LAFAYETTE, La., April 29 /PRNewswire-FirstCall/ -- Home Bancorp,
Inc. (NASDAQ:HBCP) (the "Company"), the parent company for Home
Bank (http://www.home24bank.com/), a Federally chartered savings
bank headquartered in Lafayette, Louisiana (the "Bank"), announced
net income of $1.7 million for the first quarter of 2009, an
increase of $704,000, or 69%, compared to the first quarter of 2008
and an increase of $2.5 million, or 316%, compared to the fourth
quarter of 2008. Diluted earnings per share were $0.21 for the
first quarter of 2009, an increase of 310% from the $0.10 loss per
share reported for the fourth quarter of 2008. The Company
completed its initial public stock offering ("IPO") on October 2,
2008 and began trading on the Nasdaq Global Market on October 3,
2008. Therefore, no shares were outstanding in the first quarter of
2008. "We are incredibly pleased to report record quarterly
earnings, especially in light of the current economic environment,"
stated John W. Bordelon, President and Chief Executive Officer of
the Company and the Bank. "Although South Louisiana is not immune
to the economic challenges facing our nation, our markets continue
to outperform most of the U.S. Our bankers continue to have success
gaining new customers seeking our quality of service." "Core
deposit growth was exceptional during the quarter," added Mr.
Bordelon. "We are also excited with the continued change in the mix
of our loan portfolio." Loans and Credit Quality Loans totaled
$336.4 million at March 31, 2009, an increase of $28.3 million, or
9%, from March 31, 2008, and an increase of $822,000, or 0.2%, from
December 31, 2008. While net loans were essentially unchanged
compared to the previous quarter, the change in the Company's loan
mix was favorable as paydowns on 1-4 family mortgage loans were
offset by commercial loan growth. Commercial loans (including
commercial real estate, construction and land, multi-family
residential and other commercial loans) increased $4.9 million, or
3%, during the first quarter of 2009. The following table sets
forth the composition of the Company's loan portfolio as of the
dates indicated. March 31, December 31, Increase/(Decrease)
(dollars in thousands) 2009 2008 Amount Percent Real estate loans:
One- to four-family first mortgage $133,720 $138,173 $(4,453) (3)%
Home equity loans and lines 22,793 23,127 (334) (1) Commercial real
estate 86,388 84,096 2,292 3 Construction and land 37,203 35,399
1,804 5 Multi-family residential 6,481 7,142 (661) (9) Total real
estate loans 286,585 287,937 (1,352) (1) Other loans: Commercial
35,928 34,434 1,494 4 Consumer 13,877 13,197 680 5 Total other
loans 49,805 47,631 2,174 5 Total loans $336,390 $335,568 $822 -%
The Company recorded a $174,000 provision for loan losses during
the first quarter of 2009 compared to a reversal of $30,000 during
the first quarter of 2008 and a $298,000 provision for the fourth
quarter of 2008. Net loan recoveries for the first quarter of 2009
were $1,000 compared to net charge-offs of $1,000 and $82,000 for
the first and fourth quarters of 2008, respectively. Non-performing
assets totaled $2.5 million, or 0.47%, of total assets at March 31,
2009, compared to $1.4 million and $1.5 million at March 31, 2008
and December 31, 2008, respectively. The increase in nonperforming
assets during the first quarter of 2009 relates to three single
family first mortgage loans which were placed on nonaccrual during
the quarter. The Company does not anticipate any principal loss on
these three loans. As of March 31, 2009, the allowance for loan
losses as a percentage of total loans was 0.83%, compared to 0.74%
at March 31, 2008 and 0.78% at December 31, 2008. Investment
Securities Portfolio The Company's investment securities portfolio
totaled $116.2 million at March 31, 2009, an increase of $49.7
million, or 75%, from March 31, 2008, and a decrease of $2.1
million, or 2%, from December 31, 2008. The increase from March 31,
2008 was the result of the Company's investment of $87.2 million in
net IPO proceeds in the fourth quarter of 2008. At March 31, 2009,
the Company had an unrealized loss position on its investment
securities portfolio of $7.2 million compared to an unrealized gain
of $1.5 million and an unrealized loss of $8.0 million at March 31,
2008 and December 31, 2008, respectively. The unrealized loss
relates primarily to the Company's non-agency mortgage-backed
securities holdings, which amounted to $51.7 million, or 10% of
total assets, at March 31, 2009. No charge for the
other-than-temporary impairment ("OTTI") of investment securities
was recorded during the first quarter of 2009, compared to a $2.8
million charge during the fourth quarter of 2008. The following
table summarizes the Company's non-agency mortgage-backed
securities portfolio as of March 31, 2009. # of Unrealized S&P
Collateral Securities Amortized Cost Gain/(Loss) Rating Prime 16
$39,222,000 $(6,723,000) AAA Prime 1 2,336,000 (483,000) A Prime 1
2,128,000 (31,000) Not rated (1) Prime 1 1,027,000 (68,000) BBB
Prime 1 1,927,000 (418,000) BB Prime 1 586,000 21,000 B Prime 1
1,142,000 (651,000) CCC Alt-A 1 1,422,000 47,000 AAA Alt-A 1
867,000 (100,000) B Alt-A 1 1,005,000 4,000 Not rated (2) Total
non-agency mortgage- backed securities 25 $51,662,000 $(8,402,000)
(1) Rated "Aaa" by Moody's. (2) Rated "Caa2" by Moody's and "CCC"
by Fitch. The Company holds no Federal National Mortgage
Association (Fannie Mae) or Federal Home Loan Mortgage Corporation
(Freddie Mac) preferred stock, equity securities, corporate bonds,
trust preferred securities, hedge fund investments, collateralized
debt obligations or structured investment vehicles. Cash Invested
at Other ATM Locations Over the past several years, Home Bank has
entered into contracts with various counterparties to provide cash
for ATMs at approximately 1,400 locations throughout the United
States. Cash invested at other ATM locations totaled $24.3 million
at March 31, 2009, an increase of $6.1 million, or 33%, from March
31, 2008, and an increase of $84,000, or 0.3%, from December 31,
2008. The Bank's contracts with its ATM counterparties expire
during the second quarter of 2009. The Bank does not intend to
renew the contracts; thus, we expect to receive all cash invested
at other ATM locations back from the counterparties in 2009.
Deposits Deposits totaled $375.1 million at March 31, 2009, an
increase of $23.0 million, or 7%, from March 31, 2008, and an
increase of $21.0 million, or 6%, from December 31, 2008. The
Company's continued focus is on growing its core deposit base
(i.e., checking, savings and money market accounts), which
increased $13.4 million, or 7%, during the first quarter of 2009.
The following table sets forth the composition of the Company's
deposits at the dates indicated. March 31, December 31,
Increase(Decrease) (dollars in thousands) 2009 2008 Amount Percent
Demand deposit $71,181 $67,047 $4,134 6% Savings 21,812 19,741
2,071 10 Money market 74,624 68,850 5,774 8 NOW 43,643 42,200 1,443
3 Certificates of deposit 163,882 156,307 7,575 5 Total deposits
$375,142 $354,145 $20,997 6% Net Interest Income Net interest
income for the first quarter of 2009 totaled $5.9 million, an
increase of $1.9 million, or 47%, compared to the first quarter of
2008, and an increase of $272,000, or 5%, compared to the fourth
quarter of 2008. The Company's net interest margin was 4.72% for
the first quarter of 2009, 75 basis points higher than the same
quarter a year ago and 14 basis points higher than the fourth
quarter of 2008. Average interest-earning assets totaled $497.2
million for the quarter ended March 31, 2009, an increase of 24%
and 2% compared to the quarters ended March 31, 2008 and December
31, 2008, respectively. The average yield on interest-earning
assets for the quarter ended March 31, 2009 was 6.06%, a decrease
of 45 basis points and an increase of five basis points compared to
the quarters ended March 31, 2008 and December 31, 2008,
respectively. Average interest-bearing liabilities totaled $327.0
million for the quarter ended March 31, 2009, an increase of 1% and
6% compared to the quarters ended March 31, 2008 and December 31,
2008, respectively. The average rate paid on interest-bearing
liabilities for the quarter ended March 31, 2009 was 2.04%, a
decrease of 111 and 21 basis points compared to the quarters ended
March 31, 2008 and December 31, 2008, respectively. Noninterest
Income Noninterest income for the first quarter of 2009 was
$959,000, an increase of $193,000, or 25%, compared to the same
quarter a year ago. Excluding the impact of OTTI charges of $2.8
million in the fourth quarter of 2008, first quarter 2009
noninterest income increased $139,000, or 17%, compared to the
fourth quarter of 2008. The increases were primarily the result of
increased gains on the sale of mortgage loans and higher levels of
service fees and charges and bank card fees. Noninterest Expense
Noninterest expense for the first quarter of 2009 totaled $4.0
million, an increase of $771,000, or 24%, compared to the same
quarter a year ago. Excluding the impact of ATM losses of $867,000
in the fourth quarter of 2008, first quarter 2009 noninterest
expense increased $152,000, or 4%, compared to the fourth quarter
of 2008. Noninterest expense levels have increased over the past
year due primarily to increased compensation and benefits expense
resulting from our Baton Rouge expansion, where we opened two
full-service banking offices during the second half of 2008, as
well as expense related to our employee stock ownership plan
("ESOP"), higher professional and other fees due to the increased
cost of operating as a public company and the Louisiana bank shares
tax. The Company was not required to pay the Louisiana bank shares
tax prior to Home Bank's mutual to stock conversion in October
2008. This news release contains financial information determined
by methods other than in accordance with generally accepted
accounting principles ("GAAP"). The Company's management uses this
non-GAAP financial information in its analysis of the Company's
performance. In this news release, information is included which
excludes the impact of charges for the other-than-temporary
impairment of investment securities and ATM losses. Management
believes the presentation of this non-GAAP financial information
provides useful information that is essential to a proper
understanding of the Company's core operating results. This
non-GAAP financial information should not be viewed as a substitute
for operating results determined in accordance with GAAP, nor are
they necessarily comparable to non-GAAP financial information
presented by other companies. This news release contains certain
forwardlooking statements. Forwardlooking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include the words
"believe," "expect," "anticipate," "intend," "plan," "estimate" or
words of similar meaning, or future or conditional verbs such as
"will," "would," "should," "could" or "may." Forwardlooking
statements, by their nature, are subject to risks and
uncertainties. A number of factors many of which are beyond our
control could cause actual conditions, events or results to differ
significantly from those described in the forwardlooking
statements. Home Bancorp's Annual Report on Form 10-K for the year
ended December 31, 2009, describes some of these factors, including
risk elements in the loan portfolio, the level of the allowance for
losses on loans, risks of our growth strategy, geographic
concentration of our business, dependence on our management team,
risks of market rates of interest and of regulation on our business
and risks of competition. Forwardlooking statements speak only as
of the date they are made. We do not undertake to update
forwardlooking statements to reflect circumstances or events that
occur after the date the forwardlooking statements are made or to
reflect the occurrence of unanticipated events. HOME BANCORP, INC.
AND SUBSIDIARY CONDENSED STATEMENTS OF FINANCIAL CONDITION December
March 31, March 31, % 31, % 2009 2008 Change 2008 Change ---- ----
------ ---- ------ Assets Cash and cash equivalents $25,592,391
$13,168,514 94% $20,150,248 27% Interest- bearing deposits in banks
1,388,000 2,970,000 (53) 1,685,000 (18) Cash invested at other ATM
locations 24,328,114 18,261,597 33 24,243,780 - Securities
available for sale, at fair value 112,296,397 62,052,234 81
114,235,261 (2) Securities held to maturity 3,895,918 4,481,269
(13) 4,089,466 (5) Mortgage loans held for sale 1,590,600 1,639,400
(3) 996,600 60 Loans, net of unearned income 336,389,803
308,099,102 9 335,568,071 - Allowance for loan losses (2,780,698)
(2,283,796) (22) (2,605,889) (7) ---------- ---------- ---
---------- -- Loans, net 333,609,105 305,815,306 9 332,962,182 -
----------- ----------- --- ----------- --- Office properties and
equipment, net 15,227,422 11,656,909 31 15,325,997 (1) Cash
surrender value of bank-owned life insurance 5,334,033 5,070,551 5
5,268,817 1 Accrued interest receivable and other assets 9,633,416
4,937,039 95 9,439,637 2 --------- --------- -- --------- --- Total
Assets $532,895,396 $430,052,819 24% $528,396,988 1% ============
============ == ============ == Liabilities Deposits $375,142,247
$352,128,470 7% $354,145,105 6% Federal Home Loan Bank advances
24,207,021 23,370,241 4 44,420,795 (46) Accrued interest payable
and other liabilities 4,246,421 3,183,370 33 2,868,362 48 ---------
--------- -- --------- -- Total Liabilities 403,595,689 378,682,081
7 401,434,262 1 ----------- ----------- --- ----------- ---
Shareholders' Equity Common stock $89,270 $- -% $89,270 -%
Additional paid -in capital 87,165,161 - - 87,182,281 - Unearned
ESOP shares (6,962,960) - - (7,052,230) 1 Retained earnings
53,778,603 50,358,559 7 52,055,071 3 Accumulated other
comprehensive income (loss) (4,770,367) 1,012,179 (571) (5,311,666)
10 ---------- --------- ---- ---------- -- Total Shareholders'
Equity 129,299,707 51,370,738 152 126,962,726 2 -----------
---------- --- ----------- --- Total Liabilities and Shareholders'
Equity $532,895,396 $430,052,819 24% $528,396,988 1% ============
============ == ============ === HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME For The Three For The Months Three
Months Ended Ended March 31, % December 31, % 2009 2008 Change 2008
Change ---- ---- ------ ---- ------ Interest Income Loans,
including fees $5,521,750 $5,407,337 2% $5,534,213 -% Investment
securities 1,702,796 785,409 117 1,478,963 15 Other investments and
deposits 312,410 340,452 (8) 317,715 (2) ------- ------- -- -------
-- Total interest income 7,536,956 6,533,198 15 7,330,891 3
--------- --------- -- --------- --- Interest Expense Deposits
1,427,272 2,387,019 (40)% 1,575,505 (9)% Federal Home Loan Bank
advances 243,037 161,619 50 160,495 51 ------- ------- -- -------
-- Total interest expense 1,670,309 2,548,638 (34) 1,736,000 (4)
--------- --------- --- --------- -- Net interest income 5,866,647
3,984,560 47 5,594,891 5 Provision for (reversal of) loan losses
173,662 (29,511) (688) 297,775 (42) ------- ------- ---- -------
--- Net interest income after provision for (reversal of) loan
losses 5,692,985 4,014,071 42 5,297,116 7 --------- --------- --
--------- --- Noninterest Income Service fees and charges 454,706
406,253 12% 412,763 10% Bank card fees 260,724 207,481 26 250,911 4
Gain on sale of loans, net 140,387 69,879 101 61,903 127 Income
from bank-owned life insurance 65,216 63,936 2 67,345 (3)
Other-than-temporary impairment of securities - - - (2,832,920) 100
Other income 38,072 18,237 109 26,694 43 ------ ------ --- ------
-- Total noninterest income 959,105 765,786 25 (2,013,304) 148
------- ------- -- ---------- --- Noninterest Expense Compensation
and benefits 2,321,148 2,092,501 11% 2,359,437 (2)% Occupancy
316,372 287,727 10 320,589 (1) Marketing and advertising 167,653
158,050 6 198,147 (15) Data processing and communication 345,266
337,760 2 352,752 (2) Professional fees 213,572 62,384 242 175,208
22 ATM losses - - - 867,389 (100) Franchise and shares tax 226,250
- - - - Other expenses 416,821 297,373 40 448,474 (7) -------
------- -- ------- -- Total noninterest expense 4,007,082 3,235,795
24 4,721,996 (15) --------- --------- -- --------- --- Income
(loss) before income tax expense (benefit) 2,645,008 1,544,062 71
(1,438,184) 284 Income tax expense (benefit) 921,476 524,981 76
(639,089) 244 ------- ------- -- -------- --- Net income (loss)
$1,723,532 $1,019,081 69% $(799,095) 316% ========== ========== ==
========= === Earnings (loss) per share - basic $0.21 N/A N/A
$(0.10) 310% ===== === === ====== === Earnings (loss) per share -
diluted $0.21 N/A N/A $(0.10) 310% ===== === === ====== ===
NON-GAAP PRO FORMA NET INCOME Reported net income (loss) $(799,095)
Add: OTTI charge (after tax) 1,869,700 Add: ATM losses (after tax)
572,200 ------- Non-GAAP net income $1,642,805 ========== HOME
BANCORP, INC. AND SUBSIDIARY SUMMARY FINANCIAL INFORMATION For The
Three For The Months Three Months Ended Ended March 31, % December
31, % 2009 2008 Change 2008 Change ---- ---- ------ ---- ------
AVERAGE BALANCE SHEET DATA (dollars in thousands) Total assets
$525,560 $428,939 23% $503,947 4% Total earning assets 497,174
401,597 24 488,294 2 Loans 339,528 309,906 10 327,951 4 Interest
bearing deposits 290,590 307,445 (5) 284,154 2 Total deposits
357,472 358,899 - 367,935 (3) Total shareholders' equity 128,865
50,687 154 106,814 21 SELECTED RATIOS (1) Return on average assets
1.31% 0.95% 38% (0.63) 308% Return on average total equity 5.35
8.04 (33) (2.99) 279 Efficiency ratio (2) 58.71 68.12 (14) 131.84
(55) Average equity to average assets 24.52 11.82 107 21.20 16 Core
capital ratio (3)(4) 19.19 11.75 63 19.10 - Net interest margin (5)
4.72 3.97 19 4.58 3 March March December 31, 31, % 31, % 2009 2008
Change 2008 Change ---- ---- ------ ---- -------- CREDIT QUALITY
(dollars in thousands)(3)(6) Nonaccrual loans $2,489 $1,338 86%
$1,427 74% Accruing loans past due 90 days and over - - - - - ---
--- --- Total nonperforming loans 2,489 1,338 86 1,427 74 Other
real estate owned 37 60 (38) 37 1 -- -- -- Total nonperforming
assets $2,526 $1,398 81 $1,464 73 ====== ====== ======
Nonperforming assets to total assets 0.47% 0.33% 42% 0.28% 68%
Nonperforming loans to total assets 0.47 0.31 52 0.27 74
Nonperforming loans to total loans 0.74 0.43 72 0.43 72 Allowance
for loan losses to nonperforming assets 110.1 163.5 (33) 178.0 (38)
Allowance for loan losses to nonperforming loans 111.7 170.7 (35)
182.6 (39) Allowance for loan losses to total loans 0.83 0.74 12
0.78 6 Year-to-date loan charge-offs $2 $26 (92)% $212 (99)%
Year-to-date loan recoveries 3 25 (88) 45 (93) --- -- --
Year-to-date net loan charge-offs (1) 1 (200) 167 (101) == == ===
Annualized YTD net loan charge-offs to total loans -%(7) -%(7) -%
0.05 (100)% (1) With the exception of end-of-period ratios, all
ratios are based on average monthly balances during the respective
periods. (2) The efficiency ratio represents noninterest expense as
a percentage of total revenues. Total revenues is the sum of net
interest income and noninterest income. (3) Asset quality and
capital ratios are end of period ratios. (4) Capital ratios are
Bank only. (5) Net interest margin represents net interest income
as a percentage of average interest-earning assets. (6)
Nonperforming loans consist of nonaccruing loans and loans 90 days
or more past due. Nonperforming assets consist of nonperforming
loans and repossessed assets. It is our policy to cease accruing
interest on all loans 90 days or more past due. Repossessed assets
consist of assets acquired through foreclosure or acceptance of
title in-lieu of foreclosure. (7) Ratio is displayed as zero since
calculated value is too low to be reported. DATASOURCE: Home
Bancorp, Inc. CONTACT: John W. Bordelon, President and CEO of Home
Bancorp, Inc., +1-337-237-1960 Web Site: http://www.home24bank.com/
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