LAFAYETTE, La., Jan. 28, 2014 /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 $1.7 million for the fourth quarter of 2013, a
decrease of $777,000, or 31%,
compared to the third quarter of 2013 and a decrease of
$619,000, or 27%, compared to the
fourth quarter of 2012. The fourth quarter of 2013 includes
$307,000 of pre-tax expenses related
to the acquisition of Britton & Koontz Capital Corporation
(OTCQB: "BKBK") ("Britton & Koontz"). Excluding
merger-related expenses, net income for the fourth quarter of 2013
was $1.9 million, a decrease of 23%
and 18% compared to the third quarter of 2013 and the fourth
quarter of 2012, respectively. Diluted earnings per share were
$0.25 for the fourth quarter of 2013,
a decrease of $0.12, or 32%, compared
to the third quarter of 2013 and a decrease of $0.08, or 24%, compared to the fourth quarter of
2012. Excluding merger-related expenses, diluted earnings per
share were $0.28 for the fourth
quarter of 2013, decreases of 24% and 15% compared to the third
quarter of 2013 and the fourth quarter of 2012, respectively.
(Logo:
http://photos.prnewswire.com/prnh/20130429/MM04092LOGO)
Net income for the year ended December
31, 2013 was $7.3 million, a
decrease of $1.9 million, or 21%,
compared to 2012. Excluding pre-tax merger-related expenses
of $307,000 incurred during 2013, net
income for the year ended December 31,
2013 was $7.5 million, a
decrease of 18% compared to 2012. Diluted earnings per share for
2013 were $1.06, a decrease of 17%
compared to $1.28 in 2012.
Excluding merger-related expenses, diluted earnings per share were
$1.09, a decrease of 15% compared to
2012.
"Our fourth quarter was highlighted by the announcement of our
pending entry into Mississippi
through the Britton & Koontz acquisition and the resulting
addition of several outstanding bankers to our team," stated
John W. Bordelon, President and
Chief Executive Officer of the Company and the Bank. "The B&K
deal is on pace to close during the first quarter of 2014 and our
bankers had an outstanding quarter of loan growth."
Acquisition of Britton & Koontz
As previously disclosed on November 5,
2013, the Company entered into a definitive agreement to
merge with Britton & Koontz Capital Corporation, the holding
company of the 147-year-old Britton & Koontz Bank, N.A. ("Britton & Koontz Bank"). Under the terms of the
agreement, Britton & Koontz will be merged with and into Home
Bancorp in a two-step transaction and Britton & Koontz Bank will be merged with and into the
Bank. Shareholders of Britton & Koontz will receive
$16.14 per share in cash upon
completion of the merger. The merger, which is expected to be
completed in the first quarter of 2014, was approved by BKBK's
shareholders earlier this month and remains subject to regulatory
approvals and the satisfaction of all other customary
conditions. Upon completion of the merger, the combined
company will have total assets of approximately $1.2 billion, $873
million in loans and $964
million in deposits.
Loans and Credit Quality
Loans totaled $707.5 million at
December 31, 2013, an increase of
$26.6 million, or 4%, from
September 30, 2013, and an increase
of $34.3 million, or 5%, from
December 31, 2012. During the
fourth quarter, commercial real estate (up $16.2 million) and construction and land (up
$11.1 million) loans led our growth.
The following table sets forth the composition of the Company's
loan portfolio (including Covered Loans) as of the dates
indicated.
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2013
|
|
2012
|
|
Amount
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
179,506
|
$
|
177,816
|
$
|
1,690
|
|
1
|
%
|
Home equity loans and
lines
|
|
40,561
|
|
40,425
|
|
136
|
|
-
|
|
Commercial real
estate
|
|
269,849
|
|
252,805
|
|
17,044
|
|
7
|
|
Construction and
land
|
|
83,271
|
|
75,529
|
|
7,742
|
|
10
|
|
Multi-family
residential
|
|
16,578
|
|
19,659
|
|
(3,081)
|
|
(16)
|
|
Total real
estate loans
|
|
589,765
|
|
566,234
|
|
23,531
|
|
4
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
77,533
|
|
72,253
|
|
5,280
|
|
7
|
|
Consumer
|
|
40,158
|
|
34,641
|
|
5,517
|
|
16
|
|
Total
other loans
|
|
117,691
|
|
106,894
|
|
10,797
|
|
10
|
|
Total
loans
|
$
|
707,456
|
$
|
673,128
|
$
|
34,328
|
|
5
|
%
|
Nonperforming assets ("NPAs"), which includes $8.2 million in assets covered under loss sharing
agreements with the FDIC ("Covered Assets") and $14.1 million acquired from GS Financial Corp.
("GSFC"), totaled $29.3 million at
December 31, 2013, an increase of
$1.9 million compared to September 30, 2013 and an increase of
$924,000 compared to December 31, 2012. The ratio of total NPAs
to total assets was 2.98% at December 31,
2013, compared to 2.85% at September
30, 2013 and 2.95% at December
31, 2012. Excluding acquired assets, the ratio of NPAs
was 0.81% at December 31, 2013,
compared to 0.69% at September 30,
2013 and 0.62% at December 31,
2012.
The Company recorded net loan recoveries of $24,000 during the fourth quarter of 2013,
compared to net loan charge-offs of $84,000 and $70,000
in the third quarter of 2013 and fourth quarter of 2012,
respectively. The Company's provision for loan losses for the
fourth quarter of 2013 was $431,000,
compared to $453,000 for the third
quarter of 2013 and $483,000 for the
fourth quarter of 2012. The provision for loan losses in the
fourth quarter of 2013 relates primarily to loan growth and modest
downgrades of certain loans in the Company's organic loan
portfolio.
The ratio of allowance for loan losses to total loans was 0.98%
at December 31, 2013, compared to
0.95% and 0.79% at September 30, 2013
and December 31, 2012,
respectively. Excluding acquired loans, the ratio of the
allowance for loan losses to total loans was 1.12% at December 31, 2013, compared to 1.09% at
September 30, 2013 and 1.01% at
December 31, 2012.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$159.0 million at December 31, 2013, a decrease of $1.4 million, or 1%, from September 30, 2013, and an increase of
$116,000, or 0.1%, from December 31, 2012. At December 31, 2013, the Company had a net
unrealized gain position on its investment securities portfolio of
$300,000, compared to net unrealized
gains of $1.1 million and
$5.0 million at September 30, 2013 and December 31, 2012, respectively. The
investment securities portfolio had a modified duration of 4.2
years at December 31, 2013, compared
to 4.7 and 3.7 years at September 30,
2013 and December 31, 2012,
respectively.
Deposits
Total deposits were $741.3 million
at December 31, 2013, a decrease of
$24.5 million, or 3%, from
September 30, 2013, and a decrease of
$30.1 million, or 4%, from
December 31, 2012. Certificate
of deposits ("CD") declined as higher-priced CDs matured.
During the fourth quarter of 2013, core deposits (i.e., checking,
savings and money market accounts) decreased $7.6 million, or 1%, from September 30, 2013, and increased $30.4 million, or 6%, from December 31,
2012.
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)
|
|
2013
|
|
2012
|
|
Amount
|
|
Percent
|
|
Demand
deposit
|
$
|
174,475
|
$
|
152,462
|
$
|
22,013
|
|
14
|
%
|
Savings
|
|
56,694
|
|
51,515
|
|
5,179
|
|
10
|
|
Money
market
|
|
192,303
|
|
191,191
|
|
1,112
|
|
1
|
|
NOW
|
|
125,391
|
|
123,294
|
|
2,097
|
|
2
|
|
Certificates of
deposit
|
|
192,449
|
|
252,967
|
|
(60,518)
|
|
(24)
|
|
Total
deposits
|
$
|
741,312
|
$
|
771,429
|
$
|
(30,117)
|
|
(4)
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the fourth quarter of 2013 totaled
$10.0 million, a decrease of
$369,000, or 4%, compared to the
third quarter of 2013, and a decrease of $338,000, or 3%, compared to the fourth quarter
of 2012. The decline in net interest income in the fourth
quarter of 2013 compared to the third quarter of 2013 was due
largely to a decline in loan interest income resulting primarily
from lower average yields earned on loans covered under loss
sharing agreements with the FDIC ("Covered Loans").
The net interest margin was 4.60% for the fourth quarter of
2013, 19 basis points lower than the third quarter of 2013 and 15
basis points lower than the fourth quarter of 2012. The
decrease in the net interest margin compared to the third quarter
of 2013 resulted primarily from lower-yielding new loans originated
during the fourth quarter and lower yields on the Covered Loan
portfolio. The decrease in net interest margin compared to
the fourth quarter of 2012 related primarily to lower yields on the
loan portfolio (including Covered Loans), which were partially
offset by lower costs on interest bearing liabilities.
The Covered Loan portfolio yielded 13.66% during the fourth
quarter of 2013, compared to 15.32% and 10.28% during the third
quarter of 2013 and fourth quarter of 2012, respectively.
Excluding Covered Loans, the yield on loans would have been 5.46%
during the fourth quarter of 2013, compared to 5.72% and 6.28%
during the third quarter of 2013 and fourth quarter of 2012,
respectively. A portion of the decline in interest income and
yield on the Covered Loan portfolio during the third and fourth
quarters of 2013 was primarily due to higher levels of FDIC loss
sharing receivable asset ("FDIC Asset") amortization during those
periods. Amortization of the FDIC Asset totaled $904,000 and $913,000 during the third and fourth quarters of
2013, respectively. The increase in FDIC Asset amortization
is the result of improved cash flow expectations related to Covered
Loans.
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. Taxable equivalent
("TE") yields on investment securities are calculated using a
marginal tax rate of 35%.
|
|
For the Three
Months Ended
|
|
|
December 31,
2013
|
September 30,
2013
|
December 31,
2012
|
(dollars in
thousands)
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
685,034
|
5.73
|
%
|
$
|
676,639
|
6.07
|
%
|
$
|
673,428
|
6.28
|
%
|
Investment securities
(TE)
|
|
157,820
|
2.18
|
|
|
157,352
|
2.10
|
|
|
149,294
|
2.09
|
|
Other
interest-earning assets
|
|
23,734
|
0.47
|
|
|
27,293
|
0.47
|
|
|
41,057
|
0.43
|
|
Total
interest-earning assets
|
|
866,588
|
4.94
|
|
|
861,284
|
5.17
|
|
|
863,779
|
5.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking,
and money market
|
|
377,419
|
0.23
|
|
|
389,773
|
0.24
|
|
|
361,862
|
0.33
|
|
Certificates of
deposit
|
|
199,392
|
0.83
|
|
|
215,745
|
0.90
|
|
|
257,750
|
1.04
|
|
Total
interest-bearing deposits
|
|
576,811
|
0.44
|
|
|
605,518
|
0.48
|
|
|
619,612
|
0.63
|
|
FHLB
advances
|
|
65,851
|
0.61
|
|
|
41,083
|
0.90
|
|
|
40,796
|
1.58
|
|
Total
interest-bearing liabilities
|
$
|
642,662
|
0.45
|
|
$
|
646,601
|
0.51
|
|
$
|
660,408
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
4.48
|
%
|
|
|
4.66
|
%
|
|
|
4.59
|
%
|
Net interest margin
(TE)
|
|
|
4.60
|
%
|
|
|
4.79
|
%
|
|
|
4.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the fourth quarter of 2013 totaled
$1.8 million, an increase of
$17,000, or 1%, compared to the third
quarter of 2013 and a decrease of $71,000, or 4%, compared to the fourth quarter of
2012. The increase in noninterest income in the fourth
quarter of 2013 compared to the third quarter of 2013 resulted
primarily from an increase in other income of $108,000 (related to recoveries on the acquired
GSFC loan portfolio), which was partially offset by decreases in
gains on the sale of mortgage loans (down $51,000) and bank card fees (down $29,000).
The decrease in noninterest income in the fourth quarter of 2013
compared to the fourth quarter of 2012 resulted primarily from
decreases in gains on the sale of mortgage loans (down $304,000), which was partially offset by
increases in service fees and charges (up $148,000) and other income of $105,000.
Noninterest Expense
Noninterest expense for the fourth quarter of 2013 totaled
$8.8 million, an increase of
$770,000, or 10%, compared to the
third quarter of 2013 and an increase of $459,000, or 6%, compared to the fourth quarter
of 2012. The increase in noninterest expense in the fourth
quarter of 2013 compared to the third quarter of 2013 resulted
primarily from higher other expenses (up $365,000 as a result of $147,000 in net deposit account charge-offs and
other loan fee expenses of $208,000),
compensation and benefits (up $318,000), professional services (up $219,000, which includes $285,000 related to the acquisition of Britton
& Koontz) and foreclosed asset expenses (up $195,000), which was partially offset by lower
franchise and share tax expense (down $382,000 primarily from lower than anticipated
Louisiana shares tax
payments).
The increase in noninterest expense in the fourth quarter 2013
compared to the fourth quarter 2012 resulted primarily from higher
professional services (up $ 248,000,
which includes $285,000 related to
the acquisition of Britton & Koontz), compensation and benefits
(up $218,000), other expenses (up
$179,000 primarily from net deposit
account charge-offs), which were partially offset by lower data
processing and communication (down $168,000) and franchise and share tax expense
(down $65,000 primarily from lower
than anticipated Louisiana shares
tax payments).
Non-GAAP Reconciliation
|
|
|
|
Fourth
Quarter
|
Year
Ended
|
(dollars in
thousands)
|
2013
|
December 31,
2013
|
|
|
|
Reported noninterest
expense
|
$
8,774
|
$33,205
|
Less: Merger-related
expenses
|
(307)
|
(307)
|
Non-GAAP noninterest
expense
|
$
8,467
|
$32,898
|
|
|
|
Reported net
income
|
$
1,706
|
$
7,294
|
Add: Merger-related
expenses (after tax)
|
200
|
203
|
Non-GAAP net
income
|
$
1,906
|
$
7,497
|
|
|
|
Diluted
EPS
|
$
0.25
|
$
1.06
|
Less: Merger-related
expenses
|
0.03
|
0.03
|
Non-GAAP
EPS
|
$
0.28
|
$
1.09
|
This news release contains financial information determined
by methods other than in accordance with generally accepted
accounting principles ("GAAP"). The Company's management uses this
non-GAAP financial information in its analysis of the Company's
performance. In this news release, information is included which
excludes acquired loans and the impact of merger-related expenses.
Management believes the presentation of this non-GAAP financial
information provides useful information that is essential to a
proper understanding of the Company's financial position and core
operating results. This non-GAAP financial information should not
be viewed as a substitute for financial information determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP financial information presented by other
companies.
This news release contains certain forward‑looking
statements. Forward‑looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could" or "may."
Forward‑looking statements, by their nature, are subject to
risks and uncertainties. A number of factors ‑ many of which
are beyond our control ‑ could cause actual conditions, events or
results to differ significantly from those described in the
forward‑looking statements. Home Bancorp's Annual Report on
Form 10-K for the year ended December 31,
2012, describes some of these factors, including risk
elements in the loan portfolio, the level of the allowance for
losses on loans, risks of our growth strategy, geographic
concentration of our business, dependence on our management team,
risks of market rates of interest and of regulation on our business
and risks of competition. Forward‑looking statements speak only as
of the date they are made. We do not undertake to update
forward‑looking statements to reflect circumstances or events that
occur after the date the forward‑looking statements are made or to
reflect the occurrence of unanticipated events.
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF FINANCIAL CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
%
|
|
|
September
30,
|
|
2013
|
|
2012
|
|
Change
|
|
|
2013
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
32,638,900
|
|
$
39,539,366
|
|
(17)
|
%
|
|
$
35,953,034
|
Interest-bearing
deposits in banks
|
2,940,000
|
|
3,529,000
|
|
(17)
|
|
|
3,185,000
|
Investment securities
available for sale, at fair value
|
149,632,153
|
|
157,255,828
|
|
(5)
|
|
|
151,453,721
|
Investment securities
held to maturity
|
9,404,790
|
|
1,665,184
|
|
465
|
|
|
8,965,112
|
Mortgage loans held
for sale
|
1,951,345
|
|
5,627,104
|
|
(65)
|
|
|
1,711,585
|
Loans covered by loss
sharing agreements
|
21,673,808
|
|
45,764,397
|
|
(53)
|
|
|
23,723,936
|
Noncovered loans, net
of unearned income
|
685,782,309
|
|
627,363,937
|
|
9
|
|
|
657,150,445
|
Total loans
|
707,456,117
|
|
673,128,334
|
|
5
|
|
|
680,874,381
|
Allowance for loan
losses
|
(6,918,009)
|
|
(5,319,235)
|
|
30
|
|
|
(6,462,841)
|
Total loans, net of
allowance for loan losses
|
700,538,108
|
|
667,809,099
|
|
5
|
|
|
674,411,540
|
FDIC loss sharing
receivable
|
12,698,077
|
|
15,545,893
|
|
(18)
|
|
|
13,576,606
|
Office properties and
equipment, net
|
30,702,635
|
|
30,777,184
|
|
-
|
|
|
30,312,996
|
Cash surrender value
of bank-owned life insurance
|
17,750,604
|
|
17,286,434
|
|
3
|
|
|
17,638,008
|
Accrued interest
receivable and other assets
|
25,984,346
|
|
23,891,172
|
|
9
|
|
|
24,688,760
|
Total
Assets
|
$
984,240,958
|
|
$
962,926,264
|
|
2
|
|
|
$
961,896,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
$
741,312,416
|
|
$
771,429,335
|
|
(4)
|
%
|
|
$
765,810,312
|
Federal Home Loan
Bank advances
|
97,000,000
|
|
46,256,805
|
|
110
|
|
|
50,900,000
|
Accrued interest
payable and other liabilities
|
4,019,013
|
|
3,666,264
|
|
10
|
|
|
4,965,371
|
Total
Liabilities
|
842,331,429
|
|
821,352,404
|
|
3
|
|
|
821,675,683
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common
stock
|
89,585
|
|
89,506
|
|
-
|
%
|
|
89,579
|
Additional paid-in
capital
|
92,192,410
|
|
90,986,820
|
|
1
|
|
|
91,743,191
|
Treasury
stock
|
(28,011,398)
|
|
(21,719,954)
|
|
29
|
|
|
(28,003,896)
|
Common stock acquired
by benefit plans
|
(6,285,327)
|
|
(7,455,669)
|
|
(16)
|
|
|
(6,376,957)
|
Retained
earnings
|
83,729,144
|
|
76,435,222
|
|
10
|
|
|
82,023,494
|
Accumulated other
comprehensive income
|
195,115
|
|
3,237,935
|
|
(94)
|
|
|
745,268
|
Total
Shareholders' Equity
|
141,909,529
|
|
141,573,860
|
|
-
|
|
|
140,220,679
|
Total Liabilities
and Shareholders' Equity
|
$
984,240,958
|
|
$
962,926,264
|
|
2
|
|
|
$
961,896,362
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The Years
Ended
|
|
|
|
|
December
31,
|
|
%
|
|
|
December
31,
|
|
%
|
|
|
2013
|
|
2012
|
|
Change
|
|
|
2013
|
|
2012
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
9,956,749
|
|
$
10,734,365
|
|
(7)
|
%
|
|
$
40,535,633
|
|
$
42,797,878
|
|
(5)
|
%
|
Investment
securities
|
782,409
|
|
728,597
|
|
7
|
|
|
3,060,521
|
|
3,169,429
|
|
(3)
|
|
Other investments and
deposits
|
28,278
|
|
43,951
|
|
(36)
|
|
|
124,355
|
|
154,820
|
|
(20)
|
|
Total interest
income
|
10,767,436
|
|
11,506,913
|
|
(6)
|
|
|
43,720,509
|
|
46,122,127
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
633,361
|
|
974,361
|
|
(35)
|
%
|
|
3,043,982
|
|
4,227,495
|
|
(28)
|
%
|
Federal Home Loan
Bank advances
|
100,119
|
|
160,787
|
|
(38)
|
|
|
458,926
|
|
686,374
|
|
(33)
|
|
Total interest
expense
|
733,480
|
|
1,135,148
|
|
(35)
|
|
|
3,502,908
|
|
4,913,869
|
|
(29)
|
|
Net interest
income
|
10,033,956
|
|
10,371,765
|
|
(3)
|
|
|
40,217,601
|
|
41,208,258
|
|
(2)
|
|
Provision for loan
losses
|
431,368
|
|
483,251
|
|
(11)
|
|
|
3,652,694
|
|
2,411,214
|
|
51
|
|
Net interest income
after provision for loan losses
|
9,602,588
|
|
9,888,514
|
|
(3)
|
|
|
36,564,907
|
|
38,797,044
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
745,420
|
|
597,661
|
|
25
|
%
|
|
2,729,469
|
|
2,493,177
|
|
9
|
%
|
Bank card
fees
|
416,661
|
|
399,282
|
|
4
|
|
|
1,730,960
|
|
1,795,960
|
|
(4)
|
|
Gain on sale of
loans, net
|
264,111
|
|
567,804
|
|
(53)
|
|
|
1,553,598
|
|
1,963,365
|
|
(21)
|
|
Income from
bank-owned life insurance
|
112,595
|
|
128,487
|
|
(12)
|
|
|
464,170
|
|
515,260
|
|
(10)
|
|
Gain (loss) on the
sale of securities, net
|
-
|
|
-
|
|
-
|
|
|
428,200
|
|
221,781
|
|
93
|
|
Discount accretion of
FDIC loss sharing receivable
|
98,016
|
|
119,087
|
|
(18)
|
|
|
432,929
|
|
580,980
|
|
(25)
|
|
Other
income
|
160,170
|
|
55,418
|
|
189
|
|
|
330,523
|
|
190,291
|
|
74
|
|
Total noninterest
income
|
1,796,973
|
|
1,867,739
|
|
(4)
|
|
|
7,669,849
|
|
7,760,814
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
5,335,859
|
|
5,118,250
|
|
4
|
%
|
|
20,329,834
|
|
19,687,444
|
|
3
|
%
|
Occupancy
|
748,545
|
|
689,774
|
|
9
|
|
|
2,997,177
|
|
2,809,039
|
|
7
|
|
Marketing and
advertising
|
202,595
|
|
205,051
|
|
(1)
|
|
|
766,388
|
|
743,814
|
|
3
|
|
Data processing and
communication
|
599,760
|
|
767,345
|
|
(22)
|
|
|
2,441,796
|
|
2,801,124
|
|
(13)
|
|
Professional
fees
|
436,747
|
|
189,175
|
|
131
|
|
|
1,060,656
|
|
890,205
|
|
19
|
|
Forms, printing and
supplies
|
100,126
|
|
100,006
|
|
-
|
|
|
429,888
|
|
477,924
|
|
(10)
|
|
Franchise and shares
tax
|
(108,765)
|
|
(43,458)
|
|
(150)
|
|
|
710,775
|
|
613,733
|
|
16
|
|
Regulatory
fees
|
221,908
|
|
224,673
|
|
(1)
|
|
|
889,967
|
|
854,041
|
|
4
|
|
Foreclosed assets,
net
|
286,163
|
|
292,584
|
|
(2)
|
|
|
522,903
|
|
1,051,397
|
|
(50)
|
|
Other
expenses
|
951,281
|
|
772,207
|
|
23
|
|
|
3,055,312
|
|
2,834,336
|
|
8
|
|
Total noninterest
expense
|
8,774,219
|
|
8,315,607
|
|
6
|
|
|
33,204,696
|
|
32,763,057
|
|
1
|
|
Income before income
tax expense
|
2,625,342
|
|
3,440,646
|
|
(24)
|
|
|
11,030,060
|
|
13,794,801
|
|
(20)
|
|
Income tax
expense
|
919,693
|
|
1,116,236
|
|
(18)
|
|
|
3,736,138
|
|
4,604,930
|
|
(19)
|
|
Net income
|
$
1,705,649
|
|
$
2,324,410
|
|
(27)
|
|
|
$
7,293,922
|
|
$
9,189,871
|
|
(21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.26
|
|
$
0.34
|
|
(24)
|
%
|
|
$
1.11
|
|
$
1.33
|
|
(17)
|
%
|
Earnings per share -
diluted
|
$
0.25
|
|
$
0.33
|
|
(24)
|
|
|
$
1.06
|
|
$
1.28
|
|
(17)
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
December
31,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
2013
|
|
2012
|
|
Change
|
|
|
September 30,
2013
|
|
|
Change
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
10,767
|
|
$
11,507
|
|
(6)
|
%
|
|
$11,226
|
|
|
(4)
|
%
|
Total interest
expense
|
733
|
|
1,135
|
|
(35)
|
|
|
823
|
|
|
(11)
|
|
Net interest
income
|
10,034
|
|
10,372
|
|
(3)
|
|
|
10,403
|
|
|
(4)
|
|
Provision for loan
losses
|
431
|
|
483
|
|
(11)
|
|
|
453
|
|
|
(5)
|
|
Total noninterest
income
|
1,797
|
|
1,868
|
|
(4)
|
|
|
1,780
|
|
|
1
|
|
Total noninterest
expense
|
8,774
|
|
8,316
|
|
6
|
|
|
8,003
|
|
|
10
|
|
Income tax
expense
|
920
|
|
1,116
|
|
(18)
|
|
|
1,244
|
|
|
(26)
|
|
Net income
|
$
1,706
|
|
$
2,325
|
|
(27)
|
|
|
$
2,483
|
|
|
(31)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 962,611
|
|
$969,182
|
|
(1)
|
%
|
|
$958,560
|
|
|
-
|
%
|
Total
interest-earning assets
|
866,589
|
|
863,780
|
|
-
|
|
|
861,284
|
|
|
1
|
|
Totals
loans
|
685,034
|
|
673,428
|
|
2
|
|
|
676,639
|
|
|
1
|
|
Total
interest-bearing deposits
|
576,811
|
|
619,612
|
|
(7)
|
|
|
605,518
|
|
|
(5)
|
|
Total
interest-bearing liabilities
|
642,662
|
|
660,408
|
|
(3)
|
|
|
646,601
|
|
|
(1)
|
|
Total
deposits
|
752,300
|
|
783,522
|
|
(4)
|
|
|
776,556
|
|
|
(3)
|
|
Total shareholders'
equity
|
141,516
|
|
141,457
|
|
-
|
|
|
139,060
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.71
|
%
|
0.96
|
%
|
(26)
|
%
|
|
1.04
|
%
|
|
(32)
|
%
|
Return on average
equity
|
4.82
|
|
6.57
|
|
(27)
|
|
|
7.14
|
|
|
(32)
|
|
Efficiency ratio
(2)
|
74.16
|
|
67.67
|
|
10
|
|
|
65.37
|
|
|
13
|
|
Average equity to
average assets
|
14.70
|
|
14.60
|
|
1
|
|
|
14.51
|
|
|
1
|
|
Tier 1 leverage
capital ratio(3)
|
14.17
|
|
13.67
|
|
4
|
|
|
14.29
|
|
|
(1)
|
|
Total risk-based
capital ratio(3)
|
21.88
|
|
21.83
|
|
-
|
|
|
22.33
|
|
|
(2)
|
|
Net interest margin
(4)
|
4.60
|
|
4.73
|
|
(3)
|
|
|
4.79
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.26
|
|
$
0.34
|
|
(24)
|
%
|
|
$0.38
|
|
|
(32)
|
%
|
Diluted earnings per
share
|
0.25
|
|
0.33
|
|
(24)
|
|
|
0.37
|
|
|
(32)
|
|
Book value at period
end
|
19.99
|
|
19.03
|
|
5
|
|
|
19.75
|
|
|
1
|
|
Tangible book value
at period end
|
19.72
|
|
18.73
|
|
5
|
|
|
19.47
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
period end
|
7,099,314
|
|
7,439,127
|
|
(5)
|
%
|
|
7,099,164
|
|
|
-
|
%
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,481,679
|
|
6,770,286
|
|
(4)
|
%
|
|
6,481,911
|
|
|
-
|
%
|
Diluted
|
6,800,604
|
|
7,086,561
|
|
(4)
|
|
|
6,768,578
|
|
|
-
|
|
|
|
|
|
|
|
|
(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. Taxable equivalent yields are calculated
using a marginal tax rate of
35%.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
September 30,
2013
|
|
December 31,
2012
|
|
Covered
|
|
Noncovered
|
|
Total
|
|
|
Covered
|
|
Noncovered
|
|
Total
|
|
|
Covered
|
|
Noncovered
|
|
Total
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$ 5,081
|
|
$ 19,679
|
|
$ 24,760
|
|
|
$5,807
|
|
$15,784
|
|
$ 21,591
|
|
|
$9,579
|
|
$12,368
|
|
$ 21,947
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
5,081
|
|
19,679
|
|
24,760
|
|
|
5,807
|
|
15,784
|
|
21,591
|
|
|
9,579
|
|
12,368
|
|
21,947
|
|
Foreclosed
assets
|
3,160
|
|
1,406
|
|
4,566
|
|
|
3,064
|
|
2,786
|
|
5,850
|
|
|
2,683
|
|
3,771
|
|
6,454
|
|
Total nonperforming
assets
|
8,241
|
|
21,085
|
|
29,326
|
|
|
8,871
|
|
18,570
|
|
27,441
|
|
|
12,262
|
|
16,139
|
|
28,401
|
|
Performing troubled
debt restructurings
|
5
|
|
424
|
|
429
|
|
|
6
|
|
437
|
|
443
|
|
|
306
|
|
808
|
|
1,114
|
|
Total nonperforming
assets and troubled debt
restructurings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 8,246
|
|
$ 21,509
|
|
$ 29,755
|
|
|
$ 8,877
|
|
$ 19,007
|
|
$ 27,884
|
|
|
$ 12,568
|
|
$ 16,947
|
|
$ 29,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
2.98
|
%
|
|
|
|
|
|
2.85
|
%
|
|
|
|
|
|
2.95
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
2.52
|
|
|
|
|
|
|
2.24
|
|
|
|
|
|
|
2.28
|
|
Nonperforming loans
to total loans
|
|
|
|
|
3.50
|
|
|
|
|
|
|
3.17
|
|
|
|
|
|
|
3.26
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
23.59
|
|
|
|
|
|
|
23.55
|
|
|
|
|
|
|
18.73
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
27.94
|
|
|
|
|
|
|
29.93
|
|
|
|
|
|
|
24.24
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
0.98
|
|
|
|
|
|
|
0.95
|
|
|
|
|
|
|
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
2,155
|
|
|
|
|
|
|
$2,135
|
|
|
|
|
|
|
$2,325
|
|
Year-to-date loan
recoveries
|
|
|
|
|
101
|
|
|
|
|
|
|
58
|
|
|
|
|
|
|
129
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
2,054
|
|
|
|
|
|
|
$
2,077
|
|
|
|
|
|
|
$
2,196
|
|
Annualized YTD net
loan charge-offs to total loans
|
|
|
|
|
0.29
|
%
|
|
|
|
|
|
0.41
|
%
|
|
|
|
|
|
0.33
|
%
|
|
|
|
|
|
|
(1)
|
Nonperforming loans
consist of nonaccruing loans and accruing loans 90 days or more
past due. Nonperforming assets consist of nonperforming loans and
repossessed assets. It is our policy to
cease accruing interest on loans 90 days or more past due.
Repossessed assets consist of assets acquired through
foreclosure or acceptance of title
in-lieu of foreclosure.
|
(2)
|
Asset quality
information includes assets covered under FDIC loss sharing
agreements. Such assets covered by FDIC loss sharing agreements are
referred to as "Covered" assets. All
other assets are referred to as "Noncovered".
|
SOURCE Home Bancorp, Inc.