HOME BANCORP, INC. ANNOUNCES 2025 FIRST QUARTER RESULTS, NEW SHARE REPURCHASE PLAN AND DECLARES A QUARTERLY DIVIDEND
Home Bancorp (NASDAQ: HBCP) reported strong Q1 2025 financial results with net income of $11.0 million, or $1.37 per diluted share, up from $9.7 million in Q4 2024. The quarter showed positive growth with loans reaching $2.7 billion (up 1.1%) and deposits totaling $2.8 billion (up 1.7%).
The company's net interest margin improved to 3.91% from 3.82% in Q4 2024. However, nonperforming assets increased to $21.5 million (0.62% of total assets) from $15.6 million, primarily due to two loan relationships moving to nonaccrual status. The allowance for loan losses stood at $33.3 million, representing 1.21% of total loans.
The average cost of interest-bearing deposits decreased by 15 basis points to 2.51%, while preliminary Tier 1 leverage capital and total risk-based capital ratios were strong at 11.48% and 14.58% respectively.
Home Bancorp (NASDAQ: HBCP) ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto di 11,0 milioni di dollari, pari a 1,37 dollari per azione diluita, in aumento rispetto ai 9,7 milioni del quarto trimestre 2024. Il trimestre ha mostrato una crescita positiva con prestiti che hanno raggiunto 2,7 miliardi di dollari (in aumento dell'1,1%) e depositi per un totale di 2,8 miliardi di dollari (in aumento dell'1,7%).
Il margine di interesse netto dell'azienda è migliorato al 3,91% rispetto al 3,82% del quarto trimestre 2024. Tuttavia, gli attivi deteriorati sono aumentati a 21,5 milioni di dollari (0,62% del totale attivi) da 15,6 milioni, principalmente a causa di due rapporti di prestito passati allo stato di non rendimento. L'accantonamento per perdite su prestiti era pari a 33,3 milioni di dollari, rappresentando l'1,21% del totale prestiti.
Il costo medio dei depositi fruttiferi è diminuito di 15 punti base al 2,51%, mentre i rapporti preliminari di capitale Tier 1 e di capitale totale basato sul rischio sono risultati solidi, rispettivamente all'11,48% e al 14,58%.
Home Bancorp (NASDAQ: HBCP) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 11,0 millones de dólares, o 1,37 dólares por acción diluida, aumentando desde los 9,7 millones del cuarto trimestre de 2024. El trimestre mostró un crecimiento positivo con préstamos que alcanzaron 2,7 mil millones de dólares (un aumento del 1,1%) y depósitos totales de 2,8 mil millones de dólares (un aumento del 1,7%).
El margen neto de interés de la compañía mejoró a 3,91% desde 3,82% en el cuarto trimestre de 2024. Sin embargo, los activos improductivos aumentaron a 21,5 millones de dólares (0,62% del total de activos) desde 15,6 millones, principalmente debido a que dos relaciones crediticias pasaron a estado de no devengo. La provisión para pérdidas por préstamos se situó en 33,3 millones de dólares, representando el 1,21% del total de préstamos.
El costo promedio de los depósitos con intereses disminuyó 15 puntos básicos a 2,51%, mientras que las ratios preliminares de capital Tier 1 y capital total basado en riesgo fueron sólidas, con 11,48% y 14,58% respectivamente.
Home Bancorp (NASDAQ: HBCP)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 1,100만 달러로 희석 주당 1.37달러를 기록해 2024년 4분기의 970만 달러에서 증가했습니다. 이번 분기는 대출금이 27억 달러(1.1% 증가), 예금은 28억 달러(1.7% 증가)로 긍정적인 성장을 보였습니다.
회사의 순이자마진은 2024년 4분기의 3.82%에서 3.91%로 개선되었습니다. 그러나 부실 자산은 1,560만 달러에서 2,150만 달러(총 자산의 0.62%)로 증가했으며, 이는 주로 두 개의 대출 관계가 이자 미수 상태로 전환된 데 기인합니다. 대손충당금은 3,330만 달러로 총 대출의 1.21%를 차지합니다.
이자부 예금의 평균 비용은 15bp 하락한 2.51%를 기록했으며, 예비 Tier 1 레버리지 자본비율과 총 위험기반 자본비율은 각각 11.48%와 14.58%로 견고했습니다.
Home Bancorp (NASDAQ: HBCP) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net de 11,0 millions de dollars, soit 1,37 dollar par action diluée, en hausse par rapport à 9,7 millions au quatrième trimestre 2024. Le trimestre a montré une croissance positive avec des prêts atteignant 2,7 milliards de dollars (en hausse de 1,1 %) et des dépôts totalisant 2,8 milliards de dollars (en hausse de 1,7 %).
La marge nette d'intérêt de la société s'est améliorée à 3,91 % contre 3,82 % au quatrième trimestre 2024. Cependant, les actifs non performants ont augmenté à 21,5 millions de dollars (0,62 % du total des actifs) contre 15,6 millions, principalement en raison de deux relations de prêt passées en statut non productif. La provision pour pertes sur prêts s'élevait à 33,3 millions de dollars, représentant 1,21 % du total des prêts.
Le coût moyen des dépôts rémunérés a diminué de 15 points de base pour atteindre 2,51 %, tandis que les ratios préliminaires de fonds propres de base Tier 1 et de fonds propres totaux pondérés en fonction des risques étaient solides, à 11,48 % et 14,58 % respectivement.
Home Bancorp (NASDAQ: HBCP) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 11,0 Millionen US-Dollar bzw. 1,37 US-Dollar je verwässerter Aktie, gegenüber 9,7 Millionen US-Dollar im vierten Quartal 2024. Das Quartal zeigte ein positives Wachstum, wobei die Kredite 2,7 Milliarden US-Dollar erreichten (plus 1,1 %) und die Einlagen insgesamt 2,8 Milliarden US-Dollar betrugen (plus 1,7 %).
Die Nettomarge verbesserte sich von 3,82 % im vierten Quartal 2024 auf 3,91 %. Allerdings stiegen die notleidenden Vermögenswerte von 15,6 Millionen auf 21,5 Millionen US-Dollar (0,62 % der Gesamtvermögenswerte), hauptsächlich aufgrund von zwei Kreditbeziehungen, die in den Nicht-Leistungs-Status übergingen. Die Rückstellung für Kreditausfälle lag bei 33,3 Millionen US-Dollar, was 1,21 % der Gesamtkredite entspricht.
Die durchschnittlichen Kosten verzinslicher Einlagen sanken um 15 Basispunkte auf 2,51 %, während die vorläufigen Tier-1-Leverage-Kapitalquote und die risikobasierte Gesamtkapitalquote mit 11,48 % bzw. 14,58 % solide waren.
- Net income increased to $11.0 million from $9.7 million in Q4 2024
- Loan portfolio grew by 1.1% to $2.7 billion
- Deposits increased by 1.7% to $2.8 billion
- Net interest margin improved to 3.91% from 3.82%
- Interest-bearing deposit costs decreased by 15 basis points
- Nonperforming assets increased 38% to $21.5 million
- Two loan relationships moved to nonaccrual status totaling $5.6 million
- Investment securities showed unrealized losses of $34.0 million
Insights
Home Bancorp delivered strong Q1 2025 with 13.4% higher profits, expanding net interest margin, and solid loan/deposit growth, despite rising nonperforming assets.
Home Bancorp reported impressive Q1 2025 results with net income of $11.0 million ($1.37 per diluted share), a substantial 13.4% increase from Q4 2024's $9.7 million ($1.21 per share). The bank demonstrated healthy balance sheet growth with loans increasing by $29.1 million (4% annualized) and deposits growing by $46.5 million (7% annualized).
The standout metric was net interest margin expansion from 3.82% to 3.91% - a significant achievement in the current environment. This improvement stemmed primarily from successful deposit cost management, with interest-bearing deposit costs declining 15 basis points to 2.51%. The bank's deposit mix remains stable with 53% from individuals, 36% from small businesses, and 8% from public funds.
Commercial real estate led loan growth with a $34.6 million increase (3%), while multi-family residential loans grew by $5.2 million (3%). This growth pattern reflects strength in commercial lending markets, particularly in the Houston and Northshore regions.
Credit quality metrics show mixed signals. The provision for loan losses decreased substantially to $394,000 from $873,000 in Q4. However, nonperforming assets increased to $21.5 million (0.62% of total assets) from $15.6 million (0.45%), primarily due to two loan relationships totaling $5.6 million moving to nonaccrual status. Despite this increase, net charge-offs declined to just $32,000 from $235,000 in Q4.
The bank's capital position strengthened with Tier 1 leverage ratio improving to 11.48% (from 11.38%) and total risk-based capital ratio reaching 14.58% (from 14.51%). These ratios substantially exceed regulatory requirements, providing significant cushion against potential economic uncertainties.
The investment securities portfolio showed improvement with unrealized losses decreasing to $34.0 million from $41.0 million at year-end, reflecting the impact of changing interest rates on fixed-income valuations. The effective duration of the portfolio also shortened slightly from 3.9 to 3.7 years, reducing interest rate sensitivity.
"The financial results for the first quarter of 2025 reflects a strong start for the year," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "We saw solid loan and deposit growth during the quarter and net interest margin expansion. I am extremely proud of our team for making this possible and believe we are well positioned to assist our customers with opportunities that lie ahead."
First Quarter 2025 Highlights
- Loans totaled
$2.7 billion $29.1 million 1.1% , (an increase of4% on an annualized basis) from December 31, 2024. - Deposits totaled
$2.8 billion $46.5 million 1.7% (7% on an annualized basis), from December 31, 2024. - Net interest income in the first quarter of 2024 totaled
$31.7 million $163,000 1% from the prior quarter. - The net interest margin ("NIM") was
3.91% in the first quarter of 2025 compared to3.82% in the fourth quarter of 2024. - Nonperforming assets totaled
$21.5 million 0.62% of total assets, at March 31, 2025 compared to$15.6 million 0.45% of total assets, at December 31, 2024. This increase in nonperforming assets is primarily due to two loan relationships, which were classified as substandard in 2024 and moved to nonaccrual status in the first quarter of 2025. - The Company recorded a
$394,000 $873,000
Loans
Loans totaled
(dollars in thousands) | 3/31/2025 | 12/31/2024 | Increase (Decrease) | |||||
Real estate loans: | ||||||||
One- to four-family first mortgage | $ 504,356 | $ 501,225 | $ 3,131 | 1 % | ||||
Home equity loans and lines | 77,417 | 79,097 | (1,680) | (2) | ||||
Commercial real estate | 1,193,364 | 1,158,781 | 34,583 | 3 | ||||
Construction and land | 346,987 | 352,263 | (5,276) | (1) | ||||
Multi-family residential | 183,792 | 178,568 | 5,224 | 3 | ||||
Total real estate loans | 2,305,916 | 2,269,934 | 35,982 | 2 | ||||
Other loans: | ||||||||
Commercial and industrial | 411,363 | 418,627 | (7,264) | (2) | ||||
Consumer | 29,998 | 29,624 | 374 | 1 | ||||
Total other loans | 441,361 | 448,251 | (6,890) | (2) | ||||
Total loans | $ 2,747,277 | $ 2,718,185 | $ 29,092 | 1 % | ||||
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, 2025 and December 31, 2024.
March 31, 2025 | ||||||||
(dollars in thousands) | Pass | Special | Substandard | Total | ||||
One- to four-family first mortgage | $ 496,694 | $ 820 | $ 6,842 | $ 504,356 | ||||
Home equity loans and lines | 77,045 | — | 372 | 77,417 | ||||
Commercial real estate | 1,174,920 | — | 18,444 | 1,193,364 | ||||
Construction and land | 341,273 | — | 5,714 | 346,987 | ||||
Multi-family residential | 182,536 | — | 1,256 | 183,792 | ||||
Commercial and industrial | 407,742 | — | 3,621 | 411,363 | ||||
Consumer | 29,838 | — | 160 | 29,998 | ||||
Total | $ 2,710,048 | $ 820 | $ 36,409 | $ 2,747,277 | ||||
December 31, 2024 | ||||||||
(dollars in thousands) | Pass | Special | Substandard | Total | ||||
One- to four-family first mortgage | $ 493,368 | $ 823 | $ 7,034 | $ 501,225 | ||||
Home equity loans and lines | 78,818 | — | 279 | 79,097 | ||||
Commercial real estate | 1,140,240 | — | 18,541 | 1,158,781 | ||||
Construction and land | 347,039 | — | 5,224 | 352,263 | ||||
Multi-family residential | 177,638 | — | 930 | 178,568 | ||||
Commercial and industrial | 414,872 | — | 3,755 | 418,627 | ||||
Consumer | 29,597 | — | 27 | 29,624 | ||||
Total | $ 2,681,572 | $ 823 | $ 35,790 | $ 2,718,185 | ||||
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, 2025.
(dollars in thousands) | Amortized | Fair Value | ||
Available for sale: | ||||
$ 287,468 | $ 263,130 | |||
Collateralized mortgage obligations | 71,880 | 70,008 | ||
Municipal bonds | 53,349 | 46,589 | ||
16,871 | 16,199 | |||
Corporate bonds | 4,985 | 4,627 | ||
Total available for sale | $ 434,553 | $ 400,553 | ||
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) | 3/31/2025 | 12/31/2024 | Increase (Decrease) | |||||
Demand deposits | $ 754,955 | $ 733,073 | $ 21,882 | 3 % | ||||
Savings | 212,053 | 210,977 | 1,076 | 1 | ||||
Money market | 464,659 | 457,483 | 7,176 | 2 | ||||
NOW | 641,287 | 645,246 | (3,959) | (1) | ||||
Certificates of deposit | 754,253 | 733,917 | 20,336 | 3 | ||||
Total deposits | $ 2,827,207 | $ 2,780,696 | $ 46,511 | 2 % | ||||
The average rate on interest-bearing deposits decreased 15 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, 2025 | December 31, 2024 | |||
Individuals | 53 % | 53 % | ||
Small businesses | 36 | 37 | ||
Public funds | 8 | 7 | ||
Broker | 3 | 3 | ||
Total | 100 % | 100 % |
The total amounts of our uninsured deposits (deposits in excess of
Net Interest Income
The net interest margin ("NIM") increased 9 basis points from
The average cost of interest-bearing deposits decreased by 15 basis points in the first quarter of 2025 compared to the fourth quarter of 2024. The decrease in deposit costs primarily reflects the decline in certificate of deposit rates as they matured and renewed into current rates.
Average other interest-earning assets were
Average other borrowings 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 | ||||||||||||
3/31/2025 | 12/31/2024 | |||||||||||
(dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||
Interest-earning assets: | ||||||||||||
Loans receivable | $ 2,745,212 | $ 44,032 | 6.43 % | $ 2,686,188 | $ 43,978 | 6.43 % | ||||||
Investment securities (TE) | 439,556 | 2,664 | 2.44 | 449,216 | 2,703 | 2.42 | ||||||
Other interest-earning assets | 55,851 | 505 | 3.67 | 97,492 | 1,123 | 4.58 | ||||||
Total interest-earning assets | $ 3,240,619 | $ 47,201 | 5.84 % | $ 3,232,896 | $ 47,804 | 5.82 % | ||||||
Interest-bearing liabilities: | ||||||||||||
Deposits: | ||||||||||||
Savings, checking, and money market | $ 1,306,602 | $ 5,401 | 1.68 % | $ 1,311,815 | $ 5,721 | 1.73 % | ||||||
Certificates of deposit | 732,079 | 7,221 | 4.00 | 723,764 | 7,885 | 4.33 | ||||||
Total interest-bearing deposits | 2,038,681 | 12,622 | 2.51 | 2,035,579 | 13,606 | 2.66 | ||||||
Other borrowings | 5,539 | 53 | 3.89 | 107,767 | 1,279 | 4.72 | ||||||
Subordinated debt | 54,485 | 845 | 6.20 | 54,427 | 848 | 6.23 | ||||||
FHLB advances | 180,658 | 1,932 | 4.28 | 52,926 | 485 | 3.63 | ||||||
Total interest-bearing liabilities | $ 2,279,363 | $ 15,452 | 2.74 % | $ 2,250,699 | $ 16,218 | 2.87 % | ||||||
Noninterest-bearing deposits | $ 733,613 | $ 754,133 | ||||||||||
Net interest spread (TE) | 3.10 % | 2.95 % | ||||||||||
Net interest margin (TE) | 3.91 % | 3.82 % | ||||||||||
Noninterest Income
Noninterest income for the first quarter of 2025 totaled
Noninterest Expense
Noninterest expense for the first quarter of 2025 totaled
Capital and Liquidity
At March 31, 2025, shareholders' equity totaled
The following table summarizes the Company's primary and secondary sources of liquidity which were available at March 31, 2025.
(dollars in thousands) | March 31, 2025 | |
Cash and cash equivalents | $ 110,662 | |
Unencumbered investment securities, amortized cost | 68,179 | |
FHLB advance availability | 1,140,061 | |
Amounts available from unsecured lines of credit | 55,000 | |
Federal Reserve discount window availability | 500 | |
Total primary and secondary sources of available liquidity | $ 1,374,402 |
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 also announced that the Board of Directors approved a new share repurchase plan (the "2025 Repurchase Plan"). Under the 2025 Repurchase Plan, the Company may purchase up to 400,000 shares, or approximately
The Company repurchased 173,497 shares of its common stock during the first quarter of 2025 at an average price per share of
Conference Call
Executive management will host a conference call to discuss first quarter 2025 results on Tuesday, April 22, 2025 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) | 3/31/2025 | 12/31/2024 | 3/31/2024 | |||
Reported net income | $ 10,964 | $ 9,673 | $ 9,199 | |||
Add: Core deposit intangible amortization, net tax | 231 | 250 | 279 | |||
Non-GAAP tangible income | $ 11,195 | $ 9,923 | $ 9,478 | |||
Total assets | $ 3,485,453 | $ 3,443,668 | $ 3,357,604 | |||
Less: Intangible assets | 84,751 | 85,044 | 86,019 | |||
Non-GAAP tangible assets | $ 3,400,702 | $ 3,358,624 | $ 3,271,585 | |||
Total shareholders' equity | $ 402,831 | $ 396,088 | $ 372,285 | |||
Less: Intangible assets | 84,751 | 85,044 | 86,019 | |||
Non-GAAP tangible shareholders' equity | $ 318,080 | $ 311,044 | $ 286,266 | |||
Return on average equity | 11.02 % | 9.71 % | 9.98 % | |||
Add: Average intangible assets | 3.23 | 2.99 | 3.42 | |||
Non-GAAP return on average tangible common equity | 14.25 % | 12.70 % | 13.40 % | |||
Common equity ratio | 11.56 % | 11.50 % | 11.09 % | |||
Less: Intangible assets | 2.21 | 2.24 | 2.34 | |||
Non-GAAP tangible common equity ratio | 9.35 % | 9.26 % | 8.75 % | |||
Book value per share | $ 50.82 | $ 48.95 | $ 45.73 | |||
Less: Intangible assets | 10.69 | 10.51 | 10.56 | |||
Non-GAAP tangible book value per share | $ 40.13 | $ 38.44 | $ 35.17 | |||
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, 2024 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) | 3/31/2025 | 12/31/2024 | % | 3/31/2024 | ||||
Assets | ||||||||
Cash and cash equivalents | $ 110,662 | $ 98,548 | 12 % | $ 90,475 | ||||
Investment securities available for sale, at fair value | 400,553 | 402,792 | (1) | 421,813 | ||||
Investment securities held to maturity | 1,065 | 1,065 | — | 1,065 | ||||
Mortgage loans held for sale | 1,855 | 832 | 123 | 646 | ||||
Loans, net of unearned income | 2,747,277 | 2,718,185 | 1 | 2,621,690 | ||||
Allowance for loan losses | (33,278) | (32,916) | 1 | (31,461) | ||||
Total loans, net of allowance for loan losses | 2,713,999 | 2,685,269 | 1 | 2,590,229 | ||||
Office properties and equipment, net | 45,327 | 42,324 | 7 | 42,341 | ||||
Cash surrender value of bank-owned life insurance | 48,699 | 48,421 | 1 | 47,587 | ||||
Goodwill and core deposit intangibles | 84,751 | 85,044 | — | 86,019 | ||||
Accrued interest receivable and other assets | 78,542 | 79,373 | (1) | 77,429 | ||||
Total Assets | $ 3,485,453 | $ 3,443,668 | 1 % | $ 3,357,604 | ||||
Liabilities | ||||||||
Deposits | $ 2,827,207 | $ 2,780,696 | 2 % | $ 2,722,578 | ||||
Other Borrowings | 5,539 | 5,539 | — | 140,539 | ||||
Subordinated debt, net of issuance cost | 54,513 | 54,459 | — | 54,294 | ||||
Federal Home Loan Bank advances | 163,259 | 175,546 | (7) | 38,607 | ||||
Accrued interest payable and other liabilities | 32,104 | 31,340 | 2 | 29,301 | ||||
Total Liabilities | 3,082,622 | 3,047,580 | 1 | 2,985,319 | ||||
Shareholders' Equity | ||||||||
Common stock | 79 | 81 | (2) | 81 | ||||
Additional paid-in capital | 167,231 | 168,138 | (1) | 166,160 | ||||
Common stock acquired by benefit plans | (1,250) | (1,339) | 7 | (1,607) | ||||
Retained earnings | 261,856 | 259,190 | 1 | 241,152 | ||||
Accumulated other comprehensive loss | (25,085) | (29,982) | 16 | (33,501) | ||||
Total Shareholders' Equity | 402,831 | 396,088 | 2 | 372,285 | ||||
Total Liabilities and Shareholders' Equity | $ 3,485,453 | $ 3,443,668 | 1 % | $ 3,357,604 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | ||||||||||
(dollars in thousands, except per share data) | 3/31/2025 | 12/31/2024 | % | 3/31/2024 | % | |||||
Interest Income | ||||||||||
Loans, including fees | $ 44,032 | $ 43,978 | — % | $ 40,567 | 9 % | |||||
Investment securities | 2,664 | 2,703 | (1) | 2,788 | (4) | |||||
Other investments and deposits | 505 | 1,123 | (55) | 771 | (35) | |||||
Total interest income | 47,201 | 47,804 | (1) | 44,126 | 7 | |||||
Interest Expense | ||||||||||
Deposits | 12,622 | 13,606 | (7) % | 12,132 | 4 % | |||||
Other borrowings | 53 | 1,279 | (96) | 1,486 | (96) | |||||
Subordinated debt expense | 845 | 848 | — | 845 | — | |||||
Federal Home Loan Bank advances | 1,932 | 485 | 298 | 762 | 154 | |||||
Total interest expense | 15,452 | 16,218 | (5) | 15,225 | 1 | |||||
Net interest income | 31,749 | 31,586 | 1 | 28,901 | 10 | |||||
Provision for loan losses | 394 | 873 | (55) | 141 | 179 | |||||
Net interest income after provision for loan losses | 31,355 | 30,713 | 2 | 28,760 | 9 | |||||
Noninterest Income | ||||||||||
Service fees and charges | 1,309 | 1,334 | (2) % | 1,254 | 4 % | |||||
Bank card fees | 1,578 | 1,586 | (1) | 1,575 | — | |||||
Gain on sale of loans, net | 377 | 62 | 508 | 87 | 333 | |||||
Income from bank-owned life insurance | 278 | 282 | (1) | 266 | 5 | |||||
Gain on sale of assets, net | 9 | 39 | (77) | 6 | 50 | |||||
Other income | 458 | 326 | 40 | 361 | 27 | |||||
Total noninterest income | 4,009 | 3,629 | 10 | 3,549 | 13 | |||||
Noninterest Expense | ||||||||||
Compensation and benefits | 12,652 | 13,314 | (5) % | 12,170 | 4 % | |||||
Occupancy | 2,561 | 2,342 | 9 | 2,454 | 4 | |||||
Marketing and advertising | 429 | 667 | (36) | 466 | (8) | |||||
Data processing and communication | 2,642 | 2,526 | 5 | 2,514 | 5 | |||||
Professional fees | 405 | 416 | (3) | 475 | (15) | |||||
Forms, printing and supplies | 200 | 214 | (7) | 205 | (2) | |||||
Franchise and shares tax | 476 | 400 | 19 | 488 | (2) | |||||
Regulatory fees | 516 | 483 | 7 | 469 | 10 | |||||
Foreclosed assets, net | 227 | 125 | 82 | 65 | 249 | |||||
Amortization of acquisition intangible | 293 | 317 | (8) | 353 | (17) | |||||
Provision for credit losses on unfunded commitments | — | 240 | (100) | — | — | |||||
Other expenses | 1,178 | 1,311 | (10) | 1,209 | (3) | |||||
Total noninterest expense | 21,579 | 22,355 | (3) | 20,868 | 3 | |||||
Income before income tax expense | 13,785 | 11,987 | 15 | 11,441 | 20 | |||||
Income tax expense | 2,821 | 2,314 | 22 | 2,242 | 26 | |||||
Net income | $ 10,964 | $ 9,673 | 13 % | $ 9,199 | 19 % | |||||
Earnings per share - basic | $ 1.38 | $ 1.22 | 13 % | $ 1.15 | 20 % | |||||
Earnings per share - diluted | $ 1.37 | $ 1.21 | 13 % | $ 1.14 | 20 % | |||||
Cash dividends declared per common share | $ 0.27 | $ 0.26 | 4 % | $ 0.25 | 8 % | |||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | ||||||||||
(dollars in thousands, except per share data) | 3/31/2025 | 12/31/2024 | % | 3/31/2024 | % | |||||
EARNINGS DATA | ||||||||||
Total interest income | $ 47,201 | $ 47,804 | (1) % | $ 44,126 | 7 % | |||||
Total interest expense | 15,452 | 16,218 | (5) | 15,225 | 1 | |||||
Net interest income | 31,749 | 31,586 | 1 | 28,901 | 10 | |||||
Provision for loan losses | 394 | 873 | (55) | 141 | 179 | |||||
Total noninterest income | 4,009 | 3,629 | 10 | 3,549 | 13 | |||||
Total noninterest expense | 21,579 | 22,355 | (3) | 20,868 | 3 | |||||
Income tax expense | 2,821 | 2,314 | 22 | 2,242 | 26 | |||||
Net income | $ 10,964 | $ 9,673 | 13 | $ 9,199 | 19 | |||||
AVERAGE BALANCE SHEET DATA | ||||||||||
Total assets | $ 3,449,472 | $ 3,439,925 | — % | $ 3,333,883 | 3 % | |||||
Total interest-earning assets | 3,240,619 | 3,232,896 | — | 3,132,622 | 3 | |||||
Total loans | 2,745,212 | 2,686,188 | 2 | 2,602,941 | 5 | |||||
PPP loans | 1,320 | 2,742 | (52) | 5,393 | (76) | |||||
Total interest-bearing deposits | 2,038,681 | 2,035,579 | — | 1,937,646 | 5 | |||||
Total interest-bearing liabilities | 2,279,363 | 2,250,699 | 1 | 2,189,597 | 4 | |||||
Total deposits | 2,772,295 | 2,789,712 | (1) | 2,680,909 | 3 | |||||
Total shareholders' equity | 403,504 | 396,163 | 2 | 370,761 | 9 | |||||
PER SHARE DATA | ||||||||||
Earnings per share - basic | $ 1.38 | $ 1.22 | 13 % | $ 1.15 | 20 % | |||||
Earnings per share - diluted | 1.37 | 1.21 | 13 | 1.14 | 20 | |||||
Book value at period end | 50.82 | 48.95 | 4 | 45.73 | 11 | |||||
Tangible book value at period end | 40.13 | 38.44 | 4 | 35.17 | 14 | |||||
Shares outstanding at period end | 7,926,331 | 8,091,522 | (2) | 8,140,380 | (3) | |||||
Weighted average shares outstanding | ||||||||||
Basic | 7,949,477 | 7,944,629 | — % | 7,984,317 | — % | |||||
Diluted | 8,026,815 | 7,993,852 | — | 8,039,505 | — | |||||
SELECTED RATIOS (1) | ||||||||||
Return on average assets | 1.29 % | 1.12 % | 15 % | 1.11 % | 16 % | |||||
Return on average equity | 11.02 | 9.71 | 13 | 9.98 | 10 | |||||
Common equity ratio | 11.56 | 11.50 | 1 | 11.09 | 4 | |||||
Efficiency ratio (2) | 60.35 | 63.48 | (5) | 64.31 | (6) | |||||
Average equity to average assets | 11.70 | 11.52 | 2 | 11.12 | 5 | |||||
Tier 1 leverage capital ratio (3) | 11.48 | 11.38 | 1 | 11.19 | 3 | |||||
Total risk-based capital ratio (3) | 14.58 | 14.51 | — | 14.39 | 1 | |||||
Net interest margin (4) | 3.91 | 3.82 | 2 | 3.64 | 7 | |||||
SELECTED NON-GAAP RATIOS (1) | ||||||||||
Tangible common equity ratio (5) | 9.35 % | 9.26 % | 1 % | 8.75 % | 7 % | |||||
Return on average tangible common equity (6) | 14.25 | 12.70 | 12 | 13.40 | 6 | |||||
(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) | ||||||||||||||||||
3/31/2025 | 12/31/2024 | 3/31/2024 | ||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||
CREDIT QUALITY (1) | ||||||||||||||||||
Nonaccrual loans | $ 13,090 | $ 5,880 | $ 18,970 | $ 8,991 | $ 4,591 | $ 13,582 | $ 11,232 | $ 4,139 | $ 15,371 | |||||||||
Accruing loans 90 days or more past | 77 | — | 77 | 16 | — | 16 | 4,978 | — | 4,978 | |||||||||
Total nonperforming loans | 13,167 | 5,880 | 19,047 | 9,007 | 4,591 | 13,598 | 16,210 | 4,139 | 20,349 | |||||||||
Foreclosed assets and ORE | 2,424 | — | 2,424 | 1,963 | 47 | 2,010 | 1,539 | 62 | 1,601 | |||||||||
Total nonperforming assets | $ 15,591 | $ 5,880 | $ 21,471 | $ 10,970 | $ 4,638 | $ 15,608 | $ 17,749 | $ 4,201 | $ 21,950 | |||||||||
Nonperforming assets to total assets | 0.62 % | 0.45 % | 0.65 % | |||||||||||||||
Nonperforming loans to total assets | 0.55 | 0.39 | 0.61 | |||||||||||||||
Nonperforming loans to total loans | 0.69 | 0.50 | 0.78 | |||||||||||||||
(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) | ||||||||||||||||||
3/31/2025 | 12/31/2024 | 3/31/2024 | ||||||||||||||||
Collectively | Individually | Total | Collectively | Individually | Total | Collectively | Individually | Total | ||||||||||
ALLOWANCE FOR CREDIT | ||||||||||||||||||
One- to four-family first mortgage | $ 4,459 | $ — | $ 4,459 | $ 4,430 | $ — | $ 4,430 | $ 3,275 | $ — | $ 3,275 | |||||||||
Home equity loans and lines | 795 | — | 795 | 801 | — | 801 | 701 | — | 701 | |||||||||
Commercial real estate | 13,478 | 439 | 13,917 | 13,321 | 200 | 13,521 | 14,863 | 200 | 15,063 | |||||||||
Construction and land | 5,383 | — | 5,383 | 5,484 | — | 5,484 | 5,287 | — | 5,287 | |||||||||
Multi-family residential | 1,088 | — | 1,088 | 1,090 | — | 1,090 | 584 | — | 584 | |||||||||
Commercial and industrial | 6,413 | 326 | 6,739 | 6,613 | 248 | 6,861 | 5,733 | 73 | 5,806 | |||||||||
Consumer | 756 | 141 | 897 | 729 | — | 729 | 745 | — | 745 | |||||||||
Total allowance for loan losses | $ 32,372 | $ 906 | $ 33,278 | $ 32,468 | $ 448 | $ 32,916 | $ 31,188 | $ 273 | $ 31,461 | |||||||||
Unfunded lending commitments(2) | 2,700 | — | 2,700 | 2,700 | — | 2,700 | 2,594 | — | 2,594 | |||||||||
Total allowance for credit losses | $ 35,072 | $ 906 | $ 35,978 | $ 35,168 | $ 448 | $ 35,616 | $ 33,782 | $ 273 | $ 34,055 | |||||||||
Allowance for loan losses to | 154.99 % | 210.89 % | 143.33 % | |||||||||||||||
Allowance for loan losses to | 174.72 % | 242.07 % | 154.61 % | |||||||||||||||
Allowance for loan losses to total | 1.21 % | 1.21 % | 1.21 % | |||||||||||||||
Allowance for credit losses to total | 1.31 % | 1.31 % | 1.30 % | |||||||||||||||
Year-to-date loan charge-offs | $ 226 | $ 1,285 | $ 241 | |||||||||||||||
Year-to-date loan recoveries | 194 | 249 | 24 | |||||||||||||||
Year-to-date net loan charge-offs | $ (32) | $ (1,036) | $ (217) | |||||||||||||||
Annualized YTD net loan charge-offs | — % | (0.04) % | (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.
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