Home Federal Bancorp Inc. of Louisiana filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$HFBL
Savings Institutions
Finance
|
UNITED STATES
|
||
|
SECURITIES AND EXCHANGE COMMISSION
|
||
|
Washington, D.C. 20549
|
||
|
FORM
|
||
|
CURRENT REPORT
|
||
|
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
||
|
Date of Report (Date of earliest event reported)
|
||
|
|
||
|
(Exact name of registrant as specified in its charter)
|
||
|
|
|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number) |
(IRS Employer
Identification No.)
|
|
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
Registrant's telephone number, including area code
|
(
|
|
|
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):
|
||
|
|
||
|
|
||
|
|
||
|
|
||
| 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 October 11, 2024, the Compensation Committee of the Board of Directors approved the amendment and restatement of the Home Federal Bank (the “Bank”) Loan Officer Incentive Plan, which covers the Bank’s commercial sales manager (the “CSM”), K. Matthew Sawrie, and other commercial loan officers. The terms of the Loan Officer Incentive Plan are reviewed annually and were amended and restated on October 11, 2024 to include for Mr. Sawrie provisions governing non-solicitation of customers and employees for a period of two years in the event he voluntarily terminates his employment or the Bank terminates his employment for Cause, as defined.
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 CSM, 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.
The CSM receives 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 CSM’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)
|
Not applicable.
|
The following exhibits are included herewith.
|
Exhibit No.
|
Description
|
|
|
10.1
|
||
| 104 | Cover page interactive data file (embedded within the XBRL document) |
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 hereunto duly authorized.
|
HOME FEDERAL BANCORP, INC. OF LOUISIANA
|
|||
|
Date:
|
October 17, 2024
|
By:
|
/s/ James R. Barlow
|
|
James R. Barlow
|
|||
|
Chairman of the Board, President and Chief Executive Officer
|
|||