LAFAYETTE, La., July 27 /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 $1.5 million for the second quarter of 2010, an
increase of $621,000, or 74%,
compared to the first quarter of 2010 and an increase of
$30,000, or 2%, compared to the
second quarter of 2009. Net income for the first and second
quarters of 2010 includes acquisition-related costs (after tax) of
$378,000 and $236,000, respectively. Excluding the
impact of acquisition-related costs, net income increased
$764,000, or 71%, compared to the
first quarter of 2010 and $408,000,
or 28%, compared to the second quarter of 2009. Diluted
earnings per share were $0.19 for the
second quarter of 2010, an increase of 73% compared to the first
quarter of 2010 and an increase of 6% compared to the second
quarter of 2009. Excluding the impact of
acquisition-related costs, diluted earnings per share were
$0.24 for the second quarter of
2010, an increase of 71% compared to the first quarter of
2010 and an increase of 33% compared to the second quarter of
2009.
The Company also announced that its Board of Directors approved
a new program to repurchase up to 424,027 shares, or approximately
5%, of the Company's outstanding common stock. Repurchases
may be made by the Company in open-market or privately-negotiated
transactions as, in the opinion of management, market conditions
warrant.
The Company completed a previously announced repurchase program
(the "October 2009" program) during the second quarter of 2010.
Under the October 2009 program,
the Company acquired 446,344 shares of the Company's common stock
at an average price of $12.85 per
share.
"We are excited about our financial performance this quarter and
continued strong credit quality," stated John W. Bordelon, President and Chief Executive
Officer of the Company and the Bank. "The strength of our
results was driven by the incremental earnings created by our
Northshore acquisition and robust core deposit growth."
"In mid-July, we completed the conversion of Northshore loan and
deposit accounts to Home Bank's operating system," added Mr.
Bordelon. "I admire the diligence and teamwork our staff
displayed during the integration and conversion process. We
expect our momentum on the Northshore and our other markets to
continue building throughout the remainder of the year as our
bankers introduce Home Bank's outstanding service quality to new
customers."
Loans and Credit Quality
The Company's market areas, which are located in southern
Louisiana, have been affected by
the recent oil spill in the Gulf of
Mexico. The Company's direct exposure to borrowers
with significant operations linked to deep-water drilling in the
Gulf amounted to $5.6 million in
outstanding loan balances as of June 30,
2010, or 1% of total loans at such date. The Company
has remained in contact with each of the impacted borrowers.
All such loans are performing in accordance with their terms
and, based on our discussions with the borrowers and internal
reviews, the Company does not believe it will suffer losses on
these loans. "Despite our minimal direct exposure to
deep-water drilling," stated Mr. Bordelon, "the oil and gas
industry is a key employer in South
Louisiana. We are continuing to carefully monitor the
effects of the oil spill on our customers and the markets we serve.
We will continue to support local, state and national efforts
aimed at preserving jobs across the Gulf coast."
As previously reported, Home Bank entered into a purchase and
assumption agreement with the Federal Deposit Insurance Corporation
("FDIC") on March 12, 2010 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, the Company acquired loans with contractual balances
totaling $157.0 million. After
fair value adjustments, the book value of the loans acquired
totaled $110.4 million. 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 sharing 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
Company distinguishes between Covered Loans and loans not covered
by the loss sharing agreements ("Noncovered Loans") due to the
differing risk exposure relating to the loans.
Total loans were $455.2 million at
June 30, 2010, an increase of
$4.9 million, or 1%, from
March 31, 2010, and an increase of
$112.5 million, or 33%, from
June 30, 2009. The following
table sets forth the composition of the Company's loan portfolio as
of the dates indicated.
|
|
|
|
|
|
|
|
|
|
June 30, 2010
|
|
|
|
(dollars in
thousands)
|
Covered Loans
|
Noncovered Loans
|
Total Loans
|
December 31, 2009
|
Increase/(Decrease)
|
|
Real estate loans:
|
|
|
|
|
|
|
|
One- to
four-family first mortgage
|
$ 24,724
|
$120,652
|
$145,376
|
$ 120,044
|
$ 25,332
|
21%
|
|
Home equity loans
and lines
|
7,202
|
24,946
|
32,148
|
24,678
|
7,470
|
30
|
|
Commercial real
estate
|
35,882
|
109,481
|
145,363
|
97,513
|
47,850
|
49
|
|
Construction and
land
|
18,229
|
42,243
|
60,472
|
35,364
|
25,108
|
71
|
|
Multi-family
residential
|
2,227
|
4,254
|
6,481
|
4,089
|
2,392
|
59
|
|
Total
real estate loans
|
88,264
|
301,576
|
389,840
|
281,688
|
108,152
|
38
|
|
Other loans:
|
|
|
|
|
|
|
|
Commercial
|
7,869
|
34,885
|
42,754
|
38,340
|
4,414
|
12
|
|
Consumer
|
3,851
|
18,720
|
22,571
|
16,619
|
5,952
|
36
|
|
Total
other loans
|
11,720
|
53,605
|
65,325
|
54,959
|
10,366
|
19
|
|
Total
loans
|
$ 99,984
|
$355,181
|
$455,165
|
$ 336,647
|
$118,518
|
35
|
|
|
|
|
|
|
|
|
|
|
Excluding acquired loans, loan growth during 2010 has been
focused in our commercial real estate and construction and land
portfolios in Acadiana and Baton
Rouge.
Nonperforming assets, excluding Covered Assets, were
$2.1 million at June 30, 2010,
an increase of $219,000, or 12%, from
March 31, 2010, and a decrease of
$325,000, or 13%, from June 30, 2009. The ratio of nonperforming
assets, excluding Covered Assets, to total assets was 0.30% at
June 30, 2010, compared to 0.27% at
March 31, 2010 and 0.46% at June 30,
2009. At June 30, 2010,
total nonperforming assets, including Covered Assets, were
$24.0 million. The ratio of
total nonperforming assets to total assets was 3.38% at
June 30, 2010.
The Company recorded net charge-offs of $76,000 during the second quarter of 2010,
compared to net charge-offs of $21,000 in the first quarter of 2010 and
$7,000 in the second quarter of 2009.
The Company's loan loss provision for the second quarter of 2010
was $200,000, compared to
$350,000 for the first quarter of
2010 and $248,000 for the second
quarter of 2009.
At June 30, 2010, the Company's
ratio of loan loss reserves to Noncovered Loans was 1.07%, compared
to 1.08% and 0.88% at March 31, 2010
and June 30, 2009, respectively.
The ratio of loan loss reserves to total loans was 0.84% at
June 30, 2010, compared to 0.82% and
0.88% at March 31, 2010 and
June 30, 2009, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$136.3 million at June 30, 2010, a decrease of $1.9 million, or 1%, from March 31, 2010, and an increase of $23.0 million, or 20%, from June 30, 2009. The increase in investment
securities from June 30, 2009
resulted primarily from the addition of $24.8 million of U.S. agency mortgage-backed
securities acquired from Statewide Bank. At June 30, 2010, the Company had a net unrealized
gain position on its investment securities portfolio of
$786,000, compared to net unrealized
losses of $191,000 and $4.9 million at March 31,
2010 and June 30, 2009,
respectively.
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 $141,000 (pre-tax) during
the second quarter of 2010. 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 June 30, 2010.
The following table summarizes the Company's non-agency
mortgage-backed securities portfolio as of June 30, 2010 (in thousands).
|
|
|
|
|
|
|
|
Collateral
|
Tranche
|
S&P
Rating
|
Amortized Cost
|
Unrealized
Gain/(Loss)
|
|
Prime
|
Super Senior
|
AAA
|
$ 8,683
|
$
555
|
|
Prime
|
Senior
|
AAA (1)
|
16,435
|
(693)
|
|
Prime
|
Senior
|
Below investment
grade
|
2,772
|
(623)
|
|
Prime
|
Senior support
|
Below investment
grade
|
2,390
|
(243)
|
|
Alt-A
|
Super senior
|
Below investment
grade
|
1,754
|
(320)
|
|
Alt-A
|
Senior
|
AAA
|
666
|
29
|
|
Alt-A
|
Senior
|
Below investment grade
(2)
|
1,585
|
(728)
|
|
Alt-A
|
Senior support
|
Below investment
grade
|
60
|
663
|
|
Total non-agency mortgage-backed
securities
|
$ 34,345
|
$
(1,360)
|
|
(1) Includes one security with
an amortized cost of $1.6 million and an unrealized gain of $16,000
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
The Company experienced strong core deposit (i.e., checking,
savings and money market) growth during the second quarter of 2010.
Core deposits increased $16.3
million during the quarter (an annualized growth rate of
24%). Total deposits, which includes certificates of deposit,
were $536.5 million at June 30, 2010, a decrease of $3.4 million, or 1%, from March 31, 2010, and an increase of $164.9 million, or 44%, from June 30, 2009. The Statewide Bank
acquisition added $206.9 million in
deposits during the first quarter of 2010, including $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 following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
June 30,
|
December
31,
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
2010
|
2009
|
Amount
|
Percent
|
|
|
|
|
|
|
|
Demand deposit
|
$ 90,246
|
$ 66,956
|
$ 23,290
|
35%
|
|
Savings
|
27,239
|
21,009
|
6,230
|
30
|
|
Money market
|
103,285
|
80,810
|
22,475
|
28
|
|
NOW
|
66,840
|
48,384
|
18,456
|
38
|
|
Certificates of
deposit
|
248,876
|
154,434
|
94,442
|
61
|
|
Total
deposits
|
$ 536,486
|
$ 371,593
|
$164,893
|
44
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the second quarter of 2010 totaled
$7.8 million, an increase of
$1.9 million, or 32%, compared to the
first quarter of 2010, and an increase of $1.7 million, or 27%, compared to the second
quarter of 2009. The increase was driven primarily by the
full quarter impact of the Statewide Bank acquisition. The
Company's net interest margin was 4.82% for the second quarter of
2010, 13 basis points higher than the first quarter of 2010 and
five basis points lower than the second 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
|
|
|
June 30, 2010
|
March 31, 2010
|
June 30, 2009
|
|
(dollars in
thousands)
|
Average Balance
|
Average
Yield/Rate
|
Average Balance
|
Average
Yield/Rate
|
Average Balance
|
Average
Yield/Rate
|
|
Earning-assets:
|
|
|
|
|
|
|
|
Loans receivable
|
$455,574
|
6.73%
|
$360,963
|
6.61%
|
$343,798
|
6.52%
|
|
Investment securities
|
137,175
|
3.97
|
123,183
|
4.30
|
122,098
|
5.85
|
|
Other interest-earning
assets
|
52,282
|
2.19
|
20,049
|
0.55
|
37,091
|
3.78
|
|
Total earning-assets
|
$645,031
|
5.77
|
$504,195
|
5.81
|
$502,987
|
6.16
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Savings, checking, and money
market
|
$193,271
|
0.73
|
$153,003
|
0.72
|
$142,400
|
0.73
|
|
Certificates of
deposit
|
255,856
|
1.62
|
181,861
|
2.15
|
162,756
|
2.86
|
|
Total interest-bearing
deposits
|
449,127
|
1.23
|
334,864
|
1.50
|
305,156
|
1.87
|
|
FHLB Advances
|
27,436
|
2.27
|
17,897
|
3.53
|
24,632
|
3.41
|
|
Total interest-bearing
liabilities
|
$476,563
|
1.29
|
$352,761
|
1.60
|
$329,788
|
1.98
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
4.48
|
|
4.21
|
|
4.18
|
|
Net interest margin
|
|
4.82
|
|
4.69
|
|
4.86
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the second quarter of 2010 totaled
$1.1 million, an increase of
$87,000, or 9%, compared to the first
quarter of 2010 and an increase of $78,000, or 8%, compared to the second quarter of
2009. The increases resulted primarily from higher levels of
service fees and charges and bank card fees due to the Statewide
Bank acquisition. These increases were partially offset by
OTTI charges of $141,000 related to
certain non-agency mortgage-backed securities recorded during the
second quarter of 2010. The Company also recorded gains
during the second quarter of 2010 of $39,000 on the sale of certain investment
securities acquired from Statewide Bank.
Noninterest Expense
Noninterest expense for the second quarter of 2010 totaled
$6.4 million, an increase of
$1.2 million, or 23%, compared to the
first quarter of 2010 and an increase of $1.8 million, or 39%, compared to the second
quarter of 2009. The primary reasons for the increase in
noninterest expense during the second quarter of 2010 was higher
compensation and benefits, occupancy and data processing and
communications expenses related to the full quarter impact of the
Statewide Bank acquisition, the addition of our Baton Rouge headquarters location in
March 2010 and acquisition-related
costs. The Company began 2010 with 11 full-service banking
offices. The acquisition of six Statewide Bank locations and
the opening of our Baton Rouge
headquarters has increased our total number of full-service banking
offices to 18.
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.
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
%
|
|
|
March 31,
|
|
December 31,
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 21,976,535
|
|
$ 14,006,806
|
|
57
|
%
|
|
$ 17,841,146
|
|
$ 25,709,597
|
|
Interest-bearing deposits in
banks
|
7,112,000
|
|
1,289,000
|
|
452
|
|
|
5,652,000
|
|
3,529,000
|
|
Cash invested at other ATM
locations
|
-
|
|
25,816,329
|
|
-
|
|
|
-
|
|
-
|
|
Investment securities available
for sale, at fair value
|
115,131,224
|
|
109,817,830
|
|
5
|
|
|
123,608,320
|
|
106,752,131
|
|
Investment securities held to
maturity
|
21,218,038
|
|
3,512,665
|
|
504
|
|
|
14,628,588
|
|
13,098,847
|
|
Mortgage loans held for
sale
|
2,662,100
|
|
4,237,324
|
|
(37)
|
|
|
2,411,700
|
|
719,350
|
|
Loans covered by loss sharing
agreements
|
99,984,239
|
|
-
|
|
-
|
|
|
108,056,686
|
|
-
|
|
Noncovered loans, net of
unearned income
|
355,180,759
|
|
342,659,432
|
|
4
|
|
|
342,247,448
|
|
336,647,292
|
|
Total
loans
|
455,164,998
|
|
342,659,432
|
|
33
|
|
|
450,304,134
|
|
336,647,292
|
|
Allowance for loan
losses
|
(3,804,560)
|
|
(3,021,850)
|
|
26
|
|
|
(3,680,819)
|
|
(3,351,688)
|
|
Total loans, net
of allowance for loan losses
|
451,360,438
|
|
339,637,582
|
|
33
|
|
|
446,623,315
|
|
333,295,604
|
|
Office properties and equipment,
net
|
23,452,816
|
|
15,249,373
|
|
54
|
|
|
17,386,998
|
|
16,186,690
|
|
Cash surrender value of
bank-owned life insurance
|
15,872,609
|
|
5,395,580
|
|
194
|
|
|
15,710,189
|
|
15,262,645
|
|
FDIC loss sharing
receivable
|
34,673,627
|
|
-
|
|
-
|
|
|
34,422,039
|
|
-
|
|
Accrued interest receivable and
other assets
|
15,858,555
|
|
8,480,735
|
|
87
|
|
|
18,455,796
|
|
10,081,885
|
|
Total Assets
|
$
709,317,942
|
|
$
527,443,224
|
|
34
|
|
|
$
696,740,091
|
|
$
524,635,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 536,485,853
|
|
$ 371,631,130
|
|
44
|
%
|
|
$ 539,934,197
|
|
$ 371,592,747
|
|
Federal Home Loan Bank
advances
|
29,744,891
|
|
22,893,099
|
|
30
|
|
|
19,259,424
|
|
16,773,802
|
|
Accrued interest payable and
other liabilities
|
10,349,392
|
|
2,724,291
|
|
280
|
|
|
4,681,109
|
|
3,519,896
|
|
Total Liabilities
|
576,580,136
|
|
397,248,520
|
|
45
|
|
|
563,874,730
|
|
391,886,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
$
89,270
|
|
$
89,270
|
|
-
|
%
|
|
$
89,270
|
|
$
89,270
|
|
Additional paid-in
capital
|
88,064,013
|
|
87,357,709
|
|
1
|
|
|
88,424,553
|
|
88,072,884
|
|
Treasury stock
|
(5,734,469)
|
|
-
|
|
-
|
|
|
(2,980,831)
|
|
(1,848,862)
|
|
Common stock acquired by benefit
plans
|
(9,949,096)
|
|
(9,934,075)
|
|
-
|
|
|
(10,824,200)
|
|
(10,913,470)
|
|
Retained earnings
|
59,749,653
|
|
55,918,381
|
|
7
|
|
|
58,282,859
|
|
57,437,444
|
|
Accumulated other comprehensive
income (loss)
|
518,435
|
|
(3,236,581)
|
|
116
|
|
|
(126,290)
|
|
(87,962)
|
|
Total Shareholders'
Equity
|
132,737,806
|
|
130,194,704
|
|
2
|
|
|
132,865,361
|
|
132,749,304
|
|
Total Liabilities and
Shareholders' Equity
|
$
709,317,942
|
|
$
527,443,224
|
|
34
|
|
|
$
696,740,091
|
|
$
524,635,749
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME BANCORP, INC. AND
SUBSIDIARY
|
|
CONDENSED STATEMENTS OF
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended
|
|
|
|
|
For The Six Months
Ended
|
|
|
|
|
|
June 30,
|
|
%
|
|
|
June 30,
|
|
%
|
|
|
|
2010
|
2009
|
|
Change
|
|
|
2010
|
2009
|
|
Change
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
$ 7,643,662
|
$ 5,596,564
|
|
37
|
%
|
|
$ 13,550,892
|
$ 11,118,314
|
|
22
|
%
|
|
Investment securities
|
1,363,142
|
1,786,673
|
|
(24)
|
|
|
2,686,360
|
3,489,469
|
|
(23)
|
|
|
Other investments and
deposits
|
286,317
|
350,842
|
|
(18)
|
|
|
313,640
|
663,252
|
|
(53)
|
|
|
Total interest income
|
9,293,121
|
7,734,079
|
|
20
|
|
|
16,550,892
|
15,271,035
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,382,667
|
1,420,771
|
|
(3)
|
%
|
|
2,618,864
|
2,848,043
|
|
(8)
|
%
|
|
Federal Home Loan Bank
advances
|
156,391
|
210,138
|
|
(26)
|
|
|
314,050
|
453,175
|
|
(31)
|
|
|
Total interest
expense
|
1,539,058
|
1,630,909
|
|
(6)
|
|
|
2,932,914
|
3,301,218
|
|
(11)
|
|
|
Net interest income
|
7,754,063
|
6,103,170
|
|
27
|
|
|
13,617,978
|
11,969,817
|
|
14
|
|
|
Provision for loan
losses
|
199,750
|
248,487
|
|
(20)
|
|
|
549,782
|
422,149
|
|
30
|
|
|
Net interest income after
provision for loan losses
|
7,554,313
|
5,854,683
|
|
29
|
|
|
13,068,196
|
11,547,668
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
526,884
|
444,138
|
|
19
|
%
|
|
994,273
|
898,844
|
|
11
|
%
|
|
Bank card fees
|
385,972
|
282,536
|
|
37
|
|
|
669,029
|
543,260
|
|
23
|
|
|
Gain on sale of loans,
net
|
101,902
|
174,905
|
|
(42)
|
|
|
180,295
|
315,292
|
|
(43)
|
|
|
Income from bank-owned life
insurance
|
162,420
|
61,547
|
|
164
|
|
|
311,666
|
126,763
|
|
146
|
|
|
Losses on the sale of
securities, net
|
(101,386)
|
-
|
|
-
|
|
|
(101,386)
|
-
|
|
-
|
|
|
Other income
|
7,886
|
43,049
|
|
(82)
|
|
|
26,443
|
81,121
|
|
(67)
|
|
|
Total noninterest
income
|
1,083,678
|
1,006,175
|
|
8
|
|
|
2,080,320
|
1,965,280
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
3,871,379
|
2,611,543
|
|
48
|
%
|
|
6,883,516
|
4,938,881
|
|
39
|
%
|
|
Occupancy
|
648,080
|
330,030
|
|
96
|
|
|
1,036,063
|
646,402
|
|
60
|
|
|
Marketing and
advertising
|
202,200
|
154,279
|
|
31
|
|
|
403,937
|
321,932
|
|
25
|
|
|
Data processing and
communication
|
633,397
|
374,932
|
|
69
|
|
|
1,012,779
|
720,198
|
|
41
|
|
|
Professional fees
|
228,889
|
248,363
|
|
(8)
|
|
|
696,951
|
461,935
|
|
51
|
|
|
Franchise and shares
tax
|
141,636
|
226,250
|
|
(37)
|
|
|
342,707
|
452,500
|
|
(24)
|
|
|
Regulatory fees
|
122,352
|
284,758
|
|
(57)
|
|
|
233,256
|
335,166
|
|
(30)
|
|
|
Other expenses
|
584,341
|
411,297
|
|
42
|
|
|
1,068,570
|
771,520
|
|
39
|
|
|
Total noninterest
expense
|
6,432,274
|
4,641,452
|
|
39
|
|
|
11,677,779
|
8,648,534
|
|
35
|
|
|
Income before income tax
expense
|
2,205,717
|
2,219,406
|
|
(1)
|
|
|
3,470,737
|
4,864,414
|
|
(29)
|
|
|
Income tax expense
|
738,923
|
782,400
|
|
(6)
|
|
|
1,158,528
|
1,703,876
|
|
(32)
|
|
|
Net income
|
$
1,466,794
|
$
1,437,006
|
|
2
|
%
|
|
$
2,312,209
|
$
3,160,538
|
|
(27)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.19
|
$
0.18
|
|
6
|
%
|
|
$
0.30
|
$
0.39
|
|
(23)
|
%
|
|
Earnings per share -
diluted
|
$
0.19
|
$
0.18
|
|
6
|
|
|
$
0.30
|
$
0.39
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME BANCORP, INC. AND
SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended
|
|
|
|
|
For The Three
|
|
|
|
|
|
|
June 30,
|
|
%
|
|
|
Months Ended
|
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
March 31, 2010
|
|
|
Change
|
|
|
(dollars in thousands except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
$
9,293
|
|
$
7,734
|
|
20
|
%
|
|
$
7,258
|
|
|
28
|
%
|
|
Total interest
expense
|
1,539
|
|
1,631
|
|
(6)
|
|
|
1,394
|
|
|
10
|
|
|
Net interest income
|
7,754
|
|
6,103
|
|
27
|
|
|
5,864
|
|
|
32
|
|
|
Provision for loan
losses
|
200
|
|
248
|
|
(19)
|
|
|
350
|
|
|
(43)
|
|
|
Total noninterest
income
|
1,084
|
|
1,006
|
|
8
|
|
|
997
|
|
|
9
|
|
|
Total noninterest
expense
|
6,432
|
|
4,642
|
|
39
|
|
|
5,246
|
|
|
23
|
|
|
Income tax expense
|
739
|
|
782
|
|
(5)
|
|
|
420
|
|
|
76
|
|
|
Net income
|
$
1,467
|
|
$
1,437
|
|
2
|
|
|
$
845
|
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted
|
$
0.19
|
|
$
0.18
|
|
6
|
%
|
|
$
0.11
|
|
|
73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 702,783
|
|
$ 533,715
|
|
32
|
%
|
|
$
559,413
|
|
|
26
|
%
|
|
Total interest-earning
assets
|
645,031
|
|
502,987
|
|
28
|
|
|
504,195
|
|
|
28
|
|
|
Loans
|
455,574
|
|
343,798
|
|
33
|
|
|
360,963
|
|
|
26
|
|
|
Interest-bearing
deposits
|
449,127
|
|
305,156
|
|
47
|
|
|
334,864
|
|
|
34
|
|
|
Interest-bearing
liabilities
|
476,563
|
|
329,788
|
|
45
|
|
|
352,761
|
|
|
35
|
|
|
Total deposits
|
538,380
|
|
375,188
|
|
43
|
|
|
407,380
|
|
|
32
|
|
|
Total shareholders'
equity
|
132,988
|
|
129,369
|
|
3
|
|
|
129,618
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.83
|
%
|
1.08
|
%
|
(23)
|
%
|
|
0.60
|
%
|
|
38
|
%
|
|
Return on average
equity
|
4.41
|
|
4.44
|
|
(1)
|
|
|
2.61
|
|
|
69
|
|
|
Efficiency ratio (2)
|
72.78
|
|
65.29
|
|
11
|
|
|
76.46
|
|
|
(5)
|
|
|
Average equity to average
assets
|
18.92
|
|
24.24
|
|
(22)
|
|
|
23.17
|
|
|
(18)
|
|
|
Tier 1 leverage capital ratio
(3)
|
14.88
|
|
19.79
|
|
(25)
|
|
|
14.94
|
|
|
-
|
|
|
Total risk-based capital ratio
(3)
|
22.29
|
|
30.11
|
|
(26)
|
|
|
21.32
|
|
|
5
|
|
|
Net interest margin
(4)
|
4.82
|
|
4.87
|
|
(1)
|
|
|
4.69
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.19
|
|
$
0.18
|
|
6
|
%
|
|
$
0.11
|
|
|
73
|
%
|
|
Diluted earnings per
share
|
0.19
|
|
0.18
|
|
6
|
|
|
0.11
|
|
|
73
|
|
|
Book value at period
end
|
15.65
|
|
14.58
|
|
7
|
|
|
15.30
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at period
end
|
8,480,531
|
|
8,926,875
|
|
(5)
|
%
|
|
8,682,700
|
|
|
(2)
|
%
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7,620,257
|
|
8,117,550
|
|
(6)
|
%
|
|
7,707,576
|
|
|
(1)
|
%
|
|
Diluted
|
7,678,378
|
|
8,122,294
|
|
(5)
|
|
|
7,789,451
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
June 30, 2010
|
|
March 31, 2010
|
|
2009
|
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Total (2)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$ 19,214
|
|
$ 1,668
|
|
$ 20,882
|
|
|
$ 16,780
|
|
$ 1,473
|
|
$ 18,253
|
|
|
$ 2,438
|
|
|
Accruing loans past due 90 days
and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
|
Total nonperforming
loans
|
19,214
|
|
1,668
|
|
20,882
|
|
|
16,780
|
|
1,473
|
|
18,253
|
|
|
2,438
|
|
|
Other real estate
owned
|
2,643
|
|
445
|
|
3,088
|
|
|
1,511
|
|
421
|
|
1,932
|
|
|
-
|
|
|
Total nonperforming
assets
|
21,857
|
|
2,113
|
|
23,970
|
|
|
18,291
|
|
1,894
|
|
20,185
|
|
|
2,438
|
|
|
Performing troubled debt
restructurings
|
-
|
|
743
|
|
743
|
|
|
-
|
|
762
|
|
762
|
|
|
-
|
|
|
Total nonperforming assets and
troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt restructurings
|
$ 21,857
|
|
$ 2,856
|
|
$ 24,713
|
|
|
$ 18,291
|
|
$ 2,656
|
|
$ 20,947
|
|
|
$ 2,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets
|
3.08
|
%
|
0.30
|
%
|
3.38
|
%
|
|
2.63
|
%
|
0.27
|
%
|
2.90
|
%
|
|
0.46
|
%
|
|
Nonperforming loans to total
assets
|
2.71
|
|
0.24
|
|
2.94
|
|
|
2.41
|
|
0.21
|
|
2.62
|
|
|
0.46
|
|
|
Nonperforming loans to total
loans
|
4.22
|
|
0.37
|
|
4.59
|
|
|
3.73
|
|
0.33
|
|
4.05
|
|
|
0.71
|
|
|
Allowance for loan losses to
nonperforming assets
|
-
|
|
180.04
|
|
15.87
|
|
|
-
|
|
194.34
|
|
18.24
|
|
|
123.90
|
|
|
Allowance for loan losses to
nonperforming loans
|
-
|
|
228.16
|
|
18.22
|
|
|
-
|
|
249.95
|
|
20.17
|
|
|
123.90
|
|
|
Allowance for loan losses to
total loans
|
-
|
|
1.07
|
|
0.84
|
|
|
-
|
|
1.08
|
|
0.82
|
|
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
$
-
|
|
$ 124
|
|
$
124
|
|
|
$
-
|
|
$
28
|
|
$
28
|
|
|
$
17
|
|
|
Year-to-date loan
recoveries
|
-
|
|
27
|
|
27
|
|
|
-
|
|
7
|
|
7
|
|
|
11
|
|
|
Year-to-date net loan
charge-offs
|
-
|
|
97
|
|
97
|
|
|
-
|
|
21
|
|
21
|
|
|
6
|
|
|
Annualized YTD net loan
charge-offs to total loans
|
-
|
%
|
0.05
|
%
|
0.04
|
%
|
|
-
|
%
|
0.02
|
%
|
0.02
|
%
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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.
|
|
(2) The Bank entered into
loss sharing agreements with the FDIC related to the acquisition of
Statewide Bank during the first quarter of 2010. Thus, there
were no loans
|
|
covered under
these agreements as of June 30, 2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Home Bancorp, Inc.