NEW YORK, Jan. 20, 2015 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced Home City Financial Corp. (OTCQX: HCFL), holding company for Home City Federal Savings Bank of Springfield in Springfield, OH, has qualified to trade on OTCQX®, the best marketplace.
Home City Financial begins trading today on OTCQX under the symbol "HCFL." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"We are pleased to welcome Home City Financial to OTCQX," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "Trading on OTCQX will enable Home City to provide investors with transparent trading and convenient access to the company's news and financial disclosure so they can more easily analyze, value and trade its securities. We look forward to supporting Home City Financial as it continues to grow and enhance long-term value for shareholders."
Bill Stapleton, Home City Financial's President and CEO, said, "I am pleased that Home City Financial Corporation has been approved to trade on the OTCQX marketplace. Being a part of OTCQX will increase our company's visibility and ultimately improve shareholder value."
Keefe Bruyette & Woods, Inc., through its parent company Stifel Company, serves as Home City Financial's Corporate Broker on OTCQX. To reach Stifel Company, contact the local representative, Robert Lucas, at 1-866-590-6036.
About Home City Financial Corporation
Home City Financial Corporation is a thrift holding company whose principal activity is the ownership and management of its wholly-owned subsidiary, Home City Federal Savings Bank of Springfield ("Bank"). The Bank was chartered in 1925 converting to a stock institution in 1996. The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in the City of Springfield and Clark County, Ohio.
As of December 31, 2014, the Bank reported annual earnings of $1,277,000, or $1.59 per share, representing an ROA of .87% and an ROE of 8.35%.
Total Assets exceeded $151,000,000. Outstanding Loans increased in excess of $6,000,000 for the year requiring some Available-for-sale securities to be sold and additional Federal Home Loan Bank advances for funding these new loans.
Total Deposits were $106,825,000, reflecting a slight increase over 2013. The Bank recognizes the importance of deposits as they relate to funding our additional loan growth and are constantly improving our deposit products.
Total Shareholder's equity of $15,755,000 reflects a book value of $19.62. We have seen our Shareholder's equity increase annually as a result of our earnings performance coupled with our prudent cash dividend payout ratio.
The Bank continues to strive for improved Asset Quality, which for us means improved Loan Quality. Non Performing Loans (loans past due 90+ days) finish the year at $421,000 or .34% of our Total Loan Portfolio. This ratio continues to show improvement over the previous six years. In 2009, this ratio was 2.94%. Other Real Estate Owned (OREO), which represents properties obtained by foreclosure or deed in lieu, was $82,000 representing two properties. In 2010, Other Real Estate Owned was $714,000. Gross Charge-Offs for the year was $27,653 with Recoveries of $33,383. This is the first time in 11 years that Recoveries have exceeded Charge-Offs. Our Allowance for Loan Losses represents 2.04% of our Total Loans.
As predicted by the Bank's 2014 Asset Liability Model, we did experience narrowing in our Net Interest Margin (3.64% vs 3.77%) providing a Net Interest Income of $5,064,000 compared to prior year of $5,108,000. Total Non Interest Expense of $3,445,000 compares very nicely to all of our prior years. In fact, in 2004, Non Interest Expense for our Bank was $3,452,000. The Bank has done an excellent job controlling our Non Interest Expenses.
The stock price closed the year at $16.25 per share (book value $19.62). The Board of Directors declared a regular quarterly dividend of $.08 per share payable December 15, 2014 to shareholders. Annual Cash Dividend per share was $.36 for 2014.
In summary for 2014: Improved Earnings, Good Net Interest Margin, Good Cost Control, Good Asset Quality Ratios.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace; OTCQB®, The Venture Marketplace; and OTC Pink®, The Open Marketplace. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.
OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
Saskia Sidenfaden, OTC Markets Group Inc., +1 (212) 896-4428, [email protected]
SOURCE OTC Markets Group Inc.