(337) 237-1960
LAFAYETTE, La., July 23, 2019 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported results for the second quarter of 2019. Net income for the second quarter of 2019 was $6.6 million, or $0.71 per diluted common share ("EPS"), compared to $7.9 million, or $0.85 EPS, for the first quarter of 2019.
Key performance metrics for the second quarter of 2019 include:
"The Home Bank team is focused on adding value to our customers' financial lives," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "That focus provided loan portfolio growth in the second quarter at an annualized rate of 11% as our customers made significant investments in their businesses."
"Our team opened a new branch and relocated another branch in Baton Rouge to better serve our customers and to expand on the growth opportunities we see in that region," added Bordelon, "These new locations are off to a great start as more businesses and individuals learn of our commitment to helping them prosper."
The Company also announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.21 per share payable on August 16, 2019, to shareholders of record as of August 5, 2019.
Loans and Credit Quality
Loans totaled $1.7 billion at June 30, 2019, an increase of $44.0 million, or 3%, from March 31, 2019. Loan growth for the second quarter, which totaled 11% on an annualized basis, was primarily driven by increases in commercial real estate loans (up $30.5 million), construction and land loans (up $6.6 million) and commercial and industrial loans (up $5.0 million). Commercial real estate loan growth was spread across our Louisiana markets in a variety of industries. Construction and land loans increased primarily due to growth in existing real estate development relationships located in the Baton Rouge and Northshore (of Lake Pontchartrain) markets. Commercial and industrial loan growth was due primarily to increases in agriculture production and farm-related loans in the southwest Acadiana market.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
June 30, | March 31, | Increase/(Decrease) | ||||||
(dollars in thousands) | 2019 | 2019 | Amount | Percent | ||||
Real estate loans: | ||||||||
One- to four-family first mortgage | $ | 442,896 | $ | 441,921 | $ | 975 | - | % |
Home equity loans and lines | 81,794 | 80,598 | 1,196 | 1 | ||||
Commercial real estate | 691,939 | 661,446 | 30,493 | 5 | ||||
Construction and land | 200,153 | 193,541 | 6,612 | 3 | ||||
Multi-family residential | 47,827 | 46,055 | 1,772 | 4 | ||||
Total real estate loans | 1,464,609 | 1,423,561 | 41,048 | 3 | ||||
Other loans: | ||||||||
Commercial and industrial | 179,394 | 174,405 | 4,989 | 3 | ||||
Consumer | 48,945 | 51,002 | (2,057) | (4) | ||||
Total other loans | 228,339 | 225,407 | 2,932 | 1 | ||||
Total loans | $ | 1,692,948 | $ | 1,648,968 | $ | 43,980 | 3 | % |
Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $28.0 million at June 30, 2019, a decrease of $1.1 million, or 4%, compared to March 31, 2019. The ratio of NPAs to total assets was 1.26% at June 30, 2019, compared to 1.32% at March 31, 2019.
The Company recorded net loan charge-offs of $96,000 during the second quarter of 2019, compared to net loan charge-offs of $168,000 for the first quarter of 2019. The Company's provision for loan losses for the second quarter of 2019 was $765,000, compared to $390,000 for the first quarter of 2019. The increase in the provision for loan losses during the second quarter was primarily due to loan growth.
The ratio of the allowance for loan losses to total loans was 1.02% at June 30, 2019, compared to 1.00% at March 31, 2019. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.33% at June 30, 2019, compared to 1.34% at March 31, 2019.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $40.5 million, or 2% of total outstanding loans, at June 30, 2019, compared to $43.0 million, or 3% of total outstanding loans, at March 31, 2019. Unfunded loan commitments to customers in the energy sector totaled $7.3 million at June 30, 2019, compared to $7.4 million at March 31, 2019. At June 30, 2019, loans constituting 94% of the balance of our direct energy-related portfolio were performing in accordance with their original loan agreements. The Company holds no shared national credits.
The allowance for loan losses attributable to originated direct energy-related loans totaled 2.58% of the outstanding balance of originated energy-related portfolio at June 30, 2019, compared to 2.43% at March 31, 2019.
Deposits
Total deposits increased $11.6 million, or 1%, during the second quarter of 2019 to $1.8 billion at June 30, 2019. The following table sets forth the composition of the Company's deposits as of the dates indicated.
June 30, | March 31, | Increase/(Decrease) | ||||||
(dollars in thousands) | 2019 | 2019 | Amount | Percent | ||||
Demand deposits | $ | 449,402 | $ | 442,940 | $ | 6,462 | 1 | % |
Savings | 205,798 | 202,762 | 3,036 | 1 | ||||
Money market | 278,514 | 291,747 | (13,233) | (5) | ||||
NOW | 506,025 | 501,126 | 4,899 | 1 | ||||
Certificates of deposit | 389,430 | 378,973 | 10,457 | 3 | ||||
Total deposits | $ | 1,829,169 | $ | 1,817,548 | $ | 11,621 | 1 | % |
Share Repurchases
The Company repurchased 83,188 shares of its common stock during the second quarter of 2019 at an average price per share of $36.17 under the Company's outstanding share repurchase plan. An additional 118,889 shares remain eligible for purchase under the current repurchase plan. The book value per share and tangible book value per share of the Company's common stock was $33.20 and $26.29, respectively, at June 30, 2019.
Net Interest Income
Net interest income for the second quarter of 2019 totaled $21.9 million, an increase of $153,000, or 1%, compared to the first quarter of 2019. Net interest income increased primarily due to a $614,000, or 3%, increase in loan income, which was partially offset by a $404,000, or 12%, increase in the cost of deposits. The Company's net interest margin was 4.36% for the second quarter of 2019, five basis points lower than the first quarter of 2019, as the cost of deposits outpaced an increase in loan yields.
The following table sets forth the Company's average volume and rate of its interest-earning assets and interest-bearing liabilities for the periods indicated. Taxable equivalent ("TE") yields on investment securities are calculated using a marginal tax rate of 21%.
For the Three Months Ended | ||||||||||||
June 30, 2019 | March 31, 2019 | |||||||||||
(dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||
Interest-earning assets: | ||||||||||||
Loans receivable | ||||||||||||
Originated loans | $ | 1,136,566 | $ | 15,841 | 5.53 | % | $ | 1,106,230 | $ | 14,943 | 5.42 | % |
Acquired loans | 529,275 | 7,971 | 5.99 | 543,396 | 8,255 | 6.11 | ||||||
Total loans receivable | 1,665,841 | 23,812 | 5.68 | 1,649,626 | 23,198 | 5.64 | ||||||
Investment securities (TE) | 271,267 | 1,729 | 2.60 | 272,745 | 1,808 | 2.71 | ||||||
Other interest-earning assets | 55,959 | 380 | 2.72 | 55,550 | 363 | 2.65 | ||||||
Total interest-earning assets | $ | 1,993,067 | $ | 25,921 | 5.18 | % | $ | 1,977,921 | $ | 25,369 | 5.15 | % |
Interest-bearing liabilities: | ||||||||||||
Deposits: | ||||||||||||
Savings, checking, and money market | $ | 985,349 | $ | 2,097 | 0.85 | % | $ | 983,184 | $ | 2,006 | 0.83 | % |
Certificates of deposit | 383,345 | 1,638 | 1.71 | 367,614 | 1,325 | 1.46 | ||||||
Total interest-bearing deposits | 1,368,694 | 3,735 | 1.09 | 1,350,798 | 3,331 | 1.00 | ||||||
Other borrowings | 5,539 | 53 | 3.84 | 5,539 | 53 | 3.89 | ||||||
FHLB advances | 57,182 | 258 | 1.80 | 58,195 | 263 | 1.81 | ||||||
Total interest-bearing liabilities | $ | 1,431,415 | $ | 4,046 | 1.13 | % | $ | 1,414,532 | $ | 3,647 | 1.04 | % |
Net interest spread (TE) | 4.05 | % | 4.11 | % | ||||||||
Net interest margin (TE) | 4.36 | % | 4.41 | % | ||||||||
Noninterest Income
Noninterest income for the second quarter of 2019 totaled $3.0 million, a decrease of $188,000, or 6%, from the first quarter of 2019. Write-downs of three buildings acquired through mergers and two relocating branch locations totaled $347,000 (pre-tax) during the quarter. The decrease in noninterest income was partially offset by an increase in bank card fees.
Noninterest Expense
Noninterest expense for the second quarter of 2019 totaled $16.0 million, an increase of $661,000, or 4%, compared to the first quarter of 2019. The increase primarily resulted from higher compensation and benefits and occupancy expenses. The rise in compensation and benefits (up $515,000, or 6%) was driven primarily by routine annual salary adjustments and elevated employee health care claims. The increase in occupancy expenses (up $402,000, or 25%) was primarily due to $291,000 of costs incurred to terminate lease space acquired through a previous merger.
Income Tax Expense
Income tax expense for the second quarter of 2019 totaled $1.6 million, an increase of $239,000, or 18%, compared to the first quarter of 2019. The Company's effective tax rate was 19.1% for the second quarter of 2019, compared to 14.3% for the first quarter of 2019. The rise in income taxes was due primarily to reduced levels of stock option exercises. During the first quarter of 2019, elevated levels of stock option exercises decreased income tax expense by $514,000. These options were associated with the 2009 stock option plan and were scheduled to expire in May 2019.
Non-GAAP Reconciliation
For the Three Months Ended | |||||||||||
(dollars in thousands, except per share data) | June 30, 2019 | March 31, 2019 | June 30, 2018 | ||||||||
Reported net income | $ | 6,580 | $ | 7,890 | $ | 7,776 | |||||
Add: CDI amortization, net tax | 314 | 324 | 359 | ||||||||
Non-GAAP tangible income | $ | 6,894 | $ | 8,214 | $ | 8,135 | |||||
Total Assets | $ | 2,220,386 | $ | 2,202,675 | $ | 2,159,976 | |||||
Less: Intangible assets | 65,247 | 65,645 | 67,035 | ||||||||
Non-GAAP tangible assets | $ | 2,155,139 | $ | 2,137,030 | $ | 2,092,941 | |||||
Total shareholders' equity | $ | 313,494 | $ | 308,935 | $ | 289,361 | |||||
Less: Intangible assets | 65,247 | 65,645 | 67,035 | ||||||||
Non-GAAP tangible shareholders' equity | $ | 248,247 | $ | 243,290 | $ | 222,326 | |||||
Originated loans | $ | 1,177,630 | $ | 1,108,655 | $ | 987,642 | |||||
Acquired loans | 515,318 | 540,313 | 638,037 | ||||||||
Total loans | $ | 1,692,948 | $ | 1,648,968 | $ | 1,625,679 | |||||
Originated allowance for loan losses | $ | 15,635 | $ | 14,829 | $ | 13,828 | |||||
Acquired allowance for loan losses | 1,604 | 1,741 | 1,145 | ||||||||
Total allowance for loan losses | $ | 17,239 | $ | 16,570 | $ | 14,973 | |||||
Return on average equity | 8.48 | % | 10.45 | % | 10.89 | % | |||||
Add: Average intangible assets | 2.77 | 3.41 | 4.00 | ||||||||
Non-GAAP return on average tangible common equity | 11.25 | % | 13.86 | % | 14.89 | % | |||||
Common equity ratio | 14.12 | % | 14.03 | % | 13.40 | % | |||||
Less: Intangible assets | 2.60 | 2.65 | 2.78 | ||||||||
Non-GAAP tangible common equity ratio | 11.52 | % | 11.38 | % | 10.62 | % | |||||
Book value per share | $ | 33.20 | $ | 32.62 | $ | 30.66 | |||||
Less: Intangible assets | 6.91 | 6.93 | 7.10 | ||||||||
Non-GAAP tangible book value per share | $ | 26.29 | $ | 25.69 | $ | 23.56 | |||||
This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes acquired loans, write down on bank properties, early termination cost for office lease, merger expenses and intangible assets. Management believes the presentation of this non-GAAP financial information provides useful information that is helpful to a full understanding of the Company's financial position and operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP financial information presented by other companies.
This news release contains certain forward‑looking statements. Forward‑looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."
Forward‑looking statements, by their nature, are subject to risks and uncertainties. A number of factors ‑ many of which are beyond our control ‑ could cause actual conditions, events or results to differ significantly from those described in the forward‑looking statements. Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2018, describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for losses on loans, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward‑looking statements speak only as of the date they are made. We do not undertake to update forward‑looking statements to reflect circumstances or events that occur after the date the forward‑looking statements are made or to reflect the occurrence of unanticipated events.
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||
(Unaudited) | |||||||||
June 30, | December 31, | % | June 30, | March 31, | |||||
(dollars in thousands) | 2019 | 2018 | Change | 2018 | 2019 | ||||
Assets | |||||||||
Cash and cash equivalents | $ 71,325 | $ 59,618 | 20 | % | $ 80,489 | $ 103,786 | |||
Interest-bearing deposits in banks | 694 | 939 | (26) | 1,429 | 694 | ||||
Investment securities available for sale, at fair value | 261,626 | 260,131 | 1 | 264,259 | 267,310 | ||||
Investment securities held to maturity | 8,163 | 10,872 | (25) | 12,869 | 9,110 | ||||
Mortgage loans held for sale | 4,501 | 2,086 | 116 | 9,711 | 1,986 | ||||
Loans, net of unearned income | 1,692,948 | 1,649,754 | 3 | 1,625,679 | 1,648,968 | ||||
Allowance for loan losses | (17,239) | (16,348) | 5 | (14,973) | (16,570) | ||||
Total loans, net of allowance for loan losses | 1,675,709 | 1,633,406 | 3 | 1,610,706 | 1,632,398 | ||||
Office properties and equipment, net | 47,698 | 47,124 | 1 | 45,192 | 47,030 | ||||
Cash surrender value of bank-owned life insurance | 39,927 | 29,560 | 35 | 29,228 | 29,725 | ||||
Goodwill and core deposit intangibles | 65,247 | 66,055 | (1) | 67,035 | 65,645 | ||||
Accrued interest receivable and other assets | 45,496 | 43,867 | 4 | 39,058 | 44,991 | ||||
Total Assets | $ 2,220,386 | $ 2,153,658 | 3 | $ 2,159,976 | $ 2,202,675 | ||||
Liabilities | |||||||||
Deposits | $ 1,829,169 | $ 1,773,217 | 3 | % | $ 1,788,545 | $ 1,817,548 | |||
Other borrowings | 5,539 | 5,539 | - | - | 5,539 | ||||
Federal Home Loan Bank advances | 54,615 | 58,698 | (7) | 69,974 | 57,889 | ||||
Accrued interest payable and other liabilities | 17,569 | 12,164 | 44 | 12,096 | 12,764 | ||||
Total Liabilities | 1,906,892 | 1,849,618 | 3 | 1,870,615 | 1,893,740 | ||||
Shareholders' Equity | |||||||||
Common stock | 94 | 95 | (1) | % | 94 | 95 | |||
Additional paid-in capital | 169,233 | 168,243 | 1 | 166,897 | 169,091 | ||||
Common stock acquired by benefit plans | (3,351) | (3,539) | (5) | (3,737) | (3,443) | ||||
Retained earnings | 146,348 | 141,447 | 3 | 129,645 | 143,998 | ||||
Accumulated other comprehensive income | 1,170 | (2,206) | 153 | (3,538) | (806) | ||||
Total Shareholders' Equity | 313,494 | 304,040 | 3 | 289,361 | 308,935 | ||||
Total Liabilities and Shareholders' Equity | $ 2,220,386 | $ 2,153,658 | 3 | $ 2,159,976 | $ 2,202,675 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||
(Unaudited) | |||||||||||
For The Three Months Ended | For the Six Months Ended | ||||||||||
June 30, | % | June 30, | % | ||||||||
(dollars in thousands except per share data) | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||
Interest Income | |||||||||||
Loans, including fees | $ 23,812 | $ 23,527 | 1 | % | $ 47,010 | $ 46,331 | 1 | % | |||
Investment securities | 1,729 | 1,710 | 1 | 3,537 | 3,204 | 10 | |||||
Other investments and deposits | 380 | 338 | 12 | 743 | 765 | (3) | |||||
Total interest income | 25,921 | 25,575 | 1 | 51,290 | 50,300 | 2 | |||||
Interest Expense | |||||||||||
Deposits | 3,735 | 1,927 | 94 | % | 7,066 | 3,829 | 85 | % | |||
Other borrowings expense | 53 | - | - | 106 | - | - | |||||
Federal Home Loan Bank advances | 258 | 312 | (17) | 521 | 630 | (17) | |||||
Total interest expense | 4,046 | 2,239 | 81 | 7,693 | 4,459 | 73 | |||||
Net interest income | 21,875 | 23,336 | (6) | 43,597 | 45,841 | (5) | |||||
Provision for loan losses | 765 | 581 | 32 | 1,155 | 1,545 | (25) | |||||
Net interest income after provision for loan losses | 21,110 | 22,755 | (7) | 42,442 | 44,296 | (4) | |||||
Noninterest Income | |||||||||||
Service fees and charges | 1,413 | 1,520 | (7) | % | 2,880 | 3,174 | (9) | % | |||
Bank card fees | 1,212 | 1,196 | 1 | 2,273 | 2,295 | (1) | |||||
Gain on sale of loans, net | 248 | 201 | 23 | 403 | 408 | (1) | |||||
Income from bank-owned life insurance | 202 | 164 | 23 | 367 | 324 | 13 | |||||
(Loss) gain on the closure or sale of assets, net | (327) | - | - | (328) | 145 | (326) | |||||
Other income | 229 | 264 | (13) | 547 | 481 | 14 | |||||
Total noninterest income | 2,977 | 3,345 | (11) | 6,142 | 6,827 | (10) | |||||
Noninterest Expense | |||||||||||
Compensation and benefits | 9,613 | 9,222 | 4 | % | 18,711 | 18,164 | 3 | % | |||
Occupancy | 2,008 | 1,719 | 17 | 3,614 | 3,394 | 6 | |||||
Marketing and advertising | 308 | 329 | (6) | 579 | 610 | (5) | |||||
Data processing and communication | 1,596 | 2,344 | (32) | 3,018 | 4,023 | (25) | |||||
Professional fees | 218 | 306 | (29) | 457 | 592 | (23) | |||||
Forms, printing and supplies | 181 | 274 | (34) | 342 | 631 | (46) | |||||
Franchise and shares tax | 398 | 363 | 10 | 797 | 729 | 9 | |||||
Regulatory fees | 283 | 343 | (17) | 590 | 722 | (18) | |||||
Foreclosed assets, net | 40 | 87 | (54) | 281 | 190 | 48 | |||||
Amortization of acquisition intangible | 398 | 455 | (13) | 808 | 957 | (16) | |||||
Other expenses | 909 | 880 | 3 | 2,046 | 1,900 | 8 | |||||
Total noninterest expense | 15,952 | 16,322 | (2) | 31,243 | 31,912 | (2) | |||||
Income before income tax expense | 8,135 | 9,778 | (17) | 17,341 | 19,211 | (10) | |||||
Income tax expense | 1,555 | 2,002 | (22) | 2,871 | 3,972 | (28) | |||||
Net income | $ 6,580 | $ 7,776 | (15) | $ 14,470 | $ 15,239 | (5) | |||||
Earnings per share - basic | $ 0.72 | $ 0.85 | (15) | % | $ 1.58 | $ 1.68 | (6) | % | |||
Earnings per share - diluted | $ 0.71 | $ 0.83 | (14) | $ 1.56 | $ 1.64 | (5) | |||||
Cash dividends declared per common share | $ 0.21 | $ 0.17 | 24 | % | $ 0.41 | $ 0.32 | 28 | % | |||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||||
(Unaudited) | ||||||||||||
For The Three Months Ended | For The Three | |||||||||||
June 30, | % | Months Ended | % | |||||||||
2019 | 2018 | Change | March 31, 2019 | Change | ||||||||
(dollars in thousands except per share data) | ||||||||||||
EARNINGS DATA | ||||||||||||
Total interest income | $ 25,921 | $ 25,575 | 1 | % | $ 25,369 | 2 | % | |||||
Total interest expense | 4,046 | 2,239 | 81 | 3,647 | 11 | |||||||
Net interest income | 21,875 | 23,336 | (6) | 21,722 | 1 | |||||||
Provision for loan losses | 765 | 581 | 32 | 390 | 96 | |||||||
Total noninterest income | 2,977 | 3,345 | (11) | 3,165 | (6) | |||||||
Total noninterest expense | 15,952 | 16,322 | (2) | 15,291 | 4 | |||||||
Income tax expense | 1,555 | 2,002 | (22) | 1,316 | 18 | |||||||
Net income | $ 6,580 | $ 7,776 | (15) | $ 7,890 | (17) | |||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||
Total assets | $ 2,190,604 | $ 2,164,664 | 1 | % | $ 2,166,317 | 1 | % | |||||
Total interest-earning assets | 1,993,067 | 1,981,710 | 1 | 1,977,921 | 1 | |||||||
Total loans | 1,665,841 | 1,634,310 | 2 | 1,649,626 | 1 | |||||||
Total interest-bearing deposits | 1,368,694 | 1,347,046 | 2 | 1,350,798 | 1 | |||||||
Total interest-bearing liabilities | 1,431,415 | 1,417,322 | 1 | 1,414,532 | 1 | |||||||
Total deposits | 1,810,377 | 1,804,376 | - | 1,786,181 | 1 | |||||||
Total shareholders' equity | 311,308 | 286,482 | 9 | 306,240 | 2 | |||||||
SELECTED RATIOS (1) | ||||||||||||
Return on average assets | 1.20 | % | 1.44 | % | (16) | % | 1.48 | % | (19) | % | ||
Return on average equity | 8.48 | 10.89 | (22) | 10.45 | (19) | |||||||
Common equity ratio | 14.12 | 13.40 | 5 | 14.03 | 1 | |||||||
Efficiency ratio (2) | 64.19 | 61.17 | 5 | 61.44 | 5 | |||||||
Average equity to average assets | 14.21 | 13.23 | 7 | 14.14 | 1 | |||||||
Tier 1 leverage capital ratio(3) | 11.15 | 10.16 | 10 | 10.93 | 2 | |||||||
Total risk-based capital ratio(3) | 15.75 | 14.52 | 8 | 15.27 | 3 | |||||||
Net interest margin (4) | 4.36 | 4.69 | (7) | 4.41 | (1) | |||||||
SELECTED NON-GAAP RATIOS (1) | ||||||||||||
Tangible common equity ratio(5) | 11.52 | % | 10.62 | % | 8 | % | 11.38 | % | 1 | % | ||
Return on average tangible common equity(6) | 11.25 | 14.89 | (24) | 13.86 | (19) | |||||||
PER SHARE DATA | ||||||||||||
Earnings per share - basic | $ 0.72 | $ 0.85 | (15) | $ 0.86 | (17) | % | ||||||
Earnings per share - diluted | 0.71 | 0.83 | (14) | 0.85 | (17) | |||||||
Book value at period end | 33.20 | 30.66 | 8 | 32.62 | 2 | |||||||
Tangible book value at period end | 26.29 | 23.56 | 12 | 25.69 | 2 | |||||||
Shares outstanding at period end | 9,441,800 | 9,437,654 | - | % | 9,471,857 | - | ||||||
Weighted average shares outstanding | ||||||||||||
Basic | 9,155,074 | 9,047,753 | 1 | % | 9,123,786 | - | % | |||||
Diluted | 9,207,880 | 9,299,360 | (1) | 9,247,851 | - | |||||||
(1) With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods. |
(2) The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income. |
(3) Estimated capital ratios are end of period ratios for the Bank only. |
(4) Net interest margin represents net interest income as a percentage of average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%. |
(5) Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" for additional information. |
(6) Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes, divided by average commonshareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" for additional information. |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
June 30, 2019 | March 31, 2019 | June 30, 2018 | ||||||||||||||||||
Acquired | Originated | Total | Acquired | Originated | Total | Acquired | Originated | Total | ||||||||||||
(dollars in thousands) | ||||||||||||||||||||
CREDIT QUALITY(1) | ||||||||||||||||||||
Nonaccrual loans (2) | $ 10,945 | $ 15,027 | $ 25,972 | $ 11,733 | $ 14,838 | $ 26,571 | $ 3,696 | $ 18,548 | $ 22,244 | |||||||||||
Accruing loans past due 90 days and over | - | - | - | - | - | - | - | - | - | |||||||||||
Total nonperforming loans | 10,945 | 15,027 | 25,972 | 11,733 | 14,838 | 26,571 | 3,696 | 18,548 | 22,244 | |||||||||||
Foreclosed assets | 1,893 | 87 | 1,980 | 2,336 | 145 | 2,481 | 406 | 86 | 492 | |||||||||||
Total nonperforming assets | 12,838 | 15,114 | 27,952 | 14,069 | 14,983 | 29,052 | 4,102 | 18,634 | 22,736 | |||||||||||
Performing troubled debt restructurings | 217 | 1,080 | 1,297 | 219 | 1,131 | 1,350 | 1,054 | 2,717 | 3,771 | |||||||||||
Total nonperforming assets and troubled | ||||||||||||||||||||
debt restructurings | $ 13,055 | $ 16,194 | $ 29,249 | $ 14,288 | $ 16,114 | $ 30,402 | $ 5,156 | $ 21,351 | $ 26,507 | |||||||||||
Nonperforming assets to total assets | 1.26 | % | 1.32 | % | 1.05 | % | ||||||||||||||
Nonperforming loans to total assets | 1.17 | 1.21 | 1.03 | |||||||||||||||||
Nonperforming loans to total loans | 1.53 | 1.61 | 1.37 | |||||||||||||||||
Allowance for loan losses to nonperforming assets | 61.67 | 57.04 | 65.85 | |||||||||||||||||
Allowance for loan losses to nonperforming loans | 66.38 | 62.36 | 67.31 | |||||||||||||||||
Allowance for loan losses to total loans | 1.02 | 1.00 | 0.92 | |||||||||||||||||
Year-to-date loan charge-offs | $ 288 | $ 180 | $ 1,545 | |||||||||||||||||
Year-to-date loan recoveries | 24 | 12 | 166 | |||||||||||||||||
Year-to-date net loan charge-offs | $ 264 | $ 168 | $ 1,379 | |||||||||||||||||
Annualized YTD net loan charge-offs to average loans | 0.03 | % | 0.04 | % | 0.17 | % | ||||||||||||||
(1) Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from nonperforming loans. Nonperforming assets consist of nonperforming loans and repossessed assets. It is our policy to cease accruing interest on loans 90 days or more past due. Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure. |
(2) Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $9.9 million, $9.9 million and $10.4 million at June 30, 2019, March 31, 2019 and June 30, 2018, respectively. Acquired restructured loans placed on nonaccrual totaled $1.9 million, $1.2 million and $949,000 at June 30, 2019, March 31, 2019 and June 30, 2018, respectively. |
SOURCE Home Bancorp, Inc.
