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HOME BANCORP, INC. ANNOUNCES 2024 SECOND QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND

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Home Bancorp (Nasdaq: HBCP) released its Q2 2024 results on July 17, 2024. Net income for the quarter was $8.1 million or $1.02 per diluted share, down from $9.2 million or $1.14 EPS in Q1 2024. Loans grew by 1.5% to $2.7 billion, and the net interest margin rose slightly to 3.66%. However, nonperforming assets decreased by 22% to $17.0 million, and the provision for loan losses increased significantly to $1.3 million. The company declared a quarterly dividend of $0.25 per share payable on August 9, 2024. Shareholders' equity grew to $375.8 million. A conference call will be hosted on July 18, 2024, at 10:30 a.m. CDT to discuss the results.

Positive
  • Loans grew by 1.5% to $2.7 billion.
  • Net interest margin rose to 3.66%.
  • Nonperforming assets decreased by 22% to $17.0 million.
  • Shareholders' equity increased to $375.8 million.
Negative
  • Net income decreased from $9.2 million to $8.1 million.
  • Provision for loan losses increased significantly to $1.3 million.
  • Net loan charge-offs rose from $217,000 to $510,000.

Insights

Home Bancorp, Inc.'s second-quarter results offer a mixed bag for investors. While the company showed a slight decline in net income from $9.2 million to $8.1 million, it demonstrated resilience with a 2% increase in net interest income. The net interest margin also increased marginally, from 3.64% to 3.66%, indicating effective management of interest-earning assets and liabilities.

One notable point is the uptick in loan provisions for loan losses, which grew significantly from $141,000 to $1.3 million. This could be a red flag, suggesting caution in the face of economic uncertainties. However, the increase in loans by $39.7 million and the relatively stable non-performing assets (0.50% of total assets) show that the bank is still expanding its loan portfolio while managing credit risks effectively.

The slight increase in shareholders' equity by $3.5 million and a stable dividend of $0.25 per share underscore the bank's commitment to returning value to shareholders. Overall, the minor decline in net income and increased provisions for loan losses may concern some investors, but the growth in loans and net interest income provide a balanced perspective.

From a market perspective, Home Bancorp, Inc. demonstrated moderate growth and stability across several key metrics. The loan growth of 6% on an annualized basis is particularly encouraging, suggesting traction in market demand for loans. Significantly, 40% of this growth was attributed to the Houston market, indicating strong performance in a key regional market.

The company's noninterest income also increased by 6%, driven largely by bank card fees and gains on the sale of loans. This diversification in revenue streams is a positive sign, indicating that Home Bancorp is not solely reliant on interest income. However, the slight decrease in the investment securities portfolio and the unchanged net unrealized loss position may raise concerns about the company's investment strategies.

Additionally, the high proportion of uninsured deposits (deposits above $250,000) being fully collateralized adds a layer of security against potential deposit outflows, showing prudent risk management. The company's liquidity position remains robust, with ample primary and secondary sources of liquidity available.

The credit quality assessment of Home Bancorp, Inc. shows a mixed picture. On the positive side, the company has reduced non-performing assets (NPAs) from $22.0 million to $17.0 million, a noteworthy improvement. This decline was largely due to specific loan relationships being brought current, which bodes well for the immediate term.

However, the significant increase in the provision for loan losses—from $141,000 to $1.3 million—is a point of concern. Although the bank attributes this to sustained loan growth, it also hints at underlying risks that the bank is preparing for. The net loan charge-offs also increased to $510,000 from $217,000, signaling potential stress in the loan portfolio.

Despite these concerns, the overall allowance for loan losses remains relatively stable at 1.21% of total loans, up slightly from 1.20%. This suggests that while the bank is setting aside more for potential loan losses, it is still within a manageable range.

LAFAYETTE, La., July 17, 2024 /PRNewswire/ --  Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported financial results for the second quarter of 2024. For the quarter, the Company reported net income of $8.1 million, or $1.02 per diluted common share ("diluted EPS"), down $1.1 million from $9.2 million, or $1.14 diluted EPS, for the first quarter of 2024.

"We are pleased to report strong earnings and continued momentum across our footprint in loan growth," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "The Company's loan growth was 6% on an annualized basis for the second quarter while maintaining a strong credit discipline. Our net interest margin remains strong and has positively changed direction in the quarter."

 Second Quarter 2024 Highlights

  • Loans totaled $2.7 billion at June 30, 2024, up $39.7 million, or 1.5% (6% on an annualized basis), from March 31, 2024.

  • Non-interest bearing deposits totaled $746.5 million at June 30, 2024, up $4.3 million, or 0.6% (2% on an annualized basis), from March 31, 2024.

  • Net interest income in the second quarter of 2024 totaled $29.4 million, up $492,000, or 2% from the prior quarter.

  • The net interest margin ("NIM") was 3.66% in the second quarter of 2024 compared to 3.64% in the first quarter of 2024.

  • Nonperforming assets totaled $17.0 million, or 0.50% of total assets, at June 30, 2024 compared to $22.0 million, or 0.65% of total assets, at March 31, 2024.

  • The Company recorded a $1.3 million provision to the allowance for loan losses in the second quarter of 2024, compared to a $141,000 provision in the first quarter of 2024, primarily due to loan growth sustained during the quarter and net charge offs.

  • Net loan charge-offs were $510,000 for the second quarter of 2024, compared to net loan charge-offs of $217,000 during the first quarter of 2024. Annualized year-to-date net loan charge offs to average loans was 0.06%.

Loans

Loans totaled $2.7 billion at June 30, 2024, up $39.7 million, or 1.5%, from March 31, 2024. The following table summarizes the changes in the Company's loan portfolio, net of unearned income, from March 31, 2024 through June 30, 2024. 

(dollars in thousands)


6/30/2024


3/31/2024


Increase (Decrease)

Real estate loans:









One- to four-family first mortgage


$           446,255


$           436,659


$       9,596


2 %

Home equity loans and lines


70,617


70,377


240


Commercial real estate


1,228,757


1,221,573


7,184


1

Construction and land


328,938


334,324


(5,386)


(2)

Multi-family residential


126,922


118,748


8,174


7

Total real estate loans


2,201,489


2,181,681


19,808


1

Other loans:









Commercial and industrial


427,339


407,730


19,609


5

Consumer


32,518


32,279


239


1

Total other loans


459,857


440,009


19,848


5

Total loans


$        2,661,346


$        2,621,690


$     39,656


2 %

 

The average loan yield was 6.28% for the second quarter of 2024, up 10 basis points, from the first quarter of 2024. Loan growth during the second quarter of 2024 was across all loan types with the exception of construction and land loans.  Loans grew in the second quarter of 2024 across most of our markets with approximately 40% of the growth attributable to the Houston market.

Credit Quality and Allowance for Credit Losses

Nonperforming assets ("NPAs") totaled $17.0 million, or 0.50% of total assets, at June 30, 2024, down $4.9 million, or 22%, from $22.0 million, or 0.65% of total assets, at March 31, 2024. The decrease in NPAs during the second quarter of 2024 was primarily due to one loan relationship which was brought current during the second quarter of 2024, but was classified as accruing nonperforming loans over 90 days past due in the prior quarter. During the second quarter of 2024, the Company recorded net loan charge-offs of $510,000, compared to net loan charge-offs of $217,000 during the first quarter of 2024.

The Company provisioned $1.3 million to the allowance for loan losses in the second quarter of 2024. At June 30, 2024, the allowance for loan losses totaled $32.2 million, or 1.21% of total loans, compared to $31.5 million, or 1.20% of total loans, at March 31, 2024. Provisions to the allowance for loan losses are based upon, among other factors, our estimation of current expected losses in our loan portfolio, which we evaluate on a quarterly basis. Changes in expected losses consider various factors including the changing economic activity, potential mitigating effects of governmental stimulus, borrower specific information impacting changes in risk ratings, projected delinquencies and the impact of industry-wide loan modification efforts, among other factors.

The following tables present the Company's loan portfolio by credit quality classification as of June 30, 2024 and March 31, 2024.


June 30, 2024

(dollars in thousands)


Pass


Special Mention


Substandard


Total

One- to four-family first mortgage


$         437,753


$              1,417


$              7,085


$         446,255

Home equity loans and lines


70,394



223


70,617

Commercial real estate


1,207,421


3,469


17,867


1,228,757

Construction and land


324,729


310


3,899


328,938

Multi-family residential


125,689


65


1,168


126,922

Commercial and industrial


423,673


1,493


2,173


427,339

Consumer


32,273



245


32,518

  Total


$      2,621,932


$              6,754


$           32,660


$      2,661,346











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

 

Investment Securities

The Company's investment securities portfolio totaled $413.5 million at June 30, 2024, a decrease of $9.3 million, or 2%, from March 31, 2024. At June 30, 2024, the Company had a net unrealized loss position on its investment securities of $46.6 million, which was essentially unchanged from the net unrealized loss March 31, 2024. The Company's investment securities portfolio had an effective duration of 4.0 years and 4.2 years at June 30, 2024 and March 31, 2024, respectively.

The following table summarizes the composition of the Company's investment securities portfolio at June 30, 2024.

(dollars in thousands)


Amortized
Cost


Fair Value

Available for sale:





U.S. agency mortgage-backed


$       300,106


$       267,440

Collateralized mortgage obligations


79,469


75,569

Municipal bonds


53,676


45,700

U.S. government agency


18,794


17,553

Corporate bonds


6,983


6,210

Total available for sale


$       459,028


$       412,472

Held to maturity:





Municipal bonds


$           1,065


$           1,061

Total held to maturity


$           1,065


$           1,061

 

Approximately 65% of the investment securities portfolio was pledged as of June 30, 2024 to secure public deposits and borrowings with the Federal Reserve Bank Term Funding Program ("BTFP"). The Company had $135.5 million of securities pledged to secure public deposits and $135.0 million pledged to the BTFP borrowings at June 30, 2024 and March 31, 2024.

Deposits

Total deposits were $2.7 billion at June 30, 2024, up $337,000, or less than 1%, from March 31, 2024. Non-maturity deposits decreased $16.7 million, or 1%, during the second quarter of 2024 to $2.0 billion. The following table summarizes the changes in the Company's deposits from March 31, 2024 to June 30, 2024.

(dollars in thousands)


6/30/2024


3/31/2024


Increase (Decrease)

Demand deposits


$           746,504


$           742,177


$                4,327


1 %

Savings


218,307


228,047


(9,740)


(4)

Money market


427,406


423,521


3,885


1

NOW


615,809


630,962


(15,153)


(2)

Certificates of deposit


714,889


697,871


17,018


2

Total deposits


$        2,722,915


$        2,722,578


$                   337


— %

 

The average rate on interest-bearing deposits increased 17 basis points from 2.52% for the first quarter of 2024 to 2.69% for the second quarter of 2024. At June 30, 2024, certificates of deposit maturing within the next 12 months totaled $686.2 million.

We obtain most of our deposits from individuals, small businesses and public funds in our market areas. The following table presents our deposits per customer type for the periods indicated.



June 30, 2024


March 31, 2024

Individuals


53 %


54 %

Small businesses


37


36

Public funds


8


8

Broker


2


2

Total


100 %


100 %






 

The total amounts of our uninsured deposits (deposits in excess of $250,000, as calculated in accordance with FDIC regulations) were $780.1 million at June 30, 2024 and $781.9 million at March 31, 2024. Public funds in excess of the FDIC insurance limits are fully collateralized.

Net Interest Income

The net interest margin ("NIM") increased 2 basis points from 3.64% for the first quarter of 2024 to 3.66% for the second quarter of 2024 primarily due to the increase in average interest-earning assets outpacing the increase in average interest-bearing liabilities.

The average loan yield was 6.28% for the second quarter of 2024, up 10 basis points from the first quarter of 2024, primarily due to new loan originations at higher market rates during the quarter.

The average cost of interest-bearing deposits increased by 17 basis points in the second quarter of 2024 compared to the first quarter of 2024. The increase in deposit costs reflects the rise in market rates of interest as well as a migration to interest-bearing deposits from non-interest bearing deposits.

Average other interest-earning assets were $51.4 million for the second quarter of 2024, down $5.7 million, or 10%, from the first quarter of 2024 primarily due to a reallocation of certain other interest-earning assets.

Loan accretion income from acquired loans totaled $490,000 for the second quarter of 2024, down $35,000, or 7%, from the first quarter of 2024.

The following table summarizes the Company's average volume and rate of its interest-earning assets and interest-bearing liabilities for the periods indicated. Taxable equivalent ("TE") yields on investment securities have been calculated using a marginal tax rate of 21%.



Quarter Ended



6/30/2024


3/31/2024

(dollars in thousands)


Average
Balance


Interest


Average
Yield/ Rate


Average
Balance


Interest


Average
Yield/ Rate

Interest-earning assets:













Loans receivable


$  2,652,331


$       41,999


6.28 %


$  2,602,941


$       40,567


6.18 %

Investment securities (TE)


463,500


2,740


2.38


472,578


2,788


2.38

Other interest-earning assets


51,355


719


5.64


57,103


771


5.43

Total interest-earning assets


$  3,167,186


$       45,458


5.70 %


$  3,132,622


$       44,126


5.60 %

Interest-bearing liabilities:













Deposits:













Savings, checking, and money market


$  1,260,491


$          5,108


1.63 %


$  1,269,293


$          4,800


1.52 %

Certificates of deposit


704,690


8,026


4.58


668,353


7,332


4.41

Total interest-bearing deposits


1,965,181


13,134


2.69


1,937,646


12,132


2.52

Other borrowings


140,610


1,656


4.74


125,979


1,486


4.74

Subordinated debt


54,322


844


6.22


54,268


845


6.22

FHLB advances


46,499


431


3.69


71,704


762


4.23

Total interest-bearing liabilities


$  2,206,612


$       16,065


2.93 %


$  2,189,597


$       15,225


2.79 %

Noninterest-bearing deposits


$       751,776






$       743,262





Net interest spread (TE)






2.77 %






2.81 %

Net interest margin (TE)






3.66 %






3.64 %

 

Noninterest Income

Noninterest income for the second quarter of 2024 totaled $3.8 million, up $206,000, or 6%, from the first quarter of 2024. The increase was related primarily to bank card fees (up $176,000) and gain on sale of loans (up $39,000), which were partially offset by service fees and charges (down $15,000) for the second quarter of 2024 compared to the first quarter of 2024.

Noninterest Expense

Noninterest expense for the second quarter of 2024 totaled $21.8 million, up $940,000, or 5%, from the first quarter of 2024. The increase was primarily related to compensation and benefits expense (up $618,000 due to salary increases effective in April 2024), occupancy expense (up $149,000 due to an additional lease for our new Pasadena office in the Houston market and seasonal lawn care maintenance), other noninterest expense (up $119,000), and professional fees (up $106,000), which were partially offset by the reversal of provision for credit losses on unfunded commitments (down $134,000) during the second quarter of 2024.

Capital and Liquidity

At June 30, 2024, shareholders' equity totaled $375.8 million, up $3.5 million, or 1%, compared to $372.3 million at March 31, 2024. The increase was primarily due to the the Company's earnings of $8.1 million during the second quarter of 2024, partially offset by shareholder dividends and repurchases of shares of the Company's common stock. Preliminary Tier 1 leverage capital and total risk-based capital ratios were 11.22% and 14.39%, respectively, at June 30, 2024, compared to 11.19% and 14.39%, respectively, at March 31, 2024.

The following table summarizes the Company's primary and secondary sources of liquidity which were available at June 30, 2024.

(dollars in thousands)


June 30, 2024

Cash and cash equivalents


$                            113,462

Unencumbered investment securities, amortized cost


68,373

FHLB advance availability


1,085,415

Amounts available from unsecured lines of credit


55,000

Federal Reserve discount window availability


500

Total primary and secondary sources of available liquidity


$                         1,322,750

 

Dividend and Share Repurchases

The Company announces that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.25 per share payable on August 9, 2024, to shareholders of record as of July 29, 2024. 

The Company repurchased 76,858 shares of its common stock during the second quarter of 2024 at an average price per share of $37.00. An additional 338,285 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 $46.51 and $35.90, respectively, at June 30, 2024.

Conference Call

Executive management will host a conference call to discuss second quarter 2024 results on Thursday, July 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)


6/30/2024


3/31/2024


6/30/2023

Reported net income


$           8,118


$            9,199


$           9,781

Add: Core deposit intangible amortization, net tax


261


279


307

Non-GAAP tangible income


$           8,379


$            9,478


$         10,088








Total assets


$    3,410,881


$     3,357,604


$    3,290,153

Less: Intangible assets


85,690


86,019


87,138

Non-GAAP tangible assets


$    3,325,191


$     3,271,585


$    3,203,015








Total shareholders' equity


$       375,830


$        372,285


$       346,117

Less: Intangible assets


85,690


86,019


87,138

Non-GAAP tangible shareholders' equity


$       290,140


$        286,266


$       258,979








Return on average equity


8.75 %


9.98 %


11.26 %

Add: Average intangible assets


2.98


3.42


4.24

Non-GAAP return on average tangible common equity


11.73 %


13.40 %


15.50 %








Common equity ratio


11.02 %


11.09 %


10.52 %

Less: Intangible assets


2.29


2.34


2.43

Non-GAAP tangible common equity ratio


8.73 %


8.75 %


8.09 %








Book value per share


$           46.51


$            45.73


$           42.22

Less: Intangible assets


10.61


10.56


10.63

Non-GAAP tangible book value per share


$           35.90


$            35.17


$           31.59

 

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)


6/30/2024


3/31/2024


% Change


6/30/2023

Assets









Cash and cash equivalents


$           113,462


$             90,475


25 %


$             96,873

Interest-bearing deposits in banks





99

Investment securities available for sale, at fair value


412,472


421,813


(2)


449,396

Investment securities held to maturity


1,065


1,065



1,066

Mortgage loans held for sale



646


(100)


538

Loans, net of unearned income


2,661,346


2,621,690


2


2,510,759

Allowance for loan losses


(32,212)


(31,461)


2


(30,639)

Total loans, net of allowance for loan losses


2,629,134


2,590,229


2


2,480,120

Office properties and equipment, net


43,089


42,341


2


42,904

Cash surrender value of bank-owned life insurance


47,858


47,587


1


46,789

Goodwill and core deposit intangibles


85,690


86,019



87,138

Accrued interest receivable and other assets


78,111


77,429


1


85,230

Total Assets


$        3,410,881


$        3,357,604


2 %


$        3,290,153










Liabilities









Deposits


$        2,722,915


$        2,722,578


— %


$        2,551,718

Other Borrowings


140,539


140,539



5,539

Subordinated debt, net of issuance cost


54,348


54,294



54,133

Federal Home Loan Bank advances


83,506


38,607


116


305,297

Accrued interest payable and other liabilities


33,743


29,301


15


27,349

Total Liabilities


3,035,051


2,985,319


2


2,944,036










Shareholders' Equity









Common stock


81


81



82

Additional paid-in capital


165,918


166,160



164,945

Common stock acquired by benefit plans


(1,518)


(1,607)


6


(1,878)

Retained earnings


245,046


241,152


2


220,801

Accumulated other comprehensive loss


(33,697)


(33,501)


(1)


(37,833)

Total Shareholders' Equity


375,830


372,285


1


346,117

Total Liabilities and Shareholders' Equity


$        3,410,881


$        3,357,604


2 %


$        3,290,153

 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME

(Unaudited)




Quarter Ended

(dollars in thousands, except per share data)


6/30/2024


3/31/2024


% Change


6/30/2023


% Change

Interest Income











Loans, including fees


$           41,999


$           40,567


4 %


$           36,530


15 %

Investment securities


2,740


2,788


(2)


2,986


(8)

Other investments and deposits


719


771


(7)


555


30

Total interest income


45,458


44,126


3


40,071


13

Interest Expense











Deposits


13,134


12,132


8 %


5,547


137 %

Other borrowings


1,656


1,486


11


55


2911

Subordinated debt expense


844


845



850


(1)

Federal Home Loan Bank advances


431


762


(43)


3,313


(87)

Total interest expense


16,065


15,225


6


9,765


65

Net interest income


29,393


28,901


2


30,306


(3)

Provision for loan losses


1,261


141


794


511


147

Net interest income after provision for loan losses


28,132


28,760


(2)


29,795


(6)

Noninterest Income











Service fees and charges


1,239


1,254


(1) %


1,230


1 %

Bank card fees


1,751


1,575


11


1,715


2

Gain on sale of loans, net


126


87


45


26


385

Income from bank-owned life insurance


271


266


2


260


4

(Loss) gain on sale of assets, net


(2)


6


(133)


(3)


33

Other income


370


361


2


220


68

Total noninterest income


3,755


3,549


6


3,448


9

Noninterest Expense











Compensation and benefits


12,788


12,170


5 %


12,601


1 %

Occupancy


2,603


2,454


6


2,447


6

Marketing and advertising


485


466


4


442


10

Data processing and communication


2,555


2,514


2


2,132


20

Professional fees


581


475


22


459


27

Forms, printing and supplies


187


205


(9)


204


(8)

Franchise and shares tax


487


488



541


(10)

Regulatory fees


509


469


9


401


27

Foreclosed assets, net


89


65


37


50


78

Amortization of acquisition intangible


330


353


(7)


389


(15)

(Reversal) provision for credit losses on unfunded commitments


(134)




151


(189)

Other expenses


1,328


1,209


10


1,142


16

Total noninterest expense


21,808


20,868


5


20,959


4

Income before income tax expense


10,079


11,441


(12)


12,284


(18)

Income tax expense


1,961


2,242


(13)


2,503


(22)

Net income


$              8,118


$              9,199


(12)


$              9,781


(17)












Earnings per share - basic


$                1.02


$                1.15


(11) %


$                1.22


(16) %

Earnings per share - diluted


$                1.02


$                1.14


(11) %


$                1.21


(16) %












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)


6/30/2024


3/31/2024


% Change


6/30/2023


% Change

EARNINGS DATA











Total interest income


$        45,458


$        44,126


3 %


$        40,071


13 %

Total interest expense


16,065


15,225


6


9,765


65

Net interest income


29,393


28,901


2


30,306


(3)

Provision for loan losses


1,261


141


794


511


147

Total noninterest income


3,755


3,549


6


3,448


9

Total noninterest expense


21,808


20,868


5


20,959


4

Income tax expense


1,961


2,242


(13)


2,503


(22)

Net income


$          8,118


$          9,199


(12)


$          9,781


(17)












AVERAGE BALANCE SHEET DATA











Total assets


$  3,367,207


$  3,333,883


1 %


$  3,250,190


4 %

Total interest-earning assets


3,167,186


3,132,622


1


3,050,335


4

Total loans


2,652,331


2,602,941


2


2,491,029


6

PPP loans


5,156


5,393


(4)


6,100


(15)

Total interest-bearing deposits


1,965,181


1,937,646


1


1,707,283


15

Total interest-bearing liabilities


2,206,612


2,189,597


1


2,039,815


8

Total deposits


2,716,957


2,680,909


1


2,538,800


7

Total shareholders' equity


373,139


370,761


1


348,414


7












PER SHARE DATA











Earnings per share - basic


$            1.02


$            1.15


(11) %


$            1.22


(16) %

Earnings per share - diluted


1.02


1.14


(11)


1.21


(16)

Book value at period end


46.51


45.73


2


42.22


10

Tangible book value at period end


35.90


35.17


2


31.59


14

Shares outstanding at period end


8,081,344


8,140,380


(1)


8,197,859


(1)

Weighted average shares outstanding











Basic


7,972,445


7,984,317


— %


8,042,434


(1) %

Diluted


8,018,908


8,039,505



8,079,205


(1)












SELECTED RATIOS (1)











Return on average assets


0.97 %


1.11 %


(13) %


1.21 %


(20) %

Return on average equity


8.75


9.98


(12)


11.26


(22)

Common equity ratio


11.02


11.09


(1)


10.52


5

Efficiency ratio (2)


65.79


64.31


2


62.09


6

Average equity to average assets


11.08


11.12



10.72


3

Tier 1 leverage capital ratio (3)


11.22


11.19



10.78


4

Total risk-based capital ratio (3)


14.39


14.39



14.07


2

Net interest margin (4)


3.66


3.64


1


3.94


(7)












SELECTED NON-GAAP RATIOS (1)











Tangible common equity ratio (5)


8.73 %


8.75 %


— %


8.09 %


8 %

Return on average tangible common equity (6)


11.73


13.40


(12)


15.50


(24)



(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)




6/30/2024


3/31/2024


6/30/2023

(dollars in thousands)


Originated


Acquired


Total


Originated


Acquired


Total


Originated


Acquired


Total

CREDIT QUALITY (1)



















Nonaccrual loans


$        12,594


$           4,223


$     16,817


$        11,232


$           4,139


$     15,371


$           6,806


$           5,364


$     12,170

Accruing loans 90 days or more past due


1



1


4,978



4,978


26



26

Total nonperforming loans


12,595


4,223


16,818


16,210


4,139


20,349


6,832


5,364


12,196

Foreclosed assets and ORE


16


215


231


1,539


62


1,601


121


80


201

Total nonperforming assets


$        12,611


$           4,438


$     17,049


$        17,749


$           4,201


$     21,950


$           6,953


$           5,444


$     12,397




















Nonperforming assets to total assets






0.50 %






0.65 %






0.38 %

Nonperforming loans to total assets






0.49






0.61






0.37

Nonperforming loans to total loans






0.63






0.78






0.49






















(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)




6/30/2024


3/31/2024


6/30/2023



Collectively
Evaluated


Individually
Evaluated


Total


Collectively
Evaluated


Individually
Evaluated


Total


Collectively
Evaluated


Individually
Evaluated


Total

ALLOWANCE FOR CREDIT LOSSES



















One- to four-family first mortgage


$           3,349


$                —


$       3,349


$           3,275


$                —


$       3,275


$           3,200


$                —


$       3,200

Home equity loans and lines


705



705


701



701


707



707

Commercial real estate


14,957


200


15,157


14,863


200


15,063


14,299


499


14,798

Construction and land


5,304



5,304


5,287



5,287


4,822



4,822

Multi-family residential


582



582


584



584


512



512

Commercial and industrial


6,320


58


6,378


5,733


73


5,806


5,734


121


5,855

Consumer


737



737


745



745


745



745

Total allowance for loan losses


$        31,954


$              258


$     32,212


$        31,188


$              273


$     31,461


$        30,019


$              620


$     30,639




















Unfunded lending commitments(2)


2,460



2,460


2,594



2,594


2,454



2,454

Total allowance for credit losses


$        34,414


$              258


$     34,672


$        33,782


$              273


$     34,055


$        32,473


$              620


$     33,093




















Allowance for loan losses to nonperforming assets






188.94 %






143.33 %






247.15 %

Allowance for loan losses to nonperforming loans






191.53 %






154.61 %






251.22 %

Allowance for loan losses to total loans






1.21 %






1.20 %






1.22 %

Allowance for credit losses to total loans






1.30 %






1.30 %






1.32 %




















Year-to-date loan charge-offs






$          815






$          241






$          137

Year-to-date loan recoveries






88






24






152

Year-to-date net loan (charge-offs) recoveries






$        (727)






$        (217)






$             15

Annualized YTD net loan (charge-offs) recoveries to average loans






(0.06) %






(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.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/home-bancorp-inc-announces-2024-second-quarter-results-and-declares-quarterly-dividend-302199736.html

SOURCE Home Bancorp, Inc.

FAQ

What were Home Bancorp's Q2 2024 earnings per share?

Home Bancorp's Q2 2024 earnings per share were $1.02 per diluted share.

How much did Home Bancorp's loans grow in Q2 2024?

Home Bancorp's loans grew by 1.5% to $2.7 billion in Q2 2024.

What is Home Bancorp's new quarterly dividend?

Home Bancorp declared a quarterly dividend of $0.25 per share, payable on August 9, 2024.

What is the net interest margin for Home Bancorp in Q2 2024?

Home Bancorp's net interest margin for Q2 2024 was 3.66%.

How did Home Bancorp's nonperforming assets change in Q2 2024?

Home Bancorp's nonperforming assets decreased by 22% to $17.0 million in Q2 2024.

Home Bancorp, Inc.

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