Home Bancorp Announces Third Quarter 2018 Results And Increases Quarterly Dividend By 5%
PR Newswire
LAFAYETTE, La., Oct. 23, 2018
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.
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 Rate | Average | Interest | Average Yield/ | ||||||
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. | |||||||||||||||||||
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SOURCE Home Bancorp, Inc.
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