(337) 237-1960
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.
