Profile: Hometown Bancorp Inc (HTWC.PK)
13 Jul 2016
Hometown Bancorp, Inc. is a federally chartered mid-tier stock holding company. The Company is a subsidiary of Hometown Bancorp, MHC (the Mutual Holding Company), which is a federally chartered mutual holding company. The Mutual Holding Company owns 1,309,275 shares, or 56.3%, of the Company's issued stock. Hometown Bank of the Hudson Valley (the Bank) is a wholly owned subsidiary of the Company. The Bank is a community-oriented savings institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds principally in mortgage loans secured by one- to four- family residences, multi-family and commercial properties, land loans, commercial loans, consumer loans and investment securities. The Bank has three wholly owned subsidiaries, including Ever-Green Financial Services, Inc., which holds a 50% interest in Evergreen Title Agency, LP, Valley Services, Inc. and Balsam Realty Inc., which lease certain premises used by the Bank and hold other real estate owned.
The Company's primary lending activity is the origination of residential mortgage loans, including home equity loans, which are collateralized by residences. Generally, residential mortgage loans are made in amounts up to 85% of the appraised value of the property. The Bank will originate residential mortgage loans with loan-to-value ratios of up to 95%, with private mortgage insurance. The Bank grants loans to customers primarily within Orange County, New York, and to portions of the adjacent counties of Ulster and Sullivan. As of December 31, 2014, total loans, net, excluding loans held for sale, were $107.1 million.
The investment securities are classified into available for sale and held to maturity. Its securities available for sale consist of the United States Government agency, municipal, corporate and residential mortgage-backed securities. Its securities held to maturity consist of the residential mortgage-backed securities. All residential mortgage-backed securities are issued by the United States Government agencies or sponsored enterprises. As of December 31, 2014, the total investment securities portfolio was $3.71 million.
Sources of Funds
The Company's primary source of funds is retail deposit accounts, which consists of noninterest-bearing demand accounts, interest-bearing demand accounts, money market accounts, savings accounts and certificates of deposit. As of December 31, 2014, the total deposits were $114.92 million. It utilizes borrowings from the Federal Home Loan Bank of New York to supplement its source of funds for loans and investments. It had no borrowings at December 31, 2014.
Hometown Bancorp Inc
12 Main St
WALDEN NY 12586-1823