HOME BANCORP, INC. ANNOUNCES 2024 THIRD QUARTER RESULTS AND INCREASES QUARTERLY DIVIDEND BY 4%
Home Bancorp, Inc. (Nasdaq: HBCP) announced its Q3 2024 results, reporting a net income of $9.4 million, or $1.18 per diluted share, up from $8.1 million, or $1.02 per share, in Q2 2024. The company's net interest margin increased to 3.71%, and deposits rose by $54.6 million to $2.8 billion. Loans also saw a slight increase to $2.7 billion. Nonperforming assets grew to $18.4 million, representing 0.53% of total assets. The allowance for loan losses was provisioned at $140,000, down from $1.3 million in the previous quarter. Net loan charge-offs decreased to $74,000 from $510,000. Investment securities holdings increased to $421.8 million, with a reduced net unrealized loss position of $32.2 million. Shareholders' equity rose to $393.5 million, and the company announced a 4% increase in its quarterly dividend to $0.26 per share, payable on November 8, 2024. The company repurchased 24,473 shares at an average price of $38.50 during the quarter.
Home Bancorp, Inc. (Nasdaq: HBCP) ha annunciato i risultati del terzo trimestre 2024, riportando un utile netto di 9,4 milioni di dollari, ovvero 1,18 dollari per azione diluita, in aumento rispetto agli 8,1 milioni di dollari, o 1,02 dollari per azione, del secondo trimestre 2024. Il margine di interesse netto della società è aumentato al 3,71%, e i depositi sono cresciuti di 54,6 milioni di dollari, arrivando a 2,8 miliardi di dollari. Anche i prestiti hanno registrato un lieve incremento, raggiungendo 2,7 miliardi di dollari. Gli asset non performanti sono aumentati a 18,4 milioni di dollari, rappresentando lo 0,53% del totale degli attivi. Il fondo per le perdite su prestiti è stato accantonato a 140.000 dollari, in calo rispetto a 1,3 milioni di dollari del trimestre precedente. Le svalutazioni nette sui prestiti sono diminuite a 74.000 dollari, rispetto ai 510.000 dollari precedenti. Le attività di titoli d'investimento sono aumentate a 421,8 milioni di dollari, con una posizione di perdita netta non realizzata ridotta a 32,2 milioni di dollari. Il patrimonio netto degli azionisti è salito a 393,5 milioni di dollari, e la società ha annunciato un incremento del 4% del dividendo trimestrale a 0,26 dollari per azione, pagabile l'8 novembre 2024. Durante il trimestre, la società ha riacquistato 24.473 azioni ad un prezzo medio di 38,50 dollari.
Home Bancorp, Inc. (Nasdaq: HBCP) anunció sus resultados del tercer trimestre de 2024, reportando un ingreso neto de 9,4 millones de dólares, o 1,18 dólares por acción diluida, en comparación con 8,1 millones de dólares, o 1,02 dólares por acción, en el segundo trimestre de 2024. El margen de interés neto de la compañía aumentó al 3,71%, y los depósitos crecieron en 54,6 millones de dólares alcanzando 2,8 mil millones de dólares. Los préstamos también vieron un ligero aumento, alcanzando 2,7 mil millones de dólares. Los activos no productivos crecieron a 18,4 millones de dólares, representando el 0,53% del total de activos. La provisión para pérdidas por préstamos fue establecida en 140,000 dólares, en comparación con 1,3 millones de dólares en el trimestre anterior. Las cancelaciones netas de préstamos disminuyeron a 74,000 dólares desde 510,000 dólares. Las tenencias de valores de inversión aumentaron a 421,8 millones de dólares, con una posición de pérdida no realizada neta reducida a 32,2 millones de dólares. El patrimonio de los accionistas aumentó a 393,5 millones de dólares, y la compañía anunció un aumento del 4% en su dividendo trimestral a 0,26 dólares por acción, pagadero el 8 de noviembre de 2024. Durante el trimestre, la compañía recompró 24,473 acciones a un precio promedio de 38,50 dólares.
홈 뱅코프, Inc. (Nasdaq: HBCP)가 2024년 3분기 실적을 발표하며, 순이익이 940만 달러, 즉 희석 주당 1.18 달러로, 2024년 2분기의 810만 달러, 또는 주당 1.02 달러에서 증가했다고 보고했습니다. 회사의 순이자 마진은 3.71%로 증가했으며, 예금은 5,460만 달러 증가하여 28억 달러에 도달했습니다. 대출도 약간 증가하여 27억 달러에 이르렀습니다. 비수익 자산은 1840만 달러로 증가하여 전체 자산의 0.53%를 차지했습니다. 대출 손실에 대한 충당금은 14만 달러로, 이전 분기의 130만 달러에서 감소했습니다. 순 대출 상각액은 7만 4000달러로, 51만 달러에서 감소했습니다. 투자 유가증권 보유액은 4억 2180만 달러로 증가했으며, 순 미실현 손실 위치는 3220만 달러로 줄어들었습니다. 주주 지분은 3억 9350만 달러로 증가했으며, 회사는 분기 배당금을 주당 0.26달러로 4% 인상한다고 발표했습니다. 지급일은 2024년 11월 8일입니다. 회사는 분기 중 24,473주를 평균 38.50 달러에 재매입했습니다.
Home Bancorp, Inc. (Nasdaq: HBCP) a annoncé ses résultats pour le troisième trimestre de 2024, rapportant un bénéfice net de 9,4 millions de dollars, soit 1,18 dollar par action diluée, en hausse par rapport à 8,1 millions de dollars, soit 1,02 dollar par action, au deuxième trimestre de 2024. La marge d'intérêt nette de l'entreprise a augmenté à 3,71%, et les dépôts ont augmenté de 54,6 millions de dollars, atteignant 2,8 milliards de dollars. Les prêts ont également connu une légère augmentation, atteignant 2,7 milliards de dollars. Les actifs non performants ont augmenté à 18,4 millions de dollars, représentant 0,53% de l'actif total. La provision pour pertes sur prêts a été établie à 140 000 dollars, en baisse par rapport à 1,3 million de dollars du trimestre précédent. Les annulations nettes de prêts ont diminué à 74 000 dollars contre 510 000 dollars. Les placements en titres ont augmenté à 421,8 millions de dollars, avec une diminution de la perte nette non réalisée à 32,2 millions de dollars. Les fonds propres des actionnaires ont augmenté à 393,5 millions de dollars, et l'entreprise a annoncé une augmentation de 4 % de son dividende trimestriel à 0,26 dollar par action, payable le 8 novembre 2024. Au cours du trimestre, l'entreprise a racheté 24 473 actions à un prix moyen de 38,50 dollars.
Home Bancorp, Inc. (Nasdaq: HBCP) hat seine Ergebnisse für das dritte Quartal 2024 bekannt gegeben und meldete einen Nettogewinn von 9,4 Millionen US-Dollar, oder 1,18 US-Dollar pro verwässerter Aktie, im Vergleich zu 8,1 Millionen US-Dollar oder 1,02 US-Dollar pro Aktie im zweiten Quartal 2024. Die Nettomarge aus Zinsen des Unternehmens stieg auf 3,71%, und die Einlagen erhöhten sich um 54,6 Millionen US-Dollar auf 2,8 Milliarden US-Dollar. Die Kredite verzeichneten ebenfalls einen leichten Anstieg auf 2,7 Milliarden US-Dollar. Die nicht leistungsfähigen Vermögenswerte stiegen auf 18,4 Millionen US-Dollar, was 0,53% der Gesamtvermögen entspricht. Der Sonderposten für Kreditverluste wurde mit 140.000 US-Dollar dotiert, was einem Rückgang gegenüber 1,3 Millionen US-Dollar im vorherigen Quartal entspricht. Die Nettokreditabschreibungen gingen auf 74.000 US-Dollar von 510.000 US-Dollar zurück. Die Bestände an Anlagewertpapieren erhöhten sich auf 421,8 Millionen US-Dollar, mit einer gesenkten unrealisierten Verlustposition von 32,2 Millionen US-Dollar. Das Eigenkapital der Aktionäre stieg auf 393,5 Millionen US-Dollar, und das Unternehmen kündigte eine 4%ige Erhöhung der vierteljährlichen Dividende auf 0,26 US-Dollar pro Aktie an, zahlbar am 8. November 2024. Im Quartal hat das Unternehmen 24.473 Aktien zu einem Durchschnittspreis von 38,50 US-Dollar zurückgekauft.
- Net income increased to $9.4 million, up from $8.1 million in Q2 2024.
- Net interest margin improved to 3.71% from 3.66% in Q2 2024.
- Deposits grew by $54.6 million to $2.8 billion.
- Net loan charge-offs decreased to $74,000 from $510,000 in Q2 2024.
- Shareholders' equity increased to $393.5 million, up from $375.8 million in Q2 2024.
- Quarterly dividend increased by 4% to $0.26 per share.
- Nonperforming assets increased to $18.4 million, representing 0.53% of total assets.
- Provision for loan losses decreased to $140,000 from $1.3 million in Q2 2024.
- Noninterest income decreased by $63,000, or 2%, from Q2 2024.
- Noninterest expense increased by $450,000, or 2%, from Q2 2024.
Insights
Home Bancorp reported solid Q3 2024 results, with net income increasing to
- Loan growth slowed but deposits grew
2% quarter-over-quarter, improving the loan-to-deposit ratio to96% - Net interest margin expanded to
3.71% from3.66% in Q2 - Credit quality remains stable with nonperforming assets at
0.53% of total assets - The company increased its quarterly dividend by
4% to$0.26 per share
The results demonstrate Home Bancorp's ability to navigate the current rate environment while maintaining solid asset quality. The improved deposit growth and expanding net interest margin are particularly positive signs. However, slowing loan growth may present a challenge if it continues. Overall, this appears to be a positive quarter that positions the company well going forward.
Home Bancorp's Q3 results reflect several positive trends in the current banking landscape:
- The
2% deposit growth (8% annualized) is impressive given the competitive environment for deposits - The improvement in net interest margin to
3.71% demonstrates effective balance sheet management in a challenging rate environment - Maintaining a loan-to-deposit ratio of
96% shows a good balance between lending and funding - The
1.21% allowance for loan losses appears adequate given the stable credit metrics
The slowing loan growth is worth monitoring, as it could impact future earnings if it persists. However, the focus on deposit growth and margin improvement is a prudent strategy in the current environment. The increase in the quarterly dividend signals management's confidence in the bank's financial position and outlook.
"We are pleased with the financial results for the current quarter," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "While loan growth has slowed from second quarter, deposit growth continues to improve reducing our loan to deposit ratio down to
Third Quarter 2024 Highlights
- Loans totaled
$2.7 billion $6.9 million 1% , (an increase of1% on an annualized basis) from June 30, 2024. - Deposits totaled
$2.8 billion $54.6 million 2% (8% on an annualized basis), from June 30, 2024. - Net interest income in the third quarter of 2024 totaled
$30.4 million $989,000 3% from the prior quarter. - The net interest margin ("NIM") was
3.71% in the third quarter of 2024 compared to3.66% in the second quarter of 2024. - Nonperforming assets totaled
$18.4 million 0.53% of total assets, at September 30, 2024 compared to$17.0 million 0.50% of total assets, at June 30, 2024. - The Company recorded a
$140,000 $1.3 million - Net loan charge-offs were
$74,000 $510,000 0.04% .
Loans
Loans totaled
(dollars in thousands) | 9/30/2024 | 6/30/2024 | Increase (Decrease) | |||||
Real estate loans: | ||||||||
One- to four-family first mortgage | $ 502,784 | $ 446,255 | $ 56,529 | 13 % | ||||
Home equity loans and lines | 80,935 | 70,617 | 10,318 | 15 | ||||
Commercial real estate | 1,143,152 | 1,228,757 | (85,605) | (7) | ||||
Construction and land | 329,787 | 328,938 | 849 | — | ||||
Multi-family residential | 169,443 | 126,922 | 42,521 | 34 | ||||
Total real estate loans | 2,226,101 | 2,201,489 | 24,612 | 1 | ||||
Other loans: | ||||||||
Commercial and industrial | 412,753 | 427,339 | (14,586) | (3) | ||||
Consumer | 29,432 | 32,518 | (3,086) | (9) | ||||
Total other loans | 442,185 | 459,857 | (17,672) | (4) | ||||
Total loans | $ 2,668,286 | $ 2,661,346 | $ 6,940 | — % | ||||
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 September 30, 2024 and June 30, 2024.
September 30, 2024 | ||||||||
(dollars in thousands) | Pass | Special | 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 | ||||
June 30, 2024 | ||||||||
(dollars in thousands) | Pass | Special | 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 | ||||
Investment Securities
The Company's investment securities portfolio totaled
The following table summarizes the composition of the Company's investment securities portfolio at September 30, 2024.
(dollars in thousands) | Amortized | Fair Value | ||
Available for sale: | ||||
$ 296,894 | $ 273,581 | |||
Collateralized mortgage obligations | 77,351 | 75,438 | ||
Municipal bonds | 53,568 | 47,770 | ||
18,139 | 17,490 | |||
Corporate bonds | 6,984 | 6,444 | ||
Total available for sale | $ 452,936 | $ 420,723 | ||
Held to maturity: | ||||
Municipal bonds | $ 1,065 | $ 1,066 | ||
Total held to maturity | $ 1,065 | $ 1,066 |
Approximately
Deposits
Total deposits were
(dollars in thousands) | 9/30/2024 | 6/30/2024 | Increase (Decrease) | |||||
Demand deposits | $ 740,854 | $ 746,504 | $ (5,650) | (1) % | ||||
Savings | 215,815 | 218,307 | (2,492) | (1) | ||||
Money market | 452,456 | 427,406 | 25,050 | 6 | ||||
NOW | 644,061 | 615,809 | 28,252 | 5 | ||||
Certificates of deposit | 724,301 | 714,889 | 9,412 | 1 | ||||
Total deposits | $ 2,777,487 | $ 2,722,915 | $ 54,572 | 2 % | ||||
The average rate on interest-bearing deposits increased 9 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.
September 30, 2024 | June 30, 2024 | |||
Individuals | 52 % | 53 % | ||
Small businesses | 38 | 37 | ||
Public funds | 7 | 8 | ||
Broker | 3 | 2 | ||
Total | 100 % | 100 % | ||
The total amounts of our uninsured deposits (deposits in excess of
Net Interest Income
The net interest margin ("NIM") increased 5 basis points from
The average loan yield was
The average cost of interest-bearing deposits increased by 9 basis points in the third quarter of 2024 compared to the second 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
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 | ||||||||||||
9/30/2024 | 6/30/2024 | |||||||||||
(dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||
Interest-earning assets: | ||||||||||||
Loans receivable | $ 2,668,672 | $ 43,711 | 6.43 % | $ 2,652,331 | $ 41,999 | 6.28 % | ||||||
Investment securities (TE) | 454,024 | 2,677 | 2.38 | 463,500 | 2,740 | 2.38 | ||||||
Other interest-earning assets | 79,668 | 991 | 4.95 | 51,355 | 719 | 5.64 | ||||||
Total interest-earning assets | $ 3,202,364 | $ 47,379 | 5.82 % | $ 3,167,186 | $ 45,458 | 5.70 % | ||||||
Interest-bearing liabilities: | ||||||||||||
Deposits: | ||||||||||||
Savings, checking, and money market | $ 1,266,465 | $ 5,571 | 1.75 % | $ 1,260,491 | $ 5,108 | 1.63 % | ||||||
Certificates of deposit | 722,717 | 8,337 | 4.59 | 704,690 | 8,026 | 4.58 | ||||||
Total interest-bearing deposits | 1,989,182 | 13,908 | 2.78 | 1,965,181 | 13,134 | 2.69 | ||||||
Other borrowings | 140,539 | 1,673 | 4.74 | 140,610 | 1,656 | 4.74 | ||||||
Subordinated debt | 54,374 | 844 | 6.21 | 54,322 | 844 | 6.22 | ||||||
FHLB advances | 56,743 | 572 | 3.99 | 46,499 | 431 | 3.69 | ||||||
Total interest-bearing liabilities | $ 2,240,838 | $ 16,997 | 3.02 % | $ 2,206,612 | $ 16,065 | 2.93 % | ||||||
Noninterest-bearing deposits | $ 741,387 | $ 751,776 | ||||||||||
Net interest spread (TE) | 2.80 % | 2.77 % | ||||||||||
Net interest margin (TE) | 3.71 % | 3.66 % | ||||||||||
Noninterest Income
Noninterest income for the third quarter of 2024 totaled
Noninterest Expense
Noninterest expense for the third quarter of 2024 totaled
Capital and Liquidity
At September 30, 2024, shareholders' equity totaled
The following table summarizes the Company's primary and secondary sources of liquidity which were available at September 30, 2024.
(dollars in thousands) | September 30, 2024 | |
Cash and cash equivalents | $ 135,877 | |
Unencumbered investment securities, amortized cost | 59,838 | |
FHLB advance availability | 1,147,306 | |
Amounts available from unsecured lines of credit | 55,000 | |
Federal Reserve discount window availability | 500 | |
Total primary and secondary sources of available liquidity | $ 1,398,521 |
Dividend and Share Repurchases
The Company announces that its Board of Directors declared a quarterly cash dividend on shares of its common stock of
The Company repurchased 24,473 shares of its common stock during the third quarter of 2024 at an average price per share of
Conference Call
Executive management will host a conference call to discuss third quarter 2024 results on Friday, October 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 on 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 on non-GAAP information included herein to GAAP is presented below.
Quarter Ended | ||||||
(dollars in thousands, except per share data) | 9/30/2024 | 6/30/2024 | 9/30/2023 | |||
Reported net income | $ 9,437 | $ 8,118 | $ 9,754 | |||
Add: Core deposit intangible amortization, net tax | 259 | 261 | 307 | |||
Non-GAAP tangible income | $ 9,696 | $ 8,379 | $ 10,061 | |||
Total assets | $ 3,441,990 | $ 3,410,881 | $ 3,317,729 | |||
Less: Intangible assets | 85,361 | 85,690 | 86,749 | |||
Non-GAAP tangible assets | $ 3,356,629 | $ 3,325,191 | $ 3,230,980 | |||
Total shareholders' equity | $ 393,453 | $ 375,830 | $ 345,332 | |||
Less: Intangible assets | 85,361 | 85,690 | 86,749 | |||
Non-GAAP tangible shareholders' equity | $ 308,092 | $ 290,140 | $ 258,583 | |||
Return on average equity | 9.76 % | 8.75 % | 11.04 % | |||
Add: Average intangible assets | 3.14 | 2.98 | 4.11 | |||
Non-GAAP return on average tangible common equity | 12.90 % | 11.73 % | 15.15 % | |||
Common equity ratio | 11.43 % | 11.02 % | 10.41 % | |||
Less: Intangible assets | 2.25 | 2.29 | 2.41 | |||
Non-GAAP tangible common equity ratio | 9.18 % | 8.73 % | 8.00 % | |||
Book value per share | $ 48.75 | $ 46.51 | $ 42.30 | |||
Less: Intangible assets | 10.58 | 10.61 | 10.63 | |||
Non-GAAP tangible book value per share | $ 38.17 | $ 35.90 | $ 31.67 | |||
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) | 9/30/2024 | 6/30/2024 | % | 9/30/2023 | ||||
Assets | ||||||||
Cash and cash equivalents | $ 135,877 | $ 113,462 | 20 % | $ 84,520 | ||||
Interest-bearing deposits in banks | — | — | — | 99 | ||||
Investment securities available for sale, at fair value | 420,723 | 412,472 | 2 | 427,019 | ||||
Investment securities held to maturity | 1,065 | 1,065 | — | 1,065 | ||||
Mortgage loans held for sale | 242 | — | — | 467 | ||||
Loans, net of unearned income | 2,668,286 | 2,661,346 | — | 2,569,094 | ||||
Allowance for loan losses | (32,278) | (32,212) | — | (31,123) | ||||
Total loans, net of allowance for loan losses | 2,636,008 | 2,629,134 | — | 2,537,971 | ||||
Office properties and equipment, net | 42,659 | 43,089 | (1) | 42,402 | ||||
Cash surrender value of bank-owned life insurance | 48,139 | 47,858 | 1 | 47,054 | ||||
Goodwill and core deposit intangibles | 85,361 | 85,690 | — | 86,749 | ||||
Accrued interest receivable and other assets | 71,916 | 78,111 | (8) | 90,383 | ||||
Total Assets | $ 3,441,990 | $ 3,410,881 | 1 % | $ 3,317,729 | ||||
Liabilities | ||||||||
Deposits | $ 2,777,487 | $ 2,722,915 | 2 % | $ 2,597,484 | ||||
Other Borrowings | 140,539 | 140,539 | — | 5,539 | ||||
Subordinated debt, net of issuance cost | 54,402 | 54,348 | — | 54,187 | ||||
Federal Home Loan Bank advances | 38,410 | 83,506 | (54) | 283,826 | ||||
Accrued interest payable and other liabilities | 37,699 | 33,743 | 12 | 31,361 | ||||
Total Liabilities | 3,048,537 | 3,035,051 | — | 2,972,397 | ||||
Shareholders' Equity | ||||||||
Common stock | 81 | 81 | — | 81 | ||||
Additional paid-in capital | 166,743 | 165,918 | — | 165,149 | ||||
Common stock acquired by benefit plans | (1,428) | (1,518) | 6 | (1,787) | ||||
Retained earnings | 251,692 | 245,046 | 3 | 227,649 | ||||
Accumulated other comprehensive loss | (23,635) | (33,697) | 30 | (45,760) | ||||
Total Shareholders' Equity | 393,453 | 375,830 | 5 | 345,332 | ||||
Total Liabilities and Shareholders' Equity | $ 3,441,990 | $ 3,410,881 | 1 % | $ 3,317,729 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | ||||||||||
(dollars in thousands, except per share data) | 9/30/2024 | 6/30/2024 | % | 9/30/2023 | % | |||||
Interest Income | ||||||||||
Loans, including fees | $ 43,711 | $ 41,999 | 4 % | $ 38,490 | 14 % | |||||
Investment securities | 2,677 | 2,740 | (2) | 2,939 | (9) | |||||
Other investments and deposits | 991 | 719 | 38 | 649 | 53 | |||||
Total interest income | 47,379 | 45,458 | 4 | 42,078 | 13 | |||||
Interest Expense | ||||||||||
Deposits | 13,908 | 13,134 | 6 % | 8,181 | 70 % | |||||
Other borrowings | 1,673 | 1,656 | 1 | 53 | 3057 | |||||
Subordinated debt expense | 844 | 844 | — | 845 | — | |||||
Federal Home Loan Bank advances | 572 | 431 | 33 | 3,490 | (84) | |||||
Total interest expense | 16,997 | 16,065 | 6 | 12,569 | 35 | |||||
Net interest income | 30,382 | 29,393 | 3 | 29,509 | 3 | |||||
Provision for loan losses | 140 | 1,261 | (89) | 351 | (60) | |||||
Net interest income after provision for loan losses | 30,242 | 28,132 | 8 | 29,158 | 4 | |||||
Noninterest Income | ||||||||||
Service fees and charges | 1,291 | 1,239 | 4 % | 1,277 | 1 % | |||||
Bank card fees | 1,613 | 1,751 | (8) | 1,903 | (15) | |||||
Gain on sale of loans, net | 195 | 126 | 55 | 687 | (72) | |||||
Income from bank-owned life insurance | 281 | 271 | 4 | 265 | 6 | |||||
Loss on sale of assets, net | (10) | (2) | (400) | — | — | |||||
Other income | 322 | 370 | (13) | 267 | 21 | |||||
Total noninterest income | 3,692 | 3,755 | (2) | 4,399 | (16) | |||||
Noninterest Expense | ||||||||||
Compensation and benefits | 13,058 | 12,788 | 2 % | 12,492 | 5 % | |||||
Occupancy | 2,732 | 2,603 | 5 | 2,410 | 13 | |||||
Marketing and advertising | 382 | 485 | (21) | 638 | (40) | |||||
Data processing and communication | 2,646 | 2,555 | 4 | 2,496 | 6 | |||||
Professional fees | 450 | 581 | (23) | 402 | 12 | |||||
Forms, printing and supplies | 188 | 187 | 1 | 195 | (4) | |||||
Franchise and shares tax | 488 | 487 | — | 542 | (10) | |||||
Regulatory fees | 493 | 509 | (3) | 511 | (4) | |||||
Foreclosed assets, net | 62 | 89 | (30) | 99 | (37) | |||||
Amortization of acquisition intangible | 328 | 329 | — | 389 | (16) | |||||
(Reversal) provision for credit losses on unfunded | — | (134) | 100 | — | — | |||||
Other expenses | 1,431 | 1,329 | 8 | 1,164 | 23 | |||||
Total noninterest expense | 22,258 | 21,808 | 2 | 21,338 | 4 | |||||
Income before income tax expense | 11,676 | 10,079 | 16 | 12,219 | (4) | |||||
Income tax expense | 2,239 | 1,961 | 14 | 2,465 | (9) | |||||
Net income | $ 9,437 | $ 8,118 | 16 % | $ 9,754 | (3) % | |||||
Earnings per share - basic | $ 1.19 | $ 1.02 | 17 % | $ 1.22 | (2) % | |||||
Earnings per share - diluted | $ 1.18 | $ 1.02 | 16 % | $ 1.22 | (3) % | |||||
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) | 9/30/2024 | 6/30/2024 | % | 9/30/2023 | % | |||||
EARNINGS DATA | ||||||||||
Total interest income | $ 47,379 | $ 45,458 | 4 % | $ 42,078 | 13 % | |||||
Total interest expense | 16,997 | 16,065 | 6 | 12,569 | 35 | |||||
Net interest income | 30,382 | 29,393 | 3 | 29,509 | 3 | |||||
Provision for loan losses | 140 | 1,261 | (89) | 351 | (60) | |||||
Total noninterest income | 3,692 | 3,755 | (2) | 4,399 | (16) | |||||
Total noninterest expense | 22,258 | 21,808 | 2 | 21,338 | 4 | |||||
Income tax expense | 2,239 | 1,961 | 14 | 2,465 | (9) | |||||
Net income | $ 9,437 | $ 8,118 | 16 | $ 9,754 | (3) | |||||
AVERAGE BALANCE SHEET DATA | ||||||||||
Total assets | $ 3,405,083 | $ 3,367,207 | 1 % | $ 3,281,093 | 4 % | |||||
Total interest-earning assets | 3,202,364 | 3,167,186 | 1 | 3,087,452 | 4 | |||||
Total loans | 2,668,672 | 2,652,331 | 1 | 2,538,218 | 5 | |||||
PPP loans | 4,470 | 5,156 | (13) | 5,869 | (24) | |||||
Total interest-bearing deposits | 1,989,182 | 1,965,181 | 1 | 1,768,639 | 12 | |||||
Total interest-bearing liabilities | 2,240,838 | 2,206,612 | 2 | 2,101,424 | 7 | |||||
Total deposits | 2,730,568 | 2,716,957 | 1 | 2,568,173 | 6 | |||||
Total shareholders' equity | 384,518 | 373,139 | 3 | 350,436 | 10 | |||||
PER SHARE DATA | ||||||||||
Earnings per share - basic | $ 1.19 | $ 1.02 | 17 % | $ 1.22 | (2) % | |||||
Earnings per share - diluted | 1.18 | 1.02 | 16 | 1.22 | (3) | |||||
Book value at period end | 48.75 | 46.51 | 5 | 42.30 | 15 | |||||
Tangible book value at period end | 38.17 | 35.90 | 6 | 31.67 | 21 | |||||
Shares outstanding at period end | 8,070,539 | 8,081,344 | — | 8,163,655 | (1) | |||||
Weighted average shares outstanding | ||||||||||
Basic | 7,921,582 | 7,972,445 | (1) % | 8,006,226 | (1) % | |||||
Diluted | 7,966,957 | 8,018,908 | (1) | 8,038,606 | (1) | |||||
SELECTED RATIOS (1) | ||||||||||
Return on average assets | 1.10 % | 0.97 % | 13 % | 1.18 % | (7) % | |||||
Return on average equity | 9.76 | 8.75 | 12 | 11.04 | (12) | |||||
Common equity ratio | 11.43 | 11.02 | 4 | 10.41 | 10 | |||||
Efficiency ratio (2) | 65.32 | 65.79 | (1) | 62.93 | 4 | |||||
Average equity to average assets | 11.29 | 11.08 | 2 | 10.68 | 6 | |||||
Tier 1 leverage capital ratio (3) | 11.32 | 11.22 | 1 | 10.71 | 6 | |||||
Total risk-based capital ratio (3) | 15.03 | 14.39 | 4 | 13.73 | 9 | |||||
Net interest margin (4) | 3.71 | 3.66 | 1 | 3.75 | (1) | |||||
SELECTED NON-GAAP RATIOS (1) | ||||||||||
Tangible common equity ratio (5) | 9.18 % | 8.73 % | 5 % | 8.00 % | 15 % | |||||
Return on average tangible common equity (6) | 12.90 | 11.73 | 10 | 15.15 | (15) | |||||
(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) | ||||||||||||||||||
9/30/2024 | 6/30/2024 | 9/30/2023 | ||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||
CREDIT QUALITY (1) | ||||||||||||||||||
Nonaccrual loans | $ 13,741 | $ 4,314 | $ 18,055 | $ 12,594 | $ 4,223 | $ 16,817 | $ 8,001 | $ 3,905 | $ 11,906 | |||||||||
Accruing loans 90 days or more past | 34 | — | 34 | 1 | — | 1 | 43 | — | 43 | |||||||||
Total nonperforming loans | 13,775 | 4,314 | 18,089 | 12,595 | 4,223 | 16,818 | 8,044 | 3,905 | 11,949 | |||||||||
Foreclosed assets and ORE | — | 267 | 267 | 16 | 215 | 231 | 221 | 141 | 362 | |||||||||
Total nonperforming assets | $ 13,775 | $ 4,581 | $ 18,356 | $ 12,611 | $ 4,438 | $ 17,049 | $ 8,265 | $ 4,046 | $ 12,311 | |||||||||
Nonperforming assets to total assets | 0.53 % | 0.50 % | 0.37 % | |||||||||||||||
Nonperforming loans to total assets | 0.53 | 0.49 | 0.36 | |||||||||||||||
Nonperforming loans to total loans | 0.68 | 0.63 | 0.47 | |||||||||||||||
(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) | ||||||||||||||||||
9/30/2024 | 6/30/2024 | 9/30/2023 | ||||||||||||||||
Collectively | Individually | Total | Collectively | Individually | Total | Collectively | Individually | Total | ||||||||||
ALLOWANCE FOR CREDIT | ||||||||||||||||||
One- to four-family first mortgage | $ 4,402 | $ — | $ 4,402 | $ 3,349 | $ — | $ 3,349 | $ 3,320 | $ — | $ 3,320 | |||||||||
Home equity loans and lines | 785 | — | 785 | 705 | — | 705 | 742 | — | 742 | |||||||||
Commercial real estate | 13,271 | 200 | 13,471 | 14,957 | 200 | 15,157 | 14,185 | 230 | 14,415 | |||||||||
Construction and land | 5,167 | — | 5,167 | 5,304 | — | 5,304 | 5,123 | — | 5,123 | |||||||||
Multi-family residential | 1,079 | — | 1,079 | 582 | — | 582 | 523 | — | 523 | |||||||||
Commercial and industrial | 6,635 | 42 | 6,677 | 6,320 | 58 | 6,378 | 6,161 | 105 | 6,266 | |||||||||
Consumer | 697 | — | 697 | 737 | — | 737 | 734 | — | 734 | |||||||||
Total allowance for loan losses | $ 32,036 | $ 242 | $ 32,278 | $ 31,954 | $ 258 | $ 32,212 | $ 30,788 | $ 335 | $ 31,123 | |||||||||
Unfunded lending commitments(2) | 2,460 | — | 2,460 | 2,460 | — | 2,460 | 2,454 | — | 2,454 | |||||||||
Total allowance for credit losses | $ 34,496 | $ 242 | $ 34,738 | $ 34,414 | $ 258 | $ 34,672 | $ 33,242 | $ 335 | $ 33,577 | |||||||||
Allowance for loan losses to | 175.84 % | 188.94 % | 252.81 % | |||||||||||||||
Allowance for loan losses to | 178.44 % | 191.53 % | 260.47 % | |||||||||||||||
Allowance for loan losses to total | 1.21 % | 1.21 % | 1.21 % | |||||||||||||||
Allowance for credit losses to total | 1.30 % | 1.30 % | 1.31 % | |||||||||||||||
Year-to-date loan charge-offs | $ 1,030 | $ 815 | $ 148 | |||||||||||||||
Year-to-date loan recoveries | 229 | 88 | 296 | |||||||||||||||
Year-to-date net loan (charge-offs) | $ (801) | $ (727) | $ 148 | |||||||||||||||
Annualized YTD net loan (charge- | (0.04) % | (0.06) % | 0.01 % | |||||||||||||||
(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
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