LAFAYETTE, La., Jan. 28, 2020 /PRNewswire/ -- Home Bancorp,
Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home
Bank, N.A. (the "Bank") (www.home24bank.com), reported financial
results for the fourth quarter of 2019. For the quarter, the
Company reported net income of $6.6
million, or $0.73 per diluted
common share ("EPS"), compared to $6.9
million, or $0.75 EPS, for the
third quarter of 2019.
Key performance metrics for the fourth quarter of 2019 (compared
to the third quarter of 2019) include:
- Loans increased $6.9 million, or
2% annualized;
- Nonperforming assets increased $944,000, or 3%, primarily due to one commercial
loan relationship in Baton
Rouge;
- Return on average assets, return on average equity and return
on average tangible common equity were 1.18%, 8.31 and 10.93%,
respectively;
- The net interest margin increased two basis points;
- The Company repurchased 78,403 shares of common stock at an
average price of $38.60 per share;
and
- Bank capital remained strong with a common equity ratio of
14.38% at quarter end.
"We finished the year with another quarter of solid loan growth,
which brought our 2019 loan growth total to over $64 million," said John
W. Bordelon, President and Chief Executive Officer of the
Company and the Bank. "We expect 2020 to be a year of strong loan
and deposit growth as the investments we've made in our lending
systems and processes have made us more responsive than ever."
The Company also announced that its Board of Directors declared
a quarterly cash dividend on shares of its common stock of
$0.22 per share payable on
February 21, 2020, to shareholders of record as of
February 10, 2020.
Loans and Credit Quality
Loans totaled $1.7 billion at
December 31, 2019, up $6.9
million from September 30, 2019. Fourth quarter
loan growth was focused in the following areas: construction
and land loans (up $6.9 million),
commercial and industrial loans (up $4.4
million) and commercial real estate loans (up $3.4 million). Construction and land loan growth
was primarily driven by commercial building construction,
residential development, and multi-family projects spread across
our major Louisiana markets.
Commercial and industrial loan growth was strongest in the Acadiana
and Baton Rouge markets.
Commercial real estate loan growth was primarily due to loans
secured by investment properties and retail stores.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase/(Decrease)
|
(dollars in
thousands)
|
|
2019
|
|
2019
|
|
Amount
|
|
Percent
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
|
430,820
|
|
|
$
|
432,964
|
|
|
$
|
(2,144)
|
|
|
—
|
%
|
Home equity loans and
lines
|
|
79,812
|
|
|
81,835
|
|
|
(2,023)
|
|
|
(2)
|
|
Commercial real
estate
|
|
722,807
|
|
|
719,392
|
|
|
3,415
|
|
|
—
|
|
Construction and
land
|
|
195,748
|
|
|
188,879
|
|
|
6,869
|
|
|
4
|
|
Multi-family
residential
|
|
54,869
|
|
|
56,733
|
|
|
(1,864)
|
|
|
(3)
|
|
Total real estate
loans
|
|
1,484,056
|
|
|
1,479,803
|
|
|
4,253
|
|
|
—
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
184,701
|
|
|
180,264
|
|
|
4,437
|
|
|
2
|
|
Consumer
|
|
45,604
|
|
|
47,375
|
|
|
(1,771)
|
|
|
(4)
|
|
Total other
loans
|
|
230,305
|
|
|
227,639
|
|
|
2,666
|
|
|
1
|
|
Total loans
|
|
$
|
1,714,361
|
|
|
$
|
1,707,442
|
|
|
$
|
6,919
|
|
|
—
|
%
|
The outstanding balance of direct loans to borrowers in the
energy sector totaled $33.5 million,
or 2% of total outstanding loans, at December 31, 2019,
compared to $40.1 million, or 2% of
total outstanding loans, at September 30, 2019. At
December 31, 2019, loans constituting 95% of the balance of
the direct energy-related portfolio were performing in accordance
with their original loan agreements.
Nonperforming assets ("NPAs"), excluding purchased credit
impaired loans, totaled $28.5 million
at December 31, 2019, up $944,000, or 3%, compared to September 30,
2019. The increase in NPAs was primarily due to one commercial loan
relationship in the Baton Rouge
market. The ratio of NPAs to total assets was 1.30% at
December 31, 2019, compared to 1.24% at September 30,
2019.
The Company recorded net loan charge-offs of $443,000 during the fourth quarter of 2019,
compared to net loan charge-offs of $787,000 for the third quarter of 2019. The
Company's provision for loan losses for the fourth quarter of 2019
was $713,000, compared to
$1.1 million for the third quarter of
2019.
The ratio of the allowance for loan losses to total loans was
1.04% at December 31, 2019, compared to 1.03% at
September 30, 2019. Excluding acquired loans, the ratio
of the allowance for loan losses to total loans was 1.29% at
December 31, 2019 and September 30, 2019. The
allowance for loan losses attributable to originated direct
energy-related loans totaled 2.11% of the outstanding balance of
originated energy-related portfolio at December 31, 2019,
compared to 2.40% at September 30, 2019.
Deposits
Total deposits were $1.8 billion
at December 31, 2019, down $10.4
million, or 1%, from September 30, 2019. The following
table sets forth the composition of the Company's deposits as of
the dates indicated.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase/(Decrease)
|
(dollars in
thousands)
|
|
2019
|
|
2019
|
|
Amount
|
|
Percent
|
Demand
deposits
|
|
$
|
437,828
|
|
|
$
|
446,742
|
|
|
$
|
(8,914)
|
|
|
(2)
|
%
|
Savings
|
|
201,887
|
|
|
204,807
|
|
|
(2,920)
|
|
|
(1)
|
|
Money
market
|
|
273,741
|
|
|
272,489
|
|
|
1,252
|
|
|
—
|
|
NOW
|
|
512,054
|
|
|
513,440
|
|
|
(1,386)
|
|
|
—
|
|
Certificates of
deposit
|
|
395,465
|
|
|
393,928
|
|
|
1,537
|
|
|
—
|
|
Total
deposits
|
|
$
|
1,820,975
|
|
|
$
|
1,831,406
|
|
|
$
|
(10,431)
|
|
|
(1)
|
%
|
Share Repurchases
The Company repurchased 78,403 shares of its common stock during
the fourth quarter of 2019 at an average price per share of
$38.60 under the Company's 2019
Repurchase Plan. An additional 386,584 shares remain eligible for
purchase under the 2019 Repurchase Plan. The book value per
share and tangible book value per share of the Company's common
stock was $34.19 and $27.22, respectively, at December 31,
2019.
Net Interest Income
Net interest income for the fourth quarter of 2019 was
$21.3 million, up $117,000, or 1%, from the third quarter of 2019.
The net interest margin was 4.14% for the fourth quarter of 2019,
up two basis points from the third quarter of 2019. Net interest
income increased primarily due to the absence of a $680,000 (pre-tax) third quarter 2019
write-off of the Company's FDIC loss sharing indemnification
receivable. Loan accretion income totaled $982,000 during the fourth quarter of 2019 and
$420,000 during the third quarter of
2019.
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
|
|
|
December 31,
2019
|
|
September 30,
2019
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
Average
Yield/ Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$
|
1,712,035
|
|
|
$
|
23,842
|
|
5.48
|
%
|
|
$
|
1,698,046
|
|
|
$
|
23,562
|
|
5.46
|
%
|
Investment securities
(TE)
|
|
259,531
|
|
|
1,341
|
|
2.11
|
|
|
261,778
|
|
|
1,515
|
|
2.36
|
|
Other interest-earning
assets
|
|
49,750
|
|
|
261
|
|
2.08
|
|
|
58,878
|
|
|
397
|
|
2.68
|
|
Total interest-earning
assets
|
|
$
|
2,021,316
|
|
|
$
|
25,444
|
|
4.96
|
%
|
|
$
|
2,018,702
|
|
|
$
|
25,474
|
|
4.98
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$
|
989,177
|
|
|
$
|
2,042
|
|
0.82
|
%
|
|
$
|
991,248
|
|
|
$
|
2,215
|
|
0.89
|
%
|
Certificates of
deposit
|
|
395,073
|
|
|
1,892
|
|
1.90
|
|
|
392,214
|
|
|
1,835
|
|
1.86
|
|
Total interest-bearing
deposits
|
|
1,384,250
|
|
|
3,934
|
|
1.13
|
|
|
1,383,462
|
|
|
4,050
|
|
1.16
|
|
Other
borrowings
|
|
5,539
|
|
|
54
|
|
3.80
|
|
|
5,550
|
|
|
53
|
|
3.80
|
|
FHLB
advances
|
|
43,570
|
|
|
198
|
|
1.82
|
|
|
51,166
|
|
|
230
|
|
1.80
|
|
Total interest-bearing
liabilities
|
|
$
|
1,433,359
|
|
|
$
|
4,186
|
|
1.16
|
%
|
|
$
|
1,440,178
|
|
|
$
|
4,333
|
|
1.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
3.80
|
%
|
|
|
|
|
3.79
|
%
|
Net interest margin
(TE)
|
|
|
|
|
4.14
|
%
|
|
|
|
|
4.12
|
%
|
Noninterest Income
Noninterest income for the fourth quarter of 2019 was
$3.5 million, down $1.3 million, or 27%, from the third quarter of
2019 due primarily to a decrease in income from bank-owned life
insurance. The Company received a non-taxable life insurance
benefit of $1.2 million from its
bank-owned life insurance policy ("BOLI") following the death of a
former employee during the third quarter of 2019.
Noninterest Expense
Noninterest expense for the fourth quarter of 2019 totaled
$15.8 million, down $858,000, or 5%, compared to the third quarter of
2019. The decrease in noninterest expense was primarily due to
lower compensation and benefits expense. The decline in
compensation and benefits (down $828,000, or 8%) was primarily due to a decrease
in employee health care costs and the absence of $287,000 (pre-tax) in costs related to the
departure of a former executive during the third quarter of
2019.
Income Tax Expense
Income tax expense for the fourth quarter of 2019 totaled
$1.7 million, up $383,000, or 29%, from the third quarter of 2019.
The Company's effective tax rate was 20% for the fourth quarter of
2019, compared to 16% for the third quarter of 2019. Income tax
expense increased primarily due to a reduction in the amount of
non-taxable earnings from BOLI recognized in the fourth quarter of
2019 compared to the third quarter. As previously indicated,
the Company received a $1.2 million
non-taxable BOLI death benefit in the third quarter of 2019.
Non-GAAP Reconciliation
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. A reconciliation on non-GAAP information
included herein to GAAP is presented below.
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
(dollars in
thousands, except per share data)
|
|
December 31,
2019
|
|
September 30,
2019
|
|
December 31,
2018
|
|
|
|
|
|
|
|
Reported net
income
|
|
$
|
6,606
|
|
|
$
|
6,856
|
|
|
$
|
8,089
|
|
Add: Core deposit
intangible amortization, net tax
|
|
302
|
|
|
311
|
|
|
346
|
|
Non-GAAP tangible
income
|
|
$
|
6,908
|
|
|
$
|
7,167
|
|
|
$
|
8,435
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
2,200,465
|
|
|
$
|
2,218,040
|
|
|
$
|
2,153,658
|
|
Less: Intangible
assets
|
|
64,472
|
|
|
64,854
|
|
|
66,055
|
|
Non-GAAP tangible
assets
|
|
$
|
2,135,993
|
|
|
$
|
2,153,186
|
|
|
$
|
2,087,603
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
|
316,329
|
|
|
$
|
314,677
|
|
|
$
|
304,040
|
|
Less: Intangible
assets
|
|
64,472
|
|
|
64,854
|
|
|
66,055
|
|
Non-GAAP tangible
shareholders' equity
|
|
$
|
251,857
|
|
|
$
|
249,823
|
|
|
$
|
237,985
|
|
|
|
|
|
|
|
|
Originated
loans
|
|
$
|
1,251,201
|
|
|
$
|
1,215,539
|
|
|
$
|
1,095,160
|
|
Acquired
loans
|
|
463,160
|
|
|
491,903
|
|
|
554,594
|
|
Total
loans
|
|
$
|
1,714,361
|
|
|
$
|
1,707,442
|
|
|
$
|
1,649,754
|
|
|
|
|
|
|
|
|
Originated allowance
for loan losses
|
|
$
|
16,091
|
|
|
$
|
15,694
|
|
|
$
|
14,860
|
|
Acquired allowance
for loan losses
|
|
1,777
|
|
|
1,904
|
|
|
1,488
|
|
Total allowance for
loan losses
|
|
$
|
17,868
|
|
|
$
|
17,598
|
|
|
$
|
16,348
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
8.31
|
%
|
|
8.64
|
%
|
|
10.72
|
%
|
Add: Average
intangible assets
|
|
2.62
|
|
|
2.75
|
|
|
3.64
|
|
Non-GAAP return on
average tangible common equity
|
|
10.93
|
%
|
|
11.39
|
%
|
|
14.36
|
%
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
14.38
|
%
|
|
14.19
|
%
|
|
14.12
|
%
|
Less: Intangible
assets
|
|
2.59
|
|
|
2.59
|
|
|
2.72
|
|
Non-GAAP tangible
common equity ratio
|
|
11.79
|
%
|
|
11.60
|
%
|
|
11.40
|
%
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
|
34.19
|
|
|
$
|
33.72
|
|
|
$
|
32.14
|
|
Less: Intangible
assets
|
|
6.97
|
|
|
6.95
|
|
|
6.98
|
|
Non-GAAP tangible
book value per share
|
|
$
|
27.22
|
|
|
$
|
26.77
|
|
|
$
|
25.16
|
|
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)
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
December 31,
2019
|
|
December 31,
2018
|
|
%
Change
|
|
September 30,
2019
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
39,847
|
|
|
$
|
59,618
|
|
|
(33)
|
%
|
|
$
|
61,289
|
|
Interest-bearing
deposits in banks
|
|
449
|
|
|
939
|
|
|
(52)
|
|
|
449
|
|
Investment securities
available for sale, at fair value
|
|
257,321
|
|
|
260,131
|
|
|
(1)
|
|
|
255,114
|
|
Investment securities
held to maturity
|
|
7,149
|
|
|
10,872
|
|
|
(34)
|
|
|
7,193
|
|
Mortgage loans held for
sale
|
|
6,990
|
|
|
2,086
|
|
|
235
|
|
|
6,909
|
|
Loans, net of unearned
income
|
|
1,714,361
|
|
|
1,649,754
|
|
|
4
|
|
|
1,707,442
|
|
Allowance for loan
losses
|
|
(17,868)
|
|
|
(16,348)
|
|
|
9
|
|
|
(17,598)
|
|
Total loans, net of
allowance for loan losses
|
|
1,696,493
|
|
|
1,633,406
|
|
|
4
|
|
|
1,689,844
|
|
Office properties and
equipment, net
|
|
46,425
|
|
|
47,124
|
|
|
(1)
|
|
|
46,362
|
|
Cash surrender value of
bank-owned life insurance
|
|
39,466
|
|
|
29,560
|
|
|
34
|
|
|
39,228
|
|
Goodwill and core
deposit intangibles
|
|
64,472
|
|
|
66,055
|
|
|
(2)
|
|
|
64,854
|
|
Accrued interest
receivable and other assets
|
|
41,853
|
|
|
43,867
|
|
|
(5)
|
|
|
46,798
|
|
Total
Assets
|
|
$
|
2,200,465
|
|
|
$
|
2,153,658
|
|
|
2
|
|
|
$
|
2,218,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,820,975
|
|
|
$
|
1,773,217
|
|
|
3
|
%
|
|
$
|
1,831,406
|
|
Other
Borrowings
|
|
5,539
|
|
|
5,539
|
|
|
—
|
|
|
5,539
|
|
Federal Home Loan Bank
advances
|
|
40,620
|
|
|
58,698
|
|
|
(31)
|
|
|
47,853
|
|
Accrued interest
payable and other liabilities
|
|
17,002
|
|
|
12,164
|
|
|
40
|
|
|
18,565
|
|
Total
Liabilities
|
|
1,884,136
|
|
|
1,849,618
|
|
|
2
|
|
|
1,903,363
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock
|
|
93
|
|
|
95
|
|
|
(2)
|
%
|
|
93
|
|
Additional paid-in
capital
|
|
168,545
|
|
|
168,243
|
|
|
—
|
|
|
168,822
|
|
Common stock acquired
by benefit plans
|
|
(3,159)
|
|
|
(3,539)
|
|
|
11
|
|
|
(3,260)
|
|
Retained
earnings
|
|
150,158
|
|
|
141,447
|
|
|
6
|
|
|
147,841
|
|
Accumulated other
comprehensive income (loss)
|
|
692
|
|
|
(2,206)
|
|
|
131
|
|
|
1,181
|
|
Total
Shareholders' Equity
|
|
316,329
|
|
|
304,040
|
|
|
4
|
|
|
314,677
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
2,200,465
|
|
|
$
|
2,153,658
|
|
|
2
|
|
|
$
|
2,218,040
|
|
HOMEBANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
December 31,
|
|
|
|
For the Years
Ended
December 31,
|
|
|
(dollars in
thousands, except per share data)
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
|
23,842
|
|
|
$
|
23,855
|
|
|
—
|
%
|
|
$
|
94,414
|
|
|
$
|
94,303
|
|
|
—
|
%
|
Investment
securities
|
|
1,341
|
|
|
1,758
|
|
|
(24)
|
|
|
6,393
|
|
|
6,656
|
|
|
(4)
|
|
Other investments and
deposits
|
|
261
|
|
|
290
|
|
|
(10)
|
|
|
1,401
|
|
|
1,353
|
|
|
4
|
|
Total interest
income
|
|
25,444
|
|
|
25,903
|
|
|
(2)
|
|
|
102,208
|
|
|
102,312
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
3,934
|
|
|
2,934
|
|
|
34
|
%
|
|
15,050
|
|
|
9,076
|
|
|
66
|
%
|
Other
borrowings
|
|
54
|
|
|
47
|
|
|
15
|
|
|
213
|
|
|
46
|
|
|
363
|
|
Federal Home Loan Bank
advances
|
|
198
|
|
|
267
|
|
|
(26)
|
|
|
949
|
|
|
1,184
|
|
|
(20)
|
|
Total interest
expense
|
|
4,186
|
|
|
3,248
|
|
|
29
|
|
|
16,212
|
|
|
10,306
|
|
|
57
|
|
Net interest
income
|
|
21,258
|
|
|
22,655
|
|
|
(6)
|
|
|
85,996
|
|
|
92,006
|
|
|
(7)
|
|
Provision for loan
losses
|
|
713
|
|
|
1,612
|
|
|
(56)
|
|
|
3,014
|
|
|
3,943
|
|
|
(24)
|
|
Net interest income
after provision for loan losses
|
|
20,545
|
|
|
21,043
|
|
|
(2)
|
|
|
82,982
|
|
|
88,063
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,544
|
|
|
1,558
|
|
|
(1)
|
%
|
|
5,940
|
|
|
6,370
|
|
|
(7)
|
%
|
Bank card
fees
|
|
1,102
|
|
|
1,089
|
|
|
1
|
|
|
4,516
|
|
|
4,494
|
|
|
—
|
|
Gain on sale of loans,
net
|
|
316
|
|
|
258
|
|
|
22
|
|
|
1,074
|
|
|
872
|
|
|
23
|
|
Income from bank-owned
life insurance
|
|
238
|
|
|
166
|
|
|
43
|
|
|
2,069
|
|
|
656
|
|
|
215
|
|
Gain (loss) on sale of
assets, net
|
|
1
|
|
|
(130)
|
|
|
101
|
|
|
(335)
|
|
|
(52)
|
|
|
(544)
|
|
Other
income
|
|
298
|
|
|
338
|
|
|
(12)
|
|
|
1,151
|
|
|
1,107
|
|
|
4
|
|
Total noninterest
income
|
|
3,499
|
|
|
3,279
|
|
|
7
|
|
|
14,415
|
|
|
13,447
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
9,438
|
|
|
9,304
|
|
|
1
|
%
|
|
38,415
|
|
|
36,796
|
|
|
4
|
%
|
Occupancy
|
|
1,713
|
|
|
1,603
|
|
|
7
|
|
|
7,118
|
|
|
6,658
|
|
|
7
|
|
Marketing and
advertising
|
|
579
|
|
|
370
|
|
|
56
|
|
|
1,576
|
|
|
1,309
|
|
|
20
|
|
Data processing and
communication
|
|
1,829
|
|
|
1,819
|
|
|
1
|
|
|
6,611
|
|
|
7,646
|
|
|
(14)
|
|
Professional
fees
|
|
172
|
|
|
263
|
|
|
(35)
|
|
|
856
|
|
|
1,119
|
|
|
(24)
|
|
Forms, printing and
supplies
|
|
169
|
|
|
162
|
|
|
4
|
|
|
683
|
|
|
973
|
|
|
(30)
|
|
Franchise and shares
tax
|
|
248
|
|
|
(61)
|
|
|
507
|
|
|
1,444
|
|
|
1,030
|
|
|
40
|
|
Regulatory
fees
|
|
113
|
|
|
382
|
|
|
(70)
|
|
|
830
|
|
|
1,559
|
|
|
(47)
|
|
Foreclosed assets,
net
|
|
228
|
|
|
150
|
|
|
52
|
|
|
556
|
|
|
397
|
|
|
40
|
|
Amortization of
acquisition intangible
|
|
382
|
|
|
438
|
|
|
(13)
|
|
|
1,583
|
|
|
1,845
|
|
|
(14)
|
|
Other
expenses
|
|
881
|
|
|
1,187
|
|
|
(26)
|
|
|
3,933
|
|
|
3,893
|
|
|
1
|
|
Total noninterest
expense
|
|
15,752
|
|
|
15,617
|
|
|
1
|
|
|
63,605
|
|
|
63,225
|
|
|
1
|
|
Income before income
tax expense
|
|
8,292
|
|
|
8,705
|
|
|
(5)
|
|
|
33,792
|
|
|
38,285
|
|
|
(12)
|
|
Income tax
expense
|
|
1,686
|
|
|
616
|
|
|
174
|
|
|
5,860
|
|
|
6,695
|
|
|
(12)
|
|
Net
income
|
|
$
|
6,606
|
|
|
$
|
8,089
|
|
|
(18)
|
|
|
$
|
27,932
|
|
|
$
|
31,590
|
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
|
0.74
|
|
|
$
|
0.89
|
|
|
(17)
|
%
|
|
$
|
3.08
|
|
|
$
|
3.48
|
|
|
(11)
|
%
|
Earnings per share -
diluted
|
|
$
|
0.73
|
|
|
$
|
0.87
|
|
|
(16)
|
|
|
$
|
3.05
|
|
|
$
|
3.40
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
|
$
|
0.22
|
|
|
$
|
0.20
|
|
|
10
|
%
|
|
$
|
0.84
|
|
|
$
|
0.71
|
|
|
18
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
December 31,
|
|
|
|
For The Three
Months Ended
|
|
|
(dollars in
thousands, except per share data)
|
|
2019
|
|
2018
|
|
%
Change
|
|
September 30,
2019
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
|
25,444
|
|
|
$
|
25,903
|
|
|
(2)
|
%
|
|
$
|
25,474
|
|
|
—
|
%
|
Total interest
expense
|
|
4,186
|
|
|
3,248
|
|
|
29
|
|
|
4,333
|
|
|
(3)
|
|
Net interest
income
|
|
21,258
|
|
|
22,655
|
|
|
(6)
|
|
|
21,141
|
|
|
1
|
|
Provision for loan
losses
|
|
713
|
|
|
1,612
|
|
|
(56)
|
|
|
1,146
|
|
|
(38)
|
|
Total noninterest
income
|
|
3,499
|
|
|
3,279
|
|
|
7
|
|
|
4,774
|
|
|
(27)
|
|
Total noninterest
expense
|
|
15,752
|
|
|
15,617
|
|
|
1
|
|
|
16,610
|
|
|
(5)
|
|
Income tax
expense
|
|
1,686
|
|
|
616
|
|
|
174
|
|
|
1,303
|
|
|
29
|
|
Net income
|
|
$
|
6,606
|
|
|
$
|
8,089
|
|
|
(18)
|
|
|
$
|
6,856
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
2,219,049
|
|
|
$
|
2,137,770
|
|
|
4
|
%
|
|
$
|
2,217,178
|
|
|
—
|
%
|
Total
interest-earning assets
|
|
2,021,316
|
|
|
1,954,242
|
|
|
3
|
|
|
2,018,702
|
|
|
—
|
|
Total
loans
|
|
1,712,035
|
|
|
1,633,927
|
|
|
5
|
|
|
1,698,046
|
|
|
1
|
|
Total
interest-bearing deposits
|
|
1,384,250
|
|
|
1,324,774
|
|
|
4
|
|
|
1,383,462
|
|
|
—
|
|
Total
interest-bearing liabilities
|
|
1,433,359
|
|
|
1,388,676
|
|
|
3
|
|
|
1,440,178
|
|
|
—
|
|
Total
deposits
|
|
1,835,026
|
|
|
1,771,539
|
|
|
4
|
|
|
1,827,689
|
|
|
—
|
|
Total shareholders'
equity
|
|
315,487
|
|
|
299,339
|
|
|
5
|
|
|
314,773
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.18
|
%
|
|
1.50
|
%
|
|
(21)
|
%
|
|
1.23
|
%
|
|
(4)
|
%
|
Return on average
equity
|
|
8.31
|
|
|
10.72
|
|
|
(22)
|
|
|
8.64
|
|
|
(4)
|
|
Common equity
ratio
|
|
14.38
|
|
|
14.12
|
|
|
2
|
|
|
14.19
|
|
|
1
|
|
Efficiency ratio
(2)
|
|
63.63
|
|
|
60.22
|
|
|
6
|
|
|
64.09
|
|
|
(1)
|
|
Average equity to
average assets
|
|
14.22
|
|
|
14.00
|
|
|
2
|
|
|
14.20
|
|
|
—
|
|
Tier 1 leverage
capital ratio (3)
|
|
11.17
|
|
|
11.15
|
|
|
—
|
|
|
11.12
|
|
|
—
|
|
Total risk-based
capital ratio (3)
|
|
15.28
|
|
|
15.59
|
|
|
(2)
|
|
|
15.25
|
|
|
—
|
|
Net interest margin
(4)
|
|
4.14
|
|
|
4.57
|
|
|
(9)
|
|
|
4.12
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (5)
|
|
11.79
|
%
|
|
11.40
|
%
|
|
3
|
%
|
|
11.60
|
%
|
|
2
|
%
|
Return on average
tangible common equity (6)
|
|
10.93
|
|
|
14.36
|
|
|
(24)
|
|
|
11.39
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
|
0.74
|
|
|
$
|
0.89
|
|
|
(17)
|
%
|
|
$
|
0.76
|
|
|
(3)
|
%
|
Earnings per share -
diluted
|
|
0.73
|
|
|
0.87
|
|
|
(16)
|
|
|
0.75
|
|
|
(3)
|
|
Book value at period
end
|
|
34.19
|
|
|
32.14
|
|
|
6
|
|
|
33.72
|
|
|
1
|
|
Tangible book value
at period end
|
|
27.22
|
|
|
25.16
|
|
|
8
|
|
|
26.77
|
|
|
2
|
|
Shares outstanding at
period end
|
|
9,252,418
|
|
|
9,459,050
|
|
|
(2)
|
|
|
9,331,099
|
|
|
(1)
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
8,953,203
|
|
|
9,118,874
|
|
|
(2)
|
%
|
|
9,058,600
|
|
|
(1)
|
%
|
Diluted
|
|
9,018,142
|
|
|
9,304,636
|
|
|
(3)
|
|
|
9,107,167
|
|
|
(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 addtional 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)
|
|
|
December 31,
2019
|
|
September 30,
2019
|
|
December 31,
2018
|
(dollars in
thousands)
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)
|
|
$
|
9,758
|
|
|
$
|
14,628
|
|
|
$
|
24,386
|
|
|
$
|
11,785
|
|
|
$
|
13,221
|
|
|
$
|
25,006
|
|
|
$
|
9,032
|
|
|
$
|
15,380
|
|
|
$
|
24,412
|
|
Accruing loans past due
90 days and over
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total nonperforming
loans
|
|
9,758
|
|
|
14,628
|
|
|
24,386
|
|
|
11,785
|
|
|
13,221
|
|
|
25,006
|
|
|
9,032
|
|
|
15,380
|
|
|
24,412
|
|
Foreclosed assets and
ORE
|
|
2,363
|
|
|
1,793
|
|
|
4,156
|
|
|
1,880
|
|
|
712
|
|
|
2,592
|
|
|
1,412
|
|
|
146
|
|
|
1,558
|
|
Total nonperforming
assets
|
|
12,121
|
|
|
16,421
|
|
|
28,542
|
|
|
13,665
|
|
|
13,933
|
|
|
27,598
|
|
|
10,444
|
|
|
15,526
|
|
|
25,970
|
|
Performing troubled
debt restructurings
|
|
475
|
|
|
1,903
|
|
|
2,378
|
|
|
213
|
|
|
1,712
|
|
|
1,925
|
|
|
289
|
|
|
1,117
|
|
|
1,406
|
|
Total nonperforming
assets and troubled debt restructurings
|
|
$
|
12,596
|
|
|
$
|
18,324
|
|
|
$
|
30,920
|
|
|
$
|
13,878
|
|
|
$
|
15,645
|
|
|
$
|
29,523
|
|
|
$
|
10,733
|
|
|
$
|
16,643
|
|
|
$
|
27,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
1.30
|
%
|
|
|
|
|
|
1.24
|
%
|
|
|
|
|
|
1.21
|
%
|
Nonperforming loans to
total assets
|
|
|
|
|
|
1.11
|
|
|
|
|
|
|
1.13
|
|
|
|
|
|
|
1.13
|
|
Nonperforming loans to
total loans
|
|
|
|
|
|
1.42
|
|
|
|
|
|
|
1.46
|
|
|
|
|
|
|
1.48
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
|
62.60
|
|
|
|
|
|
|
63.77
|
|
|
|
|
|
|
62.95
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
|
73.27
|
|
|
|
|
|
|
70.38
|
|
|
|
|
|
|
66.97
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
|
1.04
|
|
|
|
|
|
|
1.03
|
|
|
|
|
|
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
|
$
|
1,577
|
|
|
|
|
|
|
$
|
1,118
|
|
|
|
|
|
|
$
|
2,581
|
|
Year-to-date loan
recoveries
|
|
|
|
|
|
83
|
|
|
|
|
|
|
67
|
|
|
|
|
|
|
179
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
|
$
|
1,494
|
|
|
|
|
|
|
$
|
1,051
|
|
|
|
|
|
|
$
|
2,402
|
|
Annualized YTD net
loan charge-offs to average loans
|
|
|
|
|
|
0.09
|
%
|
|
|
|
|
|
0.08
|
%
|
|
|
|
|
|
0.15
|
%
|
__________________________________
|
(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. It is our policy to cease
accruing interest on loans 90 days or more past due. Nonperforming
assets consist of nonperforming loans, foreclosed assets and
surplus real estate (ORE). Foreclosed assets consist of
assets acquired through foreclosure or acceptance of title in-lieu
of foreclosure. ORE consists of closed or unused bank
buildings.
|
|
|
(2)
|
Nonaccrual loans
include originated restructured loans placed on nonaccrual totaling
$7.6 million, $8.8 million and $10.3 million at December 31,
2019, September 30, 2019 and December 31, 2018,
respectively. Acquired restructured loans placed on nonaccrual
totaled $2.2 million, $2.0 million and $4.2 million at
December 31, 2019, September 30, 2019 and
December 31, 2018, respectively.
|
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SOURCE Home Bancorp, Inc.