Home Bancorp Announces 2012 Fourth Quarter And Annual Results

        Home Bancorp Announces 2012 Fourth Quarter And Annual Results

PR Newswire

LAFAYETTE, La., Jan. 29, 2013

LAFAYETTE, La., Jan. 29, 2013 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq:
"HBCP") (the "Company"), the parent company for Home Bank
(www.home24bank.com), a Federally chartered savings bank headquartered in
Lafayette, Louisiana (the "Bank"), announced net income of $2.3 million for
the fourth quarter of 2012, a decrease of $728,000, or 24%, compared to the
third quarter of 2012 and an increase of $190,000, or 9%, compared to the
fourth quarter of 2011. Diluted earnings per share were $0.33 for the fourth
quarter of 2012, a decrease of $0.09, or 21%, compared to the third quarter of
2012 and an increase of $0.03, or 10%, compared to the fourth quarter of
2011.

Net income for the year ended December 31, 2012 was $9.2 million, an increase
of $4.1 million, or 79%, compared to 2011. Diluted earnings per share for
2012 were $1.28, an increase of 80% compared to $0.71 in 2011. Excluding
merger-related expenses of $2.1 million (pre-tax) incurred in 2011 due to the
acquisition of GS Financial Corp. ("GSFC"), net income increased $2.7 million,
or 42%, compared to 2011. Excluding merger-related expenses, diluted earnings
per share increased $0.38, or 42%, compared 2011. 

"In our first year without an acquisition since 2009, we focused our attention
on enhancing our customers' experience and improving internal processes,"
stated John W. Bordelon, President and Chief Executive Officer of the Company
and the Bank. "We're pleased with the progress we made in 2012, and expect to
build on our momentum in 2013."

"Although we continue to face the challenges posed by the national economy, as
well as other industry-wide factors which are not fully within our control, we
greet 2013 with optimism," added Mr. Bordelon, "largely because, through their
experience and hard work, the people and businesses of South Louisiana
continue to press forward."

Loans and Credit Quality

Loans totaled $673.1 million at December 31, 2012, an increase of $2.5
million, or 0.4%, from September 30, 2012, and an increase of $6.8 million, or
1%, from December 31, 2011. During the fourth quarter, increases in
construction and land (up $12.2 million), one-to four-family first mortgage
(up $3.1 million), commercial and industrial (up $1.5 million), and consumer
(up $1.0 million) loan portfolios were largely offset by maturities and
paydowns in the commercial real estate loan portfolio (down $15.9 million). 

The following table sets forth the composition of the Company's loan portfolio
(including loans covered by loss sharing agreements) as of the dates
indicated.

                           December 31,   December 31,   Increase/(Decrease)
(dollars in thousands)     2012           2011           Amount     Percent
Real estate loans:
 One- to four-family $ 177,816      $ 182,817      $ (5,001)    (3)      %
first mortgage
 Home equity loans     40,425         43,665         (3,240)    (7)
and lines
 Commercial real       252,805        226,999        25,806     11
estate
 Construction and      75,529         78,994         (3,465)    (4)
land
 Multi-family          19,659         20,125         (466)      (2)
residential
 Total real         566,234        552,600        13,634     2
estate loans
Other loans:
 Commercial and        72,253         82,980         (10,727)   (13)
industrial
 Consumer              34,641         30,791         3,850      13
 Total other        106,894        113,771        (6,877)    (6)
loans
 Total loans      $ 673,128      $ 666,371      $ 6,757      1        %

Nonperforming assets ("NPAs"), which includes $12.3 million in assets covered
under loss sharing agreements with the FDIC ("Covered Assets") and $11.2
million acquired from GSFC, totaled $28.4 million at December 31, 2012, a
decrease of $1.8 million compared to September 30, 2012 and a decrease of $2.0
million compared to December 31, 2011. The ratio of total NPAs to total
assets was 2.95% at December 31, 2012, compared to 3.10% at September 30, 2012
and 3.16% at December 31, 2011. Excluding acquired assets, the ratio of NPAs
was 0.62% at December 31, 2012, compared to 0.86% at September 30, 2012 and
0.54% at December 31, 2011.

The Company recorded net loan charge-offs of $70,000 during the fourth quarter
of 2012, compared to net loan charge-offs of $464,000 in the third quarter of
2012 and net loan recoveries of $7,000 in the fourth quarter of 2011,
respectively. The Company's provision for loan losses for the fourth quarter
of 2012 was $483,000, compared to $56,000 for the third quarter of 2012 and
$568,000 for the fourth quarter of 2011. The provision for loan losses in the
fourth quarter of 2012 relates primarily to modest downgrades of certain loans
in the Company's organic loan portfolio and decreased cash flow expectations
in the acquired GSFC one- to four-family first mortgage portfolio.

The ratio of allowance for loan losses to total loans was 0.79% at December
31, 2012, compared to 0.73% and 0.77% at September 30, 2012 and December 31,
2011, respectively. Excluding acquired loans, the ratio of the allowance for
loan losses to total loans was 1.01% at December 31, 2012, compared to 1.01%
at September 30, 2012 and 1.14% at December 31, 2011. 

Investment Securities Portfolio

The Company's investment securities portfolio totaled $158.9 million at
December 31, 2012, an increase of $3.9 million, or 3%, from September 30,
2012, and an increase of $199,000, or 0.1%, from December 31, 2011. At
December 31, 2012, the Company had a net unrealized gain position on its
investment securities portfolio of $5.0 million, compared to net unrealized
gains of $5.2 million and $2.6 million at September 30, 2012 and December 31,
2011, respectively. At December 31, 2012, the investment securities portfolio
had a modified duration of 3.7 years.

Deposits

At December 31, 2012, core deposits (i.e., checking, savings and money market
accounts) decreased $2.7 million, or 1%, from September 30, 2012, and
increased $72.5 million, or 16.3%, from December 31, 2011. Total deposits
were $771.4 million at December 31, 2012, a decrease of $13.5 million, or 2%,
from September 30, 2012, and an increase of $40.7 million, or 6%, from
December 31, 2011. 

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)   2012           2011           Amount      Percent
Demand deposit         $ 152,462      $ 127,828      $ 24,634      19        %
Savings                  51,515         43,671         7,844       18
Money market             191,191        180,790        10,401      6
NOW                      123,294        93,679         29,615      32
Certificates of          252,967        284,766        (31,799)    (11)
deposit
 Total deposits $ 771,429      $ 730,734      $ 40,695      6         %

Share Repurchases

The Company purchased 75,533 shares of its common stock during the fourth
quarter of 2012 at an average price per share of $17.93 under the share
repurchase plan announced in July 2012. The Company may repurchase up to
383,598 shares, or approximately 5%, of the Company's outstanding common stock
under the July 2012 plan. As of January 23, 2013, the Company has purchased
239,662 shares under the plan at an average price per share of $17.37; hence,
an additional 143,936 shares remain eligible for purchase under the plan. The
tangible book value per share of the Company's common stock was $18.73 at
December 31, 2012. 

Net Interest Income

Net interest income for the fourth quarter of 2012 totaled $10.4 million, a
decrease of $544,000, or 5%, compared to the third quarter of 2012, and an
increase of $390,000, or 4%, compared to the fourth quarter of 2011. The
decline in net interest income in the fourth quarter of 2012 compared to the
third quarter of 2012 was due largely to a decline in loan interest income.
The decrease in loan interest income resulted primarily from lower levels of
interest accretion in the acquired loan portfolios, less loan fee accretion
and lower average loan balances.

The Company's net interest margin was 4.73% for the fourth quarter of 2012, 21
basis points lower than the third quarter of 2012 and 11 basis points higher
than the fourth quarter of 2011. The decrease in the net interest margin
compared to the third quarter of 2012 related primarily to lower loan yields
as described above. The increase in net interest margin compared to the
fourth quarter of 2011 related primarily to lower costs on 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.

                   For the Three Months Ended
                   December 31, 2012      September 30, 2012     December 31, 2011
(dollars in        Average Average        Average Average        Average Average
thousands)         Balance Yield/Rate     Balance Yield/Rate     Balance Yield/Rate
Interest-earning
assets:
Loans receivable $ 673,428 6.28       % $ 678,936 6.55       % $ 662,429 6.21       %
Investment         149,294 1.95           149,472 2.06           162,367 2.18
securities
Other
interest-earning   41,057  0.43           41,373  0.40           26,026  0.56
assets
Total
interest-earning   863,779 5.25           869,781 5.49           850,822 5.27
assets
Interest-bearing
liabilities:
Deposits:
Savings,
checking, and      361,862 0.33           355,107 0.34           314,694 0.46
money market
Certificates of    257,750 1.04           269,840 1.08           284,169 1.16
deposit
Total
interest-bearing   619,612 0.63           624,947 0.66           598,863 0.79
deposits
FHLB advances      40,796  1.58           48,175  1.39           103,011 0.75
Total
interest-bearing $ 660,408 0.68         $ 673,122 0.71         $ 701,874 0.79
liabilities
Net interest               4.57       %           4.78       %           4.48       %
spread
Net interest               4.73       %           4.94       %           4.62       %
margin

Noninterest Income

Noninterest income for the fourth quarter of 2012 totaled $1.8 million, a
decrease of $321,000, or 15%, compared to the third quarter of 2012 and a
decrease of $93,000, or 5%, compared to the fourth quarter of 2011. The
decrease in noninterest income in the fourth quarter of 2012 compared to the
third quarter of 2012 resulted primarily from the absence of gains on sale of
securities of $163,000 recorded during the third quarter and decreases in
gains on the sale of mortgage loans, service fees and charges and bank card
fees.

The decrease in noninterest income in the fourth quarter of 2012 compared to
the fourth quarter of 2011 resulted primarily from decreases in discount
accretion on FDIC loss sharing receivable, service fees and charges and bank
card fees offset by higher gains on the sale of mortgage loans. 

Noninterest Expense

Noninterest expense for the fourth quarter of 2012 totaled $8.2 million, a
decrease of $176,000, or 2%, compared to the third quarter of 2012 and an
increase of $131,000, or 2%, compared to the fourth quarter of 2011. The
decrease in noninterest expense in the fourth quarter of 2012 compared to the
third quarter of 2012 resulted primarily from lower than anticipated Louisiana
shares tax payments (down $349,000), which was partially offset by higher data
processing and communication (up $73,000), compensation and benefits (up
$71,000), and foreclosed asset expenses (up $44,000).

Non-GAAP Reconciliation

                                         For the Years Ended
(dollars in thousands)                   December 31, 2012 December 31, 2011
Reported noninterest expense             $  32,454       $30,783
Less: Merger-related expenses            -                 (2,051)
Non-GAAP noninterest expense             $  32,454       $28,732
Reported net income                      $   9,190      $ 5,120
Add: Merger-related expenses (after tax) -                 1,354
Non-GAAP net income                      $   9,190      $ 6,474
Diluted EPS                              $    1.28     $  0.72
Less: Merger-related expenses            -                 0.18
Non-GAAP EPS                             $    1.28     $  0.90

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 and the impact of merger-related expenses.
Management believes the presentation of this non-GAAP financial information
provides useful information that is essential to a proper 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, 2011, 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,
                      2012            2011            Change    2012
Assets
Cash and cash         $  39,539,366  $  31,769,438  24     %  $  52,307,703
equivalents
Interest-bearing      3,529,000       5,583,000       (37)      4,019,000
deposits in banks
Investment securities
available for sale,   157,255,828     155,259,978     1         153,006,535
at fair value
Investment securities 1,665,184       3,461,717       (52)      2,049,718
held to maturity
Mortgage loans held   5,627,104       1,672,597       236       5,572,587
for sale
Loans covered by loss 45,764,397      61,070,360      (25)      49,500,917
sharing agreements
Noncovered loans, net 627,363,937     605,301,127     4         621,157,286
of unearned income
 Total loans      673,128,334     666,371,487     1         670,658,203
Allowance for loan    (5,319,235)     (5,104,363)     4         (4,906,292)
losses
 Total loans, net
of allowance for loan 667,809,099     661,267,124     1         665,751,911
losses
FDIC loss sharing     15,545,893      24,222,190      (36)      16,813,909
receivable
Office properties and 30,777,184      31,763,692      (3)       30,910,746
equipment, net
Cash surrender value
of bank-owned life    17,286,434      16,771,174      3         17,157,946
insurance
Accrued interest
receivable and other  23,891,172      32,018,228      (25)      26,720,243
assets
Total Assets          $ 962,926,264   $ 963,789,138   -         $ 974,310,298
Liabilities
Deposits              $ 771,429,335   $ 730,733,755   6      %  $ 784,941,867
Federal Home Loan     46,256,805      93,622,954      (51)      43,440,343
Bank advances
Accrued interest
payable and other     3,666,264       5,147,595       (29)      5,717,129
liabilities
Total Liabilities     821,352,404     829,504,304     (1)       834,099,339
Shareholders' Equity
Common stock          89,506          89,335          -      %  89,483
Additional paid-in    90,986,820      89,741,406      1         90,513,760
capital
Treasury stock        (21,719,954)    (15,892,315)    37        (20,365,995)
Common stock acquired (7,455,669)     (8,625,513)     (14)      (7,544,939)
by benefit plans
Retained earnings    76,435,222      67,245,350      14        74,110,812
Accumulated other     3,237,935       1,726,571       88        3,407,838
comprehensive income
Total Shareholders'   141,573,860     134,284,834     5         140,210,959
Equity
Total Liabilities and $ 962,926,264   $ 963,789,138   -         $ 974,310,298
Shareholders' Equity



HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
              For The Three Months            For The Years Ended
              Ended
              December 31,         %         December 31,         %
              2012       2011        Change    2012       2011        Change
Interest
Income
Loans,        $        $                  $         $
including     10,734,365 10,450,022  3      %  42,797,878 34,604,712  24     %
fees
Investment    728,597    883,979     (18)      3,169,429  3,686,134   (14)
securities
Other
investments   43,951     36,803      19        154,820    144,346     7
and deposits
Total
interest      11,506,913 11,370,804  1         46,122,127 38,435,192  20
income
Interest
Expense
Deposits      974,361    1,194,653   (18)   %  4,227,495  4,626,198   (9)    %
Federal Home
Loan Bank     160,787    194,407     (17)      686,374    590,972     16
advances
Total
interest      1,135,148  1,389,060   (18)      4,913,869  5,217,170   (6)
expense
Net interest  10,371,765 9,981,744   4         41,208,258 33,218,022  24
income
Provision for 483,251    567,968     (15)      2,411,214  1,460,427   65
loan losses
Net interest
income after  9,888,514  9,413,776   5         38,797,044 31,757,595  22
provision for
loan losses
Noninterest
Income
Service fees  495,372    538,368     (8)    %  2,184,246  2,160,706   1      %
and charges
Bank card     399,282    443,407     (10)      1,795,960  1,737,554   3
fees
Gain on sale  567,804    520,493     9         1,963,365  910,165     116
of loans, net
Income from
bank-owned    128,487    142,561     (10)      515,260    578,529     (11)
life
insurance
Gain (loss)
on the sale
of            -          (4,706)     100       221,781    (170,788)   230
securities,
net
Discount
accretion of
FDIC loss     119,087    187,799     (37)      580,980    851,080     (32)
sharing
receivable
Settlement of -          -           -         -          525,000     -
litigation
Other income  55,418     30,461      82        190,291    188,749     1
Total
noninterest   1,765,450  1,858,383   (5)       7,451,883  6,780,995   10
income
Noninterest
Expense
Compensation  5,118,250  4,692,503   9      %  19,687,444 17,821,501  10     %
and benefits
Occupancy     689,774    799,493     (14)      2,809,039  2,633,558   7
Marketing and 205,051    312,733     (34)      743,814    980,557     (24)
advertising
Data
processing    767,345    713,701     8         2,801,124  3,141,776   (11)
and
communication
Professional  189,175    203,524     (7)       890,205    1,378,504   (35)
fees
Forms,
printing and  100,006    139,997     (29)      477,924    542,079     (12)
supplies
Franchise and (43,458)   93,783      (146)     613,733    675,801     (9)
shares tax
Regulatory    224,673    169,375     33        854,041    857,990     -
fees
Foreclosed    292,584    242,590     21        1,051,397  471,637     123
assets, net
Other         669,918    715,087     (6)       2,525,404  2,279,995   11
expenses
Total
noninterest   8,213,318  8,082,786   2         32,454,125 30,783,398  5
expense
Income before
income tax    3,440,646  3,189,373   8         13,794,802 7,755,192   78
expense
Income tax    1,116,236  1,055,122   6         4,604,930  2,635,411   75
expense
Net income    $        $        9         $         $           79
              2,324,410  2,134,251             9,189,872  5,119,781
Earnings per  $      $                 $      $    
share - basic   0.34           10     %   1.33    0.72       85     %
                         0.31
Earnings per  $      $                 $      $    
share -         0.33           10         1.28    0.71       80
diluted                  0.30





HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
                  For The Three Months               For The
                  Ended                              Three
                  December 31,          %           Months      %
                                                      Ended
                  2012        2011        Change    September   Change
                                                      30, 2012
(dollars in
thousands except
per share data)
EARNINGS DATA
Total interest    $11,507     $11,371     1        %  $12,120      (5)      %
income
Total interest    1,135       1,389       (18)        1,204        (6)
expense
Net interest      10,372      9,982       4           10,916       (5)
income
Provision for     483         568         (15)        56           763
loan losses
Total noninterest 1,765       1,858       (5)         2,087        (15)
income
Total noninterest 8,213       8,083       2           8,389        (2)
expense
Income tax        1,116       1,055       6           1,506        (26)
expense
Net income        $2,325      $2,134      9           $3,052       (24)
AVERAGE BALANCE
SHEET DATA
Total assets      $969,182    $965,357    -        %  $974,761     (1)      %
Total
interest-earning  863,780     850,822     2           869,781      (1)
assets
Totals loans      673,428     662,429     2           678,936      (1)
Total
interest-bearing  619,612     598,863     3           624,947      (1)
deposits
Total
interest-bearing  660,408     701,874     (6)         673,122      (2)
liabilities
Total deposits    783,522     724,717     8           783,542      -
Total
shareholders'     141,457     133,899     6           140,548      1
equity
SELECTED RATIOS
^(1)
Return on average 0.96      % 0.88      % 9        %  1.25      %  (23)     %
assets
Return on average 6.57        6.38        3           8.69         (24)
equity
Efficiency ratio  67.67       68.27       (1)         64.52        5
^(2)
Average equity to 14.60       13.87       5           14.42        1
average assets
Tier 1 leverage
capital           13.67       12.53       9           13.23        3
ratio^(3)
Total risk-based
capital           21.83       21.13       3           21.39        2
ratio^(3)
Net interest      4.73        4.62        2           4.94         (4)
margin ^(4)
PER SHARE DATA
Basic earnings    $0.34       $.31        10       %  $0.44        (23)     %
per share
Diluted earnings  0.33        0.30        10          0.42         (21)
per share
Book value at     19.03       17.30       10          18.66        2
period end
Tangible book
value at period   18.73       16.96       10          18.35        2
end
PER SHARE DATA
Shares
outstanding at    7,439,127   7,759,954   (4)      %  7,512,360    (1)      %
period end
Weighted average
shares
outstanding
 Basic          6,778,450   6,882,206   (2)      %  6,950,785    (2)      %
 Diluted        7,094,725   7,033,984   1           7,212,323    (2)

^(1)         With the exception of end-of-period ratios, all ratios are based
             on average monthly balances during the respective periods.
             The efficiency ratio represents noninterest expense as a
^(2)         percentage of total revenues. Total revenues is the sum of net
             interest income and noninterest income.
^(3)         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.





HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY CREDIT QUALITY INFORMATION
               December 31, 2012            September 30, 2012           December 31, 2011
               Covered Noncovered Total     Covered Noncovered Total     Covered  Noncovered Total
(dollars in
thousands)
CREDIT
QUALITY^(1)
(2)
Nonaccrual     $       $ 12,368   $         $       $ 12,608   $         $10,460  $11,007    $
loans          9,579             21,947    9,106             21,714                        21,467
Accruing loans
past due 90    -       -          -         -       -          -         -        -          -
days and over
Total
nonperforming  9,579   12,368     21,947    9,106   12,608     21,714    10,460   11,007     21,467
loans
Foreclosed     2,683   3,771      6,454     3,143   5,300      8,443     6,096    2,868      8,964
assets
Total
nonperforming  12,262  16,139     28,401    12,249  17,908     30,157    16,556   13,875     30,431
assets
Performing
troubled debt  306     808        1,114     675     816        1,491     26       572        598
restructurings
Total
nonperforming
assets and     $                  $         $                  $         $       $       $
troubleddebt  12,568  $ 16,947   29,515    12,924  $ 18,724   31,648    16,582  14,447     31,029
restructurings
Nonperforming
assets to                         2.95   %                     3.10   %                      3.16   %
total assets
Nonperforming
loans to total                    2.28                         2.23                          2.23
assets
Nonperforming
loans to total                    3.26                         3.24                          3.22
loans
Allowance for
loan losses to                    18.73                        16.27                         16.77
nonperforming
assets
Allowance for
loan losses to                    24.24                        22.60                         23.78
nonperforming
loans
Allowance for
loan losses to                    0.79                         0.73                          0.77
total loans
Year-to-date                      $                            $
loan                              2,325                       2,151                        $334
charge-offs
Year-to-date
loan                              129                          25                            58
recoveries
Year-to-date                      $                            $                             $  
net loan                          2,196                       2,126                        276
charge-offs
Annualized YTD
net loan                          0.33   %                     0.42   %                      0.04   %
charge-offs to
total loans

               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
^(1)           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.

               
               Asset quality information includes assets covered under FDIC
^(2)           loss sharing agreements. Such assets covered by FDIC loss
               sharing agreements are referred to as "Covered" assets. All
               other assets are referred to as "Noncovered".



SOURCE Home Bancorp, Inc.

Website: http://www.home24bank.com
Contact: John W. Bordelon, President and CEO, +1-337-237-1960