UNITED STATES
SECURITY AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
{X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
or
{ } 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: 0-24896
Home Building Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Indiana
(State or other jurisdiction of incorporation or organization)
35-1935840
(I.R.S. Employer identification No.)
200 East VanTrees Street, Washington, Indiana 47501
(Address of principal executive offices) (Zip Code)
(812) 254-2641
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last
report)
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 shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
for the past 90 days. {X}Yes { } No
As of May 14, 1997 there were 331,660 shares of the Registrant's common stock
issued and outstanding. Indicate the number of shares outstanding of each of
the issuer's classes of common stock as of the latest practicable date.
Transitional Small Business Disclosure Format (check one):
{ } Yes {X} No
<PAGE>
HOME BUILDING BANCORP, INC.
INDEX
Part I. Financial Information Page
Item 1. Financial Statements
Consolidated Statements of Financial Condition at March 31, 1997 1
and September 30, 1996
Consolidated Statements of Income for the three and six months
ended March 31, 1997 and 1996 2
Consolidated Statements of Shareholders' Equity for the
six months ended March 31, 1997 and 1996 3
Consolidated Statements of Cash Flows for the six months ended
March 31, 1997 and 1996 4
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition 8
and Results of Operations
Part II. Other Information 13
Signatures 14
Index of Exhibits 15
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Financial Condition
<CAPTION>
(Unaudited)
March 31, Sept. 30,
1997 1996
ASSETS
<S> <C> <C>
Cash and due from banks $1,769,513 $1,428,754
Interest-bearing deposits with banks 7,960,101 3,793,704
Securities available for sale 7,340,704 7,532,540
Securities held to maturity, fair market value of
$411,000 at March 31, and $473,000 at Sept. 30 409,481 473,104
Loans receivable, net of allowance for loan losses of
$78,600 at March 31, and $77,000 at Sept. 30 28,195,201 28,108,279
Accrued interest receivable 174,898 174,519
Premises and equipment 778,879 787,008
Other assets 175,217 262,792
Total assets 46,803,994 42,560,700
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C>
Liabilities:
Savings and NOW deposits $12,934,228 $11,571,843
Other time deposits 24,176,062 21,055,789
Total deposits 37,110,290 32,627,632
Advances from Federal Home Loan Bank 3,699,985 3,699,985
Securities sold under agreements to repurchase 0 273,951
Accrued expenses and other liabilities 344,521 460,613
Total liabilities 41,154,796 37,062,181
Shareholders' equity
Common stock, $.01 par value,
1 million shares authorized,
331,660 issued and outstanding 3,317 3,317
Additional paid in capital 3,014,935 3,014,935
Treasury stock, at cost (345,000) (345,000)
Retained earnings 3,332,074 3,217,134
Unrealized gain (loss) on available
for sale securities net of deferred tax (22,536) (26,397)
Unearned ESOP & recognition and retention shares (333,592) (365,470)
Total shareholders' equity 5,649,198 5,498,519
Total liabilities and shareholders' equity $46,803,994 $42,560,700
<FN>
See notes to consolidated financial statements.
</TABLE>
- -1-
<PAGE>
<TABLE>
Home Building Bancorp., Inc.
Washington, Indiana
Consolidated Statements of Income
<CAPTION>
Three months ended Six months ended
March 31, March 31,
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Interest income:
Loans receivable $612,069 $617,285 $1,195,691 $1,229,898
Investments 40,636 39,472 74,425 77,496
Mortgage-backed securities 106,182 86,848 208,861 158,277
Deposits with other banks 95,713 53,377 170,979 134,765
Total interest income 854,600 796,982 1,649,956 1,600,436
Interest expense:
Deposits 417,491 362,946 813,362 738,857
Repurchase agreements 0 64,814 0 119,975
Other borrowed funds 52,650 0 108,639 0
Total interest expense 470,141 427,760 922,001 858,832
Net interest income 384,459 369,222 727,955 741,604
Provision for loan losses 0 356,500 0 356,500
Net interest income after
provision for loan losses 384,459 12,722 727,955 385,104
Noninterest income:
Gain (loss) on sale of assets 2,954 4,736 3,453 4,825
Customer service fees 32,220 30,853 58,915 64,899
Total other income 35,174 35,589 62,368 69,724
Noninterest expenses:
Salaries and
employee benefits 146,005 132,753 261,323 288,050
Occupancy and equipment 35,461 34,226 74,145 70,725
Deposit insurance premium 2,003 18,592 21,392 37,738
Computer expense 15,315 18,359 29,177 27,796
Service fees 12,350 12,741 24,537 23,547
Advertising expense 12,822 13,240 26,115 24,035
Professional fees 20,488 10,337 26,038 27,042
Other expense 23,769 34,029 66,923 57,815
Total other expenses 268,213 274,277 529,650 556,748
Income (loss) before income taxes 151,420 (225,966) 260,673 (101,920)
Income tax expense (benefit) 56,462 (83,999) 97,483 (42,800)
Net income (loss) $94,958 $(141,967) $163,190 $(59,120)
Net income (loss) per share
of common stock $0.33 $(0.47) $0.58 $(0.20)
Weighted average shares outstanding 283,542 299,007 282,880 299,007
<FN>
See notes to consolidated financial statements.
</TABLE>
- -2-
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Shareholders' Equity
<CAPTION>
Six months ended March 31,
1997 1996
(Unaudited)
<S> <C> <C>
Common stock, $.01 par value, 1 million shares
authorized, 331,660 and 322,000 issued and
outstanding at March 31, 1997 and 1996,
respectively $ 3,317 $ 3,220
Additional paid in capital 3,014,935 2,855,642
Treasury stock, at cost (345,000) 0
Retained earnings:
Beginning of the period 3,217,134 3,451,949
Net income (loss) 163,190 (59,120)
Dividends declared (48,250) (48,300)
End of the period 3,332,074 3,344,529
Unrealized gain (loss) on securities available for
sale net of deferred tax:
Beginning of the period (26,397) (3,259)
Change in unrealized gain or loss 3,861 23,466
End of the period (22,536) 20,207
Unearned ESOP & recognition and retention shares:
Beginning of the period (365,470) (231,840)
RRP shares vested and released 31,878 0
End of the period (333,592) (231,840)
Total equity $5,649,198 $5,991,758
<FN>
See notes to consolidated financial statements.
</TABLE>
- -3-
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Cash Flows
<CAPTION>
Six months ended March 31,
1997 1996
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $163,190 $(59,120)
Adjustments to reconcile net income to net cash
provided by (used by) operating activities:
Depreciation and amortization 20,627 17,653
Other gains and losses, net 0 (4,825)
Net realized gains on available-
for-sale securities (2,896) 0
(Increase) decrease in accrued
interest receivable (379) (743)
Increase (decrease) in accrued expenses
and other liabilities (84,214) (91,914)
(Increase) decrease in other assets 84,081 (152,072)
Provision for loan loss 0 356,500
Total adjustments 17,219 124,599
Net cash provided by operating activities 180,409 65,479
Cash flows from investing activities:
Net (increase) decrease in interest-bearing
deposits with banks (4,166,397) 195,764
Purchases of available-for-sale securities (1,141,435) (2,076,253)
Proceeds from maturities of available-
for-sale securities 697,100 1,030,727
Proceeds from sales of available-
for-sale securities 646,422 0
Proceed from maturities of
held-to-maturity securities 63,623 571,105
Net (increase) decrease in loans (86,922) (379,913)
Net purchases of premises and equipment (12,498) 0
Proceeds from sale of foreclosed collateral 0 4,835
Net cash used in investing activities (4,000,107) (653,735)
Cash flows from financing activities:
Net increase (decrease) in savings and
NOW deposit accounts, 1,362,385 173,254
Net increase (decrease) in time deposits 3,120,273 576,181
Net decrease in securities sold under
agreements to repurchase (273,951) (842,607)
Proceeds from Federal Home Loan Bank advances 0 1,000,000
Dividends paid (48,250) (48,300)
Net cash provided by financing activities 4,160,457 858,528
Net increase (decrease) in cash and due from banks 340,759 270,272
Cash and due from banks at beginning of period 1,428,754 3,338,677
Cash and due from banks at end of period $1,769,513 $3,608,949
<FN>
See notes to consolidated financial statements.
</TABLE>
- -4-
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Cash Flows
<CAPTION>
Six months ended March 31,
1997 1996
(Unaudited)
<S> <C> <C>
Cash paid for:
Interest $ 919,651 $ 863,806
Income taxes $ 0 $ 63,264
Non-cash Investing and Financing Activities:
Aggregate investments at market transferred
from held-to-maturity and reclassified as
available-for-sale $ 0 $2,645,719
<FN>
See notes to consolidated financial statements.
- -5-
</TABLE>
<PAGE>
Home Building Bancorp, Inc.
Notes to Consolidated Financial Statements
March 31, 1997 and 1996
Note 1: Basis of Presentation
The unaudited information for the three and six months ended March 31, 1997 and
March 31, 1996, includes the results of operations of Home Building Bancorp,
Inc. (the "Company") and its wholly owned subsidiary Home Building Savings Bank,
FSB (the "Bank"). In the opinion of management of the Company, the financial
statements reflect all adjustments (consisting only of normal recurring
adjustments) necessary to present fairly the consolidated financial
statements. These interim financial statements should be read in conjunction
with the Company's most recent annual financial statements and footnotes
included in the annual report of Home Building Bancorp, Inc. dated September
30, 1996. The results of the period presented are not necessarily
representative of the results of operations and cash flows which may be
expected for the entire year.
Note 2: Principles of Consolidation
The consolidated financial statements include the accounts of Home Building
Bancorp, Inc., Home Building Savings Bank, FSB, and the Bank's subsidiary.
All significant inter-company balances and transactions have been eliminated
in consolidation.
Note 3: Stock Conversion
On February 7, 1995, Home Building Bancorp, Inc. began trading as a public
company on the Nasdaq SmallCap Market. The Company issued 322,000 shares,
$.01 par value common stock, for proceeds of $2,858,862 net expenses of
approximately $361,000. The Bank converted to a federal stock savings bank
following the formation of the holding company and received proceeds of
$1,432,853 in exchange for all its common stock. This transaction was
accounted for using historical cost in a manner similar to that in a pooling
of interests.
Note 4: Earnings Per Common Share
Net income of $0.33 per common share for the three month period and $0.58 for
the six month period ended March 31, 1997, was computed by dividing net income
for the periods by the weighted average number of shares outstanding, less
Employee Stock Ownership Plan (ESOP) shares and Recognition and Retention
Plan (RRP) shares not committed to be released. The weighted average
number of shares outstanding for the periods was 283,542 and 282,880,
respectively.
- -6-
<PAGE>
Home Building Savings Bank, FSB
Notes to Consolidated Financial Statements
March 31, 1997 and 1996
(Concluded)
Note 5: Allowance for Loan Losses and Loan Loss Provision
The allowance for loan losses increased $1,600 to $78,600 for the six month
period ended March 31, 1997. This increase was due to a recovery of a loan that
was previously charged-off by the Company. No additional provision for loan
losses was made during the period ended March 31, 1997. Activity in
the allowance for loan losses is as follows:
For the six months ended March 31,
1997 1996
Beginning $ 77,000 $ 77,039
Provision - -
Charge-offs - -
Recoveries 1,600 -
Ending $ 78,600 $ 77,039
- -7-
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
General
Home Building Bancorp, Inc. (the Company) was formed at the direction of Home
Building Savings Bank, FSB (the Bank), for the purpose of owning all the stock
outstanding in the Bank. The Company incorporated under the laws of the State
of Indiana and is generally authorized to engage in any activity that is
permitted under Indiana law. On February 7, 1995, the Company acquired all the
stock of the Bank in accordance with the approved plan of conversion. The
Company had not engaged in any material operations at March 31, 1997, and had no
significant assets other than its equity investment in the Bank's stock,
cash, investments, and a loan to the Bank's Employee Stock Ownership Plan
(ESOP.)
Established in 1908, the Home Building Savings Bank, FSB is a community oriented
financial institution offering a variety of financial services to meet the needs
of the communities it serves. The Bank's primary market area covers Daviess
and Pike counties in southwestern Indiana. The Bank attracts deposits from
the general public and uses such deposits, together with borrowings and other
funds, to originate one- to four-family residential mortgages, automobile and
consumer loans, and to a lesser extent commercial, multifamily and
construction real estate loans. The Bank also invests in U.S. government
and agency obligations and may invest in other permissible investments.
The Bank's results of operations are primarily dependent upon its net interest
income, which is the difference between interest earned on loans and investments
and interest paid on deposits and other borrowed funds. Net interest income
is directly affected by the relative amounts of interest-earning assets and
interest-bearing liabilities and the interest rates earned or paid on such
amounts. The Bank's results of operations are also affected by the provision
for loan losses and the level of noninterest income and expenses. The operating
results of the Bank are also affected by general economic conditions, the
monetary and fiscal policies of federal agencies, and the policies of
agencies that regulate financial institutions. The Bank's cost of funds is
influenced by interest rates on competing investments and general market
rates of interest. Lending activities are influenced by the demand for
real estate loans and other types of loans, which in turn is affected by the
rates of interest at which loans are offered, general economic conditions
affecting loan demand, and the availability of funds for lending activities.
Financial Condition
For the six months ended March 31, 1997, total assets increased approximately
$4.2 million to $46.8 million from $42.6 million at September 30, 1996. Cash
and due from banks increased $341,000, while interest bearing deposits
increased $4.2 million, as public funds were invested. The Company
bids periodically on funds from local units of government, usually for terms
under six months in length. These deposits are invested in FHLB time deposits,
certificates of deposit at other depository institutions, and other short-
term investments, providing the Company with additional interest income.
Mortgage-backed securities decreased approximately $571,000, while other
investment securities increased $315,000, due to the sale of a mortgage-backed
security and purchase of an agency bond. The Company had $7.3 million of its
investment portfolio classified as available for sale as of March 31, 1997.
- - 8 -
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Financial Condition, continued
Liabilities increased by approximately $4.1 million as deposits increased by
$4.5 compared to December 31, 1996. The Bank's advances from the FHLB remained
unchanged. The Bank has maintained deposit interest rates which are competitive
for its marketplace and was successful during the period at retaining and
increasing deposits. The large increase in deposits was due to short-term
public funds.
Results of Operations:
Comparison of the three and six months ended March 31, 1997 and 1996.
General. The Company experienced a net profit of $95,000 for the three months
and a net profit of $163,000 for the six months ended March 31, 1997,
respectively, compared to net losses of $142,000 and $59,000 for the same
periods in 1996. The net loss in the same quarter a year ago resulted from
increases in the loan loss reserve due to the bankruptcy of a large commercial
borrower.
Interest Income. Total interest income increased by $58,000, or 7.3%, to
$855,000 for the three months ended March 31, 1997, compared to the same
period last year. Interest income earned by the Company,s loan portfolio
decreased $5,000 for the three months ended March 31, 1997, compared to a
year ago. This decrease results from a larger proportion of the Company's
assets being held in mortgage-backed and other securities, cash and liquid
investments. Interest income from mortgage-backed securities increased $19,000
for the most recent quarter, to $106,000, compared to $87,000 the same period
a year ago. For the six month period, mortgage-backed securities interest
income increased $51,000, to $209,000, from $158,000 during the same period
in 1996. Interest income also increased as a result of interest earned on
the large deposit of public funds as discussed above.
Interest Expense. Total interest expense increased $42,000, or 9.9%, to
$470,000 for the three months ended March 31, 1997, compared to $428,000 for the
same period last year. The increase was due to interest paid on a much
larger base of deposits. Deposits grew approximately $4.5 million for
the three months compared to December 31, 1996. Much of this increase was in
short term public deposits. Repurchase agreements were reduced to zero at
March 31, 1997. The weighted average cost of savings has declined slightly
to 4.55% at March 31, 1997 compared to 4.67% at December 31, 1996. The
overall cost of funds, including FHLB advances is 4.64% at March 31, 1997,
compared to 4.75% at December 31, 1996. The Company is able to compete
aggressively for savings funds when adequate spreads on loans or investments
become available. FHLB advances also remain an efficient, available
liability management tool.
- - 9 -
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Net Interest Income. Net interest income before provision for loan losses
increased $15,000, or 4.1%, to $384,000 for the quarter ended March 31,
1997, compared to the same quarter a year ago. As of March 31, 1997,
interest-earning assets were 108.2% of interest bearing liabilities.
Demand for mortgage loans was stronger during the most recent quarter compared
to last quarter. Short term interest rates, from which the Company determines
the rate it offers deposit customers, have increased during the last six months,
encouraging borrowers to seek financing before loan rates rise. The Company
was also able to attract significant new time deposits during the quarter.
Significant increases in short term interest rates would adversely affect the
Company's interest rate spread and thus interest income. In the case of some
of these funds, such as short-term public funds, the Company could decline to
bid and allow them to be withdrawn if acceptable spreads are not available.
The Company's liabilities are generally shorter in term and subject to repricing
more frequently than assets.
The Company continues to stress consumer and installment lending, shorter-term
(15 years and under) fixed rate mortgage loans, and adjustable rate mortgages.
Investments involve shorter-term and adjustable rate securities to respond to
changing rates. During the quarter the Company purchased $772,000 of
adjustable rate mortgage-backed securities. The Company, as a thrift
institution, continues to have a below average exposure to interest rate risk
compared to its peers.
Nonperforming Assets and Provision for Loan Losses. The provision for loan
losses is a result of management's periodic analysis of the adequacy of the
Company's allowance for loan losses. During the three month period ended
March 31, 1997 no additional provision was taken against earnings. The
Company adjusts its allowance in accordance with its Classified Assets Policy.
The Company believes it has taken an appropriate approach toward reserve levels,
consistent with the Company's loan portfolio, its current level of reserves,
the economy, real estate values and interest rates. The Company has had an
extremely low level of loan losses during its history and therefore also
considers the loss experience of similar portfolios in comparable lending
markets. Federal regulators may require additional reserves as a result of
their examinations of the Company, but have not done so. Accordingly, the
calculation of the adequacy of the allowance is not solely based directly on
the level of nonperforming assets at any one time. No assurance can be made
that future losses will not exceed the estimated amounts, thereby adversely
affecting future results of operations. As of March 31, 1997, the Company's
allowance for loan losses was $78,600 compared to $77,000 on September 30,
1996. Over the six months period the reserve has increased $1,600 from
miscellaneous small recoveries of loans previously written off.
As of March 31, 1997, the Company's non-performing assets totaled $234,000 or
0.52% of total assets. At the same date, the Company's ratio of allowance
for loan losses to non-performing assets was 32.3%.
Noninterest Income. Noninterest income remained relatively unchanged at $35,000
for the most recent quarter compared to $36,000 for the same quarter a year ago.
For the six month period noninterest income decreased $6,000 from $65,000 a year
ago to $59,000 for the period ended March 31, 1997. The period a year ago had
included significant amounts from the sale of the Company's data center,
which is now complete.
- - 10 -
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(continued)
Noninterest Expense. Total noninterest expense decreased $6,000, or 2.1%, to
$268,000 for the latest quarter compared to $274,000 the same quarter a year
ago. The decrease was due to reduced deposit insurance premiums which fell
from $19,000 for the quarter a year ago to $2,000 for the most recent
quarter. For the six months noninterest expenses fell $27,000 from $557,000
last year to $530,000 for the six months ended March 31, 1997. Compared to
the same six month period a year ago, the Company had one full time employee
equivalent less. Management believes it will be necessary to add back at
least one full time equivalent in connection with the recent addition of
Saturday office hours.
Income Tax Expense. Income tax expense was $56,000 for the most recent quarter
compared to a credit of $84,000 for the same quarter a year ago. The credit
last year stemmed from the overall loss experienced due to the loan losses.
For the six months ended March 31, 1997, tax expense was $97,000 compared to
a credit of $59,000 for the same six month period a year ago. Income before tax
expense was $151,000 this quarter compared to a loss of $142,000 for the same
quarter a year ago. For the six month period ended March 31, 1997, income
before tax was $261,000 compared to a loss of $102,000 for the same period in
1996.
Liquidity and Capital Requirements. Home Building's main sources of funds are
deposits, loan and investment repayments, fees and service charges and Federal
Home Loan Bank (FHLB) advances. Federal regulations require the Bank to
maintain cash and eligible investments in an amount equal to at least 5% of
customer accounts and short-term borrowings to assure its ability to meet
demands for withdrawals and repayments of short-term borrowings. As of
March 31, 1997, the Bank's liquidity ratio was 23.25% which is well above the
regulatory requirements. This high ratio was due to the large amount of public
funds on short-term deposit, which were invested in assets qualifying as
liquidity.
The Bank uses its capital resources to meet ongoing commitments, to fund
maturing certificates of deposit and deposit withdrawals, to invest, to fund
existing and future loan commitments, to maintain liquidity, and to meet
operating expenses. The Bank anticipates it will have sufficient funds to
meet current loan commitments. At March 31, 1997, the Bank had outstanding
commitments to extend credit totaling $1.1 million. Management believes loan
repayments, deposits and other sources of funds will be adequate to meet the
Bank's foreseeable liquidity needs. FHLB advances may be used to take
advantage of investment opportunities, but are not relied upon in the regular
course of business.
Home Building Savings Bank is required to maintain specific amounts of
regulatory capital pursuant to federal regulations. The table below presents
the capital position at March 31, 1997, relative to the regulatory capital
requirements.
- -11-
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
(concluded)
Liquidity and Capital Requirements, continued
Amount
(in thousands) Percent of Assets
Tangible Capital $ 4,446 9.57%
Tangible Capital Requirement 697 1.50
Excess $ 3,749 8.07%
Core Capital $ 4,446 9.57%
Core Capital Requirement 1,394 3.00
Excess $ 3,052 6.57%
Total Capital (Core & Supple.) $ 4,525 20.62%
Risk-Based Capital Requirement 1,756 8.00
Excess $ 2,769 12.62%
- - 12 -
<PAGE>
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
(a) January 20, 1997
(b) See (c)
(c) Election of Directors
Name of Nominee For Withheld
Robert M. Murray (1-year term) 245,892 100
James E. Scheid (3-year term) 245,842 150
Gregory L. Haag (3-year term) 245,292 700
Further, 239,729 votes were cast for the ratification of Kemper CPA
Group, LLC as the Company's independent auditors for the fiscal year
ending September 30, 1997. There were 350 votes cast against
ratification with 5,913 abstaining.
(d) Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27: Financial Data Schedule (electronic filing only)
(b) There were no reports on Form 8-K filed during the quarter.
- -13-
<PAGE>
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HOME BUILDING BANCORP, INC.
Registrant
Date: 5/14/97 /s/ Bruce A. Beesley
Bruce A. Beesley, President and Chief
Executive Officer (Duly Authorized Officer)
Date: 5/14/97 /s/ Debra K. Shields
Debra K. Shields, Vice President and
Chief Financial Officer (Principal Financial
and Accounting Officer)
- -14-
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
27 Financial Data Schedule (electronic filing only)
- -15-
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM UNAUDITED
FINANCIAL STATEMENTS DATED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<CASH> 1769513
<INT-BEARING-DEPOSITS> 7960101
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 7340704
<INVESTMENTS-CARRYING> 409481
<INVESTMENTS-MARKET> 411000
<LOANS> 28195201
<ALLOWANCE> 78600
<TOTAL-ASSETS> 46803994
<DEPOSITS> 37110290
<SHORT-TERM> 0
<LIABILITIES-OTHER> 344521
<LONG-TERM> 3699985
0
0
<COMMON> 3317
<OTHER-SE> 5645881
<TOTAL-LIABILITIES-AND-EQUITY> 46803994
<INTEREST-LOAN> 1195691
<INTEREST-INVEST> 74425
<INTEREST-OTHER> 379840
<INTEREST-TOTAL> 1649956
<INTEREST-DEPOSIT> 813362
<INTEREST-EXPENSE> 922001
<INTEREST-INCOME-NET> 727955
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 2896
<EXPENSE-OTHER> 529650
<INCOME-PRETAX> 260673
<INCOME-PRE-EXTRAORDINARY> 163190
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 163190
<EPS-PRIMARY> .58
<EPS-DILUTED> .58
<YIELD-ACTUAL> .04
<LOANS-NON> 243000
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 77000
<CHARGE-OFFS> 0
<RECOVERIES> 1600
<ALLOWANCE-CLOSE> 78600
<ALLOWANCE-DOMESTIC> 68500
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 10100
</TABLE>
