Originaltext
Diese Übersetzung bewerten
Mit deinem Feedback können wir Google Übersetzer weiter verbessern
Home
Home Bancorp, Inc.
HOME BANCORP, INC. ANNOUNCES 2023 FIRST QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND
Published Apr 18 2023
3 min read

HOME BANCORP, INC. ANNOUNCES 2023 FIRST QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND

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.

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

"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.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/home-bancorp-inc-announces-2023-first-quarter-results-and-declares-quarterly-dividend-301799616.html

SOURCE Home Bancorp, Inc.