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09.03.2018 22:30:00
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Home Bancorp Announces Additional Deferred Tax Asset Re-Measurement Charge - Revises Results For Fourth Quarter And Year Ended December 31, 2017
LAFAYETTE, La., March 9, 2018 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), today announced an additional deferred tax asset ("DTA") re-measurement charge of $956,000 applicable to the fourth quarter of 2017 related to the recently enacted Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The Company had previously announced a charge to the DTA of $1.8 million during the fourth quarter of 2017 resulting from the Tax Act.
The additional DTA charge resulted from an update of the core deposit intangible asset and loan interest rate mark valuations associated with the Company's acquisition of St. Martin Bancshares, Inc. ("St. Martin") on December 6, 2017. These valuations revised the goodwill recorded on the St. Martin transaction from $46.2 million to $49.3 million and increased the associated charge to the DTA from $1.8 million to $2.7 million. Due to the lower tax rates prescribed by the Tax Act, an additional write down of the DTA by $956,000, reflected as income tax expense, is reflected in our revised results. Under generally accepted accounting principles, the Company has a reasonable time after the acquisition (not to extend beyond one year) to obtain information necessary to measure the estimates of fair values of acquired assets and liabilities. The receipt of additional information on the core deposit intangible and loan interest rate mark valuation from St. Martin subsequent to our initial press release of January 30, 2018 but prior to the completion of our audited financial statements for 2017 requires us to recognize the additional DTA charge in the fourth quarter of 2017. While subject to further adjustments, we do not expect additional changes of a material amount to our valuations of St. Martin's assets and liabilities.
"We are excited about the positive economic impact likely to result from lower corporate tax rates," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "even though the lower rates require us to further write down our deferred tax asset."
The following table provides selected financial data at and for the three months and year ended December 31, 2017 as originally reported on January 30, 2018, and as revised after this additional charge.
At December 31, 2017 | |||||
Currently Reported | Previously Reported | ||||
Total Assets | $ | 2,228,120,838 | $ | 2,229,076,363 | |
Total loans, net of unearned income | 1,657,794,751 | 1,664,389,988 | |||
Intangible assets | 68,033,472 | 63,093,801 | |||
Retained earnings | 117,312,630 | 118,267,606 | |||
Total Shareholders' Equity | 277,870,726 | 278,825,702 | |||
For the Three Months ended December 31, 2017 | |||||||
Currently | Previously | ||||||
Income Tax Expense | $ | 5,508,098 | $ | 4,552,573 | |||
Net Income | 3,242,436 | 4,197,961 | |||||
Earnings per share – basic | 0.43 | 0.56 | |||||
Earnings per share - diluted | 0.41 | 0.54 | |||||
Book value per share at period end | 29.57 | 29.68 | |||||
Tangible book value per share at period end | 22.33 | 22.96 | |||||
Return on average assets | 0.73 | % | 0.94 | % | |||
Return on average equity | 5.92 | 7.66 | |||||
Return on average tangible common equity | 6.99 | 8.95 | |||||
Common equity ratio | 12.47 | 12.51 | |||||
Tangible common equity ratio | 9.71 | 9.96 | |||||
For the Year ended December 31, 2017 | |||||
Currently | Previously | ||||
Income Tax Expense | $ | 12,492,891 | $ | 11,537,366 | |
Net Income | 16,823,987 | 17,779,512 | |||
Earnings per share – basic | 2.36 | 2.50 | |||
Earnings per share - diluted | 2.28 | 2.41 | |||
Book value per share at period end | 29.57 | 29.68 | |||
Tangible book value per share at period end | 22.33 | 22.96 | |||
Non-GAAP Reconciliation | ||||||
For the Three Months Ended | ||||||
Currently | Previously | |||||
Book value per share | $ | 29.57 | $ | 29.68 | ||
Less: Intangible assets | 7.24 | 6.72 | ||||
Non-GAAP tangible book value per share | $ | 22.33 | $ | 22.96 | ||
Common equity ratio | 12.47 | % | 12.51 | % | ||
Less: Intangible assets | 2.76 | 2.55 | ||||
Non-GAAP tangible common equity ratio | 9.71 | % | 9.96 | % | ||
Return on average equity | 5.92 | % | 7.66 | % | ||
Add: Intangible assets | 1.07 | 1.29 | ||||
Non-GAAP return on tangible common equity | 6.99 | % | 8.95 | % | ||
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 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 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 | 234,993,436 | 183,729,857 | 28 | 202,196,322 | ||||
* | Investment securities held to maturity | 13,033,590 | 13,365,479 | (3) | 13,117,994 | ||||
Mortgage loans held for sale | 5,873,132 | 4,156,186 | 41 | 5,617,481 | |||||
* | Loans, net of unearned income | 1,657,794,751 | 1,227,833,309 | 35 | 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 | 1,642,987,473 | 1,215,322,601 | 35 | 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 | 103,885,713 | 49,242,977 | 111 | 40,433,390 | ||||
* | Total Assets | $ 2,228,120,838 | $ 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 | 12,197,189 | 10,283,383 | 19 | 10,219,841 | |||||
Total Liabilities | 1,950,250,112 | 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 | 117,312,630 | 104,647,375 | 12 | 115,129,834 | ||||
Accumulated other comprehensive income | (954,861) | 11,766 | (8,215) | 78,508 | |||||
Total Shareholders' Equity | 277,870,726 | 179,843,024 | 55 | 192,624,926 | |||||
Total Liabilities and Shareholders' Equity | $ 2,228,120,838 | $ 1,556,732,033 | 43 | $ 1,587,361,632 | |||||
____________________________________________ | |
* | Amounts at December 31, 2017 have been revised from amounts which were previously reported. |
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 | 5,508,098 | 1,490,047 | 270 | 12,492,891 | 7,567,954 | 65 | |||||||
* | Net income | $ 3,242,436 | $ 4,282,054 | (24) | $ 16,823,987 | $ 16,008,336 | 5 | |||||||
* | Earnings per share - basic | $ 0.43 | $ 0.62 | (31) | % | $ 2.36 | $ 2.34 | 1 | % | |||||
* | Earnings per share - diluted | $ 0.41 | $ 0.60 | (32) | $ 2.28 | $ 2.25 | 1 | |||||||
Cash dividends declared per common share | $ 0.14 | $ 0.12 | 17 | % | $ 0.55 | $ 0.41 | 34 | % | ||||||
____________________________________________ | |
* | Amounts at and for the three months December 31, 2017 have been revised from amounts which were previously reported. |
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 | 5,508 | 1,491 | 269 | 2,159 | 155 | |||||||
* | Net income | $ 3,242 | $ 4,282 | (24) | $ 4,090 | (21) | |||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||
* | Total assets | $ 1,765,594 | $ 1,545,831 | 14 | % | $ 1,573,668 | 12 | % | |||||
* | Total interest-earning assets | 1,645,847 | 1,439,103 | 14 | 1,473,743 | 12 | |||||||
* | Total loans | 1,345,586 | 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 | 217,387 | 178,808 | 22 | 191,608 | 14 | |||||||
SELECTED RATIOS (1) | |||||||||||||
* | Return on average assets | 0.73 | % | 1.11 | % | (34) | % | 1.04 | % | (30) | % | ||
* | Return on average equity | 5.92 | 9.58 | (38) | 8.54 | (31) | |||||||
* | Common equity ratio | 12.47 | 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) | 11.66 | 9.94 | 17 | 10.66 | 9 | |||||||
* | Total risk-based capital ratio(3) | 13.48 | 13.96 | (3) | 15.21 | (11) | |||||||
Net interest margin (4) | 4.81 | 4.30 | 12 | 4.29 | 12 | ||||||||
SELECTED NON-GAAP RATIOS (1) | |||||||||||||
* | Tangible common equity ratio(5) | 9.71 | % | 10.82 | % | (10) | % | 11.45 | % | (15) | % | ||
* | Return on average tangible common equity(6) | 6.99 | 10.62 | (34) | 9.37 | (25) | |||||||
PER SHARE DATA | |||||||||||||
* | Earnings per share - basic | $ 0.43 | $ 0.62 | (31) | $ 0.58 | (26) | % | ||||||
* | Earnings per share - diluted | 0.42 | 0.60 | (30) | 0.56 | (25) | |||||||
* | Book value at period end | 29.57 | 24.47 | 21 | 25.99 | 14 | |||||||
* | Tangible book value at period end | 22.33 | 22.73 | (2) | 24.34 | (8) | |||||||
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 | ||||||||
____________________________________________ | ||
* | Amounts at and for the three months December 31, 2017 have been revised from amounts which were previously reported. | |
(1) | With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods and are annualized where appropriate. | |
(2) | The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income. | |
(3) | 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 a marginal 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" 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" for additional information. | |
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SOURCE Home Bancorp, Inc.
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