In the news release, Home Bancorp Announces 2010 First Quarter
Results, issued 04-May-2010 by Home
Bancorp, Inc. over PR Newswire, we are advised by the company that
the numbers in the "SUMMARY FINANCIAL INFORMATION" table, "Book
value at period end" row, have changed. Please see complete
corrected version that follows:
Home Bancorp Announces 2010 First Quarter Results
LAFAYETTE, La., May 4 /PRNewswire-FirstCall/ -- 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 $845,000 for the first quarter of 2010, an
increase of $824,000 compared to the
fourth quarter of 2009 and a decrease of $878,000 compared to the first quarter of 2009.
Diluted earnings per share were $0.11 for the first quarter of 2010, compared to
$0.00 and $0.21 for the fourth and first quarters of 2009,
respectively. The first quarter of 2010 includes
acquisition-related costs (pre-tax) of $357,000 related to Home Bank's acquisition of
Statewide Bank. The Company's results include the impact of
the acquired assets and assumed liabilities of Statewide Bank since
the March 12, 2010 acquisition date.
"This is a time of incredible growth and opportunity for our
company," stated John W. Bordelon,
President and Chief Executive Officer of the Company and the Bank.
"During the first quarter, we completed the FDIC-assisted
acquisition of Statewide Bank and opened our Baton Rouge headquarters."
"The newest members of the Home Bank family, our Northshore
team, have done a tremendous job serving our new customers in
Covington, Madisonville, Mandeville, Abita
Springs, Slidell and
Folsom," continued Mr. Bordelon.
"We are confident that our ability to develop meaningful
relationships with our customers will set us apart from our
Northshore competitors."
"The commitment and dedication displayed by our Acadiana,
Baton Rouge and Northshore teams
in executing the Statewide acquisition and opening our Baton Rouge headquarters has been tremendous,"
added Mr. Bordelon. "We are very fortunate to work with such
an inspired group of colleagues."
Acquisition of Statewide Bank
On March 12, 2010, Home Bank entered into a purchase and
assumption agreement with the Federal Deposit Insurance Corporation
("FDIC") to purchase certain assets and to assume deposits and
certain other liabilities of Statewide Bank, a full service
community bank formerly headquartered in Covington, Louisiana. As a result of the
transaction (prior to fair value adjustments), the Company acquired
$199.2 million of assets, including
loans of $157.0 million and
$222.6 million in deposits and other
liabilities.
In connection with the acquisition, Home Bank entered into loss
sharing agreements with the FDIC which cover the acquired loan
portfolio ("Covered Loans") and other repossessed assets
(collectively referred to as "Covered Assets"). Under the
terms of the loss share agreements, the FDIC will absorb 80% of the
first $41 million of losses incurred
on Covered Assets and 95% of losses on Covered Assets exceeding
$41 million.
The assets and liabilities from Statewide Bank were recorded at
their estimated fair values as of the March
12, 2010 acquisition date. Such fair values are
preliminary estimates and are subject to adjustment for up to one
year after the acquisition date. A summary of the assets and
liabilities acquired and estimated fair value adjustments follows.
|
|
|
|
|
|
As of March 12,
2010
|
|
(in thousands)
|
Acquired
from
FDIC
|
Fair
Value
Adjustments
|
As recorded
by
Home
Bank
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
11,569
|
$
-
|
$
11,569
|
|
Investment
securities available for sale:
|
|
|
|
|
U.S. agency
mortgage-backed securities
|
24,974
|
-
|
24,974
|
|
Loans covered by
loss sharing agreements
|
157,016
|
(46,601)
|
110,415
|
|
Real estate owned
covered by loss
sharing agreements
|
2,545
|
(207)
|
2,338
|
|
Core deposit
intangible
|
-
|
1,429
|
1,429
|
|
FDIC loss share
receivable
|
-
|
34,422
|
34,422
|
|
Other
assets
|
3,077
|
(64)
|
3,013
|
|
Total assets
acquired
|
199,181
|
(11,021)
|
188,160
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Noninterest-bearing
|
$
14,862
|
$
-
|
$
14,862
|
|
Interest-bearing
|
191,014
|
1,049
|
192,063
|
|
Total
deposits
|
205,876
|
1,049
|
206,925
|
|
Federal Home Loan
Bank ("FHLB") advances
|
16,519
|
305
|
16,824
|
|
Other
liabilities
|
161
|
-
|
161
|
|
Total liabilities
assumed
|
$
222,556
|
$
1,354
|
$
223,910
|
|
Excess of liabilities assumed over
assets acquired
|
|
|
(35,750)
|
|
Cash payment received from the
FDIC
|
|
|
35,324
|
|
Total goodwill recorded
|
|
|
$
426
|
|
|
|
|
|
|
|
Baton Rouge Expansion
The Company opened its third full-service Baton Rouge location in March 2010. The 6,400-square foot facility,
located on Corporate Boulevard, will serve as Home Bank's
Baton Rouge headquarters.
Commercial Market Manager Robert
Lott and the commercial lending team will anchor the branch,
along with mortgage origination, cash management services and
retail banking.
Loans and Credit Quality
Loans totaled $450.3 million at
March 31, 2010, an increase of
$113.7 million, or 34%, from
December 31, 2009, and an increase of
$113.9 million, or 34%, from
March 31, 2009. The increase
during the first quarter includes Covered Loans acquired from
Statewide Bank, which totaled $108.1
million at March 31, 2010.
Organic loan growth totaled $5.6
million during the first quarter of 2010. Such growth
was concentrated in the commercial real estate and construction and
land portfolios.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
March 31,
2010
|
|
|
|
(dollars in
thousands)
|
Covered
Loans
|
Noncovered
Loans
|
Total
Loans
|
December
31,
2009
|
Increase/(Decrease)
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
$
29,971
|
$118,048
|
$148,019
|
$
120,044
|
$
27,975
|
23%
|
|
Home
equity loans and lines
|
7,576
|
24,136
|
31,712
|
24,678
|
7,034
|
29
|
|
Commercial real
estate
|
36,176
|
104,243
|
140,419
|
97,513
|
42,906
|
44
|
|
Construction and
land
|
18,886
|
38,713
|
57,599
|
35,364
|
22,235
|
63
|
|
Multi-family
residential
|
2,229
|
4,200
|
6,429
|
4,089
|
2,340
|
57
|
|
Total real
estate loans
|
94,838
|
289,340
|
384,178
|
281,688
|
102,490
|
36
|
|
Other loans:
|
|
|
|
|
|
|
|
Commercial
|
8,456
|
35,979
|
44,435
|
38,340
|
6,095
|
16
|
|
Consumer
|
4,763
|
16,928
|
21,691
|
16,619
|
5,072
|
31
|
|
Total other
loans
|
13,219
|
52,907
|
66,126
|
54,959
|
11,167
|
20
|
|
Total
loans
|
$
108,057
|
$342,247
|
$450,304
|
$
336,647
|
$113,657
|
34%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets, excluding Covered Assets, were
$1.9 million at March 31, 2010,
an increase of $198,000, or 8%, from
December 31, 2009, and a decrease of
$632,000, or 33%, from March 31, 2009. The ratio of nonperforming
assets, excluding Covered Assets, to total assets was 0.27% at
March 31, 2010, compared to 0.32% at
December 31, 2009 and 0.47% at
March 31, 2009. At March 31,
2010, total nonperforming assets, including Covered Assets
of $18.3 million, were $20.2 million. The ratio of total
nonperforming assets to total assets was 2.90% at March 31, 2010.
The Company recorded net charge-offs of $21,000 during the first quarter of 2010,
compared to net charge-offs of $76,000 in the fourth quarter of 2009 and net
recoveries of $1,000 in the first
quarter of 2009. The Company's loan loss provision for the first
quarter of 2010 was $350,000,
compared to $156,000 and $174,000 for the fourth quarter of 2009 and the
first quarter of 2009, respectively. The increase in the loan
loss provision during the first quarter of 2010 resulted primarily
from the downgrade of two loan relationships in the Lafayette market.
At March 31, 2010, the Company's
ratio of loan loss reserves to total non-covered loans was 1.08%,
compared to 1.00% and 0.83% at December 31,
2009 and March 31, 2009,
respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$138.2 million at March 31, 2010, increases of $18.4 million, or 15%, from December 31, 2009, and $22.0 million, or 19%, from March 31, 2009. The increase in investment
securities was the result of the addition of $25.0 million of U.S. agency mortgage-backed
securities acquired from Statewide Bank. At March 31, 2010, the Company had an unrealized
loss position on its investment securities portfolio of
$191,000, compared to net unrealized
losses of $133,000 and $7.2 million at December
31, 2009 and March 31, 2009,
respectively. The unrealized loss relates primarily to the
Company's non-agency mortgage-backed securities holdings, which
totaled $36.9 million at March 31, 2010, down from $39.7 million at December
31, 2009. Due to increasing delinquencies and defaults
in the mortgage loans underlying certain non-agency mortgage-backed
securities, the Company recorded an other-than-temporary impairment
("OTTI") charge of $1.9 million
during the fourth quarter of 2009.
The following table summarizes the Company's non-agency
mortgage-backed securities portfolio as of March 31, 2010 (in thousands).
|
|
|
|
|
|
|
|
Collateral
|
Tranche
|
S&P
Rating
|
Amortized
Cost
|
Unrealized
Gain/(Loss)
|
|
Prime
|
Super
Senior
|
AAA
|
$
9,345
|
$
312
|
|
Prime
|
Senior
|
AAA
(1)
|
17,453
|
(1,298)
|
|
Prime
|
Senior
|
Below investment
grade
|
2,973
|
(513)
|
|
Prime
|
Senior
support
|
Below investment
grade
|
2,566
|
(225)
|
|
Alt-A
|
Super
senior
|
Below investment
grade
|
2,007
|
(414)
|
|
Alt-A
|
Senior
|
AAA
|
691
|
29
|
|
Alt-A
|
Senior
|
Below
investment grade (2)
|
1,763
|
(803)
|
|
Alt-A
|
Senior
support
|
Below investment
grade
|
144
|
717
|
|
Total
non-agency mortgage-backed securities
|
$
36,942
|
$
(2,195)
|
|
|
|
(1) Includes one security with an
amortized cost of $1.6 million and an unrealized loss of $35,000
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.
Deposits
Deposits totaled $539.9 million at
March 31, 2010, an increase of
$168.3 million, or 45%, from
December 31, 2009, and an increase of
$164.8 million, or 44%, from
March 31, 2009. The acquisition
of Statewide Bank added $206.9
million in deposits during the quarter, including
approximately $46.2 million of
higher-cost, out-of-state brokered deposits which the Company
elected to re-price. Consistent with management's
expectations, the vast majority of out-of-state depositors elected
to withdraw their deposits. The Company's organic core
deposit growth during the first quarter of 2010 totaled
$6.7 million.
The following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
March
31,
|
December 31,
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
2010
|
2009
|
Amount
|
Percent
|
|
|
|
|
|
|
|
Demand deposit
|
$
88,139
|
$
66,956
|
$
21,183
|
32%
|
|
Savings
|
25,991
|
21,009
|
4,982
|
24
|
|
Money
market
|
94,727
|
80,810
|
13,917
|
17
|
|
NOW
|
62,428
|
48,384
|
14,044
|
29
|
|
Certificates of deposit
|
268,649
|
154,434
|
114,215
|
74
|
|
Total
deposits
|
$
539,934
|
$
371,593
|
$168,341
|
45%
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the first quarter of 2010 totaled
$5.9 million, an increase of
$352,000, or 6%, compared to the
fourth quarter of 2009, and a decrease of $3,000, or 0.1%, compared to the first quarter of
2009. The Company's net interest margin was 4.69% for the
first quarter of 2010, 29 basis points higher than the fourth
quarter of 2009 and 7 basis points lower than the first quarter of
2009.
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
|
|
|
March 31,
2010
|
December 31,
2009
|
March 31,
2009
|
|
(dollars in
thousands)
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|
Earning-assets:
|
|
|
|
|
|
|
|
Loans
receivable
|
$360,963
|
6.61%
|
$340,937
|
6.52%
|
$339,528
|
6.57%
|
|
Investment securities
|
123,183
|
4.30
|
120,756
|
4.50
|
124,668
|
5.46
|
|
Other
interest-earning
assets
|
20,049
|
0.55
|
34,807
|
0.51
|
32,978
|
3.84
|
|
Total
earning-assets
|
$504,195
|
5.81
|
$496,500
|
5.60
|
497,174
|
6.11
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
$153,003
|
0.72
|
$150,368
|
0.75
|
$133,318
|
0.73
|
|
Certificates of deposit
|
181,861
|
2.15
|
158,644
|
2.57
|
157,272
|
3.06
|
|
Total
interest-bearing
deposits
|
334,864
|
1.50
|
309,012
|
1.68
|
290,590
|
1.99
|
|
FHLB
Advances
|
17,897
|
3.53
|
18,860
|
3.56
|
36,381
|
2.67
|
|
Total
interest-bearing
liabilities
|
$352,761
|
1.60
|
$327,872
|
1.79
|
$326,971
|
2.07
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
4.21
|
|
3.81
|
|
4.04
|
|
Net interest
margin
|
|
4.69
|
|
4.40
|
|
4.75
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the first quarter of 2010 totaled
$997,000, an increase of $1.8 million, or 223%, compared to the fourth
quarter of 2009 and an increase of $38,000, or 4%, compared to the first quarter of
2009. Excluding the impact of the OTTI charge of $1.9 million in the fourth quarter of 2009, first
quarter 2010 noninterest income decreased $79,000, or 7%, compared to the fourth quarter of
2009. The decrease from the fourth quarter of 2009 resulted
primarily from lower gains on the sale of mortgage loans. The
increase from the first quarter of 2009 resulted from an increase
in income on bank-owned life insurance, which was partially offset
by a decrease in gain on sale of loans.
Noninterest Expense
Noninterest expense for the first quarter of 2010 totaled
$5.2 million, an increase of
$755,000, or 17%, compared to the
fourth quarter of 2009 and an increase of $1.2 million, or 31%, compared the first quarter
of 2009. Excluding the impact of $357,000 in acquisition-related costs incurred in
the first quarter of 2010, noninterest expense for the first
quarter of 2010 increased $398,000,
or 9%, and $881,000, or 22%, compared
to the quarters ended December 31,
2009 and March 31, 2009,
respectively. The primary reason for the increase in
noninterest expense during the first quarter of 2010 was higher
compensation and benefits expense. Compensation and benefits
expense increased primarily due to hiring staff for our
Baton Rouge headquarters location
in the first quarter of 2010, in addition to increased stock-based
compensation expenses. Stock-based compensation expenses
increased due to award grants under the Company's stock option and
recognition and retention plans approved by the Company's
shareholders in May 2009.
Additionally, regulatory fees increased during the quarter
ended March 31, 2010 compared to the
same quarter a year ago as a result of an increase in base
insurance premium assessments on deposits by the FDIC.
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 acquisition-related charges and charges for
the other-than-temporary impairment of investment securities.
Management believes the presentation of this non-GAAP
financial information provides useful information that is essential
to a proper understanding of the Company's core 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, 2009, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
%
|
|
|
December
31,
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
2009
|
|
Change
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
17,841,146
|
|
$
25,592,391
|
|
(30)
|
%
|
|
$
25,709,597
|
|
(31)
|
%
|
|
Interest-bearing
deposits in banks
|
5,652,000
|
|
1,388,000
|
|
307
|
|
|
3,529,000
|
|
60
|
|
|
Cash invested at
other ATM locations
|
-
|
|
24,328,114
|
|
(100)
|
|
|
-
|
|
-
|
|
|
Investment
securities available for sale,
at fair
value
|
123,608,320
|
|
112,296,397
|
|
10
|
|
|
106,752,131
|
|
16
|
|
|
Investment
securities held to maturity
|
14,628,588
|
|
3,895,918
|
|
275
|
|
|
13,098,847
|
|
12
|
|
|
Mortgage loans
held for sale
|
2,411,700
|
|
1,590,600
|
|
52
|
|
|
719,350
|
|
235
|
|
|
Loans covered by
loss share agreements
|
108,056,686
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
Non-covered loans,
net of unearned income
|
342,247,448
|
|
336,389,803
|
|
2
|
|
|
336,647,292
|
|
2
|
|
|
Total loans
|
450,304,134
|
|
336,389,803
|
|
34
|
|
|
336,647,292
|
|
34
|
|
|
Allowance for loan
losses
|
(3,680,819)
|
|
(2,780,698)
|
|
32
|
|
|
(3,351,688)
|
|
(10)
|
|
|
Total loans, net of allowance
|
446,623,315
|
|
333,609,105
|
|
34
|
|
|
333,295,604
|
|
34
|
|
|
Office properties
and equipment, net
|
17,386,998
|
|
15,227,422
|
|
14
|
|
|
16,186,690
|
|
7
|
|
|
Cash surrender
value of bank-owned
life
insurance
|
15,710,189
|
|
5,334,033
|
|
195
|
|
|
15,262,645
|
|
3
|
|
|
FDIC loss share
receivable
|
34,422,039
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
Accrued interest
receivable and other assets
|
18,455,796
|
|
9,633,416
|
|
92
|
|
|
10,081,885
|
|
83
|
|
|
Total Assets
|
$
696,740,091
|
|
$
532,895,396
|
|
31
|
%
|
|
$
524,635,749
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
539,934,197
|
|
$
375,142,247
|
|
44
|
%
|
|
$
371,592,747
|
|
45
|
%
|
|
Federal Home Loan
Bank advances
|
19,259,424
|
|
24,207,021
|
|
(20)
|
|
|
16,773,802
|
|
15
|
|
|
Accrued interest
payable and other liabilities
|
4,681,109
|
|
4,246,421
|
|
10
|
|
|
3,519,896
|
|
33
|
|
|
Total Liabilities
|
563,874,730
|
|
403,595,689
|
|
40
|
|
|
391,886,445
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
$
89,270
|
|
$
89,270
|
|
-
|
%
|
|
$
89,270
|
|
-
|
%
|
|
Additional paid-in
capital
|
88,424,553
|
|
87,165,161
|
|
1
|
|
|
88,072,884
|
|
-
|
|
|
Treasury
stock
|
(2,980,831)
|
|
-
|
|
-
|
|
|
(1,848,862)
|
|
61
|
|
|
Common stock
acquired by benefit plans
|
(10,824,200)
|
|
(6,962,960)
|
|
55
|
|
|
(10,913,470)
|
|
(1)
|
|
|
Retained
earnings
|
58,282,859
|
|
53,778,603
|
|
8
|
|
|
57,437,444
|
|
1
|
|
|
Accumulated other
comprehensive income (loss)
|
(126,290)
|
|
(4,770,367)
|
|
97
|
|
|
(87,962)
|
|
(44)
|
|
|
Total Shareholders'
Equity
|
132,865,361
|
|
129,299,707
|
|
3
|
|
|
132,749,304
|
|
-
|
|
|
Total Liabilities and Shareholders'
Equity
|
$
696,740,091
|
|
$
532,895,396
|
|
31
|
%
|
|
$
524,635,749
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
For The Three
|
|
|
|
|
|
March
31,
|
|
%
|
|
Months
Ended
|
|
%
|
|
|
|
2010
|
2009
|
|
Change
|
|
December 31,
2009
|
|
Change
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
5,907,230
|
$
5,521,750
|
|
7
|
%
|
$
5,586,544
|
|
6
|
%
|
|
Investment
securities
|
1,323,218
|
1,702,796
|
|
(22)
|
|
1,357,827
|
|
(3)
|
|
|
Other investments
and deposits
|
27,323
|
312,410
|
|
(91)
|
|
45,342
|
|
(40)
|
|
|
Total interest
income
|
7,257,771
|
7,536,956
|
|
(4)
|
|
6,989,713
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,236,197
|
1,427,272
|
|
(13)
|
%
|
1,309,249
|
|
(6)
|
%
|
|
Federal Home Loan
Bank advances
|
157,659
|
243,037
|
|
(35)
|
|
168,156
|
|
(6)
|
|
|
Total interest
expense
|
1,393,856
|
1,670,309
|
|
(17)
|
|
1,477,405
|
|
(6)
|
|
|
Net interest income
|
5,863,915
|
5,866,647
|
|
-
|
|
5,512,308
|
|
6
|
|
|
Provision for loan
losses
|
350,032
|
173,662
|
|
102
|
|
155,670
|
|
125
|
|
|
Net interest income after provision
for loan losses
|
5,513,883
|
5,692,985
|
|
(3)
|
|
5,356,638
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
467,389
|
454,706
|
|
3
|
%
|
478,977
|
|
(2)
|
%
|
|
Bank card
fees
|
283,057
|
260,724
|
|
9
|
|
269,176
|
|
5
|
|
|
Gain on sale of
loans, net
|
78,393
|
140,387
|
|
(44)
|
|
190,511
|
|
(59)
|
|
|
Income from
bank-owned life insurance
|
149,246
|
65,216
|
|
129
|
|
99,280
|
|
50
|
|
|
Other-than-temporary impairment of
securities
|
-
|
-
|
|
-
|
|
(1,888,381)
|
|
100
|
|
|
Other
income
|
18,557
|
38,072
|
|
(51)
|
|
37,326
|
|
(50)
|
|
|
Total noninterest
income
|
996,642
|
959,105
|
|
4
|
|
(813,111)
|
|
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
3,012,137
|
2,327,338
|
|
29
|
%
|
3,038,901
|
|
(1)
|
%
|
|
Occupancy
|
387,983
|
316,372
|
|
23
|
|
324,609
|
|
20
|
|
|
Marketing and
advertising
|
201,737
|
167,653
|
|
20
|
|
180,479
|
|
12
|
|
|
Data processing
and communication
|
379,382
|
345,266
|
|
10
|
|
353,406
|
|
7
|
|
|
Professional
fees
|
468,062
|
213,572
|
|
119
|
|
167,499
|
|
179
|
|
|
Franchise and
shares tax
|
201,071
|
226,250
|
|
(11)
|
|
(69,061)
|
|
391
|
|
|
Regulatory
fees
|
110,904
|
50,408
|
|
120
|
|
105,580
|
|
5
|
|
|
Other
expenses
|
484,229
|
360,223
|
|
34
|
|
389,340
|
|
24
|
|
|
Total noninterest
expense
|
5,245,505
|
4,007,082
|
|
31
|
|
4,490,753
|
|
17
|
|
|
Income before income tax
expense
|
1,265,020
|
2,645,008
|
|
(52)
|
|
52,774
|
|
2,297
|
|
|
Income tax expense
|
419,605
|
921,476
|
|
(54)
|
|
31,148
|
|
1,247
|
|
|
Net income
|
$
845,415
|
$
1,723,532
|
|
(51)
|
%
|
$
21,626
|
|
3,809
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic
|
$
0.11
|
$
0.21
|
|
(48)
|
|
$
-
|
|
-
|
%
|
|
Earnings per share -
diluted
|
$
0.11
|
$
0.21
|
|
(48)
|
|
$
-
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
For The Three
|
|
|
|
|
|
March
31,
|
|
%
|
|
Months
Ended
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
December 31,
2009
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
559,413
|
|
$
525,560
|
|
6
|
%
|
$
530,914
|
|
5
|
%
|
|
Total interest-earning
assets
|
504,195
|
|
497,174
|
|
1
|
|
496,500
|
|
2
|
|
|
Loans
|
360,963
|
|
339,528
|
|
6
|
|
340,937
|
|
6
|
|
|
Interest-bearing deposits
|
334,864
|
|
290,590
|
|
15
|
|
309,012
|
|
8
|
|
|
Interest-bearing
liabilities
|
352,761
|
|
326,971
|
|
8
|
|
327,872
|
|
8
|
|
|
Total deposits
|
407,380
|
|
357,472
|
|
14
|
|
375,236
|
|
9
|
|
|
Total shareholders' equity
|
129,618
|
|
128,865
|
|
1
|
|
132,495
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
0.60
|
%
|
1.31
|
%
|
(54)
|
%
|
0.02
|
%
|
2,900
|
%
|
|
Return on average total
equity
|
2.61
|
|
5.35
|
|
(51)
|
|
0.07
|
|
3,629
|
|
|
Efficiency ratio (2)
|
76.46
|
|
58.71
|
|
30
|
|
95.56
|
|
(20)
|
|
|
Average equity to average
assets
|
23.17
|
|
24.52
|
|
(6)
|
|
24.96
|
|
(7)
|
|
|
Core capital ratio (3) (4)
|
14.94
|
|
19.19
|
|
(22)
|
|
20.24
|
|
(26)
|
|
|
Net interest margin (5)
|
4.69
|
|
4.75
|
|
(1)
|
|
4.40
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
0.11
|
|
$
0.21
|
|
(48)
|
%
|
$
-
|
|
-
|
%
|
|
Diluted earnings per share
|
$
0.11
|
|
$
0.21
|
|
(48)
|
|
$
-
|
|
-
|
|
|
Book value at period end
|
$
15.30
|
|
$
14.48
|
|
6
|
|
$
15.13
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at period
end
|
8,682,700
|
|
8,926,875
|
|
(3)
|
|
8,774,975
|
|
(1)
|
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7,707,576
|
|
8,226,116
|
|
(6)
|
|
7,816,657
|
|
(1)
|
|
|
Diluted
|
7,789,451
|
|
8,226,116
|
|
(5)
|
|
7,863,050
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
%
|
|
December
31,
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
2009
|
|
Change
|
|
|
CREDIT QUALITY
(dollars in
thousands)
(3)
(6) (7) (8)
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
1,473
|
|
$
2,489
|
|
(41)
|
%
|
$
1,279
|
|
15
|
%
|
|
Accruing loans past due 90 days and
over
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total nonperforming loans
|
1,473
|
|
2,489
|
|
(41)
|
|
1,279
|
|
15
|
|
|
Other real estate owned
|
421
|
|
37
|
|
1,038
|
|
417
|
|
1
|
|
|
Total nonperforming assets
|
1,894
|
|
2,526
|
|
(25)
|
|
1,696
|
|
12
|
|
|
Performing troubled debt
restructurings
|
762
|
|
441
|
|
73
|
|
556
|
|
37
|
|
|
Total nonperforming assets and
troubled debt
restructurings
|
$
2,656
|
|
$
2,967
|
|
(10)
|
|
$
2,252
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets
|
0.27
|
%
|
0.47
|
%
|
(43)
|
%
|
0.32
|
%
|
(16)
|
%
|
|
Nonperforming loans to total
assets
|
0.21
|
|
0.47
|
|
(55)
|
|
0.24
|
|
(13)
|
|
|
Nonperforming loans to total
loans
|
0.33
|
|
0.74
|
|
(55)
|
|
0.38
|
|
(13)
|
|
|
Allowance for loan losses to
nonperforming assets
|
194.3
|
|
110.1
|
|
76
|
|
197.7
|
|
(2)
|
|
|
Allowance for loan losses to
nonperforming loans
|
249.9
|
|
111.7
|
|
124
|
|
262.2
|
|
(5)
|
|
|
Allowance for loan losses to total
loans
|
1.08
|
|
0.83
|
|
30
|
|
1.00
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
$
28
|
|
$
2
|
|
1,300
|
%
|
$
141
|
|
(80)
|
%
|
|
Year-to-date loan
recoveries
|
7
|
|
3
|
|
133
|
|
22
|
|
(68)
|
|
|
Year-to-date net loan
charge-offs
|
21
|
|
(1)
|
|
2,200
|
|
119
|
|
(82)
|
|
|
Annualized YTD net loan charge-offs to
total loans
|
-
|
%
|
-
|
%
|
-
|
%
|
0.04
|
|
(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 Bank
only.
|
|
(5) Net interest margin
represents net interest income as a percentage of average
interest-earning assets.
|
|
(6) Asset quality ratios exclude loans
of $108.1 million at March 31, 2010 covered under loss-sharing
agreements with the FDIC related to the acquisition of Statewide
Bank during the first quarter of 2010.
|
|
(7) Nonperforming assets exclude
$18.3 million at March 31, 2010 covered under loss-sharing
agreements with the FDIC related to the acquisition of Statewide
Bank during the first quarter of 2010.
|
|
(8) 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.
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SOURCE Home Bancorp, Inc.