HOME BANCORP, INC. 
By LAFAYETTE, La., Jan. 26, 2012 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: HBCP) (the "Company"), the parent company for Home Bank (www.home24bank.com), a Federally chartered savings bank headquartered in Lafayette, Louisiana (the "Bank"), announced net income of $2.1 million for the fourth quarter of 2011, an increase of $1.2 million, or 131%, compared to the third quarter of 2011 and an increase of $669,000, or 46%, compared to the fourth quarter of 2010. The third and fourth quarters of 2011 include pre-tax expenses related to the acquisition of GS Financial Corp. of $1.4 million and $604,000, respectively. Excluding merger-related expenses, net income for the fourth quarter of 2011 was $2.5 million, an increase of 34% and 73% compared to the third quarter of 2011 and the fourth quarter of 2010, respectively.
Diluted earnings per share were $0.30 for the fourth quarter of 2011, compared to $0.13 for the third quarter of 2011 and $0.20 for the fourth quarter of 2010. Excluding merger-related expenses, diluted earnings per share were $0.36 for the fourth quarter of 2011, increases of 33% and 71% compared to the third quarter of 2011 and the fourth quarter of 2010, respectively.
Net income for the year ended December 31, 2011 was $5.1 million, an increase of $432,000, or 9%, compared to 2010. Diluted earnings per share for 2011 were $0.71, an increase of 15% compared to $0.62 in 2010.
"We are pleased with the direction of our financial results," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "and are even more excited about the development of our team. We have assembled a team of bankers who are committed to expanding customer relationships through sound financial advice and products. We seek to differentiate ourselves daily by offering flexible and timely solutions that better the lives of our customers."
"Our prospects for 2012 are strong due to the economic health of our markets and our reputation for doing what's best for our customers," added Mr. Bordelon. "We are focused on continually enhancing shareholder value through improved earnings."
Acquisition of GS Financial Corp.
As previously reported, the Company now serves the Greater New Orleans area through its acquisition of GS Financial Corp., the former holding company of Guaranty Savings Bank ("GSB") of Metairie, Louisiana, on July 15, 2011. As a result of the transaction, the Company acquired $256.8 million of assets, including loans of $182.5 million, and $230.7 million in deposits and other liabilities. Shareholders of GS Financial Corp. received $21.00 per share in cash, resulting in a total purchase price of $26.4 million.
Loans and Credit Quality
Total loans were $666.4 million at December 31, 2011, an increase of $12.7 million, or 2%, from September 30, 2011, and an increase of $226.5 million, or 51%, from December 31, 2010. Fourth quarter 2011 loan growth was in construction and land loans (up $8.6 million), commercial real estate loans (up $5.0 million) and multi-family residential loans (up $4.8 million). These increases were offset by decreases in one- to four- family first mortgage loans (down $5.2 million) and commercial and industrial loans (down $2.1 million). The increase in loans during 2011 was primarily the result of the loans acquired in the acquisition of GSB, which totaled $182.5 million at the acquisition date.
In connection with the Company's acquisition of certain assets and liabilities of Statewide Bank from the Federal Deposit Insurance Corporation ("FDIC") in March 2010, Home Bank entered into loss sharing agreements with the FDIC which cover the loan portfolio acquired from Statewide Bank ("Covered Loans") and other repossessed assets (collectively referred to as "Covered Assets"). Under the terms of the loss sharing agreements, the FDIC will absorb 80% of the first $41 million of losses incurred on Covered Assets and 95% of losses on Covered Assets exceeding $41 million. Covered loans totaled $61.1 million at December 31, 2011, down $6.2 million and down $19.4 million compared to September 30, 2011 and December 31, 2010, respectively.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
December December Increase/
31, 31, (Decrease)
(dollars in thousands) 2011 2010 Amount Percent
---------------------- ---- ---- ------ -------
Real estate loans:
One- to four-family
first mortgage $182,817 $122,614 $60,203 49%
Home equity loans and
lines 43,665 30,915 12,750 41
Commercial real estate 226,999 150,824 76,175 51
Construction and land 78,994 57,538 21,456 37
Multi-family residential 20,125 5,718 14,407 252
------------------------ ------ ----- ------ ---
Total real estate loans 552,600 367,609 184,991 50
----------------------- ------- ------- ------- ---
Other loans:
Commercial and industrial 82,980 48,410 34,570 71
Consumer 30,791 23,892 6,899 29
-------- ------ ------ ----- ---
Total other loans 113,771 72,302 41,469 57
----------------- ------- ------ ------ ---
Total loans $666,371 $439,911 $226,460 51%
=========== ======== ======== ======== ===
Nonperforming assets ("NPAs") totaled $30.4 million at December 31, 2011, an increase of $2.4 million compared to September 30, 2011 and an increase of $7.6 million compared to December 31, 2010. NPAs include $16.6 million in Covered Assets and $9.9 million acquired from GSB. Excluding Covered Assets, the ratio of NPAs to total assets was 1.55% at December 31, 2011, compared to 1.32% at September 30, 2011 and 0.19% at December 31, 2010.
The Company recorded net loan recoveries of $7,000 during the fourth quarter of 2011, compared to net loan charge-offs of $53,000 in the third quarter of 2011 and $151,000 in the fourth quarter of 2010.
The Company's loan loss provision for the fourth quarter of 2011 was $568,000, compared to $526,000 for the third quarter of 2011 and $147,000 for the fourth quarter of 2010. The increases compared to the fourth quarter of 2010 are primarily attributable to loan growth and modest downgrades of certain loans in the Company's organic (i.e., not acquired) loan portfolio.
At December 31, 2011, the Company's ratio of allowance for loan losses to total loans was 0.77%, compared to 0.69% and 0.89% at September 30, 2011 and December 31, 2010, respectively. The increase in the ratio of allowance for loan losses to total loans during the fourth quarter was due to loan growth and modest downgrades of certain loans. The decrease in the fourth quarter 2011 ratio of allowance for loan losses to total loans compared to fourth quarter 2010 relates primarily to the acquisition of the GSB loans. Under accounting rules generally accepted in the United States, an acquirer may not carry over the acquiree's allowance for loan losses. Instead, the acquirer must fair value the cash flows expected to be derived from the acquired loan portfolio. Management has included its credit loss expectations in the acquired loan portfolio's cash flow assumptions used to derive the portfolio's fair value. Hence, management believes that expected credit losses in the acquired loan portfolio were appropriately addressed in the fair value adjustments recorded on the acquired loan portfolio. Excluding acquired loans of GSB and Statewide Bank, the ratio of allowance for loan losses to total organic loans was 1.14% at December 31, 2011. Subsequent to acquisitions, ongoing evaluations of the acquired loan portfolio may result in additional provisions for the acquired loans.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $158.7 million at December 31, 2011, a decrease of $10.7 million, or 6%, from September 30, 2011, and an increase of $31.5 million, or 25%, from December 31, 2010. The decrease in investment securities during the fourth quarter of 2011 resulted primarily from paydowns, calls and maturities during the period. The increase compared to December 31, 2010 resulted primarily from the addition of $46.5 million in investment securities acquired from GSB. At December 31, 2011, the Company had a net unrealized gain position on its investment securities portfolio of $2.6 million, compared to net unrealized gains of $2.5 million and $1.0 million as of September 30, 2011 and December 31, 2010, respectively.
The Company maintains a portfolio of non-agency mortgage-backed securities, which had an amortized cost of $14.8 million at December 31, 2011. Each of these securities is rated investment grade by Standard & Poor's and/or Moody's.
Deposits
Deposits totaled $730.7 million at December 31, 2011, an increase of $11.3 million, or 2%, from September 30, 2011, and $177.5 million, or 32%, from December 31, 2010. The acquisition of GSB added $193.5 million in deposits. The Company's organic core deposits (i.e., checking, savings and money market accounts) increased for the tenth consecutive quarter, posting growth of $12.7 million, or 3.6%, during the fourth quarter of 2011.
The following table sets forth the composition of the Company's deposits at the dates indicated.
December Increase /
December 31, 31, (Decrease)
(dollars in thousands) 2011 2010 Amount Percent
---------------------- ---- ---- ------ -------
Demand deposit $127,828 $100,579 $27,249 27%
Savings 43,671 29,258 14,413 49
Money market 180,790 133,245 47,545 36
NOW 93,679 68,398 25,281 37
Certificates of deposit 284,766 221,738 63,028 28
----------------------- ------- ------- ------ ---
Total deposits $730,734 $553,218 $177,516 32
============== ======== ======== ======== ===
Share Repurchases
The Company purchased 102,200 shares of its common stock during the fourth quarter of 2011 at an average price per share of $14.83 under the share repurchase plan announced in May 2011. The Company may repurchase up to 402,835 shares, or approximately 5%, of the Company's outstanding common stock under the May 2011 plan. As of January 20, 2012, the Company has purchased 304,325 shares under the plan at an average price per share of $14.55; hence, 98,510 additional shares remain eligible for purchase under the plan. The tangible book value per share of the Company's common stock was $16.96 at December 31, 2011.
Net Interest Income
Net interest income for the fourth quarter of 2011 totaled $10.0 million, an increase of $593,000, or 6%, compared to the third quarter of 2011, and an increase of $2.8 million, or 40%, compared to the fourth quarter of 2010. The Company's net interest margin was 4.66% for the fourth quarter of 2011, eight basis points higher than the third quarter of 2011 and four basis points lower than the fourth quarter of 2010. The increase in the net interest margin compared to the third quarter of 2011 was primarily due to changes in the mix of interest-earning assets. The decrease in the net interest margin compared to the fourth quarter of 2010 was primarily due to lower average yields on interest-earning assets resulting from the current interest rate environment and lower costs on interest-bearing liabilities.
Net interest income for 2011 totaled $33.2 million, an increase of $5.4 million, or 20%, compared to 2010. The 20% increase relates primarily to the acquisition of GSB and organic loan and core deposit growth. The Company's net interest margin was 4.64% in 2011, two basis points higher than 2010, which was the result of mix changes in interest-earnings assets and lower costs on interest-bearing liabilities.
The following table sets forth the Company's average balance and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.
For the Three Months Ended
December 31, September 30, December 31,
2011 2011 2010
------------- -------------- -------------
(dollars Average Average Average
in Average Yield/ Average Yield/ Average Yield/
thousands) Balance Rate Balance Rate Balance Rate
---------- -------- -------- -------- -------- -------- --------
Interest-
earning
assets:
Loans
receivable $662,429 6.26% $612,416 6.30% $448,172 6.61%
Investment
securities 162,367 2.18 174,208 2.36 124,561 3.39
Other
interest-
earning
assets 26,026 0.79 28,447 0.51 32,045 0.47
------ ------ ------
Total
interest-
earning
assets $850,822 5.35 $815,071 5.30 $604,778 5.62
======== ======== ========
Interest-
bearing
liabilities:
Deposits:
Savings,
checking,
and
money
market $314,695 0.47 $300,000 0.52 $220,556 0.56
Certificates
of
deposit 284,169 1.16 273,407 1.20 228,848 1.70
------- ------- -------
Total
interest-
bearing
deposits 598,864 0.80 573,407 0.84 449,404 1.14
FHLB
advances 103,011 0.75 105,828 0.68 14,027 3.17
------- ------- ------
Total
interest-
bearing
liabilities $701,875 0.79 $679,235 0.82 $463,431 1.20
======== ======== ========
Net
interest
spread 4.56% 4.48% 4.42%
Net
interest
margin 4.66 4.58 4.70
For the Year Ended
December 31, December 31,
2011 2010
------------- -------------
(dollars in thousands) Average Average Average Average
---------------------- ------- ------- ------- -------
Yield/ Yield/
Balance Rate Balance Rate
------- ------- ------- -------
Interest-earning assets:
Loans receivable $539,956 6.43% $447,606 6.38%
Investment securities 153,175 2.38 129,523 3.84
Other interest-earning assets 25,072 0.68 23,926 0.55
------ ------
Total interest-earning assets $718,203 5.30 $601,055 5.60
======== ========
Interest-bearing liabilities:
Deposits:
Savings, checking, and money
market $272,512 0.50 $196,561 0.65
Certificates of deposit 239,584 1.34 239,872 1.68
------- -------
Total interest-bearing
deposits 512,096 0.89 436,433 1.22
FHLB advances 66,264 0.88 20,587 2.75
------ ------
Total interest-bearing
liabilities $578,360 0.89 $457,020 1.29
======== ========
Net interest spread 4.41% 4.31%
Net interest margin 4.64 4.62
Noninterest Income
Noninterest income for the fourth quarter of 2011 totaled $1.9 million, an increase of $259,000, or 16%, compared to the third quarter of 2011 and an increase of $380,000, or 26%, compared to the fourth quarter of 2010. The increase in noninterest income in the fourth quarter of 2011 compared to the third quarter of 2011 was primarily the result of increased gains on the sale of mortgage loans of $357,000, or 217%. The increase in noninterest income in the fourth quarter of 2011 compared to the fourth quarter of 2010 was primarily the result of increased gains on the sale of mortgage loans of $183,000, or 54%, and the absence of OTTI charges of $218,000 incurred in the fourth quarter of 2010.
Noninterest income for 2011 totaled $6.8 million, an increase of $2.3 million, or 51%, from 2010. The increase in noninterest income in 2011 compared to 2010 was primarily the result of the absence of OTTI charges of $1.2 million incurred in 2010 and a $525,000 payment received in settlement of a lawsuit during the second quarter of 2011. Additionally, service fees and charges, bank card fees and gains on the sale of mortgage loans increased in 2011 compared to 2010 as a result of the GSB acquisition and organic customer growth.
Noninterest Expense
Noninterest expense for the fourth quarter of 2011 totaled $8.1 million, a decrease of $1.1 million, or 12%, compared to the third quarter of 2011 and an increase of $1.8 million, or 29%, compared to the fourth quarter of 2010. Noninterest expense for the third and fourth quarters of 2011 include pre-tax expenses related to the acquisition of GSB of $1.4 million and $604,000, respectively. Such merger-related expenses included professional fees, data conversion and severance and other employee costs associated with the merger and related systems conversion. Excluding merger-related expenses, noninterest expense for the fourth quarter of 2011 totaled $7.5 million, a decrease of $255,000, or 3%, compared to the third quarter of 2011 and an increase of $1.2 million, or 19%, compared to the fourth quarter of 2010.
Exclusive of merger-related expenses, the decrease in noninterest expense during the fourth quarter of 2011 compared to the third quarter of 2011 was primarily attributable to decreases in accruals for the Louisiana shares tax and FDIC assessments. Such decreases were partially offset by increased foreclosed asset collection expenses.
Exclusive of merger-related expenses, the increase in noninterest expense in the fourth quarter of 2011 compared to the same quarter last year was primarily attributable to the growth of the Company's branch network due to the GSB acquisition.
Noninterest expense for 2011 totaled $30.8 million, an increase of $6.4 million, or 26%, from 2010. The increase in noninterest expense in 2011 compared to 2010 was primarily the result of higher compensation and benefits, occupancy and data processing and communications expenses related primarily to the GSB acquisition.
Non-GAAP Reconciliation
For the Three Months Ended
December 31, September 30, December 31,
(dollars in thousands) 2011 2011 2010
---------------------- ------------- -------------- -------------
Reported noninterest
expense $8,083 $9,182 $6,273
Less: Merger-related
expenses (604) (1,449) -
-------------------- ---- ------ ---
Non-GAAP noninterest
expense $7,479 $7,733 $6,273
==================== ====== ====== ======
Reported net income $2,134 $923 $1,465
Add: Merger-related
expenses (after tax) 396 959 -
--------------------- --- --- ---
Non-GAAP net income $2,530 $1,882 $1,465
=================== ====== ====== ======
For the Year Ended
December 31, December 31,
(dollars in thousands) 2011 2010
---------------------- ------------- -------------
Reported noninterest
expense $30,783 $24,373
Less: Merger-related
expenses (2,053) -
-------------------- ------ ---
Non-GAAP noninterest
expense $28,730 $24,373
==================== ======= =======
Reported net income $5,120 $4,688
Add: Merger-related
expenses (after tax) 1,355 -
--------------------- ----- ---
Non-GAAP net income $6,475 $4,688
=================== ====== ======
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 the impact of merger-related expenses. Management believes the presentation of this non-GAAP financial information provides useful information that is essential to a proper understanding of the Company's core operating results. This non-GAAP financial information should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies.
This news release contains certain forwardlooking statements. Forwardlooking 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."
Forwardlooking 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 forwardlooking statements. Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2010, 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. Forwardlooking statements speak only as of the date they are made. We do not undertake to update forwardlooking statements to reflect circumstances or events that occur after the date the forwardlooking statements are made or to reflect the occurrence of unanticipated events.
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF FINANCIAL CONDITION
December
December 31, 31, % September 30,
2011 2010 Change 2011
---- ---- ------ ----
Assets
Cash
and
cash
equivalents $31,272,508 $36,970,638 (15) % $32,916,713
Interest-
bearing
deposits
in
banks 5,583,000 7,867,000 (29) 6,318,000
Investment
securities
available
for
sale,
at
fair
value 155,259,978 111,962,331 39 165,513,687
Investment
securities
held
to
maturity 3,461,717 15,220,474 (77) 3,938,656
Mortgage
loans
held
for
sale 1,672,597 2,436,986 (31) 8,928,396
Loans
covered
by
loss
sharing
agreements 61,070,360 80,446,859 (24) 67,296,479
Noncovered
loans,
net of
unearned
income 605,301,127 359,464,400 68 586,339,131
----------- ----------- -----------
Total
loans 666,371,487 439,911,259 51 653,635,610
Allowance
for
loan
losses (5,104,363) (3,919,745) 30 (4,529,834)
---------- ---------- ----------
Total
loans,
net of
allowance
for
loan
losses 661,267,124 435,991,514 52 649,105,776
----------- ----------- -----------
FDIC
loss
sharing
receivable 24,222,190 32,012,783 (24) 25,628,190
Office
properties
and
equipment,
net 31,763,692 23,371,915 36 31,314,946
Cash
surrender
value
of
bank-
owned
life
insurance 16,771,174 16,192,645 4 16,628,613
Accrued
interest
receivable
and
other
assets 32,515,158 18,396,806 77 31,880,426
---------- ---------- ----------
Total
Assets $963,789,138 $700,423,092 38 $972,173,403
============ ============ ============
Liabilities
Deposits $730,733,755 $553,217,853 32% $719,460,464
Federal
Home
Loan
Bank
advances 93,622,954 13,000,000 620 113,458,132
Accrued
interest
payable
and
other
liabilities 5,147,595 2,675,297 92 6,187,857
--------- --------- ---------
Total
Liabilities 829,504,304 568,893,150 46 839,106,453
----------- ----------- -----------
Shareholders'
Equity
Common
stock 89,335 89,270 -% 89,497
Additional
paid-
in
capital 89,741,406 88,818,862 1 89,336,376
Treasury
stock (15,892,315) (10,425,725) 52 (14,376,355)
Common
stock
acquired
by
benefit
plans (8,625,513) (9,770,556) (12) (8,714,783)
Retained
earnings 67,245,350 62,125,568 8 65,111,099
Accumulated
other
comprehensive
income 1,726,571 692,523 149 1,621,116
--------- ------- ---------
Total
Shareholders'
Equity 134,284,834 131,529,942 2 133,066,950
----------- ----------- -----------
Total
Liabilities
and
Shareholders'
Equity $963,789,138 $700,423,092 38 $972,173,403
============ ============ ============
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
For The Three Months
Ended For The Year Ended
December 31, % December 31, %
2011 2010 Change 2011 2010 Change
--- --- ------ --- --- ------
Interest Income
Loans, including fees $10,450,022 $7,456,346 40% $34,604,712 $28,556,905 21%
Investment securities 883,979 1,056,751 (16) 3,686,134 4,969,876 (26)
Other investments and
deposits 36,803 37,895 (3) 144,346 132,121 9
------ ------ ------- -------
Total interest income 11,370,804 8,550,992 33 38,435,192 33,658,902 14
---------- --------- ---------- ----------
Interest Expense
Deposits 1,194,653 1,294,223 (8) % 4,626,198 5,316,147 (13) %
Federal Home Loan Bank
advances 194,407 111,440 74 590,972 565,011 5
------- ------- ------- -------
Total interest expense 1,389,060 1,405,663 (1) 5,217,170 5,881,158 (11)
--------- --------- --------- ---------
Net interest income 9,981,744 7,145,329 40 33,218,022 27,777,744 20
Provision for loan losses 567,968 147,297 286 1,460,427 864,659 69
------- ------- --------- -------
Net interest income after
provision for loan losses 9,413,776 6,998,032 35 31,757,595 26,913,085 18
--------- --------- ---------- ----------
Noninterest Income
Service fees and charges 538,368 477,547 13% 2,160,706 2,013,358 7%
Bank card fees 443,407 405,685 9 1,737,554 1,418,620 22
Gain on sale of loans, net 520,493 337,435 54 910,165 716,252 27
Income from bank-owned
life insurance 142,561 158,496 (10) 578,529 631,702 (8)
Other-than-temporary
impairment of securities - (218,266) - - (1,229,037) -
Gain (loss) on the sale of
securities, net (4,706) 19,573 (124) (170,788) 58,704 (391)
Discount accretion of FDIC
loss sharing receivable 187,799 236,895 (21) 851,080 738,431 15
Settlement of litigation - - - 525,000 - -
Other income 30,461 60,787 (50) 188,750 144,045 31
------ ------ ------- -------
Total noninterest income 1,858,383 1,478,152 26 6,780,996 4,492,075 51
--------- --------- --------- ---------
Noninterest Expense
Compensation and benefits 4,692,503 3,797,201 24% 17,821,501 14,505,004 23%
Occupancy 799,493 565,753 41 2,633,558 2,217,788 19
Marketing and advertising 312,733 238,500 31 980,557 826,616 19
Data processing and
communication 713,701 493,814 45 3,141,776 2,141,975 47
Professional fees 203,524 188,737 8 1,378,504 1,084,170 27
Forms, printing and
supplies 139,997 131,860 6 542,079 512,777 6
Franchise and shares tax 93,783 (40,515) 331 675,801 400,589 69
Regulatory fees 169,375 228,244 (26) 857,990 620,526 38
Foreclosed assets, net 242,590 173,488 40 471,637 241,593 95
Other expenses 715,087 495,880 44 2,279,996 1,822,107 25
------- ------- --------- ---------
Total noninterest expense 8,082,786 6,272,962 29 30,783,399 24,373,145 26
--------- --------- ---------- ----------
Income before income tax
expense 3,189,373 2,203,222 45 7,755,192 7,032,015 10
Income tax expense 1,055,122 738,301 43 2,635,411 2,343,890 12
--------- ------- --------- ---------
Net income $2,134,251 $1,464,921 46% $5,119,781 $4,688,125 9%
========== ========== ========== ==========
Earnings per share - basic $0.31 $0.20 55% $0.72 $0.62 16%
===== ===== ===== =====
Earnings per share -
diluted $0.30 $0.20 50 $0.71 $0.62 15
===== ===== ===== =====
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
For The Three Months Ended For The Three
December 31, % Months Ended %
September 30,
2011 2010 Change 2011 Change
--- --- ------ -------------- ------
(dollars in thousands
except per share data)
EARNINGS DATA
Total interest income $11,371 $8,550 33% $10,788 5%
Total interest expense 1,389 1,406 (1) 1,400 (1)
----- ----- -----
Net interest income 9,982 7,144 40 9,388 6
----- ----- -----
Provision for loan losses 568 147 286 526 8
Total noninterest income 1,858 1,478 26 1,599 16
Total noninterest expense 8,083 6,272 29 9,182 (12)
Income tax expense 1,055 738 43 356 196
----- --- ---
Net income $2,134 $1,465 46 $923 131
====== ====== ====
AVERAGE BALANCE SHEET DATA
Total assets $965,357 $698,683 38% $926,101 4%
Total interest-earning
assets 850,822 604,778 41 815,071 4
Totals loans 662,429 448,172 48 612,416 8
Total interest-bearing
deposits 598,864 449,404 33 573,407 4
Total interest-bearing
liabilities 701,875 463,431 51 679,235 3
Total deposits 724,717 551,010 32 689,014 5
Total shareholders' equity 133,899 131,802 2 127,750 5
SELECTED RATIOS (1)
Return on average assets 0.88% 0.84% 5% 0.40% 120%
Return on average equity 6.38 4.45 43 2.89 121
Efficiency ratio (2) 68.27 72.74 (6) 83.57 (18)
Average equity to average
assets 13.87 18.86 (26) 13.79 1
Tier 1 leverage capital
ratio (3) 12.52 15.46 (19) 12.17 3
Total risk-based capital
ratio (3) 21.08 23.65 (11) 21.17 -
Net interest margin (4) 4.66 4.70 (1) 4.58 2
PER SHARE DATA
Basic earnings per share $0.31 $0.20 55% $0.13 138%
Diluted earnings per share 0.30 0.20 50 0.13 131
Book value at period end 17.30 16.18 7 16.92 2
Tangible book value at
period end 16.96 15.46 10 16.60 2
PER SHARE DATA
Shares outstanding at
period end 7,759,954 8,311,602 (7)% 7,862,154 (1) %
Weighted average shares
outstanding
Basic 6,882,206 7,274,882 (5)% 7,173,443 (4) %
Diluted 7,033,984 7,347,275 (4) 7,274,615 (3)
(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) 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.
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY CREDIT QUALITY INFORMATION
December 31, 2011 September 30, 2011 December 31, 2010
Covered Noncovered Total Covered Noncovered Total Covered Noncovered Total
------- ---------- ----- ------- ---------- ----- ------- ---------- -----
(dollars in thousands)
CREDIT QUALITY (1) (2)
Nonaccrual loans $10,460 $11,000 $21,460 $10,680 $8,791 $19,471 $15,988 $1,056 $17,044
Accruing loans past due
90 days and over
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Total nonperforming
loans 10,460 11,000 21,460 10,680 8,791 19,471 15,988 1,056 17,044
Other real estate owned 6,096 2,868 8,964 5,495 3,066 8,561 5,661 92 5,753
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Total nonperforming
assets 16,556 13,868 30,424 16,175 11,857 28,032 21,649 1,148 22,797
Performing troubled debt
restructurings 26 572 598 29 587 616 - 721 721
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Total nonperforming
assets and troubled
debt restructurings $16,582 $14,440 $31,022 $16,204 $12,444 $28,648 $21,649 $1,869 $23,518
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Nonperforming assets to
total assets 3.16% 2.88% 3.25%
Nonperforming loans to
total assets 2.23 2.00 2.43
Nonperforming loans to
total loans 3.21 2.98 3.87
Allowance for loan
losses to nonperforming
assets 16.78 16.16 17.19
Allowance for loan
losses to nonperforming
loans 23.79 23.26 23.00
Allowance for loan
losses to total loans 0.77 0.69 0.89
Year-to-date loan
charge-offs $334 $320 $369
Year-to-date loan
recoveries 58 38 72
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Year-to-date net loan
charge-offs $276 $282 $297
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Annualized YTD net loan
charge-offs to total
loans 0.04% 0.06% 0.07%
(1) Nonperforming loans consist of nonaccruing loans and loans 90 days or more past due. 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) Asset quality information includes assets covered under FDIC loss sharing agreements. Such assets covered by FDIC loss sharing agreements are
referred to as "Covered" assets. All other assets are referred to as "Noncovered".
SOURCE Home Bancorp, Inc.
