LAFAYETTE, La., April 23, 2019 /PRNewswire/ -- Home Bancorp, Inc.
(Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank,
N.A. (the "Bank") (www.home24bank.com), reported results for the
first quarter of 2019. Net income for the first quarter of
2019 was $7.9 million, or
$0.85 per diluted common share
("EPS"), compared to $8.1 million, or
$0.87 EPS, for the fourth quarter of
2018.
Key performance metrics for the first quarter of 2019
include:
- Income before income tax expense increased $501,000, or 6%, compared to the previous
quarter;
- Return on average assets, return on average equity and return
on average tangible common equity were 1.48%, 10.45% and 13.86%,
respectively;
- Loans declined $786,000 as CRE
growth was offset by paydowns in other loan categories;
- Led by growth in certificates of deposit, total deposits were
up $44.3 million, or 3%;
- The net interest margin was 4.41%, a decline of 16 basis points
as deposit costs increased and loan yields declined;
- Nonperforming assets increased $3.1
million driven by acquired loans;
- Share repurchases totaled 134,005 shares at an average price of
$35.71 per share; and
- Bank capital remained strong with the Tier 1 leverage and total
risk-based capital ratios of 10.93% and 15.21%, respectively.
"Despite headwinds in the interest rate environment," stated
John W. Bordelon, President and
Chief Executive Officer of the Company and the Bank, "we posted a
healthy ROA and ROE and continue to have a strong net interest
margin."
"The second quarter promises to be an exciting one as we open an
additional branch in Baton Rouge
and relocate two existing branches to more prominent locations,"
continued Bordelon. "These branch moves give us greater access to
highly-coveted businesses and individuals along the I-10/I-12
corridor."
The Company also announced that its Board of Directors increased
its quarterly cash dividend on shares of its common stock to
$0.21 per share payable on
May 17, 2019, to shareholders of
record as of May 6, 2019.
Loans and Credit Quality
Loans totaled $1.6 billion at
March 31, 2019, a decrease of
$786,000, from December 31, 2018. Growth in commercial
real estate loans (up $20.9 million),
was offset by paydowns in several other loan
categories.
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)
|
|
2019
|
|
2018
|
|
Amount
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
441,921
|
$
|
450,363
|
$
|
(8,442)
|
|
(2)
|
%
|
Home equity loans and
lines
|
|
80,598
|
|
83,976
|
|
(3,378)
|
|
(4)
|
|
Commercial real
estate
|
|
661,446
|
|
640,575
|
|
20,871
|
|
3
|
|
Construction and
land
|
|
193,541
|
|
193,597
|
|
(56)
|
|
-
|
|
Multi-family
residential
|
|
46,055
|
|
54,455
|
|
(8,400)
|
|
(15)
|
|
Total real
estate loans
|
|
1,423,561
|
|
1,422,966
|
|
595
|
|
-
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
174,405
|
|
172,934
|
|
1,471
|
|
1
|
|
Consumer
|
|
51,002
|
|
53,854
|
|
(2,852)
|
|
(5)
|
|
Total
other loans
|
|
225,407
|
|
226,788
|
|
(1,381)
|
|
(1)
|
|
Total loans
|
$
|
1,648,968
|
$
|
1,649,754
|
$
|
(786)
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets ("NPAs"), excluding purchased credit
impaired loans, totaled $29.1 million
at March 31, 2019, an increase of
$3.1 million, or 12%, compared to
December 31, 2018. The ratio of NPAs
to total assets was 1.32% at March 31,
2019, compared to 1.21% at December
31, 2018. The rise in NPAs during the first
quarter was due primarily to three acquired loan
relationships. Management believes it has sufficient
fair-value discounts recorded on acquired loan portfolios to absorb
any additional losses that may be associated with these
loans.
The Company recorded net loan charge-offs of $168,000 during the first quarter of 2019,
compared to net loan charge-offs of $1.0
million for the fourth quarter of 2018. The Company's
provision for loan losses for the first quarter of 2019 was
$390,000, compared to $1.6 million for the fourth quarter of
2018. The decrease in the provision for loan losses during
the first quarter was primarily due to paydowns in the portfolio
and modestly improved economic conditions across the Company's
major markets.
The ratio of the allowance for loan losses to total loans was
1.00% at March 31, 2019, compared to
0.99% at December 31, 2018.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.34% at March 31,
2019, compared to 1.36% at December
31, 2018.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the
energy sector totaled $43.0 million,
or 3% of total outstanding loans, at March
31, 2019, compared to $45.6
million, or 3% of total outstanding loans, at December 31, 2018. Unfunded loan
commitments to customers in the energy sector totaled $7.4 million at March 31,
2019, compared to $10.1
million at December 31,
2018. At March 31,
2019, loans constituting 93% of the balance of our direct
energy-related portfolio were performing in accordance with their
original loan agreements. The Company holds no shared national
credits.
The allowance for loan losses attributable to originated direct
energy-related loans totaled 2.43% of the outstanding balance of
originated energy-related portfolio at March
31, 2019, compared to 2.39% at December 31, 2018.
Deposits
Total deposits were $1.8 billion
at March 31, 2019, an increase of
$44.3 million, or 3%, compared to
December 31, 2018. Deposits increased
due primarily to rate specials on certificates of
deposit.
The following table sets forth the composition of the Company's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2019
|
|
2018
|
|
Amount
|
|
Percent
|
|
Demand
deposits
|
$
|
442,940
|
$
|
438,146
|
$
|
4,794
|
|
1
|
%
|
Savings
|
|
202,762
|
|
201,393
|
|
1,369
|
|
1
|
|
Money market
|
|
291,747
|
|
295,705
|
|
(3,958)
|
|
(1)
|
|
NOW
|
|
501,126
|
|
486,979
|
|
14,147
|
|
3
|
|
Certificates of
deposit
|
|
378,973
|
|
350,994
|
|
27,979
|
|
8
|
|
Total
deposits
|
$
|
1,817,548
|
$
|
1,773,217
|
$
|
44,331
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
Share Repurchases
The Company repurchased 134,005 shares of its common stock
during the first quarter of 2019 at an average price per share of
$35.71 under the Company's
outstanding share repurchase plan. An additional 202,077
shares remain eligible for purchase under the current repurchase
plan. The book value per share and tangible book value per
share of the Company's common stock was $32.62 and $25.69,
respectively, at March 31,
2019.
Net Interest Income
Net interest income for the first quarter of 2019 totaled
$21.7 million, a decrease of
$933,000, or 4%, compared to the
fourth quarter of 2018. On a linked quarter basis, net interest
income decreased primarily due to a $657,000 decrease in income on loans and a
$397,000 increase in interest expense
on deposits. Loan interest income decreased primarily due to
a decline in the average balance of acquired loans (which reduced
interest income approximately $400,000) and a $350,000 decline in accretion income. The
Company's net interest margin was 4.41% for the first quarter of
2019, 16 basis points lower than the fourth quarter of 2018,
primarily due to the changes in income on loans and the cost of
deposits.
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 21%.
|
|
For the Three
Months Ended
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
Average
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest
|
Average
Yield/
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
$
|
1,106,230
|
$
|
14,943
|
5.42
|
%
|
$
|
1,060,098
|
$
|
14,725
|
5.46
|
%
|
Acquired
loans
|
|
543,396
|
|
8,255
|
6.11
|
|
|
573,829
|
|
9,130
|
6.27
|
|
Total
loans receivable
|
|
1,649,626
|
|
23,198
|
5.64
|
|
|
1,633,927
|
|
23,855
|
5.75
|
|
Investment securities
(TE)
|
|
272,745
|
|
1,808
|
2.71
|
|
|
276,812
|
|
1,758
|
2.60
|
|
Other interest-earning
assets
|
|
55,550
|
|
363
|
2.65
|
|
|
43,503
|
|
290
|
2.65
|
|
Total interest-earning
assets
|
$
|
1,977,921
|
$
|
25,369
|
5.15
|
%
|
$
|
1,954,242
|
$
|
25,903
|
5.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
$
|
983,184
|
$
|
2,006
|
0.83
|
%
|
$
|
980,045
|
$
|
1,866
|
0.76
|
%
|
Certificates of
deposit
|
|
367,614
|
|
1,325
|
1.46
|
|
|
344,729
|
|
1,068
|
1.23
|
|
Total interest-bearing
deposits
|
|
1,350,798
|
|
3,331
|
1.00
|
|
|
1,324,774
|
|
2,934
|
0.88
|
|
Other
borrowings
|
|
5,539
|
|
53
|
3.89
|
|
|
4,877
|
|
47
|
3.79
|
|
FHLB
advances
|
|
58,195
|
|
263
|
1.81
|
|
|
59,025
|
|
267
|
1.81
|
|
Total interest-bearing
liabilities
|
$
|
1,414,532
|
$
|
3,647
|
1.04
|
%
|
$
|
1,388,676
|
$
|
3,248
|
0.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
4.11
|
%
|
|
|
|
|
4.30
|
%
|
Net interest margin
(TE)
|
|
|
|
|
4.41
|
%
|
|
|
|
|
4.57
|
%
|
Noninterest Income
Noninterest income for the first quarter of 2019 totaled
$3.2 million, a decrease of
$114,000, or 3%, compared to the
fourth quarter of 2018. Services fees and charges were down
primarily due to lower overdraft fees. Bank card fees and
gain on sale of loans were down primarily due to seasonal
factors.
Noninterest Expense
Noninterest expense for the first quarter of 2019 totaled
$15.3 million, a decrease of
$326,000, or 2%, compared to the
fourth quarter of 2018. The decrease primarily resulted from lower
data processing and communication and compensation and benefits
expenses.
Income Tax Expense
Income tax expense for the first quarter of 2019 totaled
$1.3 million, an increase of
$700,000, or 114%, compared to the
fourth quarter of 2018. The Company's effective tax rate for the
first quarter of 2019 equaled 14.3% due primarily to elevated
levels of stock option exercises. These options, which were
associated with the 2009 stock option plan, were set up to expire
in May 2019. Such option exercises reduced income tax expense
by $514,000 during the first
quarter.
The effective tax rate for the fourth quarter of 2018 was 7.1%,
which included a one-time reduction of $819,000 due to an updated analysis of the
Company's depreciation of certain assets as a result of a cost
segregation study. In addition, income tax expense for the fourth
quarter of 2018 included the full-year effect ($400,000) of recurring tax credits related to an
investment in a Federal New Market Tax Credit ("NMTC"). The savings
related to the NMTC are expected to be achieved annually for the
next six years, including 2019.
Non-GAAP Reconciliation
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands, except per share data)
|
|
March
31, 2019
|
|
|
December
31, 2018
|
|
|
March 31,
2018
|
|
Reported net
income
|
$
|
7,890
|
|
$
|
8,089
|
|
$
|
7,463
|
|
Add: CDI amortization,
net tax
|
|
324
|
|
|
346
|
|
|
397
|
|
Non-GAAP tangible
income
|
$
|
8,214
|
|
$
|
8,435
|
|
$
|
7,860
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
|
2,202,675
|
|
$
|
2,153,658
|
|
$
|
2,206,854
|
|
Less: Intangible
assets
|
|
65,645
|
|
|
66,055
|
|
|
67,499
|
|
Non-GAAP tangible
assets
|
$
|
2,137,030
|
|
$
|
2,087,603
|
|
$
|
2,139,355
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
308,935
|
|
$
|
304,040
|
|
$
|
283,089
|
|
Less: Intangible
assets
|
|
65,645
|
|
|
66,055
|
|
|
67,499
|
|
Non-GAAP tangible
shareholders' equity
|
$
|
243,290
|
|
$
|
237,985
|
|
$
|
215,590
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans
|
$
|
1,108,655
|
|
$
|
1,095,160
|
|
$
|
963,146
|
|
Acquired
loans
|
|
540,313
|
|
|
554,594
|
|
|
678,124
|
|
Total loans
|
$
|
1,648,968
|
|
$
|
1,649,754
|
|
$
|
1,641,270
|
|
|
|
|
|
|
|
|
|
|
|
Originated allowance
for loan losses
|
$
|
14,829
|
|
$
|
14,859
|
|
$
|
13,488
|
|
Acquired allowance for
loan losses
|
|
1,741
|
|
|
1,489
|
|
|
781
|
|
Total allowance for
loan losses
|
$
|
16,570
|
|
$
|
16,348
|
|
$
|
14,269
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
10.45
|
%
|
|
10.72
|
%
|
|
10.74
|
%
|
Add: Average intangible
assets
|
|
3.41
|
|
|
3.64
|
|
|
4.15
|
|
Non-GAAP return on
tangible common equity
|
|
13.86
|
%
|
|
14.36
|
%
|
|
14.89
|
%
|
|
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
14.03
|
%
|
|
14.12
|
%
|
|
12.83
|
%
|
Less: Intangible
assets
|
|
2.65
|
|
|
2.72
|
|
|
2.75
|
|
Non-GAAP tangible
common equity ratio
|
|
11.38
|
%
|
|
11.40
|
%
|
|
10.08
|
%
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
32.62
|
|
$
|
32.14
|
|
$
|
30.09
|
|
Less: Intangible
assets
|
|
6.93
|
|
|
6.98
|
|
|
7.18
|
|
Non-GAAP tangible book
value per share
|
$
|
25.69
|
|
$
|
25.16
|
|
$
|
22.91
|
|
|
|
|
|
|
|
|
|
|
|
This news release contains financial information determined
by methods other than in accordance with generally accepted
accounting principles ("GAAP"). The Company's management uses this
non-GAAP financial information in its analysis of the Company's
performance. In this news release, information is included which
excludes acquired loans and intangible assets. 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 operating results. This
non-GAAP financial information should not be viewed as a substitute
for financial information determined in accordance with GAAP, nor
is it 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,
2018, 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
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
%
|
|
|
March 31,
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
Change
|
|
|
2018
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
103,786
|
|
$
59,618
|
|
74
|
%
|
|
$
124,142
|
Interest-bearing
deposits in banks
|
694
|
|
939
|
|
(26)
|
|
|
2,421
|
Investment securities
available for sale, at fair value
|
267,310
|
|
260,131
|
|
3
|
|
|
263,170
|
Investment securities
held to maturity
|
9,110
|
|
10,872
|
|
(16)
|
|
|
12,950
|
Mortgage loans held
for sale
|
1,986
|
|
2,086
|
|
(5)
|
|
|
1,311
|
Loans, net of
unearned income
|
1,648,968
|
|
1,649,754
|
|
-
|
|
|
1,641,270
|
Allowance for loan
losses
|
(16,570)
|
|
(16,348)
|
|
1
|
|
|
(14,269)
|
Total loans, net of
allowance for loan losses
|
1,632,398
|
|
1,633,406
|
|
-
|
|
|
1,627,001
|
Office properties and
equipment, net
|
47,030
|
|
47,124
|
|
-
|
|
|
45,203
|
Cash surrender value
of bank-owned life insurance
|
29,725
|
|
29,560
|
|
1
|
|
|
29,065
|
Goodwill and core
deposit intangibles
|
65,645
|
|
66,055
|
|
(1)
|
|
|
67,499
|
Accrued interest
receivable and other assets
|
44,991
|
|
43,867
|
|
3
|
|
|
34,092
|
Total
Assets
|
$
2,202,675
|
|
$
2,153,658
|
|
2
|
|
|
$
2,206,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
$
1,817,548
|
|
$
1,773,217
|
|
3
|
%
|
|
$
1,839,205
|
Other
borrowings
|
5,539
|
|
5,539
|
|
-
|
|
|
-
|
Federal Home Loan
Bank advances
|
57,889
|
|
58,698
|
|
(1)
|
|
|
70,888
|
Accrued interest
payable and other liabilities
|
12,764
|
|
12,164
|
|
5
|
|
|
13,672
|
Total
Liabilities
|
1,893,740
|
|
1,849,618
|
|
2
|
|
|
1,923,765
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common
stock
|
95
|
|
95
|
|
-
|
%
|
|
94
|
Additional paid-in
capital
|
169,091
|
|
168,243
|
|
1
|
|
|
165,991
|
Common stock acquired
by benefit plans
|
(3,443)
|
|
(3,539)
|
|
(3)
|
|
|
(3,829)
|
Retained
earnings
|
143,998
|
|
141,447
|
|
2
|
|
|
123,571
|
Accumulated other
comprehensive income
|
(806)
|
|
(2,206)
|
|
63
|
|
|
(2,738)
|
Total
Shareholders' Equity
|
308,935
|
|
304,040
|
|
2
|
|
|
283,089
|
Total Liabilities
and Shareholders' Equity
|
$
2,202,675
|
|
$
2,153,658
|
|
2
|
|
|
$
2,206,854
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
March 31,
|
|
%
|
|
|
For The
Three
Months Ended
|
|
%
|
|
(dollars in
thousands except per share data)
|
2019
|
2018
|
|
Change
|
|
|
December 31,
2018
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 23,198
|
$ 22,804
|
|
2
|
%
|
|
$
23,855
|
|
(3)
|
%
|
Investment
securities
|
1,808
|
1,495
|
|
21
|
|
|
1,758
|
|
3
|
|
Other investments and
deposits
|
363
|
426
|
|
(15)
|
|
|
290
|
|
25
|
|
Total interest
income
|
25,369
|
24,725
|
|
3
|
|
|
25,903
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
3,331
|
1,902
|
|
75
|
%
|
|
2,934
|
|
14
|
%
|
Other borrowings
expense
|
53
|
-
|
|
-
|
|
|
47
|
|
13
|
|
Federal Home Loan
Bank advances
|
263
|
318
|
|
(17)
|
|
|
267
|
|
(1)
|
|
Total interest
expense
|
3,647
|
2,220
|
|
64
|
|
|
3,248
|
|
12
|
|
Net interest
income
|
21,722
|
22,505
|
|
(3)
|
|
|
22,655
|
|
(4)
|
|
Provision for loan
losses
|
390
|
964
|
|
(60)
|
|
|
1,612
|
|
(76)
|
|
Net interest income
after provision for loan losses
|
21,332
|
21,541
|
|
(1)
|
|
|
21,043
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,467
|
1,655
|
|
(11)
|
%
|
|
1,558
|
|
(6)
|
%
|
Bank card
fees
|
1,061
|
1,099
|
|
(3)
|
|
|
1,089
|
|
(3)
|
|
Gain on sale of
loans, net
|
155
|
207
|
|
(25)
|
|
|
258
|
|
(40)
|
|
Income from
bank-owned life insurance
|
165
|
161
|
|
2
|
|
|
166
|
|
(1)
|
|
(Loss) gain on sale
of assets, net
|
(1)
|
145
|
|
(101)
|
|
|
(130)
|
|
99
|
|
Other
income
|
318
|
215
|
|
48
|
|
|
338
|
|
(6)
|
|
Total noninterest
income
|
3,165
|
3,482
|
|
(9)
|
|
|
3,279
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
9,098
|
8,941
|
|
2
|
%
|
|
9,304
|
|
(2)
|
%
|
Occupancy
|
1,606
|
1,675
|
|
(4)
|
|
|
1,603
|
|
-
|
|
Marketing and
advertising
|
271
|
281
|
|
(4)
|
|
|
370
|
|
(27)
|
|
Data processing and
communication
|
1,422
|
1,679
|
|
(15)
|
|
|
1,819
|
|
(22)
|
|
Professional
fees
|
239
|
286
|
|
(16)
|
|
|
263
|
|
(9)
|
|
Forms, printing and
supplies
|
161
|
357
|
|
(55)
|
|
|
162
|
|
(1)
|
|
Franchise and shares
tax
|
399
|
365
|
|
9
|
|
|
(61)
|
|
754
|
|
Regulatory
fees
|
307
|
379
|
|
(19)
|
|
|
382
|
|
(20)
|
|
Foreclosed assets,
net
|
241
|
103
|
|
134
|
|
|
150
|
|
61
|
|
Amortization of
acquisition intangible
|
410
|
502
|
|
(18)
|
|
|
438
|
|
(6)
|
|
Other
expenses
|
1,137
|
1,022
|
|
11
|
|
|
1,187
|
|
(4)
|
|
Total noninterest
expense
|
15,291
|
15,590
|
|
(2)
|
|
|
15,617
|
|
(2)
|
|
Income before income
tax expense
|
9,206
|
9,433
|
|
(2)
|
|
|
8,705
|
|
6
|
|
Income tax
expense
|
1,316
|
1,970
|
|
(33)
|
|
|
616
|
|
114
|
|
Net income
|
$
7,890
|
$
7,463
|
|
6
|
|
|
$
8,089
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.86
|
$
0.83
|
|
4
|
%
|
|
$
0.89
|
|
(3)
|
%
|
Earnings per share -
diluted
|
$
0.85
|
$
0.81
|
|
5
|
|
|
$
0.87
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.20
|
$
0.15
|
|
33
|
%
|
|
$
0.20
|
|
-
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
March
31,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
(dollars in
thousands except per share data)
|
2019
|
|
2018
|
|
Change
|
|
|
December 31,
2018
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
25,369
|
|
$
24,725
|
|
3
|
%
|
|
$
25,903
|
|
|
(2)
|
%
|
Total interest
expense
|
3,647
|
|
2,220
|
|
64
|
|
|
3,248
|
|
|
12
|
|
Net interest
income
|
21,722
|
|
22,505
|
|
(3)
|
|
|
22,655
|
|
|
(4)
|
|
Provision for loan
losses
|
390
|
|
964
|
|
(60)
|
|
|
1,612
|
|
|
(76)
|
|
Total noninterest
income
|
3,165
|
|
3,482
|
|
(9)
|
|
|
3,279
|
|
|
(3)
|
|
Total noninterest
expense
|
15,291
|
|
15,590
|
|
(2)
|
|
|
15,617
|
|
|
(2)
|
|
Income tax
expense
|
1,316
|
|
1,970
|
|
(33)
|
|
|
616
|
|
|
114
|
|
Net income
|
$
7,890
|
|
$
7,463
|
|
6
|
|
|
$
8,089
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
2,166,317
|
|
$
2,204,910
|
|
(2)
|
%
|
|
$
2,137,770
|
|
|
1
|
%
|
Total
interest-earning assets
|
1,977,921
|
|
2,010,668
|
|
(2)
|
|
|
1,954,242
|
|
|
1
|
|
Total
loans
|
1,649,626
|
|
1,647,503
|
|
0
|
|
|
1,633,927
|
|
|
1
|
|
Total
interest-bearing deposits
|
1,350,798
|
|
1,386,939
|
|
(3)
|
|
|
1,324,774
|
|
|
2
|
|
Total
interest-bearing liabilities
|
1,414,532
|
|
1,458,133
|
|
(3)
|
|
|
1,388,676
|
|
|
2
|
|
Total
deposits
|
1,786,181
|
|
1,845,190
|
|
(3)
|
|
|
1,771,539
|
|
|
1
|
|
Total shareholders'
equity
|
306,240
|
|
281,853
|
|
9
|
|
|
299,339
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.48
|
%
|
1.37
|
%
|
8
|
%
|
|
1.50
|
%
|
|
(1)
|
%
|
Return on average
equity
|
10.45
|
|
10.74
|
|
(3)
|
|
|
10.72
|
|
|
(3)
|
|
Common equity
ratio
|
14.03
|
|
12.83
|
|
9
|
|
|
14.12
|
|
|
(1)
|
|
Efficiency ratio
(2)
|
61.44
|
|
59.99
|
|
2
|
|
|
60.22
|
|
|
2
|
|
Average equity to
average assets
|
14.14
|
|
12.78
|
|
11
|
|
|
14.00
|
|
|
1
|
|
Tier 1 leverage
capital ratio(3)
|
10.93
|
|
9.57
|
|
14
|
|
|
11.15
|
|
|
(2)
|
|
Total risk-based
capital ratio(3)
|
15.21
|
|
13.84
|
|
10
|
|
|
15.54
|
|
|
(2)
|
|
Net interest margin
(4)
|
4.41
|
|
4.49
|
|
(2)
|
|
|
4.57
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio(5)
|
11.38
|
%
|
10.08
|
%
|
13
|
%
|
|
11.40
|
%
|
|
-
|
%
|
Return on average
tangible common equity(6)
|
13.86
|
|
14.89
|
|
(7)
|
|
|
14.36
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.86
|
|
$
0.83
|
|
4
|
|
|
$
0.89
|
|
|
(3)
|
%
|
Earnings per share -
diluted
|
0.85
|
|
0.81
|
|
5
|
|
|
0.87
|
|
|
(2)
|
|
Book value at period
end
|
32.62
|
|
30.09
|
|
8
|
|
|
32.14
|
|
|
1
|
|
Tangible book value
at period end
|
25.69
|
|
22.91
|
|
12
|
|
|
25.16
|
|
|
2
|
|
Shares outstanding at
period end
|
9,471,857
|
|
9,409,261
|
|
1
|
%
|
|
9,459,050
|
|
|
-
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
9,123,786
|
|
9,011,535
|
|
1
|
%
|
|
9,118,874
|
|
|
-
|
%
|
Diluted
|
9,247,851
|
|
9,269,178
|
|
0
|
|
|
9,304,636
|
|
|
(1)
|
|
|
|
|
|
|
|
|
(1)
|
With the exception of
end-of-period ratios, all ratios are based on average daily
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 21%.
|
(5)
|
Tangible common
equity ratio is common shareholders' equity less intangible assets
divided by total assets less intangible assets. See
"Non-GAAP Reconciliation" for
additional information.
|
(6)
|
Return on average
tangible common equity is net income plus amortization of core
deposit intangible, net of taxes, divided by average
common shareholders' equity
less average intangible assets. See "Non-GAAP Reconciliation" for
additional information.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
December 31,
2018
|
|
March 31,
2018
|
(dollars in
thousands)
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
CREDIT
QUALITY(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)
|
$ 11,733
|
|
$
14,838
|
|
$ 26,571
|
|
|
$
9,032
|
|
$ 15,380
|
|
$ 24,412
|
|
|
$ 3,906
|
|
$ 23,407
|
|
$ 27,313
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
11,733
|
|
14,838
|
|
26,571
|
|
|
9,032
|
|
15,380
|
|
24,412
|
|
|
3,906
|
|
23,407
|
|
27,313
|
|
Foreclosed
assets
|
2,336
|
|
145
|
|
2,481
|
|
|
1,412
|
|
146
|
|
1,558
|
|
|
436
|
|
107
|
|
543
|
|
Total nonperforming
assets
|
14,069
|
|
14,983
|
|
29,052
|
|
|
10,444
|
|
15,526
|
|
25,970
|
|
|
4,342
|
|
23,514
|
|
27,856
|
|
Performing troubled
debt restructurings
|
219
|
|
1,131
|
|
1,350
|
|
|
289
|
|
1,117
|
|
1,406
|
|
|
1,068
|
|
606
|
|
1,674
|
|
Total nonperforming
assets and troubled debt
restructurings
|
$
14,288
|
|
$
16,114
|
|
$
30,402
|
|
|
$
10,733
|
|
$
16,643
|
|
$
27,376
|
|
|
$
5,410
|
|
$
24,120
|
|
$
29,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
1.32
|
%
|
|
|
|
|
|
1.21
|
%
|
|
|
|
|
|
1.26
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
1.21
|
|
|
|
|
|
|
1.13
|
|
|
|
|
|
|
1.24
|
|
Nonperforming loans
to total loans
|
|
|
|
|
1.61
|
|
|
|
|
|
|
1.48
|
|
|
|
|
|
|
1.66
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
57.04
|
|
|
|
|
|
|
62.95
|
|
|
|
|
|
|
51.22
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
62.36
|
|
|
|
|
|
|
66.97
|
|
|
|
|
|
|
52.24
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
1.00
|
|
|
|
|
|
|
0.99
|
|
|
|
|
|
|
0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
180
|
|
|
|
|
|
|
$
2,581
|
|
|
|
|
|
|
$
1,526
|
|
Year-to-date loan
recoveries
|
|
|
|
|
12
|
|
|
|
|
|
|
179
|
|
|
|
|
|
|
24
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
168
|
|
|
|
|
|
|
$
2,402
|
|
|
|
|
|
|
$
1,502
|
|
Annualized YTD net
loan charge-offs to average loans
|
|
|
|
|
0.04
|
%
|
|
|
|
|
|
0.15
|
%
|
|
|
|
|
|
0.37
|
%
|
|
|
|
|
|
|
(1)
|
Nonperforming loans
consist of nonaccruing loans and accruing loans 90 days or more
past due. Purchased credit impaired loans accounted for in pools
with an accretable yield are considered to be
performing and are excluded
from nonperforming loans. 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)
|
Nonaccrual loans
include originated restructured loans placed on nonaccrual totaling
$9.9 million, $10.3 million and $14.7 million at March 31, 2019,
December 31, 2018 and March 31, 2018,
respectively. Restructured
acquired loans after the acquisition date placed on nonaccrual
totaled $1.2 million, $4.2 million and $964,000 at March 31, 2019,
December 31, 2018 and March 31, 2018,
respectively.
|
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SOURCE Home Bancorp, Inc.