LAFAYETTE, La., Oct. 27, 2015 /PRNewswire/ -- Home Bancorp, Inc.
(Nasdaq: "HBCP") (the "Company"), the parent company of the
107-year-old Home Bank, N.A. (the "Bank") (www.home24bank.com),
reported net income of $2.9 million
for the third quarter of 2015, an increase of $60,000, or 2%, compared to the second quarter of
2015 and an increase of $23,000, or
1%, compared to the third quarter of 2014. The second and
third quarters of 2015 include merger-related expenses, net of
taxes, totaling $232,000 and
$527,000, respectively, related to
the acquisition of Louisiana Bancorp, Inc. ("Louisiana
Bancorp"). Excluding merger-related expenses, net income for
the third quarter of 2015 increased 12% and 19%, respectively,
compared to the second quarter of 2015 and third quarter of
2014.
Diluted earnings per share were $0.41 for the third quarter of 2015, equal to the
second quarter of 2015 and the third quarter of 2014.
Excluding merger-related expenses, diluted earnings per share were
$0.49 for the third quarter of 2015,
an increase of 11% and 20%, respectively, compared to the second
quarter of 2015 and the third quarter of 2014.
"We crossed the $1.5 billion asset
threshold during the quarter as we completed our acquisition of
Bank of New Orleans ahead of
schedule," stated John W. Bordelon,
President and Chief Executive Officer of the Company and the
Bank. "We are hard at work ensuring our new customers
understand our commitment to adding value to their banking
relationship."
The Company also announced that its Board of Directors declared
a cash dividend of $0.08 per share,
payable on November 20, 2015, to
shareholders of record as of November
9, 2015.
Acquisition of Louisiana Bancorp, Inc.
On September 15, 2015, the Company
completed its acquisition of Louisiana Bancorp, the former holding
company of Bank of New Orleans
("BNO") of Metairie,
Louisiana. Shareholders of Louisiana Bancorp received
$24.25 per share in cash, yielding an
aggregate purchase price of $70.0
million.
The assets and liabilities from Louisiana Bancorp were recorded
at their estimated fair values as of the acquisition date,
September 15, 2015. Such fair values
are preliminary estimates and are subject to adjustment for up to
one year after the acquisition date. A summary of the assets
and liabilities acquired and estimated fair value adjustments
follows.
|
|
|
As of September
15, 2015
|
(in
thousands)
|
Louisiana
Bancorp
|
Fair Value
Adjustments
|
As recorded by
Home Bancorp
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$ 14,098
|
$
-
|
$ 14,098
|
Investment securities
available for sale
|
35,794
|
578
|
36,372
|
Loans
|
281,909
|
(1,554)
|
280,355
|
Real estate
owned
|
64
|
(14)
|
50
|
Office properties and
equipment, net
|
3,349
|
3,506
|
6,855
|
Core deposit
intangible
|
-
|
1,500
|
1,500
|
Other
assets
|
10,747
|
620
|
11,367
|
Total assets
acquired
|
$ 345,961
|
$ 4,636
|
$ 350,597
|
|
|
|
|
Liabilities
|
|
|
|
Deposits:
|
|
|
|
Noninterest-bearing
|
$ 28,315
|
$
-
|
$ 28,315
|
Interest-bearing
|
180,318
|
37
|
180,355
|
Total
deposits
|
208,633
|
37
|
208,670
|
Federal Home Loan Bank
("FHLB") advances
|
75,754
|
203
|
75,957
|
Other
liabilities
|
5,993
|
624
|
6,617
|
Total liabilities
assumed
|
$ 290,380
|
$ 864
|
$ 291,244
|
Excess of assets
acquired over liabilities assumed
|
|
|
59,353
|
Cash consideration
paid
|
|
|
(70,021)
|
Total goodwill
recorded
|
|
|
$ 10,668
|
Loans and Credit Quality
Loans totaled $1.2 billion at
September 30, 2015, an increase of
$292.2 million, or 32%, from
June 30, 2015, and an increase of
$300.3 million, or 33%, from
September 30, 2014. Louisiana Bancorp
added $280.4 million in loans at
acquisition date. During the third quarter of 2015, organic loan
growth of $11.7 million related
primarily to construction and land loans (up $7.2 million) and commercial real estate loans
(up $4.2 million).
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2015
|
|
2014
|
|
Amount
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
391,547
|
$
|
233,249
|
$
|
158,298
|
|
68
|
%
|
Home equity loans and
lines
|
|
94,502
|
|
56,000
|
|
38,502
|
|
69
|
|
Commercial real
estate
|
|
410,055
|
|
352,863
|
|
57,192
|
|
16
|
|
Construction and
land
|
|
102,781
|
|
89,154
|
|
13,627
|
|
15
|
|
Multi-family
residential
|
|
45,792
|
|
27,375
|
|
18,417
|
|
67
|
|
Total real
estate loans
|
|
1,044,677
|
|
758,641
|
|
286,036
|
|
38
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
115,173
|
|
104,446
|
|
10,727
|
|
10
|
|
Consumer
|
|
47,860
|
|
45,881
|
|
1,979
|
|
4
|
|
Total
other loans
|
|
163,033
|
|
150,327
|
|
12,706
|
|
8
|
|
Total
loans
|
$
|
1,207,710
|
$
|
908,968
|
$
|
298,742
|
|
33
|
%
|
Nonperforming assets ("NPAs") totaled $20.8 million at September
30, 2015, an increase of $2.6
million, or 14%, compared to June 30,
2015 and a decrease of $1.7
million, or 8%, compared to September
30, 2014. Of the $20.8
million in total NPAs at September
30, 2015, $13.6 million
related to our acquisitions of Statewide Bank, GS Financial Corp,
Britton & Koontz Capital Corporation and Louisiana
Bancorp. The ratio of total NPAs to total assets was 1.34% at
September 30, 2015, compared to 1.48%
at June 30, 2015 and 1.79% at
September 30, 2014. Excluding
acquired assets, the ratio of NPAs to total assets was 0.65% at
September 30, 2015, compared to 0.44%
at June 30, 2015 and September 30, 2014.
The Company recorded net loan charge-offs of $103,000 during the third quarter of 2015,
compared to net loan charge-offs of $100,000 and $1.2
million in the second quarter of 2015 and the third quarter
of 2014, respectively. The Company's provision for loan
losses for the third quarter of 2015 was $569,000, compared to $294,000 for the second quarter of 2015 and
$892,000 for the third quarter of
2014.
The ratio of allowance for loan losses to total loans was 0.74%
at September 30, 2015, compared to
0.92% and 0.82% at June 30, 2015 and
September 30, 2014,
respectively. Excluding acquired loans, the ratio of the
allowance for loan losses to total loans was 1.12% at September 30, 2015, compared to 1.09% and 1.01%
at June 30, 2015 and September 30, 2014, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$205.2 million at September 30, 2015, an increase of $12.6 million, or 7%, from June 30, 2015, and an increase of $12.7 million, or 7%, from September 30, 2014. The Company acquired
$36.4 million of investment
securities from Louisiana Bancorp at acquisition date, and
subsequently sold $8.1 million of the
acquired investments during the third quarter.
At September 30, 2015, the Company
had a net unrealized gain on its investment securities portfolio of
$2.9 million, compared to net
unrealized gains of $1.7 million and
$1.4 million at June 30, 2015 and September 30, 2014, respectively. The
Company's investment securities portfolio had a modified duration
of 3.5 years at September 30, 2015,
compared to 3.7 and 3.8 years at June 30,
2015 and September 30, 2014,
respectively.
Deposits
Total deposits were $1.2 billion
at September 30, 2015, an increase of
$190.7 million, or 19%, from
June 30, 2015, and an increase of
$238.3 million, or 24%, from
September 30, 2014. The
acquisition of Louisiana Bancorp added $208.7 million in deposits as of the acquisition
date. During the third quarter of 2015, core deposits
(i.e., checking, savings and money market accounts) increased
$106.4 million, or 13%, from
June 30, 2015, and increased
$167.3 million, or 22%, from
September 30, 2014. Core deposits
acquired from Louisiana Bancorp totaled $118.1 million at the acquisition date.
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)
|
|
2015
|
|
2014
|
|
Amount
|
|
Percent
|
|
Demand
deposit
|
$
|
279,573
|
$
|
267,660
|
$
|
11,913
|
|
4
|
%
|
Savings
|
|
109,100
|
|
81,145
|
|
27,955
|
|
34
|
|
Money
market
|
|
286,464
|
|
219,456
|
|
67,008
|
|
31
|
|
NOW
|
|
251,221
|
|
204,536
|
|
46,685
|
|
23
|
|
Certificates of
deposit
|
|
295,329
|
|
220,775
|
|
74,554
|
|
34
|
|
Total
deposits
|
$
|
1,221,687
|
$
|
993,572
|
$
|
228,115
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the third quarter of 2015 totaled
$13.5 million, an increase of
$766,000, or 6%, compared to the
second quarter of 2015, and an increase of $318,000, or 2%, compared to the third quarter of
2014. The Company's net interest margin was 4.55% for the
third quarter of 2015, eight basis points higher than the second
quarter of 2015 and eight basis points lower than the third quarter
of 2014. The increase in the net interest margin in the third
quarter of 2015 compared to the second quarter of 2015 was
primarily the result of mix changes in interest-earning
assets. The decrease in the net interest margin in the third
quarter of 2015 compared to the third quarter of 2014 was primarily
the result of lower loan yields reflecting the effects of the
continuing low interest rate environment.
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 tax
rate of 35%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
September 30,
2015
|
|
|
June 30,
2015
|
|
|
September 30,
2014
|
|
(dollars in
thousands)
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
$
|
753,791
|
5.06
|
%
|
$
|
739,432
|
5.14
|
%
|
$
|
683,415
|
5.41
|
%
|
Acquired
loans
|
|
215,481
|
6.84
|
|
|
176,442
|
6.89
|
|
|
220,801
|
6.59
|
|
Total loan
receivable
|
|
969,272
|
5.46
|
|
|
915,874
|
5.48
|
|
|
904,216
|
5.70
|
|
Investment securities
(TE)
|
|
192,023
|
2.16
|
|
|
187,682
|
2.13
|
|
|
187,201
|
2.20
|
|
Other interest-earning
assets
|
|
18,651
|
1.08
|
|
|
40,888
|
0.64
|
|
|
40,094
|
0.41
|
|
Total interest-earning
assets
|
|
1,179,946
|
4.85
|
|
|
1,144,444
|
4.75
|
|
|
1,131,511
|
4.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
575,185
|
0.22
|
|
|
570,914
|
0.22
|
|
|
505,458
|
0.23
|
|
Certificates of
deposit
|
|
224,206
|
0.72
|
|
|
213,029
|
0.72
|
|
|
228,446
|
0.73
|
|
Total interest-bearing
deposits
|
|
799,391
|
0.36
|
|
|
783,943
|
0.36
|
|
|
733,904
|
0.39
|
|
Securities sold under
repurchase agreements
|
|
4,093
|
0.20
|
|
|
20,128
|
0.37
|
|
|
20,643
|
0.36
|
|
FHLB
advances
|
|
52,097
|
1.87
|
|
|
19,125
|
2.17
|
|
|
92,324
|
0.51
|
|
Total interest-bearing
liabilities
|
$
|
855,581
|
0.42
|
|
$
|
823,196
|
0.40
|
|
$
|
846,871
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.43
|
%
|
|
|
4.35
|
%
|
|
|
4.53
|
%
|
Net interest margin
(TE)
|
|
|
4.55
|
%
|
|
|
4.47
|
%
|
|
|
4.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the third quarter of 2015 totaled
$2.2 million, an increase of
$158,000, or 8%, compared to the
second quarter of 2015 and an increase of $37,000, or 2%, compared to the third quarter of
2014. The increase in noninterest income in the third quarter
of 2015 compared to the second quarter of 2015 resulted primarily
from increases in gains on the sale of mortgage loans (up
$211,000) and service fees and
charges (up $73,000), which were
partially offset by decreases in other income (down $111,000 due primarily to a net loss incurred on
the sale of a fixed asset).
The increase in noninterest income in the third quarter of 2015
compared to the third quarter of 2014 resulted primarily from
increases in gains on the sale of mortgage loans (up $170,000), bank card fees (up $44,000) and service fees and charges (up
$20,000), which were partially offset
by decreases in other income (down $207,000 due primarily to a net loss incurred on
the sale of a fixed asset).
Noninterest Expense
Noninterest expense for the third quarter of 2015 totaled
$10.5 million, an increase of
$294,000, or 3%, compared to the
second quarter of 2015 and an increase of $554,000, or 6%, compared to the third quarter of
2014. Noninterest expense for the third and second quarters of 2015
includes $593,000 and $256,000, respectively, of merger-related
expenses related to the acquisition of Louisiana Bancorp.
The increase in noninterest expense in the third quarter of 2015
compared to the second quarter of 2015 resulted primarily from
increases in compensation and benefits (up $205,000), professional fees (up $173,000), other expenses (up $84,000) and data processing and communications
(up $59,000), which were partially
offset by decreases in expenses on foreclosed assets (down
$278,000). Excluding merger-related
expenses, noninterest expense for the third quarter of 2015 totaled
$9.9 million, a decrease of
$43,000, or less than 1%, compared to
the second quarter of 2015.
The increase in noninterest expense for the third quarter of
2015 compared to the third quarter of 2014 resulted primarily from
increases in compensation and benefits (up $482,000) and professional fees (up $438,000), which were partially offset by
decreases in marketing and advertising (down $115,000), expenses on foreclosed assets (down
$110,000) and other expenses (down
$88,000). Excluding merger-related
expenses, noninterest expense for the third quarter of 2015
decreased $35,000, or less than 1%,
compared to the second quarter of 2014.
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
(dollars in
thousands, except earnings per share data)
|
|
September 30,
2015
|
|
June 30,
2015
|
|
September 30,
2014
|
|
|
|
|
|
|
|
Reported noninterest
expense
|
$
|
10,522
|
$
|
10,228
|
$
|
9,968
|
Less: Merger-related
expenses
|
|
593
|
|
256
|
|
4
|
Non-GAAP noninterest
expense
|
$
|
9,929
|
$
|
9,972
|
$
|
9,964
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
2,899
|
$
|
2,840
|
$
|
2,877
|
Add: Merger-related
expenses (after tax)
|
|
527
|
|
232
|
|
4
|
Non-GAAP net
income
|
$
|
3,426
|
$
|
3,072
|
$
|
2,881
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
0.41
|
$
|
0.41
|
$
|
0.41
|
Add: Merger-related
expenses
|
|
0.08
|
|
0.03
|
|
-
|
Non-GAAP
EPS
|
$
|
0.49
|
$
|
0.44
|
$
|
0.41
|
|
|
|
|
|
|
|
Total
equity
|
$
|
162,286
|
$
|
158,902
|
$
|
151,118
|
Less:
Intangibles
|
|
15,911
|
|
3,911
|
|
4,672
|
Non-GAAP tangible
equity
|
$
|
146,375
|
$
|
154,991
|
$
|
146,446
|
|
|
|
|
|
|
|
|
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, intangible assets and the impact of
merger-related expenses. Management believes the presentation
of this non-GAAP financial information provides useful information
that is helpful to a full 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,
2014, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
%
|
|
|
June 30,
|
December
31,
|
|
2015
|
|
2014
|
|
Change
|
|
|
2015
|
2014
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 23,538,879
|
|
$ 54,620,690
|
|
(57)
|
%
|
|
$ 30,227,762
|
$ 29,077,907
|
Interest-bearing
deposits in banks
|
5,762,285
|
|
5,771,000
|
|
-
|
|
|
5,526,000
|
5,526,000
|
Investment securities
available for sale, at fair value
|
190,762,087
|
|
181,238,080
|
|
5
|
|
|
178,078,713
|
174,800,516
|
Investment securities
held to maturity
|
14,408,624
|
|
11,211,745
|
|
29
|
|
|
14,489,250
|
11,705,470
|
Mortgage loans held
for sale
|
7,170,285
|
|
7,397,081
|
|
(3)
|
|
|
6,696,133
|
4,516,835
|
Loans, net of
unearned income
|
1,207,709,500
|
|
907,364,341
|
|
33
|
|
|
915,552,159
|
908,967,871
|
Allowance for loan
losses
|
(8,931,507)
|
|
(7,418,243)
|
|
20
|
|
|
(8,465,718)
|
(7,759,500)
|
Total loans, net of
allowance for loan losses
|
1,198,777,993
|
|
899,946,098
|
|
33
|
|
|
907,086,441
|
901,208,371
|
Office properties and
equipment, net
|
42,264,398
|
|
38,217,660
|
|
11
|
|
|
36,623,001
|
37,964,714
|
Cash surrender value
of bank-owned life insurance
|
19,543,520
|
|
19,047,294
|
|
3
|
|
|
19,419,577
|
19,163,110
|
Accrued interest
receivable and other assets
|
55,682,411
|
|
42,296,437
|
|
32
|
|
|
36,659,756
|
37,451,687
|
Total
Assets
|
$
1,557,910,482
|
|
$
1,259,746,085
|
|
24
|
|
|
$
1,234,806,633
|
$
1,221,414,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 1,221,687,666
|
|
$ 983,386,883
|
|
24
|
%
|
|
$ 1,030,971,854
|
$ 993,572,593
|
Securities sold under
repurchase agreements
|
-
|
|
20,540,654
|
|
-
|
|
|
20,036,906
|
20,370,892
|
Federal Home Loan
Bank advances
|
153,444,516
|
|
95,000,875
|
|
62
|
|
|
19,000,000
|
47,500,000
|
Accrued interest
payable and other liabilities
|
20,492,194
|
|
9,699,673
|
|
111
|
|
|
5,895,559
|
5,827,369
|
Total
Liabilities
|
1,395,624,376
|
|
1,108,628,085
|
|
26
|
|
|
1,075,904,319
|
1,067,270,854
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common
stock
|
72,252
|
|
89,968
|
|
(20)
|
%
|
|
72,181
|
90,088
|
Additional paid-in
capital
|
76,486,634
|
|
93,025,616
|
|
(18)
|
|
|
74,650,401
|
93,332,108
|
Treasury
stock
|
-
|
|
(28,502,198)
|
|
-
|
|
|
-
|
(28,572,891)
|
Common stock acquired
by benefit plans
|
(4,822,040)
|
|
(5,223,134)
|
|
(8)
|
|
|
(4,932,606)
|
(5,112,340)
|
Retained
earnings
|
88,646,324
|
|
90,791,742
|
|
(2)
|
|
|
87,993,318
|
93,101,915
|
Accumulated other
comprehensive income
|
1,902,936
|
|
936,006
|
|
103
|
|
|
1,119,020
|
1,304,876
|
Total
Shareholders' Equity
|
162,286,106
|
|
151,118,000
|
|
7
|
|
|
158,902,314
|
154,143,756
|
Total Liabilities
and Shareholders' Equity
|
$
1,557,910,482
|
|
$
1,259,746,085
|
|
24
|
|
|
$
1,234,806,633
|
$
1,221,414,610
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the Nine
Months Ended
|
|
|
|
|
September
30,
|
|
%
|
|
|
September
30,
|
|
%
|
|
|
2015
|
2014
|
|
Change
|
|
|
2015
|
2014
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 13,435,467
|
$
13,090,209
|
|
3
|
%
|
|
$ 38,417,015
|
$ 37,497,393
|
|
3
|
%
|
Investment
securities
|
939,090
|
936,379
|
|
-
|
|
|
2,751,325
|
2,957,544
|
|
(7)
|
|
Other investments and
deposits
|
50,613
|
41,723
|
|
21
|
|
|
149,684
|
119,403
|
|
25
|
|
Total interest
income
|
14,425,170
|
14,068,311
|
|
3
|
|
|
41,318,024
|
40,574,340
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
730,045
|
718,367
|
|
2
|
%
|
|
2,115,681
|
2,044,983
|
|
4
|
%
|
Securities sold under
repurchase agreements
|
2,062
|
18,838
|
|
(89)
|
|
|
39,126
|
54,147
|
|
(28)
|
|
Federal Home Loan
Bank advances
|
162,222
|
118,522
|
|
37
|
|
|
375,415
|
350,003
|
|
7
|
|
Total interest
expense
|
894,329
|
855,727
|
|
5
|
|
|
2,530,222
|
2,449,133
|
|
3
|
|
Net interest
income
|
13,530,841
|
13,212,584
|
|
2
|
|
|
38,787,802
|
38,125,207
|
|
2
|
|
Provision for loan
losses
|
568,665
|
891,989
|
|
(36)
|
|
|
1,401,290
|
1,847,958
|
|
(24)
|
|
Net interest income
after provision for loan losses
|
12,962,176
|
12,320,595
|
|
5
|
|
|
37,386,512
|
36,277,249
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,027,938
|
1,008,416
|
|
2
|
%
|
|
2,874,602
|
2,781,487
|
|
3
|
%
|
Bank card
fees
|
619,799
|
576,105
|
|
8
|
|
|
1,823,071
|
1,601,221
|
|
14
|
|
Gain on sale of
loans, net
|
478,380
|
308,708
|
|
55
|
|
|
1,119,392
|
909,173
|
|
23
|
|
Income from
bank-owned life insurance
|
123,943
|
116,513
|
|
6
|
|
|
380,410
|
342,347
|
|
11
|
|
Gain on the sale of
securities, net
|
3,053
|
-
|
|
-
|
|
|
3,053
|
1,826
|
|
67
|
|
Other income
(loss)
|
(55,982)
|
150,873
|
|
(137)
|
|
|
114,110
|
432,687
|
|
(74)
|
|
Total noninterest
income
|
2,197,131
|
2,160,615
|
|
2
|
|
|
6,314,638
|
6,068,741
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
6,267,791
|
5,785,428
|
|
8
|
%
|
|
18,091,203
|
18,292,578
|
|
(1)
|
%
|
Occupancy
|
1,218,193
|
1,213,874
|
|
-
|
|
|
3,556,403
|
3,419,434
|
|
4
|
|
Marketing and
advertising
|
129,197
|
244,364
|
|
(47)
|
|
|
352,179
|
695,823
|
|
(49)
|
|
Data processing and
communication
|
974,099
|
964,541
|
|
1
|
|
|
2,832,571
|
3,396,596
|
|
(17)
|
|
Professional
fees
|
648,278
|
210,459
|
|
208
|
|
|
1,361,688
|
925,961
|
|
47
|
|
Forms, printing and
supplies
|
130,395
|
135,840
|
|
(4)
|
|
|
408,233
|
499,060
|
|
(18)
|
|
Franchise and shares
tax
|
155,872
|
184,385
|
|
(16)
|
|
|
450,415
|
553,156
|
|
(19)
|
|
Regulatory
fees
|
273,754
|
306,724
|
|
(11)
|
|
|
851,163
|
790,763
|
|
8
|
|
Foreclosed assets,
net
|
(17,817)
|
91,836
|
|
(119)
|
|
|
477,753
|
772,972
|
|
(38)
|
|
Other
expenses
|
742,347
|
830,629
|
|
(11)
|
|
|
2,087,916
|
2,248,951
|
|
(7)
|
|
Total noninterest
expense
|
10,522,109
|
9,968,080
|
|
6
|
|
|
30,469,524
|
31,595,294
|
|
(4)
|
|
Income before income
tax expense
|
4,637,198
|
4,513,130
|
|
3
|
|
|
13,231,626
|
10,750,696
|
|
23
|
|
Income tax
expense
|
1,737,789
|
1,636,613
|
|
6
|
|
|
4,644,617
|
3,688,098
|
|
26
|
|
Net income
|
$
2,899,409
|
$
2,876,517
|
|
1
|
|
|
$
8,587,009
|
$
7,062,598
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.43
|
$
0.44
|
|
(2)
|
%
|
|
$
1.28
|
$
1.08
|
|
19
|
%
|
Earnings per share -
diluted
|
$
0.41
|
$
0.41
|
|
-
|
|
|
$
1.23
|
$
1.02
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.08
|
$
-
|
|
-
|
%
|
|
$
0.22
|
$
-
|
|
-
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
September
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2015
|
|
2014
|
|
Change
|
|
|
June 30,
2015
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
14,425
|
|
$
14,068
|
|
3
|
%
|
|
$
13,588
|
|
|
6
|
%
|
Total interest
expense
|
894
|
|
856
|
|
4
|
|
|
823
|
|
|
9
|
|
Net interest
income
|
13,531
|
|
13,212
|
|
2
|
|
|
12,765
|
|
|
6
|
|
Provision for loan
losses
|
569
|
|
892
|
|
(36)
|
|
|
294
|
|
|
94
|
|
Total noninterest
income
|
2,197
|
|
2,161
|
|
2
|
|
|
2,039
|
|
|
8
|
|
Total noninterest
expense
|
10,522
|
|
9,968
|
|
6
|
|
|
10,229
|
|
|
3
|
|
Income tax
expense
|
1,737
|
|
1,636
|
|
6
|
|
|
1,441
|
|
|
21
|
|
Net income
|
$
2,900
|
|
$
2,877
|
|
1
|
|
|
$
2,840
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 1,285,302
|
|
$ 1,242,370
|
|
4
|
%
|
|
$
1,249,232
|
|
|
3
|
%
|
Total
interest-earning assets
|
1,179,946
|
|
1,131,511
|
|
4
|
|
|
1,144,444
|
|
|
3
|
|
Totals
loans
|
969,272
|
|
904,216
|
|
7
|
|
|
915,874
|
|
|
6
|
|
Total
interest-bearing deposits
|
799,391
|
|
733,904
|
|
9
|
|
|
783,943
|
|
|
2
|
|
Total
interest-bearing liabilities
|
855,581
|
|
846,871
|
|
1
|
|
|
823,196
|
|
|
4
|
|
Total
deposits
|
1,064,384
|
|
979,711
|
|
9
|
|
|
1,050,195
|
|
|
1
|
|
Total shareholders'
equity
|
161,033
|
|
150,087
|
|
7
|
|
|
158,659
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.90
|
%
|
0.93
|
%
|
(3)
|
%
|
|
0.91
|
%
|
|
(1)
|
%
|
Return on average
equity
|
7.20
|
|
7.67
|
|
(6)
|
|
|
7.16
|
|
|
1
|
|
Efficiency ratio
(2)
|
66.90
|
|
64.84
|
|
3
|
|
|
69.09
|
|
|
(3)
|
|
Average equity to
average assets
|
12.53
|
|
12.08
|
|
4
|
|
|
12.70
|
|
|
(1)
|
|
Tier 1 leverage
capital ratio(3)
|
10.12
|
|
11.34
|
|
(11)
|
|
|
11.98
|
|
|
(16)
|
|
Total risk-based
capital ratio(3)
|
12.01
|
|
17.53
|
|
(32)
|
|
|
16.79
|
|
|
(28)
|
|
Net interest margin
(4)
|
4.55
|
|
4.63
|
|
(2)
|
|
|
4.47
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.43
|
|
$
0.44
|
|
(2)
|
%
|
|
$
0.42
|
|
|
2
|
%
|
Diluted earnings per
share
|
0.41
|
|
0.41
|
|
-
|
|
|
0.41
|
|
|
-
|
|
Book value at period
end
|
22.46
|
|
21.23
|
|
6
|
|
|
22.01
|
|
|
2
|
|
Tangible book value
at period end
|
20.26
|
|
20.57
|
|
(2)
|
|
|
21.47
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,225,311
|
|
7,114,516
|
|
2
|
%
|
|
7,218,009
|
|
|
0
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,743,179
|
|
6,577,378
|
|
3
|
%
|
|
6,694,751
|
|
|
1
|
%
|
Diluted
|
7,022,484
|
|
6,950,916
|
|
1
|
|
|
6,974,249
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
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(3)
Capital ratios are estimated end of period ratios for the Bank
only.
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(4)
Net interest margin represents net interest income as a percentage
of average interest-earning assets. Taxable equivalent yields
are calculated using a marginal
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tax rate of 35%.
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HOME BANCORP, INC.
AND SUBSIDIARY
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SUMMARY CREDIT
QUALITY INFORMATION
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September 30,
2015
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June 30,
2015
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September 30,
2014
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Acquired
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Originated
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Total
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Acquired
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Originated
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Total
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Acquired
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Originated
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Total
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(dollars in
thousands)
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CREDIT
QUALITY(1) (2)
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Nonaccrual
loans
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$ 9,495
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$ 5,512
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$ 15,007
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$ 9,242
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$ 2,817
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$ 12,059
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$ 12,487
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$ 2,730
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$ 15,217
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Accruing loans past
due 90 days and over
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-
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-
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-
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-
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-
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-
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-
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-
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-
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Total nonperforming
loans
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9,495
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5,512
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15,007
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9,242
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2,817
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12,059
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12,487
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2,730
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15,217
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Foreclosed
assets
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4,094
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1,723
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5,817
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4,372
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1,832
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6,204
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|
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5,479
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|
1,866
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|
7,345
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Total nonperforming
assets
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13,589
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7,235
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20,824
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|
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13,614
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4,649
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18,263
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17,966
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4,596
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22,562
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Performing troubled
debt restructurings
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498
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876
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1,374
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|
501
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|
686
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1,187
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|
|
515
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|
220
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|
735
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Total nonperforming
assets and troubled debt
restructurings
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$
14,087
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|
$
8,111
|
|
$
22,198
|
|
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$
14,115
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|
$
5,335
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|
$
19,450
|
|
|
$
18,481
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|
$
4,816
|
|
$
23,297
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Nonperforming assets
to total assets
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1.34
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%
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1.48
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%
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1.79
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%
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Nonperforming loans
to total assets
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|
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0.96
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0.98
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1.21
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Nonperforming loans
to total loans
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|
|
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1.24
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1.32
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|
|
|
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1.68
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Allowance for loan
losses to nonperforming assets
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|
|
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42.89
|
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|
|
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46.35
|
|
|
|
|
|
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32.88
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Allowance for loan
losses to nonperforming loans
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|
|
|
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59.52
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70.20
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|
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|
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48.75
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Allowance for loan
losses to total loans
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|
|
|
|
0.74
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|
|
|
|
|
|
0.92
|
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|
|
|
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0.82
|
|
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|
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Year-to-date loan
charge-offs
|
|
|
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$ 377
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$ 233
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|
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$1,434
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Year-to-date loan
recoveries
|
|
|
|
|
148
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|
|
|
|
|
|
107
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|
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|
|
86
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Year-to-date net loan
charge-offs
|
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|
|
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$
229
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$
126
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|
|
|
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$
1,348
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Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
0.03
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%
|
|
|
|
|
|
0.03
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%
|
|
|
|
|
|
0.20
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%
|
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|
|
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|
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(1)
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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 certain assets covered under FDIC loss sharing
agreements. Such assets covered by FDIC loss sharing agreements are
included in "Acquired" assets.
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-bancorp-reports-2015-third-quarter-results-and-declares-a-quarterly-dividend-300166452.html
SOURCE Home Bancorp, Inc.