LAFAYETTE, La., Jan. 26, 2016 /PRNewswire/ --
Fourth Quarter 2015 and Annual Highlights:
- Fourth quarter 2015 net income (excluding merger-related
expenses) up 28% compared to the previous quarter
- 2015 net income (excluding merger-related expenses) up 21%
compared to 2014
- Organic loan growth during 2015 was 4%
- Direct energy-related loans totaled 2.9% of outstanding loan
portfolio (3.6% including unfunded commitments) at year-end
- Non-performing assets declined $12.6
million, or 44%, during the year
Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the
parent company for Home Bank, N.A. (the "Bank")
(www.home24bank.com), reported net income of $4.0 million for the fourth quarter of 2015, an
increase of $1.1 million, or 37%,
compared to the third quarter of 2015 and an increase of
$1.2 million, or 41%, compared to the
fourth quarter of 2014. The fourth and third quarters of 2015
include merger-related expenses, net of taxes, totaling
$407,000 and $527,000, respectively, related to the
acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp").
Excluding merger-related expenses, net income for the fourth
quarter of 2015 totaled $4.4 million,
an increase of 28% compared to the third quarter of 2015 and an
increase of 56% compared to the fourth quarter of 2014.
Diluted earnings per share were $0.56 for the fourth quarter of 2015, an increase
of $0.15, or 37%, from the third
quarter of 2015 and an increase of $0.16, or 40%, compared to the fourth quarter of
2014. Excluding merger-related expenses, diluted earnings per
share for the fourth quarter of 2015 were $0.62, an increase of 27% from the third quarter
of 2015 and an increase of 55% compared to the fourth quarter of
2014.
Net income for the year ended December
31, 2015 was a record $12.6
million, an increase of $2.7
million, or 27%, compared to 2014. Excluding
merger-related expenses, net of taxes, of $1.2 million and $1.5
million incurred during 2015 and 2014, respectively, net
income for the year ended December 31,
2015 was $13.7 million, an
increase of 21% compared to 2014.
Diluted earnings per share for 2015 were a record $1.79, an increase of 26% compared to
$1.42 in 2014. Excluding
merger-related expenses, 2015 diluted earnings per share were
$1.96, an increase of 20% compared to
2014.
"2015 was another amazing year of growth for our company,"
stated John W. Bordelon, President
and Chief Executive Officer of the Company and the Bank. "We owe
our success to our many dedicated and energized Home Bank
colleagues who do an exceptional job taking care of our customers
and one another each and every day."
"Although fears over energy prices dominated the headlines in
2015, we had a successful year reducing our nonperforming assets,"
continued Bordelon.
The Company also announced that its Board of Directors increased
its cash dividend $0.01 to $0.09 per
share payable on February 19, 2016,
to shareholders of record as of February 8,
2016.
Acquisition of Louisiana Bancorp, Inc.
As previously reported, the Company completed its acquisition of
Louisiana Bancorp, the former holding company of Bank of
New Orleans ("BNO") of
Metairie, Louisiana on
September 15, 2015. As a result
of the transaction, the Company acquired $351.1 million of assets, including loans of
$281.6 million, and $291.3 million in deposits and other
liabilities. Shareholders of Louisiana Bancorp received
$24.25 per share in cash, yielding an
aggregate purchase price of $70.0
million.
Loans and Credit Quality
Loans totaled $1.2 billion at
December 31, 2015, an increase of
$16.7 million, or 1%, from
September 30, 2015, and an increase
of $315.4 million, or 35%, from
December 31, 2014. Loan growth during
the fourth quarter of 2015 related primarily to construction and
land (up $14.0 million) and
commercial and industrial (up $9.9
million) loans, which were partially offset by decreases in
commercial real estate (down $4.7
million) and multi-family residential loans (down
$1.9 million).
The vast majority of the increase in loans outstanding at
December 31, 2015 compared to
December 31, 2014 resulted from the
acquisition of Louisiana Bancorp. The Company acquired
$281.6 million of loans from
Louisiana Bancorp. Organic loan growth during 2015 totaled
$33.7 million, or 4%.
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)
|
|
2015
|
|
2014
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
391,266
|
$
|
233,249
|
$
|
158,017
|
68
|
%
|
Home
equity loans and lines
|
|
94,060
|
|
56,000
|
|
38,060
|
68
|
|
Commercial real estate
|
|
405,379
|
|
352,863
|
|
52,516
|
15
|
|
Construction and
land
|
|
116,775
|
|
89,154
|
|
27,621
|
31
|
|
Multi-family
residential
|
|
43,863
|
|
27,375
|
|
16,488
|
60
|
|
Total real
estate loans
|
|
1,051,343
|
|
758,641
|
|
292,702
|
39
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
125,108
|
|
104,446
|
|
20,662
|
20
|
|
Consumer
|
|
47,915
|
|
45,881
|
|
2,034
|
4
|
|
Total
other loans
|
|
173,023
|
|
150,327
|
|
22,696
|
15
|
|
Total
loans
|
$
|
1,224,366
|
$
|
908,968
|
$
|
315,398
|
35
|
%
|
Nonperforming assets ("NPAs") totaled $15.9 million at December
31, 2015, a decrease of $4.9
million, or 23%, compared to September 30, 2015 and a decrease of $12.6 million, or 44%, compared to December 31, 2014. Of the $15.9 million in total NPAs at December 31, 2015, an aggregate of $10.2 million related to our acquisitions of
Statewide Bank, GS Financial Corp, Britton & Koontz Capital
Corporation and Louisiana Bancorp. The ratio of total
NPAs to total assets was 1.03% at December
31, 2015, compared to 1.34% at September 30, 2015 and 2.33% at December 31, 2014. Excluding acquired
assets, the ratio of NPAs was 0.51% at December 31, 2015, compared to 0.65% at
September 30, 2015 and 0.56% at
December 31, 2014.
The Company recorded net loan charge-offs of $54,000 during the fourth quarter of 2015,
compared to net loan charge-offs of $103,000 and $175,000 in the third quarter of 2015 and the
fourth quarter of 2014, respectively. The Company's provision
for loan losses for the fourth quarter of 2015 was $670,000, compared to $569,000 for the third quarter of 2015 and
$516,000 for the fourth quarter of
2014.
The ratio of the allowance for loan losses to total loans was
0.78% at December 31, 2015, compared
to 0.74% and 0.85% at September 30,
2015 and December 31, 2014,
respectively. Excluding acquired loans, the ratio of the
allowance for loan losses to total loans was 1.15% at December 31, 2015, compared to 1.12% and 1.04% at
September 30, 2015 and December 31, 2014, respectively.
The balance of loans to companies in the energy sector totaled
$35.4 million, or 2.9%, of our
outstanding loan portfolio at December
31, 2015. In addition to outstanding loans at
December 31, 2015, we also had
unfunded loan commitments to companies in the energy sector
amounting to $8.9 million at such
date. Based upon our analysis of the risk elements in our
loan portfolio, including continued low energy prices, the Company
increased its allowance for loan losses on organic loans by 11
basis points, or $873,000, during
2015. The Company remains in close contact with our energy company
borrowers, and continues to monitor economic data to assess the
potential indirect impact of low energy prices on our loan
portfolio.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$190.7 million at December 31, 2015, a decrease of $14.5 million, or 7%, from September 30, 2015, and an increase of
$4.2 million, or 2%, from
December 31, 2014. The Company
acquired $36.4 million of investment
securities from Louisiana Bancorp at acquisition date, and
subsequently sold a total of $12.3
million of the acquired investments in 2015. The
decrease in the fourth quarter of 2015 compared to the third
quarter of 2015 was primarily the result of pay downs and
maturities.
At December 31, 2015, the Company
had a net unrealized gain position on its investment securities
portfolio of $1.3 million, compared
to net unrealized gains of $2.9
million and $2.0 million at
September 30, 2015 and December 31, 2014, respectively. The
Company's investment securities portfolio had a modified duration
of 3.3 years at December 31, 2015,
compared to 3.5 and 3.8 years at September
30, 2015 and December 31,
2014, respectively.
Deposits
Total deposits were $1.2 billion
at December 31, 2015, an increase of
$22.5 million, or 2%, from
September 30, 2015, and an increase
of $250.6 million, or 25%, from
December 31, 2014. During the
fourth quarter of 2015, core deposits (i.e., checking, savings and
money market accounts) increased $41.0
million, or 4%, from September 30,
2015, and increased $194.6
million, or 25%, from December 31,
2014.
The vast majority of the increase in total deposits outstanding
at December 31, 2015 compared to
December 31, 2014 resulted from the
acquisition of Louisiana Bancorp. The Company acquired
$208.7 million of deposits from
Louisiana Bancorp at the acquisition date. The increase in
core deposits at December 31, 2015
compared to December 31, 2014 related
primarily to core deposits acquired from Louisiana Bancorp.
The Company acquired $118.1 million
in core deposits from Louisiana Bancorp at the acquisition
date.
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)
|
|
2015
|
|
2014
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
296,617
|
$
|
267,660
|
$
|
28,957
|
11
|
%
|
Savings
|
|
109,393
|
|
81,145
|
|
28,248
|
35
|
|
Money
market
|
|
293,637
|
|
219,456
|
|
74,181
|
34
|
|
NOW
|
|
267,707
|
|
204,536
|
|
63,171
|
31
|
|
Certificates of
deposit
|
|
276,863
|
|
220,775
|
|
56,088
|
25
|
|
Total
deposits
|
$
|
1,244,217
|
$
|
993,572
|
$
|
250,645
|
25
|
%
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the fourth quarter of 2015 totaled
$15.8 million, an increase of
$2.2 million, or 16%, compared to the
third quarter of 2015, and an increase of $2.8 million, or 22%, compared to the fourth
quarter of 2014. The addition of Louisiana Bancorp's earning
assets accounted for the vast majority of the comparative
increases. The Company's net interest margin was 4.36% for the
fourth quarter of 2015, 19 basis points lower than the third
quarter of 2015 and 15 basis points lower than the fourth quarter
of 2014. The decrease in the net interest margin in the
fourth quarter of 2015 was primarily the result of the full quarter
impact of Louisiana Bancorp's interest-earning assets and
interest-bearing liabilities.
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,
2015
|
|
|
September 30,
2015
|
|
|
December 31,
2014
|
|
(dollars in
thousands)
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
$
|
784,654
|
5.10
|
%
|
$
|
753,791
|
5.06
|
%
|
$
|
705,556
|
5.36
|
%
|
Acquired
loans
|
|
431,580
|
5.38
|
|
|
215,481
|
6.84
|
|
|
202,346
|
6.18
|
|
Total loan
receivable
|
|
1,216,234
|
5.20
|
|
|
969,272
|
5.46
|
|
|
907,902
|
5.54
|
|
Investment securities
(TE)
|
|
195,250
|
2.23
|
|
|
192,023
|
2.16
|
|
|
188,119
|
2.17
|
|
Other interest-earning
assets
|
|
21,649
|
0.92
|
|
|
18,651
|
1.08
|
|
|
39,306
|
0.44
|
|
Total interest-earning
assets
|
|
1,433,133
|
4.73
|
|
|
1,179,946
|
4.85
|
|
|
1,135,327
|
4.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
658,882
|
0.24
|
|
|
575,185
|
0.22
|
|
|
504,620
|
0.22
|
|
Certificates of
deposit
|
|
285,473
|
0.77
|
|
|
224,206
|
0.72
|
|
|
222,464
|
0.74
|
|
Total interest-bearing
deposits
|
|
944,355
|
0.40
|
|
|
799,391
|
0.36
|
|
|
727,084
|
0.38
|
|
Securities sold under
repurchase agreements
|
|
-
|
0.00
|
|
|
4,093
|
0.20
|
|
|
20,467
|
0.37
|
|
FHLB
advances
|
|
138,045
|
1.09
|
|
|
52,097
|
1.24
|
|
|
82,479
|
0.57
|
|
Total interest-bearing
liabilities
|
$
|
1,082,400
|
0.49
|
|
$
|
855,581
|
0.42
|
|
$
|
830,030
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.24
|
%
|
|
|
4.43
|
%
|
|
|
4.41
|
%
|
Net interest margin
(TE)
|
|
|
4.36
|
%
|
|
|
4.55
|
%
|
|
|
4.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the fourth quarter of 2015 totaled
$2.5 million, an increase of
$258,000, or 12%, compared to the
third quarter of 2015 and an increase of $349,000, or 17%, compared to the fourth quarter
of 2014. The increase in noninterest income in the fourth
quarter of 2015 compared to the third quarter of 2015 resulted
primarily from an increase in other income (up $321,000 due primarily to the absence of a net
loss incurred on the sale of a fixed asset in the third quarter of
2015).
The increase in noninterest income in the fourth quarter of 2015
compared to the fourth quarter of 2014 resulted primarily from
increases in other income (up $120,000), gains on the sale of mortgage loans
(up $105,000) and service fees and
charges (up $98,000) due primarily to
the Louisiana Bancorp acquisition and increased customer
transactions.
Noninterest Expense
Noninterest expense for the fourth quarter of 2015 totaled
$11.6 million, an increase of
$1.0 million, or 10%, compared to the
third quarter of 2015 and an increase of $1.4 million, or 14%, compared to the fourth
quarter of 2014. The increases primarily relate to the growth of
the Company due to the addition of the former branches and
employees of Louisiana Bancorp. Noninterest expense for the
fourth and third quarters of 2015 includes $563,000 and $593,000, respectively, of merger-related
expenses related to the acquisition of Louisiana Bancorp.
The increase in noninterest expense in the fourth quarter of
2015 compared to the third quarter of 2015 resulted primarily from
higher compensation and benefits (up $677,000), data processing and communications (up
$238,000), other expenses (up
$181,000), occupancy expense (up
$101,000), which were partially
offset by lower professional service fees (down $255,000). Excluding merger-related
expenses, noninterest expense for the fourth quarter of 2015
totaled $11.0 million, an increase of
$1.1 million, or 11%, compared to the
third quarter of 2015.
The increase in noninterest expense for the fourth quarter of
2015 compared to the fourth quarter of 2014 resulted primarily from
increases in compensation and benefits (up $851,000), other expenses (up $268,000), franchise and shares tax (up
$179,000), data processing and
communications (up $178,000), and
professional fees (up $160,000),
which were partially offset by decreases in expenses on foreclosed
assets (down $258,000). Excluding
merger-related expenses, noninterest expense for the fourth quarter
of 2015 increased $810,000, or 8%,
compared to the fourth quarter of 2014.
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fourth
Quarter
|
|
Year
Ended
|
|
Year
Ended
|
(dollars in
thousands)
|
|
2015
|
|
2014
|
|
December
31,
2015
|
|
December
31,
2014
|
|
|
|
|
|
|
|
|
|
Reported noninterest
expense
|
$
|
11,553
|
$
|
10,176
|
$
|
42,022
|
$
|
41,772
|
Less: Merger-related
expenses
|
|
563
|
|
-
|
|
1,411
|
|
2,286
|
Non-GAAP noninterest
expense
|
$
|
10,990
|
$
|
10,176
|
$
|
40,611
|
$
|
39,486
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
3,963
|
$
|
2,809
|
$
|
12,550
|
$
|
9,872
|
Add: Merger-related
expenses (after tax)
|
|
407
|
|
-
|
|
1,166
|
|
1,497
|
Non-GAAP net
income
|
$
|
4,370
|
$
|
2,809
|
$
|
13,716
|
$
|
11,369
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
0.56
|
$
|
0.40
|
$
|
1.79
|
$
|
1.42
|
Add: Merger-related
expenses
|
|
0.06
|
|
-
|
|
0.17
|
|
0.22
|
Non-GAAP
EPS
|
$
|
0.62
|
$
|
0.40
|
$
|
1.96
|
$
|
1.64
|
|
|
|
|
|
|
|
|
|
Total
equity
|
$
|
165,046
|
$
|
154,144
|
$
|
165,046
|
$
|
154,144
|
Less:
Intangibles
|
|
15,304
|
|
4,266
|
|
15,304
|
|
4,266
|
Non-GAAP tangible
equity
|
$
|
149,742
|
$
|
149,878
|
$
|
149,742
|
$
|
149,878
|
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, intangible assets and the impact of
merger-related expenses. Management believes the presentation
of this non-GAAP financial information provides useful information
that is helpful to a full 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,
2014, 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,
|
|
2015
|
|
2014
|
|
Change
|
|
|
2015
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 24,797,599
|
|
$ 29,077,907
|
|
(15)
|
%
|
|
$ 23,538,879
|
Interest-bearing
deposits in banks
|
5,143,585
|
|
5,526,000
|
|
(7)
|
|
|
5,762,285
|
Investment securities
available for sale, at fair value
|
176,762,200
|
|
174,800,516
|
|
1
|
|
|
190,762,087
|
Investment securities
held to maturity
|
13,926,861
|
|
11,705,470
|
|
19
|
|
|
14,408,624
|
Mortgage loans held
for sale
|
5,651,250
|
|
4,516,835
|
|
25
|
|
|
7,170,285
|
Loans, net of
unearned income
|
1,224,365,916
|
|
908,967,871
|
|
35
|
|
|
1,207,709,500
|
Allowance for loan
losses
|
(9,547,487)
|
|
(7,759,500)
|
|
23
|
|
|
(8,931,507)
|
Total loans, net of
allowance for loan losses
|
1,214,818,429
|
|
901,208,371
|
|
35
|
|
|
1,198,777,993
|
Office properties and
equipment, net
|
40,815,744
|
|
37,964,714
|
|
8
|
|
|
42,264,398
|
Cash surrender value
of bank-owned life insurance
|
19,666,900
|
|
19,163,110
|
|
3
|
|
|
19,543,520
|
Accrued interest
receivable and other assets
|
50,329,032
|
|
37,451,687
|
|
34
|
|
|
55,682,411
|
Total
Assets
|
$
1,551,911,600
|
|
$
1,221,414,610
|
|
27
|
|
|
$
1,557,910,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
$ 1,244,216,516
|
|
$ 993,572,593
|
|
25
|
%
|
|
$ 1,221,687,666
|
Securities sold under
repurchase agreements
|
-
|
|
20,370,892
|
|
-
|
|
|
-
|
Federal Home Loan
Bank advances
|
125,152,598
|
|
47,500,000
|
|
164
|
|
|
153,444,516
|
Accrued interest
payable and other liabilities
|
17,496,132
|
|
5,827,369
|
|
200
|
|
|
20,492,194
|
Total
Liabilities
|
1,386,865,246
|
|
1,067,270,854
|
|
30
|
|
|
1,395,624,376
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common
stock
|
72,399
|
|
90,088
|
|
(20)
|
%
|
|
72,252
|
Additional paid-in
capital
|
76,948,914
|
|
93,332,108
|
|
(18)
|
|
|
76,486,634
|
Treasury
stock
|
-
|
|
(28,572,891)
|
|
-
|
|
|
-
|
Common stock acquired
by benefit plans
|
(4,711,260)
|
|
(5,112,340)
|
|
(8)
|
|
|
(4,822,040)
|
Retained
earnings
|
91,864,543
|
|
93,101,915
|
|
(1)
|
|
|
88,646,324
|
Accumulated other
comprehensive income
|
871,758
|
|
1,304,876
|
|
(33)
|
|
|
1,902,936
|
Total
Shareholders' Equity
|
165,046,354
|
|
154,143,756
|
|
7
|
|
|
162,286,106
|
Total Liabilities
and Shareholders' Equity
|
$
1,551,911,600
|
|
$
1,221,414,610
|
|
27
|
|
|
$
1,557,910,482
|
|
|
|
|
|
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
December
31,
|
%
|
|
|
December
31,
|
|
%
|
|
|
2015
|
2014
|
|
Change
|
|
|
2015
|
2014
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 16,049,010
|
$ 12,775,683
|
|
26
|
%
|
|
$ 54,466,025
|
$ 50,273,076
|
|
8
|
%
|
Investment
securities
|
992,658
|
928,976
|
|
7
|
|
|
3,743,983
|
3,886,520
|
|
(4)
|
|
Other investments and
deposits
|
49,961
|
43,562
|
|
15
|
|
|
199,646
|
162,965
|
|
23
|
|
Total interest
income
|
17,091,629
|
13,748,221
|
|
24
|
|
|
58,409,654
|
54,322,561
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
957,044
|
697,123
|
|
37
|
%
|
|
3,072,725
|
2,742,106
|
|
12
|
%
|
Securities sold under
repurchase agreements
|
-
|
18,839
|
|
(100)
|
|
|
39,126
|
72,986
|
|
(46)
|
|
Federal Home Loan
Bank advances
|
378,127
|
118,324
|
|
220
|
|
|
753,542
|
468,327
|
|
61
|
|
Total interest
expense
|
1,335,171
|
834,286
|
|
60
|
|
|
3,865,393
|
3,283,419
|
|
18
|
|
Net interest
income
|
15,756,458
|
12,913,935
|
|
22
|
|
|
54,544,261
|
51,039,142
|
|
7
|
|
Provision for loan
losses
|
669,604
|
516,400
|
|
30
|
|
|
2,070,894
|
2,364,358
|
|
(12)
|
|
Net interest income
after provision for loan losses
|
15,086,854
|
12,397,535
|
|
22
|
|
|
52,473,367
|
48,674,784
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,063,195
|
965,093
|
|
10
|
%
|
|
3,937,797
|
3,746,580
|
|
5
|
%
|
Bank card
fees
|
590,388
|
576,973
|
|
2
|
|
|
2,413,459
|
2,178,194
|
|
11
|
|
Gain on sale of
loans, net
|
408,329
|
302,984
|
|
35
|
|
|
1,527,721
|
1,212,157
|
|
26
|
|
Income from
bank-owned life insurance
|
123,380
|
115,816
|
|
7
|
|
|
503,790
|
458,163
|
|
10
|
|
Gain on the sale of
securities, net
|
4,227
|
-
|
|
-
|
|
|
7,279
|
1,826
|
|
299
|
|
Other
income
|
265,363
|
145,169
|
|
83
|
|
|
379,473
|
577,858
|
|
(34)
|
|
Total noninterest
income
|
2,454,882
|
2,106,035
|
|
17
|
|
|
8,769,519
|
8,174,778
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
6,944,659
|
6,093,923
|
|
14
|
%
|
|
25,035,862
|
24,386,501
|
|
3
|
%
|
Occupancy
|
1,319,542
|
1,250,883
|
|
6
|
|
|
4,875,945
|
4,670,318
|
|
4
|
|
Marketing and
advertising
|
134,162
|
223,661
|
|
(40)
|
|
|
486,341
|
919,483
|
|
(47)
|
|
Data processing and
communication
|
1,211,982
|
1,033,923
|
|
17
|
|
|
4,044,553
|
4,430,519
|
|
(9)
|
|
Professional
fees
|
393,598
|
233,853
|
|
68
|
|
|
1,755,286
|
1,159,814
|
|
51
|
|
Forms, printing and
supplies
|
188,515
|
163,014
|
|
16
|
|
|
596,748
|
662,074
|
|
(10)
|
|
Franchise and shares
tax
|
200,046
|
20,904
|
|
857
|
|
|
650,461
|
574,060
|
|
13
|
|
Regulatory
fees
|
271,091
|
276,236
|
|
(2)
|
|
|
1,122,254
|
1,066,999
|
|
5
|
|
Foreclosed assets,
net
|
(34,525)
|
223,660
|
|
(115)
|
|
|
443,228
|
996,633
|
|
(56)
|
|
Other
expenses
|
923,833
|
656,238
|
|
41
|
|
|
3,011,748
|
2,905,191
|
|
4
|
|
Total noninterest
expense
|
11,552,903
|
10,176,295
|
|
14
|
|
|
42,022,426
|
41,771,592
|
|
1
|
|
Income before income
tax expense
|
5,988,833
|
4,327,275
|
|
38
|
|
|
19,220,460
|
15,077,970
|
|
28
|
|
Income tax
expense
|
2,025,942
|
1,518,285
|
|
33
|
|
|
6,670,559
|
5,206,383
|
|
28
|
|
Net income
|
$
3,962,891
|
$
2,808,990
|
|
41
|
|
|
$
12,549,901
|
$
9,871,587
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.59
|
$
0.43
|
|
37
|
%
|
|
$
1.87
|
$
1.51
|
|
24
|
%
|
Earnings per share -
diluted
|
$
0.56
|
$
0.40
|
|
40
|
|
|
$
1.79
|
$
1.42
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.09
|
$
0.07
|
|
|
|
|
$
0.30
|
$
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
%
|
|
|
September
30,
|
|
|
%
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
|
2015
|
|
|
Change
|
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$ 17,092
|
|
$ 13,749
|
|
24
|
%
|
|
$
14,425
|
|
|
19
|
%
|
|
Total interest
expense
|
1,335
|
|
834
|
|
60
|
|
|
894
|
|
|
49
|
|
|
Net interest
income
|
15,757
|
|
12,915
|
|
22
|
|
|
13,531
|
|
|
17
|
|
|
Provision for loan
losses
|
670
|
|
516
|
|
30
|
|
|
569
|
|
|
18
|
|
|
Total noninterest
income
|
2,455
|
|
2,106
|
|
17
|
|
|
2,197
|
|
|
12
|
|
|
Total noninterest
expense
|
11,553
|
|
10,177
|
|
14
|
|
|
10,522
|
|
|
10
|
|
|
Income tax
expense
|
2,026
|
|
1,518
|
|
34
|
|
|
1,737
|
|
|
17
|
|
|
Net income
|
$
3,963
|
|
$
2,810
|
|
41
|
|
|
$
2,900
|
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 1,552,402
|
|
$ 1,246,033
|
|
25
|
%
|
|
$
1,285,302
|
|
|
21
|
%
|
|
Total
interest-earning assets
|
1,433,133
|
|
1,135,327
|
|
26
|
|
|
1,179,946
|
|
|
22
|
|
|
Totals
loans
|
1,216,234
|
|
907,902
|
|
34
|
|
|
969,272
|
|
|
26
|
|
|
Total
interest-bearing deposits
|
944,355
|
|
727,084
|
|
30
|
|
|
799,391
|
|
|
18
|
|
|
Total
interest-bearing liabilities
|
1,082,400
|
|
830,030
|
|
30
|
|
|
855,581
|
|
|
27
|
|
|
Total
deposits
|
1,232,109
|
|
988,483
|
|
25
|
|
|
1,064,384
|
|
|
16
|
|
|
Total shareholders'
equity
|
164,100
|
|
153,438
|
|
7
|
|
|
161,033
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
RATIOS(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.02
|
%
|
0.90
|
%
|
13
|
%
|
|
0.90
|
%
|
|
13
|
%
|
|
Return on average
equity
|
9.66
|
|
7.32
|
|
32
|
|
|
7.20
|
|
|
34
|
|
|
Efficiency
ratio(2)
|
63.44
|
|
67.75
|
|
(6)
|
|
|
66.90
|
|
|
(5)
|
|
|
Average equity to
average assets
|
10.57
|
|
12.31
|
|
(14)
|
|
|
12.53
|
|
|
(16)
|
|
|
Tier 1 leverage
capital ratio(3)
|
11.65
|
|
12.01
|
|
(3)
|
|
|
10.12
|
|
|
15
|
|
|
Total risk-based
capital ratio(3)
|
12.48
|
|
17.98
|
|
(31)
|
|
|
12.01
|
|
|
4
|
|
|
Net interest
margin(4)
|
4.36
|
|
4.51
|
|
(3)
|
|
|
4.55
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$ 0.59
|
|
$ 0.43
|
|
37
|
%
|
|
$
0.43
|
|
|
37
|
%
|
|
Diluted earnings per
share
|
0.56
|
|
0.40
|
|
40
|
|
|
0.41
|
|
|
37
|
|
|
Book value at period
end
|
22.80
|
|
21.64
|
|
5
|
|
|
22.46
|
|
|
2
|
|
|
Tangible book value
at period end
|
20.68
|
|
21.04
|
|
(2)
|
|
|
20.26
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,239,821
|
|
7,123,442
|
|
2
|
%
|
|
7,225,311
|
|
|
-
|
%
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,760,307
|
|
6,608,832
|
|
2
|
%
|
|
6,743,179
|
|
|
-
|
%
|
|
Diluted
|
7,045,275
|
|
6,985,942
|
|
1
|
|
|
7,022,484
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
Estimated 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,
2015
|
|
September 30,
2015
|
|
December 31,
2014
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 7,162
|
|
$ 5,651
|
|
$ 12,813
|
|
|
$ 9,495
|
|
$ 5,512
|
|
$ 15,007
|
|
|
$ 19,438
|
|
$ 3,843
|
|
$ 23,281
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
7,162
|
|
5,651
|
|
12,813
|
|
|
9,495
|
|
5,512
|
|
15,007
|
|
|
19,438
|
|
3,843
|
|
23,281
|
|
Foreclosed
assets
|
3,012
|
|
116
|
|
3,128
|
|
|
4,094
|
|
1,723
|
|
5,817
|
|
|
3,380
|
|
1,835
|
|
5,215
|
|
Total nonperforming
assets
|
10,174
|
|
5,767
|
|
15,941
|
|
|
13,589
|
|
7,235
|
|
20,824
|
|
|
22,818
|
|
5,678
|
|
28,496
|
|
Performing troubled
debt restructurings
|
492
|
|
798
|
|
1,290
|
|
|
498
|
|
876
|
|
1,374
|
|
|
510
|
|
214
|
|
724
|
|
Total nonperforming
assets and troubled debt
restructurings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
10,666
|
|
$
6,565
|
|
$
17,231
|
|
|
$
14,087
|
|
$
8,111
|
|
$
22,198
|
|
|
$
23,328
|
|
$
5,892
|
|
$
29,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
1.03
|
%
|
|
|
|
|
|
1.34
|
%
|
|
|
|
|
|
2.33
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
0.83
|
|
|
|
|
|
|
0.96
|
|
|
|
|
|
|
1.91
|
|
Nonperforming loans
to total loans
|
|
|
|
|
1.05
|
|
|
|
|
|
|
1.24
|
|
|
|
|
|
|
2.56
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
59.89
|
|
|
|
|
|
|
42.89
|
|
|
|
|
|
|
27.23
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
74.51
|
|
|
|
|
|
|
59.52
|
|
|
|
|
|
|
33.33
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.78
|
|
|
|
|
|
|
0.74
|
|
|
|
|
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$ 562
|
|
|
|
|
|
|
$ 377
|
|
|
|
|
|
|
$ 1,715
|
|
Year-to-date loan
recoveries
|
|
|
|
|
279
|
|
|
|
|
|
|
148
|
|
|
|
|
|
|
192
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
283
|
|
|
|
|
|
|
$
229
|
|
|
|
|
|
|
$
1,523
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
0.02
|
%
|
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
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 certain assets covered under FDIC loss sharing
agreements. Such assets covered by FDIC loss sharing agreements are
included in "Acquired" assets.
|
|
|
|
|
Logo -
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-bancorp-announces-2015-fourth-quarter-and-annual-results-and-increases-its-quarterly-dividend-300209545.html
SOURCE Home Bancorp, Inc.