Home Bancorp Announces 2008 Fourth Quarter and Annual Results
"While many banks are contracting, Home Bank is gaining new clients daily as customers realize the importance of banking locally", added Mr. Bordelon. "Our bankers are focused on ensuring Home Bank's momentum continues to build during this challenging time for many in our industry."
Mutual to Stock Conversion
The Company completed its initial public stock offering ("IPO") on
Baton Rouge Expansion
Home Bank opened two full-service branches in
Loans and Credit Quality
Loans totaled
The Company recorded a
As of
Investment Securities Portfolio
The Company's investment securities portfolio totaled
Due to the deteriorating credit performance of the mortgage loans underlying three of the Company's non-agency mortgage-backed securities, the Company recorded an OTTI charge of
The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of
# of Gross Carrying Unrealized S&P
Collateral Securities Value Gain/(Loss) Rating
Prime 17 $40,916,000 $(7,488,000) AAA
Prime 1 1,183,000 (530,000) AA
Prime 1 2,401,000 (359,000) A
Prime 1 2,397,000 (18,000) Not rated (1)
Prime 1 616,000 -(2) B
Alt-A 1 1,657,000 42,000 AAA
Alt-A 1 886,000 -(3) B
Alt-A 1 1,052,000 -(4) Not rated (4)
Total non-agency
mortgage-backed
securities 24 $51,108,000 $(8,353,000)
(1) Rated "Aaa" by Moody's.
(2) The Company recorded an OTTI charge of $706,000 on this security
during the fourth quarter of 2008.
(3) The Company recorded an OTTI charge of $762,000 on this security
during the fourth quarter of 2008.
(4) The Company recorded an OTTI charge of $1.4 million on this
security during the fourth quarter of 2008. This security is
rated "A3" by Moody's and "CCC" by Fitch.
The Company holds no Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) preferred stock, equity securities, corporate bonds, trust preferred securities, hedge fund investments, collateralized debt obligations or structured investment vehicles.
Cash Invested at Other ATM Locations
Over the past several years, Home Bank has entered into contracts with various counterparties to provide cash for ATMs at approximately 1,200 locations throughout
The Company is currently pursuing collection options, including recovery under the counterparty's insurance policy for which Home Bank is a named insured. The Company has also put its insurance company on notice that the Company will file a claim under its fidelity bond.
Deposits
Deposits totaled
Accrued interest payable and other liabilities totaled
Net Interest Income
Net interest income for the fourth quarter of 2008 totaled
Average interest-earning assets totaled
Average interest-bearing liabilities totaled
Noninterest Income
Reported noninterest income (loss) under generally accepted accounting principles ("GAAP") for the fourth quarter of 2008 was
Noninterest Expense
Reported GAAP noninterest expense for the fourth quarter of 2008 was
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 charges for the other-than-temporary impairment of investment securities and a shortage in cash invested at other ATM locations. 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 prospectus, dated
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF FINANCIAL CONDITION
December 31, December 31, % September 30,
2008 2007 Change 2008
---- ---- ------ ----
Assets
Cash and cash
equivalents $20,150,248 $11,746,082 72% $60,389,012
Interest-
bearing
deposits in
banks 1,685,000 3,267,000 (48) 792,000
Cash invested at
other ATM
locations 24,243,780 17,142,751 41 20,697,177
Securities
available for
sale, at fair
value 114,235,261 56,995,287 100 76,301,887
Securities
held to
maturity 4,089,466 4,693,288 (13) 3,870,154
Mortgage loans
held for sale 996,600 1,174,650 (15) 281,200
Loans, net of
unearned income 335,568,071 308,582,151 9 317,564,165
Allowance for
loan losses (2,605,889) (2,314,132) 13 (2,390,573)
---------- ---------- -- ----------
Loans, net 332,962,182 306,268,019 9 315,173,592
Office properties
and equipment,
net 15,325,997 11,687,580 31 13,489,704
Cash surrender
value of bank-
owned life
insurance 5,268,817 5,006,615 5 5,201,472
Accrued interest
receivable and
other assets 9,439,637 4,369,573 116 6,848,881
--------- --------- --- ---------
Total Assets $528,396,988 $422,350,845 25% $503,045,079
============ ============ == ============
Liabilities
Deposits $354,145,105 $353,536,399 -% $353,476,182
Federal Home Loan
Bank advances 44,420,795 16,883,436 163 15,843,422
Accrued
interest
payable and
other
liabilities 2,868,362 2,547,890 13 82,537,048
--------- --------- -- ----------
Total Liabilities 401,434,262 372,967,725 8 451,856,652
----------- ----------- - -----------
Total
Shareholders'
Equity 126,962,726 49,383,120 157 51,188,427
----------- ---------- --- ----------
Total Liabilities
and
Shareholders'
Equity $528,396,988 $422,350,845 25% $503,045,079
============ ============ == ============
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
For The Three Months Ended
December 31,
------------ %
2008 2007 Change
---- ---- ------
Interest Income
Loans, including fees $5,534,213 $5,464,873 1%
Investment securities 1,478,963 663,962 123
Other investments and deposits 317,715 438,371 (28)
------- ------- ---
Total interest income 7,330,891 6,567,206 12
--------- --------- --
Interest Expense
Deposits 1,575,505 2,461,106 (36)
Federal Home Loan Bank advances 160,495 76,828 109
------- ------ ---
Total interest expense 1,736,000 2,537,934 (32)
--------- --------- ---
Net interest income 5,594,891 4,029,272 39
Provision for loan losses 297,775 277,486 7
------- ------- -
Net interest income after provision
for loan losses 5,297,116 3,751,786 41
--------- --------- --
Noninterest Income
Service fees and charges 612,087 488,039 25
Gain on sale of loans, net 61,903 93,423 (34)
Net loss on sale of real
estate owned (12,147) (4,140) 193
Other-than-temporary impairment
of securities (2,832,920) - -
Other income 217,311 129,821 67
------- ------- --
Total noninterest income (1,953,766) 707,143 (376)
---------- ------- ----
Noninterest Expense
Compensation and benefits 2,359,437 2,449,254 (4)
Occupancy 221,254 178,946 24
Marketing and advertising 135,112 180,899 (25)
Data processing and communication 207,707 230,533 (10)
Depreciation 207,554 261,075 (21)
Loss on ATM cash 867,389 - -
Other expenses 783,083 862,914 (9)
------- ------- --
Total noninterest expense 4,781,536 4,163,621 15
--------- --------- --
Income (loss) before income tax
expense (benefit) (1,438,186) 295,308 (587)
Income tax expense (benefit) (639,089) (113,658) 462
-------- -------- ---
Net Income (Loss) $(799,097) $408,966 (295)%
========= ======== ====
For The Year Ended
December 31,
------------ %
2008 2007 Change
---- ---- ------
Interest Income
Loans, including fees $21,790,163 $20,809,447 5%
Investment securities 4,283,960 2,667,979 61
Other investments and deposits 1,354,627 1,947,548 (30)
--------- --------- ---
Total interest income 27,428,750 25,424,974 8
---------- ---------- -
Interest Expense
Deposits 7,903,313 9,626,217 (18)
Federal Home Loan Bank advances 843,937 282,099 199
------- ------- ---
Total interest expense 8,747,250 9,908,316 (12)
--------- --------- ---
Net interest income 18,681,500 15,516,658 20
Provision for loan losses 459,212 419,872 9
------- ------- -
Net interest income after provision
for loan losses 18,222,288 15,096,786 21
---------- ---------- --
Noninterest Income
Service fees and charges 2,326,143 1,881,153 24
Gain on sale of loans, net 254,456 311,744 (18)
Net loss on sale of real
estate owned (15,635) (4,140) 278
Other-than-temporary impairment
of securities (2,832,920) - -
Other income 853,865 491,214 74
------- ------- --
Total noninterest income 585,909 2,679,971 (78)
------- --------- ---
Noninterest Expense
Compensation and benefits 8,787,310 7,994,357 10
Occupancy 791,043 693,250 14
Marketing and advertising 475,380 515,228 (8)
Data processing and communication 872,316 855,236 2
Depreciation 813,916 867,603 (6)
Loss on ATM cash 867,389 - -
Other expenses 2,315,399 2,141,019 8
--------- --------- -
Total noninterest expense 14,922,753 13,066,693 14
---------- ---------- --
Income (loss) before income tax
expense (benefit) 3,885,444 4,710,064 (18)
Income tax expense (benefit) 1,169,852 1,387,359 (16)
--------- --------- ---
Net Income (Loss) $2,715,592 $3,322,705 (18)%
========== ========== ===
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
For The Three For The Three
Months Ended Months Ended
December 31, September 30,
------------ % ------------- %
2008 2007 Change 2008 Change
---- ---- ------ ---- ------
EARNINGS DATA
Interest Income
Loans,
including fees $5,534,213 $5,464,873 1% $5,455,504 1%
Investment
securities 1,478,963 663,962 123 1,054,335 40
Other
investments
and deposits 317,715 438,371 (28) 387,095 (18)
------- ------- --- ------- ---
Total interest
income 7,330,891 6,567,206 12 6,896,934 6
--------- --------- -- --------- -
Interest
Expense
Deposits 1,575,505 2,461,106 (36)% 1,875,504 (16)%
Federal Home
Loan Bank
advances 160,495 76,828 109 280,141 (43)
------- ------ --- ------- ---
Total interest
expense 1,736,000 2,537,934 (32) 2,155,645 (19)
--------- --------- --- --------- ---
Net interest
income 5,594,891 4,029,272 39 4,741,289 18
Provision for
loan losses 297,775 277,486 7 92,500 222
------- ------- - ------ ---
Net interest
income after
provision
for loan
losses 5,297,116 3,751,786 41 4,648,789 14
--------- --------- -- --------- --
Noninterest
Income
Service
fees and
charges 612,087 488,039 25% 592,717 3%
Gain on
sale of
loans, net 61,903 93,423 (34) 41,555 49
Net loss on
sale of
real
estate
owned (12,147) (4,140) 193 - -
Other-than-
temporary
impairment of
securities (2,832,920) - - - -
Other income 217,311 129,821 67 224,248 (3)
------- ------- -- ------- --
Total
noninterest
income (1,953,766) 707,143 (376) 858,520 (328)
---------- ------- ---- ------- ----
Noninterest
Expense
Compensation
and benefits 2,359,437 2,449,254 (4)% 2,191,874 8%
Occupancy 221,254 178,946 24 194,205 14
Marketing and
advertising 135,112 180,899 (25) 82,241 64
Data processing
and
communication 207,707 230,533 (10) 197,078 5
Depreciation 207,554 261,075 (21) 203,282 2
Loss on ATM
cash 867,389 - - - -
Other expenses 783,083 862,914 (9) 530,930 47
------- ------- -- ------- --
Total
noninterest
expense 4,781,536 4,163,621 15 3,399,610 41
--------- --------- -- --------- --
Income (Loss)
before income
tax expense
(benefit) (1,438,186) 295,308 (587) 2,107,699 (168)
Income tax
expense
(benefit) (639,089) (113,658) 462 715,524 (189)
-------- -------- --- ------- ----
Net Income
(Loss) $(799,097) $408,966 (295)% $1,392,175 (157)%
========= ======== ==== ========== ====
For The Three For The Three
Months Ended Months Ended
December 31, September 30,
------------ % %
2008 2007 Change 2008 Change
---- ---- ------ ---- ------
AVERAGE BALANCE
SHEET DATA (dollars
in thousands)
Total assets $503,947 $405,972 24% $464,560 8%
Total earning
assets 494,944 393,134 26 442,051 12
Loans 325,520 300,882 8 315,431 3
Interest bearing
deposits 284,154 295,861 (4) 296,485 (4)
Total deposits 367,935 349,296 5 359,210 2
Total shareholders'
equity 106,814 46,576 129 50,052 113
SELECTED RATIOS
Return on average
assets (0.63)% 0.40% (257)% 1.20 (153)%
Return on average
total equity (2.99) 3.51 (185) 11.12 (127)
Efficiency ratio 131.32 87.91 49 60.71 116
Average equity to
average assets 21.20 11.47 85 10.77 97
Core capital ratio 24.65 11.86 108 10.57 133
Net interest margin 4.52 4.10 10 4.29 5
December 31, December 31, % September 30,
2008 2007 Change 2008
---- ---- ------ ----
CREDIT QUALITY
(dollars in
thousands)
Nonaccrual loans $1,427 $1,295 10% $552 159%
Accruing loans
past due 90 days
and over - - - - -
------ ------ ------ ----
Total nonperforming
loans 1,427 1,295 10 552 159
Other real estate
owned 37 - - 86 (58)
------ ----- ------ -----
Total
nonperforming
assets $1,464 $1,295 13 $638 129
====== ====== ====
Nonperforming
assets to total
assets 0.28% 0.31% % (10)% 0.13% % 118%
Nonperforming
loans to total
assets 0.27 0.31 (12) 0.11 146
Nonperforming
loans to total
loans 0.43 0.42 1 0.17 150
Allowance for
loan losses to
nonperforming
assets 178.0 178.7 - 374.7 (52)
Allowance for
loan losses to
nonperforming
loans 182.6 178.7 2 433.1 (58)
Allowance for
loan losses to
total loans 0.78 0.75 4 0.75 3
Year-to-date loan
charge-offs $212 $125 69% $123 72%
Year-to-date loan
recoveries 45 11 315 38 19
Year-to-date net
loan charge-offs 167 114 48 85 97
Annualized YTD net
loan charge-offs
to total loans 0.05% 0.04% 36% 0.04% 39%
NON-GAAP PRO FORMA NET INCOME 4Q 2008 YTD 2008
------- --------
Reported net income (loss) $(799,097) $2,715,592
Add: OTTI charge (after tax) 1,869,700 1,869,700
Add: ATM shortage
charge (after tax) 572,200 572,200
------- -------
Non-GAAP net income $1,642,803 $5,157,492
========== ==========
SOURCE Home Bancorp, Inc.
RELATED LINKS
http://www.home24bank.com
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