LAFAYETTE, La., April 24, 2012 /PRNewswire/ -- 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 $2.1 million for the first quarter of 2012, a
decrease of $74,000, or 3%, compared
to the fourth quarter of 2011 and an increase of $1.3 million, or 159%, compared to the first
quarter of 2011. Diluted earnings per share were $0.29 for the first quarter of 2012, compared to
$0.30 for the fourth quarter of 2011
and $0.11 for the first quarter of
2011.
"We continue to benefit from the vibrancy of the South Louisiana economy," stated John W. Bordelon, President and Chief Executive
Officer of the Company and the Bank. "In what has
traditionally been a slow quarter for South Louisiana banks, our loan portfolio grew
at an annualized rate of 7% during the first three months of
2012. That growth was spread across each of our markets."
"Although the national economic landscape remains uncertain,"
added Mr. Bordelon, "our customers are focused on doing what they
do best – creating jobs and moving Louisiana forward."
Acquisition of GS Financial Corp.
As previously reported, the Company completed the acquisition of
GS Financial Corp. ("GSFC"), the former holding company of Guaranty
Savings Bank of Metairie,
Louisiana, on July 15,
2011. As a result of the transaction, the Company acquired
$256.7 million of assets, including
loans of $182.4 million, and
$230.6 million in deposits and other
liabilities.
Loans and Credit Quality
The Company's total loans were $678.7
million at March 31, 2012, an
increase of $12.3 million, or 2%,
from December 31, 2011, and an
increase of $236.7 million, or 54%,
from March 31, 2011. First
quarter 2012 loan growth related primarily to commercial real
estate loans (up $11.0 million) and
construction and land loans (up $7.1
million). These increases were partially offset by
decreases in one- to four-family first mortgage loans (down
$4.0 million), home equity loans and
lines (down $2.3 million) and
commercial and industrial loans (down $1.1
million).
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
Increase/(Decrease)
|
|
(dollars in thousands)
|
|
2012
|
|
2011
|
|
Amount
|
Percent
|
|
Real
estate loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
178,826
|
$
|
182,817
|
$
|
(3,991)
|
(2)
|
%
|
Home equity loans and
lines
|
|
41,337
|
|
43,665
|
|
(2,328)
|
(5)
|
|
Commercial real
estate
|
|
238,019
|
|
226,999
|
|
11,020
|
5
|
|
Construction and
land
|
|
86,108
|
|
78,994
|
|
7,114
|
9
|
|
Multi-family
residential
|
|
19,849
|
|
20,125
|
|
(276)
|
(1)
|
|
Total real
estate loans
|
|
564,139
|
|
552,600
|
|
11,539
|
2
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
81,930
|
|
82,980
|
|
(1,050)
|
(1)
|
|
Consumer
|
|
32,582
|
|
30,791
|
|
1,791
|
6
|
|
Total
other loans
|
|
114,512
|
|
113,771
|
|
741
|
1
|
|
Total loans
|
$
|
678,651
|
$
|
666,371
|
$
|
12,280
|
2
|
%
|
Nonperforming assets ("NPAs"), which include $15.6 million in assets covered under loss
sharing agreements with the FDIC ("Covered Assets"), totaled
$34.1 million at March 31, 2012, an increase of $3.6 million compared to December 31, 2011 and an increase of $12.1 million compared to March 31, 2011. Excluding
Covered Assets, the ratio of NPAs to total assets was 2.01% at
March 31, 2012, compared to 1.55% at
December 31, 2011 and 0.19% at
March 31, 2011. The increase in
NPAs during the first quarter of 2012 relates primarily to a
$5.4 million commercial real estate
loan which was placed on nonaccrual status during the
quarter. The increase in NPAs compared to the first quarter
of 2011 was due primarily to the NPAs acquired through our
acquisition of GSFC in July 2011. NPAs acquired from GSFC
totaled $9.6 million at the date of
acquisition.
The Company recorded net loan charge-offs of $3,000 during the first quarter of 2012, compared
to net loan recoveries of $7,000 in
the fourth quarter of 2011 and net loan charge-offs of $3,000 during the first quarter of
2011.
The Company's provision for loan losses for the first quarter of
2012 was $712,000, compared to
$568,000 for the fourth quarter of
2011 and $102,000 for the first
quarter of 2011. The increases compared to the fourth and
first quarters of 2011 are primarily attributable to the
nonperforming commercial real estate loan mentioned above, modest
downgrades of certain other loans and loan growth.
At March 31, 2012, the Company's
ratio of allowance for loan losses to total loans was 0.86%,
compared to 0.77% and 0.91% at December 31,
2011 and March 31, 2011,
respectively. The increase in the ratio of allowance for loan
losses to total loans during the first quarter was due to
downgrades of certain loans described above and loan growth.
The decrease in the first quarter 2012 ratio of allowance for loan
losses to total loans compared to first quarter 2011 relates
primarily to the acquisition of GSFC's loans. Under
accounting rules generally accepted in the United States, an acquirer may not carry
over the acquiree's allowance for loan losses. Instead, the
acquirer must estimate the fair value of the cash flows expected to
be derived from the acquired loan portfolio. Management has
included its credit loss expectations in the acquired loan
portfolio's cash flow assumptions used to derive the portfolio's
fair value. Hence, management believes that expected credit
losses in the acquired loan portfolio have been appropriately
addressed in the fair value adjustments recorded on the acquired
loan portfolio. Ongoing evaluations of the acquired loan
portfolio may result in additional provisions for the acquired
loans. Excluding acquired loans, the ratio of allowance for
loan losses to total loans was 1.22% at March 31, 2012, compared to 1.14% at December 31, 2011 and 1.10% at March 31, 2011.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$164.1 million at March 31, 2012, an increase of $5.3 million, or 3%, from December 31, 2011, and an increase of
$22.4 million, or 16%, from
March 31, 2011. At March 31, 2012, the Company had a net unrealized
gain position on its investment securities portfolio of
$4.0 million, compared to a net
unrealized gain of $2.6 million and a
net unrealized gain of $1.6 million
at December 31, 2011 and March 31, 2011, respectively. At
March 31, 2012, the investment
securities portfolio had a modified duration of 3.2 years.
The Company maintains a portfolio of non-agency mortgage-backed
securities, which had an amortized cost of $14.3 million at March
31, 2012. Each of these securities is rated investment
grade by Standard & Poor's and/or Moody's.
Deposits
Core deposits (i.e., checking, savings and money market
accounts) increased for the eleventh consecutive quarter, posting
growth of $12.6 million, or 3%,
during the first three months of 2012. Total deposits were
$736.2 million at March 31, 2012, an increase of $5.4 million, or 1%, from December 31, 2011, and an increase of
$192.5 million, or 35%, from
March 31, 2011. The Company
acquired $193.5 million in deposits
through the acquisition of GSFC in July 2011.
The following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
Increase / (Decrease)
|
|
(dollars in thousands)
|
|
2012
|
|
2011
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
135,600
|
$
|
127,828
|
$
|
7,772
|
6
|
%
|
Savings
|
|
46,569
|
|
43,671
|
|
2,898
|
7
|
|
Money
market
|
|
182,442
|
|
180,790
|
|
1,652
|
1
|
|
NOW
|
|
93,970
|
|
93,679
|
|
291
|
-
|
|
Certificates of deposit
|
|
277,576
|
|
284,766
|
|
(7,190)
|
(3)
|
|
Total
deposits
|
$
|
736,157
|
$
|
730,734
|
$
|
5,423
|
1
|
%
|
Share Repurchases
The Company purchased 4,590 shares of its common stock during
the first quarter of 2012 at an average price per share of
$15.91 under the share repurchase
plan announced in May 2011. The Company may repurchase up to
402,835 shares, or approximately 5%, of the Company's outstanding
common stock under the May 2011
plan. As of April 19, 2012, the
Company has purchased 313,865 shares under the plan at an average
price per share of $14.62; hence,
88,970 additional shares remain eligible for purchase under the
plan. The tangible book value per share of the Company's
common stock was $17.42 at
March 31, 2012.
Net Interest Income
Net interest income for the first quarter of 2012 totaled
$10.0 million, essentially unchanged
compared to the fourth quarter of 2011, and an increase of
$3.1 million, or 45%, compared to the
first quarter of 2011. The addition of GSFC's
interest-earning assets and interest-bearing liabilities accounted
for the vast majority of the increase compared to the same quarter
last year. The Company's net interest margin was 4.69% for
the first quarter of 2012, three basis points higher than the
fourth quarter of 2011 and two basis points higher than the first
quarter of 2011.
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
|
March
31, 2012
|
|
|
December 31, 2011
|
|
|
March
31, 2011
|
|
|
(dollars in thousands)
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
$
|
672,713
|
6.20
|
%
|
$
|
662,307
|
6.26
|
%
|
$
|
439,490
|
6.59
|
%
|
|
Investment securities
|
|
155,476
|
2.21
|
|
|
162,367
|
2.18
|
|
|
130,607
|
2.94
|
|
|
Other interest-earning assets
|
|
25,160
|
0.55
|
|
|
26,026
|
0.56
|
|
|
24,423
|
0.61
|
|
|
Total interest-earning assets
|
|
853,349
|
5.31
|
|
|
850,700
|
5.30
|
|
|
594,520
|
5.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and money market
|
|
316,004
|
0.45
|
|
|
314,334
|
0.46
|
|
|
233,440
|
0.53
|
|
|
Certificates of deposit
|
|
282,476
|
1.11
|
|
|
284,169
|
1.16
|
|
|
209,734
|
1.69
|
|
|
Total interest-bearing deposits
|
|
598,480
|
0.76
|
|
|
598,503
|
0.79
|
|
|
443,174
|
1.08
|
|
|
FHLB advances
|
|
101,473
|
0.71
|
|
|
103,011
|
0.75
|
|
|
15,280
|
2.64
|
|
|
Total interest-bearing liabilities
|
$
|
699,953
|
0.75
|
|
$
|
701,515
|
0.79
|
|
$
|
458,454
|
1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
4.56
|
%
|
|
|
4.52
|
%
|
|
|
4.42
|
%
|
|
Net
interest margin
|
|
|
4.69
|
%
|
|
|
4.66
|
%
|
|
|
4.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the first quarter of 2012 totaled
$1.7 million, a decrease of
$158,000, or 9%, compared to the
fourth quarter of 2011 and an increase of $478,000, or 39%, compared to the first quarter
of 2011. The decrease in noninterest income in the first
quarter of 2012 compared to the fourth quarter of 2011 resulted
primarily from lower gains on the sale of mortgage loans of
$194,000.
The increase in noninterest income in the first quarter of 2012
compared to the first quarter of 2011 was primarily the result of
increased gains on the sale of mortgage loans of $222,000 and the absence of losses on the sale of
securities, which totaled $166,000
during the first quarter of 2011. Additionally, service fees
and charges and bank card fees increased when comparing the first
quarter of 2012 to the first quarter of 2011 as a result of the
accounts added through our acquisition of GSFC and organic customer
growth.
Noninterest Expense
Noninterest expense for the first quarter of 2012 totaled
$7.8 million, a decrease of
$274,000, or 3%, compared to the
fourth quarter of 2011 and an increase of $1.1 million, or 16%, compared the first quarter
of 2011. The decrease in noninterest expense in the first
quarter of 2012 compared to the fourth quarter of 2011 resulted
primarily from a decrease in marketing and advertising expenses of
$161,000 and occupancy expenses of
$105,000.
The increase in noninterest expense in the first quarter of 2012
compared to the first quarter of 2011 was primarily due to higher
compensation and benefits, occupancy and data processing and
communication expenses primarily reflecting our increase in offices
and employees as a result of the GSFC acquisition.
Additionally, expenses related to foreclosed assets increased
during the first quarter of 2012 compared to the same quarter a
year ago due primarily to resolution costs related to NPAs acquired
in the GSFC acquisition.
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. Management believes the presentation of
this non-GAAP financial information provides useful information
that is essential to a proper understanding of the Company's
financial position and core operating results. This non-GAAP
financial information should not be viewed as a substitute for
financial information determined in accordance with GAAP, nor are
they necessarily comparable to non-GAAP financial information
presented by other companies.
This news release contains certain forward‑looking
statements. Forward‑looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could" or "may."
Forward‑looking statements, by their nature, are subject to
risks and uncertainties. A number of factors ‑ many of which
are beyond our control ‑ could cause actual conditions, events or
results to differ significantly from those described in the
forward‑looking statements. Home Bancorp's Annual Report on
Form 10-K for the year ended December 31,
2011, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
%
|
|
|
December
31,
|
|
2012
|
|
2011
|
|
Change
|
|
|
2011
|
Assets
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
$
33,800,736
|
|
$
22,466,923
|
|
50
|
%
|
|
$
31,272,508
|
Interest-bearing deposits in banks
|
4,754,000
|
|
8,857,000
|
|
(46)
|
|
|
5,583,000
|
Investment
securities available for sale, at fair value
|
161,000,461
|
|
133,933,288
|
|
20
|
|
|
155,259,978
|
Investment
securities held to maturity
|
3,064,866
|
|
7,764,023
|
|
(61)
|
|
|
3,461,717
|
Mortgage
loans held for sale
|
1,794,119
|
|
560,991
|
|
220
|
|
|
1,672,597
|
Loans
covered by loss sharing agreements
|
56,111,387
|
|
75,996,118
|
|
(26)
|
|
|
61,070,360
|
Noncovered
loans, net of unearned income
|
622,539,181
|
|
366,003,288
|
|
70
|
|
|
605,301,127
|
Total loans
|
678,650,568
|
|
441,999,406
|
|
54
|
|
|
666,371,487
|
Allowance
for loan losses
|
(5,813,095)
|
|
(4,019,285)
|
|
45
|
|
|
(5,104,363)
|
Total loans, net of
allowance for loan losses
|
672,837,473
|
|
437,980,121
|
|
54
|
|
|
661,267,124
|
FDIC loss
sharing receivable
|
24,399,699
|
|
31,030,272
|
|
(21)
|
|
|
24,222,190
|
Office
properties and equipment, net
|
30,724,675
|
|
23,216,809
|
|
32
|
|
|
31,763,692
|
Cash
surrender value of bank-owned life insurance
|
16,902,453
|
|
16,338,064
|
|
3
|
|
|
16,771,174
|
Accrued
interest receivable and other assets
|
30,275,634
|
|
18,327,587
|
|
65
|
|
|
32,515,158
|
Total
Assets
|
$ 979,554,116
|
|
$ 700,475,078
|
|
40
|
|
|
$ 963,789,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
$
736,157,230
|
|
$
543,619,256
|
|
35
|
%
|
|
$
730,733,755
|
Federal
Home Loan Bank advances
|
100,848,030
|
|
21,000,000
|
|
380
|
|
|
93,622,954
|
Accrued
interest payable and other liabilities
|
4,827,764
|
|
3,281,323
|
|
47
|
|
|
5,147,595
|
Total
Liabilities
|
841,833,024
|
|
567,900,579
|
|
48
|
|
|
829,504,304
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
|
Common
stock
|
89,404
|
|
89,270
|
|
-
|
%
|
|
89,335
|
Additional
paid-in capital
|
90,230,748
|
|
89,183,147
|
|
1
|
|
|
89,741,406
|
Treasury
stock
|
(15,965,319)
|
|
(11,028,575)
|
|
45
|
|
|
(15,892,315)
|
Common
stock acquired by benefit plans
|
(8,531,519)
|
|
(9,676,562)
|
|
(12)
|
|
|
(8,625,513)
|
Retained
earnings
|
69,305,807
|
|
62,920,252
|
|
10
|
|
|
67,245,350
|
Accumulated other comprehensive
income
|
2,591,971
|
|
1,086,967
|
|
138
|
|
|
1,726,571
|
Total
Shareholders' Equity
|
137,721,092
|
|
132,574,499
|
|
4
|
|
|
134,284,834
|
Total
Liabilities and Shareholders' Equity
|
$
979,554,116
|
|
$
700,475,078
|
|
40
|
|
|
$
963,789,138
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
CONDENSED STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
The Three Months Ended
|
|
|
|
|
For
The Three
|
|
|
|
|
March 31,
|
%
|
|
|
Months Ended
|
|
%
|
|
|
2012
|
2011
|
|
Change
|
|
|
December 31, 2011
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
10,371,357
|
$
7,160,653
|
|
45
|
%
|
|
$
10,450,022
|
|
(1)
|
%
|
Investment
securities
|
859,482
|
960,821
|
|
(11)
|
|
|
883,979
|
|
(3)
|
|
Other
investments and deposits
|
34,398
|
36,721
|
|
(6)
|
|
|
36,803
|
|
(7)
|
|
Total
interest income
|
11,265,237
|
8,158,195
|
|
38
|
|
|
11,370,804
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,131,848
|
1,177,048
|
|
(4)
|
%
|
|
1,194,653
|
|
(5)
|
%
|
Federal
Home Loan Bank advances
|
180,836
|
100,640
|
|
80
|
|
|
194,407
|
|
(7)
|
|
Total
interest expense
|
1,312,684
|
1,277,688
|
|
3
|
|
|
1,389,060
|
|
(5)
|
|
Net
interest income
|
9,952,553
|
6,880,507
|
|
45
|
|
|
9,981,744
|
|
-
|
|
Provision
for loan losses
|
711,900
|
102,276
|
|
596
|
|
|
567,968
|
|
25
|
|
Net
interest income after provision for loan losses
|
9,240,653
|
6,778,231
|
|
36
|
|
|
9,413,776
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
Service
fees and charges
|
569,941
|
474,824
|
|
20
|
%
|
|
538,368
|
|
6
|
%
|
Bank card
fees
|
468,284
|
398,094
|
|
18
|
|
|
443,407
|
|
6
|
|
Gain on
sale of loans, net
|
326,171
|
104,393
|
|
212
|
|
|
520,493
|
|
(37)
|
|
Income
from bank-owned life insurance
|
131,279
|
145,419
|
|
(10)
|
|
|
142,561
|
|
(8)
|
|
Gain
(loss) on the sale of securities, net
|
168
|
(166,082)
|
|
100
|
|
|
(4,706)
|
|
104
|
|
Discount
accretion of FDIC loss sharing receivable
|
177,510
|
238,669
|
|
(26)
|
|
|
187,799
|
|
(5)
|
|
Other
income
|
26,562
|
26,583
|
|
-
|
|
|
30,461
|
|
(13)
|
|
Total
noninterest income
|
1,699,915
|
1,221,900
|
|
39
|
|
|
1,858,383
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
4,695,709
|
3,998,408
|
|
17
|
%
|
|
4,692,503
|
|
-
|
%
|
Occupancy
|
694,941
|
565,261
|
|
23
|
|
|
799,493
|
|
(13)
|
|
Marketing
and advertising
|
151,474
|
161,050
|
|
(6)
|
|
|
312,733
|
|
(52)
|
|
Data
processing and communication
|
672,341
|
541,507
|
|
24
|
|
|
713,701
|
|
(6)
|
|
Professional fees
|
232,253
|
419,732
|
|
(45)
|
|
|
203,524
|
|
14
|
|
Forms,
printing and supplies
|
126,266
|
113,980
|
|
11
|
|
|
139,997
|
|
(10)
|
|
Franchise
and shares tax
|
175,651
|
180,500
|
|
(3)
|
|
|
93,783
|
|
87
|
|
Regulatory
fees
|
198,158
|
229,739
|
|
(14)
|
|
|
169,375
|
|
17
|
|
Foreclosed
assets, net
|
267,998
|
48,134
|
|
457
|
|
|
242,590
|
|
10
|
|
Other
expenses
|
594,031
|
448,811
|
|
32
|
|
|
715,087
|
|
(17)
|
|
Total
noninterest expense
|
7,808,822
|
6,707,122
|
|
16
|
|
|
8,082,786
|
|
(3)
|
|
Income
before income tax expense
|
3,131,746
|
1,293,009
|
|
142
|
|
|
3,189,373
|
|
(2)
|
|
Income tax
expense
|
1,071,289
|
498,325
|
|
115
|
|
|
1,055,122
|
|
2
|
|
Net
income
|
$ 2,060,457
|
$ 794,684
|
|
159
|
|
|
$
2,134,251
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share - basic
|
$
0.30
|
$
0.11
|
|
173
|
%
|
|
$
0.31
|
|
(3)
|
%
|
Earnings
per share - diluted
|
$
0.29
|
$
0.11
|
|
164
|
|
|
$
0.30
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
SUMMARY
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
The Three Months Ended
|
|
|
|
|
For
The Three
|
|
|
|
|
|
March 31,
|
|
%
|
|
|
Months Ended
|
|
|
%
|
|
|
2012
|
|
2011
|
|
Change
|
|
|
December 31, 2011
|
|
|
Change
|
|
(dollars in thousands except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest income
|
$
11,265
|
|
$
8,158
|
|
38
|
%
|
|
$
11,371
|
|
|
(1)
|
%
|
Total
interest expense
|
1,313
|
|
1,278
|
|
3
|
|
|
1,389
|
|
|
(5)
|
|
Net
interest income
|
9,952
|
|
6,880
|
|
45
|
|
|
9,982
|
|
|
-
|
|
Provision
for loan losses
|
712
|
|
102
|
|
598
|
|
|
568
|
|
|
25
|
|
Total
noninterest income
|
1,700
|
|
1,222
|
|
39
|
|
|
1,858
|
|
|
(9)
|
|
Total
noninterest expense
|
7,809
|
|
6,707
|
|
16
|
|
|
8,083
|
|
|
(3)
|
|
Income tax
expense
|
1,071
|
|
498
|
|
115
|
|
|
1,055
|
|
|
2
|
|
Net
income
|
$ 2,060
|
|
$ 795
|
|
159
|
|
|
$
2,134
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
965,682
|
|
$
692,755
|
|
39
|
%
|
|
$
965,357
|
|
|
-
|
%
|
Total
interest-earning assets
|
853,349
|
|
594,520
|
|
44
|
|
|
850,700
|
|
|
-
|
|
Totals
loans
|
672,713
|
|
439,490
|
|
53
|
|
|
662,307
|
|
|
2
|
|
Total
interest-bearing deposits
|
598,480
|
|
443,174
|
|
35
|
|
|
598,503
|
|
|
-
|
|
Total
interest-bearing liabilities
|
699,953
|
|
458,454
|
|
53
|
|
|
701,515
|
|
|
-
|
|
Total
deposits
|
724,752
|
|
543,323
|
|
33
|
|
|
724,357
|
|
|
-
|
|
Total
shareholders' equity
|
135,975
|
|
131,994
|
|
3
|
|
|
133,899
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets
|
0.85
|
%
|
0.46
|
%
|
85
|
%
|
|
0.88
|
%
|
|
(3)
|
%
|
Return on
average equity
|
6.06
|
|
2.41
|
|
151
|
|
|
6.38
|
|
|
(5)
|
|
Efficiency
ratio (2)
|
67.01
|
|
82.78
|
|
(19)
|
|
|
68.27
|
|
|
(2)
|
|
Average
equity to average assets
|
14.08
|
|
19.05
|
|
(26)
|
|
|
13.87
|
|
|
2
|
|
Tier 1
leverage capital ratio(3)
|
12.59
|
|
15.59
|
|
(19)
|
|
|
12.52
|
|
|
1
|
|
Total
risk-based capital ratio(3)
|
20.82
|
|
24.86
|
|
(16)
|
|
|
21.08
|
|
|
(1)
|
|
Net
interest margin (4)
|
4.69
|
|
4.67
|
|
-
|
|
|
4.66
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
$
0.30
|
|
$
0.11
|
|
173
|
%
|
|
$
0.31
|
|
|
(3)
|
%
|
Diluted
earnings per share
|
0.29
|
|
0.11
|
|
164
|
|
|
0.30
|
|
|
(3)
|
|
Book value
at period end
|
17.74
|
|
16.39
|
|
8
|
|
|
17.30
|
|
|
3
|
|
Tangible
book value at period end
|
17.42
|
|
16.18
|
|
8
|
|
|
16.96
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding at period end
|
7,762,204
|
|
8,087,159
|
|
(4)
|
%
|
|
7,759,954
|
|
|
-
|
%
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,952,952
|
|
7,177,377
|
|
(3)
|
%
|
|
6,882,206
|
|
|
1
|
%
|
Diluted
|
7,196,444
|
|
7,277,013
|
|
(1)
|
|
|
7,033,984
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
SUMMARY
CREDIT QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2012
|
|
December
31, 2011
|
|
March 31,
2011
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$10,456
|
|
$15,759
|
|
$26,215
|
|
|
$10,460
|
|
$11,007
|
|
$21,467
|
|
|
$15,479
|
|
$
1,090
|
|
$16,569
|
|
Accruing
loans past due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total
nonperforming loans
|
10,456
|
|
15,759
|
|
26,215
|
|
|
10,460
|
|
11,007
|
|
21,467
|
|
|
15,479
|
|
1,090
|
|
16,569
|
|
Other real
estate owned
|
5,168
|
|
2,675
|
|
7,843
|
|
|
6,096
|
|
2,868
|
|
8,964
|
|
|
5,281
|
|
92
|
|
5,373
|
|
Total
nonperforming assets
|
15,624
|
|
18,434
|
|
34,058
|
|
|
16,556
|
|
13,875
|
|
30,431
|
|
|
20,760
|
|
1,182
|
|
21,942
|
|
Performing
troubled debt restructurings
|
25
|
|
543
|
|
568
|
|
|
26
|
|
572
|
|
598
|
|
|
-
|
|
1,067
|
|
1,067
|
|
Total
nonperforming assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$15,649
|
|
$18,977
|
|
$34,626
|
|
|
$16,582
|
|
$14,447
|
|
$31,029
|
|
|
$20,760
|
|
$2,249
|
|
$23,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets
|
|
|
|
|
3.48
|
%
|
|
|
|
|
|
3.16
|
%
|
|
|
|
|
|
3.13
|
%
|
Nonperforming loans to total assets
|
|
|
|
|
2.68
|
|
|
|
|
|
|
2.23
|
|
|
|
|
|
|
2.37
|
|
Nonperforming loans to total loans
|
|
|
|
|
3.86
|
|
|
|
|
|
|
3.22
|
|
|
|
|
|
|
3.75
|
|
Allowance
for loan losses to nonperforming assets
|
|
|
|
|
17.07
|
|
|
|
|
|
|
16.77
|
|
|
|
|
|
|
18.32
|
|
Allowance
for loan losses to nonperforming loans
|
|
|
|
|
22.18
|
|
|
|
|
|
|
23.78
|
|
|
|
|
|
|
24.26
|
|
Allowance
for loan losses to total loans
|
|
|
|
|
0.86
|
|
|
|
|
|
|
0.77
|
|
|
|
|
|
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan charge-offs
|
|
|
|
|
$
15
|
|
|
|
|
|
|
$
334
|
|
|
|
|
|
|
$
9
|
|
Year-to-date loan recoveries
|
|
|
|
|
12
|
|
|
|
|
|
|
58
|
|
|
|
|
|
|
6
|
|
Year-to-date net loan charge-offs
|
|
|
|
|
$ 3
|
|
|
|
|
|
|
$ 276
|
|
|
|
|
|
|
$ 3
|
|
Annualized
YTD net loan charge-offs to total loans
|
|
|
|
|
-
|
%
|
|
|
|
|
|
0.04
|
%
|
|
|
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1) Nonperforming loans consist of
nonaccruing loans and accruing 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 loans 90 days or more past due. Repossessed
assets consist of assets acquired through foreclosure or acceptance
of title in-lieu of foreclosure.
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(2) Asset quality information
includes assets covered under FDIC loss sharing agreements. Such
assets covered by FDIC loss sharing agreements are referred
to as "Covered" assets. All other assets are referred to as
"Noncovered".
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SOURCE Home Bancorp, Inc.