LAFAYETTE, La., April 26, 2016 /PRNewswire/ -- Home Bancorp, Inc.
(Nasdaq: "HBCP") (the "Company"), the parent company for Home
Bank, N.A. (the "Bank") (www.home24bank.com), reported net income
of $3.3 million for the first quarter
of 2016, a decrease of $613,000, or
15%, compared to the fourth quarter of 2015 and an increase of
$502,000, or 18%, compared to the
first quarter of 2015. The first quarter of 2016 and fourth
quarter of 2015 include merger-related expenses, net of taxes,
totaling $398,000 and $407,000, respectively, related to the
acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp").
Excluding merger-related expenses, net income for the first quarter
of 2016 totaled $3.7 million, a
decrease of 14% compared to the fourth quarter of 2015 and an
increase of 32% compared to the first quarter of 2015.
Diluted earnings per share were $0.47 for the first quarter of 2016, a decrease
of $0.09, or 16%, from the fourth
quarter of 2015 and an increase of $0.06, or 15%, compared to the first quarter of
2015. Excluding merger-related expenses, diluted earnings per
share for the first quarter of 2016 were $0.53, a decrease of 15% from the fourth quarter
of 2015 and an increase of 29% compared to the first quarter of
2015.
"Organic loan growth was healthy during the quarter at 10% on an
annualized basis," stated John W.
Bordelon, President and Chief Executive Officer of the
Company and the Bank. "Expected paydowns on acquired loans offset
organic growth, resulting in a 1% overall decrease in loans."
"We continue to work very closely with our customers in the
energy sector to help them manage through the current cycle,"
stated Bordelon. "Many of those customers have weathered such
cycles in the past. Although their resilience is not
surprising given their liquidity and lower leverage positions going
into the downturn, it is nonetheless admirable."
The Company announced that its Board of Directors increased its
cash dividend $0.01 to $0.10 per share payable on
May 20, 2016, to shareholders of
record as of May 9, 2016. The Company
also announced the commencement of a new share repurchase program
("April 2016 Program"). Under
the April 2016 Program, the Company
may purchase up to 365,000 shares, or approximately 5%, of the
Company's outstanding common stock.
Loans and Credit Quality
Loans totaled $1.2 billion at
March 31, 2016, a decrease of
$6.3 million, or 1%, from
December 31, 2015, and an increase of
$296.0 million, or 32%, from
March 31, 2015. Growth in organic
loans of 10% (on an annualized basis) was offset by declines in
acquired loans. Loan decreases during the first quarter of
2016 related primarily to multi-family residential (down
$6.4 million), residential mortgages
(down $3.0 million) and consumer
loans (down $1.5 million).
Commercial real estate and home equity loans increased by
$2.8 million and $2.0 million, respectively, during the
quarter.
The vast majority of the increase in loans outstanding at
March 31, 2016 compared to
March 31, 2015 resulted from the
acquisition of Louisiana Bancorp, Inc. (the former holding company
of Bank of New Orleans) in
September 2015. The Company acquired $281.6 million of loans from Louisiana
Bancorp.
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)
|
|
2016
|
|
2015
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
388,290
|
$
|
391,266
|
$
|
(2,976)
|
(1)
|
%
|
Home equity loans and
lines
|
|
96,056
|
|
94,060
|
|
1,996
|
2
|
|
Commercial real
estate
|
|
408,166
|
|
405,379
|
|
2,787
|
1
|
|
Construction and
land
|
|
117,247
|
|
116,775
|
|
472
|
-
|
|
Multi-family
residential
|
|
37,427
|
|
43,863
|
|
(6,436)
|
(15)
|
|
Total real
estate loans
|
|
1,047,186
|
|
1,051,343
|
|
(4,157)
|
-
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
124,463
|
|
125,108
|
|
(645)
|
(1)
|
|
Consumer
|
|
46,410
|
|
47,915
|
|
(1,505)
|
(3)
|
|
Total
other loans
|
|
170,873
|
|
173,023
|
|
(2,150)
|
(1)
|
|
Total
loans
|
$
|
1,218,059
|
$
|
1,224,366
|
$
|
(6,307)
|
(1)
|
%
|
Nonperforming assets ("NPAs") totaled $13.7 million at March 31,
2016, a decrease of $2.2
million, or 14%, compared to December
31, 2015 and a decrease of $8.6
million, or 39%, compared to March
31, 2015. Of the $13.7
million in total NPAs at March 31,
2016, an aggregate of $7.9
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 0.89% at March 31, 2016,
compared to 1.03% at December 31,
2015 and 1.81% at March 31,
2015. Excluding acquired assets, the ratio of total NPAs to
total assets was 0.51% at March 31,
2016, compared to 0.51% at December
31, 2015 and 0.44% at March
31, 2015.
The Company recorded virtually no net loan charge-offs during
the first quarter of 2016, compared to net loan charge-offs of
$54,000 and $26,000 in the fourth and first quarters of 2015,
respectively.
The Company's provision for loan losses for the first quarter of
2016 was $850,000, compared to
$670,000 for the fourth quarter of
2015 and $538,000 for the first
quarter of 2015. Of the $850,000 in provision for the first quarter of
2016, $461,000 was associated with
one energy-related borrower.
The ratio of the allowance for loan losses to total loans was
0.85% at March 31, 2016, compared to
0.78% and 0.90% at December 31, 2015
and March 31, 2015,
respectively. Excluding acquired loans, the ratio of the
allowance for loan losses to total loans was 1.20% at March 31, 2016, compared to 1.15% and 1.07% at
December 31, 2015 and March 31, 2015, respectively.
Energy Exposure
The balance of loans to companies in the energy sector totaled
$36.8 million, or 3.0% of outstanding
loans, at March 31, 2016. We
also had unfunded loan commitments to energy companies amounting to
$8.9 million at such date.
At March 31, 2016, 92% of
the balance of our energy-related loans were performing in
accordance with their original loan agreements. Of the
remaining 8%, $2.1 million has been
restructured and are paying in accordance with the restructured
terms. The Company holds no shared national credits.
The following table illustrates the composition of the Company's
energy-related loans at March 31,
2016.
(dollars in
thousands)
|
|
Total
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
Commercial real estate
|
$
|
16,027
|
44
|
%
|
Construction and land
|
|
393
|
1
|
|
Total real estate loans
|
|
16,420
|
45
|
|
Commercial and industrial:
|
|
|
|
|
Equipment
|
|
6,288
|
17
|
|
Marine
vessels
|
|
6,066
|
16
|
|
Accounts
receivable
|
|
5,050
|
14
|
|
Unsecured
|
|
1,707
|
5
|
|
Other
|
|
1,238
|
3
|
|
Total commercial and industrial loans
|
|
20,349
|
55
|
|
Total
energy-related loans
|
$
|
36,769
|
100
|
%
|
|
|
|
|
|
The allowance for loan losses to loans ratio directly
attributable to energy loans totaled 3.08% at March 31, 2016. Over the past 15 months,
the Company has increased its overall allowance for loan losses to
loans ratio on originated loans from 1.04% at December 31, 2014 to 1.20% at March 31, 2016 due primarily to the potential
direct and indirect impact of low energy prices.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$192.4 million at March 31, 2016, an increase of $1.7 million, or 1%, from December 31, 2015, and an increase of
$7.0 million, or 4%, from
March 31, 2015. At March 31, 2016, the Company had a net unrealized
gain position on its investment securities portfolio of
$2.7 million, compared to net
unrealized gains of $1.3 million and
$2.6 million at December 31, 2015 and March 31, 2015, respectively. The Company's
investment securities portfolio had a modified duration of 3.1
years at March 31, 2016, compared to
3.3 and 3.4 years at December 31,
2015 and March 31, 2015,
respectively.
Deposits
Total deposits were $1.2 billion
at March 31, 2016, a decrease of
$518,000 from December 31, 2015, and an increase of
$217.1 million, or 21%, from
March 31, 2015. During the
first quarter of 2016, core deposits (i.e., checking, savings and
money market accounts) increased $4.9
million, or 1%, from December 31,
2015, and increased $161.7
million, or 20%, from March
31, 2015. The Company acquired $208.7 million of deposits, including
$118.1 million in core deposits, from
Louisiana Bancorp at the acquisition date in September 2015.
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)
|
|
2016
|
|
2015
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
292,411
|
$
|
296,617
|
$
|
(4,206)
|
(1)
|
%
|
Savings
|
|
111,265
|
|
109,393
|
|
1,872
|
2
|
|
Money
market
|
|
275,290
|
|
293,637
|
|
(18,347)
|
(6)
|
|
NOW
|
|
293,327
|
|
267,707
|
|
25,620
|
10
|
|
Certificates of
deposit
|
|
271,406
|
|
276,863
|
|
(5,457)
|
(2)
|
|
Total
deposits
|
$
|
1,243,699
|
$
|
1,244,217
|
$
|
(518)
|
-
|
%
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the first quarter of 2016 totaled
$15.7 million, which was virtually
unchanged compared to the fourth quarter of 2015, and an increase
of $3.2 million, or 26%, compared to
the first quarter of 2015. The addition of Louisiana
Bancorp's earning assets accounted for the vast majority of the
increase during the first quarter of 2016 compared to the first
quarter of 2015. The Company's net interest margin was 4.40% for
the first quarter of 2016, four basis points higher than the fourth
quarter of 2015 and 11 basis points lower than the first quarter of
2015. The slight increase in the net interest margin in the
first quarter of 2016 was due primarily to changes in the mix of
interest-earning assets. The decrease in the net interest
margin in the first quarter of 2016 compared to the first quarter
of 2015 was primarily the 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
|
|
|
March 31,
2016
|
|
|
December 31,
2015
|
|
|
March 31,
2015
|
|
(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
|
$
|
813,220
|
5.12
|
%
|
$
|
784,656
|
5.10
|
%
|
$
|
727,162
|
5.18
|
%
|
Acquired
loans
|
|
412,357
|
5.35
|
|
|
431,588
|
5.38
|
|
|
191,947
|
6.23
|
|
Total loan
receivable
|
|
1,225,577
|
5.20
|
|
|
1,216,244
|
5.20
|
|
|
919,109
|
5.40
|
|
Investment securities
(TE)
|
|
188,549
|
2.26
|
|
|
195,250
|
2.23
|
|
|
184,331
|
2.18
|
|
Other interest-earning
assets
|
|
15,949
|
1.50
|
|
|
21,649
|
0.92
|
|
|
15,044
|
0.91
|
|
Total interest-earning
assets
|
|
1,430,075
|
4.77
|
|
|
1,433,143
|
4.73
|
|
|
1,118,484
|
4.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
678,682
|
0.24
|
|
|
658,882
|
0.24
|
|
|
523,535
|
0.23
|
|
Certificates of
deposit
|
|
273,757
|
0.78
|
|
|
285,473
|
0.77
|
|
|
219,066
|
0.73
|
|
Total interest-bearing
deposits
|
|
952,439
|
0.39
|
|
|
944,355
|
0.40
|
|
|
742,601
|
0.37
|
|
Securities sold under
repurchase agreements
|
|
-
|
0.00
|
|
|
-
|
0.00
|
|
|
20,295
|
0.37
|
|
FHLB
advances
|
|
125,991
|
1.25
|
|
|
138,045
|
1.09
|
|
|
35,441
|
1.23
|
|
Total interest-bearing
liabilities
|
$
|
1,078,430
|
0.49
|
|
$
|
1,082,400
|
0.49
|
|
$
|
798,337
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.28
|
%
|
|
|
4.24
|
%
|
|
|
4.40
|
%
|
Net interest margin
(TE)
|
|
|
4.40
|
%
|
|
|
4.36
|
%
|
|
|
4.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the first quarter of 2016 totaled
$2.6 million, an increase of
$112,000, or 5%, compared to the
fourth quarter of 2015 and an increase of $489,000, or 24%, compared to the first quarter
of 2015. The increase in noninterest income in the first
quarter of 2016 compared to the fourth quarter of 2015 resulted
primarily from an increase in other income (up $243,000 primarily from recoveries on acquired
loans previously charged-off), which was partially offset by a
decrease in gains on the sale of mortgage loans (down $108,000).
The increase in noninterest income in the first quarter of 2016
compared to the first quarter of 2015 resulted primarily from
increases in other income (up $393,000 primarily from recoveries on acquired
loans previously charged-off) and service fees and charges (up
$144,000 due primarily to the
Louisiana Bancorp acquisition and increased customer transactions),
which were partially offset by a decrease in gains on the sale of
mortgage loans (down $72,000).
Noninterest Expense
Noninterest expense for the first quarter of 2016 totaled
$12.3 million, an increase of
$788,000, or 7%, compared to the
fourth quarter of 2015 and an increase of $2.6 million, or 27%, compared to the first
quarter of 2015. Noninterest expense for the first quarter of
2016 and fourth quarter of 2015 includes $613,000 and $563,000, respectively, of merger-related
expenses related to the acquisition of Louisiana Bancorp.
Excluding merger-related expenses, noninterest expense for the
first quarter of 2016 totaled $11.7
million, an increase of $738,000, or 7%, compared to the fourth quarter
of 2015 and an increase of $2.0
million, or 21%, compared to the first quarter of 2015.
Excluding merger-related expenses, the increase in noninterest
expense in the first quarter of 2016 compared to the fourth quarter
of 2015 resulted primarily from higher compensation and benefits
expense (up $498,000) and expenses on
foreclosed assets (up $153,000).
Excluding merger-related expenses, the increase in noninterest
expense in the first quarter of 2016 compared to the first quarter
of 2015 relates primarily to the growth of the Company due to the
addition of Louisiana Bancorp branches and
employees.
Non-GAAP
Reconciliation
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
(dollars in
thousands, except earnings per share data)
|
|
March
31,
2016
|
|
December 31,
2015
|
|
March
31,
2015
|
Reported noninterest
expense
|
$
|
12,341
|
$
|
11,553
|
$
|
9,719
|
Less: Merger-related
expenses
|
|
613
|
|
563
|
|
-
|
Non-GAAP noninterest
expense
|
$
|
11,728
|
$
|
10,990
|
$
|
9,719
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
3,350
|
$
|
3,963
|
$
|
2,848
|
Add: Merger-related
expenses (after tax)
|
|
398
|
|
407
|
|
-
|
Non-GAAP net
income
|
$
|
3,748
|
$
|
4,370
|
$
|
2,848
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
0.47
|
$
|
0.56
|
$
|
0.41
|
Add: Merger-related
expenses
|
|
0.06
|
|
0.06
|
|
-
|
Non-GAAP
EPS
|
$
|
0.53
|
$
|
0.62
|
$
|
0.41
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
169,164
|
$
|
165,046
|
$
|
156,782
|
Less:
Intangibles
|
|
15,119
|
|
15,304
|
|
4,083
|
Non-GAAP tangible
shareholders' equity
|
$
|
154,045
|
$
|
149,742
|
$
|
152,699
|
|
|
|
|
|
|
|
|
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,
2015, 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,
|
|
2016
|
|
2015
|
|
Change
|
|
|
2015
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 17,960,269
|
|
$ 30,175,858
|
|
(41)
|
%
|
|
$ 24,797,599
|
Interest-bearing
deposits in banks
|
4,653,585
|
|
5,526,000
|
|
(16)
|
|
|
5,143,585
|
Investment securities
available for sale, at fair value
|
178,533,171
|
|
171,488,522
|
|
4
|
|
|
176,762,200
|
Investment securities
held to maturity
|
13,845,761
|
|
13,912,512
|
|
(1)
|
|
|
13,926,861
|
Mortgage loans held
for sale
|
11,504,158
|
|
5,622,509
|
|
105
|
|
|
5,651,250
|
Loans, net of
unearned income
|
1,218,059,238
|
|
922,088,691
|
|
32
|
|
|
1,224,365,916
|
Allowance for loan
losses
|
(10,397,231)
|
|
(8,271,676)
|
|
26
|
|
|
(9,547,487)
|
Total loans, net of
allowance for loan losses
|
1,207,662,007
|
|
913,817,015
|
|
32
|
|
|
1,214,818,429
|
Office properties and
equipment, net
|
42,190,686
|
|
37,584,386
|
|
12
|
|
|
40,815,744
|
Cash surrender value
of bank-owned life insurance
|
19,787,613
|
|
19,295,469
|
|
3
|
|
|
19,666,900
|
Accrued interest
receivable and other assets
|
47,983,954
|
|
36,433,586
|
|
32
|
|
|
50,329,032
|
Total
Assets
|
$
1,544,121,204
|
|
$
1,233,855,857
|
|
25
|
|
|
$
1,551,911,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
$ 1,243,698,838
|
|
$ 1,026,572,637
|
|
21
|
%
|
|
$ 1,244,216,516
|
Securities sold under
repurchase agreements
|
-
|
|
20,204,822
|
|
-
|
|
|
-
|
Federal Home Loan
Bank advances
|
113,010,613
|
|
25,000,000
|
|
352
|
|
|
125,152,598
|
Accrued interest
payable and other liabilities
|
18,247,985
|
|
5,296,062
|
|
245
|
|
|
17,496,132
|
Total
Liabilities
|
1,374,957,436
|
|
1,077,073,521
|
|
28
|
|
|
1,386,865,246
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common
stock
|
72,568
|
|
91,322
|
|
(21)
|
%
|
|
72,399
|
Additional paid-in
capital
|
77,389,045
|
|
94,932,283
|
|
(19)
|
|
|
76,948,914
|
Treasury
stock
|
-
|
|
(30,372,933)
|
|
-
|
|
|
-
|
Common stock acquired
by benefit plans
|
(4,620,078)
|
|
(5,023,070)
|
|
(8)
|
|
|
(4,711,260)
|
Retained
earnings
|
94,542,265
|
|
95,449,153
|
|
(1)
|
|
|
91,864,543
|
Accumulated other
comprehensive income
|
1,779,968
|
|
1,705,581
|
|
4
|
|
|
871,758
|
Total
Shareholders' Equity
|
169,163,768
|
|
156,782,336
|
|
8
|
|
|
165,046,354
|
Total Liabilities
and Shareholders' Equity
|
$
1,544,121,204
|
|
$
1,233,855,857
|
|
25
|
|
|
$
1,551,911,600
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the
Three
|
|
|
|
|
March
31,
|
|
%
|
|
|
Months
Ended
|
|
%
|
|
|
2016
|
2015
|
|
Change
|
|
|
December 31,
2015
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 16,018,095
|
$ 12,360,963
|
|
30
|
%
|
|
$
16,049,010
|
|
-
|
%
|
Investment
securities
|
971,084
|
910,121
|
|
7
|
|
|
992,658
|
|
(2)
|
|
Other investments and
deposits
|
59,382
|
33,752
|
|
76
|
|
|
49,961
|
|
19
|
|
Total interest
income
|
17,048,561
|
13,304,836
|
|
28
|
|
|
17,091,629
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
931,853
|
684,979
|
|
36
|
%
|
|
957,044
|
|
(3)
|
%
|
Securities sold under
repurchase agreements
|
-
|
18,429
|
|
(100)
|
|
|
-
|
|
-
|
|
Federal Home Loan
Bank advances
|
394,227
|
109,306
|
|
261
|
|
|
378,127
|
|
4
|
|
Total interest
expense
|
1,326,080
|
812,714
|
|
63
|
|
|
1,335,171
|
|
(1)
|
|
Net interest
income
|
15,722,481
|
12,492,122
|
|
26
|
|
|
15,756,458
|
|
(0)
|
|
Provision for loan
losses
|
850,000
|
538,487
|
|
58
|
|
|
669,604
|
|
27
|
|
Net interest income
after provision for loan losses
|
14,872,481
|
11,953,635
|
|
24
|
|
|
15,086,854
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,036,410
|
892,118
|
|
16
|
%
|
|
1,063,195
|
|
(3)
|
%
|
Bank card
fees
|
601,201
|
565,584
|
|
6
|
|
|
590,388
|
|
2
|
|
Gain on sale of
loans, net
|
300,673
|
373,173
|
|
(19)
|
|
|
408,329
|
|
(26)
|
|
Income from
bank-owned life insurance
|
120,712
|
132,359
|
|
(9)
|
|
|
123,380
|
|
(2)
|
|
Gain on the sale of
securities, net
|
-
|
-
|
|
-
|
|
|
4,227
|
|
(100)
|
|
Other
income
|
508,282
|
115,449
|
|
340
|
|
|
265,363
|
|
92
|
|
Total noninterest
income
|
2,567,278
|
2,078,683
|
|
24
|
|
|
2,454,882
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
7,201,036
|
5,760,786
|
|
25
|
%
|
|
6,944,659
|
|
4
|
%
|
Occupancy
|
1,309,597
|
1,171,280
|
|
12
|
|
|
1,319,542
|
|
(1)
|
|
Marketing and
advertising
|
257,664
|
110,328
|
|
134
|
|
|
134,162
|
|
92
|
|
Data processing and
communication
|
1,543,715
|
943,332
|
|
64
|
|
|
1,211,982
|
|
27
|
|
Professional
fees
|
294,207
|
238,175
|
|
24
|
|
|
393,598
|
|
(25)
|
|
Forms, printing and
supplies
|
177,292
|
144,810
|
|
22
|
|
|
188,515
|
|
(6)
|
|
Franchise and shares
tax
|
219,773
|
147,272
|
|
49
|
|
|
200,046
|
|
10
|
|
Regulatory
fees
|
322,691
|
280,467
|
|
15
|
|
|
271,091
|
|
19
|
|
Foreclosed assets,
net
|
118,377
|
235,782
|
|
(50)
|
|
|
(34,525)
|
|
443
|
|
Other
expenses
|
896,836
|
686,853
|
|
31
|
|
|
923,833
|
|
(3)
|
|
Total noninterest
expense
|
12,341,188
|
9,719,085
|
|
27
|
|
|
11,552,903
|
|
7
|
|
Income before income
tax expense
|
5,098,571
|
4,313,233
|
|
18
|
|
|
5,988,833
|
|
(15)
|
|
Income tax
expense
|
1,748,893
|
1,465,469
|
|
19
|
|
|
2,025,942
|
|
(14)
|
|
Net income
|
$
3,349,678
|
$
2,847,764
|
|
18
|
|
|
$
3,962,891
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.49
|
$
0.43
|
|
14
|
%
|
|
$
0.59
|
|
(17)
|
%
|
Earnings per share -
diluted
|
$
0.47
|
$
0.41
|
|
15
|
|
|
$
0.56
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.09
|
$
0.07
|
|
29
|
%
|
|
$
0.08
|
|
13
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
March
31,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
December 31,
2015
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$ 17,049
|
|
$ 13,305
|
|
28
|
%
|
|
$
17,092
|
|
|
-
|
%
|
Total interest
expense
|
1,326
|
|
813
|
|
63
|
|
|
1,335
|
|
|
(1)
|
|
Net interest
income
|
15,723
|
|
12,492
|
|
26
|
|
|
15,757
|
|
|
-
|
|
Provision for loan
losses
|
850
|
|
538
|
|
58
|
|
|
670
|
|
|
27
|
|
Total noninterest
income
|
2,567
|
|
2,079
|
|
24
|
|
|
2,455
|
|
|
5
|
|
Total noninterest
expense
|
12,341
|
|
9,719
|
|
27
|
|
|
11,553
|
|
|
7
|
|
Income tax
expense
|
1,749
|
|
1,466
|
|
19
|
|
|
2,027
|
|
|
(14)
|
|
Net income
|
$
3,350
|
|
$
2,848
|
|
18
|
|
|
$
3,962
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 1,544,910
|
|
$ 1,226,220
|
|
26
|
%
|
|
$
1,552,392
|
|
|
(1)
|
%
|
Total
interest-earning assets
|
1,430,075
|
|
1,118,484
|
|
28
|
|
|
1,433,143
|
|
|
-
|
|
Totals
loans
|
1,225,577
|
|
919,109
|
|
33
|
|
|
1,216,244
|
|
|
1
|
|
Total
interest-bearing deposits
|
952,439
|
|
742,601
|
|
28
|
|
|
944,355
|
|
|
1
|
|
Total
interest-bearing liabilities
|
1,078,430
|
|
798,337
|
|
35
|
|
|
1,082,400
|
|
|
-
|
|
Total
deposits
|
1,237,871
|
|
1,011,658
|
|
22
|
|
|
1,232,109
|
|
|
1
|
|
Total shareholders'
equity
|
168,039
|
|
156,061
|
|
8
|
|
|
164,091
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.87
|
%
|
0.93
|
%
|
(7)
|
%
|
|
1.02
|
%
|
|
(15)
|
%
|
Return on average
equity
|
7.97
|
|
7.30
|
|
9
|
|
|
9.66
|
|
|
(18)
|
|
Efficiency ratio
(2)
|
67.48
|
|
66.70
|
|
1
|
|
|
63.44
|
|
|
6
|
|
Average equity to
average assets
|
10.88
|
|
12.73
|
|
(15)
|
|
|
10.57
|
|
|
3
|
|
Tier 1 leverage
capital ratio(3)
|
8.97
|
|
11.96
|
|
(25)
|
|
|
8.74
|
|
|
3
|
|
Total risk-based
capital ratio(3)
|
12.79
|
|
17.74
|
|
(28)
|
|
|
12.43
|
|
|
3
|
|
Net interest margin
(4)
|
4.40
|
|
4.51
|
|
(2)
|
|
|
4.36
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$ 0.49
|
|
$ 0.43
|
|
14
|
%
|
|
$
0.59
|
|
|
(17)
|
%
|
Diluted earnings per
share
|
0.47
|
|
0.41
|
|
15
|
|
|
0.56
|
|
|
(16)
|
|
Book value at period
end
|
23.31
|
|
21.89
|
|
7
|
|
|
22.80
|
|
|
2
|
|
Tangible book value
at period end
|
21.23
|
|
21.32
|
|
-
|
|
|
20.68
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,256,671
|
|
7,163,649
|
|
1
|
%
|
|
7,239,821
|
|
|
-
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,784,478
|
|
6,633,544
|
|
2
|
%
|
|
6,760,307
|
|
|
-
|
%
|
Diluted
|
7,052,369
|
|
6,962,340
|
|
1
|
|
|
7,045,275
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 5,714
|
|
$ 5,635
|
|
$ 11,349
|
|
|
$ 7,162
|
|
$ 5,651
|
|
$ 12,813
|
|
|
$ 14,703
|
|
$ 2,752
|
|
$ 17,455
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
5,714
|
|
5,635
|
|
11,349
|
|
|
7,162
|
|
5,651
|
|
12,813
|
|
|
14,703
|
|
2,752
|
|
17,455
|
|
Foreclosed
assets
|
2,199
|
|
180
|
|
2,379
|
|
|
3,012
|
|
116
|
|
3,128
|
|
|
2,991
|
|
1,886
|
|
4,877
|
|
Total nonperforming
assets
|
7,913
|
|
5,815
|
|
13,728
|
|
|
10,174
|
|
5,767
|
|
15,941
|
|
|
17,694
|
|
4,638
|
|
22,332
|
|
Performing troubled
debt restructurings
|
483
|
|
783
|
|
1,266
|
|
|
492
|
|
798
|
|
1,290
|
|
|
508
|
|
496
|
|
1,004
|
|
Total nonperforming
assets and troubled debt restructurings
|
$
8,396
|
|
$
6,598
|
|
$
14,994
|
|
|
$
10,666
|
|
$
6,565
|
|
$
17,231
|
|
|
$
18,202
|
|
$
5,134
|
|
$
23,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
0.89
|
%
|
|
|
|
|
|
1.03
|
%
|
|
|
|
|
|
1.81
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
0.73
|
|
|
|
|
|
|
0.83
|
|
|
|
|
|
|
1.41
|
|
Nonperforming loans
to total loans
|
|
|
|
|
0.93
|
|
|
|
|
|
|
1.05
|
|
|
|
|
|
|
1.89
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
75.74
|
|
|
|
|
|
|
59.89
|
|
|
|
|
|
|
37.04
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
91.62
|
|
|
|
|
|
|
74.51
|
|
|
|
|
|
|
47.39
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.85
|
|
|
|
|
|
|
0.78
|
|
|
|
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$ 106
|
|
|
|
|
|
|
$ 562
|
|
|
|
|
|
|
$ 59
|
|
Year-to-date loan
recoveries
|
|
|
|
|
106
|
|
|
|
|
|
|
279
|
|
|
|
|
|
|
33
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
-
|
|
|
|
|
|
|
$
283
|
|
|
|
|
|
|
$
26
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
-
|
%
|
|
|
|
|
|
0.02
|
%
|
|
|
|
|
|
0.01
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
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SOURCE Home Bancorp, Inc.