LAFAYETTE, La., July 23, 2019 /PRNewswire/ -- Home Bancorp,
Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home
Bank, N.A. (the "Bank") (www.home24bank.com), reported results for
the second quarter of 2019. Net income for the second quarter
of 2019 was $6.6 million, or
$0.71 per diluted common share
("EPS"), compared to $7.9 million, or
$0.85 EPS, for the first quarter of
2019.
Key performance metrics for the second quarter of 2019
include:
- Loans grew by $44.0 million, or
11% annualized;
- Total deposits increased $11.6
million, or 3% annualized;
- Nonperforming assets decreased $1.1
million, or 4%;
- Return on average assets, return on average equity and return
on average tangible common equity were 1.20%, 8.48% and 11.25%,
respectively;
- Net income declined $1.3 million,
or 17%, compared to the previous quarter, due primarily to
facilities-related charges of $504,000 (net of tax), higher compensation and
benefits expense and provisioning for loan growth;
- The net interest margin was 4.36%, a decline of 5 basis points
as higher deposit costs outpaced an increase in loan yields;
- Share repurchases totaled 83,188 shares at an average price of
$36.17 per share; and
- Bank capital remained strong with a common equity ratio of
14.12% at quarter end.
"The Home Bank team is focused on adding value to our customers'
financial lives," stated John W.
Bordelon, President and Chief Executive Officer of the
Company and the Bank, "That focus provided loan portfolio growth in
the second quarter at an annualized rate of 11% as our customers
made significant investments in their businesses."
"Our team opened a new branch and relocated another branch in
Baton Rouge to better serve our
customers and to expand on the growth opportunities we see in that
region," added Bordelon, "These new locations are off to a great
start as more businesses and individuals learn of our commitment to
helping them prosper."
The Company also announced that its Board of Directors declared
a quarterly cash dividend on shares of its common stock of
$0.21 per share payable on
August 16, 2019, to shareholders of
record as of August 5, 2019.
Loans and Credit Quality
Loans totaled $1.7 billion at
June 30, 2019, an increase of
$44.0 million, or 3%, from
March 31, 2019. Loan growth for
the second quarter, which totaled 11% on an annualized basis, was
primarily driven by increases in commercial real estate loans (up
$30.5 million), construction and land
loans (up $6.6 million) and
commercial and industrial loans (up $5.0
million). Commercial real estate loan growth was spread
across our Louisiana markets in a
variety of industries. Construction and land loans increased
primarily due to growth in existing real estate development
relationships located in the Baton
Rouge and Northshore (of Lake Pontchartrain) markets.
Commercial and industrial loan growth was due primarily to
increases in agriculture production and farm-related loans in the
southwest Acadiana market.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2019
|
|
2019
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
442,896
|
$
|
441,921
|
$
|
975
|
-
|
%
|
Home equity loans and
lines
|
|
81,794
|
|
80,598
|
|
1,196
|
1
|
|
Commercial real
estate
|
|
691,939
|
|
661,446
|
|
30,493
|
5
|
|
Construction and
land
|
|
200,153
|
|
193,541
|
|
6,612
|
3
|
|
Multi-family
residential
|
|
47,827
|
|
46,055
|
|
1,772
|
4
|
|
Total real
estate loans
|
|
1,464,609
|
|
1,423,561
|
|
41,048
|
3
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
179,394
|
|
174,405
|
|
4,989
|
3
|
|
Consumer
|
|
48,945
|
|
51,002
|
|
(2,057)
|
(4)
|
|
Total
other loans
|
|
228,339
|
|
225,407
|
|
2,932
|
1
|
|
Total loans
|
$
|
1,692,948
|
$
|
1,648,968
|
$
|
43,980
|
3
|
%
|
|
|
|
|
|
|
|
|
|
Nonperforming assets ("NPAs"), excluding purchased credit
impaired loans, totaled $28.0 million
at June 30, 2019, a decrease of
$1.1 million, or 4%, compared to
March 31, 2019. The ratio of NPAs to
total assets was 1.26% at June 30,
2019, compared to 1.32% at March
31, 2019.
The Company recorded net loan charge-offs of $96,000 during the second quarter of 2019,
compared to net loan charge-offs of $168,000 for the first quarter of 2019. The
Company's provision for loan losses for the second quarter of 2019
was $765,000, compared to
$390,000 for the first quarter of
2019. The increase in the provision for loan losses during
the second quarter was primarily due to loan growth.
The ratio of the allowance for loan losses to total loans was
1.02% at June 30, 2019, compared to
1.00% at March 31, 2019.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.33% at June 30,
2019, compared to 1.34% at March 31,
2019.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the
energy sector totaled $40.5 million,
or 2% of total outstanding loans, at June
30, 2019, compared to $43.0
million, or 3% of total outstanding loans, at March 31, 2019. Unfunded loan commitments
to customers in the energy sector totaled $7.3 million at June 30,
2019, compared to $7.4 million
at March 31, 2019.
At June 30, 2019, loans constituting
94% of the balance of our direct energy-related portfolio were
performing in accordance with their original loan agreements. The
Company holds no shared national credits.
The allowance for loan losses attributable to originated direct
energy-related loans totaled 2.58% of the outstanding balance of
originated energy-related portfolio at June
30, 2019, compared to 2.43% at March
31, 2019.
Deposits
Total deposits increased $11.6
million, or 1%, during the second quarter of 2019 to
$1.8 billion at June 30, 2019. The following table sets forth the
composition of the Company's deposits as of the dates
indicated.
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2019
|
|
2019
|
|
Amount
|
Percent
|
|
Demand
deposits
|
$
|
449,402
|
$
|
442,940
|
$
|
6,462
|
1
|
%
|
Savings
|
|
205,798
|
|
202,762
|
|
3,036
|
1
|
|
Money market
|
|
278,514
|
|
291,747
|
|
(13,233)
|
(5)
|
|
NOW
|
|
506,025
|
|
501,126
|
|
4,899
|
1
|
|
Certificates of
deposit
|
|
389,430
|
|
378,973
|
|
10,457
|
3
|
|
Total
deposits
|
$
|
1,829,169
|
$
|
1,817,548
|
$
|
11,621
|
1
|
%
|
|
|
|
|
|
|
|
|
|
Share Repurchases
The Company repurchased 83,188 shares of its common stock during
the second quarter of 2019 at an average price per share of
$36.17 under the Company's
outstanding share repurchase plan. An additional 118,889
shares remain eligible for purchase under the current repurchase
plan. The book value per share and tangible book value per
share of the Company's common stock was $33.20 and $26.29,
respectively, at June 30,
2019.
Net Interest Income
Net interest income for the second quarter of 2019 totaled
$21.9 million, an increase of
$153,000, or 1%, compared to the
first quarter of 2019. Net interest income increased primarily due
to a $614,000, or 3%, increase in
loan income, which was partially offset by a $404,000, or 12%, increase in the cost of
deposits. The Company's net interest margin was 4.36% for the
second quarter of 2019, five basis points lower than the first
quarter of 2019, as the cost of deposits outpaced an increase in
loan yields.
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 21%.
|
|
For the Three
Months Ended
|
|
|
June 30,
2019
|
|
|
March 31,
2019
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
Average
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest
|
Average
Yield/
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
$
|
1,136,566
|
$
|
15,841
|
5.53
|
%
|
$
|
1,106,230
|
$
|
14,943
|
5.42
|
%
|
Acquired
loans
|
|
529,275
|
|
7,971
|
5.99
|
|
|
543,396
|
|
8,255
|
6.11
|
|
Total
loans receivable
|
|
1,665,841
|
|
23,812
|
5.68
|
|
|
1,649,626
|
|
23,198
|
5.64
|
|
Investment securities
(TE)
|
|
271,267
|
|
1,729
|
2.60
|
|
|
272,745
|
|
1,808
|
2.71
|
|
Other interest-earning
assets
|
|
55,959
|
|
380
|
2.72
|
|
|
55,550
|
|
363
|
2.65
|
|
Total interest-earning
assets
|
$
|
1,993,067
|
$
|
25,921
|
5.18
|
%
|
$
|
1,977,921
|
$
|
25,369
|
5.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
$
|
985,349
|
$
|
2,097
|
0.85
|
%
|
$
|
983,184
|
$
|
2,006
|
0.83
|
%
|
Certificates of
deposit
|
|
383,345
|
|
1,638
|
1.71
|
|
|
367,614
|
|
1,325
|
1.46
|
|
Total interest-bearing
deposits
|
|
1,368,694
|
|
3,735
|
1.09
|
|
|
1,350,798
|
|
3,331
|
1.00
|
|
Other
borrowings
|
|
5,539
|
|
53
|
3.84
|
|
|
5,539
|
|
53
|
3.89
|
|
FHLB
advances
|
|
57,182
|
|
258
|
1.80
|
|
|
58,195
|
|
263
|
1.81
|
|
Total interest-bearing
liabilities
|
$
|
1,431,415
|
$
|
4,046
|
1.13
|
%
|
$
|
1,414,532
|
$
|
3,647
|
1.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
4.05
|
%
|
|
|
|
|
4.11
|
%
|
Net interest margin
(TE)
|
|
|
|
|
4.36
|
%
|
|
|
|
|
4.41
|
%
|
Noninterest Income
Noninterest income for the second quarter of 2019 totaled
$3.0 million, a decrease of
$188,000, or 6%, from the first
quarter of 2019. Write-downs of three buildings acquired through
mergers and two relocating branch locations totaled $347,000 (pre-tax) during the quarter. The
decrease in noninterest income was partially offset by an increase
in bank card fees.
Noninterest Expense
Noninterest expense for the second quarter of 2019 totaled
$16.0 million, an increase of
$661,000, or 4%, compared to the
first quarter of 2019. The increase primarily resulted from higher
compensation and benefits and occupancy expenses. The rise in
compensation and benefits (up $515,000, or 6%) was driven primarily by routine
annual salary adjustments and elevated employee health care claims.
The increase in occupancy expenses (up $402,000, or 25%) was primarily due to
$291,000 of costs incurred to
terminate lease space acquired through a previous merger.
Income Tax Expense
Income tax expense for the second quarter of 2019 totaled
$1.6 million, an increase of
$239,000, or 18%, compared to the
first quarter of 2019. The Company's effective tax rate was 19.1%
for the second quarter of 2019, compared to 14.3% for the first
quarter of 2019. The rise in income taxes was due primarily to
reduced levels of stock option exercises. During the first quarter
of 2019, elevated levels of stock option exercises decreased income
tax expense by $514,000. These
options were associated with the 2009 stock option plan and were
scheduled to expire in May 2019.
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands, except per share data)
|
|
June
30,
2019
|
|
|
March
31,
2019
|
|
|
June
30,
2018
|
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
6,580
|
|
$
|
7,890
|
|
$
|
7,776
|
|
Add: CDI amortization,
net tax
|
|
314
|
|
|
324
|
|
|
359
|
|
Non-GAAP tangible
income
|
$
|
6,894
|
|
$
|
8,214
|
|
$
|
8,135
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
|
2,220,386
|
|
$
|
2,202,675
|
|
$
|
2,159,976
|
|
Less: Intangible
assets
|
|
65,247
|
|
|
65,645
|
|
|
67,035
|
|
Non-GAAP tangible
assets
|
$
|
2,155,139
|
|
$
|
2,137,030
|
|
$
|
2,092,941
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
313,494
|
|
$
|
308,935
|
|
$
|
289,361
|
|
Less: Intangible
assets
|
|
65,247
|
|
|
65,645
|
|
|
67,035
|
|
Non-GAAP tangible
shareholders' equity
|
$
|
248,247
|
|
$
|
243,290
|
|
$
|
222,326
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans
|
$
|
1,177,630
|
|
$
|
1,108,655
|
|
$
|
987,642
|
|
Acquired
loans
|
|
515,318
|
|
|
540,313
|
|
|
638,037
|
|
Total loans
|
$
|
1,692,948
|
|
$
|
1,648,968
|
|
$
|
1,625,679
|
|
|
|
|
|
|
|
|
|
|
|
Originated allowance
for loan losses
|
$
|
15,635
|
|
$
|
14,829
|
|
$
|
13,828
|
|
Acquired allowance for
loan losses
|
|
1,604
|
|
|
1,741
|
|
|
1,145
|
|
Total allowance for
loan losses
|
$
|
17,239
|
|
$
|
16,570
|
|
$
|
14,973
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
8.48
|
%
|
|
10.45
|
%
|
|
10.89
|
%
|
Add: Average intangible
assets
|
|
2.77
|
|
|
3.41
|
|
|
4.00
|
|
Non-GAAP return on
average tangible common equity
|
|
11.25
|
%
|
|
13.86
|
%
|
|
14.89
|
%
|
|
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
14.12
|
%
|
|
14.03
|
%
|
|
13.40
|
%
|
Less: Intangible
assets
|
|
2.60
|
|
|
2.65
|
|
|
2.78
|
|
Non-GAAP tangible
common equity ratio
|
|
11.52
|
%
|
|
11.38
|
%
|
|
10.62
|
%
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
33.20
|
|
$
|
32.62
|
|
$
|
30.66
|
|
Less: Intangible
assets
|
|
6.91
|
|
|
6.93
|
|
|
7.10
|
|
Non-GAAP tangible book
value per share
|
$
|
26.29
|
|
$
|
25.69
|
|
$
|
23.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, write down on bank properties, early
termination cost for office lease, merger expenses and intangible
assets. 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
operating results. This non-GAAP financial information should not
be viewed as a substitute for financial information determined in
accordance with GAAP, nor is it 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,
2018, 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
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December
31,
|
|
%
|
|
|
June 30,
|
March 31,
|
(dollars in
thousands)
|
2019
|
|
2018
|
|
Change
|
|
|
2018
|
2019
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
71,325
|
|
$
59,618
|
|
20
|
%
|
|
$
80,489
|
$
103,786
|
Interest-bearing
deposits in banks
|
694
|
|
939
|
|
(26)
|
|
|
1,429
|
694
|
Investment securities
available for sale, at fair value
|
261,626
|
|
260,131
|
|
1
|
|
|
264,259
|
267,310
|
Investment securities
held to maturity
|
8,163
|
|
10,872
|
|
(25)
|
|
|
12,869
|
9,110
|
Mortgage loans held
for sale
|
4,501
|
|
2,086
|
|
116
|
|
|
9,711
|
1,986
|
Loans, net of
unearned income
|
1,692,948
|
|
1,649,754
|
|
3
|
|
|
1,625,679
|
1,648,968
|
Allowance for loan
losses
|
(17,239)
|
|
(16,348)
|
|
5
|
|
|
(14,973)
|
(16,570)
|
Total loans, net of
allowance for loan losses
|
1,675,709
|
|
1,633,406
|
|
3
|
|
|
1,610,706
|
1,632,398
|
Office properties and
equipment, net
|
47,698
|
|
47,124
|
|
1
|
|
|
45,192
|
47,030
|
Cash surrender value
of bank-owned life insurance
|
39,927
|
|
29,560
|
|
35
|
|
|
29,228
|
29,725
|
Goodwill and core
deposit intangibles
|
65,247
|
|
66,055
|
|
(1)
|
|
|
67,035
|
65,645
|
Accrued interest
receivable and other assets
|
45,496
|
|
43,867
|
|
4
|
|
|
39,058
|
44,991
|
Total
Assets
|
$
2,220,386
|
|
$
2,153,658
|
|
3
|
|
|
$
2,159,976
|
$
2,202,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
1,829,169
|
|
$
1,773,217
|
|
3
|
%
|
|
$
1,788,545
|
$
1,817,548
|
Other
borrowings
|
5,539
|
|
5,539
|
|
-
|
|
|
-
|
5,539
|
Federal Home Loan
Bank advances
|
54,615
|
|
58,698
|
|
(7)
|
|
|
69,974
|
57,889
|
Accrued interest
payable and other liabilities
|
17,569
|
|
12,164
|
|
44
|
|
|
12,096
|
12,764
|
Total
Liabilities
|
1,906,892
|
|
1,849,618
|
|
3
|
|
|
1,870,615
|
1,893,740
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common
stock
|
94
|
|
95
|
|
(1)
|
%
|
|
94
|
95
|
Additional paid-in
capital
|
169,233
|
|
168,243
|
|
1
|
|
|
166,897
|
169,091
|
Common stock acquired
by benefit plans
|
(3,351)
|
|
(3,539)
|
|
(5)
|
|
|
(3,737)
|
(3,443)
|
Retained
earnings
|
146,348
|
|
141,447
|
|
3
|
|
|
129,645
|
143,998
|
Accumulated other
comprehensive income
|
1,170
|
|
(2,206)
|
|
153
|
|
|
(3,538)
|
(806)
|
Total
Shareholders' Equity
|
313,494
|
|
304,040
|
|
3
|
|
|
289,361
|
308,935
|
Total Liabilities
and Shareholders' Equity
|
$
2,220,386
|
|
$
2,153,658
|
|
3
|
|
|
$
2,159,976
|
$
2,202,675
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
June
30,
|
%
|
|
|
June
30,
|
|
%
|
|
(dollars in thousands
except per share data)
|
2019
|
2018
|
|
Change
|
|
|
2019
|
2018
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 23,812
|
$ 23,527
|
|
1
|
%
|
|
$ 47,010
|
$ 46,331
|
|
1
|
%
|
Investment
securities
|
1,729
|
1,710
|
|
1
|
|
|
3,537
|
3,204
|
|
10
|
|
Other investments and
deposits
|
380
|
338
|
|
12
|
|
|
743
|
765
|
|
(3)
|
|
Total interest
income
|
25,921
|
25,575
|
|
1
|
|
|
51,290
|
50,300
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
3,735
|
1,927
|
|
94
|
%
|
|
7,066
|
3,829
|
|
85
|
%
|
Other borrowings
expense
|
53
|
-
|
|
-
|
|
|
106
|
-
|
|
-
|
|
Federal Home Loan
Bank advances
|
258
|
312
|
|
(17)
|
|
|
521
|
630
|
|
(17)
|
|
Total interest
expense
|
4,046
|
2,239
|
|
81
|
|
|
7,693
|
4,459
|
|
73
|
|
Net interest
income
|
21,875
|
23,336
|
|
(6)
|
|
|
43,597
|
45,841
|
|
(5)
|
|
Provision for loan
losses
|
765
|
581
|
|
32
|
|
|
1,155
|
1,545
|
|
(25)
|
|
Net interest income
after provision for loan losses
|
21,110
|
22,755
|
|
(7)
|
|
|
42,442
|
44,296
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,413
|
1,520
|
|
(7)
|
%
|
|
2,880
|
3,174
|
|
(9)
|
%
|
Bank card
fees
|
1,212
|
1,196
|
|
1
|
|
|
2,273
|
2,295
|
|
(1)
|
|
Gain on sale of
loans, net
|
248
|
201
|
|
23
|
|
|
403
|
408
|
|
(1)
|
|
Income from
bank-owned life insurance
|
202
|
164
|
|
23
|
|
|
367
|
324
|
|
13
|
|
(Loss) gain on the
closure or sale of assets, net
|
(327)
|
-
|
|
-
|
|
|
(328)
|
145
|
|
(326)
|
|
Other
income
|
229
|
264
|
|
(13)
|
|
|
547
|
481
|
|
14
|
|
Total noninterest
income
|
2,977
|
3,345
|
|
(11)
|
|
|
6,142
|
6,827
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
9,613
|
9,222
|
|
4
|
%
|
|
18,711
|
18,164
|
|
3
|
%
|
Occupancy
|
2,008
|
1,719
|
|
17
|
|
|
3,614
|
3,394
|
|
6
|
|
Marketing and
advertising
|
308
|
329
|
|
(6)
|
|
|
579
|
610
|
|
(5)
|
|
Data processing and
communication
|
1,596
|
2,344
|
|
(32)
|
|
|
3,018
|
4,023
|
|
(25)
|
|
Professional
fees
|
218
|
306
|
|
(29)
|
|
|
457
|
592
|
|
(23)
|
|
Forms, printing and
supplies
|
181
|
274
|
|
(34)
|
|
|
342
|
631
|
|
(46)
|
|
Franchise and shares
tax
|
398
|
363
|
|
10
|
|
|
797
|
729
|
|
9
|
|
Regulatory
fees
|
283
|
343
|
|
(17)
|
|
|
590
|
722
|
|
(18)
|
|
Foreclosed assets,
net
|
40
|
87
|
|
(54)
|
|
|
281
|
190
|
|
48
|
|
Amortization of
acquisition intangible
|
398
|
455
|
|
(13)
|
|
|
808
|
957
|
|
(16)
|
|
Other
expenses
|
909
|
880
|
|
3
|
|
|
2,046
|
1,900
|
|
8
|
|
Total noninterest
expense
|
15,952
|
16,322
|
|
(2)
|
|
|
31,243
|
31,912
|
|
(2)
|
|
Income before income
tax expense
|
8,135
|
9,778
|
|
(17)
|
|
|
17,341
|
19,211
|
|
(10)
|
|
Income tax
expense
|
1,555
|
2,002
|
|
(22)
|
|
|
2,871
|
3,972
|
|
(28)
|
|
Net income
|
$
6,580
|
$
7,776
|
|
(15)
|
|
|
$ 14,470
|
$ 15,239
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.72
|
$
0.85
|
|
(15)
|
%
|
|
$
1.58
|
$
1.68
|
|
(6)
|
%
|
Earnings per share -
diluted
|
$
0.71
|
$
0.83
|
|
(14)
|
|
|
$
1.56
|
$
1.64
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.21
|
$
0.17
|
|
24
|
%
|
|
$
0.41
|
$
0.32
|
|
28
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
June
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2019
|
|
2018
|
|
Change
|
|
|
March 31,
2019
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
25,921
|
|
$
25,575
|
|
1
|
%
|
|
$
25,369
|
|
|
2
|
%
|
Total interest
expense
|
4,046
|
|
2,239
|
|
81
|
|
|
3,647
|
|
|
11
|
|
Net interest
income
|
21,875
|
|
23,336
|
|
(6)
|
|
|
21,722
|
|
|
1
|
|
Provision for loan
losses
|
765
|
|
581
|
|
32
|
|
|
390
|
|
|
96
|
|
Total noninterest
income
|
2,977
|
|
3,345
|
|
(11)
|
|
|
3,165
|
|
|
(6)
|
|
Total noninterest
expense
|
15,952
|
|
16,322
|
|
(2)
|
|
|
15,291
|
|
|
4
|
|
Income tax
expense
|
1,555
|
|
2,002
|
|
(22)
|
|
|
1,316
|
|
|
18
|
|
Net income
|
$
6,580
|
|
$
7,776
|
|
(15)
|
|
|
$
7,890
|
|
|
(17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
2,190,604
|
|
$
2,164,664
|
|
1
|
%
|
|
$
2,166,317
|
|
|
1
|
%
|
Total
interest-earning assets
|
1,993,067
|
|
1,981,710
|
|
1
|
|
|
1,977,921
|
|
|
1
|
|
Total
loans
|
1,665,841
|
|
1,634,310
|
|
2
|
|
|
1,649,626
|
|
|
1
|
|
Total
interest-bearing deposits
|
1,368,694
|
|
1,347,046
|
|
2
|
|
|
1,350,798
|
|
|
1
|
|
Total
interest-bearing liabilities
|
1,431,415
|
|
1,417,322
|
|
1
|
|
|
1,414,532
|
|
|
1
|
|
Total
deposits
|
1,810,377
|
|
1,804,376
|
|
-
|
|
|
1,786,181
|
|
|
1
|
|
Total shareholders'
equity
|
311,308
|
|
286,482
|
|
9
|
|
|
306,240
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.20
|
%
|
1.44
|
%
|
(16)
|
%
|
|
1.48
|
%
|
|
(19)
|
%
|
Return on average
equity
|
8.48
|
|
10.89
|
|
(22)
|
|
|
10.45
|
|
|
(19)
|
|
Common equity
ratio
|
14.12
|
|
13.40
|
|
5
|
|
|
14.03
|
|
|
1
|
|
Efficiency ratio
(2)
|
64.19
|
|
61.17
|
|
5
|
|
|
61.44
|
|
|
5
|
|
Average equity to
average assets
|
14.21
|
|
13.23
|
|
7
|
|
|
14.14
|
|
|
1
|
|
Tier 1 leverage
capital ratio(3)
|
11.15
|
|
10.16
|
|
10
|
|
|
10.93
|
|
|
2
|
|
Total risk-based
capital ratio(3)
|
15.75
|
|
14.52
|
|
8
|
|
|
15.27
|
|
|
3
|
|
Net interest margin
(4)
|
4.36
|
|
4.69
|
|
(7)
|
|
|
4.41
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio(5)
|
11.52
|
%
|
10.62
|
%
|
8
|
%
|
|
11.38
|
%
|
|
1
|
%
|
Return on average
tangible common equity(6)
|
11.25
|
|
14.89
|
|
(24)
|
|
|
13.86
|
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.72
|
|
$
0.85
|
|
(15)
|
|
|
$
0.86
|
|
|
(17)
|
%
|
Earnings per share -
diluted
|
0.71
|
|
0.83
|
|
(14)
|
|
|
0.85
|
|
|
(17)
|
|
Book value at period
end
|
33.20
|
|
30.66
|
|
8
|
|
|
32.62
|
|
|
2
|
|
Tangible book value
at period end
|
26.29
|
|
23.56
|
|
12
|
|
|
25.69
|
|
|
2
|
|
Shares outstanding at
period end
|
9,441,800
|
|
9,437,654
|
|
-
|
%
|
|
9,471,857
|
|
|
-
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
9,155,074
|
|
9,047,753
|
|
1
|
%
|
|
9,123,786
|
|
|
-
|
%
|
Diluted
|
9,207,880
|
|
9,299,360
|
|
(1)
|
|
|
9,247,851
|
|
|
-
|
|
|
(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)
Estimated 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 21%.
|
(5)
Tangible common equity ratio is common shareholders' equity less
intangible assets divided by total assets less intangible assets.
See "Non-GAAP Reconciliation" for
additional information.
|
(6)
Return on average tangible common equity is net income plus
amortization of core deposit intangible, net of taxes, divided by
average commonshareholders' equity
less average intangible assets. See "Non-GAAP Reconciliation" for
additional information.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
March 31,
2019
|
|
June 30,
2018
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
|
Acquired
|
Originated
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)
|
$ 10,945
|
|
$
15,027
|
|
$ 25,972
|
|
|
$ 11,733
|
|
$ 14,838
|
|
$ 26,571
|
|
|
$ 3,696
|
|
$ 18,548
|
|
$ 22,244
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
10,945
|
|
15,027
|
|
25,972
|
|
|
11,733
|
|
14,838
|
|
26,571
|
|
|
3,696
|
|
18,548
|
|
22,244
|
|
Foreclosed
assets
|
1,893
|
|
87
|
|
1,980
|
|
|
2,336
|
|
145
|
|
2,481
|
|
|
406
|
|
86
|
|
492
|
|
Total nonperforming
assets
|
12,838
|
|
15,114
|
|
27,952
|
|
|
14,069
|
|
14,983
|
|
29,052
|
|
|
4,102
|
|
18,634
|
|
22,736
|
|
Performing troubled
debt restructurings
|
217
|
|
1,080
|
|
1,297
|
|
|
219
|
|
1,131
|
|
1,350
|
|
|
1,054
|
|
2,717
|
|
3,771
|
|
Total nonperforming
assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$ 13,055
|
|
$
16,194
|
|
$ 29,249
|
|
|
$ 14,288
|
|
$ 16,114
|
|
$ 30,402
|
|
|
$ 5,156
|
|
$ 21,351
|
|
$ 26,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
1.26
|
%
|
|
|
|
|
|
1.32
|
%
|
|
|
|
|
|
1.05
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
1.17
|
|
|
|
|
|
|
1.21
|
|
|
|
|
|
|
1.03
|
|
Nonperforming loans
to total loans
|
|
|
|
|
1.53
|
|
|
|
|
|
|
1.61
|
|
|
|
|
|
|
1.37
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
61.67
|
|
|
|
|
|
|
57.04
|
|
|
|
|
|
|
65.85
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
66.38
|
|
|
|
|
|
|
62.36
|
|
|
|
|
|
|
67.31
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
1.02
|
|
|
|
|
|
|
1.00
|
|
|
|
|
|
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
288
|
|
|
|
|
|
|
$
180
|
|
|
|
|
|
|
$
1,545
|
|
Year-to-date loan
recoveries
|
|
|
|
|
24
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
166
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
264
|
|
|
|
|
|
|
$
168
|
|
|
|
|
|
|
$
1,379
|
|
Annualized YTD net
loan charge-offs to average loans
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
0.04
|
%
|
|
|
|
|
|
0.17
|
%
|
|
(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
nonperforming loans. 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)
Nonaccrual loans include originated restructured loans placed on
nonaccrual totaling $9.9 million, $9.9 million and $10.4 million at
June 30, 2019, March 31, 2019 and June 30, 2018,
respectively. Acquired
restructured loans placed on nonaccrual totaled $1.9 million, $1.2
million and $949,000 at June 30, 2019, March 31, 2019 and June 30,
2018, respectively.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/home-bancorp-announces-2019-second-quarter-results-and-declares-quarterly-dividend-300889042.html
SOURCE Home Bancorp, Inc.