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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Home Bancorp Inc | NASDAQ:HBCP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.12 | 2.89% | 39.86 | 36.20 | 63.02 | 39.70 | 39.00 | 39.09 | 9,460 | 22:30:00 |
LAFAYETTE, La., April 23, 2013 /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 $1.9 million for the first quarter of 2013, a decrease of $462,000, or 20%, compared to the fourth quarter of 2012 and a decrease of $199,000, or 10%, compared to the first quarter of 2012. Diluted earnings per share were $0.27 for the first quarter of 2013, a decrease of $0.06, or 18%, compared to the fourth quarter of 2012 and a decrease of $0.02, or 7%, compared to the first quarter of 2012.
"We are beginning to see our loan pipeline grow modestly," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "We continue to manage our company conservatively through this challenging time for our industry. We will maintain our credit standards and manage interest rate risk appropriately for the long-term benefit of our Company and shareholders."
Loans and Credit Quality
Loans totaled $678.6 million at March 31, 2013, an increase of $5.5 million, or 1%, from December 31, 2012, and a decrease of $72,000, from March 31, 2012. During the first quarter, increases in the one-to four-family first mortgage (up $8.5 million) and commercial and industrial (up $2.1 million) loan portfolios were largely offset by maturities and paydowns in most other segments of the loan portfolio. The increase in the one-to-four-family first mortgage portfolio resulted primarily from the selective addition of 15-year term loans to the portfolio.
The following table sets forth the composition of the Company's loan portfolio (including loans covered by loss sharing agreements) as of the dates indicated.
March 31, |
December 31, |
Increase/(Decrease) |
||||||
(dollars in thousands) |
2013 |
2012 |
Amount |
Percent |
||||
Real estate loans: |
||||||||
One- to four-family first mortgage |
$ |
186,275 |
$ |
177,816 |
$ |
8,459 |
5 |
% |
Home equity loans and lines |
38,543 |
40,425 |
(1,882) |
(5) |
||||
Commercial real estate |
251,656 |
252,805 |
(1,149) |
- |
||||
Construction and land |
74,229 |
75,529 |
(1,300) |
(2) |
||||
Multi-family residential |
18,500 |
19,659 |
(1,159) |
(6) |
||||
Total real estate loans |
569,203 |
566,234 |
2,969 |
1 |
||||
Other loans: |
||||||||
Commercial and industrial |
74,346 |
72,253 |
2,093 |
3 |
||||
Consumer |
35,029 |
34,641 |
388 |
1 |
||||
Total other loans |
109,375 |
106,894 |
2,481 |
2 |
||||
Total loans |
$ |
678,578 |
$ |
673,128 |
$ |
5,450 |
1 |
% |
Nonperforming assets ("NPAs"), which include $11.6 million in assets covered under loss sharing agreements with the FDIC ("Covered Assets") and $12.3 million acquired from GS Financial Corp. ("GSFC"), totaled $30.5 million at March 31, 2013, an increase of $2.1 million compared to December 31, 2012 and a decrease of $3.6 million compared to March 31, 2012. The ratio of total NPAs to total assets was 3.12% at March 31, 2013, compared to 2.95% at December 31, 2012 and 3.48% at March 31, 2012. Excluding acquired assets, the ratio of NPAs to total assets was 0.80% at March 31, 2013, compared to 0.62% at December 31, 2012 and 1.16% at March 31, 2012.
The Company recorded net loan charge-offs of $165,000 during the first quarter of 2013, compared to net loan charge-offs of $70,000 in the fourth quarter of 2012 and $3,000 in the first quarter of 2012. The increase in net charge-offs for the first quarter of 2013 resulted primarily from the full charge off of one commercial and industrial loan relationship.
The Company's provision for loan losses for the first quarter of 2013 was $520,000, compared to $483,000 for the fourth quarter of 2012 and $712,000 for the first quarter of 2012. The provision in the first quarter of 2013 related primarily to the commercial and industrial loan charge-offs noted above and a $300,000 provision on a $1.3 million medical equipment loan.
The ratio of allowance for loan losses to total loans was 0.84% at March 31, 2013, compared to 0.79% and 0.86% at December 31, 2012 and March 31, 2012, respectively. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.05% at March 31, 2013, compared to 1.01% at December 31, 2012 and 1.22% at March 31, 2012.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $159.7 million at March 31, 2013, an increase of $807,000, or 1%, from December 31, 2012, and a decrease of $4.3 million, or 3%, from March 31, 2012. At March 31, 2013, the Company had a net unrealized gain position on its investment securities portfolio of $4.6 million, compared to net unrealized gains of $4.9 million and $4.0 million at December 31, 2012 and March 31, 2012, respectively. The investment securities portfolio had a modified duration of 3.7 years at March 31, 2013 and December 31, 2012, compared to 3.2 years at March 31, 2012.
Deposits
During the first quarter of 2013, core deposits (i.e., checking, savings and money market accounts) increased $24.9 million, or 5%, from December 31, 2012, and increased $84.7 million, or 19%, from March 31, 2012. Total deposits were $783.3 million at March 31, 2013, an increase of $11.9 million, or 2%, from December 31, 2012, and an increase of $47.2 million, or 6%, from March 31, 2012.
The following table sets forth the composition of the Company's deposits at the dates indicated.
March 31, |
December 31, |
Increase / (Decrease) |
||||||
(dollars in thousands) |
2013 |
2012 |
Amount |
Percent |
||||
Demand deposit |
$ |
174,520 |
$ |
152,462 |
$ |
22,058 |
14 |
% |
Savings |
53,677 |
51,515 |
2,162 |
4 |
||||
Money market |
196,009 |
191,191 |
4,818 |
3 |
||||
NOW |
119,111 |
123,294 |
(4,183) |
(3) |
||||
Certificates of deposit |
240,002 |
252,967 |
(12,965) |
(5) |
||||
Total deposits |
$ |
783,319 |
$ |
771,429 |
$ |
11,890 |
2 |
% |
Share Repurchases
The Company purchased 36,160 shares of its common stock during the first quarter of 2013 at an average price per share of $18.55 under the share repurchase plan announced in July 2012. The Company may repurchase up to 383,598 shares, or approximately 5%, of the Company's outstanding common stock under the July 2012 plan. As of April 17, 2013, the Company has purchased 286,022 shares under the plan at an average price per share of $17.56; hence, an additional 97,576 shares remain eligible for purchase under the plan. The tangible book value per share of the Company's common stock was $19.03 at March 31, 2013.
Net Interest Income
Net interest income for the first quarter of 2013 totaled $9.9 million, a decrease of $521,000, or 5%, compared to the fourth quarter of 2012, and a decrease of $102,000, or 1%, compared to the first quarter of 2012. The decline in net interest income in the first quarter of 2013 compared to the first and fourth quarters of 2012 was due largely to a decline in loan interest income as a result of lower volumes of new loan originations and lower average yields earned on loans, reflecting the continuing low interest rate environment as well as the effects of competition for loans in our marketplace.
The Company's net interest margin was 4.63% for the first quarter of 2013, 12 basis points lower than the fourth quarter of 2012 and two basis points lower than the first quarter of 2012. The decrease in the net interest margin related primarily to lower loan yields.
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 yields are calculated using a marginal tax rate of 35%.
For the Three Months Ended |
|||||||||||||||||||||||
March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
|||||||||||||||||||||
(dollars in thousands) |
Average Balance |
Average Yield/Rate |
Average Balance |
Average Yield/Rate |
Average Balance |
Average Yield/Rate |
|||||||||||||||||
Interest-earning assets: |
|||||||||||||||||||||||
Loans receivable |
$ |
675,435 |
5.98 |
% |
$ |
673,428 |
6.28 |
% |
$ |
672,713 |
6.13 |
% |
|||||||||||
Investment securities (TE) |
153,958 |
2.15 |
149,294 |
2.09 |
155,476 |
2.32 |
|||||||||||||||||
Other interest-earning assets |
28,753 |
0.44 |
41,057 |
0.43 |
25,160 |
0.55 |
|||||||||||||||||
Total interest-earning assets |
$ |
858,146 |
5.11 |
$ |
863,779 |
5.28 |
$ |
853,349 |
5.27 |
||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||||||||
Deposits: |
|||||||||||||||||||||||
Savings, checking, and money market |
$ |
369,594 |
0.30 |
$ |
361,862 |
0.33 |
$ |
316,004 |
0.45 |
||||||||||||||
Certificates of deposit |
245,421 |
1.01 |
257,750 |
1.04 |
282,476 |
1.11 |
|||||||||||||||||
Total interest-bearing deposits |
615,015 |
0.58 |
619,612 |
0.63 |
598,480 |
0.76 |
|||||||||||||||||
FHLB advances |
41,243 |
1.39 |
40,796 |
1.58 |
101,473 |
0.71 |
|||||||||||||||||
Total interest-bearing liabilities |
$ |
656,258 |
0.63 |
$ |
660,408 |
0.68 |
$ |
699,953 |
0.75 |
||||||||||||||
Net interest spread (TE) |
4.48 |
% |
4.59 |
% |
4.52 |
% |
|||||||||||||||||
Net interest margin (TE) |
4.63 |
% |
4.75 |
% |
4.65 |
% |
|||||||||||||||||
Noninterest Income
Noninterest income for the first quarter of 2013 totaled $1.8 million, an increase of $15,000, or 1%, compared to the fourth quarter of 2012 and an increase of $80,000, or 5%, compared to the first quarter of 2012. The increase in noninterest income in the first quarter of 2013 compared to the fourth quarter of 2012 resulted primarily from increases in service fees and charges (up $51,000) and bank card fees (up $15,000), which were partially offset by decreases in gains on the sale of mortgage loans (down $19,000), income from bank-owned life insurance (down $9,000) and other income (down $16,000).
The increase in noninterest income in the first quarter of 2013 compared to the first quarter of 2012 resulted primarily from higher gains on sale of mortgage loans (up $222,000), which was partially offset by decreases in discount accretion on the FDIC loss sharing receivable (down $65,000), bank card fees (down $54,000) and service fees and charges (down $24,000).
Noninterest Expense
Noninterest expense for the first quarter of 2013 totaled $8.3 million, an increase of $83,000, or 1%, compared to the fourth quarter of 2012 and an increase of $487,000, or 6%, compared to the first quarter of 2012. The increase in noninterest expense in the first quarter of 2013 compared to the fourth quarter of 2012 resulted primarily from higher accrual of Louisiana shares tax (up $317,000), which was partially offset by lower data processing and communication (down $126,000) and foreclosed asset expenses (down $115,000).
The increase in noninterest expense in the first quarter of 2013 compared to the first quarter of 2012 resulted primarily from higher compensation and benefits (up $401,000), marketing and advertising (up $88,000) and Louisiana shares tax (up $98,000) expenses, which were partially offset by lower foreclosed asset expenses (down $90,000).
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 loans acquired from the FDIC and GSFC. Management believes the presentation of this non-GAAP financial information provides useful information that is essential to a proper 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 are they 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, 2012, 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, March 31, % December 31, 2013 2012 Change 2012 Assets Cash and cash equivalents $ 48,271,579 $ 33,800,736 43 % $ 39,539,366 Interest-bearing deposits in banks 3,529,000 4,754,000 (26) 3,529,000 Investment securities available for sale, at fair value 158,264,273 161,000,461 (2) 157,255,828 Investment securities held to maturity 1,463,543 3,064,866 (52) 1,665,184 Mortgage loans held for sale 4,373,926 1,794,119 144 5,627,104 Loans covered by loss sharing agreements 41,533,637 56,111,387 (26) 45,764,397 Noncovered loans, net of unearned income 637,044,534 622,539,181 2 627,363,937 Total loans 678,578,171 678,650,568 - 673,128,334 Allowance for loan losses (5,674,179) (5,813,095) (2) (5,319,235) Total loans, net of allowance for loan losses 672,903,992 672,837,473 - 667,809,099 FDIC loss sharing receivable 15,658,092 24,399,699 (36) 15,545,893 Office properties and equipment, net 30,540,350 30,724,675 (1) 30,777,184 Cash surrender value of bank-owned life insurance 17,405,985 16,902,453 3 17,286,434 Accrued interest receivable and other assets 24,614,631 30,275,634 (19) 23,891,172 Total Assets $ 977,025,371 $ 979,554,116 - $ 962,926,264 Liabilities Deposits $ 783,318,582 $ 736,157,230 6 % $ 771,429,335 Federal Home Loan Bank advances 49,346,176 100,848,030 (51) 46,256,805 Accrued interest payable and other liabilities 1,242,657 4,827,764 (74) 3,666,264 Total Liabilities 833,907,415 841,833,024 (1) 821,352,404 Shareholders' Equity Common stock 89,534 89,404 - % 89,506 Additional paid-in capital 91,458,193 90,230,748 1 90,986,820 Treasury stock (22,390,786) (15,965,319) 40 (21,719,954) Common stock acquired by benefit plans (7,358,139) (8,531,519) (14) (7,455,669) Retained earnings 78,297,156 69,305,807 13 76,435,222 Accumulated other comprehensive income 3,021,998 2,591,971 17 3,237,935 Total Shareholders' Equity 143,117,956 137,721,092 4 141,573,860 Total Liabilities and Shareholders' Equity $ 977,025,371 $ 979,554,116 - $ 962,926,264 HOME BANCORP, INC. AND SUBSIDIARY CONDENSED STATEMENTS OF INCOME For The Three Months Ended For The Three March 31, % Months Ended % 2013 2012 Change December 31, 2012 Change Interest Income Loans, including fees $ 10,072,750 $ 10,371,357 (3) % $ 10,734,365 (6) % Investment securities 771,050 859,482 (10) 728,597 6 Other investments and deposits 31,306 34,398 (9) 43,951 (29) Total interest income 10,875,106 11,265,237 (3) 11,506,913 (5) Interest Expense Deposits 881,014 1,131,848 (22) % 974,361 (10) % Federal Home Loan Bank advances 143,679 180,836 (21) 160,787 (11) Total interest expense 1,024,693 1,312,684 (22) 1,135,148 (10) Net interest income 9,850,413 9,952,553 (1) 10,371,765 (5) Provision for loan losses 520,392 711,900 (27) 483,251 8 Net interest income after provision for loan losses 9,330,021 9,240,653 1 9,888,514 (6) Noninterest Income Service fees and charges 546,346 569,941 (4) % 495,372 10 % Bank card fees 414,392 468,284 (12) 399,282 4 Gain on sale of loans, net 548,419 326,171 68 567,804 (3) Income from bank-owned life insurance 119,551 131,279 (9) 128,487 (7) Gain on the sale of securities, net - 168 (100) - - Discount accretion of FDIC loss sharing receivable 112,199 177,510 (37) 119,087 (6) Other income 39,371 26,562 48 55,418 (29) Total noninterest income 1,780,278 1,699,915 5 1,765,450 1 Noninterest Expense Compensation and benefits 5,096,218 4,695,709 9 % 5,118,250 - % Occupancy 708,786 694,941 2 689,774 3 Marketing and advertising 239,195 151,474 58 205,051 17 Data processing and communication 641,515 672,341 (5) 767,345 (16) Professional fees 212,746 232,253 (8) 189,175 12 Forms, printing and supplies 106,773 126,266 (15) 100,006 7 Franchise and shares tax 273,620 175,651 56 (43,458) 730 Regulatory fees 223,249 198,158 13 224,673 (1) Foreclosed assets, net 177,943 267,998 (34) 292,584 (39) Other expenses 616,271 594,031 4 669,918 (8) Total noninterest expense 8,296,316 7,808,822 6 8,213,318 1 Income before income tax expense 2,813,983 3,131,746 (10) 3,440,646 (18) Income tax expense 952,049 1,071,289 (11) 1,116,236 (15) Net income $ 1,861,934 $ 2,060,457 (10) $ 2,324,410 (20) Earnings per share - basic $ 0.28 $ 0.30 (7) % $ 0.34 (18) % Earnings per share - diluted $ 0.27 $ 0.29 (7) $ 0.33 (18) HOME BANCORP, INC. AND SUBSIDIARY SUMMARY FINANCIAL INFORMATION For The Three Months Ended For The Three March 31, % Months Ended % 2013 2012 Change December 31, 2012 Change (dollars in thousands except per share data) EARNINGS DATA Total interest income $ 10,875 $ 11,265 (3) % $ 11,507 (5) % Total interest expense 1,025 1,313 (22) 1,135 (10) Net interest income 9,850 9,952 (1) 10,372 (5) Provision for loan losses 520 712 (27) 483 8 Total noninterest income 1,780 1,700 5 1,765 1 Total noninterest expense 8,296 7,809 6 8,213 1 Income tax expense 952 1,071 (11) 1,116 (15) Net income $ 1,862 $ 2,060 (10) $ 2,325 (20) AVERAGE BALANCE SHEET DATA Total assets $ 961,542 $ 965,683 - % $ 969,182 (1) % Total interest-earning assets 858,146 853,349 1 863,779 (1) Total loans 675,435 672,713 - 673,428 - Total interest-bearing deposits 615,015 598,480 3 619,612 (1) Total interest-bearing liabilities 656,258 699,953 (6) 660,408 (1) Total deposits 775,937 724,752 7 783,522 (1) Total shareholders' equity 143,113 134,899 6 141,457 1 SELECTED RATIOS (1) Return on average assets 0.77 % 0.85 % (9) % 0.96 % (20) % Return on average equity 5.20 6.11 (15) 6.57 (21) Efficiency ratio (2) 71.33 67.01 6 67.67 5 Average equity to average assets 14.88 13.97 7 14.60 2 Tier 1 leverage capital ratio(3) 13.70 12.59 9 13.67 - Total risk-based capital ratio(3) 22.11 20.83 6 21.83 1 Net interest margin (4) 4.63 4.65 - 4.75 (3) PER SHARE DATA Basic earnings per share $ 0.28 $ 0.30 (7) % $ 0.34 (18) % Diluted earnings per share 0.27 0.29 (7) 0.33 (18) Book value at period end 19.33 17.74 9 19.03 2 Tangible book value at period end 19.03 17.42 9 18.73 2 PER SHARE DATA Shares outstanding at period end 7,405,767 7,762,204 (5) % 7,439,127 - % Weighted average shares outstanding Basic 6,668,780 6,952,952 (4) % 6,770,286 (1) % Diluted 7,019,572 7,196,444 (2) 7,086,561 (1) (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. Taxable equivalent yields are calculated using a marginal tax rate of 35%. HOME BANCORP, INC. AND SUBSIDIARY SUMMARY CREDIT QUALITY INFORMATION March 31, 2013 December 31, 2012 March 31, 2012 Covered Noncovered Total Covered Noncovered Total Covered Noncovered Total (dollars in thousands) CREDIT QUALITY(1) (2) Nonaccrual loans $ 8,105 $ 15,225 $ 23,330 $ 9,579 $ 12,368 $ 21,947 $ 10,456 $ 15,759 $ 26,215 Accruing loans past due 90 days and over - - - - - - - - - Total nonperforming loans 8,105 15,225 23,330 9,579 12,368 21,947 10,456 15,759 26,215 Other real estate owned 3,517 3,612 7,129 2,683 3,771 6,454 5,168 2,675 7,843 Total nonperforming assets 11,622 18,837 30,459 12,262 16,139 28,401 15,624 18,434 34,058 Performing troubled debt restructurings 297 482 779 306 808 1,114 25 543 568 Total nonperforming assets and troubled debt restructurings $ 11,919 $ 19,319 $ 31,238 $ 12,568 $ 16,947 $ 29,515 $ 15,649 $ 18,977 $ 34,626 Nonperforming assets to total assets 3.12 % 2.95 % 3.48 % Nonperforming loans to total assets 2.39 2.28 2.68 Nonperforming loans to total loans 3.44 3.26 3.86 Allowance for loan losses to nonperforming assets 18.63 18.73 17.07 Allowance for loan losses to nonperforming loans 24.32 24.24 22.18 Allowance for loan losses to total loans 0.84 0.79 0.86 Year-to-date loan charge-offs $ 189 $ 2,325 $ 15 Year-to-date loan recoveries 24 129 12 Year-to-date net loan charge-offs $ 165 $ 2,196 $ 3 Annualized YTD net loan charge-offs to total loans 0.10 % 0.33 % - % (1) Nonperforming loans consist of nonaccruing loans and accruing 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.
Copyright 2013 PR Newswire
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