LAFAYETTE, La., Jan. 22,
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 fourth quarter of 2023. For the quarter, the Company reported
net income of $9.4 million, or
$1.17 per diluted common share
("diluted EPS"), down $369,000 from
$9.8 million, or $1.22 diluted EPS, for the third quarter of
2023.
"Home Bank's strong performance in 2023 demonstrated our ability
to successfully navigate economic cycles," said John W.
Bordelon, President and Chief Executive Officer of the Company and
the Bank. "During the fourth quarter, we grew both loans and
deposits, improved credit and reported strong profitability.
Net interest margin, which decreased slightly to 3.69%, appears to
be stabilizing as our strong customer relationships have made it
possible to retain deposits while still maintaining discipline on
interest expenses. Tangible book value per share continued to
increase and Home Bancorp ended the year with a Tangible Common
Equity ("TCE") ratio of 8.7%. We are confident that our
high-quality deposit base, expanding market, credit-focused
culture, and robust capital levels have positioned us to sustain
momentum in 2024 and beyond."
Fourth Quarter 2023 Highlights
- Loans totaled $2.6 billion at
December 31, 2023, up $12.5 million, or less than 1%, from September 30, 2023.
- Deposits totaled $2.7 billion at
December 31, 2023, up
$73.1 million, or 3%, from
September 30, 2023.
- Net interest income totaled $29.3
million, down $227,000, or 1%,
from the prior quarter.
- The net interest margin ("NIM") decreased 6 basis points from
3.75% for the third quarter of 2023 to 3.69% in the fourth quarter
of 2023.
- Nonperforming assets totaled $10.4
million, or 0.31% of total assets at December 31, 2023,
down $1.9 million, or 16%, from
September 30, 2023 primarily due to improved performance
of certain loans, as well as nonperforming loans, and
paydowns.
- The Company recorded a $665,000
provision to the allowance for loan losses, compared to a
$351,000 provision in the prior
quarter, primarily due to revisions to our loan prepayment
estimates and loan growth.
Loans
Loans totaled $2.6 billion at
December 31, 2023, up $12.5
million, or less than 1%, from September 30, 2023. The
following table summarizes the changes in the Company's loan
portfolio from September 30, 2023 to December 31,
2023.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase
(Decrease)
|
|
(dollars in
thousands)
|
|
2023
|
|
2023
|
|
Amount
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
433,401
|
|
$
432,092
|
|
$
1,309
|
|
— %
|
|
Home equity loans and
lines
|
|
68,977
|
|
69,350
|
|
(373)
|
|
(1)
|
|
Commercial real
estate
|
|
1,192,691
|
|
1,178,111
|
|
14,580
|
|
1
|
|
Construction and
land
|
|
340,724
|
|
342,711
|
|
(1,987)
|
|
(1)
|
|
Multi-family
residential
|
|
107,263
|
|
106,411
|
|
852
|
|
1
|
|
Total real estate
loans
|
|
2,143,056
|
|
2,128,675
|
|
14,381
|
|
1
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
405,659
|
|
407,189
|
|
(1,530)
|
|
—
|
|
Consumer
|
|
32,923
|
|
33,230
|
|
(307)
|
|
(1)
|
|
Total other
loans
|
|
438,582
|
|
440,419
|
|
(1,837)
|
|
—
|
|
Total loans
|
|
$
2,581,638
|
|
$
2,569,094
|
|
$
12,544
|
|
— %
|
The average loan yield was 6.08% for the fourth quarter of 2023,
up 13 basis points from the third quarter of 2023. Commercial real
estate was the primary driver for the loan growth during the fourth
quarter of 2023. Commercial real estate loan growth for the current
quarter was primarily in our Northshore and New Orleans markets.
Credit Quality and Allowance for Loan Losses
Nonperforming assets ("NPAs"), totaled $10.4 million, or 0.31% of total assets at
December 31, 2023, down $1.9 million, or 16%, from $12.3 million, or 0.37% of total assets, at
September 30, 2023. The Company
recorded net loan charge-offs of $250,000 during the fourth quarter of 2023,
compared to net loan recoveries of $132,000 for the third quarter of 2023.
The Company made a $665,000
provision to the allowance for loan losses in the fourth quarter of
2023 primarily due to loan growth and downward revisions to our
loan prepayment estimates. For the year ended December 31,
2023, provisions to the allowance for loan losses totaled
$2.3 million. At December 31,
2023, the allowance for loan losses totaled $31.5 million, or 1.22% of total loans, compared
to $31.1 million, or 1.21% of total
loans, at September 30, 2023. Changes in expected losses
reflect various factors including the changing economic activity,
potential mitigating effects of governmental stimulus, customer
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 December 31, 2023 and
September 30, 2023.
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2023
|
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
|
One- to four-family
first mortgage
|
|
$
429,011
|
|
$
870
|
|
$
2,211
|
|
$
432,092
|
|
Home equity loans and
lines
|
|
69,225
|
|
—
|
|
125
|
|
69,350
|
|
Commercial real
estate
|
|
1,162,095
|
|
330
|
|
15,686
|
|
1,178,111
|
|
Construction and
land
|
|
330,512
|
|
5,388
|
|
6,811
|
|
342,711
|
|
Multi-family
residential
|
|
102,907
|
|
—
|
|
3,504
|
|
106,411
|
|
Commercial and
industrial
|
|
402,252
|
|
2,458
|
|
2,479
|
|
407,189
|
|
Consumer
|
|
33,000
|
|
—
|
|
230
|
|
33,230
|
|
Total
|
|
$ 2,529,002
|
|
$
9,046
|
|
$
31,046
|
|
$ 2,569,094
|
Investment Securities
The Company's investment securities portfolio totaled
$435.0 million at December 31, 2023, an increase of $6.9 million, or 2%, from September 30, 2023. At December 31, 2023, the Company had a net
unrealized loss position on its investment securities of
$43.4 million, compared to a net
unrealized loss of $63.4 million at
September 30, 2023. The Company's
investment securities portfolio had an effective duration of 4.2
years and 4.5 years at December 31,
2023 and September 30, 2023,
respectively.
The following table summarizes the composition of the Company's
investment securities portfolio at December
31, 2023.
|
(dollars in thousands)
|
|
Amortized
Cost
|
|
Fair Value
|
|
Available for
sale:
|
|
|
|
|
|
U.S. agency
mortgage-backed
|
|
$
314,569
|
|
$
283,853
|
|
Collateralized
mortgage obligations
|
|
82,764
|
|
79,262
|
|
Municipal
bonds
|
|
53,891
|
|
46,674
|
|
U.S. government
agency
|
|
19,151
|
|
18,049
|
|
Corporate
bonds
|
|
6,982
|
|
6,088
|
|
Total available for
sale
|
|
$
477,357
|
|
$
433,926
|
|
Held to
maturity:
|
|
|
|
|
|
Municipal
bonds
|
|
$
1,065
|
|
$
1,066
|
|
Total held to
maturity
|
|
$
1,065
|
|
$
1,066
|
Approximately 29% of the investment securities portfolio was
pledged to secure public funds as of December 31, 2023. As of
December 31, 2023 and September 30, 2023, the Company had
$127.2 million and $127.9 million, respectively, of securities
pledged to secure public deposits.
Deposits
Total deposits were $2.7 billion
at December 31, 2023, up $73.1
million, or 3%, from September 30, 2023. Non-maturity
deposits decreased $15.1 million, or
1% during the fourth quarter of 2023 to $2.0
billion. The following table summarizes the changes in the
Company's deposits from September 30, 2023 to
December 31, 2023.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2023
|
|
2023
|
|
Amount
|
|
Percent
|
|
Demand
deposits
|
|
$
744,424
|
|
$
785,448
|
|
$
(41,024)
|
|
(5) %
|
|
Savings
|
|
231,624
|
|
246,402
|
|
(14,778)
|
|
(6)
|
|
Money market
|
|
408,024
|
|
392,174
|
|
15,850
|
|
4
|
|
NOW
|
|
641,818
|
|
617,003
|
|
24,815
|
|
4
|
|
Certificates of
deposit
|
|
644,734
|
|
556,457
|
|
88,277
|
|
16
|
|
Total
deposits
|
|
$
2,670,624
|
|
$
2,597,484
|
|
$
73,140
|
|
3 %
|
The average rate on interest-bearing deposits increased 40 basis
points from 1.84% for the third quarter of 2023 to 2.24% for the
fourth quarter of 2023. At December 31, 2023, certificates of
deposit maturing within the next 12 months totaled $544.5 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.
|
|
December 31,
2023
|
|
September 30,
2023
|
|
Individuals
|
|
53 %
|
|
52 %
|
|
Small
businesses
|
|
38
|
|
39
|
|
Public funds
|
|
7
|
|
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 $748.6 million at December
31, 2023 and $755.5 million at
September 30, 2023. Public funds in
excess of the FDIC insurance limits are fully collateralized.
Net Interest Income
The net interest margin ("NIM") decreased 6 basis points from
3.75% for the third quarter of 2023 to 3.69% for the fourth quarter
of 2023 primarily due to an increase in the average cost of
interest-bearing liabilities, which was partially offset with an
increase in the average yield on loans. 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 6.08% for the fourth quarter of 2023,
up 13 basis points from the third quarter of 2023, primarily
reflecting increased market rates of interest coupled with loan
growth during the period.
Average other interest-earning assets were $57.5 million for the fourth quarter of 2023, up
$3.5 million, or 6%, from the
third quarter of 2023 primarily due to an increase in cash and cash
equivalents.
Loan accretion income from acquired loans totaled $584,000 for the fourth quarter of 2023, down
$50,000, or 8%, compared to the third
quarter of 2023.
The average rate paid on total interest-bearing deposits was
2.24% for the fourth quarter of 2023, up 40 basis points from the
third quarter of 2023, due to the increased market rates of
interest.
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%.
|
|
For the Three Months
Ended
|
|
|
December 31,
2023
|
|
September 30,
2023
|
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$ 2,572,400
|
|
$
39,820
|
|
6.08 %
|
|
$ 2,538,218
|
|
$
38,490
|
|
5.95 %
|
|
Investment securities
(TE)
|
|
481,322
|
|
2,837
|
|
2.37
|
|
495,219
|
|
2,939
|
|
2.39
|
|
Other interest-earning
assets
|
|
57,523
|
|
742
|
|
5.12
|
|
54,015
|
|
649
|
|
4.77
|
|
Total interest-earning
assets
|
|
$ 3,111,245
|
|
$
43,399
|
|
5.49 %
|
|
$ 3,087,452
|
|
$
42,078
|
|
5.36 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$ 1,273,550
|
|
$
4,561
|
|
1.42 %
|
|
$ 1,256,885
|
|
$
3,791
|
|
1.20 %
|
|
Certificates of
deposit
|
|
591,205
|
|
5,975
|
|
4.01
|
|
511,754
|
|
4,390
|
|
3.40
|
|
Total interest-bearing
deposits
|
|
1,864,755
|
|
10,536
|
|
2.24
|
|
1,768,639
|
|
8,181
|
|
1.84
|
|
Other
borrowings
|
|
5,539
|
|
53
|
|
3.80
|
|
5,539
|
|
53
|
|
3.80
|
|
Subordinated
debt
|
|
54,214
|
|
844
|
|
6.23
|
|
54,159
|
|
845
|
|
6.24
|
|
FHLB
advances
|
|
212,412
|
|
2,684
|
|
4.96
|
|
273,087
|
|
3,490
|
|
5.01
|
|
Total interest-bearing
liabilities
|
|
$ 2,136,920
|
|
$
14,117
|
|
2.62 %
|
|
$ 2,101,424
|
|
$
12,569
|
|
2.37 %
|
|
Noninterest-bearing
deposits
|
|
$
777,184
|
|
|
|
|
|
$
799,534
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
|
2.87 %
|
|
|
|
|
|
2.99 %
|
|
Net interest margin
(TE)
|
|
|
|
|
|
3.69 %
|
|
|
|
|
|
3.75 %
|
Noninterest Income
Noninterest income for the fourth quarter of 2023 totaled
$3.5 million, down $921,000, or 21%, from the third quarter of 2023.
The decrease was related primarily to gains on sale of loans (down
$641,000 of which $628,000 was related to a reduction in SBA loan
sales) and bank card fees (down $257,000 ) for the fourth quarter of 2023
compared to the third quarter of 2023.
Noninterest Expense
Noninterest expense for the fourth quarter of 2023 totaled
$20.6 million, down $734,000, or 3%, compared to the third quarter of
2023. The decrease was primarily due to reductions in compensation
and benefits (down $1.1 million) and
franchise and shares tax (down $411,000), which were partially offset by
increases in other expenses (up $450,000), provision for credit losses on
unfunded commitments (up $140,000)
and marketing and advertising (up $121,000).
Capital and Liquidity
At December 31, 2023, shareholders' equity totaled
$367.4 million, up $22.1 million, or 6%, compared to $345.3 million at September 30, 2023. The
increase was primarily due to the decrease in accumulated other
comprehensive loss on available for sale investment securities and
the Company's earnings of $9.4
million during the fourth quarter of 2023, which were
partially offset by shareholder's dividends and repurchases of
shares of the Company's common stock. The market value of the
Company's available for sale securities at December 31, 2023
increased $20.0 million, or 32%,
during the fourth quarter of 2023. Preliminary Tier 1 leverage
capital and total risk-based capital ratios were 10.98% and 14.23%,
respectively, at December 31, 2023, compared to 10.71% and
13.73%, respectively, at September 30, 2023.
The following table summarizes the Company's primary and
secondary sources of liquidity which were available at
December 31, 2023.
|
(dollars in
thousands)
|
|
December 31,
2023
|
|
Cash and cash
equivalents
|
|
$
75,831
|
|
Unencumbered investment
securities, amortized cost
|
|
70,467
|
|
FHLB advance
availability
|
|
1,020,494
|
|
Amounts available from
unsecured lines of credit
|
|
55,000
|
|
Federal Reserve bank
term funding program **
|
|
103,368
|
|
Federal Reserve
discount window availability
|
|
500
|
|
Total primary and
secondary sources of available liquidity
|
|
$
1,325,660
|
|
** $59.4 million of
securities were delivered to the Federal Reserve in January. The
Company borrowed $135.0 million on the Federal Reserve program in
January 2024 to pay down advances at FHLB, which will increase
availability at FHLB.
|
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
February 16, 2024, to shareholders of record as of
February 5, 2024.
The Company repurchased 16,534 shares of its common stock during
the fourth quarter of 2023 at an average price per share of
$32.68 under the Company's 2020
Repurchase Plan. At December 31, 2023, an additional 436,446
shares remain eligible for purchase under the 2021 and 2023
Repurchase Plans. The book value per share and tangible book value
per share of the Company's common stock was $45.04 and $34.45,
respectively, at December 31, 2023.
Conference Call
Executive management will host a conference call to discuss
fourth quarter 2023 results on Tuesday, January 23, 2024 at
10:30 a.m. CDT. Analysts, investors
and interested parties may attend the conference call by dialing
toll free 1.848.488.9160 (US Local/International) or 1.877.550.1858
(US Toll Free). The investor presentation can be accessed 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 of non-GAAP information included herein
to GAAP is presented below.
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
(dollars in
thousands, except per share data)
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
|
|
|
|
|
|
|
Reported net
income
|
|
$
9,385
|
|
$
9,754
|
|
$
10,776
|
|
Add: Core deposit
intangible amortization, net tax
|
|
298
|
|
307
|
|
350
|
|
Non-GAAP tangible
income
|
|
$
9,683
|
|
$
10,061
|
|
$
11,126
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,320,122
|
|
$
3,317,729
|
|
$
3,228,280
|
|
Less: Intangible
assets
|
|
86,372
|
|
86,749
|
|
87,973
|
|
Non-GAAP tangible
assets
|
|
$
3,233,750
|
|
$
3,230,980
|
|
$
3,140,307
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
367,444
|
|
$
345,332
|
|
$
329,954
|
|
Less: Intangible
assets
|
|
86,372
|
|
86,749
|
|
87,973
|
|
Non-GAAP tangible
shareholders' equity
|
|
$
281,072
|
|
$
258,583
|
|
$
241,981
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
10.61 %
|
|
11.04 %
|
|
13.23 %
|
|
Add: Average intangible
assets
|
|
3.92
|
|
4.11
|
|
5.52
|
|
Non-GAAP return on
average tangible common equity
|
|
14.53 %
|
|
15.15 %
|
|
18.75 %
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
11.07 %
|
|
10.41 %
|
|
10.22 %
|
|
Less: Intangible
assets
|
|
2.38
|
|
2.41
|
|
2.51
|
|
Non-GAAP tangible
common equity ratio
|
|
8.69 %
|
|
8.00 %
|
|
7.71 %
|
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
45.04
|
|
$
42.30
|
|
$
39.82
|
|
Less: Intangible
assets
|
|
10.59
|
|
10.63
|
|
10.62
|
|
Non-GAAP tangible book
value per share
|
|
$
34.45
|
|
$
31.67
|
|
$
29.20
|
|
|
|
|
|
|
|
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,
2022, describes some of these factors, including risk
elements in the loan portfolio, the level of the allowance for
credit losses, the impact of the COVID-19 pandemic, 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)
|
|
December 31,
2023
|
|
September 30,
2023
|
|
%
Change
|
|
December 31,
2022
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
75,831
|
|
$
84,520
|
|
(10) %
|
|
$
87,401
|
|
Interest-bearing
deposits in banks
|
|
99
|
|
99
|
|
—
|
|
349
|
|
Investment securities
available for sale, at fair value
|
|
433,926
|
|
427,019
|
|
2
|
|
486,518
|
|
Investment securities
held to maturity
|
|
1,065
|
|
1,065
|
|
—
|
|
1,075
|
|
Mortgage loans held for
sale
|
|
361
|
|
467
|
|
(23)
|
|
98
|
|
Loans, net of unearned
income
|
|
2,581,638
|
|
2,569,094
|
|
—
|
|
2,430,750
|
|
Allowance for loan
losses
|
|
(31,537)
|
|
(31,123)
|
|
(1)
|
|
(29,299)
|
|
Total loans, net of
allowance for loan losses
|
|
2,550,101
|
|
2,537,971
|
|
—
|
|
2,401,451
|
|
Office properties and
equipment, net
|
|
41,980
|
|
42,402
|
|
(1)
|
|
43,560
|
|
Cash surrender value of
bank-owned life insurance
|
|
47,321
|
|
47,054
|
|
1
|
|
46,276
|
|
Goodwill and core
deposit intangibles
|
|
86,372
|
|
86,749
|
|
—
|
|
87,973
|
|
Accrued interest
receivable and other assets
|
|
83,066
|
|
90,383
|
|
(8)
|
|
73,579
|
|
Total
Assets
|
|
$
3,320,122
|
|
$
3,317,729
|
|
—
|
|
$
3,228,280
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
2,670,624
|
|
$
2,597,484
|
|
3 %
|
|
$
2,633,181
|
|
Other
Borrowings
|
|
5,539
|
|
5,539
|
|
—
|
|
5,539
|
|
Subordinated debt, net
of issuance cost
|
|
54,241
|
|
54,187
|
|
—
|
|
54,013
|
|
Federal Home Loan Bank
advances
|
|
192,713
|
|
283,826
|
|
(32)
|
|
176,213
|
|
Accrued interest
payable and other liabilities
|
|
29,561
|
|
31,361
|
|
(6)
|
|
29,380
|
|
Total
Liabilities
|
|
2,952,678
|
|
2,972,397
|
|
(1)
|
|
2,898,326
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
81
|
|
81
|
|
— %
|
|
83
|
|
Additional paid-in
capital
|
|
165,823
|
|
165,149
|
|
—
|
|
164,942
|
|
Common stock acquired
by benefit plans
|
|
(1,697)
|
|
(1,787)
|
|
5
|
|
(2,060)
|
|
Retained
earnings
|
|
234,619
|
|
227,649
|
|
3
|
|
206,296
|
|
Accumulated other
comprehensive loss
|
|
(31,382)
|
|
(45,760)
|
|
31
|
|
(39,307)
|
|
Total Shareholders'
Equity
|
|
367,444
|
|
345,332
|
|
6
|
|
329,954
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
3,320,122
|
|
$
3,317,729
|
|
—
|
|
$
3,228,280
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
CONDENSED STATEMENTS
OF INCOME
|
|
(Unaudited)
|
|
|
For the Three Months
Ended
|
|
(dollars in
thousands, except per share data)
|
|
December 31,
2023
|
|
September 30,
2023
|
|
%
Change
|
|
December 31,
2022
|
|
%
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
39,820
|
|
$
38,490
|
|
3 %
|
|
$
32,826
|
|
21 %
|
|
Investment
securities
|
|
2,837
|
|
2,939
|
|
(3)
|
|
3,214
|
|
(12)
|
|
Other investments and
deposits
|
|
742
|
|
649
|
|
14
|
|
555
|
|
34
|
|
Total interest
income
|
|
43,399
|
|
42,078
|
|
3
|
|
36,595
|
|
19
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
10,536
|
|
8,181
|
|
29 %
|
|
1,949
|
|
441 %
|
|
Other
borrowings
|
|
53
|
|
53
|
|
—
|
|
53
|
|
—
|
|
Subordinated debt
expense
|
|
844
|
|
845
|
|
—
|
|
851
|
|
(1)
|
|
Federal Home Loan Bank
advances
|
|
2,684
|
|
3,490
|
|
(23)
|
|
456
|
|
489
|
|
Total interest
expense
|
|
14,117
|
|
12,569
|
|
12
|
|
3,309
|
|
327
|
|
Net interest
income
|
|
29,282
|
|
29,509
|
|
(1)
|
|
33,286
|
|
(12)
|
|
Provision for loan
losses
|
|
665
|
|
351
|
|
89
|
|
1,987
|
|
(67)
|
|
Net interest income
after provision for loan losses
|
|
28,617
|
|
29,158
|
|
(2)
|
|
31,299
|
|
(9)
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,235
|
|
1,277
|
|
(3) %
|
|
1,198
|
|
3 %
|
|
Bank card
fees
|
|
1,646
|
|
1,903
|
|
(14)
|
|
1,566
|
|
5
|
|
Gain on sale of loans,
net
|
|
46
|
|
687
|
|
(93)
|
|
22
|
|
109
|
|
Income from bank-owned
life insurance
|
|
267
|
|
265
|
|
1
|
|
257
|
|
4
|
|
Loss on sale of
assets, net
|
|
(7)
|
|
—
|
|
—
|
|
9
|
|
(178)
|
|
Other
income
|
|
291
|
|
267
|
|
9
|
|
287
|
|
1
|
|
Total noninterest
income
|
|
3,478
|
|
4,399
|
|
(21)
|
|
3,339
|
|
4
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
11,401
|
|
12,492
|
|
(9) %
|
|
12,880
|
|
(11) %
|
|
Occupancy
|
|
2,467
|
|
2,410
|
|
2
|
|
2,261
|
|
9
|
|
Marketing and
advertising
|
|
759
|
|
638
|
|
19
|
|
550
|
|
38
|
|
Data processing and
communication
|
|
2,423
|
|
2,496
|
|
(3)
|
|
2,295
|
|
6
|
|
Professional
fees
|
|
465
|
|
402
|
|
16
|
|
392
|
|
19
|
|
Forms, printing and
supplies
|
|
195
|
|
195
|
|
—
|
|
182
|
|
7
|
|
Franchise and shares
tax
|
|
131
|
|
542
|
|
(76)
|
|
693
|
|
(81)
|
|
Regulatory
fees
|
|
589
|
|
511
|
|
15
|
|
511
|
|
15
|
|
Foreclosed assets,
net
|
|
43
|
|
99
|
|
(57)
|
|
30
|
|
43
|
|
Amortization of
acquisition intangible
|
|
377
|
|
389
|
|
(3)
|
|
443
|
|
(15)
|
|
Provision for credit
losses on unfunded lending commitments
|
|
140
|
|
—
|
|
—
|
|
(170)
|
|
182
|
|
Other
expenses
|
|
1,614
|
|
1,164
|
|
39
|
|
1,114
|
|
45
|
|
Total noninterest
expense
|
|
20,604
|
|
21,338
|
|
(3)
|
|
21,181
|
|
(3)
|
|
Income before income
tax expense
|
|
11,491
|
|
12,219
|
|
(6)
|
|
13,457
|
|
(15)
|
|
Income tax
expense
|
|
2,106
|
|
2,465
|
|
(15)
|
|
2,681
|
|
(21)
|
|
Net
income
|
|
$
9,385
|
|
$
9,754
|
|
(4)
|
|
$
10,776
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.18
|
|
$
1.22
|
|
(3) %
|
|
$
1.33
|
|
(11) %
|
|
Earnings per share -
diluted
|
|
$
1.17
|
|
$
1.22
|
|
(4)
|
|
$
1.32
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per common share
|
|
$
0.25
|
|
$
0.25
|
|
— %
|
|
$
0.24
|
|
4 %
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
(Unaudited)
|
|
|
For the Three Months
Ended
|
|
(dollars in
thousands, except per share data)
|
|
December 31,
2023
|
|
September 30,
2023
|
|
%
Change
|
|
December 31,
2022
|
|
%
Change
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
43,399
|
|
$
42,078
|
|
3 %
|
|
$
36,595
|
|
19 %
|
|
Total interest
expense
|
|
14,117
|
|
12,569
|
|
12
|
|
3,309
|
|
327
|
|
Net interest
income
|
|
29,282
|
|
29,509
|
|
(1)
|
|
33,286
|
|
(12)
|
|
Provision for loan
losses
|
|
665
|
|
351
|
|
89
|
|
1,987
|
|
(67)
|
|
Total noninterest
income
|
|
3,478
|
|
4,399
|
|
(21)
|
|
3,339
|
|
4
|
|
Total noninterest
expense
|
|
20,604
|
|
21,338
|
|
(3)
|
|
21,181
|
|
(3)
|
|
Income tax
expense
|
|
2,106
|
|
2,465
|
|
(15)
|
|
2,681
|
|
(21)
|
|
Net
income
|
|
$
9,385
|
|
$
9,754
|
|
(4)
|
|
$
10,776
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,299,069
|
|
$
3,281,093
|
|
1 %
|
|
$
3,173,676
|
|
4 %
|
|
Total interest-earning
assets
|
|
3,111,245
|
|
3,087,452
|
|
1
|
|
2,986,266
|
|
4
|
|
Total loans
|
|
2,572,400
|
|
2,538,218
|
|
1
|
|
2,374,065
|
|
8
|
|
PPP loans
|
|
5,643
|
|
5,869
|
|
(4)
|
|
6,883
|
|
(18)
|
|
Total interest-bearing
deposits
|
|
1,864,755
|
|
1,768,639
|
|
5
|
|
1,769,966
|
|
5
|
|
Total interest-bearing
liabilities
|
|
2,136,920
|
|
2,101,424
|
|
2
|
|
1,884,109
|
|
13
|
|
Total
deposits
|
|
2,641,939
|
|
2,568,173
|
|
3
|
|
2,707,823
|
|
(2)
|
|
Total shareholders'
equity
|
|
350,898
|
|
350,436
|
|
—
|
|
323,102
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.18
|
|
$
1.22
|
|
(3) %
|
|
$
1.33
|
|
(11) %
|
|
Earnings per share -
diluted
|
|
1.17
|
|
1.22
|
|
(4)
|
|
1.32
|
|
(11)
|
|
Book value at period
end
|
|
45.04
|
|
42.30
|
|
6
|
|
39.82
|
|
13
|
|
Tangible book value at
period end
|
|
34.45
|
|
31.67
|
|
9
|
|
29.20
|
|
18
|
|
Shares outstanding at
period end
|
|
8,158,281
|
|
8,163,655
|
|
—
|
|
8,286,084
|
|
(2)
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
7,978,160
|
|
8,006,226
|
|
— %
|
|
8,070,734
|
|
(1) %
|
|
Diluted
|
|
8,008,362
|
|
8,038,606
|
|
—
|
|
8,119,481
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.13 %
|
|
1.18 %
|
|
(4) %
|
|
1.35 %
|
|
(16) %
|
|
Return on average
equity
|
|
10.61
|
|
11.04
|
|
(4)
|
|
13.23
|
|
(20)
|
|
Common equity
ratio
|
|
11.07
|
|
10.41
|
|
6
|
|
10.22
|
|
8
|
|
Efficiency ratio
(2)
|
|
62.89
|
|
62.93
|
|
—
|
|
57.83
|
|
9
|
|
Average equity to
average assets
|
|
10.64
|
|
10.68
|
|
—
|
|
10.18
|
|
5
|
|
Tier 1 leverage capital
ratio (3)
|
|
10.98
|
|
10.71
|
|
3
|
|
10.43
|
|
5
|
|
Total risk-based
capital ratio (3)
|
|
14.23
|
|
13.73
|
|
4
|
|
13.63
|
|
4
|
|
Net interest margin
(4)
|
|
3.69
|
|
3.75
|
|
(2)
|
|
4.38
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio (5)
|
|
8.69 %
|
|
8.00 %
|
|
9 %
|
|
7.71 %
|
|
13 %
|
|
Return on average
tangible common equity (6)
|
|
14.53
|
|
15.15
|
|
(4)
|
|
18.75
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
(dollars in
thousands)
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)
|
|
$
3,791
|
|
$
5,023
|
|
$ 8,814
|
|
$
3,905
|
|
$
8,001
|
|
$
11,906
|
|
$
6,177
|
|
$
4,336
|
|
$
10,513
|
|
Accruing loans past due
90 days and over
|
|
—
|
|
—
|
|
—
|
|
—
|
|
43
|
|
43
|
|
—
|
|
2
|
|
2
|
|
Total nonperforming
loans
|
|
3,791
|
|
5,023
|
|
8,814
|
|
3,905
|
|
8,044
|
|
11,949
|
|
6,177
|
|
4,338
|
|
10,515
|
|
Foreclosed assets and
ORE
|
|
80
|
|
1,495
|
|
1,575
|
|
141
|
|
221
|
|
362
|
|
310
|
|
151
|
|
461
|
|
Total nonperforming
assets
|
|
3,871
|
|
6,518
|
|
10,389
|
|
4,046
|
|
8,265
|
|
12,311
|
|
6,487
|
|
4,489
|
|
10,976
|
|
Performing troubled
debt restructurings
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,605
|
|
4,600
|
|
6,205
|
|
Total nonperforming
assets and troubled debt restructurings
|
|
$
3,871
|
|
$
6,518
|
|
$
10,389
|
|
$
4,046
|
|
$
8,265
|
|
$
12,311
|
|
$
8,092
|
|
$
9,089
|
|
$
17,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
0.31 %
|
|
|
|
|
|
0.37 %
|
|
|
|
|
|
0.34 %
|
|
Nonperforming loans to
total assets
|
|
|
|
|
|
0.27
|
|
|
|
|
|
0.36
|
|
|
|
|
|
0.33
|
|
Nonperforming loans to
total loans
|
|
|
|
|
|
0.34
|
|
|
|
|
|
0.47
|
|
|
|
|
|
0.43
|
|
|
|
(1)
|
It is our policy to
cease accruing interest on loans 90 days or more past due.
Nonperforming assets consist of nonperforming loans, foreclosed
assets and other 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.
|
|
|
|
(2)
|
Nonaccrual loans
include originated restructured loans placed on nonaccrual totaling
$3.1 million at December 31, 2022. Acquired restructured loans
placed on nonaccrual totaled $3.7 million at December 31, 2022.
With the adoption of ASU 2022-02, effective January 1, 2023, TDR
accounting has been eliminated.
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY CREDIT
QUALITY INFORMATION - CONTINUED
|
|
(Unaudited)
|
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
|
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
|
|
$
3,255
|
|
$
—
|
|
$
3,255
|
|
$
3,320
|
|
$
—
|
|
$
3,320
|
|
$
2,883
|
|
$
—
|
|
$
2,883
|
|
Home equity loans and
lines
|
|
688
|
|
—
|
|
688
|
|
742
|
|
—
|
|
742
|
|
624
|
|
—
|
|
624
|
|
Commercial real
estate
|
|
14,604
|
|
201
|
|
14,805
|
|
14,185
|
|
230
|
|
14,415
|
|
13,264
|
|
550
|
|
13,814
|
|
Construction and
land
|
|
5,292
|
|
123
|
|
5,415
|
|
5,123
|
|
—
|
|
5,123
|
|
4,680
|
|
—
|
|
4,680
|
|
Multi-family
residential
|
|
474
|
|
—
|
|
474
|
|
523
|
|
—
|
|
523
|
|
572
|
|
—
|
|
572
|
|
Commercial and
industrial
|
|
6,071
|
|
95
|
|
6,166
|
|
6,161
|
|
105
|
|
6,266
|
|
5,853
|
|
171
|
|
6,024
|
|
Consumer
|
|
734
|
|
—
|
|
734
|
|
734
|
|
—
|
|
734
|
|
702
|
|
—
|
|
702
|
|
Total allowance for
loan losses
|
|
$
31,118
|
|
$
419
|
|
$ 31,537
|
|
$
30,788
|
|
$
335
|
|
$ 31,123
|
|
$
28,578
|
|
$
721
|
|
$ 29,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded lending
commitments(3)
|
|
2,594
|
|
—
|
|
2,594
|
|
2,454
|
|
—
|
|
2,454
|
|
2,093
|
|
—
|
|
2,263
|
|
Total allowance for
credit losses
|
|
$
33,712
|
|
$
419
|
|
$ 34,131
|
|
$
33,242
|
|
$
335
|
|
$ 33,577
|
|
$
30,671
|
|
$
721
|
|
$
2,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
|
303.56 %
|
|
|
|
|
|
252.81 %
|
|
|
|
|
|
266.94 %
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
|
357.81 %
|
|
|
|
|
|
260.47 %
|
|
|
|
|
|
278.64 %
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
|
1.22 %
|
|
|
|
|
|
1.21 %
|
|
|
|
|
|
1.21 %
|
|
Allowance for credit
losses to total loans
|
|
|
|
|
|
1.32 %
|
|
|
|
|
|
1.31 %
|
|
|
|
|
|
1.29 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
|
$
471
|
|
|
|
|
|
$
148
|
|
|
|
|
|
$
1,398
|
|
Year-to-date loan
recoveries
|
|
|
|
|
|
368
|
|
|
|
|
|
296
|
|
|
|
|
|
704
|
|
Year-to-date net loan
(charge-offs) recoveries
|
|
|
|
|
|
$
(103)
|
|
|
|
|
|
$
148
|
|
|
|
|
|
$
(694)
|
|
Annualized YTD net loan
(charge-offs) recoveries to average loans
|
|
|
|
|
|
— %
|
|
|
|
|
|
0.01 %
|
|
|
|
|
|
0.03 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) 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.