LAFAYETTE, La., Oct. 30 /PRNewswire-FirstCall/ -- Home Bancorp,
Inc. (NASDAQ:HBCP) (the "Company"), the holding company for Home
Bank (http://www.home24bank.com/), a Federally chartered savings
bank headquartered in Lafayette, Louisiana (the "Bank"), announced
net income of $1.4 million for the third quarter of 2008, an
increase of $409,000, or 42%, compared to the third quarter of
2007. Net income for the first nine months of 2008 was $3.5
million, an increase of $601,000, or 21%, compared to the first
nine months of 2007. John W. Bordelon, President and Chief
Executive Officer of the Company and the Bank, stated, "At a time
when anxiety in the U.S. financial system is at an all time high,
our initial public offering raised over $89 million -- further
bolstering our strong capital position. We begin our second century
of service well positioned to serve our customers and expand our
company." "On behalf of our Board of Directors and executive
management team, I want to express our deep appreciation to Home
Bank's employees for their incredible loyalty and dedication to
serving our customers and growing our company," added Mr. Bordelon.
"We would not be in this position of strength without their
tremendous efforts." Mutual to Stock Conversion The Company
completed its initial public stock offering on October 2, 2008, and
began trading on the Nasdaq Global Market on October 3, 2008. The
Company issued 8,926,875 shares of its common stock for an
aggregate of $89,268,750 in total offering proceeds. The net
proceeds of approximately $87 million will be reflected in the
Company's shareholders' equity at December 31, 2008. Baton Rouge
Expansion Home Bank opened its first full-service branch in Baton
Rouge in September 2008. The Bank also operates a loan production
office in Baton Rouge and expects to open its second full-service
Baton Rouge branch in December. Loans and Credit Quality Loans
totaled $317.6 million at September 30, 2008, an increase of $20.1
million, or 7%, from September 30, 2007, and an increase of $2.4
million, or 1%, from June 30, 2008. The majority ($7.9 million) of
the Bank's 2008 loan growth relates to commercial real estate
loans. Contrary to the national economy, south central Louisiana
continues to enjoy relatively strong economic activity. The Company
recorded a $93,000 provision for loan losses in the third quarter
of 2008, compared to $59,000 during the third quarter of 2007 and
$98,000 in the second quarter of 2008. Net loan charge-offs for the
first nine months of 2008 were $85,000, or 0.04%, of average loans
outstanding on an annualized basis, compared to $30,000 for the
first nine months of 2007. Non-performing assets totaled $638,000,
or 0.13%, of total assets, at September 30, 2008, compared to $1.3
million and $836,000 at September 30, 2007 and June 30, 2008,
respectively. As of September 30, 2008, the allowance for loan
losses as a percentage of total loans was 0.75%, compared to 0.71%
and 0.75% at September 30, 2007 and June 30, 2008, respectively.
Investment Securities Portfolio The Bank's investment securities
portfolio totaled $80.2 million at September 30, 2008, an increase
of $28.7 million, or 56%, from September 30, 2007, and an increase
of $11.2 million, or 16%, from June 30, 2008. At September 30,
2008, the Bank had an unrealized loss position on its investment
securities portfolio of $2.5 million, compared to an unrealized
gain of $66,000 at December 31, 2007. The unrealized loss relates
primarily to the Bank's non-agency (private-label) mortgage-backed
securities holdings, which amounted to $47.5 million, or 9% of
total assets, at September 30, 2008. The decline in the recorded
value of this portfolio reflects broker quotes which, in the
current market, include liquidations and distressed sales. Based on
management's review of the securities and the Bank's intent and
ability to hold the securities until maturity, such non-agency
mortgage-backed securities are not deemed to be other than
temporarily impaired at September 30, 2008. The Company holds no
Federal National Mortgage Association (Fannie Mae) or Federal Home
Loan Mortgage Corporation (Freddie Mac) preferred stock. Deposits
Deposits totaled $353.5 million at September 30, 2008, an increase
of $8.2 million, or 2%, from September 30, 2007, and a decrease of
$2.3 million, or 1%, from June 30, 2008. The Bank's focus has been
on growing core deposits (i.e., checking, savings and money market
accounts). As of September 30, 2008, core deposits have increased
$13.4 million, or 8%, during 2008. Accrued interest payable and
other liabilities totaled $82.5 million at September 30, 2008, an
increase of $79.8 million from June 30, 2008. This increase
resulted from cash receipts for subscriptions to purchase shares of
the Company's common stock in its initial public offering. The net
proceeds of the initial public offering will be reflected in the
Company's shareholders' equity at December 31, 2008. Net Interest
Income Net interest income for the third quarter of 2008 totaled
$4.6 million, an increase of $836,000, or 22%, compared to the
third quarter of 2007, and an increase of $432,000, or 10%,
compared to the second quarter of 2008. The Bank's net interest
margin was 4.19% for the third quarter of 2008, 34 basis points
higher than the same quarter a year ago and 22 basis points higher
than the second quarter of 2008. Average interest-earning assets
totaled $442.1 million for the quarter ended September 30, 2008,
which represents increases of 12% and 5% compared to the quarters
ended September 30, 2007 and June 30, 2008, respectively. The
average yield on interest-earning assets for the quarter ended
September 30, 2008 was 6.14%, which represents decreases of 31 and
2 basis points compared to the quarters ended September 30, 2007
and June 30, 2008, respectively. Average interest-bearing
liabilities totaled $335.5 million for the quarter ended September
30, 2008, an increase of 11% and 1% compared to the quarters ended
September 30, 2007 and June 30, 2008, respectively. The average
rate paid on interest-bearing liabilities for the quarter ended
September 30, 2008 was 2.57%, which represents decreases of 81 and
22 basis points compared to the quarters ended September 30, 2007
and June 30, 2008, respectively. Noninterest Income Noninterest
income for the third quarter of 2008 was $971,000, an increase of
$200,000, or 26%, compared to the same quarter a year ago. The
primary reasons for the increase in noninterest income compared to
the same quarter last year were higher levels of service fees and
charges (up 25%) and income from bank-owned life insurance policies
purchased during the fourth quarter of 2007. Compared to the
quarter ended June 30, 2008, noninterest income decreased $69,000,
or 7%, due to reduced service fees and charges and gains on the
sale of mortgage loans. Noninterest Expense Noninterest expense for
the third quarter of 2008 was $3.4 million, an increase of
$386,000, or 13%, compared to the same quarter a year ago. The
primary reason for the increase in noninterest expense compared to
the same quarter last year was compensation and benefits expense,
which increased $314,000, or 17%, due mostly to the Bank's
expansion. Compared to the quarter ended June 30, 2008, noninterest
expense decreased $67,000, or 2%. The primary reasons for the
decrease in noninterest expense from the previous quarter were
lower marketing and data processing expenses. 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 prospectus, dated August 12, 2008,
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 BANK CONDENSED STATEMENTS
OF FINANCIAL CONDITION September 30, September 30, % June 30,
December 31, 2008 2007 Change 2008 2007 Assets Cash and cash
equivalents $60,389,012 $19,226,509 214% $14,453,603 $11,746,082
Interest- bearing deposits in banks 792,000 3,267,000 (76)
2,673,000 3,267,000 Cash invested at other ATM locations 20,697,177
17,986,931 15 25,842,389 17,142,751 Securities available for sale,
at fair value 76,301,887 45,545,768 68 64,853,202 56,995,287
Securities held to maturity 3,870,154 5,907,947 (34) 4,082,337
4,693,288 Mortgage loans held for sale 281,200 1,366,200 (79)
535,000 1,174,650 Loans, net of unearned income 317,564,165
297,477,394 7 315,192,357 308,582,151 Allowance for loan losses
(2,390,573) (2,121,158) 13 (2,377,968) (2,314,132) Loans, net
315,173,592 295,356,236 7 312,814,389 306,268,019 Office properties
and equipment, net 13,489,704 10,704,202 26 12,005,024 11,687,580
Cash surrender value of bank-owned life insurance 5,201,472 - -
5,134,487 5,006,615 Accrued interest receivable and other assets
6,848,881 3,973,585 72 5,699,519 4,369,573 Total Assets
$503,045,079 $403,334,378 25% $448,092,950 $422,350,845 Liabilities
Deposits $353,476,182 $345,241,359 2% $355,760,365 $353,536,399
Federal Home Loan Bank advances 15,843,422 6,396,491 148 38,856,903
16,883,436 Accrued interest payable and other liabilities
82,537,048 2,706,480 2,950 2,716,604 2,547,890 Total Liabilities
451,856,652 354,344,330 28 397,333,872 372,967,725 Equity Retained
earnings 52,854,168 48,930,514 8 51,461,993 49,339,479 Accumulated
other comprehensive income (loss) (1,665,741) 59,534 (2,898)
(702,915) 43,641 Total Equity 51,188,427 48,990,048 4 50,759,078
49,383,120 Total Liabilities and Equity $503,045,079 $403,334,378
25% $448,092,950 $422,350,845 HOME BANK CONDENSED STATEMENTS OF
INCOME For The Three Months For The Nine Months Ended September 30,
% Ended September 30, % 2008 2007 Change 2008 2007 Change Interest
Income Loans, including fees $5,343,053 $5,165,621 3% $15,851,725
$15,063,115 5% Investment securities 1,035,622 613,962 69 2,719,522
1,896,429 43 Other investments and deposits 405,809 577,744 (30)
1,122,387 1,616,766 (31) Total interest income 6,784,484 6,357,327
7 19,693,634 18,576,310 6 Interest Expense Deposits 1,875,504
2,467,092 (24) 6,327,808 7,165,111 (12) Federal Home Loan Bank
advances 280,141 97,837 186 683,442 205,271 233 Total interest
expense 2,155,645 2,564,929 (16) 7,011,250 7,370,382 (5) Net
interest income 4,628,839 3,792,398 22 12,682,384 11,205,928 13
Provision for loan losses 92,500 59,499 55 161,437 142,386 13 Net
interest income after provision for loan losses 4,536,339 3,732,899
22 12,520,947 11,063,542 13 Noninterest Income Service fees and
charges 705,167 563,310 25 2,118,281 1,674,573 26 Gain on sale of
loans, net 41,555 83,498 (50) 192,553 218,321 (12) Net loss on sale
of real estate owned - - - (3,488) - - Other income 224,248 123,796
81 636,554 361,393 76 Total noninterest income 970,970 770,604 26
2,943,900 2,254,287 31 Noninterest Expense Compensation and
benefits 2,191,874 1,877,677 17 6,427,873 5,545,103 16 Occupancy
194,205 181,320 7 569,789 514,304 11 Marketing and advertising
82,241 111,249 (26) 340,268 334,329 Data processing and
communication 197,078 186,511 6 664,609 624,703 6 Depreciation
203,282 202,176 1 606,362 606,528 (0) Other expenses 530,930
454,187 17 1,532,316 1,278,105 20 Total noninterest expense
3,399,610 3,013,120 13 10,141,217 8,903,072 14 Income before income
tax expense 2,107,699 1,490,383 41 5,323,630 4,414,757 21 Income
tax expense 715,524 506,730 41 1,808,941 1,501,017 21 Net Income
$1,392,175 $983,653 42% $3,514,689 $2,913,740 21% HOME BANK SUMMARY
FINANCIAL INFORMATION For the Quarter For The Quarter Ended Ended
September 30, % June 30, % (dollars in thousands) 2008 2007 Change
2008 Change EARNINGS DATA Total interest income $6,785 $6,357 7%
$6,504 4% Total interest expense 2,156 2,565 (16) 2,307 (7) Net
interest income 4,629 3,792 22 4,197 10 Provision for loan losses
(92) (59) 56 (98) (6) Total noninterest income 971 771 26 1,040 (7)
Total noninterest expense 3,400 3,013 13 3,467 (2) Income tax
expense 716 507 41 569 26 Net Income $1,392 $984 41 $1,103 26
AVERAGE BALANCE SHEET DATA Total assets $464,560 $407,927 14%
$442,936 5% Earning assets 442,051 394,055 12 422,358 5 Loans
315,431 292,534 8 311,413 1 Interest bearing deposits 296,485
295,007 1 298,548 (1) Total deposits 359,210 347,624 3 356,153 1
Total equity 50,052 47,539 5 50,854 (2) SELECTED RATIOS Return on
average assets 1.20% 0.96% 24% 1.00% 20% Return on average total
equity 11.12 8.28 34 8.68 28 Efficiency ratio 60.71 66.03 (8) 66.20
(8) Average equity to average assets 10.77 11.65 (8) 11.48 (6) Core
capital ratio 10.57 12.13 (13) 11.44 (8) Net interest margin 4.19
3.85 9 3.97 5 September 30, September 30, % June 30, % 2008 2007
Change 2008 Change CREDIT QUALITY Nonaccrual loans $552 $1,274
(57)% $787 (30)% Accruing loans past due 90 days and over - - - - -
Total nonperforming loans 552 1,274 (57) 787 (30) Other real estate
owned 86 42 105 49 76 Total nonperforming assets $638 $1,316 (52)
$836 (24) Nonperforming assets to total assets 0.13% 0.33% (61)%
0.19% (32)% Allowance for loan losses to nonperforming assets 374.7
161.2 132 284.4 32 Allowance for loan losses to nonperforming loans
433.1 166.5 160 302.2 43 Allowance for loan losses to total loans
0.75 0.71 6 0.75 - Year-to-date charge-offs $123 $36 242% $35 251%
Year-to-date recoveries 38 6 533 30 27 Year-to-date net charge-offs
85 30 183 5 1,600 Annualized YTD net charge-offs to total loans
0.04% 0.01% 177 0.00% 1,700 DATASOURCE: Home Bancorp, Inc. CONTACT:
John W. Bordelon, President and CEO of Home Bancorp, Inc.,
+1-337-237-1960 Web site: http://www.home24bank.com/
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