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26.04.2016 14:05
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PR Newswire
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Home Bancorp Reports 2016 First Quarter Results, Increases Its Quarterly Dividend And Announces New Share Repurchase Plan
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PR Newswire
LAFAYETTE, La., April 26, 2016
LAFAYETTE, La., April 26, 2016 /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 $3.3 million for the first quarter of 2016, a decrease of $613,000, or 15%, compared to the fourth quarter of 2015 and an increase of $502,000, or 18%, compared to the first quarter of 2015. The first quarter of 2016 and fourth quarter of 2015 include merger-related expenses, net of taxes, totaling $398,000 and $407,000, respectively, related to the acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp"). Excluding merger-related expenses, net income for the first quarter of 2016 totaled $3.7 million, a decrease of 14% compared to the fourth quarter of 2015 and an increase of 32% compared to the first quarter of 2015.
Diluted earnings per share were $0.47 for the first quarter of 2016, a decrease of $0.09, or 16%, from the fourth quarter of 2015 and an increase of $0.06, or 15%, compared to the first quarter of 2015. Excluding merger-related expenses, diluted earnings per share for the first quarter of 2016 were $0.53, a decrease of 15% from the fourth quarter of 2015 and an increase of 29% compared to the first quarter of 2015.
"Organic loan growth was healthy during the quarter at 10% on an annualized basis," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "Expected paydowns on acquired loans offset organic growth, resulting in a 1% overall decrease in loans."
"We continue to work very closely with our customers in the energy sector to help them manage through the current cycle," stated Bordelon. "Many of those customers have weathered such cycles in the past. Although their resilience is not surprising given their liquidity and lower leverage positions going into the downturn, it is nonetheless admirable."
The Company announced that its Board of Directors increased its cash dividend $0.01 to $0.10 per share payable on May 20, 2016, to shareholders of record as of May 9, 2016. The Company also announced the commencement of a new share repurchase program ("April 2016 Program"). Under the April 2016 Program, the Company may purchase up to 365,000 shares, or approximately 5%, of the Company's outstanding common stock.
Loans and Credit Quality
Loans totaled $1.2 billion at March 31, 2016, a decrease of $6.3 million, or 1%, from December 31, 2015, and an increase of $296.0 million, or 32%, from March 31, 2015. Growth in organic loans of 10% (on an annualized basis) was offset by declines in acquired loans. Loan decreases during the first quarter of 2016 related primarily to multi-family residential (down $6.4 million), residential mortgages (down $3.0 million) and consumer loans (down $1.5 million). Commercial real estate and home equity loans increased by $2.8 million and $2.0 million, respectively, during the quarter.
The vast majority of the increase in loans outstanding at March 31, 2016 compared to March 31, 2015 resulted from the acquisition of Louisiana Bancorp, Inc. (the former holding company of Bank of New Orleans) in September 2015. The Company acquired $281.6 million of loans from Louisiana Bancorp.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
| | | | | | | | ||
| | | March 31, | | December 31, | | Increase/(Decrease) | | |
| (dollars in thousands) | | 2016 | | 2015 | | Amount | Percent | |
| Real estate loans: | | | | | | | | |
| One- to four-family first mortgage | $ | 388,290 | $ | 391,266 | $ | (2,976) | (1) | % |
| Home equity loans and lines | | 96,056 | | 94,060 | | 1,996 | 2 | |
| Commercial real estate | | 408,166 | | 405,379 | | 2,787 | 1 | |
| Construction and land | | 117,247 | | 116,775 | | 472 | - | |
| Multi-family residential | | 37,427 | | 43,863 | | (6,436) | (15) | |
| Total real estate loans | | 1,047,186 | | 1,051,343 | | (4,157) | - | |
| Other loans: | | | | | | | | |
| Commercial and industrial | | 124,463 | | 125,108 | | (645) | (1) | |
| Consumer | | 46,410 | | 47,915 | | (1,505) | (3) | |
| Total other loans | | 170,873 | | 173,023 | | (2,150) | (1) | |
| Total loans | $ | 1,218,059 | $ | 1,224,366 | $ | (6,307) | (1) | % |
Nonperforming assets ("NPAs") totaled $13.7 million at March 31, 2016, a decrease of $2.2 million, or 14%, compared to December 31, 2015 and a decrease of $8.6 million, or 39%, compared to March 31, 2015. Of the $13.7 million in total NPAs at March 31, 2016, an aggregate of $7.9 million related to our acquisitions of Statewide Bank, GS Financial Corp, Britton & Koontz Capital Corporation and Louisiana Bancorp. The ratio of total NPAs to total assets was 0.89% at March 31, 2016, compared to 1.03% at December 31, 2015 and 1.81% at March 31, 2015. Excluding acquired assets, the ratio of total NPAs to total assets was 0.51% at March 31, 2016, compared to 0.51% at December 31, 2015 and 0.44% at March 31, 2015.
The Company recorded virtually no net loan charge-offs during the first quarter of 2016, compared to net loan charge-offs of $54,000 and $26,000 in the fourth and first quarters of 2015, respectively.
The Company's provision for loan losses for the first quarter of 2016 was $850,000, compared to $670,000 for the fourth quarter of 2015 and $538,000 for the first quarter of 2015. Of the $850,000 in provision for the first quarter of 2016, $461,000 was associated with one energy-related borrower.
The ratio of the allowance for loan losses to total loans was 0.85% at March 31, 2016, compared to 0.78% and 0.90% at December 31, 2015 and March 31, 2015, respectively. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.20% at March 31, 2016, compared to 1.15% and 1.07% at December 31, 2015 and March 31, 2015, respectively.
Energy Exposure
The balance of loans to companies in the energy sector totaled $36.8 million, or 3.0% of outstanding loans, at March 31, 2016. We also had unfunded loan commitments to energy companies amounting to $8.9 million at such date. At March 31, 2016, 92% of the balance of our energy-related loans were performing in accordance with their original loan agreements. Of the remaining 8%, $2.1 million has been restructured and are paying in accordance with the restructured terms. The Company holds no shared national credits.
The following table illustrates the composition of the Company's energy-related loans at March 31, 2016.
| (dollars in thousands) | | Total | Percent | |
| Real estate loans: | | | | |
| Commercial real estate | $ | 16,027 | 44 | % |
| Construction and land | | 393 | 1 | |
| Total real estate loans Werbung Mehr Nachrichten zur Home Bancorp Inc Aktie kostenlos abonnieren
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