UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(b) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 1996
HOME FINANCIAL BANCORP
(Exact name of registrant as specified in its charter)
INDIANA
(State of other jurisdiction of incorporation)
0-28510 35-1975585
(Commission File Number) (IRS Employer Identification No.)
279 East Morgan Street
Spencer, Indiana 47460
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 829-2095
<PAGE>
Item 5. Other Events.
Pursuant to General Instruction F to Form 8-K, the press release issued
October 28, 1996, concerning the Corporation's first quarter earnings and a
first quarter charge to earnings resulting from recent legislation dealing with
the recapitalization of the Savings Association Insurance Fund is attached
hereto as Exhibit 1 and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 1 - Press Release dated October 28, 1996.
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.
/s/ Kurt J. Meier
Kurt J. Meier, President
Dated: October 30, 1996
EXHIBIT 1
HOME FINANCIAL BANCORP
ANNOUNCES FIRST QUARTER EARNINGS
SPENCER, Indiana--(BUSINESS WIRE)--Oct. 28, 1996--Home Financial
Bancorp ("Company") (NASDAQ, Small Cap Market, HWEN), the holding company for
Owen Community Bank, s.b., ("Bank") reports earnings for the quarter ended
September 30, 1996. The Company became the holding Company for the Bank
effective July 1, 1996.
The Bank completed its conversion from a state chartered mutual savings
bank to a state chartered stock savings bank on July 1, 1996 and became a
wholly-owned subsidiary of the Company. In the conversion, the Company issued
505,926 shares of its common stock, with no par value, at $10 per share and used
$2,473,000 of the proceeds to acquire complete ownership of the Bank. Since the
conversion was not completed until July 1, 1996, financial and other data prior
to July 1, 1996 relates solely to the Bank.
The Company incurred a net loss of $12,000, or $.03 per share, for the
quarter ended September 30, 1996 compared to net income of $82,000 for the same
period in 1995. The decrease of $94,000 was primarily the result of a one-time
FDIC special assessment to recapitalize the Saving Association Insurance Fund
("SAIF") of $86,000, net of taxes. Absent the one-time special assessment, net
income for the quarter would have been $74,000 or $.16 per share.
Net interest income before the provision for loan losses was $396,000
for the 1996 period compared to $341,000 for the 1995 period, an increase of
$55,000 or 16.1%. The increase was attributed to a $5.5 million increase in
earning assets which resulted primarily from investing the proceeds of the stock
sale related to the conversion. The provision for loan losses was $17,000 for
the 1996 period compared to $13,500 for the 1995 period. The increase of $3,500
reflected the increase in total loans and management's desire to raise the level
of the allowance for loan losses to a level more in line with its peer group.
Total noninterest income decreased $7,000 during the quarter ended September 30,
1996 compared to the same period in 1995. This net decrease consisted of a
decrease in the gains on the sale of real estate acquired for development of
$14,000 and an increase of $7,000, primarily late fees on loans, in other
income. Noninterest expense increased $202,000 to $429,000 during the 1996
period compared to the 1995 period. The special FDIC assessment to recapitalize
the SAIF accounted for $142,000 of this increase. In addition, compensation
expense increased $11,000 to $114,000 primarily as a result of the expense
related to the employee stock ownership plan adopted in July 1996. The other
major component of the increase was the $37,000 increase in legal and
professional fees related to filings required by the Securities and Exchange
Commission and bank regulatory authorities as a result of the conversion. Legal
and professional fees are expected to decrease in future periods as Company
personnel prepare or partially prepare certain of these required filings and
rely to a lesser extent on outside professionals.
Total assets decreased $743,000 from $39,426,000 at June 30, 1996, to
$38,683,000 at September 30, 1996. A substantial portion of the decrease was the
$500,000 net reduction in borrowings from the Federal Home Loan Bank of
Indianapolis. Although total assets did not change significantly, the components
of the Company's statement of financial condition changed to a greater degree.
Investment securities increased $2.5 million and total loans increased 41.2
million at
<PAGE>
September 30, 1996, compared to June 30, 1996. These increases were funded by a
decrease in cash and cash equivalents which were unusually high at June 30, 1996
as a result of funds available related to the conversion. Total deposits
decreased approximately $4.6 million and equity increased $4.3 million as a
result of the completion of the plan of conversion on July 1, 1996.
Home Financial Bancorp is a bank holding company, with Owen Community
Bank, s.b. as its principal subsidiary. Owen Community Bank, s.b., an
FDIC-insured, Indiana stock savings bank operates from one office in Spencer.
<PAGE>
HOME FINANCIAL BANCORP
SELECTED FINANCIAL DATA
(Dollars in thousands, except per share and book value amounts)
Three Months Ended
September 30,
----------------------
1996 1995
---- ----
(Unaudited)
Operating Data
Net interest income $396 $341
Provision for loan losses 17 14
----------------------
Net interest income after 379 327
provision for loan losses
Other income 29 36
Other expenses 429 227
----------------------
Income (loss) before income taxes (21) 136
Income taxes (9) 54
----------------------
Net Income (Loss) $(12) $82
----------------------
======================
Earnings (loss) per share:
Including special SAIF assessment $(.03) Not Applicable
Excluding special SAIF assessment .16 Not Applicable
<PAGE>
September 30, June 30,
1996 1995
------------- --------
(Unaudited)
Statement of Financial Condition Data
- -------------------------------------
Total assets $38,683 $39,426
Total loans 28,503 27,275
Allowance for loan losses 165 150
Total deposits 24,103 28,726
Advances from Federal Home Loan Bank 6,700 7,200
Equity capital 7,746 3,410
Book value per share based upon $15.31 Not Applicable
shares issued of 505,926
--30--bin/clv*
CONTACT: Home Financial Bancorp, Spencer
Kurt D. Rosenberger, 812/829-2095
KEYWORD: INDIANA
INDUSTRY KEYWORD: BANKING EARNINGS
ZZZZZ
