LAFAYETTE, La., July 26, 2011 /PRNewswire/ -- Home Bancorp, Inc.
(Nasdaq: HBCP) (the "Company"), the parent company for Home Bank
(www.home24bank.com), a Federally chartered savings bank
headquartered in Lafayette,
Louisiana (the "Bank"), announced net income of $1.3 million for the second quarter of 2011, an
increase of $473,000, or 60%,
compared to the first quarter of 2011 and a decrease of
$199,000, or 14%, compared to the
second quarter of 2010. Diluted earnings per share were
$0.17 for the second quarter of 2011,
compared to $0.11 for the first
quarter of 2011 and $0.19 for the
second quarter of 2010.
"The South Louisiana banking
landscape is changing rapidly due to acquisitions and regulatory
and financial pressures on many institutions," stated John W. Bordelon, President and Chief Executive
Officer of the Company and the Bank. "This transition had led
many to question their current relationships. Our reputation
for serving our associates and customers continues to foster
opportunities to attract exceptional bankers and customers into our
family."
"Although loan demand was relatively light during the first half
of the year," added Mr. Bordelon, "the loan pipeline began to build
late in the second quarter. We expect to have opportunities
to deepen and add new relationships over the remainder of 2011."
Acquisition of GS Financial Corp.
As previously reported, the Company completed the acquisition of
GS Financial Corp., the holding company of Guaranty Savings Bank of
Metairie, Louisiana on
July 15, 2011. As of the
July 15th closing date, the combined
company had total assets of approximately $975 million, $640
million in loans and $720
million in deposits.
The Company plans to convert operating systems at the former
Guaranty Savings Bank to those of Home Bank in September 2011. The Company expects to
realize cost savings of approximately $1.5
million on a pre-tax basis, and anticipates that the
transaction will be over 10% accretive to earnings, once savings
are fully phased in by 2012. The dilution to tangible book
value is expected to be minimal. Merger-related expenses are
expected to total approximately $2.5
million on a pre-tax basis. Following the merger, Home
Bank's capital position remains one of the strongest in the
industry with total risk-based capital near 19%. No additional
capital was needed to complete the transaction.
Shareholders of GS Financial received $21.00 per share in cash, resulting in a total
purchase price of $26.4 million.
Loans and Credit Quality
Loans totaled $449.5 million at
June 30, 2011, an increase of
$7.5 million, or 2%, from
March 31, 2011, and a decrease of
$5.6 million, or 1%, from
June 30, 2010. During the
second quarter of 2011, Noncovered Loans increased $15.1 million, while Covered Loans decreased
$7.6 million. Growth in the
Noncovered Loan portfolio was primarily driven by commercial real
estate (up $6.2 million) and
commercial and industrial (up $5.8
million) loans.
|
The following table sets forth
the composition of the Company's loan portfolio as of the dates
indicated.
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
June 30,
2011
|
December 31,
2010
|
Total Loans
Increase/(Decrease)
|
|
|
Noncovered real estate
loans:
|
|
|
|
|
|
|
One- to
four-family first mortgage
|
$103,680
|
$ 105,157
|
$ (1,477)
|
(1)%
|
|
|
Home equity loans
and lines
|
25,976
|
24,898
|
1,078
|
4
|
|
|
Commercial real
estate
|
123,509
|
115,946
|
7,563
|
7
|
|
|
Construction and
land
|
45,319
|
45,177
|
142
|
-
|
|
|
Multi-family
residential
|
4,562
|
4,493
|
69
|
2
|
|
|
Total
noncovered real estate loans
|
303,046
|
295,671
|
7,375
|
3
|
|
|
Noncovered other
loans:
|
|
|
|
|
|
|
Commercial and
industrial
|
54,219
|
42,247
|
11,972
|
28
|
|
|
Consumer
|
23,854
|
21,546
|
2,308
|
11
|
|
|
Total
noncovered other loans
|
78,073
|
63,793
|
14,280
|
22
|
|
|
Total
noncovered loans
|
381,119
|
359,464
|
21,655
|
6
|
|
|
Covered loans
|
68,422
|
80,447
|
(12,025)
|
(15)
|
|
|
Total
loans
|
$449,541
|
$ 439,911
|
$ 9,630
|
2%
|
|
|
|
|
|
|
|
|
Credit quality statistics remained strong during the second
quarter of 2011. Nonperforming assets, excluding Covered Assets,
were $1.2 million at June 30, 2011, an increase of $37,000, or 3%, from March
31, 2011, and a decrease of $894,000, or 42%, from June 30, 2010. The ratio of nonperforming
assets, excluding Covered Assets, to total assets was 0.19% at
June 30, 2011 and March 31, 2011, compared to 0.30% at June 30, 2010.
The Company recorded net charge-offs of $227,000 during the second quarter of 2011,
compared to net charge-offs of $3,000
in the first quarter of 2011 and $76,000 in the second quarter of 2010. The
increase was primarily attributable to a $240,000 commercial loan charged off during the
second quarter of 2011. The Company's loan loss provision for the
second quarter of 2011 was $265,000,
compared to $102,000 and $200,000 for the first quarter of 2011 and the
second quarter of 2010, respectively.
At June 30, 2011, the Company's
ratio of allowance for loan losses to total Noncovered Loans was
1.06%, compared to 1.10% and 1.07% at March
31, 2011 and June 30, 2010,
respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$148.2 million at June 30, 2011, an increase of $6.5 million, or 5%, from March 31, 2011, and an increase of $11.9 million, or 9%, from June 30, 2010. At June 30, 2011, the Company had a net unrealized
gain position on its investment securities portfolio of
$1.9 million, compared to net
unrealized gains of $1.6 million and
$786,000 as of March 31, 2011 and June
30, 2010, respectively.
As previously reported, the Company sold $3.6 million of its non-agency mortgage-backed
securities portfolio during the first quarter of 2011. All of
the remaining securities in the Company's portfolio of non-agency
mortgage-backed securities, which had an amortized cost of
$15.6 million at June 30, 2011, are rated investment grade by
Standard & Poor's and/or Moody's.
Deposits
Core deposits (i.e., checking, savings and money market
accounts) increased for the eighth consecutive quarter, posting
growth of $1.3 million, or 0.4%,
during the second quarter of 2011. Total deposits were
$527.4 million at June 30, 2011, a decrease of $16.2 million, or 3%, from March 31, 2011, and a decrease of $9.1 million, or 2%, from June 30, 2010.
|
The following table sets forth
the composition of the Company's deposits at the dates
indicated.
|
|
|
|
|
|
|
June
30,
|
December
31,
|
Increase /
(Decrease)
|
|
|
(dollars in
thousands)
|
2011
|
2010
|
Amount
|
Percent
|
|
|
Demand deposit
|
$ 102,663
|
$ 100,579
|
$ 2,084
|
2%
|
|
|
Savings
|
31,370
|
29,258
|
2,112
|
7
|
|
|
Money market
|
144,944
|
133,245
|
11,699
|
9
|
|
|
NOW
|
65,800
|
68,398
|
(2,598)
|
(4)
|
|
|
Certificates of
deposit
|
182,626
|
221,738
|
(39,112)
|
(18)
|
|
|
Total
deposits
|
$ 527,403
|
$ 553,218
|
$(25,815)
|
(5)%
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the second quarter of 2011 totaled
$7.0 million, an increase of
$87,000, or 1%, compared to the first
quarter of 2011, and a decrease of $535,000, or 7%, compared to the second quarter
of 2010. The Company's net interest margin was 4.55% for the
second quarter of 2011, 12 basis points lower than the first
quarter of 2011 and 35 basis points lower than the second quarter
of 2010.
|
The following table sets forth
the Company's average volume and rate of its interest-earning
assets and interest-bearing liabilities for the periods
indicated.
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
June 30,
2011
|
June 30,
2010
|
March 31,
2011
|
|
|
(dollars in
thousands)
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Earning assets:
|
|
|
|
|
|
|
|
|
Loans receivable
|
$445,947
|
6.53%
|
$455,574
|
6.73%
|
$439,490
|
6.59%
|
|
|
Investment securities
|
145,624
|
2.24
|
137,175
|
3.97
|
130,607
|
2.94
|
|
|
Other interest-earning
assets
|
21,371
|
0.66
|
20,362
|
0.69
|
24,423
|
0.61
|
|
|
Total earning assets
|
$612,942
|
5.31
|
$613,111
|
5.91
|
$594,520
|
5.55
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Savings, checking, and money
market
|
$241,960
|
0.48
|
$193,271
|
0.73
|
$233,440
|
0.53
|
|
|
Certificates of
deposit
|
191,038
|
1.56
|
255,856
|
1.62
|
209,734
|
1.69
|
|
|
Total interest-bearing
deposits
|
432,998
|
0.96
|
449,127
|
1.24
|
443,174
|
1.08
|
|
|
FHLB advances
|
41,011
|
1.12
|
27,436
|
2.27
|
15,280
|
2.64
|
|
|
Total interest-bearing
liabilities
|
$474,009
|
0.97
|
$476,563
|
1.29
|
$458,454
|
1.13
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
4.34%
|
|
4.62%
|
|
4.42%
|
|
|
Net interest
margin
|
|
4.55%
|
|
4.90%
|
|
4.67%
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the second quarter of 2011 totaled
$2.1 million, an increase of
$860,000, or 69%, compared to the
first quarter of 2011 and an increase of $708,000, or 51%, compared to the second quarter
of 2010. During the second quarter of 2011, the Company
entered into a settlement agreement with respect to litigation
brought by the Company against a counterparty for losses reported
by the Company in 2008 relating to the Company's former business
line of providing cash to third-party ATM providers. Under
the terms of the settlement agreement, the Company received
$525,000 in April 2011 and has foregone its right to pursue
future claims related to any unrecovered loss. The
$525,000 settlement payment is
included in "other income" during the quarter.
The increase in noninterest income in the second quarter of 2011
compared to the first quarter of 2011 resulted primarily from the
litigation settlement in the second quarter of 2011 and a net loss
of $166,000 on the sale of a sizeable
portion of the Company's non-agency mortgage-backed securities
portfolio in the first quarter of 2011.
The increase in noninterest income in the second quarter of 2011
compared to the second quarter of 2010 resulted primarily from the
litigation settlement, higher levels of bank card fees and a charge
of $141,000 for the
other-than-temporary impairment of securities during the second
quarter of 2010.
Noninterest Expense
Noninterest expense for the second quarter of 2011 totaled
$6.8 million, an increase of
$84,000, or 1%, compared to the first
quarter of 2011 and an increase of $321,000, or 5%, compared to the second quarter
of 2010.
The increase in noninterest expense in the second quarter of
2011 compared to the first quarter of 2011 resulted primarily from
an increase in marketing and advertising expenses and data
processing and communication expenses. These increases were
partially offset by decreases in compensation and benefits expenses
and regulatory fees.
The increase in noninterest expense in the second quarter of
2011 compared to the second quarter of 2010 was primarily due to
$157,000 of professional
merger-related expenses recorded during the second quarter of 2011.
This news release contains certain forward-looking
statements. Forward-looking 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."
Forward-looking 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
forward-looking statements. Home Bancorp's Annual Report on
Form 10-K for the year ended December 31,
2010, 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. In addition, statements regarding the
timing and success of the integration of GS Financial Corp.,
anticipated cost savings, earnings accretion, book value dilution
and merger-related expenses are also forward-looking.
Forward-looking statements speak only as of the date they are
made. We do not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made or to reflect the
occurrence of unanticipated events.
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
|
CONDENSED
STATEMENTS OF FINANCIAL CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
%
|
|
|
March
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
Change
|
|
|
2011
|
|
2010
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 21,588,068
|
|
$ 21,976,535
|
|
(2)
|
%
|
|
$ 22,466,923
|
|
$ 36,970,638
|
|
|
Interest-bearing deposits
in banks
|
8,273,000
|
|
7,112,000
|
|
16
|
|
|
8,857,000
|
|
7,867,000
|
|
|
Investment securities
available for sale, at fair value
|
140,969,334
|
|
115,131,224
|
|
22
|
|
|
133,933,288
|
|
111,962,331
|
|
|
Investment securities held
to maturity
|
7,253,356
|
|
21,218,038
|
|
(66)
|
|
|
7,764,023
|
|
15,220,474
|
|
|
Mortgage loans held for
sale
|
2,773,616
|
|
2,662,100
|
|
4
|
|
|
560,991
|
|
2,436,986
|
|
|
Loans covered by loss
sharing agreements
|
68,421,716
|
|
99,984,239
|
|
(32)
|
|
|
75,996,118
|
|
80,446,859
|
|
|
Noncovered loans, net of
unearned income
|
381,119,264
|
|
355,180,759
|
|
7
|
|
|
366,003,288
|
|
359,464,400
|
|
|
Total
loans
|
449,540,980
|
|
455,164,998
|
|
(1)
|
|
|
441,999,406
|
|
439,911,259
|
|
|
Allowance for loan
losses
|
(4,057,044)
|
|
(3,804,560)
|
|
7
|
|
|
(4,019,285)
|
|
(3,919,745)
|
|
|
Total loans,
net of allowance for loan losses
|
445,483,936
|
|
451,360,438
|
|
(1)
|
|
|
437,980,121
|
|
435,991,514
|
|
|
FDIC loss sharing
receivable
|
30,709,836
|
|
34,673,627
|
|
(11)
|
|
|
31,030,272
|
|
32,012,783
|
|
|
Office properties and
equipment, net
|
23,015,352
|
|
23,452,816
|
|
(2)
|
|
|
23,216,809
|
|
23,371,915
|
|
|
Cash surrender value of
bank-owned life insurance
|
16,485,001
|
|
15,872,609
|
|
4
|
|
|
16,338,064
|
|
16,192,645
|
|
|
Accrued interest
receivable and other assets
|
20,848,648
|
|
15,858,555
|
|
31
|
|
|
18,327,587
|
|
18,396,806
|
|
|
Total Assets
|
$
717,400,147
|
|
$
709,317,942
|
|
1
|
|
|
$
700,475,078
|
|
$
700,423,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 527,402,695
|
|
$ 536,485,853
|
|
(2)
|
%
|
|
$ 543,619,256
|
|
$ 553,217,853
|
|
|
Federal Home Loan Bank
advances
|
52,500,000
|
|
29,744,891
|
|
77
|
|
|
21,000,000
|
|
13,000,000
|
|
|
Accrued interest payable
and other liabilities
|
3,740,456
|
|
10,349,392
|
|
(64)
|
|
|
3,281,323
|
|
2,675,297
|
|
|
Total Liabilities
|
583,643,151
|
|
576,580,136
|
|
1
|
|
|
567,900,579
|
|
568,893,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
89,312
|
|
$
89,270
|
|
-
|
%
|
|
89,270
|
|
$
89,270
|
|
|
Additional paid-in
capital
|
88,922,459
|
|
88,064,013
|
|
1
|
|
|
89,183,147
|
|
88,818,862
|
|
|
Treasury stock
|
(11,849,932)
|
|
(5,734,469)
|
|
(107)
|
|
|
(11,028,575)
|
|
(10,425,725)
|
|
|
Common stock acquired by
benefit plans
|
(8,813,501)
|
|
(9,949,096)
|
|
11
|
|
|
(9,676,562)
|
|
(9,770,556)
|
|
|
Retained
earnings
|
64,187,699
|
|
59,749,653
|
|
7
|
|
|
62,920,252
|
|
62,125,568
|
|
|
Accumulated other
comprehensive income (loss)
|
1,220,959
|
|
518,435
|
|
136
|
|
|
1,086,967
|
|
692,523
|
|
|
Total Shareholders'
Equity
|
133,756,996
|
|
132,737,806
|
|
1
|
|
|
132,574,499
|
|
131,529,942
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
717,400,147
|
|
$
709,317,942
|
|
1
|
|
|
$
700,475,078
|
|
$
700,423,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The Six
Months Ended
|
|
|
|
|
|
June
30,
|
|
%
|
|
|
June
30,
|
|
%
|
|
|
|
2011
|
2010
|
|
Change
|
|
|
2011
|
2010
|
|
Change
|
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 7,265,525
|
$ 7,643,662
|
|
(5)
|
%
|
|
$ 14,426,178
|
$ 13,550,892
|
|
6
|
%
|
|
|
Investment
securities
|
817,359
|
1,363,142
|
|
(40)
|
|
|
1,778,180
|
2,686,360
|
|
(34)
|
|
|
|
Other investments and
deposits
|
34,542
|
34,729
|
|
(1)
|
|
|
71,263
|
62,052
|
|
15
|
|
|
|
Total interest
income
|
8,117,426
|
9,041,533
|
|
(10)
|
|
|
16,275,621
|
16,299,304
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,035,004
|
1,382,667
|
|
(25)
|
%
|
|
2,212,053
|
2,618,864
|
|
(16)
|
%
|
|
|
Federal Home Loan Bank
advances
|
115,087
|
156,391
|
|
(26)
|
|
|
215,726
|
314,050
|
|
(31)
|
|
|
|
Total interest
expense
|
1,150,091
|
1,539,058
|
|
(25)
|
|
|
2,427,779
|
2,932,914
|
|
(17)
|
|
|
|
Net interest income
|
6,967,335
|
7,502,475
|
|
(7)
|
|
|
13,847,842
|
13,366,390
|
|
4
|
|
|
|
Provision for loan
losses
|
264,673
|
199,750
|
|
33
|
|
|
366,949
|
549,782
|
|
(33)
|
|
|
|
Net interest income after
provision for loan losses
|
6,702,662
|
7,302,725
|
|
(8)
|
|
|
13,480,893
|
12,816,608
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
545,599
|
526,884
|
|
4
|
%
|
|
1,020,423
|
994,273
|
|
3
|
%
|
|
|
Bank card fees
|
444,093
|
385,972
|
|
15
|
|
|
842,188
|
669,029
|
|
26
|
|
|
|
Gain on sale of loans,
net
|
121,293
|
101,902
|
|
19
|
|
|
225,687
|
180,295
|
|
25
|
|
|
|
Income from bank-owned
life insurance
|
146,937
|
162,420
|
|
(10)
|
|
|
292,356
|
311,666
|
|
(6)
|
|
|
|
Other-than-temporary
impairment of securities
|
-
|
(140,517)
|
|
100
|
|
|
-
|
(140,517)
|
|
100
|
|
|
|
Gain (loss) on the sale of
securities, net
|
-
|
39,131
|
|
(100)
|
|
|
(166,082)
|
39,131
|
|
(524)
|
|
|
|
Discount accretion of FDIC
loss sharing receivable
|
231,263
|
251,588
|
|
(8)
|
|
|
469,932
|
251,588
|
|
87
|
|
|
|
Other income
|
614,275
|
67,936
|
|
804
|
|
|
662,311
|
87,473
|
|
657
|
|
|
|
Total noninterest
income
|
2,103,460
|
1,395,316
|
|
51
|
|
|
3,346,815
|
2,392,938
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
3,915,112
|
3,871,379
|
|
1
|
%
|
|
7,913,520
|
6,883,516
|
|
15
|
%
|
|
|
Occupancy
|
559,165
|
648,080
|
|
(14)
|
|
|
1,124,426
|
1,036,063
|
|
9
|
|
|
|
Marketing and
advertising
|
215,145
|
202,200
|
|
6
|
|
|
376,195
|
403,937
|
|
(7)
|
|
|
|
Data processing and
communication
|
572,000
|
633,397
|
|
(10)
|
|
|
1,113,507
|
1,012,779
|
|
10
|
|
|
|
Professional
fees
|
427,520
|
228,889
|
|
87
|
|
|
847,252
|
696,951
|
|
22
|
|
|
|
Franchise and shares
tax
|
180,501
|
141,636
|
|
27
|
|
|
361,001
|
342,707
|
|
5
|
|
|
|
Regulatory fees
|
200,642
|
122,352
|
|
64
|
|
|
430,382
|
233,256
|
|
85
|
|
|
|
Other expenses
|
742,963
|
644,391
|
|
15
|
|
|
1,375,342
|
1,129,600
|
|
22
|
|
|
|
Total noninterest
expense
|
6,813,048
|
6,492,324
|
|
5
|
|
|
13,541,625
|
11,738,809
|
|
15
|
|
|
|
Income before income tax
expense
|
1,993,074
|
2,205,717
|
|
(10)
|
|
|
3,286,083
|
3,470,737
|
|
(5)
|
|
|
|
Income tax expense
|
725,627
|
738,923
|
|
(2)
|
|
|
1,223,952
|
1,158,528
|
|
6
|
|
|
|
Net income
|
$
1,267,447
|
$
1,466,794
|
|
(14)
|
%
|
|
$
2,062,131
|
$
2,312,209
|
|
(11)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.18
|
$
0.19
|
|
(5)
|
%
|
|
$
0.29
|
$
0.30
|
|
(3)
|
%
|
|
|
Earnings per share -
diluted
|
$
0.17
|
$
0.19
|
|
(11)
|
|
|
$
0.28
|
$
0.30
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
|
SUMMARY
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
June
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
|
2011
|
|
2010
|
|
Change
|
|
|
March 31,
2011
|
|
|
Change
|
|
|
|
(dollars in thousands except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
$
8,117
|
|
$
9,042
|
|
(10)
|
%
|
|
$
8,159
|
|
|
(1)
|
%
|
|
|
Total interest
expense
|
1,150
|
|
1,539
|
|
(25)
|
|
|
1,278
|
|
|
(10)
|
|
|
|
Net interest income
|
6,967
|
|
7,503
|
|
(7)
|
|
|
6,881
|
|
|
1
|
|
|
|
Provision for loan
losses
|
265
|
|
200
|
|
33
|
|
|
102
|
|
|
160
|
|
|
|
Total noninterest
income
|
2,103
|
|
1,395
|
|
51
|
|
|
1,243
|
|
|
69
|
|
|
|
Total noninterest
expense
|
6,812
|
|
6,492
|
|
5
|
|
|
6,729
|
|
|
1
|
|
|
|
Income tax expense
|
726
|
|
739
|
|
(2)
|
|
|
498
|
|
|
46
|
|
|
|
Net income
|
$
1,267
|
|
$
1,467
|
|
(14)
|
|
|
$
795
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted
|
$
0.17
|
|
$
0.19
|
|
(11)
|
%
|
|
$
0.11
|
|
|
55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 709,360
|
|
$ 702,783
|
|
1
|
%
|
|
$
692,755
|
|
|
2
|
%
|
|
|
Total interest-earning
assets
|
612,942
|
|
613,111
|
|
-
|
|
|
594,520
|
|
|
3
|
|
|
|
Loans
|
445,947
|
|
455,574
|
|
(2)
|
|
|
439,490
|
|
|
1
|
|
|
|
Interest-bearing
deposits
|
432,998
|
|
449,127
|
|
(4)
|
|
|
443,174
|
|
|
(2)
|
|
|
|
Interest-bearing
liabilities
|
474,009
|
|
476,563
|
|
(1)
|
|
|
458,454
|
|
|
3
|
|
|
|
Total deposits
|
533,640
|
|
538,380
|
|
(1)
|
|
|
543,323
|
|
|
(2)
|
|
|
|
Total shareholders'
equity
|
133,344
|
|
132,988
|
|
-
|
|
|
131,994
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.71
|
%
|
0.83
|
%
|
(14)
|
%
|
|
0.46
|
%
|
|
54
|
%
|
|
|
Return on average
equity
|
3.80
|
|
4.41
|
|
(14)
|
|
|
2.41
|
|
|
58
|
|
|
|
Efficiency ratio (2)
|
75.11
|
|
72.78
|
|
3
|
|
|
82.82
|
|
|
(9)
|
|
|
|
Average equity to average
assets
|
18.80
|
|
18.92
|
|
(1)
|
|
|
19.05
|
|
|
(1)
|
|
|
|
Tier 1 leverage capital ratio
(3)
|
15.44
|
|
14.88
|
|
4
|
|
|
15.59
|
|
|
(1)
|
|
|
|
Total risk-based capital ratio
(3)
|
27.44
|
|
22.29
|
|
23
|
|
|
28.26
|
|
|
(3)
|
|
|
|
Net interest margin
(4)
|
4.55
|
|
4.90
|
|
(7)
|
|
|
4.67
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.18
|
|
$
0.19
|
|
(5)
|
%
|
|
$0.11
|
|
|
64
|
%
|
|
|
Diluted earnings per
share
|
0.17
|
|
0.19
|
|
(11)
|
|
|
0.11
|
|
|
55
|
|
|
|
Book value at period
end
|
16.65
|
|
15.65
|
|
6
|
|
|
16.39
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at period
end
|
8,033,204
|
|
8,480,531
|
|
(5)
|
%
|
|
8,087,159
|
|
|
(1)
|
%
|
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7,191,476
|
|
7,620,257
|
|
(6)
|
%
|
|
7,177,377
|
|
|
-
|
%
|
|
|
Diluted
|
7,337,358
|
|
7,678,378
|
|
(4)
|
|
|
7,277,013
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Capital ratios are end
of period ratios for the Bank only.
|
|
|
(4) Net interest margin
represents net interest income as a percentage of average
interest-earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
|
SUMMARY
CREDIT QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2011
|
|
March 31,
2011
|
|
June 30,
2010
|
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$ 11,668
|
|
$ 1,127
|
|
$ 12,795
|
|
|
$ 15,479
|
|
$ 1,090
|
|
$ 16,569
|
|
|
$ 19,214
|
|
$ 1,668
|
|
$ 20,882
|
|
|
|
Accruing loans past due 90 days
and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Total nonperforming
loans
|
11,668
|
|
1,127
|
|
12,795
|
|
|
15,479
|
|
1,090
|
|
16,569
|
|
|
19,214
|
|
1,668
|
|
20,882
|
|
|
|
Other real estate
owned
|
7,178
|
|
92
|
|
7,270
|
|
|
5,281
|
|
92
|
|
5,373
|
|
|
2,643
|
|
445
|
|
3,088
|
|
|
|
Total nonperforming
assets
|
18,846
|
|
1,219
|
|
20,065
|
|
|
20,760
|
|
1,182
|
|
21,942
|
|
|
21,857
|
|
2,113
|
|
23,970
|
|
|
|
Performing troubled debt
restructurings
|
30
|
|
922
|
|
952
|
|
|
-
|
|
1,067
|
|
1,067
|
|
|
-
|
|
743
|
|
743
|
|
|
|
Total nonperforming assets and
troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$
18,876
|
|
$
2,141
|
|
$
21,017
|
|
|
$
20,760
|
|
$
2,249
|
|
$
23,009
|
|
|
$
21,857
|
|
$
2,856
|
|
$
24,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets
|
|
|
0.19
|
%
|
|
|
|
|
|
0.19
|
%
|
|
|
|
|
|
0.30
|
%
|
|
|
|
|
Nonperforming loans to total
assets
|
|
|
0.18
|
|
|
|
|
|
|
0.18
|
|
|
|
|
|
|
0.24
|
|
|
|
|
|
Nonperforming loans to total
loans
|
|
|
0.30
|
|
|
|
|
|
|
0.30
|
|
|
|
|
|
|
0.37
|
|
|
|
|
|
Allowance for loan losses to
nonperforming assets
|
|
|
332.80
|
|
|
|
|
|
|
340.12
|
|
|
|
|
|
|
180.04
|
|
|
|
|
|
Allowance for loan losses to
nonperforming loans
|
|
|
360.00
|
|
|
|
|
|
|
368.80
|
|
|
|
|
|
|
228.16
|
|
|
|
|
|
Allowance for loan losses to
total loans
|
|
|
1.06
|
|
|
|
|
|
|
1.10
|
|
|
|
|
|
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
$
-
|
|
$ 260
|
|
$
260
|
|
|
$
-
|
|
$
9
|
|
$
9
|
|
|
$
-
|
|
$ 124
|
|
$
124
|
|
|
|
Year-to-date loan
recoveries
|
-
|
|
30
|
|
30
|
|
|
-
|
|
6
|
|
6
|
|
|
-
|
|
27
|
|
27
|
|
|
|
Year-to-date net loan
charge-offs
|
$
-
|
|
$
230
|
|
$
230
|
|
|
$
-
|
|
$
3
|
|
$
3
|
|
|
$
-
|
|
$
97
|
|
$
97
|
|
|
|
Annualized YTD net loan
charge-offs to total loans
|
-
|
%
|
0.12
|
%
|
0.10
|
%
|
|
-
|
%
|
-
|
%
|
-
|
%
|
|
-
|
%
|
0.05
|
%
|
0.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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 loans 90 days or more past due. Repossessed
assets consist of assets acquired through foreclosure or acceptance
of title in-lieu of foreclosure.
|
|
|
(2) Asset quality
information excludes assets covered under FDIC loss sharing
agreements. Such assets covered by FDIC loss sharing agreements are
referred to as "Covered" assets. All other assets are
referred to as "Noncovered".
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Home Bancorp, Inc.