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24.04.2018 13:30:00
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Home Bancorp Announces First Quarter 2018 Results And Increases Quarterly Dividend By 13%
LAFAYETTE, La., April 24, 2018 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported record net income of $7.5 million for the first quarter of 2018, an increase of $4.2 million, or 130%, compared to the fourth quarter of 2017 and an increase of $2.5 million, or 49%, compared to the first quarter of 2017. The first quarter of 2018 includes merger expenses totaling $694,000, net of taxes, related to the acquisition of St. Martin Bancshares, Inc. ("SMB"), compared to $610,000, net of taxes, for the fourth quarter of 2017. The fourth quarter of 2017 also includes a deferred tax asset ("DTA") re-measurement charge of $2.7 million related to the Tax Cuts and Jobs Act of 2017 (the "Tax Act").
Diluted earnings per share were a record $0.81 for the first quarter of 2018, an increase of $0.40, or 98%, compared to the fourth quarter of 2017, and an increase of $0.12, or 17%, compared to the first quarter of 2017.
"After four consecutive record net income years, I'm pleased to report a strong start to 2018," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "Our record net income quarter was driven by the St. Martin Bancshares acquisition and the positive impact of tax reform."
"We are tremendously thankful to the many employees who have done an outstanding job bringing Home Bank and St. Martin Bank together," added Mr. Bordelon. "We are, indeed, stronger together."
The Company also announced that its Board of Directors increased the quarterly cash dividend on shares of its common stock to $0.17 per share payable on May 18, 2018, to shareholders of record as of May 7, 2018.
Loans and Credit Quality
Loans totaled $1.6 billion at March 31, 2018, a decrease of $16.5 million, or 1%, from December 31, 2017. During the first quarter, growth in organic loans of 10% (on an annualized basis) was offset by declines in acquired loan balances. The Company acquired $439.9 million of loans from SMB at the acquisition date of December 6, 2017.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
March 31, | December 31, | Increase/(Decrease) | |||||||
(dollars in thousands) | 2018 | 2017 | Amount | Percent | |||||
Real estate loans: | |||||||||
One- to four-family first mortgage | $ | 466,193 | $ | 477,211 | $ | (11,018) | (2) | % | |
Home equity loans and lines | 91,820 | 94,445 | (2,625) | (3) | |||||
Commercial real estate | 605,393 | 611,358 | (5,965) | (1) | |||||
Construction and land | 180,548 | 177,263 | 3,285 | 2 | |||||
Multi-family residential | 52,725 | 50,978 | 1,747 | 3 | |||||
Total real estate loans | 1,396,679 | 1,411,255 | (14,576) | (1) | |||||
Other loans: | |||||||||
Commercial and industrial | 182,211 | 185,284 | (3,073) | (2) | |||||
Consumer | 62,380 | 61,256 | 1,124 | 2 | |||||
Total other loans | 244,591 | 246,540 | (1,949) | (1) | |||||
Total loans | $ | 1,641,270 | $ | 1,657,795 | $ | (16,525) | (1) | % | |
Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $27.9 million at March 31, 2018, an increase of $2.1 million, or 8%, compared to December 31, 2017. The ratio of NPAs to total assets was 1.26% at March 31, 2018, compared to 1.16% at December 31, 2017. The increase in NPAs during the quarter was primarily related to two loan relationships totaling $2.2 million.
The Company recorded net loan charge-offs of $1.5 million during the first quarter of 2018, compared to net loan recoveries of $184,000 for the fourth quarter of 2017. The increase in net loan charge-offs resulted primarily from further deterioration in two loan relationships identified as problem credits in prior periods. The Company's provision for loan losses for the first quarter of 2018 was $964,000, compared to $1.2 million for the fourth quarter of 2017.
The ratio of the allowance for loan losses to total loans was 0.87% at March 31, 2018, compared to 0.89% at December 31, 2017. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.40% at March 31, 2018, compared to 1.52% at December 31, 2017.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $57.7 million, or 4% of total outstanding loans, at March 31, 2018, compared to $58.8 million at December 31, 2017. Unfunded loan commitments to customers in the energy sector totaled $9.9 million at March 31, 2018, compared to $9.3 million at December 31, 2017. At March 31, 2018, loans constituting 93% of the balance of our direct energy-related loans 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 2.76% of the outstanding balance of energy-related loans at March 31, 2018, compared to 2.49% at December 31, 2017.
Deposits
Total deposits were $1.8 billion at March 31, 2018, a decrease of $27.0 million, or 1%, from December 31, 2017. The Company acquired $533.5 million of deposits from SMB at the acquisition date.
The following table sets forth the composition of the Company's deposits as of the dates indicated.
March31, | December31, | Increase / (Decrease) | |||||||
(dollars in thousands) | 2018 | 2017 | Amount | Percent | |||||
Demand deposits | $ | 456,353 | $ | 461,999 | $ | (5,646) | (1) | % | |
Savings | 215,428 | 217,639 | (2,211) | (1) | |||||
Money market | 299,338 | 306,509 | (7,171) | (2) | |||||
NOW | 506,521 | 490,924 | 15,597 | 3 | |||||
Certificates of deposit | 361,565 | 389,156 | (27,591) | (7) | |||||
Total deposits | $ | 1,839,205 | $ | 1,866,227 | $ | (27,022) | (1) | % | |
Net Interest Income
Net interest income for the first quarter of 2018 totaled $22.5 million, an increase of $2.5 million, or 12%, compared to the fourth quarter of 2017. The addition of SMB's earning assets for the full quarter accounted for the vast majority of the increase.
The Company's net interest margin was 4.49% for the first quarter of 2018, 32 basis points lower than the fourth quarter of 2017. The decrease in the net interest margin was primarily due to $1.5 million less in accretion income recognized on the Britton & Koontz acquired loan portfolio during the fourth quarter of 2017 due to an acceleration in payoffs.
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% in 2018 and 35% for 2017.
For the Three Months Ended | ||||||||
March 31, 2018 | December 31, 2017 | |||||||
(dollars in thousands) | Average | Average | Average | Average | ||||
Interest-earning assets: | ||||||||
Loans receivable | ||||||||
Originated loans | $ | 910,874 | 5.41 | % | $ | 944,657 | 5.11 | % |
Acquired loans | 736,629 | 5.73 | 402,213 | 7.98 | ||||
Total loans receivable | 1,647,503 | 5.55 | 1,346,870 | 5.97 | ||||
Investment securities (TE) | 259,827 | 2.38 | 229,723 | 2.34 | ||||
Other interest-earning assets | 103,338 | 1.68 | 70,863 | 1.66 | ||||
Total interest-earning assets | $ | 2,010,668 | 4.94 | % | $ | 1,647,456 | 5.28 | % |
Interest-bearing liabilities: | ||||||||
Deposits: | ||||||||
Savings, checking, and money market | $ | 1,010,980 | 0.41 | % | $ | 819,720 | 0.41 | % |
Certificates of deposit | 375,959 | 0.96 | 319,882 | 0.97 | ||||
Total interest-bearing deposits | 1,386,939 | 0.56 | 1,139,602 | 0.56 | ||||
FHLB advances | 71,194 | 1.78 | 67,892 | 1.89 | ||||
Total interest-bearing liabilities | $ | 1,458,133 | 0.62 | % | $ | 1,207,494 | 0.64 | % |
Net interest spread (TE) | 4.32 | % | 4.64 | % | ||||
Net interest margin (TE) | 4.49 | % | 4.81 | % | ||||
Noninterest Income
Noninterest income for the first quarter of 2018 totaled $3.5 million, an increase of $802,000, or 30%, compared to the fourth quarter of 2017. The increase resulted primarily from additional service fees and charges and bank card fees due mostly to the increase in customer accounts as a result of the SMB acquisition.
Noninterest Expense
Noninterest expense for the first quarter of 2018 totaled $15.6 million, an increase of $2.8 million, or 22%, compared to the fourth quarter of 2017. The increase related primarily to the growth of the Company's employee base and higher occupancy and data processing costs due to the SMB acquisition. Noninterest expense for the first quarter of 2018 and fourth quarter of 2017 includes $879,000 and $839,000, respectively, of merger expenses.
Income Tax Expense
During the first quarter of 2018, the Company incurred income tax expense of $2.0 million, a decrease of $3.5 million, or 64%, compared to the fourth quarter of 2017. The Company's effective tax rate was 21% during the first quarter of 2018, and 63% for the fourth quarter of 2017. The lower effective tax rate recorded during the first quarter of 2018 was the result of the Tax Act. The Tax Act reduced the federal corporate statutory tax rate from 35% to 21%. The Company recorded a re-measurement charge on our DTA in the fourth quarter of 2017 totaling $2.7 million.
Non-GAAP Reconciliation
For the Three Months Ended | |||||||||||
(dollars in thousands, except per share data) | March 31, | December 31, | March 31, | ||||||||
Reported noninterest expense | $ | 15,590 | $ | 12,755 | $ | 11,031 | |||||
Less: Merger-related expenses | 879 | 839 | - | ||||||||
Non-GAAP noninterest expense | $ | 14,711 | $ | 11,916 | $ | 11,031 | |||||
Reported noninterest income | $ | 3,481 | $ | 2,679 | $ | 2,826 | |||||
Less: Gain on sale of banking center | - | - | 380 | ||||||||
Non-GAAP noninterest income | $ | 3,481 | $ | 2,679 | $ | 2,446 | |||||
Reported net income | $ | 7,464 | $ | 3,242 | $ | 5,006 | |||||
Less: Gain on sale of banking center | - | - | 247 | ||||||||
Add: DTA re-measurement charge | - | 2,721 | - | ||||||||
Add: Merger-related expenses, net tax | 694 | 610 | - | ||||||||
Non-GAAP net income | $ | 8,158 | $ | 6,573 | $ | 4,759 | |||||
Diluted EPS | $ | 0.81 | $ | 0.41 | $ | 0.69 | |||||
Less: Gain on sale of banking center | - | - | 0.03 | ||||||||
Add: DTA re-measurement charge | - | 0.35 | - | ||||||||
Add: Merger-related expenses | 0.07 | 0.08 | - | ||||||||
Non-GAAP diluted EPS | $ | 0.88 | $ | 0.84 | $ | 0.66 | |||||
Reported net income | $ | 7,464 | $ | 3,242 | $ | 5,006 | |||||
Add: CDI amortization, net tax | 397 | 152 | 121 | ||||||||
Non-GAAP tangible income | $ | 7,861 | $ | 3,394 | $ | 5,127 | |||||
Total Assets | $ | 2,206,854 | $ | 2,228,121 | $ | 1,583,497 | |||||
Less: Intangible assets | 67,499 | 68,034 | 12,577 | ||||||||
Non-GAAP tangible assets | $ | 2,139,355 | $ | 2,160,087 | $ | 1,570,920 | |||||
Total shareholders' equity | $ | 283,089 | $ | 277,874 | $ | 184,720 | |||||
Less: Intangible assets | 67,499 | 68,031 | 12,577 | ||||||||
Non-GAAP tangible shareholders' equity | $ | 215,590 | $ | 209,837 | $ | 172,143 | |||||
Originated loans | $ | 963,146 | $ | 941,922 | $ | 899,500 | |||||
Acquired loans | 678,124 | 715,873 | 327,428 | ||||||||
Total loans | $ | 1,641,270 | $ | 1,657,795 | $ | 1,226,928 | |||||
Originated allowance for loan losses | $ | 13,488 | $ | 14,303 | $ | 12,417 | |||||
Acquired allowance for loan losses | 781 | 504 | 501 | ||||||||
Total allowance for loan losses | $ | 14,269 | $ | 14,807 | $ | 12,918 | |||||
Return on average assets | 1.37 | % | 0.73 | % | 1.28 | % | |||||
Less: Gain on sale of banking center | - | - | 0.06 | ||||||||
Add: DTA re-measurement charge | - | 0.61 | - | ||||||||
Add: Merger-related expenses, net tax | 0.13 | 0.14 | - | ||||||||
Adjusted return on average assets | 1.50 | % | 1.48 | % | 1.22 | % | |||||
Return on average equity | 10.74 | % | 5.91 | % | 10.95 | % | |||||
Less: Gain on sale of banking center | - | - | 0.54 | ||||||||
Add: DTA re-measurement charge | - | 4.96 | - | ||||||||
Add: Merger-related expenses, net tax | 1.00 | 1.11 | - | ||||||||
Adjusted return on average equity | 11.74 | 11.98 | 10.41 | ||||||||
Add: Average intangible assets | 4.46 | 1.85 | 1.06 | ||||||||
Adjusted return on average tangible common equity | 16.20 | % | 13.83 | % | 11.47 | % | |||||
Common equity ratio | 12.83 | % | 12.47 | % | 11.67 | % | |||||
Less: Intangible assets | 2.75 | 2.76 | 0.71 | ||||||||
Non-GAAP tangible common equity ratio | 10.08 | % | 9.71 | % | 10.96 | % | |||||
Return on average equity | 10.74 | % | 5.91 | % | 10.95 | % | |||||
Add: Intangible assets | 4.15 | 1.07 | 1.10 | ||||||||
Non-GAAP return on tangible common equity | 14.89 | % | 6.98 | % | 12.05 | % | |||||
Efficiency ratio | 59.99 | % | 56.18 | % | 58.69 | % | |||||
Less: Gain on sale of banking center | - | - | 1.21 | ||||||||
Less: Merger-related expenses | 3.38 | 3.70 | - | ||||||||
Adjusted efficiency ratio | 56.61 | % | 52.48 | % | 59.90 | % | |||||
Book value per share | $ | 30.09 | $ | 29.57 | $ | 25.05 | |||||
Less: Intangible assets | 7.18 | 7.24 | 1.70 | ||||||||
Non-GAAP tangible book value per share | $ | 22.91 | $ | 22.33 | $ | 23.35 | |||||
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, 2017, 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 | ||||||||
March 31, | December 31, | % | March 31, | |||||
2018 | 2017 | Change | 2017 | |||||
Assets | ||||||||
Cash and cash equivalents | $ 124,141,699 | $ 150,417,829 | (18) | % | $ 52,378,725 | |||
Interest-bearing deposits in banks | 2,421,000 | 2,421,000 | - | 1,639,000 | ||||
Investment securities available for sale, at fair value | 263,169,977 | 234,993,436 | 12 | 192,188,925 | ||||
Investment securities held to maturity | 12,949,728 | 13,033,590 | (1) | 13,283,010 | ||||
Mortgage loans held for sale | 1,310,991 | 5,873,132 | (78) | 5,292,439 | ||||
Loans, net of unearned income | 1,641,270,174 | 1,657,794,751 | (1) | 1,226,927,674 | ||||
Allowance for loan losses | (14,268,843) | (14,807,278) | (4) | (12,917,650) | ||||
Total loans, net of allowance for loan losses | 1,627,001,331 | 1,642,987,473 | (1) | 1,214,010,024 | ||||
Office properties and equipment, net | 45,203,029 | 45,604,752 | (1) | 39,233,248 | ||||
Cash surrender value of bank-owned life insurance | 29,064,532 | 28,903,913 | 1 | 20,268,269 | ||||
Goodwill and core deposit intangibles | 67,499,333 | 68,033,472 | 12,576,609 | |||||
Accrued interest receivable and other assets | 34,092,412 | 35,852,241 | (5) | 32,626,771 | ||||
Total Assets | $ 2,206,854,032 | $ 2,228,120,838 | (1) | $ 1,583,497,020 | ||||
Liabilities | ||||||||
Deposits | $ 1,839,205,284 | $ 1,866,227,328 | (1) | % | $ 1,272,146,338 | |||
Federal Home Loan Bank advances | 70,887,946 | 71,825,595 | (1) | 118,183,717 | ||||
Accrued interest payable and other liabilities | 13,671,575 | 12,197,189 | 12 | 8,447,269 | ||||
Total Liabilities | 1,923,764,805 | 1,950,250,112 | (1) | 1,398,777,324 | ||||
Shareholders' Equity | ||||||||
Common stock | 94,093 | 93,955 | - | % | 73,737 | |||
Additional paid-in capital | 165,990,921 | 165,341,415 | 0 | 80,092,853 | ||||
Common stock acquired by benefit plans | (3,828,482) | (3,922,413) | (2) | (4,221,293) | ||||
Retained earnings | 123,571,082 | 117,312,630 | 5 | 108,694,266 | ||||
Accumulated other comprehensive income | (2,738,387) | (954,861) | (187) | 80,133 | ||||
Total Shareholders' Equity | 283,089,227 | 277,870,726 | 2 | 184,719,696 | ||||
Total Liabilities and Shareholders' Equity | $ 2,206,854,032 | $ 2,228,120,838 | (1) | $ 1,583,497,020 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||
For The Three Months Ended | For the Three | March | |||||||||
March 31, | % | Months Ended | % | ||||||||
2018 | 2017 | Change | December 31, 2017 | Change | |||||||
Interest Income | |||||||||||
Loans, including fees | $ 22,803,629 | $ 16,243,268 | 40 | % | $ 20,420,278 | 12 | % | ||||
Investment securities | 1,495,060 | 1,028,634 | 45 | 1,253,125 | 19 | ||||||
Other investments and deposits | 426,939 | 91,365 | 367 | 296,680 | 44 | ||||||
Total interest income | 24,725,628 | 17,363,267 | 42 | 21,970,083 | 13 | ||||||
Interest Expense | |||||||||||
Deposits | 1,902,196 | 992,441 | 92 | % | 1,622,758 | 17 | % | ||||
Federal Home Loan Bank advances | 316,881 | 401,623 | (21) | 321,359 | (1) | ||||||
Total interest expense | 2,219,077 | 1,394,064 | 59 | 1,944,117 | 14 | ||||||
Net interest income | 22,506,551 | 15,969,203 | 41 | 20,025,966 | 12 | ||||||
Provision for loan losses | 964,257 | 306,832 | 214 | 1,199,688 | (20) | ||||||
Net interest income after provision for loan losses | 21,542,294 | 15,662,371 | 38 | 18,826,278 | 14 | ||||||
Noninterest Income | |||||||||||
Service fees and charges | 1,654,746 | 936,928 | 77 | % | 1,246,049 | 33 | % | ||||
Bank card fees | 1,098,551 | 683,514 | 61 | 835,224 | 32 | ||||||
Gain on sale of loans, net | 207,037 | 288,063 | (28) | 277,190 | (25) | ||||||
Income from bank-owned life insurance | 160,619 | 118,716 | 35 | 132,725 | 21 | ||||||
Gain (loss) on the closure or sale of assets, net | 145,206 | 355,540 | (59) | (14,942) | 1,072 | ||||||
Other income | 214,788 | 443,045 | (52) | 203,050 | 6 | ||||||
Total noninterest income | 3,480,947 | 2,825,806 | 23 | 2,679,296 | 30 | ||||||
Noninterest Expense | |||||||||||
Compensation and benefits | 8,941,473 | 6,775,449 | 32 | % | 7,432,339 | 20 | % | ||||
Occupancy | 1,674,869 | 1,219,882 | 37 | 1,353,787 | 24 | ||||||
Marketing and advertising | 259,555 | 226,596 | 15 | 205,895 | 26 | ||||||
Data processing and communication | 1,679,046 | 1,075,207 | 56 | 1,252,871 | 34 | ||||||
Professional fees | 286,054 | 231,371 | 24 | 770,800 | (63) | ||||||
Forms, printing and supplies | 356,604 | 135,300 | 164 | 184,317 | 93 | ||||||
Franchise and shares tax | 365,300 | 201,967 | 81 | 360,399 | 1 | ||||||
Regulatory fees | 379,337 | 322,838 | 18 | 311,955 | 22 | ||||||
Foreclosed assets, net | 102,998 | (58,776) | 275 | (67,612) | 252 | ||||||
Other expenses | 1,544,725 | 900,880 | 72 | 950,289 | 63 | ||||||
Total noninterest expense | 15,589,961 | 11,030,714 | 41 | 12,755,040 | 22 | ||||||
Income before income tax expense | 9,433,280 | 7,457,463 | 27 | 8,750,534 | 8 | ||||||
Income tax expense | 1,969,733 | 2,451,762 | (20) | 5,508,098 | (64) | ||||||
Net income | $ 7,463,547 | $ 5,005,701 | 49 | $ 3,242,436 | 130 | ||||||
Earnings per share - basic | $ 0.83 | $ 0.72 | 15 | % | $ 0.43 | 93 | % | ||||
Earnings per share - diluted | $ 0.81 | $ 0.69 | 17 | $ 0.41 | 98 | ||||||
Cash dividends declared per common share | $ 0.15 | $ 0.13 | 15 | % | $ 0.14 | 7 | % | ||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||||
For The Three Months Ended | For The Three | |||||||||||
March 31, | % | Months Ended | % | |||||||||
2018 | 2017 | Change | December 31, 2017 | Change | ||||||||
(dollars in thousands except per share data) | ||||||||||||
EARNINGS DATA | ||||||||||||
Total interest income | $ 24,726 | $ 17,363 | 42 | % | $ 21,970 | 13 | % | |||||
Total interest expense | 2,219 | 1,394 | 59 | 1,944 | 14 | |||||||
Net interest income | 22,507 | 15,969 | 41 | 20,026 | 12 | |||||||
Provision for loan losses | 964 | 307 | 214 | 1,200 | (20) | |||||||
Total noninterest income | 3,481 | 2,826 | 23 | 2,679 | 30 | |||||||
Total noninterest expense | 15,590 | 11,031 | 41 | 12,755 | 22 | |||||||
Income tax expense | 1,970 | 2,451 | (20) | 5,508 | (64) | |||||||
Net income | $ 7,464 | $ 5,006 | 49 | $ 3,242 | 130 | |||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||
Total assets | $ 2,204,909 | $ 1,561,282 | 41 | % | $ 1,767,451 | 25 | % | |||||
Total interest-earning assets | 2,010,668 | 1,455,796 | 38 | 1,647,456 | 22 | |||||||
Total loans | 1,647,503 | 1,230,407 | 34 | 1,346,870 | 22 | |||||||
Total interest-bearing deposits | 1,386,939 | 961,780 | 44 | 1,139,602 | 22 | |||||||
Total interest-bearing liabilities | 1,458,133 | 1,080,088 | 35 | 1,207,494 | 21 | |||||||
Total deposits | 1,845,190 | 1,253,094 | 47 | 1,473,346 | 25 | |||||||
Total shareholders' equity | 281,853 | 182,868 | 54 | 217,626 | 30 | |||||||
SELECTED RATIOS (1) | ||||||||||||
Return on average assets | 1.37 | % | 1.28 | % | 7 | % | 0.73 | % | 88 | % | ||
Return on average equity | 10.74 | 10.95 | (2) | 5.91 | 82 | |||||||
Common equity ratio | 12.83 | 11.67 | 10 | 12.47 | 3 | |||||||
Efficiency ratio (2) | 59.99 | 58.69 | 2 | 56.18 | 7 | |||||||
Average equity to average assets | 12.78 | 11.71 | 9 | 12.31 | 4 | |||||||
Tier 1 leverage capital ratio(3) | 9.57 | 10.15 | (6) | 11.66 | (18) | |||||||
Total risk-based capital ratio(3) | 13.84 | 14.54 | (5) | 13.48 | 3 | |||||||
Net interest margin (4) | 4.49 | 4.42 | 2 | 4.81 | (7) | |||||||
SELECTED NON-GAAP RATIOS (1) | ||||||||||||
Tangible common equity ratio(5) | 10.08 | % | 10.96 | % | (8) | % | 9.71 | % | 4 | % | ||
Return on average tangible common equity(6) | 14.89 | 12.05 | 24 | 6.98 | 113 | |||||||
Adjusted return on average assets (7) | 1.50 | 1.22 | 23 | 1.48 | 1 | |||||||
Adjusted return on average equity (7) | 11.74 | 10.41 | 13 | 11.98 | (2) | |||||||
Adjusted efficiency ratio (7) | 56.61 | 59.90 | (6) | 52.48 | 8 | |||||||
Adjusted return on average tangible common equity (7) | 16.20 | 11.47 | 41 | 13.83 | 17 | |||||||
PER SHARE DATA | ||||||||||||
Earnings per share - basic | $ 0.83 | $ 0.72 | 15 | $ 0.43 | 93 | % | ||||||
Earnings per share - diluted | 0.81 | 0.69 | 17 | 0.41 | 98 | |||||||
Adjusted earnings per share - diluted (8) | 0.88 | 0.66 | 33 | 0.84 | 5 | |||||||
Book value at period end | 30.09 | 25.05 | 20 | 29.57 | 2 | |||||||
Tangible book value at period end | 22.91 | 23.35 | (2) | 22.33 | 3 | |||||||
Shares outstanding at period end | 9,409,261 | 7,373,641 | 28 | % | 9,395,488 | - | ||||||
Weighted average shares outstanding | ||||||||||||
Basic | 9,011,535 | 6,936,301 | 30 | % | 7,547,051 | 19 | % | |||||
Diluted | 9,269,178 | 7,207,263 | 29 | 7,832,187 | 18 | |||||||
___________________________________ | |
(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 a marginal tax rate of 21% for 2018 and 35% for 2017. |
(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. |
(7) | Adjusted ratios eliminates merger-related expenses, impact of 2017 DTA re-measurement charge and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" for additional information. |
(8) | Adjusted diluted EPS eliminates merger-related expenses, impact of 2017 DTA re-measurement charge and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" for additional information. |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION | ||||||||||||||||||||
March 31, 2018 | December 31, 2017 | March 31, 2017 | ||||||||||||||||||
Acquired | Originated | Total | Acquired | Originated | Total | Acquired | Originated | Total | ||||||||||||
(dollars in thousands) | ||||||||||||||||||||
CREDIT QUALITY(1) | ||||||||||||||||||||
Nonaccrual loans (2) | $ 3,906 | $ 23,407 | $ 27,313 | $ 2,654 | $ 22,379 | $ 25,033 | $ 1,524 | $ 13,072 | $ 14,596 | |||||||||||
Accruing loans past due 90 days and over | - | - | - | - | - | - | - | - | - | |||||||||||
Total nonperforming loans | 3,906 | 23,407 | 27,313 | 2,654 | 22,379 | 25,033 | 1,524 | 13,072 | 14,596 | |||||||||||
Foreclosed assets | 436 | 107 | 543 | 584 | 144 | 728 | 890 | 722 | 1,612 | |||||||||||
Total nonperforming assets | 4,342 | 23,514 | 27,856 | 3,238 | 22,523 | 25,761 | 2,414 | 13,794 | 16,208 | |||||||||||
Performing troubled debt restructurings | 1,068 | 606 | 1,674 | 1,020 | 1,516 | 2,536 | 3,314 | 1,056 | 4,370 | |||||||||||
Total nonperforming assets and troubled debt restructurings | $ 5,410 | $ 24,120 | $ 29,530 | $ 4,258 | $ 24,039 | $ 28,297 | $ 5,728 | $ 14,850 | $ 20,578 | |||||||||||
Nonperforming assets to total assets | 1.26 | % | 1.16 | % | 1.02 | % | ||||||||||||||
Nonperforming loans to total assets | 1.24 | 1.12 | 0.92 | |||||||||||||||||
Nonperforming loans to total loans | 1.66 | 1.51 | 1.19 | |||||||||||||||||
Allowance for loan losses to nonperforming assets | 51.22 | 57.48 | 79.70 | |||||||||||||||||
Allowance for loan losses to nonperforming loans | 52.24 | 59.15 | 88.50 | |||||||||||||||||
Allowance for loan losses to total loans | 0.87 | 0.89 | 1.05 | |||||||||||||||||
Year-to-date loan charge-offs | $ 1,526 | $ 463 | $ 18 | |||||||||||||||||
Year-to-date loan recoveries | 24 | 443 | 118 | |||||||||||||||||
Year-to-date net loan charge-offs | $ 1,502 | $ 20 | $ (100) | |||||||||||||||||
Annualized YTD net loan charge-offs to average loans | 0.37 | % | - | % | 0.03 | % | ||||||||||||||
______________________________________ | |
(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 $14.7 million, $7.5 million and $8.6 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Acquired restructured loans placed on nonaccrual totaled $964,000, $353,000 and $359,000 at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. |
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SOURCE Home Bancorp, Inc.
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