HOME BANCORP, INC. LAFAYETTE, La., Jan. 24, 2017 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported net income of $4.3 million for the fourth quarter of 2016, a decrease of $78,000, or 2%, compared to the third quarter of 2016 and an increase of $319,000, or 8%, compared to the fourth quarter of 2015. The fourth quarter of 2015 included merger-related expenses, net of taxes, totaling $407,000, related to the acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp"). Excluding merger-related expenses, fourth quarter 2016 net income was down 2% compared to the same quarter last year.
Diluted earnings per share were $0.60 for the fourth quarter of 2016, a decrease of $0.01, or 2%, from the third quarter of 2016 and an increase of $0.04, or 7%, compared to the fourth quarter of 2015. Excluding merger-related expenses, fourth quarter 2016 diluted earnings per share were down $0.02 compared to the same quarter last year.
Net income for the year ended December 31, 2016 was a record $16.0 million, an increase of $3.5 million, or 28%, compared to 2015. Excluding merger-related expenses, net of taxes, of $560,000 and $1.2 million incurred during 2016 and 2015, respectively, and a gain on the sale of a banking center totaling $416,000, net of taxes, in 2016, net income for 2016 was $16.2 million, an increase of 18% compared to 2015.
Diluted earnings per share for 2016 were a record $2.25, an increase of 26% compared to $1.79 in 2015. Excluding merger-related expenses and the banking center gain, 2016 diluted earnings per share were $2.27, an increase of 16% compared to 2015.
"Though we faced a challenging economic environment in a few of our markets," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "2016 was a record year from an earnings perspective. We owe that success to our dedicated employees and loyal customers."
"Excluding pay downs in acquired loan portfolios," continued Bordelon, "organic loan growth during the year was 12%."
The Company also announced that its Board of Directors increased its quarterly cash dividend by $0.01 to $0.13 per share payable on February 17, 2017, to shareholders of record as of February 6, 2017.
Loans and Credit Quality
Loans totaled $1.2 billion at December 31, 2016, a decrease of $5.5 million, or 0.4%, from September 30, 2016, and an increase of $3.5 million, or 0.3%, from December 31, 2015. Organic loan growth during 2016 totaled $94.1 million, or 12%. Much of the organic loan growth has been offset by paydowns in acquired mortgage loans. Loan declines during the fourth quarter of 2016 related primarily to one- to four-family first mortgage (down $11.2 million) and home equity loans (down $4.5 million), which were partially offset by increases in construction and land loans (up $5.9 million) and commercial real estate loans (up $5.1 million).
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
December 31, December 31, Increase/(Decrease)
(dollars in thousands) 2016 2015 Amount Percent
--------------------- ---- ---- ------ -------
Real estate loans:
One- to four-family first mortgage $341,883 $371,238 $(29,355) (8)%
Home equity loans and lines 88,821 94,060 (5,239) (6)
Commercial real estate 427,515 405,379 22,136 5
Construction and land 141,167 136,803 4,364 3
Multi-family residential 46,369 43,863 2,506 6
------ ------ ----- ---
Total real estate loans 1,045,755 1,051,343 (5,588) (1)
--------- --------- ------ ---
Other loans:
Commercial and industrial 139,810 125,108 14,702 12
Consumer 42,268 47,915 (5,647) (12)
------ ------ ------ ---
Total other loans 182,078 173,023 9,055 5
------- ------- ----- ---
Total loans $1,227,833 $1,224,366 $3,467 - %
========== ========== ====== ===
Nonperforming assets ("NPAs"), excluding purchased credit impaired ("PCI") loans, totaled $16.6 million at December 31, 2016, a decrease of $4.5 million, or 21%, compared to September 30, 2016 and an increase of $5.3 million, or 46%, compared to December 31, 2015. The decrease in NPAs at year-end 2016 was primarily the result of payoffs on certain loans placed on nonaccrual in the second quarter of 2016. The ratio of total NPAs to total assets was 1.07% at December 31, 2016, compared to 1.37% at September 30, 2016 and 0.73% at December 31, 2015.
The Company recorded net loan charge-offs of $182,000 during the fourth quarter of 2016, compared to net loan charge-offs of $54,000 in the third quarter of 2016 and the fourth quarter of 2015. The Company's provision for loan losses for the fourth quarter of 2016 was $500,000, compared to $800,000 for the third quarter of 2016 and $670,000 for the fourth quarter of 2015.
The ratio of the allowance for loan losses to total loans was 1.02% at December 31, 2016, compared to 0.99% and 0.78% at September 30, 2016 and December 31, 2015, respectively. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.38% at December 31, 2016, compared to 1.36% and 1.15% at September 30, 2016 and December 31, 2015, respectively.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $34.0 million, or 3% of total outstanding loans, at December 31, 2016. We also had unfunded loan commitments to customers in the energy sector amounting to $6.7 million at such date. At December 31, 2016, loans constituting 93% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. Of the remaining 7%, $571,000 had been restructured and were paying in accordance with the restructured terms as of December 31, 2016. The Company holds no shared national credits.
The following table illustrates the composition of the Company's loans to borrowers in the energy sector (which we consider direct energy-related loans) at December 31, 2016.
(dollars in thousands) Total Percent
--------------------- ----- -------
Real estate loans:
Commercial real estate $12,885 38%
Construction and land 376 1
--- ---
Total real estate loans 13,261 39
------ ---
Commercial and industrial:
Equipment 5,676 17
Marine vessels 6,147 18
Accounts receivable 6,042 18
Unsecured 1,531 4
Other 1,321 4
----- ---
Total commercial and industrial loans 20,717 61
------ ---
Total energy-related loans $33,978 100%
======= ===
The allowance for loan losses attributable to direct energy-related loans totaled 3.35% of the outstanding balance of energy-related loans at December 31, 2016. Over the past 24 months, the Company has increased its overall allowance for loan losses to loans ratio on originated loans from 1.04% at December 31, 2014 to 1.38% at December 31, 2016 due primarily to the potential direct and indirect impact of continuing low energy prices on our borrowers.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $197.1 million at December 31, 2016, an increase of $12.7 million, or 7%, from September 30, 2016, and an increase of $6.4 million, or 3%, from December 31, 2015.
At December 31, 2016, the Company had a net unrealized gain position on its investment securities portfolio of $18,000, compared to net unrealized gains of $2.5 million and $1.3 million at September 30, 2016 and December 31, 2015, respectively. The Company's investment securities portfolio had a modified duration of 3.6 years at December 31, 2016, compared to 3.0 and 3.3 years at September 30, 2016 and December 31, 2015, respectively.
Deposits
Total deposits were $1.2 billion at December 31, 2016, an increase of $27.2 million, or 2%, from September 30, 2016, and an increase of $3.9 million, or 0.3%, from December 31, 2015.
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) 2016 2015 Amount Percent
----------- ---- ---- ------ -------
Demand deposit $296,519 $296,617 $(98) - %
Savings 109,414 109,393 21 -
Money market 264,784 293,637 (28,853) (10)
NOW 305,092 267,707 37,385 14
Certificates of
deposit 272,263 276,863 (4,600) (2)
------- ------- ------ ---
Total deposits $1,248,072 $1,244,217 $3,855 - %
========== ========== ====== ===
Net Interest Income
Net interest income for the fourth quarter of 2016 totaled $15.6 million, an increase of $63,000, or 0.4%, compared to the third quarter of 2016, and a decrease of $155,000, or 1%, compared to the fourth quarter of 2015. The Company's net interest margin was 4.30% for the fourth quarter of 2016, two basis points lower than the third quarter of 2016 and six basis points lower than the fourth quarter of 2015. The decrease in the net interest margin in the fourth quarter 2016 compared to the third quarter 2016 was due primarily to changes in our interest-earning asset mix and a slight increase in funding cost. The decrease in the net interest margin in the fourth quarter 2016 compared to the fourth quarter 2015 was due primarily to lower average loan yields.
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, 2016 September 30, 2016 December 31, 2015
(dollars in thousands) Average Balance Average Yield/Rate Average Balance Average
Yield/
Rate Average Balance Average Yield/Rate
---------------------- --------------- ------------------ --------------- -------- --------------- ------------------
Interest-earning assets:
Loans receivable
Originated loans $881,047 4.97% $856,706 4.98% $784,664 5.10%
Acquired loans 344,826 5.56 369,841 5.39 431,580 5.38
------- ------- -------
Total loan receivable 1,225,873 5.13 1,226,547 5.11 1,216,244 5.20
Investment securities
(TE) 186,112 2.06 184,249 2.13 195,250 2.23
Other interest-earning
assets 27,118 1.18 15,410 1.78 21,649 0.92
------ ------ ------
Total interest-earning
assets 1,439,103 4.66 1,426,206 4.69 1,433,143 4.73
========= ========= =========
Interest-bearing
liabilities:
Deposits:
Savings, checking, and
money market 674,438 0.24 666,585 0.23 658,882 0.24
Certificates of deposit 265,614 0.80 264,534 0.79 285,473 0.77
------- ------- -------
Total interest-bearing
deposits 940,052 0.40 931,119 0.39 944,355 0.40
FHLB advances 121,325 1.26 128,033 1.23 138,045 1.09
------- ------- -------
Total interest-bearing
liabilities $1,061,377 0.50 $1,059,152 0.49 $1,082,400 0.49
========== ========== ==========
Net interest spread (TE) 4.16% 4.20% 4.24%
Net interest margin (TE) 4.30% 4.32% 4.36%
----------------------- ---- ---- ----
Noninterest Income
Noninterest income for the fourth quarter of 2016 totaled $2.6 million, an increase of $113,000, or 4%, compared to the third quarter of 2016 and an increase of $173,000, or 7%, compared to the fourth quarter of 2015. The increase in noninterest income for the comparative periods resulted primarily from an increase in gains on the sale of mortgage loans (up $146,000 in the fourth quarter of 2016 compared to the third quarter of 2016 and up $156,000 in the fourth quarter 2016 compared to the fourth quarter 2015).
Noninterest Expense
Noninterest expense for the fourth quarter of 2016 totaled $12.0 million, an increase of $1.3 million, or 12%, compared to the third quarter of 2016 and an increase of $405,000, or 4%, compared to the fourth quarter of 2015. Noninterest expense for the fourth quarter of 2015 includes $563,000 of merger-related expenses related to the acquisition of Louisiana Bancorp.
The increase in noninterest expense in the fourth quarter of 2016 compared to the third quarter of 2016 resulted primarily from higher foreclosed assets expenses (up $658,000 resulting from the absence of a $560,000 gain on the sale of foreclosed assets recorded during the third quarter of 2016), other expenses (up $446,000 due primarily to a $344,000 increase in deposit and debit card fraud) and marketing and advertising expenses (up $220,000).
The increase in noninterest expense for the fourth quarter of 2016 compared to the fourth quarter of 2015 resulted primarily from increases in other expenses (up $359,000) and marketing and advertising expenses (up $279,000), which were partially offset by decreases in professional services expense (down $208,000).
Income Tax Expense
The effective tax rate recorded during the fourth quarter of 2016 was 25.8%, which was lower than the effective tax rate recorded in the comparative periods. The lower effective tax rate resulted from our adoption of ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU simplified several aspects of share-based payment transactions, including the income tax consequences. Excess tax benefits and tax deficiencies are now recognized as income tax expense or benefit in the income statement in the period exercise or vesting occurs, whereas they were previously recognized as adjustments to additional paid-in capital. The adoption of ASU No. 2016-09 reduced income tax expense in the fourth quarter by $524,000.
Non-GAAP Reconciliation
For the Three Months Ended
(dollars in
thousands, except
earnings per
share data) December 31, September 30, December 31,
2016 2016 2015
--- ---- ---- ----
Reported
noninterest
expense $11,957 $10,643 $11,553
Less: Merger-
related expenses - - 563
----------------- --- --- ---
Non-GAAP
noninterest
expense $11,957 $10,643 $10,990
============ ======= ======= =======
Reported net
income $4,282 $4,360 $3,963
Add: Merger-
related expenses,
net tax - - 407
------------------ --- --- ---
Non-GAAP net
income $4,282 $4,360 $4,370
============ ====== ====== ======
Diluted EPS $0.60 $0.61 $0.56
Add: Merger-
related expenses - - 0.06
----------------- --- --- ----
Non-GAAP diluted
EPS $0.60 $0.61 $0.62
================ ===== ===== =====
Reported net
income $4,282 $4,360 $3,963
Add: Amortization
CDI, net tax 126 127 143
----------------- --- --- ---
Non-GAAP tangible
income $4,408 $4,487 $4,106
================= ====== ====== ======
Total Assets $1,556,732 $1,549,542 $1,551,912
Less: Intangibles 12,762 12,956 15,305
----------------- ------ ------ ------
Non-GAAP tangible
assets $1,543,970 $1,536,586 $1,536,607
================= ========== ========== ==========
Total
shareholders'
equity $179,843 $177,362 $165,046
Less: Intangibles 12,762 12,956 15,305
----------------- ------ ------ ------
Non-GAAP tangible
shareholders'
equity $167,081 $164,406 $149,741
================= ======== ======== ========
Common equity
ratio 11.55% 11.45% 10.64%
Less: Intangibles 0.73 0.75 0.90
----------------- ---- ---- ----
Non-GAAP tangible
common equity
ratio 10.82% 10.70% 9.74%
================= ===== ===== ====
Return on average
equity 9.58% 9.91% 9.66%
Add: Intangibles 1.04 1.13 1.46
---------------- ---- ---- ----
Non-GAAP return
tangible equity 10.62% 11.04% 11.12%
================ ===== ===== =====
Book value per
share $24.47 $24.22 $22.80
Less: Intangibles 1.74 1.77 2.12
----------------- ---- ---- ----
Non-GAAP tangible
book value per
share $22.73 $22.45 $20.68
================= ====== ====== ======
Year Ended
(dollars in
thousands, except
earnings per share
data) December 31, 2016 December 31, 2015
------------------- ----------------- -----------------
Reported noninterest
expense $46,797 $42,022
Less: Merger-
related expenses 856 1,411
----------------- --- -----
Non-GAAP
noninterest expense $45,941 $40,611
==================== ======= =======
Reported noninterest
income $11,157 $8,770
Less: Gain on sale
of assets 641 -
------------------ --- ---
Non-GAAP
noninterest income $10,516 $8,770
=================== ======= ======
Reported net income $16,008 $12,550
Less: Gain on sale
of assets, net tax 416 -
Add: Merger-related
expenses, net tax 560 1,166
------------------- --- -----
Non-GAAP net income $16,152 $13,716
=================== ======= =======
Diluted EPS $2.25 $1.79
Less: Gain on sale
of assets 0.06 -
Add: Merger-related
expenses 0.08 0.17
------------------- ---- ----
Non-GAAP diluted EPS $2.27 $1.96
==================== ===== =====
Reported net income $16,008 $12,550
Add: Amortization
CDI, net tax 520 483
----------------- --- ---
Non-GAAP tangible
income $16,528 $13,033
================= ======= =======
Total Assets $1,556,732 $1,551,912
Less: Intangibles 12,762 15,305
----------------- ------ ------
Non-GAAP tangible
assets $1,543,970 $1,536,607
================= ========== ==========
Total shareholders'
equity $179,843 $165,046
Less: Intangibles 12,762 15,305
----------------- ------ ------
Non-GAAP tangible
shareholders'
equity $167,081 $149,741
================= ======== ========
11.55% 10.64%
Common equity ratio
Less: Intangibles 0.73 0.90
----------------- ---- ----
Non-GAAP tangible
common equity ratio 10.82% 9.74%
==================== ===== ====
Return on average
equity 9.19% 7.83%
Add: Intangibles 1.13 0.70
---------------- ---- ----
Non-GAAP return
average tangible
equity 10.32% 8.53%
================= ===== ====
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, intangible assets, impact of the gain on the sale of a banking center and the impact of merger-related expenses. 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 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, 2015, 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,
2016 2015 Change 2016
---- ---- ------ ----
Assets
Cash and cash
equivalents $29,314,741 $24,797,599 18% $23,953,080
Interest-bearing
deposits in banks 1,884,000 5,143,585 (63) 2,129,000
Investment securities
available for sale, at
fair value 183,729,857 176,762,200 4 170,992,673
Investment securities
held to maturity 13,365,479 13,926,861 (4) 13,448,484
Mortgage loans held for
sale 4,156,186 5,651,250 (27) 10,643,389
Loans, net of unearned
income 1,227,833,309 1,224,365,916 - 1,233,369,734
Allowance for loan
losses (12,510,708) (9,547,487) 31 (12,193,181)
----------- ---------- -----------
Total loans, net of
allowance for loan
losses 1,215,322,601 1,214,818,429 - 1,221,176,553
------------- ------------- -------------
Office properties and
equipment, net 39,566,639 40,815,744 (3) 39,359,536
Cash surrender value of
bank-owned life
insurance 20,149,553 19,666,900 3 20,028,198
Accrued interest
receivable and other
assets 49,242,977 50,329,032 (2) 47,810,976
---------- ---------- ----------
Total Assets $1,556,732,033 $1,551,911,600 - $1,549,541,889
============== ============== ==============
Liabilities
Deposits $1,248,072,453 $1,244,216,516 - % $1,220,830,228
Federal Home Loan Bank
advances 118,533,173 125,152,598 (5) 138,829,490
Accrued interest payable
and other liabilities 10,283,383 17,496,132 (41) 12,520,553
---------- ---------- ----------
Total Liabilities 1,376,889,009 1,386,865,246 (1) 1,372,180,271
------------- ------------- -------------
Shareholders' Equity
Common stock 73,502 72,399 2% 73,219
Additional paid-in
capital 79,425,604 76,948,914 3 78,853,758
Common stock acquired by
benefit plans (4,315,223) (4,711,260) (8) (4,426,601)
Retained earnings 104,647,375 91,864,543 14 101,257,222
Accumulated other
comprehensive income 11,766 871,758 (99) 1,604,020
------ ------- ---------
Total Shareholders'
Equity 179,843,024 165,046,354 9 177,361,618
----------- ----------- -----------
Total Liabilities and
Shareholders' Equity $1,556,732,033 $1,551,911,600 - $1,549,541,889
============== ============== ==============
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
For The Three Months Ended For the Year Ended
December 31, % December 31, %
2016 2015 Change 2016 2015 Change
---- ---- ------ ---- ---- ------
Interest Income
Loans, including fees $15,971,349 $16,049,010 (1)% $63,731,508 $54,466,025 17%
Investment securities 870,457 992,658 (12) 3,676,582 3,743,983 (2)
Other investments and
deposits 80,775 49,961 62 276,224 199,646 38
------ ------ ------- -------
Total interest income 16,922,581 17,091,629 (1) 67,684,314 58,409,654 16
---------- ---------- ---------- ----------
Interest Expense
Deposits 937,483 957,044 (2)% 3,701,244 3,072,725 20%
Securities sold under
repurchase agreements - - - - 39,126 (100)
Federal Home Loan Bank
advances 383,194 378,127 1 1,567,127 753,542 108
------- ------- --------- -------
Total interest expense 1,320,677 1,335,171 (1) 5,268,371 3,865,393 36
--------- --------- --------- ---------
Net interest income 15,601,904 15,756,458 (1) 62,415,943 54,544,261 14
Provision for loan
losses 500,000 669,604 (25) 3,200,000 2,070,894 55
------- ------- --------- ---------
Net interest income
after provision for
loan losses 15,101,904 15,086,854 0 59,215,943 52,473,367 13
---------- ---------- ---------- ----------
Noninterest Income
Service fees and
charges 977,049 1,063,195 (8)% 4,060,906 3,937,797 3%
Bank card fees 666,769 590,388 13 2,603,075 2,413,459 8
Gain on sale of loans,
net 564,434 408,329 38 1,770,249 1,527,721 16
Income from bank-
owned life insurance 121,355 123,380 (2) 482,653 503,790 (4)
Gain on the sale of
securities, net - 4,227 (100) - 7,279 (100)
Gain (loss) on the
sale of assets, net (45,057) 1,159 (3,988) 595,523 (491,109) 221
Other income 343,144 264,204 30 1,644,758 870,582 89
------- ------- --------- -------
Total noninterest
income 2,627,694 2,454,882 7 11,157,164 8,769,519 27
--------- --------- ---------- ---------
Noninterest Expense
Compensation and
benefits 6,788,326 6,944,659 (2)% 27,633,636 25,035,862 10%
Occupancy 1,315,614 1,319,542 (0) 5,254,889 4,875,945 8
Marketing and
advertising 413,437 134,162 208 1,062,935 486,341 119
Data processing and
communication 1,142,859 1,211,982 (6) 4,967,028 4,044,553 23
Professional fees 185,616 393,598 (53) 983,445 1,755,286 (44)
Forms, printing and
supplies 135,701 188,515 (28) 623,495 596,748 4
Franchise and shares
tax 161,456 200,046 (19) 820,774 650,461 26
Regulatory fees 345,818 271,091 28 1,317,015 1,122,254 17
Foreclosed assets, net 186,049 (34,525) 639 139,578 443,228 (69)
Other expenses 1,282,621 923,833 39 3,994,022 3,011,748 33
--------- ------- --------- ---------
Total noninterest
expense 11,957,497 11,552,903 4 46,796,817 42,022,426 11
---------- ---------- ---------- ----------
Income before income
tax expense 5,772,101 5,988,833 (4) 23,576,290 19,220,460 23
Income tax expense 1,490,047 2,025,942 (27) 7,567,954 6,670,559 13
--------- --------- --------- ---------
Net income $4,282,054 $3,962,891 8 $16,008,336 $12,549,901 28
========== ========== =========== ===========
Earnings per share -
basic $0.62 $0.59 5% $2.34 $1.87 25%
===== ===== ===== =====
Earnings per share -
diluted $0.60 $0.56 7 $2.25 $1.79 26
===== ===== ===== =====
Cash dividends
declared per common
share $0.12 $0.08 50% $0.41 $0.30 37%
===== ===== ===== =====
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
For The Three Months Ended For The Three
December 31, % Months Ended %
2016 2015 Change September 30, 2016 Change
---- ---- ------ ------------------ ------
(dollars in
thousands except
per share data)
EARNINGS DATA
Total interest
income $16,923 $17,092 (1)% $16,847 - %
Total interest
expense 1,321 1,335 (1) 1,308 1
----- ----- -----
Net interest income 15,602 15,757 (1) 15,539 -
------ ------ ------
Provision for loan
losses 500 670 (25) 800 (38)
Total noninterest
income 2,628 2,455 7 2,515 5
Total noninterest
expense 11,957 11,553 4 10,643 12
Income tax expense 1,491 2,026 (26) 2,251 (34)
----- ----- -----
Net income $4,282 $3,963 8 $4,360 (2)
====== ====== ======
AVERAGE BALANCE
SHEET DATA
Total assets $1,545,831 $1,552,392 - % $1,533,164 1%
Total interest-
earning assets 1,439,103 1,433,143 - 1,426,206 1
Totals loans 1,225,873 1,216,244 1 1,226,547 -
Total interest-
bearing deposits 940,052 944,355 (1) 931,119 1
Total interest-
bearing
liabilities 1,061,377 1,082,400 (2) 1,059,152 -
Total deposits 1,235,471 1,232,109 - 1,222,232 1
Total shareholders'
equity 178,808 164,100 9 175,980 2
SELECTED RATIOS (1)
Return on average
assets 1.11% 1.02% 9% 1.14% (3)%
Return on average
equity 9.58 9.66 (1) 9.91 (3)
Return on average
tangible common
equity(2) 10.62 11.12 (5) 11.04 (4)
Common equity ratio 11.55 10.64 9 11.45 1
Tangible common
equity ratio(3) 10.82 9.74 11 10.70 1
Efficiency ratio
(4) 65.59 63.44 3 58.95 11
Average equity to
average assets 11.57 10.57 10 11.48 1
Tier 1 leverage
capital ratio(5) 9.94 8.74 14 9.73 2
Total risk-based
capital ratio(5) 13.96 12.43 12 13.55 3
Net interest margin
(6) 4.30 4.36 (1) 4.32 (1)
PER SHARE DATA
Basic earnings per
share $0.62 $0.59 5% $0.63 (2)%
Diluted earnings
per share 0.60 0.56 7 0.61 (2)
Book value at
period end 24.47 22.80 7 24.22 1
Tangible book value
at period end 22.73 20.68 10 22.45 1
PER SHARE DATA
Shares outstanding
at period end 7,350,102 7,239,821 2% 7,321,837 - %
Weighted average
shares outstanding
Basic 6,897,135 6,760,307 2% 6,871,727 - %
Diluted 7,165,278 7,045,275 2 7,123,727 1
(1) With the exception
of end-of-period
ratios, all ratios
are based on
average monthly
balances during
the respective
periods.
(2) 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.
(3) Tangible common
equity ratio is
common
shareholders'
equity less
intangible assets
divided by total
assets less
intangible assets.
(4) The efficiency
ratio represents
noninterest
expense as a
percentage of
total revenues.
Total revenues is
the sum of net
interest income
and noninterest
income.
(5) Estimated capital
ratios are end of
period ratios for
the Bank only.
(6) 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, 2016 September 30, 2016 December 31, 2015
Acquired Originated Total Acquired Originated Total Acquired Originated Total
-------- ---------- ----- -------- ---------- ----- -------- ---------- -----
(dollars in
thousands)
CREDIT QUALITY(1)
Nonaccrual loans $1,463 $12,290 $13,753 $1,457 $17,155 $18,612 $2,604 $5,651 $8,255
Accruing loans past
due 90 days and over - - - - - - - - -
--- --- --- --- --- --- --- --- ---
Total nonperforming
loans 1,463 12,290 13,753 1,457 17,155 18,612 2,604 5,651 8,255
Foreclosed assets 2,171 722 2,893 2,139 412 2,551 3,012 116 3,128
----- --- ----- ----- --- ----- ----- --- -----
Total nonperforming
assets 3,634 13,012 16,646 3,596 17,567 21,163 5,616 5,767 11,383
Performing troubled
debt restructurings 519 1,270 1,789 522 927 1,449 492 798 1,290
--- ----- ----- --- --- ----- --- --- -----
Total nonperforming
assets and troubled
debt restructurings $4,153 $14,282 $18,435 $4,118 $18,494 $22,612 $6,108 $6,565 $12,673
====== ======= ======= ====== ======= ======= ====== ====== =======
Nonperforming assets
to total assets 1.07% 1.37% 0.73%
Nonperforming loans
to total assets 0.88 1.20 0.53
Nonperforming loans
to total loans 1.12 1.51 0.67
Allowance for loan
losses to
nonperforming assets 75.16 57.62 83.88
Allowance for loan
losses to
nonperforming loans 90.97 65.51 115.66
Allowance for loan
losses to total
loans 1.02 0.99 0.78
Year-to-date loan
charge-offs $446 $249 $562
Year-to-date loan
recoveries 209 195 279
--- --- ---
Year-to-date net
loan charge-offs $237 $54 $283
==== === ====
Annualized YTD net
loan charge-offs to
total loans 0.02% - % 0.02%
(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 the
table. 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/home-bancorp-announces-2016-fourth-quarter-and-annual-results-and-increases-its-quarterly-dividend-300395207.html
SOURCE Home Bancorp, Inc.
