LAFAYETTE, La., Oct. 29, 2019 /PRNewswire/ -- Home Bancorp,
Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home
Bank, N.A. (the "Bank") (www.home24bank.com), reported financial
results for the third quarter of 2019. For the quarter, the
Company reported net income of $6.9
million, or $0.75 per diluted
common share ("EPS"), compared to $6.6
million, or $0.71 EPS, for the
second quarter of 2019.
Key performance metrics for the third quarter of 2019 (compared
to the second quarter 2019) include:
- Loans increased $14.5 million, or
3% annualized;
- Nonperforming loans decreased $1.0
million, or 4%;
- Return on average assets, return on average equity and return
on average tangible common equity were 1.23%, 8.64% and 11.39%,
respectively;
- The net interest margin declined 24 basis points, 14 basis
points of which were due to the write-off of the FDIC loss sharing
indemnification receivable;
- Noninterest income included a non-taxable life insurance
benefit of $1.2 million;
- Noninterest expense included $287,000 (pre-tax) in costs related to the
departure of a former executive;
- The Company repurchased 123,902 shares of common stock at an
average price of $37.32 per share;
and
- Bank capital remained strong with a common equity ratio of
14.19% at quarter end.
"The loan portfolio grew by 3% on an annualized basis and
deposit rates increased at a slower pace during the quarter," said
John W. Bordelon, President and
Chief Executive Officer of the Company and the Bank, "Our momentum
is building because our bankers are focused on adding value to our
customers, serving our communities, and providing a strong return
for our shareholders."
The Company also announced that its Board of Directors increased
its quarterly cash dividend on shares of its common stock to
$0.22 per share payable on
November 22, 2019, to shareholders of
record as of November 8, 2019.
Loans and Credit Quality
Loans totaled $1.7 billion at
September 30, 2019, up $14.5 million, or 1%, from June 30, 2019. Third quarter net loan
growth was primarily driven by increases in commercial real estate
("CRE") loans (up $27.5 million, or
4%) and multi-family residential loans (up $8.9 million, or 19%). CRE loan growth was
strongest in the Acadiana and New
Orleans markets. Multi-family residential loan growth was
focused in the New Orleans market.
CRE and multi-family loan growth was partially offset by net
declines in construction and land loans (down $11.3 million, or 6%) and residential mortgage
loans (down $9.9 million, or
2%). Construction and land loans decreased primarily due to
the completion of the construction phase of certain larger
construction loans and their conversion to permanent CRE loans.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2019
|
|
2019
|
|
Amount
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
432,964
|
$
|
442,896
|
$
|
(9,932)
|
|
(2)
|
%
|
Home equity loans and
lines
|
|
81,835
|
|
81,794
|
|
41
|
|
-
|
|
Commercial real
estate
|
|
719,392
|
|
691,939
|
|
27,453
|
|
4
|
|
Construction and
land
|
|
188,879
|
|
200,153
|
|
(11,274)
|
|
(6)
|
|
Multi-family
residential
|
|
56,733
|
|
47,827
|
|
8,906
|
|
19
|
|
Total real
estate loans
|
|
1,479,803
|
|
1,464,609
|
|
15,194
|
|
1
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
180,264
|
|
179,394
|
|
870
|
|
-
|
|
Consumer
|
|
47,375
|
|
48,945
|
|
(1,570)
|
|
(3)
|
|
Total
other loans
|
|
227,639
|
|
228,339
|
|
(700)
|
|
-
|
|
Total loans
|
$
|
1,707,442
|
$
|
1,692,948
|
$
|
14,494
|
|
1
|
%
|
Nonperforming assets ("NPAs"), excluding purchased credit
impaired loans, totaled $27.6 million
at September 30, 2019, down
$354,000, or 1%, compared to
June 30, 2019. During the quarter,
the Company transferred into other real estate owned $1.3 million of surplus bank-owned real estate,
consisting of two unoccupied buildings acquired through mergers and
two closed branches. The ratio of NPAs to total assets was
1.24% at September 30, 2019, compared
to 1.26% at June 30, 2019.
Nonperforming loans ("NPLs"), excluding purchased credit impaired
loans, totaled $25.0 million at
September 30, 2019, down $1.0 million, or 4%, compared to June 30, 2019. The ratio of NPLs to total assets
was 1.13% at September 30, 2019,
compared to 1.17% at June 30,
2019.
The Company recorded net loan charge-offs of $787,000 during the third quarter of 2019,
compared to net loan charge-offs of $96,000 for the second quarter of 2019. The
Company's provision for loan losses for the third quarter of 2019
was $1.1 million, compared to
$765,000 for the second quarter of
2019. The increase in net loan charge-offs and the provision
for loan losses was primarily due to a previously recognized
non-performing commercial relationship which filed for bankruptcy
during the third quarter of 2019.
The ratio of the allowance for loan losses to total loans was
1.03% at September 30, 2019, compared
to 1.02% at June 30, 2019.
Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.29% at September
30, 2019, compared to 1.33% at June
30, 2019. The decrease in the allowance for loan losses
attributable to originated loans was primarily due to improvement
in risk ratings and general economic conditions.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the
energy sector totaled $40.1 million,
or 2% of total outstanding loans, at September 30, 2019, compared to $40.5 million, or 2% of total outstanding loans,
at June 30, 2019. Unfunded loan
commitments to customers in the energy sector totaled $6.0 million at September
30, 2019, compared to $7.3
million at June 30, 2019. At
September 30, 2019, loans
constituting 95% of the balance of the direct energy-related
portfolio were performing in accordance with their original loan
agreements. The Company holds no shared national credits.
The allowance for loan losses attributable to originated direct
energy-related loans totaled 2.40% of the outstanding balance of
originated energy-related portfolio at September 30, 2019, compared to 2.58% at
June 30, 2019.
Deposits
Total deposits were $1.8 billion
at September 30, 2019, up
$2.2 million, or less than 1%, from
June 30, 2019. The following table
sets forth the composition of the Company's deposits as of the
dates indicated.
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2019
|
|
2019
|
|
Amount
|
|
Percent
|
|
Demand
deposits
|
$
|
446,742
|
$
|
449,402
|
$
|
(2,660)
|
|
(1)
|
%
|
Savings
|
|
204,807
|
|
205,798
|
|
(991)
|
|
-
|
|
Money market
|
|
272,489
|
|
278,514
|
|
(6,025)
|
|
(2)
|
|
NOW
|
|
513,440
|
|
506,025
|
|
7,415
|
|
1
|
|
Certificates of
deposit
|
|
393,928
|
|
389,430
|
|
4,498
|
|
1
|
|
Total
deposits
|
$
|
1,831,406
|
$
|
1,829,169
|
$
|
2,237
|
|
-
|
%
|
Share Repurchases
During the third quarter, the Company completed the remaining
share repurchases under the 2016 Repurchase Plan and announced the
approval of a new repurchase program (the "2019 Repurchase Plan").
The Company repurchased 123,902 shares of its common stock during
the third quarter of 2019 at an average price per share of
$37.32. An additional 464,987 shares
remain eligible for purchase under the 2019 Repurchase Plan.
The book value per share and tangible book value per share of the
Company's common stock was $33.72 and
$26.77, respectively, at September 30, 2019.
Net Interest Income
Net interest income for the third quarter of 2019 was
$21.1 million, down $734,000, or 3%, from the second quarter of
2019. Interest income for the third quarter was reduced by
$680,000 (pre-tax) due to the
write-off of the Company's FDIC loss sharing indemnification
receivable. This write-off significantly decreased loan
accretion income for the third quarter. The receivable
represented the present value of expected reimbursable losses on
acquired loans covered by a FDIC loss sharing agreement. Loans
covered by the agreement, which expires in March 2020, have performed better than originally
projected and the Company does not expect to incur any reimbursable
losses during the remaining term of the loss sharing agreement. The
loss sharing agreement was entered in connection with the Company's
acquisition of certain assets and liabilities of Statewide Bank in
a FDIC assisted transaction in 2010. During the first six months of
2019, amortization of the FDIC loss sharing indemnification
receivable reduced net interest income by $293,000 (pre-tax). Loan accretion income
totaled $1.0 million during the
second quarter of 2019 and $420,000
during the third quarter of 2019.
The Company's net interest margin was 4.12% for the third
quarter of 2019, a decline of 24 basis points from the second
quarter of 2019, 14 basis points of which were attributable to the
write-off of the FDIC loss sharing indemnification
receivable. The write-off reduced the average yield on loans
for the third quarter of 2019 by 16 basis points. The cost of
interest-bearing liabilities increased six basis points compared to
the second quarter of 2019.
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 21%.
|
|
For the Three
Months Ended
|
|
|
September 30,
2019
|
|
|
June 30,
2019
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
Average
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest
|
Average
Yield/
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated loans
|
$
|
1,193,759
|
$
|
16,534
|
5.45
|
%
|
$
|
1,136,566
|
$
|
15,841
|
5.53
|
%
|
Acquired
loans
|
|
504,287
|
|
7,028
|
5.49
|
|
|
529,275
|
|
7,971
|
5.99
|
|
Total
loans receivable
|
|
1,698,046
|
|
23,562
|
5.46
|
|
|
1,665,841
|
|
23,812
|
5.68
|
|
Investment securities
(TE)
|
|
261,778
|
|
1,515
|
2.36
|
|
|
271,267
|
|
1,729
|
2.60
|
|
Other interest-earning
assets
|
|
58,878
|
|
397
|
2.68
|
|
|
55,959
|
|
380
|
2.72
|
|
Total interest-earning
assets
|
$
|
2,018,702
|
$
|
25,474
|
4.98
|
%
|
$
|
1,993,067
|
$
|
25,921
|
5.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
$
|
991,248
|
$
|
2,215
|
0.89
|
%
|
$
|
985,349
|
$
|
2,097
|
0.85
|
%
|
Certificates of
deposit
|
|
392,214
|
|
1,835
|
1.86
|
|
|
383,345
|
|
1,638
|
1.71
|
|
Total interest-bearing
deposits
|
|
1,383,462
|
|
4,050
|
1.16
|
|
|
1,368,694
|
|
3,735
|
1.09
|
|
Other
borrowings
|
|
5,550
|
|
53
|
3.80
|
|
|
5,539
|
|
53
|
3.84
|
|
FHLB
advances
|
|
51,166
|
|
230
|
1.80
|
|
|
57,182
|
|
258
|
1.80
|
|
Total interest-bearing
liabilities
|
$
|
1,440,178
|
$
|
4,333
|
1.19
|
%
|
$
|
1,431,415
|
$
|
4,046
|
1.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
3.79
|
%
|
|
|
|
|
4.05
|
%
|
Net interest margin
(TE)
|
|
|
|
|
4.12
|
%
|
|
|
|
|
4.36
|
%
|
Noninterest Income
Noninterest income for the third quarter of 2019 was
$4.8 million, up $1.8 million, or 60%, from the second quarter of
2019 due primarily to the increase in income from bank-owned life
insurance and the absence of write-downs on bank properties. The
Company received a non-taxable life insurance benefit of
$1.2 million following the death of a
former employee during the third quarter of 2019. In the second
quarter of 2019, write-downs of several bank properties reduced
noninterest income by $347,000
(pre-tax). Noninterest income for the third quarter of 2019 also
benefited from increases in service fees and charges (up
$103,000, or 7%) and gains on the
sale of loans (up $107,000, or 43%)
compared to the second quarter of 2019.
Noninterest Expense
Noninterest expense for the third quarter of 2019 totaled
$16.6 million, up $658,000, or 4%, compared to the second quarter
of 2019. The increase primarily resulted from higher compensation
and benefits and data processing and communication expenses,
partially offset by the absence of certain occupancy costs recorded
in the second quarter of 2019. The rise in compensation and
benefits (up $653,000, or 7%) was
primarily driven by $287,000
(pre-tax) of costs related to the departure of a former executive
and an increase in employee health care costs. The increase in data
processing and communication expense (up $168,000, or 10.5%) was primarily due to the
renewal of software maintenance contracts related to the Company's
core service provider. During the second quarter of 2019,
$291,000 (pre-tax) of occupancy
expenses were incurred to terminate lease space acquired through a
previous merger. Similar occupancy costs were not incurred for the
third quarter.
Income Tax Expense
Income tax expense for the third quarter of 2019 totaled
$1.3 million, down $252,000, or 16%, from the second quarter of
2019. The Company's effective tax rate was 16.0% for the third
quarter of 2019, compared to 19.1% for the second quarter of 2019.
Income tax expense decreased primarily due to the increase in
non-taxable earnings from bank-owned life insurance.
Non-GAAP Reconciliation
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 intangible assets. Management believes
the presentation of this non-GAAP financial information provides
useful information that is helpful to a full understanding of the
Company's financial position and operating results. This non-GAAP
financial information should not be viewed as a substitute for
financial information determined in accordance with GAAP, nor is it
necessarily comparable to non-GAAP financial information presented
by other companies. A reconciliation on non-GAAP information
included herein to GAAP is presented below.
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands, except per share data)
|
|
September
30, 2019
|
|
|
June
30, 2019
|
|
|
September
30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
6,856
|
|
$
|
6,580
|
|
$
|
8,262
|
|
Add: CDI amortization,
net tax
|
|
311
|
|
|
314
|
|
|
355
|
|
Non-GAAP tangible
income
|
$
|
7,167
|
|
$
|
6,894
|
|
$
|
8,617
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
|
2,218,040
|
|
$
|
2,220,386
|
|
$
|
2,140,530
|
|
Less: Intangible
assets
|
|
64,854
|
|
|
65,247
|
|
|
66,493
|
|
Non-GAAP tangible
assets
|
$
|
2,153,186
|
|
$
|
2,155,139
|
|
$
|
2,074,037
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
314,677
|
|
$
|
313,494
|
|
$
|
295,688
|
|
Less: Intangible
assets
|
|
64,854
|
|
|
65,247
|
|
|
66,493
|
|
Non-GAAP tangible
shareholders' equity
|
$
|
249,823
|
|
$
|
248,247
|
|
$
|
229,195
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans
|
$
|
1,215,539
|
|
$
|
1,177,630
|
|
$
|
1,042,198
|
|
Acquired
loans
|
|
491,903
|
|
|
515,318
|
|
|
590,821
|
|
Total loans
|
$
|
1,707,442
|
|
$
|
1,692,948
|
|
$
|
1,633,019
|
|
|
|
|
|
|
|
|
|
|
|
Originated allowance
for loan losses
|
$
|
15,694
|
|
$
|
15,635
|
|
$
|
14,392
|
|
Acquired allowance for
loan losses
|
|
1,904
|
|
|
1,604
|
|
|
1,351
|
|
Total allowance for
loan losses
|
$
|
17,598
|
|
$
|
17,239
|
|
$
|
15,743
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
8.64
|
%
|
|
8.48
|
%
|
|
11.17
|
%
|
Add: Average intangible
assets
|
|
2.75
|
|
|
2.77
|
|
|
3.92
|
|
Non-GAAP return on
average tangible common equity
|
|
11.39
|
%
|
|
11.25
|
%
|
|
15.09
|
%
|
|
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
14.19
|
%
|
|
14.12
|
%
|
|
13.81
|
%
|
Less: Intangible
assets
|
|
2.59
|
|
|
2.60
|
|
|
2.76
|
|
Non-GAAP tangible
common equity ratio
|
|
11.60
|
%
|
|
11.52
|
%
|
|
11.05
|
%
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
33.72
|
|
$
|
33.20
|
|
$
|
31.19
|
|
Less: Intangible
assets
|
|
6.95
|
|
|
6.91
|
|
|
7.01
|
|
Non-GAAP tangible book
value per share
|
$
|
26.77
|
|
$
|
26.29
|
|
$
|
24.18
|
|
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,
2018, 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
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
%
|
|
|
September
30,
|
|
June 30,
|
(dollars in
thousands)
|
|
2019
|
|
2018
|
|
Change
|
|
|
2018
|
|
2019
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
61,289
|
$
|
59,618
|
|
3
|
%
|
$
|
61,724
|
$
|
71,325
|
Interest-bearing
deposits in banks
|
|
449
|
|
939
|
|
(52)
|
|
|
1,184
|
|
694
|
Investment securities
available for sale, at fair value
|
|
255,114
|
|
260,131
|
|
(2)
|
|
|
258,948
|
|
261,626
|
Investment securities
held to maturity
|
|
7,193
|
|
10,872
|
|
(34)
|
|
|
10,942
|
|
8,163
|
Mortgage loans held
for sale
|
|
6,909
|
|
2,086
|
|
231
|
|
|
3,470
|
|
4,501
|
Loans, net of
unearned income
|
|
1,707,442
|
|
1,649,754
|
|
3
|
|
|
1,633,019
|
|
1,692,948
|
Allowance for loan
losses
|
|
(17,598)
|
|
(16,348)
|
|
8
|
|
|
(15,743)
|
|
(17,239)
|
Total loans, net of
allowance for loan losses
|
|
1,689,844
|
|
1,633,406
|
|
3
|
|
|
1,617,276
|
|
1,675,709
|
Office properties and
equipment, net
|
|
46,362
|
|
47,124
|
|
(2)
|
|
|
45,758
|
|
47,698
|
Cash surrender value
of bank-owned life insurance
|
|
39,228
|
|
29,560
|
|
33
|
|
|
29,394
|
|
39,927
|
Goodwill and core
deposit intangibles
|
|
64,854
|
|
66,055
|
|
(2)
|
|
|
66,493
|
|
65,247
|
Accrued interest
receivable and other assets
|
|
46,798
|
|
43,867
|
|
7
|
|
|
45,341
|
|
45,496
|
Total
Assets
|
$
|
2,218,040
|
$
|
2,153,658
|
|
3
|
|
$
|
2,140,530
|
$
|
2,220,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
1,831,406
|
$
|
1,773,217
|
|
3
|
%
|
$
|
1,771,312
|
$
|
1,829,169
|
Other
Borrowings
|
|
5,539
|
|
5,539
|
|
-
|
|
|
-
|
|
5,539
|
Federal Home Loan
Bank advances
|
|
47,853
|
|
58,698
|
|
(18)
|
|
|
59,577
|
|
54,615
|
Accrued interest
payable and other liabilities
|
|
18,565
|
|
12,164
|
|
53
|
|
|
13,953
|
|
17,569
|
Total
Liabilities
|
|
1,903,363
|
|
1,849,618
|
|
3
|
|
|
1,844,842
|
|
1,906,892
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
93
|
|
95
|
|
(2)
|
%
|
|
95
|
|
94
|
Additional paid-in
capital
|
|
168,822
|
|
168,243
|
|
-
|
|
|
167,942
|
|
169,233
|
Common stock acquired
by benefit plans
|
|
(3,260)
|
|
(3,539)
|
|
(8)
|
|
|
(3,648)
|
|
(3,351)
|
Retained
earnings
|
|
147,841
|
|
141,447
|
|
5
|
|
|
135,848
|
|
146,348
|
Accumulated other
comprehensive income (loss)
|
|
1,181
|
|
(2,206)
|
|
154
|
|
|
(4,549)
|
|
1,170
|
Total
Shareholders' Equity
|
|
314,677
|
|
304,040
|
|
3
|
|
|
295,688
|
|
313,494
|
Total Liabilities
and Shareholders' Equity
|
$
|
2,218,040
|
$
|
2,153,658
|
|
3
|
|
$
|
2,140,530
|
$
|
2,220,386
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended
September 30,
|
|
%
|
|
|
For The Nine Months
Ended
September 30,
|
|
%
|
|
(dollars in
thousands except per share data)
|
|
2019
|
|
2018
|
|
Change
|
|
|
2019
|
|
2018
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
|
23,562
|
$
|
24,118
|
|
(2)
|
%
|
$
|
70,572
|
$
|
70,448
|
|
-
|
%
|
Investment
securities
|
|
1,515
|
|
1,694
|
|
(11)
|
|
|
5,052
|
|
4,898
|
|
3
|
|
Other investments and
deposits
|
|
397
|
|
297
|
|
34
|
|
|
1,140
|
|
1,063
|
|
7
|
|
Total interest
income
|
|
25,474
|
|
26,109
|
|
(2)
|
|
|
76,764
|
|
76,409
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
4,050
|
|
2,312
|
|
75
|
%
|
|
11,116
|
|
6,142
|
|
81
|
%
|
Other
borrowings
|
|
53
|
|
-
|
|
-
|
|
|
159
|
|
-
|
|
-
|
|
Federal Home Loan
Bank advances
|
|
230
|
|
287
|
|
(20)
|
|
|
751
|
|
916
|
|
(18)
|
|
Total interest
expense
|
|
4,333
|
|
2,599
|
|
67
|
|
|
12,026
|
|
7,058
|
|
70
|
|
Net interest
income
|
|
21,141
|
|
23,510
|
|
(10)
|
|
|
64,738
|
|
69,351
|
|
(7)
|
|
Provision for loan
losses
|
|
1,146
|
|
786
|
|
46
|
|
|
2,301
|
|
2,331
|
|
(1)
|
|
Net interest income
after provision for loan losses
|
|
19,995
|
|
22,724
|
|
(12)
|
|
|
62,437
|
|
67,020
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,516
|
|
1,638
|
|
(7)
|
%
|
|
4,396
|
|
4,812
|
|
(9)
|
%
|
Bank card
fees
|
|
1,141
|
|
1,110
|
|
3
|
|
|
3,414
|
|
3,405
|
|
-
|
|
Gain on sale of
loans, net
|
|
355
|
|
206
|
|
72
|
|
|
758
|
|
614
|
|
23
|
|
Income from
bank-owned life insurance
|
|
1,464
|
|
166
|
|
782
|
|
|
1,831
|
|
490
|
|
274
|
|
(Loss) gain on the
closure or sale of assets, net
|
|
(8)
|
|
(68)
|
|
88
|
|
|
(336)
|
|
77
|
|
(536)
|
|
Other
income
|
|
306
|
|
289
|
|
6
|
|
|
853
|
|
770
|
|
11
|
|
Total noninterest
income
|
|
4,774
|
|
3,341
|
|
43
|
|
|
10,916
|
|
10,168
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
10,266
|
|
9,328
|
|
10
|
%
|
|
28,977
|
|
27,492
|
|
5
|
%
|
Occupancy
|
|
1,791
|
|
1,661
|
|
8
|
|
|
5,405
|
|
5,055
|
|
7
|
|
Marketing and
advertising
|
|
418
|
|
329
|
|
27
|
|
|
997
|
|
939
|
|
6
|
|
Data processing and
communication
|
|
1,764
|
|
1,804
|
|
(2)
|
|
|
4,782
|
|
5,827
|
|
(18)
|
|
Professional
fees
|
|
227
|
|
265
|
|
(14)
|
|
|
684
|
|
856
|
|
(20)
|
|
Forms, printing and
supplies
|
|
172
|
|
180
|
|
(4)
|
|
|
514
|
|
811
|
|
(37)
|
|
Franchise and shares
tax
|
|
399
|
|
362
|
|
10
|
|
|
1,196
|
|
1,091
|
|
10
|
|
Regulatory
fees
|
|
127
|
|
455
|
|
(72)
|
|
|
717
|
|
1,177
|
|
(39)
|
|
Foreclosed assets,
net
|
|
47
|
|
58
|
|
(19)
|
|
|
328
|
|
247
|
|
33
|
|
Amortization of
acquisition intangible
|
|
393
|
|
450
|
|
(13)
|
|
|
1,201
|
|
1,407
|
|
(15)
|
|
Other
expenses
|
|
1,006
|
|
804
|
|
25
|
|
|
3,052
|
|
2,706
|
|
13
|
|
Total noninterest
expense
|
|
16,610
|
|
15,696
|
|
6
|
|
|
47,853
|
|
47,608
|
|
1
|
|
Income before income
tax expense
|
|
8,159
|
|
10,369
|
|
(21)
|
|
|
25,500
|
|
29,580
|
|
(14)
|
|
Income tax
expense
|
|
1,303
|
|
2,107
|
|
(38)
|
|
|
4,174
|
|
6,079
|
|
(31)
|
|
Net income
|
$
|
6,856
|
$
|
8,262
|
|
(17)
|
|
$
|
21,326
|
$
|
23,501
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
0.76
|
$
|
0.91
|
|
(17)
|
%
|
$
|
2.34
|
$
|
2.59
|
|
(10)
|
%
|
Earnings per share -
diluted
|
$
|
0.75
|
$
|
0.89
|
|
(15)
|
|
$
|
2.32
|
$
|
2.53
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
|
0.21
|
$
|
0.19
|
|
11
|
%
|
$
|
0.62
|
$
|
0.51
|
|
22
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
September
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
(dollars in
thousands except per share data)
|
|
2019
|
|
2018
|
|
Change
|
|
|
June 30,
2019
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
|
25,474
|
$
|
26,109
|
|
(2)
|
%
|
$
|
25,921
|
|
|
(2)
|
%
|
Total interest
expense
|
|
4,333
|
|
2,599
|
|
67
|
|
|
4,046
|
|
|
7
|
|
Net interest
income
|
|
21,141
|
|
23,510
|
|
(10)
|
|
|
21,875
|
|
|
(3)
|
|
Provision for loan
losses
|
|
1,146
|
|
786
|
|
46
|
|
|
765
|
|
|
50
|
|
Total noninterest
income
|
|
4,774
|
|
3,341
|
|
43
|
|
|
2,977
|
|
|
60
|
|
Total noninterest
expense
|
|
16,610
|
|
15,696
|
|
6
|
|
|
15,952
|
|
|
4
|
|
Income tax
expense
|
|
1,303
|
|
2,107
|
|
(38)
|
|
|
1,555
|
|
|
(16)
|
|
Net income
|
$
|
6,856
|
$
|
8,262
|
|
(17)
|
|
|
6,580
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
2,217,178
|
$
|
2,137,422
|
|
4
|
%
|
$
|
2,190,604
|
|
|
1
|
%
|
Total
interest-earning assets
|
|
2,018,702
|
|
1,958,820
|
|
3
|
|
|
1,993,067
|
|
|
1
|
|
Total
loans
|
|
1,698,046
|
|
1,631,839
|
|
4
|
|
|
1,665,841
|
|
|
2
|
|
Total
interest-bearing deposits
|
|
1,383,462
|
|
1,330,227
|
|
4
|
|
|
1,368,694
|
|
|
1
|
|
Total
interest-bearing liabilities
|
|
1,440,178
|
|
1,394,436
|
|
3
|
|
|
1,431,415
|
|
|
1
|
|
Total
deposits
|
|
1,827,689
|
|
1,775,846
|
|
3
|
|
|
1,810,377
|
|
|
1
|
|
Total shareholders'
equity
|
|
314,773
|
|
293,367
|
|
7
|
|
|
311,308
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.23
|
%
|
1.53
|
%
|
(20)
|
%
|
|
1.20
|
%
|
|
2
|
%
|
Return on average
equity
|
|
8.64
|
|
11.17
|
|
(23)
|
|
|
8.48
|
|
|
2
|
|
Common equity
ratio
|
|
14.19
|
|
13.81
|
|
3
|
|
|
14.12
|
|
|
-
|
|
Efficiency ratio
(2)
|
|
64.09
|
|
58.46
|
|
10
|
|
|
64.19
|
|
|
-
|
|
Average equity to
average assets
|
|
14.20
|
|
13.73
|
|
3
|
|
|
14.21
|
|
|
-
|
|
Tier 1 leverage
capital ratio(3)
|
|
11.12
|
|
10.73
|
|
4
|
|
|
11.15
|
|
|
-
|
|
Total risk-based
capital ratio(3)
|
|
15.25
|
|
14.90
|
|
2
|
|
|
15.75
|
|
|
(3)
|
|
Net interest margin
(4)
|
|
4.12
|
|
4.74
|
|
(13)
|
|
|
4.36
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
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SELECTED NON-GAAP
RATIOS (1)
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Tangible common
equity ratio(5)
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11.60
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%
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11.05
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%
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5
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%
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|
11.52
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%
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|
1
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%
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Return on average
tangible common equity(6)
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11.39
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|
15.09
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(25)
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11.25
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1
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PER SHARE
DATA
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Earnings per share -
basic
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$
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0.76
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$
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0.91
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(17)
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%
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$
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0.72
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|
5
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%
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Earnings per share -
diluted
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0.75
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0.89
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(15)
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0.71
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5
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|
Book value at period
end
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33.72
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31.19
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8
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33.20
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2
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Tangible book value
at period end
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26.77
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24.18
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11
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26.29
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2
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Shares outstanding at
period end
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9,331,099
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9,479,611
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(2)
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9,441,800
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(1)
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Weighted average
shares outstanding
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-
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-
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Basic
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9,058,600
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9,098,206
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-
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%
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9,155,074
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(1)
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%
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Diluted
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9,107,167
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9,321,360
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(2)
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9,207,880
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(1)
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____________________________________________________________________
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(1)
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With the exception of
end-of-period ratios, all ratios are based on average daily
balances during the respective periods.
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(2)
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The efficiency ratio
represents noninterest expense as a percentage of total
revenues. Total revenues is the sum of net interest income
and noninterest income.
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(3)
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Estimated capital
ratios are end of period ratios for the Bank only.
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(4)
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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 21%.
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(5)
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Tangible common
equity ratio is common shareholders' equity less intangible assets
divided by total assets less intangible assets. See "Non-GAAP
Reconciliation" for additional information.
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(6)
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Return on average
tangible common equity is net income plus amortization of core
deposit intangible, net of taxes, divided by average common
shareholders' equity less average intangible assets. See "Non-GAAP
Reconciliation" for additional information.
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HOME BANCORP, INC.
AND SUBSIDIARY
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SUMMARY CREDIT
QUALITY INFORMATION
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(Unaudited)
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September 30,
2019
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June 30,
2019
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September 30,
2018
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(dollars in
thousands)
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Acquired
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Originated
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Total
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Acquired
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Originated
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Total
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Acquired
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Originated
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Total
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CREDIT
QUALITY(1)
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Nonaccrual
loans(2)
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$
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11,785
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$
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13,221
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$
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25,006
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$
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10,945
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$
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15,027
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$
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25,972
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$
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5,070
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$
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15,805
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$
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20,875
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Accruing loans past
due 90 days and over
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-
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-
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-
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-
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-
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-
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-
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-
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-
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Total nonperforming
loans
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11,785
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13,221
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25,006
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10,945
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15,027
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25,972
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5,070
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15,805
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20,875
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Foreclosed assets and
ORE
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1,880
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712
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2,592
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1,893
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87
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1,980
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|
485
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86
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571
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Total nonperforming
assets
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13,665
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13,933
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27,598
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12,838
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15,114
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27,952
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5,555
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15,891
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21,446
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Performing troubled
debt restructurings
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213
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1,712
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1,925
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|
217
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1,080
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1,297
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|
288
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1,338
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1,626
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Total nonperforming
assets and troubled debt restructurings
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$
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13,878
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$
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15,645
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$
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29,523
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$
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13,055
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$
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16,194
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$
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29,249
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|
$
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5,843
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$
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17,229
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$
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23,072
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Nonperforming assets
to total assets
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1.24
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%
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1.26
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%
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1.00
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%
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Nonperforming loans
to total assets
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1.13
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1.17
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0.98
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Nonperforming loans
to total loans
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1.46
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1.53
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1.28
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Allowance for loan
losses to nonperforming assets
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63.77
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61.67
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73.41
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Allowance for loan
losses to nonperforming loans
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70.38
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66.38
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75.42
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Allowance for loan
losses to total loans
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1.03
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1.02
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0.96
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Year-to-date loan
charge-offs
|
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$
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1,118
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$
|
288
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$
|
1,564
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Year-to-date loan
recoveries
|
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|
67
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24
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|
|
169
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|
Year-to-date net loan
charge-offs
|
|
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|
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$
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1,051
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$
|
264
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|
|
|
|
|
$
|
1,395
|
|
Annualized YTD net
loan charge-offs to average loans
|
|
|
|
|
|
0.08
|
%
|
|
|
|
|
|
0.03
|
%
|
|
|
|
|
|
0.11
|
%
|
_____________________________________________
|
(1)
|
Nonperforming loans
consist of nonaccruing loans and accruing loans 90 days or more
past due. Purchased credit impaired loans accounted for in pools
with an accretable yield are considered to be performing and are
excluded from nonperforming loans. It is our policy to cease
accruing interest on loans 90 days or more past due. Nonperforming
assets consist of nonperforming loans, foreclosed assets and
surplus real estate (ORE). Foreclosed assets consist of
assets acquired through foreclosure or acceptance of title in-lieu
of foreclosure. ORE consists of closed or unused bank
buildings.
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(2)
|
Nonaccrual loans
include originated restructured loans placed on nonaccrual totaling
$8.8 million, $9.9 million and $9.0 million at September 30, 2019,
June 30, 2019 and September 30, 2018, respectively. Acquired
restructured loans placed on nonaccrual totaled $2.0 million, $1.9
million and $868,000 at September 30, 2019, June 30, 2019 and
September 30, 2018, respectively.
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SOURCE Home Bancorp, Inc.