LAFAYETTE, La., July 23, 2013 /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 $1.2 million for the second quarter of 2013, a
decrease of $618,000, or 33%,
compared to the first quarter of 2013 and a decrease of
$509,000, or 29%, compared to the
second quarter of 2012. Diluted earnings per share were
$0.18 for the second quarter of 2013,
a decrease of $0.08, or 31%, compared
to the first quarter of 2013 and a decrease of $0.06, or 25%, compared to the second quarter of
2012.
(Logo: http://photos.prnewswire.com/prnh/20130429/MM04092LOGO)
"Second quarter performance was significantly impacted by the
write down of one problem loan relationship in our Baton Rouge market," stated John W. Bordelon, President and Chief Executive
Officer of the Company and the Bank. "We remain committed to early
identification of problem loans and are working aggressively to
resolve nonperforming assets as quickly as the legal process
allows."
"While we had a relatively strong quarter of loan production,"
added Mr. Bordelon, "the effect was muted by anticipated reductions
in our Covered Loan portfolio."
Loans and Credit Quality
Loans totaled $675.9 million at
June 30, 2013, a decrease of
$2.7 million, or 0.4%, from
March 31, 2013, and a decrease of
$3.9 million, or 0.6%, from
June 30, 2012. During the
second quarter, decreases in residential mortgage loans (down
$5.0 million), multi-family loans
(down $1.6 million) and construction
and land loans (down $3.0 million)
were largely offset by increases in commercial and industrial loans
(up $7.0 million). Loans
covered under loss sharing agreements with the FDIC ("Covered
Loans") totaled $27.4 million as of
June 30, 2013, a decrease of
$14.2 million, or 34.1%, compared to
March 31, 2013. The decrease in
Covered Loans was primarily the result of principal repayments.
The following table sets forth the composition of the Company's
loan portfolio (including Covered Loans) as of the dates
indicated.
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2013
|
|
2012
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
181,243
|
$
|
177,816
|
$
|
3,427
|
2
|
%
|
Home equity loans and
lines
|
|
37,950
|
|
40,425
|
|
(2,475)
|
(6)
|
|
Commercial real
estate
|
|
250,786
|
|
252,805
|
|
(2,019)
|
(1)
|
|
Construction and
land
|
|
71,269
|
|
75,529
|
|
(4,260)
|
(6)
|
|
Multi-family
residential
|
|
16,875
|
|
19,659
|
|
(2,784)
|
(14)
|
|
Total real
estate loans
|
|
558,123
|
|
566,234
|
|
(8,111)
|
(1)
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
81,377
|
|
72,253
|
|
9,124
|
13
|
|
Consumer
|
|
36,419
|
|
34,641
|
|
1,778
|
5
|
|
Total
other loans
|
|
117,796
|
|
106,894
|
|
10,902
|
10
|
|
Total
loans
|
$
|
675,919
|
$
|
673,128
|
$
|
2,791
|
0
|
%
|
Nonperforming assets ("NPAs"), which include $9.7 million in assets covered under loss sharing
agreements with the FDIC ("Covered Assets") and $12.2 million in assets acquired from GS
Financial Corp. ("GSFC"), totaled $27.5
million at June 30, 2013, a
decrease of $2.9 million compared to
March 31, 2013 and a decrease of
$2.8 million compared to June 30, 2012. The ratio of total NPAs to
total assets was 2.83% at June 30,
2013, compared to 3.12% at March 31,
2013 and 3.06% at June 30,
2012. Excluding acquired assets, the ratio of NPAs to total
assets was 0.68% at June 30, 2013,
compared to 0.80% at March 31, 2013
and 0.90% at June 30, 2012.
The Company recorded net loan charge-offs of $1.8 million during the second quarter of 2013,
compared to net loan charge-offs of $165,000 in the first quarter of 2013 and
$1.7 million in the second quarter of
2012. The increase in net charge-offs for the second quarter
of 2013 resulted primarily from a $1.7
million charge-off on a $1.9
million accounts receivable line of credit which was
downgraded and placed on nonaccrual status during the quarter.
The Company's provision for loan losses for the second quarter
of 2013 was $2.2 million, compared to
$520,000 for the first quarter of
2013 and $1.2 million for the second
quarter of 2012. The elevated level of provision during the
second quarter of 2013 relates primarily to the accounts receivable
line of credit mentioned above.
The ratio of allowance for loan losses to total loans was 0.90%
at June 30, 2013 compared to 0.84%
and 0.78% at March 31, 2013 and
June 30, 2012, respectively.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.08% at June 30,
2013 compared to 1.05% at March 31,
2013 and June 30,
2012.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$155.9 million at June 30, 2013, a decrease of $3.8 million, or 2%, from March 31, 2013, and an increase of $752,000, or 1%, from June
30, 2012. At June 30,
2013, the Company had a net unrealized gain position on its
investment securities portfolio of $1.4
million, compared to net unrealized gains of $4.6 million and $4.1
million at March 31, 2013 and
June 30, 2012, respectively. The
decrease in the unrealized gain primarily reflects the increasing
market interest rates. The investment securities portfolio
had a modified duration of 4.2 years at June
30, 2013, compared to 3.7 and 3.6 years at March 31, 2013 and June
30, 2012, respectively.
During the second quarter of 2013, the Company sold five
securities with an aggregate book value of $7.3 million and realized an aggregate gain of
$428,000 on the
transactions.
Deposits
During the second quarter of 2013, core deposits (i.e.,
checking, savings and money market accounts) increased $12.5 million, or 2%, from March 31, 2013, and increased $50.7 million, or 10%, from June 30, 2012. Total deposits were
$777.2 million at June 30, 2013, a decrease of $4.1 million, or 1%, from March 31, 2013, and a decrease of $2.0 million, or 0.3%, from June 30, 2012.
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)
|
|
2013
|
|
2012
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
180,376
|
$
|
152,462
|
$
|
27,914
|
18
|
%
|
Savings
|
|
54,395
|
|
51,515
|
|
2,880
|
6
|
|
Money
market
|
|
193,725
|
|
191,191
|
|
2,534
|
1
|
|
NOW
|
|
125,344
|
|
123,294
|
|
2,050
|
2
|
|
Certificates of
deposit
|
|
223,396
|
|
252,967
|
|
(29,571)
|
(12)
|
|
Total
deposits
|
$
|
777,236
|
$
|
771,429
|
$
|
5,807
|
1
|
%
|
|
|
|
|
|
|
|
|
|
Share Repurchases
The Company completed its July
2012 share repurchase program at the beginning of June
2013. Under the July 2012
program, the Company acquired 383,598 shares of the Company's
common stock at an average price of $17.68 per share.
On June 7, 2013, the Company
announced the commencement of a new share repurchase program (the
"June 2013 program"). Under the
June 2013 program, the Company may
purchase up to 370,000 shares, or approximately 5%, of the
Company's outstanding common stock. Under the June 2013 program, the Company purchased 157,700
shares of its common stock during the second quarter of 2013 at an
average price per share of $17.88. As of July
17, 2013, the Company has purchased 176,300 shares under the
June 2013 plan at an average price
per share of $17.95; hence, an
additional 193,700 shares remain eligible for purchase under the
plan. The tangible book value per share of the Company's
common stock was $19.06 at
June 30,
2013.
Net Interest Income
Net interest income for the second quarter of 2013 totaled
$9.9 million, an increase of
$79,000, or 1%, compared to the first
quarter of 2013, and a decrease of $38,000, or 0.4%, compared to the second quarter
of 2012. The modest increase in net interest income in the
second quarter of 2013 compared to the first quarter of 2013 was
due largely to lower average yields paid on interest-bearing
liabilities. The decline in net interest income in the second
quarter of 2013 compared to the second quarter of 2012 was due
largely to lower loan interest income as a result of lower average
yields earned on loans, reflecting the continuing low interest rate
environment as well as the effects of competition for loans in our
marketplace.
The Company's net interest margin was 4.59% for the second
quarter of 2013, four basis points lower than the first quarter of
2013 and seven basis points lower than the second quarter of
2012. The decrease in the net interest margin related
primarily to lower loan yields.
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. Taxable equivalent
("TE") yields on investment securities are calculated using a
marginal tax rate of 35%.
|
|
For the Three
Months Ended
|
|
|
June 30,
2013
|
|
|
March 31,
2013
|
|
|
June 30,
2012
|
|
(dollars in
thousands)
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
683,394
|
5.86
|
%
|
$
|
675,435
|
5.98
|
%
|
$
|
674,244
|
6.12
|
%
|
Investment securities
(TE)
|
|
154,523
|
2.11
|
|
|
153,958
|
2.15
|
|
|
152,916
|
2.24
|
|
Other
interest-earning assets
|
|
28,153
|
0.46
|
|
|
28,753
|
0.44
|
|
|
26,504
|
0.53
|
|
Total interest-earning assets
|
$
|
866,070
|
5.01
|
|
$
|
858,146
|
5.11
|
|
$
|
853,664
|
5.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking,
and money market
|
$
|
372,613
|
0.26
|
|
$
|
369,594
|
0.30
|
|
$
|
329,371
|
0.39
|
|
Certificates of
deposit
|
|
231,824
|
0.97
|
|
|
245,421
|
1.01
|
|
|
276,800
|
1.11
|
|
Total interest-bearing deposits
|
|
604,437
|
0.53
|
|
|
615,015
|
0.58
|
|
|
606,171
|
0.72
|
|
FHLB
advances
|
|
50,734
|
0.96
|
|
|
41,243
|
1.39
|
|
|
73,488
|
0.97
|
|
Total interest-bearing liabilities
|
$
|
655,171
|
0.56
|
|
$
|
656,258
|
0.63
|
|
$
|
679,659
|
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.45
|
%
|
|
|
4.48
|
%
|
|
|
4.50
|
%
|
Net interest margin
(TE)
|
|
|
4.59
|
%
|
|
|
4.63
|
%
|
|
|
4.66
|
%
|
Noninterest Income
Noninterest income for the second quarter of 2013 totaled
$2.2 million, an increase of
$416,000, or 23%, compared to the
first quarter of 2013 and an increase of $297,000, or 16%, compared to the second quarter
of 2012. The increase in noninterest income in the second
quarter of 2013 compared to the first quarter of 2013 resulted
primarily from increases in gains on the sale of securities (up
$428,000), bank card fees (up
$40,000) and service fees and charges
(up $33,000), which were partially
offset by a decrease in gains on the sale of mortgage loans (down
$122,000).
The increase in noninterest income in the second quarter of 2013
compared to the second quarter of 2012 resulted primarily from
higher gains on the sale of securities (up $369,000), which was partially offset by
decreases in discount accretion on the FDIC loss sharing receivable
(down $64,000), bank card fees (down
$30,000) and income from bank-owned
life insurance (down $13,000).
Noninterest Expense
Noninterest expense for the second quarter of 2013 totaled
$8.0 million, a decrease of
$282,000, or 3%, compared to the
first quarter of 2013 and a decrease of $29,000, or 0.4%, compared to the second quarter
of 2012. The decrease in noninterest expense in the second
quarter of 2013 compared to the first quarter of 2013 resulted
primarily from lower foreclosed asset expenses (down $210,000 primarily due to a gain of $194,000 recorded on a disposed asset),
compensation and benefits expenses (down $216,000) and marketing and advertising expenses
(down $67,000), which were partially
offset by higher other expenses (up $169,000 primarily due to penalties incurred in
prepaying long-term FHLB borrowings), occupancy expenses (up
$51,000) and forms, printing and
supplies expenses (up $29,000).
The decrease in noninterest expense in the second quarter of
2013 compared to the second quarter of 2012 resulted primarily from
lower foreclosed asset expenses (down $275,000), which was partially offset by higher
other expenses (up $151,000) and
Louisiana shares taxes (up
$97,000).
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 loans acquired from the FDIC and GSFC. Management believes
the presentation of this non-GAAP financial information provides
useful information that is essential to a proper understanding of
the Company's financial position and core operating results. This
non-GAAP financial information should not be viewed as a substitute
for financial information determined in accordance with GAAP, nor
are they necessarily comparable to non-GAAP financial information
presented by other companies.
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,
2012, 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. 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,
|
|
2013
|
|
2012
|
|
Change
|
|
|
2013
|
|
2012
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
51,957,884
|
|
$
51,694,432
|
|
1
|
%
|
|
$
48,271,579
|
|
$
39,539,366
|
Interest-bearing
deposits in banks
|
3,284,000
|
|
4,509,000
|
|
(27)
|
|
|
3,529,000
|
|
3,529,000
|
Investment securities
available for sale, at fair value
|
150,387,103
|
|
152,718,411
|
|
(2)
|
|
|
158,264,273
|
|
157,255,828
|
Investment securities
held to maturity
|
5,505,716
|
|
2,422,574
|
|
127
|
|
|
1,463,543
|
|
1,665,184
|
Mortgage loans held
for sale
|
4,229,298
|
|
4,832,498
|
|
(12)
|
|
|
4,373,926
|
|
5,627,104
|
Loans covered by loss
sharing agreements
|
27,350,973
|
|
46,827,556
|
|
(42)
|
|
|
41,533,637
|
|
45,764,397
|
Noncovered loans, net
of unearned income
|
648,568,074
|
|
632,944,049
|
|
2
|
|
|
637,044,534
|
|
627,363,937
|
Total loans
|
675,919,047
|
|
679,771,605
|
|
(1)
|
|
|
678,578,171
|
|
673,128,334
|
Allowance for loan
losses
|
(6,093,556)
|
|
(5,314,386)
|
|
15
|
|
|
(5,674,179)
|
|
(5,319,235)
|
Total loans, net of
allowance for loan losses
|
669,825,491
|
|
674,457,219
|
|
(1)
|
|
|
672,903,992
|
|
667,809,099
|
FDIC loss sharing
receivable
|
15,065,655
|
|
22,827,051
|
|
(34)
|
|
|
15,658,092
|
|
15,545,893
|
Office properties and
equipment, net
|
30,473,517
|
|
30,618,073
|
|
-
|
|
|
30,540,350
|
|
30,777,184
|
Cash surrender value
of bank-owned life insurance
|
17,523,536
|
|
17,033,380
|
|
3
|
|
|
17,405,985
|
|
17,286,434
|
Accrued interest
receivable and other assets
|
23,511,646
|
|
27,402,864
|
|
(14)
|
|
|
24,614,631
|
|
23,891,172
|
Total
Assets
|
$
971,763,846
|
|
$
988,515,502
|
|
(2)
|
|
|
$
977,025,371
|
|
$
962,926,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
777,236,290
|
|
$
779,233,938
|
|
-
|
%
|
|
$
781,335,468
|
|
$
771,429,335
|
Federal Home Loan
Bank advances
|
52,500,000
|
|
54,874,645
|
|
(4)
|
|
|
49,346,176
|
|
46,256,805
|
Accrued interest
payable and other liabilities
|
3,868,422
|
|
15,375,621
|
|
(75)
|
|
|
3,225,771
|
|
3,666,264
|
Total
Liabilities
|
833,604,712
|
|
849,484,204
|
|
(2)
|
|
|
833,907,415
|
|
821,352,404
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
89,563
|
|
89,453
|
|
-
|
%
|
|
89,534
|
|
89,506
|
Additional paid-in
capital
|
91,309,237
|
|
90,069,141
|
|
1
|
|
|
91,458,193
|
|
90,986,820
|
Treasury
stock
|
(27,187,845)
|
|
(17,208,855)
|
|
58
|
|
|
(22,390,786)
|
|
(21,719,954)
|
Common stock acquired
by benefit plans
|
(6,487,467)
|
|
(7,666,096)
|
|
(15)
|
|
|
(7,358,139)
|
|
(7,455,669)
|
Retained
earnings
|
79,540,747
|
|
71,058,483
|
|
12
|
|
|
78,297,156
|
|
76,435,222
|
Accumulated other
comprehensive income
|
894,899
|
|
2,689,172
|
|
(67)
|
|
|
3,021,998
|
|
3,237,935
|
Total
Shareholders' Equity
|
138,159,134
|
|
139,031,298
|
|
(1)
|
|
|
143,117,956
|
|
141,573,860
|
Total Liabilities
and Shareholders' Equity
|
$
971,763,846
|
|
$
988,515,502
|
|
(2)
|
|
|
$
977,025,371
|
|
$
962,926,264
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The Six
Months Ended
|
|
|
|
|
June
30,
|
%
|
|
|
June
30,
|
%
|
|
|
2013
|
2012
|
|
Change
|
|
|
2013
|
2012
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
10,067,629
|
$
10,383,044
|
|
(3)
|
%
|
|
$
20,140,379
|
$
20,754,401
|
|
(3)
|
%
|
Investment
securities
|
752,159
|
812,148
|
|
(7)
|
|
|
1,523,210
|
1,671,631
|
|
(9)
|
|
Other investments and
deposits
|
32,299
|
35,068
|
|
(8)
|
|
|
63,606
|
69,466
|
|
(8)
|
|
Total interest income
|
10,852,087
|
11,230,260
|
|
(3)
|
|
|
21,727,195
|
22,495,498
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
799,667
|
1,084,579
|
|
(26)
|
%
|
|
1,680,680
|
2,216,427
|
|
(24)
|
%
|
Federal Home Loan
Bank advances
|
122,517
|
177,766
|
|
(31)
|
|
|
266,196
|
358,602
|
|
(26)
|
|
Total interest expense
|
922,184
|
1,262,345
|
|
(27)
|
|
|
1,946,876
|
2,575,029
|
|
(24)
|
|
Net interest
income
|
9,929,903
|
9,967,915
|
|
-
|
|
|
19,780,319
|
19,920,469
|
|
(1)
|
|
Provision for loan
losses
|
2,247,802
|
1,160,326
|
|
94
|
|
|
2,768,193
|
1,872,226
|
|
48
|
|
Net interest income
after provision for loan losses
|
7,682,101
|
8,807,589
|
|
(13)
|
|
|
17,012,126
|
18,048,243
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
579,594
|
583,916
|
|
(1)
|
%
|
|
1,125,941
|
1,153,858
|
|
(2)
|
%
|
Bank card
fees
|
454,123
|
484,408
|
|
(6)
|
|
|
868,515
|
952,692
|
|
(9)
|
|
Gain on sale of
loans, net
|
426,442
|
417,934
|
|
2
|
|
|
974,861
|
744,105
|
|
31
|
|
Income from
bank-owned life insurance
|
117,551
|
130,927
|
|
(10)
|
|
|
237,102
|
262,206
|
|
(10)
|
|
Gain on the sale of
securities, net
|
428,200
|
59,079
|
|
625
|
|
|
428,200
|
59,247
|
|
623
|
|
Discount accretion of
FDIC loss sharing receivable
|
111,649
|
175,622
|
|
(36)
|
|
|
223,848
|
353,131
|
|
(37)
|
|
Other
income
|
78,766
|
47,773
|
|
65
|
|
|
118,132
|
74,335
|
|
59
|
|
Total noninterest income
|
2,196,325
|
1,899,659
|
|
16
|
|
|
3,976,599
|
3,599,574
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
4,880,129
|
4,826,649
|
|
1
|
%
|
|
9,976,347
|
9,522,358
|
|
5
|
%
|
Occupancy
|
759,939
|
702,003
|
|
8
|
|
|
1,468,725
|
1,396,945
|
|
5
|
|
Marketing and
advertising
|
172,327
|
184,890
|
|
(7)
|
|
|
411,523
|
336,364
|
|
22
|
|
Data processing and
communication
|
626,156
|
666,999
|
|
(6)
|
|
|
1,267,671
|
1,339,340
|
|
(5)
|
|
Professional
fees
|
193,506
|
255,483
|
|
(24)
|
|
|
406,252
|
487,736
|
|
(17)
|
|
Forms, printing and
supplies
|
136,023
|
140,449
|
|
(3)
|
|
|
242,796
|
266,715
|
|
(9)
|
|
Franchise and shares
tax
|
272,960
|
175,651
|
|
55
|
|
|
546,580
|
351,302
|
|
56
|
|
Regulatory
fees
|
219,635
|
213,018
|
|
3
|
|
|
442,884
|
411,175
|
|
8
|
|
Foreclosed assets,
net
|
(32,185)
|
242,726
|
|
(113)
|
|
|
145,758
|
510,724
|
|
(71)
|
|
Other
expenses
|
785,588
|
635,046
|
|
24
|
|
|
1,401,859
|
1,229,077
|
|
14
|
|
Total noninterest expense
|
8,014,078
|
8,042,914
|
|
-
|
|
|
16,310,395
|
15,851,736
|
|
3
|
|
Income before income
tax expense
|
1,864,348
|
2,664,334
|
|
(30)
|
|
|
4,678,330
|
5,796,081
|
|
(19)
|
|
Income tax
expense
|
620,757
|
911,659
|
|
(32)
|
|
|
1,572,805
|
1,982,948
|
|
(21)
|
|
Net income
|
$
1,243,591
|
$
1,752,675
|
|
(29)
|
|
|
$
3,105,525
|
$
3,813,133
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.19
|
$
0.25
|
|
(24)
|
%
|
|
$
0.46
|
$
0.55
|
|
(16)
|
%
|
Earnings per share -
diluted
|
$
0.18
|
$
0.24
|
|
(25)
|
|
|
$
0.44
|
$
0.53
|
|
(17)
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
June 30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2013
|
|
2012
|
|
Change
|
|
|
March 31,
2013
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
10,852
|
|
$
11,230
|
|
(3)
|
%
|
|
$
10,875
|
|
|
-
|
%
|
Total interest
expense
|
922
|
|
1,262
|
|
(27)
|
|
|
1,025
|
|
|
(10)
|
|
Net interest
income
|
9,930
|
|
9,968
|
|
-
|
|
|
9,850
|
|
|
1
|
|
Provision for loan
losses
|
2,248
|
|
1,160
|
|
94
|
|
|
520
|
|
|
332
|
|
Total noninterest
income
|
2,196
|
|
1,900
|
|
16
|
|
|
1,780
|
|
|
23
|
|
Total noninterest
expense
|
8,014
|
|
8,043
|
|
-
|
|
|
8,296
|
|
|
(3)
|
|
Income tax
expense
|
621
|
|
912
|
|
(32)
|
|
|
952
|
|
|
(35)
|
|
Net income
|
$
1,243
|
|
$
1,753
|
|
(29)
|
|
|
$
1,862
|
|
|
(33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 967,683
|
|
$963,270
|
|
-
|
%
|
|
$
961,542
|
|
|
1
|
%
|
Total
interest-earning assets
|
866,070
|
|
853,664
|
|
1
|
|
|
858,146
|
|
|
1
|
|
Total
loans
|
683,394
|
|
674,244
|
|
1
|
|
|
675,435
|
|
|
1
|
|
Total
interest-bearing deposits
|
604,437
|
|
606,171
|
|
-
|
|
|
615,015
|
|
|
(2)
|
|
Total
interest-bearing liabilities
|
655,171
|
|
679,659
|
|
(4)
|
|
|
656,258
|
|
|
-
|
|
Total
deposits
|
771,868
|
|
747,148
|
|
3
|
|
|
775,937
|
|
|
(1)
|
|
Total shareholders'
equity
|
143,708
|
|
139,113
|
|
3
|
|
|
143,113
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.51
|
%
|
0.73
|
%
|
(30)
|
%
|
|
0.77
|
%
|
|
(34)
|
%
|
Return on average
equity
|
3.46
|
|
5.04
|
|
(31)
|
|
|
5.20
|
|
|
(33)
|
|
Efficiency ratio
(2)
|
66.09
|
|
67.77
|
|
(2)
|
|
|
71.33
|
|
|
(7)
|
|
Average equity to
average assets
|
14.85
|
|
14.44
|
|
3
|
|
|
14.88
|
|
|
-
|
|
Tier 1 leverage
capital ratio(3)
|
13.85
|
|
12.72
|
|
9
|
|
|
13.70
|
|
|
1
|
|
Total risk-based
capital ratio(3)
|
22.14
|
|
20.70
|
|
7
|
|
|
22.11
|
|
|
-
|
|
Net interest margin
(4)
|
4.59
|
|
4.66
|
|
(2)
|
|
|
4.63
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.19
|
|
$0.25
|
|
(24)
|
%
|
|
$
0.28
|
|
|
(32)
|
%
|
Diluted earnings per
share
|
0.18
|
|
0.24
|
|
(25)
|
|
|
0.26
|
|
|
(31)
|
|
Book value at period
end
|
19.35
|
|
18.07
|
|
7
|
|
|
19.33
|
|
|
-
|
|
Tangible book value
at period end
|
19.06
|
|
17.76
|
|
7
|
|
|
19.03
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,141,691
|
|
7,693,769
|
|
(7)
|
%
|
|
7,405,767
|
|
|
(4)
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,652,097
|
|
6,972,170
|
|
(5)
|
%
|
|
6,748,752
|
|
|
(1)
|
%
|
Diluted
|
6,963,570
|
|
7,234,806
|
|
(4)
|
|
|
7,099,544
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Taxable equivalent yields are calculated
using a marginal
tax rate of
35%.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2013
|
|
March 31,
2013
|
|
June 30,
2012
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
6,949
|
|
$ 16,938
|
|
$ 23,887
|
|
|
$
8,105
|
|
$ 15,225
|
|
$ 23,330
|
|
|
$9,585
|
|
$15,842
|
|
$ 25,427
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
6,949
|
|
16,938
|
|
23,887
|
|
|
8,105
|
|
15,225
|
|
23,330
|
|
|
9,585
|
|
15,842
|
|
25,427
|
|
Other real estate
owned
|
2,755
|
|
888
|
|
3,643
|
|
|
3,517
|
|
3,612
|
|
7,129
|
|
|
3,244
|
|
1,623
|
|
4,867
|
|
Total nonperforming
assets
|
9,704
|
|
17,826
|
|
27,530
|
|
|
11,622
|
|
18,837
|
|
30,459
|
|
|
12,829
|
|
17,465
|
|
30,294
|
|
Performing troubled
debt restructurings
|
321
|
|
532
|
|
853
|
|
|
297
|
|
482
|
|
779
|
|
|
20
|
|
831
|
|
851
|
|
Total nonperforming
assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$
10,025
|
|
$
18,358
|
|
$
28,383
|
|
|
$
11,919
|
|
$
19,319
|
|
$
31,238
|
|
|
$
12,849
|
|
$
18,296
|
|
$
31,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
2.83
|
%
|
|
|
|
|
|
3.12
|
%
|
|
|
|
|
|
3.06
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
2.46
|
|
|
|
|
|
|
2.39
|
|
|
|
|
|
|
2.57
|
|
Nonperforming loans
to total loans
|
|
|
|
|
3.53
|
|
|
|
|
|
|
3.44
|
|
|
|
|
|
|
3.74
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
22.13
|
|
|
|
|
|
|
18.63
|
|
|
|
|
|
|
17.54
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
25.51
|
|
|
|
|
|
|
24.32
|
|
|
|
|
|
|
20.90
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.90
|
|
|
|
|
|
|
0.84
|
|
|
|
|
|
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
2,030
|
|
|
|
|
|
|
$
189
|
|
|
|
|
|
|
$
1,684
|
|
Year-to-date loan
recoveries
|
|
|
|
|
37
|
|
|
|
|
|
|
24
|
|
|
|
|
|
|
22
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
1,993
|
|
|
|
|
|
|
$
165
|
|
|
|
|
|
|
$
1,662
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
0.59
|
%
|
|
|
|
|
|
0.10
|
%
|
|
|
|
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Nonperforming loans
consist of nonaccruing loans and accruing 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 includes 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.