EXHIBIT 99
PRESS RELEASE FOR IMMEDIATE RELEASE
Contact: Preston Bair, Chief Financial Officer
Telephone: (740) 622-0444
HOME LOAN FINANCIAL CORPORATION REPORTS
EARNINGS FOR THE QUARTER ENDED SEPTEMBER 30, 2003
Coshocton, Ohio, October 15, 2003 - Home Loan Financial Corporation (Nasdaq:
HLFC), the parent company of The Home Loan Savings Bank, today announced net
income of $495,000, or $.32 basic and $.31 diluted earnings per share, for the
quarter ended September 30, 2003 compared to net income of $426,000, or $.29
basic and $.28 diluted earnings per share, for the quarter ended September 30,
2002.
The $69,000, or 16.2%, increase in earnings for the quarter ended
September 30, 2003 compared with September 30, 2002 was attributable to an
increase in net interest income of $93,000 and noninterest income of $91,000,
partially offset by an increase in noninterest expense of $94,000 and an
increase in income tax expense of $36,000.
The increase in net interest income was primarily due to an increase in
average earning assets partially offset by a decline in the net interest margin.
The net interest margin for the three months ended September 30, 2003 was 4.16%
compared to 4.26% for the three months ended September 30, 2002.
Return on average equity and return on average assets for the three
months ended September 30, 2003 were 9.00% and 1.33%, respectively. The book
value of HLFC's common stock was $13.13 per share as of September 30, 2003
compared to $12.57 per share as of September 30, 2002, an increase of $0.56, or
4.5%.
Total assets at September 30, 2003 were $150.6 million compared to June
30, 2003 assets of $147.8 million, an increase of $2.8 million, or 1.9%. The
increase in total assets was primarily in loans, which increased $5.9 million,
partially offset by a decrease of $2.3 in securities available for sale. Total
deposits at September 30, 2003 were $86.5 million compared to June 30, 2003
deposits of $86.0 million, an increase of $0.5 million, or .7%. Total equity at
September 30, 2003 was $21.8 million compared to $21.7 million at June 30, 2003.
Home Loan Financial Corporation and The Home Loan Savings Bank are
headquartered at 401 Main Street, Coshocton, Ohio 43812. The Bank has two
offices in Coshocton, Ohio and a branch in West Lafayette, Ohio.
HOME LOAN FINANCIAL CORPORATION
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
September 30, 2003 June 30, 2003
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ASSETS
Cash and cash equivalents $ 3,556,980 $ 4,012,397
Securities available for sale 7,289,964 7,536,746
Mortgage-backed securities available for sale 7,794,660 9,850,287
Federal Home Loan Bank stock 2,184,700 2,162,900
Loans, net 127,640,122 121,759,596
Premises and equipment 1,181,454 1,218,370
Accrued interest receivable 646,625 738,357
Other assets 329,424 504,077
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Total assets $ 150,623,929 $ 147,782,730
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LIABILITIES
Deposits $ 86,541,397 $ 85,953,036
Federal Home Loan Bank advances 40,990,248 38,720,382
Accrued interest payable 525,899 580,142
Accrued expenses and other liabilities 749,880 818,719
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Total liabilities 128,807,424 126,072,279
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 500,000 shares authorized,
none outstanding -- --
Common stock, no par value, 9,500,000 shares authorized,
2,248,250 shares issued -- --
Additional paid-in capital 14,236,220 14,166,911
Retained earnings 14,513,314 14,514,056
Unearned employee stock ownership plan shares (998,725) (1,067,434)
Unearned recognition and retention plan shares (211,592) (256,212)
Treasury stock, at cost -586,488 shares at (5,949,856) (6,090,975)
September 30, 2003 and 596,305 shares at
June 30, 2003
Accumulated other comprehensive income 227,144 444,105
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Total shareholders' equity 21,816,505 21,710,451
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Total liabilities and shareholders' equity $ 150,623,929 $ 147,782,730
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CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
September 30,
--------------------------
2003 2002
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Total interest income $2,431,025 $2,436,700
Total interest expense 938,594 1,037,386
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Net interest income 1,492,431 1,399,314
Provision for loan losses 15,000 30,000
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Net interest income after
provision for loan losses 1,477,431 1,369,314
Total noninterest income 223,679 132,579
Total noninterest expense 953,186 859,172
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Income before income
tax expense 747,924 642,721
Income tax expense 253,000 216,900
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Net income $ 494,924 $ 425,821
========== ==========
Basic earnings per share $ .32 $ .29
========== ==========
Diluted earnings per share $ .31 $ .28
========== ==========
KEY OPERATING RATIOS
At or for
The Three Months Ended
September 30,
------------------------
2003 2002
---- ----
Net interest margin 4.16% 4.26%
Return on average assets 1.33% 1.25%
Return on average equity 9.00% 8.37%
Total equity to total assets 14.48% 14.74%
Common shares outstanding 1,661,762 1,629,062
Book value per share $13.13 $12.57
Nonperforming assets to
total assets 1.24% 0.75%