Attached files
| file | filename |
|---|---|
| 8-K - HOME FEDERAL BANCORP, INC. FORM 8-K - Home Federal Bancorp, Inc. | k129102.htm |
|
Exhibit
99.1
|
|
 |
Contact:
Home Federal Bancorp, Inc.
Len E. Williams, President & CEO
Eric S. Nadeau, EVP, Treasurer & CFO
208-466-4634
www.myhomefed.com
|
500
12th
Ave. South * Nampa, ID 83651
HOME
FEDERAL BANCORP, INC. ANNOUNCES FIRST QUARTER RESULTS
Nampa, ID (January 29, 2010) –
Home Federal Bancorp, Inc. (the “Company”) (Nasdaq GSM: HOME), the parent
company of Home Federal Bank (the “Bank”), today announced first quarter results
for the fiscal year ending September 30, 2010. For the quarter ended
December 31, 2009, the Company reported a net loss of ($309,000), or $(0.02) per
diluted share, compared to a net loss of ($801,000), or $(0.05) per diluted
share, for the same period a year ago.
The
following summarizes key activities of the Company during the quarter ended
December 31, 2009:
|
§
|
The
Bank launched two full-service banking offices in Boise and Meridian,
Idaho, and closed two Walmart
branches;
|
|
§
|
In
connection with the August 2009 acquisition of the operations of Community
First Bank, the Bank purchased two banking offices and assumed leases on
five other offices in the Central Oregon
Region;
|
|
§
|
Provision
for loan losses totaled $700,000 as delinquent loans and classified assets
increased during the quarter;
|
|
§
|
Net
charge offs totaled $1.3 million;
|
|
§
|
The
Bank received $9.4 million in reimbursed losses from the FDIC on assets
covered under the loss share
agreement.
|
On August
7, 2009, the Company purchased certain assets and assumed certain liabilities of
Community First Bank located in Prineville, Oregon in an FDIC-facilitated
acquisition (the “Acquisition”), which has been incorporated prospectively in
the Company’s financial statements. Therefore, year over year results of
operations may not be comparable. Additionally, only 54 days of operations from
the Acquisition are included in the fourth quarter of fiscal 2009, which impacts
linked quarter comparisons. In certain areas, management has separately
disclosed the impact of the Acquisition on the financial condition and results
of operations of the Company. In connection with the Acquisition, the Bank
entered into a loss sharing agreement under which the Bank will be reimbursed by
the FDIC for 80% of the first $34.0 million of losses on acquired loans and real
estate owned and for 95% of losses beyond that threshold. The
Acquisition resulted in the Bank’s entrance to the Tri-County Region of Central
Oregon, which we refer to as the Central Oregon Region.
Len E.
Williams, the Company’s President and CEO, commented “The integration of our
Central Oregon Region was a focus of the quarter, as well as understanding the
loss share loan portfolio. We will continue to diligently assess the
collectability of these assets as we evaluate this portfolio. In general,
performance of the loss share portfolio is as we anticipated. We are also
realizing the deterioration of non-owner occupied commercial real estate loans
in our Idaho Region, as we previously projected. While we were successful in
selling some foreclosed properties during the quarter ended December 31, 2009,
additional substandard loans were placed on nonaccrual status, which increased
our level of nonperforming assets.”
Results
of operations
Total
revenue for the quarter ended December 31, 2009, which consisted of net interest
income before the provision for loan losses and noninterest income, increased
$1.1 million, or 13%, to $9.3 million compared to $8.2 million for the same
period of 2008 and $8.3 million compared to the linked fourth quarter of fiscal
2009. Total revenue for the fourth quarter of fiscal 2009 was reduced
by transactions related to the Acquisition, including a prepayment penalty of
$498,000 incurred on the prepayment of assumed Federal Home Loan Bank (“FHLB”)
of Seattle borrowings and a loss on the sale of securities of
$254,000.
Home
Federal Bancorp, Inc.
January
29, 2010
Page 2
of 8
Net interest income. Net
interest income before the provision for loan losses increased $636,000, or 11%,
to $6.4 million for the quarter ended December 31, 2009, compared to $5.7
million for the same quarter of the prior year. Net interest income associated
with the Acquisition accounted for $593,000 of the increase. The Company’s net
interest margin was unchanged at 3.37% for the quarter ended December 31, 2009,
when compared to the quarter ended December 31, 2008, and was down 16 basis
points from 3.53% in the linked quarter as the amortization of fair value
adjustments on purchased loans reduced net interest
income. Additionally, the increase in nonperforming loans purchased
in the Acquisition reduced the average yield earned on the loan
portfolio. Fair value amortization of purchased loans and assumed
deposits decreased interest income and interest expense by $427,000 and
$200,000, respectively, during the first quarter of fiscal 2010.
Provision for loan losses. A
provision for loan losses of $700,000 was recorded in connection with
management’s analysis of the loan portfolio for the quarter ended December 31,
2009, compared to $3.6 million for the same period of the prior year and $8.0
million in the linked quarter. The provision recorded during the first quarter
of fiscal 2010 was mainly due to continued signs of stress in the commercial
real estate portfolio in the Idaho Region, including higher delinquencies,
nonperforming loans and classified commercial real estate loans at December 31,
2009. A provision for losses was not recorded during the first
quarter of fiscal year 2010 on loans covered by the loss share agreement with
the FDIC as management is still reviewing the performance of the Central Oregon
Region portfolio.
Noninterest income.
Noninterest income increased $414,000, or 17%, to $2.9 million for the quarter
ended December 31, 2009, compared to $2.5 million for the same quarter a year
ago as a result of $444,000 of noninterest income associated with the
Acquisition. Within other income, rental income increased $100,000 from the same
period of the prior year as a result of rental income received on foreclosed
properties during the quarter just ended. Other income of $160,000
was also recorded in the first quarter of fiscal 2010 associated with the
accretion of the FDIC indemnification receivable. Excluding $752,000
from losses on transactions associated with the Acquisition recorded in the
fourth quarter of fiscal 2009, noninterest income increased $249,000 from the
linked quarter. Net gains from the sale of real estate owned totaled $21,000 in
the first quarter of fiscal 2010 compared to losses of $95,000 in the linked
quarter. Excluding the impact of the Acquisition, the Bank continues to
experience year over year declines in nonsufficient funds fee income on checking
accounts as the deposit portfolio strategically is shifted away from low-balance
high overdraft accounts to higher-balance relationship accounts. Nonsufficient
funds fee income is expected to continue to decline as a result of this shift
and in reaction to newly promulgated regulations.
Noninterest expense.
Noninterest expense for the quarter ended December 31, 2009, increased $3.0
million, or 51% to $9.1 million from $6.0 million for the comparable period a
year earlier. Noninterest expense associated with the Acquisition accounted for
$1.8 million of the increase.
Compensation
and benefits increased $1.0 million from the year ago period primarily as a
result of personnel added in the Acquisition. The Bank will continue to operate
separate back offices in the Idaho and Central Oregon Regions until a full
conversion and integration to a new core application platform is completed,
which is anticipated in the fourth quarter of fiscal 2010.
Occupancy
and equipment expenses were $294,000 higher in the first quarter of fiscal 2010
compared to the first quarter of fiscal year 2009 as the Acquisition accounted
for $258,000 of the increase. During the 2010 quarter, the Bank purchased two
former Community First Bank banking offices in Central Oregon from the FDIC as
well as the furniture and fixtures in seven banking offices. Buildings and
furniture and fixtures were not purchased at the closing of the Acquisition.
Rent recorded on those assets during the first quarter of fiscal 2010 totaled
$62,000.
Data
processing expenses increased $259,000 during the first quarter of 2010 compared
to the year-ago period with the Acquisition accounting for $165,000 of the
increase. Professional services increased during the quarter due to audit costs
related to external loan review services for the Acquisition.
Insurance
and taxes increased $403,000 from the same period of the prior year due to
insurance premiums on the increased number of foreclosed properties as well as
overdue taxes paid on real estate owned upon foreclosure. The
Home
Federal Bancorp, Inc.
January
29, 2010
Page 3
of 8
Bank also
paid $2.2 million in prepaid FDIC deposit insurance premiums during the first
quarter of fiscal 2010. This amount will be amortized to expense over three
years beginning in the second quarter of fiscal 2010.
The
provision for real estate owned increased $801,000 during the first quarter of
fiscal year 2010 compared to the same period of the prior year as a result of
quarterly valuation assessments performed on a significantly higher number of
foreclosed properties.
Balance
Sheet
Total
assets increased $104.0 million, or 15%, to $822.1 million at December 31, 2009,
compared to $718.1 million a year earlier with the Acquisition adding
approximately $166 million of assets at December 31, 2009.
Cash and Investments. Cash
and amounts due from depository institutions increased to $68.5 million at
December 31, 2009, from $50.0 million at September 30, 2009, and $17.4 million
at December 31, 2008. The Company has increased its liquidity as a result of the
very low interest rate environment, which makes medium-term investments
unattractive, and to provide increased flexibility for potential
acquisitions.
Investments
decreased $25.9 million, or 14%, to $162.3 million at December 31, 2009,
compared to $188.2 million at December 31, 2008. The decrease was
attributable to regular principal repayments on mortgage-backed securities,
offset partially by investment purchases, including those purchased in the
Acquisition.
Loans. Total loans (before
the allowance for loans losses) at December 31, 2009, increased $51.8 million or
10.9% to $526.0 million, compared to $474.2 million at December 31,
2008. The loans purchased in the Acquisition totaled $120.6 million
at December 31, 2009. The increase due to the Acquisition was offset by lower
balances in residential and commercial loan categories in the Idaho Region when
compared to the year ago period.
The loan
portfolio in the Idaho Region declined $69.0 million at December 31, 2009 from
December 31, 2008, with one-to-four family residential loans declining $42.4
million from the prior year. This was consistent with management’s strategy to
reduce the Bank’s exposure to loans secured by residential real estate.
Commercial and commercial construction loans declined $17.1 million at December
31, 2009, compared to December 31, 2008, with nearly all the decline occurring
in the builder finance, or land development and construction, portfolio. The
builder finance and construction portfolios have experienced a high level of
losses over the past year due to declining real estate prices and excess housing
inventory in the Bank’s markets.
During
the first quarter of fiscal year 2010, loans in the Idaho Region declined $7.6
million as residential mortgage loans declined $8.7 million during the quarter.
Commercial and commercial real estate loans increased $2.9 million during the
quarter. Loans in the Central Oregon Region declined $5.7 million during the
first quarter of fiscal 2010. Management has tightened lending criteria and the
general economic slowdown, compounded by few creditworthy lending opportunities,
has limited loan originations over the last year.
Asset Quality. The allowance
for loan losses was $28.1 million, or 5.34%, of gross loans at December 31,
2009, compared to $28.7 million, or 5.32% of gross loans at September 30, 2009,
and $8.0 million, or 1.69% of gross loans at December 31, 2008. At the time of
the Acquisition, troubled loans accounted for under Accounting Standards
Codification Topic 310-30 were recorded at fair value, which included a $14.2
million reduction in the balances purchased. The general allowance for loan
losses allocated to loans covered under the loss share agreement totaled $16.0
million, or 13% of all covered loans. The allowance for loan losses allocated to
the Idaho Region loan portfolio was $12.1 million, or 2.98% of the portfolio.
Net charge-offs totaled $1.3 million during the quarter ended December 31,
2009.
Loans
delinquent 30 to 89 days totaled $15.8 million at December 31, 2009, compared to
$7.9 million at September 30, 2009, including $7.5 and $6.1 million,
respectively, of delinquent loans covered by the loss share agreement with the
FDIC. Residential loan delinquencies increased $3.0 million at December 31,
2009, from September 30, 2009. Commercial and commercial real estate loan
delinquencies in the Idaho Region increased $2.7 million during this same
period.
Home
Federal Bancorp, Inc.
January
29, 2010
Page 4
of 8
Nonperforming
assets, which include nonaccrual loans and real estate owned, totaled $62.8
million at December 31, 2009, compared to $56.9 million at September 30, 2009,
and $18.4 million at December 31, 2008. Real estate and other repossessed assets
decreased $3.6 million during the first quarter of fiscal 2010 to $14.8 million
at December 31, 2009, with $5.9 million of real estate and other repossessed
assets covered under the loss share agreement with the FDIC. Real
estate owned and other repossessed assets was comprised of $9.4 million of land
development and speculative one-to-four family construction projects, $3.8
million of commercial real estate, $1.3 million of one-to-four family
residential properties, and $330,000 of other repossessed assets.
The
following table summarizes nonperforming loans and real estate owned at December
31, 2009, and September 30, 2009:
|
December 31, 2009
|
September 30, 2009
|
Quarterly Change
|
|||||||||||||||
|
(in
thousands)
|
Covered
Assets(1)
|
Legacy(2)
Portfolio
|
Total
|
Covered
Assets(1)
|
Legacy(2)
Portfolio
|
Total
Portfolio
|
Covered
Assets(1)
|
Legacy(2)
Portfolio
|
Total
|
||||||||
|
Acquisition
and development
|
$7,439
|
$ 653
|
$8,092
|
$6,985
|
$ 623
|
$7,608
|
$ 454
|
$ 30
|
$ 484
|
||||||||
|
One-to-four
family construction
|
628
|
2,029
|
2,657
|
481
|
2,283
|
2,764
|
147
|
(254)
|
(107)
|
||||||||
|
Commercial
real estate
|
14,821
|
7,006
|
21,827
|
11,016
|
2,725
|
13,741
|
3,805
|
4,281
|
8,086
|
||||||||
|
One-to-four
family residential
|
5,831
|
7,058
|
12,889
|
5,020
|
5,971
|
10,991
|
811
|
1,087
|
1,898
|
||||||||
|
Other
|
2,417
|
157
|
2,574
|
3,206
|
182
|
3,388
|
(789)
|
(25)
|
(814)
|
||||||||
|
Total nonperforming
loans
|
31,136
|
16,903
|
48,039
|
26,708
|
11,784
|
38,492
|
4,428
|
5,119
|
9,547
|
||||||||
|
Real
estate owned and other repossessed assets
|
6,038
|
8,744
|
14,782
|
7,516
|
10,875
|
18,391
|
(1,478)
|
(2,131)
|
(3,609)
|
||||||||
|
Total
nonperforming assets
|
$37,174
|
$25,647
|
$62,821
|
$34,224
|
$22,659
|
$56,883
|
$2,950
|
$2,988
|
$5,938
|
||||||||
|
(1)
|
Assets
covered by the loss share agreement are presented at estimated fair value,
net of adjustments of $1.4 million and $14.3 million at December 31, 2009
and September 30, 2009,
respectively
|
|
(2)
|
Assets
included within the Idaho Region
|
Deposits and borrowings.
Deposits increased $145.1 million, or 38%, to $522.5 million at December 31,
2009, compared to $377.4 million at December 31, 2008, mainly due to the
Acquisition. Deposits in the Central Oregon Region totaled $137.0
million at December 31, 2009, compared to $143.5 million on the date of the
Acquisition. However, core deposits (defined as checking, savings and money
market accounts) in the Central Oregon Region totaled $71.1 million at December
31, 2009, compared to $68.0 million on the date of the Acquisition, highlighting
the execution of the retail banking division’s goal to increase core deposits.
Management continues to observe certificate of deposit rates offered by
competitors in both of the Bank’s markets that in many instances exceed the cost
of the Bank’s alternative funding sources, including FHLB advances. As a result,
certificate balances have declined as management has chosen to conservatively
price certificate of deposit accounts.
Total
deposits increased $7.6 million from the linked quarter including an increase of
$11.5 million in core deposits and a decrease of $3.9 million in
certificates of deposit. Most of the increase in core deposits in the Idaho
Region is a result of year-end seasonal balance increases by
depositors.
FHLB
advances and other borrowings decreased $47.7 million, or 38%, to $76.9 million
at December 31, 2009, compared to $124.6 million at December 31,
2008. The decrease resulted from maturing FHLB advances being repaid
with excess liquidity.
Equity. Stockholders’ equity
increased $866,000, or less than 1%, to $208.3 million at December 31, 2009,
compared to $207.4 million at December 31, 2008. The extraordinary
gain of $15.3 million associated with the
Home
Federal Bancorp, Inc.
January
29, 2010
Page 5
of 8
Acquisition
was the most significant factor in the increase in stockholders’ equity, which
was recorded in the fourth quarter of fiscal year 2009. The gain was
offset by repurchases of shares of common stock during the past year totaling
$7.9 million. In addition, dividends of $3.4 million and a loss from
operations of $6.7 million for the twelve months ended December 31, 2009,
reduced retained earnings while a lower interest rate environment at December
31, 2009, increased the unrealized gain on securities by $1.3 million, net of
tax, compared to December 31, 2008.
Strategic
Outlook
The
economic environment in the Company’s current markets of Southwestern Idaho and
Central Oregon continues to be weak with unemployment rates exceeding national
levels and a pessimistic economic growth outlook over the next 12 months.
Management believes that meaningful organic growth in loans will be difficult to
achieve in the short term. Therefore, the Company continues to review and pursue
FDIC-assisted acquisitions in order to take advantage of the unique opportunity
these acquisitions present to grow the organization with quantifiable credit
risk. The Board and Management of the Company have identified the intermountain
region between Salt Lake City and the Cascade Mountain range as the initial
primary target market for organic and acquisitive growth. Management believes
several institutions may be placed into FDIC receivership in this region and
intends to participate in auctions of failed institutions that provide
attractive franchise expansion. This primary target market may be expanded,
should FDIC-assisted acquisition opportunities meeting the Company’s investment
objectives arise in adjacent markets. Nonetheless, the Company can
provide no assurance that any of these opportunities will materialize or, if
they do, that the Bank will be the successful bidder for a failed
institution.
About
the Company
Home
Federal Bancorp, Inc., is headquartered in Nampa, Idaho, and is the parent
company of Home Federal Bank, a community bank originally organized in 1920. The
Company serves the Treasure Valley region of Southwestern Idaho and the
Tri-County Region of Central Oregon through 22 full-service banking offices and
one commercial loan center. The Company's common stock is traded on the NASDAQ
Global Select Market under the symbol "HOME." The Company's stock is also
included in the Russell 2000 Index. For more information, visit the Company web
site at www.myhomefed.com.
Forward-Looking
Statements:
Statements
in this news release regarding future events, performance or results are
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995 (“PSLRA”) and are made pursuant to the safe
harbors of the PSLRA. These forward-looking statements relate to,
among other things, expectations of the business environment in which the
Company operates, projections of future performance, perceived opportunities in
the market, potential future credit experience, and statements regarding the
Company’s mission and vision. These forward-looking statements are
based upon current management expectations and may, therefore, involve risks and
uncertainties. Actual results could be materially different from
those expressed or implied by the forward-looking statements. Factors that could
cause results to differ include but are not limited to: general economic and
banking business conditions, competitive conditions between banks and non-bank
financial service providers, interest rate fluctuations, the credit risk of
lending activities, including changes in the level and trend of loan
delinquencies and write-offs; results of examinations by our banking
regulators, regulatory
and accounting changes, risks related to construction and development lending,
commercial and small business banking, our ability to successfully integrate any
assets, liabilities, customers, systems, and management personnel we have
acquired or may in the future acquire into our operations and our ability to
realize related revenue synergies and cost savings within expected time frames,
and other risks. Additional factors that could cause actual results
to differ materially are disclosed in Home Federal Bancorp, Inc.'s recent
filings with the Securities and Exchange Commission, including but not limited
to its Annual Report on Form 10-K for the year ended September 30, 2009,
Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. Forward-looking statements are accurate only as of the date
released, and we do not undertake any responsibility to update or revise any
forward-looking statements to reflect subsequent events or
circumstances.
Home
Federal Bancorp, Inc.
January
29, 2010
Page 6
of 8
|
HOME
FEDERAL BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED
BALANCE SHEETS
(In
thousands, except share data) (Unaudited)
|
December
31,
2009
|
September
30,
2009
|
December
31,
2008
|
||
|
ASSETS
|
|||||
|
Cash and amounts due from depository institutions
|
$ 68,471
|
$ 49,953
|
$ 17,412
|
||
|
Investments
available for sale, at fair value
|
162,322
|
169,320
|
188,237
|
||
|
FHLB
stock, at cost
|
10,326
|
10,326
|
9,591
|
||
|
Loans receivable, net of allowance for loan losses of $28,141,
$28,735, and $8,027
|
497,862
|
510,629
|
466,169
|
||
|
Loans
held for sale
|
2,008
|
862
|
2,267
|
||
|
Accrued
interest receivable
|
2,530
|
2,781
|
2,534
|
||
|
Property
and equipment, net
|
25,777
|
20,462
|
16,073
|
||
|
Bank
owned life insurance
|
12,121
|
12,014
|
11,696
|
||
|
Real
estate and other property owned
|
14,782
|
18,391
|
1,352
|
||
|
FDIC
indemnification receivable, net
|
21,252
|
30,038
|
-
|
||
|
Other
assets
|
4,671
|
3,123
|
2,802
|
||
|
TOTAL
ASSETS
|
$822,122
|
$827,899
|
$718,133
|
||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||
|
LIABILITIES
|
|||||
|
Deposit
accounts:
|
|||||
|
Noninterest-bearing
demand deposits
|
$ 67,212
|
$ 68,156
|
$ 41,187
|
||
|
Interest-bearing
demand deposits
|
187,325
|
176,049
|
134,148
|
||
|
Savings
deposits
|
42,939
|
41,756
|
27,589
|
||
|
Certificates of deposit
|
224,975
|
228,897
|
174,475
|
||
|
Total
deposit accounts
|
522,451
|
514,858
|
377,399
|
||
|
Advances
by borrowers for taxes and insurance
|
660
|
1,132
|
721
|
||
|
Interest
payable
|
535
|
553
|
486
|
||
|
Deferred
compensation
|
5,307
|
5,260
|
5,230
|
||
|
FHLB
advances and other borrowings
|
76,890
|
84,737
|
124,574
|
||
|
Deferred
income tax liability, net
|
4,889
|
5,571
|
310
|
||
|
Other
liabilities
|
3,076
|
6,123
|
1,965
|
||
|
Total
liabilities
|
613,808
|
618,234
|
510,685
|
||
|
STOCKHOLDERS’
EQUITY
|
|||||
|
Serial
preferred stock, $.01 par value; 10,000,000 authorized;
|
|||||
|
issued
and outstanding, none
|
-
|
-
|
-
|
||
|
Common
stock, $.01 par value; 90,000,000 authorized;
|
|||||
|
issued
and outstanding:
|
|||||
|
Dec. 31, 2009 - 17,445,311 issued; 16,698,168 outstanding
|
167
|
167
|
174
|
||
|
Sept. 30, 2009 - 17,445,311 issued; 16,698,168 outstanding
|
|||||
|
Dec. 31, 2008 - 17,445,311 issued; 17,392,289 outstanding
|
|||||
|
Additional
paid-in capital
|
151,212
|
150,782
|
157,813
|
||
|
Retained
earnings
|
63,310
|
64,483
|
58,118
|
||
|
Unearned
shares issued to ESOP
|
(9,438)
|
(9,699)
|
(10,378)
|
||
|
Accumulated
other comprehensive income
|
3,063
|
3,932
|
1,721
|
||
|
Total
stockholders’ equity
|
208,314
|
209,665
|
207,448
|
||
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$822,122
|
$827,899
|
$718,133
|
Home
Federal Bancorp, Inc.
October
30, 2009
Page 7 of
8
|
HOME
FEDERAL BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In
thousands, except share and per share data) (Unaudited)
|
Three
Months Ended
December
31,
|
|||
|
2009
|
2008
|
|||
|
Interest
and dividend income:
|
||||
|
Loan
interest
|
$
7,103
|
$
7,113
|
||
|
Mortgage-backed
security interest
|
1,734
|
2,205
|
||
|
Other
interest and dividends
|
49
|
10
|
||
|
Total
interest and dividend income
|
8,886
|
9,328
|
||
|
Interest
expense:
|
||||
|
Deposits
|
1,674
|
2,018
|
||
|
FHLB FHLB advances and other
borrowings
|
831
|
1,565
|
||
|
Total
interest expense
|
2,505
|
3,583
|
||
|
Net
interest income
|
6,381
|
5,745
|
||
|
Provision
for loan losses
|
700
|
3,575
|
||
|
Net
interest income (loss) after provision for loan losses
|
5,681
|
2,170
|
||
|
Noninterest
income:
|
||||
|
Service
charges and fees
|
2,264
|
2,109
|
||
|
Gain
on sale of loans
|
183
|
190
|
||
|
Increase in cash surrender value of life insurance
|
107
|
106
|
||
|
Other
|
321
|
56
|
||
|
Total
noninterest income
|
2,875
|
2,461
|
||
|
Noninterest
expense:
|
||||
|
Compensation
and benefits
|
4,617
|
3,575
|
||
|
Occupancy
and equipment
|
1,064
|
770
|
||
|
Data
processing
|
800
|
542
|
||
|
Advertising
|
260
|
248
|
||
|
Postage
and supplies
|
166
|
137
|
||
|
Professional
services
|
479
|
335
|
||
|
Insurance
and taxes
|
558
|
155
|
||
|
Provision
for REO
|
801
|
-
|
||
|
Other
|
338
|
272
|
||
|
Total
noninterest expense
|
9,083
|
6,034
|
||
|
Loss
before income taxes
|
(527)
|
(1,403)
|
||
|
Income
tax benefit
|
(218)
|
(602)
|
||
|
NET
INCOME (LOSS)
|
$
(309)
|
$
(801)
|
||
|
Loss
per common share:
|
||||
|
Basic
|
$
(0.02)
|
$
(0.05)
|
||
|
Diluted
|
(0.02)
|
(0.05)
|
||
|
Weighted
average number of shares outstanding:
|
||||
|
Basic
|
15,447,705
|
16,129,252
|
||
|
Diluted
|
15,447,705
|
16,129,252
|
||
|
Dividends
declared per share:
|
$ 0.055
|
$
0.055
|
||
Home
Federal Bancorp, Inc.
October
30, 2009
Page 8 of
8
|
HOME
FEDERAL BANCORP, INC. AND SUBSIDIARY
ADDITIONAL
FINANCIAL INFORMATION
(Dollars
in thousands, except share and per share data)
(Unaudited)
|
|||||||||
|
At or For the Quarter
Ended
|
|||||||||
|
2009
|
2008
|
||||||||
|
December 31
|
September 30
|
June 30
|
March 31
|
December 31
|
|||||
|
SELECTED
PERFORMANCE RATIOS
|
|||||||||
|
Return
(loss) on average assets (1)
|
(0.15)%
|
4.94%
|
(0.72)%
|
0.27%
|
(0.44)%
|
||||
|
Return
(loss) on average equity (1)
|
(0.59)
|
19.41
|
(2.48)
|
0.93
|
(1.55)
|
||||
|
Net
interest margin (1)
|
3.37
|
3.53
|
3.53
|
3.60
|
3.37
|
||||
|
Efficiency
ratio (2)
|
98.13
|
112.59
|
84.26
|
79.12
|
73.53
|
||||
|
PER
SHARE DATA
|
|||||||||
|
Diluted
earnings (loss) per share before extr. item
|
$ (0.02)
|
$ (0.36)
|
$ (0.08)
|
$ 0.03
|
$ (0.05)
|
||||
|
Diluted
earnings per share of extr. item
|
-
|
0.98
|
-
|
-
|
-
|
||||
|
Diluted
earnings per share after extr. item
|
-
|
0.63
|
-
|
-
|
-
|
||||
|
Book
value per outstanding share
|
12.48
|
12.56
|
11.90
|
12.15
|
11.93
|
||||
|
Cash
dividends declared per share
|
0.055
|
0.055
|
0.055
|
0.055
|
0.055
|
||||
|
Average
number of diluted shares outstanding(3)
|
15,447,705
|
15,381,657
|
15,352,714
|
15,776,330
|
16,129,252
|
||||
|
ASSET
QUALITY
|
|||||||||
|
Allowance
for loan losses
|
$
28,141
|
$
28,735
|
$ 8,266
|
$ 7,333
|
$ 8,027
|
||||
|
Nonperforming
loans
|
48,039
|
38,492
|
16,462
|
14,590
|
17,034
|
||||
|
Nonperforming
assets
|
62,821
|
56,883
|
25,076
|
19,068
|
18,386
|
||||
|
Nonperforming
covered assets(4)
|
37,173
|
34,224
|
--
|
--
|
--
|
||||
|
Total
covered assets(4)
|
126,310
|
133,882
|
--
|
--
|
--
|
||||
|
Allowance
for loan losses to non-performing loans
|
58.58%
|
74.65%
|
50.21%
|
50.26%
|
47.12%
|
||||
|
Allowance
for loan losses to gross loans
|
5.34
|
5.32
|
1.93
|
1.64
|
1.69
|
||||
|
Nonperforming
loans to gross loans
|
9.12
|
7.13
|
3.85
|
3.26
|
3.58
|
||||
|
Nonperforming
assets to total assets
|
7.64
|
6.87
|
3.73
|
2.75
|
2.56
|
||||
|
Nonperforming
loans to gross loans not covered(5)
|
4.14
|
2.84
|
3.85
|
3.26
|
3.58
|
||||
|
Nonperforming
assets to total assets not covered(5)
|
3.66
|
3.26
|
3.73
|
2.75
|
2.56
|
||||
|
FINANCIAL
CONDITION DATA
|
|||||||||
|
Average
interest-earning assets
|
$
756,308
|
$728,515
|
$647,499
|
$661,428
|
$681,374
|
||||
|
Average
interest-bearing liabilities
|
527,438
|
503,636
|
441,036
|
449,175
|
470,319
|
||||
|
Net
average earning assets
|
228,870
|
224,879
|
206,463
|
212,253
|
211,055
|
||||
|
Average
interest-earning assets to average
interest-bearing
liabilities
|
143.39%
|
144.65%
|
146.81%
|
147.25%
|
144.87%
|
||||
|
Stockholders’
equity to assets
|
25.34
|
25.32
|
29.53
|
28.97
|
28.89
|
||||
|
STATEMENT
OF INCOME DATA
|
|||||||||
|
Interest
income
|
$ 8,886
|
$ 9,159
|
$ 8,410
|
$ 8,930
|
$ 9,328
|
||||
|
Interest
expense
|
2,505
|
2,727
|
2,697
|
2,970
|
3,583
|
||||
|
Net interest
income
|
6,381
|
6,432
|
5,713
|
5,960
|
5,745
|
||||
|
Provision
for loan losses
|
700
|
8,000
|
3,450
|
1,060
|
3,575
|
||||
|
Noninterest
income
|
2,875
|
1,874
|
2,611
|
2,345
|
2,461
|
||||
|
Noninterest
expense
|
9,083
|
9,352
|
7,014
|
6,571
|
6,034
|
||||
|
Net
income (loss) before taxes
|
(527)
|
(9,046)
|
(2,140)
|
674
|
(1,403)
|
||||
|
Income
tax expense (benefit)
|
(218)
|
(3,452)
|
(894)
|
198
|
(602)
|
||||
|
Net
income (loss) before extraordinary item
|
$ (309)
|
$(5,594)
|
$(1,246)
|
$ 476
|
$ (801)
|
||||
|
Extraordinary
gain, net of tax
|
-
|
15,291
|
-
|
-
|
-
|
||||
|
Net
income (loss)
|
$ (309)
|
$ 9,697
|
$(1,246)
|
$ 476
|
$ (801)
|
||||
|
Total
revenue (6)
|
$ 9,256
|
$ 8,306
|
$ 8,324
|
$ 8,305
|
$ 8,206
|
||||
| (1) |
Amounts
are annualized.
|
| (2) |
Noninterest
expense divided by net interest income plus noninterest
income.
|
| (3) |
Amounts
calculated exclude ESOP shares not committed to be released and unvested
restricted shares.
|
| (4) |
Loans
and other real estate owned covered by a loss share agreement with the
FDIC
|
| (5) |
Ratio
excludes loans and real estate owned covered by a loss share agreement
with the FDIC
|
| (6) |
Net
interest income plus noninterest
income.
|