LAFAYETTE, La., Oct. 26 /PRNewswire-FirstCall/ -- Home Bancorp,
Inc. (Nasdaq: HBCP) (the "Company"), the parent company for Home
Bank (www.home24bank.com), a Federally chartered savings bank
headquartered in Lafayette,
Louisiana (the "Bank"), announced net income of $911,000 for the third quarter of 2010, a
decrease of $556,000, or 38%,
compared to the second quarter of 2010 and a decrease of
$586,000, or 39%, compared to the
third quarter of 2009. The third quarter of 2010 was negatively
impacted by an $870,000 charge for
the other-than-temporary impairment ("OTTI") of investment
securities. Excluding the impact of the OTTI charge, net income for
the third quarter of 2010 was $1.5
million, an increase of $19,000, or 1%, compared to the second quarter of
2010 and a decrease of $12,000, or
1%, compared to the third quarter of 2009. Diluted earnings
per share were $0.12 for the third
quarter of 2010, a decrease of 37% compared to the second quarter
of 2010 and the third quarter of 2009. Excluding the impact of the
OTTI charge, diluted earnings per share were $0.20 for the third quarter of 2010, an increase
of 5% compared to the second quarter of 2010 and the third quarter
of 2009.
"We expect many changes in our industry over the next 12 to 24
months," stated John W. Bordelon,
President and Chief Executive Officer of the Company and the Bank.
"Our team is focused on positioning our company to grow amidst the
many regulatory and economic challenges facing our industry."
"Our loan quality remains strong and core deposit growth
continues to be outstanding," added Mr. Bordelon. "Although our
reported earnings are down this quarter due to an OTTI charge, our
core earnings have been enhanced in 2010 with the acquisition of
our Northshore franchise and growth in our Acadiana and
Baton Rouge markets."
Loans and Credit Quality
The Company's market areas, which are located in southern
Louisiana, have been affected by
the Deepwater Horizon oil spill in the Gulf of Mexico and the recently lifted
deep-water drilling moratorium. The Company's direct exposure to
borrowers with significant operations linked to deep-water drilling
in the Gulf amounted to $5.6 million
in outstanding loan balances as of September
30, 2010, or 1% of total loans at such date. The Company has
remained in contact with each of the impacted borrowers. All such
loans are performing in accordance with their terms and, based on
our discussions with the borrowers and internal reviews, the
Company does not believe it will suffer losses on these loans.
As previously reported, Home Bank entered into a purchase and
assumption agreement with the Federal Deposit Insurance Corporation
("FDIC") on March 12, 2010 to purchase certain assets and to
assume deposits and certain other liabilities of Statewide Bank, a
full service community bank formerly headquartered in Covington, Louisiana. As a result of the
transaction, the Company acquired loans with contractual balances
totaling $157.0 million. After fair
value adjustments, the book value of the loans acquired totaled
$110.4 million. Home Bank entered
into loss sharing agreements with the FDIC which cover the acquired
loan portfolio ("Covered Loans") and other repossessed assets
(collectively referred to as "Covered Assets"). Under the terms of
the loss sharing agreements, the FDIC will absorb 80% of the first
$41 million of losses incurred on
Covered Assets and 95% of losses on Covered Assets exceeding
$41 million. The Company
distinguishes between Covered Loans and loans not covered by the
loss sharing agreements ("Noncovered Loans") due to the differing
risk exposure relating to the loans.
Total loans were $446.2 million at
September 30, 2010, a decrease of
$8.9 million, or 2%, from
June 30, 2010, and an increase of
$106.0 million, or 31%, from
September 30, 2009. During the third
quarter of 2010, Noncovered Loans decreased $298,000, while Covered Loans decreased
$8.6 million. Growth in Noncovered
construction and land (up $5.0
million during the third quarter) and commercial and
industrial (up $1.8 million) loans
was offset by a decrease in the Noncovered 1-4 family first
mortgage loans (down $8.7 million).
The third quarter decrease in Covered Loans related primarily to
1-4 family first mortgage (down $4.0
million) and construction and land (down $2.9 million) loans due primarily to loan
repayments and foreclosures.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
September
30, 2010
|
|
|
|
(dollars in
thousands)
|
Covered
Loans
|
Noncovered
Loans
|
Total
Loans
|
December
31,
2009
|
Increase/(Decrease)
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
One- to
four-family first mortgage
|
$ 20,734
|
$112,000
|
$132,734
|
$ 120,044
|
$ 12,690
|
11%
|
|
Home equity loans
and lines
|
7,082
|
25,149
|
32,231
|
24,678
|
7,553
|
31
|
|
Commercial real
estate
|
36,767
|
109,637
|
146,404
|
97,513
|
48,891
|
50
|
|
Construction and
land
|
15,299
|
47,212
|
62,511
|
35,364
|
27,147
|
77
|
|
Multi-family
residential
|
1,233
|
4,210
|
5,443
|
4,089
|
1,354
|
33
|
|
Total
real estate loans
|
81,115
|
298,208
|
379,323
|
281,688
|
97,635
|
35
|
|
Other loans:
|
|
|
|
|
|
|
|
Commercial
|
7,275
|
36,683
|
43,958
|
38,340
|
5,618
|
15
|
|
Consumer
|
2,957
|
19,992
|
22,949
|
16,619
|
6,330
|
38
|
|
Total
other loans
|
10,232
|
56,675
|
66,907
|
54,959
|
11,948
|
22
|
|
Total
loans
|
$ 91,347
|
$354,883
|
$446,230
|
$ 336,647
|
$109,583
|
33
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets, excluding Covered Assets, were
$1.4 million at September 30,
2010, a decrease of $723,000, or 34%,
from June 30, 2010, and a decrease of
$1.3 million, or 49%, from
September 30, 2009. The
decrease in the third quarter of 2010 was due to the sale of other
real estate owned and a loan relationship which was brought current
by the borrower and was returned to performing status. The
ratio of nonperforming assets to total assets (excluding Covered
Assets) was 0.23% at September 30,
2010, compared to 0.35% at June 30, 2010 and 0.51% at
September 30, 2009. Total
nonperforming assets, including Covered Assets, were $24.0 million at September
30, 2010 and June 30, 2010.
The ratio of total nonperforming assets to total assets
(including Covered Assets) was 3.42% at September 30, 2010, compared to 3.38% at
June 30, 2010.
The Company recorded net loan charge-offs of $48,000 during the third quarter of 2010,
compared to $76,000 in the second
quarter of 2010 and $37,000 in the
third quarter of 2009. The Company's loan loss provision for the
third quarter of 2010 was $168,000,
compared to $200,000 for the second
quarter of 2010 and $287,000 for the
third quarter of 2009.
At September 30, 2010, the
Company's allowance for loan losses to Noncovered Loans ratio was
1.11%, compared to 1.07% and 0.96% at June
30, 2010 and September 30,
2009, respectively. The allowance for loan losses to
total loans ratio was 0.88% at September 30,
2010, compared to 0.84% and 0.96% at June 30, 2010 and September 30, 2009, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$132.4 million at September 30, 2010, a decrease of $3.9 million, or 3%, from June 30, 2010, and an increase of $16.0 million, or 14%, from September 30, 2009. The increase in
investment securities from September 30,
2009 resulted primarily from the addition of $24.8 million of U.S. agency mortgage-backed
securities acquired from Statewide Bank. At September 30, 2010, the Company had a net
unrealized gain position on its investment securities portfolio of
$1.1 million, compared to a net
unrealized gain of $786,000 at
June 30, 2010 and a net unrealized
loss of $2.7 million at September 30, 2009. Due to increasing
delinquencies and defaults in the mortgage loans underlying certain
non-agency mortgage-backed securities, the Company recorded an OTTI
charge of $870,000 during the third
quarter of 2010.
The amortized cost of the Company's non-agency mortgage-backed
securities portfolio has decreased $8.4
million, or 21%, during 2010 primarily due to paydowns.
The following table summarizes the Company's non-agency
mortgage-backed securities portfolio as of September 30, 2010 (in thousands).
|
|
|
|
|
|
|
|
Collateral
|
Tranche
|
S&P
Rating
|
Amortized
Cost
|
Unrealized
Gain/(Loss)
|
|
Prime
|
Super
Senior
|
AAA
|
$ 7,918
|
$
530
|
|
Prime
|
Senior
|
AAA
(1)
|
15,610
|
(423)
|
|
Prime
|
Senior
|
Below
investment grade
|
2,636
|
(394)
|
|
Prime
|
Senior
support
|
Below
investment grade
|
1,486
|
(578)
|
|
Alt-A
|
Super
senior
|
Below
investment grade
|
1,557
|
(241)
|
|
Alt-A
|
Senior
|
AAA
|
619
|
28
|
|
Alt-A
|
Senior
|
Below
investment grade (2)
|
1,516
|
(61)
|
|
Total non-agency
mortgage-backed securities
|
$ 31,342
|
$
(1,139)
|
|
(1) Includes one security with
an amortized cost of $1.6 million and an unrealized gain of $10,000
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.
Deposits
The Company's strong growth in core deposits (i.e., checking,
savings and money market) continued during the third quarter of
2010, increasing $21.1 million during
the quarter. Excluding the core deposits acquired from
Statewide Bank, core deposits have increased $45.0 million in 2010 (a 28% annualized growth
rate). Total deposits, which includes certificates of
deposit, were $546.7 million at
September 30, 2010, an increase of
$10.2 million, or 2%, from
June 30, 2010, and an increase of
$170.0 million, or 45%, from
September 30, 2009. The
Statewide Bank acquisition added $206.9
million in deposits during the first quarter of 2010,
including $46.2 million of
higher-cost, out-of-state brokered deposits which the Company
elected to re-price. Consistent with management's
expectations, the vast majority of out-of-state depositors elected
to withdraw their deposits.
The following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
September
30,
|
December
31,
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
2010
|
2009
|
Amount
|
Percent
|
|
|
|
|
|
|
|
Demand deposit
|
$ 96,734
|
$ 66,956
|
$ 29,778
|
45%
|
|
Savings
|
27,765
|
21,009
|
6,756
|
32
|
|
Money market
|
119,932
|
80,810
|
39,122
|
48
|
|
NOW
|
64,313
|
48,384
|
15,929
|
33
|
|
Certificates of
deposit
|
237,914
|
154,434
|
83,480
|
54
|
|
Total
deposits
|
$ 546,658
|
$ 371,593
|
$175,065
|
47
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the third quarter of 2010 totaled
$7.3 million, a decrease of
$235,000, or 3%, compared to the
second quarter of 2010, and an increase of $1.2 million, or 20%, compared to the third
quarter of 2009. The Company's net interest margin was 4.75%
for the third quarter of 2010, 15 basis points lower than the
second quarter of 2010 and eight basis points lower than the third
quarter of 2009. The decreases in net interest margin were
primarily due to lower average yields on interest-earning assets as
a result of the current low rate environment.
The following table sets forth the Company's average balance and
average yields earned and rates paid on its interest-earning assets
and interest-bearing liabilities for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
September
30, 2010
|
June 30,
2010
|
September
30, 2009
|
|
(dollars in
thousands)
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|
Earning-assets:
|
|
|
|
|
|
|
|
Loans receivable
|
$456,262
|
6.58%
|
$455,574
|
6.73%
|
$343,618
|
6.50%
|
|
Investment securities
|
133,074
|
3.69
|
137,175
|
3.97
|
118,990
|
5.79
|
|
Other interest-earning
assets
|
18,813
|
0.67
|
20,362
|
0.69
|
36,861
|
3.21
|
|
Total earning-assets
|
$608,149
|
5.76
|
$613,111
|
5.91
|
$499,469
|
6.09
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Savings, checking, and money
market
|
$204,939
|
0.72
|
$193,271
|
0.73
|
$146,643
|
0.74
|
|
Certificates of
deposit
|
243,240
|
1.68
|
255,856
|
1.62
|
161,017
|
2.71
|
|
Total interest-bearing
deposits
|
448,179
|
1.24
|
449,127
|
1.24
|
307,660
|
1.77
|
|
FHLB Advances
|
22,570
|
2.48
|
27,436
|
2.27
|
20,809
|
3.59
|
|
Total interest-bearing
liabilities
|
$470,749
|
1.30
|
$476,563
|
1.29
|
$328,469
|
1.88
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
4.46%
|
|
4.62%
|
|
4.21%
|
|
Net interest
margin
|
|
4.75
|
|
4.90
|
|
4.83
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the third quarter of 2010 totaled
$613,000, a decrease of $722,000, or 54%, compared to the second quarter
of 2010 and a decrease of $337,000,
or 35%, compared to the third quarter of 2009. Excluding the
impact of the OTTI charge incurred in the third quarter of 2010,
noninterest income for the third quarter of 2010 was $1.5 million, an increase of $148,000, or 11%, compared to the second quarter
of 2010 and $534,000, or 56%,
compared to the third quarter of 2009.
The increase in pre-OTTI noninterest income in the third quarter
of 2010 compared to the second quarter of 2010 was primarily the
result of increased gains on the sale of mortgage loans and higher
levels of service fees and charges. These increases were
partially offset by a decrease in bank card fees and an OTTI charge
of $141,000 incurred in the second
quarter of 2010.
The increase in pre-OTTI noninterest income in the third quarter
of 2010 compared to the third quarter of 2009 was primarily the
result of increased gains on the sale of mortgage loans, higher
levels of service fees and charges and bank card fees, and discount
accretion related to the FDIC loss sharing receivable. The increase
in gains on the sale of mortgage loans was the result of increased
loan originations and refinancing due to the current low interest
rate environment. The increase in service fees and charges
and bank card fees was primarily the result of the addition of
accounts through the Statewide Bank acquistion.
Noninterest Expense
Noninterest expense for the third quarter of 2010 totaled
$6.4 million, a decrease of
$78,000, or 1%, compared to the
second quarter of 2010 and an increase of $1.7 million, or 36%, compared to the third
quarter of 2009.
The decrease in noninterest expense in the third quarter of 2010
compared to the second quarter of 2010 was primarily attributable
to decreases in compensation and benefits and occupancy expenses
resulting from efficiencies gained from the conversion of the
former Statewide Bank loan and deposit accounts into Home Bank's
operating system during the third quarter of 2010.
The increase in noninterest expense in the third quarter of 2010
compared to the third quarter of 2009 was driven by higher
compensation and benefits, occupancy and data processing and
communications expenses related to the Statewide Bank acquisition
and the addition of our Baton
Rouge headquarters location in March
2010. The Company began 2010 with 11 full-service
banking offices. The acquisition of six Statewide Bank
locations and the opening of our Baton
Rouge headquarters has increased our total number of
full-service banking offices to 18. Additionally, other
expenses increased due to the amortization of the core deposit
intangible resulting from the Statewide Bank acquisition, which
amounted to $64,000 and $143,000 during the quarter and nine months ended
September 30, 2010, respectively.
Non-GAAP
Reconciliation
|
|
(dollars in
thousands)
|
Third
Quarter
2010
|
First
Nine
Months
of
2010
|
|
|
|
|
|
Reported noninterest
income
|
$ 613
|
$ 2,946
|
|
Add: OTTI
charge
|
870
|
1,011
|
|
Non-GAAP noninterest
income
|
$ 1,483
|
$ 3,957
|
|
|
|
|
|
Reported net
income
|
$ 911
|
$ 3,223
|
|
Add: OTTI charge (after
tax)
|
574
|
667
|
|
Non-GAAP net
income
|
$1,485
|
$3,890
|
|
|
|
|
|
|
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 the impact of other-than-temporary impairment charges.
Management believes the presentation of this non-GAAP
financial information provides useful information that is essential
to a proper understanding of the Company's core operating results.
This non-GAAP financial information should not be viewed as a
substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP financial
information presented by other companies.
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. The
Company's Annual Report on Form 10-K for the year ended
December 31, 2009 and our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2010, 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, risks of competition, risks of our
decisions regarding the fair value of assets acquired and risks
regarding our ability to obtain reimbursement under the loss
sharing agreements on Covered Assets. 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,
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 23,771,777
|
|
$ 37,352,620
|
|
(36)
|
%
|
|
$ 21,976,535
|
|
$ 25,709,597
|
|
Interest-bearing deposits
in banks
|
6,387,000
|
|
3,150,000
|
|
103
|
|
|
7,112,000
|
|
3,529,000
|
|
Cash invested at other ATM
locations
|
-
|
|
8,802,596
|
|
-
|
|
|
-
|
|
-
|
|
Investment securities
available for sale, at fair value
|
111,607,433
|
|
105,049,877
|
|
6
|
|
|
115,131,224
|
|
106,752,131
|
|
Investment securities held
to maturity
|
20,793,424
|
|
11,372,044
|
|
83
|
|
|
21,218,038
|
|
13,098,847
|
|
Mortgage loans held for
sale
|
6,400,335
|
|
2,060,453
|
|
211
|
|
|
2,662,100
|
|
719,350
|
|
Loans covered by loss
sharing agreements
|
91,346,684
|
|
-
|
|
-
|
|
|
99,984,239
|
|
-
|
|
Noncovered loans, net of
unearned income
|
354,883,203
|
|
340,222,334
|
|
4
|
|
|
355,180,759
|
|
336,647,292
|
|
Total
loans
|
446,229,887
|
|
340,222,334
|
|
31
|
|
|
455,164,998
|
|
336,647,292
|
|
Allowance for loan
losses
|
(3,923,826)
|
|
(3,271,926)
|
|
20
|
|
|
(3,804,560)
|
|
(3,351,688)
|
|
Total loans,
net of allowance for loan losses
|
442,306,061
|
|
336,950,408
|
|
31
|
|
|
451,360,438
|
|
333,295,604
|
|
FDIC loss sharing
receivable
|
32,262,081
|
|
-
|
|
-
|
|
|
34,673,627
|
|
-
|
|
Office properties and
equipment, net
|
23,621,092
|
|
15,309,879
|
|
54
|
|
|
23,452,816
|
|
16,186,690
|
|
Cash surrender value of
bank-owned life insurance
|
16,034,149
|
|
5,461,662
|
|
194
|
|
|
15,872,609
|
|
15,262,645
|
|
Accrued interest
receivable and other assets
|
15,297,599
|
|
7,900,029
|
|
94
|
|
|
15,858,555
|
|
10,081,885
|
|
Total Assets
|
$
698,480,951
|
|
$
533,409,568
|
|
31
|
|
|
$
709,317,942
|
|
$
524,635,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 546,657,570
|
|
$ 376,635,513
|
|
45
|
%
|
|
$ 536,485,853
|
|
$ 371,592,747
|
|
Federal Home Loan Bank
advances
|
16,000,000
|
|
19,879,026
|
|
(20)
|
|
|
29,744,891
|
|
16,773,802
|
|
Accrued interest payable
and other liabilities
|
3,744,475
|
|
4,302,342
|
|
(13)
|
|
|
10,349,392
|
|
3,519,896
|
|
Total Liabilities
|
566,402,045
|
|
400,816,881
|
|
41
|
|
|
576,580,136
|
|
391,886,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
$
89,270
|
|
$
89,270
|
|
-
|
%
|
|
$
89,270
|
|
$
89,270
|
|
Additional paid-in
capital
|
88,437,391
|
|
87,714,515
|
|
1
|
|
|
88,064,013
|
|
88,072,884
|
|
Treasury stock
|
(7,955,813)
|
|
-
|
|
-
|
|
|
(5,734,469)
|
|
(1,848,862)
|
|
Common stock acquired by
benefit plans
|
(9,859,826)
|
|
(10,841,597)
|
|
9
|
|
|
(9,949,096)
|
|
(10,913,470)
|
|
Retained
earnings
|
60,660,647
|
|
57,415,818
|
|
6
|
|
|
59,749,653
|
|
57,437,444
|
|
Accumulated other
comprehensive income (loss)
|
707,237
|
|
(1,785,319)
|
|
140
|
|
|
518,435
|
|
(87,962)
|
|
Total Shareholders'
Equity
|
132,078,906
|
|
132,592,687
|
|
-
|
|
|
132,737,806
|
|
132,749,304
|
|
Total Liabilities and
Shareholders' Equity
|
$
698,480,951
|
|
$
533,409,568
|
|
31
|
|
|
$
709,317,942
|
|
$
524,635,749
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The Nine
Months Ended
|
|
|
|
|
|
September
30,
|
|
%
|
|
|
September
30,
|
|
%
|
|
|
|
2010
|
2009
|
|
Change
|
|
|
2010
|
2009
|
|
Change
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 7,549,667
|
$ 5,616,351
|
|
34
|
%
|
|
$ 21,100,559
|
$ 16,734,665
|
|
26
|
%
|
|
Investment
securities
|
1,226,765
|
1,722,460
|
|
(29)
|
|
|
3,913,125
|
5,211,929
|
|
(25)
|
|
|
Other investments and
deposits
|
32,899
|
296,759
|
|
(89)
|
|
|
94,226
|
960,011
|
|
(90)
|
|
|
Total interest
income
|
8,809,331
|
7,635,570
|
|
15
|
|
|
25,107,910
|
22,906,605
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,403,060
|
1,371,889
|
|
2
|
%
|
|
4,021,924
|
4,219,932
|
|
(5)
|
%
|
|
Federal Home Loan Bank
advances
|
139,521
|
186,168
|
|
(25)
|
|
|
453,571
|
639,343
|
|
(29)
|
|
|
Total interest
expense
|
1,542,581
|
1,558,057
|
|
(1)
|
|
|
4,475,495
|
4,859,275
|
|
(8)
|
|
|
Net interest income
|
7,266,750
|
6,077,513
|
|
20
|
|
|
20,632,415
|
18,047,330
|
|
14
|
|
|
Provision for loan
losses
|
167,580
|
287,061
|
|
(42)
|
|
|
717,362
|
709,210
|
|
1
|
|
|
Net interest income after
provision for loan losses
|
7,099,170
|
5,790,452
|
|
23
|
|
|
19,915,053
|
17,338,120
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
541,538
|
471,925
|
|
15
|
%
|
|
1,535,811
|
1,370,769
|
|
12
|
%
|
|
Bank card fees
|
343,906
|
277,375
|
|
24
|
|
|
1,012,935
|
820,635
|
|
23
|
|
|
Gain on sale of loans,
net
|
198,522
|
105,149
|
|
89
|
|
|
378,817
|
420,441
|
|
(10)
|
|
|
Income from bank-owned
life insurance
|
161,540
|
66,082
|
|
144
|
|
|
473,206
|
192,845
|
|
145
|
|
|
Other-than-temporary
impairment of securities
|
(870,254)
|
-
|
|
-
|
|
|
(1,010,771)
|
-
|
|
-
|
|
|
Gains on the sale of
securities, net
|
-
|
-
|
|
-
|
|
|
39,131
|
-
|
|
-
|
|
|
Other income
|
237,932
|
29,159
|
|
716
|
|
|
516,689
|
110,280
|
|
369
|
|
|
Total noninterest
income
|
613,184
|
949,690
|
|
(35)
|
|
|
2,945,818
|
2,914,970
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
3,824,287
|
2,849,756
|
|
34
|
%
|
|
10,707,803
|
7,788,637
|
|
37
|
%
|
|
Occupancy
|
615,972
|
325,581
|
|
89
|
|
|
1,652,035
|
971,983
|
|
70
|
|
|
Marketing and
advertising
|
184,179
|
131,119
|
|
40
|
|
|
588,116
|
453,051
|
|
30
|
|
|
Data processing and
communication
|
635,382
|
328,686
|
|
93
|
|
|
1,648,161
|
1,048,884
|
|
57
|
|
|
Professional
fees
|
198,482
|
267,118
|
|
(26)
|
|
|
895,433
|
729,053
|
|
23
|
|
|
Franchise and shares
tax
|
98,397
|
226,250
|
|
(57)
|
|
|
441,104
|
678,750
|
|
(35)
|
|
|
Regulatory fees
|
159,026
|
155,559
|
|
2
|
|
|
392,282
|
490,725
|
|
(20)
|
|
|
Other expenses
|
638,575
|
384,392
|
|
66
|
|
|
1,707,145
|
1,155,912
|
|
48
|
|
|
Total noninterest
expense
|
6,354,300
|
4,668,461
|
|
36
|
|
|
18,032,079
|
13,316,995
|
|
35
|
|
|
Income before income tax
expense
|
1,358,054
|
2,071,681
|
|
(34)
|
|
|
4,828,792
|
6,936,095
|
|
(30)
|
|
|
Income tax expense
|
447,061
|
574,244
|
|
(22)
|
|
|
1,605,589
|
2,278,120
|
|
(30)
|
|
|
Net income
|
$
910,993
|
$
1,497,437
|
|
(39)
|
%
|
|
$
3,223,203
|
$
4,657,975
|
|
(31)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.12
|
$
0.19
|
|
(37)
|
%
|
|
$
0.42
|
$
0.57
|
|
(26)
|
%
|
|
Earnings per share -
diluted
|
$
0.12
|
$
0.19
|
|
(37)
|
|
|
$
0.42
|
$
0.57
|
|
(26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
SUMMARY
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
September
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
June 30,
2010
|
|
|
Change
|
|
|
(dollars in thousands except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
$
8,809
|
|
$
7,636
|
|
15
|
%
|
|
$
9,042
|
|
|
(3)
|
%
|
|
Total interest
expense
|
1,542
|
|
1,558
|
|
(1)
|
|
|
1,539
|
|
|
-
|
|
|
Net interest income
|
7,267
|
|
6,078
|
|
20
|
|
|
7,503
|
|
|
(3)
|
|
|
Provision for loan
losses
|
168
|
|
287
|
|
(41)
|
|
|
200
|
|
|
(16)
|
|
|
Total noninterest
income
|
613
|
|
949
|
|
(35)
|
|
|
1,335
|
|
|
(54)
|
|
|
Total noninterest
expense
|
6,354
|
|
4,669
|
|
36
|
|
|
6,432
|
|
|
(1)
|
|
|
Income tax expense
|
447
|
|
574
|
|
(22)
|
|
|
739
|
|
|
(40)
|
|
|
Net income
|
$
911
|
|
$
1,497
|
|
(39)
|
|
|
$
1,467
|
|
|
(38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
703,812
|
|
$
529,462
|
|
33
|
%
|
|
$
702,783
|
|
|
-
|
%
|
|
Total interest-earning
assets
|
608,149
|
|
499,469
|
|
22
|
|
|
613,111
|
|
|
(1)
|
|
|
Loans
|
456,262
|
|
343,618
|
|
33
|
|
|
455,574
|
|
|
-
|
|
|
Interest-bearing
deposits
|
448,179
|
|
307,660
|
|
46
|
|
|
449,127
|
|
|
-
|
|
|
Interest-bearing
liabilities
|
470,749
|
|
328,469
|
|
43
|
|
|
476,563
|
|
|
(1)
|
|
|
Total deposits
|
544,228
|
|
373,430
|
|
46
|
|
|
538,380
|
|
|
1
|
|
|
Total shareholders'
equity
|
133,134
|
|
131,643
|
|
1
|
|
|
132,988
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.52
|
%
|
1.13
|
%
|
(54)
|
%
|
|
0.83
|
%
|
|
(37)
|
%
|
|
Return on average
equity
|
2.74
|
|
4.55
|
|
(40)
|
|
|
4.41
|
|
|
(38)
|
|
|
Efficiency ratio
(2)
|
80.64
|
|
66.43
|
|
21
|
|
|
72.78
|
|
|
11
|
|
|
Average equity to average
assets
|
18.92
|
|
24.86
|
|
(24)
|
|
|
18.92
|
|
|
-
|
|
|
Tier 1 leverage capital
ratio (3)
|
15.27
|
|
19.86
|
|
(23)
|
|
|
14.88
|
|
|
3
|
|
|
Total risk-based capital
ratio (3)
|
23.10
|
|
30.38
|
|
(24)
|
|
|
22.29
|
|
|
4
|
|
|
Net interest margin
|
4.75
|
|
4.83
|
|
(2)
|
|
|
4.90
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.12
|
|
$
0.19
|
|
(37)
|
%
|
|
$
0.19
|
|
|
(37)
|
%
|
|
Diluted earnings per
share
|
0.12
|
|
0.19
|
|
(37)
|
|
|
0.19
|
|
|
(37)
|
|
|
Book value at period
end
|
15.89
|
|
14.85
|
|
7
|
|
|
15.65
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at period
end
|
8,311,602
|
|
8,926,875
|
|
(7)
|
%
|
|
8,480,531
|
|
|
(2)
|
%
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7,481,472
|
|
7,956,020
|
|
(6)
|
%
|
|
7,620,257
|
|
|
(2)
|
%
|
|
Diluted
|
7,531,100
|
|
7,987,961
|
|
(6)
|
|
|
7,678,378
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) With the exception of
end-of-period ratios, all ratios are based on average monthly
balances during the respective periods and are annualized where
appropriate.
(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) Capital ratios are end
of period ratios for the Bank only.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
SUMMARY
CREDIT QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
September
30, 2010
|
|
June 30,
2010
|
|
2009
|
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Total
(2)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$ 19,851
|
|
$
1,391
|
|
$
21,242
|
|
|
$ 19,214
|
|
$ 1,668
|
|
$
20,882
|
|
|
$
2,716
|
|
|
Accruing loans past due 90 days
and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
|
Total nonperforming
loans
|
19,851
|
|
1,391
|
|
21,242
|
|
|
19,214
|
|
1,668
|
|
20,882
|
|
|
2,716
|
|
|
Other real estate
owned
|
2,634
|
|
-
|
|
2,634
|
|
|
2,643
|
|
445
|
|
3,088
|
|
|
-
|
|
|
Total nonperforming
assets
|
22,485
|
|
1,391
|
|
23,876
|
|
|
21,857
|
|
2,113
|
|
23,970
|
|
|
2,716
|
|
|
Performing troubled debt
restructurings
|
-
|
|
729
|
|
729
|
|
|
-
|
|
743
|
|
743
|
|
|
-
|
|
|
Total nonperforming assets and
troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$
22,485
|
|
$
2,120
|
|
$
24,605
|
|
|
$
21,857
|
|
$
2,856
|
|
$
24,713
|
|
|
$
2,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets (3)
|
23.92
|
%
|
0.23
|
%
|
3.42
|
%
|
|
21.30
|
%
|
0.35
|
%
|
3.38
|
%
|
|
0.51
|
%
|
|
Nonperforming loans to total
assets (3)
|
21.12
|
|
0.23
|
|
3.04
|
|
|
18.72
|
|
0.27
|
|
2.94
|
|
|
0.51
|
|
|
Nonperforming loans to total
loans (3)
|
21.73
|
|
0.39
|
|
4.76
|
|
|
19.22
|
|
0.47
|
|
4.59
|
|
|
0.80
|
|
|
Allowance for loan losses to
nonperforming assets
|
-
|
|
282.18
|
|
17.04
|
|
|
-
|
|
180.04
|
|
16.51
|
|
|
120.50
|
|
|
Allowance for loan losses to
nonperforming loans
|
-
|
|
282.18
|
|
18.47
|
|
|
-
|
|
228.16
|
|
18.22
|
|
|
120.50
|
|
|
Allowance for loan losses to
total loans
|
-
|
|
1.11
|
|
0.88
|
|
|
-
|
|
1.07
|
|
0.84
|
|
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
$
-
|
|
$
193
|
|
$
193
|
|
|
$
-
|
|
$
124
|
|
$
124
|
|
|
$
58
|
|
|
Year-to-date loan
recoveries
|
-
|
|
48
|
|
48
|
|
|
-
|
|
27
|
|
27
|
|
|
15
|
|
|
Year-to-date net loan
charge-offs
|
-
|
|
145
|
|
145
|
|
|
-
|
|
97
|
|
97
|
|
|
43
|
|
|
Annualized YTD net loan
charge-offs to total loans
|
-
|
%
|
0.05
|
%
|
0.04
|
%
|
|
-
|
%
|
0.05
|
%
|
0.04
|
%
|
|
0.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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.
(2) The Bank entered into
loss sharing agreements with the FDIC related to the acquisition of
Statewide Bank during the first quarter of 2010. Thus, there
were no loans covered under these agreements as of September 30,
2009.
(3) The credit quality
ratios are calculated with respect to the applicable assets and
loan portfolios (i.e. Covered, Noncovered, and total).
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SOURCE Home Bancorp, Inc.
Copyright . 26 PR Newswire