LAFAYETTE, La., April 29, 2014 /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 $1.4 million for the first quarter of 2014, a
decrease of $272,000, or 16%,
compared to the fourth quarter of 2013 and a decrease of
$428,000, or 23%, compared to the
first quarter of 2013. The first quarter of 2014 includes
$2.0 million of pre-tax merger
expenses compared to $307,000 in the
fourth quarter of 2013 related to the acquisition of Britton &
Koontz Capital Corporation ("Britton & Koontz").
Excluding merger-related expenses, net income for the first quarter
of 2014 was $2.8 million,
representing as increase of 46% and 50% compared to the fourth
quarter of 2013 and the first quarter of 2013, respectively.
Diluted earnings per share were $0.21 for the first quarter of 2014, a decrease
of $0.04, or 16%, compared to the
fourth quarter of 2013 and a decrease of $0.05, or 19%, compared to the first quarter of
2013. Excluding merger-related expenses, diluted earnings per
share were $0.41 for the first
quarter of 2014, an increase of 46% and 58% compared to the fourth
quarter of 2013 and the first quarter of 2013, respectively.
"Our earnings engine picked up substantial momentum during the
quarter with the completion of our acquisition of Britton &
Koontz Bank," stated John W. Bordelon, President and Chief Executive
Officer of the Company and the Bank. "We also continue to see
strong economic activity in many of our markets, which is driving
organic commercial loan growth."
"During the quarter, we achieved a significant milestone in
crossing the $1 billion asset
threshold," added Mr. Bordelon. "On behalf of our Board of
Directors, I extend a sincere thank you to our employees, customers
and shareholders for playing such a vital role in this
achievement."
Acquisition of Britton & Koontz
On February 14, 2014, the Company
completed its acquisition of Britton & Koontz, the former
holding company of Britton & Koontz
Bank, N.A. ("Britton & Koontz
Bank") of Natchez,
Mississippi. Shareholders of Britton & Koontz received
$16.14 per share in cash, yielding an
aggregate purchase price of $34,515,000. As a result of the
acquisition, five former Britton & Koontz Bank branches in west Mississippi were added to Home Bank's branch
office network. Two former Britton & Koontz Bank locations in Baton Rouge were consolidated into existing
Home Bank locations.
The assets and liabilities from Britton & Koontz were
recorded at their estimated fair values as of the acquisition date.
Such fair values are preliminary estimates and are subject to
adjustment for up to one year after the acquisition date. A
summary of the assets and liabilities acquired and estimated fair
value adjustments follows.
|
|
|
As of February 14,
2014
|
(in
thousands)
|
Britton &
Koontz
|
Fair Value
Adjustments
|
As recorded by
Home Bancorp
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
15,342
|
$
-
|
$
15,342
|
Investment securities
available for sale
|
96,952
|
1,033
|
97,985
|
Loans
|
170,083
|
(7,107)
|
162,976
|
Real estate
owned
|
2,699
|
(871)
|
1,828
|
Office properties and
equipment, net
|
6,566
|
(925)
|
5,641
|
Core deposit
intangible
|
-
|
3,030
|
3,030
|
Other
assets
|
9,212
|
2,722
|
11,934
|
Total assets
acquired
|
300,854
|
(2,118)
|
298,736
|
|
|
|
|
Liabilities
|
|
|
|
Deposits:
|
|
|
|
Noninterest-bearing
|
$
59,575
|
$
-
|
$
59,575
|
Interest-bearing
|
156,839
|
186
|
157,025
|
Total
deposits
|
216,414
|
186
|
216,600
|
Federal Home Loan
Bank ("FHLB") advances
|
9,149
|
103
|
9,252
|
Other
borrowings
|
26,315
|
976
|
27,291
|
Other
liabilities
|
11,125
|
15
|
11,140
|
Total liabilities
assumed
|
$
263,003
|
$
1,280
|
$
264,283
|
Excess of assets
acquired over liabilities assumed
|
|
|
34,453
|
Cash consideration
paid
|
|
|
(34,515)
|
Total goodwill
recorded
|
|
|
$
62
|
Loans and Credit Quality
Loans totaled $880.1 million at
March 31, 2014, an increase of
$172.6 million, or 24%, from
December 31, 2013, and an increase of
$201.5 million, or 30%, from
March 31, 2013. Growth in the
loan portfolio was primarily driven by the acquisition of Britton
& Koontz, which added $163.0
million in loans at acquisition date. During the first
quarter, organic loan growth was related primarily to commercial
real estate (up $14.8 million) and
construction and land (up $12.5
million) loans, which were partially offset by a decline in
commercial and industrial loans (down $6.5
million).
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)
|
|
2014
|
|
2013
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
223,195
|
$
|
179,506
|
$
|
43,689
|
24
|
%
|
Home equity loans and
lines
|
|
54,423
|
|
40,561
|
|
13,862
|
34
|
|
Commercial real
estate
|
|
335,183
|
|
269,849
|
|
65,334
|
24
|
|
Construction and
land
|
|
115,462
|
|
83,271
|
|
32,191
|
39
|
|
Multi-family
residential
|
|
20,945
|
|
16,578
|
|
4,367
|
26
|
|
Total real
estate loans
|
|
749,208
|
|
589,765
|
|
159,443
|
27
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
87,111
|
|
77,533
|
|
9,578
|
12
|
|
Consumer
|
|
43,763
|
|
40,158
|
|
3,605
|
9
|
|
Total
other loans
|
|
130,874
|
|
117,691
|
|
13,183
|
11
|
|
Total
loans
|
$
|
880,082
|
$
|
707,456
|
$
|
172,626
|
24
|
%
|
Nonperforming assets ("NPAs"), which include $7.9 million in assets covered under loss sharing
agreements with the FDIC ("Covered Assets") and $13.5 million acquired from GS Financial Corp.
("GSFC") and $2.1 million acquired
from Britton & Koontz (collectively "Non-covered Acquired
Assets"), totaled $28.2 million at
March 31, 2014, a decrease of
$1.2 million compared to December 31, 2013 and a decrease of $2.3 million compared to March 31, 2013. The ratio of total NPAs to
total assets was 2.27% at March 31,
2014, compared to 2.98% at December
31, 2013 and 3.12% at March
31, 2013. Excluding acquired assets, the ratio of NPAs
was 0.49% at March 31, 2014, compared
to 0.81% at December 31, 2013 and
0.80% at March 31, 2013.
The Company recorded net loan recoveries of $41,000 during the first quarter of 2014,
compared to net loan recoveries of $24,000 and net loan charge-offs of $165,000 in the fourth and first quarters of
2013, respectively. The Company's provision for loan losses
for the first quarter of 2014 was $145,000, compared to $431,000 and $520,000 for the fourth and first quarters of
2013, respectively.
The ratio of allowance for loan losses to total loans was 0.81%
at March 31, 2014, compared to 0.98%
and 0.84% at December 31, 2013 and
March 31, 2013, respectively.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.10% at March 31,
2014, compared to 1.12% and 1.05% at December 31, 2013 and March 31, 2013, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$193.1 million at March 31, 2014, an increase of $34.0 million, or 21%, from December 31, 2013, and an increase of
$33.3 million, or 21%, from
March 31, 2013. The increase
resulted primarily from securities acquired from Britton &
Koontz. The Company acquired $98.0
million at the date of acquisition, and subsequently sold
$65.1 million of the acquired
investments during the first quarter. At March 31, 2014, the Company had a net unrealized
gain position on its investment securities portfolio of
$1.0 million, compared to net
unrealized gains of $300,000 and
$4.6 million at December 31, 2013 and March 31, 2013, respectively. The
investment securities portfolio had a modified duration of 4.1
years at March 31, 2014, compared to
4.2 and 3.7 years at December 31,
2013 and March 31, 2013,
respectively.
Deposits
Total deposits were $987.4 million
at March 31, 2014, an increase of
$246.1 million, or 33%, from
December 31, 2013, and an increase of
$206.0 million, or 26%, from
March 31, 2013. The
acquisition of Britton & Koontz added $216.6 million in deposits during the first
quarter. During the first quarter of 2014, core deposits
(i.e., checking, savings and money market accounts) increased
$193.3 million, or 35%, from
December 31, 2013, and increased
$200.8 million, or 37%, from
March 31, 2013. Core deposits
acquired from Britton & Koontz totaled $151.9 million at acquisition date.
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)
|
|
2014
|
|
2013
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
253,866
|
$
|
174,475
|
$
|
79,391
|
46
|
%
|
Savings
|
|
80,414
|
|
56,694
|
|
23,720
|
42
|
|
Money
market
|
|
218,601
|
|
192,303
|
|
26,298
|
14
|
|
NOW
|
|
189,297
|
|
125,391
|
|
63,906
|
51
|
|
Certificates of
deposit
|
|
245,207
|
|
192,449
|
|
52,758
|
27
|
|
Total
deposits
|
$
|
987,385
|
$
|
741,312
|
$
|
246,073
|
33
|
%
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the first quarter of 2014 totaled
$11.8 million, an increase of
$1.8 million, or 18%, compared to the
fourth quarter of 2013, and an increase of $2.0 million, or 20%, compared to the first
quarter of 2013. The addition of Britton & Koontz's
earning assets accounted for the vast majority of the increase. The
Company's net interest margin was 4.72% for the first quarter of
2014, 12 basis points higher than the fourth quarter of 2013 and
nine basis points higher than the first quarter of 2013. The
increase in the net interest margin was primarily the result of the
impact of Britton & Koontz's interest-earning assets and
interest-bearing liabilities and the recovery of non-accrual
interest and fees during the first quarter of 2014, which totaled
approximately $287,000. The
Covered Loan portfolio yielded 11.35% during the first quarter of
2014, compared to 13.66% and 10.97% during the fourth and first
quarter of 2013, respectively.
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
|
|
|
March 31,
2014
|
|
|
December 31,
2013
|
|
|
March 31,
2013
|
|
(dollars in
thousands)
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
793,509
|
5.81
|
%
|
$
|
685,034
|
5.73
|
%
|
$
|
675,435
|
5.98
|
%
|
Investment securities
(TE)
|
|
190,016
|
2.47
|
|
|
157,820
|
2.18
|
|
|
153,958
|
2.15
|
|
Other
interest-earning assets
|
|
31,166
|
0.41
|
|
|
23,734
|
0.47
|
|
|
28,753
|
0.44
|
|
Total
interest-earning assets
|
|
1,014,691
|
5.02
|
|
|
866,588
|
4.94
|
|
|
858,146
|
5.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking,
and money market
|
|
423,213
|
0.23
|
|
|
377,419
|
0.23
|
|
|
369,594
|
0.30
|
|
Certificates of
deposit
|
|
219,226
|
0.71
|
|
|
199,392
|
0.83
|
|
|
245,421
|
1.01
|
|
Total
interest-bearing deposits
|
|
642,439
|
0.39
|
|
|
576,811
|
0.44
|
|
|
615,015
|
0.58
|
|
Other
borrowings
|
|
14,031
|
0.48
|
|
|
-
|
-
|
|
|
-
|
-
|
|
FHLB
advances
|
|
109,625
|
0.42
|
|
|
65,851
|
0.61
|
|
|
41,243
|
1.39
|
|
Total
interest-bearing liabilities
|
$
|
766,095
|
0.40
|
|
$
|
642,662
|
0.45
|
|
$
|
656,258
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.62
|
%
|
|
|
4.48
|
%
|
|
|
4.48
|
%
|
Net interest margin
(TE)
|
|
|
4.72
|
%
|
|
|
4.60
|
%
|
|
|
4.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the first quarter of 2014 totaled
$1.7 million, a decrease of
$141,000, or 8%, compared to the
fourth quarter of 2013 and a decrease of $160,000, or 9%, compared to the first quarter of
2013. The decrease in noninterest income in the first quarter
of 2014 compared to the fourth quarter of 2013 resulted primarily
from declines in other income of $116,000 (related to recoveries on the acquired
GFSC loan portfolio during the fourth quarter of 2013) and gains on
the sale of mortgage loans (down $102,000), which were offset by increases in
service fees and charges and bank card fees as a result of the
Britton & Koontz acquisition.
The decrease in noninterest income in the first quarter of 2014
compared to the first quarter of 2013 resulted primarily from
decreases in gains on the sale of mortgage loans (down $387,000), which was partially offset by
increases in service fees and charges (up $214,000) and bank card fees (up $42,000).
Noninterest Expense
Noninterest expense for the first quarter of 2014 totaled
$11.3 million, an increase of
$2.5 million, or 28%, compared to the
fourth quarter of 2013 and an increase of $2.9 million, or 35%, compared to the first
quarter of 2013. Noninterest expense includes $2.0 million and $307,000 of expenses related to the acquisition
of Britton & Koontz in the first quarter of 2014 and fourth
quarter of 2013, respectively. Such merger-related expenses
include professional fees, data conversion and severance and other
employee costs associated with the merger and related systems
conversion. Excluding merger-related expenses, noninterest
expense for the first quarter of 2014 totaled $9.3 million, an increase of $835,000, or 10%, compared to the fourth quarter
of 2013 and an increase of $969,000,
or 12%, compared to the first quarter of 2013. The increases
primarily relate to the growth of the Company due to the addition
of Britton & Koontz branches and employees.
Non-GAAP Reconciliation
|
|
|
|
|
For the Three
Months Ended
|
(dollars in
thousands)
|
March 31,
2014
|
December 31,
2013
|
March 31,
2013
|
|
|
|
|
Reported noninterest
expense
|
$
11,257
|
$
8,774
|
$
8,333
|
Less: Merger-related
expenses
|
(1,955)
|
(307)
|
-
|
Non-GAAP noninterest
expense
|
$
9,302
|
$
8,467
|
$
8,333
|
|
|
|
|
Reported net
income
|
$
1,433
|
$
1,706
|
$
1,862
|
Add: Merger-related
expenses (after tax)
|
1,357
|
200
|
-
|
Non-GAAP net
income
|
$
2,791
|
$
1,906
|
$
1,862
|
|
|
|
|
Diluted
EPS
|
$
0.21
|
$
0.25
|
$
0.26
|
Add: Merger-related
expenses
|
0.20
|
0.03
|
-
|
Non-GAAP
EPS
|
$
0.41
|
$
0.28
|
$
0.26
|
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 acquired loans and the impact of merger-related expenses.
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,
2013, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
%
|
|
|
December
31,
|
|
2014
|
|
2013
|
|
Change
|
|
|
2013
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
57,221,018
|
|
$
48,271,579
|
|
19
|
%
|
|
$
32,638,900
|
Interest-bearing
deposits in banks
|
6,763,000
|
|
3,529,000
|
|
92
|
|
|
2,940,000
|
Investment securities
available for sale, at fair value
|
182,344,248
|
|
158,264,273
|
|
15
|
|
|
149,632,153
|
Investment securities
held to maturity
|
10,715,225
|
|
1,463,543
|
|
632
|
|
|
9,404,790
|
Mortgage loans held
for sale
|
5,465,256
|
|
4,373,926
|
|
25
|
|
|
1,951,345
|
Loans covered by loss
sharing agreements
|
18,579,128
|
|
41,533,637
|
|
(55)
|
|
|
21,673,808
|
Noncovered loans, net
of unearned income
|
861,503,175
|
|
637,044,534
|
|
35
|
|
|
685,782,309
|
Total loans
|
880,082,303
|
|
678,578,171
|
|
30
|
|
|
707,456,117
|
Allowance for loan
losses
|
(7,104,476)
|
|
(5,674,179)
|
|
25
|
|
|
(6,918,009)
|
Total loans, net of
allowance for loan losses
|
872,977,827
|
|
672,903,992
|
|
30
|
|
|
700,538,108
|
FDIC loss sharing
receivable
|
10,069,092
|
|
15,658,092
|
|
(36)
|
|
|
12,698,077
|
Office properties and
equipment, net
|
36,791,667
|
|
30,540,350
|
|
20
|
|
|
30,702,635
|
Cash surrender value
of bank-owned life insurance
|
18,815,588
|
|
17,405,985
|
|
8
|
|
|
17,750,604
|
Accrued interest
receivable and other assets
|
38,009,342
|
|
24,614,631
|
|
54
|
|
|
25,984,346
|
Total
Assets
|
$
1,239,172,263
|
|
$
977,025,371
|
|
27
|
|
|
$
984,240,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
$
987,384,843
|
|
$
781,335,468
|
|
26
|
%
|
|
$
741,312,416
|
Securities sold under
repurchase agreement
|
20,878,331
|
|
-
|
|
|
|
|
-
|
Federal Home Loan
Bank advances
|
81,302,244
|
|
49,346,176
|
|
65
|
|
|
97,000,000
|
Accrued interest
payable and other liabilities
|
5,231,598
|
|
3,225,771
|
|
62
|
|
|
4,019,013
|
Total
Liabilities
|
1,094,797,016
|
|
833,907,415
|
|
31
|
|
|
842,331,429
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common
stock
|
89,588
|
|
89,534
|
|
-
|
%
|
|
89,585
|
Additional paid-in
capital
|
92,655,484
|
|
91,458,193
|
|
1
|
|
|
92,192,410
|
Treasury
stock
|
(28,015,546)
|
|
(22,390,786)
|
|
25
|
|
|
(28,011,398)
|
Common stock acquired
by benefit plans
|
(6,196,057)
|
|
(7,358,139)
|
|
(16)
|
|
|
(6,285,327)
|
Retained
earnings
|
85,162,600
|
|
78,297,156
|
|
9
|
|
|
83,729,144
|
Accumulated other
comprehensive income
|
679,178
|
|
3,021,998
|
|
(78)
|
|
|
195,115
|
Total
Shareholders' Equity
|
144,375,247
|
|
143,117,956
|
|
1
|
|
|
141,909,529
|
Total Liabilities
and Shareholders' Equity
|
$
1,239,172,263
|
|
$
977,025,371
|
|
27
|
|
|
$
984,240,958
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
March
31,
|
|
%
|
|
|
Months
Ended
|
|
%
|
|
|
2014
|
2013
|
|
Change
|
|
|
December 31,
2013
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
11,484,445
|
$
10,072,750
|
|
14
|
%
|
|
$
9,956,749
|
|
15
|
%
|
Investment
securities
|
1,050,846
|
771,050
|
|
36
|
|
|
782,409
|
|
34
|
|
Other investments and
deposits
|
31,158
|
31,306
|
|
-
|
|
|
28,278
|
|
10
|
|
Total interest
income
|
12,566,449
|
10,875,106
|
|
16
|
|
|
10,767,436
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
622,565
|
881,014
|
|
(29)
|
%
|
|
633,361
|
|
(2)
|
%
|
Securities sold under
repurchase agreements
|
16,675
|
-
|
|
-
|
|
|
-
|
|
-
|
|
Federal Home Loan
Bank advances
|
116,211
|
143,679
|
|
(19)
|
|
|
100,119
|
|
16
|
|
Total interest
expense
|
755,451
|
1,024,693
|
|
(26)
|
|
|
733,480
|
|
3
|
|
Net interest
income
|
11,810,998
|
9,850,413
|
|
20
|
|
|
10,033,956
|
|
18
|
|
Provision for loan
losses
|
145,016
|
520,392
|
|
(72)
|
|
|
431,368
|
|
(66)
|
|
Net interest income
after provision for loan losses
|
11,665,982
|
9,330,021
|
|
25
|
|
|
9,602,588
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
796,093
|
582,542
|
|
37
|
%
|
|
745,420
|
|
7
|
%
|
Bank card
fees
|
455,984
|
414,392
|
|
10
|
|
|
416,661
|
|
9
|
|
Gain on sale of
loans, net
|
161,862
|
548,419
|
|
(70)
|
|
|
264,111
|
|
(39)
|
|
Income from
bank-owned life insurance
|
110,641
|
119,551
|
|
(7)
|
|
|
112,595
|
|
(2)
|
|
Gain (loss) on the
sale of securities, net
|
1,826
|
-
|
|
-
|
|
|
-
|
|
-
|
|
Discount accretion of
FDIC loss sharing receivable
|
85,167
|
112,199
|
|
(24)
|
|
|
98,016
|
|
(13)
|
|
Other
income
|
44,406
|
39,371
|
|
13
|
|
|
160,170
|
|
(72)
|
|
Total noninterest
income
|
1,655,979
|
1,816,474
|
|
(9)
|
|
|
1,796,973
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
6,794,808
|
5,096,218
|
|
33
|
%
|
|
5,335,859
|
|
27
|
%
|
Occupancy
|
1,014,330
|
831,253
|
|
22
|
|
|
882,104
|
|
15
|
|
Marketing and
advertising
|
207,241
|
239,195
|
|
(13)
|
|
|
202,595
|
|
2
|
|
Data processing and
communication
|
1,371,823
|
641,515
|
|
114
|
|
|
599,760
|
|
129
|
|
Professional
fees
|
487,110
|
212,746
|
|
129
|
|
|
436,747
|
|
12
|
|
Forms, printing and
supplies
|
161,920
|
106,773
|
|
52
|
|
|
100,126
|
|
62
|
|
Franchise and shares
tax
|
184,385
|
273,620
|
|
(33)
|
|
|
(108,765)
|
|
270
|
|
Regulatory
fees
|
228,377
|
223,249
|
|
2
|
|
|
221,908
|
|
3
|
|
Foreclosed assets,
net
|
361,885
|
177,943
|
|
103
|
|
|
286,163
|
|
26
|
|
Other
expenses
|
445,167
|
530,000
|
|
(16)
|
|
|
817,722
|
|
(46)
|
|
Total noninterest
expense
|
11,257,046
|
8,332,512
|
|
35
|
|
|
8,774,219
|
|
28
|
|
Income before income
tax expense
|
2,064,915
|
2,813,983
|
|
(27)
|
|
|
2,625,342
|
|
(21)
|
|
Income tax
expense
|
631,460
|
952,049
|
|
(34)
|
|
|
919,693
|
|
(31)
|
|
Net income
|
$
1,433,455
|
$
1,861,934
|
|
(23)
|
|
|
$
1,705,649
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.22
|
$
0.28
|
|
(21)
|
%
|
|
$
0.26
|
|
(15)
|
%
|
Earnings per share -
diluted
|
$
0.21
|
$
0.26
|
|
(19)
|
|
|
$
0.25
|
|
(16)
|
|
|
|
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
March
31,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
December 31,
2013
|
|
|
Change
|
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
12,566
|
|
$10,875
|
|
16
|
%
|
|
$10,767
|
|
|
17
|
%
|
|
Total interest
expense
|
756
|
|
1,025
|
|
(26)
|
|
|
733
|
|
|
3
|
|
|
Net interest
income
|
11,810
|
|
9,850
|
|
20
|
|
|
10,034
|
|
|
18
|
|
|
Provision for loan
losses
|
145
|
|
520
|
|
(72)
|
|
|
431
|
|
|
(66)
|
|
|
Total noninterest
income
|
1,656
|
|
1,817
|
|
(9)
|
|
|
1,797
|
|
|
(8)
|
|
|
Total noninterest
expense
|
11,257
|
|
8,333
|
|
35
|
|
|
8,774
|
|
|
28
|
|
|
Income tax
expense
|
631
|
|
952
|
|
(34)
|
|
|
920
|
|
|
(31)
|
|
|
Net income
|
$
1,433
|
|
$
1,862
|
|
(23)
|
|
|
$
1,706
|
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
1,118,361
|
|
$961,542
|
|
16
|
%
|
|
$962,611
|
|
|
16
|
%
|
|
Total
interest-earning assets
|
1,014,691
|
|
858,146
|
|
18
|
|
|
866,589
|
|
|
17
|
|
|
Totals
loans
|
793,509
|
|
675,435
|
|
17
|
|
|
685,034
|
|
|
16
|
|
|
Total
interest-bearing deposits
|
642,439
|
|
615,015
|
|
4
|
|
|
576,811
|
|
|
11
|
|
|
Total
interest-bearing liabilities
|
766,095
|
|
656,258
|
|
17
|
|
|
642,662
|
|
|
19
|
|
|
Total
deposits
|
851,861
|
|
775,937
|
|
10
|
|
|
752,300
|
|
|
13
|
|
|
Total shareholders'
equity
|
141,327
|
|
143,113
|
|
(1)
|
|
|
141,516
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.51
|
%
|
0.77
|
%
|
(34)
|
%
|
|
0.71
|
%
|
|
(28)
|
%
|
|
Return on average
equity
|
4.06
|
|
5.20
|
|
(22)
|
|
|
4.82
|
|
|
(16)
|
|
|
Efficiency ratio
(2)
|
83.59
|
|
71.42
|
|
17
|
|
|
74.16
|
|
|
13
|
|
|
Average equity to
average assets
|
12.64
|
|
14.88
|
|
(15)
|
|
|
14.70
|
|
|
(14)
|
|
|
Tier 1 leverage
capital ratio(3)
|
11.01
|
|
13.70
|
|
(20)
|
|
|
14.17
|
|
|
(22)
|
|
|
Total risk-based
capital ratio(3)
|
17.06
|
|
22.11
|
|
(23)
|
|
|
21.88
|
|
|
(22)
|
|
|
Net interest margin
(4)
|
4.72
|
|
4.63
|
|
2
|
|
|
4.60
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.22
|
|
$0.28
|
|
(21)
|
%
|
|
$0.26
|
|
|
(15)
|
%
|
|
Diluted earnings per
share
|
0.21
|
|
0.26
|
|
(19)
|
|
|
0.25
|
|
|
(16)
|
|
|
Book value at period
end
|
20.31
|
|
19.33
|
|
5
|
|
|
19.99
|
|
|
2
|
|
|
Tangible book value
at period end
|
19.63
|
|
19.03
|
|
3
|
|
|
19.72
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,099,414
|
|
7,405,767
|
|
(4)
|
%
|
|
7,099,314
|
|
|
-
|
%
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,490,820
|
|
6,668,780
|
|
(3)
|
%
|
|
6,481,679
|
|
|
-
|
%
|
|
Diluted
|
6,890,803
|
|
7,019,572
|
|
(2)
|
|
|
6,800,604
|
|
|
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. Taxable equivalent yields are calculated
using a marginal tax rate of
35%.
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
December 31,
2013
|
|
March 31,
2013
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 5,084
|
|
$ 16,937
|
|
$ 22,021
|
|
|
$ 5,081
|
|
$ 19,679
|
|
$ 24,760
|
|
|
$
8,105
|
|
$ 15,225
|
|
$ 23,330
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
5,084
|
|
16,937
|
|
22,021
|
|
|
5,081
|
|
19,679
|
|
24,760
|
|
|
8,105
|
|
15,225
|
|
23,330
|
|
Foreclosed
assets
|
2,782
|
|
3,358
|
|
6,140
|
|
|
3,160
|
|
1,406
|
|
4,566
|
|
|
3,517
|
|
3,612
|
|
7,129
|
|
Total nonperforming
assets
|
7,866
|
|
20,295
|
|
28,161
|
|
|
8,241
|
|
21,085
|
|
29,326
|
|
|
11,622
|
|
18,837
|
|
30,459
|
|
Performing troubled
debt restructurings
|
5
|
|
140
|
|
145
|
|
|
5
|
|
424
|
|
429
|
|
|
297
|
|
482
|
|
779
|
|
Total nonperforming
assets and troubled debt
restructurings
|
$
7,871
|
|
$
20,435
|
|
$
28,306
|
|
|
$
8,246
|
|
$
21,509
|
|
$
29,755
|
|
|
$
11,919
|
|
$
19,319
|
|
$
31,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
2.27
|
%
|
|
|
|
|
|
2.98
|
%
|
|
|
|
|
|
3.12
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
1.78
|
|
|
|
|
|
|
2.52
|
|
|
|
|
|
|
2.39
|
|
Nonperforming loans
to total loans
|
|
|
|
|
2.50
|
|
|
|
|
|
|
3.50
|
|
|
|
|
|
|
3.44
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
25.23
|
|
|
|
|
|
|
23.59
|
|
|
|
|
|
|
18.63
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
32.26
|
|
|
|
|
|
|
27.94
|
|
|
|
|
|
|
24.32
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.81
|
|
|
|
|
|
|
0.98
|
|
|
|
|
|
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
31
|
|
|
|
|
|
|
$
2,155
|
|
|
|
|
|
|
$
189
|
|
Year-to-date loan
recoveries
|
|
|
|
|
72
|
|
|
|
|
|
|
101
|
|
|
|
|
|
|
24
|
|
Year-to-date net loan
charge-offs (recoveries)
|
|
|
|
|
$
(41)
|
|
|
|
|
|
|
$
2,054
|
|
|
|
|
|
|
$
165
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
-
|
%
|
|
|
|
|
|
0.29
|
%
|
|
|
|
|
|
0.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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".
|
|
|
|
|
|
Logo -
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SOURCE Home Bancorp, Inc.