LAFAYETTE, La., Jan. 27,
2025 /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 2024. For the quarter, the Company reported
net income of $9.7 million, or
$1.21 per diluted common share
("diluted EPS"), up $236,000, or 3%,
from $9.4 million, or $1.18 diluted EPS, for the third quarter of
2024.
"We are very excited about the improvement in our NIM and our
overall fourth quarter results," said John
W. Bordelon, President and Chief Executive Officer of the
Company and the Bank. "During the fourth quarter, we had strong
loan growth with a modest increase in deposits and improvement in
our nonperforming assets, which resulted in strong profitability.
The net interest margin increased to 3.82% for the quarter
primarily due to our ability to manage lower funding cost and
obtain over 7% annualized loan growth. We are confident that our
vibrant markets, credit-focused culture, and strong capital levels
have positioned us to continue the momentum in 2025."
Fourth Quarter 2024 Highlights
- Loans totaled $2.7 billion at
December 31, 2024, up $49.9 million, or 2% (an increase of 7% on an
annualized basis), from September 30,
2024.
- Deposits totaled $2.8
billion at December 31, 2024,
up $3.2 million, or less than 1%
(less than 1% on an annualized basis), from September 30, 2024.
- Net interest income in the fourth quarter of 2024 totaled
$31.6 million, up $1.2 million, or 4%, from the prior quarter.
- The net interest margin ("NIM") increased 11 basis points from
3.71% for the third quarter of 2024 to 3.82% in the fourth quarter
of 2024 primarily due to lower funding cost and flat yield on
interest earning assets.
- Nonperforming assets totaled $15.6
million, or 0.45% of total assets, at December 31, 2024, down $2.7 million, or 15%, from September 30, 2024, primarily due to improved
performance of certain loans, including nonperforming loans, and
paydowns.
- The Company recorded a $873,000
provision to the allowance for loan losses in the fourth quarter of
2024, compared to a $140,000
provision in the third quarter of 2024, primarily due to loan
growth.
- Net loan charge-offs were $235,000 for the fourth quarter of 2024, compared
to net loan charge-offs of $74,000
during the third quarter of 2024. Year-to-date net loan charge offs
to average loans was 0.04% at December 31,
2024.
Loans
Loans totaled $2.7 billion at
December 31, 2024, up $49.9
million, or 2%, from September 30, 2024. The following
table summarizes the changes in the Company's loan portfolio from
September 30, 2024 to December 31, 2024.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase
(Decrease)
|
(dollars in
thousands)
|
|
2024
|
|
2024
|
|
Amount
|
|
Percent
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
501,225
|
|
$
502,784
|
|
$
(1,559)
|
|
— %
|
Home equity loans and
lines
|
|
79,097
|
|
80,935
|
|
(1,838)
|
|
(2)
|
Commercial real
estate
|
|
1,158,781
|
|
1,143,152
|
|
15,629
|
|
1
|
Construction and
land
|
|
352,263
|
|
329,787
|
|
22,476
|
|
7
|
Multi-family
residential
|
|
178,568
|
|
169,443
|
|
9,125
|
|
5
|
Total real estate
loans
|
|
2,269,934
|
|
2,226,101
|
|
43,833
|
|
2
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
418,627
|
|
412,753
|
|
5,874
|
|
1
|
Consumer
|
|
29,624
|
|
29,432
|
|
192
|
|
1
|
Total other
loans
|
|
448,251
|
|
442,185
|
|
6,066
|
|
1
|
Total loans
|
|
$
2,718,185
|
|
$
2,668,286
|
|
$
49,899
|
|
2 %
|
The average loan yield was 6.43% for the fourth quarter of 2024,
which was unchanged from the third quarter of 2024. The flat loan
yield was impacted by a few factors for the fourth quarter of 2024.
39% of the loan portfolio is adjustable therefore the yield began
declining in mid-September 2024 as
the Federal Reserve cut rates. The net loan yield was higher by
approximately 3 bps, or $189,000, for
the quarter due to a nonperforming relationship paying off during
the quarter which was offset slightly from loans transferring to
nonperforming. In addition, yields on loans were impacted by higher
rates on new loans and loans paying off at lower rates. We
experienced growth in construction and land, commercial real estate
and multi-family loans for the current quarter across most of our
markets.
Credit Quality and Allowance for Loan Losses
Nonperforming assets ("NPAs"), totaled $15.6 million, or 0.45% of total assets at
December 31, 2024, down $2.7
million, or 15%, from $18.4
million, or 0.53% of total assets, at September 30,
2024. The Company recorded net loan charge-offs of $235,000 during the fourth quarter of 2024,
compared to net loan charge-offs of $74,000 for the third quarter of 2024.
The Company made a $873,000
provision to the allowance for loan losses in the fourth quarter of
2024 primarily due to loan growth. For the year ended
December 31, 2024, provisions to the allowance for loan losses
totaled $2.4 million. At
December 31, 2024, the allowance for loan losses totaled
$32.9 million, or 1.21% of total
loans, compared to $32.3 million, or
1.21% of total loans, at September 30, 2024. 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, 2024 and
September 30, 2024.
|
|
December 31,
2024
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
One- to four-family
first mortgage
|
|
$
493,368
|
|
$
823
|
|
$
7,034
|
|
$
501,225
|
Home equity loans and
lines
|
|
78,818
|
|
—
|
|
279
|
|
79,097
|
Commercial real
estate
|
|
1,140,240
|
|
—
|
|
18,541
|
|
1,158,781
|
Construction and
land
|
|
347,039
|
|
—
|
|
5,224
|
|
352,263
|
Multi-family
residential
|
|
177,638
|
|
—
|
|
930
|
|
178,568
|
Commercial and
industrial
|
|
414,872
|
|
—
|
|
3,755
|
|
418,627
|
Consumer
|
|
29,597
|
|
—
|
|
27
|
|
29,624
|
Total
|
|
$ 2,681,572
|
|
$
823
|
|
$
35,790
|
|
$ 2,718,185
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Investment Securities
The Company's investment securities portfolio totaled
$403.9 million at December 31,
2024, a decrease of $17.9 million, or
4%, from September 30, 2024. At December 31, 2024, the
Company had a net unrealized loss position on its investment
securities of $41.0 million, compared to a net unrealized loss
of $32.2 million at
September 30, 2024. The Company's investment securities
portfolio had an effective duration of 3.9 years and 3.7 years at
December 31, 2024 and September 30, 2024, respectively.
The Company made securities purchases of $5.6 million during the fourth quarter of 2024,
compared to $4.9 million during third
quarter of 2024. 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 December 31, 2024.
(dollars in thousands)
|
|
Amortized
Cost
|
|
Fair Value
|
Available for
sale:
|
|
|
|
|
U.S. agency
mortgage-backed
|
|
$
291,351
|
|
$
261,873
|
Collateralized
mortgage obligations
|
|
73,931
|
|
71,389
|
Municipal
bonds
|
|
53,458
|
|
45,829
|
U.S. government
agency
|
|
18,079
|
|
17,128
|
Corporate
bonds
|
|
6,985
|
|
6,573
|
Total available for
sale
|
|
$
443,804
|
|
$
402,792
|
Held to
maturity:
|
|
|
|
|
Municipal
bonds
|
|
$
1,065
|
|
$
1,065
|
Total held to
maturity
|
|
$
1,065
|
|
$
1,065
|
Approximately 33% of the investment securities portfolio was
pledged as of December 31, 2024 to secure public deposits. In
the fourth quarter of 2024, the Company paid off its $135.0 million loan with the Federal Reserve Bank
Term Funding Program ("BTFP"). As of December 31, 2024 and
September 30, 2024, the Company had $134.9 million and $142.0
million, respectively, of securities pledged to secure
public deposits and none and $135.0
million, respectively, pledged to the BTFP borrowings.
Deposits
Total deposits were $2.8 billion
at December 31, 2024, up $3.2
million, or less than 1%, from September 30, 2024.
Non-maturity deposits decreased $6.4
million, or less than 1% during the fourth quarter of 2024
to $2.0 billion. The following table
summarizes the changes in the Company's deposits from
September 30, 2024 to December 31, 2024.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase/(Decrease)
|
(dollars in
thousands)
|
|
2024
|
|
2024
|
|
Amount
|
|
Percent
|
Demand
deposits
|
|
$
733,073
|
|
$
740,854
|
|
$
(7,781)
|
|
(1) %
|
Savings
|
|
210,977
|
|
215,815
|
|
(4,838)
|
|
(2)
|
Money market
|
|
457,483
|
|
452,456
|
|
5,027
|
|
1
|
NOW
|
|
645,246
|
|
644,061
|
|
1,185
|
|
—
|
Certificates of
deposit
|
|
733,917
|
|
724,301
|
|
9,616
|
|
1
|
Total
deposits
|
|
$
2,780,696
|
|
$
2,777,487
|
|
$
3,209
|
|
— %
|
The average rate on interest-bearing deposits decreased 12 basis
points from 2.78% for the third quarter of 2024 to 2.66% for the
fourth quarter of 2024. At December 31, 2024, certificates of
deposit maturing within the next 12 months totaled $693.3 million, or 94%, with 58% of the balance
maturing in the first quarter of 2025.
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,
2024
|
|
September 30,
2024
|
Individuals
|
|
53 %
|
|
52 %
|
Small
businesses
|
|
37
|
|
38
|
Public funds
|
|
7
|
|
7
|
Broker
|
|
3
|
|
3
|
Total
|
|
100 %
|
|
100 %
|
|
|
|
|
|
The total amounts of our uninsured deposits (deposits in excess
of $250,000, as calculated in
accordance with FDIC regulations) were $813.6 million at December 31, 2024 and
$818.7 million at September 30,
2024. Public funds in excess of the FDIC insurance limits are fully
collateralized.
Net Interest Income
The net interest margin ("NIM") increased 11 basis points from
3.71% for the third quarter of 2024 to 3.82% for the fourth quarter
of 2024 primarily due to a decline in the funding cost for average
interest-bearing liabilities while the yield on average
interest-earning assets remained unchanged.
The average cost of interest-bearing deposits decreased by 12
basis points in the fourth quarter of 2024 compared to the third
quarter of 2024. The decrease in deposit costs primarily reflects
the decline in certificate of deposit rates as they matured.
Average other interest-earning assets were $97.5 million for the fourth quarter of 2024, up
$17.8 million, or 22%, from the third
quarter of 2024 primarily due to an increase in the average balance
of cash and cash equivalents.
Loan accretion income from acquired loans totaled $421,000 for the fourth quarter of 2024, down
$31,000, or 7%, compared to the third
quarter of 2024.
Average other borrowings were $107.8
million for the fourth quarter of 2024, down $32.8 million, 23%, from the third quarter of
2024 primarily due to the payoff of the BTFP loan, which was
replaced with short-term FHLB advances.
The average rate paid on total interest-bearing deposits was
2.66% for the fourth quarter of 2024, down 12 basis points from the
third quarter of 2024, due to the lower funding cost. The average
rate paid on certificate of deposits was 4.33% for the fourth
quarter of 2024, down 26 basis points from the third 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%.
|
|
For the Three Months
Ended
|
|
|
December 31,
2024
|
|
September 30,
2024
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$ 2,686,188
|
|
$
43,978
|
|
6.43 %
|
|
$ 2,668,672
|
|
$
43,711
|
|
6.43 %
|
Investment securities
(TE)
|
|
449,216
|
|
2,703
|
|
2.42
|
|
454,024
|
|
2,677
|
|
2.38
|
Other interest-earning
assets
|
|
97,492
|
|
1,123
|
|
4.58
|
|
79,668
|
|
991
|
|
4.95
|
Total interest-earning
assets
|
|
$ 3,232,896
|
|
$
47,804
|
|
5.82 %
|
|
$ 3,202,364
|
|
$
47,379
|
|
5.82 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$ 1,311,815
|
|
$
5,721
|
|
1.73 %
|
|
$ 1,266,465
|
|
$
5,571
|
|
1.75 %
|
Certificates of
deposit
|
|
723,764
|
|
7,885
|
|
4.33
|
|
722,717
|
|
8,337
|
|
4.59
|
Total interest-bearing
deposits
|
|
2,035,579
|
|
13,606
|
|
2.66
|
|
1,989,182
|
|
13,908
|
|
2.78
|
Other
borrowings
|
|
107,767
|
|
1,279
|
|
4.72
|
|
140,539
|
|
1,673
|
|
4.74
|
Subordinated
debt
|
|
54,427
|
|
848
|
|
6.23
|
|
54,374
|
|
844
|
|
6.21
|
FHLB
advances
|
|
52,926
|
|
485
|
|
3.63
|
|
56,743
|
|
572
|
|
3.99
|
Total interest-bearing
liabilities
|
|
$ 2,250,699
|
|
$
16,218
|
|
2.87 %
|
|
$ 2,240,838
|
|
$
16,997
|
|
3.02 %
|
Noninterest-bearing
deposits
|
|
$
754,133
|
|
|
|
|
|
$
741,386
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
|
2.95 %
|
|
|
|
|
|
2.80 %
|
Net interest margin
(TE)
|
|
|
|
|
|
3.82 %
|
|
|
|
|
|
3.71 %
|
Noninterest Income
Noninterest income for the fourth quarter of 2024 totaled
$3.6 million, down $63,000, or 2%, from the third quarter of 2024.
The decrease was related primarily to decreases in gains on sale of
loans (down $133,000) and bank card
fees (down $27,000), which were
partially offset by increases in gains on sale of assets, net (up
$49,000) and service fees and charges
(up $43,000) for the fourth quarter
of 2024 compared to the third quarter of 2024.
Noninterest Expense
Noninterest expense for the fourth quarter of 2024 totaled
$22.4 million, up $97,000, or less than 1%, compared to the third
quarter of 2024. The increase was primarily due to increases in
marketing and advertising (up $285,000), compensation and benefits (up
$256,000) and provision for credit
losses on unfunded commitments (up $240,000), which were partially offset by
decreases in occupancy expense (down $390,000), data processing and communications
(down $120,000), other noninterest
expense (down $120,000), franchise
and shares taxes (down $88,000) and
professional services (down $34,000).
Capital and Liquidity
At December 31, 2024, shareholders' equity totaled
$396.1 million, up $2.6 million, or 1%, compared to $393.5 million at September 30, 2024. The
increase was primarily due to the Company's earnings of
$9.7 million during the fourth
quarter of 2024, which were partially offset by an increase in
accumulated other comprehensive loss on available for sale
investment securities and 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, 2024
decreased $8.8 million, or 27%,
during the fourth quarter of 2024. Preliminary Tier 1 leverage
capital and total risk-based capital ratios were 11.38% and 14.51%,
respectively, at December 31, 2024, compared to 11.32% and
14.74%, respectively, at September 30, 2024.
The following table summarizes the Company's primary and
secondary sources of liquidity which were available at
December 31, 2024.
(dollars in
thousands)
|
|
December 31,
2024
|
Cash and cash
equivalents
|
|
$
98,548
|
Unencumbered investment
securities, amortized cost
|
|
122,686
|
FHLB advance
availability
|
|
1,088,068
|
Amounts available from
unsecured lines of credit
|
|
55,000
|
Federal Reserve
discount window availability
|
|
500
|
Total primary and
secondary sources of available liquidity
|
|
$
1,364,802
|
Dividend and Share Repurchases
The Company announced that its Board of Directors declared a
quarterly cash dividend on shares of its common stock of
$0.27 per share payable on
February 21, 2025, to shareholders of record as of
February 10, 2025.
The Company repurchased 2,000 shares of its common stock during
the fourth quarter of 2024 at an average price per share of
$49.11. At December 31, 2024, an
additional 311,812 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 $48.95 and $38.44,
respectively, at December 31, 2024.
Conference Call
Executive management will host a conference call to discuss
fourth quarter 2024 results on Tuesday, January 28, 2025 at
7:30 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 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,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
|
|
|
|
|
|
|
Reported net
income
|
|
$
9,673
|
|
$
9,437
|
|
$
9,385
|
Add: Core deposit
intangible amortization, net tax
|
|
250
|
|
259
|
|
298
|
Non-GAAP tangible
income
|
|
$
9,923
|
|
$
9,696
|
|
$
9,683
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,443,668
|
|
$
3,441,990
|
|
$
3,320,122
|
Less: Intangible
assets
|
|
85,044
|
|
85,361
|
|
86,372
|
Non-GAAP tangible
assets
|
|
$
3,358,624
|
|
$
3,356,629
|
|
$
3,233,750
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
396,088
|
|
$
393,453
|
|
$
367,444
|
Less: Intangible
assets
|
|
85,044
|
|
85,361
|
|
86,372
|
Non-GAAP tangible
shareholders' equity
|
|
$
311,044
|
|
$
308,092
|
|
$
281,072
|
|
|
|
|
|
|
|
Return on average
equity
|
|
9.71 %
|
|
9.76 %
|
|
10.61 %
|
Add: Average intangible
assets
|
|
2.99
|
|
3.14
|
|
3.92
|
Non-GAAP return on
average tangible common equity
|
|
12.70 %
|
|
12.90 %
|
|
14.53 %
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
11.50 %
|
|
11.43 %
|
|
11.07 %
|
Less: Intangible
assets
|
|
2.24
|
|
2.25
|
|
2.38
|
Non-GAAP tangible
common equity ratio
|
|
9.26 %
|
|
9.18 %
|
|
8.69 %
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
48.95
|
|
$
48.75
|
|
$
45.04
|
Less: Intangible
assets
|
|
10.51
|
|
10.58
|
|
10.59
|
Non-GAAP tangible book
value per share
|
|
$
38.44
|
|
$
38.17
|
|
$
34.45
|
|
|
|
|
|
|
|
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, 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)
|
|
December 31,
2024
|
|
September 30,
2024
|
|
%
Change
|
|
December 31,
2023
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
98,548
|
|
$
135,877
|
|
(27) %
|
|
$
75,831
|
Interest-bearing
deposits in banks
|
|
—
|
|
—
|
|
—
|
|
99
|
Investment securities
available for sale, at fair value
|
|
402,792
|
|
420,723
|
|
(4)
|
|
433,926
|
Investment securities
held to maturity
|
|
1,065
|
|
1,065
|
|
—
|
|
1,065
|
Mortgage loans held for
sale
|
|
832
|
|
242
|
|
244
|
|
361
|
Loans, net of unearned
income
|
|
2,718,185
|
|
2,668,286
|
|
2
|
|
2,581,638
|
Allowance for loan
losses
|
|
(32,916)
|
|
(32,278)
|
|
(2)
|
|
(31,537)
|
Total loans, net of
allowance for loan losses
|
|
2,685,269
|
|
2,636,008
|
|
2
|
|
2,550,101
|
Office properties and
equipment, net
|
|
42,324
|
|
42,659
|
|
(1)
|
|
41,980
|
Cash surrender value of
bank-owned life insurance
|
|
48,421
|
|
48,139
|
|
1
|
|
47,321
|
Goodwill and core
deposit intangibles
|
|
85,044
|
|
85,361
|
|
—
|
|
86,372
|
Accrued interest
receivable and other assets
|
|
79,373
|
|
71,916
|
|
10
|
|
83,066
|
Total
Assets
|
|
$
3,443,668
|
|
$
3,441,990
|
|
—
|
|
$
3,320,122
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
2,780,696
|
|
$
2,777,487
|
|
— %
|
|
$
2,670,624
|
Other
Borrowings
|
|
5,539
|
|
140,539
|
|
(96)
|
|
5,539
|
Subordinated debt, net
of issuance cost
|
|
54,459
|
|
54,402
|
|
—
|
|
54,241
|
Federal Home Loan Bank
advances
|
|
175,546
|
|
38,410
|
|
357
|
|
192,713
|
Accrued interest
payable and other liabilities
|
|
31,340
|
|
37,699
|
|
(17)
|
|
29,561
|
Total
Liabilities
|
|
3,047,580
|
|
3,048,537
|
|
—
|
|
2,952,678
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock
|
|
81
|
|
81
|
|
— %
|
|
81
|
Additional paid-in
capital
|
|
168,138
|
|
166,743
|
|
1
|
|
165,823
|
Common stock acquired
by benefit plans
|
|
(1,339)
|
|
(1,428)
|
|
6
|
|
(1,697)
|
Retained
earnings
|
|
259,190
|
|
251,692
|
|
3
|
|
234,619
|
Accumulated other
comprehensive loss
|
|
(29,982)
|
|
(23,635)
|
|
(27)
|
|
(31,382)
|
Total Shareholders'
Equity
|
|
396,088
|
|
393,453
|
|
1
|
|
367,444
|
Total Liabilities
and Shareholders' Equity
|
|
$
3,443,668
|
|
$
3,441,990
|
|
—
|
|
$
3,320,122
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED STATEMENTS
OF INCOME
|
(Unaudited)
|
|
|
For the Three Months
Ended
|
(dollars in
thousands, except per share data)
|
|
December 31,
2024
|
|
September 30,
2024
|
|
%
Change
|
|
December 31,
2023
|
|
%
Change
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
43,978
|
|
$
43,711
|
|
1 %
|
|
$
39,820
|
|
10 %
|
Investment
securities
|
|
2,703
|
|
2,677
|
|
1
|
|
2,837
|
|
(5)
|
Other investments and
deposits
|
|
1,123
|
|
991
|
|
13
|
|
742
|
|
51
|
Total interest
income
|
|
47,804
|
|
47,379
|
|
1
|
|
43,399
|
|
10
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
13,606
|
|
13,908
|
|
(2) %
|
|
10,536
|
|
29 %
|
Other
borrowings
|
|
1,279
|
|
1,673
|
|
(24)
|
|
53
|
|
2313
|
Subordinated debt
expense
|
|
848
|
|
844
|
|
—
|
|
844
|
|
—
|
Federal Home Loan Bank
advances
|
|
485
|
|
572
|
|
(15)
|
|
2,684
|
|
(82)
|
Total interest
expense
|
|
16,218
|
|
16,997
|
|
(5)
|
|
14,117
|
|
15
|
Net interest
income
|
|
31,586
|
|
30,382
|
|
4
|
|
29,282
|
|
8
|
Provision for loan
losses
|
|
873
|
|
140
|
|
524
|
|
665
|
|
31
|
Net interest income
after provision for loan losses
|
|
30,713
|
|
30,242
|
|
2
|
|
28,617
|
|
7
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,334
|
|
1,291
|
|
3 %
|
|
1,235
|
|
8 %
|
Bank card
fees
|
|
1,586
|
|
1,613
|
|
(2)
|
|
1,646
|
|
(4)
|
Gain on sale of loans,
net
|
|
62
|
|
195
|
|
(68)
|
|
46
|
|
35
|
Income from bank-owned
life insurance
|
|
282
|
|
281
|
|
—
|
|
267
|
|
6
|
Gain (loss) on sale of
assets, net
|
|
39
|
|
(10)
|
|
490
|
|
(7)
|
|
657
|
Other
income
|
|
326
|
|
322
|
|
1
|
|
291
|
|
12
|
Total noninterest
income
|
|
3,629
|
|
3,692
|
|
(2)
|
|
3,478
|
|
4
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
13,314
|
|
13,058
|
|
2 %
|
|
11,401
|
|
17 %
|
Occupancy
|
|
2,342
|
|
2,732
|
|
(14)
|
|
2,467
|
|
(5)
|
Marketing and
advertising
|
|
667
|
|
382
|
|
75
|
|
759
|
|
(12)
|
Data processing and
communication
|
|
2,526
|
|
2,646
|
|
(5)
|
|
2,423
|
|
4
|
Professional
fees
|
|
416
|
|
450
|
|
(8)
|
|
465
|
|
(11)
|
Forms, printing and
supplies
|
|
214
|
|
188
|
|
14
|
|
195
|
|
10
|
Franchise and shares
tax
|
|
400
|
|
488
|
|
(18)
|
|
131
|
|
205
|
Regulatory
fees
|
|
483
|
|
493
|
|
(2)
|
|
589
|
|
(18)
|
Foreclosed assets,
net
|
|
125
|
|
62
|
|
102
|
|
43
|
|
191
|
Amortization of
acquisition intangible
|
|
317
|
|
328
|
|
(3)
|
|
377
|
|
(16)
|
Provision for credit
losses on unfunded commitments
|
|
240
|
|
—
|
|
—
|
|
140
|
|
71
|
Other
expenses
|
|
1,311
|
|
1,431
|
|
(8)
|
|
1,614
|
|
(19)
|
Total noninterest
expense
|
|
22,355
|
|
22,258
|
|
—
|
|
20,604
|
|
8
|
Income before income
tax expense
|
|
11,987
|
|
11,676
|
|
3
|
|
11,491
|
|
4
|
Income tax
expense
|
|
2,314
|
|
2,239
|
|
3
|
|
2,106
|
|
10
|
Net
income
|
|
$
9,673
|
|
$
9,437
|
|
3
|
|
$
9,385
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.22
|
|
$
1.19
|
|
3 %
|
|
$
1.18
|
|
3 %
|
Earnings per share -
diluted
|
|
$
1.21
|
|
$
1.18
|
|
3
|
|
$
1.17
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per common share
|
|
$
0.26
|
|
$
0.25
|
|
4 %
|
|
$
0.25
|
|
4 %
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
(Unaudited)
|
|
|
For the Three Months
Ended
|
(dollars in
thousands, except per share data)
|
|
December 31,
2024
|
|
September 30,
2024
|
|
%
Change
|
|
December 31,
2023
|
|
%
Change
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
47,804
|
|
$
47,379
|
|
1 %
|
|
$
43,399
|
|
10 %
|
Total interest
expense
|
|
16,218
|
|
16,997
|
|
(5)
|
|
14,117
|
|
15
|
Net interest
income
|
|
31,586
|
|
30,382
|
|
4
|
|
29,282
|
|
8
|
Provision for loan
losses
|
|
873
|
|
140
|
|
524
|
|
665
|
|
31
|
Total noninterest
income
|
|
3,629
|
|
3,692
|
|
(2)
|
|
3,478
|
|
4
|
Total noninterest
expense
|
|
22,355
|
|
22,258
|
|
—
|
|
20,604
|
|
8
|
Income tax
expense
|
|
2,314
|
|
2,239
|
|
3
|
|
2,106
|
|
10
|
Net
income
|
|
$
9,673
|
|
$
9,437
|
|
3
|
|
$
9,385
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,439,925
|
|
$
3,405,083
|
|
1 %
|
|
$
3,299,069
|
|
4 %
|
Total interest-earning
assets
|
|
3,232,896
|
|
3,202,364
|
|
1
|
|
3,111,245
|
|
4
|
Total loans
|
|
2,686,188
|
|
2,668,672
|
|
1
|
|
2,572,400
|
|
4
|
PPP loans
|
|
2,742
|
|
4,470
|
|
(39)
|
|
5,643
|
|
(51)
|
Total interest-bearing
deposits
|
|
2,035,579
|
|
1,989,182
|
|
2
|
|
1,864,755
|
|
9
|
Total interest-bearing
liabilities
|
|
2,250,699
|
|
2,240,838
|
|
—
|
|
2,136,920
|
|
5
|
Total
deposits
|
|
2,789,712
|
|
2,730,568
|
|
2
|
|
2,641,939
|
|
6
|
Total shareholders'
equity
|
|
396,163
|
|
384,518
|
|
3
|
|
350,898
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.22
|
|
$
1.19
|
|
3 %
|
|
$
1.18
|
|
3 %
|
Earnings per share -
diluted
|
|
1.21
|
|
1.18
|
|
3
|
|
1.17
|
|
3
|
Book value at period
end
|
|
48.95
|
|
48.75
|
|
—
|
|
45.04
|
|
9
|
Tangible book value at
period end
|
|
38.44
|
|
38.17
|
|
1
|
|
34.45
|
|
12
|
Shares outstanding at
period end
|
|
8,091,522
|
|
8,070,539
|
|
—
|
|
8,158,281
|
|
(1)
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
7,944,629
|
|
7,921,582
|
|
— %
|
|
7,978,160
|
|
— %
|
Diluted
|
|
7,993,852
|
|
7,966,957
|
|
—
|
|
8,008,362
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.12 %
|
|
1.10 %
|
|
2 %
|
|
1.13 %
|
|
(1) %
|
Return on average
equity
|
|
9.71
|
|
9.76
|
|
(1)
|
|
10.61
|
|
(8)
|
Common equity
ratio
|
|
11.50
|
|
11.43
|
|
1
|
|
11.07
|
|
4
|
Efficiency ratio
(2)
|
|
63.48
|
|
65.32
|
|
(3)
|
|
62.89
|
|
1
|
Average equity to
average assets
|
|
11.52
|
|
11.29
|
|
2
|
|
10.64
|
|
8
|
Tier 1 leverage capital
ratio (3)
|
|
11.38
|
|
11.32
|
|
1
|
|
10.98
|
|
4
|
Total risk-based
capital ratio (3)
|
|
14.51
|
|
14.74
|
|
(2)
|
|
14.23
|
|
2
|
Net interest margin
(4)
|
|
3.82
|
|
3.71
|
|
3
|
|
3.69
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio (5)
|
|
9.26 %
|
|
9.18 %
|
|
1 %
|
|
8.69 %
|
|
7 %
|
Return on average
tangible common equity (6)
|
|
12.70
|
|
12.90
|
|
(2)
|
|
14.53
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
(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,
2024
|
|
September 30,
2024
|
|
December 31,
2023
|
(dollars in
thousands)
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
4,591
|
|
$
8,991
|
|
$
13,582
|
|
$
4,314
|
|
$
13,741
|
|
$
18,055
|
|
$
3,791
|
|
$
5,023
|
|
$ 8,814
|
Accruing loans past due
90 days and over
|
|
—
|
|
16
|
|
16
|
|
—
|
|
34
|
|
34
|
|
—
|
|
—
|
|
—
|
Total nonperforming
loans
|
|
4,591
|
|
9,007
|
|
13,598
|
|
4,314
|
|
13,775
|
|
18,089
|
|
3,791
|
|
5,023
|
|
8,814
|
Foreclosed assets and
ORE
|
|
47
|
|
1,963
|
|
2,010
|
|
267
|
|
—
|
|
267
|
|
80
|
|
1,495
|
|
1,575
|
Total nonperforming
assets
|
|
4,638
|
|
10,970
|
|
15,608
|
|
4,581
|
|
13,775
|
|
18,356
|
|
3,871
|
|
6,518
|
|
10,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
0.45 %
|
|
|
|
|
|
0.53 %
|
|
|
|
|
|
0.31 %
|
Nonperforming loans to
total assets
|
|
|
|
|
|
0.39
|
|
|
|
|
|
0.53
|
|
|
|
|
|
0.27
|
Nonperforming loans to
total loans
|
|
|
|
|
|
0.50
|
|
|
|
|
|
0.68
|
|
|
|
|
|
0.34
|
|
|
(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.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION - CONTINUED
|
(Unaudited)
|
|
|
December 31,
2024
|
|
September 30,
2024
|
|
December 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
|
|
$
4,430
|
|
$
—
|
|
$
4,430
|
|
$
4,402
|
|
$
—
|
|
$
4,402
|
|
$
3,255
|
|
$
—
|
|
$
3,255
|
Home equity loans and
lines
|
|
801
|
|
—
|
|
801
|
|
785
|
|
—
|
|
785
|
|
688
|
|
—
|
|
688
|
Commercial real
estate
|
|
13,321
|
|
200
|
|
13,521
|
|
13,271
|
|
200
|
|
13,471
|
|
14,604
|
|
201
|
|
14,805
|
Construction and
land
|
|
5,484
|
|
—
|
|
5,484
|
|
5,167
|
|
—
|
|
5,167
|
|
5,292
|
|
123
|
|
5,415
|
Multi-family
residential
|
|
1,090
|
|
—
|
|
1,090
|
|
1,079
|
|
—
|
|
1,079
|
|
474
|
|
—
|
|
474
|
Commercial and
industrial
|
|
6,613
|
|
248
|
|
6,861
|
|
6,635
|
|
42
|
|
6,677
|
|
6,071
|
|
95
|
|
6,166
|
Consumer
|
|
729
|
|
—
|
|
729
|
|
697
|
|
—
|
|
697
|
|
734
|
|
—
|
|
734
|
Total allowance for
loan losses
|
|
$
32,468
|
|
$
448
|
|
$ 32,916
|
|
$
32,036
|
|
$
242
|
|
$ 32,278
|
|
$
31,118
|
|
$
419
|
|
$ 31,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded lending
commitments(2)
|
|
2,700
|
|
—
|
|
2,700
|
|
2,460
|
|
—
|
|
2,460
|
|
2,594
|
|
—
|
|
2,263
|
Total allowance for
credit losses
|
|
$
35,168
|
|
$
448
|
|
$ 35,616
|
|
$
34,496
|
|
$
242
|
|
$ 34,738
|
|
$
33,712
|
|
$
419
|
|
$
2,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
|
210.89 %
|
|
|
|
|
|
175.84 %
|
|
|
|
|
|
303.56 %
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
|
242.07 %
|
|
|
|
|
|
178.44 %
|
|
|
|
|
|
357.81 %
|
Allowance for loan
losses to total loans
|
|
|
|
|
|
1.21 %
|
|
|
|
|
|
1.21 %
|
|
|
|
|
|
1.22 %
|
Allowance for credit
losses to total loans
|
|
|
|
|
|
1.31 %
|
|
|
|
|
|
1.30 %
|
|
|
|
|
|
1.32 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
|
$
1,285
|
|
|
|
|
|
$
1,030
|
|
|
|
|
|
$
471
|
Year-to-date loan
recoveries
|
|
|
|
|
|
249
|
|
|
|
|
|
229
|
|
|
|
|
|
368
|
Year-to-date net loan
charge-offs
|
|
|
|
|
|
$ (1,036)
|
|
|
|
|
|
$
(801)
|
|
|
|
|
|
$
(103)
|
Annualized YTD net loan
charge-offs to average loans
|
|
|
|
|
|
(0.04) %
|
|
|
|
|
|
(0.04) %
|
|
|
|
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.