HOME BANCORP ANNOUNCES 2024 FOURTH QUARTER RESULTS AND INCREASES QUARTERLY DIVIDEND BY 4%
Home Bancorp (NASDAQ: HBCP) reported Q4 2024 net income of $9.7 million, or $1.21 per diluted share, up 3% from Q3 2024's $9.4 million. Key highlights include:
- Loans increased to $2.7 billion, up 2% (7% annualized) from Q3 2024
- Deposits reached $2.8 billion, up slightly by $3.2 million
- Net interest margin improved to 3.82%, up 11 basis points from Q3
- Nonperforming assets decreased 15% to $15.6 million (0.45% of total assets)
- Board approved a 4% increase in quarterly dividend to $0.27 per share
The company's loan portfolio showed growth across construction and land, commercial real estate, and multi-family segments. Credit quality improved with nonperforming assets declining by $2.7 million. The company maintained strong capital ratios with preliminary Tier 1 leverage capital at 11.38% and total risk-based capital at 14.51%.
Home Bancorp (NASDAQ: HBCP) ha riportato un utile netto di $9,7 milioni per il quarto trimestre del 2024, pari a $1,21 per azione diluita, con un incremento del 3% rispetto ai $9,4 milioni del terzo trimestre del 2024. I punti salienti includono:
- I prestiti sono aumentati a $2,7 miliardi, con un incremento del 2% (7% annualizzato) rispetto al terzo trimestre del 2024
- I depositi hanno raggiunto $2,8 miliardi, con un leggero aumento di $3,2 milioni
- Il margine di interesse netto è migliorato al 3,82%, in crescita di 11 punti base rispetto al terzo trimestre
- Gli attivi non performanti sono diminuiti del 15% a $15,6 milioni (0,45% del totale degli attivi)
- Il consiglio ha approvato un aumento del 4% del dividendo trimestrale a $0,27 per azione
Il portafoglio prestiti dell'azienda ha mostrato una crescita nei segmenti della costruzione e del terreno, degli immobili commerciali e dei segmenti multi-family. La qualità del credito è migliorata con una diminuzione degli attivi non performanti di $2,7 milioni. L'azienda ha mantenuto forti rapporti patrimoniali con un capitale di leva di Tier 1 preliminare del 11,38% e capitale totale basato sul rischio del 14,51%.
Home Bancorp (NASDAQ: HBCP) reportó un ingreso neto de $9.7 millones en el cuarto trimestre de 2024, o $1.21 por acción diluida, un aumento del 3% respecto a los $9.4 millones del tercer trimestre de 2024. Los aspectos destacados incluyen:
- Los préstamos aumentaron a $2.7 mil millones, un incremento del 2% (7% anualizado) desde el tercer trimestre de 2024
- Los depósitos alcanzaron los $2.8 mil millones, subiendo ligeramente en $3.2 millones
- El margen de interés neto mejoró al 3.82%, aumentando 11 puntos base desde el tercer trimestre
- Los activos no rentables disminuyeron un 15% a $15.6 millones (0.45% de los activos totales)
- La junta aprobó un aumento del 4% en el dividendo trimestral a $0.27 por acción
El portafolio de préstamos de la compañía mostró crecimiento en los segmentos de construcción y terrenos, bienes raíces comerciales y multifamiliares. La calidad crediticia mejoró con una disminución de activos no rentables de $2.7 millones. La compañía mantuvo sólidos índices de capital con un capital de apalancamiento de Tier 1 preliminar del 11.38% y un capital total basado en riesgos del 14.51%.
Home Bancorp (NASDAQ: HBCP)는 2024년 4분기 순이익이 970만 달러, 즉 희석 주당 1.21달러에 달하며, 2024년 3분기의 940만 달러에 비해 3% 증가했다고 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 대출이 27억 달러로 증가하여 3분기 2024년 대비 2%(연율 7%) 상승했습니다.
- 예금은 28억 달러에 도달하여 320만 달러 소폭 증가했습니다.
- 순이자 마진은 3.82%로 개선되어 3분기 대비 11bp 상승했습니다.
- 부실 자산은 15% 감소하여 1560만 달러(총 자산의 0.45%)로 줄었습니다.
- 이사회는 분기 배당금을 주당 0.27달러로 4% 인상하기로 승인했습니다.
회사의 대출 포트폴리오는 건설 및 토지, 상업용 부동산 및 다가구 세그먼트에서 성장을 보였습니다. 신용 품질이 개선되고 부실 자산이 270만 달러 감소했습니다. 이 회사는 1차 자본 비율을 11.38%, 총 위험 기반 자본 비율을 14.51%로 유지하며 높은 자본 비율을 지속했습니다.
Home Bancorp (NASDAQ: HBCP) a annoncé un bénéfice net de 9,7 millions de dollars pour le quatrième trimestre 2024, soit 1,21 dollar par action diluée, en hausse de 3 % par rapport aux 9,4 millions de dollars du troisième trimestre 2024. Les faits saillants comprennent :
- Les prêts ont augmenté à 2,7 milliards de dollars, soit une hausse de 2 % (7 % annualisé) par rapport au troisième trimestre 2024
- Les dépôts ont atteint 2,8 milliards de dollars, en légère augmentation de 3,2 millions de dollars
- La marge d'intérêt nette a amélioré à 3,82 %, en hausse de 11 points de base par rapport au troisième trimestre
- Les actifs non performants ont diminué de 15 % à 15,6 millions de dollars (0,45 % des actifs totaux)
- Le conseil d'administration a approuvé une augmentation de 4 % du dividende trimestriel à 0,27 dollar par action
Le portefeuille de prêts de l'entreprise a montré une croissance dans les segments de construction et de terrain, d'immobilier commercial et multifamilial. La qualité du crédit s'est améliorée avec une baisse des actifs non performants de 2,7 millions de dollars. L'entreprise a maintenu des ratios de capital solides, avec un capital de levier de niveau 1 préliminaire de 11,38 % et un capital total basé sur les risques de 14,51 %.
Home Bancorp (NASDAQ: HBCP) meldete für das vierte Quartal 2024 einen Nettogewinn von 9,7 Millionen Dollar oder 1,21 Dollar pro verwässerter Aktie, was einem Anstieg von 3 % gegenüber den 9,4 Millionen Dollar im dritten Quartal 2024 entspricht. Zu den wesentlichen Highlights gehören:
- Die Kredite stiegen auf 2,7 Milliarden Dollar, was einem Anstieg von 2 % (7 % annualisiert) gegenüber dem dritten Quartal 2024 entspricht
- Die Einlagen erreichten 2,8 Milliarden Dollar, was einem leichten Anstieg von 3,2 Millionen Dollar entspricht
- Die Nettozinsmarge verbesserte sich auf 3,82 %, ein Anstieg um 11 Basispunkte gegenüber dem dritten Quartal
- Die notleidenden Vermögenswerte sanken um 15 % auf 15,6 Millionen Dollar (0,45 % der Gesamtvermögen)
- Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Dividende um 4 % auf 0,27 Dollar pro Aktie
Das Kreditportfolio des Unternehmens zeigte ein Wachstum in den Bereichen Bau und Grundstücke, gewerbliche Immobilien und Mehrfamilienhäuser. Die Kreditqualität verbesserte sich, da die notleidenden Vermögenswerte um 2,7 Millionen Dollar sanken. Das Unternehmen hielt starke Eigenkapitalquoten mit einem vorläufigen Tier-1-Leverage-Kapital von 11,38 % und einem gesamten risikobasierten Kapital von 14,51 %.
- Net income increased 3% quarter-over-quarter to $9.7 million
- Strong loan growth of 7% annualized
- Net interest margin improved by 11 basis points to 3.82%
- Nonperforming assets decreased 15% to $15.6 million
- 4% increase in quarterly dividend
- Strong capital ratios maintained
- Net loan charge-offs increased to $235,000 from $74,000 in Q3
- Loan loss provision increased to $873,000 from $140,000 in Q3
- Unrealized losses on investment securities increased to $41.0 million from $32.2 million
Insights
Home Bancorp's Q4 results reveal a well-executed strategy in a challenging banking environment. The
The loan portfolio's
Asset quality metrics show improvement with NPAs declining to
The stable deposit base, with
Capital management remains shareholder-friendly with a
"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
Fourth Quarter 2024 Highlights
- Loans totaled
$2.7 billion $49.9 million 2% (an increase of7% on an annualized basis), from September 30, 2024. - Deposits totaled
$2.8 billion $3.2 million 1% (less than1% on an annualized basis), from September 30, 2024. - Net interest income in the fourth quarter of 2024 totaled
$31.6 million $1.2 million 4% , from the prior quarter. - The net interest margin ("NIM") increased 11 basis points from
3.71% for the third quarter of 2024 to3.82% 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 0.45% of total assets, at December 31, 2024, down$2.7 million 15% , from September 30, 2024, primarily due to improved performance of certain loans, including nonperforming loans, and paydowns. - The Company recorded a
$873,000 $140,000 - Net loan charge-offs were
$235,000 $74,000 0.04% at December 31, 2024.
Loans
Loans totaled
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
Credit Quality and Allowance for Loan Losses
Nonperforming assets ("NPAs"), totaled
The Company made a
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
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: | ||||
$ 291,351 | $ 261,873 | |||
Collateralized mortgage obligations | 73,931 | 71,389 | ||
Municipal bonds | 53,458 | 45,829 | ||
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
Deposits
Total deposits were
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
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
Net Interest Income
The net interest margin ("NIM") increased 11 basis points from
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
Loan accretion income from acquired loans totaled
Average other borrowings were
The average rate paid on total interest-bearing deposits was
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
For the Three Months Ended | ||||||||||||
December 31, 2024 | September 30, 2024 | |||||||||||
(dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||
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
Noninterest Expense
Noninterest expense for the fourth quarter of 2024 totaled
Capital and Liquidity
At December 31, 2024, shareholders' equity totaled
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
The Company repurchased 2,000 shares of its common stock during the fourth quarter of 2024 at an average price per share of
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, | September 30, | December 31, | |||
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, | September 30, | % | December 31, | ||||
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, | September 30, | % | December 31, | % | |||||
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, | September 30, | % | December 31, | % | |||||
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 |
(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 | Individually | Total | Collectively | Individually | Total | Collectively | Individually | 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.
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