LAFAYETTE, La., July 28, 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 $2.8 million
for the second quarter of 2015, which was equivalent to the
first quarter of 2015 and was a slight increase of $87,000, or 3%, compared to the second quarter of
2014. The second quarter of 2015 includes merger-related
expenses, net of taxes, totaling $232,000 related to the pending acquisition of
Louisiana Bancorp, Inc. (Nasdaq: "LABC"). The second quarter
of 2014 also includes merger-related expenses, net of taxes,
totaling $218,000 related to the
acquisition of Britton & Koontz Capital Corporation ("Britton
& Koontz") in February 2014. Excluding merger-related
expenses, net income for the second quarter of 2015 increased 8%
and 3%, respectively, compared to the first quarter of 2015 and
second quarter of 2014.
Diluted earnings per share were $0.41 for the second quarter of 2015, equal to
the first quarter of 2015 and $0.01,
or 3%, higher than the second quarter of 2014. Excluding
merger-related expenses, diluted earnings per share were
$0.44 for the second quarter of 2015,
an increase of 7% and 2% compared to the first quarter of 2015 and
the second quarter of 2014, respectively.
"We made yet another significant investment in our earnings
capacity during the second quarter with our planned acquisition of
Bank of New Orleans," stated
John W. Bordelon, President and
Chief Executive Officer of the Company and the Bank. "We
remain on target for a fourth quarter completion of the
merger."
"Although loan demand wasn't as strong as the first quarter, our
success in reducing nonperforming assets continued," added
Bordelon. "Nonperforming assets decreased another $4.1 million, or 18%, during the second quarter
of the year."
The Company also announced that its Board of Directors increased
its cash dividend $0.01 to $0.08 per
share, payable on August 21, 2015, to
shareholders of record as of August
10, 2015.
Acquisition of Louisiana Bancorp, Inc.
As previously disclosed on June 18,
2015, the Company entered into a definitive agreement to
merge with Louisiana Bancorp, Inc., the holding company of the
106-year-old Bank of New Orleans
("BNO"). Under the terms of the agreement, LABC will be
merged with and into Home Bancorp in a two-step transaction and BNO
will be merged with and into the Bank. Shareholders of LABC
will receive $24.25 per share in cash
upon completion of the merger. The merger, which is expected
to be completed in the fourth quarter of 2015, remains subject to
approval by LABC's shareholders, regulatory agencies and the
satisfaction of all other customary conditions. Upon
completion of the merger, the combined company will have total
assets of approximately $1.5 billion,
$1.2 billion in loans and
$1.2 billion in deposits.
Loans and Credit Quality
Loans totaled $915.6 million at
June 30, 2015, a decrease of
$6.5 million, or 1%, from
March 31, 2015, and an increase of
$7.9 million, or 1%, from
June 30, 2014. During the second
quarter of 2015, the decrease in loans related primarily to
commercial real estate loans (down $14.7
million), which was partially offset by increases in
construction and land loans (up $5.2
million) and commercial and industrial loans (up
$3.0 million).
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2015
|
|
2014
|
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
233,492
|
$
|
233,249
|
$
|
243
|
-
|
%
|
Home equity loans and
lines
|
|
54,923
|
|
56,000
|
|
(1,077)
|
(2)
|
|
Commercial real
estate
|
|
340,595
|
|
352,863
|
|
(12,268)
|
(3)
|
|
Construction and
land
|
|
94,145
|
|
89,154
|
|
4,991
|
6
|
|
Multi-family
residential
|
|
30,601
|
|
27,375
|
|
3,226
|
12
|
|
Total real
estate loans
|
|
753,756
|
|
758,641
|
|
(4,885)
|
(1)
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
115,143
|
|
104,446
|
|
10,697
|
10
|
|
Consumer
|
|
46,653
|
|
45,881
|
|
772
|
2
|
|
Total
other loans
|
|
161,796
|
|
150,327
|
|
11,469
|
8
|
|
Total
loans
|
$
|
915,552
|
$
|
908,968
|
$
|
6,584
|
1
|
%
|
Nonperforming assets ("NPAs") totaled $18.3 million at June 30,
2015, a decrease of $4.1
million, or 18%, compared to March
31, 2015 and a decrease of $8.3
million, or 31%, compared to June
30, 2014. Of the $18.3
million in total NPAs at June 30,
2015, $13.6 million was
attributable to our acquisitions of Statewide Bank, GS Financial
Corp. and Britton & Koontz. The ratio of total NPAs to
total assets was 1.48% at June 30,
2015, compared to 1.81% at March 31,
2015 and 2.11% at June 30,
2014. Excluding acquired assets, the ratio of NPAs to total
assets was 0.44% at June 30, 2015,
compared to 0.44% at March 31, 2015
and 0.45% at June 30, 2014.
The Company recorded net loan charge-offs of $100,000 during the second quarter of 2015,
compared to net loan charge-offs of $26,000 and $157,000 in the first quarter of 2015 and the
second quarter of 2014, respectively. The Company's provision
for loan losses for the second quarter of 2015 was $294,000, compared to $538,000 for the first quarter of 2015 and
$811,000 for the second quarter of
2014.
The ratio of allowance for loan losses to total loans was 0.92%
at June 30, 2015, compared to 0.90%
and 0.85% at March 31, 2015 and
June 30, 2014, respectively.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.09% at June 30,
2015, compared to 1.07% and 1.10% at March 31, 2015 and June
30, 2014, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$192.6 million at June 30, 2015, an increase of $7.2 million, or 4%, from March 31, 2015, and an increase of $2.4 million, or 1%, from June 30, 2014. At June 30, 2015, the Company had a net unrealized
gain on its investment securities portfolio of $1.7 million, compared to net unrealized gains of
$2.6 million and $1.8 million at March 31,
2015 and June 30, 2014,
respectively. The Company's investment securities portfolio
had a modified duration of 3.7 years at June
30, 2015, compared to 3.4 and 4.1 years at March 31, 2015 and June
30, 2014, respectively.
Deposits
Total deposits were $1.0 billion
at June 30, 2015, an increase of
$4.4 million, or less than 1%, from
March 31, 2015, and an increase of
$49.2 million, or 5%, from
June 30, 2014. During the
second quarter of 2015, core deposits (i.e., checking, savings and
money market accounts) increased $9.3
million, or 1%, from March 31,
2015, and increased $75.9
million, or 10%, from June 30,
2014.
The following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
|
2015
|
|
2014
|
|
Amount
|
Percent
|
|
Demand
deposit
|
$
|
266,204
|
$
|
267,660
|
$
|
(1,456)
|
(1)
|
%
|
Savings
|
|
86,153
|
|
81,145
|
|
5,008
|
6
|
|
Money
market
|
|
249,939
|
|
219,456
|
|
30,483
|
14
|
|
NOW
|
|
217,641
|
|
204,536
|
|
13,105
|
6
|
|
Certificates of
deposit
|
|
211,035
|
|
220,775
|
|
(9,740)
|
(4)
|
|
Total
deposits
|
$
|
1,030,972
|
$
|
993,572
|
$
|
37,400
|
4
|
%
|
|
|
|
|
|
|
|
|
|
Share Repurchases
The Company purchased 49,200 shares of its common stock during
the second quarter of 2015 at an average price per share of
$22.11. As of July 22, 2015, an additional 38,396 shares remain
eligible for purchase under the June
2013 stock repurchase plan. The tangible book value
per share of the Company's common stock was $21.47 at June 30,
2015.
Net Interest Income
Net interest income for the second quarter of 2015 totaled
$12.8 million, an increase of
$273,000, or 2%, compared to the
first quarter of 2015, and a decrease of $337,000, or 3%, compared to the second quarter
of 2014. The Company's net interest margin was 4.47% for the
second quarter of 2015, four basis points lower than the first
quarter of 2015 and 17 basis points lower than the second quarter
of 2014. The decrease in the net interest margin in the
second quarter of 2015 compared to the second quarter of 2014 was
primarily the result of lower loan yields and the mix of
interest-earning assets. The decrease in the net interest
margin in the second quarter of 2015 compared to the first quarter
of 2015 was primarily due to higher balances of lower-yielding
other interest-earning assets.
The following table sets forth the Company's average volume and
rate of its interest-earning assets and interest-bearing
liabilities for the periods indicated. Taxable equivalent
("TE") yields on investment securities are calculated using a
marginal tax rate of 35%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
June 30,
2015
|
|
|
March 31,
2015
|
|
|
June 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
|
$
|
739,432
|
5.14
|
%
|
|
$
|
727,162
|
5.18
|
%
|
|
$
|
654,859
|
5.41
|
%
|
|
Acquired
loans
|
|
176,442
|
6.89
|
|
|
191,947
|
6.23
|
|
|
243,264
|
6.55
|
|
Investment securities
(TE)
|
|
187,682
|
2.13
|
|
|
184,331
|
2.18
|
|
|
191,732
|
2.22
|
|
Other interest-earning
assets
|
|
40,888
|
0.64
|
|
|
15,044
|
0.91
|
|
|
40,828
|
0.46
|
|
Total interest-earning
assets
|
|
1,144,444
|
4.75
|
|
|
1,118,484
|
4.81
|
|
|
1,130,683
|
4.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
570,914
|
0.22
|
|
|
523,535
|
0.23
|
|
|
493,892
|
0.23
|
|
Certificates of
deposit
|
|
213,029
|
0.72
|
|
|
219,066
|
0.73
|
|
|
241,107
|
0.70
|
|
Total interest-bearing
deposits
|
|
783,943
|
0.36
|
|
|
742,601
|
0.37
|
|
|
734,999
|
0.38
|
|
Securities sold under
repurchase agreements
|
|
20,128
|
0.37
|
|
|
20,295
|
0.37
|
|
|
20,819
|
0.36
|
|
FHLB
advances
|
|
19,125
|
2.17
|
|
|
35,441
|
1.23
|
|
|
96,169
|
0.48
|
|
Total interest-bearing
liabilities
|
$
|
823,196
|
0.40
|
|
$
|
798,337
|
0.41
|
|
$
|
851,987
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.35
|
%
|
|
|
|
4.40
|
%
|
|
|
|
4.55
|
%
|
|
Net interest margin
(TE)
|
|
|
4.47
|
%
|
|
|
|
4.51
|
%
|
|
|
|
4.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the second quarter of 2015 totaled
$2.0 million, a decrease of
$40,000, or 2%, compared to the first
quarter of 2015 and a decrease of $213,000, or 10%, compared to the second quarter
of 2014. The decrease in noninterest income in the second
quarter of 2015 compared to the first quarter of 2015 resulted
primarily from decreases in gains on the sale of mortgage loans
(down $105,000) and other income
(down $61,000), which were partially
offset by increases in bank card fees (up $72,000) and service fees and charges (up
$62,000).
The decrease in noninterest income in the second quarter of 2015
compared to the second quarter of 2014 resulted primarily from
decreases in gains on the sale of mortgage loans (down $171,000) and other income (down $98,000), which were partially offset by
increases in bank card fees (up $69,000).
Noninterest Expense
Noninterest expense for the second quarter of 2015 totaled
$10.2 million, an increase of
$509,000, or 5%, compared to the
first quarter of 2015 and a decrease of $142,000, or 1%, compared to the second quarter
of 2014. Noninterest expense for the second quarter of 2015
includes $256,000 of merger expenses
related to the pending acquisition of LABC and the second quarter
of 2014 includes $331,000 of merger
expenses related to the acquisition of Britton &
Koontz.
The increase in noninterest expense in the second quarter of
2015 compared to the first quarter of 2015 resulted primarily from
increases in compensation and benefits (up $302,000) and professional fees (up $237,000). Excluding merger-related expenses,
noninterest expense for the second quarter of 2015 totaled
$10.0 million, an increase of
$253,000, or 3%, compared to the
first quarter of 2015.
The decrease in noninterest expense for the second quarter of
2015 compared to the second quarter of 2014 resulted primarily from
decreases in other expenses (down $314,000), data processing and communications
(down $145,000), marketing and
advertising (down $132,000), forms
printing and supplies (down $68,000)
and expenses on foreclosed assets (down $59,000), which were partially offset by higher
compensation and benefits (up $350,000) and professional fees (up $247,000). Excluding merger-related
expenses, noninterest expense for the second quarter of 2015
decreased $67,000, or 1%, compared to
the second quarter of 2014.
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands)
|
|
June 30,
2015
|
|
March 31,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
Reported noninterest
expense
|
$
|
10,228
|
$
|
9,719
|
$
|
10,370
|
Less: Merger-related
expenses
|
|
256
|
|
-
|
|
331
|
Non-GAAP noninterest
expense
|
$
|
9,972
|
$
|
9,719
|
$
|
10,039
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
2,840
|
$
|
2,848
|
$
|
2,753
|
Add: Merger-related
expenses (after tax)
|
|
232
|
|
-
|
|
218
|
Non-GAAP net
income
|
$
|
3,072
|
$
|
2,848
|
$
|
2,971
|
|
|
|
|
|
|
|
Diluted
EPS
|
$
|
0.41
|
$
|
0.41
|
$
|
0.40
|
Less: Merger-related
expenses
|
|
0.03
|
|
-
|
|
0.03
|
Non-GAAP
EPS
|
$
|
0.44
|
$
|
0.41
|
$
|
0.43
|
|
|
|
|
|
|
|
|
This news release contains financial information determined
by methods other than in accordance with generally accepted
accounting principles ("GAAP"). The Company's management uses this
non-GAAP financial information in its analysis of the Company's
performance. In this news release, information is included which
excludes acquired loans and the impact of merger-related
expenses. Management believes the presentation of this
non-GAAP financial information provides useful information that is
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
%
|
|
|
March 31,
|
December
31,
|
|
2015
|
|
2014
|
|
Change
|
|
|
2015
|
2014
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 30,227,762
|
|
$ 56,326,293
|
|
(46)
|
%
|
|
$ 30,175,858
|
$ 29,077,907
|
Interest-bearing
deposits in banks
|
5,526,000
|
|
5,771,000
|
|
(4)
|
|
|
5,526,000
|
5,526,000
|
Investment securities
available for sale, at fair value
|
178,078,713
|
|
179,201,896
|
|
(1)
|
|
|
171,488,522
|
174,800,516
|
Investment securities
held to maturity
|
14,489,250
|
|
10,983,829
|
|
32
|
|
|
13,912,512
|
11,705,470
|
Mortgage loans held
for sale
|
6,696,133
|
|
5,700,222
|
|
18
|
|
|
5,622,509
|
4,516,835
|
Loans, net of
unearned income
|
915,552,159
|
|
907,613,035
|
|
1
|
|
|
922,088,691
|
908,967,871
|
Allowance for loan
losses
|
(8,465,718)
|
|
(7,757,944)
|
|
9
|
|
|
(8,271,676)
|
(7,759,500)
|
Total loans, net of
allowance for loan losses
|
907,086,441
|
|
899,855,091
|
|
1
|
|
|
913,817,015
|
901,208,371
|
Office properties and
equipment, net
|
36,623,001
|
|
37,538,630
|
|
(2)
|
|
|
37,584,386
|
37,964,714
|
Cash surrender value
of bank-owned life insurance
|
19,419,577
|
|
18,930,780
|
|
3
|
|
|
19,295,469
|
19,163,110
|
Accrued interest
receivable and other assets
|
36,659,756
|
|
44,701,554
|
|
(18)
|
|
|
36,433,586
|
37,451,687
|
Total
Assets
|
$
1,234,806,633
|
|
$
1,259,009,295
|
|
(2)
|
|
|
$
1,233,855,857
|
$
1,221,414,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 1,030,971,854
|
|
$ 981,740,632
|
|
5
|
%
|
|
$ 1,026,572,637
|
$ 993,572,593
|
Securities sold under
repurchase agreements
|
20,036,906
|
|
20,710,415
|
|
(3)
|
|
|
20,204,822
|
20,370,892
|
Federal Home Loan
Bank advances
|
19,000,000
|
|
102,531,304
|
|
(82)
|
|
|
25,000,000
|
47,500,000
|
Accrued interest
payable and other liabilities
|
5,895,559
|
|
5,951,204
|
|
(1)
|
|
|
5,296,062
|
5,827,369
|
Total
Liabilities
|
1,075,904,319
|
|
1,110,933,555
|
|
(3)
|
|
|
1,077,073,521
|
1,067,270,854
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common
stock
|
72,181
|
|
89,771
|
|
(20)
|
%
|
|
91,322
|
90,088
|
Additional paid-in
capital
|
74,650,401
|
|
92,667,831
|
|
(19)
|
|
|
94,932,283
|
93,332,108
|
Treasury
stock
|
-
|
|
(28,448,439)
|
|
-
|
|
|
(30,372,933)
|
(28,572,891)
|
Common stock acquired
by benefit plans
|
(4,932,606)
|
|
(5,333,648)
|
|
(8)
|
|
|
(5,023,070)
|
(5,112,340)
|
Retained
earnings
|
87,993,318
|
|
87,915,225
|
|
0
|
|
|
95,449,153
|
93,101,915
|
Accumulated other
comprehensive income
|
1,119,020
|
|
1,185,000
|
|
(6)
|
|
|
1,705,581
|
1,304,876
|
Total
Shareholders' Equity
|
158,902,314
|
|
148,075,740
|
|
7
|
|
|
156,782,336
|
154,143,756
|
Total Liabilities
and Shareholders' Equity
|
$
1,234,806,633
|
|
$
1,259,009,295
|
|
(2)
|
|
|
$
1,233,855,857
|
$
1,221,414,610
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
June
30,
|
|
%
|
|
|
June
30,
|
|
%
|
|
|
2015
|
2014
|
|
Change
|
|
|
2015
|
2014
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 12,620,586
|
$ 12,922,738
|
|
(2)
|
%
|
|
$ 24,981,549
|
$ 24,407,184
|
|
2
|
%
|
Investment
securities
|
902,115
|
970,319
|
|
(7)
|
|
|
1,812,236
|
2,021,166
|
|
(10)
|
|
Other investments and
deposits
|
65,319
|
46,522
|
|
40
|
|
|
99,071
|
77,680
|
|
28
|
|
Total interest
income
|
13,588,020
|
13,939,579
|
|
(3)
|
|
|
26,892,856
|
26,506,030
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
700,657
|
704,051
|
|
(1)
|
%
|
|
1,385,636
|
1,326,616
|
|
4
|
%
|
Securities sold under
repurchase agreements
|
18,634
|
18,634
|
|
-
|
|
|
37,063
|
35,309
|
|
5
|
|
Federal Home Loan
Bank advances
|
103,888
|
115,270
|
|
(10)
|
|
|
213,193
|
231,481
|
|
(8)
|
|
Total interest
expense
|
823,179
|
837,955
|
|
(2)
|
|
|
1,635,892
|
1,593,406
|
|
3
|
|
Net interest
income
|
12,764,841
|
13,101,624
|
|
(3)
|
|
|
25,256,964
|
24,912,624
|
|
1
|
|
Provision for loan
losses
|
294,138
|
810,953
|
|
(64)
|
|
|
832,625
|
955,969
|
|
(13)
|
|
Net interest income
after provision for loan losses
|
12,470,703
|
12,290,671
|
|
1
|
|
|
24,424,339
|
23,956,655
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
954,545
|
976,977
|
|
(2)
|
%
|
|
1,846,664
|
1,773,070
|
|
4
|
%
|
Bank card
fees
|
637,688
|
569,132
|
|
12
|
|
|
1,203,272
|
1,025,116
|
|
17
|
|
Gain on sale of
loans, net
|
267,839
|
438,604
|
|
(39)
|
|
|
641,012
|
600,465
|
|
7
|
|
Income from
bank-owned life insurance
|
124,108
|
115,193
|
|
8
|
|
|
256,467
|
225,834
|
|
14
|
|
Gain on the sale of
securities, net
|
-
|
-
|
|
-
|
|
|
-
|
1,826
|
|
-
|
|
Other
income
|
54,641
|
152,240
|
|
(64)
|
|
|
170,089
|
281,814
|
|
(40)
|
|
Total noninterest
income
|
2,038,821
|
2,252,146
|
|
(10)
|
|
|
4,117,504
|
3,908,125
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
6,062,625
|
5,712,343
|
|
6
|
%
|
|
11,823,412
|
12,507,150
|
|
(6)
|
%
|
Occupancy
|
1,166,929
|
1,191,230
|
|
(2)
|
|
|
2,338,210
|
2,205,560
|
|
6
|
|
Marketing and
advertising
|
112,654
|
244,218
|
|
(54)
|
|
|
222,982
|
451,459
|
|
(51)
|
|
Data processing and
communication
|
915,140
|
1,060,231
|
|
(14)
|
|
|
1,858,472
|
2,432,054
|
|
(24)
|
|
Professional
fees
|
475,235
|
228,392
|
|
108
|
|
|
713,409
|
715,502
|
|
(0)
|
|
Forms, printing and
supplies
|
133,028
|
201,299
|
|
(34)
|
|
|
277,838
|
363,220
|
|
(24)
|
|
Franchise and shares
tax
|
147,272
|
184,385
|
|
(20)
|
|
|
294,544
|
368,771
|
|
(20)
|
|
Regulatory
fees
|
296,942
|
255,662
|
|
16
|
|
|
577,409
|
484,039
|
|
19
|
|
Foreclosed assets,
net
|
259,788
|
319,251
|
|
(19)
|
|
|
495,570
|
681,136
|
|
(27)
|
|
Other
expenses
|
658,715
|
973,156
|
|
(32)
|
|
|
1,345,568
|
1,418,323
|
|
(5)
|
|
Total noninterest
expense
|
10,228,328
|
10,370,167
|
|
(1)
|
|
|
19,947,414
|
21,627,214
|
|
(8)
|
|
Income before income
tax expense
|
4,281,196
|
4,172,650
|
|
3
|
|
|
8,594,429
|
6,237,566
|
|
38
|
|
Income tax
expense
|
1,441,359
|
1,420,025
|
|
2
|
|
|
2,906,828
|
2,051,485
|
|
42
|
|
Net income
|
$
2,839,837
|
$
2,752,625
|
|
3
|
|
|
$
5,687,601
|
$
4,186,081
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.42
|
$
0.42
|
|
-
|
%
|
|
$
0.85
|
$
0.64
|
|
33
|
%
|
Earnings per share -
diluted
|
$
0.41
|
$
0.40
|
|
3
|
|
|
$
0.81
|
$
0.61
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.07
|
$
-
|
|
-
|
%
|
|
$
0.14
|
$
-
|
|
-
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
June
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2015
|
|
2014
|
|
Change
|
|
|
March 31,
2015
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$ 13,588
|
|
$ 13,940
|
|
(3)
|
%
|
|
$
13,305
|
|
|
2
|
%
|
Total interest
expense
|
823
|
|
838
|
|
(2)
|
|
|
813
|
|
|
1
|
|
Net interest
income
|
12,765
|
|
13,102
|
|
(3)
|
|
|
12,492
|
|
|
2
|
|
Provision for loan
losses
|
294
|
|
811
|
|
(64)
|
|
|
538
|
|
|
(45)
|
|
Total noninterest
income
|
2,039
|
|
2,252
|
|
(10)
|
|
|
2,079
|
|
|
(2)
|
|
Total noninterest
expense
|
10,229
|
|
10,371
|
|
(1)
|
|
|
9,720
|
|
|
5
|
|
Income tax
expense
|
1,441
|
|
1,420
|
|
2
|
|
|
1,465
|
|
|
(2)
|
|
Net income
|
$
2,840
|
|
$
2,752
|
|
3
|
|
|
$
2,848
|
|
|
(0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 1,249,232
|
|
$1,246,300
|
|
0
|
%
|
|
$
1,226,220
|
|
|
2
|
%
|
Total
interest-earning assets
|
1,144,444
|
|
1,130,683
|
|
1
|
|
|
1,118,484
|
|
|
2
|
|
Totals
loans
|
915,874
|
|
898,123
|
|
2
|
|
|
919,109
|
|
|
(0)
|
|
Total
interest-bearing deposits
|
783,943
|
|
734,999
|
|
7
|
|
|
742,601
|
|
|
6
|
|
Total
interest-bearing liabilities
|
823,196
|
|
851,987
|
|
(3)
|
|
|
798,337
|
|
|
3
|
|
Total
deposits
|
1,050,195
|
|
982,371
|
|
7
|
|
|
1,011,658
|
|
|
4
|
|
Total shareholders'
equity
|
158,659
|
|
146,807
|
|
8
|
|
|
156,061
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.91
|
%
|
0.88
|
%
|
3
|
%
|
|
0.93
|
%
|
(2)
|
%
|
Return on average
equity
|
7.16
|
|
7.50
|
|
(5)
|
|
|
7.30
|
|
|
(2)
|
|
Efficiency ratio
(2)
|
69.09
|
|
67.54
|
|
2
|
|
|
66.70
|
|
|
4
|
|
Average equity to
average assets
|
12.70
|
|
11.78
|
|
8
|
|
|
12.73
|
|
|
(0)
|
|
Tier 1 leverage
capital ratio(3)
|
12.21
|
|
11.11
|
|
10
|
|
|
11.96
|
|
|
2
|
|
Total risk-based
capital ratio(3)
|
18.10
|
|
17.20
|
|
5
|
|
|
17.74
|
|
|
2
|
|
Net interest margin
(4)
|
4.47
|
|
4.64
|
|
(4)
|
|
|
4.51
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$ 0.42
|
|
$ 0.42
|
|
-
|
%
|
|
$
0.43
|
|
|
(2)
|
%
|
Diluted earnings per
share
|
0.41
|
|
0.40
|
|
3
|
|
|
0.41
|
|
|
-
|
|
Book value at period
end
|
22.01
|
|
20.86
|
|
6
|
|
|
21.89
|
|
|
1
|
|
Tangible book value
at period end
|
21.47
|
|
20.20
|
|
6
|
|
|
21.32
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,218,009
|
|
7,097,270
|
|
2
|
%
|
|
7,163,649
|
|
|
1
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,694,751
|
|
6,532,620
|
|
3
|
%
|
|
6,633,544
|
|
|
1
|
%
|
Diluted
|
6,974,249
|
|
6,903,323
|
|
1
|
|
|
6,962,340
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
With the exception of
end-of-period ratios, all ratios are based on average monthly
balances during the respective periods.
|
|
|
(2)
|
The efficiency ratio
represents noninterest expense as a percentage of total
revenues. Total revenues is the sum of net interest income
and noninterest income.
|
|
|
(3)
|
Capital ratios are
end of period ratios for the Bank only.
|
|
|
(4)
|
Net interest margin
represents net interest income as a percentage of average
interest-earning assets. Taxable equivalent yields are
calculated using a marginal tax rate of 35%.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
|
|
March 31,
2015
|
|
|
June 30,
2014
|
|
|
Acquired
|
|
Originated
|
|
Total
|
|
|
Acquired
|
|
Originated
|
|
Total
|
|
|
Acquired
|
|
Originated
|
|
Total
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 9,242
|
|
$ 2,817
|
|
$ 12,059
|
|
|
$ 14,703
|
|
$ 2,752
|
|
$ 17,455
|
|
|
$ 14,996
|
|
$ 4,602
|
|
$ 19,598
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
9,242
|
|
2,817
|
|
12,059
|
|
|
14,703
|
|
2,752
|
|
17,455
|
|
|
14,996
|
|
4,602
|
|
19,598
|
|
Foreclosed
assets
|
4,372
|
|
1,832
|
|
6,204
|
|
|
2,991
|
|
1,886
|
|
4,877
|
|
|
6,916
|
|
16
|
|
6,932
|
|
Total nonperforming
assets
|
13,614
|
|
4,649
|
|
18,263
|
|
|
17,694
|
|
4,638
|
|
22,332
|
|
|
21,912
|
|
4,618
|
|
26,530
|
|
Performing troubled
debt restructurings
|
501
|
|
686
|
|
1,187
|
|
|
508
|
|
496
|
|
1,004
|
|
|
81
|
|
134
|
|
215
|
|
Total nonperforming
assets and troubled debt
restructurings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
14,115
|
|
$
5,335
|
|
$
19,450
|
|
|
$
18,202
|
|
$
5,134
|
|
$
23,336
|
|
|
$
21,993
|
|
$
4,752
|
|
$
26,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
1.48
|
%
|
|
|
|
|
|
1.81
|
%
|
|
|
|
|
|
2.11
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
0.98
|
|
|
|
|
|
|
1.41
|
|
|
|
|
|
|
1.56
|
|
Nonperforming loans
to total loans
|
|
|
|
|
1.32
|
|
|
|
|
|
|
1.89
|
|
|
|
|
|
|
2.16
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
46.35
|
|
|
|
|
|
|
37.04
|
|
|
|
|
|
|
29.24
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
70.20
|
|
|
|
|
|
|
47.39
|
|
|
|
|
|
|
39.58
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.92
|
|
|
|
|
|
|
0.90
|
|
|
|
|
|
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$ 233
|
|
|
|
|
|
|
$ 59
|
|
|
|
|
|
|
$197
|
|
Year-to-date loan
recoveries
|
|
|
|
|
107
|
|
|
|
|
|
|
33
|
|
|
|
|
|
|
81
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
126
|
|
|
|
|
|
|
$
26
|
|
|
|
|
|
|
$
116
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
0.01
|
%
|
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Nonperforming loans
consist of nonaccruing loans and accruing loans 90 days or more
past due. Nonperforming assets consist of nonperforming loans
and repossessed assets. It is our policy to cease
accruing interest on loans 90 days or more past due.
Repossessed assets consist of assets acquired through foreclosure
or acceptance of title in-lieu of foreclosure.
|
|
|
(2)
|
Asset quality
information includes certain assets covered under FDIC loss sharing
agreements. Such assets covered by FDIC loss sharing agreements are
included in "Acquired" assets.
|
Logo -
http://photos.prnewswire.com/prnh/20130429/MM04092LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-bancorp-reports-2015-second-quarter-results-and-increases-its-quarterly-dividend-300119377.html
SOURCE Home Bancorp, Inc.