LAFAYETTE, La., April 17,
2024 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq:
"HBCP") (the "Company"), the parent company for Home Bank, N.A.
(the "Bank") (www.home24bank.com), reported financial results for
the first quarter of 2024. For the quarter, the Company reported
net income of $9.2 million, or
$1.14 per diluted common share
("diluted EPS"), down $186,000 from
$9.4 million, or $1.17 diluted EPS, for the fourth quarter of
2023.
"Home Bank began 2024 with results similar to those in 2023. We
had a solid 6% annualized loan growth rate and 8% annualized
deposit growth rate for the quarter. While NIM decreased during the
quarter, the pace of reduction has slowed as loans continue to
reprice higher," said John W.
Bordelon, President and Chief Executive Officer of the
Company and the Bank. "While Houston continues to lead the majority
of loan growth, most of our legacy franchise continues to show
positive momentum. Deposits grew with the majority of the growth in
customer CD's and Money Markets. Home Bank's talented,
relationship-based bankers continue to attract new clients in all
markets."
First Quarter 2024 Highlights
- Loans totaled $2.6 billion at
March 31, 2024, up $40.1 million, or 1.6% (6% on an annualized
basis), from December 31, 2023.
- Deposits totaled $2.7 billion at
March 31, 2024, up $52.0 million, or 2% (8% on an annualized basis),
from December 31, 2023.
- Net interest income totaled $28.9
million, down $381,000, or 1%
from the prior quarter.
- The net interest margin ("NIM") was 3.64% in the first quarter
of 2024 compared to 3.69% in the fourth quarter of 2023.
- Nonperforming assets totaled $22.0
million, or 0.65% of total assets compared to $10.4 million, or 0.31% of total assets, at
December 31, 2023. This increase in
nonperforming assets is primarily due to two loan relationships
which were classified as nonperforming in the first quarter of
2024, for which management does not anticipate any loss.
Loans
Loans totaled $2.6 billion at
March 31, 2024, up $40.1
million, or 2%, from December 31, 2023. The following
table summarizes the changes in the Company's loan portfolio, net
of unearned income, from December 31, 2023 through
March 31, 2024.
|
(dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
Increase
(Decrease)
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
436,659
|
|
$
433,401
|
|
$
3,258
|
|
1 %
|
|
Home equity loans and
lines
|
|
70,377
|
|
68,977
|
|
1,400
|
|
2
|
|
Commercial real
estate
|
|
1,221,573
|
|
1,192,691
|
|
28,882
|
|
2
|
|
Construction and
land
|
|
334,324
|
|
340,724
|
|
(6,400)
|
|
(2)
|
|
Multi-family
residential
|
|
118,748
|
|
107,263
|
|
11,485
|
|
11
|
|
Total real estate
loans
|
|
2,181,681
|
|
2,143,056
|
|
38,625
|
|
2
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
407,730
|
|
405,659
|
|
2,071
|
|
1
|
|
Consumer
|
|
32,279
|
|
32,923
|
|
(644)
|
|
(2)
|
|
Total other
loans
|
|
440,009
|
|
438,582
|
|
1,427
|
|
—
|
|
Total loans
|
|
$
2,621,690
|
|
$
2,581,638
|
|
$ 40,052
|
|
2 %
|
The average loan yield was 6.18% for the first quarter of 2024,
up 10 basis points, from the fourth quarter of 2023. Loan growth
during the first quarter of 2024 was primarily in commercial real
estate and multi-family residential loans. Loans grew in the first
quarter of 2024 across most of our markets with approximately 77%
of the growth attributable to the Houston market.
Credit Quality and Allowance for Credit Losses
Nonperforming assets ("NPAs") totaled $22.0 million, or 0.65% of total assets, at
March 31, 2024, up $11.6
million, or 111%, from $10.4
million, or 0.31% of total assets, at December 31,
2023. The increase in NPAs during the first quarter of 2024 was
primarily due to two loan relationships which were classified
nonperforming, for which management does not anticipate any losses.
Management expects one of the relationships over 90 days past due
to be brought current or paid down significantly before the end of
April 2024. During the first quarter
of 2024, the Company recorded net loan charge-offs of $217,000, compared to net loan charge-offs of
$250,000 during the fourth quarter of
2023.
The Company provisioned $141,000
to the allowance for loan losses in the first quarter of 2024. At
March 31, 2024, the allowance for loan losses totaled
$31.5 million, or 1.20% of total
loans, compared to $31.5 million, or
1.22% of total loans, at December 31, 2023. Provisions to the
allowance for loan losses are based upon, among other factors, our
estimation of current expected losses in our loan portfolio, which
we evaluate on a quarterly basis. Changes in expected losses
consider various factors including the changing economic activity,
potential mitigating effects of governmental stimulus, borrower
specific information impacting changes in risk ratings, projected
delinquencies and the impact of industry-wide loan modification
efforts, among other factors.
The following tables present the Company's loan portfolio by
credit quality classification as of March 31, 2024 and
December 31, 2023.
|
March 31,
2024
|
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
|
One- to four-family
first mortgage
|
|
$
429,488
|
|
$
865
|
|
$
6,306
|
|
$
436,659
|
|
Home equity loans and
lines
|
|
70,136
|
|
—
|
|
241
|
|
70,377
|
|
Commercial real
estate
|
|
1,204,466
|
|
—
|
|
17,107
|
|
1,221,573
|
|
Construction and
land
|
|
322,792
|
|
6,565
|
|
4,967
|
|
334,324
|
|
Multi-family
residential
|
|
114,315
|
|
—
|
|
4,433
|
|
118,748
|
|
Commercial and
industrial
|
|
404,786
|
|
1,148
|
|
1,796
|
|
407,730
|
|
Consumer
|
|
32,001
|
|
—
|
|
278
|
|
32,279
|
|
Total
|
|
$ 2,577,984
|
|
$
8,578
|
|
$
35,128
|
|
$ 2,621,690
|
|
|
|
|
|
|
|
|
|
|
December 31,
2023
|
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
|
One- to four-family
first mortgage
|
|
$
429,964
|
|
$
868
|
|
$
2,569
|
|
$
433,401
|
|
Home equity loans and
lines
|
|
68,770
|
|
—
|
|
207
|
|
68,977
|
|
Commercial real
estate
|
|
1,178,060
|
|
—
|
|
14,631
|
|
1,192,691
|
|
Construction and
land
|
|
329,622
|
|
5,874
|
|
5,228
|
|
340,724
|
|
Multi-family
residential
|
|
103,760
|
|
—
|
|
3,503
|
|
107,263
|
|
Commercial and
industrial
|
|
402,732
|
|
1,186
|
|
1,741
|
|
405,659
|
|
Consumer
|
|
32,634
|
|
—
|
|
289
|
|
32,923
|
|
Total
|
|
$ 2,545,542
|
|
$
7,928
|
|
$
28,168
|
|
$ 2,581,638
|
Investment Securities
The Company's investment securities portfolio totaled
$422.9 million at March 31,
2024, a decrease of $12.1 million, or
3%, from December 31, 2023. At March 31, 2024, the
Company had a net unrealized loss position on its investment
securities of $46.6 million, compared
to a net unrealized loss of $43.4
million at December 31, 2023. The Company's investment
securities portfolio had an effective duration of 4.2 years at
March 31, 2024 and December 31, 2023.
The following table summarizes the composition of the Company's
investment securities portfolio at March 31, 2024.
|
(dollars in thousands)
|
|
Amortized
Cost
|
|
Fair Value
|
|
Available for
sale:
|
|
|
|
|
|
U.S. agency
mortgage-backed
|
|
$
307,558
|
|
$
274,686
|
|
Collateralized
mortgage obligations
|
|
81,218
|
|
77,277
|
|
Municipal
bonds
|
|
53,784
|
|
46,096
|
|
U.S. government
agency
|
|
18,862
|
|
17,618
|
|
Corporate
bonds
|
|
6,982
|
|
6,136
|
|
Total available for
sale
|
|
$
468,404
|
|
$
421,813
|
|
Held to
maturity:
|
|
|
|
|
|
Municipal
bonds
|
|
$
1,065
|
|
$
1,062
|
|
Total held to
maturity
|
|
$
1,065
|
|
$
1,062
|
Approximately 64% of the investment securities portfolio was
pledged as of March 31, 2024 to secure public deposits and
borrowings with the Federal Reserve Bank Term Funding Program
("BTFP"). As of March 31, 2024 and December 31,
2023, the Company had $135.5 million
and $127.2 million, respectively, of
securities pledged to secure public deposits and $135.0 million and none, respectively, pledged to
the BTFP borrowings.
Deposits
Total deposits were $2.7 billion
at March 31, 2024, up $52.0
million, or 2%, from December 31, 2023. Non-maturity
deposits decreased $1.2 million, or
less than 1% during the first quarter of 2024 to $2.0 billion. The following table summarizes the
changes in the Company's deposits from December 31, 2023 to
March 31, 2024.
|
(dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
Increase
(Decrease)
|
|
Demand
deposits
|
|
$
742,177
|
|
$
744,424
|
|
$
(2,247)
|
|
— %
|
|
Savings
|
|
228,047
|
|
231,624
|
|
(3,577)
|
|
(2)
|
|
Money market
|
|
423,521
|
|
408,024
|
|
15,497
|
|
4
|
|
NOW
|
|
630,962
|
|
641,818
|
|
(10,856)
|
|
(2)
|
|
Certificates of
deposit
|
|
697,871
|
|
644,734
|
|
53,137
|
|
8
|
|
Total
deposits
|
|
$
2,722,578
|
|
$
2,670,624
|
|
$
51,954
|
|
2 %
|
The average rate on interest-bearing deposits increased 28 basis
points from 2.24% for the fourth quarter of 2023 to 2.52% for the
first quarter of 2024. At March 31, 2024, certificates of
deposit maturing within the next 12 months totaled $640.2 million.
We obtain most of our deposits from individuals, small
businesses and public funds in our market areas. The following
table presents our deposits per customer type for the periods
indicated.
|
|
March 31,
2024
|
|
December 31,
2023
|
|
Individuals
|
|
54 %
|
|
53 %
|
|
Small
businesses
|
|
36
|
|
38
|
|
Public funds
|
|
8
|
|
7
|
|
Broker
|
|
2
|
|
2
|
|
Total
|
|
100 %
|
|
100 %
|
The total amounts of our uninsured deposits (deposits in excess
of $250,000, as calculated in
accordance with FDIC regulations) were $781.9 million at March 31, 2024 and
$748.6 million at December 31,
2023. Public funds in excess of the FDIC insurance limits are fully
collateralized.
Net Interest Income
The net interest margin ("NIM") decreased 5 basis points from
3.69% for the fourth quarter of 2023 to 3.64% for the first quarter
of 2024 primarily due to an increase in the average cost of
interest-bearing deposits, which was partially offset by an
increase in the average yield on interest-earning assets. The
average cost of interest-bearing deposits increased by 28 basis
points and the cost of deposits increased by $1.6 million, or 15%, in the first quarter of
2024 compared to the fourth quarter of 2023. The increase in
deposit costs reflects the rise in market rates of interest as well
as a migration to interest-bearing deposits from non-interest
bearing deposits.
The average loan yield was 6.18% for the first quarter of 2024,
up 10 basis points from the fourth quarter of 2023, primarily
reflecting increased rates on variable rate loans coupled with new
loan originations at higher market rates during the period.
Average other interest-earning assets were $57.1 million for the first quarter of 2024, down
$420,000, or 1%, from the fourth
quarter of 2023 primarily due to a reallocation of certain other
interest-earning assets.
Loan accretion income from acquired loans totaled $525,000 for the first quarter of 2024, down
$58,000, or 10%, from the fourth
quarter of 2023.
The following table summarizes the Company's average volume and
rate of its interest-earning assets and interest-bearing
liabilities for the periods indicated. Taxable equivalent ("TE")
yields on investment securities have been calculated using a
marginal tax rate of 21%.
|
|
Quarter
Ended
|
|
|
3/31/2024
|
|
12/31/2023
|
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$
2,602,941
|
|
$
40,567
|
|
6.18 %
|
|
$
2,572,400
|
|
$
39,820
|
|
6.08 %
|
|
Investment securities
(TE)
|
|
472,578
|
|
2,788
|
|
2.38
|
|
481,322
|
|
2,837
|
|
2.37
|
|
Other interest-earning
assets
|
|
57,103
|
|
771
|
|
5.43
|
|
57,523
|
|
742
|
|
5.12
|
|
Total interest-earning
assets
|
|
$
3,132,622
|
|
$
44,126
|
|
5.60 %
|
|
$
3,111,245
|
|
$
43,399
|
|
5.49 %
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$
1,269,293
|
|
$
4,800
|
|
1.52 %
|
|
$
1,273,550
|
|
$
4,561
|
|
1.42 %
|
|
Certificates of
deposit
|
|
668,353
|
|
7,332
|
|
4.41
|
|
591,205
|
|
5,975
|
|
4.01
|
|
Total interest-bearing
deposits
|
|
1,937,646
|
|
12,132
|
|
2.52
|
|
1,864,755
|
|
10,536
|
|
2.24
|
|
Other
borrowings
|
|
125,979
|
|
1,486
|
|
4.74
|
|
5,539
|
|
53
|
|
3.80
|
|
Subordinated
debt
|
|
54,268
|
|
845
|
|
6.22
|
|
54,214
|
|
844
|
|
6.23
|
|
FHLB
advances
|
|
71,704
|
|
762
|
|
4.23
|
|
212,412
|
|
2,684
|
|
4.96
|
|
Total interest-bearing
liabilities
|
|
$
2,189,597
|
|
$
15,225
|
|
2.79 %
|
|
$
2,136,920
|
|
$
14,117
|
|
2.62 %
|
|
Noninterest-bearing
deposits
|
|
$
743,262
|
|
|
|
|
|
$
777,184
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
|
2.81 %
|
|
|
|
|
|
2.87 %
|
|
Net interest margin
(TE)
|
|
|
|
|
|
3.64 %
|
|
|
|
|
|
3.69 %
|
Noninterest Income
Noninterest income for the first quarter of 2024 totaled
$3.5 million, up $71,000, or 2%, from the fourth quarter of 2023.
The increase was related primarily to other income (up $70,000), gain on sale of loans (up $41,000) and service fees and charges (up
$19,000), which were partially offset
by bank card fees (down $71,000) for
the first quarter of 2024 compared to the fourth quarter of
2023.
Noninterest Expense
Noninterest expense for the first quarter of 2024 totaled
$20.9 million, up $264,000, or 1%, from the fourth quarter of 2023.
The increase was primarily related to compensation and benefits
expense (up $769,000) and franchise
and shares tax (up $357,000), which were partially offset
by other noninterest expense (down $405,000), marketing and
advertising expense (down $293,000)
and the absence of provision for credit losses on unfunded
commitments (down $140,000) during
the first quarter of 2024.
Capital and Liquidity
At March 31, 2024, shareholders' equity totaled
$372.3 million, up $4.8 million, or 1%, compared to $367.4 million at December 31, 2023. The
increase was primarily due to the the Company's earnings of
$9.2 million during the first quarter
of 2024, partially offset by increases in accumulated other
comprehensive loss on available for sale investment securities,
shareholder dividends and repurchases of shares of the Company's
common stock. The market value of the Company's available for sale
securities at March 31, 2024 decreased $3.2 million, or 7%, during the first quarter of
2024. Preliminary Tier 1 leverage capital and total risk-based
capital ratios were 11.19% and 14.39%, respectively, at
March 31, 2024, compared to 10.98% and 14.23%, respectively,
at December 31, 2023.
The following table summarizes the Company's primary and
secondary sources of liquidity which were available at
March 31, 2024.
|
(dollars in
thousands)
|
|
March 31,
2024
|
|
Cash and cash
equivalents
|
|
$
90,475
|
|
Unencumbered investment
securities, amortized cost
|
|
86,091
|
|
FHLB advance
availability
|
|
1,107,888
|
|
Amounts available from
unsecured lines of credit
|
|
55,000
|
|
Federal Reserve
discount window availability
|
|
500
|
|
Total primary and
secondary sources of available liquidity
|
|
$
1,339,954
|
Dividend and Share Repurchases
The Company announced that its Board of Directors declared a
quarterly cash dividend on shares of its common stock of
$0.25 per share payable on
May 10, 2024, to shareholders of record as of April 29,
2024.
In October 2023, the Board of
Directors approved a new share repurchase plan (the "2023
Repurchase Plan"). Under the 2023 Repurchase Plan, the Company may
purchase up to 405,000 shares, or approximately 5% of the Company's
outstanding common stock. Share repurchases under the 2023
Repurchase Plan may commence upon the completion of the Company's
2021 Repurchase Plan. As of March 31, 2024, there were 415,143
shares remaining that may be repurchased under the 2021 and 2023
Repurchase Plans. The repurchase plans do not include specific
price targets and may be executed through the open market or
privately-negotiated transactions depending upon market conditions
and other factors. The repurchase plans have no time limit and may
be suspended or discontinued at any time.
The Company repurchased 21,303 shares of its common stock during
the first quarter of 2024 at an average price per share of
$38.78. The book value per share and
tangible book value per share of the Company's common stock was
$45.73 and $35.17, respectively, at March 31, 2024.
Conference Call
Executive management will host a conference call to discuss
first quarter 2024 results on Thursday, April 18, 2024 at
10:30 a.m. CDT. Analysts, investors
and interested parties may attend the conference call by dialing
toll free 1.646.357.8785 (US Local/International) or 1.800.836.8184
(US Toll Free). The investor presentation can be accessed the day
of the presentation on Home Bancorp, Inc. website at
https://home24bank.investorroom.com.
A replay of the conference call and a transcript of the call
will be posted to the Investor Relations page of the Company's
website, https://home24bank.investorroom.com.
Non-GAAP Reconciliation
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 intangible assets. Management believes the presentation of
this non-GAAP financial information provides useful information
that is helpful to a full understanding of the Company's financial
position and operating results. This non-GAAP financial information
should not be viewed as a substitute for financial information
determined in accordance with GAAP, nor is it necessarily
comparable to non-GAAP financial information presented by other
companies. A reconciliation on non-GAAP information included herein
to GAAP is presented below.
|
|
Quarter
Ended
|
|
(dollars in
thousands, except per share data)
|
|
3/31/2024
|
|
12/31/2023
|
|
3/31/2023
|
|
Reported net
income
|
|
$
9,199
|
|
$
9,385
|
|
$
11,320
|
|
Add: Core deposit
intangible amortization, net tax
|
|
279
|
|
298
|
|
352
|
|
Non-GAAP tangible
income
|
|
$
9,478
|
|
$
9,683
|
|
$
11,672
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,357,604
|
|
$ 3,320,122
|
|
$
3,266,970
|
|
Less: Intangible
assets
|
|
86,019
|
|
86,372
|
|
87,527
|
|
Non-GAAP tangible
assets
|
|
$
3,271,585
|
|
$ 3,233,750
|
|
$
3,179,443
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
372,285
|
|
$
367,444
|
|
$
345,100
|
|
Less: Intangible
assets
|
|
86,019
|
|
86,372
|
|
87,527
|
|
Non-GAAP tangible
shareholders' equity
|
|
$
286,266
|
|
$
281,072
|
|
$
257,573
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
9.98 %
|
|
10.61 %
|
|
13.53 %
|
|
Add: Average intangible
assets
|
|
3.42
|
|
3.92
|
|
5.29
|
|
Non-GAAP return on
average tangible common equity
|
|
13.40 %
|
|
14.53 %
|
|
18.82 %
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
11.09 %
|
|
11.07 %
|
|
10.56 %
|
|
Less: Intangible
assets
|
|
2.34
|
|
2.38
|
|
2.46
|
|
Non-GAAP tangible
common equity ratio
|
|
8.75 %
|
|
8.69 %
|
|
8.10 %
|
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
45.73
|
|
$
45.04
|
|
$
41.66
|
|
Less: Intangible
assets
|
|
10.56
|
|
10.59
|
|
10.57
|
|
Non-GAAP tangible book
value per share
|
|
$
35.17
|
|
$
34.45
|
|
$
31.09
|
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, 2023 describes some of
these factors, including risk elements in the loan portfolio, risks
related to our deposit activities, the level of the allowance for
credit losses, 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
|
|
(Unaudited)
|
|
|
(dollars in
thousands)
|
|
3/31/2024
|
|
12/31/2023
|
|
%
Change
|
|
3/31/2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
90,475
|
|
$
75,831
|
|
19 %
|
|
$
107,171
|
|
Interest-bearing
deposits in banks
|
|
—
|
|
99
|
|
(100)
|
|
349
|
|
Investment securities
available for sale, at fair value
|
|
421,813
|
|
433,926
|
|
(3)
|
|
466,506
|
|
Investment securities
held to maturity
|
|
1,065
|
|
1,065
|
|
—
|
|
1,070
|
|
Mortgage loans held for
sale
|
|
646
|
|
361
|
|
79
|
|
473
|
|
Loans, net of unearned
income
|
|
2,621,690
|
|
2,581,638
|
|
2
|
|
2,466,392
|
|
Allowance for loan
losses
|
|
(31,461)
|
|
(31,537)
|
|
—
|
|
(30,118)
|
|
Total loans, net of
allowance for loan losses
|
|
2,590,229
|
|
2,550,101
|
|
2
|
|
2,436,274
|
|
Office properties and
equipment, net
|
|
42,341
|
|
41,980
|
|
1
|
|
42,844
|
|
Cash surrender value of
bank-owned life insurance
|
|
47,587
|
|
47,321
|
|
1
|
|
46,528
|
|
Goodwill and core
deposit intangibles
|
|
86,019
|
|
86,372
|
|
—
|
|
87,527
|
|
Accrued interest
receivable and other assets
|
|
77,429
|
|
83,066
|
|
(7)
|
|
78,228
|
|
Total
Assets
|
|
$
3,357,604
|
|
$
3,320,122
|
|
1
|
|
$
3,266,970
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
2,722,578
|
|
$
2,670,624
|
|
2 %
|
|
$
2,557,744
|
|
Other
Borrowings
|
|
140,539
|
|
5,539
|
|
2437
|
|
5,539
|
|
Subordinated debt, net
of issuance cost
|
|
54,294
|
|
54,241
|
|
—
|
|
54,073
|
|
Federal Home Loan Bank
advances
|
|
38,607
|
|
192,713
|
|
(80)
|
|
276,727
|
|
Accrued interest
payable and other liabilities
|
|
29,301
|
|
29,561
|
|
(1)
|
|
27,787
|
|
Total
Liabilities
|
|
2,985,319
|
|
2,952,678
|
|
1
|
|
2,921,870
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
81
|
|
81
|
|
—
|
|
83
|
|
Additional paid-in
capital
|
|
166,160
|
|
165,823
|
|
—
|
|
165,470
|
|
Common stock acquired
by benefit plans
|
|
(1,607)
|
|
(1,697)
|
|
5
|
|
(1,969)
|
|
Retained
earnings
|
|
241,152
|
|
234,619
|
|
3
|
|
215,290
|
|
Accumulated other
comprehensive loss
|
|
(33,501)
|
|
(31,382)
|
|
(7)
|
|
(33,774)
|
|
Total Shareholders'
Equity
|
|
372,285
|
|
367,444
|
|
1
|
|
345,100
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
3,357,604
|
|
$
3,320,122
|
|
1
|
|
$
3,266,970
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
CONDENSED STATEMENTS
OF INCOME
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
(dollars in
thousands, except per share data)
|
|
3/31/2024
|
|
12/31/2023
|
|
%
Change
|
|
3/31/2023
|
|
%
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
40,567
|
|
$
39,820
|
|
2 %
|
|
$
34,498
|
|
18 %
|
|
Investment
securities
|
|
2,788
|
|
2,837
|
|
(2)
|
|
3,142
|
|
(11)
|
|
Other investments and
deposits
|
|
771
|
|
742
|
|
4
|
|
475
|
|
62
|
|
Total interest
income
|
|
44,126
|
|
43,399
|
|
2
|
|
38,115
|
|
16
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
12,132
|
|
10,536
|
|
15 %
|
|
3,240
|
|
274 %
|
|
Other
borrowings
|
|
1,486
|
|
53
|
|
2704
|
|
53
|
|
2704
|
|
Subordinated debt
expense
|
|
845
|
|
844
|
|
—
|
|
851
|
|
(1)
|
|
Federal Home Loan Bank
advances
|
|
762
|
|
2,684
|
|
(72)
|
|
2,376
|
|
(68)
|
|
Total interest
expense
|
|
15,225
|
|
14,117
|
|
8
|
|
6,520
|
|
134
|
|
Net interest
income
|
|
28,901
|
|
29,282
|
|
(1)
|
|
31,595
|
|
(9)
|
|
Provision for loan
losses
|
|
141
|
|
665
|
|
(79)
|
|
814
|
|
(83)
|
|
Net interest income
after provision for loan losses
|
|
28,760
|
|
28,617
|
|
—
|
|
30,781
|
|
(7)
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,254
|
|
1,235
|
|
2 %
|
|
1,250
|
|
— %
|
|
Bank card
fees
|
|
1,575
|
|
1,646
|
|
(4)
|
|
1,787
|
|
(12)
|
|
Gain on sale of loans,
net
|
|
87
|
|
46
|
|
89
|
|
57
|
|
53
|
|
Income from bank-owned
life insurance
|
|
266
|
|
267
|
|
—
|
|
253
|
|
5
|
|
Loss on sale of
securities, net
|
|
—
|
|
—
|
|
—
|
|
(249)
|
|
100
|
|
Gain (loss) on sale of
assets, net
|
|
6
|
|
(7)
|
|
186
|
|
(17)
|
|
135
|
|
Other
income
|
|
361
|
|
291
|
|
24
|
|
230
|
|
57
|
|
Total noninterest
income
|
|
3,549
|
|
3,478
|
|
2
|
|
3,311
|
|
7
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
12,170
|
|
11,401
|
|
7 %
|
|
12,439
|
|
(2) %
|
|
Occupancy
|
|
2,454
|
|
2,467
|
|
(1)
|
|
2,350
|
|
4
|
|
Marketing and
advertising
|
|
466
|
|
759
|
|
(39)
|
|
307
|
|
52
|
|
Data processing and
communication
|
|
2,514
|
|
2,423
|
|
4
|
|
2,321
|
|
8
|
|
Professional
fees
|
|
475
|
|
465
|
|
2
|
|
364
|
|
30
|
|
Forms, printing and
supplies
|
|
205
|
|
195
|
|
5
|
|
187
|
|
10
|
|
Franchise and shares
tax
|
|
488
|
|
131
|
|
273
|
|
541
|
|
(10)
|
|
Regulatory
fees
|
|
469
|
|
589
|
|
(20)
|
|
539
|
|
(13)
|
|
Foreclosed assets,
net
|
|
65
|
|
43
|
|
51
|
|
(739)
|
|
109
|
|
Amortization of
acquisition intangible
|
|
353
|
|
377
|
|
(6)
|
|
446
|
|
(21)
|
|
Provision for credit
losses on unfunded commitments
|
|
—
|
|
140
|
|
(100)
|
|
210
|
|
(100)
|
|
Other
expenses
|
|
1,209
|
|
1,614
|
|
(25)
|
|
975
|
|
24
|
|
Total noninterest
expense
|
|
20,868
|
|
20,604
|
|
1
|
|
19,940
|
|
5
|
|
Income before income
tax expense
|
|
11,441
|
|
11,491
|
|
—
|
|
14,152
|
|
(19)
|
|
Income tax
expense
|
|
2,242
|
|
2,106
|
|
6
|
|
2,832
|
|
(21)
|
|
Net
income
|
|
$
9,199
|
|
$
9,385
|
|
(2)
|
|
$
11,320
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.15
|
|
$
1.18
|
|
(3) %
|
|
$
1.40
|
|
(18) %
|
|
Earnings per share -
diluted
|
|
$
1.14
|
|
$
1.17
|
|
(3) %
|
|
$
1.39
|
|
(18) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per common share
|
|
$
0.25
|
|
$
0.25
|
|
— %
|
|
$
0.25
|
|
— %
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
(dollars in
thousands, except per share data)
|
|
3/31/2024
|
|
12/31/2023
|
|
%
Change
|
|
3/31/2023
|
|
%
Change
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
44,126
|
|
$
43,399
|
|
2 %
|
|
$
38,115
|
|
16 %
|
|
Total interest
expense
|
|
15,225
|
|
14,117
|
|
8
|
|
6,520
|
|
134
|
|
Net interest
income
|
|
28,901
|
|
29,282
|
|
(1)
|
|
31,595
|
|
(9)
|
|
Provision for loan
losses
|
|
141
|
|
665
|
|
(79)
|
|
814
|
|
(83)
|
|
Total noninterest
income
|
|
3,549
|
|
3,478
|
|
2
|
|
3,311
|
|
7
|
|
Total noninterest
expense
|
|
20,868
|
|
20,604
|
|
1
|
|
19,940
|
|
5
|
|
Income tax
expense
|
|
2,242
|
|
2,106
|
|
6
|
|
2,832
|
|
(21)
|
|
Net
income
|
|
$
9,199
|
|
$
9,385
|
|
(2)
|
|
$
11,320
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,333,883
|
|
$
3,299,069
|
|
1 %
|
|
$
3,219,856
|
|
4 %
|
|
Total interest-earning
assets
|
|
3,132,622
|
|
3,111,245
|
|
1
|
|
3,026,421
|
|
4
|
|
Total loans
|
|
2,602,941
|
|
2,572,400
|
|
1
|
|
2,437,770
|
|
7
|
|
PPP loans
|
|
5,393
|
|
5,643
|
|
(4)
|
|
6,386
|
|
(16)
|
|
Total interest-bearing
deposits
|
|
1,937,646
|
|
1,864,755
|
|
4
|
|
1,698,868
|
|
14
|
|
Total interest-bearing
liabilities
|
|
2,189,597
|
|
2,136,920
|
|
2
|
|
1,973,926
|
|
11
|
|
Total
deposits
|
|
2,680,909
|
|
2,641,939
|
|
1
|
|
2,578,369
|
|
4
|
|
Total shareholders'
equity
|
|
370,761
|
|
350,898
|
|
6
|
|
339,311
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.15
|
|
$
1.18
|
|
(3) %
|
|
$
1.40
|
|
(18) %
|
|
Earnings per share -
diluted
|
|
1.14
|
|
1.17
|
|
(3)
|
|
1.39
|
|
(18)
|
|
Book value at period
end
|
|
45.73
|
|
45.04
|
|
2
|
|
41.66
|
|
10
|
|
Tangible book value at
period end
|
|
35.17
|
|
34.45
|
|
2
|
|
31.09
|
|
13
|
|
Shares outstanding at
period end
|
|
8,140,380
|
|
8,158,281
|
|
—
|
|
8,284,130
|
|
(2)
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
7,984,317
|
|
7,978,160
|
|
— %
|
|
8,087,524
|
|
(1) %
|
|
Diluted
|
|
8,039,505
|
|
8,008,362
|
|
—
|
|
8,136,583
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.11 %
|
|
1.13 %
|
|
(2) %
|
|
1.43 %
|
|
(22) %
|
|
Return on average
equity
|
|
9.98
|
|
10.61
|
|
(6)
|
|
13.53
|
|
(26)
|
|
Common equity
ratio
|
|
11.09
|
|
11.07
|
|
—
|
|
10.56
|
|
5
|
|
Efficiency ratio
(2)
|
|
64.31
|
|
62.89
|
|
2
|
|
57.12
|
|
13
|
|
Average equity to
average assets
|
|
11.12
|
|
10.64
|
|
5
|
|
10.54
|
|
6
|
|
Tier 1 leverage capital
ratio (3)
|
|
11.19
|
|
10.98
|
|
2
|
|
10.69
|
|
5
|
|
Total risk-based
capital ratio (3)
|
|
14.39
|
|
14.23
|
|
1
|
|
14.00
|
|
3
|
|
Net interest margin
(4)
|
|
3.64
|
|
3.69
|
|
(1)
|
|
4.18
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio (5)
|
|
8.75 %
|
|
8.69 %
|
|
1 %
|
|
8.10 %
|
|
8 %
|
|
Return on average
tangible common equity (6)
|
|
13.40
|
|
14.53
|
|
(8)
|
|
18.82
|
|
(29)
|
|
|
|
(1)
|
With the exception of
end-of-period ratios, all ratios are based on average daily
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
preliminary end-of-period ratios for the Bank only and are subject
to change.
|
|
(4)
|
Net interest margin
represents net interest income as a percentage of average
interest-earning assets. Taxable equivalent yields are calculated
using a marginal tax rate of 21%.
|
|
(5)
|
Tangible common equity
ratio is common shareholders' equity less intangible assets divided
by total assets less intangible assets. See "Non-GAAP
Reconciliation" for additional information.
|
|
(6)
|
Return on average
tangible common equity is net income plus amortization of core
deposit intangible, net of taxes, divided by average common
shareholders' equity less average intangible assets. See "Non-GAAP
Reconciliation" for additional information.
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY CREDIT
QUALITY INFORMATION
|
|
(Unaudited)
|
|
|
|
3/31/2024
|
|
12/31/2023
|
|
3/31/2023
|
|
(dollars in
thousands)
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
11,232
|
|
$
4,139
|
|
$ 15,371
|
|
$
5,023
|
|
$
3,791
|
|
$
8,814
|
|
$
5,546
|
|
$
5,686
|
|
$ 11,232
|
|
Accruing loans 90 days
or more past due
|
|
4,978
|
|
—
|
|
4,978
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total nonperforming
loans
|
|
16,210
|
|
4,139
|
|
20,349
|
|
5,023
|
|
3,791
|
|
8,814
|
|
5,546
|
|
5,686
|
|
11,232
|
|
Foreclosed assets and
ORE
|
|
1,539
|
|
62
|
|
1,601
|
|
1,495
|
|
80
|
|
1,575
|
|
—
|
|
80
|
|
80
|
|
Total nonperforming
assets
|
|
17,749
|
|
4,201
|
|
21,950
|
|
6,518
|
|
3,871
|
|
10,389
|
|
5,546
|
|
5,766
|
|
11,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
0.65 %
|
|
|
|
|
|
0.31 %
|
|
|
|
|
|
0.35 %
|
|
Nonperforming loans to
total assets
|
|
|
|
|
|
0.61
|
|
|
|
|
|
0.27
|
|
|
|
|
|
0.34
|
|
Nonperforming loans to
total loans
|
|
|
|
|
|
0.78
|
|
|
|
|
|
0.34
|
|
|
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
It is our policy to
cease accruing interest on loans 90 days or more past due, with
certain limited exceptions. Nonperforming assets consist of
nonperforming loans, foreclosed assets and surplus real estate
(ORE). Foreclosed assets consist of assets acquired through
foreclosure or acceptance of title in-lieu of foreclosure. ORE
consists of closed or unused bank buildings.
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY CREDIT
QUALITY INFORMATION - CONTINUED
|
|
(Unaudited)
|
|
|
3/31/2024
|
|
12/31/2023
|
|
3/31/2023
|
|
|
Collectively
Evaluated
|
|
Individually
Evaluated
|
|
Total
|
|
Collectively
Evaluated
|
|
Individually
Evaluated
|
|
Total
|
|
Collectively
Evaluated
|
|
Individually
Evaluated
|
|
Total
|
|
ALLOWANCE FOR CREDIT
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
3,275
|
|
$
—
|
|
$
3,275
|
|
$
3,255
|
|
$
—
|
|
$
3,255
|
|
$
3,356
|
|
$
—
|
|
$
3,356
|
|
Home equity loans and
lines
|
|
701
|
|
—
|
|
701
|
|
688
|
|
—
|
|
688
|
|
753
|
|
—
|
|
753
|
|
Commercial real
estate
|
|
14,863
|
|
200
|
|
15,063
|
|
14,604
|
|
201
|
|
14,805
|
|
13,344
|
|
450
|
|
13,794
|
|
Construction and
land
|
|
5,287
|
|
—
|
|
5,287
|
|
5,292
|
|
123
|
|
5,415
|
|
4,921
|
|
—
|
|
4,921
|
|
Multi-family
residential
|
|
584
|
|
—
|
|
584
|
|
474
|
|
—
|
|
474
|
|
608
|
|
—
|
|
608
|
|
Commercial and
industrial
|
|
5,733
|
|
73
|
|
5,806
|
|
6,071
|
|
95
|
|
6,166
|
|
5,831
|
|
143
|
|
5,974
|
|
Consumer
|
|
745
|
|
—
|
|
745
|
|
734
|
|
—
|
|
734
|
|
712
|
|
—
|
|
712
|
|
Total allowance for
loan losses
|
|
$
31,188
|
|
$
273
|
|
$ 31,461
|
|
$
31,118
|
|
$
419
|
|
$ 31,537
|
|
$
29,525
|
|
$
593
|
|
$ 30,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded lending
commitments(2)
|
|
2,594
|
|
—
|
|
2,594
|
|
2,594
|
|
—
|
|
2,594
|
|
2,303
|
|
—
|
|
2,303
|
|
Total allowance for
credit losses
|
|
$
33,782
|
|
$
273
|
|
$ 34,055
|
|
$
33,712
|
|
$
419
|
|
$ 34,131
|
|
$
31,828
|
|
$
593
|
|
$ 32,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
|
143.33 %
|
|
|
|
|
|
303.56 %
|
|
|
|
|
|
266.25 %
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
|
154.61 %
|
|
|
|
|
|
357.81 %
|
|
|
|
|
|
268.14 %
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
|
1.20 %
|
|
|
|
|
|
1.22 %
|
|
|
|
|
|
1.22 %
|
|
Allowance for credit
losses to total loans
|
|
|
|
|
|
1.30 %
|
|
|
|
|
|
1.32 %
|
|
|
|
|
|
1.31 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
|
$
241
|
|
|
|
|
|
$
471
|
|
|
|
|
|
$
93
|
|
Year-to-date loan
recoveries
|
|
|
|
|
|
24
|
|
|
|
|
|
368
|
|
|
|
|
|
98
|
|
Year-to-date net loan
(charge-offs) recoveries
|
|
|
|
|
|
$
(217)
|
|
|
|
|
|
$
(103)
|
|
|
|
|
|
$
5
|
|
Annualized YTD net loan
(charge-offs) recoveries to average loans
|
|
|
|
|
|
(0.03) %
|
|
|
|
|
|
— %
|
|
|
|
|
|
— %
|
|
|
|
(2)
|
The allowance for
unfunded lending commitments is recorded within accrued interest
payable and other liabilities on the Consolidated Statements of
Financial Condition.
|
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SOURCE Home Bancorp, Inc.
