LAFAYETTE, La., Oct. 25, 2016 /PRNewswire/ -- Home Bancorp,
Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for
Home Bank, N.A. (the "Bank") (www.home24bank.com), reported net
income of $4.4 million for the third
quarter of 2016, an increase of $344,000, or 9%, compared to the second quarter
of 2016 and an increase of $1.5
million, or 50%, compared to the third quarter of
2015. The second quarter of 2016 and the third quarter of
2015 included merger-related expenses, net of taxes, totaling
$143,000 and $527,000, respectively, related to the
acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp").
The second quarter of 2016 also included a gain on the sale
of a banking center totaling $416,000, net of taxes. Excluding
merger-related expenses and the banking center gain from the
respective prior periods, net income for the third quarter of 2016
increased 16% compared to the second quarter of 2016 and increased
27% compared to the third quarter of 2015.
Diluted earnings per share were $0.61 for the third quarter of 2016, an increase
of $0.04, or 7%, from the second
quarter of 2016 and an increase of $0.20, or 49%, compared to the third quarter of
2015. Excluding merger-related expenses and the banking
center gain from the respective prior periods, diluted earnings per
share for the third quarter of 2016 increased 15% compared to the
second quarter of 2016 and increased 24% compared to the third
quarter of 2015.
"Our Baton Rouge and Acadiana markets were impacted by historic
floods in August," stated John W.
Bordelon, President and Chief Executive Officer of the
Company and the Bank. "If you want to see an uplifting example of
people pulling together to help one another, such an example has
been on full display in South
Louisiana over the past few months."
"Despite the floods, we posted record EPS during the quarter,"
added Bordelon, "Our employees are more committed than ever to
demonstrating what makes us different. Our bankers have built trust
across our markets because we're fully committed to doing the right
thing for our customers."
The Company announced that its Board of Directors declared a
cash dividend of $0.12 per share
payable on November 18, 2016, to
shareholders of record as of November 7,
2016.
Loans and Credit Quality
Loans totaled $1.2 billion at
September 30, 2016, an increase of
$15.0 million, or 1%, from
June 30, 2016, and an increase of
$25.7 million, or 2%, from
September 30, 2015. Growth in organic
loans of 17% (on an annualized basis) was partially offset by
paydowns in our acquired loan portfolios. The increase in
loans during the third quarter of 2016 related primarily to
commercial and industrial (up $9.5
million), multi-family residential (up $8.8 million) and commercial real estate loans
(up $8.1 million), which were
partially offset by decreases in residential mortgages (down
$9.2 million) and home equity loans
(down $2.0
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)
|
|
2016
|
|
2015
|
|
Amount
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
353,093
|
$
|
371,238
|
$
|
(18,145)
|
|
(5)
|
%
|
Home equity loans and
lines
|
|
93,308
|
|
94,060
|
|
(752)
|
|
(1)
|
|
Commercial real
estate
|
|
422,435
|
|
405,379
|
|
17,056
|
|
4
|
|
Construction and
land
|
|
135,262
|
|
136,803
|
|
(1,541)
|
|
(1)
|
|
Multi-family
residential
|
|
46,776
|
|
43,863
|
|
2,913
|
|
7
|
|
Total real
estate loans
|
|
1,050,874
|
|
1,051,343
|
|
(469)
|
|
-
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
138,861
|
|
125,108
|
|
13,753
|
|
11
|
|
Consumer
|
|
43,635
|
|
47,915
|
|
(4,280)
|
|
(9)
|
|
Total
other loans
|
|
182,496
|
|
173,023
|
|
9,473
|
|
5
|
|
Total
loans
|
$
|
1,233,370
|
$
|
1,224,366
|
$
|
9,004
|
|
1
|
%
|
Nonperforming assets ("NPAs"), excluding purchased credit
impaired ("PCI") loans, totaled $21.2
million at September 30, 2016,
an increase of $1.8 million, or 10%,
compared to June 30, 2016 and an
increase of $6.3 million, or 42%,
compared to September 30, 2015.
The increase in nonperforming assets during the third quarter is
primarily related to one organic loan relationship totaling
$2.4 million with indirect exposure
to the energy sector. The ratio of total NPAs to total assets
was 1.37% at September 30, 2016,
compared to 1.25% at June 30, 2016
and 0.96% at September 30,
2015.
The Company recorded $54,000 in
net loan charge-offs during the third quarter of 2016, compared to
no net loan charge-offs in the second quarter of 2016 and
$103,000 for the third quarter of
2015. The Company's provision for loan losses for the third
quarter of 2016 was $800,000,
compared to $1.1 million for the
second quarter of 2016 and $569,000
for the third quarter of 2015.
The ratio of the allowance for loan losses to total loans was
0.99% at September 30, 2016, compared
to 0.94% and 0.74% at June 30, 2016
and September 30, 2015,
respectively. Excluding acquired loans, the ratio of the
allowance for loan losses to total loans was 1.36% at September 30, 2016, compared to 1.33% and 1.12%
at June 30, 2016 and September 30, 2015,
respectively.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the
energy sector totaled $34.8 million,
or 3% of total outstanding loans, at September 30, 2016. We also had unfunded
loan commitments to customers in the energy sector amounting to
$8.4 million at such date.
At September 30, 2016,
loans constituting 92% of the balance of our direct energy-related
loans were performing in accordance with their original loan
agreements. Of the remaining 8%, $2.1
million had been restructured and were paying in accordance
with the restructured terms as of September
30, 2016. The Company holds no shared national
credits.
The following table illustrates the composition of the Company's
loans to borrowers in the energy sector (which we consider direct
energy-related loans) at September
30, 2016.
(dollars in
thousands)
|
|
Total
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
Commercial real estate
|
$
|
14,505
|
|
42
|
%
|
Construction and land
|
|
406
|
|
1
|
|
Total real estate loans
|
|
14,911
|
|
43
|
|
Commercial and industrial:
|
|
|
|
|
|
Equipment
|
|
6,623
|
|
19
|
|
Marine
vessels
|
|
6,332
|
|
18
|
|
Accounts
receivable
|
|
4,562
|
|
13
|
|
Unsecured
|
|
967
|
|
3
|
|
Other
|
|
1,375
|
|
4
|
|
Total commercial and industrial loans
|
|
19,859
|
|
57
|
|
Total
energy-related loans
|
$
|
34,770
|
|
100
|
%
|
|
|
|
|
|
|
The allowance for loan losses attributable to direct
energy-related loans totaled 3.29% of the outstanding balance of
energy-related loans at September 30,
2016. Over the past 21 months, the Company has increased its
overall allowance for loan losses to loans ratio on originated
loans from 1.04% at December 31, 2014
to 1.36% at September 30, 2016 due
primarily to the potential direct and indirect impact of continuing
low energy prices on our borrowers.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$184.4 million at September 30, 2016, a decrease of $4.0 million, or 2%, from June 30, 2016, and a decrease of $20.7 million, or 10%, from September 30, 2015. The decrease in the
comparative periods was primarily the result of pay downs and
maturities. At September 30, 2016,
the Company had a net unrealized gain position on its investment
securities portfolio of $2.5 million,
compared to net unrealized gains of $3.1
million and $2.9 million at
June 30, 2016 and September 30, 2015, respectively. The
Company's investment securities portfolio had a modified duration
of 3.0 years at September 30, 2016,
compared to 2.9 and 3.4 years at June 30,
2016 and September 30, 2015,
respectively.
Deposits
Total deposits were $1.2 billion
at September 30, 2016, a decrease of
$4.2 million, or 0.3%, from
June 30, 2016, and a decrease of
$1.0 million, or 0.1%, from
September 30, 2015. At
September 30, 2016, core deposits
(i.e., checking, savings and money market accounts) decreased
$1.0 million, or 0.1%, from
June 30, 2016, and increased
$30.6 million, or 3%, from
September 30, 2015.
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)
|
|
2016
|
|
2015
|
|
Amount
|
|
Percent
|
|
Demand
deposit
|
$
|
289,835
|
$
|
296,617
|
$
|
(6,782)
|
|
(2)
|
%
|
Savings
|
|
110,150
|
|
109,393
|
|
757
|
|
1
|
|
Money
market
|
|
257,125
|
|
293,637
|
|
(36,512)
|
|
(12)
|
|
NOW
|
|
299,880
|
|
267,707
|
|
32,173
|
|
12
|
|
Certificates of
deposit
|
|
263,840
|
|
276,863
|
|
(13,023)
|
|
(5)
|
|
Total
deposits
|
$
|
1,220,830
|
$
|
1,244,217
|
$
|
(23,387)
|
|
(2)
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the third quarter of 2016 totaled
$15.5 million, a decrease of
$14,000, or 0.1%, compared to the
second quarter of 2016, and an increase of $2.0 million, or 15%, compared to the third
quarter of 2015. The addition of Louisiana Bancorp's earning
assets accounted for the vast majority of the increase during the
third quarter of 2016 compared to the third quarter of 2015. The
Company's net interest margin was 4.32% for the third quarter of
2016, two basis points lower than the second quarter of 2016 and 23
basis points lower than the third quarter of 2015. The
decrease in the net interest margin in the third quarter of 2016
compared to the second quarter of 2016 was due primarily to lower
average loan yields and differences in the mix of interest-earning
assets and interest-bearing liabilities. The decrease in the
net interest margin in the third quarter of 2016 compared to the
third quarter of 2015 primarily reflects the impact of the addition
of Louisiana Bancorp's interest-earning assets and interest-bearing
liabilities.
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
|
|
|
September 30,
2016
|
|
|
June 30,
2016
|
|
|
September 30,
2015
|
|
(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
|
$
|
856,706
|
4.98
|
%
|
$
|
826,910
|
5.09
|
%
|
$
|
753,791
|
|
5.06
|
%
|
Acquired
loans
|
|
369,841
|
5.39
|
|
|
398,252
|
5.26
|
|
|
215,481
|
|
6.84
|
|
Total loan
receivable
|
|
1,226,547
|
5.11
|
|
|
1,225,162
|
5.15
|
|
|
969,272
|
|
5.46
|
|
Investment securities
(TE)
|
|
184,249
|
2.13
|
|
|
188,085
|
2.21
|
|
|
192,023
|
|
2.16
|
|
Other interest-earning
assets
|
|
15,410
|
1.78
|
|
|
18,943
|
1.43
|
|
|
18,651
|
|
1.08
|
|
Total interest-earning
assets
|
|
1,426,206
|
4.69
|
|
|
1,432,190
|
4.71
|
|
|
1,179,946
|
|
4.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
666,585
|
0.23
|
|
|
670,019
|
0.23
|
|
|
575,185
|
|
0.22
|
|
Certificates of
deposit
|
|
264,534
|
0.79
|
|
|
270,147
|
0.79
|
|
|
224,206
|
|
0.72
|
|
Total interest-bearing
deposits
|
|
931,119
|
0.39
|
|
|
940,166
|
0.39
|
|
|
799,391
|
|
0.36
|
|
Securities sold under
repurchase agreements
|
|
-
|
-
|
|
|
-
|
-
|
|
|
4,093
|
|
0.20
|
|
FHLB
advances
|
|
128,033
|
1.23
|
|
|
129,424
|
1.22
|
|
|
52,097
|
|
1.24
|
|
Total interest-bearing
liabilities
|
$
|
1,059,152
|
0.49
|
|
$
|
1,069,590
|
0.49
|
|
$
|
855,581
|
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.20
|
%
|
|
|
4.22
|
%
|
|
|
|
4.43
|
%
|
Net interest margin
(TE)
|
|
|
4.32
|
%
|
|
|
4.34
|
%
|
|
|
|
4.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the third quarter of 2016 totaled
$2.5 million, a decrease of
$933,000, or 27%, compared to the
second quarter of 2016 and an increase of $318,000, or 14%, compared to the third quarter
of 2015. The decrease in noninterest income in the third
quarter of 2016 compared to the second quarter of 2016 resulted
primarily from the absence of a net gain from the sale of assets of
$641,000 recorded in the prior period
and a decrease in other income (down $251,000 primarily from lower recoveries on
acquired loans previously charged off).
The increase in noninterest income in the third quarter of 2016
compared to the third quarter of 2015 resulted primarily from the
absence of a $359,000 net loss from
the sale of assets recorded in the comparable prior year
period.
Noninterest Expense
Noninterest expense for the third quarter of 2016 totaled
$10.6 million, a decrease of
$1.2 million, or 10%, compared to the
second quarter of 2016 and an increase of $121,000, or 1%, compared to the third quarter of
2015. Noninterest expense for the second quarter of 2016 and
third quarter of 2015 included $214,000 and $593,000, respectively, of merger-related
expenses related to the acquisition of Louisiana Bancorp.
Excluding merger-related expenses from the respective prior
comparable periods, noninterest expense for the third quarter of
2016 totaled $10.6 million, a
decrease of $999,000, or 9%, compared
to the second quarter of 2016 and an increase of $714,000, or 7%, compared to the third quarter of
2015.
The decrease in noninterest expense in the third quarter of 2016
compared to the second quarter of 2016 resulted primarily from
lower expenses on foreclosed assets (down $780,000 resulting primarily from a $560,000 gain on the sale of foreclosed assets),
compensation and benefits expense (down $198,000) and other expenses (down $141,000).
The increase in noninterest expense in the third quarter of 2016
compared to the third quarter of 2015 primarily reflects the growth
of the Company due to the addition of Louisiana Bancorp branches
and employees.
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands, except earnings per share data)
|
|
September
30,
2016
|
|
|
June
30,
2016
|
|
|
September
30,
2015
|
|
Reported noninterest
expense
|
$
|
10,643
|
|
$
|
11,856
|
|
$
|
10,522
|
|
Less: Merger-related
expenses
|
|
-
|
|
|
214
|
|
|
593
|
|
Non-GAAP noninterest
expense
|
$
|
10,643
|
|
$
|
11,642
|
|
$
|
9,929
|
|
|
|
|
|
|
|
|
|
|
|
Reported noninterest
income
|
$
|
2,515
|
|
$
|
3,448
|
|
$
|
2,197
|
|
Less: Gain on sale of
assets
|
|
-
|
|
|
641
|
|
|
-
|
|
Non-GAAP noninterest
income
|
$
|
2,515
|
|
$
|
2,807
|
|
$
|
2,197
|
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
4,360
|
|
$
|
4,016
|
|
$
|
2,899
|
|
Less: Gain on sale of
assets, net tax
|
|
-
|
|
|
416
|
|
|
-
|
|
Add: Merger-related
expenses, net tax
|
|
-
|
|
|
143
|
|
|
527
|
|
Non-GAAP net
income
|
$
|
4,360
|
|
$
|
3,743
|
|
$
|
3,426
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
0.61
|
|
$
|
0.57
|
|
$
|
0.41
|
|
Less: Gain on sale of
assets
|
|
-
|
|
|
0.06
|
|
|
-
|
|
Add: Merger-related
expenses
|
|
-
|
|
|
0.02
|
|
|
0.08
|
|
Non-GAAP
EPS
|
$
|
0.61
|
|
$
|
0.53
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
4,360
|
|
$
|
4,016
|
|
$
|
2,899
|
|
Add: Amortization
CDI, net tax
|
|
127
|
|
|
130
|
|
|
109
|
|
Non-GAAP tangible
assets
|
$
|
4,487
|
|
$
|
4,146
|
|
$
|
3,008
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
1,549,542
|
|
$
|
1,545,049
|
|
$
|
1,557,910
|
|
Less:
Intangibles
|
|
12,956
|
|
|
13,542
|
|
|
15,911
|
|
Non-GAAP tangible
assets
|
$
|
1,536,586
|
|
$
|
1,531,507
|
|
$
|
1,541,999
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
177,362
|
|
$
|
173,567
|
|
$
|
162,286
|
|
Less:
Intangibles
|
|
12,956
|
|
|
13,542
|
|
|
15,911
|
|
Non-GAAP tangible
shareholders' equity
|
$
|
164,406
|
|
$
|
160,025
|
|
$
|
146,375
|
|
Common equity
ratio
|
|
11.45
|
%
|
|
11.23
|
%
|
|
10.42
|
%
|
Less:
Intangibles
|
|
0.74
|
|
|
0.78
|
|
|
0.93
|
|
Non-GAAP tangible
common equity
|
|
10.71
|
%
|
|
10.45
|
%
|
|
9.49
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
9.91
|
%
|
|
9.35
|
%
|
|
7.20
|
%
|
Add:
Intangibles
|
|
1.13
|
|
|
1.10
|
|
|
0.53
|
|
Non-GAAP Return
tangible common equity
|
|
11.04
|
%
|
|
10.45
|
%
|
|
7.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
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, impact of the gain on
the sale of a banking center 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,
2015, 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,
|
|
2016
|
|
2015
|
|
Change
|
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
23,953,080
|
|
$
23,538,879
|
|
2
|
%
|
|
$
26,853,272
|
|
$
24,797,599
|
Interest-bearing
deposits in banks
|
2,129,000
|
|
5,762,285
|
|
(63)
|
|
|
2,430,585
|
|
5,143,585
|
Investment securities
available for sale, at fair value
|
170,992,673
|
|
190,762,087
|
|
(10)
|
|
|
174,949,772
|
|
176,762,200
|
Investment securities
held to maturity
|
13,448,484
|
|
14,408,624
|
|
(7)
|
|
|
13,530,264
|
|
13,926,861
|
Mortgage loans held
for sale
|
10,643,389
|
|
7,170,285
|
|
48
|
|
|
11,616,730
|
|
5,651,250
|
Loans, net of
unearned income
|
1,233,369,734
|
|
1,207,709,500
|
|
2
|
|
|
1,218,330,307
|
|
1,224,365,916
|
Allowance for loan
losses
|
(12,193,181)
|
|
(8,931,507)
|
|
37
|
|
|
(11,446,976)
|
|
(9,547,487)
|
Total loans, net of
allowance for loan losses
|
1,221,176,553
|
|
1,198,777,993
|
|
2
|
|
|
1,206,883,331
|
|
1,214,818,429
|
Office properties and
equipment, net
|
39,359,536
|
|
42,264,398
|
|
(7)
|
|
|
39,422,603
|
|
40,815,744
|
Cash surrender value
of bank-owned life insurance
|
20,028,198
|
|
19,543,520
|
|
3
|
|
|
19,867,467
|
|
19,666,900
|
Accrued interest
receivable and other assets
|
47,810,976
|
|
55,682,411
|
|
(14)
|
|
|
49,494,863
|
|
50,329,032
|
Total
Assets
|
$
1,549,541,889
|
|
$
1,557,910,482
|
|
(1)
|
|
|
$
1,545,048,887
|
|
$
1,551,911,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
1,220,830,228
|
|
$
1,221,687,666
|
|
(0)
|
%
|
|
$
1,225,003,785
|
|
$
1,244,216,516
|
Federal Home Loan
Bank advances
|
138,829,490
|
|
153,444,516
|
|
(10)
|
|
|
135,079,007
|
|
125,152,598
|
Accrued interest
payable and other liabilities
|
12,520,553
|
|
20,492,194
|
|
(39)
|
|
|
11,398,668
|
|
17,496,132
|
Total
Liabilities
|
1,372,180,271
|
|
1,395,624,376
|
|
(2)
|
|
|
1,371,481,460
|
|
1,386,865,246
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
73,219
|
|
72,252
|
|
1
|
%
|
|
73,068
|
|
72,399
|
Additional paid-in
capital
|
78,853,758
|
|
76,486,634
|
|
3
|
|
|
78,346,879
|
|
76,948,914
|
Common stock acquired
by benefit plans
|
(4,426,601)
|
|
(4,822,040)
|
|
(8)
|
|
|
(4,523,041)
|
|
(4,711,260)
|
Retained
earnings
|
101,257,222
|
|
88,646,324
|
|
14
|
|
|
97,659,115
|
|
91,864,543
|
Accumulated other
comprehensive income
|
1,604,020
|
|
1,902,936
|
|
(16)
|
|
|
2,011,406
|
|
871,758
|
Total
Shareholders' Equity
|
177,361,618
|
|
162,286,106
|
|
9
|
|
|
173,567,427
|
|
165,046,354
|
Total Liabilities
and Shareholders' Equity
|
$
1,549,541,889
|
|
$
1,557,910,482
|
|
(1)
|
|
|
$
1,545,048,887
|
|
$
1,551,911,600
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended
|
|
|
|
For the Nine
Months Ended
|
|
|
|
|
September
30,
|
%
|
|
|
September
30,
|
|
%
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
2016
|
|
2015
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
15,889,132
|
|
$
13,435,467
|
|
18
|
%
|
|
$
47,760,159
|
|
$
38,417,015
|
|
24
|
%
|
Investment
securities
|
889,206
|
|
939,090
|
|
(5)
|
|
|
2,806,125
|
|
2,751,325
|
|
2
|
|
Other investments and
deposits
|
68,860
|
|
50,613
|
|
36
|
|
|
195,449
|
|
149,684
|
|
31
|
|
Total interest
income
|
16,847,198
|
|
14,425,170
|
|
17
|
|
|
50,761,733
|
|
41,318,024
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
912,756
|
|
730,045
|
|
25
|
%
|
|
2,763,761
|
|
2,115,681
|
|
31
|
%
|
Securities sold under
repurchase agreements
|
-
|
|
2,062
|
|
(100)
|
|
|
-
|
|
39,126
|
|
(100)
|
|
Federal Home Loan
Bank advances
|
395,522
|
|
162,222
|
|
144
|
|
|
1,183,934
|
|
375,415
|
|
215
|
|
Total interest
expense
|
1,308,278
|
|
894,329
|
|
46
|
|
|
3,947,695
|
|
2,530,222
|
|
56
|
|
Net interest
income
|
15,538,920
|
|
13,530,841
|
|
15
|
|
|
46,814,038
|
|
38,787,802
|
|
21
|
|
Provision for loan
losses
|
800,000
|
|
568,665
|
|
41
|
|
|
2,700,000
|
|
1,401,290
|
|
93
|
|
Net interest income
after provision for loan losses
|
14,738,920
|
|
12,962,176
|
|
14
|
|
|
44,114,038
|
|
37,386,512
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,045,591
|
|
1,027,938
|
|
2
|
%
|
|
3,083,858
|
|
2,874,602
|
|
7
|
%
|
Bank card
fees
|
658,799
|
|
619,799
|
|
6
|
|
|
1,936,305
|
|
1,823,071
|
|
6
|
|
Gain on sale of
loans, net
|
418,276
|
|
478,380
|
|
(13)
|
|
|
1,205,815
|
|
1,119,392
|
|
8
|
|
Income from
bank-owned life insurance
|
120,618
|
|
123,943
|
|
(3)
|
|
|
361,297
|
|
380,410
|
|
(5)
|
|
Gain on the sale of
securities, net
|
-
|
|
3,053
|
|
(100)
|
|
|
-
|
|
3,053
|
|
(100)
|
|
Gain (loss) on the
sale of assets, net
|
-
|
|
(358,653)
|
|
100
|
|
|
640,580
|
|
(492,268)
|
|
230
|
|
Other
income
|
271,392
|
|
302,671
|
|
(10)
|
|
|
1,301,616
|
|
606,378
|
|
115
|
|
Total noninterest
income
|
2,514,676
|
|
2,197,131
|
|
15
|
|
|
8,529,471
|
|
6,314,638
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
6,723,365
|
|
6,267,791
|
|
7
|
%
|
|
20,845,310
|
|
18,091,203
|
|
15
|
%
|
Occupancy
|
1,307,336
|
|
1,218,193
|
|
7
|
|
|
3,939,275
|
|
3,556,403
|
|
11
|
|
Marketing and
advertising
|
193,483
|
|
129,197
|
|
50
|
|
|
649,498
|
|
352,179
|
|
84
|
|
Data processing and
communication
|
1,133,136
|
|
974,099
|
|
16
|
|
|
3,824,169
|
|
2,832,571
|
|
35
|
|
Professional
fees
|
244,278
|
|
648,278
|
|
(62)
|
|
|
797,829
|
|
1,361,688
|
|
(41)
|
|
Forms, printing and
supplies
|
137,336
|
|
130,395
|
|
5
|
|
|
487,794
|
|
408,233
|
|
19
|
|
Franchise and shares
tax
|
219,773
|
|
155,872
|
|
41
|
|
|
659,318
|
|
450,415
|
|
46
|
|
Regulatory
fees
|
319,482
|
|
273,754
|
|
17
|
|
|
971,197
|
|
851,163
|
|
14
|
|
Foreclosed assets,
net
|
(472,274)
|
|
(17,817)
|
|
(2,551)
|
|
|
(46,472)
|
|
477,753
|
|
(110)
|
|
Other
expenses
|
836,706
|
|
742,347
|
|
13
|
|
|
2,711,401
|
|
2,087,916
|
|
30
|
|
Total noninterest
expense
|
10,642,621
|
|
10,522,109
|
|
1
|
|
|
34,839,319
|
|
30,469,524
|
|
14
|
|
Income before income
tax expense
|
6,610,975
|
|
4,637,198
|
|
43
|
|
|
17,804,190
|
|
13,231,626
|
|
35
|
|
Income tax
expense
|
2,250,866
|
|
1,737,789
|
|
30
|
|
|
6,077,908
|
|
4,644,617
|
|
31
|
|
Net income
|
$
4,360,109
|
|
$
2,899,409
|
|
50
|
|
|
$
11,726,282
|
|
$
8,587,009
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.63
|
|
$
0.43
|
|
47
|
%
|
|
$
1.72
|
|
$
1.28
|
|
34
|
%
|
Earnings per share -
diluted
|
$
0.61
|
|
$
0.41
|
|
49
|
|
|
$
1.65
|
|
$
1.23
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.12
|
|
$
0.08
|
|
50
|
%
|
|
$
0.32
|
|
$
0.23
|
|
39
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
September
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2016
|
|
2015
|
|
Change
|
|
|
June 30,
2016
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
16,847
|
|
$
14,425
|
|
17
|
%
|
|
$
16,866
|
|
|
-
|
%
|
Total interest
expense
|
1,308
|
|
894
|
|
46
|
|
|
1,313
|
|
|
-
|
|
Net interest
income
|
15,539
|
|
13,531
|
|
15
|
|
|
15,553
|
|
|
-
|
|
Provision for loan
losses
|
800
|
|
569
|
|
41
|
|
|
1,050
|
|
|
(24)
|
|
Total noninterest
income
|
2,515
|
|
2,197
|
|
15
|
|
|
3,448
|
|
|
(27)
|
|
Total noninterest
expense
|
10,643
|
|
10,522
|
|
1
|
|
|
11,856
|
|
|
(10)
|
|
Income tax
expense
|
2,251
|
|
1,737
|
|
30
|
|
|
2,079
|
|
|
8
|
|
Net income
|
$
4,360
|
|
$
2,900
|
|
50
|
|
|
$
4,016
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
1,533,164
|
|
$
1,285,302
|
|
19
|
%
|
|
$
1,544,840
|
|
|
(1)
|
%
|
Total
interest-earning assets
|
1,426,206
|
|
1,179,946
|
|
21
|
|
|
1,432,190
|
|
|
-
|
|
Totals
loans
|
1,226,547
|
|
969,272
|
|
27
|
|
|
1,225,162
|
|
|
-
|
|
Total
interest-bearing deposits
|
931,119
|
|
799,391
|
|
17
|
|
|
940,165
|
|
|
(1)
|
|
Total
interest-bearing liabilities
|
1,059,152
|
|
855,581
|
|
24
|
|
|
1,069,590
|
|
|
(1)
|
|
Total
deposits
|
1,222,232
|
|
1,064,384
|
|
15
|
|
|
1,230,839
|
|
|
(1)
|
|
Total shareholders'
equity
|
175,980
|
|
161,033
|
|
9
|
|
|
171,757
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.14
|
%
|
0.90
|
%
|
27
|
%
|
|
1.04
|
%
|
|
10
|
%
|
Return on average
equity
|
9.91
|
|
7.20
|
|
38
|
|
|
9.35
|
|
|
6
|
|
Return on average
tangible common equity(2)
|
11.04
|
|
7.73
|
|
43
|
|
|
10.58
|
|
|
4
|
|
Common equity
ratio
|
11.45
|
|
10.42
|
|
10
|
|
|
11.23
|
|
|
2
|
|
Tangible common
equity ratio(3)
|
10.71
|
|
9.49
|
|
13
|
|
|
10.45
|
|
|
3
|
|
Efficiency ratio
(4)
|
58.95
|
|
66.90
|
|
(12)
|
|
|
62.40
|
|
|
(6)
|
|
Average equity to
average assets
|
11.48
|
|
12.53
|
|
(8)
|
|
|
11.12
|
|
|
3
|
|
Tier 1 leverage
capital ratio(5)
|
9.73
|
|
10.12
|
|
(4)
|
|
|
9.34
|
|
|
4
|
|
Total risk-based
capital ratio(5)
|
13.55
|
|
12.01
|
|
13
|
|
|
13.24
|
|
|
2
|
|
Net interest margin
(6)
|
4.32
|
|
4.55
|
|
(5)
|
|
|
4.35
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.63
|
|
$
0.43
|
|
47
|
%
|
|
$
0.59
|
|
|
7
|
%
|
Diluted earnings per
share
|
0.61
|
|
0.41
|
|
49
|
|
|
0.57
|
|
|
7
|
|
Book value at period
end
|
24.22
|
|
22.46
|
|
8
|
|
|
23.75
|
|
|
2
|
|
Tangible book value
at period end
|
22.45
|
|
20.26
|
|
11
|
|
|
21.90
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,321,837
|
|
7,225,311
|
|
1
|
%
|
|
7,306,728
|
|
|
-
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,871,727
|
|
6,743,179
|
|
2
|
%
|
|
6,816,409
|
|
|
1
|
%
|
Diluted
|
7,123,727
|
|
7,022,484
|
|
1
|
|
|
7,088,125
|
|
|
1
|
|
|
|
|
(1)
|
With the exception of
end-of-period ratios, all ratios are based on average monthly
balances during the respective periods
|
(2)
|
Return on average
tangible common equity is net income plus amortization of core
deposit intangible, net of taxes divided by average common
shareholders' equity less average intangible
assets.
|
(3)
|
Tangible common
equity ratio is common shareholders' equity less intangible assets
divided by total assets less intangible assets.
|
(4)
|
The efficiency ratio
represents noninterest expense as a percentage of total
revenues. Total revenues is the sum of net interest income
and noninterest income.
|
(5)
|
Estimated capital
ratios are end of period ratios for the Bank only.
|
(6)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
June 30,
2016
|
|
September 30,
2015
|
|
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 1,457
|
|
$ 17,155
|
|
$ 18,612
|
|
|
$ 1,861
|
|
$ 15,215
|
|
$ 17,076
|
|
|
$ 3,554
|
|
$ 5,512
|
|
$
9,066
|
|
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Total nonperforming
loans
|
1,457
|
|
17,155
|
|
18,612
|
|
|
1,861
|
|
15,215
|
|
17,076
|
|
|
3,554
|
|
5,512
|
|
9,066
|
|
|
|
Foreclosed
assets
|
2,139
|
|
412
|
|
2,551
|
|
|
2,106
|
|
180
|
|
2,286
|
|
|
4,094
|
|
1,723
|
|
5,817
|
|
|
|
Total nonperforming
assets
|
3,596
|
|
17,567
|
|
21,163
|
|
|
3,967
|
|
15,395
|
|
19,362
|
|
|
7,648
|
|
7,235
|
|
14,883
|
|
|
|
Performing troubled
debt restructurings
|
522
|
|
927
|
|
1,449
|
|
|
538
|
|
988
|
|
1,526
|
|
|
498
|
|
876
|
|
1,374
|
|
|
|
Total nonperforming
assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$ 4,118
|
|
$ 18,494
|
|
$ 22,612
|
|
|
$ 4,505
|
|
$ 16,383
|
|
$ 20,888
|
|
|
$ 8,146
|
|
$ 8,111
|
|
$ 16,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
1.37
|
%
|
|
|
|
|
|
1.25
|
%
|
|
|
|
|
|
0.96
|
%
|
|
|
Nonperforming loans
to total assets
|
|
|
|
|
1.20
|
|
|
|
|
|
|
1.11
|
|
|
|
|
|
|
0.58
|
|
|
|
Nonperforming loans
to total loans
|
|
|
|
|
1.51
|
|
|
|
|
|
|
1.40
|
|
|
|
|
|
|
0.75
|
|
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
57.62
|
|
|
|
|
|
|
59.10
|
|
|
|
|
|
|
60.00
|
|
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
65.51
|
|
|
|
|
|
|
67.00
|
|
|
|
|
|
|
98.50
|
|
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.99
|
|
|
|
|
|
|
0.94
|
|
|
|
|
|
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
249
|
|
|
|
|
|
|
$
187
|
|
|
|
|
|
|
$
377
|
|
|
|
Year-to-date loan
recoveries
|
|
|
|
|
195
|
|
|
|
|
|
|
186
|
|
|
|
|
|
|
148
|
|
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
54
|
|
|
|
|
|
|
$
1
|
|
|
|
|
|
|
$
229
|
|
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
-
|
%
|
|
|
|
|
|
-
|
%
|
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
(1)
|
Nonperforming loans
consist of nonaccruing loans and accruing loans 90 days or more
past due. Purchased credit impaired loans accounted for in pools
with an accretable yield are considered to be performing and
are excluded from the table. 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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SOURCE Home Bancorp, Inc.