Home Bancorp, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter of 2016
January 24, 2017 at 12:32 pm
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Home Bancorp, Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's net interest income was $15,601,904 compared with $15,756,458 a year ago. Income before income tax expense was $5,772,101 compared with $5,988,833 a year ago. Net income was $4,282,054 or $0.60 per diluted share compared with $3,962,891 or $0.56 per diluted share a year ago. Total interest income was $16,922,581 against $17,091,629 a year ago. Return on average equity was 9.58% compared with 9.66% a year ago. Return on average assets was 1.11% compared with 1.02% a year ago. Non-GAAP net income was $4,282,000 or $0.60 per diluted share compared with $4,360,000 or $0.62 per diluted share a year ago. Book value per share was $24.47 against $22.80 a year ago. Non-GAAP tangible book value per share was $22.73 against $20.68 a year ago. Non-GAAP return tangible equity was 10.62% compared with 11.12% reported a year ago.
For the year, the company's net interest income was $62,415,943 compared with $54,544,261 a year ago. Income before income tax expense was $23,576,290 compared with $19,220,460 a year ago. Net income was $16,008,336 or $2.25 per diluted share compared with $12,549,901 or $1.79 per diluted share a year ago. Total interest income was $67,684,314 against $58,409,654 a year ago. Return on average equity was 9.19% compared with 7.83% a year ago. Non-GAAP net income was $16,152,000 or $2.27 per diluted share compared with $13,716,000 or $1.96 per diluted share a year ago. Non-GAAP return tangible common equity was 10.32% compared with 8.53% reported a year ago.
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.
Home Bancorp, Inc. is the holding company for Home Bank, N.A. (the Bank). The Bank is a wholly owned subsidiary of the Company, conducts business through approximately 42 banking offices in the Acadiana, Baton Rouge, Greater New Orleans and Northshore (of Lake Pontchartrain) regions of south Louisiana, the Natchez region of west Mississippi and the Houston region of Texas. The Bank is primarily engaged in attracting deposits from the general public and using those funds to invest in loans and securities. The Bankâs principal sources of funds are customer deposits, repayments of loans, repayments of investments and funds borrowed from outside sources such as the Federal Home Loan Bank (FHLB) of Dallas. These funds are primarily used for the origination of loans, including one-to four-family first mortgage loans, home equity loans and lines, commercial real estate loans, construction and land loans, multifamily residential loans, commercial and industrial loans, and consumer loans.
Home Bancorp, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter of 2016