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25.07.2017 13:30:00
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Home Bancorp Announces Second Quarter 2017 Results And Declares Quarterly Dividend
LAFAYETTE, La., July 25, 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 $4.5 million for the second quarter of 2017, a decrease of $520,000, or 10%, compared to the first quarter of 2017 and an increase of $469,000, or 12%, compared to the second quarter of 2016.
The second quarter of 2017 includes a write down of $292,000, net of taxes, taken upon the closing of a banking center, while the first quarter of 2017 and the second quarter of 2016 include gains on sales of banking centers, net of taxes, totaling $247,000 and $416,000, respectively. The second quarter of 2016 includes merger expenses totaling $143,000 (net of taxes) related to the acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp"). Excluding the banking center gains and loss and merger expenses, net income for the second quarter 2017 totaled $4.8 million, an increase of $19,000 compared to the first quarter of 2017 and an increase of $1.0 million, or 28%, compared to the second quarter of 2016.
Diluted earnings per share were $0.62 for the second quarter of 2017, a decrease of $0.07, or 10%, compared to the first quarter of 2017 and an increase of $0.05, or 9%, compared to the second quarter of 2016. Excluding the banking center gains and loss and merger expenses, second quarter 2017 diluted earnings per share were unchanged compared to the first quarter of 2017 and increased $0.13, or 25%, compared to the second quarter of 2016.
"The first half of 2017 has seen incremental improvement across our company," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "Our team has worked diligently to deliver new customer technology, enhance risk management and further develop our staff."
"Our success results from the talented people we have on board," continued Bordelon. "It is tremendously gratifying to see our team continue to drive for improvement day after day."
The Company also announced that its Board of Directors declared a cash dividend of $0.14 per share payable on August 18, 2017, to shareholders of record as of August 7, 2017.
Loans and Credit Quality
Loans totaled $1.2 billion at June 30, 2017, a decrease of $8.2 million, or 1%, from March 31, 2017, and an increase of $432,000 from June 30, 2016. During the second quarter of 2017, commercial real estate loans grew $10.2 million. This growth was offset by decreases in most other loan types.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
June 30, | December 31, | Increase/(Decrease) | ||||||
(dollars in thousands) | 2017 | 2016 | Amount | Percent | ||||
Real estate loans: | ||||||||
One- to four-family first mortgage | $ | 337,714 | $ | 341,883 | $ | (4,169) | (1) | % |
Home equity loans and lines | 87,392 | 88,821 | (1,429) | (2) | ||||
Commercial real estate | 454,554 | 427,515 | 27,039 | 6 | ||||
Construction and land | 119,226 | 141,167 | (21,941) | (16) | ||||
Multi-family residential | 48,476 | 46,369 | 2,107 | 5 | ||||
Total real estate loans | 1,047,362 | 1,045,755 | 1,607 | - | ||||
Other loans: | ||||||||
Commercial and industrial | 131,932 | 139,810 | (7,878) | (6) | ||||
Consumer | 39,469 | 42,268 | (2,799) | (7) | ||||
Total other loans | 171,401 | 182,078 | (10,677) | (6) | ||||
Total loans | $ | 1,218,763 | $ | 1,227,833 | $ | (9,070) | (1) | % |
Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $16.5 million at June 30, 2017, an increase of $283,000, or 2%, compared to March 31, 2017 and a decrease of $2.9 million, or 15%, compared to June 30, 2016. The ratio of total NPAs to total assets was 1.05% at June 30, 2017, compared to 1.02% at March 31, 2017 and 1.25% at June 30, 2016.
The Company recorded net loan charge-offs of $58,000 during the second quarter of 2017, compared to net loan recoveries of $100,000 in the first quarter of 2017. There were virtually no net loan charge-offs in the second quarter of 2016. The Company's provision for loan losses for the second quarter of 2017 was $150,000, compared to $307,000 for the first quarter of 2017 and $1.1 million for the second quarter of 2016.
The ratio of the allowance for loan losses to total loans was 1.07% at June 30, 2017, compared to 1.05% and 0.94% at March 31, 2017 and June 30, 2016, respectively. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.40% at June 30, 2017, compared to 1.38% and 1.33% March 31, 2017 and June 30, 2016, respectively.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $33.4 million, or 3% of total outstanding loans, at June 30, 2017, compared to $33.2 million and $35.7 million at March 31, 2017 and June 30, 2016, respectively. Unfunded loan commitments to customers in the energy sector totaled $5.0 million at June 30, 2017, compared to $5.7 million and $9.1 million at March 31, 2017 and June 30, 2016, respectively. At June 30, 2017, loans constituting 95% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. The remaining 5%, or $1.8 million, had been restructured and were paying in accordance with their restructured terms as of June 30, 2017. The Company holds no shared national credits.
The allowance for loan losses attributable to direct energy-related loans totaled 3.39% of the outstanding balance of energy-related loans at June 30, 2017, compared to 3.34% and 3.29% at March 31, 2017 and June 30, 2016, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $210.6 million at June 30, 2017, an increase of $5.1 million, or 2%, from March 31, 2017, and an increase of $22.1 million, or 12%, from June 30, 2016.
At June 30, 2017, the Company had a net unrealized gain position on its investment securities portfolio of $181,000, compared to net unrealized gains of $123,000 and $3.1 million at March 31, 2017 and June 30, 2016, respectively. The Company's investment securities portfolio had a modified duration of 3.0 years at June 30, 2017, compared to 3.5 and 2.9 years at March 31, 2017 and June 30, 2016, respectively.
Deposits
Total deposits were $1.3 billion at June 30, 2017, an increase of $37.1 million, or 3%, from March 31, 2017, and an increase of $84.2 million, or 7%, from June 30, 2016.
The following table sets forth the composition of the Company's deposits as of the dates indicated.
June 30, | December31, | Increase / (Decrease) | ||||||
(dollars in thousands) | 2017 | 2016 | Amount | Percent | ||||
Demand deposits | $ | 306,674 | $ | 296,519 | $ | 10,155 | 3 | % |
Savings | 109,018 | 109,414 | (396) | - | ||||
Money market | 255,776 | 264,784 | (9,008) | (3) | ||||
NOW | 338,166 | 305,092 | 33,074 | 11 | ||||
Certificates of deposit | 299,603 | 272,263 | 27,340 | 10 | ||||
Total deposits | $ | 1,309,237 | $ | 1,248,072 | $ | 61,165 | 5 | % |
Net Interest Income
Net interest income for the second quarter of 2017 totaled $15.9 million, a nominal decrease of $72,000 compared to the first quarter of 2017, and an increase of $345,000, or 2%, compared to the second quarter of 2016. The increase in net interest income in the second quarter of 2017 compared to the second quarter of 2016 was due primarily to a $273,000 increase in accretion income on acquired loans and higher yields on investment securities.
The Company's net interest margin was 4.35% for the second quarter of 2017, seven basis points lower than the first quarter of 2017 and unchanged from the second quarter of 2016. The decrease in the net interest margin in the second quarter of 2017 compared to the first quarter of 2017 was primarily due to lower loan yields and higher funding costs resulting primarily from special promotions of higher yielding certificates of deposit offered during the quarter.
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 | ||||||||||||||||
June 30, 2017 | March 31, 2017 | June 30, 2016 | ||||||||||||||
(dollars in thousands) | Average | Average | Average | Average | Average | Average | ||||||||||
Interest-earning assets: | ||||||||||||||||
Loans receivable | ||||||||||||||||
Originated loans | $ | 908,958 | 5.03 | % | $ | 900,852 | 5.04 | % | $ | 827,702 | 5.09 | % | ||||
Acquired loans | 313,367 | 5.93 | 329,555 | 5.99 | 397,460 | 5.27 | ||||||||||
Total loans receivable | 1,222,325 | 5.26 | 1,230,407 | 5.29 | 1,225,162 | 5.15 | ||||||||||
Investment securities (TE) | 205,576 | 2.33 | 200,457 | 2.23 | 188,085 | 2.21 | ||||||||||
Other interest-earning assets | 32,743 | 1.43 | 24,932 | 1.49 | 18,943 | 1.43 | ||||||||||
Total interest-earning assets | 1,460,644 | 4.76 | 1,455,796 | 4.81 | 1,432,190 | 4.71 | ||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Savings, checking, and money market | 695,828 | 0.28 | 684,872 | 0.25 | 670,019 | 0.23 | ||||||||||
Certificates of deposit | 290,032 | 0.92 | 276,908 | 0.85 | 270,147 | 0.79 | ||||||||||
Total interest-bearing deposits | 985,860 | 0.47 | 961,780 | 0.42 | 940,166 | 0.39 | ||||||||||
FHLB advances | 84,823 | 1.66 | 118,308 | 1.36 | 129,424 | 1.22 | ||||||||||
Total interest-bearing liabilities | $ | 1,070,683 | 0.56 | $ | 1,080,088 | 0.52 | $ | 1,069,590 | 0.49 | |||||||
Net interest spread (TE) | 4.20 | % | 4.29 | % | 4.22 | % | ||||||||||
Net interest margin (TE) | 4.35 | % | 4.42 | % | 4.35 | % | ||||||||||
Noninterest Income
Noninterest income for the second quarter of 2017 totaled $2.2 million, a decrease of $662,000, or 23%, compared to the first quarter of 2017 and a decrease of $1.3 million, or 37%, compared to the second quarter of 2016. The comparative periods include a $449,000 write down of a banking center in Vicksburg, Mississippi, that was closed during the second quarter of 2017 and gains on the sales of banking centers of $380,000 and $641,000 in the first quarter of 2017 and second quarter of 2016, respectively. Excluding the banking center loss and gains, noninterest income totaled $2.6 million, an increase of $167,000, or 7%, compared to the first quarter of 2017 and a decrease of $194,000, or 7%, compared to the second quarter of 2016.
Noninterest income for the second quarter of 2017 compared to the first quarter of 2017 also reflected higher bankcard fees (up $83,000), service fees and charges (up $54,000) and gains on the sale of mortgage loans (up $39,000), which were partially offset with lower other income (down $25,000). Compared to the second quarter of 2016, noninterest income in the second quarter of 2017 reflected lower gains on the sale of mortgage loans (down $159,000) and other income (down $104,000), which were partially offset with higher bankcard fees (up $90,000).
Noninterest Expense
Noninterest expense for the second quarter of 2017 totaled $11.1 million, a nominal increase of $20,000 compared to the first quarter of 2017 and a decrease of $805,000, or 7%, compared to the second quarter of 2016. Noninterest expense for the second quarter of 2016 includes $214,000 of merger expenses related to the acquisition of Louisiana Bancorp.
The increase in noninterest expense in the second quarter of 2017 compared to the first quarter of 2017 resulted primarily from higher compensation and benefits (up $117,000) and marketing and advertising expenses (up $61,000), which were partially offset with lower other expenses (down $116,000) and reduced foreclosed asset expenses (down $42,000).
Excluding merger expenses, the decrease in noninterest expense for the second quarter of 2017 compared to the second quarter of 2016 resulted primarily from reduced expenses on foreclosed assets (down $409,000), other expenses (down $93,000) and data processing and communications (down $63,000).
Non-GAAP Reconciliation
For the Three Months Ended | |||||||||
(dollars in thousands, except earnings per share data) | June 30, 2017 | March 31, 2017 | June 30, 2016 | ||||||
Reported noninterest expense | $ | 11,051 | $ | 11,031 | $ | 11,856 | |||
Less: Merger-related expenses | - | - | 214 | ||||||
Non-GAAP noninterest expense | $ | 11,051 | $ | 11,031 | $ | 11,642 | |||
Reported noninterest income | $ | 2,164 | $ | 2,826 | $ | 3,448 | |||
Less: (Loss) gain on closure or sale of banking center(s) | (449) | 380 | 641 | ||||||
Non-GAAP noninterest income | $ | 2,613 | $ | 2,446 | $ | 2,807 | |||
Reported net income | $ | 4,486 | $ | 5,006 | $ | 4,016 | |||
Less: (Loss) gain on closure or sale of banking center(s), net of tax | (292) | 247 | 416 | ||||||
Add: Merger-related expenses, net tax | - | - | 143 | ||||||
Non-GAAP net income | $ | 4,778 | $ | 4,759 | $ | 3,743 | |||
Diluted EPS | $ | 0.62 | $ | 0.69 | $ | 0.57 | |||
Less: (Loss) gain on closure or sale of banking center(s) | (0.04) | 0.03 | 0.06 | ||||||
Add: Merger-related expenses | - | - | 0.02 | ||||||
Non-GAAP diluted EPS | $ | 0.66 | $ | 0.66 | $ | 0.53 | |||
Reported net income | $ | 4,486 | $ | 5,006 | $ | 4,016 | |||
Add: Amortization CDI, net tax | 113 | 121 | 130 | ||||||
Non-GAAP tangible income | $ | 4,599 | $ | 5,127 | $ | 4,146 | |||
Total Assets | $ | 1,574,181 | $ | 1,583,497 | $ | 1,545,049 | |||
Less: Intangibles | 12,403 | 12,577 | 13,542 | ||||||
Non-GAAP tangible assets | $ | 1,561,778 | $ | 1,570,920 | $ | 1,531,507 | |||
Total shareholders' equity | $ | 188,939 | $ | 184,720 | $ | 173,567 | |||
Less: Intangibles | 12,403 | 12,577 | 13,542 | ||||||
Non-GAAP tangible shareholders' equity | $ | 176,536 | $ | 172,143 | $ | 160,025 | |||
Common equity ratio | 12.00 | % | 11.67 | % | 11.23 | % | |||
Less: Intangibles | 0.70 | 0.71 | 0.78 | ||||||
Non-GAAP tangible common equity ratio | 11.30 | % | 10.96 | % | 10.45 | % | |||
Return on average equity | 9.56 | % | 10.95 | % | 9.35 | % | |||
Add: Intangibles | 0.94 | 1.10 | 1.23 | ||||||
Non-GAAP return on tangible common equity | 10.50 | % | 12.05 | % | 10.58 | % | |||
Book value per share | $ | 25.53 | $ | 25.05 | $ | 23.75 | |||
Less: Intangibles | 1.68 | 1.70 | 1.85 | ||||||
Non-GAAP tangible book value per share | $ | 23.85 | $ | 23.35 | $ | 21.90 | |||
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 (loss) gain on the 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 | |||||||||
June 30, | June 30, | % | March 31, | December 31, | |||||
2017 | 2016 | Change | 2017 | 2016 | |||||
Assets | |||||||||
Cash and cash equivalents | $ 51,702,408 | $ 26,853,272 | 93 | % | $ 52,378,725 | $ 29,314,741 | |||
Interest-bearing deposits in banks | 1,391,000 | 2,430,585 | (43) | 1,639,000 | 1,884,000 | ||||
Investment securities available for sale, at fair value | 197,376,270 | 174,949,772 | 13 | 192,188,925 | 183,729,857 | ||||
Investment securities held to maturity | 13,201,149 | 13,530,264 | (2) | 13,283,010 | 13,365,479 | ||||
Mortgage loans held for sale | 4,297,920 | 11,616,730 | (63) | 5,292,439 | 4,156,186 | ||||
Loans, net of unearned income | 1,218,762,771 | 1,218,330,307 | - | 1,226,927,674 | 1,227,833,309 | ||||
Allowance for loan losses | (13,009,695) | (11,446,976) | 14 | (12,917,650) | (12,510,708) | ||||
Total loans, net of allowance for loan losses | 1,205,753,076 | 1,206,883,331 | - | 1,214,010,024 | 1,215,322,601 | ||||
Office properties and equipment, net | 38,532,534 | 39,422,603 | (2) | 39,233,248 | 39,566,639 | ||||
Cash surrender value of bank-owned life insurance | 20,389,918 | 19,867,467 | 3 | 20,268,269 | 20,149,553 | ||||
Accrued interest receivable and other assets | 41,536,229 | 49,494,863 | (16) | 45,203,380 | 49,242,977 | ||||
Total Assets | $ 1,574,180,504 | $ 1,545,048,887 | 2 | $ 1,583,497,020 | $ 1,556,732,033 | ||||
Liabilities | |||||||||
Deposits | $ 1,309,237,497 | $ 1,225,003,785 | 7 | % | $ 1,272,146,338 | $ 1,248,072,453 | |||
Federal Home Loan Bank advances | 67,493,057 | 135,079,007 | (50) | 118,183,717 | 118,533,173 | ||||
Accrued interest payable and other liabilities | 8,511,085 | 11,398,668 | (25) | 8,447,269 | 10,283,383 | ||||
Total Liabilities | 1,385,241,639 | 1,371,481,460 | 1 | 1,398,777,324 | 1,376,889,009 | ||||
Shareholders' Equity | |||||||||
Common stock | 74,015 | 73,068 | 1 | % | 73,737 | 73,502 | |||
Additional paid-in capital | 80,765,704 | 78,346,879 | 3 | 80,092,853 | 79,425,604 | ||||
Common stock acquired by benefit plans | (4,129,035) | (4,523,041) | (9) | (4,221,293) | (4,315,223) | ||||
Retained earnings | 112,110,694 | 97,659,115 | 15 | 108,694,266 | 104,647,375 | ||||
Accumulated other comprehensive income | 117,487 | 2,011,406 | (94) | 80,133 | 11,766 | ||||
Total Shareholders' Equity | 188,938,865 | 173,567,427 | 9 | 184,719,696 | 179,843,024 | ||||
Total Liabilities and Shareholders' Equity | $ 1,574,180,504 | $ 1,545,048,887 | 2 | $ 1,583,497,020 | $ 1,556,732,033 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||
For The Three Months Ended | For the Six Months Ended | ||||||||||
June 30, | % | June 30, | % | ||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||
Interest Income | |||||||||||
Loans, including fees | $ 16,167,363 | $ 15,852,931 | 2 | % | $ 32,410,631 | $ 31,871,027 | 2 | % | |||
Investment securities | 1,114,880 | 945,836 | 18 | 2,143,513 | 1,916,920 | 12 | |||||
Other investments and deposits | 116,526 | 67,207 | 73 | 207,891 | 126,589 | 64 | |||||
Total interest income | 17,398,769 | 16,865,974 | 3 | 34,762,035 | 33,914,536 | 2 | |||||
Interest Expense | |||||||||||
Deposits | 1,149,489 | 919,152 | 25 | % | 2,141,929 | 1,851,004 | 16 | % | |||
Federal Home Loan Bank advances | 351,829 | 394,185 | (11) | 753,454 | 788,412 | (4) | |||||
Total interest expense | 1,501,318 | 1,313,337 | 14 | 2,895,383 | 2,639,416 | 10 | |||||
Net interest income | 15,897,451 | 15,552,637 | 2 | 31,866,652 | 31,275,120 | 2 | |||||
Provision for loan losses | 150,000 | 1,050,000 | (86) | 456,832 | 1,900,000 | (76) | |||||
Net interest income after provision for loan losses | 15,747,451 | 14,502,637 | 9 | 31,409,820 | 29,375,120 | 7 | |||||
Noninterest Income | |||||||||||
Service fees and charges | 990,432 | 1,001,856 | (1) | % | 1,927,361 | 2,038,266 | (5) | % | |||
Bank card fees | 766,607 | 676,305 | 13 | 1,450,121 | 1,277,506 | 14 | |||||
Gain on sale of loans, net | 327,549 | 486,866 | (33) | 615,612 | 787,539 | (22) | |||||
Income from bank-owned life insurance | 121,649 | 119,967 | 1 | 240,365 | 240,679 | - | |||||
(Loss) gain on the closure or sale of assets, net | (460,029) | 640,573 | - | (104,489) | 640,580 | (116) | |||||
Other income | 417,739 | 521,946 | (20) | 860,784 | 1,030,221 | (16) | |||||
Total noninterest income | 2,163,947 | 3,447,513 | (37) | 4,989,754 | 6,014,791 | (17) | |||||
Noninterest Expense | |||||||||||
Compensation and benefits | 6,892,412 | 6,920,908 | - | % | 13,667,861 | 14,121,944 | (3) | % | |||
Occupancy | 1,272,246 | 1,322,342 | (4) | 2,492,129 | 2,631,939 | (5) | |||||
Marketing and advertising | 287,807 | 198,351 | 45 | 514,403 | 456,015 | 13 | |||||
Data processing and communication | 1,073,303 | 1,147,318 | (7) | 2,148,510 | 2,691,033 | (20) | |||||
Professional fees | 181,517 | 259,344 | (30) | 412,887 | 553,551 | (25) | |||||
Forms, printing and supplies | 155,144 | 173,165 | (10) | 290,443 | 350,457 | (17) | |||||
Franchise and shares tax | 191,816 | 219,773 | (13) | 393,782 | 439,546 | (10) | |||||
Regulatory fees | 312,437 | 329,024 | (5) | 635,275 | 651,715 | (3) | |||||
Foreclosed assets, net | (101,096) | 307,425 | (133) | (159,871) | 425,802 | (138) | |||||
Other expenses | 785,290 | 977,858 | (20) | 1,686,170 | 1,874,695 | (10) | |||||
Total noninterest expense | 11,050,876 | 11,855,508 | (7) | 22,081,589 | 24,196,697 | (9) | |||||
Income before income tax expense | 6,860,522 | 6,094,642 | 13 | 14,317,985 | 11,193,214 | 28 | |||||
Income tax expense | 2,374,725 | 2,078,148 | 14 | 4,826,487 | 3,827,041 | 26 | |||||
Net income | $ 4,485,797 | $ 4,016,494 | 12 | $ 9,491,498 | $ 7,366,173 | 29 | |||||
Earnings per share - basic | $ 0.64 | $ 0.59 | 9 | % | $ 1.36 | $ 1.08 | 26 | % | |||
Earnings per share - diluted | $ 0.62 | $ 0.57 | 9 | $ 1.31 | $ 1.04 | 26 | |||||
Cash dividends declared per common share | $ 0.14 | $ 0.10 | 40 | % | $ 0.27 | $ 0.19 | 42 | % | |||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||||
For The Three Months Ended | For The Three | |||||||||||
June 30, | % | Months Ended | % | |||||||||
2017 | 2016 | Change | March 31, 2017 | Change | ||||||||
(dollars in thousands except per share data) | ||||||||||||
EARNINGS DATA | ||||||||||||
Total interest income | $ 17,399 | $ 16,866 | 3 | % | $ 17,363 | - | % | |||||
Total interest expense | 1,501 | 1,313 | 14 | 1,394 | 8 | |||||||
Net interest income | 15,898 | 15,553 | 2 | 15,969 | - | |||||||
Provision for loan losses | 150 | 1,050 | (86) | 307 | (51) | |||||||
Total noninterest income | 2,164 | 3,448 | (37) | 2,826 | (23) | |||||||
Total noninterest expense | 11,051 | 11,856 | (7) | 11,031 | - | |||||||
Income tax expense | 2,375 | 2,079 | 14 | 2,452 | (3) | |||||||
Net income | $ 4,486 | $ 4,016 | 12 | $ 5,005 | (10) | |||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||
Total assets | $ 1,562,410 | $ 1,544,840 | 1 | % | $ 1,561,282 | - | % | |||||
Total interest-earning assets | 1,460,644 | 1,432,190 | 2 | 1,455,796 | - | |||||||
Total loans | 1,222,325 | 1,225,162 | - | 1,230,407 | (1) | |||||||
Total interest-bearing deposits | 985,861 | 940,165 | 5 | 961,780 | 3 | |||||||
Total interest-bearing liabilities | 1,070,683 | 1,069,590 | - | 1,080,088 | (1) | |||||||
Total deposits | 1,284,445 | 1,230,839 | 4 | 1,253,094 | 3 | |||||||
Total shareholders' equity | 187,631 | 171,757 | 9 | 182,868 | 3 | |||||||
SELECTED RATIOS (1) | ||||||||||||
Return on average assets | 1.15 | % | 1.04 | % | 11 | % | 1.28 | % | (10) | % | ||
Return on average equity | 9.56 | 9.35 | 2 | 10.95 | (13) | |||||||
Return on average tangible common equity(2) | 10.50 | 10.58 | (1) | 12.05 | (13) | |||||||
Common equity ratio | 12.00 | 11.23 | 7 | 11.67 | 3 | |||||||
Tangible common equity ratio(3) | 11.30 | 10.45 | 8 | 10.96 | 3 | |||||||
Efficiency ratio (4) | 61.19 | 62.40 | (2) | 58.69 | 4 | |||||||
Average equity to average assets | 12.01 | 11.12 | 8 | 11.71 | 3 | |||||||
Tier 1 leverage capital ratio(5) | 10.45 | 9.34 | 12 | 10.15 | 3 | |||||||
Total risk-based capital ratio(5) | 14.98 | 13.24 | 13 | 14.54 | 3 | |||||||
Net interest margin (6) | 4.35 | 4.35 | - | 4.42 | (2) | |||||||
PER SHARE DATA | ||||||||||||
Basic earnings per share | $ 0.64 | $ 0.59 | 9 | % | $ 0.72 | (11) | % | |||||
Diluted earnings per share | 0.62 | 0.57 | 9 | 0.69 | (10) | |||||||
Book value at period end | 25.53 | 23.75 | 8 | 25.05 | 2 | |||||||
Tangible book value at period end | 23.85 | 21.90 | 9 | 23.35 | 2 | |||||||
PER SHARE DATA | ||||||||||||
Shares outstanding at period end | 7,401,396 | 7,306,728 | 1 | % | 7,373,641 | - | % | |||||
Weighted average shares outstanding | ||||||||||||
Basic | 6,972,395 | 6,816,409 | 2 | % | 6,936,301 | 1 | % | |||||
Diluted | 7,234,259 | 7,088,125 | 2 | 7,207,263 | - | |||||||
(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. See "Non-GAAP Reconciliation" on page 5 for additional information. |
(3) | Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" on page 5 for additional information. |
(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 | ||||||||||||||||||||
June 30, 2017 | March 31, 2017 | June 30, 2016 | ||||||||||||||||||
Acquired | Originated | Total | Acquired | Originated | Total | Acquired | Originated | Total | ||||||||||||
(dollars in thousands) | ||||||||||||||||||||
CREDIT QUALITY(1) | ||||||||||||||||||||
Nonaccrual loans | $ 1,618 | $ 14,286 | $ 15,904 | $ 1,524 | $ 13,072 | $ 14,596 | $ 1,861 | $ 15,215 | $ 17,076 | |||||||||||
Accruing loans past due 90 days and over | - | - | - | - | - | - | - | - | - | |||||||||||
Total nonperforming loans | 1,618 | 14,286 | 15,904 | 1,524 | 13,072 | 14,596 | 1,861 | 15,215 | 17,076 | |||||||||||
Foreclosed assets | 500 | 87 | 587 | 890 | 722 | 1,612 | 2,106 | 180 | 2,286 | |||||||||||
Total nonperforming assets | 2,118 | 14,373 | 16,491 | 2,414 | 13,794 | 16,208 | 3,967 | 15,395 | 19,362 | |||||||||||
Performing troubled debt restructurings | 3,063 | 1,084 | 4,147 | 3,314 | 1,056 | 4,370 | 3,474 | 988 | 4,462 | |||||||||||
Total nonperforming assets and troubled | ||||||||||||||||||||
debt restructurings | $ 5,181 | $ 15,457 | $ 20,638 | $ 5,728 | $ 14,850 | $ 20,578 | $ 7,441 | $ 16,383 | $ 23,824 | |||||||||||
Nonperforming assets to total assets | 1.05 | % | 1.02 | % | 1.25 | % | ||||||||||||||
Nonperforming loans to total assets | 1.01 | 0.92 | 1.11 | |||||||||||||||||
Nonperforming loans to total loans | 1.30 | 1.19 | 1.40 | |||||||||||||||||
Allowance for loan losses to nonperforming assets | 78.89 | 79.70 | 59.12 | |||||||||||||||||
Allowance for loan losses to nonperforming loans | 81.80 | 88.50 | 67.04 | |||||||||||||||||
Allowance for loan losses to total loans | 1.07 | 1.05 | 0.94 | |||||||||||||||||
Year-to-date loan charge-offs | $ 91 | $ 18 | $ 186 | |||||||||||||||||
Year-to-date loan recoveries | 133 | 118 | 186 | |||||||||||||||||
Year-to-date net loan charge-offs | $ (42) | $ (100) | $ - | |||||||||||||||||
Annualized YTD net loan charge-offs to total loans | - | % | - | % | - | % | ||||||||||||||
(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. |
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SOURCE Home Bancorp, Inc.
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