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30.01.2018 13:30:00
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Home Bancorp Announces 2017 Annual And Fourth Quarter Results And Increases Quarterly Dividend
LAFAYETTE, La., Jan. 30, 2018 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported results for the fourth quarter and full year ended December 31, 2017.
Net income for the year ended December 31, 2017 was a record $17.8 million, an increase of $1.8 million, or 11%, compared to 2016. Diluted earnings per share ("EPS") for 2017 were $2.41, an increase of 7% compared to $2.25 in 2016.
"Despite a challenging economy in several of our markets, 2017 was our fourth straight record net income year," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "we owe this incredible run to the tremendous bankers on our team who seek to better our company day in and day out."
"The conversion of St. Martin Bank's systems remains on track," added Mr. Bordelon, "We're looking forward to introducing our new customers to an expanded branch network and enhanced technology."
Net income for the fourth quarter of 2017 was $4.2 million, or $0.54 EPS, compared to $4.1 million, or $0.56 EPS, for the third quarter of 2017, and $4.3 million, or $0.60 EPS, for the fourth quarter of 2016. The fourth and third quarters of 2017 include merger-related expenses relating to our acquisition of St. Martin Bancshares, Inc. ("St. Martin") totaling $610,000 and $225,000, respectively, net of taxes. The fourth quarter of 2017 also includes a deferred tax asset ("DTA") re-measurement charge of $1.8 million related to the recently enacted Tax Cuts and Jobs Act of 2017 (the "Tax Act").
The Company also announced that its Board of Directors increased the quarterly cash dividend on shares of common stock to $0.15 per share payable on February 16, 2018, to shareholders of record as of February 6, 2018.
Acquisition of St. Martin Bancshares, Inc.
On December 6, 2017, the Company completed its acquisition of St. Martin, the former holding company of St. Martin Bank & Trust Company of St. Martinville, Louisiana. Shareholders of St. Martin received 9.2839 shares of Home Bancorp common stock for each share of St. Martin common stock. In addition, immediately prior to the closing of the merger, St. Martin paid a special cash distribution of $94.00 per share to its shareholders. This acquisition added approximately $596.0 million in assets, $446.5 million in loans, $533.5 million in deposits and estimated goodwill of $46.2 million.
Loans and Credit Quality
Loans totaled $1.7 billion at December 31, 2017, an increase of $437.0 million, or 36%, from September 30, 2017, and an increase of $436.6 million, or 36%, from December 31, 2016. The increases resulted from the addition of St. Martin's loan portfolio.
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) | 2017 | 2016 | Amount | Percent | |||||
Real estate loans: | |||||||||
One- to four-family first mortgage | $ | 477,188 | $ | 341,883 | $ | 135,305 | 40 | % | |
Home equity loans and lines | 94,436 | 88,821 | 5,615 | 6 | |||||
Commercial real estate | 613,636 | 427,515 | 186,121 | 44 | |||||
Construction and land | 180,294 | 141,167 | 39,127 | 28 | |||||
Multi-family residential | 50,978 | 46,369 | 4,609 | 10 | |||||
Total real estate loans | 1,416,532 | 1,045,755 | 370,777 | 35 | |||||
Other loans: | |||||||||
Commercial and industrial | 185,974 | 139,810 | 46,164 | 33 | |||||
Consumer | 61,884 | 42,268 | 19,616 | 46 | |||||
Total other loans | 247,858 | 182,078 | 65,780 | 36 | |||||
Total loans | $ | 1,664,390 | $ | 1,227,833 | $ | 436,557 | 36 | % | |
Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $25.8 million at December 31, 2017, an increase of $7.6 million, or 42%, compared to September 30, 2017 and an increase of $9.1 million, or 55%, compared to December 31, 2016. The increase in NPAs during the fourth quarter of 2017 was primarily related to two loan relationships totaling $7.7 million. The ratio of total NPAs to total assets was 1.16% at December 31, 2017, compared to 1.14% at September 30, 2017 and 1.07% at December 31, 2016.
The Company recorded net loan recoveries of $184,000 during the fourth quarter of 2017, compared to net loan charge-offs of $246,000 and $182,000 for the third quarter of 2017 and fourth quarter of 2016, respectively. The Company's provision for loan losses for the fourth quarter of 2017 was $1.2 million, compared to $660,000 for the third quarter of 2017 and $500,000 for the fourth quarter of 2016. The increase in the provision for loan losses for the fourth quarter of 2017 resulted primarily from the increase in NPAs.
The ratio of the allowance for loan losses to total loans was 0.89% at December 31, 2017, compared to 1.09% and 1.02% at September 30, 2017 and December 31, 2016, respectively. The ratio declined in the fourth quarter due to the addition of St. Martin's loans. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.52% at December 31, 2017, compared to 1.40% and 1.38% at September 30, 2017 and December 31, 2016, respectively.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $58.8 million, or 4% of total outstanding loans, at December 31, 2017, compared to $32.5 million and $34.0 million at September 30, 2017 and December 31, 2016, respectively. Unfunded loan commitments to customers in the energy sector totaled $9.3 million at December 31, 2017, compared to $5.0 million and $6.7 million at September 30, 2017 and December 31, 2016, respectively. The acquisition of St. Martin added $30.1 million of direct loans to borrowers in the energy sector and $3.8 million in unfunded loan commitments to such customers at the acquisition date. At December 31, 2017, loans constituting 96% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. The remaining 4%, or $2.2 million, have been restructured and were paying in accordance with their restructured terms as of December 31, 2017. The Company holds no shared national credits.
The allowance for loan losses attributable to originated direct energy-related loans totaled 2.49% of the outstanding balance of energy-related loans at December 31, 2017, compared to 3.13% and 3.20% at September 30, 2017 and December 31, 2016, respectively.
Deposits
Total deposits were $1.9 billion at December 31, 2017, an increase of $546.5 million, or 41%, from September 30, 2017, and an increase of $618.2 million, or 50%, from December 31, 2016. The increases resulted from the addition of St. Martin's deposits.
The following table sets forth the composition of the Company's deposits as of the dates indicated.
December31, | December31, | Increase / (Decrease) | |||||||
(dollars in thousands) | 2017 | 2016 | Amount | Percent | |||||
Demand deposits | $ | 461,999 | $ | 296,519 | $ | 165,480 | 56 | % | |
Savings | 217,639 | 109,414 | 108,225 | 99 | |||||
Money market | 306,509 | 264,784 | 41,725 | 16 | |||||
NOW | 490,924 | 305,092 | 185,832 | 61 | |||||
Certificates of deposit | 389,156 | 272,263 | 116,893 | 43 | |||||
Total deposits | $ | 1,866,227 | $ | 1,248,072 | $ | 618,155 | 50 | % | |
Net Interest Income
Net interest income for the fourth quarter of 2017 totaled $20.0 million, an increase of $4.1 million, or 26%, compared to the third quarter of 2017, and an increase of $4.4 million, or 28%, compared to the fourth quarter of 2016. Due primarily to significant paydowns in the Britton & Koontz acquired loan portfolio, accretion income on acquired loans for the fourth quarter of 2017 totaled $2.8 million, which is $1.9 million higher than the third quarter of 2017 and $2.2 million higher than the fourth quarter of 2016.
The Company's net interest margin was 4.81% for the fourth quarter of 2017, 52 basis points higher than the third quarter of 2017 and 51 basis points higher than the fourth quarter of 2016. The increase in the net interest margin in the fourth quarter of 2017 was primarily due to the increase in accretion income described above.
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, 2017 | September 30, 2017 | December 31, 2016 | ||||||||||
(dollars in thousands) | Average | Average | Average | Average | Average | Average | ||||||
Interest-earning assets: | ||||||||||||
Loans receivable | ||||||||||||
Originated loans | $ | 943,373 | 5.12 | % | $ | 917,056 | 5.04 | % | $ | 881,047 | 4.97 | % |
Acquired loans | 402,283 | 7.97 | 298,929 | 6.05 | 344,826 | 5.56 | ||||||
Total loans receivable | 1,345,656 | 5.97 | 1,215,985 | 5.29 | 1,225,873 | 5.13 | ||||||
Investment securities (TE) | 229,614 | 2.34 | 212,817 | 2.29 | 186,112 | 2.06 | ||||||
Other interest-earning assets | 70,648 | 1.67 | 44,941 | 1.72 | 27,118 | 1.18 | ||||||
Total interest-earning assets | $ | 1,645,918 | 5.28 | % | $ | 1,473,743 | 4.75 | % | $ | 1,439,103 | 4.66 | % |
Interest-bearing liabilities: | ||||||||||||
Deposits: | ||||||||||||
Savings, checking, and money market | $ | 818,943 | 0.41 | % | $ | 726,995 | 0.37 | % | $ | 674,438 | 0.24 | % |
Certificates of deposit | 319,608 | 0.97 | 297,168 | 0.95 | 265,614 | 0.80 | ||||||
Total interest-bearing deposits | 1,138,551 | 0.57 | 1,024,163 | 0.54 | 940,052 | 0.40 | ||||||
FHLB advances | 67,857 | 1.89 | 66,630 | 1.88 | 121,325 | 1.26 | ||||||
Total interest-bearing liabilities | $ | 1,206,408 | 0.64 | % | $ | 1,090,793 | 0.62 | % | $ | 1,061,377 | 0.50 | % |
Net interest spread (TE) | 4.64 | % | 4.13 | % | 4.16 | % | ||||||
Net interest margin (TE) | 4.81 | % | 4.29 | % | 4.30 | % | ||||||
Noninterest Income
Noninterest income for the fourth quarter of 2017 totaled $2.7 million, an increase of $386,000, or 17%, compared to the third quarter of 2017 and an increase of $52,000, or 2%, compared to the fourth quarter of 2016. The increase in the fourth quarter of 2017 resulted primarily from additional service fees and charges and bank card fees due to the St. Martin acquisition.
Noninterest Expense
Noninterest expense for the fourth quarter of 2017 totaled $12.8 million, an increase of $1.4 million, or 12%, compared to the third quarter of 2017 and an increase of $798,000, or 7%, compared to the fourth quarter of 2016. The increases primarily relate to the St. Martin acquisition. Noninterest expense for the fourth and third quarters of 2017 include $839,000 and $247,000, respectively, of merger expenses.
Income Tax Expense
During the fourth quarter of 2017, the Company incurred income tax expense of $4.6 million, an increase of $2.4 million, or 110.9%, compared to the third quarter of 2017 and an increase of $3.1 million, or 205.5% compared to the fourth quarter of 2016. The Company's effective tax rate amounted to 52%, 35% and 26% during the fourth and third quarter of 2017 and the fourth quarter of 2016, respectively. The higher effective tax rate recorded during the fourth quarter of 2017 was the result of the recently passed Tax Act. The Tax Act reduced the federal corporate statutory tax rate from 35% to 21%, which required a re-measurement of the Company's DTA in the fourth quarter of 2017. The carrying value of our DTA was reduced reflecting lower future tax benefits due to the lower corporate tax rate. As a result, the Company took a charge of $1.8 million. The effective tax rate in the fourth quarter of 2016 was lower than the 2016 statutory tax rate due primarily to the adoption of ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.
Non-GAAP Reconciliation | |||||||||
For the Three Months Ended | |||||||||
(dollars in thousands, except per share data) | December 31, | September 30, | December 31, | ||||||
Reported noninterest expense | $ | 12,755 | $ | 11,341 | $ | 11,957 | |||
Less: Merger-related expenses | 839 | 247 | - | ||||||
Non-GAAP noninterest expense | $ | 11,916 | $ | 11,094 | $ | 11,957 | |||
Reported net income | $ | 4,198 | $ | 4,090 | $ | 4,282 | |||
Add: Impact of Tax Act | 1,765 | - | - | ||||||
Add: Merger-related expenses, net tax | 610 | 225 | - | ||||||
Non-GAAP net income | $ | 6,573 | $ | 4,315 | $ | 4,282 | |||
Diluted EPS | $ | 0.54 | $ | 0.56 | $ | 0.60 | |||
Add: Impact of Tax Act | 0.22 | - | - | ||||||
Add: Merger-related expenses | 0.08 | 0.03 | - | ||||||
Non-GAAP diluted EPS | $ | 0.84 | $ | 0.59 | $ | 0.60 | |||
Reported net income | $ | 4,198 | $ | 4,090 | $ | 4,282 | |||
Add: CDI amortization, net tax | 152 | 110 | 126 | ||||||
Non-GAAP tangible income | $ | 4,350 | $ | 4,200 | $ | 4,408 | |||
Total Assets | $ | 2,229,076 | $ | 1,587,362 | $ | 1,556,732 | |||
Less: Intangible assets | 63,094 | 12,234 | 12,762 | ||||||
Non-GAAP tangible assets | $ | 2,165,982 | $ | 1,575,128 | $ | 1,543,970 | |||
Total shareholders' equity | $ | 278,826 | $ | 192,625 | $ | 179,843 | |||
Less: Intangible assets | 63,094 | 12,234 | 12,762 | ||||||
Non-GAAP tangible shareholders' equity | $ | 215,732 | $ | 180,391 | $ | 167,081 | |||
Originated loans | $ | 941,922 | $ | 928,770 | $ | 884,690 | |||
Acquired loans | 722,468 | 298,623 | 343,143 | ||||||
Total loans | $ | 1,664,390 | $ | 1,227,393 | $ | 1,227,833 | |||
Originated allowance for loan losses | $ | 14,303 | $ | 13,040 | $ | 12,220 | |||
Acquired allowance for loan losses | 504 | 384 | 291 | ||||||
Total allowance for loan losses | $ | 14,807 | $ | 13,424 | $ | 12,511 | |||
Return on average assets | 0.94 | % | 1.04 | % | 1.11 | % | |||
Add: Impact of Tax Act | 0.40 | - | - | ||||||
Add: Merger-related expenses, net tax | 0.14 | 0.06 | - | ||||||
Adjusted return on average assets | 1.48 | % | 1.10 | % | 1.11 | % | |||
Return on average equity | 7.66 | % | 8.54 | % | 9.58 | % | |||
Add: Impact of Tax Act | 3.22 | - | - | ||||||
Add: Merger-related expenses, net tax | 1.12 | 0.47 | - | ||||||
Adjusted return on average equity | 12.00 | 9.01 | 9.58 | ||||||
Add: Intangible assets | 1.86 | 0.86 | 1.04 | ||||||
Adjusted return on average tangible common equity | 13.86 | % | 9.87 | % | 10.62 | % | |||
Common equity ratio | 12.51 | % | 12.13 | % | 11.55 | % | |||
Less: Intangible assets | 2.55 | 0.68 | 0.73 | ||||||
Non-GAAP tangible common equity ratio | 9.96 | % | 11.45 | % | 10.82 | % | |||
Return on average equity | 7.66 | % | 8.54 | % | 9.58 | % | |||
Add: Intangible assets | 1.29 | 0.83 | 1.04 | ||||||
Non-GAAP return on tangible common equity | 8.95 | % | 9.37 | % | 10.62 | % | |||
Efficiency ratio | 56.18 | % | 62.14 | % | 65.59 | % | |||
Less: Merger-related expenses | 3.70 | 1.35 | - | ||||||
Adjusted efficiency ratio | 52.48 | % | 60.79 | % | 65.59 | % | |||
Book value per share | $ | 29.68 | $ | 25.99 | $ | 24.47 | |||
Less: Intangible assets | 6.72 | 1.65 | 1.74 | ||||||
Non-GAAP tangible book value per share | $ | 22.96 | $ | 24.34 | $ | 22.73 | |||
For the Year Ended | |||||
(dollars in thousands, except earnings per share data) | December 31, | December 31, | |||
Reported noninterest expense | $ | 46,177 | $ | 46,797 | |
Less: Merger-related expenses | 1,086 | 856 | |||
Non-GAAP noninterest expense | $ | 45,091 | $ | 45,941 | |
Reported noninterest income | $ | 9,962 | $ | 11,157 | |
Less: (Loss) gain on closure or sale of premises, | (69) | 641 | |||
Non-GAAP noninterest income | $ | 10,031 | $ | 10,516 | |
Reported net income | $ | 17,780 | $ | 16,008 | |
Less: (Loss) gain on closure or sale of premises, net tax | (45) | 416 | |||
Add: Impact of Tax Act | 1,765 | - | |||
Add: Merger-related expenses, net tax | 835 | 560 | |||
Non-GAAP net income | $ | 20,425 | $ | 16,152 | |
Diluted EPS | $ | 2.41 | $ | 2.25 | |
Less: (Loss) gain on closure or sale of premises | (0.01) | 0.06 | |||
Add: Impact of Tax Act | 0.24 | - | |||
Add: Merger-related expenses | 0.11 | 0.08 | |||
Non-GAAP diluted EPS | $ | 2.77 | $ | 2.27 | |
Total Assets | $ | 2,229,076 | $ | 1,556,732 | |
Less: Intangible assets | 63,094 | 12,762 | |||
Non-GAAP tangible assets | $ | 2,165,982 | $ | 1,543,970 | |
Total shareholders' equity | $ | 278,826 | $ | 179,843 | |
Less: Intangible assets | 63,094 | 12,762 | |||
Non-GAAP tangible shareholders' equity | $ | 215,732 | $ | 167,081 | |
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, the impact of the Tax Cuts and Jobs Act of 2017, (loss)/gain on closure or sale of banking centers 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 is it 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, 2016, 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, | |||||
2017 | 2016 | Change | 2017 | |||||
Assets | ||||||||
Cash and cash equivalents | $ 150,417,829 | $ 29,314,741 | 413 | % | $ 51,625,554 | |||
Interest-bearing deposits in banks | 2,421,000 | 1,884,000 | 29 | 1,191,000 | ||||
Investment securities available for sale, at fair value | 234,493,436 | 183,729,857 | 28 | 202,196,322 | ||||
Investment securities held to maturity | 13,533,590 | 13,365,479 | 1 | 13,117,994 | ||||
Mortgage loans held for sale | 5,873,132 | 4,156,186 | 41 | 5,617,481 | ||||
Loans, net of unearned income | 1,664,389,988 | 1,227,833,309 | 36 | 1,227,393,063 | ||||
Allowance for loan losses | (14,807,278) | (12,510,708) | 18 | (13,423,922) | ||||
Total loans, net of allowance for loan losses | 1,649,582,710 | 1,215,322,601 | 36 | 1,213,969,141 | ||||
Office properties and equipment, net | 45,604,752 | 39,566,639 | 15 | 38,700,323 | ||||
Cash surrender value of bank-owned life insurance | 28,903,913 | 20,149,553 | 43 | 20,510,427 | ||||
Accrued interest receivable and other assets | 98,246,001 | 49,242,977 | 100 | 40,433,390 | ||||
Total Assets | $ 2,229,076,363 | $ 1,556,732,033 | 43 | $ 1,587,361,632 | ||||
Liabilities | ||||||||
Deposits | $ 1,866,227,328 | $ 1,248,072,453 | 50 | % | $ 1,319,712,786 | |||
Federal Home Loan Bank advances | 71,825,595 | 118,533,173 | (39) | 64,804,079 | ||||
Accrued interest payable and other liabilities | 12,197,738 | 10,283,383 | 19 | 10,219,841 | ||||
Total Liabilities | 1,950,250,661 | 1,376,889,009 | 42 | 1,394,736,706 | ||||
Shareholders' Equity | ||||||||
Common stock | 93,955 | 73,502 | 28 | % | 74,122 | |||
Additional paid-in capital | 165,341,415 | 79,425,604 | 108 | 81,376,252 | ||||
Common stock acquired by benefit plans | (3,922,413) | (4,315,223) | (9) | (4,033,790) | ||||
Retained earnings | 118,267,606 | 104,647,375 | 13 | 115,129,834 | ||||
Accumulated other comprehensive income | (954,861) | 11,766 | (8,215) | 78,508 | ||||
Total Shareholders' Equity | 278,825,702 | 179,843,024 | 55 | 192,624,926 | ||||
Total Liabilities and Shareholders' Equity | $ 2,229,076,363 | $ 1,556,732,033 | 43 | $ 1,587,361,632 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
For The Three Months Ended | For the Year Ended | ||||||||||||
December 31, | % | December 31, | % | ||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||
Interest Income | |||||||||||||
Loans, including fees | $ 20,420,278 | $ 15,971,349 | 28 | % | $ 69,167,352 | $ 63,731,508 | 9 | % | |||||
Investment securities | 1,253,125 | 870,457 | 44 | 4,531,261 | 3,676,582 | 23 | |||||||
Other investments and deposits | 296,680 | 80,775 | 267 | 699,235 | 276,224 | 153 | |||||||
Total interest income | 21,970,083 | 16,922,581 | 30 | 74,397,848 | 67,684,314 | 10 | |||||||
Interest Expense | |||||||||||||
Deposits | 1,622,758 | 937,483 | 73 | % | 5,160,775 | 3,701,244 | 39 | % | |||||
Federal Home Loan Bank advances | 321,359 | 383,194 | (16) | 1,388,106 | 1,567,127 | (11) | |||||||
Total interest expense | 1,944,117 | 1,320,677 | 47 | 6,548,881 | 5,268,371 | 24 | |||||||
Net interest income | 20,025,966 | 15,601,904 | 28 | 67,848,967 | 62,415,943 | 9 | |||||||
Provision for loan losses | 1,199,688 | 500,000 | 140 | 2,316,967 | 3,200,000 | (28) | |||||||
Net interest income after provision for loan losses | 18,826,278 | 15,101,904 | 25 | 65,532,000 | 59,215,943 | 11 | |||||||
Noninterest Income | |||||||||||||
Service fees and charges | 1,246,049 | 977,049 | 28 | % | 4,229,041 | 4,060,906 | 4 | % | |||||
Bank card fees | 835,224 | 666,769 | 25 | 3,003,238 | 2,603,075 | 15 | |||||||
Gain on sale of loans, net | 277,190 | 564,434 | (51) | 1,195,921 | 1,770,249 | (32) | |||||||
Income from bank-owned life insurance | 132,725 | 121,355 | 9 | 493,598 | 482,653 | 2 | |||||||
(Loss) gain on the closure or sale of assets, net | (14,942) | (45,057) | 67 | (162,265) | 595,523 | (127) | |||||||
Other income | 203,050 | 343,144 | (41) | 1,202,530 | 1,644,758 | (27) | |||||||
Total noninterest income | 2,679,296 | 2,627,694 | 2 | 9,962,063 | 11,157,164 | (11) | |||||||
Noninterest Expense | |||||||||||||
Compensation and benefits | 7,432,339 | 6,788,326 | 9 | % | 28,162,089 | 27,633,636 | 2 | % | |||||
Occupancy | 1,353,787 | 1,315,614 | 3 | 5,065,088 | 5,254,889 | (4) | |||||||
Marketing and advertising | 205,895 | 413,437 | (50) | 1,007,639 | 1,062,935 | (5) | |||||||
Data processing and communication | 1,252,871 | 1,142,859 | 10 | 4,328,944 | 4,967,028 | (13) | |||||||
Professional fees | 770,800 | 185,616 | 315 | 1,590,118 | 983,445 | 62 | |||||||
Forms, printing and supplies | 184,317 | 135,701 | 36 | 594,139 | 623,495 | (5) | |||||||
Franchise and shares tax | 360,399 | 161,456 | 123 | 947,505 | 820,774 | 15 | |||||||
Regulatory fees | 311,955 | 345,818 | (10) | 1,264,283 | 1,317,015 | (4) | |||||||
Foreclosed assets, net | (67,612) | 186,049 | (136) | (297,806) | 139,578 | (313) | |||||||
Other expenses | 950,289 | 1,282,621 | (26) | 3,515,186 | 3,994,022 | (12) | |||||||
Total noninterest expense | 12,755,040 | 11,957,497 | 7 | 46,177,185 | 46,796,817 | (1) | |||||||
Income before income tax expense | 8,750,534 | 5,772,101 | 52 | 29,316,878 | 23,576,290 | 24 | |||||||
Income tax expense | 4,552,573 | 1,490,047 | 206 | 11,537,366 | 7,567,954 | 52 | |||||||
Net income | $ 4,197,961 | $ 4,282,054 | (2) | $ 17,779,512 | $ 16,008,336 | 11 | |||||||
Earnings per share - basic | $ 0.56 | $ 0.62 | (10) | % | $ 2.50 | $ 2.34 | 7 | % | |||||
Earnings per share - diluted | $ 0.54 | $ 0.60 | (10) | $ 2.41 | $ 2.25 | 7 | |||||||
Cash dividends declared per common share | $ 0.14 | $ 0.12 | 17 | % | $ 0.55 | $ 0.41 | 34 | % | |||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||||
For The Three Months Ended | For The Three | |||||||||||
December 31, | % | Months Ended | % | |||||||||
2017 | 2016 | Change | September 30, 2017 | Change | ||||||||
(dollars in thousands except per share data) | ||||||||||||
EARNINGS DATA | ||||||||||||
Total interest income | $ 21,970 | $ 16,923 | 30 | % | $ 17,666 | 24 | % | |||||
Total interest expense | 1,944 | 1,321 | 47 | 1,709 | 14 | |||||||
Net interest income | 20,026 | 15,602 | 28 | 15,957 | 25 | |||||||
Provision for loan losses | 1,200 | 500 | 140 | 660 | 82 | |||||||
Total noninterest income | 2,679 | 2,628 | 2 | 2,293 | 17 | |||||||
Total noninterest expense | 12,755 | 11,957 | 7 | 11,341 | 12 | |||||||
Income tax expense | 4,552 | 1,491 | 205 | 2,159 | 111 | |||||||
Net income | $ 4,198 | $ 4,282 | (2) | $ 4,090 | 3 | |||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||
Total assets | $ 1,765,604 | $ 1,545,831 | 14 | % | $ 1,573,668 | 12 | % | |||||
Total interest-earning assets | 1,645,918 | 1,439,103 | 14 | 1,473,743 | 12 | |||||||
Total loans | 1,345,656 | 1,225,873 | 10 | 1,215,985 | 11 | |||||||
Total interest-bearing deposits | 1,138,551 | 940,052 | 21 | 1,024,163 | 11 | |||||||
Total interest-bearing liabilities | 1,206,408 | 1,061,377 | 14 | 1,090,794 | 11 | |||||||
Total deposits | 1,471,756 | 1,235,471 | 19 | 1,308,388 | 13 | |||||||
Total shareholders' equity | 217,398 | 178,808 | 22 | 191,608 | 14 | |||||||
SELECTED RATIOS (1) | ||||||||||||
Return on average assets | 0.94 | % | 1.11 | % | (15) | % | 1.04 | % | (10) | % | ||
Return on average equity | 7.66 | 9.58 | (20) | 8.54 | (10) | |||||||
Common equity ratio | 12.51 | 11.55 | 8 | 12.13 | 3 | |||||||
Efficiency ratio (2) | 56.18 | 65.59 | (14) | 62.14 | (10) | |||||||
Average equity to average assets | 12.31 | 11.57 | 6 | 12.18 | 1 | |||||||
Tier 1 leverage capital ratio(3) | 11.95 | 9.94 | 20 | 10.66 | 12 | |||||||
Total risk-based capital ratio(3) | 13.80 | 13.96 | (1) | 15.21 | (9) | |||||||
Net interest margin (4) | 4.81 | 4.30 | 12 | 4.29 | 12 | |||||||
SELECTED NON-GAAP RATIOS (1) | ||||||||||||
Tangible common equity ratio(5) | 9.96 | % | 10.82 | % | (8) | % | 11.45 | % | (13) | % | ||
Return on average tangible common equity(6) | 8.95 | 10.62 | (16) | 9.37 | (5) | |||||||
Adjusted return on average assets (7) | 1.48 | 1.10 | 35 | 1.10 | 35 | |||||||
Adjusted return on average equity (7) | 12.00 | 9.54 | 26 | 9.01 | 33 | |||||||
Adjusted efficiency ratio (7) | 52.48 | 65.76 | (20) | 60.79 | (14) | |||||||
Adjusted return on average tangible common equity (7) | 13.86 | 10.62 | 31 | 9.87 | 40 | |||||||
PER SHARE DATA | ||||||||||||
Earnings per share - basic | $ 0.56 | $ 0.62 | (10) | $ 0.58 | (3) | % | ||||||
Earnings per share - diluted | 0.54 | 0.60 | (10) | 0.56 | (4) | |||||||
Adjusted earnings per share - diluted (8) | 0.84 | 0.60 | 43 | 0.59 | 46 | |||||||
Book value at period end | 29.68 | 24.47 | 21 | 25.99 | 14 | |||||||
Tangible book value at period end | 22.96 | 22.73 | 1 | 24.34 | (6) | |||||||
Shares outstanding at period end | 9,395,488 | 7,350,102 | 28 | % | 7,412,234 | 27 | ||||||
Weighted average shares outstanding | ||||||||||||
Basic | 7,514,205 | 6,897,135 | 9 | % | 7,006,513 | 7 | % | |||||
Diluted | 7,799,341 | 7,165,278 | 9 | 7,281,164 | 7 | |||||||
_________________________________ | |
(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) | Estimated 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 amarginal tax rate of 35%. |
(5) | Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" on pages 5 and 6 for additional information. |
(6) | 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" on pages 5 and 6 for additional information. |
(7) | Adjusted ratios eliminates merger-related expenses, impact of 2017 tax reform and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" on pages 5 and 6 for additional information. |
(8) | Adjusted diluted EPS eliminates merger-related expenses, impact of 2017 tax reform and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" on pages 5 and 6 for additional information. |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION | ||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Acquired | Originated | Total | Acquired | Originated | Total | Acquired | Originated | Total | ||||||||||||
(dollars in thousands) | ||||||||||||||||||||
CREDIT QUALITY(1) | ||||||||||||||||||||
Nonaccrual loans (2) | $ 2,654 | $ 22,379 | $ 25,033 | $ 1,220 | $ 16,481 | $ 17,701 | $ 1,463 | $ 12,290 | $ 13,753 | |||||||||||
Accruing loans past due 90 days and over | - | - | - | - | - | - | - | - | - | |||||||||||
Total nonperforming loans | 2,654 | 22,379 | 25,033 | 1,220 | 16,481 | 17,701 | 1,463 | 12,290 | 13,753 | |||||||||||
Foreclosed assets | 584 | 144 | 728 | 367 | 87 | 454 | 2,171 | 722 | 2,893 | |||||||||||
Total nonperforming assets | 3,238 | 22,523 | 25,761 | 1,587 | 16,568 | 18,155 | 3,634 | 13,012 | 16,646 | |||||||||||
Performing troubled debt restructurings | 1,020 | 1,516 | 2,536 | 2,928 | 999 | 3,927 | 3,380 | 1,270 | 4,650 | |||||||||||
Total nonperforming assets and troubled debt restructurings | $ 4,258 | $ 24,039 | $ 28,297 | $ 4,515 | $ 17,567 | $ 22,082 | $ 7,014 | $ 14,282 | $ 21,296 | |||||||||||
Nonperforming assets to total assets | 1.16 | % | 1.14 | % | 1.07 | % | ||||||||||||||
Nonperforming loans to total assets | 1.12 | 1.12 | 0.88 | |||||||||||||||||
Nonperforming loans to total loans | 1.50 | 1.44 | 1.12 | |||||||||||||||||
Allowance for loan losses to nonperforming assets | 57.48 | 73.94 | 75.16 | |||||||||||||||||
Allowance for loan losses to nonperforming loans | 59.15 | 75.84 | 90.97 | |||||||||||||||||
Allowance for loan losses to total loans | 0.89 | 1.09 | 1.02 | |||||||||||||||||
Year-to-date loan charge-offs | $ 463 | $ 430 | $ 446 | |||||||||||||||||
Year-to-date loan recoveries | 443 | 226 | 209 | |||||||||||||||||
Year-to-date net loan charge-offs | $ 20 | $ 204 | $ 237 | |||||||||||||||||
Annualized YTD net loan charge-offs to average 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 nonperforming loans. 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) | Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $6.4 million, $8.9 million and $9.5 million at December 31, 2017, September 30, 2017 and December 31, 2016, respectively. Acquired restructured loans placed on nonaccrual totaled $339,000, $457,000 and $434,000 at December 31, 2017, September 30, 2017 and December 31, 2016, respectively. |
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SOURCE Home Bancorp, Inc.
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