(337) 237-1960
LAFAYETTE, La., Oct. 23, 2012 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank (www.home24bank.com), a Federally chartered savings bank headquartered in Lafayette, Louisiana (the "Bank"), announced net income of $3.1 million for the third quarter of 2012, an increase of $1.3 million, or 74%, compared to the second quarter of 2012 and an increase of $2.1 million, or 231%, compared to the third quarter of 2011. Third quarter 2011 results include $1.4 million of pre-tax expenses related to the acquisition of GS Financial Corp. ("GSFC"). Excluding those merger-related expenses, net income for the third quarter of 2012 increased $1.2 million, or 62%, compared to the third quarter of 2011. Diluted earnings per share were $0.42 for the third quarter of 2012, an increase of $0.18, or 75%, compared to the second quarter of 2012 and an increase of $0.29, or 223%, compared to the third quarter of 2011. Excluding third quarter 2011 merger-related expenses, diluted earnings per share for the third quarter of 2012 increased $0.16, or 62%, compared to the third quarter of 2011.
"The extended period of low interest rates, the lack of confidence in the national economy and the uncertainty of the upcoming elections make for a challenging environment," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "Despite these challenges, we will remain true to our conservative risk management philosophies."
"Our bankers continue to do an outstanding job working with our customers to ensure Home Bank adds value to their businesses," added Mr. Bordelon.
Loans and Credit Quality
Loans totaled $670.7 million at September 30, 2012, a decrease of $9.1 million, or 1%, from June 30, 2012, and an increase of $17.0 million, or 3%, from September 30, 2011. The decrease in loans during the third quarter related primarily to commercial and industrial (down $7.2 million) and construction and land loans (down $2.7 million) as a result of maturities and paydowns.
The following table sets forth the composition of the Company's loan portfolio (including loans covered by loss sharing agreements) as of the dates indicated.
|
September 30, |
December 31, |
Increase/(Decrease) |
||||||
|
(dollars in thousands) |
2012 |
2011 |
Amount |
Percent |
||||
|
Real estate loans: |
||||||||
|
One- to four-family first mortgage |
$ |
174,694 |
$ |
182,817 |
$ |
(8,123) |
(4) |
% |
|
Home equity loans and lines |
39,785 |
43,665 |
(3,880) |
(9) |
||||
|
Commercial real estate |
268,672 |
226,999 |
41,673 |
18 |
||||
|
Construction and land |
63,320 |
78,994 |
(15,674) |
(20) |
||||
|
Multi-family residential |
19,729 |
20,125 |
(396) |
(2) |
||||
|
Total real estate loans |
566,200 |
552,600 |
13,600 |
2 |
||||
|
Other loans: |
||||||||
|
Commercial and industrial |
70,770 |
82,980 |
(12,210) |
(15) |
||||
|
Consumer |
33,688 |
30,791 |
2,897 |
9 |
||||
|
Total other loans |
104,458 |
113,771 |
(9,313) |
(8) |
||||
|
Total loans |
$ |
670,658 |
$ |
666,371 |
$ |
4,287 |
1 |
% |
Nonperforming assets ("NPAs"), which includes $12.2 million in assets covered under loss sharing agreements with the FDIC ("Covered Assets") and $11.2 million acquired from GSFC, totaled $30.2 million at September 30, 2012, a decrease of $137,000 compared to June 30, 2012 and an increase of $2.1 million compared to September 30, 2011. The ratio of total NPAs to total assets was 3.10% at September 30, 2012, compared to 3.06% at June 30, 2012 and 2.88% at September 30, 2011. Excluding acquired assets, the ratio of NPAs was 0.86% at September 30, 2012, compared to 0.90% at June 30, 2012 and 0.27% at September 30, 2011.
The Company recorded net loan charge-offs of $464,000 during the third quarter of 2012, compared to net loan charge-offs of $1.7 million and $53,000 in the second quarter of 2012 and third quarter of 2011, respectively. Net charge-offs for the third quarter of 2012 resulted primarily from an additional write down of $385,000 on a $5.4 million CRE loan which was originally written down in the second quarter of 2012. The collateral underlying the original loan was transferred into repossessed assets during the third quarter of 2012. The Company's provision for loan losses for the third quarter of 2012 was $56,000, compared to $1.2 million for the second quarter of 2012 and $526,000 for the third quarter of 2011.
Excluding acquired loans, the ratio of allowance for loan losses to total loans was 1.01% at September 30, 2012, compared to 1.05% at June 30, 2012 and 1.09% at September 30, 2011. Including acquired loans, the ratio of allowance for loan losses to total loans was 0.73% at September 30, 2012, compared to 0.78% and 0.69% at June 30, 2012 and September 30, 2011, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $155.1 million at September 30, 2012, a decrease of $85,000, or 0.1%, from June 30, 2012, and a decrease of $14.4 million, or 9%, from September 30, 2011. At September 30, 2012, the Company had a net unrealized gain position on its investment securities portfolio of $5.2 million, compared to net unrealized gains of $4.1 million and $2.5 million at June 30, 2012 and September 30, 2011, respectively. At September 30, 2012, the investment securities portfolio had a modified duration of 3.7 years.
During the third quarter of 2012, the Company sold one security with an aggregate book value of $2.4 million and realized a gain of $163,000 on the transaction.
Core deposits (i.e., checking, savings and money market accounts) increased for the thirteenth consecutive quarter, growing $18.0 million, or 4%, during the third quarter of 2012. Total deposits were $784.9 million at September 30, 2012, an increase of $5.7 million, or 1%, from June 30, 2012, and an increase of $65.5 million, or 9%, from September 30, 2011.
The following table sets forth the composition of the Company's deposits at the dates indicated.
|
September 30, |
December 31, |
Increase / (Decrease) |
||||||
|
(dollars in thousands) |
2012 |
2011 |
Amount |
Percent |
||||
|
Demand deposit |
$ |
161,119 |
$ |
127,828 |
$ |
33,291 |
26 |
% |
|
Savings |
48,432 |
43,671 |
4,761 |
11 |
||||
|
Money market |
194,125 |
180,790 |
13,335 |
7 |
||||
|
NOW |
117,435 |
93,679 |
23,756 |
25 |
||||
|
Certificates of deposit |
263,831 |
284,766 |
(20,935) |
(7) |
||||
|
Total deposits |
$ |
784,942 |
$ |
730,734 |
$ |
54,208 |
7 |
% |
Share Repurchases
The Company purchased 162,629 shares of its common stock during the third quarter of 2012 at an average price per share of $17.10 under the share repurchase plan announced in July 2012. The Company may repurchase up to 383,598 shares, or approximately 5%, of the Company's outstanding common stock under the July 2012 plan; hence, an additional 220,969 shares remain eligible for purchase under the plan. The tangible book value per share of the Company's common stock was $18.35 at September 30, 2012.
Net Interest Income
Net interest income for the third quarter of 2012 totaled $10.9 million, an increase of $948,000, or 10%, compared to the second quarter of 2012, and an increase of $1.5 million, or 16%, compared to the third quarter of 2011. The Company's net interest margin was 4.94% for the third quarter of 2012, 30 basis points higher than the second quarter of 2012 and 40 basis points higher than the third quarter of 2011. The increase in the net interest margin related primarily to an increase in the yield earned on loans covered under loss sharing agreements with the FDIC ("Covered Loans"). In accordance with ASC 310, Receivables, the Company evaluates the expected cash flows of acquired loans throughout the year. As a result of improved cash flow expectations related to Covered Loans, the Company adjusted the accretable yield recognized on Covered Loans during the quarter. Excluding such adjustments, the yield on loans receivable would have been 6.25% and the net interest margin would have been 4.70% during the third quarter of 2012.
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.
|
For the Three Months Ended |
|||||||||||||||||||||||
|
September 30, 2012 |
June 30, 2012 |
September 30, 2011 |
|||||||||||||||||||||
|
(dollars in thousands) |
Average Balance |
Average Yield/Rate |
Average Balance |
Average Yield/Rate |
Average Balance |
Average Yield/Rate |
|||||||||||||||||
|
Interest-earning assets: |
|||||||||||||||||||||||
|
Loans receivable |
$ |
678,936 |
6.55 |
% |
$ |
674,244 |
6.12 |
% |
$ |
612,416 |
6.25 |
% |
|||||||||||
|
Investment securities |
149,472 |
2.06 |
152,916 |
2.12 |
174,208 |
2.35 |
|||||||||||||||||
|
Other interest-earning assets |
41,373 |
0.40 |
26,504 |
0.53 |
28,447 |
0.51 |
|||||||||||||||||
|
Total interest-earning assets |
869,781 |
5.49 |
853,664 |
5.23 |
815,071 |
5.22 |
|||||||||||||||||
|
Interest-bearing liabilities: |
|||||||||||||||||||||||
|
Deposits: |
|||||||||||||||||||||||
|
Savings, checking, and money market |
355,107 |
0.34 |
329,371 |
0.39 |
300,000 |
0.52 |
|||||||||||||||||
|
Certificates of deposit |
269,840 |
1.08 |
276,800 |
1.11 |
273,407 |
1.20 |
|||||||||||||||||
|
Total interest-bearing deposits |
624,947 |
0.66 |
606,171 |
0.72 |
573,407 |
0.84 |
|||||||||||||||||
|
FHLB advances |
48,175 |
1.39 |
73,488 |
0.97 |
105,828 |
0.68 |
|||||||||||||||||
|
Total interest-bearing liabilities |
$ |
673,122 |
0.71 |
$ |
679,659 |
0.75 |
$ |
679,235 |
0.82 |
||||||||||||||
|
Net interest spread |
4.78 |
% |
4.48 |
% |
4.40 |
% |
|||||||||||||||||
|
Net interest margin |
4.94 |
% |
4.64 |
% |
4.54 |
% |
|||||||||||||||||
Noninterest Income
Noninterest income for the third quarter of 2012 totaled $2.1 million, an increase of $187,000, or 10%, compared to the second quarter of 2012 and an increase of $488,000, or 31%, compared to the third quarter of 2011. The increase in noninterest income in the third quarter of 2012 compared to the second quarter of 2012 resulted primarily from higher gains on the sale of mortgage loans (up $234,000) and gains on the sale of securities (up $103,000), which were partially offset by decreases in discount accretion on FDIC loss sharing receivable, service fees and charges and bank card fees.
The increase in noninterest income in the third quarter of 2012 compared to the third quarter of 2011 resulted primarily from higher gains on the sale of mortgage loans (up $487,000) and gains on the sale of securities (up $163,000), which were partially offset by decreases in discount accretion on FDIC loss sharing receivable, service fees and charges and bank card fees.
Noninterest Expense
Noninterest expense for the third quarter of 2012 totaled $8.4 million, an increase of $346,000, or 4%, compared to the second quarter of 2012 and a decrease of $793,000, or 9%, compared to the third quarter of 2011. Noninterest expense for the third quarter of 2011 included $1.4 million of expenses related to the acquisition of GSFC. Excluding merger-related expenses, noninterest expense for the third quarter of 2012 increased $655,000, or 8%, compared to the third quarter of 2011. The increase in noninterest expense in the third quarter of 2012 compared to the second quarter of 2012 resulted primarily from an increase in compensation and benefits (up $220,000) and higher accruals for franchise and shares tax (up $130,000).
Excluding merger-related expenses in the third quarter of 2011, noninterest expense increased $655,000, or 8%, in the third quarter of 2012 compared to the third quarter of 2011. The increase resulted primarily from higher compensation and benefits (up $598,000) and expenses related to foreclosed assets as a result of resolution costs related to NPAs acquired from GSFC (up $173,000).
Non-GAAP Reconciliation
|
For the Three Months Ended | |||
|
(dollars in thousands) |
September 30, 2012 |
June 30, 2012 |
September 30, 2011 |
|
Reported noninterest expense |
$ 8,389 |
$ 8,043 |
$ 9,182 |
|
Less: Merger-related expenses |
- |
- |
(1,449) |
|
Non-GAAP noninterest expense |
$ 8,389 |
$ 8,043 |
$ 7,733 |
|
Reported net income |
$ 3,052 |
$ 1,753 |
$ 923 |
|
Add: Merger-related expenses (after tax) |
- |
- |
956 |
|
Non-GAAP net income |
$ 3,052 |
$ 1,753 |
$ 1,889 |
|
For the Nine Months Ended |
|||
|
(dollars in thousands) |
September 30, 2012 |
September 30, 2011 |
|
|
Reported noninterest expense |
$ 24,241 |
$22,701 |
|
|
Less: Merger-related expenses |
- |
(1,834) |
|
|
Non-GAAP noninterest expense |
$ 24,241 |
$20,867 |
|
|
Reported net income |
$ 6,865 |
$ 2,986 |
|
|
Add: Merger-related expenses (after tax) |
- |
1,211 |
|
|
Non-GAAP net income |
$ 6,865 |
$ 4,197 |
|
This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes acquired loans and impact of merger-related expenses. Management believes the presentation of this non-GAAP financial information provides useful information that is essential to a proper 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, 2011, 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 | |||||||||
|
September 30, |
September 30, |
% |
June 30 |
December 31, | |||||
|
2012 |
2011 |
Change |
2012 |
2011 | |||||
|
Assets |
|||||||||
|
Cash and cash equivalents |
$ 52,307,703 |
$ 33,228,854 |
57 |
% |
$ 51,694,432 |
$ 31,769,438 | |||
|
Interest-bearing deposits in banks |
4,019,000 |
6,318,000 |
(36) |
4,509,000 |
5,583,000 | ||||
|
Investment securities available for sale, at fair value |
153,006,535 |
165,513,687 |
(8) |
152,718,411 |
155,259,978 | ||||
|
Investment securities held to maturity |
2,049,718 |
3,938,656 |
(48) |
2,422,574 |
3,461,717 | ||||
|
Mortgage loans held for sale |
5,572,587 |
8,928,396 |
(38) |
4,832,498 |
1,672,597 | ||||
|
Loans covered by loss sharing agreements |
49,500,917 |
67,296,479 |
(26) |
46,827,556 |
61,070,360 | ||||
|
Noncovered loans, net of unearned income |
621,157,286 |
586,339,131 |
6 |
632,944,049 |
605,301,127 | ||||
|
Total loans |
670,658,203 |
653,635,610 |
3 |
679,771,605 |
666,371,487 | ||||
|
Allowance for loan losses |
(4,906,292) |
(4,529,834) |
8 |
(5,314,386) |
(5,104,363) | ||||
|
Total loans, net of allowance for loan losses |
665,751,911 |
649,105,776 |
3 |
674,457,219 |
661,267,124 | ||||
|
FDIC loss sharing receivable |
16,813,909 |
25,628,190 |
(34) |
22,827,051 |
24,222,190 | ||||
|
Office properties and equipment, net |
30,910,746 |
31,314,946 |
(1) |
30,618,073 |
31,763,692 | ||||
|
Cash surrender value of bank-owned life insurance |
17,157,946 |
16,628,613 |
3 |
17,033,380 |
16,771,174 | ||||
|
Accrued interest receivable and other assets |
26,720,243 |
31,568,285 |
(15) |
27,402,864 |
32,018,228 | ||||
|
Total Assets |
$ 974,310,298 |
$ 972,173,403 |
- |
$ 988,515,502 |
$ 963,789,138 | ||||
|
Liabilities |
|||||||||
|
Deposits |
$ 784,941,867 |
$ 719,460,464 |
9 |
% |
$ 779,233,938 |
$ 730,733,755 | |||
|
Federal Home Loan Bank advances |
43,440,343 |
113,458,132 |
(62) |
54,874,645 |
93,622,954 | ||||
|
Accrued interest payable and other liabilities |
5,717,129 |
6,187,857 |
(8) |
15,375,621 |
5,147,595 | ||||
|
Total Liabilities |
834,099,339 |
839,106,453 |
(1) |
849,484,204 |
829,504,304 | ||||
|
Shareholders' Equity |
|||||||||
|
Common stock |
89,483 |
89,497 |
- |
% |
89,453 |
89,335 | |||
|
Additional paid-in capital |
90,513,760 |
89,336,376 |
1 |
90,069,141 |
89,741,406 | ||||
|
Treasury stock |
(20,365,995) |
(14,376,355) |
42 |
(17,208,855) |
(15,892,315) | ||||
|
Common stock acquired by benefit plans |
(7,544,939) |
(8,714,783) |
(13) |
(7,666,096) |
(8,625,513) | ||||
|
Retained earnings |
74,110,812 |
65,111,099 |
14 |
71,058,483 |
67,245,350 | ||||
|
Accumulated other comprehensive income |
3,407,838 |
1,621,116 |
110 |
2,689,172 |
1,726,571 | ||||
|
Total Shareholders' Equity |
140,210,959 |
133,066,950 |
5 |
139,031,298 |
134,284,834 | ||||
|
Total Liabilities and Shareholders' Equity |
$ 974,310,298 |
$ 972,173,403 |
- |
$ 988,515,502 |
$ 963,789,138 | ||||
|
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||
|
CONDENSED STATEMENTS OF INCOME | |||||||||||
|
For The Three Months Ended |
For The Nine Months Ended |
||||||||||
|
September 30, |
% |
September 30, |
% |
||||||||
|
2012 |
2011 |
Change |
2012 |
2011 |
Change |
||||||
|
Interest Income |
|||||||||||
|
Loans, including fees |
$ 11,309,112 |
$ 9,728,512 |
16 |
% |
$ 32,063,514 |
$ 24,154,691 |
33 |
% | |||
|
Investment securities |
769,202 |
1,023,976 |
(25) |
2,440,833 |
2,802,155 |
(13) |
|||||
|
Other investments and deposits |
41,404 |
36,280 |
14 |
110,870 |
107,543 |
3 |
|||||
|
Total interest income |
12,119,718 |
10,788,768 |
12 |
34,615,217 |
27,064,389 |
28 |
|||||
|
Interest Expense |
|||||||||||
|
Deposits |
1,036,707 |
1,219,492 |
(15) |
% |
3,253,133 |
3,431,545 |
(5) |
% | |||
|
Federal Home Loan Bank advances |
166,984 |
180,839 |
(8) |
525,587 |
396,565 |
33 |
|||||
|
Total interest expense |
1,203,691 |
1,400,331 |
(14) |
3,778,720 |
3,828,110 |
(1) |
|||||
|
Net interest income |
10,916,027 |
9,388,437 |
16 |
30,836,497 |
23,236,279 |
33 |
|||||
|
Provision for loan losses |
55,736 |
525,510 |
(89) |
1,927,962 |
892,459 |
116 |
|||||
|
Net interest income after provision for loan losses |
10,860,291 |
8,862,927 |
23 |
28,908,535 |
22,343,820 |
29 |
|||||
|
Noninterest Income |
|||||||||||
|
Service fees and charges |
535,016 |
601,916 |
(11) |
% |
1,688,874 |
1,622,339 |
4 |
% | |||
|
Bank card fees |
443,986 |
451,959 |
(2) |
1,396,678 |
1,294,146 |
8 |
|||||
|
Gain on sale of loans, net |
651,457 |
163,986 |
297 |
1,395,561 |
389,673 |
258 |
|||||
|
Income from bank-owned life insurance |
124,566 |
143,612 |
(13) |
386,772 |
435,968 |
(11) |
|||||
|
Gain (loss) on the sale of securities, net |
162,534 |
- |
- |
221,781 |
(166,082) |
234 |
|||||
|
Discount accretion of FDIC loss sharing receivable |
108,762 |
193,349 |
(44) |
461,893 |
663,281 |
(30) |
|||||
|
Settlement of litigation |
- |
- |
- |
- |
525,000 |
- |
|||||
|
Other income |
60,537 |
44,379 |
36 |
134,870 |
158,288 |
(15) |
|||||
|
Total noninterest income |
2,086,858 |
1,599,201 |
30 |
5,686,429 |
4,922,613 |
16 |
|||||
|
Noninterest Expense |
|||||||||||
|
Compensation and benefits |
5,046,836 |
5,215,478 |
(3) |
% |
14,569,194 |
13,128,998 |
11 |
% | |||
|
Occupancy |
722,320 |
709,640 |
2 |
2,119,265 |
1,834,066 |
16 |
|||||
|
Marketing and advertising |
202,400 |
291,628 |
(31) |
538,764 |
667,824 |
(19) |
|||||
|
Data processing and communication |
694,440 |
1,314,568 |
(47) |
2,033,779 |
2,428,075 |
(16) |
|||||
|
Professional fees |
213,294 |
327,728 |
(35) |
701,030 |
1,174,980 |
(40) |
|||||
|
Forms, printing and supplies |
111,203 |
141,008 |
(21) |
377,918 |
402,082 |
(6) |
|||||
|
Franchise and shares tax |
305,889 |
221,017 |
38 |
657,191 |
582,018 |
13 |
|||||
|
Regulatory fees |
218,193 |
258,234 |
(16) |
629,368 |
688,616 |
(9) |
|||||
|
Foreclosed assets, net |
248,089 |
75,147 |
230 |
758,813 |
229,047 |
231 |
|||||
|
Other expenses |
626,409 |
627,945 |
- |
1,855,486 |
1,564,909 |
19 |
|||||
|
Total noninterest expense |
8,389,073 |
9,182,393 |
(9) |
24,240,808 |
22,700,615 |
7 |
|||||
|
Income before income tax expense |
4,558,076 |
1,279,735 |
256 |
10,354,156 |
4,565,818 |
127 |
|||||
|
Income tax expense |
1,505,746 |
356,336 |
323 |
3,488,694 |
1,580,288 |
121 |
|||||
|
Net income |
$ 3,052,330 |
$ 923,399 |
231 |
$ 6,865,462 |
$ 2,985,530 |
130 |
|||||
|
Earnings per share - basic |
$ 0.44 |
$ 0.13 |
238 |
% |
$ 0.99 |
$ 0.42 |
136 |
% | |||
|
Earnings per share - diluted |
$ 0.42 |
$ 0.13 |
223 |
$ 0.95 |
$ 0.41 |
132 |
|||||
|
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||
|
SUMMARY FINANCIAL INFORMATION | ||||||||||||
|
For The Three Months Ended |
For The Three |
|||||||||||
|
September 30, |
% |
Months Ended |
% |
|||||||||
|
2012 |
2011 |
Change |
June 30, 2012 |
Change |
||||||||
|
(dollars in thousands except per share data) |
||||||||||||
|
EARNINGS DATA |
||||||||||||
|
Total interest income |
$ 12,120 |
$ 10,788 |
12 |
% |
$ 11,230 |
8 |
% | |||||
|
Total interest expense |
1,204 |
1,400 |
(14) |
1,262 |
(5) |
|||||||
|
Net interest income |
10,916 |
9,388 |
16 |
9,968 |
10 |
|||||||
|
Provision for loan losses |
56 |
526 |
(89) |
1,160 |
(95) |
|||||||
|
Total noninterest income |
2,087 |
1,599 |
31 |
1,900 |
10 |
|||||||
|
Total noninterest expense |
8,389 |
9,182 |
(9) |
8,043 |
4 |
|||||||
|
Income tax expense |
1,506 |
356 |
323 |
912 |
65 |
|||||||
|
Net income |
$ 3,052 |
$ 923 |
231 |
$ 1,753 |
74 |
|||||||
|
AVERAGE BALANCE SHEET DATA |
||||||||||||
|
Total assets |
$ 974,761 |
$ 926,101 |
5 |
% |
$ 963,270 |
1 |
% | |||||
|
Total interest-earning assets |
869,781 |
815,071 |
7 |
853,664 |
2 |
|||||||
|
Totals loans |
678,936 |
612,416 |
11 |
674,244 |
1 |
|||||||
|
Total interest-bearing deposits |
624,947 |
573,407 |
9 |
606,171 |
3 |
|||||||
|
Total interest-bearing liabilities |
673,122 |
679,235 |
(1) |
679,659 |
(1) |
|||||||
|
Total deposits |
783,542 |
689,014 |
14 |
747,148 |
5 |
|||||||
|
Total shareholders' equity |
140,548 |
127,750 |
10 |
139,113 |
1 |
|||||||
|
SELECTED RATIOS (1) |
||||||||||||
|
Return on average assets |
1.25 |
% |
0.40 |
% |
213 |
% |
0.73 |
% |
71 |
% | ||
|
Return on average equity |
8.69 |
2.89 |
201 |
5.04 |
72 |
|||||||
|
Efficiency ratio (2) |
64.52 |
83.57 |
(23) |
67.77 |
(5) |
|||||||
|
Average equity to average assets |
14.42 |
13.79 |
5 |
14.44 |
- |
|||||||
|
Tier 1 leverage capital ratio(3) |
13.23 |
12.17 |
9 |
12.72 |
4 |
|||||||
|
Total risk-based capital ratio(3) |
21.39 |
21.17 |
1 |
20.70 |
3 |
|||||||
|
Net interest margin (4) |
4.94 |
4.54 |
9 |
4.64 |
6 |
|||||||
|
PER SHARE DATA |
||||||||||||
|
Basic earnings per share |
$ 0.44 |
$ 0.13 |
238 |
% |
$ 0.25 |
76 |
% | |||||
|
Diluted earnings per share |
0.42 |
0.13 |
223 |
0.24 |
75 |
|||||||
|
Book value at period end |
18.66 |
16.92 |
10 |
18.07 |
3 |
|||||||
|
Tangible book value at period end |
18.35 |
16.60 |
11 |
17.76 |
3 |
|||||||
|
PER SHARE DATA |
||||||||||||
|
Shares outstanding at period end |
7,512,360 |
7,862,154 |
(4) |
% |
7,693,769 |
(2) |
% | |||||
|
Weighted average shares outstanding |
||||||||||||
|
Basic |
6,950,785 |
7,173,443 |
(3) |
% |
6,972,170 |
- |
% | |||||
|
Diluted |
7,212,323 |
7,274,615 |
(1) |
7,234,806 |
- |
|||||||
|
(1) With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods. | ||||||||||||
|
(2) The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income. | ||||||||||||
|
(3) Capital ratios are end of period ratios for the Bank only. | ||||||||||||
|
(4) Net interest margin represents net interest income as a percentage of average interest-earning assets. | ||||||||||||
|
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
|
SUMMARY CREDIT QUALITY INFORMATION | ||||||||||||||||||||
|
September 30, 2012 |
June 30, 2012 |
September 30, 2011 | ||||||||||||||||||
|
Covered |
Noncovered |
Total |
Covered |
Noncovered |
Total |
Covered |
Noncovered |
Total | ||||||||||||
|
(dollars in thousands) |
||||||||||||||||||||
|
CREDIT QUALITY(1) (2) |
||||||||||||||||||||
|
Nonaccrual loans |
$ 9,106 |
$ 12,608 |
$ 21,714 |
$ 9,585 |
$15,842 |
$ 25,427 |
$ 10,680 |
$ 8,791 |
$ 19,471 |
|||||||||||
|
Accruing loans past due 90 days and over |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||
|
Total nonperforming loans |
9,106 |
12,608 |
21,714 |
9,585 |
15,842 |
25,427 |
10,680 |
8,791 |
19,471 |
|||||||||||
|
Foreclosed assets |
3,143 |
5,300 |
8,443 |
3,244 |
1,623 |
4,867 |
5,495 |
3,066 |
8,561 |
|||||||||||
|
Total nonperforming assets |
12,249 |
17,908 |
30,157 |
12,829 |
17,465 |
30,294 |
16,175 |
11,857 |
28,032 |
|||||||||||
|
Performing troubled debt restructurings |
675 |
816 |
1,491 |
20 |
831 |
851 |
29 |
587 |
616 |
|||||||||||
|
Total nonperforming assets and troubled |
||||||||||||||||||||
|
debt restructurings |
$ 12,924 |
$ 18,724 |
$ 31,648 |
$ 12,849 |
$18,296 |
$ 31,145 |
$ 16,204 |
$ 12,444 |
$ 28,648 |
|||||||||||
|
Nonperforming assets to total assets |
3.10 |
% |
3.06 |
% |
2.88 |
% | ||||||||||||||
|
Nonperforming loans to total assets |
2.23 |
2.57 |
2.00 |
|||||||||||||||||
|
Nonperforming loans to total loans |
3.24 |
3.74 |
2.98 |
|||||||||||||||||
|
Allowance for loan losses to nonperforming assets |
16.27 |
17.54 |
16.16 |
|||||||||||||||||
|
Allowance for loan losses to nonperforming loans |
22.60 |
20.90 |
23.26 |
|||||||||||||||||
|
Allowance for loan losses to total loans |
0.73 |
0.78 |
0.69 |
|||||||||||||||||
|
Year-to-date loan charge-offs |
$ 2,151 |
$ 1,684 |
$ 320 |
|||||||||||||||||
|
Year-to-date loan recoveries |
25 |
22 |
38 |
|||||||||||||||||
|
Year-to-date net loan charge-offs |
$ 2,126 |
$ 1,662 |
$ 282 |
|||||||||||||||||
|
Annualized YTD net loan charge-offs to total loans |
0.42 |
% |
0.49 |
% |
0.06 |
% | ||||||||||||||
|
(1) Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Nonperforming assets consist of nonperforming loans and repossessed assets. It is our policy to cease accruing interest on loans 90 days or more past due. Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure. | ||||||||||||||||||||
|
(2) Asset quality information includes assets covered under FDIC loss sharing agreements. Such assets covered by FDIC loss sharing agreements are referred to as "Covered" assets. All other assets are referred to as "Noncovered". | ||||||||||||||||||||
SOURCE Home Bancorp, Inc.
