HOME BANCORP, INC. ANNOUNCES 2024 FIRST QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND
- Positive: Net income of $9.2 million for the first quarter of 2024, showing growth in loans and deposits.
- Negative: Nonperforming assets increased due to two loan relationships, potentially impacting asset quality.
- Positive: Declared a quarterly dividend of $0.25 per share, showcasing commitment to shareholder returns.
- Negative: Net interest margin decreased, affecting interest income and potentially profitability.
- Positive: Share repurchase plan in place, indicating confidence in the company's financial position.
- Nonperforming assets increased by 111% from the previous quarter, potentially impacting asset quality.
- Net interest margin decreased by 5 basis points, affecting interest income and profitability.
- The company recorded net loan charge-offs of $217,000 during the first quarter of 2024.
Insights
The first quarter financial results of Home Bancorp, Inc. provide a snapshot of the company's current financial health and allow investors to gauge its performance relative to previous quarters. A decline in net income and diluted EPS could signal challenges in profitability, although the company still maintains growth in loans and deposits.
The reported annualized loan and deposit growth rates are robust indicators that the bank's core businesses are expanding. This is a positive sign for investors seeking companies with solid growth trajectories. However, the decrease in net interest margin (NIM) could be a concern as it suggests that the bank is earning less from its lending activities relative to its deposit costs, which could potentially squeeze profits if the trend continues.
Examining the increase in nonperforming assets is important to understand the risk level in the loan portfolio. While management does not anticipate losses, the rise in such assets might require scrutiny on credit risk management and could affect investor confidence.
Another factor for investors to consider is the impact of deposit costs on net interest income. An increase in the average rate on interest-bearing deposits may reflect changing market conditions and could affect the bank's interest expense in the coming quarters. It's essential to monitor how this will play out in a varying interest rate environment.
Looking at the broader market context, Home Bancorp's performance must be analyzed against the backdrop of prevailing economic conditions and interest rate trends. The bank's focus on relationship-based banking and its success in attracting new clients are strategically significant in a competitive landscape, suggesting potential for market share growth.
Geographically, the strong loan growth in the Houston market indicates regional economic strengths and opportunities for the bank to deepen its presence there. Despite a solid quarter, the slight downturn in earnings could be indicative of larger industry-wide pressures that may continue to affect the bank and its peers.
The bank’s balance between loan diversification and credit quality will be pivotal in maintaining stability, particularly as external economic factors, like inflationary pressures and policy changes, remain uncertain. Investors should keep an eye on these aspects to gauge long-term resilience.
From an investment securities perspective, Home Bancorp's portfolio showed a decrease in fair value and an increase in unrealized losses, translating to a more cautious outlook on its securities holdings. The effective duration of its securities portfolio remains constant, suggesting the bank's investment strategy hasn't changed radically despite market volatility.
Investor attention should also be on the bank’s liquidity management, especially given the current economic uncertainty. The company's primary and secondary sources of liquidity appear robust, which is an essential factor for mitigating risks in times of financial strain.
The use of the portfolio for collateral, particularly in the Federal Reserve Bank Term Funding Program, can affect the bank's flexibility in response to changes in market rates of interest. This could have implications for investors concerned with how the bank is managing interest rate risk.
"Home Bank began 2024 with results similar to those in 2023. We had a solid
First Quarter 2024 Highlights
- Loans totaled
$2.6 billion $40.1 million 1.6% (6% on an annualized basis), from December 31, 2023. - Deposits totaled
$2.7 billion $52.0 million 2% (8% on an annualized basis), from December 31, 2023. - Net interest income totaled
$28.9 million $381,000 1% from the prior quarter. - The net interest margin ("NIM") was
3.64% in the first quarter of 2024 compared to3.69% in the fourth quarter of 2023. - Nonperforming assets totaled
$22.0 million 0.65% of total assets compared to$10.4 million 0.31% of total assets, at December 31, 2023. This increase in nonperforming assets is primarily due to two loan relationships which were classified as nonperforming in the first quarter of 2024, for which management does not anticipate any loss.
Loans
Loans totaled
(dollars in thousands) | 3/31/2024 | 12/31/2023 | Increase (Decrease) | |||||
Real estate loans: | ||||||||
One- to four-family first mortgage | $ 436,659 | $ 433,401 | $ 3,258 | 1 % | ||||
Home equity loans and lines | 70,377 | 68,977 | 1,400 | 2 | ||||
Commercial real estate | 1,221,573 | 1,192,691 | 28,882 | 2 | ||||
Construction and land | 334,324 | 340,724 | (6,400) | (2) | ||||
Multi-family residential | 118,748 | 107,263 | 11,485 | 11 | ||||
Total real estate loans | 2,181,681 | 2,143,056 | 38,625 | 2 | ||||
Other loans: | ||||||||
Commercial and industrial | 407,730 | 405,659 | 2,071 | 1 | ||||
Consumer | 32,279 | 32,923 | (644) | (2) | ||||
Total other loans | 440,009 | 438,582 | 1,427 | — | ||||
Total loans | $ 2,621,690 | $ 2,581,638 | $ 40,052 | 2 % | ||||
The average loan yield was
Credit Quality and Allowance for Credit Losses
Nonperforming assets ("NPAs") totaled
The Company provisioned
The following tables present the Company's loan portfolio by credit quality classification as of March 31, 2024 and December 31, 2023.
March 31, 2024 | ||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Total | ||||
One- to four-family first mortgage | $ 429,488 | $ 865 | $ 6,306 | $ 436,659 | ||||
Home equity loans and lines | 70,136 | — | 241 | 70,377 | ||||
Commercial real estate | 1,204,466 | — | 17,107 | 1,221,573 | ||||
Construction and land | 322,792 | 6,565 | 4,967 | 334,324 | ||||
Multi-family residential | 114,315 | — | 4,433 | 118,748 | ||||
Commercial and industrial | 404,786 | 1,148 | 1,796 | 407,730 | ||||
Consumer | 32,001 | — | 278 | 32,279 | ||||
Total | $ 2,577,984 | $ 8,578 | $ 35,128 | $ 2,621,690 | ||||
December 31, 2023 | ||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Total | ||||
One- to four-family first mortgage | $ 429,964 | $ 868 | $ 2,569 | $ 433,401 | ||||
Home equity loans and lines | 68,770 | — | 207 | 68,977 | ||||
Commercial real estate | 1,178,060 | — | 14,631 | 1,192,691 | ||||
Construction and land | 329,622 | 5,874 | 5,228 | 340,724 | ||||
Multi-family residential | 103,760 | — | 3,503 | 107,263 | ||||
Commercial and industrial | 402,732 | 1,186 | 1,741 | 405,659 | ||||
Consumer | 32,634 | — | 289 | 32,923 | ||||
Total | $ 2,545,542 | $ 7,928 | $ 28,168 | $ 2,581,638 | ||||
Investment Securities
The Company's investment securities portfolio totaled
The following table summarizes the composition of the Company's investment securities portfolio at March 31, 2024.
(dollars in thousands) | Amortized Cost | Fair Value | ||
Available for sale: | ||||
$ 307,558 | $ 274,686 | |||
Collateralized mortgage obligations | 81,218 | 77,277 | ||
Municipal bonds | 53,784 | 46,096 | ||
18,862 | 17,618 | |||
Corporate bonds | 6,982 | 6,136 | ||
Total available for sale | $ 468,404 | $ 421,813 | ||
Held to maturity: | ||||
Municipal bonds | $ 1,065 | $ 1,062 | ||
Total held to maturity | $ 1,065 | $ 1,062 |
Approximately
Deposits
Total deposits were
(dollars in thousands) | 3/31/2024 | 12/31/2023 | Increase (Decrease) | |||||
Demand deposits | $ 742,177 | $ 744,424 | $ (2,247) | — % | ||||
Savings | 228,047 | 231,624 | (3,577) | (2) | ||||
Money market | 423,521 | 408,024 | 15,497 | 4 | ||||
NOW | 630,962 | 641,818 | (10,856) | (2) | ||||
Certificates of deposit | 697,871 | 644,734 | 53,137 | 8 | ||||
Total deposits | $ 2,722,578 | $ 2,670,624 | $ 51,954 | 2 % | ||||
The average rate on interest-bearing deposits increased 28 basis points from
We obtain most of our deposits from individuals, small businesses and public funds in our market areas. The following table presents our deposits per customer type for the periods indicated.
March 31, 2024 | December 31, 2023 | |||
Individuals | 54 % | 53 % | ||
Small businesses | 36 | 38 | ||
Public funds | 8 | 7 | ||
Broker | 2 | 2 | ||
Total | 100 % | 100 % |
The total amounts of our uninsured deposits (deposits in excess of
Net Interest Income
The net interest margin ("NIM") decreased 5 basis points from
The average loan yield was
Average other interest-earning assets were
Loan accretion income from acquired loans totaled
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
Quarter Ended | ||||||||||||
3/31/2024 | 12/31/2023 | |||||||||||
(dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||
Interest-earning assets: | ||||||||||||
Loans receivable | $ 2,602,941 | $ 40,567 | 6.18 % | $ 2,572,400 | $ 39,820 | 6.08 % | ||||||
Investment securities (TE) | 472,578 | 2,788 | 2.38 | 481,322 | 2,837 | 2.37 | ||||||
Other interest-earning assets | 57,103 | 771 | 5.43 | 57,523 | 742 | 5.12 | ||||||
Total interest-earning assets | $ 3,132,622 | $ 44,126 | 5.60 % | $ 3,111,245 | $ 43,399 | 5.49 % | ||||||
Interest-bearing liabilities: | ||||||||||||
Deposits: | ||||||||||||
Savings, checking, and money market | $ 1,269,293 | $ 4,800 | 1.52 % | $ 1,273,550 | $ 4,561 | 1.42 % | ||||||
Certificates of deposit | 668,353 | 7,332 | 4.41 | 591,205 | 5,975 | 4.01 | ||||||
Total interest-bearing deposits | 1,937,646 | 12,132 | 2.52 | 1,864,755 | 10,536 | 2.24 | ||||||
Other borrowings | 125,979 | 1,486 | 4.74 | 5,539 | 53 | 3.80 | ||||||
Subordinated debt | 54,268 | 845 | 6.22 | 54,214 | 844 | 6.23 | ||||||
FHLB advances | 71,704 | 762 | 4.23 | 212,412 | 2,684 | 4.96 | ||||||
Total interest-bearing liabilities | $ 2,189,597 | $ 15,225 | 2.79 % | $ 2,136,920 | $ 14,117 | 2.62 % | ||||||
Noninterest-bearing deposits | $ 743,262 | $ 777,184 | ||||||||||
Net interest spread (TE) | 2.81 % | 2.87 % | ||||||||||
Net interest margin (TE) | 3.64 % | 3.69 % | ||||||||||
Noninterest Income
Noninterest income for the first quarter of 2024 totaled
Noninterest Expense
Noninterest expense for the first quarter of 2024 totaled
Capital and Liquidity
At March 31, 2024, shareholders' equity totaled
The following table summarizes the Company's primary and secondary sources of liquidity which were available at March 31, 2024.
(dollars in thousands) | March 31, 2024 | |
Cash and cash equivalents | $ 90,475 | |
Unencumbered investment securities, amortized cost | 86,091 | |
FHLB advance availability | 1,107,888 | |
Amounts available from unsecured lines of credit | 55,000 | |
Federal Reserve discount window availability | 500 | |
Total primary and secondary sources of available liquidity | $ 1,339,954 |
Dividend and Share Repurchases
The Company announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of
In October 2023, the Board of Directors approved a new share repurchase plan (the "2023 Repurchase Plan"). Under the 2023 Repurchase Plan, the Company may purchase up to 405,000 shares, or approximately
The Company repurchased 21,303 shares of its common stock during the first quarter of 2024 at an average price per share of
Conference Call
Executive management will host a conference call to discuss first quarter 2024 results on Thursday, April 18, 2024 at 10:30 a.m. CDT. Analysts, investors and interested parties may attend the conference call by dialing toll free 1.646.357.8785 (US Local/International) or 1.800.836.8184 (US Toll Free). The investor presentation can be accessed the day of the presentation on Home Bancorp, Inc. website at https://home24bank.investorroom.com.
A replay of the conference call and a transcript of the call will be posted to the Investor Relations page of the Company's website, https://home24bank.investorroom.com.
Non-GAAP Reconciliation
This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes intangible assets. Management believes the presentation of this non-GAAP financial information provides useful information that is helpful to a full understanding of the Company's financial position and operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP financial information presented by other companies. A reconciliation on non-GAAP information included herein to GAAP is presented below.
Quarter Ended | ||||||
(dollars in thousands, except per share data) | 3/31/2024 | 12/31/2023 | 3/31/2023 | |||
Reported net income | $ 9,199 | $ 9,385 | $ 11,320 | |||
Add: Core deposit intangible amortization, net tax | 279 | 298 | 352 | |||
Non-GAAP tangible income | $ 9,478 | $ 9,683 | $ 11,672 | |||
Total assets | $ 3,357,604 | $ 3,320,122 | $ 3,266,970 | |||
Less: Intangible assets | 86,019 | 86,372 | 87,527 | |||
Non-GAAP tangible assets | $ 3,271,585 | $ 3,233,750 | $ 3,179,443 | |||
Total shareholders' equity | $ 372,285 | $ 367,444 | $ 345,100 | |||
Less: Intangible assets | 86,019 | 86,372 | 87,527 | |||
Non-GAAP tangible shareholders' equity | $ 286,266 | $ 281,072 | $ 257,573 | |||
Return on average equity | 9.98 % | 10.61 % | 13.53 % | |||
Add: Average intangible assets | 3.42 | 3.92 | 5.29 | |||
Non-GAAP return on average tangible common equity | 13.40 % | 14.53 % | 18.82 % | |||
Common equity ratio | 11.09 % | 11.07 % | 10.56 % | |||
Less: Intangible assets | 2.34 | 2.38 | 2.46 | |||
Non-GAAP tangible common equity ratio | 8.75 % | 8.69 % | 8.10 % | |||
Book value per share | $ 45.73 | $ 45.04 | $ 41.66 | |||
Less: Intangible assets | 10.56 | 10.59 | 10.57 | |||
Non-GAAP tangible book value per share | $ 35.17 | $ 34.45 | $ 31.09 | |||
This news release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2023 describes some of these factors, including risk elements in the loan portfolio, risks related to our deposit activities, the level of the allowance for credit losses, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward-looking statements speak only as of the date they are made. We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | ||||||||
(Unaudited) | ||||||||
(dollars in thousands) | 3/31/2024 | 12/31/2023 | % | 3/31/2023 | ||||
Assets | ||||||||
Cash and cash equivalents | $ 90,475 | $ 75,831 | 19 % | $ 107,171 | ||||
Interest-bearing deposits in banks | — | 99 | (100) | 349 | ||||
Investment securities available for sale, at fair value | 421,813 | 433,926 | (3) | 466,506 | ||||
Investment securities held to maturity | 1,065 | 1,065 | — | 1,070 | ||||
Mortgage loans held for sale | 646 | 361 | 79 | 473 | ||||
Loans, net of unearned income | 2,621,690 | 2,581,638 | 2 | 2,466,392 | ||||
Allowance for loan losses | (31,461) | (31,537) | — | (30,118) | ||||
Total loans, net of allowance for loan losses | 2,590,229 | 2,550,101 | 2 | 2,436,274 | ||||
Office properties and equipment, net | 42,341 | 41,980 | 1 | 42,844 | ||||
Cash surrender value of bank-owned life insurance | 47,587 | 47,321 | 1 | 46,528 | ||||
Goodwill and core deposit intangibles | 86,019 | 86,372 | — | 87,527 | ||||
Accrued interest receivable and other assets | 77,429 | 83,066 | (7) | 78,228 | ||||
Total Assets | $ 3,357,604 | $ 3,320,122 | 1 | $ 3,266,970 | ||||
Liabilities | ||||||||
Deposits | $ 2,722,578 | $ 2,670,624 | 2 % | $ 2,557,744 | ||||
Other Borrowings | 140,539 | 5,539 | 2437 | 5,539 | ||||
Subordinated debt, net of issuance cost | 54,294 | 54,241 | — | 54,073 | ||||
Federal Home Loan Bank advances | 38,607 | 192,713 | (80) | 276,727 | ||||
Accrued interest payable and other liabilities | 29,301 | 29,561 | (1) | 27,787 | ||||
Total Liabilities | 2,985,319 | 2,952,678 | 1 | 2,921,870 | ||||
Shareholders' Equity | ||||||||
Common stock | 81 | 81 | — | 83 | ||||
Additional paid-in capital | 166,160 | 165,823 | — | 165,470 | ||||
Common stock acquired by benefit plans | (1,607) | (1,697) | 5 | (1,969) | ||||
Retained earnings | 241,152 | 234,619 | 3 | 215,290 | ||||
Accumulated other comprehensive loss | (33,501) | (31,382) | (7) | (33,774) | ||||
Total Shareholders' Equity | 372,285 | 367,444 | 1 | 345,100 | ||||
Total Liabilities and Shareholders' Equity | $ 3,357,604 | $ 3,320,122 | 1 | $ 3,266,970 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | ||||||||||
(dollars in thousands, except per share data) | 3/31/2024 | 12/31/2023 | % | 3/31/2023 | % | |||||
Interest Income | ||||||||||
Loans, including fees | $ 40,567 | $ 39,820 | 2 % | $ 34,498 | 18 % | |||||
Investment securities | 2,788 | 2,837 | (2) | 3,142 | (11) | |||||
Other investments and deposits | 771 | 742 | 4 | 475 | 62 | |||||
Total interest income | 44,126 | 43,399 | 2 | 38,115 | 16 | |||||
Interest Expense | ||||||||||
Deposits | 12,132 | 10,536 | 15 % | 3,240 | 274 % | |||||
Other borrowings | 1,486 | 53 | 2704 | 53 | 2704 | |||||
Subordinated debt expense | 845 | 844 | — | 851 | (1) | |||||
Federal Home Loan Bank advances | 762 | 2,684 | (72) | 2,376 | (68) | |||||
Total interest expense | 15,225 | 14,117 | 8 | 6,520 | 134 | |||||
Net interest income | 28,901 | 29,282 | (1) | 31,595 | (9) | |||||
Provision for loan losses | 141 | 665 | (79) | 814 | (83) | |||||
Net interest income after provision for loan losses | 28,760 | 28,617 | — | 30,781 | (7) | |||||
Noninterest Income | ||||||||||
Service fees and charges | 1,254 | 1,235 | 2 % | 1,250 | — % | |||||
Bank card fees | 1,575 | 1,646 | (4) | 1,787 | (12) | |||||
Gain on sale of loans, net | 87 | 46 | 89 | 57 | 53 | |||||
Income from bank-owned life insurance | 266 | 267 | — | 253 | 5 | |||||
Loss on sale of securities, net | — | — | — | (249) | 100 | |||||
Gain (loss) on sale of assets, net | 6 | (7) | 186 | (17) | 135 | |||||
Other income | 361 | 291 | 24 | 230 | 57 | |||||
Total noninterest income | 3,549 | 3,478 | 2 | 3,311 | 7 | |||||
Noninterest Expense | ||||||||||
Compensation and benefits | 12,170 | 11,401 | 7 % | 12,439 | (2) % | |||||
Occupancy | 2,454 | 2,467 | (1) | 2,350 | 4 | |||||
Marketing and advertising | 466 | 759 | (39) | 307 | 52 | |||||
Data processing and communication | 2,514 | 2,423 | 4 | 2,321 | 8 | |||||
Professional fees | 475 | 465 | 2 | 364 | 30 | |||||
Forms, printing and supplies | 205 | 195 | 5 | 187 | 10 | |||||
Franchise and shares tax | 488 | 131 | 273 | 541 | (10) | |||||
Regulatory fees | 469 | 589 | (20) | 539 | (13) | |||||
Foreclosed assets, net | 65 | 43 | 51 | (739) | 109 | |||||
Amortization of acquisition intangible | 353 | 377 | (6) | 446 | (21) | |||||
Provision for credit losses on unfunded commitments | — | 140 | (100) | 210 | (100) | |||||
Other expenses | 1,209 | 1,614 | (25) | 975 | 24 | |||||
Total noninterest expense | 20,868 | 20,604 | 1 | 19,940 | 5 | |||||
Income before income tax expense | 11,441 | 11,491 | — | 14,152 | (19) | |||||
Income tax expense | 2,242 | 2,106 | 6 | 2,832 | (21) | |||||
Net income | $ 9,199 | $ 9,385 | (2) | $ 11,320 | (19) | |||||
Earnings per share - basic | $ 1.15 | $ 1.18 | (3) % | $ 1.40 | (18) % | |||||
Earnings per share - diluted | $ 1.14 | $ 1.17 | (3) % | $ 1.39 | (18) % | |||||
Cash dividends declared per common share | $ 0.25 | $ 0.25 | — % | $ 0.25 | — % | |||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | ||||||||||
(dollars in thousands, except per share data) | 3/31/2024 | 12/31/2023 | % | 3/31/2023 | % | |||||
EARNINGS DATA | ||||||||||
Total interest income | $ 44,126 | $ 43,399 | 2 % | $ 38,115 | 16 % | |||||
Total interest expense | 15,225 | 14,117 | 8 | 6,520 | 134 | |||||
Net interest income | 28,901 | 29,282 | (1) | 31,595 | (9) | |||||
Provision for loan losses | 141 | 665 | (79) | 814 | (83) | |||||
Total noninterest income | 3,549 | 3,478 | 2 | 3,311 | 7 | |||||
Total noninterest expense | 20,868 | 20,604 | 1 | 19,940 | 5 | |||||
Income tax expense | 2,242 | 2,106 | 6 | 2,832 | (21) | |||||
Net income | $ 9,199 | $ 9,385 | (2) | $ 11,320 | (19) | |||||
AVERAGE BALANCE SHEET DATA | ||||||||||
Total assets | $ 3,333,883 | $ 3,299,069 | 1 % | $ 3,219,856 | 4 % | |||||
Total interest-earning assets | 3,132,622 | 3,111,245 | 1 | 3,026,421 | 4 | |||||
Total loans | 2,602,941 | 2,572,400 | 1 | 2,437,770 | 7 | |||||
PPP loans | 5,393 | 5,643 | (4) | 6,386 | (16) | |||||
Total interest-bearing deposits | 1,937,646 | 1,864,755 | 4 | 1,698,868 | 14 | |||||
Total interest-bearing liabilities | 2,189,597 | 2,136,920 | 2 | 1,973,926 | 11 | |||||
Total deposits | 2,680,909 | 2,641,939 | 1 | 2,578,369 | 4 | |||||
Total shareholders' equity | 370,761 | 350,898 | 6 | 339,311 | 9 | |||||
PER SHARE DATA | ||||||||||
Earnings per share - basic | $ 1.15 | $ 1.18 | (3) % | $ 1.40 | (18) % | |||||
Earnings per share - diluted | 1.14 | 1.17 | (3) | 1.39 | (18) | |||||
Book value at period end | 45.73 | 45.04 | 2 | 41.66 | 10 | |||||
Tangible book value at period end | 35.17 | 34.45 | 2 | 31.09 | 13 | |||||
Shares outstanding at period end | 8,140,380 | 8,158,281 | — | 8,284,130 | (2) | |||||
Weighted average shares outstanding | ||||||||||
Basic | 7,984,317 | 7,978,160 | — % | 8,087,524 | (1) % | |||||
Diluted | 8,039,505 | 8,008,362 | — | 8,136,583 | (1) | |||||
SELECTED RATIOS (1) | ||||||||||
Return on average assets | 1.11 % | 1.13 % | (2) % | 1.43 % | (22) % | |||||
Return on average equity | 9.98 | 10.61 | (6) | 13.53 | (26) | |||||
Common equity ratio | 11.09 | 11.07 | — | 10.56 | 5 | |||||
Efficiency ratio (2) | 64.31 | 62.89 | 2 | 57.12 | 13 | |||||
Average equity to average assets | 11.12 | 10.64 | 5 | 10.54 | 6 | |||||
Tier 1 leverage capital ratio (3) | 11.19 | 10.98 | 2 | 10.69 | 5 | |||||
Total risk-based capital ratio (3) | 14.39 | 14.23 | 1 | 14.00 | 3 | |||||
Net interest margin (4) | 3.64 | 3.69 | (1) | 4.18 | (13) | |||||
SELECTED NON-GAAP RATIOS (1) | ||||||||||
Tangible common equity ratio (5) | 8.75 % | 8.69 % | 1 % | 8.10 % | 8 % | |||||
Return on average tangible common equity (6) | 13.40 | 14.53 | (8) | 18.82 | (29) | |||||
(1) | With the exception of end-of-period ratios, all ratios are based on average daily balances during the respective periods. |
(2) | The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income. |
(3) | Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change. |
(4) | Net interest margin represents net interest income as a percentage of average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of |
(5) | Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" for additional information. |
(6) | Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes, divided by average common shareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" for additional information. |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
3/31/2024 | 12/31/2023 | 3/31/2023 | ||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||
CREDIT QUALITY (1) | ||||||||||||||||||
Nonaccrual loans | $ 11,232 | $ 4,139 | $ 15,371 | $ 5,023 | $ 3,791 | $ 8,814 | $ 5,546 | $ 5,686 | $ 11,232 | |||||||||
Accruing loans 90 days or more past due | 4,978 | — | 4,978 | — | — | — | — | — | — | |||||||||
Total nonperforming loans | 16,210 | 4,139 | 20,349 | 5,023 | 3,791 | 8,814 | 5,546 | 5,686 | 11,232 | |||||||||
Foreclosed assets and ORE | 1,539 | 62 | 1,601 | 1,495 | 80 | 1,575 | — | 80 | 80 | |||||||||
Total nonperforming assets | 17,749 | 4,201 | 21,950 | 6,518 | 3,871 | 10,389 | 5,546 | 5,766 | 11,312 | |||||||||
Nonperforming assets to total assets | 0.65 % | 0.31 % | 0.35 % | |||||||||||||||
Nonperforming loans to total assets | 0.61 | 0.27 | 0.34 | |||||||||||||||
Nonperforming loans to total loans | 0.78 | 0.34 | 0.46 | |||||||||||||||
(1) | It is our policy to cease accruing interest on loans 90 days or more past due, with certain limited exceptions. Nonperforming assets consist of nonperforming loans, foreclosed assets and surplus real estate (ORE). Foreclosed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure. ORE consists of closed or unused bank buildings. |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION - CONTINUED | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
3/31/2024 | 12/31/2023 | 3/31/2023 | ||||||||||||||||
Collectively | Individually | Total | Collectively | Individually | Total | Collectively | Individually | Total | ||||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||
One- to four-family first mortgage | $ 3,275 | $ — | $ 3,275 | $ 3,255 | $ — | $ 3,255 | $ 3,356 | $ — | $ 3,356 | |||||||||
Home equity loans and lines | 701 | — | 701 | 688 | — | 688 | 753 | — | 753 | |||||||||
Commercial real estate | 14,863 | 200 | 15,063 | 14,604 | 201 | 14,805 | 13,344 | 450 | 13,794 | |||||||||
Construction and land | 5,287 | — | 5,287 | 5,292 | 123 | 5,415 | 4,921 | — | 4,921 | |||||||||
Multi-family residential | 584 | — | 584 | 474 | — | 474 | 608 | — | 608 | |||||||||
Commercial and industrial | 5,733 | 73 | 5,806 | 6,071 | 95 | 6,166 | 5,831 | 143 | 5,974 | |||||||||
Consumer | 745 | — | 745 | 734 | — | 734 | 712 | — | 712 | |||||||||
Total allowance for loan losses | $ 31,188 | $ 273 | $ 31,461 | $ 31,118 | $ 419 | $ 31,537 | $ 29,525 | $ 593 | $ 30,118 | |||||||||
Unfunded lending commitments(2) | 2,594 | — | 2,594 | 2,594 | — | 2,594 | 2,303 | — | 2,303 | |||||||||
Total allowance for credit losses | $ 33,782 | $ 273 | $ 34,055 | $ 33,712 | $ 419 | $ 34,131 | $ 31,828 | $ 593 | $ 32,421 | |||||||||
Allowance for loan losses to nonperforming assets | 143.33 % | 303.56 % | 266.25 % | |||||||||||||||
Allowance for loan losses to nonperforming loans | 154.61 % | 357.81 % | 268.14 % | |||||||||||||||
Allowance for loan losses to total loans | 1.20 % | 1.22 % | 1.22 % | |||||||||||||||
Allowance for credit losses to total loans | 1.30 % | 1.32 % | 1.31 % | |||||||||||||||
Year-to-date loan charge-offs | $ 241 | $ 471 | $ 93 | |||||||||||||||
Year-to-date loan recoveries | 24 | 368 | 98 | |||||||||||||||
Year-to-date net loan (charge-offs) recoveries | $ (217) | $ (103) | $ 5 | |||||||||||||||
Annualized YTD net loan (charge-offs) recoveries to average loans | (0.03) % | — % | — % | |||||||||||||||
(2) | The allowance for unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. |
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SOURCE Home Bancorp, Inc.
FAQ
What was Home Bancorp, Inc.'s net income for the first quarter of 2024?
What caused the increase in nonperforming assets for Home Bancorp, Inc. in the first quarter of 2024?
What dividend did Home Bancorp, Inc. declare for the first quarter of 2024?
Did Home Bancorp, Inc. announce any share repurchase plans?
How did the net interest margin change for Home Bancorp, Inc. from the fourth quarter of 2023 to the first quarter of 2024?
