<PAGE>
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
May 7, 1997
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Date of Report
HOMECORP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-18284 36-3680814
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(State or other jurisdication (Commission (IRS Employer
of incorporaton File Number) Identification
Number)
1107 EAST STATE STREET, ROCKFORD, IL 61104-2259
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (815) 987-2200
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ITEM 5. OTHER EVENT
On April 22, 1997, the Registrant issued the attached Press Release.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
1. Press Release, dated April 22, 1997.
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.
HOMECORP, INC.
Date: May 7, 1997 By: /s/ C. Steven Sjogren
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C. Steven Sjogren
President and
Chief Executive Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 14,815
<INT-BEARING-DEPOSITS> 128
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 12,717
<INVESTMENTS-CARRYING> 23,540
<INVESTMENTS-MARKET> 23,346
<LOANS> 261,601
<ALLOWANCE> 1,625
<TOTAL-ASSETS> 336,447
<DEPOSITS> 310,584
<SHORT-TERM> 0
<LIABILITIES-OTHER> 4,667
<LONG-TERM> 0
<COMMON> 11
0
0
<OTHER-SE> 21,185
<TOTAL-LIABILITIES-AND-EQUITY> 336,447
<INTEREST-LOAN> 5,331
<INTEREST-INVEST> 561
<INTEREST-OTHER> 141
<INTEREST-TOTAL> 6,033
<INTEREST-DEPOSIT> 3,634
<INTEREST-EXPENSE> 3,634
<INTEREST-INCOME-NET> 2,399
<LOAN-LOSSES> 75
<SECURITIES-GAINS> (9)
<EXPENSE-OTHER> 2,492
<INCOME-PRETAX> 623
<INCOME-PRE-EXTRAORDINARY> 385
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 385
<EPS-PRIMARY> 0.32
<EPS-DILUTED> 0.32
<YIELD-ACTUAL> 3.12
<LOANS-NON> 1,220
<LOANS-PAST> 1,445
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<PAGE>
HOMECORP, INC. REPORTS FINANCIAL RESULTS FOR FIRST QUARTER AND
DECLARATION OF A 3 FOR 2 STOCK SPLIT
Rockford, Illinois, April 22, 1997 - HomeCorp, Inc. (NASDAQ:HMCI), the parent
company for HomeBanc, fsb today reported earnings of $384,767 or $.32 per share
for the first quarter ended March 31, 1997, up 8.2% from $355,536 or $.30 per
share in the first quarter last year. Earnings gains for the first quarter
resulted in large part from increases in core banking activity as well as
improvement in real estate development operations.
Net interest income and the Bank's net interest margin increased when compared
to the year earlier quarter. Net interest income increased 5.85% over the first
quarter last year. The net interest margin increased to 3.12% during the first
quarter from 2.90% during the first quarter of last year.
The continued expansion of our core banking activities also contributed to an
18.5% increase in loan fees and service charges over the corresponding period
last year. Loan fees and service charges totaled just over $470,000 during the
first quarter compared to $397,000 during the same prior year period.
Income from real estate development totaled $61,089 during the first quarter as
a result of continuing sales of property in our real estate ventures. This is
consistent with the Company's ongoing plan to reduce its involvement in real
estate development activities.
The Bank's continued focus on growth in our core banking business resulted in
increased volumes in both consumer and commercial loan originations during the
first quarter. Checking account relationships increased 2% and checking balances
reflected this increased activity.
Real estate owned remained virtually unchanged during the quarter.
The provision for loan losses made during the quarter, net of charge-offs,
brings the total allowance for possible loan losses to approximately $1,625,000
at March 31, 1997, equal to .61% of net loan receivable as of that date.
The Company had total assets of $336.4 million and total deposits of $310.6
million and net loans receivable of $259.8 million at March 31, 1997.
Stockholders' Equity at March 31, 1997 was $21.2 million representing a book
value of $18.78 per share.
The Bank's suit in the United States Court of Federal Claims against the United
States for breach of contract with regard to the utilization of the supervisory
goodwill as capital created when the Bank acquired failing institutions in the
1980's, continues to be stayed. HomeBanc, along with others, is awaiting notice
from the court of its order of priority for scheduling hearings of these claims.
Mr. C. Steven Sjogren, HomeCorp President and CEO, announced that the Board of
Directors declared a split of the Corporation's common stock payable on or about
May 30, 1997, to shareholders of record on May 9, 1997. Under the terms of the
stock split, HomeCorp shareholders will receive one (1) additional share for
every two (2) shares held on the record date.
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Fractional shares created by the stock split will be paid in cash based upon the
price of the Corporation's stock on May 9, 1997, as adjusted for the stock
split. Mr. Sjogren added that "the Board's action will increase the number of
shares of HomeCorp's stock outstanding, making it easier for small investors to
purchase stock."
HomeCorp, Inc. is the holding company for HomeBanc, fsb which operates ten
offices in Rockford, Loves Park, CherryVale, Freeport, and Dixon, Illinois.
HomeCorp's shares are traded on the NASDAQ/National Market System, using the
symbol HMCI.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
<TABLE>
<CAPTION>
03/31/97 12/31/96
------------ ------------
<S> <C> <C>
Selected Balance Sheet Data:
Total Assets $336,447,035 $335,824,474
Loans Receivable, Net 259,846,870 259,139,564
Loans Held for Sale 1,753,608 1,872,513
Mortgage-Backed Securities 18,037,914 18,858,630
Investment Securities 5,501,839 5,502,353
Securities Held For Sale 12,717,076 12,496,885
Investment in Real Estate Dev. 5,062,106 5,094,960
Deposits 310,583,780 311,754,446
Stockholders' Equity $ 21,196,002 $ 20,858,256
Book Value Per Share * $18.78 $18.48
Book Value Per Share-Fully Diluted $17.91 $17.73
Stockholders' Equity
to Total Assets 6.30% 6.21%
</TABLE>
* 1,128,779 Shares Outstanding at March 31, 1997.
<TABLE>
<CAPTION>
Three Months Ended
03/31/97 03/31/96
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<S> <C> <C>
Selected Operating Data:
Total Interest Income $6,033,244 $5,973,291
Total Interest Expense 3,634,400 3,707,025
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Net Interest Income 2,398,844 2,266,266
Provision for Loan Losses 75,000 115,000
Loss Provision for Foreclosed Real Estate
Loan Fees and Service Charges 35,000 -
Income (Loss) from Real Estate 470,269 396,974
REO Operations 61,086 (219)
Other Non-Interest Operating Income 120,105 114,951
Non-Interest Operating Expense 67,871 33,264
Net Gains on Sale of Investments, 2,457,028 2,443,793
Mortgage-Backed Securities, and Loans 72,095 337,498
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Income Before Income Taxes 623,242 589,941
Income Tax Expense 238,475 234,405
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Net Income $ 384,767 $ 355,536
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Earnings Per Share $0.32 $0.30
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</TABLE>
