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

BY PR Newswire | MUNICIPAL | 04/17/24 05:14 PM EDT

LAFAYETTE, La., April 17, 2024 /PRNewswire/ -- Home?Bancorp, Inc. (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported financial results for the first quarter of 2024. For the quarter, the Company reported net income of $9.2 million, or $1.14 per diluted common share ("diluted EPS"), down $186,000 from $9.4 million, or $1.17 diluted EPS, for the fourth quarter of 2023.

Home Bank Logo. (PRNewsFoto/Home Bancorp, Inc.) (PRNewsFoto/)

"Home Bank began 2024 with results similar to those in 2023. We had a solid 6% annualized loan growth rate and 8% annualized deposit growth rate for the quarter. While NIM decreased during the quarter, the pace of reduction has slowed as loans continue to reprice higher," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "While Houston continues to lead the majority of loan growth, most of our legacy franchise continues to show positive momentum. Deposits grew with the majority of the growth in customer CD's and Money Markets. Home Bank's talented, relationship-based bankers continue to attract new clients in all markets."

?First Quarter 2024 Highlights

  • Loans totaled $2.6 billion at March 31, 2024, up $40.1 million, or 1.6% (6% on an annualized basis), from December 31, 2023.
  • Deposits totaled $2.7 billion at March 31, 2024, up $52.0 million, or 2% (8% on an annualized basis), from December 31, 2023.
  • Net interest income totaled $28.9 million, down $381,000, or 1% from the prior quarter.
  • The net interest margin ("NIM") was 3.64% in the first quarter of 2024 compared to 3.69% in the fourth quarter of 2023.
  • Nonperforming assets totaled $22.0 million, or 0.65% of total assets compared to $10.4 million, or 0.31% of total assets, at December 31, 2023. This increase in nonperforming assets is primarily due to two loan relationships which were classified as nonperforming in the first quarter of 2024, for which management does not anticipate any loss.

Loans

Loans totaled $2.6 billion at March?31, 2024, up $40.1 million, or 2%, from December?31, 2023. The following table summarizes the changes in the Company's loan portfolio, net of unearned income,?from December?31, 2023 through March?31, 2024.?

(dollars in thousands)


3/31/2024


12/31/2023


Increase (Decrease)

Real estate loans:









One- to four-family first mortgage


$?????????? 436,659


$?????????? 433,401


$?????? 3,258


1?%

Home equity loans and lines


70,377


68,977


1,400


2

Commercial real estate


1,221,573


1,192,691


28,882


2

Construction and land


334,324


340,724


(6,400)


(2)

Multi-family residential


118,748


107,263


11,485


11

Total real estate loans


2,181,681


2,143,056


38,625


2

Other loans:









Commercial and industrial


407,730


405,659


2,071


1

Consumer


32,279


32,923


(644)


(2)

Total other loans


440,009


438,582


1,427


?

Total loans


$??????? 2,621,690


$??????? 2,581,638


$???? 40,052


2?%

The average loan yield was 6.18% for the first quarter of 2024, up 10 basis points, from the fourth quarter of 2023. Loan growth during the first quarter of 2024 was primarily in commercial real estate and multi-family residential loans. Loans grew in the first quarter of 2024 across most of our markets with approximately 77% of the growth attributable to the Houston market.

Credit Quality and Allowance for Credit Losses

Nonperforming assets ("NPAs") totaled $22.0 million, or 0.65% of total assets, at March?31, 2024, up $11.6 million, or 111%, from $10.4 million, or 0.31% of total assets, at December?31, 2023. The increase in NPAs during the first quarter of 2024 was primarily due to two loan relationships which were classified nonperforming, for which management does not anticipate any losses. Management expects one of the relationships over 90 days past due to be brought current or paid down significantly before the end of April 2024. During the first quarter of 2024, the Company recorded net loan charge-offs of $217,000, compared to net loan charge-offs of $250,000 during the fourth quarter of 2023.

The Company provisioned $141,000 to the allowance for loan losses in the first quarter of 2024. At March?31, 2024, the allowance for loan losses totaled $31.5 million, or 1.20% of total loans, compared to $31.5 million, or 1.22% of total loans, at December?31, 2023. 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, 2024 and December?31, 2023.


March 31, 2024

(dollars in thousands)


Pass


Special Mention


Substandard


Total

One- to four-family first mortgage


$???????? 429,488


$???????????????? 865


$????????????? 6,306


$???????? 436,659

Home equity loans and lines


70,136


?


241


70,377

Commercial real estate


1,204,466


?


17,107


1,221,573

Construction and land


322,792


6,565


4,967


334,324

Multi-family residential


114,315


?


4,433


118,748

Commercial and industrial


404,786


1,148


1,796


407,730

Consumer


32,001


?


278


32,279

?Total


$????? 2,577,984


$????????????? 8,578


$?????????? 35,128


$????? 2,621,690











December 31, 2023

(dollars in thousands)


Pass


Special Mention


Substandard


Total

One- to four-family first mortgage


$???????? 429,964


$???????????????? 868


$????????????? 2,569


$???????? 433,401

Home equity loans and lines


68,770


?


207


68,977

Commercial real estate


1,178,060


?


14,631


1,192,691

Construction and land


329,622


5,874


5,228


340,724

Multi-family residential


103,760


?


3,503


107,263

Commercial and industrial


402,732


1,186


1,741


405,659

Consumer


32,634


?


289


32,923

?Total


$????? 2,545,542


$????????????? 7,928


$?????????? 28,168


$????? 2,581,638

Investment Securities

The Company's investment securities portfolio totaled $422.9 million at March?31, 2024, a decrease of $12.1 million, or 3%, from December?31, 2023. At March?31, 2024, the Company had a net unrealized loss position on its investment securities of $46.6 million, compared to a net unrealized loss of $43.4 million at December?31, 2023. The Company's investment securities portfolio had an effective duration of 4.2 years at March?31, 2024 and December?31, 2023.

The following table summarizes the composition of the Company's investment securities portfolio at March?31, 2024.

(dollars?in?thousands)


Amortized Cost


Fair?Value

Available for sale:





U.S. agency mortgage-backed


$?????? 307,558


$?????? 274,686

Collateralized mortgage obligations


81,218


77,277

Municipal bonds


53,784


46,096

U.S. government agency


18,862


17,618

Corporate bonds


6,982


6,136

Total available for sale


$?????? 468,404


$?????? 421,813

Held to maturity:





?Municipal bonds


$?????????? 1,065


$?????????? 1,062

Total held to maturity


$?????????? 1,065


$?????????? 1,062

Approximately 64% of the investment securities portfolio was pledged as of March?31, 2024 to secure public deposits and borrowings with the Federal Reserve Bank Term Funding Program ("BTFP").? As of March?31, 2024 and December?31, 2023, the Company had $135.5 million and $127.2 million, respectively, of securities pledged to secure public deposits and $135.0 million and none, respectively, pledged to the BTFP borrowings.

Deposits

Total deposits were $2.7 billion at March?31, 2024, up $52.0 million, or 2%, from December?31, 2023. Non-maturity deposits decreased $1.2 million, or less than 1% during the first quarter of 2024 to $2.0 billion. The following table summarizes the changes in the Company's deposits from December?31, 2023 to March?31, 2024.

(dollars in thousands)


3/31/2024


12/31/2023


Increase (Decrease)

Demand deposits


$?????????? 742,177


$?????????? 744,424


$????????????? (2,247)


??%

Savings


228,047


231,624


(3,577)


(2)

Money market


423,521


408,024


15,497


4

NOW


630,962


641,818


(10,856)


(2)

Certificates of deposit


697,871


644,734


53,137


8

Total deposits


$??????? 2,722,578


$??????? 2,670,624


$???????????? 51,954


2?%

The average rate on interest-bearing deposits increased 28 basis points from 2.24% for the fourth quarter of 2023 to 2.52% for the first quarter of 2024. At March?31, 2024, certificates of deposit maturing within the next 12 months totaled $640.2 million.

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



March 31, 2024


December 31, 2023

Individuals


54?%


53?%

Small businesses


36


38

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 $781.9?million at March?31, 2024 and $748.6 million at December?31, 2023. Public funds in excess of the FDIC insurance limits are fully collateralized.

Net Interest Income

The net interest margin ("NIM") decreased 5 basis points from 3.69% for the fourth quarter of 2023 to 3.64% for the first quarter of 2024 primarily due to an increase in the average cost of interest-bearing deposits, which was partially offset by an increase in the average yield on interest-earning assets. The average cost of interest-bearing deposits increased by 28 basis points and the cost of deposits increased by $1.6 million, or 15%, in the first quarter of 2024 compared to the fourth quarter of 2023. The increase in deposit costs reflects the rise in market rates of interest as well as a migration to interest-bearing deposits from non-interest bearing deposits.

The average loan yield was 6.18% for the first quarter of 2024, up 10 basis points from the fourth quarter of 2023, primarily reflecting increased rates on variable rate loans coupled with new loan originations at higher market rates during the period.

Average other interest-earning assets were $57.1 million for the first quarter of 2024, down $420,000, or 1%, from the fourth quarter of 2023 primarily due to a reallocation of certain other interest-earning assets.

Loan accretion income from acquired loans totaled $525,000 for the first quarter of 2024, down $58,000, or 10%, from the fourth quarter of 2023.

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



3/31/2024


12/31/2023

(dollars in thousands)


Average
Balance


Interest


Average
Yield/ Rate


Average
Balance


Interest


Average
Yield/ Rate

Interest-earning assets:













Loans receivable


$? 2,602,941


$?????? 40,567


6.18?%


$? 2,572,400


$?????? 39,820


6.08?%

Investment securities (TE)


472,578


2,788


2.38


481,322


2,837


2.37

Other interest-earning assets


57,103


771


5.43


57,523


742


5.12

Total interest-earning assets


$? 3,132,622


$?????? 44,126


5.60?%


$? 3,111,245


$?????? 43,399


5.49?%

Interest-bearing liabilities:













Deposits:













Savings, checking, and money market


$? 1,269,293


$????????? 4,800


1.52?%


$? 1,273,550


$????????? 4,561


1.42?%

Certificates of deposit


668,353


7,332


4.41


591,205


5,975


4.01

Total interest-bearing deposits


1,937,646


12,132


2.52


1,864,755


10,536


2.24

Other borrowings


125,979


1,486


4.74


5,539


53


3.80

Subordinated debt


54,268


845


6.22


54,214


844


6.23

FHLB advances


71,704


762


4.23


212,412


2,684


4.96

Total interest-bearing liabilities


$? 2,189,597


$?????? 15,225


2.79?%


$? 2,136,920


$?????? 14,117


2.62?%

Noninterest-bearing deposits


$?????? 743,262






$?????? 777,184





Net interest spread (TE)






2.81?%






2.87?%

Net interest margin (TE)






3.64?%






3.69?%

Noninterest Income

Noninterest income for the first quarter of 2024 totaled $3.5 million, up $71,000, or 2%, from the fourth quarter of 2023. The increase was related primarily to other income (up $70,000), gain on sale of loans (up $41,000) and service fees and charges (up $19,000), which were partially offset by bank card fees (down $71,000) for the first quarter of 2024 compared to the fourth quarter of 2023.

Noninterest Expense

Noninterest expense for the first quarter of 2024 totaled $20.9 million, up $264,000, or 1%, from the fourth quarter of 2023. The increase was primarily related to compensation and benefits expense (up $769,000) and franchise and shares tax (up?$357,000),?which were partially offset by other noninterest expense (down?$405,000), marketing and advertising expense (down $293,000) and the absence of provision for credit losses on unfunded commitments (down $140,000) during the first quarter of 2024.

?Capital and Liquidity

At March?31, 2024, shareholders' equity totaled $372.3 million, up $4.8 million, or 1%, compared to $367.4 million at December?31, 2023. The increase was primarily due to the the Company's earnings of $9.2 million during the first quarter of 2024, partially offset by increases in accumulated other comprehensive loss on available for sale investment securities, shareholder dividends and repurchases of shares of the Company's common stock. The market value of the Company's available for sale securities at March?31, 2024 decreased $3.2 million, or 7%, during the first quarter of 2024. Preliminary Tier 1 leverage capital and total risk-based capital ratios were 11.19% and 14.39%, respectively, at March?31, 2024, compared to 10.98% and 14.23%, respectively, at December?31, 2023.

The following table summarizes the Company's primary and secondary sources of liquidity which were available at March?31, 2024.

(dollars in thousands)


March 31, 2024

Cash and cash equivalents


$????????????????????????????? 90,475

Unencumbered investment securities, amortized cost


86,091

FHLB advance availability


1,107,888

Amounts available from unsecured lines of credit


55,000

Federal Reserve discount window availability


500

Total primary and secondary sources of available liquidity


$???????????????????????? 1,339,954

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?10, 2024, to shareholders of record as of April?29, 2024.?

In October 2023, the Board of Directors approved a new share repurchase plan (the "2023 Repurchase Plan"). Under the 2023 Repurchase Plan, the Company may purchase up to 405,000 shares, or approximately 5% of the Company's outstanding common stock. Share repurchases under the 2023 Repurchase Plan may commence upon the completion of the Company's 2021 Repurchase Plan. As of March?31, 2024, there were 415,143 shares remaining that may be repurchased under the 2021 and 2023 Repurchase Plans. The repurchase plans do not include specific price targets and may be executed through the open market or privately-negotiated transactions depending upon market conditions and other factors. The repurchase plans have no time limit and may be suspended or discontinued at any time.

The Company repurchased 21,303 shares of its common stock during the first quarter of 2024 at an average price per share of $38.78. The book value per share and tangible book value per share of the Company's common stock was $45.73 and $35.17, respectively, at March?31, 2024.

Conference Call

Executive management will host a conference call to discuss first quarter 2024 results on Thursday, April?18, 2024 at 10:30 a.m. CDT. Analysts, investors and interested parties may attend the conference call by dialing toll free 1.646.357.8785 (US Local/International) or 1.800.836.8184 (US Toll Free). The investor presentation can be accessed the day of the presentation on Home Bancorp, Inc. (HBCP) 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)


3/31/2024


12/31/2023


3/31/2023

Reported net income


$?????????? 9,199


$??????????? 9,385


$???????? 11,320

Add: Core deposit intangible amortization, net tax


279


298


352

Non-GAAP tangible income


$?????????? 9,478


$??????????? 9,683


$???????? 11,672








Total assets


$??? 3,357,604


$???? 3,320,122


$??? 3,266,970

Less: Intangible assets


86,019


86,372


87,527

Non-GAAP tangible assets


$??? 3,271,585


$???? 3,233,750


$??? 3,179,443








Total shareholders' equity


$?????? 372,285


$??????? 367,444


$?????? 345,100

Less: Intangible assets


86,019


86,372


87,527

Non-GAAP tangible shareholders' equity


$?????? 286,266


$??????? 281,072


$?????? 257,573








Return on average equity


9.98?%


10.61?%


13.53?%

Add: Average intangible assets


3.42


3.92


5.29

Non-GAAP return on average tangible common equity


13.40?%


14.53?%


18.82?%








Common equity ratio


11.09?%


11.07?%


10.56?%

Less: Intangible assets


2.34


2.38


2.46

Non-GAAP tangible common equity ratio


8.75?%


8.69?%


8.10?%








Book value per share


$?????????? 45.73


$??????????? 45.04


$?????????? 41.66

Less: Intangible assets


10.56


10.59


10.57

Non-GAAP tangible book value per share


$?????????? 35.17


$??????????? 34.45


$?????????? 31.09

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 (HBCP) Annual Report on Form 10-K for the year ended December?31, 2023 describes some of these factors, including risk elements in the loan portfolio, risks related to our deposit activities, the level of the allowance for credit losses, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward-looking statements speak only as of the date they are made. We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.

?

HOME BANCORP, INC. (HBCP) AND SUBSIDIARY

CONDENSED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


(dollars in thousands)


3/31/2024


12/31/2023


%
Change


3/31/2023

Assets









Cash and cash equivalents


$???????????? 90,475


$???????????? 75,831


19?%


$?????????? 107,171

Interest-bearing deposits in banks


?


99


(100)


349

Investment securities available for sale, at fair value


421,813


433,926


(3)


466,506

Investment securities held to maturity


1,065


1,065


?


1,070

Mortgage loans held for sale


646


361


79


473

Loans, net of unearned income


2,621,690


2,581,638


2


2,466,392

Allowance for loan losses


(31,461)


(31,537)


?


(30,118)

Total loans, net of allowance for loan losses


2,590,229


2,550,101


2


2,436,274

Office properties and equipment, net


42,341


41,980


1


42,844

Cash surrender value of bank-owned life insurance


47,587


47,321


1


46,528

Goodwill and core deposit intangibles


86,019


86,372


?


87,527

Accrued interest receivable and other assets


77,429


83,066


(7)


78,228

Total Assets


$??????? 3,357,604


$??????? 3,320,122


1


$??????? 3,266,970










Liabilities









Deposits


$??????? 2,722,578


$??????? 2,670,624


2?%


$??????? 2,557,744

Other Borrowings


140,539


5,539


2437


5,539

Subordinated debt, net of issuance cost


54,294


54,241


?


54,073

Federal Home Loan Bank advances


38,607


192,713


(80)


276,727

Accrued interest payable and other liabilities


29,301


29,561


(1)


27,787

Total Liabilities


2,985,319


2,952,678


1


2,921,870










Shareholders' Equity









Common stock


81


81


?


83

Additional paid-in capital


166,160


165,823


?


165,470

Common stock acquired by benefit plans


(1,607)


(1,697)


5


(1,969)

Retained earnings


241,152


234,619


3


215,290

Accumulated other comprehensive loss


(33,501)


(31,382)


(7)


(33,774)

Total Shareholders' Equity


372,285


367,444


1


345,100

Total Liabilities and Shareholders' Equity


$??????? 3,357,604


$??????? 3,320,122


1


$??????? 3,266,970

?

HOME BANCORP, INC. (HBCP) AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME

(Unaudited)




Quarter Ended

(dollars in thousands, except per share data)


3/31/2024


12/31/2023


%
Change


3/31/2023


%
Change

Interest Income











Loans, including fees


$?????????? 40,567


$?????????? 39,820


2?%


$?????????? 34,498


18?%

Investment securities


2,788


2,837


(2)


3,142


(11)

Other investments and deposits


771


742


4


475


62

Total interest income


44,126


43,399


2


38,115


16

Interest Expense











Deposits


12,132


10,536


15?%


3,240


274?%

Other borrowings


1,486


53


2704


53


2704

Subordinated debt expense


845


844


?


851


(1)

Federal Home Loan Bank advances


762


2,684


(72)


2,376


(68)

Total interest expense


15,225


14,117


8


6,520


134

Net interest income


28,901


29,282


(1)


31,595


(9)

Provision for loan losses


141


665


(79)


814


(83)

Net interest income after provision for loan losses


28,760


28,617


?


30,781


(7)

Noninterest Income











Service fees and charges


1,254


1,235


2?%


1,250


??%

Bank card fees


1,575


1,646


(4)


1,787


(12)

Gain on sale of loans, net


87


46


89


57


53

Income from bank-owned life insurance


266


267


?


253


5

Loss on sale of securities, net


?


?


?


(249)


100

Gain (loss) on sale of assets, net


6


(7)


186


(17)


135

Other income


361


291


24


230


57

Total noninterest income


3,549


3,478


2


3,311


7

Noninterest Expense











Compensation and benefits


12,170


11,401


7?%


12,439


(2)?%

Occupancy


2,454


2,467


(1)


2,350


4

Marketing and advertising


466


759


(39)


307


52

Data processing and communication


2,514


2,423


4


2,321


8

Professional fees


475


465


2


364


30

Forms, printing and supplies


205


195


5


187


10

Franchise and shares tax


488


131


273


541


(10)

Regulatory fees


469


589


(20)


539


(13)

Foreclosed assets, net


65


43


51


(739)


109

Amortization of acquisition intangible


353


377


(6)


446


(21)

Provision for credit losses on unfunded commitments


?


140


(100)


210


(100)

Other expenses


1,209


1,614


(25)


975


24

Total noninterest expense


20,868


20,604


1


19,940


5

Income before income tax expense


11,441


11,491


?


14,152


(19)

Income tax expense


2,242


2,106


6


2,832


(21)

Net income


$????????????? 9,199


$????????????? 9,385


(2)


$?????????? 11,320


(19)












Earnings per share - basic


$??????????????? 1.15


$??????????????? 1.18


(3)?%


$??????????????? 1.40


(18)?%

Earnings per share - diluted


$??????????????? 1.14


$??????????????? 1.17


(3)?%


$??????????????? 1.39


(18)?%












Cash dividends declared per common share


$??????????????? 0.25


$??????????????? 0.25


??%


$??????????????? 0.25


??%

?

HOME BANCORP, INC. (HBCP) AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION

(Unaudited)




Quarter Ended

(dollars in thousands, except per share data)


3/31/2024


12/31/2023


%
Change


3/31/2023


%
Change

EARNINGS DATA











Total interest income


$??????? 44,126


$??????? 43,399


2?%


$??????? 38,115


16?%

Total interest expense


15,225


14,117


8


6,520


134

?Net interest income


28,901


29,282


(1)


31,595


(9)

Provision for loan losses


141


665


(79)


814


(83)

Total noninterest income


3,549


3,478


2


3,311


7

Total noninterest expense


20,868


20,604


1


19,940


5

Income tax expense


2,242


2,106


6


2,832


(21)

?Net income


$????????? 9,199


$????????? 9,385


(2)


$??????? 11,320


(19)












AVERAGE BALANCE SHEET DATA











Total assets


$? 3,333,883


$? 3,299,069


1?%


$? 3,219,856


4?%

Total interest-earning assets


3,132,622


3,111,245


1


3,026,421


4

Total loans


2,602,941


2,572,400


1


2,437,770


7

PPP loans


5,393


5,643


(4)


6,386


(16)

Total interest-bearing deposits


1,937,646


1,864,755


4


1,698,868


14

Total interest-bearing liabilities


2,189,597


2,136,920


2


1,973,926


11

Total deposits


2,680,909


2,641,939


1


2,578,369


4

Total shareholders' equity


370,761


350,898


6


339,311


9












PER SHARE DATA











Earnings per share - basic


$??????????? 1.15


$??????????? 1.18


(3)?%


$??????????? 1.40


(18)?%

Earnings per share - diluted


1.14


1.17


(3)


1.39


(18)

Book value at period end


45.73


45.04


2


41.66


10

Tangible book value at period end


35.17


34.45


2


31.09


13

Shares outstanding at period end


8,140,380


8,158,281


?


8,284,130


(2)

Weighted average shares outstanding











Basic


7,984,317


7,978,160


??%


8,087,524


(1)?%

Diluted


8,039,505


8,008,362


?


8,136,583


(1)












SELECTED RATIOS (1)











Return on average assets


1.11?%


1.13?%


(2)?%


1.43?%


(22)?%

Return on average equity


9.98


10.61


(6)


13.53


(26)

Common equity ratio


11.09


11.07


?


10.56


5

Efficiency ratio (2)


64.31


62.89


2


57.12


13

Average equity to average assets


11.12


10.64


5


10.54


6

Tier 1 leverage capital ratio (3)


11.19


10.98


2


10.69


5

Total risk-based capital ratio (3)


14.39


14.23


1


14.00


3

Net interest margin (4)


3.64


3.69


(1)


4.18


(13)












SELECTED NON-GAAP RATIOS (1)











Tangible common equity ratio (5)


8.75?%


8.69?%


1?%


8.10?%


8?%

Return on average tangible common equity (6)


13.40


14.53


(8)


18.82


(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. (HBCP) AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION

(Unaudited)




3/31/2024


12/31/2023


3/31/2023

(dollars in thousands)


Originated


Acquired


Total


Originated


Acquired


Total


Originated


Acquired


Total

CREDIT QUALITY (1)



















Nonaccrual loans


$??????? 11,232


$?????????? 4,139


$???? 15,371


$?????????? 5,023


$?????????? 3,791


$?????? 8,814


$?????????? 5,546


$?????????? 5,686


$???? 11,232

Accruing loans 90 days or more past due


4,978


?


4,978


?


?


?


?


?


?

Total nonperforming loans


16,210


4,139


20,349


5,023


3,791


8,814


5,546


5,686


11,232

Foreclosed assets and ORE


1,539


62


1,601


1,495


80


1,575


?


80


80

Total nonperforming assets


17,749


4,201


21,950


6,518


3,871


10,389


5,546


5,766


11,312




















Nonperforming assets to total assets






0.65?%






0.31?%






0.35?%

Nonperforming loans to total assets






0.61






0.27






0.34

Nonperforming loans to total loans






0.78






0.34






0.46






















(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. (HBCP) AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION - CONTINUED

(Unaudited)



3/31/2024


12/31/2023


3/31/2023



Collectively
Evaluated


Individually
Evaluated


Total


Collectively
Evaluated


Individually
Evaluated


Total


Collectively
Evaluated


Individually
Evaluated


Total

ALLOWANCE FOR CREDIT LOSSES



















One- to four-family first mortgage


$?????????? 3,275


$??????????????? ?


$?????? 3,275


$?????????? 3,255


$??????????????? ?


$?????? 3,255


$?????????? 3,356


$??????????????? ?


$?????? 3,356

Home equity loans and lines


701


?


701


688


?


688


753


?


753

Commercial real estate


14,863


200


15,063


14,604


201


14,805


13,344


450


13,794

Construction and land


5,287


?


5,287


5,292


123


5,415


4,921


?


4,921

Multi-family residential


584


?


584


474


?


474


608


?


608

Commercial and industrial


5,733


73


5,806


6,071


95


6,166


5,831


143


5,974

Consumer


745


?


745


734


?


734


712


?


712

Total allowance for loan losses


$??????? 31,188


$????????????? 273


$???? 31,461


$??????? 31,118


$????????????? 419


$???? 31,537


$??????? 29,525


$????????????? 593


$???? 30,118




















Unfunded lending commitments(2)


2,594


?


2,594


2,594


?


2,594


2,303


?


2,303

Total allowance for credit losses


$??????? 33,782


$????????????? 273


$???? 34,055


$??????? 33,712


$????????????? 419


$???? 34,131


$??????? 31,828


$????????????? 593


$???? 32,421




















Allowance for loan losses to nonperforming assets






143.33?%






303.56?%






266.25?%

Allowance for loan losses to nonperforming loans






154.61?%






357.81?%






268.14?%

Allowance for loan losses to total loans






1.20?%






1.22?%






1.22?%

Allowance for credit losses to total loans






1.30?%






1.32?%






1.31?%




















Year-to-date loan charge-offs






$????????? 241






$????????? 471






$???????????? 93

Year-to-date loan recoveries






24






368






98

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






$??????? (217)






$??????? (103)






$?????????????? 5

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






(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. (HBCP)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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