Home Financial Bancorp ("Company") (OTC Symbol "HWEN"), an Indiana corporation which is the holding company for Our Community Bank, ("Bank") based in Spencer, Indiana, announces unaudited results for the first quarter ended September 30, 2016. First Quarter Highlights:
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.
For the quarter ended September 30, 2016, the Company reported net income of $82,000 or $.07 basic and diluted earnings per share. Net income totaled $14,000 or $.01 basic and diluted earnings per share for the quarter ended September 30, 2015. An increase in non-interest income and lower non-interest expense resulted in higher net income compared to the same period a year earlier. Net interest income decreased 4% to $652,000 for the three months ended September 30, 2016. Total interest income declined $36,000 or 5%, while interest expense fell $12,000, or 11%. Net interest margin for the quarter was 4.17%, compared to 4.35% a year earlier. Loan loss provisions were steady at $20,000 for the quarters-ended September 30, 2016, and the year-earlier period. A regular assessment of loan loss allowance adequacy indicated that these provisions were required to maintain an appropriate allowance level. Changes in volume, composition and quality of the loan portfolio, as well as actual loan loss experience, will influence the need for future loan loss provisions. Non-interest income increased $37,000 or 26%, compared to the year-earlier period. This change was due to gain on sale of securities totaling $39,000 during first quarter 2017. No gains on sale of securities were reported for the same period a year earlier. Non-interest expense declined $87,000 or 11%. Repossessed property expense decreased $66,000 and rental expenses decreased $41,000, compared to the same period a year earlier.