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
Date of Report (Date of earliest event reported)
July 15, 1999
HOME BUILDING BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
Indiana 000-24896 35-1935840
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
200 East Van Trees Street, Washington, Indiana 47501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 254-2641
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ITEM 5. OTHER ITEMS
Attached as Exhibit 99 is the registrant's press release dated July 15,
1999 announcing its earnings results for the three and nine month periods
ended June 30, 1999.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
The exhibit referred to in Item 5 of this Report and listed on the
accompanying Exhibit Index is filed as part of this Report and is
incorporated herein by reference.
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SIGNATURE
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.
HOME BUILDING BANCORP, INC.
Date: July 19, 1999 By: /s/ Bruce A. Beesley
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Bruce A. Beesley
President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99 Press Release dated July 15, 1999.
HOME BUILDING BANCORP, INC. REPORTS
THIRD QUARTER RESULTS
Washington, Indiana, July 15, 1999 -- Home Building Bancorp, Inc. (BB: HBBI, the
"Corporation") the holding company for Home Building Savings Bank, FSB (the
"Bank"), today reported results for the three and nine month periods ended June
30, 1999.
For the quarter ended June 30, 1999, the Corporation earned net income of
$109,000, or $0.39 diluted earnings per share of common stock, compared to
$77,000, or $0.26 diluted earnings per share for the same quarter in 1998. For
the nine months period ended June 30, 1999, net income was $270,000, or $0.96
diluted earnings per share of common stock compared to $230,000, or $0.79
diluted earnings per share for the same period in 1998.
Net interest income before provision for loan losses was $391,000 up 12.0% for
the quarter ended June 30, 1999 compared to $349,000 for the same period in
1998. For the nine months ended June 30, 1999, net interest income before
provision for loan losses was $1,123,000, up 2.6% from $1,095,000 for the same
nine-month period in 1998. Loan interest for the most recent quarter, and for
the year to date, have increased due to strong loan growth. Interest expense on
deposits fell for the most recent quarter compared to a year ago, because the
Bank was able to reduce some of the interest rates it pays for deposits. Deposit
growth for the fiscal year to date is primarily attributed to the increase in
short-term public deposits. Noninterest income for the quarter ended June 30,
1999, was $46,000 compared to $65,000 for the same quarter in 1998. The
reduction was due primarily to decreased customer service fees earned by the
Bank's service corporation. For the nine months ended June 30, 1999, noninterest
income remained the same at $136,000. Noninterest expense for the most recent
quarter was $281,000,compared to $300,000 for the same quarter a year ago, due
primarily to lower computer expense and professional fees. During the quarter
ended June 30, 1999, the Bank increased staffing with the addition of a
commercial loan officer. For the nine-month period ended June 30, 1999,
noninterest expense was $862,000 compared to $884,000 for the same period in
1998. The reduction was due to lower professional fees and miscellaneous
expenses.
Nonperforming assets were $38,000 as of June 30, 1999, or .08% of total assets,
compared with $135,000, or .30% of total assets on June 30, 1998. The allowance
for loan losses was $86,000 as of June 30, 1999, which represented 226% on
nonperfomring assets and .24% of total loans.
As of June 30, 1999, net loans outstanding were $36.0 million compared to $32.7
million as of September 30, 1998. Total assets of Home Building Bancorp, Inc. as
of June 30, 1999 were $48.8 million compared to $45.1 million as of September
30, 1998. Shareholder's equity totaled $6.1 million, or $21.71 per share as of
June 30, 1999, based on 281,635 shares outstanding.
FOR IMMEDIATE RELEASE For Further Information Contact:
July 15, 1999 Bruce A. Beesley, President
and Chief Executive Officer
Home Building Bancorp, Inc.
200 E. Van Trees Street
Washington, Indiana 47501
(812) 254-2641
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Home Building Bancorp, Inc.
SELECTED FINANCIAL DATA
(Unaudited)
<TABLE>
<CAPTION>
At At
June 30, September 30,
1999 1998
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(In Thousands)
<S> <C> <C>
Condensed Consolidated Statements of Financial Condition
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Cash and due from banks.................................................... $ 944 $ 1,367
Interest-bearing deposits with banks....................................... 5,772 4,239
Loans receivable, net...................................................... 36,008 32,659
Investment securities...................................................... 1,906 1,662
Mortgage-backed securities................................................. 2,866 4,010
Other assets............................................................... 1,287 1,166
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Total assets........................................................... $48,783 $45,103
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Deposits................................................................... 35,490 32,167
Other liabilities.......................................................... 7,179 6,764
Shareholders' equity....................................................... 6,113 6,172
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Total liabilities & shareholders' equity............................... $48,783 $45,103
======= =======
</TABLE>
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<TABLE>
<CAPTION>
For the three months For the nine months
Ended June 30, Ended June 30,
--------------------------- -----------------------------
1999 1998 1999 1998
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(Dollars in thousands, except per share data)
<S> <C> <C> <C> <C>
Condensed Consolidated Statements of Income
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Total interest income......................................... $846 $815 $2,488 $2,438
Total interest expense........................................ 455 466 1,365 1,343
---- ---- ----- -----
Net interest income........................................... 391 349 1,123 1,095
Provision for loan losses..................................... -- 10 15 17
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Net interest income after provision for
loan losses................................................. 391 339 1,108 1,078
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Non-interest income........................................... 46 65 146 153
Non-interest expense.......................................... 281 300 862 884
---- ---- ------ ----
Income before income taxes.................................... 156 104 392 347
Income tax expense............................................ 47 27 122 117
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Net income.................................................... $109 $ 77 $270 $230
==== ===== ==== ====
Basic earnings per share of common stock...................... $0.39 $0.26 $0.96 $0.79
===== ===== ===== =====
Weighted average shares outstanding........................... 281,056 291,367 283,157 290,173
======= ======= ======= =======
Diluted earnings per share of common stock.................... $0.39 $0.26 $0.96 $0.78
===== ===== ===== =====
Diluted weighted average shares outstanding................... 281,056 296,381 283,157 295,187
======= ======= ======= =======
</TABLE>
