Home Bancorp Announces 2015 Fourth Quarter And Annual Results And Increases Its Quarterly Dividend

Jan 26, 2016, 07:30 ET from Home Bancorp, Inc.

LAFAYETTE, La., Jan. 26, 2016 /PRNewswire/ --

Fourth Quarter 2015 and Annual Highlights:

  • Fourth quarter 2015 net income (excluding merger-related expenses) up 28% compared to the previous quarter
  • 2015 net income (excluding merger-related expenses) up 21% compared to 2014
  • Organic loan growth during 2015 was 4%
  • Direct energy-related loans totaled 2.9% of outstanding loan portfolio (3.6% including unfunded commitments) at year-end
  • Non-performing assets declined $12.6 million, or 44%, during the year

Home Bancorp, Inc. (Nasdaq:   "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported net income of $4.0 million for the fourth quarter of 2015, an increase of $1.1 million, or 37%, compared to the third quarter of 2015 and an increase of $1.2 million, or 41%, compared to the fourth quarter of 2014.  The fourth and third quarters of 2015 include merger-related expenses, net of taxes, totaling $407,000 and $527,000, respectively, related to the acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp").  Excluding merger-related expenses, net income for the fourth quarter of 2015 totaled $4.4 million, an increase of 28% compared to the third quarter of 2015 and an increase of 56% compared to the fourth quarter of 2014. 

Diluted earnings per share were $0.56 for the fourth quarter of 2015, an increase of $0.15, or 37%, from the third quarter of 2015 and an increase of $0.16, or 40%, compared to the fourth quarter of 2014.  Excluding merger-related expenses, diluted earnings per share for the fourth quarter of 2015 were $0.62, an increase of 27% from the third quarter of 2015 and an increase of 55% compared to the fourth quarter of 2014. 

Net income for the year ended December 31, 2015 was a record $12.6 million, an increase of $2.7 million, or 27%, compared to 2014.  Excluding merger-related expenses, net of taxes, of $1.2 million and $1.5 million incurred during 2015 and 2014, respectively, net income for the year ended December 31, 2015 was $13.7 million, an increase of 21% compared to 2014.

Diluted earnings per share for 2015 were a record $1.79, an increase of 26% compared to $1.42 in 2014.  Excluding merger-related expenses, 2015 diluted earnings per share were $1.96, an increase of 20% compared to 2014. 

"2015 was another amazing year of growth for our company," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "We owe our success to our many dedicated and energized Home Bank colleagues who do an exceptional job taking care of our customers and one another each and every day."

"Although fears over energy prices dominated the headlines in 2015, we had a successful year reducing our nonperforming assets," continued Bordelon.

The Company also announced that its Board of Directors increased its cash dividend $0.01 to $0.09 per share payable on February 19, 2016, to shareholders of record as of February 8, 2016.

Acquisition of Louisiana Bancorp, Inc.

As previously reported, the Company completed its acquisition of Louisiana Bancorp, the former holding company of Bank of New Orleans ("BNO") of Metairie, Louisiana on September 15, 2015.  As a result of the transaction, the Company acquired $351.1 million of assets, including loans of $281.6 million, and $291.3 million in deposits and other liabilities.  Shareholders of Louisiana Bancorp received $24.25 per share in cash, yielding an aggregate purchase price of $70.0 million.     

Loans and Credit Quality

Loans totaled $1.2 billion at December 31, 2015, an increase of $16.7 million, or 1%, from September 30, 2015, and an increase of $315.4 million, or 35%, from December 31, 2014. Loan growth during the fourth quarter of 2015 related primarily to construction and land (up $14.0 million) and commercial and industrial (up $9.9 million) loans, which were partially offset by decreases in commercial real estate (down $4.7 million) and multi-family residential loans (down $1.9 million).   

The vast majority of the increase in loans outstanding at December 31, 2015 compared to December 31, 2014 resulted from the acquisition of Louisiana Bancorp.  The Company acquired $281.6 million of loans from Louisiana Bancorp.  Organic loan growth during 2015 totaled $33.7 million, or 4%. 

The following table sets forth the composition of the Company's loan portfolio as of the dates indicated. 










December 31,


December 31,


Increase/(Decrease)


(dollars in thousands)


2015


2014


Amount

Percent


Real estate loans:









    One- to four-family first mortgage

$

391,266

$

233,249

$

158,017

68

%

    Home equity loans and lines


94,060


56,000


38,060

68


    Commercial real estate


405,379


352,863


52,516

15


    Construction and land


116,775


89,154


27,621

31


    Multi-family residential


43,863


27,375


16,488

60


        Total real estate loans


1,051,343


758,641


292,702

39


Other loans:









    Commercial and industrial


125,108


104,446


20,662

20


    Consumer


47,915


45,881


2,034

4


        Total other loans


173,023


150,327


22,696

15


        Total loans

$

1,224,366

$

908,968

$

315,398

35

%

Nonperforming assets ("NPAs") totaled $15.9 million at December 31, 2015, a decrease of $4.9 million, or 23%, compared to September 30, 2015 and a decrease of $12.6 million, or 44%, compared to December 31, 2014.  Of the $15.9 million in total NPAs at December 31, 2015, an aggregate of $10.2 million related to our acquisitions of Statewide Bank, GS Financial Corp, Britton & Koontz Capital Corporation and Louisiana Bancorp.   The ratio of total NPAs to total assets was 1.03% at December 31, 2015, compared to 1.34% at September 30, 2015 and 2.33% at December 31, 2014.  Excluding acquired assets, the ratio of NPAs was 0.51% at December 31, 2015, compared to 0.65% at September 30, 2015 and 0.56% at December 31, 2014. 

The Company recorded net loan charge-offs of $54,000 during the fourth quarter of 2015, compared to net loan charge-offs of $103,000 and $175,000 in the third quarter of 2015 and the fourth quarter of 2014, respectively.  The Company's provision for loan losses for the fourth quarter of 2015 was $670,000, compared to $569,000 for the third quarter of 2015 and $516,000 for the fourth quarter of 2014. 

The ratio of the allowance for loan losses to total loans was 0.78% at December 31, 2015, compared to 0.74% and 0.85% at September 30, 2015 and December 31, 2014, respectively.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.15% at December 31, 2015, compared to 1.12% and 1.04% at September 30, 2015 and December 31, 2014, respectively.

The balance of loans to companies in the energy sector totaled $35.4 million, or 2.9%, of our outstanding loan portfolio at December 31, 2015.  In addition to outstanding loans at December 31, 2015, we also had unfunded loan commitments to companies in the energy sector amounting to $8.9 million at such date.  Based upon our analysis of the risk elements in our loan portfolio, including continued low energy prices, the Company increased its allowance for loan losses on organic loans by 11 basis points, or $873,000, during 2015. The Company remains in close contact with our energy company borrowers, and continues to monitor economic data to assess the potential indirect impact of low energy prices on our loan portfolio.

Investment Securities Portfolio

The Company's investment securities portfolio totaled $190.7 million at December 31, 2015, a decrease of $14.5 million, or 7%, from September 30, 2015, and an increase of $4.2 million, or 2%, from December 31, 2014.  The Company acquired $36.4 million of investment securities from Louisiana Bancorp at acquisition date, and subsequently sold a total of $12.3 million of the acquired investments in 2015.  The decrease in the fourth quarter of 2015 compared to the third quarter of 2015 was primarily the result of pay downs and maturities. 

At December 31, 2015, the Company had a net unrealized gain position on its investment securities portfolio of $1.3 million, compared to net unrealized gains of $2.9 million and $2.0 million at September 30, 2015 and December 31, 2014, respectively.  The Company's investment securities portfolio had a modified duration of 3.3 years at December 31, 2015, compared to 3.5 and 3.8 years at September 30, 2015 and December 31, 2014, respectively.  

Deposits

Total deposits were $1.2 billion at December 31, 2015, an increase of $22.5 million, or 2%, from September 30, 2015, and an increase of $250.6 million, or 25%, from December 31, 2014.  During the fourth quarter of 2015, core deposits (i.e., checking, savings and money market accounts) increased $41.0 million, or 4%, from September 30, 2015, and increased $194.6 million, or 25%, from December 31, 2014.

The vast majority of the increase in total deposits outstanding at December 31, 2015 compared to December 31, 2014 resulted from the acquisition of Louisiana Bancorp.  The Company acquired $208.7 million of deposits from Louisiana Bancorp at the acquisition date.  The increase in core deposits at December 31, 2015 compared to December 31, 2014 related primarily to core deposits acquired from Louisiana Bancorp.  The Company acquired $118.1 million in core deposits from Louisiana Bancorp at the acquisition date.

The following table sets forth the composition of the Company's deposits at the dates indicated.










December 31,


December 31,


Increase / (Decrease)


(dollars in thousands)


2015


2014


Amount

Percent


Demand deposit

$

296,617

$

267,660

$

28,957

11

%

Savings


109,393


81,145


28,248

35


Money market


293,637


219,456


74,181

34


NOW


267,707


204,536


63,171

31


Certificates of deposit


276,863


220,775


56,088

25


        Total deposits

$

1,244,217

$

993,572

$

250,645

25

%










Net Interest Income

Net interest income for the fourth quarter of 2015 totaled $15.8 million, an increase of $2.2 million, or 16%, compared to the third quarter of 2015, and an increase of $2.8 million, or 22%, compared to the fourth quarter of 2014.  The addition of Louisiana Bancorp's earning assets accounted for the vast majority of the comparative increases. The Company's net interest margin was 4.36% for the fourth quarter of 2015, 19 basis points lower than the third quarter of 2015 and 15 basis points lower than the fourth quarter of 2014.  The decrease in the net interest margin in the fourth quarter of 2015 was primarily the result of the full quarter impact of Louisiana Bancorp's interest-earning assets and interest-bearing liabilities.          

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



December 31, 2015



September 30, 2015



December 31, 2014


(dollars in thousands)


Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate


Interest-earning assets:













Loans receivable













   Originated loans

$

784,654

5.10

%

$

753,791

5.06

%

$

705,556

5.36

%

   Acquired loans


431,580

5.38



215,481

6.84



202,346

6.18


        Total loan receivable


1,216,234

5.20



969,272

5.46



907,902

5.54


Investment securities (TE)


195,250

2.23



192,023

2.16



188,119

2.17


Other interest-earning assets


21,649

0.92



18,651

1.08



39,306

0.44


Total interest-earning assets


1,433,133

4.73



1,179,946

4.85



1,135,327

4.81















Interest-bearing liabilities:













Deposits:













Savings, checking, and money market


658,882

0.24



575,185

0.22



504,620

0.22


Certificates of deposit


285,473

0.77



224,206

0.72



222,464

0.74


Total interest-bearing deposits


944,355

0.40



799,391

0.36



727,084

0.38


Securities sold under repurchase agreements


-

0.00



4,093

0.20



20,467

0.37


FHLB advances


138,045

1.09



52,097

1.24



82,479

0.57


Total interest-bearing liabilities

$

1,082,400

0.49


$

855,581

0.42


$

830,030

0.40















Net interest spread (TE)



4.24

%



4.43

%



4.41

%

Net interest margin (TE)



4.36

%



4.55

%



4.51

%


















Noninterest Income

Noninterest income for the fourth quarter of 2015 totaled $2.5 million, an increase of $258,000, or 12%, compared to the third quarter of 2015 and an increase of $349,000, or 17%, compared to the fourth quarter of 2014.  The increase in noninterest income in the fourth quarter of 2015 compared to the third quarter of 2015 resulted primarily from an increase in other income (up $321,000 due primarily to the absence of a net loss incurred on the sale of a fixed asset in the third quarter of 2015).

The increase in noninterest income in the fourth quarter of 2015 compared to the fourth quarter of 2014 resulted primarily from increases in other income (up $120,000), gains on the sale of mortgage loans (up $105,000) and service fees and charges (up $98,000) due primarily to the Louisiana Bancorp acquisition and increased customer transactions.

Noninterest Expense

Noninterest expense for the fourth quarter of 2015 totaled $11.6 million, an increase of $1.0 million, or 10%, compared to the third quarter of 2015 and an increase of $1.4 million, or 14%, compared to the fourth quarter of 2014. The increases primarily relate to the growth of the Company due to the addition of the former branches and employees of Louisiana Bancorp.  Noninterest expense for the fourth and third quarters of 2015 includes $563,000 and $593,000, respectively, of merger-related expenses related to the acquisition of Louisiana Bancorp. 

The increase in noninterest expense in the fourth quarter of 2015 compared to the third quarter of 2015 resulted primarily from higher compensation and benefits (up $677,000), data processing and communications (up $238,000), other expenses (up $181,000), occupancy expense (up $101,000), which were partially offset by lower professional service fees (down $255,000).  Excluding merger-related expenses, noninterest expense for the fourth quarter of 2015 totaled $11.0 million, an increase of $1.1 million, or 11%, compared to the third quarter of 2015. 

The increase in noninterest expense for the fourth quarter of 2015 compared to the fourth quarter of 2014 resulted primarily from increases in compensation and benefits (up $851,000), other expenses (up $268,000), franchise and shares tax (up $179,000), data processing and communications (up $178,000), and professional fees (up $160,000), which were partially offset by decreases in expenses on foreclosed assets (down $258,000). Excluding merger-related expenses, noninterest expense for the fourth quarter of 2015 increased $810,000, or 8%, compared to the fourth quarter of 2014.

Non-GAAP Reconciliation 












Fourth Quarter


Fourth Quarter


Year Ended


Year Ended

(dollars in thousands)


2015


2014


December 31,

 2015


December 31,

2014










Reported noninterest expense

$

11,553

$

10,176

$

42,022

$

41,772

Less: Merger-related expenses


563


-


1,411


2,286

Non-GAAP noninterest expense

$

10,990

$

10,176

$

40,611

$

39,486










Reported net income

$

3,963

$

2,809

$

12,550

$

9,872

Add: Merger-related expenses (after tax)


407


-


1,166


1,497

Non-GAAP net income

$

4,370

$

2,809

$

13,716

$

11,369










Diluted EPS

$

0.56

$

0.40

$

1.79

$

1.42

Add: Merger-related expenses


0.06


-


0.17


0.22

Non-GAAP EPS

$

0.62

$

0.40

$

1.96

$

1.64










Total equity

$

165,046

$

154,144

$

165,046

$

154,144

Less: Intangibles


15,304


4,266


15,304


4,266

Non-GAAP tangible equity

$

149,742

$

149,878

$

149,742

$

149,878

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 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 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, 2014, 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




















December 31,


December 31,


%



September 30,


2015


2014


Change



2015

Assets









Cash and cash equivalents

$     24,797,599


$     29,077,907


(15)

%


$       23,538,879

Interest-bearing deposits in banks

5,143,585


5,526,000


(7)



5,762,285

Investment securities available for sale, at fair value

176,762,200


174,800,516


1



190,762,087

Investment securities held to maturity

13,926,861


11,705,470


19



14,408,624

Mortgage loans held for sale

5,651,250


4,516,835


25



7,170,285

Loans, net of unearned income

1,224,365,916


908,967,871


35



1,207,709,500

Allowance for loan losses

(9,547,487)


(7,759,500)


23



(8,931,507)

     Total loans, net of allowance for loan losses

1,214,818,429


901,208,371


35



1,198,777,993

Office properties and equipment, net

40,815,744


37,964,714


8



42,264,398

Cash surrender value of bank-owned life insurance

19,666,900


19,163,110


3



19,543,520

Accrued interest receivable and other assets

50,329,032


37,451,687


34



55,682,411

Total Assets

$ 1,551,911,600


$ 1,221,414,610


27



$  1,557,910,482



















Liabilities









Deposits

$ 1,244,216,516


$    993,572,593


25

%


$  1,221,687,666

Securities sold under repurchase agreements

-


20,370,892


-



-

Federal Home Loan Bank advances

125,152,598


47,500,000


164



153,444,516

Accrued interest payable and other liabilities

17,496,132


5,827,369


200



20,492,194

Total Liabilities

1,386,865,246


1,067,270,854


30



1,395,624,376










Shareholders' Equity









Common stock

72,399


90,088


(20)

%


72,252

Additional paid-in capital

76,948,914


93,332,108


(18)



76,486,634

Treasury stock

-


(28,572,891)


-



-

Common stock acquired by benefit plans

(4,711,260)


(5,112,340)


(8)



(4,822,040)

Retained earnings 

91,864,543


93,101,915


(1)



88,646,324

Accumulated other comprehensive income 

871,758


1,304,876


(33)



1,902,936

Total Shareholders' Equity

165,046,354


154,143,756


7



162,286,106

Total Liabilities and Shareholders' Equity

$ 1,551,911,600


$ 1,221,414,610


27



$  1,557,910,482










 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME


























 For The Three Months Ended 





 For the Year Ended 





 December 31, 

%



 December 31, 


%



2015

2014


Change



2015

2014


Change


Interest Income












Loans, including fees

$ 16,049,010

$      12,775,683


26

%


$ 54,466,025

$ 50,273,076


8

%

Investment securities

992,658

928,976


7



3,743,983

3,886,520


(4)


Other investments and deposits

49,961

43,562


15



199,646

162,965


23


Total interest income

17,091,629

13,748,221


24



58,409,654

54,322,561


8














Interest Expense












Deposits

957,044

697,123


37

%


3,072,725

2,742,106


12

%

Securities sold under repurchase agreements

-

18,839


(100)



39,126

72,986


(46)


Federal Home Loan Bank advances

378,127

118,324


220



753,542

468,327


61


Total interest expense

1,335,171

834,286


60



3,865,393

3,283,419


18


Net interest income

15,756,458

12,913,935


22



54,544,261

51,039,142


7


Provision for loan losses

669,604

516,400


30



2,070,894

2,364,358


(12)


Net interest income after provision for loan losses

15,086,854

12,397,535


22



52,473,367

48,674,784


8














Noninterest Income












Service fees and charges

1,063,195

965,093


10

%


3,937,797

3,746,580


5

%

Bank card fees

590,388

576,973


2



2,413,459

2,178,194


11


Gain on sale of loans, net

408,329

302,984


35



1,527,721

1,212,157


26


Income from bank-owned life insurance

123,380

115,816


7



503,790

458,163


10


Gain on the sale of securities, net

4,227

-


-



7,279

1,826


299


Other income

265,363

145,169


83



379,473

577,858


(34)


Total noninterest income

2,454,882

2,106,035


17



8,769,519

8,174,778


7














Noninterest Expense












Compensation and benefits

6,944,659

6,093,923


14

%


25,035,862

24,386,501


3

%

Occupancy

1,319,542

1,250,883


6



4,875,945

4,670,318


4


Marketing and advertising

134,162

223,661


(40)



486,341

919,483


(47)


Data processing and communication

1,211,982

1,033,923


17



4,044,553

4,430,519


(9)


Professional fees

393,598

233,853


68



1,755,286

1,159,814


51


Forms, printing and supplies

188,515

163,014


16



596,748

662,074


(10)


Franchise and shares tax

200,046

20,904


857



650,461

574,060


13


Regulatory fees

271,091

276,236


(2)



1,122,254

1,066,999


5


Foreclosed assets, net

(34,525)

223,660


(115)



443,228

996,633


(56)


Other expenses

923,833

656,238


41



3,011,748

2,905,191


4


Total noninterest expense

11,552,903

10,176,295


14



42,022,426

41,771,592


1


Income before income tax expense

5,988,833

4,327,275


38



19,220,460

15,077,970


28


Income tax expense

2,025,942

1,518,285


33



6,670,559

5,206,383


28


Net income

$  3,962,891

$        2,808,990


41



$ 12,549,901

$  9,871,587


27














Earnings per share - basic

$          0.59

$               0.43


37

%


$          1.87

$          1.51


24

%

Earnings per share - diluted

$          0.56

$               0.40


40



$          1.79

$          1.42


26














Cash dividends declared per common share

$          0.09

$               0.07





$          0.30

$          0.07
















 


HOME BANCORP, INC. AND SUBSIDIARY


SUMMARY FINANCIAL INFORMATION































 For The Three Months Ended 





 For The Three 

 Months Ended 







 December 31, 


%



September 30,



%




2015


2014


 Change 



2015



 Change 



(dollars in thousands except per share data)














EARNINGS DATA














Total interest income

$     17,092


$     13,749


24

%


$                   14,425



19

%


Total interest expense

1,335


834


60



894



49



Net interest income

15,757


12,915


22



13,531



17



Provision for loan losses

670


516


30



569



18



Total noninterest income

2,455


2,106


17



2,197



12



Total noninterest expense

11,553


10,177


14



10,522



10



Income tax expense

2,026


1,518


34



1,737



17



Net income

$       3,963


$       2,810


41



$                     2,900



37

















AVERAGE BALANCE SHEET DATA














Total assets

$ 1,552,402


$ 1,246,033


25

%


$               1,285,302



21

%


Total interest-earning assets

1,433,133


1,135,327


26



1,179,946



22



Totals loans

1,216,234


907,902


34



969,272



26



Total interest-bearing deposits

944,355


727,084


30



799,391



18



Total interest-bearing liabilities

1,082,400


830,030


30



855,581



27



Total deposits

1,232,109


988,483


25



1,064,384



16



Total shareholders' equity

164,100


153,438


7



161,033



2

















SELECTED RATIOS(1)














Return on average assets

1.02

%

0.90

%

13

%


0.90

%


13

%


Return on average equity

9.66


7.32


32



7.20



34



Efficiency ratio(2)

63.44


67.75


(6)



66.90



(5)



Average equity to average assets

10.57


12.31


(14)



12.53



(16)



Tier 1 leverage capital ratio(3) 

11.65


12.01


(3)



10.12



15



Total risk-based capital ratio(3) 

12.48


17.98


(31)



12.01



4



Net interest margin(4)

4.36


4.51


(3)



4.55



(4)

















PER SHARE DATA














Basic earnings per share

$        0.59


$        0.43


37

%


$                      0.43



37

%


Diluted earnings per share

0.56


0.40


40



0.41



37



Book value at period end

22.80


21.64


5



22.46



2



Tangible book value at period end

20.68


21.04


(2)



20.26



2

















PER SHARE DATA














Shares outstanding at period end

7,239,821


7,123,442


2

%


7,225,311



-

%


Weighted average shares outstanding














   Basic

6,760,307


6,608,832


2

%


6,743,179



-

%


   Diluted

7,045,275


6,985,942


1



7,022,484



-

















(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) 

Estimated 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












































December 31, 2015


September 30, 2015


December 31, 2014


Acquired

Originated

Total


Acquired

Originated

Total


Acquired

Originated

Total

(dollars in thousands)





















CREDIT QUALITY(1)  (2)





















Nonaccrual loans

$  7,162


$ 5,651


$ 12,813



$  9,495


$ 5,512


$ 15,007



$ 19,438


$ 3,843


$ 23,281


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


-


-


Total nonperforming loans

7,162


5,651


12,813



9,495


5,512


15,007



19,438


3,843


23,281


Foreclosed assets

3,012


116


3,128



4,094


1,723


5,817



3,380


1,835


5,215


Total nonperforming assets

10,174


5,767


15,941



13,589


7,235


20,824



22,818


5,678


28,496


Performing troubled debt restructurings

492


798


1,290



498


876


1,374



510


214


724


Total nonperforming assets and troubled debt restructurings





















$ 10,666


$ 6,565


$ 17,231



$ 14,087


$ 8,111


$ 22,198



$ 23,328


$ 5,892


$ 29,220























Nonperforming assets to total assets





1.03

%






1.34

%






2.33

%

Nonperforming loans to total assets 





0.83







0.96







1.91


Nonperforming loans to total loans 





1.05







1.24







2.56


Allowance for loan losses to nonperforming assets





59.89







42.89







27.23


Allowance for loan losses to nonperforming loans





74.51







59.52







33.33


Allowance for loan losses to total loans





0.78







0.74







0.85























Year-to-date loan charge-offs





$     562







$     377







$  1,715


Year-to-date loan recoveries





279







148







192


Year-to-date net loan charge-offs 





$     283







$     229







$  1,523


Annualized YTD net loan charge-offs to total loans





0.02

%






0.03

%






0.29

%











































(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 certain assets covered under FDIC loss sharing agreements. Such assets covered by FDIC loss sharing agreements are included in "Acquired" assets.   





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SOURCE Home Bancorp, Inc.



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