LAFAYETTE, La., April 18,
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 first quarter of 2023. For the quarter, the Company reported
net income of $11.3 million, or
$1.39 per diluted common share
("diluted EPS"), up $544,000 from
$10.8 million, or $1.32 diluted EPS, for the fourth quarter of
2022.
"The headlines for the quarter focused on two well publicized
bank failures which don't tell the whole story," said John W. Bordelon, President and Chief Executive
Officer of the Company and the Bank. "Home Bancorp is well
capitalized and has appropriate liquidity to meet our customer
needs. We continue to attract outstanding commercial talent in
various markets throughout our footprint while maintaining a strong
credit discipline. Loan growth moderated in the first quarter of
2023 due in part to market volatility. Loans increased
approximately 1.5% in 2023 resulting in a net loan growth,
excluding PPP, for the seventh consecutive quarter. As we move
forward in 2023, we remain committed to providing exceptional
service to our new and existing customers. The Company is
well positioned for the remainder of 2023."
First Quarter 2023 Highlights
- Loans totaled $2.5 billion at
March 31, 2023, up $35.6 million, or 1.5%, or 6% annualized, from
December 31, 2022.
- Net interest income totaled $31.6
million, down $1.7 million, or
5% from the prior quarter.
- The net interest margin ("NIM") decreased 20 basis points from
4.38% for the fourth quarter of 2022 to 4.18%.
- The Company recorded a $814,000
provision to the allowance for loan losses primarily due to loan
growth.
- Nonperforming assets totaled $11.3
million, or 0.35% of total assets, up $336,000, or 3%, from $11.0 million, or 0.34% of total assets, at
December 31, 2022 primarily due to
one credit relationship being downgraded to substandard.
Loans
Loans totaled $2.5 billion at
March 31, 2023, up $35.6
million, or 1%, from December 31, 2022. PPP loans,
included in commercial and industrial loans, decreased $466,000, or 7%, from December 31, 2022. The
following table summarizes the changes in the Company's loan
portfolio, net of unearned income, from December 31, 2022
to March 31, 2023.
|
(dollars in
thousands)
|
|
3/31/2023
|
|
12/31/2022
|
|
Increase
(Decrease)
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
405,638
|
|
$
389,616
|
|
$ 16,022
|
|
4 %
|
|
Home equity loans and
lines
|
|
64,107
|
|
61,863
|
|
2,244
|
|
4
|
|
Commercial real
estate
|
|
1,162,367
|
|
1,152,537
|
|
9,830
|
|
1
|
|
Construction and
land
|
|
318,622
|
|
313,175
|
|
5,447
|
|
2
|
|
Multi-family
residential
|
|
102,604
|
|
100,588
|
|
2,016
|
|
2
|
|
Total real estate
loans
|
|
2,053,338
|
|
2,017,779
|
|
35,559
|
|
2
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
379,119
|
|
377,894
|
|
1,225
|
|
—
|
|
Consumer
|
|
33,935
|
|
35,077
|
|
(1,142)
|
|
(3)
|
|
Total other
loans
|
|
413,054
|
|
412,971
|
|
83
|
|
—
|
|
Total loans
|
|
$
2,466,392
|
|
$
2,430,750
|
|
$ 35,642
|
|
1 %
|
The average loan yield was 5.67% for the first quarter of 2023,
up 24 basis points from the fourth quarter of 2022. Loan growth
during the first quarter of 2023 was across all loan types with the
exception of consumer. One- to four-family first mortgage loan
growth for the current quarter was primarily in our Acadiana,
New Orleans and Southwest Louisiana markets. The growth in
commercial real estate and construction loans was primarily within
our Houston and Northshore
markets.
Credit Quality and Allowance for Credit Losses
Nonperforming assets ("NPAs") totaled $11.3 million, or 0.35% of total assets, at
March 31, 2023, up $336,000, or
3%, from $11.0 million, or 0.34% of
total assets, at December 31, 2022. During the first quarter
of 2023, the Company recorded net loan recoveries of $5,000, compared to net loan charge-offs of
$39,000 during the fourth quarter of
2022.
The Company provisioned $814,000
to the allowance for loan losses in the first quarter of 2023. At
March 31, 2023, the allowance for loan losses totaled
$30.1 million, or 1.22% of total
loans, compared to $29.3 million, or
1.21% of total loans, at December 31, 2022. Provisions to the
allowance for loan losses are based upon, among other factors, our
estimation of current expected losses in our loan portfolio, which
we evaluate on a quarterly basis. Changes in expected losses
consider various factors including the changing economic activity,
potential mitigating effects of governmental stimulus, borrower
specific information impacting changes in risk ratings, projected
delinquencies and the impact of industry-wide loan modification
efforts, among other factors.
The following tables present the Company's loan portfolio by
credit quality classification as of March 31, 2023 and
December 31, 2022.
|
March 31,
2023
|
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
|
One- to four-family
first mortgage
|
|
$
401,296
|
|
$
1,224
|
|
$
3,118
|
|
$
405,638
|
|
Home equity loans and
lines
|
|
64,076
|
|
—
|
|
31
|
|
64,107
|
|
Commercial real
estate
|
|
1,148,828
|
|
340
|
|
13,199
|
|
1,162,367
|
|
Construction and
land
|
|
311,638
|
|
5,431
|
|
1,553
|
|
318,622
|
|
Multi-family
residential
|
|
99,221
|
|
—
|
|
3,383
|
|
102,604
|
|
Commercial and
industrial
|
|
374,364
|
|
2,783
|
|
1,972
|
|
379,119
|
|
Consumer
|
|
33,672
|
|
—
|
|
263
|
|
33,935
|
|
Total
|
|
$ 2,433,095
|
|
$
9,778
|
|
$
23,519
|
|
$ 2,466,392
|
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
(dollars in
thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Total
|
|
One- to four-family
first mortgage
|
|
$
385,199
|
|
$
1,194
|
|
$
3,223
|
|
$
389,616
|
|
Home equity loans and
lines
|
|
61,830
|
|
—
|
|
33
|
|
61,863
|
|
Commercial real
estate
|
|
1,138,584
|
|
524
|
|
13,429
|
|
1,152,537
|
|
Construction and
land
|
|
312,008
|
|
520
|
|
647
|
|
313,175
|
|
Multi-family
residential
|
|
97,202
|
|
3,312
|
|
74
|
|
100,588
|
|
Commercial and
industrial
|
|
372,775
|
|
1,533
|
|
3,586
|
|
377,894
|
|
Consumer
|
|
34,543
|
|
—
|
|
534
|
|
35,077
|
|
Total
|
|
$ 2,402,141
|
|
$
7,083
|
|
$
21,526
|
|
$ 2,430,750
|
Investment Securities
The Company's investment securities portfolio totaled
$467.6 million at March 31,
2023, a decrease of $20.0 million, or
4% from December 31, 2022. During the
first quarter 2023, the Company recorded a net loss of $249,000 related to the sale of
available-for-sale investment securities totaling $14.0 million of securities. At March 31,
2023, the Company had a net unrealized loss position on its
investment securities of $47.1
million, compared to a net unrealized loss of $54.8 million at December 31, 2022.
The Company's investment securities portfolio had an effective
duration of 4.5 years at March 31, 2023 and December 31,
2022.
The following table summarizes the composition of the Company's
investment securities portfolio at March 31, 2023.
|
(dollars in thousands)
|
|
Amortized
Cost
|
|
Fair Value
|
|
Available for
sale:
|
|
|
|
|
|
U.S. agency
mortgage-backed
|
|
$
341,049
|
|
$
307,381
|
|
Collateralized
mortgage obligations
|
|
88,800
|
|
84,887
|
|
Municipal
bonds
|
|
56,426
|
|
48,556
|
|
U.S. government
agency
|
|
20,301
|
|
19,322
|
|
Corporate
bonds
|
|
6,980
|
|
6,360
|
|
Total available for
sale
|
|
$
513,556
|
|
$
466,506
|
|
Held to
maturity:
|
|
|
|
|
|
Municipal
bonds
|
|
$
1,070
|
|
$
1,069
|
|
Total held to
maturity
|
|
$
1,070
|
|
$
1,069
|
Approximately 38% of the investment securities portfolio was
pledged as of March 31, 2023. As of March 31,
2023 and December 31, 2022, the Company had $146.5 million and $170.0
million, respectively, of securities pledged to secure
public deposits.
Deposits
Total deposits were $2.6 billion
at March 31, 2023, down $75.4
million, or 3%, from December 31, 2022. Non-maturity
deposits decreased $111.9 million, or
5% during the first quarter of 2023 to $2.2
billion. The following table summarizes the changes in the
Company's deposits from December 31, 2022 to March 31,
2023.
|
(dollars in
thousands)
|
|
3/31/2023
|
|
12/31/2022
|
|
Increase
(Decrease)
|
|
Demand
deposits
|
|
$
854,736
|
|
$
904,301
|
|
$
(49,565)
|
|
(5) %
|
|
Savings
|
|
288,788
|
|
305,871
|
|
(17,083)
|
|
(6)
|
|
Money market
|
|
384,809
|
|
423,990
|
|
(39,181)
|
|
(9)
|
|
NOW
|
|
657,499
|
|
663,574
|
|
(6,075)
|
|
(1)
|
|
Certificates of
deposit
|
|
371,912
|
|
335,445
|
|
36,467
|
|
11
|
|
Total
deposits
|
|
$
2,557,744
|
|
$
2,633,181
|
|
$
(75,437)
|
|
(3) %
|
The average rate on interest-bearing deposits increased 33 basis
points from 0.44% for the fourth quarter of 2022 to 0.77% for the
first quarter of 2023. At March 31, 2023, certificates of
deposit maturing within the next 12 months totaled $305.1 million.
We obtain most of our deposits from individuals, small
businesses and public funds in our market areas. The following
table presents our deposits per customer type for the periods
indicated.
|
|
March 31,
2023
|
|
December 31,
2022
|
|
Individuals
|
|
51 %
|
|
51 %
|
|
Small
businesses
|
|
39
|
|
40
|
|
Public funds
|
|
8
|
|
7
|
|
Broker
|
|
2
|
|
2
|
|
Total
|
|
100 %
|
|
100 %
|
|
|
|
|
|
The total amounts of our uninsured deposits (deposits in excess
of $250,000, as calculated in
accordance with FDIC regulations) were $778.0 million at March 31, 2023 and
$830.9 million at
December 31, 2022. Public funds in excess of the FDIC
insurance limits are fully collateralized.
Net Interest Income
The net interest margin ("NIM") decreased 20 basis points from
4.38% for the fourth quarter of 2022 to 4.18% for the first quarter
of 2023 primarily due to an increase in the average cost of
interest-bearing liabilities, which was partially offset with an
increase in the average yield on interest-earning assets. The
increase in average cost of interest-bearing liabilities was
primarily due to the higher costs on short-term FHLB borrowings and
deposits in the first quarter of 2023.
The average loan yield was 5.67% for the first quarter of 2023,
up 24 basis points from the fourth quarter of 2022 primarily
reflecting increased market rates of interest on variable loans
coupled with new loan originations at higher market rates
during the period.
Average other interest-earning assets were $53.5 million for the first quarter of 2023, down
$8.8 million, or 14%, from the fourth
quarter of 2022 primarily due to a reallocation of certain other
interest-earning assets to partially fund the increase in
loans.
Unrecognized PPP lender fees totaled $84,000 at March 31, 2023. Loan
accretion income from acquired loans totaled $668,000 for the first quarter of 2023, down
$82,000, or 11% from the fourth
quarter of 2022.
The following table summarizes the Company's average volume and
rate of its interest-earning assets and interest-bearing
liabilities for the periods indicated. Taxable equivalent ("TE")
yields on investment securities have been calculated using a
marginal tax rate of 21%.
|
|
Quarter
Ended
|
|
|
3/31/2023
|
|
12/31/2022
|
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$
2,437,770
|
|
$
34,498
|
|
5.67 %
|
|
$
2,374,065
|
|
$
32,826
|
|
5.43 %
|
|
Investment securities
(TE)
|
|
535,195
|
|
3,142
|
|
2.38
|
|
549,961
|
|
3,214
|
|
2.37
|
|
Other interest-earning
assets
|
|
53,456
|
|
475
|
|
3.60
|
|
62,240
|
|
555
|
|
3.54
|
|
Total interest-earning
assets
|
|
$
3,026,421
|
|
$
38,115
|
|
5.05 %
|
|
$
2,986,266
|
|
$
36,595
|
|
4.82 %
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$
1,349,185
|
|
$
2,048
|
|
0.62 %
|
|
$
1,431,577
|
|
$
1,463
|
|
0.41 %
|
|
Certificates of
deposit
|
|
349,683
|
|
1,192
|
|
1.38
|
|
338,389
|
|
486
|
|
0.57
|
|
Total interest-bearing
deposits
|
|
1,698,868
|
|
3,240
|
|
0.77
|
|
1,769,966
|
|
1,949
|
|
0.44
|
|
Other
borrowings
|
|
5,539
|
|
53
|
|
3.89
|
|
5,539
|
|
53
|
|
3.80
|
|
Subordinated
debt
|
|
54,041
|
|
851
|
|
6.30
|
|
53,984
|
|
851
|
|
6.30
|
|
FHLB
advances
|
|
215,478
|
|
2,376
|
|
4.41
|
|
54,620
|
|
456
|
|
3.28
|
|
Total interest-bearing
liabilities
|
|
$
1,973,926
|
|
$
6,520
|
|
1.33 %
|
|
$
1,884,109
|
|
$
3,309
|
|
0.70 %
|
|
Net interest spread
(TE)
|
|
|
|
|
|
3.72 %
|
|
|
|
|
|
4.12 %
|
|
Net interest margin
(TE)
|
|
|
|
|
|
4.18 %
|
|
|
|
|
|
4.38 %
|
Noninterest Income
Noninterest income for the first quarter of 2023 totaled
$3.3 million, down $28,000, or 1%, from the fourth quarter of 2022.
The decrease was related primarily to a net loss on sale of
securities totaling $249,000 during
the first quarter of 2023, which was partially offset by an
increase in bank card fees of $221,000 for the first quarter of 2023 compared
to the fourth quarter of 2022.
Noninterest Expense
Noninterest expense for the first quarter of 2023 totaled
$19.9 million, down $1.2 million, or 6%, from the fourth quarter of
2022. The decrease was primarily related to lower expenses in
foreclosed assets ($769,000 primarily
due to a recovery of a previous loss), compensation and benefits
expense (down $441,000), marketing
and advertising expenses (down $243,000) and franchise and shares tax expense
(down $152,000), which were offset
with an increase in provision for unfunded commitments.(up
$380,000) during the first quarter of
2023.
Capital and Liquidity
At March 31, 2023, shareholders' equity totaled
$345.1 million, up $15.1 million, or 5%, compared to $330.0 million at December 31, 2022. The
increase was primarily due to the Company's earnings of
$11.3 million in the quarter and a
$5.5 million reduction in the
accumulated other comprehensive loss on available for sale
investment securities during the first quarter of 2023. The market
value of the Company's available for sale securities at
March 31, 2023 increased $7.7
million, or 14%, compared to $54.8
million at December 31, 2022. Preliminary Tier 1
leverage capital and total risk-based capital ratios were 10.69%
and 14.00%, respectively, at March 31, 2023, compared to
10.43% and 13.63%, respectively, at December 31, 2022.
The following table summarizes the Company's primary and
secondary sources of liquidity which were available at
March 31, 2023.
|
(dollars in
thousands)
|
|
March 31,
2023
|
|
Cash and cash
equivalents
|
|
$
107,171
|
|
Unpledged investment
securities, amortized cost(1)
|
|
352,077
|
|
FHLB advance
availability(1)
|
|
913,921
|
|
Amounts available from
unsecured lines of credit
|
|
55,000
|
|
Federal Reserve
discount window availability(1)
|
|
500
|
|
Total primary and
secondary sources of available liquidity
|
|
$
1,428,669
|
|
____________________
|
|
(1)
|
Approximately $148.2
million of securities were moved in April 2023 from Federal Home
Loan Bank to the Federal Reserve for future discount window
availability at the Federal Reserve.
|
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
May 12, 2023, to shareholders of record as of May 1,
2023.
The Company repurchased 10,199 shares of its common stock during
the first quarter of 2023 at an average price per share of
$32.81. An additional 185,519 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 $41.66 and
$31.09, respectively, at
March 31, 2023.
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, PPP loans and certain acquisition
related metrics. 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)
|
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
|
Reported net
income
|
|
$
11,320
|
|
$
10,776
|
|
$
4,401
|
|
Add: Core deposit
intangible amortization, net tax
|
|
352
|
|
350
|
|
199
|
|
Non-GAAP tangible
income
|
|
$
11,672
|
|
$
11,126
|
|
$
4,600
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,266,970
|
|
$ 3,228,280
|
|
$
3,332,228
|
|
Less: Intangible
assets
|
|
87,527
|
|
87,973
|
|
87,569
|
|
Non-GAAP tangible
assets
|
|
$
3,179,443
|
|
$ 3,140,307
|
|
$
3,244,659
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
345,100
|
|
$
329,954
|
|
$
337,504
|
|
Less: Intangible
assets
|
|
87,527
|
|
87,973
|
|
87,569
|
|
Non-GAAP tangible
shareholders' equity
|
|
$
257,573
|
|
$
241,981
|
|
$
249,935
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
13.53 %
|
|
13.23 %
|
|
5.08 %
|
|
Add: Average intangible
assets
|
|
5.29
|
|
5.52
|
|
1.39
|
|
Non-GAAP return on
average tangible common equity
|
|
18.82 %
|
|
18.75 %
|
|
6.47 %
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
10.56 %
|
|
10.22 %
|
|
10.13 %
|
|
Less: Intangible
assets
|
|
2.46
|
|
2.51
|
|
2.43
|
|
Non-GAAP tangible
common equity ratio
|
|
8.10 %
|
|
7.71 %
|
|
7.70 %
|
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
41.66
|
|
$
39.82
|
|
$
39.93
|
|
Less: Intangible
assets
|
|
10.57
|
|
10.62
|
|
10.36
|
|
Non-GAAP tangible book
value per share
|
|
$
31.09
|
|
$
29.20
|
|
$
29.57
|
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, 2022 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)
|
|
3/31/2023
|
|
12/31/2022
|
|
%
Change
|
|
3/31/2022
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
107,171
|
|
$
87,401
|
|
23 %
|
|
$
548,019
|
|
Interest-bearing
deposits in banks
|
|
349
|
|
349
|
|
—
|
|
349
|
|
Investment securities
available for sale, at fair value
|
|
466,506
|
|
486,518
|
|
(4)
|
|
415,260
|
|
Investment securities
held to maturity
|
|
1,070
|
|
1,075
|
|
—
|
|
2,094
|
|
Mortgage loans held for
sale
|
|
473
|
|
98
|
|
383
|
|
4,187
|
|
Loans, net of unearned
income
|
|
2,466,392
|
|
2,430,750
|
|
1
|
|
2,157,969
|
|
Allowance for loan
losses
|
|
(30,118)
|
|
(29,299)
|
|
3
|
|
(26,731)
|
|
Total loans, net of
allowance for loan losses
|
|
2,436,274
|
|
2,401,451
|
|
1
|
|
2,131,238
|
|
Office properties and
equipment, net
|
|
42,844
|
|
43,560
|
|
(2)
|
|
43,929
|
|
Cash surrender value of
bank-owned life insurance
|
|
46,528
|
|
46,276
|
|
1
|
|
40,575
|
|
Goodwill and core
deposit intangibles
|
|
87,527
|
|
87,973
|
|
(1)
|
|
87,569
|
|
Accrued interest
receivable and other assets
|
|
78,228
|
|
73,579
|
|
6
|
|
59,008
|
|
Total
Assets
|
|
$
3,266,970
|
|
$
3,228,280
|
|
1
|
|
$
3,332,228
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
2,557,744
|
|
$
2,633,181
|
|
(3) %
|
|
$
2,941,179
|
|
Other
Borrowings
|
|
5,539
|
|
5,539
|
|
—
|
|
5,539
|
|
Subordinated debt, net
of issuance cost
|
|
54,073
|
|
54,013
|
|
—
|
|
—
|
|
Federal Home Loan Bank
advances
|
|
276,727
|
|
176,213
|
|
57
|
|
25,671
|
|
Accrued interest
payable and other liabilities
|
|
27,787
|
|
29,380
|
|
(5)
|
|
22,335
|
|
Total
Liabilities
|
|
2,921,870
|
|
2,898,326
|
|
1
|
|
2,994,724
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
83
|
|
83
|
|
—
|
|
85
|
|
Additional paid-in
capital
|
|
165,470
|
|
164,942
|
|
—
|
|
164,830
|
|
Common stock acquired
by benefit plans
|
|
(1,969)
|
|
(2,060)
|
|
4
|
|
(2,332)
|
|
Retained
earnings
|
|
215,290
|
|
206,296
|
|
4
|
|
188,386
|
|
Accumulated other
comprehensive loss
|
|
(33,774)
|
|
(39,307)
|
|
14
|
|
(13,465)
|
|
Total Shareholders'
Equity
|
|
345,100
|
|
329,954
|
|
5
|
|
337,504
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
3,266,970
|
|
$
3,228,280
|
|
1
|
|
$
3,332,228
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
CONDENSED STATEMENTS
OF INCOME
|
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
(dollars in
thousands, except per share data)
|
|
3/31/2023
|
|
12/31/2022
|
|
%
Change
|
|
3/31/2022
|
|
%
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
34,498
|
|
$
32,826
|
|
5 %
|
|
$
22,671
|
|
52 %
|
|
Investment
securities
|
|
3,142
|
|
3,214
|
|
(2)
|
|
1,618
|
|
94
|
|
Other investments and
deposits
|
|
475
|
|
555
|
|
(14)
|
|
277
|
|
71
|
|
Total interest
income
|
|
38,115
|
|
36,595
|
|
4
|
|
24,566
|
|
55
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
3,240
|
|
1,949
|
|
66 %
|
|
893
|
|
263 %
|
|
Other
borrowings
|
|
53
|
|
53
|
|
—
|
|
53
|
|
—
|
|
Subordinated debt
expense
|
|
851
|
|
851
|
|
—
|
|
—
|
|
—
|
|
Federal Home Loan Bank
advances
|
|
2,376
|
|
456
|
|
421
|
|
109
|
|
2080
|
|
Total interest
expense
|
|
6,520
|
|
3,309
|
|
97
|
|
1,055
|
|
518
|
|
Net interest
income
|
|
31,595
|
|
33,286
|
|
(5)
|
|
23,511
|
|
34
|
|
Provision for loan
losses
|
|
814
|
|
1,987
|
|
(59)
|
|
3,215
|
|
(75)
|
|
Net interest income
after provision for loan losses
|
|
30,781
|
|
31,299
|
|
(2)
|
|
20,296
|
|
52
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,250
|
|
1,198
|
|
4 %
|
|
1,165
|
|
7 %
|
|
Bank card
fees
|
|
1,787
|
|
1,566
|
|
14
|
|
1,454
|
|
23
|
|
Gain on sale of loans,
net
|
|
57
|
|
22
|
|
159
|
|
299
|
|
(81)
|
|
Income from bank-owned
life insurance
|
|
253
|
|
257
|
|
(2)
|
|
214
|
|
18
|
|
Loss on sale of
securities, net
|
|
(249)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(Loss) gain on sale of
assets, net
|
|
(17)
|
|
9
|
|
(289)
|
|
5
|
|
(440)
|
|
Other
income
|
|
230
|
|
287
|
|
(20)
|
|
249
|
|
(8)
|
|
Total noninterest
income
|
|
3,311
|
|
3,339
|
|
(1)
|
|
3,386
|
|
(2)
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
12,439
|
|
12,880
|
|
(3) %
|
|
10,159
|
|
22 %
|
|
Occupancy
|
|
2,350
|
|
2,261
|
|
4
|
|
1,803
|
|
30
|
|
Marketing and
advertising
|
|
307
|
|
550
|
|
(44)
|
|
407
|
|
(25)
|
|
Data processing and
communication
|
|
2,321
|
|
2,295
|
|
1
|
|
2,195
|
|
6
|
|
Professional
fees
|
|
364
|
|
392
|
|
(7)
|
|
542
|
|
(33)
|
|
Forms, printing and
supplies
|
|
187
|
|
182
|
|
3
|
|
146
|
|
28
|
|
Franchise and shares
tax
|
|
541
|
|
693
|
|
(22)
|
|
391
|
|
38
|
|
Regulatory
fees
|
|
539
|
|
511
|
|
5
|
|
446
|
|
21
|
|
Foreclosed assets,
net
|
|
(739)
|
|
30
|
|
(2563)
|
|
402
|
|
(284)
|
|
Amortization of
acquisition intangible
|
|
446
|
|
443
|
|
1
|
|
252
|
|
77
|
|
Provision for credit
losses on unfunded commitments
|
|
210
|
|
(170)
|
|
224
|
|
302
|
|
(30)
|
|
Other
expenses
|
|
975
|
|
1,114
|
|
(12)
|
|
1,195
|
|
(18)
|
|
Total noninterest
expense
|
|
19,940
|
|
21,181
|
|
(6)
|
|
18,240
|
|
9
|
|
Income before income
tax expense
|
|
14,152
|
|
13,457
|
|
5
|
|
5,442
|
|
160
|
|
Income tax
expense
|
|
2,832
|
|
2,681
|
|
6
|
|
1,041
|
|
172
|
|
Net
income
|
|
$
11,320
|
|
$
10,776
|
|
5
|
|
$
4,401
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.40
|
|
$
1.33
|
|
5 %
|
|
$
0.53
|
|
164 %
|
|
Earnings per share -
diluted
|
|
$
1.39
|
|
$
1.32
|
|
5 %
|
|
$
0.53
|
|
162 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per common share
|
|
$
0.25
|
|
$
0.24
|
|
4 %
|
|
$
0.23
|
|
9 %
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
(dollars in
thousands, except per share data)
|
|
3/31/2023
|
|
12/31/2022
|
|
%
Change
|
|
3/31/2022
|
|
%
Change
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
38,115
|
|
$
36,595
|
|
4 %
|
|
$
24,566
|
|
55 %
|
|
Total interest
expense
|
|
6,520
|
|
3,309
|
|
97
|
|
1,055
|
|
518
|
|
Net interest
income
|
|
31,595
|
|
33,286
|
|
(5)
|
|
23,511
|
|
34
|
|
Provision for loan
losses
|
|
814
|
|
1,987
|
|
(59)
|
|
3,215
|
|
(75)
|
|
Total noninterest
income
|
|
3,311
|
|
3,339
|
|
(1)
|
|
3,386
|
|
(2)
|
|
Total noninterest
expense
|
|
19,940
|
|
21,181
|
|
(6)
|
|
18,240
|
|
9
|
|
Income tax
expense
|
|
2,832
|
|
2,681
|
|
6
|
|
1,041
|
|
172
|
|
Net income
|
|
$
11,320
|
|
$
10,776
|
|
5
|
|
$
4,401
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,219,856
|
|
$
3,173,676
|
|
1 %
|
|
$
2,977,559
|
|
8 %
|
|
Total interest-earning
assets
|
|
3,026,421
|
|
2,986,266
|
|
1
|
|
2,783,614
|
|
9
|
|
Total loans
|
|
2,437,770
|
|
2,374,065
|
|
3
|
|
1,862,616
|
|
31
|
|
PPP loans
|
|
6,386
|
|
6,883
|
|
(7)
|
|
31,326
|
|
(80)
|
|
Total interest-bearing
deposits
|
|
1,698,868
|
|
1,769,966
|
|
(4)
|
|
1,779,832
|
|
(5)
|
|
Total interest-bearing
liabilities
|
|
1,973,926
|
|
1,884,109
|
|
5
|
|
1,811,166
|
|
9
|
|
Total
deposits
|
|
2,578,369
|
|
2,707,823
|
|
(5)
|
|
2,576,378
|
|
—
|
|
Total shareholders'
equity
|
|
339,311
|
|
323,102
|
|
5
|
|
351,337
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.40
|
|
$
1.33
|
|
5 %
|
|
$
0.53
|
|
164 %
|
|
Earnings per share -
diluted
|
|
1.39
|
|
1.32
|
|
5
|
|
0.53
|
|
162
|
|
Book value at period
end
|
|
41.66
|
|
39.82
|
|
5
|
|
39.93
|
|
4
|
|
Tangible book value at
period end
|
|
31.09
|
|
29.20
|
|
6
|
|
29.57
|
|
5
|
|
Shares outstanding at
period end
|
|
8,284,130
|
|
8,286,084
|
|
—
|
|
8,453,014
|
|
(2)
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
8,087,524
|
|
8,070,734
|
|
— %
|
|
8,270,209
|
|
(2) %
|
|
Diluted
|
|
8,136,583
|
|
8,119,481
|
|
—
|
|
8,336,561
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.43 %
|
|
1.35 %
|
|
6 %
|
|
0.60 %
|
|
138 %
|
|
Return on average
equity
|
|
13.53
|
|
13.23
|
|
2
|
|
5.08
|
|
166
|
|
Common equity
ratio
|
|
10.56
|
|
10.22
|
|
3
|
|
10.13
|
|
4
|
|
Efficiency ratio
(2)
|
|
57.12
|
|
57.83
|
|
(1)
|
|
67.81
|
|
(16)
|
|
Average equity to
average assets
|
|
10.54
|
|
10.18
|
|
4
|
|
11.80
|
|
(11)
|
|
Tier 1 leverage capital
ratio (3)
|
|
10.69
|
|
10.43
|
|
2
|
|
8.67
|
|
23
|
|
Total risk-based
capital ratio (3)
|
|
14.00
|
|
13.63
|
|
3
|
|
12.28
|
|
14
|
|
Net interest margin
(4)
|
|
4.18
|
|
4.38
|
|
(5)
|
|
3.39
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio (5)
|
|
8.10 %
|
|
7.71 %
|
|
5 %
|
|
7.70 %
|
|
5 %
|
|
Return on average
tangible common equity (6)
|
|
18.82
|
|
18.75
|
|
—
|
|
6.47
|
|
191
|
|
|
|
(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)
|
|
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
|
(dollars in
thousands)
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans(2)
|
|
$
5,546
|
|
$
5,686
|
|
$ 11,232
|
|
$
4,336
|
|
$
6,177
|
|
$ 10,513
|
|
$
5,515
|
|
$
15,598
|
|
$ 21,113
|
|
Accruing loans 90 days
or more past
due
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
Total nonperforming
loans
|
|
5,546
|
|
5,686
|
|
11,232
|
|
4,338
|
|
6,177
|
|
10,515
|
|
5,515
|
|
15,598
|
|
21,113
|
|
Foreclosed assets and
ORE
|
|
—
|
|
80
|
|
80
|
|
151
|
|
310
|
|
461
|
|
536
|
|
729
|
|
1,265
|
|
Total nonperforming
assets
|
|
5,546
|
|
5,766
|
|
11,312
|
|
4,489
|
|
6,487
|
|
10,976
|
|
6,051
|
|
16,327
|
|
22,378
|
|
Performing troubled
debt restructurings
|
|
4,230
|
|
1,583
|
|
5,813
|
|
4,600
|
|
1,605
|
|
6,205
|
|
3,797
|
|
1,100
|
|
4,897
|
|
Total nonperforming
assets and
troubled debt restructurings
|
|
$
9,776
|
|
$
7,349
|
|
$ 17,125
|
|
$
9,089
|
|
$
8,092
|
|
$ 17,181
|
|
$
9,848
|
|
$
17,427
|
|
$ 27,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
0.35 %
|
|
|
|
|
|
0.34 %
|
|
|
|
|
|
0.67 %
|
|
Nonperforming loans to
total assets
|
|
|
|
|
|
0.34
|
|
|
|
|
|
0.33
|
|
|
|
|
|
0.63
|
|
Nonperforming loans to
total loans
|
|
|
|
|
|
0.46
|
|
|
|
|
|
0.43
|
|
|
|
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
(2)
|
Nonaccrual loans
include originated restructured loans placed on nonaccrual totaling
$3.0 million, $3.1 million and $3.6 million at March 31, 2023,
December 31, 2022 and March 31, 2022, respectively.
Acquired restructured loans placed on nonaccrual totaled $3.2
million, $3.7 million and $3.0 million at March 31, 2023,
December 31, 2022 and March 31, 2022,
respectively.
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY CREDIT
QUALITY INFORMATION - CONTINUED
|
|
(Unaudited)
|
|
|
3/31/2023
|
|
12/31/2022
|
|
3/31/2022
|
|
|
Collectively
Evaluated
|
|
Individually
Evaluated
|
|
Total
|
|
Collectively
Evaluated
|
|
Individually
Evaluated
|
|
Total
|
|
Collectively
Evaluated
|
|
Individually
Evaluated
|
|
Total
|
|
ALLOWANCE FOR
CREDIT
LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
3,356
|
|
$
—
|
|
$
3,356
|
|
$
2,883
|
|
$
—
|
|
$
2,883
|
|
$
2,056
|
|
$
—
|
|
$
2,056
|
|
Home equity loans and
lines
|
|
753
|
|
—
|
|
753
|
|
624
|
|
—
|
|
624
|
|
539
|
|
—
|
|
539
|
|
Commercial real
estate
|
|
13,344
|
|
450
|
|
13,794
|
|
13,264
|
|
550
|
|
13,814
|
|
12,878
|
|
2,324
|
|
15,202
|
|
Construction and
land
|
|
4,921
|
|
—
|
|
4,921
|
|
4,680
|
|
—
|
|
4,680
|
|
4,112
|
|
—
|
|
4,112
|
|
Multi-family
residential
|
|
608
|
|
—
|
|
608
|
|
572
|
|
—
|
|
572
|
|
554
|
|
—
|
|
554
|
|
Commercial and
industrial
|
|
5,831
|
|
143
|
|
5,974
|
|
5,853
|
|
171
|
|
6,024
|
|
3,200
|
|
440
|
|
3,640
|
|
Consumer
|
|
712
|
|
—
|
|
712
|
|
702
|
|
—
|
|
702
|
|
628
|
|
—
|
|
628
|
|
Total allowance for
credit losses
|
|
$
29,525
|
|
$
593
|
|
$ 30,118
|
|
$
28,578
|
|
$
721
|
|
$ 29,299
|
|
$
23,967
|
|
$
2,764
|
|
$ 26,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded lending
commitments(3)
|
|
2,303
|
|
—
|
|
2,303
|
|
2,093
|
|
—
|
|
2,093
|
|
2,117
|
|
—
|
|
2,117
|
|
Total allowance for
credit losses
|
|
$
31,828
|
|
$
593
|
|
$ 32,421
|
|
$
30,671
|
|
$
721
|
|
$ 31,392
|
|
$
26,084
|
|
$
2,764
|
|
$ 28,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to
nonperforming assets
|
|
|
|
|
|
266.25 %
|
|
|
|
|
|
266.94 %
|
|
|
|
|
|
119.45 %
|
|
Allowance for loan
losses to
nonperforming loans
|
|
|
|
|
|
268.14 %
|
|
|
|
|
|
278.64 %
|
|
|
|
|
|
126.61 %
|
|
Allowance for loan
losses to total
loans
|
|
|
|
|
|
1.22 %
|
|
|
|
|
|
1.21 %
|
|
|
|
|
|
1.24 %
|
|
Allowance for credit
losses to total
loans
|
|
|
|
|
|
1.31 %
|
|
|
|
|
|
1.29 %
|
|
|
|
|
|
1.34 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
|
$
93
|
|
|
|
|
|
$
1,398
|
|
|
|
|
|
$
316
|
|
Year-to-date loan
recoveries
|
|
|
|
|
|
98
|
|
|
|
|
|
704
|
|
|
|
|
|
465
|
|
Year-to-date net loan
recoveries
(charge-offs)
|
|
|
|
|
|
$
5
|
|
|
|
|
|
$
(694)
|
|
|
|
|
|
$
149
|
|
Annualized YTD net loan
recoveries
(charge-offs) to average loans
|
|
|
|
|
|
— %
|
|
|
|
|
|
(0.03) %
|
|
|
|
|
|
0.03 %
|
|
|
|
(3)
|
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.