LAFAYETTE, La., Oct. 18,
2022 /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 third quarter of 2022. For the quarter, the Company reported
net income of $10.4 million, or
$1.28 per diluted common share
("diluted EPS"), up $2.0 million from
$8.5 million, or $1.03 diluted EPS, for the second quarter of
2022. The third and second quarters of 2022 include merger
expenses, net of taxes totaling $41,000 and $1.3
million, respectively, related to the acquisition of
Friendswood Capital Corporation ("Friendswood"), the former holding company of
Texan Bank, N.A. ("Texan Bank") of Houston, Texas, which was consummated on
March 26, 2022. Income pre-tax,
pre-provision and pre-PPP income totaled $14.7 million, up $4.0
million, or 37%, from the prior quarter.
"We are excited to report strong earnings and loan growth
throughout our footprint for the second 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 4% from the previous quarter.
Excluding PPP loans, total loans increased $83.6 million, or 15% on an annualized basis of
which approximately 27% was attributable to the Houston market. We are seeing continuous
success attracting new customers throughout our footprint."
Third Quarter 2022 Highlights
- Loans totaled $2.3 billion at
September 30, 2022, up $78.6 million, or 4%, from June 30, 2022. Excluding PPP loans, total organic
loans were up $83.6 million, or 15%
annualized, from June 30, 2022. PPP
loans totaled $7.1 million at
September 30, 2022, down $5.0 million, or 41%, from June 30, 2022.
- Net interest income totaled $32.0
million, up $2.7 million, or
9% from the prior quarter. Excluding PPP income, net interest
income totaled $31.8 million, up
$3.0 million, or 10% from the prior
quarter.
- The net interest margin ("NIM") increased 35 basis points from
3.76% for the second quarter of 2022 to 4.11%. Excluding PPP, NIM
increased 38 basis points during the third quarter of 2022 to
4.11%.
- The Company recorded a $1.7
million provision to the allowance for loan losses primarily
due to loan growth.
- The Company repurchased 77,021 shares of its common stock
during the third quarter of 2022 at an average price per share of
$37.06.
Loans
Loans totaled $2.3 billion at
September 30, 2022, up $78.6
million, or 4%, from June 30, 2022. PPP loans, included
in commercial and industrial loans, decreased $5.0 million, or 41%, from June 30, 2022.
The following table summarizes the changes in the Company's loan
portfolio, net of unearned income, from June 30, 2022 to
September 30, 2022.
(dollars in
thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
Increase
(Decrease)
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
One- to four-family
first mortgage
|
|
$
376,028
|
|
$
369,410
|
|
$
6,618
|
|
2 %
|
Home equity loans and
lines
|
|
60,624
|
|
59,799
|
|
825
|
|
1
|
Commercial real
estate
|
|
1,086,656
|
|
1,053,696
|
|
32,960
|
|
3
|
Construction and
land
|
|
328,753
|
|
317,351
|
|
11,402
|
|
4
|
Multi-family
residential
|
|
97,212
|
|
101,136
|
|
(3,924)
|
|
(4)
|
Total real estate
loans
|
|
1,949,273
|
|
1,901,392
|
|
47,881
|
|
3
|
Other
loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
320,900
|
|
290,157
|
|
30,743
|
|
11
|
Consumer
|
|
33,106
|
|
33,106
|
|
—
|
|
—
|
Total other
loans
|
|
354,006
|
|
323,263
|
|
30,743
|
|
10
|
Total loans
|
|
$
2,303,279
|
|
$
2,224,655
|
|
$ 78,624
|
|
4 %
|
The average loan yield was 5.17% for the third quarter of 2022,
up 23 basis points from the second quarter of 2022. Commercial real
estate, commercial and industrial and construction and land loans
were the primary drivers for the loan growth during the third
quarter of 2022. Commercial and industrial loan growth for the
current quarter was primarily in our Acadiana, Baton Rouge and Mississippi markets. At September 30,
2022, the growth in commercial real estate and construction loans
was primarily within our Houston
and New Orleans markets.
Credit Quality and Allowance for Credit Losses
Nonperforming assets ("NPAs") totaled $17.5 million, or 0.55% of total assets, at
September 30, 2022, down $1.3
million, or 7%, from $18.8
million, or 0.56% of total assets, at June 30, 2022.
During the third quarter of 2022, the Company recorded net loan
charge-offs of $365,000, compared to
net charge-offs of $439,000 during
the second quarter of 2022.
The Company provisioned $1.7
million to the allowance for loan losses in the third
quarter of 2022. At September 30, 2022, the allowance
for loan losses totaled $27.4
million, or 1.19% of total loans, compared to $26.0 million, or 1.17% of total loans, at
June 30, 2022. Excluding PPP loans, the ratios of the
allowance for loan losses to total loans were 1.19% and 1.18% at
September 30, 2022 and June 30, 2022, respectively.
Changes in expected losses consider various factors including the
changing economic activity, potential mitigating effects of
governmental stimulus, the duration of the health crisis, 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 $2.7 billion
at September 30, 2022, down $182.0
million, or 6%, from June 30, 2022. Non-maturity
deposits decreased $145.4 million
during the third quarter of 2022 to $2.4
billion. The decrease was primarily due to
$40.6 million decline in public funds
and $53.1 million decline in surge
deposits related to three current customers. The following table
summarizes the changes in the Company's deposits from June 30,
2022 to September 30, 2022.
(dollars in
thousands)
|
|
9/30/2022
|
|
6/30/2022
|
|
Increase
(Decrease)
|
Demand
deposits
|
|
$
921,089
|
|
$
938,531
|
|
$
(17,442)
|
|
(2) %
|
Savings
|
|
325,594
|
|
316,974
|
|
8,620
|
|
3
|
Money market
|
|
452,474
|
|
483,951
|
|
(31,477)
|
|
(7)
|
NOW
|
|
686,592
|
|
791,692
|
|
(105,100)
|
|
(13)
|
Certificates of
deposit
|
|
352,675
|
|
389,228
|
|
(36,553)
|
|
(9)
|
Total
deposits
|
|
$
2,738,424
|
|
$
2,920,376
|
|
$
(181,952)
|
|
(6) %
|
The average rate on interest-bearing deposits increased five
basis points from 0.22% for the second quarter of 2022 to 0.27% for
the third quarter of 2022. At September 30, 2022, certificates
of deposit maturing within the next 12 months totaled $274.7 million.
Net Interest Income
The net interest margin ("NIM") increased 35 basis points from
3.76% for the second quarter of 2022 to 4.11% for the third quarter
of 2022 primarily due to an increase in the average yield on
interest-earning assets, 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 issuance of subordinated debt on June 30, 2022. Loan income from the recognition
of deferred PPP lender fees totaled $108,000 during the third quarter of 2022, down
$262,000, or 71%, compared to the
second quarter of 2022.
The average loan yield was 5.17% for the third quarter of 2022,
up 23 basis points from the second quarter of 2022. Due to the
declining balance of PPP loans, income from PPP loans did not
significantly impact the average loan yield or the NIM during the
third quarter of 2022. During the second quarter of 2022, PPP loans
positively impacted the average loan yield by three basis points
and the NIM by three basis points.
Average PPP loans were $9.4
million for the third quarter of 2022, down $6.0 million, or 39%, from the second quarter of
2022. Unrecognized PPP lender fees totaled $103,000 at September 30, 2022.
Average other interest-earning assets were $262.1 million for the third quarter of 2022,
down $160.1 million, or 38%, from the
second quarter of 2022 primarily due to a reallocation of certain
other assets to partially fund the increases in loans and
investment securities.
Loan accretion income from acquired loans totaled $846,000 for the third quarter of 2022, down
$33,000, or 4% from the second
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
|
|
|
9/30/2022
|
|
6/30/2022
|
(dollars in
thousands)
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/ Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$
2,265,846
|
|
$
29,859
|
|
5.17 %
|
|
$
2,190,721
|
|
$
27,304
|
|
4.94 %
|
Investment securities
(TE)
|
|
532,300
|
|
2,958
|
|
2.25
|
|
475,853
|
|
2,338
|
|
1.99
|
Other interest-earning
assets
|
|
262,127
|
|
1,447
|
|
2.19
|
|
422,265
|
|
863
|
|
0.82
|
Total interest-earning
assets
|
|
$
3,060,273
|
|
$
34,264
|
|
4.41 %
|
|
$
3,088,839
|
|
$
30,505
|
|
3.93 %
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
|
$
1,522,350
|
|
$
876
|
|
0.23 %
|
|
$
1,584,118
|
|
$
673
|
|
0.17 %
|
Certificates of
deposit
|
|
371,925
|
|
394
|
|
0.42
|
|
406,367
|
|
430
|
|
0.42
|
Total interest-bearing
deposits
|
|
1,894,275
|
|
1,270
|
|
0.27
|
|
1,990,485
|
|
1,103
|
|
0.22
|
Other
borrowings
|
|
5,539
|
|
53
|
|
3.80
|
|
5,794
|
|
54
|
|
3.71
|
Subordinated
debt
|
|
$
53,943
|
|
$
859
|
|
6.32 %
|
|
774
|
|
—
|
|
—
|
FHLB
advances
|
|
24,977
|
|
105
|
|
1.68
|
|
25,426
|
|
107
|
|
1.69
|
Total interest-bearing
liabilities
|
|
$
1,978,734
|
|
$
2,287
|
|
0.46 %
|
|
$
2,022,479
|
|
$
1,264
|
|
0.25 %
|
Net interest spread
(TE)
|
|
|
|
|
|
3.95 %
|
|
|
|
|
|
3.68 %
|
Net interest margin
(TE)
|
|
|
|
|
|
4.11 %
|
|
|
|
|
|
3.76 %
|
Noninterest Income
Noninterest income for the third quarter of 2022 totaled
$3.5 million, down $212,000, or 6%, from the second quarter of 2022.
A decrease in net gain on sale of loans of $186,000, or 70% from the second quarter was the
primary reason for the decline in noninterest income for the third
quarter of 2022.
Noninterest Expense
Noninterest expense for the third quarter of 2022 totaled
$20.7 million, down $1.0 million, or 5%, from the second quarter of
2022. The decrease was related primarily to a reduction in merger
expenses related to the acquisition of Friendswood, which was partially offset by an
increase in compensation and benefits expense, primarily reflecting
the growth of the Bank. Noninterest expense for the third quarter
of 2022 and the second quarter of 2022 include $60,000 and $1.6
million, respectively, of merger expenses related to the
acquisition of Friendswood.
Capital
At September 30, 2022, shareholders' equity totaled
$316.7 million, down $12.5 million, or 4%, compared to $329.1 million at June 30, 2022. The
decrease was primarily due to the Company's accumulated other
comprehensive loss on available for sale investment securities
during the third quarter of 2022, which was partially offset by the
Company's earnings. The market value of the Company's
available for sale securities at September 30, 2022 declined
$25.1 million, or 73% compared to
$34.5 million at June 30, 2022.
Preliminary Tier 1 leverage capital and total risk-based capital
ratios were 9.76% and 13.50%, respectively, at September 30,
2022, compared to 9.30% and 13.74%, respectively, at June 30,
2022.
Dividend and Share Repurchases
The Company announced that its Board of Directors increased its
quarterly cash dividend on shares of its common stock to
$0.24 per share payable on
November 10, 2022, to shareholders of record as of
October 31, 2022.
The Company repurchased 77,021 shares of its common stock during
the third quarter of 2022 at an average price per share of
$37.06. An additional 197,033 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 $38.27 and
$27.66, respectively, at
September 30, 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, 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)
|
|
9/30/2022
|
|
6/30/2022
|
|
9/30/2021
|
Reported net
income
|
|
$
10,434
|
|
$
8,461
|
|
$
15,059
|
Add: Core deposit
intangible amortization, net tax
|
|
358
|
|
359
|
|
230
|
Non-GAAP tangible
income
|
|
$
10,792
|
|
$
8,820
|
|
$
15,289
|
|
|
|
|
|
|
|
Reported loan
income
|
|
$
29,859
|
|
$
27,304
|
|
$
27,045
|
Less: PPP loan
income
|
|
132
|
|
402
|
|
4,742
|
Loan income excluding
PPP loan income
|
|
$
29,727
|
|
$
26,902
|
|
$
22,303
|
|
|
|
|
|
|
|
Loan yield
|
|
5.17 %
|
|
4.94 %
|
|
5.60 %
|
(Positive) negative
impact of PPP loans
|
|
—
|
|
(0.03)
|
|
(0.60)
|
Loan yield excluding
PPP loans
|
|
5.17 %
|
|
4.91 %
|
|
5.00 %
|
|
|
|
|
|
|
|
Net interest
margin
|
|
4.11 %
|
|
3.76 %
|
|
4.16 %
|
(Positive) negative
impact of PPP loans
|
|
—
|
|
(0.03)
|
|
(0.52)
|
Net interest margin
excluding PPP loans
|
|
4.11 %
|
|
3.73 %
|
|
3.64 %
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,167,666
|
|
$ 3,362,216
|
|
$
2,763,466
|
Less: Intangible
assets
|
|
87,839
|
|
88,309
|
|
62,229
|
Non-GAAP tangible
assets
|
|
$
3,079,827
|
|
$ 3,273,907
|
|
$
2,701,237
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
316,656
|
|
$
329,124
|
|
$
344,149
|
Less: Intangible
assets
|
|
87,839
|
|
88,309
|
|
62,229
|
Non-GAAP tangible
shareholders' equity
|
|
$
228,817
|
|
$
240,815
|
|
$
281,920
|
|
|
|
|
|
|
|
Total loans
|
|
$
2,303,279
|
|
$ 2,224,655
|
|
$
1,875,176
|
Less: PPP
loans
|
|
7,094
|
|
12,083
|
|
95,560
|
Organic loan
portfolio
|
|
$
2,296,185
|
|
$ 2,212,572
|
|
$
1,779,616
|
|
|
|
|
|
|
|
Reported net
income
|
|
$
10,434
|
|
$
8,461
|
|
$
15,059
|
Add: Provision
(reversal) for loan losses
|
|
1,696
|
|
591
|
|
(2,385)
|
Add: Provision for
credit losses on unfunded commitments
|
|
146
|
|
—
|
|
—
|
Add: Income tax
expense
|
|
2,598
|
|
2,110
|
|
3,412
|
Pre-tax, pre-provision
income
|
|
$
14,874
|
|
$
11,162
|
|
$
16,086
|
Less: PPP
income
|
|
132
|
|
402
|
|
4,742
|
Pre-tax, pre-provision,
pre- PPP income
|
|
$
14,742
|
|
$
10,760
|
|
$
11,344
|
|
|
|
|
|
|
|
Allowance for loan
losses to total loans
|
|
1.19 %
|
|
1.17 %
|
|
1.29 %
|
Less: PPP
loans
|
|
—
|
|
0.01
|
|
0.07
|
Non-GAAP allowance for
loan losses to total loans
|
|
1.19 %
|
|
1.18 %
|
|
1.36 %
|
|
|
|
|
|
|
|
Return on average
equity
|
|
12.35 %
|
|
10.20 %
|
|
17.46 %
|
Add: Average intangible
assets
|
|
4.99
|
|
4.23
|
|
4.22
|
Non-GAAP return on
average tangible common equity
|
|
17.34 %
|
|
14.43 %
|
|
21.68 %
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
10.00 %
|
|
9.79 %
|
|
12.45 %
|
Less: Intangible
assets
|
|
2.57
|
|
2.43
|
|
2.01
|
Non-GAAP tangible
common equity ratio
|
|
7.43 %
|
|
7.36 %
|
|
10.44 %
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
38.27
|
|
$
39.44
|
|
$
40.38
|
Less: Intangible
assets
|
|
10.61
|
|
10.58
|
|
7.30
|
Non-GAAP tangible book
value per share
|
|
$
27.66
|
|
$
28.86
|
|
$
33.08
|
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)
|
|
9/30/2022
|
|
6/30/2022
|
|
%
Change
|
|
9/30/2021
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
150,556
|
|
$
444,151
|
|
(66) %
|
|
$
413,694
|
Interest-bearing
deposits in banks
|
|
349
|
|
349
|
|
—
|
|
349
|
Investment securities
available for sale, at fair value
|
|
492,758
|
|
480,007
|
|
3
|
|
304,125
|
Investment securities
held to maturity
|
|
1,080
|
|
2,086
|
|
(48)
|
|
2,110
|
Mortgage loans held for
sale
|
|
169
|
|
1,444
|
|
(88)
|
|
3,476
|
Loans, net of unearned
income
|
|
2,303,279
|
|
2,224,655
|
|
4
|
|
1,875,176
|
Allowance for loan
losses
|
|
(27,351)
|
|
(26,020)
|
|
5
|
|
(24,149)
|
Total loans, net of
allowance for loan losses
|
|
2,275,928
|
|
2,198,635
|
|
4
|
|
1,851,027
|
Office properties and
equipment, net
|
|
43,685
|
|
43,979
|
|
(1)
|
|
44,331
|
Cash surrender value of
bank-owned life insurance
|
|
46,019
|
|
40,788
|
|
13
|
|
40,142
|
Goodwill and core
deposit intangibles
|
|
87,839
|
|
88,309
|
|
(1)
|
|
62,229
|
Accrued interest
receivable and other assets
|
|
69,283
|
|
62,468
|
|
11
|
|
41,983
|
Total
Assets
|
|
$
3,167,666
|
|
$
3,362,216
|
|
(6)
|
|
$
2,763,466
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
2,738,424
|
|
$
2,920,376
|
|
(6) %
|
|
$
2,365,717
|
Other
Borrowings
|
|
5,539
|
|
5,539
|
|
—
|
|
5,539
|
Subordinated debt, net
of issuance cost
|
|
53,958
|
|
53,926
|
|
—
|
|
—
|
Federal Home Loan Bank
advances
|
|
24,816
|
|
25,307
|
|
(2)
|
|
26,430
|
Accrued interest
payable and other liabilities
|
|
28,273
|
|
27,944
|
|
1
|
|
21,631
|
Total
Liabilities
|
|
2,851,010
|
|
3,033,092
|
|
(6)
|
|
2,419,317
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock
|
|
83
|
|
84
|
|
(1) %
|
|
85
|
Additional paid-in
capital
|
|
164,024
|
|
164,177
|
|
—
|
|
164,316
|
Common stock acquired
by benefit plans
|
|
(2,150)
|
|
(2,240)
|
|
4
|
|
(2,513)
|
Retained
earnings
|
|
197,553
|
|
191,114
|
|
3
|
|
180,327
|
Accumulated other
comprehensive (loss) income
|
|
(42,854)
|
|
(24,011)
|
|
(78)
|
|
1,934
|
Total Shareholders'
Equity
|
|
316,656
|
|
329,124
|
|
(4)
|
|
344,149
|
Total Liabilities
and Shareholders' Equity
|
|
$
3,167,666
|
|
$
3,362,216
|
|
(6)
|
|
$
2,763,466
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED STATEMENTS
OF INCOME
|
(Unaudited)
|
|
|
Quarter
Ended
|
(dollars in
thousands, except per share data)
|
|
9/30/2022
|
|
6/30/2022
|
|
%
Change
|
|
9/30/2021
|
|
%
Change
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
|
$
29,859
|
|
$
27,304
|
|
9 %
|
|
$
27,045
|
|
10 %
|
Investment
securities
|
|
2,958
|
|
2,338
|
|
27
|
|
1,189
|
|
149
|
Other investments and
deposits
|
|
1,447
|
|
863
|
|
68
|
|
189
|
|
666
|
Total interest
income
|
|
34,264
|
|
30,505
|
|
12
|
|
28,423
|
|
21
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,270
|
|
1,103
|
|
15 %
|
|
1,120
|
|
13 %
|
Other
borrowings
|
|
53
|
|
54
|
|
(2)
|
|
53
|
|
—
|
Subordinated debt
expense
|
|
859
|
|
—
|
|
—
|
|
—
|
|
—
|
Federal Home Loan Bank
advances
|
|
105
|
|
107
|
|
(2)
|
|
116
|
|
(9)
|
Total interest
expense
|
|
2,287
|
|
1,264
|
|
81
|
|
1,289
|
|
77
|
Net interest
income
|
|
31,977
|
|
29,241
|
|
9
|
|
27,134
|
|
18
|
Provision (reversal)
for loan losses
|
|
1,696
|
|
591
|
|
187
|
|
(2,385)
|
|
171
|
Net interest income
after provision (reversal) for loan losses
|
|
30,281
|
|
28,650
|
|
6
|
|
29,519
|
|
3
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
|
1,300
|
|
1,257
|
|
3 %
|
|
1,260
|
|
3 %
|
Bank card
fees
|
|
1,623
|
|
1,636
|
|
(1)
|
|
1,519
|
|
7
|
Gain on sale of loans,
net
|
|
78
|
|
264
|
|
(70)
|
|
415
|
|
(81)
|
Income from bank-owned
life insurance
|
|
231
|
|
213
|
|
8
|
|
1,938
|
|
(88)
|
Gain (loss) on sale of
assets, net
|
|
18
|
|
(6)
|
|
400
|
|
(3)
|
|
700
|
Other
income
|
|
224
|
|
322
|
|
(30)
|
|
254
|
|
(12)
|
Total noninterest
income
|
|
3,474
|
|
3,686
|
|
(6)
|
|
5,383
|
|
(35)
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
12,128
|
|
12,583
|
|
(4) %
|
|
9,809
|
|
24 %
|
Occupancy
|
|
2,297
|
|
2,354
|
|
(2)
|
|
1,717
|
|
34
|
Marketing and
advertising
|
|
658
|
|
648
|
|
2
|
|
399
|
|
65
|
Data processing and
communication
|
|
2,284
|
|
2,533
|
|
(10)
|
|
2,118
|
|
8
|
Professional
fees
|
|
331
|
|
475
|
|
(30)
|
|
234
|
|
41
|
Forms, printing and
supplies
|
|
185
|
|
253
|
|
(27)
|
|
158
|
|
17
|
Franchise and shares
tax
|
|
633
|
|
391
|
|
62
|
|
360
|
|
76
|
Regulatory
fees
|
|
467
|
|
698
|
|
(33)
|
|
301
|
|
55
|
Foreclosed assets,
net
|
|
101
|
|
(10)
|
|
1110
|
|
74
|
|
36
|
Amortization of
acquisition intangible
|
|
453
|
|
454
|
|
—
|
|
291
|
|
56
|
Provision for credit
losses on unfunded commitments
|
|
146
|
|
—
|
|
—
|
|
—
|
|
—
|
Other
expenses
|
|
1,040
|
|
1,386
|
|
(25)
|
|
970
|
|
7
|
Total noninterest
expense
|
|
20,723
|
|
21,765
|
|
(5)
|
|
16,431
|
|
26
|
Income before income
tax expense
|
|
13,032
|
|
10,571
|
|
23
|
|
18,471
|
|
(29)
|
Income tax
expense
|
|
2,598
|
|
2,110
|
|
23
|
|
3,412
|
|
(24)
|
Net
income
|
|
$
10,434
|
|
$
8,461
|
|
23
|
|
$
15,059
|
|
(31)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.29
|
|
$
1.04
|
|
24 %
|
|
$
1.80
|
|
(28) %
|
Earnings per share -
diluted
|
|
$
1.28
|
|
$
1.03
|
|
24 %
|
|
$
1.79
|
|
(28) %
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per common share
|
|
$
0.23
|
|
$
0.23
|
|
— %
|
|
$
0.23
|
|
— %
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY FINANCIAL
INFORMATION
|
(Unaudited)
|
|
|
Quarter
Ended
|
(dollars in
thousands, except per share data)
|
|
9/30/2022
|
|
6/30/2022
|
|
%
Change
|
|
9/30/2021
|
|
%
Change
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
|
$
34,264
|
|
$
30,505
|
|
12 %
|
|
$
28,423
|
|
21 %
|
Total interest
expense
|
|
2,287
|
|
1,264
|
|
81
|
|
1,289
|
|
77
|
Net interest
income
|
|
31,977
|
|
29,241
|
|
9
|
|
27,134
|
|
18
|
(Reversal) provision
for loan losses
|
|
1,696
|
|
591
|
|
187
|
|
(2,385)
|
|
171
|
Total noninterest
income
|
|
3,474
|
|
3,686
|
|
(6)
|
|
5,383
|
|
(35)
|
Total noninterest
expense
|
|
20,723
|
|
21,765
|
|
(5)
|
|
16,431
|
|
26
|
Income tax
expense
|
|
2,598
|
|
2,110
|
|
23
|
|
3,412
|
|
(24)
|
Net income
|
|
$
10,434
|
|
$
8,461
|
|
23
|
|
$
15,059
|
|
(31)
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,265,907
|
|
$
3,295,196
|
|
(1) %
|
|
$
2,756,353
|
|
18 %
|
Total interest-earning
assets
|
|
3,060,273
|
|
3,088,839
|
|
(1)
|
|
2,563,981
|
|
19
|
Total loans
|
|
2,265,846
|
|
2,190,721
|
|
3
|
|
1,896,808
|
|
19
|
PPP loans
|
|
9,431
|
|
15,463
|
|
(39)
|
|
144,626
|
|
(93)
|
Total interest-bearing
deposits
|
|
1,894,275
|
|
1,990,485
|
|
(5)
|
|
1,645,047
|
|
15
|
Total interest-bearing
liabilities
|
|
1,978,734
|
|
2,022,479
|
|
(2)
|
|
1,677,597
|
|
18
|
Total
deposits
|
|
2,818,318
|
|
2,906,568
|
|
(3)
|
|
2,358,086
|
|
20
|
Total shareholders'
equity
|
|
335,053
|
|
332,640
|
|
1
|
|
342,189
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
|
$
1.29
|
|
$
1.04
|
|
24 %
|
|
$
1.80
|
|
(28) %
|
Earnings per share -
diluted
|
|
1.28
|
|
1.03
|
|
24
|
|
1.79
|
|
(28)
|
Book value at period
end
|
|
38.27
|
|
39.44
|
|
(3)
|
|
40.38
|
|
(5)
|
Tangible book value at
period end
|
|
27.66
|
|
28.86
|
|
(4)
|
|
33.08
|
|
(16)
|
Shares outstanding at
period end
|
|
8,273,334
|
|
8,344,095
|
|
(1)
|
|
8,523,473
|
|
(3)
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
8,089,246
|
|
8,129,340
|
|
— %
|
|
8,354,176
|
|
(3) %
|
Diluted
|
|
8,138,307
|
|
8,185,595
|
|
(1)
|
|
8,405,610
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.27 %
|
|
1.03 %
|
|
23 %
|
|
2.17 %
|
|
(41) %
|
Return on average
equity
|
|
12.35
|
|
10.20
|
|
21
|
|
17.46
|
|
(29)
|
Common equity
ratio
|
|
10.00
|
|
9.79
|
|
2
|
|
12.45
|
|
(20)
|
Efficiency ratio
(2)
|
|
58.45
|
|
66.10
|
|
(12)
|
|
50.53
|
|
16
|
Average equity to
average assets
|
|
10.26
|
|
10.09
|
|
2
|
|
12.41
|
|
(17)
|
Tier 1 leverage capital
ratio (3)
|
|
9.76
|
|
9.30
|
|
5
|
|
10.05
|
|
(3)
|
Total risk-based
capital ratio (3)
|
|
13.50
|
|
13.74
|
|
(2)
|
|
15.60
|
|
(13)
|
Net interest margin
(4)
|
|
4.11
|
|
3.76
|
|
9
|
|
4.16
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio (5)
|
|
7.43 %
|
|
7.36 %
|
|
1 %
|
|
10.44 %
|
|
(29) %
|
Return on average
tangible common equity (6)
|
|
17.34
|
|
14.43
|
|
20
|
|
21.68
|
|
(20)
|
|
|
|
(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)
|
|
|
9/30/2022
|
|
6/30/2022
|
|
9/30/2021
|
(dollars in
thousands)
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
|
Originated
|
|
Acquired
|
|
Total
|
CREDIT QUALITY
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans(2)
|
|
$
4,281
|
|
$
12,799
|
|
$ 17,080
|
|
$
5,332
|
|
$
13,165
|
|
$ 18,497
|
|
$
8,592
|
|
$
5,896
|
|
$ 14,488
|
Accruing loans 90 days
or more past due
|
|
3
|
|
—
|
|
3
|
|
8
|
|
—
|
|
8
|
|
13
|
|
—
|
|
13
|
Total nonperforming
loans
|
|
4,284
|
|
12,799
|
|
17,083
|
|
5,340
|
|
13,165
|
|
18,505
|
|
8,605
|
|
5,896
|
|
14,501
|
Foreclosed assets and
ORE
|
|
14
|
|
376
|
|
390
|
|
—
|
|
277
|
|
277
|
|
772
|
|
259
|
|
1,031
|
Total nonperforming
assets
|
|
4,298
|
|
13,175
|
|
17,473
|
|
5,340
|
|
13,442
|
|
18,782
|
|
9,377
|
|
6,155
|
|
15,532
|
Performing troubled
debt restructurings
|
|
4,686
|
|
879
|
|
5,565
|
|
3,939
|
|
1,063
|
|
5,002
|
|
3,961
|
|
1,085
|
|
5,046
|
Total nonperforming
assets and
troubled debt restructurings
|
|
$
8,984
|
|
$
14,054
|
|
$ 23,038
|
|
$
9,279
|
|
$
14,505
|
|
$ 23,784
|
|
$
13,338
|
|
$
7,240
|
|
$ 20,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to
total assets
|
|
|
|
|
|
0.55 %
|
|
|
|
|
|
0.56 %
|
|
|
|
|
|
0.56 %
|
Nonperforming loans to
total assets
|
|
|
|
|
|
0.54
|
|
|
|
|
|
0.55
|
|
|
|
|
|
0.52
|
Nonperforming loans to
total loans
|
|
|
|
|
|
0.74
|
|
|
|
|
|
0.83
|
|
|
|
|
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$3.3 million, $5.3 million and $4.1 million at September 30,
2022, June 30, 2022 and September 30, 2021, respectively.
Acquired restructured loans placed on nonaccrual totaled $3.2
million, $2.8 million and $3.5 million at September 30, 2022,
June 30, 2022 and September 30, 2021,
respectively.
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION - CONTINUED
|
(Unaudited)
|
|
|
9/30/2022
|
|
6/30/2022
|
|
9/30/2021
|
|
|
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
|
|
$
2,293
|
|
$
32
|
|
$
2,325
|
|
$
2,158
|
|
$
—
|
|
$
2,158
|
|
$
2,145
|
|
$
—
|
|
$
2,145
|
Home equity loans and
lines
|
|
500
|
|
—
|
|
500
|
|
491
|
|
—
|
|
491
|
|
521
|
|
—
|
|
521
|
Commercial real
estate
|
|
12,504
|
|
1,193
|
|
13,697
|
|
12,068
|
|
1,193
|
|
13,261
|
|
12,872
|
|
455
|
|
13,327
|
Construction and
land
|
|
4,973
|
|
—
|
|
4,973
|
|
4,689
|
|
—
|
|
4,689
|
|
3,628
|
|
—
|
|
3,628
|
Multi-family
residential
|
|
498
|
|
—
|
|
498
|
|
526
|
|
—
|
|
526
|
|
627
|
|
—
|
|
627
|
Commercial and
industrial
|
|
4,523
|
|
188
|
|
4,711
|
|
3,654
|
|
591
|
|
4,245
|
|
2,815
|
|
435
|
|
3,250
|
Consumer
|
|
647
|
|
—
|
|
647
|
|
650
|
|
—
|
|
650
|
|
651
|
|
—
|
|
651
|
Total allowance for
credit losses
|
|
$
25,938
|
|
$
1,413
|
|
$ 27,351
|
|
$
24,236
|
|
$
1,784
|
|
$ 26,020
|
|
$
23,259
|
|
$
890
|
|
$ 24,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded lending
commitments(3)
|
|
2,263
|
|
—
|
|
2,263
|
|
2,117
|
|
—
|
|
2,117
|
|
1,800
|
|
—
|
|
1,800
|
Total allowance for
credit losses
|
|
$
28,201
|
|
$
1,413
|
|
$ 29,614
|
|
$
26,353
|
|
$
1,784
|
|
$ 28,137
|
|
$
25,059
|
|
$
890
|
|
$ 25,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to
nonperforming assets
|
|
|
|
|
|
156.53 %
|
|
|
|
|
|
138.54 %
|
|
|
|
|
|
155.48 %
|
Allowance for loan
losses to
nonperforming loans
|
|
|
|
|
|
160.11 %
|
|
|
|
|
|
140.61 %
|
|
|
|
|
|
166.53 %
|
Allowance for loan
losses to total loans
|
|
|
|
|
|
1.19 %
|
|
|
|
|
|
1.17 %
|
|
|
|
|
|
1.29 %
|
Allowance for credit
losses to total loans
|
|
|
|
|
|
1.29 %
|
|
|
|
|
|
1.26 %
|
|
|
|
|
|
1.38 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
|
$
1,260
|
|
|
|
|
|
$
844
|
|
|
|
|
|
$
1,807
|
Year-to-date loan
recoveries
|
|
|
|
|
|
605
|
|
|
|
|
|
554
|
|
|
|
|
|
506
|
Year-to-date net loan
charge-offs
|
|
|
|
|
|
$
655
|
|
|
|
|
|
$
290
|
|
|
|
|
|
$
1,301
|
Annualized YTD net loan
charge-offs
to average loans
|
|
|
|
|
|
0.04 %
|
|
|
|
|
|
0.03 %
|
|
|
|
|
|
0.09 %
|
|
|
(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.