(337) 237-1960
LAFAYETTE, La., Jan. 27 /PRNewswire-FirstCall/ -- Home Bancorp, Inc. (NASDAQ: HBCP) (the "Company"), the holding company for Home Bank (www.home24bank.com), a Federally chartered savings bank headquartered in Lafayette, Louisiana (the "Bank"), announced net income of $4.7 million for 2009, an increase of $2.0 million, or 72%, compared to 2008. Net income for the fourth quarter of 2009 was $22,000, an increase of $821,000, or 103%, compared to the fourth quarter of 2008.
"During 2009, Home Bank remained focused on growing our commercial loan portfolio and core deposit base," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "I am pleased with the strong growth we achieved in both areas. I am especially pleased we were able to grow commercial loans while maintaining exceptional loan quality."
Baton Rouge Expansion Proceeds
Home Bank began construction on its third full-service branch in Baton Rouge during the third quarter of 2009. The new branch, which is expected to open in March 2010, will serve as the Bank's Baton Rouge headquarters.
"We are very excited about the upcoming opening of our Baton Rouge headquarters location," added Mr. Bordelon. "Our recruiting success over the past two years has allowed us to quickly gain traction in this market. As our new Baton Rouge customers have already discovered, we offer an extraordinary alternative to the large, out-of-state banks that have dominated the area."
Loans
Loans totaled $336.6 million at December 31, 2009, an increase of $1.1 million, or 0.3%, from December 31, 2008, and a decrease of $3.6 million, or 1%, from September 30, 2009. The Company's loan mix continued to change in 2009 as commercial loan balances increased, while one-to four- family mortgage loan balances decreased. The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
December 31, December 31,
(dollars in thousands) 2009 2008
---------------------- ------------ ------------
Real estate loans:
One- to four-family first
mortgage $120,044 $138,173
Home equity loans and lines 24,678 23,127
Commercial real estate 97,513 84,096
Construction and land 35,364 35,399
Multi-family residential 4,089 7,142
------------------------ ----- -----
Total real estate loans 281,688 287,937
----------------------- ------- -------
Other loans:
Commercial 38,340 34,434
Consumer 16,619 13,197
-------- ------ ------
Total other loans 54,959 47,631
----------------- ------ ------
Total loans $336,647 $335,568
=========== ======== ========
Increase (Decrease)
-------- ----------
(dollars in thousands) Amount Percent
---------------------- ------ -------
Real estate loans:
One- to four-family first
mortgage $(18,129) (13)%
Home equity loans and lines 1,551 7
Commercial real estate 13,417 16
Construction and land (35) -
Multi-family residential (3,053) (43)
------------------------ ------ ---
Total real estate loans (6,249) (2)
----------------------- ------ ---
Other loans:
Commercial 3,906 11
Consumer 3,422 26
-------- ----- ---
Total other loans 7,328 15
----------------- ----- ---
Total loans $1,079 -
=========== ====== ===
Commercial real estate loan growth during 2009 was primarily driven by loans on owner-occupied office buildings in the Bank's market areas. Non-real-estate commercial loan growth in 2009 relates primarily to equipment and accounts receivable financing provided to businesses in the Bank's market areas. Consumer loan growth in 2009 relates primarily to mobile home loans. One- to four-family first mortgage loans paid down during the year as customers took advantage of attractive refinance rates. The Company sells the majority of its conforming mortgage loan originations in the secondary market and recognizes the associated fee income rather than assume the interest rate risk associated with these longer term assets.
Net loan charge-offs for 2009 were $119,000, or 0.04%, of average loans, compared to $167,000, or 0.05%, of average loans in 2008. Non-performing assets totaled $1.7 million, or 0.32% of total assets at December 31, 2009, compared to $1.5 million and $2.7 million at December 31, 2008 and September 30, 2009, respectively. The Company recorded a $156,000 provision for loan losses during the fourth quarter of 2009, compared to $298,000 during the fourth quarter of 2008 and $287,000 in the third quarter of 2009.
As of December 31, 2009, the allowance for loan losses as a percentage of total loans was 1.00%, compared to 0.78% at December 31, 2008 and 0.96% at September 30, 2009.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $119.9 million at December 31, 2009, an increase of $1.5 million, or 1%, from December 31, 2008, and an increase of $3.4 million, or 3%, from September 30, 2009. At December 31, 2009, the Company had a net unrealized loss position on its investment securities portfolio of $133,000, compared to net unrealized losses of $8.0 million and $2.7 million at December 31, 2008 and September 30, 2009, respectively. The unrealized loss relates primarily to the Company's non-agency mortgage-backed securities holdings, which amounted to $39.7 million, or 8% of total assets at December 31, 2009.
Due to increasing delinquencies and defaults in the mortgage loans underlying certain non-agency mortgage-backed securities we own, the Company recorded other-than-temporary impairment ("OTTI") charges of $1.9 million and $2.8 million during the fourth quarters of 2009 and 2008, respectively. Based on management's review of the remaining investment portfolio, no other declines in the market value of the Company's investment securities are deemed to be other than temporary at December 31, 2009. The amortized cost of this portfolio decreased from $51.1 million at December 31, 2008 to $39.7 million at December 31, 2009 primarily as a result of principal paydowns and the $1.9 million OTTI charge.
The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of December 31, 2009 (dollars in thousands).
Collateral Tranche S&P Rating
---------- ------- ----------
Prime Super senior AAA
Prime Senior AAA (1)
Prime Senior Below investment grade
Prime Senior support Below investment grade
Alt-A Super senior Below investment grade
Alt-A Senior AAA
Alt-A Senior Below investment grade(2)
Alt-A Senior support Below investment grade
----- ------- ----------------------
Total
non-
agency
mortgage-
backed
securities
==========
Collateral Amortized Unrealized
---------- --------- ----------
Cost Gain/(Loss)
---- -----------
Prime $10,189 $130
Prime 18,743 (1,462)
Prime 3,113 -
Prime 2,719 (545)
Alt-A 2,202 -
Alt-A 771 23
Alt-A 1,774 -
Alt-A 196 -
----- --- ---
Total
non-
agency
mortgage-
backed
securities $39,707 $(1,854)
========== ======= =======
(1) Includes one security with an amortized cost of $1.9 million and
an unrealized loss of $56,000 not rated by S&P. This security is rated
"Aaa" by Moody's.
(2) This security is not rated by S&P. This security is rated "Caa2"
by Moody's.
The Company holds no Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) preferred stock, equity securities, corporate bonds, trust preferred securities, hedge fund investments, collateralized debt obligations or structured investment vehicles.
Cash Invested at Other ATM Locations
During 2009, the Bank elected to terminate contracts with various counterparties to provide cash for counterparty ATMs. As a result, all remaining cash invested at other ATM locations was returned to the Bank during the fourth quarter. The balance of cash invested at other ATM locations totaled $24.2 million at December 31, 2008 and $8.8 million at September 30, 2009.
Deposits
Deposits totaled $371.6 million at December 31, 2009, an increase of $17.4 million, or 5%, from December 31, 2008, and a decrease of $5.0 million, or 1%, from September 30, 2009. The Company remains focused on growing its core deposit base (i.e., checking, savings and money market accounts), which increased $19.3 million, or 10%, during 2009.
The following table sets forth the composition of the Company's deposits as of the dates indicated.
December 31, December 31,
(dollars in
thousands) 2009 2008
----------- ---- ----
Demand deposit $66,956 $67,047
Savings 21,009 19,741
Money market 80,810 68,850
NOW 48,384 42,200
Certificates of
deposit 154,434 156,307
--------------- ------- -------
Total deposits $371,593 $354,145
============== ======== ========
(dollars in Increase (Decrease)
thousands) Amount Percent
----------- ------ -------
Demand deposit $(91) - %
Savings 1,268 6
Money market 11,960 17
NOW 6,184 15
Certificates of
deposit (1,873) (1)
--------------- ------ ---
Total deposits $17,448 5%
============== ======= ===
Net Interest Income
Net interest income for the fourth quarter of 2009 totaled $5.5 million, a decrease of $83,000, or 2%, compared to the fourth quarter of 2008. Net interest income for 2009 totaled $23.6 million, an increase of $4.9 million, or 26%, compared to 2008. The Company's net interest margin was 4.40% for the fourth quarter of 2009, 21 basis points lower than the same quarter a year ago and 43 basis points lower than the third quarter of 2009.
Average interest-earning assets totaled $496.5 million for the quarter ended December 31, 2009, an increase of 3% and a decrease of 1% compared to the quarters ended December 31, 2008 and September 30, 2009, respectively. The average yield on interest-earning assets for the quarter ended December 31, 2009 was 5.60%, a decrease of 46 and 49 basis points compared to the quarters ended December 31, 2008 and September 30, 2009, respectively. The average yield on interest-earning assets has decreased primarily due to lower yields earned on the investment portfolio and the Company's relatively high cash position during the fourth quarter of 2009.
Average interest-bearing liabilities totaled $327.9 million for the quarter ended December 31, 2009, an increase of 6% and a decrease of 0.2% compared to the quarters ended December 31, 2008 and September 30, 2009, respectively. The average rate paid on interest-bearing liabilities for the quarter ended December 31, 2009 was 1.79%, a decrease of 45 and 9 basis points compared to the quarters ended December 31, 2008 and September 30, 2009, respectively. The average rate paid on interest-bearing liabilities decreased primarily due to lower market rates.
Noninterest Income
Noninterest income includes the impact of OTTI charges of $1.9 million and $2.8 million for the fourth quarters of 2009 and 2008, respectively. Excluding the impact of OTTI charges, noninterest income for the fourth quarter of 2009 was $1.1 million, an increase of $256,000, or 31%, compared to the same quarter a year ago. Excluding the impact of OTTI charges, noninterest income for 2009 totaled $4.0 million, an increase of $759,000, or 24%, compared to 2008. The primary reasons for the non-GAAP (generally accepted accounting principles) increases in noninterest income compared to the same periods last year were higher levels of service fees and charges and gains on the sale of mortgage loans.
Noninterest income for the fourth quarter of 2009 on a GAAP basis was a negative $813,000, compared to a negative $2.0 million for the same quarter a year ago. Noninterest income for 2009 on a GAAP basis totaled $2.1 million, an increase of $1.7 million, or 428%, compared to 2008.
The following table sets forth a reconciliation of reported noninterest income to non-GAAP basis noninterest income.
For the Three
Months
Ended December 31,
(dollars in thousands) 2009 2008
---------------------- ---- ----
Reported noninterest
income $(813) $(2,013)
Add: OTTI charge 1,888 2,833
---------------- ----- -----
Non-GAAP noninterest
income $1,075 $820
==================== ====== ====
For the Year
Ended
December 31,
(dollars in thousands) 2009 2008
---------------------- ---- ----
Reported noninterest
income $2,102 $398
Add: OTTI charge 1,888 2,833
---------------- ----- -----
Non-GAAP noninterest
income $3,990 $3,231
==================== ====== ======
Noninterest Expense
Noninterest expense for the fourth quarter of 2009 totaled $4.5 million, a decrease of $231,000, or 5%, compared to the fourth quarter of 2008. Noninterest expense for 2009 totaled $17.8 million, an increase of $3.1 million, or 21%, from 2008. The fourth quarter of 2008 includes an $867,000 charge related to a shortfall in cash invested at other ATM locations. Excluding the ATM charge, noninterest expense increased $636,000, or 17%, for the fourth quarter of 2009 compared to the same quarter a year ago and $3.9 million, or 28%, for 2009 compared to 2008.
The primary reason for the increase in noninterest expense from 2008 to 2009 was higher compensation and benefits expense. Compensation and benefits expense has increased primarily due to three factors: 1) the Bank's expansion into Baton Rouge, where two full-service banking offices were opened during the second half of 2008; 2) the employee stock ownership plan ("ESOP"), which commenced during the fourth quarter of 2008; and 3) award grants under the stock option and recognition and retention plans approved by the Company's shareholders in May 2009. Other increases in noninterest expense were the result of higher professional and other fees due to the increased cost of operating as a public company, including the Louisiana bank shares tax. Also, the FDIC increased the base insurance premium assessment on deposits in addition to its special assessment of $200,000 in 2009.
The following table sets forth a reconciliation of reported noninterest expense to non-GAAP basis noninterest expense.
For the Three
Months
Ended December
31,
(dollars in thousands) 2009 2008
---------------------- ---- ----
Reported noninterest
expense $4,491 $4,722
Less: ATM charge - (867)
---------------- --- ----
Non-GAAP noninterest
expense $4,491 $3,855
==================== ====== ======
For the Year
Ended
December 31,
(dollars in thousands) 2009 2008
---------------------- ---- ----
Reported noninterest
expense $17,808 $14,735
Less: ATM charge - (867)
---------------- --- ----
Non-GAAP noninterest
expense $17,808 $13,868
==================== ======= =======
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 the impact of charges for the other-than-temporary impairment of investment securities and a shortage in cash invested at other ATM locations. Management believes the presentation of this non-GAAP financial information provides useful information that may be helpful in understanding the Company's operating results. This non-GAAP financial information should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies.
This news release contains certain forwardlooking statements. Forwardlooking 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."
Forwardlooking 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 forwardlooking statements. Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2008, 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. Forwardlooking statements speak only as of the date they are made. We do not undertake to update forwardlooking statements to reflect circumstances or events that occur after the date the forwardlooking statements are made or to reflect the occurrence of unanticipated events.
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF FINANCIAL CONDITION
AND RELATED INFORMATION
December 31, December 31, %
2009 2008 Change
---- ---- ------
Assets
Cash and cash equivalents $25,709,597 $20,150,248 28 %
Interest-bearing deposits
in banks 3,529,000 1,685,000 109
Cash invested at other ATM
locations - 24,243,780 -
Securities available for
sale, at fair value 106,752,131 114,235,261 (7)
Securities held to maturity 13,098,847 4,089,466 220
Mortgage loans held for
sale 719,350 996,600 (28)
Loans, net of unearned
income 336,647,292 335,568,071 -
Allowance for loan losses (3,351,688) (2,605,889) 29
---------- ---------- ---
Loans, net 333,295,604 332,962,182 -
----------- ----------- ---
Office properties and
equipment, net 16,186,690 15,325,997 6
Cash surrender value of
bank-owned life insurance 15,262,645 5,268,817 190
Accrued interest receivable
and other assets 10,081,885 9,439,637 7
---------- --------- ---
Total Assets $524,635,749 $528,396,988 (1) %
============ ============ ===
Liabilities
Deposits $371,592,747 $354,145,105 5 %
Federal Home Loan Bank
advances 16,773,802 44,420,795 (62)
Accrued interest payable
and other liabilities 3,519,896 2,868,362 23
--------- --------- ---
Total Liabilities 391,886,445 401,434,262 (2)
----------- ----------- ---
Shareholders' Equity
Common stock $89,270 $89,270 - %
Additional paid-in capital 88,072,884 87,182,281 1
Treasury stock (1,848,862) - -
Common stock acquired by
benefit plans (10,913,470) (7,052,230) 55
Retained earnings 57,437,444 52,055,071 10
Accumulated other
comprehensive loss (87,962) (5,311,666) 98
------- ---------- ---
Total Shareholders' Equity 132,749,304 126,962,726 5
----------- ----------- ---
Total Liabilities and
Shareholders' Equity $524,635,749 $528,396,988 (1) %
============ ============ ===
September
30,
2009
----
Assets
Cash and cash equivalents $37,352,620
Interest-bearing deposits in
banks 3,150,000
Cash invested at other ATM
locations 8,802,596
Securities available for sale, at
fair value 105,049,877
Securities held to maturity 11,372,044
Mortgage loans held for sale 2,060,453
Loans, net of unearned income 340,222,334
Allowance for loan losses (3,271,926)
----------
Loans, net 336,950,408
-----------
Office properties and equipment,
net 15,309,879
Cash surrender value of bank-
owned life insurance 5,461,662
Accrued interest receivable and
other assets 7,900,029
---------
Total Assets $533,409,568
============
Liabilities
Deposits $376,635,513
Federal Home Loan Bank advances 19,879,026
Accrued interest payable and
other liabilities 4,302,342
---------
Total Liabilities 400,816,881
-----------
Shareholders' Equity
Common stock $89,270
Additional paid-in capital 87,714,515
Treasury stock -
Common stock acquired by benefit
plans (10,841,597)
Retained earnings 57,415,818
Accumulated other comprehensive
loss (1,785,319)
----------
Total Shareholders' Equity 132,592,687
-----------
Total Liabilities and
Shareholders' Equity $533,409,568
============
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
AND RELATED INFORMATION
For The Three Months
Ended
December 31, %
2009 2008 Change
--- ---- ------
Interest Income
Loans, including fees $5,586,544 $5,534,213 1 %
Investment securities 1,357,827 1,478,963 (8)
Other investments and deposits 45,342 317,715 (86)
------ ------- ---
Total interest income 6,989,713 7,330,891 (5)
--------- --------- ---
Interest Expense
Deposits 1,309,249 1,575,505 (17) %
Federal Home Loan Bank advances 168,156 160,495 5
------- ------- ---
Total interest expense 1,477,405 1,736,000 (15)
--------- --------- ---
Net interest income 5,512,308 5,594,891 (2)
Provision for loan losses 155,670 297,775 (48)
------- ------- ---
Net interest income after
provision for loan losses 5,356,638 5,297,116 1
--------- --------- ---
.
Noninterest Income
Service fees and charges 478,977 412,763 16 %
Bank card fees 269,176 250,911 7
Gain on sale of loans, net 190,511 61,903 208
Income from bank-owned life
insurance 99,280 67,345 47
Net gain (loss) on sale of real
estate owned, net 18,873 (12,448) 252
Other-than-temporary
impairment of securities (1,888,381) (2,832,920) 33
Other income 18,453 39,141 (53)
------ ------ ---
Total noninterest income (813,111) (2,013,305) 60
-------- ---------- ---
Noninterest Expense
Compensation and benefits 3,038,901 2,378,386 28 %
Occupancy 324,609 320,589 1
Marketing and advertising 180,479 198,147 (9)
Data processing and
communication 353,406 352,752 -
Professional fees 167,499 175,208 (4)
ATM losses - 867,389 -
Franchise and shares taxes (69,061) - -
Regulatory fees 105,580 41,409 155
Other expenses 389,340 388,117 -
------- ------- ---
Total noninterest expense 4,490,753 4,721,997 (5)
--------- --------- ---
Income (loss) before income tax
expense (benefit) 52,774 (1,438,186) 104
Income tax expense (benefit) 31,148 (639,089) 105
------ -------- ---
Net income (loss) $21,626 $(799,097) 103 %
======= ========= ===
Earnings (loss) per share -
basic $- $(0.10) -
=== ====== ===
Earnings (loss) per share -
diluted $- $(0.10) -
=== ====== ===
For The Year Ended
December 31, %
2009 2008 Change
--- ---- ------
Interest Income
Loans, including fees $22,321,209 $21,790,163 2 %
Investment securities 6,569,756 4,283,960 53
Other investments and deposits 1,005,353 1,354,627 (26)
--------- --------- ---
Total interest income 29,896,318 27,428,750 9
---------- ---------- ---
Interest Expense
(30)
Deposits 5,529,181 7,903,313 %
Federal Home Loan Bank advances 807,499 843,937 (4)
------- ------- ---
Total interest expense 6,336,680 8,747,250 (28)
--------- --------- ---
Net interest income 23,559,638 18,681,500 26
Provision for loan losses 864,880 459,212 88
------- ------- ---
Net interest income after
provision for loan losses 22,694,758 18,222,288 25
---------- ---------- ---
.
Noninterest Income
Service fees and charges 1,849,746 1,668,757 11 %
Bank card fees 1,089,811 933,788 17
Gain on sale of loans, net 610,952 254,456 140
Income from bank-owned life
insurance 292,125 262,202 11
Net gain (loss) on sale of real
estate owned, net 18,873 (23,727) 180
Other-than-temporary
impairment of securities (1,888,381) (2,832,920) 33
Other income 128,733 135,617 (5)
------- ------- ---
Total noninterest income 2,101,859 398,173 428
--------- ------- ---
Noninterest Expense
Compensation and benefits 10,827,537 8,834,026 23 %
Occupancy 1,296,592 1,207,675 7
Marketing and advertising 633,530 607,550 4
Data processing and
communication 1,402,290 1,370,101 2
Professional fees 896,552 410,377 118
ATM losses - 867,389 -
Franchise and shares taxes 609,689 - -
Regulatory fees 596,305 154,407 286
Other expenses 1,545,253 1,283,492 20
--------- --------- ---
Total noninterest expense 17,807,748 14,735,017 21
---------- ---------- ---
Income (loss) before income tax
expense (benefit) 6,988,869 3,885,444 80
Income tax expense (benefit) 2,309,268 1,169,852 97
--------- --------- ---
Net income (loss) $4,679,601 $2,715,592 72 %
========== ========== ===
Earnings (loss) per share -
basic $0.58 $1.32 (1)
===== =====
Earnings (loss) per share -
diluted $0.58 $1.32 (1)
===== =====
(1) Basic weighted average common shares outstanding totaled
8,031,317 and 2,053,925 for the years ended December 31, 2009 and
2008, respectively. Diluted weighted
average common shares outstanding totaled 8,052,087 and 2,053,925
for
the same periods. The Company completed its initial public offering
of common stock in October
2008. Hence, the weighted average common shares outstanding during
2008 is lower than it would have been had the shares been
outstanding for a full year.
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
For The Three Months Ended
December 31, %
2009 2008 Change
---- ---- ------
(dollars in thousands except
per share data)
EARNINGS DATA
Total interest income $6,990 $7,331 (5)
Total interest expense 1,478 1,736 (15)
----- -----
Net interest income 5,512 5,595 (2)
----- -----
Provision for loan losses 156 298 (48)
Total noninterest income (813) (2,013) 60
Total noninterest expense 4,490 4,722 (5)
Income tax expense (benefit) 31 (639) 105
--- ----
Net income (loss) $22 $(799) 103
=== =====
Earnings (loss) per share -
diluted $- $(0.10) -
=== ======
AVERAGE BALANCE SHEET DATA
Total assets $530,914 $502,886 6 %
Total interest-earning assets 496,500 482,702 3
Loans 340,937 329,145 4
Interest-bearing deposits 309,012 284,154 9
Interest-bearing liabilities 327,872 308,045 6
Total deposits 375,236 367,935 2
Total shareholders' equity 132,495 106,814 24
SELECTED RATIOS (1)
Return on average assets 0.02 % (0.64) % 103 %
Return on average total equity 0.07 (2.99) 102
Efficiency ratio (2) 95.56 131.84 (28)
Average shareholders' equity to
average assets 24.96 21.24 18
Core capital ratio (3) (4) 20.24 19.10 6
Net interest margin (5) 4.40 4.61 (5)
December 31, December 31, %
2009 2008 Change
---- ---- ------
ASSET QUALITY (3) (6)
Nonaccrual loans $1,279 $1,427 (10) %
Accruing loans past due 90 days
and over - - -
--- ---
Total nonperforming loans 1,279 1,427 (10)
Other real estate owned 417 37 1,027
--- ---
Total nonperforming assets $1,696 $1,464 16
====== ======
Nonperforming assets to total
assets 0.32 % 0.28 % 14 %
Nonperforming loans to total
assets 0.24 0.27 (11)
Nonperforming loans to total
loans 0.38 0.43 (12)
Allowance for loan losses to
nonperforming assets 197.7 178.0 11
Allowance for loan losses to
nonperforming loans 262.2 182.6 44
Allowance for loan losses to
total loans 1.00 0.78 28
Year-to-date loan charge-offs $141 $212 (33) %
Year-to-date loan recoveries 22 45 (51)
--- ---
Year-to-date net loan charge-
offs 119 167 (29)
=== ===
Annualized YTD net loan charge-
offs to total loans 0.04 % 0.05 % (20) %
For The Three
Months Ended %
September 30,
2009 Change
-------------- ------
(dollars in thousands except per share
data)
EARNINGS DATA
Total interest income $7,636 (8) %
Total interest expense 1,558 (5)
-----
Net interest income 6,078 (9)
-----
Provision for loan losses 287 (46)
Total noninterest income 949 (186)
Total noninterest expense 4,669 (4)
Income tax expense (benefit) 574 (95)
---
Net income (loss) $1,497 (99)
======
Earnings (loss) per share - diluted $0.17 -
=====
AVERAGE BALANCE SHEET DATA
Total assets $529,462 - %
Total interest-earning assets 499,469 (1)
Loans 343,618 (1)
Interest-bearing deposits 307,660 -
Interest-bearing liabilities 328,469 -
Total deposits 373,430 -
Total shareholders' equity 131,643 1
SELECTED RATIOS (1)
Return on average assets 1.13 % (98) %
Return on average total equity 4.55 (98)
Efficiency ratio (2) 66.43 44
Average shareholders' equity to
average assets 24.86 -
Core capital ratio (3) (4) 19.86 2
Net interest margin (5) 4.83 (9)
September 30, %
2009 Change
---- ------
ASSET QUALITY (3) (6)
Nonaccrual loans $2,716 (53) %
Accruing loans past due 90 days and
over - -
---
Total nonperforming loans 2,716 (53)
Other real estate owned - -
---
Total nonperforming assets $2,716 (38)
======
Nonperforming assets to total assets 0.51 % (37) %
Nonperforming loans to total assets 0.51 (53)
Nonperforming loans to total loans 0.80 (53)
Allowance for loan losses to
nonperforming assets 120.5 64
Allowance for loan losses to
nonperforming loans 120.5 118
Allowance for loan losses to total
loans 0.96 4
Year-to-date loan charge-offs $58 143 %
Year-to-date loan recoveries 15 47
---
Year-to-date net loan charge-offs 43 177
===
Annualized YTD net loan charge-offs
to total loans 0.02 % 100 %
(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) Asset quality and capital ratios are end of period ratios.
(4) Capital ratios are for Home Bank only.
(5) Net interest margin represents net interest income as a
percentage of average interest-earning assets.
(6) Nonperforming loans consist of nonaccruing loans and 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 all 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.
Web site: http://www.home24bank.com/
