 
$
52,632
 
                                                 
BALANCE – June 30, 2022
 
$
34
   
$
40,145
   
$
(639
)
 
$
14,506
   
$
(1,699
)
 
$
52,347
 
                                                 
Net Income
   
-
     
-
     
-
     
4,446
     
-
     
4,446
 
                                                 
Changes in Unrealized loss on Securities Available-for-Sale, Net of Tax Effects
   
-
     
-
     
-
     
-
     
(275
)
   
(275
)
                                                 
Share Awards Earned
   
-
     
123
     
-
     
-
     
-
     
123
 
                                                 
Stock Options Vested
   
-
     
80
     
-
     
-
     
-
     
80
 
                                                 
Common Stock Issuance for Stock Option Exercises
   
(3
)
   
220
     
-
     
-
     
-
     
217
 
                                                 
ESOP Compensation Earned
   
-
     
226
     
87
     
-
     
-
     
313
 
                                                 
Company Stock Purchased
   
-
     
-
     
-
     
(5,963
)
   
-
     
(5,963
)
                                                 
Dividends Paid
   
-
     
-
     
-
     
(1,165
)
   
-
     
(1,165
)
                                                 
BALANCE – March 31, 2023
 
$
31
   
$
40,794
   
$
(552
)
 
$
11,824
   
$
(1,974
)
 
$
50,123
 
 
See accompanying notes to unaudited consolidated financial statements.

5
HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

        
Nine Months Ended
 
        
March 31,
 
   
2023
   
2022
 
        
(In Thousands)
 
CASH FLOWS FROM OPERATING ACTIVITIES
           
Net Income
 
$
4,446
   
$
3,805
 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
               
Bad Debt Recovery
   
2
     
22
 
Federal Home Loan Bank Stock Dividend
   
6
     
-
 
Net Amortization and Accretion on Securities
   
21
     
103
 
(Gain) Loss on Sale of Real Estate and Fixed Assets
    (4 )     48  
Gain on Sale of Loans
   
(404
)
   
(1,747
)
Amortization of Deferred Loan Fees
   
(270
)
   
(729
)
Depreciation of Premises and Equipment
   
648
     
561
 
ESOP Expense
   
313
     
342
 
Stock Option Expense
   
80
     
71
 
Deferred Income Tax
   
47
     
(41
)
Provision for Loan Losses
   
718
     
61
 
(Increase) Decrease in Cash Surrender Value Bank Owned Life Insurance
   
(77
)
   
642
 
Share Awards Expense
   
92
     
90
 
Changes in Assets and Liabilities:
               
Loans Held-for-Sale – Originations and Purchases
   
(22,065
)
   
(75,035
)
Loans Held-for-Sale – Sale and Principal Repayments
   
25,287
     
88,792
 
Accrued Interest Receivable
   
(496
)
   
77
 
Other Operating Assets
   
19
     
(548
)
Other Operating Liabilities
   
356
     
(470