LAFAYETTE, La., Jan. 25, 2011 /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 $1.5 million for the fourth quarter of 2010, an
increase of $554,000, or 61%,
compared to the third quarter of 2010 and an increase of
$1.4 million, or 6,674%, compared to
the fourth quarter of 2009. Net income for the year ended
December 31, 2010 was $4.7 million, an increase of $9,000, or 0.2%, compared to 2009. Diluted
earnings per share were $0.20 for the
fourth quarter of 2010, an increase of 67% compared to the third
quarter of 2010. Diluted earnings per share for the fourth
quarter of 2009 were negligible. Diluted earnings per share
were $0.62 for the year ended
December 31, 2010, an increase of 7%
compared to 2009.
"2010 proved to be a year of tremendous growth and opportunity
for our company," stated John W.
Bordelon, President and Chief Executive Officer of the
Company and the Bank, "highlighted by our Northshore acquisition,
the opening of our Baton Rouge
headquarters and continued loan and deposit growth across each of
our markets."
"Our superior capital position and exceptional loan quality have
allowed us to remain focused on doing what we do best - serving our
customers," added Mr. Bordelon. "I congratulate our team on
their success in differentiating Home Bank. Their efforts
yielded quality new borrowers and record core deposit growth in
2010."
Loans and Credit Quality
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 $439.9 million at
December 31, 2010, a decrease of
$6.3 million, or 1%, from
September 30, 2010, and an increase
of $103.3 million, or 31%, from
December 31, 2009. During the
fourth quarter of 2010, Noncovered Loans increased $4.6 million, while Covered Loans decreased
$10.9 million. Growth in
Noncovered commercial real estate (up $6.3
million during the fourth quarter) and commercial and
industrial (up $5.6 million) loans
was partially offset by a decrease in Noncovered 1-4 family first
mortgage loans (down $6.8 million).
The fourth quarter decrease in Covered Loans related
primarily to 1-4 family first mortgage (down $3.3 million) and construction and land (down
$2.9 million) loans due primarily to
loan repayments and foreclosures.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
December 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
|
$ 17,457
|
$105,157
|
$122,614
|
$ 120,044
|
$ 2,570
|
2%
|
|
Home equity loans
and lines
|
6,017
|
24,898
|
30,915
|
24,678
|
6,237
|
25
|
|
Commercial real
estate
|
34,878
|
115,946
|
150,824
|
97,513
|
53,311
|
55
|
|
Construction and
land
|
12,361
|
45,177
|
57,538
|
35,364
|
22,174
|
63
|
|
Multi-family
residential
|
1,225
|
4,493
|
5,718
|
4,089
|
1,629
|
40
|
|
Total
real estate loans
|
71,938
|
295,671
|
367,609
|
281,688
|
85,921
|
31
|
|
Other loans:
|
|
|
|
|
|
|
|
Commercial
|
6,163
|
42,247
|
48,410
|
38,340
|
10,070
|
26
|
|
Consumer
|
2,346
|
21,546
|
23,892
|
16,619
|
7,273
|
44
|
|
Total
other loans
|
8,509
|
63,793
|
72,302
|
54,959
|
17,343
|
32
|
|
Total
loans
|
$ 80,447
|
$359,464
|
$439,911
|
$ 336,647
|
$103,264
|
31
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets, excluding Covered Assets, were
$1.1 million at December 31,
2010, a decrease of $243,000, or 18%,
from September 30, 2010, and a
decrease of $548,000, or 32%, from
December 31, 2009. The ratio of
nonperforming assets to total assets (excluding Covered Assets) was
0.19% at December 31, 2010, compared
to 0.23% at September 30, 2010 and 0.32% at December 31, 2009. Total nonperforming
assets, including Covered Assets, were $22.8
million at December 31, 2010,
a decrease of $1.1 million, or 5%,
compared to $23.9 million at
September 30, 2010. The ratio
of total nonperforming assets to total assets (including Covered
Assets) was 3.25% at December 31,
2010, compared to 3.42% at September
30, 2010.
The Company recorded net loan charge-offs of $151,000 during the fourth quarter of 2010,
compared to $48,000 in the third
quarter of 2010 and $119,000 in the
fourth quarter of 2009. The Company's loan loss provision for the
fourth quarter of 2010 was $147,000,
compared to $168,000 for the third
quarter of 2010 and $156,000 for the
fourth quarter of 2009.
At December 31, 2010, the
Company's ratio of allowance for loan losses to Noncovered Loans
was 1.09%, compared to 1.11% and 1.00% at September 30, 2010 and December 31, 2009, respectively. The ratio
of allowance for loan losses to total loans, including Covered
Loans, was 0.89% at December 31,
2010, compared to 0.88% and 1.00% at September 30, 2010 and December 31, 2009, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$127.2 million at December 31, 2010, a decrease of $5.2 million, or 4%, from September 30, 2010, and an increase of
$7.3 million, or 6%, from
December 31, 2009. At
December 31, 2010, the Company had a
net unrealized gain position on its investment securities portfolio
of $1.0 million, compared to a net
unrealized gain of $1.1 million at
September 30, 2010 and a net
unrealized loss of $133,000 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 $218,000 during the fourth quarter
of 2010. The Company recorded OTTI charges totaling
$1.2 million in 2010 compared to
$1.9 million in 2009.
The amortized cost of the Company's non-agency mortgage-backed
securities portfolio decreased $18.4
million, or 46%, during 2010 primarily due to paydowns and
security sales. The following table summarizes the Company's
non-agency mortgage-backed securities portfolio as of the dates
indicated (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2010
|
December 31,
2009
|
|
Collateral
|
Tranche
|
S&P
Rating
|
Amortized
Cost
|
Unrealized
Gain/(Loss)
|
Amortized
Cost
|
Unrealized
Gain/(Loss)
|
|
Prime
|
Super
Senior
|
AAA
|
$ 2,249
|
$ (24)
|
$ 10,189
|
$ 130
|
|
Prime
|
Senior
|
AAA
(1)
|
14,645
|
(406)
|
18,743
|
(1,462)
|
|
Prime
|
Senior
|
Below
investment grade
|
-
|
-
|
3,113
|
-
|
|
Prime
|
Senior
support
|
Below
investment grade
|
1,104
|
(309)
|
2,719
|
(545)
|
|
Alt-A
|
Super
senior
|
Below
investment grade
|
1,360
|
(123)
|
2,202
|
-
|
|
Alt-A
|
Senior
|
AAA
|
479
|
20
|
771
|
23
|
|
Alt-A
|
Senior
|
Below
investment grade (2)
|
1,468
|
(12)
|
1,774
|
-
|
|
Alt-A
|
Senior
support
|
Below
investment grade
|
-
|
-
|
196
|
-
|
|
Total non-agency
mortgage-backed securities
|
$ 21,305
|
$ (854)
|
$ 39,707
|
$(1,854)
|
|
|
|
(1)
|
At December 31, 2010 and
December 31, 2009, includes one security with an amortized cost of
$1.6 million and $1.9 million, respectively, and an unrealized gain
of $14,000 and $56,000, respectively, not rated by S&P.
This security was rated "Aaa" by Moody's at the dates
indicated.
|
|
(2)
|
As of the dates indicated, this
security was not rated by S&P and 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's strong growth in core deposits (i.e., checking,
savings and money market) continued during the fourth quarter of
2010, increasing $22.7 million during
the quarter. Excluding the core deposits acquired from
Statewide Bank, core deposits increased $67.7 million, or 31%, in 2010. Total
deposits, which includes certificates of deposit, were $553.2 million at December
31, 2010, an increase of $6.6
million, or 1%, from September 30,
2010, and an increase of $181.6
million, or 49%, from December 31,
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.
|
|
|
|
|
|
|
December
31,
|
December
31,
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
2010
|
2009
|
Amount
|
Percent
|
|
|
|
|
|
|
|
Demand deposit
|
$ 100,579
|
$ 66,956
|
$ 33,623
|
50%
|
|
Savings
|
29,258
|
21,009
|
8,249
|
39
|
|
Money market
|
133,245
|
80,810
|
52,435
|
65
|
|
NOW
|
68,398
|
48,384
|
20,014
|
41
|
|
Certificates of
deposit
|
221,738
|
154,434
|
67,304
|
44
|
|
Total
deposits
|
$ 553,218
|
$ 371,593
|
$181,625
|
49
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the fourth quarter of 2010 totaled
$7.1 million, a decrease of
$121,000, or 2%, compared to the
third quarter of 2010, and an increase of $1.6 million, or 30%, compared to the fourth
quarter of 2009. The Company's net interest margin was 4.70%
for the fourth quarter of 2010, five basis points lower than the
third quarter of 2010 and 30 basis points higher than the fourth
quarter of 2009. The decrease in net interest margin compared
to the third quarter of 2010 was primarily due to lower average
yields on interest-earning assets. The increase in the net
interest margin compared to the fourth quarter of 2009 was
primarily due to the lower average cost of interest-bearing
liabilities.
Net interest income for 2010 totaled $27.8 million, an increase of $4.2 million, or 18%, compared to 2009.
The Company's net interest margin was 4.62% in 2010, 10 basis
points lower than 2009, which was primarily the result of lower
yields on interest-earning assets.
The following table sets forth the Company's average balance and
average yields earned and rates paid on its interest-earning assets
and interest-bearing liabilities for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
December 31,
2010
|
September
30, 2010
|
December 31,
2009
|
|
(dollars in
thousands)
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|
Earning-assets:
|
|
|
|
|
|
|
|
Loans receivable
|
$448,172
|
6.61%
|
$456,262
|
6.58%
|
$340,937
|
6.52%
|
|
Investment securities
|
124,561
|
3.39
|
133,074
|
3.69
|
120,756
|
4.50
|
|
Other interest-earning
assets
|
32,045
|
0.47
|
18,813
|
0.67
|
34,807
|
0.51
|
|
Total earning-assets
|
$604,778
|
5.62
|
$608,149
|
5.76
|
$496,500
|
5.60
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Savings, checking, and money
market
|
$220,556
|
0.56
|
$204,939
|
0.72
|
$150,368
|
0.75
|
|
Certificates of
deposit
|
228,848
|
1.70
|
243,240
|
1.68
|
158,644
|
2.57
|
|
Total interest-bearing
deposits
|
449,404
|
1.14
|
448,179
|
1.24
|
309,012
|
1.68
|
|
FHLB Advances
|
14,027
|
3.17
|
22,570
|
2.48
|
18,860
|
3.57
|
|
Total interest-bearing
liabilities
|
$463,431
|
1.20
|
$470,749
|
1.30
|
$327,872
|
1.79
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
4.42%
|
|
4.46%
|
|
3.81%
|
|
Net interest
margin
|
|
4.70
|
|
4.75
|
|
4.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
December 31,
2010
|
December 31,
2009
|
|
(dollars in
thousands)
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|
Earning-assets:
|
|
|
|
|
|
Loans receivable
|
$447,606
|
6.38%
|
$341,986
|
6.53%
|
|
Investment securities
|
129,523
|
3.84
|
121,612
|
5.40
|
|
Other interest-earning
assets
|
23,926
|
0.55
|
35,434
|
2.84
|
|
Total earning-assets
|
$601,055
|
5.60
|
$499,032
|
5.99
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Savings, checking, and money
market
|
$196,561
|
0.65
|
$143,231
|
0.74
|
|
Certificates of
deposit
|
239,872
|
1.68
|
159,928
|
2.80
|
|
Total interest-bearing
deposits
|
436,433
|
1.22
|
303,159
|
1.82
|
|
FHLB Advances
|
20,587
|
2.75
|
25,117
|
3.21
|
|
Total interest-bearing
liabilities
|
$457,020
|
1.29
|
$328,276
|
1.93
|
|
|
|
|
|
|
|
Net interest
spread
|
|
4.31%
|
|
4.06%
|
|
Net interest
margin
|
|
4.62
|
|
4.72
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the fourth quarter of 2010 totaled
$1.3 million, an increase of
$691,000, or 113%, compared to the
third quarter of 2010 and an increase of $2.1 million, or 261%, compared to the fourth
quarter of 2009. Noninterest income for 2010 totaled
$4.3 million, an increase of
$2.1 million, or 102%, from 2009.
The increase in noninterest income in the fourth quarter of 2010
compared to the third quarter of 2010 was primarily the result of
increased gains on the sale of mortgage loans and a decrease in
OTTI charges on securities.
The increase in noninterest income in the fourth quarter of 2010
compared to the fourth quarter of 2009 was primarily the result of
increased gains on the sale of mortgage loans, higher levels of
service fees and charges and bank card fees, a decrease in OTTI
charges on securities and discount accretion related to the FDIC
loss sharing receivable, which was not present in 2009. The
increase in gains on the sale of mortgage loans was the result of
increased loan originations and refinancing due to the current low
interest rate environment. The increase in service fees and
charges and bank card fees was primarily the result of the addition
of accounts through the Statewide Bank acquisition.
The increase in noninterest income in 2010 compared to 2009 was
primarily the result of increased gains on the sale of mortgage
loans, higher levels of service fees and charges and bank card
fees, a decrease in OTTI charges on securities and accretion
related to the FDIC loss sharing receivable.
Noninterest Expense
Noninterest expense for the fourth quarter of 2010 totaled
$6.1 million, a decrease of
$255,000, or 4%, compared to the
third quarter of 2010 and an increase of $1.6 million, or 36%, compared to the fourth
quarter of 2009. Noninterest expense for 2010 totaled
$24.1 million, an increase of
$6.3 million, or 36%, from 2009.
The decrease in noninterest expense in the fourth quarter of
2010 compared to the third quarter of 2010 was primarily
attributable to decreases in compensation and benefits and
occupancy expenses resulting from efficiencies gained from the
conversion of the former Statewide Bank's loan and deposit accounts
into Home Bank's operating system completed during the third
quarter of 2010.
The increases in noninterest expense in the fourth quarter of
2010 compared to the fourth quarter of 2009 were driven by higher
compensation and benefits, occupancy and data processing and
communications expenses related to the Statewide Bank acquisition
and the addition of our Baton
Rouge headquarters location in March
2010. 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. Additionally, other
expenses increased due to the amortization of the core deposit
intangible resulting from the Statewide Bank acquisition, which
amounted to $65,000 and $208,000 during the quarter and year ended
December 31, 2010, respectively.
The increase in noninterest expense in 2010 compared to 2009 was
primarily the result of higher compensation and benefits, occupancy
and data processing and communications expenses related to the
Statewide Bank acquisition and the addition of our Baton Rouge headquarters.
This news release contains certain forwardlooking
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. The Company's Annual Report on
Form 10-K for the year ended December 31,
2009 and our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2010, 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, risks of competition,
risks of our decisions regarding the fair value of assets acquired
and risks regarding our ability to obtain reimbursement under the
loss sharing agreements on Covered Assets. 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
%
|
|
|
September
30,
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
2010
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 36,970,638
|
|
$ 25,709,597
|
|
44
|
%
|
|
$ 23,771,777
|
|
Interest-bearing deposits
in banks
|
7,867,000
|
|
3,529,000
|
|
123
|
|
|
6,387,000
|
|
Investment securities
available for sale, at fair value
|
111,962,331
|
|
106,752,131
|
|
5
|
|
|
111,607,433
|
|
Investment securities held
to maturity
|
15,220,474
|
|
13,098,847
|
|
16
|
|
|
20,793,424
|
|
Mortgage loans held for
sale
|
2,436,986
|
|
719,350
|
|
239
|
|
|
6,400,335
|
|
Loans covered by loss
sharing agreements
|
80,446,859
|
|
-
|
|
-
|
|
|
91,346,684
|
|
Noncovered loans, net of
unearned income
|
359,464,400
|
|
336,647,292
|
|
7
|
|
|
354,883,203
|
|
Total
loans
|
439,911,259
|
|
336,647,292
|
|
31
|
|
|
446,229,887
|
|
Allowance for loan
losses
|
(3,919,745)
|
|
(3,351,688)
|
|
17
|
|
|
(3,923,826)
|
|
Total loans,
net of allowance for loan losses
|
435,991,514
|
|
333,295,604
|
|
31
|
|
|
442,306,061
|
|
FDIC loss sharing
receivable
|
32,012,783
|
|
-
|
|
-
|
|
|
32,262,081
|
|
Office properties and
equipment, net
|
23,371,915
|
|
16,186,690
|
|
44
|
|
|
23,621,092
|
|
Cash surrender value of
bank-owned life insurance
|
16,192,645
|
|
15,262,645
|
|
6
|
|
|
16,034,149
|
|
Accrued interest
receivable and other assets
|
18,396,806
|
|
10,081,885
|
|
82
|
|
|
15,297,599
|
|
Total Assets
|
$ 700,423,092
|
|
$ 524,635,749
|
|
34
|
|
|
$ 698,480,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 553,217,853
|
|
$ 371,592,747
|
|
49
|
%
|
|
$ 546,657,570
|
|
Federal Home Loan Bank
advances
|
13,000,000
|
|
16,773,802
|
|
(22)
|
|
|
16,000,000
|
|
Accrued interest payable
and other liabilities
|
2,675,297
|
|
3,519,896
|
|
(24)
|
|
|
3,744,475
|
|
Total Liabilities
|
568,893,150
|
|
391,886,445
|
|
45
|
|
|
566,402,045
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
$
89,270
|
|
$
89,270
|
|
-
|
%
|
|
$
89,270
|
|
Additional paid-in
capital
|
88,818,862
|
|
88,072,884
|
|
1
|
|
|
88,437,391
|
|
Treasury stock
|
(10,425,725)
|
|
(1,848,862)
|
|
(464)
|
|
|
(7,955,813)
|
|
Common stock acquired by
benefit plans
|
(9,770,556)
|
|
(10,913,470)
|
|
10
|
|
|
(9,859,826)
|
|
Retained
earnings
|
62,125,568
|
|
57,437,444
|
|
8
|
|
|
60,660,647
|
|
Accumulated other
comprehensive income (loss)
|
692,523
|
|
(87,962)
|
|
887
|
|
|
707,237
|
|
Total Shareholders'
Equity
|
131,529,942
|
|
132,749,304
|
|
(1)
|
|
|
132,078,906
|
|
Total Liabilities and
Shareholders' Equity
|
$ 700,423,092
|
|
$ 524,635,749
|
|
34
|
|
|
$ 698,480,951
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The Year
Ended
|
|
|
|
|
|
December
31,
|
|
%
|
|
|
December
31,
|
|
%
|
|
|
|
2010
|
2009
|
|
Change
|
|
|
2010
|
2009
|
|
Change
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 7,456,346
|
$ 5,586,544
|
|
33
|
%
|
|
$ 28,556,905
|
$ 22,321,209
|
|
28
|
%
|
|
Investment
securities
|
1,056,751
|
1,357,827
|
|
(22)
|
|
|
4,969,876
|
6,569,756
|
|
(24)
|
|
|
Other investments and
deposits
|
37,895
|
45,342
|
|
(16)
|
|
|
132,121
|
1,005,353
|
|
(87)
|
|
|
Total interest
income
|
8,550,992
|
6,989,713
|
|
22
|
|
|
33,658,902
|
29,896,318
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,294,223
|
1,309,249
|
|
(1)
|
%
|
|
5,316,147
|
5,529,181
|
|
(4)
|
%
|
|
Federal Home Loan Bank
advances
|
111,440
|
168,156
|
|
(34)
|
|
|
565,011
|
807,499
|
|
(30)
|
|
|
Total interest
expense
|
1,405,663
|
1,477,405
|
|
(5)
|
|
|
5,881,158
|
6,336,680
|
|
(7)
|
|
|
Net interest income
|
7,145,329
|
5,512,308
|
|
30
|
|
|
27,777,744
|
23,559,638
|
|
18
|
|
|
Provision for loan
losses
|
147,297
|
155,670
|
|
(5)
|
|
|
864,659
|
864,880
|
|
-
|
|
|
Net interest income after
provision for loan losses
|
6,998,032
|
5,356,638
|
|
31
|
|
|
26,913,085
|
22,694,758
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
477,547
|
478,977
|
|
-
|
%
|
|
2,013,358
|
1,849,746
|
|
9
|
%
|
|
Bank card fees
|
405,685
|
269,176
|
|
51
|
|
|
1,418,620
|
1,089,811
|
|
30
|
|
|
Gain on sale of loans,
net
|
337,435
|
190,511
|
|
77
|
|
|
716,252
|
610,952
|
|
17
|
|
|
Income from bank-owned
life insurance
|
158,496
|
99,280
|
|
60
|
|
|
631,702
|
292,125
|
|
116
|
|
|
Other-than-temporary
impairment of securities
|
(218,266)
|
(1,888,381)
|
|
88
|
|
|
(1,229,037)
|
(1,888,381)
|
|
35
|
|
|
Gains on the sale of
securities, net
|
10,374
|
-
|
|
-
|
|
|
49,505
|
-
|
|
-
|
|
|
Other income
|
133,393
|
37,326
|
|
257
|
|
|
650,082
|
147,607
|
|
340
|
|
|
Total noninterest
income
|
1,304,664
|
(813,111)
|
|
260
|
|
|
4,250,482
|
2,101,860
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
3,797,201
|
3,038,901
|
|
25
|
%
|
|
14,505,004
|
10,827,537
|
|
34
|
%
|
|
Occupancy
|
565,753
|
324,609
|
|
74
|
|
|
2,217,788
|
1,296,592
|
|
71
|
|
|
Marketing and
advertising
|
238,500
|
180,479
|
|
32
|
|
|
826,616
|
633,530
|
|
30
|
|
|
Data processing and
communication
|
493,814
|
353,406
|
|
40
|
|
|
2,141,975
|
1,402,290
|
|
53
|
|
|
Professional
fees
|
188,737
|
167,499
|
|
13
|
|
|
1,084,170
|
896,552
|
|
21
|
|
|
Franchise and shares
tax
|
(40,515)
|
(69,061)
|
|
41
|
|
|
400,589
|
609,689
|
|
(34)
|
|
|
Regulatory fees
|
228,244
|
105,580
|
|
116
|
|
|
620,526
|
596,305
|
|
4
|
|
|
Other expenses
|
627,740
|
389,340
|
|
61
|
|
|
2,334,885
|
1,545,254
|
|
51
|
|
|
Total noninterest
expense
|
6,099,474
|
4,490,753
|
|
36
|
|
|
24,131,553
|
17,807,749
|
|
36
|
|
|
Income before income tax
expense
|
2,203,222
|
52,774
|
|
4,075
|
|
|
7,032,014
|
6,988,869
|
|
1
|
|
|
Income tax expense
|
738,301
|
31,148
|
|
2,270
|
|
|
2,343,890
|
2,309,268
|
|
1
|
|
|
Net income
|
$ 1,464,921
|
$
21,626
|
|
6,674
|
%
|
|
$ 4,688,124
|
$ 4,679,601
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.20
|
$
-
|
|
-
|
%
|
|
$
0.62
|
$
0.58
|
|
7
|
%
|
|
Earnings per share -
diluted
|
$
0.20
|
$
-
|
|
-
|
|
|
$
0.62
|
$
0.58
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
SUMMARY
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
December
31,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
September
30, 2010
|
|
|
Change
|
|
|
(dollars in thousands except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
$
8,550
|
|
$
6,990
|
|
22
|
%
|
|
$
8,809
|
|
|
(3)
|
%
|
|
Total interest
expense
|
1,406
|
|
1,478
|
|
(5)
|
|
|
1,542
|
|
|
(9)
|
|
|
Net interest income
|
7,144
|
|
5,512
|
|
30
|
|
|
7,267
|
|
|
(2)
|
|
|
Provision for loan
losses
|
147
|
|
156
|
|
(5)
|
|
|
168
|
|
|
(13)
|
|
|
Total noninterest
income
|
1,306
|
|
(813)
|
|
260
|
|
|
613
|
|
|
113
|
|
|
Total noninterest
expense
|
6,100
|
|
4,490
|
|
36
|
|
|
6,354
|
|
|
(4)
|
|
|
Income tax expense
|
738
|
|
31
|
|
2,270
|
|
|
447
|
|
|
65
|
|
|
Net income
|
$
1,465
|
|
$
22
|
|
6,674
|
|
|
$
911
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 698,683
|
|
$ 530,914
|
|
32
|
%
|
|
$
703,812
|
|
|
(1)
|
%
|
|
Total interest-earning
assets
|
604,778
|
|
496,500
|
|
22
|
|
|
608,149
|
|
|
(1)
|
|
|
Loans
|
448,172
|
|
340,937
|
|
31
|
|
|
456,262
|
|
|
(2)
|
|
|
Interest-bearing
deposits
|
449,404
|
|
309,012
|
|
45
|
|
|
448,179
|
|
|
-
|
|
|
Interest-bearing
liabilities
|
463,431
|
|
327,872
|
|
41
|
|
|
470,749
|
|
|
(2)
|
|
|
Total deposits
|
551,010
|
|
375,236
|
|
47
|
|
|
544,228
|
|
|
1
|
|
|
Total shareholders'
equity
|
131,802
|
|
132,495
|
|
(1)
|
|
|
133,134
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.84
|
%
|
0.02
|
%
|
4,100
|
%
|
|
0.52
|
%
|
|
62
|
%
|
|
Return on average
equity
|
4.45
|
|
0.07
|
|
6,257
|
|
|
2.74
|
|
|
62
|
|
|
Efficiency ratio (2)
|
72.18
|
|
95.56
|
|
(24)
|
|
|
80.64
|
|
|
(10)
|
|
|
Average equity to average
assets
|
18.86
|
|
24.96
|
|
(24)
|
|
|
18.92
|
|
|
-
|
|
|
Tier 1 leverage capital ratio
(3)
|
15.46
|
|
20.24
|
|
(24)
|
|
|
15.27
|
|
|
1
|
|
|
Total risk-based capital ratio
(3)
|
23.65
|
|
30.74
|
|
(23)
|
|
|
23.10
|
|
|
2
|
|
|
Net interest margin
|
4.70
|
|
4.40
|
|
7
|
|
|
4.75
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.20
|
|
$
-
|
|
-
|
%
|
|
$
0.12
|
|
|
67
|
%
|
|
Diluted earnings per
share
|
0.20
|
|
-
|
|
-
|
|
|
0.12
|
|
|
67
|
|
|
Book value at period
end
|
16.18
|
|
15.13
|
|
7
|
|
|
15.89
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at period
end
|
8,131,002
|
|
8,774,975
|
|
(7)
|
%
|
|
8,311,602
|
|
|
(2)
|
%
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7,274,882
|
|
7,816,657
|
|
(7)
|
%
|
|
7,481,472
|
|
|
(3)
|
%
|
|
Diluted
|
7,347,275
|
|
7,863,050
|
|
(7)
|
|
|
7,531,100
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) With the exception of
end-of-period ratios, all ratios are based on average monthly
balances during the respective periods and are annualized where
appropriate.
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
SUMMARY
CREDIT QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December 31,
2010
|
|
September
30, 2010
|
|
2009
|
|
|
Covered
|
Noncovered
|
Total
|
|
Covered
|
Noncovered
|
Total
|
|
Total
(2)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$ 15,988
|
|
$ 1,056
|
|
$ 17,044
|
|
|
$ 19,851
|
|
$ 1,391
|
|
$ 21,242
|
|
|
$ 1,279
|
|
|
Accruing loans past due 90 days
and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
|
Total nonperforming
loans
|
15,988
|
|
1,056
|
|
17,044
|
|
|
19,851
|
|
1,391
|
|
21,242
|
|
|
1,279
|
|
|
Other real estate
owned
|
5,661
|
|
92
|
|
5,753
|
|
|
2,634
|
|
-
|
|
2,634
|
|
|
417
|
|
|
Total nonperforming
assets
|
21,649
|
|
1,148
|
|
22,797
|
|
|
22,485
|
|
1,391
|
|
23,876
|
|
|
1,696
|
|
|
Performing troubled debt
restructurings
|
-
|
|
721
|
|
721
|
|
|
-
|
|
729
|
|
729
|
|
|
556
|
|
|
Total nonperforming assets and
troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$ 21,649
|
|
$ 1,869
|
|
$ 23,518
|
|
|
$ 22,485
|
|
$ 2,120
|
|
$ 24,605
|
|
|
$ 2,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets (3)
|
25.14
|
%
|
0.19
|
%
|
3.25
|
%
|
|
23.92
|
%
|
0.23
|
%
|
3.42
|
%
|
|
0.32
|
%
|
|
Nonperforming loans to total
assets (3)
|
18.57
|
|
0.17
|
|
2.43
|
|
|
21.12
|
|
0.23
|
|
3.04
|
|
|
0.24
|
|
|
Nonperforming loans to total
loans (3)
|
19.87
|
|
0.29
|
|
3.87
|
|
|
21.73
|
|
0.39
|
|
4.76
|
|
|
0.38
|
|
|
Allowance for loan losses to
nonperforming assets
|
-
|
|
341.51
|
|
17.19
|
|
|
-
|
|
282.18
|
|
16.43
|
|
|
197.68
|
|
|
Allowance for loan losses to
nonperforming loans
|
-
|
|
371.23
|
|
23.00
|
|
|
-
|
|
282.18
|
|
18.47
|
|
|
262.16
|
|
|
Allowance for loan losses to
total loans
|
-
|
|
1.09
|
|
0.89
|
|
|
-
|
|
1.11
|
|
0.88
|
|
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
$
-
|
|
$ 369
|
|
$
369
|
|
|
$
-
|
|
$ 193
|
|
$
193
|
|
|
$ 141
|
|
|
Year-to-date loan
recoveries
|
-
|
|
72
|
|
72
|
|
|
-
|
|
48
|
|
48
|
|
|
22
|
|
|
Year-to-date net loan
charge-offs
|
-
|
|
297
|
|
297
|
|
|
-
|
|
145
|
|
145
|
|
|
119
|
|
|
Annualized YTD net loan
charge-offs to total loans
|
-
|
%
|
0.08
|
%
|
0.07
|
%
|
|
-
|
%
|
0.05
|
%
|
0.04
|
%
|
|
0.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 December 31,
2009.
|
|
(3)
|
The credit quality ratios are
calculated with respect to the applicable assets and loan
portfolios (i.e. Covered, Noncovered, and total).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Home Bancorp, Inc.