LAFAYETTE, La., Jan. 24,
2023 /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 fourth quarter of 2022. For the quarter, the Company reported
net income of $10.8 million, or
$1.32 per diluted common share
("diluted EPS"), up $342,000 from
$10.4 million, or $1.28 diluted EPS, for the third quarter of
2022.
"We are excited to report strong earnings and loan growth
throughout our footprint for the third consecutive quarter," said
John W. Bordelon, President and
Chief Executive Officer of the Company and the Bank. "While
maintaining a strong credit discipline, the Company's total loans
increased on a reported basis 6% from the previous quarter.
Excluding PPP loans, total loans increased $127.9 million, or 22% on an annualized
basis. We are seeing continuous success attracting new
customers throughout our footprint."
Fourth Quarter 2022 Highlights
- Loans totaled $2.4 billion at
December 31, 2022, up $127.5 million, or 6%, from September 30, 2022. PPP loans totaled
$6.7 million at December 31,
2022, down $402,000, or 6%, from
September 30, 2022.
- Net interest income totaled $33.3
million, up $1.3 million, or
4%, from the prior quarter.
- The net interest margin ("NIM") increased 27 basis points from
4.11% for the third quarter of 2022 to 4.38%.
- Nonperforming assets totaled $11.0
million, or 0.34% of total assets, down $6.5 million, or 37%, from September 30,
2022 primarily due to improved performance of some loans and
paydowns.
- The Company recorded a $2.0
million provision to the allowance for loan losses, compared
to a $1.7 million provision in the
prior quarter, primarily due to loan growth.
Loans
Loans totaled $2.4 billion at
December 31, 2022, up $127.5
million, or 6%, from September 30, 2022. PPP loans,
included in commercial and industrial loans, decreased $402,000, or 6%, from September 30, 2022.
The following table summarizes the changes in the Company's loan
portfolio from September 30, 2022 to December 31,
2022.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase
(Decrease)
|
(dollars in
thousands)
|
|
2022
|
|
2022
|
|
Amount
|
|
Percent
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
389,616
|
|
$
376,028
|
|
$
13,588
|
|
4 %
|
Home equity loans and
lines
|
|
61,863
|
|
60,624
|
|
1,239
|
|
2
|
Commercial real
estate
|
|
1,152,537
|
|
1,086,656
|
|
65,881
|
|
6
|
Construction and
land
|
|
313,175
|
|
328,753
|
|
(15,578)
|
|
(5)
|
Multi-family
residential
|
|
100,588
|
|
97,212
|
|
3,376
|
|
3
|
Total real estate
loans
|
|
2,017,779
|
|
1,949,273
|
|
68,506
|
|
4
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
377,894
|
|
320,900
|
|
56,994
|
|
18
|
Consumer
|
|
35,077
|
|
33,106
|
|
1,971
|
|
6
|
Total other
loans
|
|
412,971
|
|
354,006
|
|
58,965
|
|
17
|
Total loans
|
|
$
2,430,750
|
|
$
2,303,279
|
|
$
127,471
|
|
6 %
|
The average loan yield was 5.43% for the fourth quarter of 2022,
up 26 basis points from the third quarter of 2022. Commercial real
estate and commercial and industrial loans were the primary drivers
for the loan growth during the fourth quarter of 2022. Commercial
real estate loan growth for the current quarter was primarily in
our Acadiana and Houston markets.
During the fourth quarter of 2022, the growth in commercial and
industrial loans was primarily within our Acadiana and Northshore
markets.
Credit Quality and Allowance for Credit Losses
Nonperforming assets ("NPAs"), totaled $11.0 million, or 0.34% of total assets at
December 31, 2022, down $6.5
million, or 37%, from $17.5
million, or 0.55% of total assets, at September 30,
2022. The Company recorded net loan charge-offs of
$39,000 during the fourth quarter of
2022, compared to net loan charge-offs of $365,000 for the third quarter of 2022.
The Company made a $2.0
million provision to the allowance for loan losses in the
fourth quarter of 2022 primarily due to loan growth. For the year
ended December 31, 2022, provisions to the allowance for loan
losses totaled $7.5 million. At
December 31, 2022, the allowance for loan losses totaled
$29.3 million, or 1.21% of total
loans, compared to $27.4 million, or
1.19% of total loans, at September 30, 2022. Changes in
expected losses consider various factors including the changing
economic activity, potential mitigating effects of governmental
stimulus, customer specific information impacting changes in risk
ratings, projected delinquencies and the impact of industry-wide
loan modification efforts, among other factors.
Deposits
Total deposits were $2.6 billion
at December 31, 2022, down $105.2
million, or 4%, from September 30, 2022. The decrease
in deposits for the fourth quarter of 2022 was primarily due to
customers utilizing excess cash. The following table summarizes the
changes in the Company's deposits from September 30, 2022 to
December 31, 2022.
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
Increase/(Decrease)
|
(dollars in
thousands)
|
|
2022
|
|
2022
|
|
Amount
|
|
Percent
|
Demand
deposits
|
|
$
904,301
|
|
$
921,089
|
|
$
(16,788)
|
|
(2) %
|
Savings
|
|
305,871
|
|
325,594
|
|
(19,723)
|
|
(6)
|
Money market
|
|
423,990
|
|
452,474
|
|
(28,484)
|
|
(6)
|
NOW
|
|
663,574
|
|
686,592
|
|
(23,018)
|
|
(3)
|
Certificates of
deposit
|
|
335,445
|
|
352,675
|
|
(17,230)
|
|
(5)
|
Total
deposits
|
|
$
2,633,181
|
|
$
2,738,424
|
|
$
(105,243)
|
|
(4) %
|
The average rate on interest-bearing deposits increased 17 basis
points from 0.27% for the third quarter of 2022 to 0.44% for the
fourth quarter of 2022. At December 31, 2022, certificates of
deposit maturing within the next 12 months totaled $259.1 million.
Net Interest Income
The net interest margin ("NIM") increased 27 basis points from
4.11% for the third quarter of 2022 to 4.38% for the fourth quarter
of 2022 primarily due to an increase in the average yield on loans,
which was partially offset with an increase in the average cost of
interest-bearing liabilities. The increase in average cost of
interest-bearing liabilities was primarily due to the increased
rates paid on deposits during the fourth quarter of 2022.
The average loan yield was 5.43% for the fourth quarter of 2022,
up 26 basis points from the third quarter of 2022 primarily
reflecting increased market rates of interest coupled with loan
growth during the period.
Average PPP loans were $6.9
million for the fourth quarter of 2022, down $2.5 million, or 27%, from the third quarter of
2022. Unrecognized PPP lender fees totaled $94,000 at December 31, 2022.
Loan accretion income from acquired loans totaled $750,000 for the fourth quarter of 2022, down
$97,000, or 11%, compared to the
third quarter of 2022.
The average rate paid on total interest-bearing deposits was
0.44% for the fourth quarter of 2022, up 17 basis points from the
third quarter of 2022 due to the increased market rates of
interest.
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%.
|
|
For the Three Months
Ended
|
|
|
December 31,
2022
|
|
September 30,
2022
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$ 2,374,065
|
|
$
32,826
|
|
5.43 %
|
|
$ 2,265,846
|
|
$
29,859
|
|
5.17 %
|
Investment securities
(TE)
|
|
549,961
|
|
3,214
|
|
2.37
|
|
532,300
|
|
2,958
|
|
2.25
|
Other interest-earning
assets
|
|
62,240
|
|
555
|
|
3.54
|
|
262,127
|
|
1,447
|
|
2.19
|
Total interest-earning
assets
|
|
$ 2,986,266
|
|
$
36,595
|
|
4.82 %
|
|
$ 3,060,273
|
|
$
34,264
|
|
4.41 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$ 1,431,577
|
|
$
1,463
|
|
0.41 %
|
|
$ 1,522,350
|
|
$
876
|
|
0.23 %
|
Certificates of
deposit
|
|
338,389
|
|
486
|
|
0.57
|
|
371,925
|
|
394
|
|
0.42
|
Total interest-bearing
deposits
|
|
1,769,966
|
|
1,949
|
|
0.44
|
|
1,894,275
|
|
1,270
|
|
0.27
|
Other
borrowings
|
|
5,539
|
|
53
|
|
3.80
|
|
5,539
|
|
53
|
|
3.80
|
Subordinated
debt
|
|
53,984
|
|
855
|
|
6.33
|
|
53,943
|
|
859
|
|
6.37
|
FHLB
advances
|
|
54,620
|
|
456
|
|
3.28
|
|
24,977
|
|
105
|
|
1.68
|
Total interest-bearing
liabilities
|
|
$ 1,884,109
|
|
$
3,313
|
|
0.70 %
|
|
$ 1,978,734
|
|
$
2,287
|
|
0.46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
|
|
4.12 %
|
|
|
|
|
|
3.95 %
|
Net interest margin
(TE)
|
|
|
|
|
|
4.38 %
|
|
|
|
|
|
4.11 %
|
Noninterest Expense
Noninterest expense for the fourth quarter of 2022 totaled
$21.2 million, up $454,000, or 2%, compared to the third quarter of
2022. Compensation and benefits were up $752,000 from the third quarter of 2022 primarily
due to an increase in group health insurance and bonuses for the
quarter, partially offset by a decrease in credit losses on
unfunded commitments of $316,000.
Dividend and Share Repurchases
The Company announced that its Board of Directors declared a
quarterly cash dividend on shares of its common stock of
$0.25 per share payable on
February 17, 2023, to shareholders of record as of
February 6, 2023.
The Company repurchased 1,315 shares of its common stock during
the fourth quarter of 2022 at an average price per share of
$42.84 under the Company's 2020
Repurchase Plan. An additional 195,718 shares remain eligible for
purchase under the 2021 Repurchase Plan. The book value per share
and tangible book value per share of the Company's common stock was
$39.82 and $29.20, respectively, at December 31,
2022.
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 and PPP loans. Management believes the
presentation of this non-GAAP financial information provides useful
information that is helpful to a full understanding of the
Company's financial position and operating results. This non-GAAP
financial information should not be viewed as a substitute for
financial information determined in accordance with GAAP, nor is it
necessarily comparable to non-GAAP financial information presented
by other companies. A reconciliation of non-GAAP information
included herein to GAAP is presented below.
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
(dollars in
thousands, except per share data)
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
2021
|
|
|
|
|
|
|
|
Reported net
income
|
|
$
10,776
|
|
$
10,434
|
|
$
10,238
|
Add: Core deposit
intangible amortization, net tax
|
|
350
|
|
358
|
|
221
|
Non-GAAP tangible
income
|
|
$
11,126
|
|
$
10,792
|
|
$
10,459
|
|
|
|
|
|
|
|
Reported loan
income
|
|
$
32,826
|
|
$
29,859
|
|
$
24,215
|
Less: PPP loan
income
|
|
26
|
|
132
|
|
2,201
|
Loan income excluding
PPP loan income
|
|
$
32,800
|
|
$
29,727
|
|
$
22,014
|
|
|
|
|
|
|
|
Loan yield
|
|
5.43 %
|
|
5.17 %
|
|
5.12 %
|
Negative (positive)
impact of PPP loans
|
|
0.01
|
|
—
|
|
(0.29)
|
Loan yield excluding
PPP loans
|
|
5.44 %
|
|
5.17 %
|
|
4.83 %
|
|
|
|
|
|
|
|
Net interest
margin
|
|
4.38 %
|
|
4.11 %
|
|
3.53 %
|
Negative (positive)
impact of PPP loans
|
|
0.01
|
|
—
|
|
(0.24)
|
Net interest margin
excluding PPP loans
|
|
4.39 %
|
|
4.11 %
|
|
3.29 %
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,228,280
|
|
$
3,167,666
|
|
$
2,938,244
|
Less: Intangible
assets
|
|
87,973
|
|
87,839
|
|
61,949
|
Non-GAAP tangible
assets
|
|
$
3,140,307
|
|
$
3,079,827
|
|
$
2,876,295
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
329,954
|
|
$
316,656
|
|
$
351,903
|
Less: Intangible
assets
|
|
87,973
|
|
87,839
|
|
61,949
|
Non-GAAP tangible
shareholders' equity
|
|
$
241,981
|
|
$
228,817
|
|
$
289,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
$
2,430,750
|
|
$
2,303,279
|
|
$
1,840,093
|
Less: PPP
loans
|
|
6,692
|
|
7,094
|
|
43,637
|
Total loans excluding
PPP loans
|
|
$
2,424,058
|
|
$
2,296,185
|
|
$
1,796,456
|
|
|
|
|
|
|
|
Return on average
equity
|
|
13.23 %
|
|
12.35 %
|
|
11.65 %
|
Add: Average intangible
assets
|
|
5.52
|
|
4.99
|
|
2.83
|
Non-GAAP return on
average tangible common equity
|
|
18.75 %
|
|
17.34 %
|
|
14.48 %
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
10.22 %
|
|
10.00 %
|
|
11.98 %
|
Less: Intangible
assets
|
|
2.51
|
|
2.57
|
|
1.90
|
Non-GAAP tangible
common equity ratio
|
|
7.71 %
|
|
7.43 %
|
|
10.08 %
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
39.82
|
|
$
38.27
|
|
$
41.27
|
Less: Intangible
assets
|
|
10.62
|
|
10.61
|
|
7.27
|
Non-GAAP tangible book
value per share
|
|
$
29.20
|
|
$
27.66
|
|
$
34.00
|
|
|
|
|
|
|
|
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, 2021, describes some of
these factors, including risk elements in the loan portfolio, the
level of the allowance for credit losses, the impact of the
COVID-19 pandemic, risks of our growth strategy, geographic
concentration of our business, dependence on our management team,
risks of market rates of interest and of regulation on our business
and risks of competition. Forward-looking statements speak only as
of the date they are made. We do not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made or to
reflect the occurrence of unanticipated events.
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED STATEMENTS
OF FINANCIAL CONDITION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
December 31,
2022
|
|
September 30,
2022
|
|
%
Change
|
|
December 31,
2021
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
87,401
|
|
$
150,556
|
|
(42) %
|
|
$
601,443
|
Interest-bearing
deposits in banks
|
|
349
|
|
349
|
|
—
|
|
349
|
Investment securities
available for sale, at fair value
|
|
486,518
|
|
492,758
|
|
(1)
|
|
327,632
|
Investment securities
held to maturity
|
|
1,075
|
|
1,080
|
|
—
|
|
2,102
|
Mortgage loans held for
sale
|
|
98
|
|
169
|
|
(42)
|
|
1,104
|
Loans, net of unearned
income
|
|
2,430,750
|
|
2,303,279
|
|
6
|
|
1,840,093
|
Allowance for loan
losses
|
|
(29,299)
|
|
(27,351)
|
|
(7)
|
|
(21,089)
|
Total loans, net of
allowance for loan losses
|
|
2,401,451
|
|
2,275,928
|
|
6
|
|
1,819,004
|
Office properties and
equipment, net
|
|
43,560
|
|
43,685
|
|
—
|
|
43,542
|
Cash surrender value of
bank-owned life insurance
|
|
46,276
|
|
46,019
|
|
1
|
|
40,361
|
Goodwill and core
deposit intangibles
|
|
87,973
|
|
87,839
|
|
—
|
|
61,949
|
Accrued interest
receivable and other assets
|
|
73,579
|
|
69,283
|
|
6
|
|
40,758
|
Total
Assets
|
|
$
3,228,280
|
|
$
3,167,666
|
|
2
|
|
$
2,938,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
2,633,181
|
|
$
2,738,424
|
|
(4) %
|
|
$
2,535,849
|
Other
Borrowings
|
|
5,539
|
|
5,539
|
|
—
|
|
5,539
|
Subordinated debt, net
of issuance cost
|
|
54,013
|
|
53,958
|
|
—
|
|
—
|
Federal Home Loan Bank
advances
|
|
176,213
|
|
24,816
|
|
610
|
|
26,046
|
Accrued interest
payable and other liabilities
|
|
29,380
|
|
28,273
|
|
4
|
|
18,907
|
Total
Liabilities
|
|
2,898,326
|
|
2,851,010
|
|
2
|
|
2,586,341
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock
|
|
83
|
|
83
|
|
— %
|
|
85
|
Additional paid-in
capital
|
|
164,942
|
|
164,024
|
|
1
|
|
164,982
|
Common stock acquired
by benefit plans
|
|
(2,060)
|
|
(2,150)
|
|
4
|
|
(2,423)
|
Retained
earnings
|
|
206,296
|
|
197,553
|
|
4
|
|
188,515
|
Accumulated other
comprehensive (loss) income
|
|
(39,307)
|
|
(42,854)
|
|
8
|
|
744
|
Total Shareholders'
Equity
|
|
329,954
|
|
316,656
|
|
4
|
|
351,903
|
Total Liabilities
and Shareholders' Equity
|
|
$
3,228,280
|
|
$
3,167,666
|
|
2
|
|
$
2,938,244
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED STATEMENTS
OF INCOME
|
(Unaudited)
|
|
|
|
For the Three Months
Ended
|
(dollars in
thousands, except per share data)
|
|
December 31,
2022
|
|
September 30,
2022
|
|
%
Change
|
|
December 31,
2021
|
|
%
Change
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
32,826
|
|
$
29,859
|
|
10 %
|
|
$
24,215
|
|
36 %
|
Investment
securities
|
|
3,214
|
|
2,958
|
|
9
|
|
1,309
|
|
146
|
Other investments and
deposits
|
|
555
|
|
1,447
|
|
(62)
|
|
264
|
|
110
|
Total interest
income
|
|
36,595
|
|
34,264
|
|
7
|
|
25,788
|
|
42
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,949
|
|
1,270
|
|
53 %
|
|
974
|
|
100 %
|
Other
borrowings
|
|
53
|
|
53
|
|
—
|
|
53
|
|
—
|
Subordinated debt
expense
|
|
855
|
|
859
|
|
—
|
|
—
|
|
—
|
Federal Home Loan Bank
advances
|
|
456
|
|
105
|
|
334
|
|
111
|
|
311
|
Total interest
expense
|
|
3,313
|
|
2,287
|
|
45
|
|
1,138
|
|
191
|
Net interest
income
|
|
33,282
|
|
31,977
|
|
4
|
|
24,650
|
|
35
|
Provision (reversal)
for loan losses
|
|
1,987
|
|
1,696
|
|
17
|
|
(2,648)
|
|
175
|
Net interest income
after provision for loan losses
|
|
31,295
|
|
30,281
|
|
3
|
|
27,298
|
|
15
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,198
|
|
1,300
|
|
(8) %
|
|
1,224
|
|
(2) %
|
Bank card
fees
|
|
1,566
|
|
1,623
|
|
(4)
|
|
1,519
|
|
3
|
Gain on sale of loans,
net
|
|
22
|
|
78
|
|
(72)
|
|
376
|
|
(94)
|
Income from bank-owned
life insurance
|
|
257
|
|
231
|
|
11
|
|
219
|
|
17
|
Gain on sale of
assets, net
|
|
9
|
|
18
|
|
(50)
|
|
(44)
|
|
120
|
Other
income
|
|
287
|
|
224
|
|
28
|
|
240
|
|
20
|
Total noninterest
income
|
|
3,339
|
|
3,474
|
|
(4)
|
|
3,534
|
|
(6)
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
12,880
|
|
12,128
|
|
6 %
|
|
9,991
|
|
29 %
|
Occupancy
|
|
2,261
|
|
2,297
|
|
(2)
|
|
1,824
|
|
24
|
Marketing and
advertising
|
|
550
|
|
658
|
|
(16)
|
|
1,033
|
|
(47)
|
Data processing and
communication
|
|
2,295
|
|
2,284
|
|
—
|
|
2,237
|
|
3
|
Professional
fees
|
|
388
|
|
331
|
|
17
|
|
493
|
|
(21)
|
Forms, printing and
supplies
|
|
182
|
|
185
|
|
(2)
|
|
164
|
|
11
|
Franchise and shares
tax
|
|
693
|
|
633
|
|
9
|
|
396
|
|
75
|
Regulatory
fees
|
|
511
|
|
467
|
|
9
|
|
331
|
|
54
|
Foreclosed assets,
net
|
|
30
|
|
101
|
|
(70)
|
|
155
|
|
(81)
|
Amortization of
acquisition intangible
|
|
443
|
|
453
|
|
(2)
|
|
279
|
|
59
|
Provision for credit
losses on unfunded lending commitments
|
|
(170)
|
|
146
|
|
(216)
|
|
15
|
|
(1233)
|
Other
expenses
|
|
1,114
|
|
1,040
|
|
7
|
|
1,099
|
|
1
|
Total noninterest
expense
|
|
21,177
|
|
20,723
|
|
2
|
|
18,017
|
|
18
|
Income before income
tax expense
|
|
13,457
|
|
13,032
|
|
3
|
|
12,815
|
|
5
|
Income tax
expense
|
|
2,681
|
|
2,598
|
|
3
|
|
2,577
|
|
4
|
Net
income
|
|
$
10,776
|
|
$
10,434
|
|
3
|
|
$
10,238
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.33
|
|
$
1.29
|
|
3 %
|
|
$
1.24
|
|
7 %
|
Earnings per share -
diluted
|
|
$
1.32
|
|
$
1.28
|
|
3
|
|
$
1.23
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per common share
|
|
$
0.24
|
|
$
0.23
|
|
4 %
|
|
$
0.23
|
|
4 %
|
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
(Unaudited)
|
|
|
|
For the Three Months
Ended
|
(dollars in
thousands, except per share data)
|
|
December 31,
2022
|
|
September 30,
2022
|
|
%
Change
|
|
December 31,
2021
|
|
%
Change
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
36,595
|
|
$
34,264
|
|
7 %
|
|
$
25,788
|
|
42 %
|
Total interest
expense
|
|
3,313
|
|
2,287
|
|
45
|
|
1,138
|
|
191
|
Net interest
income
|
|
33,282
|
|
31,977
|
|
4
|
|
24,650
|
|
35
|
(Reversal) provision
for loan losses
|
|
1,987
|
|
1,696
|
|
17
|
|
(2,648)
|
|
175
|
Total noninterest
income
|
|
3,339
|
|
3,474
|
|
(4)
|
|
3,534
|
|
(6)
|
Total noninterest
expense
|
|
21,177
|
|
20,723
|
|
2
|
|
18,017
|
|
18
|
Income tax
expense
|
|
2,681
|
|
2,598
|
|
3
|
|
2,577
|
|
4
|
Net
income
|
|
$
10,776
|
|
$
10,434
|
|
3
|
|
$
10,238
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,173,676
|
|
$
3,265,907
|
|
(3) %
|
|
$
2,941,274
|
|
8 %
|
Total interest-earning
assets
|
|
2,986,266
|
|
3,060,273
|
|
(2)
|
|
2,749,445
|
|
9
|
Total loans
|
|
2,374,065
|
|
2,265,846
|
|
5
|
|
1,856,814
|
|
28
|
PPP loans
|
|
6,883
|
|
9,431
|
|
(27)
|
|
67,198
|
|
(90)
|
Total interest-bearing
deposits
|
|
1,769,966
|
|
1,894,275
|
|
(7)
|
|
1,729,341
|
|
2
|
Total interest-bearing
liabilities
|
|
1,884,109
|
|
1,978,734
|
|
(5)
|
|
1,761,052
|
|
7
|
Total
deposits
|
|
2,707,823
|
|
2,818,318
|
|
(4)
|
|
2,537,670
|
|
7
|
Total shareholders'
equity
|
|
323,102
|
|
335,053
|
|
(4)
|
|
348,635
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.33
|
|
$
1.29
|
|
3 %
|
|
$
1.24
|
|
7 %
|
Earnings per share -
diluted
|
|
1.32
|
|
1.28
|
|
3
|
|
1.23
|
|
7
|
Book value at period
end
|
|
39.82
|
|
38.27
|
|
4
|
|
41.27
|
|
(4)
|
Tangible book value at
period end
|
|
29.20
|
|
27.66
|
|
6
|
|
34.00
|
|
(14)
|
Shares outstanding at
period end
|
|
8,286,084
|
|
8,273,334
|
|
—
|
|
8,526,907
|
|
(3)
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
8,070,734
|
|
8,089,246
|
|
— %
|
|
8,278,472
|
|
(3) %
|
Diluted
|
|
8,119,481
|
|
8,138,307
|
|
—
|
|
8,331,749
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.35 %
|
|
1.27 %
|
|
6 %
|
|
1.38 %
|
|
(2) %
|
Return on average
equity
|
|
13.23
|
|
12.35
|
|
7
|
|
11.65
|
|
14
|
Common equity
ratio
|
|
10.22
|
|
10.00
|
|
2
|
|
11.98
|
|
(15)
|
Efficiency ratio
(2)
|
|
57.83
|
|
58.45
|
|
(1)
|
|
63.93
|
|
(10)
|
Average equity to
average assets
|
|
10.18
|
|
10.26
|
|
(1)
|
|
11.85
|
|
(14)
|
Tier 1 leverage capital
ratio (3)
|
|
10.43
|
|
9.76
|
|
7
|
|
9.77
|
|
7
|
Total risk-based
capital ratio (3)
|
|
13.63
|
|
13.65
|
|
—
|
|
15.85
|
|
(14)
|
Net interest margin
(4)
|
|
4.38
|
|
4.11
|
|
7
|
|
3.53
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio (5)
|
|
7.71 %
|
|
7.43 %
|
|
4 %
|
|
10.08 %
|
|
(24) %
|
Return on average
tangible common equity (6)
|
|
18.75
|
|
17.34
|
|
8
|
|
14.48
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
With the exception of
end-of-period ratios, all ratios are based on average daily
balances during the respective periods.
|
(2)
|
The efficiency ratio
represents noninterest expense as a percentage of total revenues.
Total revenues is the sum of net interest income and noninterest
income.
|
(3)
|
Capital ratios are
preliminary end-of-period ratios for the Bank only and are subject
to change.
|
(4)
|
Net interest margin
represents net interest income as a percentage of average
interest-earning assets. Taxable equivalent yields are calculated
using a marginal tax rate of 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)
|
|
|
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
2021
|
(dollars in
thousands)
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)
|
|
$
6,177
|
|
$
4,336
|
|
$
10,513
|
|
$
12,799
|
|
$
4,281
|
|
$
17,080
|
|
$
6,036
|
|
$
7,233
|
|
$
13,269
|
Accruing loans past due
90 days and over
|
|
—
|
|
2
|
|
2
|
|
—
|
|
3
|
|
3
|
|
—
|
|
6
|
|
6
|
Total nonperforming
loans
|
|
6,177
|
|
4,338
|
|
10,515
|
|
12,799
|
|
4,284
|
|
17,083
|
|
6,036
|
|
7,239
|
|
13,275
|
Foreclosed assets and
ORE
|
|
310
|
|
151
|
|
461
|
|
376
|
|
14
|
|
390
|
|
80
|
|
1,109
|
|
1,189
|
Total nonperforming
assets
|
|
6,487
|
|
4,489
|
|
10,976
|
|
13,175
|
|
4,298
|
|
17,473
|
|
6,116
|
|
8,348
|
|
14,464
|
Performing troubled
debt restructurings
|
|
1,605
|
|
4,600
|
|
6,205
|
|
879
|
|
4,686
|
|
5,565
|
|
1,096
|
|
3,867
|
|
4,963
|
Total nonperforming
assets and troubled debt restructurings
|
|
$
8,092
|
|
$
9,089
|
|
$
17,181
|
|
$
14,054
|
|
$
8,984
|
|
$
23,038
|
|
$
7,212
|
|
$
12,215
|
|
$
19,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
0.34 %
|
|
|
|
|
|
0.55 %
|
|
|
|
|
|
0.49 %
|
Nonperforming loans to
total assets
|
|
|
|
|
|
0.33
|
|
|
|
|
|
0.54
|
|
|
|
|
|
0.45
|
Nonperforming loans to
total loans
|
|
|
|
|
|
0.43
|
|
|
|
|
|
0.74
|
|
|
|
|
|
0.72
|
|
|
(1)
|
It is our policy to
cease accruing interest on loans 90 days or more past due.
Nonperforming assets consist of nonperforming loans, foreclosed
assets and other real estate (ORE). Foreclosed assets consist of
assets acquired through foreclosure or acceptance of title in-lieu
of foreclosure. ORE consists of closed or unused bank
buildings.
|
(2)
|
Nonaccrual loans
include originated restructured loans placed on nonaccrual totaling
$3.1 million, $3.3 million and $3.7 million at December 31, 2022,
September 30, 2022 and December 31, 2021, respectively. Acquired
restructured loans placed on nonaccrual totaled $3.7 million, $4.7
million and $3.5 million at December 31, 2022, September 30, 2022
and December 31, 2021, respectively.
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HOME BANCORP, INC.
AND SUBSIDIARY
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SUMMARY CREDIT
QUALITY INFORMATION - CONTINUED
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(Unaudited)
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12/31/2022
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9/30/2022
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12/31/2021
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Collectively
Evaluated
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Individually
Evaluated
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Total
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Collectively
Evaluated
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Individually
Evaluated
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Total
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Collectively
Evaluated
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Individually
Evaluated
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Total
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ALLOWANCE FOR CREDIT
LOSSES
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One- to four-family
first mortgage
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$
2,883
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$
—
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$ 2,883
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$
2,293
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$
32
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$ 2,325
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$
1,944
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$
—
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$ 1,944
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Home equity loans and
lines
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624
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—
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624
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500
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—
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500
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|
508
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—
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508
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Commercial real
estate
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13,264
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|
550
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13,814
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12,504
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1,193
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13,697
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10,207
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|
247
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10,454
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Construction and
land
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4,680
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—
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4,680
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4,973
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—
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4,973
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|
3,572
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—
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|
3,572
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Multi-family
residential
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|
572
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—
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|
572
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|
498
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—
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|
498
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|
457
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|
—
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|
457
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Commercial and
industrial
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5,853
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|
171
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6,024
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4,523
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188
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4,711
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3,095
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|
425
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3,520
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Consumer
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|
702
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—
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|
702
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|
647
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—
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|
647
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|
634
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—
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|
634
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Total allowance for
loan losses
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$
28,578
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$
721
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$
29,299
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$
25,938
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$
1,413
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$
27,351
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$
20,417
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$
672
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$
21,089
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Unfunded lending
commitments(1)
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2,093
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—
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2,093
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2,263
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—
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2,263
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|
1,815
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—
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1,815
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Total allowance for
credit losses
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$
30,671
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$
721
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$
31,392
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$
28,201
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$
1,413
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$
29,614
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$
22,232
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$
672
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$
22,904
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Allowance for loan
losses to nonperforming assets
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266.94 %
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156.53 %
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145.80 %
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Allowance for loan
losses to nonperforming loans
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278.64
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160.11
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158.86
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Allowance for loan
losses to total loans
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1.21
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1.19
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1.15
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Allowance for credit
losses to total loans
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1.29
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1.29
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1.24
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Year-to-date loan
charge-offs
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$ 1,398
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$ 1,260
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$ 2,305
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Year-to-date loan
recoveries
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|
704
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|
605
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|
592
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Year-to-date net loan
charge-offs
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$
694
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$
655
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$ 1,713
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Annualized YTD net loan
charge-offs to average loans
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0.03 %
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0.04 %
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0.09 %
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(1)
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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.