LAFAYETTE, La., July 29, 2014 /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 $2.8 million for the second quarter of 2014, an
increase of $1.3 million, or 92%,
compared to the first quarter of 2014 and an increase of
$1.5 million, or 121%, compared to
the second quarter of 2013. The first and second quarters of
2014 include pre-tax merger expenses of $2.0
million and $207,000,
respectively, related to the acquisition of Britton & Koontz
Capital Corporation ("Britton & Koontz"). Excluding
merger-related expenses, net income for the second quarter of 2014
was $2.9 million, an increase of 4%
and 132% compared to the first quarter of 2014 and the second
quarter of 2013, respectively.
Diluted earnings per share were $0.40 for the second quarter of 2014, an increase
of $0.19, or 91%, compared to the
first quarter of 2014 and an increase of $0.22, or 122%, compared to the second quarter of
2013. Excluding merger-related expenses, diluted earnings per
share were $0.42 for the second
quarter of 2014, an increase of 5% and 133% compared to the first
quarter of 2014 and the second quarter of 2013, respectively.
"The full quarter impact of the Britton & Koontz acquisition
and vibrant South Louisiana
economies are the primary reasons for the significant improvement
in our financial performance," stated John
W. Bordelon, President and Chief Executive Officer of the
Company and the Bank. "We remain excited about the continued
economic strength of our markets."
Acquisition of Britton & Koontz
As previously reported, the Company expanded its branch
network into west Mississippi
through its February 14, 2014
acquisition of Britton & Koontz Capital Corporation ("Britton
& Koontz"), the former holding company of Britton &
Koontz Bank, N.A. ("Britton &
Koontz Bank") of Natchez, Mississippi. As a result of the
transaction, the Company acquired $298.7
million of assets, including loans of $163.0 million, and $264.3
million in deposits and other liabilities.
Shareholders of Britton & Koontz received $16.14 per share in cash, yielding an aggregate
purchase price of $34.5 million.
Loans and Credit Quality
Loans totaled $907.6 million at
June 30, 2014, an increase of
$27.5 million, or 3%, from
March 31, 2014, and an increase of
$231.7 million, or 34%, from
June 30, 2013. During the
second quarter, organic loan growth was related primarily to
commercial and industrial (up $9.7
million), one- to four-family first mortgage (up
$7.2 million), construction and land
(up $2.9 million), commercial real
estate (up $2.8 million) and home
equity loans (up $2.7 million).
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2014
|
|
2013
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
230,415
|
$
|
179,506
|
$
|
50,909
|
28
|
%
|
Home equity loans and
lines
|
|
57,133
|
|
40,561
|
|
16,572
|
41
|
|
Commercial real
estate
|
|
333,787
|
|
269,849
|
|
63,938
|
24
|
|
Construction and
land
|
|
122,558
|
|
83,271
|
|
39,287
|
47
|
|
Multi-family
residential
|
|
22,285
|
|
16,578
|
|
5,707
|
34
|
|
Total real
estate loans
|
|
766,178
|
|
589,765
|
|
176,413
|
30
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
96,765
|
|
77,533
|
|
19,232
|
25
|
|
Consumer
|
|
44,670
|
|
40,158
|
|
4,512
|
11
|
|
Total
other loans
|
|
141,435
|
|
117,691
|
|
23,744
|
20
|
|
Total
loans
|
$
|
907,613
|
$
|
707,456
|
$
|
200,157
|
28
|
%
|
Nonperforming assets ("NPAs") totaled $26.5 million at June 30,
2014, a decrease of $1.6
million compared to March 31,
2014 and a decrease of $1.0
million compared to June 30,
2013. $21.9 million of the
$26.5 million in NPAs relates to our
acquisitions of Statewide Bank, GS Financial Corp. ("GSFC") and
Britton & Koontz. The ratio of total NPAs to total assets
was 2.11% at June 30, 2014, compared
to 2.27% at March 31, 2014 and 2.83%
at June 30, 2013. Excluding
acquired assets, the ratio of NPAs was 0.45% at June 30, 2014, compared to 0.48% at March 31, 2014 and 0.68% at June 30, 2013.
The Company recorded net loan charge-offs of $157,000 during the second quarter of 2014,
compared to net loan recoveries of $41,000 in the first quarter of 2014 and net loan
charge-offs of $1.8 million in the
second quarter of 2013. The Company's provision for loan
losses for the second quarter of 2014 was $811,000, compared to $145,000 for the first quarter of 2014 and
$2.2 million for the second quarter
of 2013. The provision for loan losses for the second quarter
of 2014 relates primarily to loan growth and deterioration in
certain acquired loans included in the GSFC loan portfolio.
The ratio of allowance for loan losses to total loans was 0.85%
at June 30, 2014, compared to 0.81%
and 0.90% at March 31, 2014 and
June 30, 2013, respectively.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.10% at June 30,
2014, compared to 1.10% and 1.08% at March 31, 2014 and June
30, 2013, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$190.2 million at June 30, 2014, a decrease of $2.9 million, or 2%, from March 31, 2014, and an increase of $34.3 million, or 22%, from June 30, 2013. The decrease in investment
securities during the second quarter of 2014 resulted primarily
from paydowns, calls and maturities during the period.
The increase compared to June 30,
2013 resulted primarily from the addition of securities
acquired from Britton & Koontz. At June 30, 2014, the Company had a net unrealized
gain position on its investment securities portfolio of
$1.8 million, compared to net
unrealized gains of $1.0 million and
$1.4 million at March 31, 2014 and June
30, 2013, respectively. The Company's investment
securities portfolio had a modified duration of 4.1 years at
June 30, 2014, compared to 4.2 years
at December 31, 2013 and June 30, 2013.
Deposits
Total deposits were $981.7 million
at June 30, 2014, a decrease of
$5.6 million, or 1%, from
March 31, 2014, and an increase of
$204.5 million, or 26%, from
June 30, 2013. The
acquisition of Britton & Koontz added $216.6 million in deposits. During the
second quarter of 2014, core deposits (i.e., checking, savings and
money market accounts) increased $1.9
million, or 0.2%, from March 31,
2014, and increased $190.2
million, or 34%, from June 30,
2013. Core deposits acquired from Britton & Koontz
totaled $151.9 million at acquisition
date.
The following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
|
2014
|
|
2013
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
248,541
|
$
|
174,475
|
$
|
74,066
|
42
|
%
|
Savings
|
|
78,947
|
|
56,694
|
|
22,253
|
39
|
|
Money
market
|
|
227,029
|
|
192,303
|
|
34,726
|
18
|
|
NOW
|
|
189,515
|
|
125,391
|
|
64,124
|
51
|
|
Certificates of
deposit
|
|
237,709
|
|
192,449
|
|
45,260
|
24
|
|
Total
deposits
|
$
|
981,741
|
$
|
741,312
|
$
|
240,429
|
32
|
%
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the second quarter of 2014 totaled
$13.1 million, an increase of
$1.3 million, or 11%, compared to the
first quarter of 2014, and an increase of $3.2 million, or 32%, compared to the second
quarter of 2013. The full quarter impact of the addition of
Britton & Koontz's earning assets accounted for the majority of
the increase. The Company's net interest margin was 4.64% for the
second quarter of 2014, eight basis points lower than the first
quarter of 2014 and five basis points higher than the second
quarter of 2013. The decrease in the net interest margin was
primarily the result of the full quarter impact of Britton &
Koontz's interest-earning assets and interest-bearing
liabilities. The Covered Loan portfolio yielded 17.24% during
the second quarter of 2014, compared to 11.35% and 9.64% during the
first quarter of 2014 and second quarter of 2013,
respectively.
The following table sets forth the Company's average volume and
rate of its interest-earning assets and interest-bearing
liabilities for the periods indicated. Taxable equivalent
("TE") yields on investment securities are calculated using a
marginal tax rate of 35%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
June 30,
2014
|
|
|
March 31,
2014
|
|
|
June 30,
2013
|
|
(dollars in
thousands)
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
898,123
|
5.72
|
%
|
$
|
793,509
|
5.81
|
%
|
$
|
683,394
|
5.86
|
%
|
Investment securities
(TE)
|
|
191,732
|
2.22
|
|
|
190,016
|
2.47
|
|
|
154,523
|
2.11
|
|
Other interest-earning
assets
|
|
40,828
|
0.46
|
|
|
31,166
|
0.41
|
|
|
28,153
|
0.46
|
|
Total interest-earning
assets
|
|
1,130,683
|
4.94
|
|
|
1,014,691
|
5.02
|
|
|
866,070
|
5.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
493,892
|
0.23
|
|
|
423,213
|
0.23
|
|
|
372,613
|
0.26
|
|
Certificates of
deposit
|
|
241,107
|
0.70
|
|
|
219,226
|
0.71
|
|
|
231,824
|
0.97
|
|
Total interest-bearing
deposits
|
|
734,999
|
0.38
|
|
|
642,439
|
0.39
|
|
|
604,437
|
0.53
|
|
Securities sold
repurchase agreement
|
|
20,819
|
0.36
|
|
|
14,031
|
0.48
|
|
|
-
|
-
|
|
FHLB
advances
|
|
96,169
|
0.48
|
|
|
109,625
|
0.42
|
|
|
50,734
|
0.96
|
|
Total interest-bearing
liabilities
|
$
|
851,987
|
0.39
|
|
$
|
766,095
|
0.40
|
|
$
|
655,171
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.55
|
%
|
|
|
4.62
|
%
|
|
|
4.45
|
%
|
Net interest margin
(TE)
|
|
|
4.64
|
%
|
|
|
4.72
|
%
|
|
|
4.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the second quarter of 2014 totaled
$2.3 million, an increase of
$596,000, or 36%, compared to the
first quarter of 2014 and a decrease of $24,000, or 1%, compared to the second quarter of
2013. The increase in noninterest income in the second
quarter of 2014 compared to the first quarter of 2014 resulted from
increased gains on the sale of mortgage loans (up $277,000), higher service fees and charges (up
$181,000) and bank card fees (up
$113,000) due to the full quarter
impact of the Britton & Koontz acquisition and increased
customer transactions.
The decrease in noninterest income in the second quarter of 2014
compared to the second quarter of 2013 resulted primarily from the
absence in gains on the sale of securities (down $428,000), which was partially offset by
increases in service fees and charges (up $317,000) and bank card fees (up $115,000).
Noninterest Expense
Noninterest expense for the second quarter of 2014 totaled
$10.4 million, a decrease of
$887,000, or 8%, compared to the
first quarter of 2014 and an increase of $2.3 million, or 28%, compared to the second
quarter of 2013. Noninterest expense for the second and first
quarters of 2014 includes $207,000
and $2.0 million, respectively, of
merger expenses related to the acquisition of Britton &
Koontz. Such merger-related expenses include professional
fees, data conversion and severance and other employee costs
associated with the merger and related systems conversion.
Contract cancellation cost related to the merger was the primary
reason for the increase in other expenses included in noninterest
expense. Excluding merger-related expenses, noninterest
expense for the second quarter of 2014 totaled $10.2 million, an increase of $862,000, or 9%, compared to the first quarter of
2014 and an increase of $2.1 million,
or 26%, compared to the second quarter of 2013. The increases
primarily relate to the growth of the Company due to the addition
of Britton & Koontz branches and employees.
Non-GAAP Reconciliation
|
|
|
|
|
For the Three
Months Ended
|
(dollars in
thousands)
|
June 30,
2014
|
March 31,
2014
|
June 30,
2013
|
|
|
|
|
Reported noninterest
expense
|
$ 10,370
|
$ 11,257
|
$ 8,094
|
Less: Merger-related
expenses
|
(207)
|
(1,955)
|
-
|
Non-GAAP noninterest
expense
|
$ 10,163
|
$ 9,302
|
$ 8,094
|
|
|
|
|
Reported net
income
|
$ 2,753
|
$ 1,433
|
$ 1,244
|
Add: Merger-related
expenses (after tax)
|
136
|
1,357
|
-
|
Non-GAAP net
income
|
$ 2,889
|
$ 2,790
|
$ 1,244
|
|
|
|
|
Diluted
EPS
|
$ 0.40
|
$ 0.21
|
$ 0.18
|
Add: Merger-related
expenses
|
0.02
|
0.19
|
-
|
Non-GAAP
EPS
|
$ 0.42
|
$ 0.40
|
$ 0.18
|
This news release contains financial information determined
by methods other than in accordance with generally accepted
accounting principles ("GAAP"). The Company's management uses this
non-GAAP financial information in its analysis of the Company's
performance. In this news release, information is included which
excludes acquired loans and the impact of merger-related expenses.
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,
2013, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
%
|
|
|
March 31,
|
December
31,
|
|
2014
|
|
2013
|
|
Change
|
|
|
2014
|
2013
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 56,326,293
|
|
$ 51,957,884
|
|
8
|
%
|
|
$ 57,221,018
|
$ 32,638,900
|
Interest-bearing
deposits in banks
|
5,771,000
|
|
3,284,000
|
|
76
|
|
|
6,763,000
|
2,940,000
|
Investment securities
available for sale, at fair value
|
179,201,896
|
|
150,387,103
|
|
19
|
|
|
182,344,248
|
149,632,153
|
Investment securities
held to maturity
|
10,983,829
|
|
5,505,716
|
|
99
|
|
|
10,715,225
|
9,404,790
|
Mortgage loans held
for sale
|
5,700,222
|
|
4,229,298
|
|
35
|
|
|
5,465,256
|
1,951,345
|
Loans covered by loss
sharing agreements
|
19,335,355
|
|
27,350,973
|
|
(29)
|
|
|
18,579,128
|
21,673,808
|
Noncovered loans, net
of unearned income
|
888,277,680
|
|
648,568,074
|
|
37
|
|
|
861,503,175
|
685,782,309
|
Total loans
|
907,613,035
|
|
675,919,047
|
|
34
|
|
|
880,082,303
|
707,456,117
|
Allowance for loan
losses
|
(7,757,944)
|
|
(6,093,556)
|
|
27
|
|
|
(7,104,476)
|
(6,918,009)
|
Total loans, net of
allowance for loan losses
|
899,855,091
|
|
669,825,491
|
|
34
|
|
|
872,977,827
|
700,538,108
|
FDIC loss sharing
receivable
|
8,142,745
|
|
15,065,655
|
|
(46)
|
|
|
10,069,092
|
12,698,077
|
Office properties and
equipment, net
|
37,538,630
|
|
30,473,517
|
|
23
|
|
|
36,791,667
|
30,702,635
|
Cash surrender value
of bank-owned life insurance
|
18,930,780
|
|
17,523,536
|
|
8
|
|
|
18,815,588
|
17,750,604
|
Accrued interest
receivable and other assets
|
36,558,809
|
|
23,511,646
|
|
55
|
|
|
38,009,342
|
25,984,346
|
Total
Assets
|
$ 1,259,009,295
|
|
$ 971,763,846
|
|
30
|
|
|
$ 1,239,172,263
|
$ 984,240,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 981,740,632
|
|
$ 777,236,290
|
|
26
|
%
|
|
$ 987,384,843
|
$ 741,312,416
|
Securities sold under
repurchase agreement
|
20,710,415
|
|
-
|
|
|
|
|
20,878,331
|
-
|
Federal Home Loan
Bank advances
|
102,531,304
|
|
52,500,000
|
|
95
|
|
|
81,302,244
|
97,000,000
|
Accrued interest
payable and other liabilities
|
5,951,205
|
|
3,868,422
|
|
54
|
|
|
5,231,598
|
4,019,013
|
Total
Liabilities
|
1,110,933,556
|
|
833,604,712
|
|
33
|
|
|
1,094,797,016
|
842,331,429
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common
stock
|
89,771
|
|
89,563
|
|
-
|
%
|
|
89,588
|
89,585
|
Additional paid-in
capital
|
92,667,831
|
|
91,309,237
|
|
1
|
|
|
92,655,484
|
92,192,410
|
Treasury
stock
|
(28,448,439)
|
|
(27,187,845)
|
|
5
|
|
|
(28,015,546)
|
(28,011,398)
|
Common stock acquired
by benefit plans
|
(5,333,648)
|
|
(6,487,467)
|
|
(18)
|
|
|
(6,196,057)
|
(6,285,327)
|
Retained
earnings
|
87,915,224
|
|
79,540,747
|
|
11
|
|
|
85,162,600
|
83,729,144
|
Accumulated other
comprehensive income
|
1,185,000
|
|
894,899
|
|
32
|
|
|
679,178
|
195,115
|
Total
Shareholders' Equity
|
148,075,739
|
|
138,159,134
|
|
7
|
|
|
144,375,247
|
141,909,529
|
Total Liabilities
and Shareholders' Equity
|
$ 1,259,009,295
|
|
$ 971,763,846
|
|
30
|
|
|
$ 1,239,172,263
|
$ 984,240,958
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The Six
Months Ended
|
|
|
|
|
June
30,
|
%
|
|
|
June
30,
|
|
%
|
|
|
2014
|
2013
|
|
Change
|
|
|
2014
|
2013
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 12,922,738
|
$ 10,067,629
|
|
28
|
%
|
|
$ 24,407,184
|
$ 20,140,379
|
|
21
|
%
|
Investment
securities
|
970,319
|
752,159
|
|
29
|
|
|
2,021,166
|
1,523,210
|
|
33
|
|
Other investments and
deposits
|
46,522
|
32,299
|
|
44
|
|
|
77,680
|
63,606
|
|
22
|
|
Total interest
income
|
13,939,579
|
10,852,087
|
|
28
|
|
|
26,506,030
|
21,727,195
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
704,051
|
799,667
|
|
(12)
|
%
|
|
1,326,616
|
1,680,680
|
|
(21)
|
%
|
Securities sold under
repurchase agreements
|
18,634
|
-
|
|
-
|
|
|
35,309
|
-
|
|
-
|
|
Federal Home Loan
Bank advances
|
115,270
|
122,517
|
|
(6)
|
|
|
231,481
|
266,196
|
|
(13)
|
|
Total interest
expense
|
837,955
|
922,184
|
|
(9)
|
|
|
1,593,406
|
1,946,876
|
|
(18)
|
|
Net interest
income
|
13,101,624
|
9,929,903
|
|
32
|
|
|
24,912,624
|
19,780,319
|
|
26
|
|
Provision for loan
losses
|
810,953
|
2,247,802
|
|
(64)
|
|
|
955,969
|
2,768,193
|
|
(65)
|
|
Net interest income
after provision for loan losses
|
12,290,671
|
7,682,101
|
|
60
|
|
|
23,956,655
|
17,012,126
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
976,977
|
659,524
|
|
48
|
%
|
|
1,773,070
|
1,242,066
|
|
43
|
%
|
Bank card
fees
|
569,132
|
454,123
|
|
25
|
|
|
1,025,116
|
868,515
|
|
18
|
|
Gain on sale of
loans, net
|
438,604
|
426,442
|
|
3
|
|
|
600,465
|
974,861
|
|
(38)
|
|
Income from
bank-owned life insurance
|
115,193
|
117,551
|
|
(2)
|
|
|
225,834
|
237,102
|
|
(5)
|
|
Gain on the sale of
securities, net
|
-
|
428,200
|
|
-
|
|
|
1,826
|
428,200
|
|
(100)
|
|
Discount accretion of
FDIC loss sharing receivable
|
65,708
|
111,649
|
|
(41)
|
|
|
150,875
|
223,848
|
|
(33)
|
|
Other
income
|
86,532
|
78,766
|
|
10
|
|
|
130,939
|
118,133
|
|
11
|
|
Total noninterest
income
|
2,252,146
|
2,276,255
|
|
(1)
|
|
|
3,908,125
|
4,092,725
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
5,712,343
|
4,880,129
|
|
17
|
%
|
|
12,507,150
|
9,976,347
|
|
25
|
%
|
Occupancy
|
1,191,230
|
897,023
|
|
33
|
|
|
2,205,560
|
1,728,276
|
|
28
|
|
Marketing and
advertising
|
244,218
|
172,327
|
|
42
|
|
|
451,459
|
411,523
|
|
10
|
|
Data processing and
communication
|
1,060,231
|
626,156
|
|
69
|
|
|
2,432,054
|
1,267,671
|
|
92
|
|
Professional
fees
|
228,392
|
193,506
|
|
18
|
|
|
715,502
|
406,252
|
|
76
|
|
Forms, printing and
supplies
|
201,299
|
136,023
|
|
48
|
|
|
363,220
|
242,796
|
|
50
|
|
Franchise and shares
tax
|
184,385
|
272,960
|
|
(32)
|
|
|
368,771
|
546,580
|
|
(33)
|
|
Regulatory
fees
|
255,662
|
219,635
|
|
16
|
|
|
484,039
|
442,884
|
|
9
|
|
Foreclosed assets,
net
|
319,251
|
(32,185)
|
|
1,092
|
|
|
681,136
|
145,758
|
|
367
|
|
Other
expenses
|
973,156
|
728,434
|
|
34
|
|
|
1,418,323
|
1,258,434
|
|
13
|
|
Total noninterest
expense
|
10,370,167
|
8,094,008
|
|
28
|
|
|
21,627,214
|
16,426,521
|
|
32
|
|
Income before income
tax expense
|
4,172,650
|
1,864,348
|
|
124
|
|
|
6,237,566
|
4,678,330
|
|
33
|
|
Income tax
expense
|
1,420,025
|
620,757
|
|
129
|
|
|
2,051,485
|
1,572,805
|
|
30
|
|
Net income
|
$
2,752,625
|
$ 1,243,591
|
|
121
|
|
|
$ 4,186,081
|
$ 3,105,525
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.42
|
$
0.19
|
|
121
|
%
|
|
$
0.64
|
$
0.46
|
|
39
|
%
|
Earnings per share -
diluted
|
$
0.40
|
$
0.18
|
|
122
|
|
|
$
0.61
|
$
0.44
|
|
39
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
June
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
March 31,
2014
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$ 13,940
|
|
$ 10,852
|
|
28
|
%
|
|
$
12,566
|
|
|
11
|
%
|
Total interest
expense
|
839
|
|
922
|
|
(9)
|
|
|
756
|
|
|
11
|
|
Net interest
income
|
13,101
|
|
9,930
|
|
32
|
|
|
11,810
|
|
|
11
|
|
Provision for loan
losses
|
811
|
|
2,248
|
|
(64)
|
|
|
145
|
|
|
459
|
|
Total noninterest
income
|
2,252
|
|
2,276
|
|
(1)
|
|
|
1,656
|
|
|
36
|
|
Total noninterest
expense
|
10,370
|
|
8,094
|
|
28
|
|
|
11,257
|
|
|
(8)
|
|
Income tax
expense
|
1,420
|
|
621
|
|
129
|
|
|
631
|
|
|
125
|
|
Net income
|
$ 2,752
|
|
$ 1,243
|
|
121
|
|
|
$
1,433
|
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 1,246,300
|
|
$ 967,683
|
|
29
|
%
|
|
$
1,118,361
|
|
|
11
|
%
|
Total
interest-earning assets
|
1,130,683
|
|
866,070
|
|
31
|
|
|
1,014,691
|
|
|
11
|
|
Totals
loans
|
898,123
|
|
683,394
|
|
31
|
|
|
793,509
|
|
|
13
|
|
Total
interest-bearing deposits
|
734,999
|
|
604,437
|
|
22
|
|
|
642,439
|
|
|
14
|
|
Total
interest-bearing liabilities
|
851,987
|
|
655,171
|
|
30
|
|
|
766,095
|
|
|
11
|
|
Total
deposits
|
982,371
|
|
771,868
|
|
27
|
|
|
851,861
|
|
|
15
|
|
Total shareholders'
equity
|
146,807
|
|
143,708
|
|
2
|
|
|
141,327
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.88
|
%
|
0.51
|
%
|
73
|
%
|
|
0.51
|
%
|
|
73
|
%
|
Return on average
equity
|
7.50
|
|
3.46
|
|
117
|
|
|
4.06
|
|
|
85
|
|
Efficiency ratio
(2)
|
67.54
|
|
66.31
|
|
2
|
|
|
83.59
|
|
|
(19)
|
|
Average equity to
average assets
|
11.78
|
|
14.85
|
|
(21)
|
|
|
12.64
|
|
|
(7)
|
|
Tier 1 leverage
capital ratio(3)
|
11.11
|
|
13.85
|
|
(20)
|
|
|
11.01
|
|
|
1
|
|
Total risk-based
capital ratio(3)
|
17.20
|
|
22.14
|
|
(22)
|
|
|
17.06
|
|
|
1
|
|
Net interest margin
(4)
|
4.64
|
|
4.59
|
|
1
|
|
|
4.72
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$ 0.42
|
|
$ 0.19
|
|
121
|
%
|
|
$
0.22
|
|
|
91
|
%
|
Diluted earnings per
share
|
0.40
|
|
0.18
|
|
122
|
|
|
0.21
|
|
|
90
|
|
Book value at period
end
|
20.86
|
|
19.35
|
|
8
|
|
|
20.31
|
|
|
3
|
|
Tangible book value
at period end
|
20.20
|
|
19.06
|
|
6
|
|
|
19.63
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,097,270
|
|
7,141,691
|
|
(1)
|
%
|
|
7,099,414
|
|
|
-
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,532,620
|
|
6,652,097
|
|
(2)
|
%
|
|
6,490,820
|
|
|
1
|
%
|
Diluted
|
6,903,323
|
|
6,963,570
|
|
(1)
|
|
|
6,890,803
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Taxable equivalent yields are calculated
using a marginal
tax rate of
35%.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2014
|
|
June 30,
2013
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 4,376
|
|
$ 15,222
|
|
$ 19,598
|
|
|
$ 5,084
|
|
$ 16,937
|
|
$ 22,021
|
|
|
$ 6,949
|
|
$ 16,938
|
|
$ 23,887
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
4,376
|
|
15,222
|
|
19,598
|
|
|
5,084
|
|
16,937
|
|
22,021
|
|
|
6,949
|
|
16,938
|
|
23,887
|
|
Foreclosed
assets
|
2,677
|
|
4,255
|
|
6,932
|
|
|
2,782
|
|
3,358
|
|
6,140
|
|
|
2,755
|
|
888
|
|
3,643
|
|
Total nonperforming
assets
|
7,053
|
|
19,477
|
|
26,530
|
|
|
7,866
|
|
20,295
|
|
28,161
|
|
|
9,704
|
|
17,826
|
|
27,530
|
|
Performing troubled
debt restructurings
|
3
|
|
212
|
|
215
|
|
|
5
|
|
140
|
|
145
|
|
|
321
|
|
532
|
|
853
|
|
Total nonperforming
assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$ 7,056
|
|
$ 19,689
|
|
$ 26,745
|
|
|
$ 7,871
|
|
$ 20,435
|
|
$ 28,306
|
|
|
$ 10,025
|
|
$ 18,358
|
|
$ 28,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
2.11
|
%
|
|
|
|
|
|
2.27
|
%
|
|
|
|
|
|
2.83
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
1.56
|
|
|
|
|
|
|
1.78
|
|
|
|
|
|
|
2.46
|
|
Nonperforming loans
to total loans
|
|
|
|
|
2.16
|
|
|
|
|
|
|
2.50
|
|
|
|
|
|
|
3.53
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
29.24
|
|
|
|
|
|
|
25.23
|
|
|
|
|
|
|
22.13
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
39.58
|
|
|
|
|
|
|
32.26
|
|
|
|
|
|
|
25.51
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.85
|
|
|
|
|
|
|
0.81
|
|
|
|
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$ 197
|
|
|
|
|
|
|
$ 31
|
|
|
|
|
|
|
$ 2,030
|
|
Year-to-date loan
recoveries
|
|
|
|
|
81
|
|
|
|
|
|
|
72
|
|
|
|
|
|
|
37
|
|
Year-to-date net loan
charge-offs (recoveries)
|
|
|
|
|
$ 116
|
|
|
|
|
|
|
$ (41)
|
|
|
|
|
|
|
$ 1,993
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
-
|
%
|
|
|
|
|
|
0.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(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.