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Home Bancorp Announces 2016 Fourth Quarter And Annual Results And Increases Its Quarterly Dividend
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PR Newswire
LAFAYETTE, La., Jan. 24, 2017
LAFAYETTE, La., Jan. 24, 2017 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported net income of $4.3 million for the fourth quarter of 2016, a decrease of $78,000, or 2%, compared to the third quarter of 2016 and an increase of $319,000, or 8%, compared to the fourth quarter of 2015. The fourth quarter of 2015 included merger-related expenses, net of taxes, totaling $407,000, related to the acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp"). Excluding merger-related expenses, fourth quarter 2016 net income was down 2% compared to the same quarter last year.
Diluted earnings per share were $0.60 for the fourth quarter of 2016, a decrease of $0.01, or 2%, from the third quarter of 2016 and an increase of $0.04, or 7%, compared to the fourth quarter of 2015. Excluding merger-related expenses, fourth quarter 2016 diluted earnings per share were down $0.02 compared to the same quarter last year.
Net income for the year ended December 31, 2016 was a record $16.0 million, an increase of $3.5 million, or 28%, compared to 2015. Excluding merger-related expenses, net of taxes, of $560,000 and $1.2 million incurred during 2016 and 2015, respectively, and a gain on the sale of a banking center totaling $416,000, net of taxes, in 2016, net income for 2016 was $16.2 million, an increase of 18% compared to 2015.
Diluted earnings per share for 2016 were a record $2.25, an increase of 26% compared to $1.79 in 2015. Excluding merger-related expenses and the banking center gain, 2016 diluted earnings per share were $2.27, an increase of 16% compared to 2015.
"Though we faced a challenging economic environment in a few of our markets," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "2016 was a record year from an earnings perspective. We owe that success to our dedicated employees and loyal customers."
"Excluding pay downs in acquired loan portfolios," continued Bordelon, "organic loan growth during the year was 12%."
The Company also announced that its Board of Directors increased its quarterly cash dividend by $0.01 to $0.13 per share payable on February 17, 2017, to shareholders of record as of February 6, 2017.
Loans and Credit Quality
Loans totaled $1.2 billion at December 31, 2016, a decrease of $5.5 million, or 0.4%, from September 30, 2016, and an increase of $3.5 million, or 0.3%, from December 31, 2015. Organic loan growth during 2016 totaled $94.1 million, or 12%. Much of the organic loan growth has been offset by paydowns in acquired mortgage loans. Loan declines during the fourth quarter of 2016 related primarily to one- to four-family first mortgage (down $11.2 million) and home equity loans (down $4.5 million), which were partially offset by increases in construction and land loans (up $5.9 million) and commercial real estate loans (up $5.1 million).
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
| | | | | | | | ||
| | | December 31, | | December 31, | | Increase/(Decrease) | | |
| (dollars in thousands) | | 2016 | | 2015 | | Amount | Percent | |
| Real estate loans: | | | | | | | | |
| One- to four-family first mortgage | $ | 341,883 | $ | 371,238 | $ | (29,355) | (8) | % |
| Home equity loans and lines | | 88,821 | | 94,060 | | (5,239) | (6) | |
| Commercial real estate | | 427,515 | | 405,379 | | 22,136 | 5 | |
| Construction and land | | 141,167 | | 136,803 | | 4,364 | 3 | |
| Multi-family residential | | 46,369 | | 43,863 | | 2,506 | 6 | |
| Total real estate loans | | 1,045,755 | | 1,051,343 | | (5,588) | (1) | |
| Other loans: | | | | | | | | |
| Commercial and industrial | | 139,810 | | 125,108 | | 14,702 | 12 | |
| Consumer | | 42,268 | | 47,915 | | (5,647) | (12) | |
| Total other loans | | 182,078 | | 173,023 | | 9,055 | 5 | |
| Total loans | $ | 1,227,833 | $ | 1,224,366 | $ | 3,467 | - | % |
Nonperforming assets ("NPAs"), excluding purchased credit impaired ("PCI") loans, totaled $16.6 million at December 31, 2016, a decrease of $4.5 million, or 21%, compared to September 30, 2016 and an increase of $5.3 million, or 46%, compared to December 31, 2015. The decrease in NPAs at year-end 2016 was primarily the result of payoffs on certain loans placed on nonaccrual in the second quarter of 2016. The ratio of total NPAs to total assets was 1.07% at December 31, 2016, compared to 1.37% at September 30, 2016 and 0.73% at December 31, 2015.
The Company recorded net loan charge-offs of $182,000 during the fourth quarter of 2016, compared to net loan charge-offs of $54,000 in the third quarter of 2016 and the fourth quarter of 2015. The Company's provision for loan losses for the fourth quarter of 2016 was $500,000, compared to $800,000 for the third quarter of 2016 and $670,000 for the fourth quarter of 2015.
The ratio of the allowance for loan losses to total loans was 1.02% at December 31, 2016, compared to 0.99% and 0.78% at September 30, 2016 and December 31, 2015, respectively. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.38% at December 31, 2016, compared to 1.36% and 1.15% at September 30, 2016 and December 31, 2015, respectively.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $34.0 million, or 3% of total outstanding loans, at December 31, 2016. We also had unfunded loan commitments to customers in the energy sector amounting to $6.7 million at such date. At December 31, 2016, loans constituting 93% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. Of the remaining 7%, $571,000 had been restructured and were paying in accordance with the restructured terms as of December 31, 2016. The Company holds no shared national credits.
The following table illustrates the composition of the Company's loans to borrowers in the energy sector (which we consider direct energy-related loans) at December 31, 2016.
| (dollars in thousands) | | Total | Percent | | |
| Real estate loans: | | | | | |
| Commercial real estate | $ | 12,885 | 38 | % | |
| Construction and land | | 376 Werbung Mehr Nachrichten zur Home Bancorp Inc Aktie kostenlos abonnieren
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