Home Bancorp Announces Third Quarter 2018 Results And Increases Quarterly Dividend By 5%

Home Bancorp Announces Third Quarter 2018 Results And Increases Quarterly Dividend By 5%

PR Newswire

LAFAYETTE, La., Oct. 23, 2018 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported record net income of $8.3 million for the third quarter of 2018, an increase of $486,000, or 6%, compared to the second quarter of 2018 and an increase of $4.2 million, or 102%, compared to the third quarter of 2017.   The second quarter of 2018 includes merger expenses, net of taxes, totaling $894,000 related to the acquisition of St. Martin Bancshares, Inc. ("SMB"), which was consummated on December 6, 2017.

Home Bank Logo. (PRNewsFoto/Home Bancorp, Inc.) (PRNewsFoto/)

Diluted earnings per share were a record $0.89 for the third quarter of 2018, an increase of $0.05, or 6%, compared to the second quarter of 2018, and an increase of $0.33, or 59%, compared to the third quarter of 2017.

"2018 has been a remarkable year for Home Bank thus far as we marked our third consecutive record net income quarter," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "We posted loan growth of 2% on an annualized basis during the quarter and are seeing continuous success attracting new customers to Home Bank."

The Company also announced that its Board of Directors increased the quarterly cash dividend on shares of its common stock to $0.20 per share payable on November 16, 2018, to shareholders of record as of November 5, 2018.

Loans and Credit Quality

Loans totaled $1.6 billion at September 30, 2018, an increase of $7.3 million from June 30, 2018.  Commercial real estate loan growth during the third quarter of 2018 was spread across most of our market areas.                

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



















September 30,



June 30,



Increase/(Decrease)



(dollars in thousands)



2018



2018



Amount

Percent



Real estate loans:

















     One- to four-family first mortgage

$

456,797

$

458,430

$

(1,633)

-

%

     Home equity loans and lines



86,405



90,230



(3,825)

(4)



     Commercial real estate



629,297



604,739



24,558

4



     Construction and land



174,573



180,635



(6,062)

(3)



     Multi-family residential



56,153



47,921



8,232

17



        Total real estate loans



1,403,225



1,381,955



21,270

2



Other loans:

















     Commercial and industrial



173,938



185,016



(11,078)

(6)



     Consumer



55,856



58,708



(2,852)

(5)



        Total other loans



229,794



243,724



(13,930)

(6)



Total loans

$

1,633,019

$

1,625,679

$

7,340

-

%



















Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $21.4 million at September 30, 2018, a decrease of $1.3 million, or 6%, compared to June 30, 2018.  The ratio of NPAs to total assets was 1.00% at September 30, 2018, compared to 1.05% at June 30, 2018.  

The Company recorded net loan charge-offs of $15,000 during the third quarter of 2018, compared to net loan recoveries of $123,000 for the second quarter of 2018. The Company's provision for loan losses for the third quarter of 2018 was $786,000, compared to $581,000 for the second quarter of 2018. 

The ratio of the allowance for loan losses to total loans was 0.96% at September 30, 2018, compared to 0.92% at June 30, 2018.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.38% at September 30, 2018, compared to 1.40% at June 30, 2018.   

Direct Energy Exposure

The outstanding balance of direct loans to borrowers in the energy sector totaled $46.9 million, or 3% of total outstanding loans, at September 30, 2018, compared to $49.6 million at June 30, 2018.  Unfunded loan commitments to customers in the energy sector totaled $10.2 million at September 30, 2018, compared to $7.1 million at June 30, 2018.    At September 30, 2018, loans constituting 97% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. The Company holds no shared national credits.

The allowance for loan losses attributable to originated direct energy-related loans totaled 2.50% of the outstanding balance of originated energy-related loans at September 30, 2018, compared to 2.69% at June 30, 2018.

Deposits

Total deposits were $1.8 billion at September 30, 2018, a decrease of $17.2 million, or 1%, from June 30, 2018.   Deposits have decreased $94.9 million, or 5%, thus far in 2018.  To reverse the trend in deposit outflows, management has begun to raise interest rates on deposit accounts and is currently offering several special rates to attract new deposits. 

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



















September 30,



June 30,



Increase/(Decrease)



(dollars in thousands)



2018



2018



Amount

Percent



Demand deposits

$

447,422

$

455,676

$

(8,254)

(2)

%

Savings



207,379



210,715



(3,336)

(2)



Money market



293,313



291,262



2,051

1



NOW



474,250



478,843



(4,593)

(1)



Certificates of deposit



348,948



352,049



(3,101)

(1)



        Total deposits

$

1,771,312

$

1,788,545

$

(17,233)

(1)

%



















Net Interest Income

Net interest income for the third quarter of 2018 totaled $23.5 million, an increase of $173,000, or 1%, compared to the second quarter of 2018.  The increase resulted from a $534,000 increase in interest income, which was primarily driven by higher income on loans.  Loan income increased $551,000 primarily due to the collection of nonaccrual interest on loan payoffs during the quarter.    Funding costs increased $361,000 during the quarter.  The Company's net interest margin was 4.74% for the third quarter of 2018, five basis points higher than the second quarter of 2018, primarily due to the reasons noted above.

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 21%. 





For the Three Months Ended





September 30, 2018





June 30, 2018

(dollars in thousands)



Average

Balance



Interest

Average

Yield/

Rate





Average

Balance



Interest

Average

Yield/

Rate



Interest-earning assets:

























Loans receivable

























   Originated loans

$

961,917

$

14,365

5.87

%

$

938,453

$

13,061

5.53

%

   Acquired loans



669,922



9,753

5.74





695,857



10,466

5.98



        Total loans receivable



1,631,839



24,118

5.82





1,634,310



23,527

5.72



Investment securities (TE)



278,353



1,694

2.50





281,998



1,710

2.49



Other interest-earning assets



47,759



297

2.47





65,402



338

2.07



Total interest-earning assets

$

1,957,951

$

26,109

5.27

%

$

1,981,710

$

25,575

5.14

%



























Interest-bearing liabilities:

























Deposits:

























Savings, checking, and money market

$

979,919

$

1,379

0.56

%

$

992,449

$

1,029

0.42

%

Certificates of deposit



350,308



933

1.06





354,597



897

1.02



Total interest-bearing deposits



1,330,227



2,312

0.69





1,347,046



1,926

0.57



FHLB advances



64,209



287

1.79





70,276



312

1.78



Total interest-bearing liabilities

$

1,394,436

$

2,599

0.74

%

$

1,417,322

$

2,238

0.63

%



























Net interest spread (TE)









4.53

%









4.51

%

Net interest margin (TE)









4.74

%









4.69

%

Noninterest Income

Noninterest income for the third quarter of 2018 totaled $3.3 million, which was virtually unchanged compared to the second quarter of 2018.  Increases in service fees and charges were offset by decreases in bankcard fees and the additional writedown of a closed branch location.

Noninterest Expense

Noninterest expense for the third quarter of 2018 totaled $15.7 million, a decrease of $625,000, or 4%, compared to the second quarter of 2018. The decrease resulted primarily from the absence of merger-related expenses in the third quarter.  Such expenses totaled $1.1 million in the second quarter. 

Non-GAAP Reconciliation 























For the Three Months Ended



(dollars in thousands, except  per share data)



September 30,

2018





June 30,

2018





September 30,

2017



Reported noninterest expense

$

15,696



$

16,322



$

11,341



Less: Merger-related expenses



-





1,132





247



Non-GAAP noninterest expense

$

15,696



$

15,190



$

11,094























Reported net income

$

8,262



$

7,776



$

4,090



Add: Merger-related expenses, net tax



-





894





225



Non-GAAP net income

$

8,262



$

8,670



$

4,315























Diluted EPS

$

0.89



$

0.84



$

0.56



Add: Merger-related expenses, net tax



-





0.09





0.03



Non-GAAP diluted EPS

$

0.89



$

0.93



$

0.59























Reported net income

$

8,262



$

7,776



$

4,090



Add: CDI amortization, net tax



355





359





110



Non-GAAP tangible income

$

8,617



$

8,135



$

4,200























Total Assets

$

2,140,530



$

2,159,976



$

1,587,362



Less: Intangible assets



66,493





67,035





12,234



Non-GAAP tangible assets

$

2,074,037



$

2,092,941



$

1,575,128























Total shareholders' equity

$

295,688



$

289,361



$

192,625



Less: Intangible assets



66,493





67,035





12,234



Non-GAAP tangible shareholders' equity

$

229,195



$

222,326



$

180,391























Originated loans

$

1,042,198



$

987,642



$

928,770



Acquired loans



590,821





638,037





298,623



Total loans

$

1,633,019



$

1,625,679



$

1,227,393























Originated allowance for loan losses

$

14,392



$

13,828



$

13,040



Acquired allowance for loan losses



1,351





1,145





384



Total allowance for loan losses

$

15,743



$

14,973



$

13,424























Return on average assets



1.53

%



1.44

%



1.04

%

Add: Merger-related expenses, net tax



-





0.17





0.06



Adjusted return on average assets



1.53

%



1.61

%



1.10

%





















Return on average equity



11.17

%



10.89

%



8.54

%

Add: Intangible assets



3.92





4.00





0.83



Non-GAAP return on tangible common equity



15.09

%



14.89

%



9.37

%





















Return on average equity



11.17

%



10.89

%



8.54

%

Add: Merger-related expenses, net tax



-





1.25





0.47



Adjusted return on average equity



11.17





12.14





9.01



Add: Average intangible assets



3.92





4.38





0.86



Adjusted return on average tangible common equity



15.09

%



16.52

%



9.87

%





















Common equity ratio



13.81

%



13.40

%



12.13

%

Less: Intangible assets



2.76





2.78





0.68



Non-GAAP tangible common equity ratio



11.05

%



10.62

%



11.45

%





















Efficiency ratio



58.46

%



61.17

%



62.14

%

Less: Merger-related expenses



-





4.24





1.35



Adjusted efficiency ratio



58.46

%



56.93

%



60.79

%





















Book value per share

$

31.19



$

30.66



$

25.99



Less: Intangible assets



7.01





7.10





1.65



Non-GAAP tangible book value per share

$

24.18



$

23.56



$

24.34















































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 is it 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, 2017, 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











































September 30,



December 31,



%





September 30,

June 30,

(dollars in thousands)

2018



2017



Change





2017

2018

Assets



















Cash and cash equivalents

$        61,724



$      150,418



(59)

%



$        51,626

$     80,489

Interest-bearing deposits in banks

1,184



2,421



(51)





1,191

1,429

Investment securities available for sale, at fair value

258,948



234,993



10





202,196

264,259

Investment securities held to maturity

10,942



13,034



(16)





13,118

12,869

Mortgage loans held for sale

3,470



5,873



(41)





5,617

9,711

Loans, net of unearned income

1,633,019



1,657,795



(1)





1,227,393

1,625,679

Allowance for loan losses

(15,743)



(14,807)



6





(13,424)

(14,973)

     Total loans, net of allowance for loan losses

1,617,276



1,642,988



(2)





1,213,969

1,610,706

Office properties and equipment, net

45,758



45,605



-





38,700

45,192

Cash surrender value of bank-owned life insurance

29,394



28,904



2





20,510

29,228

Goodwill and core deposit intangibles

66,493



68,033



(2)





12,234

67,035

Accrued interest receivable and other assets

45,341



35,852



26





28,201

39,058

Total Assets

$    2,140,530



$   2,228,121



(4)





$    1,587,362

$ 2,159,976









































Liabilities



















Deposits

$    1,771,312



$   1,866,227



(5)

%



$    1,319,713

$ 1,788,545

Federal Home Loan Bank advances

59,577



71,825



(17)





64,804

69,974

Accrued interest payable and other liabilities

13,953



12,198



14





10,220

12,096

Total Liabilities

1,844,842



1,950,250



(5)





1,394,737

1,870,615





















Shareholders' Equity



















Common stock

95



94



1

%



74

94

Additional paid-in capital

167,942



165,341



2





81,376

166,897

Common stock acquired by benefit plans

(3,648)



(3,922)



(7)





(4,034)

(3,737)

Retained earnings 

135,848



117,313



16





115,130

129,645

Accumulated other comprehensive income 

(4,549)



(955)



(376)





79

(3,538)

Total Shareholders' Equity

295,688



277,871



6





192,625

289,361

Total Liabilities and Shareholders' Equity

$    2,140,530



$   2,228,121



(4)





$    1,587,362

$ 2,159,976

 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME



















































 For The Three Months Ended 









 For the Nine Months Ended 









 September 30, 

%





 September 30, 



%



(dollars in thousands except per share data)

2018

2017



Change





2018

2017



Change



Interest Income























Loans, including fees

$   24,118

$   16,336



48

%



$    70,449

$    48,747



45

%

Investment securities

1,694

1,135



49





4,898

3,278



49



Other investments and deposits

297

194



53





1,063

403



164



Total interest income

26,109

17,665



48





76,410

52,428



46



























Interest Expense























Deposits

2,312

1,396



66

%



6,141

3,538



74

%

Federal Home Loan Bank advances

287

313



(8)





916

1,067



(14)



Total interest expense

2,599

1,709



52





7,057

4,605



53



Net interest income

23,510

15,956



47





69,353

47,823



45



Provision for loan losses

786

660



19





2,331

1,117



109



Net interest income after provision for loan losses

22,724

15,296



49





67,022

46,706



43



























Noninterest Income























Service fees and charges

1,638

1,056



55

%



4,812

2,983



61

%

Bank card fees

1,110

718



55





3,405

2,168



57



Gain on sale of loans, net

206

303



(32)





614

919



(33)



Income from bank-owned life insurance

166

121



37





490

361



36



Gain (loss) on the closure or sale of assets, net

(68)

(43)



(58)





77

(147)



152



Other income

289

138



109





768

999



(23)



Total noninterest income

3,341

2,293



46





10,166

7,283



40



























Noninterest Expense























Compensation and benefits

9,328

7,062



32

%



27,492

20,730



33

%

Occupancy

1,661

1,219



36





5,056

3,711



36



Marketing and advertising

286

287



-





852

802



6



Data processing and communication

1,804

928



94





5,827

3,076



89



Professional fees

265

407



(35)





856

819



5



Forms, printing and supplies

180

119



51





811

410



98



Franchise and shares tax

362

193



88





1,091

587



86



Regulatory fees

455

317



44





1,177

952



24



Foreclosed assets, net

58

(70)



183





247

(230)



207



Other expenses

1,297

879



48





4,199

2,565



64



Total noninterest expense

15,696

11,341



38





47,608

33,422



42



Income before income tax expense

10,369

6,248



66





29,580

20,567



44



Income tax expense

2,107

2,158



(2)





6,079

6,985



(13)



Net income

$    8,262

$     4,090



102





$    23,501

$    13,582



73



























Earnings per share - basic

$      0.91

$       0.58



57

%



$       2.60

$       1.95



33

%

Earnings per share - diluted

$      0.89

$       0.56



59





$       2.53

$       1.88



35



























Cash dividends declared per common share

$      0.19

$       0.14



36

%



$       0.51

$       0.41



24

%

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION























































 For The Three Months Ended 









 For The Three  











 September 30, 



%





 Months Ended 





%





2018



2017



 Change 





 June 30, 2018 





 Change 



(dollars in thousands except per share data)

























EARNINGS DATA

























Total interest income

$       26,109



$       17,665



48

%



$             25,575





2

%

Total interest expense

2,599



1,709



52





2,238





16



Net interest income

23,510



15,956



47





23,337





1



Provision for loan losses

786



660



19





581





35



Total noninterest income

3,341



2,293



46





3,344





-



Total noninterest expense

15,696



11,341



38





16,322





(4)



Income tax expense

2,107



2,158



(2)





2,002





5



Net income

$        8,262



$        4,090



102





$               7,776





6





























AVERAGE BALANCE SHEET DATA

























Total assets

$  2,137,422



$  1,573,668



36

%



$         2,164,664





(1)

%

Total interest-earning assets

1,957,951



1,473,743



33





1,981,710





(1)



Total loans

1,631,839



1,215,985



34





1,634,310





-



Total interest-bearing deposits

1,330,227



1,024,163



30





1,347,046





(1)



Total interest-bearing liabilities

1,394,436



1,090,793



28





1,417,322





(2)



Total deposits

1,775,846



1,308,388



36





1,804,376





(2)



Total shareholders' equity

293,367



191,608



53





286,482





2





























SELECTED RATIOS (1)

























Return on average assets

1.53

%

1.04

%

47

%



1.44

%



6

%

Return on average equity

11.17



8.54



31





10.89





3



Common equity ratio

13.81



12.13



14





13.40





3



Efficiency ratio (2)

58.46



62.14



(6)





61.17





(4)



Average equity to average assets

13.73



12.18



13





13.23





4



Tier 1 leverage capital ratio(3) 

10.73



10.66



1





10.16





6



Total risk-based capital ratio(3) 

14.90



15.21



(2)





14.52





3



Net interest margin (4)

4.74



4.29



10





4.69





1





























SELECTED NON-GAAP RATIOS (1)

























Tangible common equity ratio(5)

11.05

%

11.45

%

(3)

%



10.62

%



4

%

Return on average tangible common equity(6) 

15.09



9.37



61





14.89





1



Adjusted return on average assets (7)

1.53



1.10



39





1.61





(5)



Adjusted return on average equity (7)

11.17



9.01



24





12.14





(8)



Adjusted efficiency ratio (7)

58.46



60.79



(4)





56.93





3



Adjusted return on average tangible common equity (7)

15.09



9.87



53





16.52





(9)





























PER SHARE DATA

























Earnings per share - basic

$          0.91



$          0.58



57





$                0.86





6

%

Earnings per share - diluted

0.89



0.56



59





0.84





6



Adjusted earnings per share - diluted (8)

0.89



0.59



51





0.93





(4)



Book value at period end

31.19



25.99



20





30.66





2



Tangible book value at period end

24.18



24.34



(1)





23.56





3



Shares outstanding at period end

9,479,611



7,412,234



28

%



9,437,654





-



Weighted average shares outstanding

























   Basic

9,098,206



7,006,513



30

%



9,047,753





1

%

   Diluted

9,321,360



7,281,164



28





9,299,360





-



______________________________________________

(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 21% for 2018 and 35% for 2017.

(5)

Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" for additional information.

(6)

Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes, divided by average common  shareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" for additional information.

(7)

Adjusted ratios eliminate merger-related expenses in the calculation. See "Non-GAAP Reconciliation"  for additional information.

(8) 

Adjusted diluted EPS eliminates merger-related expenses in the calculation. See "Non-GAAP Reconciliation" for additional information.

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION























































































September 30, 2018



June 30, 2018



September 30, 2017



Acquired

Originated

Total



Acquired

Originated

Total



Acquired

Originated

Total

(dollars in thousands)









































CREDIT QUALITY(1) 









































Nonaccrual loans (2) 

$    5,070



$     15,805



$  20,875





$   3,696



$   18,548



$  22,244





$      1,220



$       16,481



$ 17,701



Accruing loans past due 90 days and over

-



-



-





-



-



-





-



-



-



Total nonperforming loans

5,070



15,805



20,875





3,696



18,548



22,244





1,220



16,481



17,701



Foreclosed assets

485



86



571





406



86



492





367



87



454



Total nonperforming assets

5,555



15,891



21,446





4,102



18,634



22,736





1,587



16,568



18,155



Performing troubled debt restructurings

288



1,338



1,626





1,054



2,717



3,771





2,928



999



3,927



Total nonperforming assets and troubled 

debt restructurings

$    5,843



$     17,229



$  23,072





$   5,156



$   21,351



$  26,507





$      4,515



$       17,567



$ 22,082













































Nonperforming assets to total assets









1.00

%











1.05

%











1.14

%

Nonperforming loans to total assets 









0.98













1.03













1.12



Nonperforming loans to total loans 









1.28













1.37













1.44



Allowance for loan losses to nonperforming assets









73.41













65.85













73.94



Allowance for loan losses to nonperforming loans









75.42













67.31













75.84



Allowance for loan losses to total loans









0.96













0.92













1.09













































Year-to-date loan charge-offs









$    1,564













$   1,545













$     430



Year-to-date loan recoveries









169













166













226



Year-to-date net loan charge-offs 









$    1,395













$   1,379













$     204



Annualized YTD net loan charge-offs to average loans







0.11

%











0.17

%











0.02

%



______________________________________________

(1) 

Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from nonperforming loans. 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) 

Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $9.0 million, $10.4 million and $8.9 million at September 30, 2018, June 30, 2018 and September 30, 2017, respectively. Acquired restructured loans placed on nonaccrual totaled $868,000, $949,000 and $457,000 at September 30, 2018, June 30, 2018 and September 30, 2017, respectively.  

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/home-bancorp-announces-third-quarter-2018-results-and-increases-quarterly-dividend-by-5-300735692.html

SOURCE Home Bancorp, Inc.

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