LAFAYETTE, La., Oct. 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 third quarter of 2024. For the quarter, the Company reported
net income of $9.4 million, or
$1.18 per diluted common share
("diluted EPS"), up $1.3 million from
$8.1 million, or $1.02 diluted EPS, for the second quarter of
2024.
"We are pleased with the financial results for the current
quarter," said John W. Bordelon,
President and Chief Executive Officer of the Company and the Bank.
"While loan growth has slowed from second quarter, deposit growth
continues to improve reducing our loan to deposit ratio down to
96%. Our net interest margin remains strong at 3.71% and continued
to move upward through the quarter."
Third Quarter 2024 Highlights
- Loans totaled $2.7 billion at
September 30, 2024, up $6.9 million, or less than 1%, (an increase of 1%
on an annualized basis) from June 30,
2024.
- Deposits totaled $2.8 billion at
September 30, 2024, up $54.6 million, or 2% (8% on an annualized basis),
from June 30, 2024.
- Net interest income in the third quarter of 2024 totaled
$30.4 million, up $989,000, or 3% from the prior quarter.
- The net interest margin ("NIM") was 3.71% in the third quarter
of 2024 compared to 3.66% in the second quarter of 2024.
- Nonperforming assets totaled $18.4
million, or 0.53% of total assets, at September 30, 2024 compared to $17.0 million, or 0.50% of total assets, at
June 30, 2024.
- The Company recorded a $140,000
provision to the allowance for loan losses in the third quarter of
2024, compared to a $1.3 million
provision in the second quarter of 2024.
- Net loan charge-offs were $74,000
for the third quarter of 2024, compared to net loan charge-offs of
$510,000 during the second quarter of
2024. Annualized year-to-date net loan charge offs to average loans
was 0.04%.
Loans
Loans totaled $2.7 billion at
September 30, 2024, up $6.9
million, or less than 1%, from June 30, 2024. The
following table summarizes the changes in the Company's loan
portfolio, net of unearned income, from June 30, 2024
through September 30, 2024.
|
(dollars in
thousands)
|
|
9/30/2024
|
|
6/30/2024
|
|
Increase
(Decrease)
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
502,784
|
|
$
446,255
|
|
$ 56,529
|
|
13 %
|
|
Home equity loans and
lines
|
|
80,935
|
|
70,617
|
|
10,318
|
|
15
|
|
Commercial real
estate
|
|
1,143,152
|
|
1,228,757
|
|
(85,605)
|
|
(7)
|
|
Construction and
land
|
|
329,787
|
|
328,938
|
|
849
|
|
—
|
|
Multi-family
residential
|
|
169,443
|
|
126,922
|
|
42,521
|
|
34
|
|
Total real estate
loans
|
|
2,226,101
|
|
2,201,489
|
|
24,612
|
|
1
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
412,753
|
|
427,339
|
|
(14,586)
|
|
(3)
|
|
Consumer
|
|
29,432
|
|
32,518
|
|
(3,086)
|
|
(9)
|
|
Total other
loans
|
|
442,185
|
|
459,857
|
|
(17,672)
|
|
(4)
|
|
Total loans
|
|
$
2,668,286
|
|
$
2,661,346
|
|
$
6,940
|
|
— %
|
The average loan yield was 6.43% for the third quarter of 2024,
up 15 basis points from the second quarter of 2024. Loans grew in
the third quarter of 2024 across most of our markets, with
New Orleans and Houston leading the net growth.
Credit Quality and Allowance for Credit Losses
Nonperforming assets ("NPAs") totaled $18.4 million, or 0.53% of total assets, at
September 30, 2024, up $1.3
million, or 8%, from $17.0
million, or 0.50% of total assets, at June 30, 2024.
The increase in NPAs during the third quarter of 2024 was primarily
due to two loan relationships which were put on nonaccrual during
the third quarter of 2024. During the third quarter of 2024, the
Company recorded net loan charge-offs of $74,000, compared to net loan charge-offs of
$510,000 during the second quarter of
2024.
The Company provisioned $140,000
to the allowance for loan losses in the third quarter of 2024. At
September 30, 2024, the allowance for loan losses totaled
$32.3 million, or 1.21% of total
loans, compared to $32.2 million, or
1.21% of total loans, at June 30, 2024. 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 September 30, 2024 and
June 30, 2024.
|
September 30,
2024
|
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
|
One- to four-family
first mortgage
|
|
$
494,180
|
|
$
859
|
|
$
7,745
|
|
$
502,784
|
|
Home equity loans and
lines
|
|
80,729
|
|
—
|
|
206
|
|
80,935
|
|
Commercial real
estate
|
|
1,125,331
|
|
—
|
|
17,821
|
|
1,143,152
|
|
Construction and
land
|
|
323,751
|
|
308
|
|
5,728
|
|
329,787
|
|
Multi-family
residential
|
|
168,513
|
|
—
|
|
930
|
|
169,443
|
|
Commercial and
industrial
|
|
409,388
|
|
1,248
|
|
2,117
|
|
412,753
|
|
Consumer
|
|
29,302
|
|
—
|
|
130
|
|
29,432
|
|
Total
|
|
$ 2,631,194
|
|
$
2,415
|
|
$
34,677
|
|
$ 2,668,286
|
|
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
|
One- to four-family
first mortgage
|
|
$
437,753
|
|
$
1,417
|
|
$
7,085
|
|
$
446,255
|
|
Home equity loans and
lines
|
|
70,394
|
|
—
|
|
223
|
|
70,617
|
|
Commercial real
estate
|
|
1,207,421
|
|
3,469
|
|
17,867
|
|
1,228,757
|
|
Construction and
land
|
|
324,729
|
|
310
|
|
3,899
|
|
328,938
|
|
Multi-family
residential
|
|
125,689
|
|
65
|
|
1,168
|
|
126,922
|
|
Commercial and
industrial
|
|
423,673
|
|
1,493
|
|
2,173
|
|
427,339
|
|
Consumer
|
|
32,273
|
|
—
|
|
245
|
|
32,518
|
|
Total
|
|
$ 2,621,932
|
|
$
6,754
|
|
$
32,660
|
|
$ 2,661,346
|
Investment Securities
The Company's investment securities portfolio totaled
$421.8 million at September 30,
2024, an increase of $8.3 million, or
2%, from June 30, 2024. At September 30, 2024, the
Company had a net unrealized loss position on its investment
securities of $32.2 million, compared
to a net unrealized loss of $46.6
million at June 30, 2024. The Company's investment
securities portfolio had an effective duration of 3.7 years and 4.0
years at September 30, 2024 and June 30, 2024,
respectively. During the third quarter of 2024, the Company made
securities purchases of $4.9 million.
No other purchases or sales of securities were made during
the year.
The following table summarizes the composition of the Company's
investment securities portfolio at September 30, 2024.
|
(dollars in thousands)
|
|
Amortized
Cost
|
|
Fair Value
|
|
Available for
sale:
|
|
|
|
|
|
U.S. agency
mortgage-backed
|
|
$
296,894
|
|
$
273,581
|
|
Collateralized
mortgage obligations
|
|
77,351
|
|
75,438
|
|
Municipal
bonds
|
|
53,568
|
|
47,770
|
|
U.S. government
agency
|
|
18,139
|
|
17,490
|
|
Corporate
bonds
|
|
6,984
|
|
6,444
|
|
Total available for
sale
|
|
$
452,936
|
|
$
420,723
|
|
Held to
maturity:
|
|
|
|
|
|
Municipal
bonds
|
|
$
1,065
|
|
$
1,066
|
|
Total held to
maturity
|
|
$
1,065
|
|
$
1,066
|
Approximately 66% of the investment securities portfolio was
pledged as of September 30, 2024 to secure public deposits and
borrowings with the Federal Reserve Bank Term Funding Program
("BTFP"). The Company had $142.0
million of securities pledged to secure public deposits and
$135.0 million pledged to the BTFP
borrowings at September 30, 2024 and June 30,
2024.
Deposits
Total deposits were $2.8 billion
at September 30, 2024, up $54.6
million, or 2%, from June 30, 2024. Non-maturity
deposits increased $45.2 million, or
2%, during the third quarter of 2024 to $2.1
billion. The following table summarizes the changes in the
Company's deposits from June 30, 2024 to September 30,
2024.
|
(dollars in
thousands)
|
|
9/30/2024
|
|
6/30/2024
|
|
Increase
(Decrease)
|
|
Demand
deposits
|
|
$
740,854
|
|
$
746,504
|
|
$
(5,650)
|
|
(1) %
|
|
Savings
|
|
215,815
|
|
218,307
|
|
(2,492)
|
|
(1)
|
|
Money market
|
|
452,456
|
|
427,406
|
|
25,050
|
|
6
|
|
NOW
|
|
644,061
|
|
615,809
|
|
28,252
|
|
5
|
|
Certificates of
deposit
|
|
724,301
|
|
714,889
|
|
9,412
|
|
1
|
|
Total
deposits
|
|
$
2,777,487
|
|
$
2,722,915
|
|
$
54,572
|
|
2 %
|
The average rate on interest-bearing deposits increased 9 basis
points from 2.69% for the second quarter of 2024 to 2.78% for the
third quarter of 2024. At September 30, 2024, certificates of
deposit maturing within the next 12 months totaled $680.8 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.
|
|
September 30,
2024
|
|
June 30,
2024
|
|
Individuals
|
|
52 %
|
|
53 %
|
|
Small
businesses
|
|
38
|
|
37
|
|
Public funds
|
|
7
|
|
8
|
|
Broker
|
|
3
|
|
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 $818.7 million at September 30, 2024
and $780.1 million at June 30,
2024. Public funds in excess of the FDIC insurance limits are fully
collateralized.
Net Interest Income
The net interest margin ("NIM") increased 5 basis points from
3.66% for the second quarter of 2024 to 3.71% for the third quarter
of 2024 primarily due to the increase in average interest-earning
assets outpacing the increase in average interest-bearing
liabilities.
The average loan yield was 6.43% for the third quarter of 2024,
up 15 basis points from the second quarter of 2024, primarily due
to new loan originations at higher market rates during the third
quarter.
The average cost of interest-bearing deposits increased by 9
basis points in the third quarter of 2024 compared to the second
quarter of 2024. 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.
Average other interest-earning assets were $79.7 million for the third quarter of 2024, up
$28.3 million, or 55%, from the
second quarter of 2024 primarily due to a reallocation of certain
other interest-earning assets.
Loan accretion income from acquired loans totaled $452,000 for the third quarter of 2024, down
$38,000, or 8%, from the second
quarter of 2024.
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
|
|
|
9/30/2024
|
|
6/30/2024
|
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$
2,668,672
|
|
$
43,711
|
|
6.43 %
|
|
$
2,652,331
|
|
$
41,999
|
|
6.28 %
|
|
Investment securities
(TE)
|
|
454,024
|
|
2,677
|
|
2.38
|
|
463,500
|
|
2,740
|
|
2.38
|
|
Other interest-earning
assets
|
|
79,668
|
|
991
|
|
4.95
|
|
51,355
|
|
719
|
|
5.64
|
|
Total interest-earning
assets
|
|
$
3,202,364
|
|
$
47,379
|
|
5.82 %
|
|
$
3,167,186
|
|
$
45,458
|
|
5.70 %
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$
1,266,465
|
|
$
5,571
|
|
1.75 %
|
|
$
1,260,491
|
|
$
5,108
|
|
1.63 %
|
|
Certificates of
deposit
|
|
722,717
|
|
8,337
|
|
4.59
|
|
704,690
|
|
8,026
|
|
4.58
|
|
Total interest-bearing
deposits
|
|
1,989,182
|
|
13,908
|
|
2.78
|
|
1,965,181
|
|
13,134
|
|
2.69
|
|
Other
borrowings
|
|
140,539
|
|
1,673
|
|
4.74
|
|
140,610
|
|
1,656
|
|
4.74
|
|
Subordinated
debt
|
|
54,374
|
|
844
|
|
6.21
|
|
54,322
|
|
844
|
|
6.22
|
|
FHLB
advances
|
|
56,743
|
|
572
|
|
3.99
|
|
46,499
|
|
431
|
|
3.69
|
|
Total interest-bearing
liabilities
|
|
$
2,240,838
|
|
$
16,997
|
|
3.02 %
|
|
$
2,206,612
|
|
$
16,065
|
|
2.93 %
|
|
Noninterest-bearing
deposits
|
|
$
741,387
|
|
|
|
|
|
$
751,776
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
|
2.80 %
|
|
|
|
|
|
2.77 %
|
|
Net interest margin
(TE)
|
|
|
|
|
|
3.71 %
|
|
|
|
|
|
3.66 %
|
Noninterest Income
Noninterest income for the third quarter of 2024 totaled
$3.7 million, down $63,000, or 2%, from the second quarter of 2024.
The decrease was related primarily to bank card fees (down
$138,000), which was partially offset
by gain on sale of loans (up $69,000)
for the third quarter of 2024 compared to the second quarter of
2024.
Noninterest Expense
Noninterest expense for the third quarter of 2024 totaled
$22.3 million, up $450,000, or 2%, from the second quarter of 2024.
The increase was primarily related to compensation and benefits
expense (up $270,000), the absence of
a reversal to the allowance for credit losses on unfunded
commitments ($134,000), and occupancy
expense (up $129,000), which were
partially offset by professional fees (down $131,000) during the third quarter of 2024.
Capital and Liquidity
At September 30, 2024, shareholders' equity totaled
$393.5 million, up $17.6 million, or 5%, compared to $375.8 million at June 30, 2024. The
increase was primarily due to the the Company's earnings of
$9.4 million and a decrease in the
accumulated other comprehensive loss on available for sale
investments securities during the third quarter of 2024, which was
partially offset by shareholder dividends and repurchases of shares
of the Company's common stock. Preliminary Tier 1 leverage capital
and total risk-based capital ratios were 11.32% and 15.03%,
respectively, at September 30, 2024, compared to 11.22% and
14.39%, respectively, at June 30, 2024.
The following table summarizes the Company's primary and
secondary sources of liquidity which were available at
September 30, 2024.
|
(dollars in
thousands)
|
|
September 30,
2024
|
|
Cash and cash
equivalents
|
|
$
135,877
|
|
Unencumbered investment
securities, amortized cost
|
|
59,838
|
|
FHLB advance
availability
|
|
1,147,306
|
|
Amounts available from
unsecured lines of credit
|
|
55,000
|
|
Federal Reserve
discount window availability
|
|
500
|
|
Total primary and
secondary sources of available liquidity
|
|
$
1,398,521
|
Dividend and Share Repurchases
The Company announces that its Board of Directors declared a
quarterly cash dividend on shares of its common stock of
$0.26 per share payable on
November 8, 2024, to shareholders of record as of
October 28, 2024.
The Company repurchased 24,473 shares of its common stock during
the third quarter of 2024 at an average price per share of
$38.50. An additional 313,812 shares
remain eligible for purchase under the 2023 Repurchase Plan. The
book value per share and tangible book value per share of the
Company's common stock was $48.75 and
$38.17, respectively, at
September 30, 2024.
Conference Call
Executive management will host a conference call to discuss
third quarter 2024 results on Friday, October 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 on the
day of the presentation on the 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)
|
|
9/30/2024
|
|
6/30/2024
|
|
9/30/2023
|
|
Reported net
income
|
|
$
9,437
|
|
$
8,118
|
|
$
9,754
|
|
Add: Core deposit
intangible amortization, net tax
|
|
259
|
|
261
|
|
307
|
|
Non-GAAP tangible
income
|
|
$
9,696
|
|
$
8,379
|
|
$
10,061
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,441,990
|
|
$ 3,410,881
|
|
$
3,317,729
|
|
Less: Intangible
assets
|
|
85,361
|
|
85,690
|
|
86,749
|
|
Non-GAAP tangible
assets
|
|
$
3,356,629
|
|
$ 3,325,191
|
|
$
3,230,980
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
393,453
|
|
$
375,830
|
|
$
345,332
|
|
Less: Intangible
assets
|
|
85,361
|
|
85,690
|
|
86,749
|
|
Non-GAAP tangible
shareholders' equity
|
|
$
308,092
|
|
$
290,140
|
|
$
258,583
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
9.76 %
|
|
8.75 %
|
|
11.04 %
|
|
Add: Average intangible
assets
|
|
3.14
|
|
2.98
|
|
4.11
|
|
Non-GAAP return on
average tangible common equity
|
|
12.90 %
|
|
11.73 %
|
|
15.15 %
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
11.43 %
|
|
11.02 %
|
|
10.41 %
|
|
Less: Intangible
assets
|
|
2.25
|
|
2.29
|
|
2.41
|
|
Non-GAAP tangible
common equity ratio
|
|
9.18 %
|
|
8.73 %
|
|
8.00 %
|
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
48.75
|
|
$
46.51
|
|
$
42.30
|
|
Less: Intangible
assets
|
|
10.58
|
|
10.61
|
|
10.63
|
|
Non-GAAP tangible book
value per share
|
|
$
38.17
|
|
$
35.90
|
|
$
31.67
|
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)
|
|
9/30/2024
|
|
6/30/2024
|
|
%
Change
|
|
9/30/2023
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
135,877
|
|
$
113,462
|
|
20 %
|
|
$
84,520
|
|
Interest-bearing
deposits in banks
|
|
—
|
|
—
|
|
—
|
|
99
|
|
Investment securities
available for sale, at fair value
|
|
420,723
|
|
412,472
|
|
2
|
|
427,019
|
|
Investment securities
held to maturity
|
|
1,065
|
|
1,065
|
|
—
|
|
1,065
|
|
Mortgage loans held for
sale
|
|
242
|
|
—
|
|
—
|
|
467
|
|
Loans, net of unearned
income
|
|
2,668,286
|
|
2,661,346
|
|
—
|
|
2,569,094
|
|
Allowance for loan
losses
|
|
(32,278)
|
|
(32,212)
|
|
—
|
|
(31,123)
|
|
Total loans, net of
allowance for loan losses
|
|
2,636,008
|
|
2,629,134
|
|
—
|
|
2,537,971
|
|
Office properties and
equipment, net
|
|
42,659
|
|
43,089
|
|
(1)
|
|
42,402
|
|
Cash surrender value of
bank-owned life insurance
|
|
48,139
|
|
47,858
|
|
1
|
|
47,054
|
|
Goodwill and core
deposit intangibles
|
|
85,361
|
|
85,690
|
|
—
|
|
86,749
|
|
Accrued interest
receivable and other assets
|
|
71,916
|
|
78,111
|
|
(8)
|
|
90,383
|
|
Total
Assets
|
|
$
3,441,990
|
|
$
3,410,881
|
|
1 %
|
|
$
3,317,729
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
2,777,487
|
|
$
2,722,915
|
|
2 %
|
|
$
2,597,484
|
|
Other
Borrowings
|
|
140,539
|
|
140,539
|
|
—
|
|
5,539
|
|
Subordinated debt, net
of issuance cost
|
|
54,402
|
|
54,348
|
|
—
|
|
54,187
|
|
Federal Home Loan Bank
advances
|
|
38,410
|
|
83,506
|
|
(54)
|
|
283,826
|
|
Accrued interest
payable and other liabilities
|
|
37,699
|
|
33,743
|
|
12
|
|
31,361
|
|
Total
Liabilities
|
|
3,048,537
|
|
3,035,051
|
|
—
|
|
2,972,397
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
81
|
|
81
|
|
—
|
|
81
|
|
Additional paid-in
capital
|
|
166,743
|
|
165,918
|
|
—
|
|
165,149
|
|
Common stock acquired
by benefit plans
|
|
(1,428)
|
|
(1,518)
|
|
6
|
|
(1,787)
|
|
Retained
earnings
|
|
251,692
|
|
245,046
|
|
3
|
|
227,649
|
|
Accumulated other
comprehensive loss
|
|
(23,635)
|
|
(33,697)
|
|
30
|
|
(45,760)
|
|
Total Shareholders'
Equity
|
|
393,453
|
|
375,830
|
|
5
|
|
345,332
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
3,441,990
|
|
$
3,410,881
|
|
1 %
|
|
$
3,317,729
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
CONDENSED STATEMENTS
OF INCOME
|
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
(dollars in
thousands, except per share data)
|
|
9/30/2024
|
|
6/30/2024
|
|
%
Change
|
|
9/30/2023
|
|
%
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
43,711
|
|
$
41,999
|
|
4 %
|
|
$
38,490
|
|
14 %
|
|
Investment
securities
|
|
2,677
|
|
2,740
|
|
(2)
|
|
2,939
|
|
(9)
|
|
Other investments and
deposits
|
|
991
|
|
719
|
|
38
|
|
649
|
|
53
|
|
Total interest
income
|
|
47,379
|
|
45,458
|
|
4
|
|
42,078
|
|
13
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
13,908
|
|
13,134
|
|
6 %
|
|
8,181
|
|
70 %
|
|
Other
borrowings
|
|
1,673
|
|
1,656
|
|
1
|
|
53
|
|
3057
|
|
Subordinated debt
expense
|
|
844
|
|
844
|
|
—
|
|
845
|
|
—
|
|
Federal Home Loan Bank
advances
|
|
572
|
|
431
|
|
33
|
|
3,490
|
|
(84)
|
|
Total interest
expense
|
|
16,997
|
|
16,065
|
|
6
|
|
12,569
|
|
35
|
|
Net interest
income
|
|
30,382
|
|
29,393
|
|
3
|
|
29,509
|
|
3
|
|
Provision for loan
losses
|
|
140
|
|
1,261
|
|
(89)
|
|
351
|
|
(60)
|
|
Net interest income
after provision for loan losses
|
|
30,242
|
|
28,132
|
|
8
|
|
29,158
|
|
4
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,291
|
|
1,239
|
|
4 %
|
|
1,277
|
|
1 %
|
|
Bank card
fees
|
|
1,613
|
|
1,751
|
|
(8)
|
|
1,903
|
|
(15)
|
|
Gain on sale of loans,
net
|
|
195
|
|
126
|
|
55
|
|
687
|
|
(72)
|
|
Income from bank-owned
life insurance
|
|
281
|
|
271
|
|
4
|
|
265
|
|
6
|
|
Loss on sale of
assets, net
|
|
(10)
|
|
(2)
|
|
(400)
|
|
—
|
|
—
|
|
Other
income
|
|
322
|
|
370
|
|
(13)
|
|
267
|
|
21
|
|
Total noninterest
income
|
|
3,692
|
|
3,755
|
|
(2)
|
|
4,399
|
|
(16)
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
13,058
|
|
12,788
|
|
2 %
|
|
12,492
|
|
5 %
|
|
Occupancy
|
|
2,732
|
|
2,603
|
|
5
|
|
2,410
|
|
13
|
|
Marketing and
advertising
|
|
382
|
|
485
|
|
(21)
|
|
638
|
|
(40)
|
|
Data processing and
communication
|
|
2,646
|
|
2,555
|
|
4
|
|
2,496
|
|
6
|
|
Professional
fees
|
|
450
|
|
581
|
|
(23)
|
|
402
|
|
12
|
|
Forms, printing and
supplies
|
|
188
|
|
187
|
|
1
|
|
195
|
|
(4)
|
|
Franchise and shares
tax
|
|
488
|
|
487
|
|
—
|
|
542
|
|
(10)
|
|
Regulatory
fees
|
|
493
|
|
509
|
|
(3)
|
|
511
|
|
(4)
|
|
Foreclosed assets,
net
|
|
62
|
|
89
|
|
(30)
|
|
99
|
|
(37)
|
|
Amortization of
acquisition intangible
|
|
328
|
|
329
|
|
—
|
|
389
|
|
(16)
|
|
(Reversal) provision
for credit losses on unfunded
commitments
|
|
—
|
|
(134)
|
|
100
|
|
—
|
|
—
|
|
Other
expenses
|
|
1,431
|
|
1,329
|
|
8
|
|
1,164
|
|
23
|
|
Total noninterest
expense
|
|
22,258
|
|
21,808
|
|
2
|
|
21,338
|
|
4
|
|
Income before income
tax expense
|
|
11,676
|
|
10,079
|
|
16
|
|
12,219
|
|
(4)
|
|
Income tax
expense
|
|
2,239
|
|
1,961
|
|
14
|
|
2,465
|
|
(9)
|
|
Net
income
|
|
$
9,437
|
|
$
8,118
|
|
16 %
|
|
$
9,754
|
|
(3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.19
|
|
$
1.02
|
|
17 %
|
|
$
1.22
|
|
(2) %
|
|
Earnings per share -
diluted
|
|
$
1.18
|
|
$
1.02
|
|
16 %
|
|
$
1.22
|
|
(3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
9/30/2024
|
|
6/30/2024
|
|
%
Change
|
|
9/30/2023
|
|
%
Change
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
47,379
|
|
$
45,458
|
|
4 %
|
|
$
42,078
|
|
13 %
|
|
Total interest
expense
|
|
16,997
|
|
16,065
|
|
6
|
|
12,569
|
|
35
|
|
Net interest
income
|
|
30,382
|
|
29,393
|
|
3
|
|
29,509
|
|
3
|
|
Provision for loan
losses
|
|
140
|
|
1,261
|
|
(89)
|
|
351
|
|
(60)
|
|
Total noninterest
income
|
|
3,692
|
|
3,755
|
|
(2)
|
|
4,399
|
|
(16)
|
|
Total noninterest
expense
|
|
22,258
|
|
21,808
|
|
2
|
|
21,338
|
|
4
|
|
Income tax
expense
|
|
2,239
|
|
1,961
|
|
14
|
|
2,465
|
|
(9)
|
|
Net income
|
|
$
9,437
|
|
$
8,118
|
|
16
|
|
$
9,754
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,405,083
|
|
$
3,367,207
|
|
1 %
|
|
$
3,281,093
|
|
4 %
|
|
Total interest-earning
assets
|
|
3,202,364
|
|
3,167,186
|
|
1
|
|
3,087,452
|
|
4
|
|
Total loans
|
|
2,668,672
|
|
2,652,331
|
|
1
|
|
2,538,218
|
|
5
|
|
PPP loans
|
|
4,470
|
|
5,156
|
|
(13)
|
|
5,869
|
|
(24)
|
|
Total interest-bearing
deposits
|
|
1,989,182
|
|
1,965,181
|
|
1
|
|
1,768,639
|
|
12
|
|
Total interest-bearing
liabilities
|
|
2,240,838
|
|
2,206,612
|
|
2
|
|
2,101,424
|
|
7
|
|
Total
deposits
|
|
2,730,568
|
|
2,716,957
|
|
1
|
|
2,568,173
|
|
6
|
|
Total shareholders'
equity
|
|
384,518
|
|
373,139
|
|
3
|
|
350,436
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.19
|
|
$
1.02
|
|
17 %
|
|
$
1.22
|
|
(2) %
|
|
Earnings per share -
diluted
|
|
1.18
|
|
1.02
|
|
16
|
|
1.22
|
|
(3)
|
|
Book value at period
end
|
|
48.75
|
|
46.51
|
|
5
|
|
42.30
|
|
15
|
|
Tangible book value at
period end
|
|
38.17
|
|
35.90
|
|
6
|
|
31.67
|
|
21
|
|
Shares outstanding at
period end
|
|
8,070,539
|
|
8,081,344
|
|
—
|
|
8,163,655
|
|
(1)
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
7,921,582
|
|
7,972,445
|
|
(1) %
|
|
8,006,226
|
|
(1) %
|
|
Diluted
|
|
7,966,957
|
|
8,018,908
|
|
(1)
|
|
8,038,606
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.10 %
|
|
0.97 %
|
|
13 %
|
|
1.18 %
|
|
(7) %
|
|
Return on average
equity
|
|
9.76
|
|
8.75
|
|
12
|
|
11.04
|
|
(12)
|
|
Common equity
ratio
|
|
11.43
|
|
11.02
|
|
4
|
|
10.41
|
|
10
|
|
Efficiency ratio
(2)
|
|
65.32
|
|
65.79
|
|
(1)
|
|
62.93
|
|
4
|
|
Average equity to
average assets
|
|
11.29
|
|
11.08
|
|
2
|
|
10.68
|
|
6
|
|
Tier 1 leverage capital
ratio (3)
|
|
11.32
|
|
11.22
|
|
1
|
|
10.71
|
|
6
|
|
Total risk-based
capital ratio (3)
|
|
15.03
|
|
14.39
|
|
4
|
|
13.73
|
|
9
|
|
Net interest margin
(4)
|
|
3.71
|
|
3.66
|
|
1
|
|
3.75
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio (5)
|
|
9.18 %
|
|
8.73 %
|
|
5 %
|
|
8.00 %
|
|
15 %
|
|
Return on average
tangible common equity (6)
|
|
12.90
|
|
11.73
|
|
10
|
|
15.15
|
|
(15)
|
|
(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)
|
|
|
9/30/2024
|
|
6/30/2024
|
|
9/30/2023
|
|
(dollars in
thousands)
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
13,741
|
|
$
4,314
|
|
$ 18,055
|
|
$
12,594
|
|
$
4,223
|
|
$ 16,817
|
|
$
8,001
|
|
$
3,905
|
|
$ 11,906
|
|
Accruing loans 90 days
or more past
due
|
|
34
|
|
—
|
|
34
|
|
1
|
|
—
|
|
1
|
|
43
|
|
—
|
|
43
|
|
Total nonperforming
loans
|
|
13,775
|
|
4,314
|
|
18,089
|
|
12,595
|
|
4,223
|
|
16,818
|
|
8,044
|
|
3,905
|
|
11,949
|
|
Foreclosed assets and
ORE
|
|
—
|
|
267
|
|
267
|
|
16
|
|
215
|
|
231
|
|
221
|
|
141
|
|
362
|
|
Total nonperforming
assets
|
|
$
13,775
|
|
$
4,581
|
|
$ 18,356
|
|
$
12,611
|
|
$
4,438
|
|
$ 17,049
|
|
$
8,265
|
|
$
4,046
|
|
$ 12,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
0.53 %
|
|
|
|
|
|
0.50 %
|
|
|
|
|
|
0.37 %
|
|
Nonperforming loans to
total assets
|
|
|
|
|
|
0.53
|
|
|
|
|
|
0.49
|
|
|
|
|
|
0.36
|
|
Nonperforming loans to
total loans
|
|
|
|
|
|
0.68
|
|
|
|
|
|
0.63
|
|
|
|
|
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
9/30/2024
|
|
6/30/2024
|
|
9/30/2023
|
|
|
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
|
|
$
4,402
|
|
$
—
|
|
$
4,402
|
|
$
3,349
|
|
$
—
|
|
$
3,349
|
|
$
3,320
|
|
$
—
|
|
$
3,320
|
|
Home equity loans and
lines
|
|
785
|
|
—
|
|
785
|
|
705
|
|
—
|
|
705
|
|
742
|
|
—
|
|
742
|
|
Commercial real
estate
|
|
13,271
|
|
200
|
|
13,471
|
|
14,957
|
|
200
|
|
15,157
|
|
14,185
|
|
230
|
|
14,415
|
|
Construction and
land
|
|
5,167
|
|
—
|
|
5,167
|
|
5,304
|
|
—
|
|
5,304
|
|
5,123
|
|
—
|
|
5,123
|
|
Multi-family
residential
|
|
1,079
|
|
—
|
|
1,079
|
|
582
|
|
—
|
|
582
|
|
523
|
|
—
|
|
523
|
|
Commercial and
industrial
|
|
6,635
|
|
42
|
|
6,677
|
|
6,320
|
|
58
|
|
6,378
|
|
6,161
|
|
105
|
|
6,266
|
|
Consumer
|
|
697
|
|
—
|
|
697
|
|
737
|
|
—
|
|
737
|
|
734
|
|
—
|
|
734
|
|
Total allowance for
loan losses
|
|
$
32,036
|
|
$
242
|
|
$ 32,278
|
|
$
31,954
|
|
$
258
|
|
$ 32,212
|
|
$
30,788
|
|
$
335
|
|
$ 31,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded lending
commitments(2)
|
|
2,460
|
|
—
|
|
2,460
|
|
2,460
|
|
—
|
|
2,460
|
|
2,454
|
|
—
|
|
2,454
|
|
Total allowance for
credit losses
|
|
$
34,496
|
|
$
242
|
|
$ 34,738
|
|
$
34,414
|
|
$
258
|
|
$ 34,672
|
|
$
33,242
|
|
$
335
|
|
$ 33,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to
nonperforming assets
|
|
|
|
|
|
175.84 %
|
|
|
|
|
|
188.94 %
|
|
|
|
|
|
252.81 %
|
|
Allowance for loan
losses to
nonperforming loans
|
|
|
|
|
|
178.44 %
|
|
|
|
|
|
191.53 %
|
|
|
|
|
|
260.47 %
|
|
Allowance for loan
losses to total
loans
|
|
|
|
|
|
1.21 %
|
|
|
|
|
|
1.21 %
|
|
|
|
|
|
1.21 %
|
|
Allowance for credit
losses to total
loans
|
|
|
|
|
|
1.30 %
|
|
|
|
|
|
1.30 %
|
|
|
|
|
|
1.31 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
|
$
1,030
|
|
|
|
|
|
$
815
|
|
|
|
|
|
$
148
|
|
Year-to-date loan
recoveries
|
|
|
|
|
|
229
|
|
|
|
|
|
88
|
|
|
|
|
|
296
|
|
Year-to-date net loan
(charge-offs)
recoveries
|
|
|
|
|
|
$
(801)
|
|
|
|
|
|
$
(727)
|
|
|
|
|
|
$
148
|
|
Annualized YTD net loan
(charge-
offs) recoveries to average loans
|
|
|
|
|
|
(0.04) %
|
|
|
|
|
|
(0.06) %
|
|
|
|
|
|
0.01 %
|
|
(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.