LAFAYETTE, La., July 29 /PRNewswire-FirstCall/ -- Home Bancorp,
Inc. (NASDAQ:HBCP) (the "Company"), the parent company for Home
Bank (http://www.home24bank.com/), a Federally chartered savings
bank headquartered in Lafayette, Louisiana (the "Bank"), announced
net income of $1.4 million for the second quarter of 2009, an
increase of $334,000, or 30%, compared to the second quarter of
2008 and a decrease of $287,000, or 17%, compared to the first
quarter of 2009. Diluted earnings per share were $0.18 for the
second quarter of 2009, a decrease of 14% from the $0.21 per share
reported for the first quarter of 2009. Net income for the first
six months of 2009 was $3.2 million, an increase of $1.0 million,
or 49%, compared to the first six months of 2008. Second quarter
2009 results include the impact of the FDIC's special assessment of
$132,000 (after tax), or $0.02 per diluted share. The Company
completed its initial public stock offering ("IPO") on October 2,
2008 and began trading on the Nasdaq Global Market on October 3,
2008. Therefore, no shares were outstanding in the first six months
of 2008. "We continue to owe our strong results to the hard work of
our employees," stated John W. Bordelon, President and Chief
Executive Officer of the Company and the Bank. "Their dedication to
serving our customers produces new customer opportunities daily."
"Home Bank's commitment to our customers and strong capital base,
which remains among the best in the country, gives the communities
we serve confidence we will be there for them even through tough
times," added Mr. Bordelon. The Company's common stock was added to
the Russell 3000 Index in June 2009. The index measures the
performance of the 3,000 largest companies in the United States
based on market capitalization. Loans and Credit Quality Loans
totaled $342.7 million at June 30, 2009, an increase of $27.5
million, or 9%, from June 30, 2008, and an increase of $6.3
million, or 2%, from March 31, 2009. The Company's loan mix
continues to change as commercial loan balances have grown, while
1-4 family mortgage loan balances continue to decrease. The
following table sets forth the composition of the Company's loan
portfolio as of the dates indicated.
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June 30, December 31, Increase (Decrease) (dollars in thousands)
2009 2008 Amount Percent
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Real estate loans: One- to four-family first mortgage $126,156
$138,173 $(12,017) (9)% Home equity loans and lines 23,676 23,127
549 2 Commercial real estate 95,563 84,096 11,467 14 Construction
and land 39,868 35,399 4,469 13 Multi-family residential 6,303
7,142 (839) (12)
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Total real estate loans 291,566 287,937 3,629 1
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Other loans: Commercial 36,608 34,434 2,174 6 Consumer 14,485
13,197 1,288 10
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Total other loans 51,093 47,631 3,462 7
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Total loans $342,659 $335,568 $7,091 2%
=========================================================================
Commercial real estate loan growth during 2009 has primarily been
driven by loans on owner-occupied office buildings in the Bank's
market areas. Construction and land loan growth during the year is
primarily attributable to loans to builders on pre-sold
single-family residential properties in the Bank's market areas.
Non-real-estate commercial loan growth in 2009 relates primarily to
equipment and accounts receivable financing provided to relatively
small businesses located in south Louisiana. Net loan charge-offs
for the first six months of 2009 were $6,000, compared to $5,000
for the same period in 2008. Non-performing assets totaled $2.4
million, or 0.46%, of total assets at June 30, 2009, compared to
$836,000 and $2.5 million at June 30, 2008 and March 31, 2009,
respectively. The Company increased its provision for loan losses
to $248,000 during the second quarter of 2009, compared to
provisions of $99,000 and $174,000 during the second quarter of
2008 and the first quarter of 2009, respectively. As of June 30,
2009, the allowance for loan losses as a percentage of total loans
was 0.88%, compared to 0.75% at June 30, 2008 and 0.83% at March
31, 2009. Investment Securities Portfolio The Company's investment
securities portfolio totaled $113.3 million at June 30, 2009, an
increase of $44.4 million, or 64%, from June 30, 2008, and a
decrease of $2.9 million, or 2%, from March 31, 2009. The increase
from June 30, 2008 was the result of the Company's investment of a
portion of the $87.2 million in net IPO proceeds received in the
fourth quarter of 2008. At June 30, 2009, the Company had an
unrealized loss position on its investment securities portfolio of
$4.9 million, compared to unrealized losses of $1.1 million and
$7.2 million at June 30, 2008 and March 31, 2009, respectively. The
unrealized loss relates primarily to the Company's non-agency
mortgage-backed securities holdings, which amounted to $48.4
million, or 9% of total assets, at June 30, 2009. The following
table summarizes the Company's non-agency mortgage-backed
securities portfolio as of June 30, 2009 (in thousands).
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Collateral Tranche S&P Rating # of Amortized Unrealized
Securities Cost Gain/(Loss) Prime Super senior AAA 5 $11,904 $(521)
Prime Super senior Investment 1 1,776 (398) grade (1) Prime Super
senior Below investment 1 1,111 (466) grade Prime Senior AAA (2) 11
25,571 (3,464) Prime Senior support Investment 3 3,510 (492) grade
(1) Prime Senior support Below investment 1 544 47 grade Alt-A
Senior AAA 1 1,130 26 Alt-A Senior Below investment 1 1,974 (987)
grade (3) Alt-A Senior support Below investment 1 842 (98) grade
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Total non-agency mortgage-backed securities 25 $48,362 $(6,353)
==========================================================================
(1) S&P investment-grade ratings below "AAA". (2) Includes one
security with an amortized cost of $2.1 million and an unrealized
loss of $32,000 not rated by S&P. This security is rated "Aaa"
by Moody's. (3) 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 Home Bank
maintains contracts with two counterparties to provide cash for
ATMs at approximately 1,300 locations throughout the United States.
Cash invested at other ATM locations totaled $25.8 million at June
30, 2009, a decrease of $26,000 from June 30, 2008, and an increase
of $1.5 million from March 31, 2009. The Bank's contracts with its
ATM counterparties, which were set to expire during the second
quarter of 2009, were extended for approximately 90 days to assist
the counterparties in transitioning their business to other
financial institutions. The Bank expects to receive all cash
invested at other ATM locations back from the counterparties in
2009. Deposits Deposits totaled $371.6 million at June 30, 2009, an
increase of $15.9 million, or 4%, from June 30, 2008, and a
decrease of $3.5 million, or 1%, from March 31, 2009. The Company
has continued to focus on growing its core deposit base (i.e.,
checking, savings and money market accounts), which has increased
$11.6 million, or 6%, during the first half of 2009. The following
table sets forth the composition of the Company's deposits as of
the dates indicated.
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June 30, December 31, Increase (Decrease) (dollars in thousands)
2009 2008 Amount Percent
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Demand deposit $64,929 $67,047 $(2,118) (3)% Savings 21,694 19,741
1,953 10 Money market 79,997 68,850 11,147 16 NOW 42,857 42,200 657
2 Certificates of deposit 162,154 156,307 5,847 4
------------------------------------------------------------------------
Total deposits $371,631 $354,145 $17,486 5
========================================================================
Net Interest Income Net interest income for the second quarter of
2009 totaled $6.1 million, an increase of $1.7 million, or 40%,
compared to the second quarter of 2008, and an increase of
$236,000, or 4%, compared to the first quarter of 2009. The
Company's net interest margin was 4.87% for the second quarter of
2009, 66 basis points higher than the same quarter a year ago and
15 basis points higher than the first quarter of 2009. The increase
in the net interest margin is primarily the result of higher
average interest-earning assets and reduced funding costs. Average
interest-earning assets totaled $503.0 million for the quarter
ended June 30, 2009, representing increases of 21% and 1% from the
second quarter of 2008 and the first quarter of 2009, respectively.
The average yield on the Company's interest-earning assets for the
quarter ended June 30, 2009 was 6.16%, a decrease of 28 basis
points and an increase of 10 basis points compared to the quarters
ended June 30, 2008 and March 31, 2009, respectively. Average
interest-bearing liabilities totaled $329.8 million for the quarter
ended June 30, 2009, a 1% decrease and a 1% increase compared to
the quarters ended June 30, 2008 and March 31, 2009, respectively.
The average rate paid on interest-bearing liabilities for the
quarter ended June 30, 2009 was 1.98%, a decrease of 81 and six
basis points compared to the quarters ended June 30, 2008 and March
31, 2009, respectively. Noninterest Income Noninterest income for
the second quarter of 2009 was $1.0 million, an increase of
$173,000, or 21%, and $47,000, or 5%, compared to the quarters
ended June 30, 2008 and March 31, 2009, respectively. The increases
were primarily the result of increased gains on the sale of
mortgage loans and higher levels of service fees and charges and
bank card fees. Noninterest Expense Noninterest expense for the
second quarter of 2009 totaled $4.6 million, an increase of $1.2
million, or 36%, and $635,000, or 16%, compared to the quarters
ended June 30, 2008 and March 31, 2009, respectively. The primary
reason for the increase in noninterest expense relates to 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. Award grants were issued mid-quarter under the stock option
and recognition and retention plans, resulting in $182,000 of
related expense for the second quarter of 2009. Based on grants
awarded by the stock option and recognition and retention plans to
date, the Company anticipates compensation expense related to these
plans of approximately $350,000 in the aggregate per quarter during
the remainder of the five-year vesting period. 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, the Louisiana bank shares tax and the FDIC's special
assessment of five basis points assessed on all FDIC-insured
depository institutions. In addition, the FDIC also has increased
the base insurance premium assessment on deposits. 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."
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, 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. 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 forwardlooking statements are made or to
reflect the occurrence of unanticipated events. HOME BANCORP, INC.
AND SUBSIDIARY CONDENSED STATEMENTS OF FINANCIAL CONDITION June 30,
June 30, % 2009 2008 Change ---- ---- ------ Assets Cash and cash
equivalents $14,006,806 $14,453,603 (3)% Interest-bearing deposits
in banks 1,289,000 2,673,000 (52) Cash invested at other ATM
locations 25,816,329 25,842,389 - Securities available for sale, at
fair value 109,817,830 64,853,202 69 Securities held to maturity
3,512,665 4,082,337 (14) Mortgage loans held for sale 4,237,324
535,000 692 Loans, net of unearned income 342,659,432 315,192,357 9
Allowance for loan losses (3,021,850) (2,377,968) 27 ----------
---------- -- Loans, net 339,637,582 312,814,389 9 -----------
----------- - Office properties and equipment, net 15,249,373
12,005,024 27 Cash surrender value of bank-owned life insurance
5,395,580 5,134,487 5 Accrued interest receivable and other assets
8,480,735 5,699,519 49 --------- --------- -- Total Assets
$527,443,224 $448,092,950 18% ============ ============ ==
Liabilities Deposits $371,631,130 $355,760,365 4% Federal Home Loan
Bank advances 22,893,099 38,856,903 (41) Accrued interest payable
and other liabilities 2,724,291 2,716,604 - --------- --------- -
Total Liabilities 397,248,520 397,333,872 - ----------- -----------
- Shareholders' Equity Common stock $89,270 $- -% Additional
paid-in capital 87,357,709 - - Unearned compensation (9,934,075) -
- Retained earnings 55,918,381 51,461,993 9 Accumulated other
comprehensive income (loss) (3,236,581) (702,915) (360) ----------
-------- ---- Total Shareholders' Equity 130,194,704 50,759,078 156
----------- ---------- --- Total Liabilities and Shareholders'
Equity $527,443,224 $448,092,950 18% ============ ============ ==
March 31, December 31, 2009 2008 ---- ---- Assets Cash and cash
equivalents $25,592,391 $20,150,248 Interest-bearing deposits in
banks 1,388,000 1,685,000 Cash invested at other ATM locations
24,328,114 24,243,780 Securities available for sale, at fair value
112,296,397 114,235,261 Securities held to maturity 3,895,918
4,089,466 Mortgage loans held for sale 1,590,600 996,600 Loans, net
of unearned income 336,389,803 335,568,071 Allowance for loan
losses (2,780,698) (2,605,889) ---------- ---------- Loans, net
333,609,105 332,962,182 ----------- ----------- Office properties
and equipment, net 15,227,422 15,325,997 Cash surrender value of
bank-owned life insurance 5,334,033 5,268,817 Accrued interest
receivable and other assets 9,633,416 9,439,637 --------- ---------
Total Assets $532,895,396 $528,396,988 ============ ============
Liabilities Deposits $375,142,247 $354,145,105 Federal Home Loan
Bank advances 24,207,021 44,420,795 Accrued interest payable and
other liabilities 4,246,421 2,868,362 --------- --------- Total
Liabilities 403,595,689 401,434,262 ----------- -----------
Shareholders' Equity Common stock $89,270 $89,270 Additional
paid-in capital 87,165,161 87,182,281 Unearned compensation
(6,962,960) (7,052,230) Retained earnings 53,778,603 52,055,071
Accumulated other comprehensive income (loss) (4,770,367)
(5,311,666) ---------- ---------- Total Shareholders' Equity
129,299,707 126,962,726 ----------- ----------- Total Liabilities
and Shareholders' Equity $532,895,396 $528,396,988 ============
============ HOME BANCORP, INC. AND SUBSIDIARY CONDENSED STATEMENTS
OF INCOME For The Three Months Ended June 30, % 2009 2008 Change
---- ---- ------ Interest Income Loans, including fees $5,596,564
$5,393,111 4% Investment securities 1,786,673 965,252 85 Other
investments and deposits 350,842 309,366 13 ------- ------- --
Total interest income 7,734,079 6,667,729 16 --------- --------- --
Interest Expense Deposits 1,420,771 2,065,285 (31)% Federal Home
Loan Bank advances 210,138 241,681 (13) ------- ------- --- Total
interest expense 1,630,909 2,306,966 (29) --------- --------- ---
Net interest income 6,103,170 4,360,763 40 Provision for loan
losses 248,487 98,448 152 ------- ------ --- Net interest income
after provision for loan losses 5,854,683 4,262,315 37 ---------
--------- -- . Noninterest Income Service fees and charges 444,138
421,212 5% Bank card fees 282,536 233,885 21 Gain on sale of loans,
net 174,905 81,119 116 Loss on sale of real estate owned, net -
(3,278) - Income from bank-owned life insurance 61,547 63,936 (4)
Other income 43,049 36,998 16 ------ ------ -- Total noninterest
income 1,006,175 833,872 21 --------- ------- -- Noninterest
Expense Compensation and benefits 2,597,488 2,143,498 21% Occupancy
330,030 302,210 9 Marketing and advertising 154,279 158,523 (3)
Data processing and communication 374,932 363,988 3 Professional
fees 248,363 103,363 140 Franchise and shares tax 226,250 - - Other
expenses 710,110 352,736 101 ------- ------- --- Total noninterest
expense 4,641,452 3,424,318 36 --------- --------- -- Income before
income tax expense 2,219,406 1,671,869 33 Income tax expense
782,400 568,435 38 ------- ------- -- Net income $1,437,006
$1,103,434 30% ========== ========== == Earnings per share - basic
$0.18 N/A N/A ===== ======= ======= Earnings per share - diluted
$0.18 N/A N/A ===== ======= ======= For The Six Months Ended June
30, % 2009 2008 Change ---- ---- ------ Interest Income Loans,
including fees $11,118,314 $10,800,448 3% Investment securities
3,489,469 1,750,661 99 Other investments and deposits 663,252
649,818 2 ------- ------- - Total interest income 15,271,035
13,200,927 16 ---------- ---------- -- Interest Expense Deposits
2,848,043 4,452,304 (36)% Federal Home Loan Bank advances 453,175
403,300 12 ------- ------- -- Total interest expense 3,301,218
4,855,604 (32) --------- --------- --- Net interest income
11,969,817 8,345,323 43 Provision for loan losses 422,149 68,937
512 ------- ------ --- Net interest income after provision for loan
losses 11,547,668 8,276,386 40 ---------- --------- -- .
Noninterest Income Service fees and charges 898,844 827,465 9% Bank
card fees 543,260 441,366 23 Gain on sale of loans, net 315,292
150,998 109 Loss on sale of real estate owned, net - (3,488) -
Income from bank-owned life insurance 126,763 127,872 (1) Other
income 81,121 55,445 46 ------ ------ -- Total noninterest income
1,965,280 1,599,658 23 --------- --------- -- Noninterest Expense
Compensation and benefits 4,918,636 4,235,999 16% Occupancy 646,402
589,937 10 Marketing and advertising 321,932 316,573 2 Data
processing and communication 720,198 701,748 3 Professional fees
461,935 165,747 179 Franchise and shares tax 452,500 - - Other
expenses 1,126,931 650,110 73 --------- ------- -- Total
noninterest expense 8,648,534 6,660,114 30 --------- --------- --
Income before income tax expense 4,864,414 3,215,930 51 Income tax
expense 1,703,876 1,093,416 56 --------- --------- -- Net income
$3,160,538 $2,122,514 49% ========== ========== == Earnings per
share - basic $0.39 N/A N/A ===== ======= ======= Earnings per
share - diluted $0.39 N/A N/A ===== ======= ======= HOME BANCORP,
INC. AND SUBSIDIARY SUMMARY FINANCIAL INFORMATION For The Three
Months Ended June 30, % 2009 2008 Change ---- ---- ------ (dollars
in thousands except per share data) EARNINGS DATA Total interest
income $7,734 $6,668 16 Total interest expense 1,631 2,307 (29)
----- ----- Net interest income 6,103 4,361 40 ----- -----
Provision for loan losses 248 99 151 Total noninterest income 1,006
834 21 Total noninterest expense 4,642 3,424 36 Income tax expense
782 569 37 --- --- Net income $1,437 $1,103 30 ====== ======
Earnings per share - diluted $0.18 N/A N/A ===== ======= AVERAGE
BALANCE SHEET DATA Total assets $533,715 $443,235 20% Total earning
assets 502,987 415,296 21 Loans 343,798 315,202 9 Interest bearing
deposits 305,156 298,548 2 Total deposits 375,188 356,153 5 Total
shareholders' equity 129,369 50,854 154 SELECTED RATIOS (1) Return
on average assets 1.08% 1.00% 8% Return on average total equity
4.44 8.68 (49) Efficiency ratio (2) 65.29 65.92 (1) Average equity
to average assets 24.24 11.48 111 Core capital ratio (3) (4) 19.79
11.44 73 Net interest margin (5) 4.87 4.21 16 June 30, June 30, %
2009 2008 Change ---- ---- ---------- CREDIT QUALITY (3) (6)
Nonaccrual loans $2,438 $787 210% Accruing loans past due 90 days
and over - - - --- --- Total nonperforming loans 2,438 787 210
Other real estate owned - 49 - --- -- Total nonperforming assets
$2,438 $836 192 ====== ==== Nonperforming assets to total assets
0.46% 0.19% 142% Nonperforming loans to total assets 0.46 0.18 156
Nonperforming loans to total loans 0.71 0.25 184 Allowance for loan
losses to nonperforming assets 123.9 284.4 (56) Allowance for loan
losses to nonperforming loans 123.9 302.3 (59) Allowance for loan
losses to total loans 0.88 0.75 17 Year-to-date loan charge-offs
$17 $35 (51)% Year-to-date loan recoveries 11 30 (63) -- --
Year-to-date net loan charge-offs (recoveries) 6 5 20 === ===
Annualized YTD net loan charge-offs to total loans -%(7) -%(7) -%
For The Three Months Ended % March 31, 2009 Change
------------------ ---------- (dollars in thousands except per
share data) EARNINGS DATA Total interest income $7,537 3% Total
interest expense 1,670 (2) ----- Net interest income 5,867 4 -----
Provision for loan losses 174 43 Total noninterest income 959 5
Total noninterest expense 4,007 16 Income tax expense 921 (15) ---
Net income $1,724 (17) ====== Earnings per share - diluted $0.21
(14) ===== AVERAGE BALANCE SHEET DATA Total assets $525,560 2%
Total earning assets 497,174 1 Loans 339,528 1 Interest bearing
deposits 290,590 5 Total deposits 357,472 5 Total shareholders'
equity 128,865 - SELECTED RATIOS (1) Return on average assets 1.31
(18)% Return on average total equity 5.35 (17) Efficiency ratio (2)
58.71 11 Average equity to average assets 24.52 (1) Core capital
ratio (3) (4) 19.19 3 Net interest margin (5) 4.72 3 March 31, %
2009 Change ---- ---------- CREDIT QUALITY (3) (6) Nonaccrual loans
$2,489 (2)% Accruing loans past due 90 days and over - - - Total
nonperforming loans 2,489 (2) Other real estate owned 37 - -- Total
nonperforming assets $2,526 (3) ====== Nonperforming assets to
total assets 0.47% (2)% Nonperforming loans to total assets 0.47
(2) Nonperforming loans to total loans 0.74 (4) Allowance for loan
losses to nonperforming assets 110.1 13 Allowance for loan losses
to nonperforming loans 111.7 11 Allowance for loan losses to total
loans 0.83 6 Year-to-date loan charge-offs $2 750% Year-to-date
loan recoveries 3 267 - Year-to-date net loan charge-offs
(recoveries) (1) 700 == Annualized YTD net loan charge- offs to
total loans - -%(7) (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 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. (7) Ratio is
displayed as zero since calculated value is too low to be reported.
DATASOURCE: Home Bancorp, Inc. CONTACT: John W. Bordelon, President
and CEO of Home Bancorp, Inc., +1-337-237-1960 Web Site:
http://www.home24bank.com/
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