LAFAYETTE, La., Jan. 27, 2015 /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 $2.8 million for the fourth quarter of 2014, a
decrease of $68,000, or 2%, compared
to the third quarter of 2014 and an increase of $1.1 million, or 65%, compared to the fourth
quarter of 2013. The fourth quarter of 2013 includes
$307,000 of pre-tax expenses related
to the acquisition of Britton & Koontz Capital Corporation
("Britton & Koontz") and its wholly-owned subsidiary, Britton
& Koontz Bank, N.A. ("Britton
& Koontz Bank") in February
2014. Excluding merger-related expenses, net income for the
fourth quarter of 2014 increased 47% compared to the fourth quarter
of 2013. Diluted earnings per share were $0.40 for the fourth quarter of 2014, a decrease
of $0.01, or 2%, from the third
quarter of 2014 and an increase of $0.15, or 60%, compared to the fourth quarter of
2013. Excluding merger-related expenses, diluted earnings per
share for the fourth quarter of 2014 increased 43% compared to the
fourth quarter of 2013.
Net income for the year ended December
31, 2014 was a record $9.9
million, an increase of $2.6
million, or 35%, compared to 2013. Excluding pre-tax
merger-related expenses of $2.3
million and $307,000 incurred
during 2014 and 2013, respectively, net income for the year ended
December 31, 2014 was $11.4 million, an increase of 52% compared to
2013. Diluted earnings per share for 2014 were a record
$1.42, an increase of 34% compared to
$1.06 in 2013. Excluding
merger-related expenses, diluted earnings per share were
$1.64, an increase of 51% compared to
2013.
"Excluding merger-related expenses, net income increased 52% in
2014," stated John W. Bordelon,
President and Chief Executive Officer of the Company and the Bank.
"Our employees did a fine job deepening customer relationships and
improving our financial performance during the year."
"While falling prices are likely to dampen expansion in the
energy industry," continued Bordelon, "we remain bullish on the
growth prospects for many of our markets."
The Company also announced that its Board of Directors declared
a cash dividend of $0.07 per share
payable on February 23, 2015, to
shareholders of record as of February 9,
2015.
Loans and Credit
Quality
Loans totaled $909.0 million at
December 31, 2014, an increase of
$1.6 million, or 0.2%, from
September 30, 2014, and an increase
of $201.5 million, or 28%, from
December 31, 2013. The increase in
loans outstanding at December 31,
2014 compared to December 31,
2013 primarily reflects the acquisition of Britton &
Koontz. The Company acquired $298.9
million of total assets from Britton & Koontz, including
$161.6 million of loans. During the
fourth quarter of 2014, the increase in loans related
primarily to commercial real estate (up $23.2 million), commercial and industrial (up
$8.9 million) and multi-family
residential loans (up $4.9 million),
which were offset by decreases in construction and land (down
$34.1 million) and one- to
four-family first mortgage loans (down $1.1
million).
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2014
|
|
2013
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
233,249
|
$
|
179,506
|
$
|
53,743
|
30
|
%
|
Home equity loans and
lines
|
|
56,000
|
|
40,561
|
|
15,439
|
38
|
|
Commercial real
estate
|
|
352,863
|
|
269,849
|
|
83,014
|
31
|
|
Construction and
land
|
|
89,154
|
|
83,271
|
|
5,883
|
7
|
|
Multi-family
residential
|
|
27,375
|
|
16,578
|
|
10,797
|
65
|
|
Total real
estate loans
|
|
758,641
|
|
589,765
|
|
168,876
|
29
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
104,446
|
|
77,533
|
|
26,913
|
35
|
|
Consumer
|
|
45,881
|
|
40,158
|
|
5,723
|
14
|
|
Total
other loans
|
|
150,327
|
|
117,691
|
|
32,636
|
28
|
|
Total
loans
|
$
|
908,968
|
$
|
707,456
|
$
|
201,512
|
28
|
%
|
Nonperforming assets ("NPAs") totaled $28.5 million at December
31, 2014, an increase of $5.9
million compared to September 30,
2014 and a decrease of $830,000 compared to December 31, 2013. The fourth quarter 2014
increase in NPAs relates to acquired assets. $22.8 million of the $28.5
million in NPAs at December 31,
2014 relates to our acquisitions of Statewide Bank, GS
Financial Corp. and Britton & Koontz. The ratio of total
NPAs to total assets was 2.33% at December
31, 2014, compared to 1.79% at September 30, 2014 and 2.98% at December 31, 2013. Excluding acquired
assets, the ratio of NPAs was 0.56% at December 31, 2014, compared to 0.44% at
September 30, 2014 and 0.81% at
December 31, 2013.
The Company recorded net loan charge-offs of $175,000 during the fourth quarter of 2014,
compared to net loan charge-offs of $1.2
million in the third quarter of 2014 and a net loan recovery
of $24,000 in the fourth quarter of
2013. The Company's provision for loan losses for the fourth
quarter of 2014 was $516,000,
compared to $892,000 for the third
quarter of 2014 and $431,000 for the
fourth quarter of 2013.
The ratio of allowance for loan losses to total loans was 0.85%
at December 31, 2014, compared to
0.82% and 0.98% at September 30, 2014
and December 31, 2013,
respectively. Excluding acquired loans, the ratio of the
allowance for loan losses to total loans was 1.04% at December 31, 2014, compared to 1.01% and 1.12% at
September 30, 2014 and December 31, 2013, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$186.5 million at December 31, 2014, a decrease of $5.9 million, or 3%, from September 30, 2014, and an increase of
$27.5 million, or 17%, from
December 31, 2013. The increase
compared to December 31, 2013
resulted primarily from the addition of securities acquired from
Britton & Koontz. At December 31,
2014, the Company had a net unrealized gain position on its
investment securities portfolio of $2.0
million, compared to net unrealized gains of $1.4 million and $300,000 at September 30,
2014 and December 31, 2013,
respectively. The Company's investment securities portfolio
had a modified duration of 3.8 years at September 30, 2014, compared to 4.2 years at
December 31, 2013.
Deposits
Total deposits were $993.6 million
at December 31, 2014, an increase of
$10.2 million, or 1%, from
September 30, 2014, and an increase
of $252.3 million, or 34%, from
December 31, 2013. The
acquisition of Britton & Koontz added $216.6 million in deposits. During the
fourth quarter of 2014, core deposits (i.e., checking, savings and
money market accounts) increased $13.7
million, or 2%, from September 30,
2014, and increased $223.9
million, or 41%, from December
31, 2013. Core deposits acquired from Britton &
Koontz totaled $151.9 million.
The following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
|
2014
|
|
2013
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
267,660
|
$
|
174,475
|
$
|
93,185
|
53
|
%
|
Savings
|
|
81,145
|
|
56,694
|
|
24,451
|
43
|
|
Money
market
|
|
219,456
|
|
192,303
|
|
27,153
|
14
|
|
NOW
|
|
204,536
|
|
125,391
|
|
79,145
|
63
|
|
Certificates of
deposit
|
|
220,775
|
|
192,449
|
|
28,326
|
15
|
|
Total
deposits
|
$
|
993,573
|
$
|
741,312
|
$
|
252,260
|
34
|
%
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the fourth quarter of 2014 totaled
$12.9 million, a decrease of
$299,000, or 2%, compared to the
third quarter of 2014, and an increase of $2.9 million, or 29%, compared to the fourth
quarter of 2013. The addition of Britton & Koontz's
earning assets accounted for the majority of the increase from
fourth quarter 2013 to fourth quarter 2014. The Company's net
interest margin was 4.51% for the fourth quarter of 2014, 12 basis
points lower than the third quarter of 2014 and nine basis points
lower than the fourth quarter of 2013. The decrease in the
net interest margin in the fourth quarter of 2014 compared to the
fourth quarter of 2013 was primarily the result of the impact of
Britton & Koontz's interest-earning assets and interest-bearing
liabilities. The decrease in the net interest margin in the
fourth quarter of 2014 compared to the third quarter of 2014 was
primarily the result of lower loan yields due to less accretion of
the discount recorded on acquired loans. The Covered Loan
portfolio yielded 14.38% during the fourth quarter of 2014,
compared to 16.22% and 13.66% during the third quarter of 2014 and
fourth 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
|
|
|
December 31,
2014
|
|
|
September 30,
2014
|
|
|
December 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
|
$
|
907,902
|
5.54
|
%
|
$
|
904,216
|
5.70
|
%
|
$
|
685,034
|
5.73
|
%
|
Investment securities
(TE)
|
|
188,119
|
2.17
|
|
|
187,201
|
2.20
|
|
|
157,820
|
2.18
|
|
Other interest-earning
assets
|
|
39,306
|
0.44
|
|
|
40,094
|
0.41
|
|
|
23,734
|
0.47
|
|
Total interest-earning
assets
|
|
1,135,327
|
4.81
|
|
|
1,131,511
|
4.93
|
|
|
866,588
|
4.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
504,620
|
0.22
|
|
|
505,458
|
0.23
|
|
|
377,419
|
0.23
|
|
Certificates of
deposit
|
|
222,464
|
0.74
|
|
|
228,446
|
0.73
|
|
|
199,392
|
0.83
|
|
Total interest-bearing
deposits
|
|
727,084
|
0.38
|
|
|
733,904
|
0.39
|
|
|
576,811
|
0.44
|
|
Securities sold under
repurchase agreements
|
|
20,467
|
0.37
|
|
|
20,643
|
0.36
|
|
|
-
|
-
|
|
FHLB
advances
|
|
82,479
|
0.57
|
|
|
92,324
|
0.51
|
|
|
65,851
|
0.61
|
|
Total interest-bearing
liabilities
|
$
|
830,030
|
0.40
|
|
$
|
846,871
|
0.40
|
|
$
|
642,662
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.41
|
%
|
|
|
4.53
|
%
|
|
|
4.49
|
%
|
Net interest margin
(TE)
|
|
|
4.51
|
%
|
|
|
4.63
|
%
|
|
|
4.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the fourth quarter of 2014 totaled
$2.1 million, a decrease of
$55,000, or 3%, compared to the third
quarter of 2014 and an increase of $309,000, or 17%, compared to the fourth quarter
of 2013. The decrease in noninterest income in the fourth
quarter of 2014 compared to the third quarter of 2014 resulted
primarily from a decrease in service fees and charges (down
$43,000).
The increase in noninterest income in the fourth quarter of 2014
compared to the fourth quarter of 2013 resulted primarily from
increases in service fees and charges (up $220,000) and bank card fees (up $160,000) due primarily to the Britton &
Koontz acquisition and increased customer transactions, which was
partially offset by a decrease in the amortization of the FDIC
receivable (down $57,000).
Noninterest Expense
Noninterest expense for the fourth quarter of 2014 totaled
$10.2 million, an increase of
$208,000, or 2%, compared to the
third quarter of 2014 and an increase of $1.4 million, or 16%, compared to the fourth
quarter of 2013. The increase in noninterest expense in the fourth
quarter of 2014 compared to the third quarter of 2014 resulted
primarily from higher compensation and benefits (up $308,000) and foreclosed assets (up $132,000) expenses, which were partially offset
by lower other expense (down $174,000) and franchise and shares taxes (down
$163,000).
The increase in noninterest expense for the fourth quarter of
2014 compared to the fourth quarter of 2013 primarily relates to
the Britton & Koontz acquisition.
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
Fourth Quarter
2014
|
|
Fourth Quarter
2013
|
|
Year Ended
December 31,
2014
|
|
Year Ended
December 31,
2013
|
|
|
|
|
|
|
|
|
|
Reported noninterest
expense
|
$
|
10,176
|
$
|
8,774
|
$
|
41,772
|
$
|
33,205
|
Less: Merger-related
expenses
|
|
-
|
|
(307)
|
|
(2,286)
|
|
(307)
|
Non-GAAP noninterest
expense
|
$
|
10,176
|
$
|
8,467
|
$
|
39,486
|
$
|
32,898
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
2,809
|
$
|
1,706
|
$
|
9,872
|
$
|
7,294
|
Add: Merger-related
expenses (after tax)
|
|
-
|
|
200
|
|
1,497
|
|
203
|
Non-GAAP net
income
|
$
|
2,809
|
$
|
1,906
|
$
|
11,369
|
$
|
7,497
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
0.40
|
$
|
0.25
|
$
|
1.42
|
$
|
1.06
|
Less: Merger-related
expenses
|
|
-
|
|
0.03
|
|
0.22
|
|
0.03
|
Non-GAAP
EPS
|
$
|
0.40
|
$
|
0.28
|
$
|
1.64
|
$
|
1.09
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
%
|
|
|
September
30,
|
|
2014
|
|
2013
|
|
Change
|
|
|
2014
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 29,077,907
|
|
$ 32,638,900
|
|
(11)
|
%
|
|
$ 54,620,690
|
Interest-bearing
deposits in banks
|
5,526,000
|
|
2,940,000
|
|
88
|
|
|
5,771,000
|
Investment securities
available for sale, at fair value
|
174,800,516
|
|
149,632,153
|
|
17
|
|
|
181,238,080
|
Investment securities
held to maturity
|
11,705,470
|
|
9,404,790
|
|
25
|
|
|
11,211,745
|
Mortgage loans held
for sale
|
4,516,835
|
|
1,951,345
|
|
132
|
|
|
7,397,081
|
Loans covered by loss
sharing agreements
|
18,581,589
|
|
21,673,808
|
|
(14)
|
|
|
18,492,286
|
Noncovered loans, net
of unearned income
|
890,386,282
|
|
685,782,309
|
|
30
|
|
|
888,872,055
|
Total loans
|
908,967,871
|
|
707,456,117
|
|
29
|
|
|
907,364,341
|
Allowance for loan
losses
|
(7,759,500)
|
|
(6,918,009)
|
|
12
|
|
|
(7,418,243)
|
Total loans, net of
allowance for loan losses
|
901,208,371
|
|
700,538,108
|
|
29
|
|
|
899,946,098
|
FDIC loss sharing
receivable
|
4,588,807
|
|
12,698,077
|
|
(64)
|
|
|
6,449,226
|
Office properties and
equipment, net
|
37,964,714
|
|
30,702,635
|
|
24
|
|
|
38,217,660
|
Cash surrender value
of bank-owned life insurance
|
19,163,110
|
|
17,750,604
|
|
8
|
|
|
19,047,294
|
Accrued interest
receivable and other assets
|
32,862,880
|
|
25,984,346
|
|
27
|
|
|
35,847,211
|
Total
Assets
|
$
1,221,414,610
|
|
$
984,240,958
|
|
24
|
|
|
$
1,259,746,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
$ 993,572,593
|
|
$ 741,312,416
|
|
34
|
%
|
|
$ 983,386,883
|
Securities sold under
repurchase agreements
|
20,370,892
|
|
-
|
|
-
|
|
|
20,540,654
|
Federal Home Loan
Bank advances
|
47,500,000
|
|
97,000,000
|
|
(51)
|
|
|
95,000,875
|
Accrued interest
payable and other liabilities
|
5,827,369
|
|
4,019,013
|
|
45
|
|
|
9,699,673
|
Total
Liabilities
|
1,067,270,854
|
|
842,331,429
|
|
27
|
|
|
1,108,628,085
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common
stock
|
90,088
|
|
89,585
|
|
1
|
%
|
|
89,968
|
Additional paid-in
capital
|
93,332,108
|
|
92,192,410
|
|
1
|
|
|
93,025,616
|
Treasury
stock
|
(28,572,891)
|
|
(28,011,398)
|
|
2
|
|
|
(28,502,198)
|
Common stock acquired
by benefit plans
|
(5,112,340)
|
|
(6,285,327)
|
|
(19)
|
|
|
(5,223,134)
|
Retained
earnings
|
93,101,915
|
|
83,729,144
|
|
11
|
|
|
90,791,742
|
Accumulated other
comprehensive income
|
1,304,876
|
|
195,115
|
|
569
|
|
|
936,006
|
Total
Shareholders' Equity
|
154,143,756
|
|
141,909,529
|
|
9
|
|
|
151,118,000
|
Total Liabilities
and Shareholders' Equity
|
$
1,221,414,610
|
|
$
984,240,958
|
|
24
|
|
|
$
1,259,746,085
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
December
31,
|
%
|
|
|
December
31,
|
|
%
|
|
|
2014
|
2013
|
|
Change
|
|
|
2014
|
2013
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 12,775,683
|
$
9,956,749
|
|
28
|
%
|
|
$ 50,273,076
|
$ 40,535,633
|
|
24
|
%
|
Investment
securities
|
928,976
|
782,409
|
|
19
|
|
|
3,886,520
|
3,060,521
|
|
27
|
|
Other investments and
deposits
|
43,562
|
28,278
|
|
54
|
|
|
162,965
|
124,355
|
|
31
|
|
Total interest
income
|
13,748,221
|
10,767,436
|
|
28
|
|
|
54,322,561
|
43,720,509
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
697,123
|
633,361
|
|
10
|
%
|
|
2,742,106
|
3,043,982
|
|
(10)
|
%
|
Securities sold under
repurchase agreements
|
18,839
|
-
|
|
-
|
|
|
72,986
|
-
|
|
-
|
|
Federal Home Loan
Bank advances
|
118,324
|
100,119
|
|
18
|
|
|
468,327
|
458,926
|
|
2
|
|
Total interest
expense
|
834,286
|
733,480
|
|
14
|
|
|
3,283,419
|
3,502,908
|
|
(6)
|
|
Net interest
income
|
12,913,935
|
10,033,956
|
|
29
|
|
|
51,039,142
|
40,217,601
|
|
27
|
|
Provision for loan
losses
|
516,400
|
431,368
|
|
20
|
|
|
2,364,358
|
3,652,694
|
|
(35)
|
|
Net interest income
after provision for loan losses
|
12,397,535
|
9,602,588
|
|
29
|
|
|
48,674,784
|
36,564,907
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
965,093
|
745,420
|
|
30
|
%
|
|
3,746,580
|
2,729,469
|
|
37
|
%
|
Bank card
fees
|
576,973
|
416,661
|
|
39
|
|
|
2,178,194
|
1,730,960
|
|
26
|
|
Gain on sale of
loans, net
|
302,984
|
264,111
|
|
15
|
|
|
1,212,157
|
1,553,598
|
|
(22)
|
|
Income from
bank-owned life insurance
|
115,816
|
112,595
|
|
3
|
|
|
458,163
|
464,170
|
|
(1)
|
|
Gain on the sale of
securities, net
|
-
|
-
|
|
-
|
|
|
1,826
|
428,200
|
|
(100)
|
|
Discount accretion of
FDIC loss sharing receivable
|
40,698
|
98,016
|
|
(59)
|
|
|
246,447
|
432,929
|
|
(43)
|
|
Other
income
|
104,471
|
160,170
|
|
(35)
|
|
|
331,411
|
330,523
|
|
0
|
|
Total noninterest
income
|
2,106,035
|
1,796,973
|
|
17
|
|
|
8,174,778
|
7,669,849
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
6,093,923
|
5,335,859
|
|
14
|
%
|
|
24,386,501
|
20,329,834
|
|
20
|
%
|
Occupancy
|
1,250,883
|
748,545
|
|
67
|
|
|
4,670,318
|
3,524,567
|
|
33
|
|
Marketing and
advertising
|
223,661
|
202,595
|
|
10
|
|
|
919,483
|
766,388
|
|
20
|
|
Data processing and
communication
|
1,033,923
|
599,760
|
|
72
|
|
|
4,430,519
|
2,441,796
|
|
81
|
|
Professional
fees
|
233,853
|
436,747
|
|
(47)
|
|
|
1,159,814
|
1,060,656
|
|
9
|
|
Forms, printing and
supplies
|
163,014
|
100,126
|
|
63
|
|
|
662,074
|
429,888
|
|
54
|
|
Franchise and shares
tax
|
20,904
|
(108,765)
|
|
119
|
|
|
574,060
|
710,775
|
|
(19)
|
|
Regulatory
fees
|
276,236
|
221,908
|
|
25
|
|
|
1,066,999
|
889,967
|
|
20
|
|
Foreclosed assets,
net
|
223,660
|
286,163
|
|
(22)
|
|
|
996,633
|
522,903
|
|
91
|
|
Other
expenses
|
656,238
|
951,281
|
|
(31)
|
|
|
2,905,191
|
2,527,922
|
|
15
|
|
Total noninterest
expense
|
10,176,295
|
8,774,219
|
|
16
|
|
|
41,771,592
|
33,204,696
|
|
26
|
|
Income before income
tax expense
|
4,327,275
|
2,625,342
|
|
65
|
|
|
15,077,970
|
11,030,060
|
|
37
|
|
Income tax
expense
|
1,518,285
|
919,693
|
|
65
|
|
|
5,206,383
|
3,736,138
|
|
39
|
|
Net income
|
$
2,808,990
|
$
1,705,649
|
|
65
|
|
|
$
9,871,587
|
$
7,293,922
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.43
|
$
0.26
|
|
65
|
%
|
|
$
1.51
|
$
1.11
|
|
36
|
%
|
Earnings per share -
diluted
|
$
0.40
|
$
0.25
|
|
60
|
|
|
$
1.42
|
$
1.06
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.07
|
$
-
|
|
|
|
|
$
0.07
|
$
-
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
December
31,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
September 30,
2014
|
|
|
Change
|
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$ 13,749
|
|
$10,767
|
|
28
|
%
|
|
$
14,068
|
|
|
(2)
|
%
|
|
Total interest
expense
|
834
|
|
733
|
|
14
|
|
|
856
|
|
|
(3)
|
|
|
Net interest
income
|
12,915
|
|
10,034
|
|
29
|
|
|
13,212
|
|
|
(2)
|
|
|
Provision for loan
losses
|
516
|
|
431
|
|
20
|
|
|
892
|
|
|
(42)
|
|
|
Total noninterest
income
|
2,106
|
|
1,797
|
|
17
|
|
|
2,161
|
|
|
(3)
|
|
|
Total noninterest
expense
|
10,177
|
|
8,774
|
|
16
|
|
|
9,968
|
|
|
2
|
|
|
Income tax
expense
|
1,518
|
|
920
|
|
65
|
|
|
1,636
|
|
|
(7)
|
|
|
Net income
|
$
2,810
|
|
$
1,706
|
|
65
|
|
|
$
2,877
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 1,246,033
|
|
$ 962,611
|
|
29
|
%
|
|
$
1,242,370
|
|
|
0
|
%
|
|
Total
interest-earning assets
|
1,135,327
|
|
866,589
|
|
31
|
|
|
1,131,511
|
|
|
0
|
|
|
Totals
loans
|
907,902
|
|
685,034
|
|
33
|
|
|
904,216
|
|
|
0
|
|
|
Total
interest-bearing deposits
|
727,084
|
|
576,811
|
|
26
|
|
|
733,904
|
|
|
(1)
|
|
|
Total
interest-bearing liabilities
|
830,030
|
|
642,662
|
|
29
|
|
|
846,871
|
|
|
(2)
|
|
|
Total
deposits
|
988,483
|
|
752,300
|
|
31
|
|
|
979,711
|
|
|
1
|
|
|
Total shareholders'
equity
|
153,438
|
|
141,516
|
|
8
|
|
|
150,087
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.90
|
%
|
0.71
|
%
|
27
|
%
|
|
0.93
|
%
|
|
(3)
|
%
|
|
Return on average
equity
|
7.32
|
|
4.82
|
|
52
|
|
|
7.67
|
|
|
(5)
|
|
|
Efficiency ratio
(2)
|
67.75
|
|
74.16
|
|
(9)
|
|
|
64.84
|
|
|
5
|
|
|
Average equity to
average assets
|
12.31
|
|
14.70
|
|
(16)
|
|
|
12.08
|
|
|
2
|
|
|
Tier 1 leverage
capital ratio(3)
|
12.01
|
|
14.17
|
|
(15)
|
|
|
11.34
|
|
|
6
|
|
|
Total risk-based
capital ratio(3)
|
17.98
|
|
21.88
|
|
(18)
|
|
|
17.53
|
|
|
3
|
|
|
Net interest margin
(4)
|
4.51
|
|
4.60
|
|
(2)
|
|
|
4.63
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$ 0.43
|
|
$ 0.26
|
|
65
|
%
|
|
$
0.44
|
|
|
(2)
|
%
|
|
Diluted earnings per
share
|
0.40
|
|
0.25
|
|
60
|
|
|
0.41
|
|
|
(2)
|
|
|
Book value at period
end
|
21.64
|
|
19.99
|
|
8
|
|
|
21.23
|
|
|
2
|
|
|
Tangible book value
at period end
|
21.04
|
|
19.72
|
|
7
|
|
|
20.57
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,123,442
|
|
7,099,314
|
|
0
|
%
|
|
7,114,516
|
|
|
0
|
%
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,608,832
|
|
6,481,679
|
|
2
|
%
|
|
6,577,378
|
|
|
1
|
%
|
|
Diluted
|
6,985,942
|
|
6,800,604
|
|
3
|
|
|
6,950,916
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
September 30,
2014
|
|
December 31,
2013
|
|
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 3,277
|
|
$ 20,004
|
|
$ 23,281
|
|
|
$ 3,432
|
|
$ 11,785
|
|
$ 15,217
|
|
|
$ 5,081
|
|
$ 19,679
|
|
$ 24,760
|
|
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Total nonperforming
loans
|
3,277
|
|
20,004
|
|
23,281
|
|
|
3,432
|
|
11,785
|
|
15,217
|
|
|
5,081
|
|
19,679
|
|
24,760
|
|
|
|
Foreclosed
assets
|
1,624
|
|
3,590
|
|
5,214
|
|
|
2,195
|
|
5,151
|
|
7,346
|
|
|
3,160
|
|
1,406
|
|
4,566
|
|
|
|
Total nonperforming
assets
|
4,901
|
|
23,594
|
|
28,495
|
|
|
5,627
|
|
16,936
|
|
22,563
|
|
|
8,241
|
|
21,085
|
|
29,326
|
|
|
|
Performing troubled
debt restructurings
|
2
|
|
723
|
|
725
|
|
|
3
|
|
732
|
|
735
|
|
|
5
|
|
424
|
|
429
|
|
|
|
Total nonperforming
assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$
4,903
|
|
$
24,317
|
|
$
29,220
|
|
|
$
5,630
|
|
$
17,668
|
|
$
23,298
|
|
|
$
8,246
|
|
$
21,509
|
|
$
29,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
2.33
|
%
|
|
|
|
|
|
1.79
|
%
|
|
|
|
|
|
2.98
|
%
|
|
|
Nonperforming loans
to total assets
|
|
|
|
|
1.91
|
|
|
|
|
|
|
1.21
|
|
|
|
|
|
|
2.52
|
|
|
|
Nonperforming loans
to total loans
|
|
|
|
|
2.56
|
|
|
|
|
|
|
1.68
|
|
|
|
|
|
|
3.50
|
|
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
27.23
|
|
|
|
|
|
|
32.88
|
|
|
|
|
|
|
23.59
|
|
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
33.33
|
|
|
|
|
|
|
48.75
|
|
|
|
|
|
|
27.94
|
|
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.85
|
|
|
|
|
|
|
0.82
|
|
|
|
|
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$ 1,715
|
|
|
|
|
|
|
$ 1,434
|
|
|
|
|
|
|
$ 2,155
|
|
|
|
Year-to-date loan
recoveries
|
|
|
|
|
192
|
|
|
|
|
|
|
86
|
|
|
|
|
|
|
101
|
|
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
1,523
|
|
|
|
|
|
|
$
1,348
|
|
|
|
|
|
|
$
2,054
|
|
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
0.17
|
%
|
|
|
|
|
|
0.20
|
%
|
|
|
|
|
|
0.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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".
|
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visit:http://www.prnewswire.com/news-releases/home-bancorp-announces-2014-fourth-quarter-and-annual-results-and-declares-a-quarterly-dividend-300026057.html
SOURCE Home Bancorp, Inc.