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Home Bancorp Announces 2009 First Quarter Results
The Company completed its initial public stock offering ("IPO") on
"We are incredibly pleased to report record quarterly earnings, especially in light of the current economic environment," stated
"Core deposit growth was exceptional during the quarter," added Mr. Bordelon. "We are also excited with the continued change in the mix of our loan portfolio."
Loans and Credit Quality
Loans totaled
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
March 31, December 31, Increase/(Decrease)
(dollars in thousands) 2009 2008 Amount Percent
Real estate loans:
One- to four-family
first mortgage $133,720 $138,173 $(4,453) (3)%
Home equity loans
and lines 22,793 23,127 (334) (1)
Commercial real estate 86,388 84,096 2,292 3
Construction and land 37,203 35,399 1,804 5
Multi-family residential 6,481 7,142 (661) (9)
Total real estate loans 286,585 287,937 (1,352) (1)
Other loans:
Commercial 35,928 34,434 1,494 4
Consumer 13,877 13,197 680 5
Total other loans 49,805 47,631 2,174 5
Total loans $336,390 $335,568 $822 -%
The Company recorded a
As of
Investment Securities Portfolio
The Company's investment securities portfolio totaled
The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of
# of Unrealized S&P
Collateral Securities Amortized Cost Gain/(Loss) Rating
Prime 16 $39,222,000 $(6,723,000) AAA
Prime 1 2,336,000 (483,000) A
Prime 1 2,128,000 (31,000) Not rated (1)
Prime 1 1,027,000 (68,000) BBB
Prime 1 1,927,000 (418,000) BB
Prime 1 586,000 21,000 B
Prime 1 1,142,000 (651,000) CCC
Alt-A 1 1,422,000 47,000 AAA
Alt-A 1 867,000 (100,000) B
Alt-A 1 1,005,000 4,000 Not rated (2)
Total
non-agency
mortgage-
backed
securities 25 $51,662,000 $(8,402,000)
(1) Rated "Aaa" by Moody's.
(2) Rated "Caa2" 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 1,400 locations throughout
Deposits totaled
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) 2009 2008 Amount Percent
Demand deposit $71,181 $67,047 $4,134 6%
Savings 21,812 19,741 2,071 10
Money market 74,624 68,850 5,774 8
NOW 43,643 42,200 1,443 3
Certificates of deposit 163,882 156,307 7,575 5
Total deposits $375,142 $354,145 $20,997 6%
Net Interest Income
Net interest income for the first quarter of 2009 totaled
Average interest-earning assets totaled
Average interest-bearing liabilities totaled
Noninterest Income
Noninterest income for the first quarter of 2009 was
Noninterest Expense
Noninterest expense for the first quarter of 2009 totaled
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 ATM losses. 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
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF FINANCIAL CONDITION
December
March 31, March 31, % 31, %
2009 2008 Change 2008 Change
---- ---- ------ ---- ------
Assets
Cash and cash
equivalents $25,592,391 $13,168,514 94% $20,150,248 27%
Interest-
bearing
deposits in
banks 1,388,000 2,970,000 (53) 1,685,000 (18)
Cash invested
at other ATM
locations 24,328,114 18,261,597 33 24,243,780 -
Securities
available
for sale,
at fair value 112,296,397 62,052,234 81 114,235,261 (2)
Securities
held to
maturity 3,895,918 4,481,269 (13) 4,089,466 (5)
Mortgage
loans held
for sale 1,590,600 1,639,400 (3) 996,600 60
Loans, net
of unearned
income 336,389,803 308,099,102 9 335,568,071 -
Allowance for
loan losses (2,780,698) (2,283,796) (22) (2,605,889) (7)
---------- ---------- --- ---------- --
Loans, net 333,609,105 305,815,306 9 332,962,182 -
----------- ----------- --- ----------- ---
Office
properties
and equipment,
net 15,227,422 11,656,909 31 15,325,997 (1)
Cash surrender
value of
bank-owned
life insurance 5,334,033 5,070,551 5 5,268,817 1
Accrued interest
receivable
and other
assets 9,633,416 4,937,039 95 9,439,637 2
--------- --------- -- --------- ---
Total Assets $532,895,396 $430,052,819 24% $528,396,988 1%
============ ============ == ============ ==
Liabilities
Deposits $375,142,247 $352,128,470 7% $354,145,105 6%
Federal Home
Loan Bank
advances 24,207,021 23,370,241 4 44,420,795 (46)
Accrued
interest
payable and
other
liabilities 4,246,421 3,183,370 33 2,868,362 48
--------- --------- -- --------- --
Total Liabilities 403,595,689 378,682,081 7 401,434,262 1
----------- ----------- --- ----------- ---
Shareholders'
Equity
Common stock $89,270 $- -% $89,270 -%
Additional paid
-in capital 87,165,161 - - 87,182,281 -
Unearned ESOP
shares (6,962,960) - - (7,052,230) 1
Retained
earnings 53,778,603 50,358,559 7 52,055,071 3
Accumulated
other
comprehensive
income (loss) (4,770,367) 1,012,179 (571) (5,311,666) 10
---------- --------- ---- ---------- --
Total
Shareholders'
Equity 129,299,707 51,370,738 152 126,962,726 2
----------- ---------- --- ----------- ---
Total Liabilities
and
Shareholders'
Equity $532,895,396 $430,052,819 24% $528,396,988 1%
============ ============ == ============ ===
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
For The
Three
For The Months
Three Months Ended Ended
March 31, % December 31, %
2009 2008 Change 2008 Change
---- ---- ------ ---- ------
Interest Income
Loans, including fees $5,521,750 $5,407,337 2% $5,534,213 -%
Investment securities 1,702,796 785,409 117 1,478,963 15
Other investments
and deposits 312,410 340,452 (8) 317,715 (2)
------- ------- -- ------- --
Total interest
income 7,536,956 6,533,198 15 7,330,891 3
--------- --------- -- --------- ---
Interest Expense
Deposits 1,427,272 2,387,019 (40)% 1,575,505 (9)%
Federal Home Loan
Bank advances 243,037 161,619 50 160,495 51
------- ------- -- ------- --
Total interest
expense 1,670,309 2,548,638 (34) 1,736,000 (4)
--------- --------- --- --------- --
Net interest income 5,866,647 3,984,560 47 5,594,891 5
Provision for (reversal
of) loan losses 173,662 (29,511) (688) 297,775 (42)
------- ------- ---- ------- ---
Net interest income
after provision for
(reversal of) loan
losses 5,692,985 4,014,071 42 5,297,116 7
--------- --------- -- --------- ---
Noninterest Income
Service fees and
charges 454,706 406,253 12% 412,763 10%
Bank card fees 260,724 207,481 26 250,911 4
Gain on sale of
loans, net 140,387 69,879 101 61,903 127
Income from bank-owned
life insurance 65,216 63,936 2 67,345 (3)
Other-than-temporary
impairment of
securities - - - (2,832,920) 100
Other income 38,072 18,237 109 26,694 43
------ ------ --- ------ --
Total noninterest
income 959,105 765,786 25 (2,013,304) 148
------- ------- -- ---------- ---
Noninterest Expense
Compensation
and benefits 2,321,148 2,092,501 11% 2,359,437 (2)%
Occupancy 316,372 287,727 10 320,589 (1)
Marketing and
advertising 167,653 158,050 6 198,147 (15)
Data processing
and communication 345,266 337,760 2 352,752 (2)
Professional fees 213,572 62,384 242 175,208 22
ATM losses - - - 867,389 (100)
Franchise and
shares tax 226,250 - - - -
Other expenses 416,821 297,373 40 448,474 (7)
------- ------- -- ------- --
Total noninterest
expense 4,007,082 3,235,795 24 4,721,996 (15)
--------- --------- -- --------- ---
Income (loss) before
income tax expense
(benefit) 2,645,008 1,544,062 71 (1,438,184) 284
Income tax expense
(benefit) 921,476 524,981 76 (639,089) 244
------- ------- -- -------- ---
Net income (loss) $1,723,532 $1,019,081 69% $(799,095) 316%
========== ========== == ========= ===
Earnings (loss) per
share - basic $0.21 N/A N/A $(0.10) 310%
===== === === ====== ===
Earnings (loss) per
share - diluted $0.21 N/A N/A $(0.10) 310%
===== === === ====== ===
NON-GAAP PRO FORMA NET
INCOME
Reported net income (loss) $(799,095)
Add: OTTI charge
(after tax) 1,869,700
Add: ATM losses
(after tax) 572,200
-------
Non-GAAP net income $1,642,805
==========
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
For The
Three
For The Months
Three Months Ended Ended
March 31, % December 31, %
2009 2008 Change 2008 Change
---- ---- ------ ---- ------
AVERAGE BALANCE SHEET DATA
(dollars in thousands)
Total assets $525,560 $428,939 23% $503,947 4%
Total earning assets 497,174 401,597 24 488,294 2
Loans 339,528 309,906 10 327,951 4
Interest bearing deposits 290,590 307,445 (5) 284,154 2
Total deposits 357,472 358,899 - 367,935 (3)
Total shareholders' equity 128,865 50,687 154 106,814 21
SELECTED RATIOS (1)
Return on average assets 1.31% 0.95% 38% (0.63) 308%
Return on average total
equity 5.35 8.04 (33) (2.99) 279
Efficiency ratio (2) 58.71 68.12 (14) 131.84 (55)
Average equity to average
assets 24.52 11.82 107 21.20 16
Core capital ratio (3)(4) 19.19 11.75 63 19.10 -
Net interest margin (5) 4.72 3.97 19 4.58 3
March March December
31, 31, % 31, %
2009 2008 Change 2008 Change
---- ---- ------ ---- --------
CREDIT QUALITY
(dollars in thousands)(3)(6)
Nonaccrual loans $2,489 $1,338 86% $1,427 74%
Accruing loans past due
90 days and over - - - - -
--- --- ---
Total nonperforming loans 2,489 1,338 86 1,427 74
Other real estate owned 37 60 (38) 37 1
-- -- --
Total nonperforming
assets $2,526 $1,398 81 $1,464 73
====== ====== ======
Nonperforming assets
to total assets 0.47% 0.33% 42% 0.28% 68%
Nonperforming loans
to total assets 0.47 0.31 52 0.27 74
Nonperforming loans to
total loans 0.74 0.43 72 0.43 72
Allowance for loan losses
to nonperforming assets 110.1 163.5 (33) 178.0 (38)
Allowance for loan losses
to nonperforming loans 111.7 170.7 (35) 182.6 (39)
Allowance for loan losses
to total loans 0.83 0.74 12 0.78 6
Year-to-date loan
charge-offs $2 $26 (92)% $212 (99)%
Year-to-date loan
recoveries 3 25 (88) 45 (93)
--- -- --
Year-to-date net
loan charge-offs (1) 1 (200) 167 (101)
== == ===
Annualized YTD net loan
charge-offs to total loans -%(7) -%(7) -% 0.05 (100)%
(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) Asset quality and capital ratios are end of period ratios.
(4) Capital ratios are Bank only.
(5) Net interest margin represents net interest income as a percentage
of average interest-earning assets.
(6) 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 all loans 90 days or more past due. Repossessed assets
consist of assets acquired through foreclosure or acceptance of
title in-lieu of foreclosure.
(7) Ratio is displayed as zero since calculated value is too low to be
reported.
SOURCE Home Bancorp, Inc.