- Total assets increased $2.9 million or 4%;
- Non-interest income increased $37,000 or 26%;
- Non-interest expense decreased $87,000 or 11%;
- Net income improved $68,000, to $82,000.
At September 30, 2016, total assets were $67.4 million, an increase of $2.9 million, or 4% from $64.5 million at June 30, 2016. During fiscal first quarter 2017, cash and cash equivalents increased $537,000 and investment securities decreased $900,000. Total loans were stable at $44.3 million and interest-bearing time deposits with other banks increased by $3.2 million from June 30, 2016 to September 30, 2016. The growth in assets was funded by a $2.9 million, or 6% increase in total deposits.Loans delinquent 90 days or more decreased 3% to $673,000, or 1.5% of total loans at September 30, 2016. Three months earlier, non-performing loans were at $692,000 or 1.6% of total loans. Non-performing assets, which includes non-performing loans, were $943,000, or 1.4% of total assets, at September 30, 2016. Non-performing assets totaled $947,000, or 1.5% of assets, at June 30, 2016. Non-performing assets included $270,000 in Other Real Estate Owned ("OREO") and other repossessed properties at September 30, 2016, compared to $255,000 three months earlier. The allowance for loan losses was $442,000 at September 30, 2016, compared to $454,000 at June 30, 2016. Loan loss allowances were 1.00% of total loans at September 30, 2016, and 1.02% at June 30, 2016. Net loans charged off during the quarter ended September 30, 2016 totaled $32,000, compared to $30,000 for the first quarter of fiscal 2016. Periodic provisions to loan loss allowances reflect management's view of risk in the Bank's entire portfolio due to a number of dynamic factors, which include, but are not limited to, current economic conditions and loan delinquency trends. Management considered the level of loan loss allowances at September 30, 2016 to be adequate to cover probable incurred losses inherent in the loan portfolio at that date. Total deposits were $49.7 million as of September 30, 2016, compared to $46.7 million three months earlier. Total borrowings were unchanged at $8.5 million for quarters-ended September 30, 2016 and June 30, 2016.
Shareholders' equity was $8.8 million or 13.0% of total assets at September 30, 2016. Factors affecting shareholders' equity during the quarter included net income, quarterly cash dividends of $.035 per share, a $43,000 net decrease in the market value of securities available for sale, and the repurchase of 9,701 shares of its common stock at a total cost of $58,454. Based on 1,166,002 shares outstanding, the Company's book value per share was $7.53 at September 30, 2016.Home Financial Bancorp and Our Community Bank, an FDIC-insured, state stock commercial bank, operate from headquarters in Spencer, Indiana, and a branch office in Cloverdale, Indiana. Additional information concerning Home Financial Bancorp and its subsidiaries is available at www.hfbancorp.com or www.ocbconnect.com.
|HOME FINANCIAL BANCORP|
|Consolidated Financial Highlights|
|(Dollars in thousands, except per share and book value amounts)|
|FOR THREE MONTHS ENDED SEPTEMBER 30:||2016||2015|
|Net Interest Income||652||676|
|Provision for Loan Losses||20||20|
|Basic Earnings Per Share:||$||.07||$||.01|
|Diluted Earnings Per Share:||.07||.01|
|Average Shares Outstanding - Basic||1,165,645||1,189,093|
|Average Shares Outstanding - Diluted||1,165,745||1,189,718|
|September 30,||June 30,|
|Allowance for Loan Losses||442||454|
|Non-Performing Assets to Total Assets||1.41||%||1.47||%|
|Non-Performing Loans to Total Loans||1.52||%||1.56||%|
|Book Value Per Share*||$||7.53||$||7.52|