Home Bancorp Announces 2013 First Quarter Results

              Home Bancorp Announces 2013 First Quarter Results

PR Newswire

LAFAYETTE, La., April 23, 2013

LAFAYETTE, La., April 23, 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 $1.9 million for
the first quarter of 2013, a decrease of $462,000, or 20%, compared to the
fourth quarter of 2012 and a decrease of $199,000, or 10%, compared to the
first quarter of 2012. Diluted earnings per share were $0.27 for the first
quarter of 2013, a decrease of $0.06, or 18%, compared to the fourth quarter
of 2012 and a decrease of $0.02, or 7%, compared to the first quarter of
2012.

"We are beginning to see our loan pipeline grow modestly," stated John W.
Bordelon, President and Chief Executive Officer of the Company and the Bank.
"We continue to manage our company conservatively through this challenging
time for our industry. We will maintain our credit standards and manage
interest rate risk appropriately for the long-term benefit of our Company and
shareholders."

Loans and Credit Quality

Loans totaled $678.6 million at March 31, 2013, an increase of $5.5 million,
or 1%, from December 31, 2012, and a decrease of $72,000, from March 31,
2012. During the first quarter, increases in the one-to four-family first
mortgage (up $8.5 million) and commercial and industrial (up $2.1 million)
loan portfolios were largely offset by maturities and paydowns in most other
segments of the loan portfolio. The increase in the one-to-four-family first
mortgage portfolio resulted primarily from the selective addition of 15-year
term loans to the portfolio.

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.

                              March 31,   December 31,   Increase/(Decrease)
(dollars in thousands)        2013        2012           Amount    Percent
Real estate loans:
 One- to four-family    $ 186,275   $ 177,816      $ 8,459     5         %
first mortgage
 Home equity loans and    38,543      40,425         (1,882)   (5)
lines
 Commercial real estate   251,656     252,805        (1,149)   -
 Construction and land    74,229      75,529         (1,300)   (2)
 Multi-family             18,500      19,659         (1,159)   (6)
residential
 Total real estate     569,203     566,234        2,969     1
loans
Other loans:
 Commercial and           74,346      72,253         2,093     3
industrial
 Consumer                 35,029      34,641         388       1
 Total other loans     109,375     106,894        2,481     2
 Total loans         $ 678,578   $ 673,128      $ 5,450     1         %



Nonperforming assets ("NPAs"), which include $11.6 million in assets covered
under loss sharing agreements with the FDIC ("Covered Assets") and $12.3
million acquired from GS Financial Corp. ("GSFC"), totaled $30.5 million at
March 31, 2013, an increase of $2.1 million compared to December 31, 2012 and
a decrease of $3.6 million compared to March 31, 2012. The ratio of total
NPAs to total assets was 3.12% at March 31, 2013, compared to 2.95% at
December 31, 2012 and 3.48% at March 31, 2012. Excluding acquired assets, the
ratio of NPAs to total assets was 0.80% at March 31, 2013, compared to 0.62%
at December 31, 2012 and 1.16% at March 31, 2012.

The Company recorded net loan charge-offs of $165,000 during the first quarter
of 2013, compared to net loan charge-offs of $70,000 in the fourth quarter of
2012 and $3,000 in the first quarter of 2012. The increase in net charge-offs
for the first quarter of 2013 resulted primarily from the full charge off of
one commercial and industrial loan relationship.

The Company's provision for loan losses for the first quarter of 2013 was
$520,000, compared to $483,000 for the fourth quarter of 2012 and $712,000 for
the first quarter of 2012. The provision in the first quarter of 2013 related
primarily to the commercial and industrial loan charge-offs noted above and a
$300,000 provision on a $1.3 million medical equipment loan.

The ratio of allowance for loan losses to total loans was 0.84% at March 31,
2013, compared to 0.79% and 0.86% at December 31, 2012 and March 31, 2012,
respectively. Excluding acquired loans, the ratio of the allowance for loan
losses to total loans was 1.05% at March 31, 2013, compared to 1.01% at
December 31, 2012 and 1.22% at March 31, 2012. 

Investment Securities Portfolio

The Company's investment securities portfolio totaled $159.7 million at March
31, 2013, an increase of $807,000, or 1%, from December 31, 2012, and a
decrease of $4.3 million, or 3%, from March 31, 2012. At March 31, 2013, the
Company had a net unrealized gain position on its investment securities
portfolio of $4.6 million, compared to net unrealized gains of $4.9 million
and $4.0 million at December 31, 2012 and March 31, 2012, respectively. The
investment securities portfolio had a modified duration of 3.7 years at March
31, 2013 and December 31, 2012, compared to 3.2 years at March 31, 2012.

Deposits

During the first quarter of 2013, core deposits (i.e., checking, savings and
money market accounts) increased $24.9 million, or 5%, from December 31, 2012,
and increased $84.7 million, or 19%, from March 31, 2012. Total deposits were
$783.3 million at March 31, 2013, an increase of $11.9 million, or 2%, from
December 31, 2012, and an increase of $47.2 million, or 6%, from March 31,
2012. 

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

                          March 31,   December 31,   Increase / (Decrease)
(dollars in thousands)    2013        2012           Amount      Percent
Demand deposit          $ 174,520   $ 152,462      $ 22,058      14        %
Savings                   53,677      51,515         2,162       4
Money market              196,009     191,191        4,818       3
NOW                       119,111     123,294        (4,183)     (3)
Certificates of deposit   240,002     252,967        (12,965)    (5)
 Total deposits  $ 783,319   $ 771,429      $ 11,890      2         %

Share Repurchases

The Company purchased 36,160 shares of its common stock during the first
quarter of 2013 at an average price per share of $18.55 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 April 17, 2013, the Company has purchased
286,022 shares under the plan at an average price per share of $17.56; hence,
an additional 97,576 shares remain eligible for purchase under the plan. The
tangible book value per share of the Company's common stock was $19.03 at
March 31, 2013.

Net Interest Income

Net interest income for the first quarter of 2013 totaled $9.9 million, a
decrease of $521,000, or 5%, compared to the fourth quarter of 2012, and a
decrease of $102,000, or 1%, compared to the first quarter of 2012. The
decline in net interest income in the first quarter of 2013 compared to the
first and fourth quarters of 2012 was due largely to a decline in loan
interest income as a result of lower volumes of new loan originations and
lower average yields earned on loans, reflecting the continuing low interest
rate environment as well as the effects of competition for loans in our
marketplace. 

The Company's net interest margin was 4.63% for the first quarter of 2013, 12
basis points lower than the fourth quarter of 2012 and two basis points lower
than the first quarter of 2012. The decrease in the net interest margin
related primarily to lower loan yields. 

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 yields are calculated using a marginal tax rate
of 35%.

                   For the Three Months Ended
                   March 31, 2013         December 31, 2012      March 31, 2012
(dollars in        Average Average        Average Average        Average Average
thousands)         Balance Yield/Rate     Balance Yield/Rate     Balance Yield/Rate
Interest-earning
assets:
Loans receivable $ 675,435 5.98       % $ 673,428 6.28       % $ 672,713 6.13       %
Investment         153,958 2.15           149,294 2.09           155,476 2.32
securities (TE)
Other
interest-earning   28,753  0.44           41,057  0.43           25,160  0.55
assets
Total
interest-earning $ 858,146 5.11         $ 863,779 5.28         $ 853,349 5.27
assets
Interest-bearing
liabilities:
Deposits:
Savings,
checking, and    $ 369,594 0.30         $ 361,862 0.33         $ 316,004 0.45
money market
Certificates of    245,421 1.01           257,750 1.04           282,476 1.11
deposit
Total
interest-bearing   615,015 0.58           619,612 0.63           598,480 0.76
deposits
FHLB advances      41,243  1.39           40,796  1.58           101,473 0.71
Total
interest-bearing $ 656,258 0.63         $ 660,408 0.68         $ 699,953 0.75
liabilities
Net interest               4.48       %           4.59       %           4.52       %
spread (TE)
Net interest               4.63       %           4.75       %           4.65       %
margin (TE)

Noninterest Income

Noninterest income for the first quarter of 2013 totaled $1.8 million, an
increase of $15,000, or 1%, compared to the fourth quarter of 2012 and an
increase of $80,000, or 5%, compared to the first quarter of 2012. The
increase in noninterest income in the first quarter of 2013 compared to the
fourth quarter of 2012 resulted primarily from increases in service fees and
charges (up $51,000) and bank card fees (up $15,000), which were partially
offset by decreases in gains on the sale of mortgage loans (down $19,000),
income from bank-owned life insurance (down $9,000) and other income (down
$16,000).

The increase in noninterest income in the first quarter of 2013 compared to
the first quarter of 2012 resulted primarily from higher gains on sale of
mortgage loans (up $222,000), which was partially offset by decreases in
discount accretion on the FDIC loss sharing receivable (down $65,000), bank
card fees (down $54,000) and service fees and charges (down $24,000).

Noninterest Expense

Noninterest expense for the first quarter of 2013 totaled $8.3 million, an
increase of $83,000, or 1%, compared to the fourth quarter of 2012 and an
increase of $487,000, or 6%, compared to the first quarter of 2012. The
increase in noninterest expense in the first quarter of 2013 compared to the
fourth quarter of 2012 resulted primarily from higher accrual of Louisiana
shares tax (up $317,000), which was partially offset by lower data processing
and communication (down $126,000) and foreclosed asset expenses (down
$115,000).

The increase in noninterest expense in the first quarter of 2013 compared to
the first quarter of 2012 resulted primarily from higher compensation and
benefits (up $401,000), marketing and advertising (up $88,000) and Louisiana
shares tax (up $98,000) expenses, which were partially offset by lower
foreclosed asset expenses (down $90,000).

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 loans acquired from the FDIC and GSFC. 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, 2012, 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
                      March 31,       March 31,       %         December 31,
                      2013            2012            Change    2012
Assets
Cash and cash         $  48,271,579  $  33,800,736  43     %  $  39,539,366
equivalents
Interest-bearing      3,529,000       4,754,000       (26)      3,529,000
deposits in banks
Investment securities
available for sale,   158,264,273     161,000,461     (2)       157,255,828
at fair value
Investment securities 1,463,543       3,064,866       (52)      1,665,184
held to maturity
Mortgage loans held   4,373,926       1,794,119       144       5,627,104
for sale
Loans covered by loss 41,533,637      56,111,387      (26)      45,764,397
sharing agreements
Noncovered loans, net 637,044,534     622,539,181     2         627,363,937
of unearned income
 Total loans      678,578,171     678,650,568     -         673,128,334
Allowance for loan    (5,674,179)     (5,813,095)     (2)       (5,319,235)
losses
 Total loans, net
of allowance for loan 672,903,992     672,837,473     -         667,809,099
losses
FDIC loss sharing     15,658,092      24,399,699      (36)      15,545,893
receivable
Office properties and 30,540,350      30,724,675      (1)       30,777,184
equipment, net
Cash surrender value
of bank-owned life    17,405,985      16,902,453      3         17,286,434
insurance
Accrued interest
receivable and other  24,614,631      30,275,634      (19)      23,891,172
assets
Total Assets          $ 977,025,371   $ 979,554,116   -         $ 962,926,264
Liabilities
Deposits              $ 783,318,582   $ 736,157,230   6      %  $ 771,429,335
Federal Home Loan     49,346,176      100,848,030     (51)      46,256,805
Bank advances
Accrued interest
payable and other     1,242,657       4,827,764       (74)      3,666,264
liabilities
Total Liabilities     833,907,415     841,833,024     (1)       821,352,404
Shareholders' Equity
Common stock          89,534          89,404          -      %  89,506
Additional paid-in    91,458,193      90,230,748      1         90,986,820
capital
Treasury stock        (22,390,786)    (15,965,319)    40        (21,719,954)
Common stock acquired (7,358,139)     (8,531,519)     (14)      (7,455,669)
by benefit plans
Retained earnings    78,297,156      69,305,807      13        76,435,222
Accumulated other     3,021,998       2,591,971       17        3,237,935
comprehensive income
Total Shareholders'   143,117,956     137,721,092     4         141,573,860
Equity
Total Liabilities and $ 977,025,371   $ 979,554,116   -         $ 962,926,264
Shareholders' Equity





HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
                    For The Three Months                For The
                    Ended                               Three
                    March 31,                %         Months      %
                                                         Ended
                    2013        2012           Change    December    Change
                                                         31, 2012
Interest Income
Loans, including    $         $             (3)    %  $         (6)    %
fees                10,072,750  10,371,357              10,734,365
Investment          771,050     859,482        (10)      728,597      6
securities
Other investments   31,306      34,398         (9)       43,951       (29)
and deposits
Total interest      10,875,106  11,265,237     (3)       11,506,913   (5)
income
Interest Expense
Deposits            881,014     1,131,848      (22)   %  974,361      (10)   %
Federal Home Loan   143,679     180,836        (21)      160,787      (11)
Bank advances
Total interest      1,024,693   1,312,684      (22)      1,135,148    (10)
expense
Net interest income 9,850,413   9,952,553      (1)       10,371,765   (5)
Provision for loan  520,392     711,900        (27)      483,251      8
losses
Net interest income
after provision for 9,330,021   9,240,653      1         9,888,514    (6)
loan losses
Noninterest Income
Service fees and    546,346     569,941        (4)    %  495,372      10     %
charges
Bank card fees      414,392     468,284        (12)      399,282      4
Gain on sale of     548,419     326,171        68        567,804      (3)
loans, net
Income from
bank-owned life     119,551     131,279        (9)       128,487      (7)
insurance
Gain on the sale of -           168            (100)     -            -
securities, net
Discount accretion
of FDIC loss        112,199     177,510        (37)      119,087      (6)
sharing receivable
Other income        39,371      26,562         48        55,418       (29)
Total noninterest   1,780,278   1,699,915      5         1,765,450    1
income
Noninterest Expense
Compensation and    5,096,218   4,695,709      9      %  5,118,250    -      %
benefits
Occupancy           708,786     694,941        2         689,774      3
Marketing and       239,195     151,474        58        205,051      17
advertising
Data processing and 641,515     672,341        (5)       767,345      (16)
communication
Professional fees   212,746     232,253        (8)       189,175      12
Forms, printing and 106,773     126,266        (15)      100,006      7
supplies
Franchise and       273,620     175,651        56        (43,458)     730
shares tax
Regulatory fees     223,249     198,158        13        224,673      (1)
Foreclosed assets,  177,943     267,998        (34)      292,584      (39)
net
Other expenses      616,271     594,031        4         669,918      (8)
Total noninterest   8,296,316   7,808,822      6         8,213,318    1
expense
Income before       2,813,983   3,131,746      (10)      3,440,646    (18)
income tax expense
Income tax expense  952,049     1,071,289      (11)      1,116,236    (15)
Net income          $         $            (10)      $        (20)
                    1,861,934  2,060,457               2,324,410
Earnings per share  $      $        (7)    %  $       (18)   %
- basic              0.28     0.30                        0.34
Earnings per share  $      $        (7)       $       (18)
- diluted            0.27     0.29                        0.33





HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
                  For The Three Months                For The
                  Ended                               Three
                  March 31,              %           Months      %
                                                       Ended
                  2013         2012        Change    December    Change
                                                       31, 2012
(dollars in
thousands except
per share data)
EARNINGS DATA
Total interest    $  10,875   $          (3)      %  $        (5)      %
income                         11,265                   11,507
Total interest    1,025        1,313       (22)        1,135        (10)
expense
Net interest      9,850        9,952       (1)         10,372       (5)
income
Provision for     520          712         (27)        483          8
loan losses
Total noninterest 1,780        1,700       5           1,765        1
income
Total noninterest 8,296        7,809       6           8,213        1
expense
Income tax        952          1,071       (11)        1,116        (15)
expense
Net income        $          $         (10)        $        (20)
                  1,862        2,060                    2,325
AVERAGE BALANCE
SHEET DATA
Total assets      $ 961,542    $ 965,683   -        %  $        (1)      %
                                                       969,182
Total
interest-earning  858,146      853,349     1           863,779      (1)
assets
Total loans       675,435      672,713     -           673,428      -
Total
interest-bearing  615,015      598,480     3           619,612      (1)
deposits
Total
interest-bearing  656,258      699,953     (6)         660,408      (1)
liabilities
Total deposits    775,937      724,752     7           783,522      (1)
Total
shareholders'     143,113      134,899     6           141,457      1
equity
SELECTED RATIOS
^(1)
Return on average 0.77       % 0.85      % (9)      %  0.96      %  (20)     %
assets
Return on average 5.20         6.11        (15)        6.57         (21)
equity
Efficiency ratio  71.33        67.01       6           67.67        5
^(2)
Average equity to 14.88        13.97       7           14.60        2
average assets
Tier 1 leverage
capital           13.70        12.59       9           13.67        -
ratio^(3)
Total risk-based
capital           22.11        20.83       6           21.83        1
ratio^(3)
Net interest      4.63         4.65        -           4.75         (3)
margin ^(4)
PER SHARE DATA
Basic earnings    $          $         (7)      %  $        (18)     %
per share         0.28        0.30                     0.34
Diluted earnings  0.27         0.29        (7)         0.33         (18)
per share
Book value at     19.33        17.74       9           19.03        2
period end
Tangible book
value at period   19.03        17.42       9           18.73        2
end
PER SHARE DATA
Shares
outstanding at    7,405,767    7,762,204   (5)      %  7,439,127    -        %
period end
Weighted average
shares
outstanding
 Basic          6,668,780    6,952,952   (4)      %  6,770,286    (1)      %
 Diluted        7,019,572    7,196,444   (2)         7,086,561    (1)

^(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) 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 marginaltax rate of 35%.



HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY CREDIT QUALITY INFORMATION
               March 31, 2013               December 31, 2012            March 31, 2012
               Covered Noncovered Total     Covered Noncovered Total     Covered Noncovered Total
(dollars in
thousands)
CREDIT
QUALITY^(1)
(2)
Nonaccrual     $      $ 15,225   $         $      $ 12,368   $         $       $ 15,759   $
loans          8,105              23,330    9,579              21,947    10,456             26,215
Accruing loans
past due 90    -       -          -         -       -          -         -       -          -
days and over
Total
nonperforming  8,105   15,225     23,330    9,579   12,368     21,947    10,456  15,759     26,215
loans
Other real     3,517   3,612      7,129     2,683   3,771      6,454     5,168   2,675      7,843
estate owned
Total
nonperforming  11,622  18,837     30,459    12,262  16,139     28,401    15,624  18,434     34,058
assets
Performing
troubled debt  297     482        779       306     808        1,114     25      543        568
restructurings
Total                                                                                  
nonperforming                                                                  
assets and     $                  $         $                  $         $                  $
troubleddebt  11,919  $ 19,319   31,238    12,568  $ 16,947   29,515    15,649  $ 18,977   34,626
restructurings
Nonperforming
assets to                         3.12   %                     2.95   %                     3.48   %
total assets
Nonperforming
loans to total                    2.39                         2.28                         2.68
assets
Nonperforming
loans to total                    3.44                         3.26                         3.86
loans
Allowance for
loan losses to                    18.63                        18.73                        17.07
nonperforming
assets
Allowance for
loan losses to                    24.32                        24.24                        22.18
nonperforming
loans
Allowance for
loan losses to                    0.84                         0.79                         0.86
total loans
Year-to-date                      $                          $                           $  
loan                              189                          2,325                         15
charge-offs
Year-to-date
loan                              24                           129                          12
recoveries
Year-to-date                      $                          $                           $  
net loan                          165                          2,196                          3
charge-offs
Annualized YTD
net loan                          0.10   %                     0.33   %                     -      %
charge-offs to
total loans

^(1) Nonperforming loans consist of nonaccruing loans and accruing loans 90
days or more past due. Nonperforming assets consist of nonperforming loans
andrepossessed 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 assets covered under FDIC 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 (337) 237-1960
 
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