LAFAYETTE, La., July 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 $4.0 million for the second
quarter of 2016, an increase of $667,000, or 20%, compared to the first quarter
of 2016 and an increase of $1.2
million, or 41%, compared to the second quarter of
2015. The second and first quarters of 2016 and the second
quarter of 2015 include merger-related expenses, net of taxes,
totaling $143,000, $398,000 and $232,000, respectively, related to the
acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp").
The second quarter of 2016 also includes a gain on the sale
of a banking center totaling $416,000, net of taxes. Excluding
merger-related expenses and the banking center gain, net income for
the second quarter of 2016 totaled $3.7
million, unchanged compared to the first quarter of 2016 and
an increase of 22% compared to the second quarter of
2015.
Diluted earnings per share were $0.57 for the second quarter of 2016, an increase
of $0.10, or 21%, from the first
quarter of 2016 and an increase of $0.16, or 39%, compared to the second quarter of
2015. Excluding merger-related expenses and the banking
center gain, diluted earnings per share for the second quarter of
2016 were $0.53, unchanged from the
first quarter of 2016 and an increase of 20% compared to the second
quarter of 2015.
"Our team did a great job during the quarter finalizing our
efficiency gains associated with the Bank of New Orleans transaction," stated John W. Bordelon, President and Chief Executive
Officer of the Company and the Bank. "We also experienced our
second consecutive quarter of 10% annualized organic loan
growth."
"Although our direct energy customers continue to weather the
current cycle well," added Bordelon, "a few of our customers who do
business with the energy industry are struggling. As a
result, we saw an $11.6 million
increase in nonperforming assets during the quarter."
The Company announced that its Board of Directors declared a
cash dividend of $0.10 per share
payable on August 19, 2016, to
shareholders of record as of August 8,
2016.
Loans and Credit Quality
Loans totaled $1.2 billion at
June 30, 2016, virtually unchanged,
from March 31, 2016, and an increase
of $302.8 million, or 33%, from
June 30, 2015. Similar to the
previous quarter, growth in organic loans of 10% (on an annualized
basis) was offset by paydowns in acquired loan portfolios.
The slight change in loans during the second quarter of 2016
related primarily to commercial real estate (up $6.2 million), commercial and industrial loans
(up $4.9 million) and construction
and land loans (up $1.2 million),
which were partially offset by decreases in residential mortgages
(down $10.2 million) and consumer
loans (down $1.6
million).
The vast majority of the increase in loans outstanding at
June 30, 2016 compared to
June 30, 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.
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2016
|
|
2015
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
372,085
|
$
|
385,918
|
$
|
(13,833)
|
|
(4)
|
%
|
Home equity loans and
lines
|
|
95,328
|
|
94,060
|
|
1,268
|
|
1
|
|
Commercial real
estate
|
|
414,325
|
|
405,379
|
|
8,946
|
|
2
|
|
Construction and
land
|
|
124,460
|
|
122,123
|
|
2,337
|
|
2
|
|
Multi-family
residential
|
|
37,984
|
|
43,863
|
|
(5,879)
|
|
(13)
|
|
Total real
estate loans
|
|
1,044,182
|
|
1,051,343
|
|
(7,161)
|
|
(1)
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
129,345
|
|
125,108
|
|
4,237
|
|
3
|
|
Consumer
|
|
44,803
|
|
47,915
|
|
(3,112)
|
|
(6)
|
|
Total
other loans
|
|
174,148
|
|
173,023
|
|
1,125
|
|
1
|
|
Total
loans
|
$
|
1,218,330
|
$
|
1,224,366
|
$
|
(6,036)
|
|
-
|
%
|
Nonperforming assets ("NPAs") totaled $25.3 million at June 30,
2016, an increase of $11.6
million, or 84%, compared to March
31, 2016 and an increase of $7.0
million, or 39%, compared to June
30, 2015. The increase in nonperforming assets during
the second quarter of 2016, compared to the first quarter of 2016
is primarily related to two organic loan relationships totaling
$11.1 million with indirect exposure
to the energy sector. The ratio of total NPAs to total assets
was 1.64% at June 30, 2016, compared
to 0.89% at March 31, 2016 and 1.48%
at June 30,
2015.
The Company recorded virtually no net loan charge-offs during
the second quarter of 2016, compared to no net loan charge-offs in
the first quarter of 2016 and $100,000 for the second quarter of
2015.
The Company's provision for loan losses for the second quarter
of 2016 was $1.1 million, compared to
$850,000 for the first quarter of
2016 and $294,000 for the second
quarter of 2015. Roughly half of the provision in the second
quarter of 2016 related to the two nonperforming loan relationships
mentioned above and the deterioration of an additional loan
relationship with indirect exposure to the energy
sector.
The ratio of the allowance for loan losses to total loans was
0.94% at June 30, 2016, compared to
0.85% and 0.92% at March 31, 2016 and
June 30, 2015, respectively.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.33% at June 30,
2016, compared to 1.20% and 1.09% at March 31, 2016 and June
30, 2015, respectively.
Direct Energy Exposure
The balance of loans to companies in the energy sector totaled
$35.7 million, or 3.0% of outstanding
loans, at June 30, 2016. We
also had unfunded loan commitments to companies in the energy
sector amounting to $9.1 million at
such date. At June 30,
2016, 91% of the balance of our direct energy-related loans
were performing in accordance with their original loan
agreements. Of the remaining 9%, $1.8
million had been restructured and were paying in accordance
with the restructured terms as of June
30, 2016. The Company holds no shared national
credits.
The following table illustrates the composition of the Company's
loans to borrowers in the energy sector (which we consider direct
energy-related loans) at June 30,
2016.
(dollars in
thousands)
|
|
Total
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
Commercial real estate
|
$
|
14,957
|
|
42
|
%
|
Construction and land
|
|
649
|
|
2
|
|
Total real estate loans
|
|
15,606
|
|
44
|
|
Commercial and industrial:
|
|
|
|
|
|
Equipment
|
|
6,712
|
|
19
|
|
Marine
vessels
|
|
5,889
|
|
16
|
|
Accounts
receivable
|
|
4,148
|
|
12
|
|
Unsecured
|
|
1,830
|
|
5
|
|
Other
|
|
1,562
|
|
4
|
|
Total commercial and industrial loans
|
|
20,141
|
|
56
|
|
Total
energy-related loans
|
$
|
35,747
|
|
100
|
%
|
|
|
|
|
|
|
The allowance for loan losses to loans with respect to direct
energy-related loans totaled 3.29% at June
30, 2016. Over the past 18 months, the Company has
increased its overall allowance for loan losses to loans ratio on
all originated loans from 1.04% at December
31, 2014 to 1.33% at June 30,
2016 due primarily to the potential direct and indirect
impact of continuing low energy prices.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$188.5 million at June 30, 2016, a decrease of $3.9 million, or 2%, from March 31, 2016, and a decrease of $4.1 million, or 2%, from June 30, 2015. At June 30, 2016, the Company had a net unrealized
gain position on its investment securities portfolio of
$3.1 million, compared to net
unrealized gains of $2.7 million and
$1.7 million at March 31, 2016 and June
30, 2015, respectively. The Company's investment
securities portfolio had a modified duration of 2.9 years at
June 30, 2016, compared to 3.1 and
3.7 years at March 31, 2016 and
June 30, 2015,
respectively.
Deposits
Total deposits were $1.2 billion
at June 30, 2016, a decrease of
$18.7 million, or 2%, from
March 31, 2016, and an increase of
$194.0 million, or 19%, from
June 30, 2015. During the
second quarter of 2016, core deposits (i.e., checking, savings and
money market accounts) decreased $14.7
million, or 2%, from March 31,
2016, and increased $137.7
million, or 17%, from June 30,
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.
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
|
2016
|
|
2015
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
289,310
|
$
|
296,617
|
$
|
(7,307)
|
|
(2)
|
%
|
Savings
|
|
108,323
|
|
109,393
|
|
(1,070)
|
|
(1)
|
|
Money
market
|
|
258,210
|
|
293,637
|
|
(35,427)
|
|
(12)
|
|
NOW
|
|
301,799
|
|
267,707
|
|
34,092
|
|
13
|
|
Certificates of
deposit
|
|
267,362
|
|
276,863
|
|
(9,501)
|
|
(3)
|
|
Total
deposits
|
$
|
1,225,004
|
$
|
1,244,217
|
$
|
(19,213)
|
|
(2)
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the second quarter of 2016 totaled
$15.6 million, a decrease of
$170,000, or 1%, compared to the
first quarter of 2016, and an increase of $2.8 million, or 22%, compared to the second
quarter of 2015. The addition of Louisiana Bancorp's earning
assets accounted for the vast majority of the increase during the
second quarter of 2016 compared to the second quarter of 2015. The
Company's net interest margin was 4.35% for the second quarter of
2016, five basis points lower than the first quarter of 2016 and 12
basis points lower than the second quarter of 2015. The
decrease in the net interest margin in the second quarter of 2016
compared to the first quarter of 2016 was due primarily to lower
average loan yields. The decrease in the net interest margin
in the second quarter of 2016 compared to the second quarter of
2015 primarily reflects the impact of the addition 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
|
|
|
June 30,
2016
|
|
|
March 31,
2016
|
|
|
June 30,
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
|
$
|
826,910
|
5.09
|
%
|
$
|
813,220
|
5.11
|
%
|
$
|
731,424
|
5.12
|
%
|
Acquired
loans
|
|
398,252
|
5.26
|
|
|
412,357
|
5.38
|
|
|
184,450
|
6.88
|
|
Total loan
receivable
|
|
1,225,162
|
5.15
|
|
|
1,225,577
|
5.20
|
|
|
915,874
|
5.48
|
|
Investment securities
(TE)
|
|
188,085
|
2.21
|
|
|
188,549
|
2.26
|
|
|
187,682
|
2.13
|
|
Other interest-earning
assets
|
|
18,943
|
1.43
|
|
|
15,949
|
1.50
|
|
|
40,888
|
0.64
|
|
Total interest-earning
assets
|
|
1,432,190
|
4.71
|
|
|
1,430,075
|
4.77
|
|
|
1,144,444
|
4.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
670,019
|
0.23
|
|
|
678,682
|
0.24
|
|
|
570,914
|
0.22
|
|
Certificates of
deposit
|
|
270,147
|
0.79
|
|
|
273,757
|
0.78
|
|
|
213,029
|
0.72
|
|
Total interest-bearing
deposits
|
|
940,166
|
0.39
|
|
|
952,439
|
0.39
|
|
|
783,943
|
0.36
|
|
Securities sold under
repurchase agreements
|
|
-
|
-
|
|
|
-
|
-
|
|
|
20,128
|
0.37
|
|
FHLB
advances
|
|
129,424
|
1.22
|
|
|
125,991
|
1.25
|
|
|
19,125
|
2.17
|
|
Total interest-bearing
liabilities
|
$
|
1,069,590
|
0.49
|
|
$
|
1,078,430
|
0.49
|
|
$
|
823,196
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.22
|
%
|
|
|
4.28
|
%
|
|
|
4.35
|
%
|
Net interest margin
(TE)
|
|
|
4.35
|
%
|
|
|
4.40
|
%
|
|
|
4.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the second quarter of 2016 totaled
$3.4 million, an increase of
$880,000, or 34%, compared to the
first quarter of 2016 and an increase of $1.4 million, or 69%, compared to the second
quarter of 2015. The increase in noninterest income in the
second quarter of 2016 compared to the first quarter of 2016
resulted primarily from a $641,000
gain from the sale of a banking center due to the consolidation of
two branches in the New Orleans
market and $487,000 in gains on the
sale of mortgage loans (up $186,000).
The increase in noninterest income in the second quarter of 2016
compared to the second quarter of 2015 resulted primarily from the
gain on the sale of the New
Orleans banking center, other income (up $333,000 primarily from recoveries on acquired
loans previously charged-off) and gains on the sale of mortgage
loans (up $219,000).
Noninterest Expense
Noninterest expense for the second quarter of 2016 totaled
$11.9 million, a decrease of
$486,000, or 4%, compared to the
first quarter of 2016 and an increase of $1.6 million, or 16%, compared to the second
quarter of 2015. Noninterest expense for the second quarter
of 2016, first quarter of 2016 and second quarter of 2015 included
$214,000, $613,000 and $256,000, respectively, of merger-related
expenses related to the acquisition of Louisiana Bancorp.
Excluding merger-related expenses, noninterest expense for the
second quarter of 2016 totaled $11.6
million, a decrease of $87,000, or 1%, compared to the first quarter of
2016 and an increase of $1.7 million,
or 17%, compared to the second quarter of 2015.
Excluding merger-related expenses, the decrease in noninterest
expense in the second quarter of 2016 compared to the first quarter
of 2016 resulted primarily from lower compensation and benefits
expense (down $277,000), which was
partially offset by higher expenses on foreclosed assets (up
$189,000).
Excluding merger-related expenses, the increase in noninterest
expense in the second quarter of 2016 compared to the second
quarter of 2015 primarily reflects 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)
|
|
June
30, 2016
|
|
March
31, 2016
|
|
June
30, 2015
|
Reported noninterest
expense
|
$
|
11,856
|
$
|
12,341
|
$
|
10,228
|
Less: Merger-related
expenses
|
|
214
|
|
613
|
|
256
|
Non-GAAP noninterest
expense
|
$
|
11,642
|
$
|
11,728
|
$
|
9,972
|
|
|
|
|
|
|
|
Reported noninterest
income
|
$
|
3,448
|
$
|
2,567
|
$
|
2,039
|
Less: Gain on sale of
assets, net tax
|
|
641
|
|
-
|
|
-
|
Non-GAAP noninterest
income
|
$
|
2,807
|
$
|
2,567
|
$
|
2,039
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
4,016
|
$
|
3,350
|
$
|
2,840
|
Less: Gain on sale of
assets, net tax
|
|
416
|
|
-
|
|
-
|
Add: Merger-related
expenses, net tax
|
|
143
|
|
398
|
|
232
|
Non-GAAP net
income
|
$
|
3,743
|
$
|
3,748
|
$
|
3,072
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
0.57
|
$
|
0.47
|
$
|
0.41
|
Less: Gain on sale of
assets
|
|
0.06
|
|
-
|
|
-
|
Add: Merger-related
expenses
|
|
0.02
|
|
0.06
|
|
0.03
|
Non-GAAP
EPS
|
$
|
0.53
|
$
|
0.53
|
$
|
0.44
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
173,567
|
$
|
169,164
|
$
|
158,902
|
Less:
Intangibles
|
|
13,542
|
|
15,119
|
|
3,911
|
Non-GAAP tangible
shareholders' equity
|
$
|
160,025
|
$
|
154,045
|
$
|
154,991
|
|
|
|
|
|
|
|
|
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, impact of the gain on
the sale of a banking center 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
%
|
|
|
March 31,
|
December
31,
|
|
2016
|
|
2015
|
|
Change
|
|
|
2016
|
2015
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
26,853,272
|
|
$
30,227,762
|
|
(11)
|
%
|
|
$
17,960,269
|
$
24,797,599
|
Interest-bearing
deposits in banks
|
2,430,585
|
|
5,526,000
|
|
(56)
|
|
|
4,653,585
|
5,143,585
|
Investment securities
available for sale, at fair value
|
174,949,772
|
|
178,078,713
|
|
(2)
|
|
|
178,533,171
|
176,762,200
|
Investment securities
held to maturity
|
13,530,264
|
|
14,489,250
|
|
(7)
|
|
|
13,845,761
|
13,926,861
|
Mortgage loans held
for sale
|
11,616,730
|
|
6,696,133
|
|
74
|
|
|
11,504,158
|
5,651,250
|
Loans, net of
unearned income
|
1,218,330,307
|
|
915,552,159
|
|
33
|
|
|
1,218,059,238
|
1,224,365,916
|
Allowance for loan
losses
|
(11,446,976)
|
|
(8,465,718)
|
|
35
|
|
|
(10,397,231)
|
(9,547,487)
|
Total loans, net of
allowance for loan losses
|
1,206,883,331
|
|
907,086,441
|
|
33
|
|
|
1,207,662,007
|
1,214,818,429
|
Office properties and
equipment, net
|
39,422,603
|
|
36,623,001
|
|
8
|
|
|
42,190,686
|
40,815,744
|
Cash surrender value
of bank-owned life insurance
|
19,867,467
|
|
19,419,577
|
|
2
|
|
|
19,787,613
|
19,666,900
|
Accrued interest
receivable and other assets
|
49,494,863
|
|
36,659,756
|
|
35
|
|
|
47,983,954
|
50,329,032
|
Total
Assets
|
$
1,545,048,887
|
|
$
1,234,806,633
|
|
25
|
|
|
$
1,544,121,204
|
$
1,551,911,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
1,225,003,785
|
|
$
1,030,971,854
|
|
19
|
%
|
|
$
1,243,698,838
|
$
1,244,216,516
|
Securities sold under
repurchase agreements
|
-
|
|
20,036,906
|
|
-
|
|
|
-
|
-
|
Federal Home Loan
Bank advances
|
135,079,007
|
|
19,000,000
|
|
611
|
|
|
113,010,613
|
125,152,598
|
Accrued interest
payable and other liabilities
|
11,398,668
|
|
5,895,559
|
|
93
|
|
|
18,247,985
|
17,496,132
|
Total
Liabilities
|
1,371,481,460
|
|
1,075,904,319
|
|
28
|
|
|
1,374,957,436
|
1,386,865,246
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common
stock
|
73,068
|
|
72,181
|
|
1
|
%
|
|
72,568
|
72,399
|
Additional paid-in
capital
|
78,346,879
|
|
76,153,953
|
|
3
|
|
|
77,389,045
|
76,948,914
|
Common stock acquired
by benefit plans
|
(4,523,041)
|
|
(4,932,606)
|
|
(8)
|
|
|
(4,620,078)
|
(4,711,260)
|
Retained
earnings
|
97,659,115
|
|
86,489,766
|
|
13
|
|
|
94,542,265
|
91,864,543
|
Accumulated other
comprehensive income
|
2,011,406
|
|
1,119,020
|
|
80
|
|
|
1,779,968
|
871,758
|
Total
Shareholders' Equity
|
173,567,427
|
|
158,902,314
|
|
9
|
|
|
169,163,768
|
165,046,354
|
Total Liabilities
and Shareholders' Equity
|
$
1,545,048,887
|
|
$
1,234,806,633
|
|
25
|
|
|
$
1,544,121,204
|
$
1,551,911,600
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
June
30,
|
%
|
|
|
June
30,
|
|
%
|
|
|
2016
|
2015
|
|
Change
|
|
|
2016
|
2015
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
15,852,931
|
$
12,620,586
|
|
26
|
%
|
|
$
31,871,027
|
$
24,981,549
|
|
28
|
%
|
Investment
securities
|
945,836
|
902,115
|
|
5
|
|
|
1,916,920
|
1,812,236
|
|
6
|
|
Other investments and
deposits
|
67,207
|
65,319
|
|
3
|
|
|
126,589
|
99,071
|
|
28
|
|
Total interest
income
|
16,865,974
|
13,588,020
|
|
24
|
|
|
33,914,536
|
26,892,856
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
919,152
|
700,657
|
|
31
|
%
|
|
1,851,004
|
1,385,636
|
|
34
|
%
|
Securities sold under
repurchase agreements
|
-
|
18,634
|
|
(100)
|
|
|
-
|
37,063
|
|
(100)
|
|
Federal Home Loan
Bank advances
|
394,185
|
103,888
|
|
279
|
|
|
788,411
|
213,193
|
|
270
|
|
Total interest
expense
|
1,313,337
|
823,179
|
|
60
|
|
|
2,639,415
|
1,635,892
|
|
61
|
|
Net interest
income
|
15,552,637
|
12,764,841
|
|
22
|
|
|
31,275,121
|
25,256,964
|
|
24
|
|
Provision for loan
losses
|
1,050,000
|
294,138
|
|
257
|
|
|
1,900,000
|
832,625
|
|
128
|
|
Net interest income
after provision for loan losses
|
14,502,637
|
12,470,703
|
|
16
|
|
|
29,375,121
|
24,424,339
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,001,856
|
954,545
|
|
5
|
%
|
|
2,038,266
|
1,846,664
|
|
10
|
%
|
Bank card
fees
|
676,305
|
637,688
|
|
6
|
|
|
1,277,506
|
1,203,272
|
|
6
|
|
Gain on sale of
loans, net
|
486,866
|
267,839
|
|
82
|
|
|
787,539
|
641,012
|
|
23
|
|
Income from
bank-owned life insurance
|
119,967
|
124,108
|
|
(3)
|
|
|
240,679
|
256,467
|
|
(6)
|
|
Gain (loss) on the
sale of assets, net
|
640,573
|
(134,114)
|
|
578
|
|
|
640,580
|
(133,614)
|
|
579
|
|
Other
income
|
521,945
|
188,755
|
|
177
|
|
|
1,030,220
|
303,703
|
|
239
|
|
Total noninterest
income
|
3,447,512
|
2,038,821
|
|
69
|
|
|
6,014,790
|
4,117,504
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
6,920,908
|
6,062,625
|
|
14
|
%
|
|
14,121,944
|
11,823,412
|
|
19
|
%
|
Occupancy
|
1,322,342
|
1,166,929
|
|
13
|
|
|
2,631,939
|
2,338,210
|
|
13
|
|
Marketing and
advertising
|
198,351
|
112,654
|
|
76
|
|
|
456,015
|
222,982
|
|
105
|
|
Data processing and
communication
|
1,147,318
|
915,140
|
|
25
|
|
|
2,691,033
|
1,858,472
|
|
45
|
|
Professional
fees
|
259,344
|
475,235
|
|
(45)
|
|
|
553,551
|
713,409
|
|
(22)
|
|
Forms, printing and
supplies
|
173,165
|
133,028
|
|
30
|
|
|
350,457
|
277,838
|
|
26
|
|
Franchise and shares
tax
|
219,773
|
147,272
|
|
49
|
|
|
439,546
|
294,544
|
|
49
|
|
Regulatory
fees
|
329,024
|
296,942
|
|
11
|
|
|
651,715
|
577,409
|
|
13
|
|
Foreclosed assets,
net
|
307,425
|
259,788
|
|
18
|
|
|
425,802
|
495,570
|
|
(14)
|
|
Other
expenses
|
977,857
|
658,715
|
|
48
|
|
|
1,874,695
|
1,345,568
|
|
39
|
|
Total noninterest
expense
|
11,855,507
|
10,228,328
|
|
16
|
|
|
24,196,697
|
19,947,414
|
|
21
|
|
Income before income
tax expense
|
6,094,642
|
4,281,196
|
|
42
|
|
|
11,193,214
|
8,594,429
|
|
30
|
|
Income tax
expense
|
2,078,148
|
1,441,359
|
|
44
|
|
|
3,827,041
|
2,906,828
|
|
32
|
|
Net income
|
$
4,016,494
|
$
2,839,837
|
|
41
|
|
|
$
7,366,173
|
$
5,687,601
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.59
|
$
0.42
|
|
41
|
%
|
|
$
1.08
|
$
0.85
|
|
27
|
%
|
Earnings per share -
diluted
|
$
0.57
|
$
0.41
|
|
39
|
|
|
$
1.04
|
$
0.82
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.10
|
$
0.07
|
|
43
|
%
|
|
$
0.19
|
$
0.14
|
|
36
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
June
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
March 31,
2016
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
16,866
|
|
$
13,588
|
|
24
|
%
|
|
$
17,049
|
|
|
(1)
|
%
|
Total interest
expense
|
1,313
|
|
823
|
|
60
|
|
|
1,326
|
|
|
(1)
|
|
Net interest
income
|
15,553
|
|
12,765
|
|
22
|
|
|
15,723
|
|
|
(1)
|
|
Provision for loan
losses
|
1,050
|
|
294
|
|
257
|
|
|
850
|
|
|
24
|
|
Total noninterest
income
|
3,448
|
|
2,039
|
|
69
|
|
|
2,567
|
|
|
34
|
|
Total noninterest
expense
|
11,856
|
|
10,228
|
|
16
|
|
|
12,341
|
|
|
(4)
|
|
Income tax
expense
|
2,079
|
|
1,442
|
|
44
|
|
|
1,749
|
|
|
19
|
|
Net income
|
$
4,016
|
|
$
2,840
|
|
41
|
|
|
$
3,350
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
1,544,840
|
|
$
1,249,232
|
|
24
|
%
|
|
$
1,544,910
|
|
|
-
|
%
|
Total
interest-earning assets
|
1,432,190
|
|
1,144,444
|
|
25
|
|
|
1,430,075
|
|
|
-
|
|
Totals
loans
|
1,225,162
|
|
915,874
|
|
34
|
|
|
1,225,577
|
|
|
-
|
|
Total
interest-bearing deposits
|
940,165
|
|
783,943
|
|
20
|
|
|
952,439
|
|
|
(1)
|
|
Total
interest-bearing liabilities
|
1,069,590
|
|
823,196
|
|
30
|
|
|
1,078,430
|
|
|
(1)
|
|
Total
deposits
|
1,230,839
|
|
1,050,195
|
|
17
|
|
|
1,237,871
|
|
|
(1)
|
|
Total shareholders'
equity
|
171,757
|
|
158,659
|
|
8
|
|
|
168,039
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.04
|
%
|
0.91
|
%
|
14
|
%
|
|
0.87
|
%
|
|
20
|
%
|
Return on average
equity
|
9.35
|
|
7.16
|
|
31
|
|
|
7.97
|
|
|
17
|
|
Efficiency ratio
(2)
|
62.40
|
|
69.09
|
|
(10)
|
|
|
67.48
|
|
|
(8)
|
|
Average equity to
average assets
|
11.12
|
|
12.70
|
|
(12)
|
|
|
10.88
|
|
|
2
|
|
Tier 1 leverage
capital ratio(3)
|
9.34
|
|
12.21
|
|
(24)
|
|
|
8.97
|
|
|
4
|
|
Total risk-based
capital ratio(3)
|
13.24
|
|
18.10
|
|
(27)
|
|
|
12.70
|
|
|
4
|
|
Net interest margin
(4)
|
4.35
|
|
4.47
|
|
(3)
|
|
|
4.40
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.59
|
|
$
0.42
|
|
41
|
%
|
|
$
0.49
|
|
|
20
|
%
|
Diluted earnings per
share
|
0.57
|
|
0.41
|
|
39
|
|
|
0.47
|
|
|
21
|
|
Book value at period
end
|
23.75
|
|
22.01
|
|
8
|
|
|
23.31
|
|
|
2
|
|
Tangible book value
at period end
|
21.90
|
|
21.47
|
|
2
|
|
|
21.23
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,306,728
|
|
7,218,009
|
|
1
|
%
|
|
7,256,671
|
|
|
1
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,816,409
|
|
6,694,751
|
|
2
|
%
|
|
6,784,478
|
|
|
-
|
%
|
Diluted
|
7,088,125
|
|
6,974,249
|
|
2
|
|
|
7,052,369
|
|
|
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)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
June 30,
2015
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
7,806
|
|
$ 15,215
|
|
$ 23,021
|
|
|
$ 5,714
|
|
$ 5,635
|
|
$ 11,349
|
|
|
$
9,242
|
|
$ 2,817
|
|
$ 12,059
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
7,806
|
|
15,215
|
|
23,021
|
|
|
5,714
|
|
5,635
|
|
11,349
|
|
|
9,242
|
|
2,817
|
|
12,059
|
|
Foreclosed
assets
|
2,106
|
|
180
|
|
2,286
|
|
|
2,199
|
|
180
|
|
2,379
|
|
|
4,372
|
|
1,832
|
|
6,204
|
|
Total nonperforming
assets
|
9,912
|
|
15,395
|
|
25,307
|
|
|
7,913
|
|
5,815
|
|
13,728
|
|
|
13,614
|
|
4,649
|
|
18,263
|
|
Performing troubled
debt restructurings
|
538
|
|
988
|
|
1,526
|
|
|
483
|
|
783
|
|
1,266
|
|
|
501
|
|
686
|
|
1,187
|
|
Total nonperforming
assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$ 10,450
|
|
$ 16,383
|
|
$ 26,833
|
|
|
$ 8,396
|
|
$ 6,598
|
|
$ 14,994
|
|
|
$ 14,115
|
|
$ 5,335
|
|
$ 19,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
1.64
|
%
|
|
|
|
|
|
0.89
|
%
|
|
|
|
|
|
1.48
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
1.49
|
|
|
|
|
|
|
0.73
|
|
|
|
|
|
|
0.98
|
|
Nonperforming loans
to total loans
|
|
|
|
|
1.89
|
|
|
|
|
|
|
0.93
|
|
|
|
|
|
|
1.32
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
45.23
|
|
|
|
|
|
|
75.74
|
|
|
|
|
|
|
46.35
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
49.72
|
|
|
|
|
|
|
91.62
|
|
|
|
|
|
|
70.20
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.94
|
|
|
|
|
|
|
0.85
|
|
|
|
|
|
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
187
|
|
|
|
|
|
|
$
106
|
|
|
|
|
|
|
$
233
|
|
Year-to-date loan
recoveries
|
|
|
|
|
186
|
|
|
|
|
|
|
106
|
|
|
|
|
|
|
107
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
1
|
|
|
|
|
|
|
$
-
|
|
|
|
|
|
|
$
126
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
-
|
%
|
|
|
|
|
|
-
|
%
|
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-bancorp-reports-2016-second-quarter-results-and-declares-quarterly-dividend-300303641.html
SOURCE Home Bancorp, Inc.