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 December 31, 1998
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
Class Outstanding
Common Stock 331,600 as of February 10, 1999
Transitional Small Business Disclosure Format:
{ } Yes {X} No
HOME BUILDING BANCORP, INC.
INDEX
Part I. Financial Information Page
Item 1. Financial Statements
Consolidated Statements of Financial Condition at December 31, 1998
and September 30, 1998 1
Consolidated Statements of Income for the quarters ended
December 31, 1998 and 1997 2
Consolidated Statements of Comprehensive Income for the quarters
ended December 31, 1998 and 1997 3
Consolidated Statements of Cash Flows for the quarters ended
December 31, 1998 and 1997 4
Notes to Consolidated Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial Condition
and results of Operations 7
Part II. Other Information
Signatures
Index of Exhibits
Exhibits
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Financial Condition
<CAPTION>
(Unaudited)
Dec. 31, Sept. 30,
1998 1998
ASSETS
<S> <C> <C>
Cash and due from banks $ 2,248,250 $ 1,366,761
Interest-bearing deposits with banks 4,632,093 4,238,977
Securities available for sale 4,505,829 5,443,539
Securities held to maturity, fair market
value of $204,852 at Dec. 31, and
$229,754 at Sept. 30 201,800 228,059
Loans receivable, net of allowance
for loan losses of $93,625 at Dec. 31,
and $92,249 at Sept. 30 34,433,080 32,659,339
Accrued interest receivable 213,109 226,102
Premises and equipment 754,158 759,343
Other assets 52,822 180,465
Total assets $ 47,041,141 $ 45,102,585
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Savings and NOW deposits $ 11,463,552 $ 10,713,887
Other time deposits 23,001,219 21,452,629
Total deposits 34,464,771 32,166,516
Advances from Federal Home Loan Bank 6,327,415 6,327,415
Accrued expenses and other liabilities 262,881 436,809
Total liabilities 41,055,067 38,930,740
Shareholders' equity:
Common stock, $.01 par value, 1 million
shares authorized, 331,660 issued
and outstanding 3,317 3,317
Additional paid-in capital 3,093,532 3,088,095
Treasury stock, at cost (605,000) (345,000)
Retained earnings 3,675,066 3,618,107
Net unrealized gain on available for
sale securities, net of deferred tax
of $11,572 at Dec. 31, and $13,827
at Sept. 30 17,358 20,741
Unearned ESOP & recognition and
retention shares (198,199) (213,415)
Total shareholders' equity 5,986,074 6,171,845
Total liabilities and shareholders'
equity $ 47,041,141 $ 45,102,585
<FN>
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
1
<PAGE>
<TABLE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Income
<CAPTION>
Three months ended Dec. 31,
1998 1997
(Unaudited)
Interest income:
<S> <C> <C>
Loans receivable $ 657,539 $ 611,918
Investments 27,425 58,714
Mortgage-backed securities 58,783 78,186
Deposits with other banks 65,134 58,927
Total interest income 808,881 807,745
Interest expense:
Deposits 365,659 378,371
Other borrowed funds 87,245 57,258
Total interest expense 452,904 435,629
Net interest income 355,977 372,116
Provision for loan losses (5,000) (2,000)
Net interest income after provision
for loan losses 350,977 370,116
Noninterest income:
Gain on sale of assets 5,727 7,309
Customer service fees 48,241 24,997
Total other income 53,968 32,306
Noninterest expenses:
Salaries and employee benefits 155,945 151,620
Occupancy and equipment 35,895 36,035
Deposit insurance premium 4,723 5,645
Computer expense 14,549 13,513
Service fees 14,813 13,848
Advertising expense 13,328 14,730
Professional fees 18,634 15,830
Other expense 27,000 51,139
Total other expenses 284,887 302,360
Income before income taxes 120,058 100,062
Income tax expense 40,849 31,273
Net income $ 79,209 $ 68,789
Basic earnings per share of common stock $ 0.28 $ 0.24
Weighted average shares outstanding 286,258 288,975
Diluted earnings per share of common stock $ 0.28 $ 0.23
Diluted weighted average share outstanding 286,985 295,065
<FN>
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
2
<PAGE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Comprehensive Income
<TABLE>
<CAPTION>
Three months ended Dec. 31,
1998 1997
(Unaudited)
<S> <C> <C>
Net income $ 79,209 $ 68,789
Other comprehensive income, net of income tax:
Unrealized holding gains and (losses) (3,383) 2,220
Comprehensive income $ 75,826 $ 71,009
<FN>
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
3
<PAGE>
Home Building Bancorp, Inc.
Washington, Indiana
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
Three months ended Dec. 31,
1998 1997
(Unaudited)
Cash flows from operating activities:
<S> <C> <C>
Net income $ 79,209 $ 68,789
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 9,714 9,826
Non cash compensation 20,653 26,783
Provision for loan losses 5,000 2,000
Net realized gains on
available for sale securities - (7,309)
Decrease in insurance receivable - 9,064
Decrease in accrued interest receivable 12,993 30,197
Increase (decrease) in accrued expenses
and other liabilities (171,673) 40,378
(Increase) decrease in other assets 127,643 (3,689)
Total adjustments 4,330 107,250
Net cash provided by operating activities 83,539 176,039
Cash flows from investing activities:
Net (increase) decrease in interest-
bearing deposits with banks (393,116) 1,134,448
Purchases of available for sale securities - (408,859)
Proceeds from maturities of available
for sale securities 932,072 738,410
Proceeds from sales of available for
sale securities - 258,653
Proceeds from maturities of held to
maturity securities 26,259 29,317
Net increase in loans (1,778,741) (261,271)
Net purchases of premises and equipment (4,529) (980)
Net cash (used) provided by investing
activities (1,218,055) 1,489,718
Cash flows from financing activities:
Net increase in savings and
NOW deposit accounts 749,665 484,852
Net increase in time deposits 1,548,590 79,223
Purchase of 15,000 shares treasury stock (260,000) -
Dividends paid (22,250) (23,376)
Net cash provided by financing activities 2,016,005 540,699
Net increase in cash and due from banks 881,489 2,206,456
Cash and due from banks at beginning of period 1,366,761 1,494,118
Cash and due from banks at end of period $ 2,248,250 $ 3,700,574
Interest paid $ 467,492 $ 435,874
Income taxes paid $ 80,144 $ 91,931
<FN>
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
4
<PAGE>
Home Building Bancorp, Inc.
Notes to Consolidated Financial Statements
December 31, 1998 and 1997
Note 1: Basis of Presentation
The unaudited information for the quarters ended December 31, 1998 and
December 31, 1997, 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, 1998. 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. In February 1998, the Corporation's stock listing was moved from the
NASDAQ SmallCap Market to the "pink sheets" published by the National
Quotations Bureau, Inc.
Note 4: Earnings Per Common Share
Basic earnings of $0.28 per common share for the most recent quarter was
computed by dividing net income by the weighted average number of shares
outstanding during the quarter, 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 period
was 286,258. Dilutive earnings per share is consistent with that of basic
earnings per share while giving effect to all dilutive potential common shares
that were outstanding during the period. Earnings, assuming dilution, for the
most recent quarter were $0.28 per share. A reconciliation of both numerators
and denominators of the per share calculations follows:
5
<PAGE>
Home Building Bancorp, Inc.
Notes to Consolidated Financial Statements
December 31, 1998 and 1997
(Concluded)
Note 4: Earnings Per Common Share, continued
<TABLE>
<CAPTION>
For the Three Months Ended December 31, 1998
Income Shares Per-Share
(Numerator) (Denominator) Amount
Basic EPS
<S> <C> <C> <C>
Income available to common shareholders $79,209 286,258 $0.28
Effect of dilutive securities:
Incentive stock option plan shares 727
Diluted EPS
Income available to common shareholders+
assumed conversions $79,209 286,985 $0.28
For the Three Months Ended December 31, 1997
Income Shares Per-Share
(Numerator) (Denominator) Amount
Basic EPS
Income available to common shareholders $68,789 288,975 $0.24
Effect of dilutive securities:
Incentive stock option plan shares 6,090
Diluted EPS
Income available to common shareholders+
assumed conversions $68,789 295,065 $0.23
</TABLE>
Note 5: Allowance for Loan Losses and Loan Loss Provision
The allowance for loan losses increased $1,376 to $93,625 for the three-month
period ended December 31, 1998. This increase was the net effect of charge-
offs and an additional provision of $5,000 for loan losses made during the
period ended December 31, 1998. Activity in the allowance for loan losses
was as follows:
For the three months ended December 31,
1998 1997
Beginning $ 92,249 $ 80,680
Provision 5,000 2,000
Charge-offs (3,624) -
Recoveries - 154
Ending $ 93,625 $ 82,834
6
<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 no significant assets at December 31,
1998 other than its equity investment in the Bank's stock, cash, investments,
and a loan to the Bank' 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, multi-family 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 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. Noninterest
income consists primarily of service charges and net income from the Bank's
wholly owned service corporation subsidiary. Noninterest expense includes
salaries and employee benefits, occupancy expenses, federal deposit insurance
premiums, data processing expenses, and other operating 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. Interest rates on competing
investments and general market rates of interest influence the Bank's cost of
funds. 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 three months ended December 31, 1998, total assets increased
approximately $1.9 million to $47.0 million from $45.1 million at September
30, 1998. Loans receivable increased approximately $1.8 million to $34.4
million at December 31, 1998. Total cash and cash equivalents increased
approximately $881,000. These increases were funded by growth in deposits
of approximately $2.3 million and a reduction in investment and mortgage-
backed securities of approximately $964,000.
Liabilities increased by approximately $2.1 million as deposits at December
31, 1998, which were the primary funding source for the increase in assets,
increased $2.3 million from September 30, 1998. 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
quarter at retaining and increasing deposits.
7
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
Results of Operations:
Comparison of the three months ended December 31, 1998 and 1997.
General. The Bank experienced a net profit of $79,209 for the quarter
compared to a profit of $68,789 for the same period in 1997. A decrease in
net interest income was more than offset by increased noninterest income and
lower noninterest expense compared to the same period a year ago.
Interest Income. Total interest income remained basically unchanged at
$809,000 for the period ended December 31, 1998 compared to $808,000 the
same period last year. Interest income earned on the Bank's loan portfolio
increased $46,000 to $658,000 for the quarter compared to $612,000 for the
same quarter in 1997. This increase was due to growth in the mortgage loan
portfolio. Interest income from investment and mortgage-backed securities
decreased approximately $51,000 during the quarter ended December 31,
1998 compared to the same quarter a year ago. Income on deposits for the
most recent quarter increased $6,000 to $65,000. The weighted average yield
on earning assets was 7.23% for the three months ended December 31, 1998
compared to 7.89% for the three months ended December 31, 1997.
Interest Expense. Total interest expense increased $17,000, or 3.81% to
$453,000 for the quarter ended December 31, 1998, compared to $436,000
the same quarter a year ago. The increase was due to a higher volume of
Federal Home Loan Bank advances compared to the same period a year ago.
While total deposits increased $2.4 million, or 7.4%, to $34.5 million at
December 31, 1998, the Bank was able to reduce its average cost of deposits
and borrowed funds to 4.52% for the most recent quarter from 4.69% for the
same quarter a year ago. Some of the increase came from short-term public
funds deposits. The Bank does not rely on these funds for operations. The
Bank is able to compete aggressively for savings funds in its markets when
adequate spreads on loans or investments become available. FHLB advances
also remain a liability management tool.
Net Interest Income. Net interest income before provision for loan losses
decreased $16,000, or 4.34%, to $356,000 for the quarter ended December
31, 1998, compared to $372,000 for the same quarter in 1997. As of
December 31, 1998 interest-earning assets were 109.0% of interest bearing
liabilities . On the asset side, the Bank's fixed rate mortgage portfolio
continued to grow, while the adjustable rate mortgage portfolio decreased.
Installment and commercial loans increased. On the liability side, the Bank's
certificate of deposit and savings/NOW deposits both grew during the quarter.
The Bank's liabilities are generally shorter in term and subject to repricing
more frequently than assets; accordingly, an increase in interest rates could
adversely affect the Company's net income. The Bank continues to stress
consumer and installment lending. Interest rate risk is monitored to assure
compliance with the Bank's policy. Investments stress shorter-term and
adjustable securities to respond to changing rates. The Bank, 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 Bank's allowance for loan losses. During the three month period ended
December 31, 1998, a $5,000 provision was charged against earnings to
increase the level of the allowance for loan losses. The Bank adjusts its
allowance in accordance with its Classified Assets Policy. The Bank believes
it has taken an appropriate approach toward reserve levels, consistent with the
Bank's loan portfolio, its current level of reserves, the economy, real estate
8
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
Nonperforming Assets and Provision for Loan Losses, continued
values, and interest rates. The Bank has had a low level of loan losses during
its history and therefore considers the loss experience of similar portfolios
in comparable lending markets and institutions. Federal regulators may require
additional reserves as a result of their examinations of the Bank. 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 December 31, 1998, the Bank's
allowance for loan losses was $93,000 compared to $83,000 one year earlier.
As of December 31, 1998 the Bank's nonperforming assets totaled $232,000,
or 0.49% of total assets. At the same date the Bank's ratio of allowance for
loan losses to nonperforming assets was 40.0%. At September 30, 1998 the
Bank's nonperforming assets totaled $146,000, or .32% of total assets and the
Bank's loan loss allowance represented 62.3% of nonperforming assets.
Noninterest Income. Noninterest income increased $22,000, or 67.05%, to
$54,000 for the most recent quarter compared to $32,000 the same quarter a
year ago. The increase came from customer service fees, which includes
charges on deposit accounts and the results of the Bank's service corporation
subsidiary.
Noninterest Expense. Total noninterest expense decreased $17,000, or
5.78%, to $285,000 for the most recent quarter compared to $302,000 for the
same quarter a year ago. Much of the reduction was due to an insurance
deductible expense that was recognized in this quarter a year ago.
Income Tax Expense. Income tax expense was $41,000 during the most
recent quarter compared to $31,000 the same quarter a year ago. The amount
of expense accrued each quarter for tax expense is based on management's
estimate of future tax liability.
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 as liquidity to assure the
Bank's ability to meet demands for withdrawals and repayments of short-term
borrowings. As of December 31, 1998 the Bank's liquidity ratio was 13.61%,
which is well above regulatory requirement of 4%.
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 December 31, 1998 the Bank had outstanding
commitments to extend credit totaling $1.7 million. Management believes loan
repayments 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
investments and meet loan demand, but they are not relied upon in the regular
course of business. At December 31, 1998 certificates of deposit schedule to
mature in one year or less totaled $12.8 million. Management believes, based
on its experience to date, that a significant portion of these funds will remain
with the Bank.
9
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
Liquidity and Capital Requirements, continued
Home Building Savings Bank is required to maintain specific amounts of
regulatory capital pursuant to federal regulations. The table below presents
the capital position as of December 31, 1998 relative to the regulatory capital
requirements.
Amount
(in thousands) Percent of Assets
Tangible Capital $ 4,725 10.05%
Tangible Capital Requirement $ 705 1.50%
Excess $ 4,020 8.55%
Core Capital $ 4,725 10.05%
Core Capital Requirement $ 1,880 4.00%
Excess $ 2,845 6.05%
Total Capital (Core & Supple.) $ 4,813 19.44%
Risk-Based Capital Requirement $ 1,981 8.00%
Excess $ 2,832 11.44%
Year 2000
The Corporation has conducted a comprehensive review of its
computer systems to identify applications that could be affected by the "Year
2000" issue, and have developed implementation plans to address the issue.
The Corporation's data processing is performed by a service bureau. The
Corporation has already contacted each vendor to request time tables for Year
2000 compliance and expected costs, if any, to be passed along to the
Corporation. To date, the Corporation has been informed that their primary
service providers anticipate that all reprogramming efforts will be completed
by March 31, 1999, allowing the Corporation adequate time for testing. The
Corporation will pursue other options if it appears that these vendors will be
unable to comply. Management does not expect these costs to have a
significant impact on their financial position or results of operations;
however, there can be no assurance that the vendors systems will be Year 2000
compliant, consequently the Corporation could incur incremental costs to
convert to another vendor. The Corporation has identified certain
expenditures in connection with achieving Year 2000 compliance. These are
currently expected to total approximately $10,000.
Forward-Looking Statements
When used in this Quarterly Report on Form 10-QSB or future filings
by the Company with the Securities and Exchange Commission, in the
Company's press releases or other public or shareholder communications, or
in oral statements made with the approval of an authorized executive officer,
the words or phrases "will likely result", "are expected to", "will continue",
"is anticipated", "estimate", "project", "believe" or similar expressions are
intended to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. The Company wishes to
caution
10
<PAGE>
Home Building Bancorp, Inc.
Management's Discussion and Analysis of
Financial Condition and Results of Operation
Forward-Looking Statements, continued
readers not to place undue reliance on any such forward-looking statements,
which speak only as of the date made, and to advise readers that various
factors including regional and national economic conditions, changes in levels
of market interest rates, credit risks of lending activities, and competitive
and regulatory factors could affect the Company's financial performance and
could cause the Company's actual results for future periods to differ
materially from those anticipated or projected.
The Company does not undertake and specifically disclaims any
obligation to publicly release the result of any revisions which may be made to
any forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.
11
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27: Financial Data Schedule (electronic
filing only)
(b) Reports on Form 8-K
Date of Report: November 9, 1998
Items Reported: Press release announcing the date of
its annual meeting
12
<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: 2/12/99 /s/ Bruce A. Beesley
Bruce A. Beesley, President and Chief
Executive Officer (Duly Authorized Officer)
Date: 2/12/99 /s/ Debra K. Shields
Debra K. Shields, Vice President and Chief
Financial Officer (Principal Financial
and Accounting Officer)
13
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
27 Financial Data Schedule (electronic filing only)
14
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM UNAUDITED FINANCIAL STATEMENTS DATED
DECEMBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> DEC-31-1998
<CASH> 2248250
<INT-BEARING-DEPOSITS> 4632093
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 4505829
<INVESTMENTS-CARRYING> 201800
<INVESTMENTS-MARKET> 204852
<LOANS> 34433080
<ALLOWANCE> 93625
<TOTAL-ASSETS> 47041141
<DEPOSITS> 34464771
<SHORT-TERM> 0
<LIABILITIES-OTHER> 262881
<LONG-TERM> 6327415
0
0
<COMMON> 3317
<OTHER-SE> 5982757
<TOTAL-LIABILITIES-AND-EQUITY> 47041141
<INTEREST-LOAN> 657539
<INTEREST-INVEST> 86208
<INTEREST-OTHER> 65134
<INTEREST-TOTAL> 808881
<INTEREST-DEPOSIT> 365659
<INTEREST-EXPENSE> 87245
<INTEREST-INCOME-NET> 355977
<LOAN-LOSSES> 5000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 284887
<INCOME-PRETAX> 120058
<INCOME-PRE-EXTRAORDINARY> 120058
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 79209
<EPS-PRIMARY> .28
<EPS-DILUTED> .28
<YIELD-ACTUAL> .02
<LOANS-NON> 232000
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 92249
<CHARGE-OFFS> 3624
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 93625
<ALLOWANCE-DOMESTIC> 5000
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 88625
</TABLE>
