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Home Bancorp Announces 2016 Fourth Quarter And Annual Results And Increases Its Quarterly Dividend

LAFAYETTE, La., Jan. 24, 2017 /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 $4.3 million for the fourth quarter of 2016, a decrease of $78,000, or 2%, compared to the third quarter of 2016 and an increase of $319,000, or 8%, compared to the fourth quarter of 2015. The fourth quarter of 2015 included merger-related expenses, net of taxes, totaling $407,000, related to the acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp").  Excluding merger-related expenses, fourth quarter 2016 net income was down 2% compared to the same quarter last year. 

Diluted earnings per share were $0.60 for the fourth quarter of 2016, a decrease of $0.01, or 2%, from the third quarter of 2016 and an increase of $0.04, or 7%, compared to the fourth quarter of 2015.  Excluding merger-related expenses, fourth quarter 2016 diluted earnings per share were down $0.02 compared to the same quarter last year.    

Net income for the year ended December 31, 2016 was a record $16.0 million, an increase of $3.5 million, or 28%, compared to 2015.  Excluding merger-related expenses, net of taxes, of $560,000 and $1.2 million incurred during 2016 and 2015, respectively, and a gain on the sale of a banking center totaling $416,000, net of taxes, in 2016, net income for 2016 was $16.2 million, an increase of 18% compared to 2015.

Diluted earnings per share for 2016 were a record $2.25, an increase of 26% compared to $1.79 in 2015.  Excluding merger-related expenses and the banking center gain, 2016 diluted earnings per share were $2.27, an increase of 16% compared to 2015. 

"Though we faced a challenging economic environment in a few of our markets," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "2016 was a record year from an earnings perspective.  We owe that success to our dedicated employees and loyal customers."

"Excluding pay downs in acquired loan portfolios," continued Bordelon, "organic loan growth during the year was 12%."   

The Company also announced that its Board of Directors increased its quarterly cash dividend by $0.01 to $0.13 per share payable on February 17, 2017, to shareholders of record as of February 6, 2017.

Loans and Credit Quality

Loans totaled $1.2 billion at December 31, 2016, a decrease of $5.5 million, or 0.4%, from September 30, 2016, and an increase of $3.5 million, or 0.3%, from December 31, 2015. Organic loan growth during 2016 totaled $94.1 million, or 12%.  Much of the organic loan growth has been offset by paydowns in acquired mortgage loans.  Loan declines during the fourth quarter of 2016 related primarily to one- to four-family first mortgage (down $11.2 million) and home equity loans (down $4.5 million), which were partially offset by increases in construction and land loans (up $5.9 million) and commercial real estate loans (up $5.1 million). 

The following table sets forth the composition of the Company's loan portfolio as of the dates indicated. 










December 31,


December 31,


Increase/(Decrease)


(dollars in thousands)


2016


2015


Amount

Percent


Real estate loans:









     One- to four-family first mortgage

$

341,883

$

371,238

$

(29,355)

(8)

%

     Home equity loans and lines


88,821


94,060


(5,239)

(6)


     Commercial real estate


427,515


405,379


22,136

5


     Construction and land


141,167


136,803


4,364

3


     Multi-family residential


46,369


43,863


2,506

6


        Total real estate loans


1,045,755


1,051,343


(5,588)

(1)


Other loans:









     Commercial and industrial


139,810


125,108


14,702

12


     Consumer


42,268


47,915


(5,647)

(12)


        Total other loans


182,078


173,023


9,055

5


        Total loans

$

1,227,833

$

1,224,366

$

3,467

-

%

 

Nonperforming assets ("NPAs"), excluding purchased credit impaired ("PCI") loans,  totaled $16.6 million at December 31, 2016, a decrease of $4.5 million, or 21%, compared to September 30, 2016 and an increase of $5.3 million, or 46%, compared to December 31, 2015.  The decrease in NPAs at year-end 2016 was primarily the result of payoffs on certain loans placed on nonaccrual in the second quarter of 2016.  The ratio of total NPAs to total assets was 1.07% at December 31, 2016, compared to 1.37% at September 30, 2016 and 0.73% at December 31, 2015.    

The Company recorded net loan charge-offs of $182,000 during the fourth quarter of 2016, compared to net loan charge-offs of $54,000 in the third quarter of 2016 and the fourth quarter of 2015.  The Company's provision for loan losses for the fourth quarter of 2016 was $500,000, compared to $800,000 for the third quarter of 2016 and $670,000 for the fourth quarter of 2015. 

The ratio of the allowance for loan losses to total loans was 1.02% at December 31, 2016, compared to 0.99% and 0.78% at September 30, 2016 and December 31, 2015, respectively.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.38% at December 31, 2016, compared to 1.36% and 1.15% at September 30, 2016 and December 31, 2015, respectively.   

Direct Energy Exposure

The outstanding balance of direct loans to borrowers in the energy sector totaled $34.0 million, or 3% of total outstanding loans, at December 31, 2016.  We also had unfunded loan commitments to customers in the energy sector amounting to $6.7 million at such date.    At December 31, 2016, loans constituting 93% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements.  Of the remaining 7%, $571,000 had been restructured and were paying in accordance with the restructured terms as of December 31, 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 December 31, 2016. 

 

(dollars in thousands)


Total

Percent


Real estate loans:





    Commercial real estate

$

12,885

38

%

    Construction and land


376

1


             Total real estate loans


13,261

39


    Commercial and industrial:





           Equipment


5,676

17


           Marine vessels          


6,147

18


           Accounts receivable                


6,042

18


           Unsecured


1,531

4


           Other


1,321

4


              Total commercial and industrial loans


20,717

61


                  Total energy-related loans

$

33,978

100

%






The allowance for loan losses attributable to direct energy-related loans totaled 3.35% of the outstanding balance of energy-related loans at December 31, 2016.  Over the past 24 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 1.38% at December 31, 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 $197.1 million at December 31, 2016, an increase of $12.7 million, or 7%, from September 30, 2016, and an increase of $6.4 million, or 3%, from December 31, 2015. 

At December 31, 2016, the Company had a net unrealized gain position on its investment securities portfolio of $18,000, compared to net unrealized gains of $2.5 million and $1.3 million at September 30, 2016 and December 31, 2015, respectively.  The Company's investment securities portfolio had a modified duration of 3.6 years at December 31, 2016, compared to 3.0 and 3.3 years at September 30, 2016 and December 31, 2015, respectively.  

Deposits

Total deposits were $1.2 billion at December 31, 2016, an increase of $27.2 million, or 2%, from September 30, 2016, and an increase of $3.9 million, or 0.3%, from December 31, 2015. 

The following table sets forth the composition of the Company's deposits at the dates indicated.










December 31,


December 31,


Increase / (Decrease)


(dollars in thousands)


2016


2015


Amount

Percent


Demand deposit

$

296,519

$

296,617

$

(98)

-

%

Savings


109,414


109,393


21

-


Money market


264,784


293,637


(28,853)

(10)


NOW


305,092


267,707


37,385

14


Certificates of deposit


272,263


276,863


(4,600)

(2)


        Total deposits

$

1,248,072

$

1,244,217

$

3,855

-

%










 

Net Interest Income

Net interest income for the fourth quarter of 2016 totaled $15.6 million, an increase of $63,000, or 0.4%, compared to the third quarter of 2016, and a decrease of $155,000, or 1%, compared to the fourth quarter of 2015.  The Company's net interest margin was 4.30% for the fourth quarter of 2016, two basis points lower than the third quarter of 2016 and six basis points lower than the fourth quarter of 2015.  The decrease in the net interest margin in the fourth quarter 2016 compared to the third quarter 2016 was due primarily to changes in our interest-earning asset mix and a slight increase in funding cost.  The decrease in the net interest margin in the fourth quarter 2016 compared to the fourth quarter 2015 was due primarily to lower average 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 35%.
















For the Three Months Ended



December 31, 2016



September 30, 2016



December 31, 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

$

881,047

4.97

%

$

856,706

4.98

%

$

784,664

5.10

%

   Acquired loans


344,826

5.56



369,841

5.39



431,580

5.38


        Total loan receivable


1,225,873

5.13



1,226,547

5.11



1,216,244

5.20


Investment securities (TE)


186,112

2.06



184,249

2.13



195,250

2.23


Other interest-earning assets


27,118

1.18



15,410

1.78



21,649

0.92


Total interest-earning assets


1,439,103

4.66



1,426,206

4.69



1,433,143

4.73















Interest-bearing liabilities:













Deposits:













Savings, checking, and money market


674,438

0.24



666,585

0.23



658,882

0.24


Certificates of deposit


265,614

0.80



264,534

0.79



285,473

0.77


Total interest-bearing deposits


940,052

0.40



931,119

0.39



944,355

0.40


FHLB advances


121,325

1.26



128,033

1.23



138,045

1.09


Total interest-bearing liabilities

$

1,061,377

0.50


$

1,059,152

0.49


$

1,082,400

0.49















Net interest spread (TE)



4.16

%



4.20

%



4.24

%

Net interest margin (TE)



4.30

%



4.32

%



4.36

%


















 

Noninterest Income

Noninterest income for the fourth quarter of 2016 totaled $2.6 million, an increase of $113,000, or 4%, compared to the third quarter of 2016 and an increase of $173,000, or 7%, compared to the fourth quarter of 2015.  The increase in noninterest income for the comparative periods resulted primarily from an increase in gains on the sale of mortgage loans (up $146,000 in the fourth quarter of 2016 compared to the third quarter of 2016 and up $156,000 in the fourth quarter 2016 compared to the fourth quarter 2015).

Noninterest Expense

Noninterest expense for the fourth quarter of 2016 totaled $12.0 million, an increase of $1.3 million, or 12%, compared to the third quarter of 2016 and an increase of $405,000, or 4%, compared to the fourth quarter of 2015. Noninterest expense for the fourth quarter of 2015 includes $563,000 of merger-related expenses related to the acquisition of Louisiana Bancorp. 

The increase in noninterest expense in the fourth quarter of 2016 compared to the third quarter of 2016 resulted primarily from higher foreclosed assets expenses (up $658,000 resulting from the absence of a $560,000 gain on the sale of foreclosed assets recorded during the third quarter of 2016), other expenses (up $446,000 due primarily to a $344,000 increase in deposit and debit card fraud) and marketing and advertising expenses (up $220,000).    

The increase in noninterest expense for the fourth quarter of 2016 compared to the fourth quarter of 2015 resulted primarily from increases in other expenses (up $359,000) and marketing and advertising expenses (up $279,000), which were partially offset by decreases in professional services expense (down $208,000).

Income Tax Expense

The effective tax rate recorded during the fourth quarter of 2016 was 25.8%, which was lower than the effective tax rate recorded in the comparative periods.  The lower effective tax rate resulted from our adoption of ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU simplified several aspects of share-based payment transactions, including the income tax consequences.  Excess tax benefits and tax deficiencies are now recognized as income tax expense or benefit in the income statement in the period exercise or vesting occurs, whereas they were previously recognized as adjustments to additional paid-in capital.  The adoption of ASU No. 2016-09 reduced income tax expense in the fourth quarter by $524,000.

Non-GAAP Reconciliation 














For the Three Months Ended


(dollars in thousands, except earnings per share data)


December 31,

2016



September 30,

2016



December 31,

2015


Reported noninterest expense

$

11,957


$

10,643


$

11,553


Less: Merger-related expenses


-



-



563


Non-GAAP noninterest expense

$

11,957


$

10,643


$

10,990












Reported net income

$

4,282


$

4,360


$

3,963


Add: Merger-related expenses, net tax


-



-



407


Non-GAAP net income

$

4,282


$

4,360


$

4,370












Diluted EPS

$

0.60


$

0.61


$

0.56


Add: Merger-related expenses


-



-



0.06


Non-GAAP diluted EPS

$

0.60


$

0.61


$

0.62












Reported net income

$

4,282


$

4,360


$

3,963


Add: Amortization CDI, net tax


126



127



143


Non-GAAP tangible income

$

4,408


$

4,487


$

4,106












Total Assets

$

1,556,732


$

1,549,542


$

1,551,912


Less: Intangibles


12,762



12,956



15,305


Non-GAAP tangible assets

$

1,543,970


$

1,536,586


$

1,536,607












Total shareholders' equity

$

179,843


$

177,362


$

165,046


Less: Intangibles


12,762



12,956



15,305


Non-GAAP tangible shareholders' equity

$

167,081


$

164,406


$

149,741












Common equity ratio


11.55

%


11.45

%


10.64

%

Less: Intangibles


0.73



0.75



0.90


Non-GAAP tangible common equity ratio


10.82

%


10.70

%


9.74

%











Return on average equity


9.58

%


9.91

%


9.66

%

Add: Intangibles


1.04



1.13



1.46


Non-GAAP return tangible equity


10.62

%


11.04

%


11.12

%











Book value per share

$

24.47


$

24.22


$

22.80


Less: Intangibles


1.74



1.77



2.12


Non-GAAP tangible book value per share

$

22.73


$

22.45


$

20.68


 









Year Ended


(dollars in thousands, except earnings per share data)


December 31, 2016



December 31, 2015


Reported noninterest expense

$

46,797


$

42,022


Less: Merger-related expenses


856



1,411


Non-GAAP noninterest expense

$

45,941


$

40,611









Reported noninterest income

$

11,157


$

8,770


Less: Gain on sale of assets


641



-


Non-GAAP noninterest income

$

10,516


$

8,770









Reported net income

$

16,008


$

12,550


Less: Gain on sale of assets, net tax


416



-


Add: Merger-related expenses, net tax


560



1,166


Non-GAAP net income

$

16,152


$

13,716









Diluted EPS

$

2.25


$

1.79


Less: Gain on sale of assets


0.06



-


Add: Merger-related expenses


0.08



0.17


Non-GAAP diluted EPS

$

2.27


$

1.96









Reported net income

$

16,008


$

12,550


Add: Amortization CDI, net tax


520



483


Non-GAAP tangible income

$

16,528


$

13,033









Total Assets

$

1,556,732


$

1,551,912


Less: Intangibles


12,762



15,305


Non-GAAP tangible assets

$

1,543,970


$

1,536,607









Total shareholders' equity

$

179,843


$

165,046


Less: Intangibles


12,762



15,305


Non-GAAP tangible shareholders' equity

$

167,081


$

149,741


 

Common equity ratio


11.55

%


10.64

%

Less: Intangibles


0.73



0.90


Non-GAAP tangible common equity ratio


10.82

%


9.74

%








Return on average equity


9.19

%


7.83

%

Add: Intangibles


1.13



0.70


Non-GAAP return average tangible equity


10.32

%


8.53

%

 

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




















December 31,


December 31,


%



September 30,


2016


2015


Change



2016

Assets









Cash and cash equivalents

$     29,314,741


$         24,797,599


18

%


$     23,953,080

Interest-bearing deposits in banks

1,884,000


5,143,585


(63)



2,129,000

Investment securities available for sale, at fair value

183,729,857


176,762,200


4



170,992,673

Investment securities held to maturity

13,365,479


13,926,861


(4)



13,448,484

Mortgage loans held for sale

4,156,186


5,651,250


(27)



10,643,389

Loans, net of unearned income

1,227,833,309


1,224,365,916


-



1,233,369,734

Allowance for loan losses

(12,510,708)


(9,547,487)


31



(12,193,181)

     Total loans, net of allowance for loan losses

1,215,322,601


1,214,818,429


-



1,221,176,553

Office properties and equipment, net

39,566,639


40,815,744


(3)



39,359,536

Cash surrender value of bank-owned life insurance

20,149,553


19,666,900


3



20,028,198

Accrued interest receivable and other assets

49,242,977


50,329,032


(2)



47,810,976

Total Assets

$ 1,556,732,033


$     1,551,911,600


-



$ 1,549,541,889



















Liabilities









Deposits

$ 1,248,072,453


$     1,244,216,516


-

%


$ 1,220,830,228

Federal Home Loan Bank advances

118,533,173


125,152,598


(5)



138,829,490

Accrued interest payable and other liabilities

10,283,383


17,496,132


(41)



12,520,553

Total Liabilities

1,376,889,009


1,386,865,246


(1)



1,372,180,271










Shareholders' Equity









Common stock

73,502


72,399


2

%


73,219

Additional paid-in capital

79,425,604


76,948,914


3



78,853,758

Common stock acquired by benefit plans

(4,315,223)


(4,711,260)


(8)



(4,426,601)

Retained earnings 

104,647,375


91,864,543


14



101,257,222

Accumulated other comprehensive income 

11,766


871,758


(99)



1,604,020

Total Shareholders' Equity

179,843,024


165,046,354


9



177,361,618

Total Liabilities and Shareholders' Equity

$ 1,556,732,033


$     1,551,911,600


-



$ 1,549,541,889

 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME


























 For The Three Months Ended 





 For the Year Ended 





 December 31, 

%



 December 31, 


%



2016

2015


Change



2016

2015


Change


Interest Income












Loans, including fees

$ 15,971,349

$ 16,049,010


(1)

%


$ 63,731,508

$ 54,466,025


17

%

Investment securities

870,457

992,658


(12)



3,676,582

3,743,983


(2)


Other investments and deposits

80,775

49,961


62



276,224

199,646


38


Total interest income

16,922,581

17,091,629


(1)



67,684,314

58,409,654


16














Interest Expense












Deposits

937,483

957,044


(2)

%


3,701,244

3,072,725


20

%

Securities sold under repurchase agreements

-

-


-



-

39,126


(100)


Federal Home Loan Bank advances

383,194

378,127


1



1,567,127

753,542


108


Total interest expense

1,320,677

1,335,171


(1)



5,268,371

3,865,393


36


Net interest income

15,601,904

15,756,458


(1)



62,415,943

54,544,261


14


Provision for loan losses

500,000

669,604


(25)



3,200,000

2,070,894


55


Net interest income after provision for loan losses

15,101,904

15,086,854


0



59,215,943

52,473,367


13














Noninterest Income












Service fees and charges

977,049

1,063,195


(8)

%


4,060,906

3,937,797


3

%

Bank card fees

666,769

590,388


13



2,603,075

2,413,459


8


Gain on sale of loans, net

564,434

408,329


38



1,770,249

1,527,721


16


Income from bank-owned life insurance

121,355

123,380


(2)



482,653

503,790


(4)


Gain on the sale of securities, net

-

4,227


(100)



-

7,279


(100)


Gain (loss) on the sale of assets, net

(45,057)

1,159


(3,988)



595,523

(491,109)


221


Other income

343,144

264,204


30



1,644,758

870,582


89


Total noninterest income

2,627,694

2,454,882


7



11,157,164

8,769,519


27














Noninterest Expense












Compensation and benefits

6,788,326

6,944,659


(2)

%


27,633,636

25,035,862


10

%

Occupancy

1,315,614

1,319,542


(0)



5,254,889

4,875,945


8


Marketing and advertising

413,437

134,162


208



1,062,935

486,341


119


Data processing and communication

1,142,859

1,211,982


(6)



4,967,028

4,044,553


23


Professional fees

185,616

393,598


(53)



983,445

1,755,286


(44)


Forms, printing and supplies

135,701

188,515


(28)



623,495

596,748


4


Franchise and shares tax

161,456

200,046


(19)



820,774

650,461


26


Regulatory fees

345,818

271,091


28



1,317,015

1,122,254


17


Foreclosed assets, net

186,049

(34,525)


639



139,578

443,228


(69)


Other expenses

1,282,621

923,833


39



3,994,022

3,011,748


33


Total noninterest expense

11,957,497

11,552,903


4



46,796,817

42,022,426


11


Income before income tax expense

5,772,101

5,988,833


(4)



23,576,290

19,220,460


23


Income tax expense

1,490,047

2,025,942


(27)



7,567,954

6,670,559


13


Net income

$  4,282,054

$  3,962,891


8



$ 16,008,336

$ 12,549,901


28














Earnings per share - basic

$           0.62

$           0.59


5

%


$             2.34

$            1.87


25

%

Earnings per share - diluted

$           0.60

$           0.56


7



$             2.25

$            1.79


26














Cash dividends declared per common share

$           0.12

$           0.08


50

%


$             0.41

$            0.30


37

%

 

HOME BANCORP, INC. AND SUBSIDIARY


SUMMARY FINANCIAL INFORMATION































 For The Three Months Ended 





 For The Three  







 December 31, 


%



 Months Ended 



%




2016


2015


 Change 



 September 30, 2016 



 Change 



(dollars in thousands except per share data)














EARNINGS DATA














Total interest income

$     16,923


$     17,092


(1)

%


$                   16,847



-

%


Total interest expense

1,321


1,335


(1)



1,308



1



Net interest income

15,602


15,757


(1)



15,539



-



Provision for loan losses

500


670


(25)



800



(38)



Total noninterest income

2,628


2,455


7



2,515



5



Total noninterest expense

11,957


11,553


4



10,643



12



Income tax expense

1,491


2,026


(26)



2,251



(34)



Net income

$       4,282


$       3,963


8



$                     4,360



(2)

















AVERAGE BALANCE SHEET DATA














Total assets

$ 1,545,831


$ 1,552,392


-

%


$               1,533,164



1

%


Total interest-earning assets

1,439,103


1,433,143


-



1,426,206



1



Totals loans

1,225,873


1,216,244


1



1,226,547



-



Total interest-bearing deposits

940,052


944,355


(1)



931,119



1



Total interest-bearing liabilities

1,061,377


1,082,400


(2)



1,059,152



-



Total deposits

1,235,471


1,232,109


-



1,222,232



1



Total shareholders' equity

178,808


164,100


9



175,980



2

















SELECTED RATIOS (1)














Return on average assets

1.11

%

1.02

%

9

%


1.14

%


(3)

%


Return on average equity

9.58


9.66


(1)



9.91



(3)



Return on average tangible common equity(2) 

10.62


11.12


(5)



11.04



(4)



Common equity ratio

11.55


10.64


9



11.45



1



Tangible common equity ratio(3)

10.82


9.74


11



10.70



1



Efficiency ratio (4)

65.59


63.44


3



58.95



11



Average equity to average assets

11.57


10.57


10



11.48



1



Tier 1 leverage capital ratio(5) 

9.94


8.74


14



9.73



2



Total risk-based capital ratio(5) 

13.96


12.43


12



13.55



3



Net interest margin (6)

4.30


4.36


(1)



4.32



(1)































PER SHARE DATA














Basic earnings per share

$        0.62


$        0.59


5

%


$                      0.63



(2)

%


Diluted earnings per share

0.60


0.56


7



0.61



(2)



Book value at period end

24.47


22.80


7



24.22



1



Tangible book value at period end

22.73


20.68


10



22.45



1

















PER SHARE DATA














Shares outstanding at period end

7,350,102


7,239,821


2

%


7,321,837



-

%


Weighted average shares outstanding














   Basic

6,897,135


6,760,307


2

%


6,871,727



-

%


   Diluted

7,165,278


7,045,275


2



7,123,727



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


















































December 31, 2016


September 30, 2016


December 31, 2015




Acquired

Originated

Total


Acquired

Originated

Total


Acquired

Originated

Total



(dollars in thousands)























CREDIT QUALITY(1) 























Nonaccrual loans

$ 1,463


$ 12,290


$ 13,753



$ 1,457


$ 17,155


$ 18,612



$ 2,604


$ 5,651


$  8,255




Accruing loans past due 90 days and over

-


-


-



-


-


-



-


-


-




Total nonperforming loans

1,463


12,290


13,753



1,457


17,155


18,612



2,604


5,651


8,255




Foreclosed assets

2,171


722


2,893



2,139


412


2,551



3,012


116


3,128




Total nonperforming assets

3,634


13,012


16,646



3,596


17,567


21,163



5,616


5,767


11,383




Performing troubled debt restructurings

519


1,270


1,789



522


927


1,449



492


798


1,290




Total nonperforming assets and troubled 























debt restructurings

$ 4,153


$ 14,282


$ 18,435



$ 4,118


$ 18,494


$ 22,612



$ 6,108


$ 6,565


$ 12,673



























Nonperforming assets to total assets





1.07

%






1.37

%






0.73

%



Nonperforming loans to total assets 





0.88







1.20







0.53




Nonperforming loans to total loans 





1.12







1.51







0.67




Allowance for loan losses to nonperforming assets





75.16







57.62







83.88




Allowance for loan losses to nonperforming loans





90.97







65.51







115.66




Allowance for loan losses to total loans





1.02







0.99







0.78



























Year-to-date loan charge-offs





$     446







$     249







$     562




Year-to-date loan recoveries





209







195







279




Year-to-date net loan charge-offs 





$     237







$       54







$     283




Annualized YTD net loan charge-offs to total loans





0.02

%






-

%






0.02

%








































































(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.




 

SOURCE Home Bancorp, Inc.

For further information: John W. Bordelon, President and CEO (337) 237-1960