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)
October 25, 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
On October 25, 1999, the Registrant issued the attached press release
announcing its earnings for the fourth quarter and the fiscal year ended
September 30, 1999.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99 Press Release October 25, 1999.
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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: October 29, 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 October 25, 1999.
HOME BUILDING BANCORP, INC. REPORTS
FOURTH QUARTER AND YEAR END FINANCIAL RESULTS
Washington, Indiana, October 25, 1999--Home Building Bancorp, Inc. (BB:HBBI) the
holding company for Home Building Savings Bank, FSB (the "Bank"), today reported
results for the three and twelve-month periods ended September 30, 1999.
The Corporation had a net profit of $57,000 for the quarter ended September 30,
1999 compared to a net profit of $32,000 for the same quarter in 1998. For the
twelve months ended September 30, 1999, net profit was $327,000 compared to
$262,000 for the 1998 fiscal year.
A net profit of $0.20 per share for the most recent quarter and a net profit of
$1.16 per share for the fiscal year were computed by dividing net profit for
each period by the diluted weighted average number of shares outstanding during
each period, less Employee Stock Ownership Plan (ESOP) shares and Recognition
and Retention Plan (RRP) shares not committed to be released. The diluted
weighted average number of shares outstanding for the quarter was 282,214 and
for the fiscal year was 281,966.
Net interest income before provision for loan losses was $386,000, up for the
three months ended September 30, 1999 compared to $354,000 for the same period
in 1998. For the fiscal year ended September 30, 1999 net interest income before
provision for loan losses was $1,509,000, an increase of $60,000, or 4.14%, from
the $1,449,000 for the fiscal year ended September 30, 1998. The increase was
due to the larger volume of loans added during the year.
Non-interest income was $38,000 for the three months ended September 30, 1999
compared with $42,000 for the same period in 1998. For the twelve months ended
September 30, 1999 non-interest income was $184,000 compared to $195,000 for the
previous fiscal year. The decrease was due to lower profit from the brokerage
operation subsidiary.
Non-interest expense for the three months ended September 30, 1999 was $273,000
compared to $302,000 for the same period last year. For the twelve months ended
September 30, 1999 non-interest expense was $1,135,000 compared to $1,186,000
for fiscal 1998. Service fee expense and professional fees were lower compared
to the previous year.
Non-performing assets were $129,000 as of September 30, 1999, or .26% of total
assets, compared to $146,000, or .32% of total assets a year ago. The allowance
for loan losses was $86,000 at September 30, 1999 compared to $92,000 a year
ago, and represents 66.6% of non-performing assets and .23% of total loans. Net
losses over recoveries during the fiscal year were $56,000.
As of September 30, 1999 net loans outstanding were $36.8 million, compared to
$32.7 million a year earlier. Total assets of Home Building Bancorp, Inc. at
September 30, 1999 were $48.9 million and shareholder's equity totaled
$6,161,000 compared to total assets of $45.1 million and equity of $6,172,000 a
year ago. Shareholder's equity at September 30, 1999 was $21.79 per share based
on 282,793 shares outstanding on that date.
FOR IMMEDIATE RELEASE For further information contact:
October 25, 1999 Bruce A. Beesley, President
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
September 30, September 30,
1999 1998
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<S> <C> <C>
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Cash and due from banks $ 1,248 $ 1,367
Interest-bearing deposits with banks 4,760 4,239
Loans receivable, net 36,843 32,659
Investment securities 2,049 1,662
Mortgage-backed securities 2,724 4,010
Other assets 1,301 1,166
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Total assets $ 48,925 $ 45,103
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Deposits 35,627 32,167
Other liabilities 7,137 6,764
Shareholders' equity 6,161 6,172
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Total liabilities & shareholders' equity $ 48,925 $ 45,103
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For the three months For the twelve months
ended Sept. 30, ended Sept. 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
Total interest income $ 858 $ 844 $ 3,346 $ 3,282
Total interest expense 472 490 1,837 1,833
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Net interest income 386 354 1,509 1,449
Provision for loan losses 35 10 50 27
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Net interest income after provision for loan losses 351 344 1,459 1,422
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Noninterest income 38 42 184 195
Noninterest expense 273 302 1,135 1,186
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Income before income taxes 116 84 508 431
Income tax expense 59 52 181 169
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Net income $ 57 $ 32 $ 327 $ 262
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Basic earnings per share of common stock $ 0.20 $ 0.11 $ 1.16 $ 0.90
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Weighted average shares outstanding 282,214 292,563 281,966 290,769
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Diluted earnings per share of common stock $ 0.20 $ 0.11 $ 1.16 $ 0.89
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Diluted weighted average shares outstanding 282,214 296,272 281,966 294,478
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