LAFAYETTE, La., Oct. 28 /PRNewswire-FirstCall/ -- Home Bancorp,
Inc. (NASDAQ:HBCP) (the "Company"), the parent company for Home
Bank (http://www.home24bank.com/), a Federally chartered savings
bank headquartered in Lafayette, Louisiana (the "Bank"), announced
net income of $1.5 million for the third quarter of 2009, an
increase of $105,000, or 8%, compared to the third quarter of 2008
and an increase $60,000, or 4%, compared to the second quarter of
2009. Diluted earnings per share were $0.17 for the third quarter
of 2009, a decrease of 6% from the $0.18 per share reported for the
second quarter of 2009. Net income for the first nine months of
2009 was $4.7 million, an increase of $1.1 million, or 33%,
compared to the first nine months of 2008. "Due to our outstanding
bankers and resilient markets," said John W. Bordelon, President
and Chief Executive Officer of the Company and the Bank, "we
continue to enjoy results that exceed the industry's performance."
"Given the turmoil in our industry, many people are re-examining
their banking relationships," added Mr. Bordelon. "Our history of
exceptional service and commitment to the communities we serve has
produced new customer opportunities for Home Bank throughout 2009.
We remain focused on delivering even greater service to our
customers by investing in our people, technology and facilities."
The Company also announced that its Board of Directors approved the
repurchase of up to 446,344 shares, or approximately 5%, of the
Company's outstanding common stock. Repurchases may be made by the
Company from time-to-time in open-market or privately-negotiated
transactions as, in the opinion of management, market conditions
warrant. One Year Anniversary of IPO The Company celebrated the
first anniversary of its initial public stock offering ("IPO")
during October. As a result of the offering, which was completed on
October 2, 2008, the Company issued a total of 8,926,875 shares of
its common stock for an aggregate of $89.3 million in total
offering proceeds. "In the midst of the continuing struggles in our
industry," said Mr. Bordelon, "Home Bancorp's remarkably strong
capital base positions us to continue profitably growing our
company." The Company did not apply for or accept any funds from
the U.S. Treasury's financial institution capital purchase program.
Baton Rouge Expansion Proceeds Home Bank began construction on its
third full-service branch in Baton Rouge during the third quarter
of 2009. The new branch, which will be located on Corporate
Boulevard, will serve as the Bank's Baton Rouge headquarters. The
new branch is expected to open during the first half of 2010. In
addition to its two other full-service branches in Baton Rouge, the
Bank also operates a loan production office in the market. Loans
and Credit Quality Loans totaled $340.2 million at September 30,
2009, an increase of $22.7 million, or 7%, from September 30, 2008,
and a decrease of $2.4 million, or 1%, from June 30, 2009. The
Company's loan mix has changed in 2009 as commercial loan balances
have grown, while one-to four- family mortgage loan balances
continue to decrease. The following table sets forth the
composition of the Company's loan portfolio as of the dates
indicated. Increase (Decrease) September 30, December 31,
-------------------- (dollars in thousands) 2009 2008 Amount
Percent Real estate loans: One- to four-family first mortgage
$125,157 $138,173 $(13,016) (9)% Home equity loans and lines 24,258
23,127 1,131 5 Commercial real estate 91,964 84,096 7,868 9
Construction and land 42,619 35,399 7,220 20 Multi-family
residential 6,077 7,142 (1,065) (15) ------------------------ -----
----- ------- ---- Total real estate loans 290,075 287,937 2,138 1
Other loans: Commercial 34,521 34,434 87 - Consumer 15,626 13,197
2,429 18 -------- ------ ------ ----- --- Total other loans 50,147
47,631 2,516 5 ----------------- ------ ------ ----- --- Total
loans $340,222 $335,568 $4,654 1% =========== ======== ========
====== === Commercial real estate loan growth during 2009 has
primarily been driven by loans on owner-occupied office buildings
in the Bank's market areas. Construction and land loan growth
during the year is primarily attributable to loans to builders on
pre-sold single-family residential properties in the Bank's market
areas. Consumer loan growth in 2009 relates primarily to mobile
home loans. Net loan charge-offs for the first nine months of 2009
were $43,000, compared to $85,000 for the same period in 2008.
Non-performing assets totaled $2.7 million, or 0.51% of total
assets, at September 30, 2009, compared to $638,000 and $2.4
million at September 30, 2008 and June 30, 2009, respectively. The
increase in non-performing assets relates primarily to
owner-occupied residential real estate loans. The Company increased
its provision for loan losses to $287,000 during the third quarter
of 2009, compared to provisions of $92,000 and $248,000 during the
third quarter of 2008 and the second quarter of 2009, respectively.
As of September 30, 2009, the allowance for loan losses as a
percentage of total loans was 0.96%, compared to 0.75% at September
30, 2008 and 0.88% at June 30, 2009. Investment Securities
Portfolio The Company's investment securities portfolio totaled
$116.4 million at September 30, 2009, an increase of $36.2 million,
or 45%, from September 30, 2008, and an increase of $3.1 million,
or 3%, from June 30, 2009. The increase from September 30, 2008 was
the result of the Company's investment of a portion of the IPO
proceeds received in the fourth quarter of 2008. At September 30,
2009, the Company had a net unrealized loss position on its
investment securities portfolio of $2.7 million, compared to net
unrealized losses of $2.5 million and $4.9 million at September 30,
2008 and June 30, 2009, respectively. The unrealized losses relate
primarily to the Company's non-agency mortgage-backed securities
holdings, which amounted to $44.5 million, or 8% of total assets,
at September 30, 2009. The following table summarizes the Company's
non-agency mortgage-backed securities portfolio as of September 30,
2009 (dollars in thousands). # of Amortized Unrealized Collateral
Tranche S&P Rating Securities Cost Gain/(Loss) ----------
------- ---------- ---------- ------ ----------- Prime Super senior
AAA 5 $10,667 $194 Prime Super senior Below investment grade 2
2,639 (635) Prime Senior AAA(1) 9 20,199 (1,685) Prime Senior Below
investment grade 1 3,322 (775) Prime Senior support Below
investment grade 4 3,920 (669) Alt-A Senior AAA 1 983 30 Alt-A
Senior Below investment grade(2) 1 1,958 (929) Alt-A Senior support
Below investment grade 1 805 (97) ----- --------------
---------------------- -- ----- ---- Total non-agency
mortgage-backed securities 24 $44,493 $(4,566)
=========================================== == ======= ======== (1)
Includes one security with an amortized cost of $2.1 million and an
unrealized loss of $63,000 not rated by S&P. This security is
rated "Aaa" by Moody's. (2) This security is not rated by S&P.
This security is rated "Caa2" by Moody's. The Company holds no
Federal National Mortgage Association (Fannie Mae) or Federal Home
Loan Mortgage Corporation (Freddie Mac) preferred stock, equity
securities, corporate bonds, trust preferred securities, hedge fund
investments, collateralized debt obligations or structured
investment vehicles. Cash Invested at Other ATM Locations Home Bank
has historically maintained contracts with various counterparties
to provide cash for ATMs throughout the United States. The Bank has
elected not to renew these contracts; hence, the balance of cash
invested at other ATM locations has significantly decreased during
2009. Cash invested at other ATM locations totaled $8.8 million at
September 30, 2009, a decrease of $11.9 million from September 30,
2008, and a decrease of $17.0 million from June 30, 2009. The Bank
expects to receive the balance of cash invested at other ATM
locations from its one remaining counterparty during the fourth
quarter of 2009. Deposits Deposits totaled $376.6 million at
September 30, 2009, an increase of $23.2 million, or 7%, from
September 30, 2008, and an increase of $5.0 million, or 1%, from
June 30, 2009. The Company remains focused on growing its core
deposit base (i.e., checking, savings and money market accounts),
which has increased $17.6 million, or 9%, during the first nine
months of 2009. The following table sets forth the composition of
the Company's deposits as of the dates indicated. September 30,
December 31, Increase (Decrease) (dollars in thousands) 2009 2008
Amount Percent --------------------- ------------- ------------
-------- ---------- Demand deposit $66,305 $67,047 $(742) (1)%
Savings 21,782 19,741 2,041 10 Money market 86,411 68,850 17,561 26
NOW 40,921 42,200 (1,279) (3) Certificates of deposit 161,217
156,307 4,910 3 ----------------------- ------- ------- ----- ---
Total deposits $376,636 $354,145 $22,491 6% ============== ========
======== ======= === Purchase of 2009 Recognition and Retention
Plan Shares In May 2009, shareholders approved the adoption of the
2009 Recognition and Retention Plan (the "Plan"). In order to fund
the Plan, the related trust completed the purchase of a total of
357,075 shares of Home Bancorp's common stock in the open market
since the Plan's approval at an average cost of $11.81 per share.
Net Interest Income Net interest income for the third quarter of
2009 totaled $6.1 million, an increase of $1.3 million, or 28%,
compared to the third quarter of 2008, and a decrease of $26,000,
or 0.4%, compared to the second quarter of 2009. The Company's net
interest margin was 4.83% for the third quarter of 2009, 52 basis
points higher than the same quarter a year ago and 4 basis points
lower than the second quarter of 2009. The 52 basis point increase
in the net interest margin compared to the third quarter of 2008 is
primarily the result of a $61.9 million increase in average
interest-earning assets due primarily to the completion of the
Company's IPO and the investment of the net proceeds from the IPO,
as well as reduced funding costs. Average interest-earning assets
totaled $499.5 million for the quarter ended September 30, 2009, an
increase of $61.9 million, or 14%, and a decrease of $3.5 million,
or 1%, from the third quarter of 2008 and the second quarter of
2009, respectively. The average yield on the Company's
interest-earning assets for the quarter ended September 30, 2009
was 6.09%, decreases of 20 basis points and seven basis points
compared to the quarters ended September 30, 2008 and June 30,
2009, respectively. Average interest-bearing liabilities totaled
$328.5 million for the quarter ended September 30, 2009, a decrease
of $7.0 million, or 2%, and $1.3 million, or 0.4%, compared to the
quarters ended September 30, 2008 and June 30, 2009, respectively.
The average rate paid on interest-bearing liabilities for the
quarter ended September 30, 2009 was 1.88%, decreases of 67 basis
points and 10 basis points compared to the quarters ended September
30, 2008 and June 30, 2009, respectively. Noninterest Income
Noninterest income for the third quarter of 2009 was $949,000, an
increase of $137,000, or 17%, and a decrease of $57,000, or 6%,
compared to the quarters ended September 30, 2008 and June 30,
2009, respectively. The increase in noninterest income compared to
the third quarter of 2008 was primarily the result of increased
gains on sale of mortgage loans and higher levels of service fees
and charges and bank card fees. The decrease in noninterest income
compared to the second quarter of 2009 was primarily the result of
a $70,000, or 40%, decrease in gains on sale of mortgage loans.
Noninterest Expense Noninterest expense for the third quarter of
2009 totaled $4.7 million, an increase of $1.3 million, or 39%, and
an increase of $27,000, or 1%, compared to the quarters ended
September 30, 2008 and June 30, 2009, respectively. Non-interest
expense for the second quarter of 2009 included a $200,000 FDIC
special assessment. The primary reason for the increase in
noninterest expense from the third quarter of 2008 to the third
quarter of 2009 was higher compensation and benefits expense.
Compensation and benefits expense has increased primarily due to
three factors: 1) the Bank's expansion into Baton Rouge, where two
full-service banking offices were opened during the second half of
2008; 2) the employee stock ownership plan ("ESOP"), which
commenced during the fourth quarter of 2008; and 3) award grants
under the stock option and recognition and retention plans approved
by the Company's shareholders in May 2009. Other increases in
noninterest expense were the result of higher professional and
other fees due to the increased cost of operating as a public
company, including the Louisiana bank shares tax. In addition, the
FDIC has increased the base insurance premium assessment on
deposits. The primary reason for the increase in noninterest
expense from the second quarter of 2009 to the third quarter of
2009 also was an increase in compensation and benefits expense.
Compensation and benefits expense increased primarily due to the
recognition of vesting expense related to stock-based compensation
plans for a full quarter. These plans commenced and began vesting
approximately halfway through the second quarter of 2009.
Additionally, group insurance costs increased due to an increase in
the number of claims incurred. These increases were partially
offset by a decrease in data processing expenses as the result of
the Company's efforts to improve operational efficiency. This news
release contains certain forwardlooking statements. Forwardlooking
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."
Forwardlooking 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 forwardlooking
statements. Home Bancorp's Annual Report on Form 10-K for the year
ended December 31, 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. Forwardlooking statements speak only as
of the date they are made. We do not undertake to update
forwardlooking statements to reflect circumstances or events that
occur after the date the forwardlooking statements are made or to
reflect the occurrence of unanticipated events. HOME BANCORP, INC.
AND SUBSIDIARY CONDENSED STATEMENTS OF FINANCIAL CONDITION
September 30, September 30, % June 30, December 31, 2009 2008
Change 2009 2008 ---- ---- ------ ---- ---- Assets Cash and cash
equivalents $37,352,620 $60,389,012 (38)% $14,006,806 $20,150,248
Interest-bearing deposits in banks 3,150,000 792,000 298 1,289,000
1,685,000 Cash invested at other ATM locations 8,802,596 20,697,177
(57) 25,816,329 24,243,780 Securities available for sale, at fair
value 105,049,877 76,301,887 38 109,817,830 114,235,261 Securities
held to maturity 11,372,044 3,870,154 194 3,512,665 4,089,466
Mortgage loans held for sale 2,060,453 281,200 633 4,237,324
996,600 Loans, net of Unearned income 340,222,334 317,564,165 7
342,659,432 335,568,071 Allowance for loan losses (3,271,926)
(2,390,573) 37 (3,021,850) (2,605,889) ----------- ----------- --
----------- ----------- Loans, net 336,950,408 315,173,592 7
339,637,582 332,962,182 ----------- ----------- -- -----------
----------- Office properties and equipment, net 15,309,879
13,489,704 13 15,249,373 15,325,997 Cash surrender value of
bank-owned life insurance 5,461,662 5,201,472 5 5,395,580 5,268,817
Accrued interest receivable and other assets 7,900,029 6,848,881 15
8,480,735 9,439,637 --------- --------- -- --------- ---------
Total Assets $533,409,568 $503,045,079 6% $527,443,224 $528,396,988
============ ============ === ============ ============ Liabilities
Deposits $376,635,513 $353,476,182 7% $371,631,130 $354,145,105
Federal Home Loan Bank advances 19,879,026 15,843,422 25 22,893,099
44,420,795 Accrued interest payable and other liabilities 4,302,342
82,537,048 (95) 2,724,291 2,868,362 --------- ---------- ----
--------- --------- Total Liabilities 400,816,881 451,856,652 (11)
397,248,520 401,434,262 ----------- ----------- ---- -----------
----------- Shareholders' Equity Common stock $89,270 $ - -%
$89,270 $89,270 Additional paid-in capital 87,714,515 - -
87,357,709 87,182,281 Common stock acquired by benefit plans
(10,841,597) - - (9,934,075) (7,052,230) Retained earnings
57,415,818 52,854,168 9 55,918,381 52,055,071 Accumulated other
Comprehensive loss (1,785,319) (1,665,741) 7 (3,236,581)
(5,311,666) ----------- ---------- -- ----------- ----------- Total
Shareholders' Equity 132,592,687 51,188,427 159 130,194,704
126,962,726 ----------- ---------- --- ----------- -----------
Total Liabilities and Shareholders' Equity $533,409,568
$503,045,079 6% $527,443,224 $528,396,988 ============ ============
=== ============ ============ HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME For The Three Months Ended For The
Nine Months Ended September 30, % September 30, % 2009 2008 Change
2009 2008 Change ---- ---- ------ ---- ---- ------ Interest Income
Loans, Including fees $5,616,351 $5,455,503 3% $16,734,665
$16,255,952 3% Investment securities 1,722,460 1,054,336 63
5,211,929 2,804,997 86 Other Investments and deposits 296,759
387,095 (23) 960,011 1,036,913 (7) ------- ------- ---- -------
--------- --- Total interest income 7,635,570 6,896,934 11
22,906,605 20,097,862 14 --------- --------- -- ----------
---------- -- Interest Expense Deposits 1,371,889 1,875,504 (27)%
4,219,932 6,327,808 (33)% Federal Home Loan Bank advances 186,168
280,141 (34) 639,343 683,442 (6) ------- ------- ---- -------
------- --- Total interest expense 1,558,057 2,155,645 (28)
4,859,275 7,011,250 (31) --------- --------- ---- ---------
--------- --- Net interest income 6,077,513 4,741,289 28 18,047,330
13,086,612 38 Provision for loan losses 287,061 92,500 210 709,210
161,437 339 ------- ------ --- ------- ------- --- Net interest
income after provision for loan losses 5,790,452 4,648,789 25
17,338,120 12,925,175 34 --------- --------- -- ----------
---------- -- Noninterest Income Service fees and charges 471,925
428,529 10% 1,370,769 1,255,994 9% Bank card fees 277,375 241,511
15 820,635 682,877 20 Gain on sale of loans, net 105,149 41,555 153
420,441 192,553 118 Loss on sale of real estate owned, net - - - -
(3,488) - Income from bank-owned life insurance 66,082 66,985 (1)
192,845 194,857 (1) Other income 29,159 33,238 (12) 110,280 88,683
24 ------ ------ ---- ------- ------ -- Total noninterest income
949,690 811,818 17 2,914,970 2,411,476 21 ------- ------- --
--------- --------- -- Noninterest Expense Compensation and
benefits 2,849,756 2,207,930 29% 7,788,637 6,455,640 21% Occupancy
325,581 297,149 10 971,983 887,086 10 Marketing and advertising
131,119 92,830 41 453,051 409,403 11 Data processing And
communication 328,686 315,601 4 1,048,884 1,017,349 3 Professional
fees 267,118 69,422 285 729,053 235,169 210 Franchise and shares
taxes 226,250 - - 678,750 - - Regulatory fees 155,559 41,672 273
490,725 112,998 334 Other expenses 384,392 328,304 17 1,155,912
895,376 29 ------- ------- -- --------- ------- -- Total
Noninterest expense 4,668,461 3,352,908 39 13,316,995 10,013,021 33
--------- --------- -- ---------- ---------- -- Income before
income tax expense 2,071,681 2,107,699 (2) 6,936,095 5,323,630 30
Income tax expense 574,244 715,524 (20) 2,278,120 1,808,941 26
------- ------- ---- --------- --------- -- Net income $1,497,437
$1,392,175 8% $4,657,975 $3,514,689 33% ========== ========== ===
========== ========== === Earnings per share - basic $0.18 N/A N/A
$0.57 N/A N/A ===== ===== ===== ===== ===== ===== Earnings per
share - diluted $0.17 N/A N/A $0.56 N/A N/A ===== ===== ===== =====
===== ===== HOME BANCORP, INC. AND SUBSIDIARY SUMMARY FINANCIAL
INFORMATION For The Three Months Ended For The Three September 30,
% Months Ended % 2009 2008 Change June 30, 2009 Change ---- ----
------ ------------- ------ (dollars in thousands except per share
data) EARNINGS DATA Total interest income $7,636 $6,897 11 $7,734
(1)% Total interest expense 1,558 2,156 (28) 1,631 (4) ----- -----
----- Net interest income 6,078 4,741 28 6,103 - ----- ----- -----
Provision for loan losses 287 92 210 248 16 Total noninterest
income 949 812 17 1,006 (6) Total noninterest expense 4,669 3,353
39 4,642 1 Income tax expense 574 716 (20) 782 (27) --- --- --- Net
income $1,497 $1,392 8 $1,437 4 ====== ====== ====== Earnings per
share - diluted $0.17 N/A N/A $0.18 (6) ===== ===== ===== AVERAGE
BALANCE SHEET DATA Total assets $529,462 $464,876 14% $533,715 (1)%
Total interest-earning assets 499,469 437,562 14 502,987 (1) Loans
343,618 319,242 8 343,798 - Interest-bearing deposits 307,660
296,485 4 305,156 1 Total deposits 373,430 359,210 4 375,188 -
Total shareholders' equity 131,643 51,268 157 129,369 2 SELECTED
RATIOS (1) Return on average assets 1.13% 1.20% (6)% 1.08 5% Return
on average total equity 4.55 10.86 (58) 4.44 2 Efficiency ratio (2)
66.43 60.38 10 65.29 2 Average shareholders' equity to average
assets 24.86 11.03 125 24.24 3 Core capital ratio (3)(4) 19.86
10.57 88 19.79 - Net interest margin (5) 4.83 4.31 12 4.87 (1)
September September June 30, 30, % 30, % 2009 2008 Change 2009
Change ---- ---- ------ ---- ------ CREDIT QUALITY (3)(6)
Nonaccrual loans $2,716 $552 392% $2,438 11% Accruing loans past
due 90 days and over - - - - - --- --- --- Total nonperforming
loans 2,716 552 392 2,438 11 Other real estate owned - 86 - - - ---
-- --- Total nonperforming assets $2,716 $638 326 $2,438 11 ======
==== ====== Nonperforming assets to total assets 0.51% 0.13% 292%
0.46% 11% Nonperforming loans to total assets 0.51 0.11 364 0.46 11
Nonperforming loans to total loans 0.80 0.17 371 0.71 13 Allowance
for loan losses to nonperforming assets 120.5 374.7 (68) 123.9 (3)
Allowance for loan losses to nonperforming loans 120.5 433.1 (72)
123.9 (3) Allowance for loan losses to total loans 0.96 0.75 28
0.88 9 Year-to-date loan charge-offs $58 $123 (53)% $17 241%
Year-to-date loan recoveries 15 38 (61) 11 36 -- -- -- Year-to-date
net loan charge-offs 43 85 (49) 6 617 == == == Annualized YTD net
loan charge-offs to total loans 0.02% 0.04% (50)% - -% (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) Asset quality and capital ratios are end of
period ratios. (4) Capital ratios are Bank only. (5) Net interest
margin represents net interest income as a percentage of average
interest-earning assets. (6) Nonperforming loans consist of
nonaccruing loans and 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 all loans 90 days or more
past due. Repossessed assets consist of assets acquired through
foreclosure or acceptance of title in-lieu of foreclosure.
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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