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

(dollars in thousands)

6/30/2024

3/31/2024

Increase (Decrease)

Real estate loans:

One- to four-family first mortgage

$           446,255

$           436,659

$       9,596

2 %

Home equity loans and lines

70,617

70,377

240

—

Commercial real estate

1,228,757

1,221,573

7,184

1

Construction and land

328,938

334,324

(5,386)

(2)

Multi-family residential

126,922

118,748

8,174

7

Total real estate loans

2,201,489

2,181,681

19,808

1

Other loans:

Commercial and industrial

427,339

407,730

19,609

5

Consumer

32,518

32,279

239

1

Total other loans

459,857

440,009

19,848

5

Total loans

$        2,661,346

$        2,621,690

$     39,656

2 %

June 30, 2024

(dollars in thousands)

Pass

Special Mention

Substandard

Total

One- to four-family first mortgage

$         437,753

$              1,417

$              7,085

$         446,255

Home equity loans and lines

70,394

—

223

70,617

Commercial real estate

1,207,421

3,469

17,867

1,228,757

Construction and land

324,729

310

3,899

328,938

Multi-family residential

125,689

65

1,168

126,922

Commercial and industrial

423,673

1,493

2,173

427,339

Consumer

32,273

—

245

32,518

  Total

$      2,621,932

$              6,754

$           32,660

$      2,661,346

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

(dollars in thousands)

Amortized
Cost

Fair Value

Available for sale:

U.S. agency mortgage-backed

$       300,106

$       267,440

Collateralized mortgage obligations

79,469

75,569

Municipal bonds

53,676

45,700

U.S. government agency

18,794

17,553

Corporate bonds

6,983

6,210

Total available for sale

$       459,028

$       412,472

Held to maturity:

Municipal bonds

$           1,065

$           1,061

Total held to maturity

$           1,065

$           1,061

(dollars in thousands)

6/30/2024

3/31/2024

Increase (Decrease)

Demand deposits

$           746,504

$           742,177

$                4,327

Savings

218,307

228,047

(9,740)

(4)

Money market

427,406

423,521

3,885

1

NOW

615,809

630,962

(15,153)

(2)

Certificates of deposit

714,889

697,871

17,018

2

Total deposits

$        2,722,915

$        2,722,578

$                   337

— %

June 30, 2024

March 31, 2024

Individuals

53 %

54 %

Small businesses

37

36

Public funds

8

8

Broker

2

2

Total

100 %

100 %

Quarter Ended

6/30/2024

3/31/2024

(dollars in thousands)

Average
Balance

Interest

Average
Yield/ Rate

Average
Balance

Interest

Average
Yield/ Rate

Interest-earning assets:

Loans receivable

$  2,652,331

$       41,999

6.28 %

$  2,602,941

$       40,567

6.18 %

Investment securities ^(TE)

463,500

2,740

2.38

472,578

2,788

2.38

Other interest-earning assets

51,355

719

5.64

57,103

771

5.43

Total interest-earning assets

$  3,167,186

$       45,458

5.70 %

$  3,132,622

$       44,126

5.60 %

Interest-bearing liabilities:

Deposits:

Savings, checking, and money market

$  1,260,491

$          5,108

1.63 %

$  1,269,293

$          4,800

1.52 %

Certificates of deposit

704,690

8,026

4.58

668,353

7,332

4.41

Total interest-bearing deposits

1,965,181

13,134

2.69

1,937,646

12,132

2.52

Other borrowings

140,610

1,656

4.74

125,979

1,486

4.74

Subordinated debt

54,322

844

6.22

54,268

845

6.22

FHLB advances

46,499

431

3.69

71,704

762

4.23

Total interest-bearing liabilities

$  2,206,612

$       16,065

2.93 %

$  2,189,597

$       15,225

2.79 %

Noninterest-bearing deposits

$       751,776

$       743,262

Net interest spread ^(TE)

2.77 %

2.81 %

Net interest margin ^(TE)

3.66 %

3.64 %

June 30, 2024

Cash and cash equivalents

$                            113,462

Unencumbered investment securities, amortized cost

68,373

FHLB advance availability

1,085,415

Amounts available from unsecured lines of credit

55,000

Federal Reserve discount window availability

500

Total primary and secondary sources of available liquidity

$                         1,322,750

Quarter Ended

(dollars in thousands, except per share data)

6/30/2024

3/31/2024

6/30/2023

Reported net income

$           8,118

$            9,199

$           9,781

Add: Core deposit intangible amortization, net tax

261

279

307

Non-GAAP tangible income

$           8,379

$            9,478

$         10,088

Total assets

$    3,410,881

$     3,357,604

$    3,290,153

Less: Intangible assets

85,690

86,019

87,138

Non-GAAP tangible assets

$    3,325,191

$     3,271,585

$    3,203,015

Total shareholders' equity

$       375,830

$        372,285

$       346,117

Less: Intangible assets

85,690

86,019

87,138

Non-GAAP tangible shareholders' equity

$       290,140

$        286,266

$       258,979

Return on average equity

8.75 %

9.98 %

11.26 %

Add: Average intangible assets

2.98

3.42

4.24

Non-GAAP return on average tangible common equity

11.73 %

13.40 %

15.50 %

Common equity ratio

11.02 %

11.09 %

10.52 %

Less: Intangible assets

2.29

2.34

2.43

Non-GAAP tangible common equity ratio

8.73 %

8.75 %

8.09 %

Book value per share

$           46.51

$            45.73

$           42.22

Less: Intangible assets

10.61

10.56

10.63

Non-GAAP tangible book value per share

$           35.90

$            35.17

$           31.59

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

(dollars in thousands)

6/30/2024

3/31/2024

% Change

6/30/2023

Assets

Cash and cash equivalents

$           113,462

$             90,475

25 %

$             96,873

Interest-bearing deposits in banks

—

—

—

99

Investment securities available for sale, at fair value

412,472

421,813

(2)

449,396

Investment securities held to maturity

1,065

1,065

—

1,066

Mortgage loans held for sale

—

646

(100)

538

Loans, net of unearned income

2,661,346

2,621,690

2

2,510,759

Allowance for loan losses

(32,212)

(31,461)

2

(30,639)

Total loans, net of allowance for loan losses

2,629,134

2,590,229

2

2,480,120

Office properties and equipment, net

43,089

42,341

2

42,904

Cash surrender value of bank-owned life insurance

47,858

47,587

1

46,789

Goodwill and core deposit intangibles

85,690

86,019

—

87,138

Accrued interest receivable and other assets

78,111

77,429

1

85,230

Total Assets

$        3,410,881

$        3,357,604

2 %

$        3,290,153

Liabilities

Deposits

$        2,722,915

$        2,722,578

— %

$        2,551,718

Other Borrowings

140,539

140,539

—

5,539

Subordinated debt, net of issuance cost

54,348

54,294

—

54,133

Federal Home Loan Bank advances

83,506

38,607

116

305,297

Accrued interest payable and other liabilities

33,743

29,301

15

27,349

Total Liabilities

3,035,051

2,985,319

2

2,944,036

Shareholders' Equity

Common stock

81

81

—

82

Additional paid-in capital

165,918

166,160

—

164,945

Common stock acquired by benefit plans

(1,518)

(1,607)

6

(1,878)

Retained earnings

245,046

241,152

2

220,801

Accumulated other comprehensive loss

(33,697)

(33,501)

(1)

(37,833)

Total Shareholders' Equity

375,830

372,285

1

346,117

Total Liabilities and Shareholders' Equity

$        3,410,881

$        3,357,604

2 %

$        3,290,153

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME

(Unaudited)

Quarter Ended

(dollars in thousands, except per share data)

6/30/2024

3/31/2024

% Change

6/30/2023

% Change

Interest Income

Loans, including fees

$           41,999

$           40,567

4 %

$           36,530

15 %

Investment securities

2,740

2,788

(2)

2,986

(8)

Other investments and deposits

719

771

(7)

555

30

Total interest income

45,458

44,126

3

40,071

13

Interest Expense

Deposits

13,134

12,132

8 %

5,547

137 %

Other borrowings

1,656

1,486

11

55

2911

Subordinated debt expense

844

845

—

850

(1)

Federal Home Loan Bank advances

431

762

(43)

3,313

(87)

Total interest expense

16,065

15,225

6

9,765

65

Net interest income

29,393

28,901

2

30,306

(3)

Provision for loan losses

1,261

141

794

511

147

Net interest income after provision for loan losses

28,132

28,760

(2)

29,795

(6)

Noninterest Income

Service fees and charges

1,239

1,254

(1) %

1,230

1 %

Bank card fees

1,751

1,575

11

1,715

2

Gain on sale of loans, net

126

87

45

26

385

Income from bank-owned life insurance

271

266

2

260

4

(Loss) gain on sale of assets, net

(2)

6

(133)

(3)

33

Other income

370

361

2

220

68

Total noninterest income

3,755

3,549

6

3,448

9

Noninterest Expense

Compensation and benefits

12,788

12,170

5 %

12,601

1 %

Occupancy

2,603

2,454

6

2,447

6

Marketing and advertising

485

466

4

442

10

Data processing and communication

2,555

2,514

2

2,132

20

Professional fees

581

475

22

459

27

Forms, printing and supplies

187

205

(9)

204

(8)

Franchise and shares tax

487

488

—

541

(10)

Regulatory fees

509

469

9

401

27

Foreclosed assets, net

89

65

37

50

78

Amortization of acquisition intangible

330

353

(7)

389

(15)

(Reversal) provision for credit losses on unfunded commitments

(134)

—

—

151

(189)

Other expenses

1,328

1,209

10

1,142

16

Total noninterest expense

21,808

20,868

5

20,959

4

Income before income tax expense

10,079

11,441

(12)

12,284

(18)

Income tax expense

1,961

2,242

(13)

2,503

(22)

Net income

$              8,118

$              9,199

(12)

$              9,781

(17)

Earnings per share - basic

$                1.02

$                1.15

(11) %

$                1.22

(16) %

Earnings per share - diluted

$                1.02

$                1.14

(11) %

$                1.21

(16) %

Cash dividends declared per common share

$                0.25

$                0.25

— %

$                0.25

— %

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION

(Unaudited)

Quarter Ended

(dollars in thousands, except per share data)

6/30/2024

3/31/2024

% Change

6/30/2023

% Change

EARNINGS DATA

Total interest income

$        45,458

$        44,126

3 %

$        40,071

13 %

Total interest expense

16,065

15,225

6

9,765

65

Net interest income

29,393

28,901

2

30,306

(3)

Provision for loan losses

1,261

141

794

511

147

Total noninterest income

3,755

3,549

6

3,448

9

Total noninterest expense

21,808

20,868

5

20,959

4

Income tax expense

1,961

2,242

(13)

2,503

(22)

Net income

$          8,118

$          9,199

(12)

$          9,781

(17)

AVERAGE BALANCE SHEET DATA

Total assets

$  3,367,207

$  3,333,883

1 %

$  3,250,190

4 %

Total interest-earning assets

3,167,186

3,132,622

1

3,050,335

4

Total loans

2,652,331

2,602,941

2

2,491,029

6

PPP loans

5,156

5,393

(4)

6,100

(15)

Total interest-bearing deposits

1,965,181

1,937,646

1

1,707,283

15

Total interest-bearing liabilities

2,206,612

2,189,597

1

2,039,815

8

Total deposits

2,716,957

2,680,909

1

2,538,800

7

Total shareholders' equity

373,139

370,761

1

348,414

7

PER SHARE DATA

Earnings per share - basic

$            1.02

$            1.15

(11) %

$            1.22

(16) %

Earnings per share - diluted

1.02

1.14

(11)

1.21

(16)

Book value at period end

46.51

45.73

2

42.22

10

Tangible book value at period end

35.90

35.17

2

31.59

14

Shares outstanding at period end

8,081,344

8,140,380

(1)

8,197,859

(1)

Weighted average shares outstanding

Basic

7,972,445

7,984,317

— %

8,042,434

(1) %

Diluted

8,018,908

8,039,505

—

8,079,205

(1)

SELECTED RATIOS ⁽¹⁾

Return on average assets

0.97 %

1.11 %

(13) %

1.21 %

(20) %

Return on average equity

8.75

9.98

(12)

11.26

(22)

Common equity ratio

11.02

11.09

(1)

10.52

5

Efficiency ratio ⁽²⁾

65.79

64.31

2

62.09

6

Average equity to average assets

11.08

11.12

—

10.72

3

Tier 1 leverage capital ratio ⁽³⁾

11.22

11.19

—

10.78

4

Total risk-based capital ratio ⁽³⁾

14.39

14.39

—

14.07

2

Net interest margin ⁽⁴⁾

3.66

3.64

1

3.94

(7)

SELECTED NON-GAAP RATIOS ⁽¹⁾

Tangible common equity ratio ⁽⁵⁾

8.73 %

8.75 %

— %

8.09 %

8 %

Return on average tangible common equity ⁽⁶⁾

11.73

13.40

(12)

15.50

(24)

(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)

6/30/2024

3/31/2024

6/30/2023

(dollars in thousands)

Originated

Acquired

Total

Originated

Acquired

Total

Originated

Acquired

Total

CREDIT QUALITY ⁽¹⁾

Nonaccrual loans

$        12,594

$           4,223

$     16,817

$        11,232

$           4,139

$     15,371

$           6,806

$           5,364

$     12,170

Accruing loans 90 days or more past due

1

—

1

4,978

—

4,978

26

—

26

Total nonperforming loans

12,595

4,223

16,818

16,210

4,139

20,349

6,832

5,364

12,196

Foreclosed assets and ORE

16

215

231

1,539

62

1,601

121

80

201

Total nonperforming assets

$        12,611

$           4,438

$     17,049

$        17,749

$           4,201

$     21,950

$           6,953

$           5,444

$     12,397

Nonperforming assets to total assets

0.50 %

0.65 %

0.38 %

Nonperforming loans to total assets

0.49

0.61

0.37

Nonperforming loans to total loans

0.63

0.78

0.49

(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. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION - CONTINUED

(Unaudited)

6/30/2024

3/31/2024

6/30/2023

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

$           3,349

$                —

$       3,349

$           3,275

$                —

$       3,275

$           3,200

$                —

$       3,200

Home equity loans and lines

705

—

705

701

—

701

707

—

707

Commercial real estate

14,957

200

15,157

14,863

200

15,063

14,299

499

14,798

Construction and land

5,304

—

5,304

5,287

—

5,287

4,822

—

4,822

Multi-family residential

582

—

582

584

—

584

512

—

512

Commercial and industrial

6,320

58

6,378

5,733

73

5,806

5,734

121

5,855

Consumer

737

—

737

745

—

745

745

—

745

Total allowance for loan losses

$        31,954

$              258

$     32,212

$        31,188

$              273

$     31,461

$        30,019

$              620

$     30,639

Unfunded lending commitments⁽²⁾

2,460

—

2,460

2,594

—

2,594

2,454

—

2,454

Total allowance for credit losses

$        34,414

$              258

$     34,672

$        33,782

$              273

$     34,055

$        32,473

$              620

$     33,093

Allowance for loan losses to nonperforming assets

188.94 %

143.33 %

247.15 %

Allowance for loan losses to nonperforming loans

191.53 %

154.61 %

251.22 %

Allowance for loan losses to total loans

1.21 %

1.20 %

1.22 %

Allowance for credit losses to total loans

1.30 %

1.30 %

1.32 %

Year-to-date loan charge-offs

$          815

$          241

$          137

Year-to-date loan recoveries

88

24

152

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

$        (727)

$        (217)

$             15

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

(0.06) %

(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.