hometown bancorp inc/ny (HTWC) Snapshot

Hometown Bancorp Inc. announced earnings results for the three months and nine months ended September 30, 2012. For the period, net loss was $135,000 compared to $58,000 for the same period in 2011. Net interest income decreased by $34,000 or 2.1%, to $1.6 million compared to the prior year period. The primary reason for the decrease in net interest income was the decrease in the average yield of interest-earning assets of 20 basis points to 4.96% as compared to the three months ended September 30, 2011. Non-interest income was $540,000 compared to $442,000 for the quarter ended September 30, 2011. The primary reason for the increase in non-interest income for the quarter ended September 30, 2012, was mortgage banking income, net, which increased by $163,000. Basic and diluted loss per share was $0.06 compared to $0.02 a year ago. Loss on average assets was 0.33% compared to 0.15% a year ago. Loss on average equity 2.72% compared to 1.15% a year ago. For the nine months, earnings were $101,000 as compared to $193,000 for the same period in 2011. The decrease in the third quarter 2012 and the year to date net income was primarily due to higher non-interest expenses, a decrease in net interest income and an increase in the provision for loan losses partially offset by an increase in mortgage banking income as a result of increased originations of residential mortgage loans sold into the secondary market. Net interest income decreased by $153,000 or 3.1%, to $4.8 million compared to the prior year period. The primary reason for the decrease in net interest income during the nine months ended September 30, 2012, was the decrease in the average yield of interest-earning assets of 48 basis points to 4.75% when compared to the nine months ended September 30, 2011. Non-interest income was $1.6 million compared to $1.3 million for the nine months ended September 30, 2011. The primary reason for the increase in non-interest income for the nine months ended September 30, 2012, was mortgage banking income, net, which increased by $274,000. Basic and diluted profit per share was $0.04 compared to $0.09 a year ago. Return on average assets was 0.08% compared to 0.17% a year ago. Return on average equity 0.69% compared to 1.28% a year ago. Book value per share was $8,390 compared to $8,570. The increase was primarily a result of charge-offs of $477,000 during the quarter, which resulted in a net charge-off of $387,000 during the third quarter of 2012 compared to net charge-offs of $212,000 during the prior year period.

Hometown Bancorp Inc. reported earnings results for the second quarter and six months ended June 30, 2012. For the quarter, interest income was $1,727,000 against $1,859,000 a year ago. Net interest income was $1,585,000 against $1,668,000 a year ago. The primary reason for the decrease in net interest income during the quarter ended June 30, 2012, was the decrease in the average yield of interest-earning assets of 36 basis points to 4.93% as compared to the three months ended June 30, 2011, partially offset by a decrease in the average cost of interest-bearing liabilities of 20 basis points to 0.48% for the three months ended June 30, 2012. Income before taxes was $184,000 against $198,000 a year ago. Net income was $119,000 or $0.05 per basic and diluted share against $124,000 or $0.05 per basic and diluted share a year ago. Return on average assets was 0.30% against 0.32% a year ago. Return on average equity was 2.42% against 2.47% a year ago. For the six months, interest income was $3,486,000 against $3,706,000 a year ago. Net interest income was $3,189,000 against $3,309,000 a year ago. Income before taxes was $365,000 against $403,000 a year ago. Net income was $236,000 or $0.10 per basic and diluted share against $251,000 or $0.11 per basic and diluted share a year ago. The decrease in the second quarter 2012 and the year to date net income was primarily due to higher non- interest expenses and a decrease in net interest income, partially offset by a decrease in the provision for loan losses and an increase in mortgage banking income as a result of increased originations of residential mortgage loans sold into the secondary market. Return on average assets was 0.29% against 0.33% a year ago. Return on average equity was 2.40% against 2.50% a year ago. Book value per share was $8.44 against $8.62 a year ago. Tangible book value per share was $8.14 against $8.62 a year ago. The company's Board of Directors has determined not to pay its next scheduled quarterly dividend in August 2012 because of the Federal Reserve Board's recently implemented interim final regulation which requires the prior approval of a majority of the eligible votes of the members (depositors of the Bank) of Hometown Bancorp, MHC for the MHC to waive the receipt of dividends.

Hometown Bancorp Inc. reported earnings results for the first quarter ended March 31, 2012. For the period, the company's net income was $117,000 or $0.05 per basic and diluted share as compared to $127,000 or $0.06 per basic and diluted share a year ago. Net interest income was $1,604,000 against $1,641,000 a year ago. Income before taxes was $181,000 against $205,000 a year ago. Return on average assets was 0.29% against 0.33% a year ago. Return on average equity was 2.39% against 2.54% a year ago. Book value per share was $8.39 against $8.56 a year ago. Tangible book value per share was $8.08 against $8.56 a year ago. The decrease in the first quarter 2012 net income was primarily due to higher non-interest expenses and a decrease in net-interest income partially offset by an increase in non-interest income for the quarter ended March 31, 2012. The primary reason for the decrease in net interest income during the quarter ended March 31, 2012, was the decrease in the average yield of interest-earning assets of 26 basis points to 4.98% when compared to the three months ended March 31, 2011, partially offset by a decrease in the average cost of interest-bearing liabilities of 22 basis points to 0.51% for the three months ended March 31, 2012. The company announced the approval by its board of directors of a cash dividend on its outstanding common stock of $0.02 per share. The dividend will be payable to stockholders of record as of May 4, 2012 and is expected to be paid on May 18, 2012.