LOUISIANA BANCORP INC - FORM 10-Q

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - LOUISIANA BANCORP INC	Financial_Report.xls
EX-32.1 - EXHIBIT 32.1 - LOUISIANA BANCORP INC	exh_321.htm
EX-31.1 - EXHIBIT 31.1 - LOUISIANA BANCORP INC	exh_311.htm
EX-31.2 - EXHIBIT 31.2 - LOUISIANA BANCORP INC	exh_312.htm

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 June 30, 2014

¨	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: 001-33573

________________

Louisiana Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)
________________

Louisiana	20-8715162
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

1600 Veterans Memorial Boulevard, Metairie, Louisiana	70005
(Address of Principal Executive Offices)	(Zip Code)

(504) 834-1190

(Registrant’s Telephone Number, Including Area Code)
________________

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 shorter period that the registrant was required to submit and post such files). Yes x 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 ¨ No x

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of August 13, 2014, there were 2,825,168 shares of the Registrant’s common stock outstanding.

PART I - FINANCIAL INFORMATION

Interim financial information required by Rule 10-01 of Regulation S-X and Item 303 of Regulation S-K is included in this Form 10-Q as referenced below.

		Page

Item 1 -	Financial Statements	3

Item 2 -	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3 -	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4 -	Controls and Procedures	29

PART II - OTHER INFORMATION

Item 1 -	Legal Proceedings	30

Item 1A -	Risk Factors	30

Item 2 -	Unregistered Sales of Equity Securities and Use of Proceeds	30

Item 3 -	Defaults Upon Senior Securities	30

Item 4 -	Mine Safety Disclosure	30

Item 5 -	Other Information	30

Item 6 -	Exhibits	30

Signatures		32

LOUISIANA BANCORP, INC.

Consolidated Balance Sheets

	(unaudited) June 30, 2014			December 31, 2013
	(In Thousands)
Assets
Cash and Due from Banks	$	2,191		$	2,500
Short-Term Interest-Bearing Deposits		1,988			4,464
Total Cash and Cash Equivalents		4,179			6,964

Certificates of Deposit		481			481
Securities Available-for-Sale, at Fair Value (Amortized Cost of $2,825 and $5,404, respectively)		3,128			5,766
Securities Held-to-Maturity, at Amortized Cost (Estimated Fair Value of $46,311 and $48,383, respectively)		44,919			47,346

Loans Held for Sale		854			406
Loans Held for Investment		256,643			249,294
Allowance for Loan Loss		(2,198	)		(2,221	)
Total Loans Receivable		255,299			247,479

Accrued Interest Receivable		882			893
Other Real Estate Owned		782			568
Stock in Federal Home Loan Bank		2,402			2,317
Premises and Equipment, Net		2,196			2,143
Other Assets		3,014			2,751
Total Assets	$	317,282		$	316,708

Liabilities and Shareholders' Equity
Deposits
Non-Interest-Bearing	$	16,385		$	15,125
Interest-Bearing		182,253			187,383
Total Deposits		198,638			202,508

Borrowings		55,451			51,040
Advance Payments by Borrowers for Taxes and Insurance		3,409			3,765
Accrued Interest Payable		124			130
Other Liabilities		2,025			1,326
Total Liabilities		259,647			258,769

Commitments and Contigencies		-			-

Shareholders' Equity

Common Stock, $.01 Par Value, 40,000,000 Shares Authorized; 6,345,732 Shares Issued; 2,825,168 and 2,886,642 Outstanding, respectively		63			63
Additional Paid-in-Capital		63,549			63,533
Unearned ESOP Shares		(3,427	)		(3,427	)
Unearned Recognition and Retention Plan Shares		(358	)		(368	)
Treasury Stock, at Cost (3,520,564 shares and 3,459,090 shares, respectively)		(50,829	)		(49,651	)
Retained Earnings		48,437			47,550
Accumulated Other Comprehensive Income		200			239
Total Shareholders' Equity		57,635			57,939
Total Liabilities and Shareholders' Equity	$	317,282		$	316,708

See accompanying notes to unaudited consolidated financial statements.

LOUISIANA BANCORP, INC.

Consolidated Statements of Income (Unaudited)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2014		2013		2014		2013
	(In Thousands, Except per Share Data)
Interest and Dividend Income
Loans, Including Fees	$	2,718	$	2,768	$	5,458	$	5,419
Mortgage Backed Securities		349		477		723		1,010
Investment Securities		14		37		42		75
Other Interest-Bearing Deposits		7		5		11		9
Total Interest and Dividend Income		3,088		3,287		6,234		6,513

Interest Expense
Deposits		392		422		781		854
Borrowings		268		328		539		675
Total Interest Expense		660		750		1,320		1,529

Net Interest Income		2,428		2,537		4,914		4,984

Provision for Loan Losses		44		6		65		147

Net Interest Income after Provision for Loan Losses		2,384		2,531		4,849		4,837

Non-Interest Income
Customer Service Fees		164		231		365		469
Gain on Sale of Loans		182		483		323		664
Gain on Sale of Securities		30		-		30		-
Gain on Investment in SBIC		-		234		7		293
Other Income		19		32		34		51
Total Non-Interest Income		395		980		759		1,477

Non-Interest Expense
Salaries and Employee Benefits		1,143		1,120		2,274		2,362
Occupancy Expense		379		337		739		668
Louisiana Bank Shares Tax		48		58		96		115
FDIC Insurance Premium		37		38		75		76
Supplies & Printing		42		29		72		69
Professional Service Fees		68		107		143		194
Net Cost of OREO Operations		42		55		45		73
Advertising Expense		83		99		147		197
Other Expenses		150		155		287		281
Total Non-Interest Expense		1,992		1,998		3,878		4,035

Income Before Income Tax Expense		787		1,513		1,730		2,279

Income Tax Expense		268		519		591		785

Net Income	$	519	$	994	$	1,139	$	1,494

Earnings Per Share
Basic	$	0.21	$	0.40	$	0.46	$	0.60
Diluted	$	0.20	$	0.38	$	0.43	$	0.57

See accompanying notes to unaudited consolidated financial statements.

LOUISIANA BANCORP, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

	For the Six Months Ended June 30,
	2014			2013
	(In Thousands)

Net Income	$	1,139		$	1,494

Other Comprehensive Loss, Net of Tax
Change in Unrealized Gains During the Period		(19	)		(123	)

Reclassification Adjustment for Gains Included in Net Income		(20	)		-

Total Other Comprehensive Loss		(39	)		(123	)

Comprehensive Income	$	1,100		$	1,371

See accompanying notes to unaudited consolidated financial statements.

LOUISIANA BANCORP, INC.

Consolidated Statements of Changes in Shareholders' Equity (unaudited)

For the Six Months Ended June 30, 2014 and 2013

(Dollars in thousands)

	Common Stock		Additional Paid-in Capital			Unearned ESOP Shares			Unearned RRP Shares			Treasury Stock			Retained Earnings			Accumulated Other Comprehensive Income			Total Shareholders' Equity

Balances at December 31, 2012	$	63	$	63,363		$	(3,681	)	$	(949	)	$	(47,364	)	$	44,842		$	432		$	56,706
Net Income - Six Months Ended June 30, 2013		-		-			-			-			-			1,494			-			1,494
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes		-		-			-			-			-			-			(123	)		(123	)
Stock Purchased for Treasury		-		-			-			-			(2,552	)		-			-			(2,552	)
RRP Shares Earned		-		(43	)		-			541			-			-			-			498
Stock Options Exercised		-		(54	)		-			-			273			-			-			219
Stock Option Expense		-		50			-			-			-			-			-			50

Balances at June 30, 2013	$	63	$	63,316		$	(3,681	)	$	(408	)	$	(49,643	)	$	46,336		$	309		$	56,292




Balances at December 31, 2013	$	63	$	63,533		$	(3,427	)	$	(368	)	$	(49,651	)	$	47,550		$	239		$	57,939
Net Income - Six Months Ended June 30, 2014		-		-			-			-			-			1,139			-			1,139
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes		-		-			-			-			-			-			(39	)		(39	)
Dividends Paid																(252	)					(252	)
Stock Purchased for Treasury		-					-			-			(1,178	)		-			-			(1,178	)
RRP Shares Earned		-		2			-			10			-			-			-			12
Stock Option Expense		-		14			-			-			-			-			-			14

Balances at June 30, 2014	$	63	$	63,549		$	(3,427	)	$	(358	)	$	(50,829	)	$	48,437		$	200		$	57,635

See accompanying notes to unaudited consolidated financial statements.

LOUISIANA BANCORP, INC.

Consolidated Statements of Cash Flows (Unaudited)

	For the Six Months Ended June 30,
	2014			2013
	(In Thousands)
Cash Flows from Operating Activities
Net Income	$	1,139		$	1,494
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
Depreciation		136			127
Provision for Loan Losses		65			147
Net Increase in RRP Shares Earned		12			498
Stock Option Plan Expense		14			50
Net Premium Amortization		33			88
Deferred Income Tax Benefit		(152	)		(7	)
Gain on Sale of Securities		(30	)		-
Gain on Sale of Loans		(323	)		(664	)
Loss on Sale of Property and Equipment		-			(1	)
Originations of Loans Held-for-Sale		(8,750	)		(27,338	)
Proceeds from Sales of Loans Held-for-Sale		10,597			27,317
Net Decrease in Loans Held-for-Sale		(448	)		(2,509	)
Increase in Accrued Interest Receivable		11			45
Impairment of Other Real Estate Owned		28			60
Recovery of Other Real Estate Owned Principal		-			11
Decrease in Other Assets		(92	)		(165	)
Decrease in Accrued Interest Payable		(6	)		(45	)
Increase (Decrease) in Other Liabilities		699			(276	)
Net Cash Provided by (Used In) Operating Activities		2,933			(1,168	)

Cash Flows from Investing Activities
Purchase of Securities Available-for-Sale		(1,500	)		-
Purchase of Securities Held-to-Maturity		(2,883	)		-
Proceeds from Maturities of Securities Available-for-Sale		4,037			1,295
Proceeds from Maturities of Securities Held-to-Maturity		5,270			12,546
Proceeds from Sale of Securities Available-for-Sale		80			-
Net Increase in Loans Receivable		(9,226	)		(19,243	)
Purchase of Property and Equipment		(189	)		(176	)
Proceeds from Sale of Foreclosed Assets		23			-
Proceeds from Sale of Property and Equipment		-			1
Net Increase in Investment in Federal Home Loan Bank Stock		(85	)		(760	)
Net Cash Used in Investing Activities		(4,473	)		(6,337	)

	For the Six Months Ended June 30,
	2014			2013
	(In Thousands)
Cash Flows from Financing Activities
(Decrease) Increase in Deposits		(3,870	)		2,071
Decrease in Advances by Borrowers for Taxes and Insurance		(356	)		(50	)
Increase in Borrowings		4,411			2,510
Purchase of Treasury stock		(1,178	)		(2,552	)
Dividends Paid		(252	)		-
Proceeds from Exercise of Stock Options		-			219
Net Cash (Used in) Provided by Financing Activities		(1,245	)		2,198

Net Decrease in Cash and Cash Equivalents		(2,785	)		(5,307	)

Cash and Cash Equivalents, Beginning of Year		6,964			10,646

Cash and Cash Equivalents, End of Period	$	4,179		$	5,339

Supplemental Disclosure of Cash Flow Information
Cash Paid During the Period:
Interest	$	1,326		$	1,574

Income Taxes	$	466		$	1,333

Loans Transferred to Other Real Estate Owned During the Period	$	265		$	-

See accompanying notes to unaudited consolidated financial statements.

LOUISIANA BANCORP, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three month and six month period ended June 30, 2014 are not necessarily indicative of the results which may be expected for the entire fiscal year.

NATURE OF OPERATIONS

Louisiana Bancorp, Inc. (the “Company”) was organized as a Louisiana corporation on March 16, 2007, for the purpose of becoming the holding company of Bank of New Orleans (the “Bank”). The Company holds all of the issued and outstanding shares of capital stock of the Bank. The Bank operates in the banking/savings and loan industry and, as such, attracts deposits from the general public and uses such deposits primarily to originate loans secured by first mortgage loans on owner-occupied single-family residences and other properties, as well as those for consumer needs.

The Bank is subject to competition from other financial institutions, and is also subject to the regulations of certain Federal agencies and undergoes periodic examinations by those regulatory authorities.

SIGNIFICANT GROUP CONCENTRATIONS OF CREDIT RISK

Most of the Company’s activities are with customers located within the greater New Orleans area in Louisiana. Note 2 summarizes the types of securities in which the Company invests. Note 3 summarizes the types of lending in which the Company engages. The Company does not have any significant concentrations in any one industry or to any one customer.

INVESTMENT SECURITIES

Securities are being accounted for in accordance with Accounting Standards Codification (“ASC”) 320-10, Investments – Debt and Equity Securities. ASC 320-10, promulgated by the Financial Accounting Standards Board (“FASB”), requires the classification of securities into one of three categories: trading, available-for-sale, or held-to-maturity. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates these classifications periodically.

Available-for-sale securities are stated at market value, with unrealized gains and losses, net of income taxes, reported as a separate component of accumulated other comprehensive income until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity or, in the case of mortgage-backed securities, over the estimated life of the security.

Securities designated as held-to-maturity are stated at cost adjusted for amortization of the related premiums and accretion of discounts, using the interest method. The Company has the positive intent and ability to hold these securities to maturity.

The Company held no trading securities as of June 30, 2014 or December 31, 2013.

Amortization, accretion and accrued interest are included in interest income on securities. Realized gains and losses, and declines in value judged to be other than temporary, are included in net securities gains or losses. Gains and losses on the sale of securities available-for-sale are determined using the specific-identification method.

LOANS

The Company grants one-to four-family, multi-family residential, commercial, and land mortgage loans, and consumer and construction loans, and lines of credit to customers. Certain first mortgage loans are originated and sold under loan sale agreements. A substantial portion of the loan portfolio is represented by mortgage loans secured by properties located throughout the greater New Orleans area. The ability of the Company’s debtors to honor their contracts is dependent, in part, upon real estate values and general economic conditions in this area.

Loans are reported at their outstanding unpaid principal balance adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance.

When the payment of principal or interest on a loan is delinquent for more than 90 days, or earlier in some cases, the loan is placed on non-accrual status, unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. If the decision is made to continue accruing interest on the loan, periodic reviews are made to confirm the accruing status of the loan. All interest accrued but not collected on loans placed in non-accrual status or on loans charged-off, is reversed against income. The interest on these loans is accounted for on the cash basis or cost-recovery method, until qualifying for return to accrual basis. Loans are returned to accrual basis when all of the principal and interest contractually due are brought current and future payments are reasonably assured.

The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include performing and non-performing loans on which full payment of principal or interest is not expected. The Company calculates an allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the loan’s observable market price or the fair value of its collateral.

ALLOWANCE FOR LOAN LOSSES

The allowance for loan losses is a valuation allowance available for losses incurred on loans. All losses are charged to the allowance for loan losses when the loss actually occurs or when a determination is made that a loss is likely to occur. Recoveries are credited to the allowance at the time of recovery.

The allowance is an amount that represents the amount of probable and reasonably estimable known and inherent losses in the loan portfolio, based on evaluations of the collectibility of loans. The evaluations take into consideration such factors as changes in the types and amount of loans in the loan portfolio, historical loss experience, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, estimated losses relating to specifically identified loans, and current economic conditions. This evaluation is inherently subjective as it requires material estimates including, among others, exposure at default, the amount and timing of expected future cash flows on impacted loans, value of collateral, estimated losses on our commercial and residential loan portfolios and general amounts for historical loss experience. All of these estimates may be susceptible to significant change.

It should be understood that estimates of future loan losses involve an exercise of judgment. While it is possible that in particular periods, the Company may sustain losses which are substantial relative to the allowance for loan losses, it is the judgment of management that the allowance for loan losses reflected in the accompanying statements of condition is appropriate under U.S. GAAP.

LOANS HELD-FOR-SALE

Loans held-for-sale include originated mortgage loans intended for sale in the secondary market, which are carried at the lower of cost or estimated market value. Loans held-for-sale are identified at the time of origination, in accordance with the Company’s interest rate risk strategy. In addition, the Company occasionally sells loans that it originates, but cannot hold, due to regulatory limitations on loans to one borrower or concentrations of credit in a particular property type or industry.

LOAN FEES, LOAN COSTS, DISCOUNTS AND PREMIUMS

Loan origination and commitment fees and certain direct loan origination costs are deferred and amortized as an adjustment to the related loan’s yield using the interest method over the contractual life of the loan.

Discounts received in connection with mortgage loans purchased are accreted to income over the term of the loan using the interest method. Premiums on purchased loans are amortized over the term of the loan using the interest method.

INCOME TAXES

Deferred income tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

COMPREHENSIVE INCOME

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the shareholders’ equity section of the balance sheets, such items, along with income, are components of comprehensive income.

USE OF ESTIMATES

In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for losses on loans and deferred taxes.

NOTE 2 – SECURITIES

A summary of securities classified as available-for-sale at June 30, 2014 and December 31, 2013, with gross unrealized gains and losses, follows:

	June 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Securities Available-for-Sale
Mortgage-Backed Securities
GNMA	$	1	$	-	$	-	$	1
FNMA		1,679		129		-		1,808
FHLMC		1,012		84		-		1,096
		2,692		213		-		2,905

U.S. Government and Agency Obligations		-		-		-		-
Equity Securities		133		90		-		223

Total	$	2,825	$	303	$	-	$	3,128

	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Securities Available-for-Sale
Mortgage-Backed Securities
GNMA	$	11	$	1	$	-	$	12
FNMA		2,010		151		-		2,161
FHLMC		1,207		83		-		1,290
		3,228		235		-		3,463

U.S. Government and Agency Obligations		1,993		30		-		2,023
Equity Securities		183		97		-		280

Total	$	5,404	$	362	$	-	$	5,766

A summary of securities classified as held-to-maturity at June 30, 2014 and December 31, 2013, with gross unrealized gains and losses, follows:

	June 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In Thousands)
Securities Held-to-Maturity
Mortgage-Backed Securities
GNMA	$	2,701	$	86	$	-		$	2,787
FNMA		15,921		820		-			16,741
FHLMC		5,417		519		-			5,936
		24,039		1,425		-			25,464

Collateralized Mortgage Obligations
FNMA		8,031		5		(41	)		7,995
FHLMC		9,966		23		(22	)		9,967
		17,997		28		(63	)		17,962

Municipal Obligations
General Obligation Bonds		2,883		10		(8	)		2,885
Total	$	44,919	$	1,463	$	(71	)	$	46,311

	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In Thousands)
Securities Held-to-Maturity
Mortgage-Backed Securities
GNMA	$	3,026	$	107	$	-		$	3,133
FNMA		18,094		749		(68	)		18,775
FHLMC		6,496		544		-			7,040
		27,616		1,400		(68	)		28,948

Collateralized Mortgage Obligations
FNMA		8,785		7		(191	)		8,601
FHLMC		10,945		11		(122	)		10,834
		19,730		18		(313	)		19,435
Total	$	47,346	$	1,418	$	(381	)	$	48,383

The following table reflects the amortized cost and fair value of available-for-sale and held-to-maturity securities by contractual maturity, and of our equity securities (which do not have maturities), as of June 30, 2014. Actual maturities will differ from contractual maturities because borrowers have the right to put or prepay obligations with or without call or prepayment penalties.

	Available-for-Sale Securities				Held-to-Maturity Securities
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(In Thousands)
Amounts Maturing in:
Less than One Year	$	-	$	-	$	-	$	-
One to Five Years		610		646		2,105		2,231
Five to Ten Years		2,082		2,259		4,381		4,708
Over Ten Years		-		-		38,433		39,372

	$	2,692	$	2,905	$	44,919	$	46,311
Equity Securities		133		223		-		-

Total	$	2,825	$	3,128	$	44,919	$	46,311

At June 30, 2014 and December 31, 2013, the Company held no available-for-sale securities that had unrealized losses. The following table reflects our held-to-maturity securities with unrealized losses at June 30, 2014 and December 31, 2013.

	Held-to-Maturity
	Losses Less Than 12 Months				Losses Greater Than 12 Months
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
June 30, 2014
Mortgage-Backed Securities
GNMA	$	-	$	-	$	-	$	-
FNMA		-		-		-		-
FHLMC		-		-		-		-
		-		-		-		-
Collateralized Mortgage Obligations
FNMA		6		2,772		35		4,762
FHLMC		11		6,481		11		881
		17		9,253		46		5,643

Municipal Obligations		8		1,522		-		-

Total	$	25	$	10,775	$	46	$	5,643

December 31, 2013
Mortgage-Backed Securities
GNMA	$	-	$	-	$	-	$	-
FNMA		68		7,573		-		-
FHLMC		-		-		-		-
		68		7,573		-		-

Collateralized Mortgage Obligations
FNMA		191		8,029		-		-
FHLMC		122		10,121		-		-
		313		18,150		-		-

Total	$	381	$	25,723	$	-	$	-

NOTE 3 – LOANS

The following table summarizes the composition of our total net loans receivable:

	June 30, 2014			December 31, 2013
	(In Thousands)
Loans Secured by Mortgages on Real Estate
1-4 Family Residential	$	145,377		$	139,069
Home Equity Loans and Lines		31,938			28,617
Multi-family Residential		20,190			21,728
Commercial Real Estate		58,900			59,170
Land		18			197
Total Loans Secured by Real Estate		256,423			248,781

Consumer and Other Loans
Loans Secured by Deposits		448			421
Other		404			346
Total Consumer and Other Loans		852			767

Less:
Allowance for Loan Losses		(2,198	)		(2,221	)
Net Deferred Loan Origination Fees/Costs		222			152
Total Loans, Net	$	255,299		$	247,479

A summary of our current, past due and nonaccrual loans as of June 30, 2014 and December 31, 2013 follows:

June 30, 2014	30-89 Days Past Due		90 Days or More Past Due and Accruing		Nonaccrual Loans		Total Past Due		Current Loans		Total Loans
Real Estate Secured Loans	(In Thousands)
1-4 Family Residential	$	-	$	-	$	112	$	112	$	145,265	$	145,377
Home Equity Loans and Lines		118		-		95		213		31,725		31,938
Multi-family Residential		-		-		-		-		20,190		20,190
Commercial Real Estate		-		-		847		847		58,053		58,900
Land		-		-		-		-		18		18
Consumer and Other Loans		-		-		-		-		852		852
Total	$	118	$	-	$	1,054	$	1,172	$	256,103	$	257,275

December 31, 2013	30-89 Days Past Due		90 Days or More Past Due and Accruing		Nonaccrual Loans		Total Past Due		Current Loans		Total Loans
Real Estate Secured Loans	(in Thousands)
1-4 Family Residential	$	-	$	-	$	20	$	20	$	139,049	$	139,069
Home Equity Loans and Lines		122		-		32		154		28,463		28,617
Multi-family Residential		-		-		-		-		21,728		21,728
Commercial Real Estate		308		-		1,276		1,584		57,586		59,170
Land		-		-		-		-		197		197
Consumer and Other Loans		7		-		-		7		760		767
Total	$	437	$	-	$	1,328	$	1,765	$	247,783	$	249,548

An analysis of the allowance for loan losses follows:

	Six Months Ended June 30, 2014			Year Ended December 31, 2013
	(In Thousands)

Balance, Beginning of Period	$	2,221		$	1,917
Provision for Loan Losses		65			264
Loan Recoveries		21			71
Charge-Offs		(109	)		(31	)
Balance, End of Period	$	2,198		$	2,221

The following table details the activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2014 and June 30, 2013.

	Real Estate Secured Mortgage Loans
June 30, 2014	1-4 Family Residential		Home Equity Loans/Lines			Multi-Family Residential			Commercial			Land			Consumer and Other			Total
	(In Thousands)
Balance, Beginning of Year	$	1,126	$	253		$	190		$	642		$	2		$	8		$	2,221
Provision for Loan Losses		51		31			(12	)		(1	)		(1	)		(3	)		65
Charge-Offs		-		(1	)		-			(99	)		-			(9	)		(109	)
Recoveries of prior charge-offs		7		3			-			-			-			11			21

Balance, End of Period	$	1,184	$	286		$	178		$	542		$	1		$	7		$	2,198

Ending Balance Allocated to:
Loans individually evaluated for impairment	$	-	$	-		$	-		$	-		$	-		$	-		$	-
Loans collectively evaluated for impairment		1,184		286			178			542			1			7			2,198
	$	1,184	$	286		$	178		$	542		$	1		$	7		$	2,198

Ending Loan Balance Disaggregated by Evaluation Method
Loans individually evaluated for impairment	$	112	$	95		$	-		$	847		$	-		$	-		$	1,054
Loans collectively evaluated for impairment		145,265		31,843			20,190			58,053			18			852			256,221
	$	145,377	$	31,938		$	20,190		$	58,900		$	18		$	852		$	257,275

	Real Estate Secured Mortgage Loans
June 30, 2013	1-4 Family Residential		Home Equity Loans/Lines			Multi-Family Residential		Commercial		Land		Consumer and Other			Total
	(In Thousands)
Balance, Beginning of Year	$	856	$	236		$	160	$	656	$	2	$	7		$	1,917
Provision for Loan Losses		113		21			36		9		-		(32	)		147
Charge-Offs		-		(8	)		-		-		-		(12	)		(20	)
Recoveries of prior charge-offs		5		5			-		-		-		44			54

Balance, End of Period	$	974	$	254		$	196	$	665	$	2	$	7		$	2,098

Ending Balance Allocated to:
Loans individually evaluated for impairment	$	-	$	-		$	-	$	91	$	-	$	-		$	91
Loans collectively evaluated for impairment		974		254			196		574		2		7			2,007
	$	974	$	254		$	196	$	665	$	2	$	7		$	2,098

Ending Loan Balance Disaggregated by Evaluation Method
Loans individually evaluated for impairment	$	47	$	-		$	-	$	1,140	$	-	$	2		$	1,189
Loans collectively evaluated for impairment		122,683		28,631			22,400		61,764		201		643			236,322
	$	122,730	$	28,631		$	22,400	$	62,904	$	201	$	645		$	237,511

A summary of the loans evaluated for possible impairment follows:

	June 30, 2014		December 31, 2013
	(In Thousands)

Impaired Loans Requiring a Loss Allowance	$	-	$	99
Impaired Loans not Requiring a Loss Allowance		1,054		1,229

Total Impaired Loans	$	1,054	$	1,328

Loss Allowance on Impaired Loans	$	-	$	99

At June 30, 2014 and December 31, 2013, all impaired loans were on nonaccrual status. The Bank did not hold any renegotiated loans on these dates. The amount of foregone interest on nonaccrual loans at June 30, 2014 and December 31, 2013, was approximately $11,000 and $16,000, respectively.

The following table provides additional information with respect to impaired loans by portfolio segment and the impairment methodology used to analyze the credit.

As of June 30, 2014	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment YTD		Interest Income Recognized
Impaired loans with no related allowance:	(In Thousands)
Loans Secured by Mortgages on Real Estate
1-4 Family Residential	$	112	$	112	$	-	$	65	$	-
Home Equity Loans and Lines		95		95		-		96		-
Multi-family Residential		-		-		-		-		-
Commercial Real Estate		847		847		-		996		-
Land		-		-		-		-		-
Consumer and Other Loans		-		-		-		-		-
Total	$	1,054	$	1,054	$	-	$	1,157	$	-

Impaired loans with a related allowance:
Loans Secured by Mortgages on Real Estate
1-4 Family Residential	$	-	$	-	$	-	$	-	$	-
Home Equity Loans and Lines		-		-		-		-		-
Multi-family Residential		-		-		-		-		-
Commercial Real Estate		-		-		-		50		-
Land		-		-		-		-		-
Consumer and Other Loans		-		-		-		-		-
Total	$	-	$	-	$	-	$	50	$	-

Total Impaired Loans
Loans Secured by Mortgages on Real Estate
1-4 Family Residential	$	112	$	112	$	-	$	65	$	-
Home Equity Loans and Lines		95		95		-		96		-
Multi-family Residential		-		-		-		-		-
Commercial Real Estate		847		847		-		1,046		-
Land		-		-		-		-		-
Consumer and Other Loans		-		-		-		-		-
Total	$	1,054	$	1,054	$	-	$	1,207	$	-

As of December 31, 2013	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment YTD		Interest Income Recognized
Impaired loans with no related allowance:	(In Thousands)
Loans Secured by Mortgages on Real Estate
1-4 Family Residential	$	20	$	20	$	-	$	37	$	-
Home Equity Loans and Lines		32		32		-		51		2
Multi-family Residential		-		-		-		2		-
Commercial Real Estate		1,177		1,177		-		500		47
Land		-		-		-		-		-
Consumer and Other Loans		-		-		-		-		-
Total	$	1,229	$	1,229	$	-	$	590	$	49

Impaired loans with a related allowance:
Loans Secured by Mortgages on Real Estate
1-4 Family Residential	$	-	$	-	$	-	$	-	$	-
Home Equity Loans and Lines		-		-		-		-		-
Multi-family Residential		-		-		-		-		-
Commercial Real Estate		99		99		99		960		4
Land		-		-		-		-		-
Consumer and Other Loans		-		-		-		1		-
Total	$	99	$	99	$	99	$	961	$	4

Total Impaired Loans
Loans Secured by Mortgages on Real Estate
1-4 Family Residential	$	20	$	20	$	-	$	37	$	-
Home Equity Loans and Lines		32		32		-		51		2
Multi-family Residential		-		-		-		2		-
Commercial Real Estate		1,276		1,276		99		1,460		51
Land		-		-		-		-		-
Consumer and Other Loans		-		-		-		1		-
Total	$	1,328	$	1,328	$	99	$	1,551	$	53

The following table summarizes the credit grades assigned by the Company to our loan portfolio as of June 30, 2014 and December 31, 2013. Additional information related to the criteria used to assess these risk ratings can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. These balances are presented gross of any allowance for loan loss.

	Real Estate Secured Mortgage Loans
June 30, 2014	1-4 Family Residential		Home Equity Loans/Lines		Multi-Family Residential		Commercial		Land		Consumer and Other		Total
Credit Classification:	(In Thousands)
Pass	$	144,945	$	31,573	$	20,190	$	58,053	$	18	$	852	$	255,631
Special Mention		320		270		-		-		-		-		590
Substandard		112		95		-		847		-		-		1,054
Doubtful		-		-		-		-		-		-		-
Loss		-		-		-		-		-		-		-
Total	$	145,377	$	31,938	$	20,190	$	58,900	$	18	$	852	$	257,275

	Real Estate Secured Mortgage Loans
December 31, 2013	1-4 Family Residential		Home Equity Loans/Lines		Multi-Family Residential		Commercial		Land		Consumer and Other		Total
Credit Classification:	(In Thousands)
Pass	$	138,718	$	28,335	$	21,728	$	57,586	$	197	$	760	$	247,324
Special Mention		331		250		-		-		-		-		581
Substandard		20		32		-		1,485		-		7		1,544
Doubtful		-		-		-		-		-		-		-
Loss		-		-		-		99		-		-		99
Total	$	139,069	$	28,617	$	21,728	$	59,170	$	197	$	767	$	249,548

NOTE 4 – EARNINGS PER COMMON SHARE

Earnings per common share (“EPS”) are computed using the weighted average number of shares outstanding as prescribed in FASB ASC 260-10, Earnings per Share. Net income is divided by the weighted average number of shares outstanding during the period to calculate basic net earnings per common share. Diluted earnings per common share are calculated to give effect to dilutive stock options.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013

Net Income	$	519,000		$	994,000		$	1,139,000		$	1,494,000

Weighted Average Shares Issued		6,345,732			6,345,732			6,345,732			6,345,732
Weighted Average Unearned ESOP Shares		(342,672	)		(368,055	)		(342,672	)		(368,055	)
Weighted Average Unearned RRP Shares		(28,898	)		(32,798	)		(29,099	)		(43,241	)
Weighted Average Treasury Shares		(3,501,464	)		(3,466,359	)		(3,489,556	)		(3,459,723	)
Weighted Average Shares Outstanding for Basic EPS		2,472,698			2,478,520			2,484,405			2,474,713
Earnings per Share, Basic	$	0.21		$	0.40		$	0.46		$	0.60


Weighted Average Shares Outstanding for Basic EPS		2,472,698			2,478,520			2,484,405			2,474,713
Effect of Dilutive Securities		174,790			128,444			167,552			135,344
Weighted Average Shares Outstanding for Diluted EPS		2,647,488			2,606,964			2,651,957			2,610,057
Earnings per Share, Diluted	$	0.20		$	0.38		$	0.43		$	0.57

NOTE 5 – REGULATORY CAPITAL

The actual and required regulatory capital amounts and ratios applicable to the Bank at June 30, 2014 and December 31, 2013, are presented in the following table:

	Actual					Minumum for Adequacy Purposes					Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
						(Dollars In Thousands)
June 30, 2014
Core/Leverage Capital	$	47,832		15.12	%	$	9,491		3.00	%	$	15,818		5.00	%
Tier 1 Risk-Based Capital		47,832		25.04	%		7,640		4.00	%		11,460		6.00	%
Total Risk-Based Capital		50,030		26.19	%		15,280		8.00	%		19,100		10.00	%

December 31, 2013
Core/Leverage Capital	$	46,724		14.80	%	$	9,471		3.00	%	$	15,785		5.00	%
Tier 1 Risk-Based Capital		46,724		25.37	%		7,366		4.00	%		11,049		6.00	%
Total Risk-Based Capital		48,945		26.58	%		14,732		8.00	%		18,414		10.00	%

The Bank’s capital under accounting principles generally accepted in the United States (“GAAP”) is reconciled to its regulatory capital as follows:

	June 30, 2014			December 31, 2013
	(In Thousands)

Capital Under GAAP	$	47,955		$	46,879
Unrealized Gains on Available-for-Sale Securities		(123	)		(155	)
Tier 1 Capital		47,832			46,724

Allowance for Loan Losses		2,198			2,221
Total Risk-Based Capital	$	50,030		$	48,945

NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows the guidance provided in FASB ASC 820, Fair Value Measurements, for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized at fair value in the financial statements. FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

FASB ASC 820 defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

In addition to defining fair value, FASB ASC 820 expands the disclosure requirements regarding fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. The level in the fair value hierarchy within which a fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

· Level 1 - Quoted prices for identical assets or liabilities in active markets.

· Level 2 - Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or other inputs that are observable in the market or can be corroborated by observable market data.

· Level 3 - Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The following table presents the Company’s assets measured at fair value on a recurring basis at June 30, 2014 and December 31, 2013. All of the mortgage-backed securities reported at fair value on June 30, 2014, and December 31, 2013, were secured by first mortgage loans on residential real estate.

	Fair Value Measurements
June 30, 2014	Total			(Level 1)			(Level 2)			(Level 3)
Assets:	(In Thousands)
Available-for-Sale Securities
Mortgage-Backed Securities		$	2,905		$	-		$	2,905		$	-
US Government and Agency Obligations			-			-			-			-
Equity Securities			223			223			-			-
Loans Held-for-Sale			854			-			854			-

Total		$	3,982		$	223		$	3,759		$	-

	Fair Value Measurements
December 31, 2013	Total			(Level 1)			(Level 2)			(Level 3)
Assets:	(In Thousands)
Available-for-Sale Securities
Mortgage-Backed Securities		$	3,463		$	-		$	3,463		$	-
US Government and Agency Obligations			2,023			-			2,023			-
Equity Securities			280			280			-			-
Loans Held-for-Sale			406			-			406			-

Total		$	6,172		$	280		$	5,892		$	-

The Company did not record any liabilities at fair market value for which measurement of the fair value was made on a recurring basis at June 30, 2014 or December 31, 2013.

The following table presents the Company’s assets measured at fair value on a non-recurring basis at June 30, 2014 and December 31, 2013.

	Fair Value Measurements
June 30, 2014	Total		(Level 1)		(Level 2)		(Level 3)
Assets:	(In Thousands)
Impaired Loans, Net of Allowance	$	1,054	$	-	$	-	$	1,054
Other Real Estate Owned		782		-		782		-

Total	$	1,836	$	-	$	782	$	1,054

	Fair Value Measurements
December 31, 2013	Total		(Level 1)		(Level 2)		(Level 3)
Assets:		(In Thousands)
Impaired Loans, Net of Allowance	$	1,229	$	-	$	-	$	1,229
Other Real Estate Owned		568		-		568		-

Total	$	1,797	$	-	$	568	$	1,229

The Company did not record any liabilities at fair market value for which measurement of the fair value was made on a non-recurring basis at June 30, 2014 or December 31, 2013.

FASB ASC 825, Financial Instruments, requires disclosure of the fair value of financial instruments for which it is practical to estimate. Included in this disclosure are the methods and significant assumptions used to estimate the fair value of financial instruments. A detailed description of the valuation methodologies used in estimating the fair value of the financial instruments can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

	June 30, 2014						December 31, 2013
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
	(In Thousands)
Financial Assets
Cash and Cash Equivalents	$	4,179		$	4,179		$	6,964		$	6,964
Certificates of Deposit		481			484			481			484
Securities		48,047			49,439			53,112			54,149

Loans		257,497			263,093			249,700			254,872
Less Allowance for Loan Losses		(2,198	)		(2,198	)		(2,221	)		(2,221	)
Loans, Net of Allowance		255,299			260,895			247,479			252,651

Federal Home Loan Bank Stock		2,402			2,402			2,317			2,317

Financial Liabilities
Deposits	$	198,638		$	205,333		$	202,508		$	209,660
Borrowings		55,451			53,849			51,040			48,140

Unrecognized Financial Instruments Commitments to Extend Credit	$	36,358		$	36,556		$	33,330		$	33,521

NOTE 7 – SUBSEQUENT EVENTS

In accordance with FASB ASC 855, Subsequent Events, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effect of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of June 30, 2014. In preparing these financial statements, the Company evaluated the events and transactions that occurred through the date these financial statements were issued.

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain forward-looking statements and information relating to the Company and the Bank that are based on the beliefs of management as well as assumptions made by and information currently available to management. In addition, in portions of this document the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “should” and similar expressions or the negative thereof, as they relate to the Company or the Bank or their management, are intended to identify forward-looking statements. Such statements reflect the current views of the Company and/or the Bank with respect to forward-looking events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements.

General

The Company’s results of operations are primarily dependent on the results of the Bank, which is a wholly owned subsidiary of the Company. The Bank’s results of operations depend, to a large extent, on net interest income, which is the difference between the income earned on its loan and investment portfolios and the cost of funds, consisting of the interest paid on deposits and borrowings. Results of operations are also affected by provisions for, or recoveries from, the allowance for loan losses, fee income and other non-interest income and non-interest expense. Non-interest expense principally consists of compensation and employee benefits, office occupancy and equipment expense, data processing, advertising and business promotion and other expense. Our results of operations are also significantly affected by general economic and competitive conditions, particularly changes in interest rates, government policies and actions of regulatory authorities. Future changes in applicable law, regulations or government policies may materially impact our financial conditions and results of operations.

Critical Accounting Policies

In reviewing and understanding financial information for the Company, you are encouraged to read and understand the significant accounting policies used in preparing our financial statements. These policies are described in Note 1 of the notes to our financial statements. The accounting and financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Accordingly, the financial statements require certain estimates, judgments, and assumptions, which are believed to be reasonable, based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the periods presented. The following accounting policies comprise those that management believes are the most critical to aid in fully understanding and evaluating our reported financial results. These policies require numerous estimates or economic assumptions that may prove inaccurate or may be subject to variations which may significantly affect our reported results and financial condition for the period or in future periods.

Allowance for Loan Losses. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes that the collectibility of the principal is unlikely. Subsequent recoveries are added to the allowance. The allowance is an amount that represents the amount of probable and reasonably estimable known and inherent losses in the loan portfolio, based on evaluations of the collectibility of loans. The evaluations take into consideration such factors as changes in the types and amount of loans in the loan portfolio, historical loss experience, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, estimated losses relating to specifically identified loans, and current economic conditions. This evaluation is inherently subjective as it requires material estimates including, among others, exposure at default, the amount and timing of expected future cash flows on impacted loans, the value of collateral, estimated losses on our commercial and residential loan portfolios and general amounts for historical loss experience. All of these estimates may be susceptible to significant change.

While management uses the best information available to make loan loss allowance evaluations, adjustments to the allowance may be necessary based on changes in economic and other conditions or changes in accounting guidance. Historically, our estimates of the allowance for loan loss have not required significant adjustments from management’s initial estimates. In addition, the Office of the Comptroller of the Currency, as an integral part of its examination processes, periodically reviews our allowance for loan losses. The Office of the Comptroller of the Currency may require the recognition of adjustments to the allowance for loan losses based on its judgment of information available to it at the time of its examinations. To the extent that actual outcomes differ from management’s estimates, additional provisions to the allowance for loan losses may be required that would adversely impact earnings in future periods.

Income Taxes. We make estimates and judgments to calculate some of our tax liabilities and determine the recoverability of some of our deferred tax assets, which arise from temporary differences between the tax and financial statement recognition of revenues and expenses. We also estimate a reserve for deferred tax assets if, based on the available evidence, it is more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. These estimates and judgments are inherently subjective. Historically, our estimates and judgments to calculate our deferred tax accounts have not required significant revision to our initial estimates.

In evaluating our ability to recover deferred tax assets, we consider all available positive and negative evidence, including our past operating results, recent cumulative losses and our forecast of future taxable income. In determining future taxable income, we make assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require us to make judgments about our future taxable income and are consistent with the plans and estimates we use to manage our business. Any reduction in estimated future taxable income may require us to record a valuation allowance against our deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings.

Comparison of Financial Condition at June 30, 2014 and December 31, 2013

Total assets were $317.3 million at June 30, 2014, an increase of $574,000 compared to December 31, 2013. During the first six months of 2014, our asset growth was primarily attributable to a $7.8 million increase in our net loan portfolio. The net loan portfolio was $255.3 million at June 30, 2014 compared to $247.5 million at December 31, 2013. Loan growth during the first six months of 2014 was fueled primarily by a $6.3 million increase in our single-family residential mortgage loans and a $3.3 million increase in our funded home equity loans and lines of credit. Partially offsetting the increases in our single-family residential mortgage loans and home equity loans and lines of credit were decreases in the outstanding balances of our loans secured by multifamily residential mortgage loans and by commercial real estate of $1.5 million and $270,000, respectively, during the first six months of 2014. In addition, in the six month period ended June 30, 2014, our cash and cash equivalents decreased by $2.8 million to $4.2 million. Total securities available-for-sale decreased by $2.6 million and total securities held-for-investment decreased by $2.4 million during the first six months of 2014.

Total impaired loans were $1.1 million at June 30, 2014, a decrease of $274,000 from December 31, 2013. At both dates our total impaired loans were comprised solely of nonaccrual loans. Other real estate owned was $782,000 at June 30, 2014, an increase of $214,000 compared to December 31, 2013. This change was attributed to the foreclosure on a commercial office building with a fair value of $265,000, which was partially offset by the sale of a single family residence valued at $23,000 and a $28,000 write-down on a restaurant in Baton Rouge. Total non-performing assets were approximately $1.8 million and $1.9 million, respectively at June 30, 2014 and December 31, 2013. Expressed as a percentage of total assets, nonperforming assets were 0.58% at June 30, 2014 and 0.60% at December 31, 2013.

Total deposits decreased by $3.9 million, to $198.6 million at June 30, 2014 compared to $202.5 million at December 31, 2013. This decrease was primarily due to the withdrawal of short-term interest bearing deposits by a single commercial depositor, which had been expected. During the first six months of 2014, non-interest bearing deposits increased by $1.3 million to $16.4 million, and interest-bearing deposits decreased by $5.2 million to $182.2 million. Total Federal Home Loan Bank advances were $55.5 million at June 30, 2014, an increase of $4.4 million from December 31, 2013. This increase in FHLB advances was in the form of short-term advances which were used to offset the out flow of deposits and fund the growth in our loan portfolio during the period.

Total shareholders’ equity was $57.6 million at June 30, 2014 and $57.9 million at December 31, 2013. Net income of $1.1 million during the first half of 2014 was partially offset by treasury stock repurchases and the payment of a two quarterly cash dividends. During the six months ended June 30, 2014, the Company acquired 61,474 shares of its common stock at a total cost of $1.2 million pursuant to its repurchase plans. Additionally, the Company paid quarterly cash dividends of $.05 per share of common stock, or $252,000 in the aggregate for the first and second quarters of 2014. The Bank’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital were 15.12%, 25.04%, and 26.19%, respectively, at June 30, 2014.

Comparison of Our Operating Results for the Three Months and Six Months Ended June 30, 2014 and 2013

General. Net income for the quarter ended June 30, 2014 was $519,000, a decrease of $475,000 from the quarter ended June 30, 2013. Net interest income between these quarterly periods declined by $109,000 to $2.4 million. This decrease was primarily attributed to a 12 basis point decrease in our net interest spread. Non-interest income for the second quarter of 2014 was $395,000 compared to $980,000 during the second quarter of 2013. This decrease was primarily attributed to a $301,000 decrease in gains on the sale of loans and a $234,000 non-recurring gain on our equity investment in a small business investment company which was recognized in the second quarter of 2013. Non-interest expense was relatively flat, at approximately $2.0 million for each of three month periods ended June 30, 2014 and 2013.

Net income for the six month period ended June 30, 2014 was $1.1 million, a decrease of $355,000 compared to the six month period ended June 30, 2013. Net interest income was $4.9 million and $5.0 million, respectively, for the six month periods ended June 30, 2014 and 2013. Our net interest spread during these six month periods was 2.94% and 3.00%, respectively and our net interest margin was 3.19% and 3.27%, respectively. Non-interest income for the first six months of 2014 was $759,000 compared to $1.5 million during the first six months of 2013. Similar to the changes between the respective three month periods referenced above, the decrease in non-interest income between the six month period ended June 30, 2014 and from the comparable period in 2013 was primarily attributed to a $341,000 decrease in gains on loans sold and a $286,000 decrease in gains on our equity investment in a small business investment company. Non-interest expense was $3.9 million and $4.0 million, respectively for the six month periods ended June 30, 2014 and 2013.

Average Balances, Net Interest Income, and Yields Earned and Rates Paid. The following tables show for the periods indicated the total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Tax-exempt income and yields have not been adjusted to a tax-equivalent basis. All average balances are based on monthly balances. Management does not believe that the monthly averages differ significantly from what the daily averages would be.

	Three months Ended June 30,
	2014							2013
	Average Balance		Interest		Average Yield/ Rate			Average Balance		Interest		Average Yield/ Rate
	(Dollars in Thousands)
Interest-Earning Assets:
Loans Receivable (1)	$	250,783	$	2,718		4.34	%	$	230,714	$	2,768		4.80	%
Mortgage-backed Securities		47,337		349		2.95	%		62,450		477		3.06	%
Investment Securities		1,501		14		3.73	%		6,355		37		2.33	%
Other Interest-Earning Assets		8,226		7		0.34	%		9,524		5		0.21	%
Total Interest-Earning Assets		307,847		3,088		4.01	%		309,043		3,287		4.25	%

Non-Interest Earning Assets		8,796							8,680

Total Assets	$	316,643						$	317,723

Interest-Bearing Liabilities:
Passbook, Checking and Money Market Accounts	$	62,454		36		0.23	%	$	57,582		30		0.21	%
Certificates of Deposit		122,518		356		1.16	%		126,683		392		1.24	%
Total Interest-Bearing Deposits		184,972		392		0.85	%		184,265		422		0.92	%

Borrowings		52,848		268		2.03	%		59,534		328		2.20	%
Total Interest-Bearing Liabilities		237,820		660		1.11	%		243,799		750		1.23	%

Non-Interest Bearing Liabilities		21,006							18,210

Total Liabilities		258,826							262,009

Stockholders' Equity		57,817							55,714

Total Liabilities and Stockholders' Equity	$	316,643						$	317,723

Net Interest-Earning Assets	$	70,027						$	65,244

Net Interest Income; Average Interest Rate Spread			$	2,428		2.90	%			$	2,537		3.02	%

Net Interest Margin (2)						3.15	%						3.28	%

Average Interest-Earning Assets to Average Interest-Bearing Liabilities						129.45	%						126.76	%

__________________________________________________________________

(1) Includes nonaccrual loans during the respective periods. Calculated net of deferred fees/costs and allowance for loan losses.

(2) Equals net interest income divided by average interest-earning assets.

	Six Months Ended June 30,
	2014							2013
	Average Balance		Interest		Average Yield/ Rate			Average Balance		Interest		Average Yield/ Rate
	(Dollars in Thousands)
Interest-Earning Assets:
Loans Receivable (1)	$	250,154	$	5,458		4.36	%	$	223,724	$	5,419		4.84	%
Mortgage-backed Securities		48,349		723		2.99	%		65,926		1,010		3.06	%
Investment Securities		2,273		42		3.70	%		6,366		75		2.36	%
Other Interest-Earning Assets		7,278		11		0.30	%		8,669		9		0.21	%
Total Interest-Earning Assets		308,054		6,234		4.05	%		304,685		6,513		4.28	%

Non-Interest Earning Assets		8,903							8,480

Total Assets	$	316,957						$	313,165

Interest-Bearing Liabilities:
Passbook, Checking and Money Market Accounts	$	61,905		70		0.23	%	$	56,539		59		0.21	%
Certificates of Deposit		123,610		711		1.15	%		126,931		795		1.25	%
Total Interest-Bearing Deposits		185,515		781		0.84	%		183,470		854		0.93	%

Borrowings		53,384		539		2.02	%		55,965		675		2.41	%
Total Interest-Bearing Liabilities		238,899		1,320		1.11	%		239,435		1,529		1.28	%

Non-Interest Bearing Liabilities		20,220							18,096

Total Liabilities		259,119							257,531

Stockholders' Equity		57,838							55,634

Total Liabilities and Stockholders' Equity	$	316,957						$	313,165

Net Interest-Earning Assets	$	69,155						$	65,250

Net Interest Income; Average Interest Rate Spread			$	4,914		2.94	%			$	4,984		3.00	%

Net Interest Margin (2)						3.19	%						3.27	%

Average Interest-Earning Assets to Average Interest-Bearing Liabilities						128.95	%						127.25	%

__________________________________________________________________

(1) Includes nonaccrual loans during the respective periods. Calculated net of deferred fees/costs and allowance for loan losses.

(2) Equals net interest income divided by average interest-earning assets.

Interest Income. Net interest income was approximately $2.4 million during the second quarter of 2014, a decrease of $109,000 compared to the second quarter of 2013. Between the respective quarterly periods, the average yield on our interest-earning assets declined by 24 basis points while the average cost of our interest-bearing liabilities decreased 12 basis points, resulting in a 12 basis point decrease in the average interest rate spread. Our net interest margin, which expresses net interest income as a percentage of average interest-earning assets, was 3.15% and 3.28%, respectively, for the three month periods ended June 30, 2014, and June 30, 2013. During the second quarter of 2014, interest income was $3.1 million, a decrease of $199,000 compared to the second quarter of 2013. The average balance of interest earning assets decreased by $1.2 million and the average yield on interest-earning assets decreased from 4.25% to 4.01% during the three month period ended June 30, 2014 compared to the same three month period in the prior year. Interest income on loans receivable was $2.7 million during the second quarter of 2014, with an average balance of $250.8 million and an average yield of 4.34%. Interest income of $2.8 million was earned on loans receivable with an average balance of $230.7 million and an average yield of 4.80% during the second quarter of 2013. The average balance of our mortgage-backed securities and CMOs decreased by $15.1 million, to $47.3 million, during the second quarter of 2014 compared to the second quarter of 2013, resulting in a decrease of $128,000 in interest income earned on mortgage-backed securities and CMOs in the 2014 period compared to the 2013 period. Interest income on investment securities during the second quarter of 2014 was $14,000, at an average yield of 3.73%, compared to $37,000, at an average yield of 2.33%, during the second quarter of 2013. Interest income earned on other interest-earning assets was $7,000 and $5,000, respectively, for the three month periods ended June 30, 2014 and 2013.

During the six month period ended June 30, 2014, net interest income was $4.9 million, a decrease of $70,000 compared to the six month period ended June 30, 2013. Our net interest rate spread between the respective six month periods decreased by six basis points and our net interest margin decreased by eight basis points. Interest income decreased by $279,000, to $6.2 million, during the first six months of 2014 compared to the first six months of 2013. Between the respective six month periods, the interest income benefit derived from a $3.4 million increase in our average interest-earning assets was offset by a 23 basis point decrease in the average yield earned on such assets. Interest income on loans receivable was $5.5 million and $5.4 million, respectively, during the six month periods ended June 30, 2014 and 2013. During these six month periods, the average balance of loans receivable increased by $26.4 million, however the average yield decreased by 48 basis points. The growth in the average balance of our loans receivable was partially offset by a $17.6 million decrease in the average balance of our mortgage-backed securities and CMOs, a $4.1 million decrease in the average balance of our investment securities, and a $1.4 million decrease in other interest-earning assets. The average yield earned on total interest-earning assets during the first six months of 2014 was 4.05% compared to 4.28% during the first six months of 2013.

Interest Expense. Total interest expense was $660,000, with our interest-bearing liabilities having an average cost of 1.11%, during the second quarter of 2014, compared to interest expense of $750,000 and an average cost of 1.23% for the second quarter of 2013. The average rate paid on interest-bearing deposits was 0.85% during the quarter ended June 30, 2014, a decrease of seven basis points from the quarter ended June 30, 2013. Interest expense on borrowings was $268,000 at an average cost of 2.03% during the second quarter of 2014, and $328,000 at an average cost of 2.20% during the second quarter of 2013.

For the six month period ended June 30, 2014, total interest expense was $1.3 million, a decrease of $209,000 compared to the six month period ended June 30, 2013. Average interest-bearing liabilities were $238.9 million with an average cost of 1.11% during the first six months of 2014 compared to average interest-bearing liabilities of $239.4 million with an average cost of 1.28% during the first six months of 2013.

Provision for Loan Losses. The Company recorded a provision for loan losses of $44,000 during the second quarter of 2014 compared to $6,000 during the second quarter of 2013. Our allowance for loan losses was $2.2 and $2.1 million, respectively, at June 30, 2014 and 2013. At such dates, our allowance for loan losses was 0.85% and 0.88%, respectively, of total loans receivable.

During the six month periods ended June 30, 2014 and June 30, 2013, the Company reported provisions for loan losses of $65,000 and $147,000, respectively. At June 30, 2014, total non-performing loans were $1.1 million, or 0.41% of total loans, and total non-performing assets were $1.8 million, or 0.58% of total assets. At June 30, 2013, total non-performing loans were $1.2 million and total non-performing assets were $1.7 million.

Non-interest Income. Non-interest income for the second quarter of 2014 was $395,000, a decrease of $585,000 from the second quarter of 2013. Our customer service fees, which are primarily comprised of fees earned on transaction accounts, loan servicing fees, and brokered loan commissions, were $164,000 during the second quarter of 2014, a decrease of $67,000 from the comparable 2013 period. Gains on the sale of mortgage loans decreased from $483,000 during the second quarter of 2013 to $182,000 during the second quarter of 2014 due to a decrease of $11.5 million in the principal balance of loans sold during the respective periods. During the second quarter of 2013, the Company recorded a $234,000 gain on an equity investment in a small business investment company (“SBIC”). There was no such gain realized during the second quarter of 2014, however the Company recorded a similar gain of $7,000 during the first quarter of 2014. Other non-interest income was $19,000 and $32,000, respectively, during the quarterly periods ended June 30, 2014 and 2013.

For the six month periods ended June 30, 2014 and 2013, total non-interest income was $759,000 and $1.5 million, respectively. Customer service fees decreased by $104,000 between the six month periods due primarily to a $179,000 decrease in commissions earned on brokered loan transactions. This decrease was partially offset by an increase of $35,000 in deposit account service charges and a $40,000 increase in loan servicing fees. Gains on the sale of mortgage loans were $323,000 during the second quarter of 2014 compared to $664,000 during the second quarter of 2013. This decrease in gains on the sale of mortgage loans was directly related to a $15.4 million decrease in the principal balance of loans sold between the respective six month periods. Gains on the sale of securities were $30,000 during the first six months of 2014. There were no such sales during the first six months of 2013. The Company recorded a gain of $7,000 on its investment in a SBIC during the six month period ended June 30, 2014 compared to a gain of $293,000 recorded during the six month period ended June 30, 2013.

Non-interest Expense. Total non-interest expense was $2.0 million for each of the quarterly periods ended June 30, 2014 and 2013. Salaries and employee benefits expense increased by $23,000, to $1.1 million, for the quarter ended June 30, 2014 compared to the quarter ended June 30, 2013. Occupancy expenses increased by $42,000, to $379,000, during the second quarter of 2014 compared to the second quarter of 2013 due primarily to increased data processing costs and certain costs associated with the renovations of one of our branch offices. Professional fees decreased by $41,000, to $33,000, between the respective quarters ended June 30, 2014 and 2013. The Louisiana bank shares tax was $48,000 and $58,000, respectively, and our FDIC deposit insurance premiums were $37,000 and $38,000, respectively, for the quarters ended June 30, 2014 and June 30, 2013. The net cost associated with our OREO operations was $42,000 during the second quarter of 2014 compared to $55,000 during the second quarter of 2013. Advertising expense decreased by $16,000 to $83,000 during the second quarter of 2014 compared to the second quarter of 2013, due to a reduction in consulting fees associated with our marketing programs. Other non-interest expenses were $150,000 for the second quarter of 2014, and $155,000 for the second quarter of 2013.

Non-interest expense for the first six months of 2014 was $3.9 million, a decrease of $157,000 compared to the first six months of 2013. Salaries and employee benefits cost decreased by $88,000 between the respective six month periods, to $2.3 million, due primarily to a reduction in the cost of our equity compensation plans. During the first quarter of 2013, the majority of the awards associated with these plans became fully vested and expensed. Occupancy expense for the six months ended June 30, 2014 was $739,000, an increase of $71,000 compared to the six months ended June 30, 2013. This increase was attributable to the aforementioned increase in data processing cost and certain costs associated with the renovation of a branch office. Our bank shares tax expense decreased by $19,000, professional fees decreased by $60,000, OREO operating cost decreased by $28,000, and advertising expense decreased by $50,000 during the six months ended June 30, 2014 compared to the six months ended June 30, 2013.

Income Tax Expense. For the three month period ended June 30, 2014, the Company recorded income tax expense of $268,000, a decrease of $251,000 from the three month period ended June 30, 2013. This decrease in income tax expense was primarily due to a decrease in pre-tax income of $726,000 between the respective quarterly periods.

Income tax expense was $591,000 based on pre-tax income of $1.7 million during the first six months of 2014 compared to income tax expense of $785,000 on pre-tax income of $2.3 million during the first six months of 2013.

Liquidity and Capital Resources

Our primary sources of funds are from deposits, amortization of loans, loan prepayments and the maturity of loans, mortgage-backed securities and other investments, and other funds provided from operations. While scheduled payments from the amortization of loans and mortgage-backed securities and maturing investment securities are relatively predictable sources of funds, deposit flows and loan prepayments can be greatly influenced by general interest rates, economic conditions and competition. We also maintain excess funds in short-term, interest-bearing assets that provide additional liquidity. At June 30, 2014, our cash and cash equivalents amounted to $4.2 million. In addition, at such date our available-for-sale investment and mortgage-backed securities amounted to an aggregate of $3.1 million.

We use our liquidity to fund existing and future loan commitments, to fund maturing certificates of deposit and demand deposit withdrawals, to invest in other interest-earning assets, and to meet operating expenses. At June 30, 2014, we had certificates of deposit maturing within the next 12 months amounting to $85.3 million. Based upon historical experience, we anticipate that a significant portion of the maturing certificates of deposit will be redeposited with us. At June 30, 2014, we had $55.5 million in total borrowings, comprised solely of FHLB advances.

In addition to cash flow from loan and securities payments and prepayments as well as from sales of available for sale securities, we have significant borrowing capacity available to fund liquidity needs. In recent years we have utilized borrowings as a cost efficient addition to deposits as a source of funds. As a member of the Federal Home Loan Bank of Dallas, we pledge residential mortgage loans and mortgage-backed securities as collateral for advances. At June 30, 2014, the Company had $91.4 million in additional borrowing capacity available through the Federal Home Loan Bank.

The following table summarizes our contractual cash obligations at June 30, 2014.

	Payments Due by Period
	Total		To 1 Year		More Than 1 Year to 3 Years		More Than 3 Years to 5 Years		More Than 5 Years
	(Dollars In Thousands)

Certificates of Deposit	$	118,905	$	85,298	$	21,724	$	11,883	$	-
FHLB Advances and Other Borrowings		55,451		10,511		17,924		489		26,527
Total Long-Term Debt		174,356		95,809		39,648		12,372		26,527

Operating Lease Obligations		82		44		35		3		-

Total Contractual Obligations	$	174,438	$	95,853	$	39,683	$	12,375	$	26,527

We anticipate that we will continue to have sufficient funds and alternative funding sources to meet our current commitments.

Impact of Inflation and Changing Prices

The financial statements, accompanying notes, and related financial data of the Company presented herein have been prepared in accordance with generally accepted accounting principles, which require the measurement of financial position and operating results in terms of historical dollars without considering the changes in purchasing power of money over time due to inflation. The impact of inflation is reflected in the increased cost of operations. Most of our assets and liabilities are monetary in nature; therefore, the impact of interest rates has a greater impact on our performance than the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Item 3 – Quantitative and Qualitative Disclosures About Market Risk.

For a discussion of the Company’s asset and liability management policies as well as the methods used to manage its exposure to the risk of loss from adverse changes in market prices and rates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – How We Manage Market Risk” at Part II, Item 7 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Item 4 – Controls and Procedures.

Our management evaluated, with the participation of our President and Chief Executive Officer and our Executive Vice President and Chief Financial Officer, our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our President and Chief Executive Officer and our Senior Vice President and Chief Financial Officer concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and are operating in an effective manner.

No change in our internal control over financial reporting (as defined in Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934) occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1 - Legal Proceedings.

There are no matters required to be reported under this item.

Item 1A - Risk Factors.

See “Risk Factors” at pages 30-33 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (SEC File No. 1-33573), which is incorporated herein by reference thereto.

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Not applicable.

(b) Not applicable.

(c) The Company’s purchases of its common stock made during the quarter consisted of purchases of shares pursuant to repurchase plans approved by the Company’s Board of Directors, as set forth in the following table.

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan or Program		Maximum Number of Shares that May Yet be Purchased Under the Plan or Program (1)

April 1 - April 30, 2014		-	$	-		-		126,459
May 1 - May 31, 2014		38,066		19.73		38,066		88,393
June 1 - June 30, 2014		858		20.17		858		87,535
Total		38,924	$	19.74		38,924

_______________

(1)

On February 27, 2013, the Company announced a stock repurchase programs to acquire up to 150,000 shares of its outstanding common stock over a six-month period. On November 1, 2013, the Company extended the duration of this repurchase plan to May 1, 2014. On May 2, 2014, the duration of the repurchase program was extended for an additional twelve months to May 2, 2015. As of June 30, 2014, there were 87,535 shares remaining to be purchased under this plan.

Item 3 - Defaults Upon Senior Securities.

There are no matters required to be reported under this item.

Item 4 – Mine Safety Disclosure

Not applicable.

Item 5 - Other Information.

There are no matters required to be reported under this item.

Item 6 - Exhibits.

(a) List of exhibits: (filed herewith unless otherwise noted)

31.1	Rule 13a-14(a)/15d-14(a) /Section 302 Certification of the Chief Executive Officer

31.2	Rule 13a-14(a)/15d-14(a)/Section 302 Certification of the Chief Financial Officer

32.1	Section 1350 Certification

The following Exhibits are being furnished* as part of this report:

No.		Description
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.*

______________________

These interactive data files are being furnished as part of this Quarterly Report, and, in accordance with Rule 402 of Regulation S-T, shall not be deemed filed for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under those sections.

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.

		LOUISIANA BANCORP, INC.
Date: August 13, 2014	By:	/s/Lawrence J. LeBon, III
		Lawrence J. LeBon, III
		President and Chief Executive Officer

Date: August 13, 2014	By:	/s/John LeBlanc
		John LeBlanc
		Executive Vice President and Chief Financial Officer

LOUISIANA BANCORP INC - FORM 10-Q - August 13, 2014

Attached files

LOUISIANA BANCORP INC Reports