Current Report Filing (8-k)

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)	September 26, 2022

 

Home Federal Bancorp, Inc. of Louisiana
(Exact name of registrant as specified in its charter)
Louisiana	001-35019	02-0815311
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
624 Market Street, Shreveport, Louisiana		71101
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code	[phone]
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

 

 

 

---

 

 

Item 5.02          Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain

                           Officers.

 

            (a)          Not applicable.

            (b)          Not applicable.

            (c)          Not applicable.

            (d)          Not applicable.

 

          (e)        On September 26, 2022, the Compensation Committee of the Board of Directors approved the Home Federal Bank (the “Bank”) Loan Officer Incentive Plan for the benefit of the Bank’s eligible commercial loan officers (the “Loan Officer Incentive Plan”). The terms of the Loan Officer Incentive Plan are reviewed annually and were amended and restated on September 26, 2022 to include (i) provisions governing payments in the event of a termination of employment or leave of absence during the fiscal year, and (ii) provisions governing payments if the plan is discontinued or modified during the fiscal year.

 

The Loan Officer Incentive Plan is an annual incentive compensation plan intended to reward participating commercial loan officers with variable cash awards that are contingent upon the net interest income produced from the loan officer’s identified loan portfolio, and in the case of the Commercial Sales Manager, all loans originated by commercial loan officers, and net income from new loans originated during the performance period plus commercial deposit fee income, multiplied by a portfolio rating based on the performance measures.  Mr. K. Matthew Swary is our only named executive officer who participates in the plan as Commercial Sales Manager.  Participants in the Loan Officer Incentive Plan are selected by the President and Chief Executive Officer at the beginning of each fiscal year and recommended for approval by the Compensation Committee of the Board of Directors, which administers the plan.

 

             Level I and Level II participants in the Loan Officer Incentive Plan will receive a cash incentive award equal to 2.0% and 3.0%, respectively, of the net interest income from loans originated by the particular loan officer prior to the beginning of the fiscal year and a cash incentive award equal to 15.0% and 10.0%, respectively, of the net income from the loan officer’s loan originations during the performance period plus year to date commercial deposit fee income, in each case multiplied by a portfolio rating based on the five performance measures used to calculate the book of business performance.  The Commercial Sales Manager will receive a cash incentive award equal to 1.0% of the net interest income from loans originated by all the commercial loan officers prior to the beginning of the fiscal year, which will not exceed 50% of the Commercial Sales Manager’s base salary at the time of the award, and a cash incentive award equal to 5.0% of the net income from all of the loans originated by the commercial loan officers during the performance period plus year to date commercial deposit fee income, in each case multiplied by a portfolio rating based on the five performance measures.

 

              The foregoing description is qualified in its entirety by reference to the Loan Officer Incentive Plan, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference thereto.

 

             (f)            Not applicable.

 

Item 9.01            Financial Statements and Exhibits

 

            (a)            Not applicable.

            (b)            Not applicable.

            (c)            Not applicable.

            (d)            Exhibits

 

             The following exhibits are included herewith.

 

Exhibit No.		Description
10.1		Home Federal Bank Loan Officer Incentive Plan

 

 

 

 

 

 

---

 

 

 

 

SIGNATURES

 

 

       Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	HOME FEDERAL BANCORP, INC. OF LOUISIANA
Date: September 28, 2022	By:	/s/James R. Barlow
		James R. Barlow
		Chairman of the Board, President and Chief Executive Officer