Home Federal Bancorp, Inc. Announces Fourth Quarter And Year End Results
NAMPA, Idaho, Nov. 5, 2010 (GLOBE NEWSWIRE) -- Home Federal Bancorp, Inc. ("Company") (Nasdaq:HOME), the parent company of Home Federal Bank ("Bank"), today announced results for the fourth quarter and fiscal year ended September 30, 2010. For the quarter ended September 30, 2010, the Company reported a net loss of ($215,000), or ($0.01) per diluted share, compared to net income of $9.7 million, or $0.62 per diluted share, for the same period a year ago. Net loss for the fiscal year ended September 30, 2010, was ($4.1 million), or ($0.26) per diluted share, compared to net income of $8.1 million, or $0.51 per diluted share, for the fiscal year ended September 30, 2009.
The fourth quarter and fiscal year results for fiscal year 2010 include a pre-tax bargain purchase gain of $3.2 million related to the July 30, 2010, FDIC assisted acquisition of LibertyBank in Eugene, Oregon, which was reported in noninterest income. The bargain purchase gain, net of taxes was $1.9 million. The fourth quarter and fiscal year results for fiscal year 2009 include an extraordinary gain, net of taxes, of $15.3 million related to the acquisition of Community First Bank in Prineville, Oregon. On August 7, 2009, the Bank purchased certain assets and assumed certain liabilities of Community First Bank in Prineville, Oregon, in a similarly-structured FDIC-assisted acquisition. The estimated fair value of assets assumed in the Community First Bank and LibertyBank acquisitions totaled $189.8 million and $690.6 million, respectively, on the acquisition dates, which significantly increased the Company's total assets. The acquisitions have been incorporated prospectively in the Company's financial statements. Therefore, year over year results of operations are not comparable.
Nearly all loans and real estate owned ("REO") acquired in both FDIC-assisted transactions are covered under FDIC loss-sharing agreements which reduce the Company's credit loss exposure. These assets are referred to as "covered assets." Loans and REO in the Bank's organic operations are referred to as "noncovered assets."
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