8-K
HOME BANCORP, INC. (HBCP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | January 27, 2025 | ||||
|---|---|---|---|---|---|
| Home Bancorp, Inc. | |||||
| --- | |||||
| (Exact name of registrant as specified in its charter) | Louisiana | 001-34190 | 71-1051785 | ||
| --- | --- | --- | |||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | 503 Kaliste Saloom Road, Lafayette, Louisiana | 70508 | |
| --- | --- | ||||
| (Address of principal executive offices) | (Zip Code) | Registrant’s telephone number, including area code | (337) 237-1960 | ||
| --- | --- | N/A | |||
| --- | |||||
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | HBCP | Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition |
|---|
On January 27, 2025, the Registrant announced its results of operations for the quarter ended December 31, 2024. A copy of the related press release (the "Press Release") is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The Press Release attached hereto is being furnished to the SEC and shall not be deemed "filed" for any purpose except as otherwise provided herein.
| Item 7.01 | Regulation FD Disclosure |
|---|
On January 27, 2025, the Registrant made available the supplemental information attached as Exhibit 99.2 prepared for use with the press release.
The investor presentation attached hereto as Exhibit 99.2 and incorporated herein by reference is being furnished pursuant to this Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.
| Item 8.01 | Other Events |
|---|
On January 27, 2025, the Registrant announced that its Board of Directors declared a cash dividend in the amount of $0.27 per share. The cash dividend will be paid on February 21, 2025 to shareholders of record at the close of business on February 10, 2025.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits
The following exhibit is filed herewith.
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release - Results of Operations and Financial Condition, dated January 27, 2025 |
| 99.2 | Home Bancorp, Inc. Investor Presentation - Q4 2024Results |
| 104 | The cover page of Home Bancorp, Inc.'s Form 8-K is formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HOME BANCORP, INC. | ||
|---|---|---|
| Date: January 27, 2025 | By: | /s/ John W. Bordelon |
| John W. Bordelon | ||
| Chairman of the Board, President and Chief Executive Officer |
Document
For further information contact:
John W. Bordelon, Chairman of the Board, President and CEO
(337) 237-1960
| Release Date: | January 27, 2025 |
|---|---|
| For Immediate Release |
HOME BANCORP ANNOUNCES 2024 FOURTH QUARTER RESULTS
AND INCREASES QUARTERLY DIVIDEND BY 4%
Lafayette, Louisiana – 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 fourth quarter of 2024. For the quarter, the Company reported net income of $9.7 million, or $1.21 per diluted common share (“diluted EPS”), up $236,000, or 3%, from $9.4 million, or $1.18 diluted EPS, for the third quarter of 2024.
“We are very excited about the improvement in our NIM and our overall fourth quarter results," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. “During the fourth quarter, we had strong loan growth with a modest increase in deposits and improvement in our nonperforming assets, which resulted in strong profitability. The net interest margin increased to 3.82% for the quarter primarily due to our ability to manage lower funding cost and obtain over 7% annualized loan growth. We are confident that our vibrant markets, credit-focused culture, and strong capital levels have positioned us to continue the momentum in 2025.”
Fourth Quarter 2024 Highlights
•Loans totaled $2.7 billion at December 31, 2024, up $49.9 million, or 2% (an increase of 7% on an annualized basis), from September 30, 2024.
•Deposits totaled $2.8 billion at December 31, 2024, up $3.2 million, or less than 1% (less than 1% on an annualized basis), from September 30, 2024.
•Net interest income in the fourth quarter of 2024 totaled $31.6 million, up $1.2 million, or 4%, from the prior quarter.
•The net interest margin ("NIM") increased 11 basis points from 3.71% for the third quarter of 2024 to 3.82% in the fourth quarter of 2024 primarily due to lower funding cost and flat yield on interest earning assets.
•Nonperforming assets totaled $15.6 million, or 0.45% of total assets, at December 31, 2024, down $2.7 million, or 15%, from September 30, 2024, primarily due to improved performance of certain loans, including nonperforming loans, and paydowns.
•The Company recorded a $873,000 provision to the allowance for loan losses in the fourth quarter of 2024, compared to a $140,000 provision in the third quarter of 2024, primarily due to loan growth.
•Net loan charge-offs were $235,000 for the fourth quarter of 2024, compared to net loan charge-offs of $74,000 during the third quarter of 2024. Year-to-date net loan charge offs to average loans was 0.04% at December 31, 2024.
Loans
Loans totaled $2.7 billion at December 31, 2024, up $49.9 million, or 2%, from September 30, 2024. The following table summarizes the changes in the Company’s loan portfolio from September 30, 2024 to December 31, 2024.
| December 31, | September 30, | Increase (Decrease) | ||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands) | 2024 | 2024 | Amount | Percent | ||||
| Real estate loans: | ||||||||
| One- to four-family first mortgage | $ | 501,225 | $ | 502,784 | $ | (1,559) | — | % |
| Home equity loans and lines | 79,097 | 80,935 | (1,838) | (2) | ||||
| Commercial real estate | 1,158,781 | 1,143,152 | 15,629 | 1 | ||||
| Construction and land | 352,263 | 329,787 | 22,476 | 7 | ||||
| Multi-family residential | 178,568 | 169,443 | 9,125 | 5 | ||||
| Total real estate loans | 2,269,934 | 2,226,101 | 43,833 | 2 | ||||
| Other loans: | ||||||||
| Commercial and industrial | 418,627 | 412,753 | 5,874 | 1 | ||||
| Consumer | 29,624 | 29,432 | 192 | 1 | ||||
| Total other loans | 448,251 | 442,185 | 6,066 | 1 | ||||
| Total loans | $ | 2,718,185 | $ | 2,668,286 | $ | 49,899 | 2 | % |
The average loan yield was 6.43% for the fourth quarter of 2024, which was unchanged from the third quarter of 2024. The flat loan yield was impacted by a few factors for the fourth quarter of 2024. 39% of the loan portfolio is adjustable therefore the yield began declining in mid-September 2024 as the Federal Reserve cut rates. The net loan yield was higher by approximately 3 bps, or $189,000, for the quarter due to a nonperforming relationship paying off during the quarter which was offset slightly from loans transferring to nonperforming. In addition, yields on loans were impacted by higher rates on new loans and loans paying off at lower rates. We experienced growth in construction and land, commercial real estate and multi-family loans for the current quarter across most of our markets.
Credit Quality and Allowance for Loan Losses
Nonperforming assets (“NPAs”), totaled $15.6 million, or 0.45% of total assets at December 31, 2024, down $2.7 million, or 15%, from $18.4 million, or 0.53% of total assets, at September 30, 2024. The Company recorded net loan charge-offs of $235,000 during the fourth quarter of 2024, compared to net loan charge-offs of $74,000 for the third quarter of 2024.
The Company made a $873,000 provision to the allowance for loan losses in the fourth quarter of 2024 primarily due to loan growth. For the year ended December 31, 2024, provisions to the allowance for loan losses totaled $2.4 million. At December 31, 2024, the allowance for loan losses totaled $32.9 million, or 1.21% of total loans, compared to $32.3 million, or 1.21% of total loans, at September 30, 2024. Changes in expected losses reflect various factors including the changing economic activity, potential mitigating effects of governmental stimulus, customer 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 December 31, 2024 and September 30, 2024.
| December 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands) | Pass | Special Mention | Substandard | Total | ||||
| One- to four-family first mortgage | $ | 493,368 | $ | 823 | $ | 7,034 | $ | 501,225 |
| Home equity loans and lines | 78,818 | — | 279 | 79,097 | ||||
| Commercial real estate | 1,140,240 | — | 18,541 | 1,158,781 | ||||
| Construction and land | 347,039 | — | 5,224 | 352,263 | ||||
| Multi-family residential | 177,638 | — | 930 | 178,568 | ||||
| Commercial and industrial | 414,872 | — | 3,755 | 418,627 | ||||
| Consumer | 29,597 | — | 27 | 29,624 | ||||
| Total | $ | 2,681,572 | $ | 823 | $ | 35,790 | $ | 2,718,185 |
| September 30, 2024 | ||||||||
| (dollars in thousands) | Pass | Special Mention | Substandard | Total | ||||
| One- to four-family first mortgage | $ | 494,180 | $ | 859 | $ | 7,745 | $ | 502,784 |
| Home equity loans and lines | 80,729 | — | 206 | 80,935 | ||||
| Commercial real estate | 1,125,331 | — | 17,821 | 1,143,152 | ||||
| Construction and land | 323,751 | 308 | 5,728 | 329,787 | ||||
| Multi-family residential | 168,513 | — | 930 | 169,443 | ||||
| Commercial and industrial | 409,388 | 1,248 | 2,117 | 412,753 | ||||
| Consumer | 29,302 | — | 130 | 29,432 | ||||
| Total | $ | 2,631,194 | $ | 2,415 | $ | 34,677 | $ | 2,668,286 |
Investment Securities
The Company's investment securities portfolio totaled $403.9 million at December 31, 2024, a decrease of $17.9 million, or 4%, from September 30, 2024. At December 31, 2024, the Company had a net unrealized loss position on its investment securities of $41.0 million, compared to a net unrealized loss of $32.2 million at September 30, 2024. The Company’s investment securities portfolio had an effective duration of 3.9 years and 3.7 years at December 31, 2024 and September 30, 2024, respectively. The Company made securities purchases of $5.6 million during the fourth quarter of 2024, compared to $4.9 million during third quarter of 2024. No other purchases or sales of securities were made during the year.
The following table summarizes the composition of the Company's investment securities portfolio at December 31, 2024.
| (dollars in thousands) | Amortized Cost | Fair Value | ||
|---|---|---|---|---|
| Available for sale: | ||||
| U.S. agency mortgage-backed | $ | 291,351 | $ | 261,873 |
| Collateralized mortgage obligations | 73,931 | 71,389 | ||
| Municipal bonds | 53,458 | 45,829 | ||
| U.S. government agency | 18,079 | 17,128 | ||
| Corporate bonds | 6,985 | 6,573 | ||
| Total available for sale | $ | 443,804 | $ | 402,792 |
| Held to maturity: | ||||
| Municipal bonds | $ | 1,065 | $ | 1,065 |
| Total held to maturity | $ | 1,065 | $ | 1,065 |
Approximately 33% of the investment securities portfolio was pledged as of December 31, 2024 to secure public deposits. In the fourth quarter of 2024, the Company paid off its $135.0 million loan with the Federal Reserve Bank Term Funding Program ("BTFP"). As of December 31, 2024 and September 30, 2024, the Company had $134.9 million and $142.0 million, respectively, of securities pledged to secure public deposits and none and $135.0 million, respectively, pledged to the BTFP borrowings.
Deposits
Total deposits were $2.8 billion at December 31, 2024, up $3.2 million, or less than 1%, from September 30, 2024. Non-maturity deposits decreased $6.4 million, or less than 1% during the fourth quarter of 2024 to $2.0 billion. The following table summarizes the changes in the Company’s deposits from September 30, 2024 to December 31, 2024.
| December 31, | September 30, | Increase/(Decrease) | ||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands) | 2024 | 2024 | Amount | Percent | ||||
| Demand deposits | $ | 733,073 | $ | 740,854 | $ | (7,781) | (1) | % |
| Savings | 210,977 | 215,815 | (4,838) | (2) | ||||
| Money market | 457,483 | 452,456 | 5,027 | 1 | ||||
| NOW | 645,246 | 644,061 | 1,185 | — | ||||
| Certificates of deposit | 733,917 | 724,301 | 9,616 | 1 | ||||
| Total deposits | $ | 2,780,696 | $ | 2,777,487 | $ | 3,209 | — | % |
The average rate on interest-bearing deposits decreased 12 basis points from 2.78% for the third quarter of 2024 to 2.66% for the fourth quarter of 2024. At December 31, 2024, certificates of deposit maturing within the next 12 months totaled $693.3 million, or 94%, with 58% of the balance maturing in the first quarter of 2025.
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.
| December 31, 2024 | September 30, 2024 | |
|---|---|---|
| Individuals | 53% | 52% |
| Small businesses | 37 | 38 |
| Public funds | 7 | 7 |
| Broker | 3 | 3 |
| Total | 100% | 100% |
The total amounts of our uninsured deposits (deposits in excess of $250,000, as calculated in accordance with FDIC regulations) were $813.6 million at December 31, 2024 and $818.7 million at September 30, 2024. Public funds in excess of the FDIC insurance limits are fully collateralized.
Net Interest Income
The net interest margin ("NIM") increased 11 basis points from 3.71% for the third quarter of 2024 to 3.82% for the fourth quarter of 2024 primarily due to a decline in the funding cost for average interest-bearing liabilities while the yield on average interest-earning assets remained unchanged.
The average cost of interest-bearing deposits decreased by 12 basis points in the fourth quarter of 2024 compared to the third quarter of 2024. The decrease in deposit costs primarily reflects the decline in certificate of deposit rates as they matured.
Average other interest-earning assets were $97.5 million for the fourth quarter of 2024, up $17.8 million, or 22%, from the third quarter of 2024 primarily due to an increase in the average balance of cash and cash equivalents.
Loan accretion income from acquired loans totaled $421,000 for the fourth quarter of 2024, down $31,000, or 7%, compared to the third quarter of 2024.
Average other borrowings were $107.8 million for the fourth quarter of 2024, down $32.8 million, 23%, from the third quarter of 2024 primarily due to the payoff of the BTFP loan, which was replaced with short-term FHLB advances.
The average rate paid on total interest-bearing deposits was 2.66% for the fourth quarter of 2024, down 12 basis points from the third quarter of 2024, due to the lower funding cost. The average rate paid on certificate of deposits was 4.33% for the fourth quarter of 2024, down 26 basis points from the third quarter of 2024.
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%.
| For the Three Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2024 | September 30, 2024 | |||||||||||
| (dollars in thousands) | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | ||||||
| Interest-earning assets: | ||||||||||||
| Loans receivable | $ | 2,686,188 | $ | 43,978 | 6.43 | % | $ | 2,668,672 | $ | 43,711 | 6.43 | % |
| Investment securities (TE) | 449,216 | 2,703 | 2.42 | 454,024 | 2,677 | 2.38 | ||||||
| Other interest-earning assets | 97,492 | 1,123 | 4.58 | 79,668 | 991 | 4.95 | ||||||
| Total interest-earning assets | $ | 3,232,896 | $ | 47,804 | 5.82 | % | $ | 3,202,364 | $ | 47,379 | 5.82 | % |
| Interest-bearing liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Savings, checking, and money market | $ | 1,311,815 | $ | 5,721 | 1.73 | % | $ | 1,266,465 | $ | 5,571 | 1.75 | % |
| Certificates of deposit | 723,764 | 7,885 | 4.33 | 722,717 | 8,337 | 4.59 | ||||||
| Total interest-bearing deposits | 2,035,579 | 13,606 | 2.66 | 1,989,182 | 13,908 | 2.78 | ||||||
| Other borrowings | 107,767 | 1,279 | 4.72 | 140,539 | 1,673 | 4.74 | ||||||
| Subordinated debt | 54,427 | 848 | 6.23 | 54,374 | 844 | 6.21 | ||||||
| FHLB advances | 52,926 | 485 | 3.63 | 56,743 | 572 | 3.99 | ||||||
| Total interest-bearing liabilities | $ | 2,250,699 | $ | 16,218 | 2.87 | % | $ | 2,240,838 | $ | 16,997 | 3.02 | % |
| Noninterest-bearing deposits | $ | 754,133 | $ | 741,386 | ||||||||
| Net interest spread (TE) | 2.95 | % | 2.80 | % | ||||||||
| Net interest margin (TE) | 3.82 | % | 3.71 | % |
Noninterest Income
Noninterest income for the fourth quarter of 2024 totaled $3.6 million, down $63,000, or 2%, from the third quarter of 2024. The decrease was related primarily to decreases in gains on sale of loans (down $133,000) and bank card fees (down $27,000), which were partially offset by increases in gains on sale of assets, net (up $49,000) and service fees and charges (up $43,000) for the fourth quarter of 2024 compared to the third quarter of 2024.
Noninterest Expense
Noninterest expense for the fourth quarter of 2024 totaled $22.4 million, up $97,000, or less than 1%, compared to the third quarter of 2024. The increase was primarily due to increases in marketing and advertising (up $285,000), compensation and benefits (up $256,000) and provision for credit losses on unfunded commitments (up $240,000), which were partially offset by decreases in occupancy expense (down $390,000), data processing and communications (down $120,000), other noninterest expense (down $120,000), franchise and shares taxes (down $88,000) and professional services (down $34,000).
Capital and Liquidity
At December 31, 2024, shareholders’ equity totaled $396.1 million, up $2.6 million, or 1%, compared to $393.5 million at September 30, 2024. The increase was primarily due to the Company’s earnings of $9.7 million during the fourth quarter of 2024, which were partially offset by an increase in accumulated other comprehensive loss on available for sale investment securities and shareholder's dividends and repurchases of shares of the Company's common stock. The market value of the Company's available for sale securities at December 31, 2024 decreased $8.8 million, or 27%, during the fourth quarter of 2024. Preliminary Tier 1 leverage capital and total risk-based capital ratios were 11.38% and 14.51%, respectively, at December 31, 2024, compared to 11.32% and 14.74%, respectively, at September 30, 2024.
The following table summarizes the Company's primary and secondary sources of liquidity which were available at December 31, 2024.
| (dollars in thousands) | December 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $ | 98,548 |
| Unencumbered investment securities, amortized cost | 122,686 | |
| FHLB advance availability | 1,088,068 | |
| Amounts available from unsecured lines of credit | 55,000 | |
| Federal Reserve discount window availability | 500 | |
| Total primary and secondary sources of available liquidity | $ | 1,364,802 |
Dividend and Share Repurchases
The Company announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.27 per share payable on February 21, 2025, to shareholders of record as of February 10, 2025.
The Company repurchased 2,000 shares of its common stock during the fourth quarter of 2024 at an average price per share of $49.11. At December 31, 2024, an additional 311,812 shares remain eligible for purchase under the 2023 Repurchase Plan. The book value per share and tangible book value per share of the Company’s common stock was $48.95 and $38.44, respectively, at December 31, 2024.
Conference Call
Executive management will host a conference call to discuss fourth quarter 2024 results on Tuesday, January 28, 2025 at 7:30 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 the Home Bancorp, Inc. 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 of non-GAAP information included herein to GAAP is presented below.
| For the Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||
| Reported net income | $ | 9,673 | $ | 9,437 | $ | 9,385 | |||
| Add: Core deposit intangible amortization, net tax | 250 | 259 | 298 | ||||||
| Non-GAAP tangible income | $ | 9,923 | $ | 9,696 | $ | 9,683 | |||
| Total assets | $ | 3,443,668 | $ | 3,441,990 | $ | 3,320,122 | |||
| Less: Intangible assets | 85,044 | 85,361 | 86,372 | ||||||
| Non-GAAP tangible assets | $ | 3,358,624 | $ | 3,356,629 | $ | 3,233,750 | |||
| Total shareholders’ equity | $ | 396,088 | $ | 393,453 | $ | 367,444 | |||
| Less: Intangible assets | 85,044 | 85,361 | 86,372 | ||||||
| Non-GAAP tangible shareholders’ equity | $ | 311,044 | $ | 308,092 | $ | 281,072 | |||
| Return on average equity | 9.71 | % | 9.76 | % | 10.61 | % | |||
| Add: Average intangible assets | 2.99 | 3.14 | 3.92 | ||||||
| Non-GAAP return on average tangible common equity | 12.70 | % | 12.90 | % | 14.53 | % | |||
| Common equity ratio | 11.50 | % | 11.43 | % | 11.07 | % | |||
| Less: Intangible assets | 2.24 | 2.25 | 2.38 | ||||||
| Non-GAAP tangible common equity ratio | 9.26 | % | 9.18 | % | 8.69 | % | |||
| Book value per share | $ | 48.95 | $ | 48.75 | $ | 45.04 | |||
| Less: Intangible assets | 10.51 | 10.58 | 10.59 | ||||||
| Non-GAAP tangible book value per share | $ | 38.44 | $ | 38.17 | $ | 34.45 |
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, 2023, describes some of these factors, including risk elements in the loan portfolio, 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. AND SUBSIDIARY | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| (dollars in thousands) | December 31, 2024 | September 30, 2024 | % Change | December 31, 2023 | |||||||||||||||||
| Assets | |||||||||||||||||||||
| Cash and cash equivalents | $ | 98,548 | $ | 135,877 | (27) | % | $ | 75,831 | |||||||||||||
| Interest-bearing deposits in banks | — | — | — | 99 | |||||||||||||||||
| Investment securities available for sale, at fair value | 402,792 | 420,723 | (4) | 433,926 | |||||||||||||||||
| Investment securities held to maturity | 1,065 | 1,065 | — | 1,065 | |||||||||||||||||
| Mortgage loans held for sale | 832 | 242 | 244 | 361 | |||||||||||||||||
| Loans, net of unearned income | 2,718,185 | 2,668,286 | 2 | 2,581,638 | |||||||||||||||||
| Allowance for loan losses | (32,916) | (32,278) | (2) | (31,537) | |||||||||||||||||
| Total loans, net of allowance for loan losses | 2,685,269 | 2,636,008 | 2 | 2,550,101 | |||||||||||||||||
| Office properties and equipment, net | 42,324 | 42,659 | (1) | 41,980 | |||||||||||||||||
| Cash surrender value of bank-owned life insurance | 48,421 | 48,139 | 1 | 47,321 | |||||||||||||||||
| Goodwill and core deposit intangibles | 85,044 | 85,361 | — | 86,372 | |||||||||||||||||
| Accrued interest receivable and other assets | 79,373 | 71,916 | 10 | 83,066 | |||||||||||||||||
| Total Assets | $ | 3,443,668 | $ | 3,441,990 | — | $ | 3,320,122 | ||||||||||||||
| Liabilities | |||||||||||||||||||||
| Deposits | $ | 2,780,696 | $ | 2,777,487 | — | % | $ | 2,670,624 | |||||||||||||
| Other Borrowings | 5,539 | 140,539 | (96) | 5,539 | |||||||||||||||||
| Subordinated debt, net of issuance cost | 54,459 | 54,402 | — | 54,241 | |||||||||||||||||
| Federal Home Loan Bank advances | 175,546 | 38,410 | 357 | 192,713 | |||||||||||||||||
| Accrued interest payable and other liabilities | 31,340 | 37,699 | (17) | 29,561 | |||||||||||||||||
| Total Liabilities | 3,047,580 | 3,048,537 | — | 2,952,678 | |||||||||||||||||
| Shareholders' Equity | |||||||||||||||||||||
| Common stock | 81 | 81 | — | % | 81 | ||||||||||||||||
| Additional paid-in capital | 168,138 | 166,743 | 1 | 165,823 | |||||||||||||||||
| Common stock acquired by benefit plans | (1,339) | (1,428) | 6 | (1,697) | |||||||||||||||||
| Retained earnings | 259,190 | 251,692 | 3 | 234,619 | |||||||||||||||||
| Accumulated other comprehensive loss | (29,982) | (23,635) | (27) | (31,382) | |||||||||||||||||
| Total Shareholders' Equity | 396,088 | 393,453 | 1 | 367,444 | |||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 3,443,668 | $ | 3,441,990 | — | $ | 3,320,122 | ||||||||||||||
| HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||
| CONDENSED STATEMENTS OF INCOME | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||
| (dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | % Change | December 31, 2023 | % Change | ||||||||||||||||
| Interest Income | |||||||||||||||||||||
| Loans, including fees | $ | 43,978 | $ | 43,711 | 1 | % | $ | 39,820 | 10 | % | |||||||||||
| Investment securities | 2,703 | 2,677 | 1 | 2,837 | (5) | ||||||||||||||||
| Other investments and deposits | 1,123 | 991 | 13 | 742 | 51 | ||||||||||||||||
| Total interest income | 47,804 | 47,379 | 1 | 43,399 | 10 | ||||||||||||||||
| Interest Expense | |||||||||||||||||||||
| Deposits | 13,606 | 13,908 | (2) | % | 10,536 | 29 | % | ||||||||||||||
| Other borrowings | 1,279 | 1,673 | (24) | 53 | 2313 | ||||||||||||||||
| Subordinated debt expense | 848 | 844 | — | 844 | — | ||||||||||||||||
| Federal Home Loan Bank advances | 485 | 572 | (15) | 2,684 | (82) | ||||||||||||||||
| Total interest expense | 16,218 | 16,997 | (5) | 14,117 | 15 | ||||||||||||||||
| Net interest income | 31,586 | 30,382 | 4 | 29,282 | 8 | ||||||||||||||||
| Provision for loan losses | 873 | 140 | 524 | 665 | 31 | ||||||||||||||||
| Net interest income after provision for loan losses | 30,713 | 30,242 | 2 | 28,617 | 7 | ||||||||||||||||
| Noninterest Income | |||||||||||||||||||||
| Service fees and charges | 1,334 | 1,291 | 3 | % | 1,235 | 8 | % | ||||||||||||||
| Bank card fees | 1,586 | 1,613 | (2) | 1,646 | (4) | ||||||||||||||||
| Gain on sale of loans, net | 62 | 195 | (68) | 46 | 35 | ||||||||||||||||
| Income from bank-owned life insurance | 282 | 281 | — | 267 | 6 | ||||||||||||||||
| Gain (loss) on sale of assets, net | 39 | (10) | 490 | (7) | 657 | ||||||||||||||||
| Other income | 326 | 322 | 1 | 291 | 12 | ||||||||||||||||
| Total noninterest income | 3,629 | 3,692 | (2) | 3,478 | 4 | ||||||||||||||||
| Noninterest Expense | |||||||||||||||||||||
| Compensation and benefits | 13,314 | 13,058 | 2 | % | 11,401 | 17 | % | ||||||||||||||
| Occupancy | 2,342 | 2,732 | (14) | 2,467 | (5) | ||||||||||||||||
| Marketing and advertising | 667 | 382 | 75 | 759 | (12) | ||||||||||||||||
| Data processing and communication | 2,526 | 2,646 | (5) | 2,423 | 4 | ||||||||||||||||
| Professional fees | 416 | 450 | (8) | 465 | (11) | ||||||||||||||||
| Forms, printing and supplies | 214 | 188 | 14 | 195 | 10 | ||||||||||||||||
| Franchise and shares tax | 400 | 488 | (18) | 131 | 205 | ||||||||||||||||
| Regulatory fees | 483 | 493 | (2) | 589 | (18) | ||||||||||||||||
| Foreclosed assets, net | 125 | 62 | 102 | 43 | 191 | ||||||||||||||||
| Amortization of acquisition intangible | 317 | 328 | (3) | 377 | (16) | ||||||||||||||||
| Provision for credit losses on unfunded commitments | 240 | — | — | 140 | 71 | ||||||||||||||||
| Other expenses | 1,311 | 1,431 | (8) | 1,614 | (19) | ||||||||||||||||
| Total noninterest expense | 22,355 | 22,258 | — | 20,604 | 8 | ||||||||||||||||
| Income before income tax expense | 11,987 | 11,676 | 3 | 11,491 | 4 | ||||||||||||||||
| Income tax expense | 2,314 | 2,239 | 3 | 2,106 | 10 | ||||||||||||||||
| Net income | $ | 9,673 | $ | 9,437 | 3 | $ | 9,385 | 3 | |||||||||||||
| Earnings per share - basic | $ | 1.22 | $ | 1.19 | 3 | % | $ | 1.18 | 3 | % | |||||||||||
| Earnings per share - diluted | $ | 1.21 | $ | 1.18 | 3 | $ | 1.17 | 3 | |||||||||||||
| Cash dividends declared per common share | $ | 0.26 | $ | 0.25 | 4 | % | $ | 0.25 | 4 | % | |||||||||||
| HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| SUMMARY FINANCIAL INFORMATION | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||
| (dollars in thousands, except per share data) | December 31, 2024 | September 30, 2024 | % Change | December 31, 2023 | % Change | ||||||||||||||||
| EARNINGS DATA | |||||||||||||||||||||
| Total interest income | $ | 47,804 | $ | 47,379 | 1 | % | $ | 43,399 | 10 | % | |||||||||||
| Total interest expense | 16,218 | 16,997 | (5) | 14,117 | 15 | ||||||||||||||||
| Net interest income | 31,586 | 30,382 | 4 | 29,282 | 8 | ||||||||||||||||
| Provision for loan losses | 873 | 140 | 524 | 665 | 31 | ||||||||||||||||
| Total noninterest income | 3,629 | 3,692 | (2) | 3,478 | 4 | ||||||||||||||||
| Total noninterest expense | 22,355 | 22,258 | — | 20,604 | 8 | ||||||||||||||||
| Income tax expense | 2,314 | 2,239 | 3 | 2,106 | 10 | ||||||||||||||||
| Net income | $ | 9,673 | $ | 9,437 | 3 | $ | 9,385 | 3 | |||||||||||||
| AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||
| Total assets | $ | 3,439,925 | $ | 3,405,083 | 1 | % | $ | 3,299,069 | 4 | % | |||||||||||
| Total interest-earning assets | 3,232,896 | 3,202,364 | 1 | 3,111,245 | 4 | ||||||||||||||||
| Total loans | 2,686,188 | 2,668,672 | 1 | 2,572,400 | 4 | ||||||||||||||||
| PPP loans | 2,742 | 4,470 | (39) | 5,643 | (51) | ||||||||||||||||
| Total interest-bearing deposits | 2,035,579 | 1,989,182 | 2 | 1,864,755 | 9 | ||||||||||||||||
| Total interest-bearing liabilities | 2,250,699 | 2,240,838 | — | 2,136,920 | 5 | ||||||||||||||||
| Total deposits | 2,789,712 | 2,730,568 | 2 | 2,641,939 | 6 | ||||||||||||||||
| Total shareholders' equity | 396,163 | 384,518 | 3 | 350,898 | 13 | ||||||||||||||||
| PER SHARE DATA | |||||||||||||||||||||
| Earnings per share - basic | $ | 1.22 | $ | 1.19 | 3 | % | $ | 1.18 | 3 | % | |||||||||||
| Earnings per share - diluted | 1.21 | 1.18 | 3 | 1.17 | 3 | ||||||||||||||||
| Book value at period end | 48.95 | 48.75 | — | 45.04 | 9 | ||||||||||||||||
| Tangible book value at period end | 38.44 | 38.17 | 1 | 34.45 | 12 | ||||||||||||||||
| Shares outstanding at period end | 8,091,522 | 8,070,539 | — | 8,158,281 | (1) | ||||||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||
| Basic | 7,944,629 | 7,921,582 | — | % | 7,978,160 | — | % | ||||||||||||||
| Diluted | 7,993,852 | 7,966,957 | — | 8,008,362 | — | ||||||||||||||||
| SELECTED RATIOS (1) | |||||||||||||||||||||
| Return on average assets | 1.12 | % | 1.10 | % | 2 | % | 1.13 | % | (1) | % | |||||||||||
| Return on average equity | 9.71 | 9.76 | (1) | 10.61 | (8) | ||||||||||||||||
| Common equity ratio | 11.50 | 11.43 | 1 | 11.07 | 4 | ||||||||||||||||
| Efficiency ratio (2) | 63.48 | 65.32 | (3) | 62.89 | 1 | ||||||||||||||||
| Average equity to average assets | 11.52 | 11.29 | 2 | 10.64 | 8 | ||||||||||||||||
| Tier 1 leverage capital ratio (3) | 11.38 | 11.32 | 1 | 10.98 | 4 | ||||||||||||||||
| Total risk-based capital ratio (3) | 14.51 | 14.74 | (2) | 14.23 | 2 | ||||||||||||||||
| Net interest margin (4) | 3.82 | 3.71 | 3 | 3.69 | 4 | ||||||||||||||||
| SELECTED NON-GAAP RATIOS (1) | |||||||||||||||||||||
| Tangible common equity ratio (5) | 9.26 | % | 9.18 | % | 1 | % | 8.69 | % | 7 | % | |||||||||||
| Return on average tangible common equity (6) | 12.70 | 12.90 | (2) | 14.53 | (13) | ||||||||||||||||
| (1)With the exception of end-of-period ratios, all ratios are based on average daily balances during the respective periods.<br><br>(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.<br><br>(3)Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.<br><br>(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%.<br><br>(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.<br><br>(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) | |||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||||||
| (dollars in thousands) | Acquired | Originated | Total | Acquired | Originated | Total | Acquired | Originated | Total | ||||||||||||
| CREDIT QUALITY (1) | |||||||||||||||||||||
| Nonaccrual loans | $ | 4,591 | $ | 8,991 | $ | 13,582 | $ | 4,314 | $ | 13,741 | $ | 18,055 | $ | 3,791 | $ | 5,023 | $ | 8,814 | |||
| Accruing loans past due 90 days and over | — | 16 | 16 | — | 34 | 34 | — | — | — | ||||||||||||
| Total nonperforming loans | 4,591 | 9,007 | 13,598 | 4,314 | 13,775 | 18,089 | 3,791 | 5,023 | 8,814 | ||||||||||||
| Foreclosed assets and ORE | 47 | 1,963 | 2,010 | 267 | — | 267 | 80 | 1,495 | 1,575 | ||||||||||||
| Total nonperforming assets | 4,638 | 10,970 | 15,608 | 4,581 | 13,775 | 18,356 | 3,871 | 6,518 | 10,389 | ||||||||||||
| Nonperforming assets to total assets | 0.45 | % | 0.53 | % | 0.31 | % | |||||||||||||||
| Nonperforming loans to total assets | 0.39 | 0.53 | 0.27 | ||||||||||||||||||
| Nonperforming loans to total loans | 0.50 | 0.68 | 0.34 | ||||||||||||||||||
| (1)It is our policy to cease accruing interest on loans 90 days or more past due. Nonperforming assets consist of nonperforming loans, foreclosed assets and other 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) | |||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 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 | $ | 4,430 | $ | — | $ | 4,430 | $ | 4,402 | $ | — | $ | 4,402 | $ | 3,255 | $ | — | $ | 3,255 | |||
| Home equity loans and lines | 801 | — | 801 | 785 | — | 785 | 688 | — | 688 | ||||||||||||
| Commercial real estate | 13,321 | 200 | 13,521 | 13,271 | 200 | 13,471 | 14,604 | 201 | 14,805 | ||||||||||||
| Construction and land | 5,484 | — | 5,484 | 5,167 | — | 5,167 | 5,292 | 123 | 5,415 | ||||||||||||
| Multi-family residential | 1,090 | — | 1,090 | 1,079 | — | 1,079 | 474 | — | 474 | ||||||||||||
| Commercial and industrial | 6,613 | 248 | 6,861 | 6,635 | 42 | 6,677 | 6,071 | 95 | 6,166 | ||||||||||||
| Consumer | 729 | — | 729 | 697 | — | 697 | 734 | — | 734 | ||||||||||||
| Total allowance for loan losses | $ | 32,468 | $ | 448 | $ | 32,916 | $ | 32,036 | $ | 242 | $ | 32,278 | $ | 31,118 | $ | 419 | $ | 31,537 | |||
| Unfunded lending commitments(2) | 2,700 | — | 2,700 | 2,460 | — | 2,460 | 2,594 | — | 2,263 | ||||||||||||
| Total allowance for credit losses | $ | 35,168 | $ | 448 | $ | 35,616 | $ | 34,496 | $ | 242 | $ | 34,738 | $ | 33,712 | $ | 419 | $ | 2,594 | |||
| Allowance for loan losses to nonperforming assets | 210.89 | % | 175.84 | % | 303.56 | % | |||||||||||||||
| Allowance for loan losses to nonperforming loans | 242.07 | % | 178.44 | % | 357.81 | % | |||||||||||||||
| Allowance for loan losses to total loans | 1.21 | % | 1.21 | % | 1.22 | % | |||||||||||||||
| Allowance for credit losses to total loans | 1.31 | % | 1.30 | % | 1.32 | % | |||||||||||||||
| Year-to-date loan charge-offs | $ | 1,285 | $ | 1,030 | $ | 471 | |||||||||||||||
| Year-to-date loan recoveries | 249 | 229 | 368 | ||||||||||||||||||
| Year-to-date net loan charge-offs | $ | (1,036) | $ | (801) | $ | (103) | |||||||||||||||
| Annualized YTD net loan charge-offs to average loans | (0.04) | % | (0.04) | % | — | % | |||||||||||||||
| (2)The allowance for unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. |
14
investorpresentationq420
Q4 2024 Earnings Conference Call
Certain comments in this presentation contain certain forward looking statements (as defined in the Securities Exchange Act of 1934 and the regulations thereunder). Forward looking statements are not historical facts but instead represent only the beliefs, expectations or opinions of Home Bancorp, Inc. and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward looking statements may be identified by the use of such words as: “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, or words of similar meaning, or future or conditional terms such as “will”, “would”, “should”, “could”, “may”, “likely”, “probably”, or “possibly.” Forward looking statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks, uncertainties and assumption, many of which are difficult to predict and generally are beyond the control of Home Bancorp, Inc. and its management, that could cause actual results to differ materially from those expressed in, or implied or projected by, forward looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward looking statements: (1) economic and competitive conditions which could affect the volume of loan originations, deposit flows and real estate values; (2) the levels of noninterest income and expense and the amount of loan losses; (3) competitive pressure among depository institutions increasing significantly; (4) changes in the interest rate environment causing reduced interest margins; (5) general economic conditions, either nationally or in the markets in which Home Bancorp, Inc. is or will be doing business, being less favorable than expected; (6) political and social unrest, including acts of war or terrorism; (7) we may not fully realize all the benefits we anticipated in connection with our acquisitions of other institutions or our assumptions made in connection therewith may prove to be inaccurate; (8) cyber incidents or other failures, disruptions or security beaches; or (9) legislation or changes in regulatory requirements adversely affecting the business of Home Bancorp, Inc. Home Bancorp, Inc. undertakes no obligation to update these forward looking statements to reflect events or circumstances that occur after the date on which such statements were made. As used in this report, unless the context otherwise requires, the terms “we,” “our,” “us,” or the “Company” refer to Home Bancorp, Inc. and the term the “Bank” refers to Home Bank, N.A., a national bank and wholly owned subsidiary of the Company. In addition, unless the context otherwise requires, references to the operations of the Company include the operations of the Bank. For a more detailed description of the factors that may affect Home Bancorp’s operating results or the outcomes described in these forward-looking statements, we refer you to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2023. Home Bancorp assumes no obligation to update the forward-looking statements made during this presentation. For more information, please visit our website www.home24bank.com. Non-GAAP Information This presentation 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 presentation, information is included which excludes acquired loans, intangible assets, impact of the gain (loss) on the sale of a banking center, the impact of merger-related expenses and one-time tax effects. 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 core operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies. | 2 Forward-Looking Statements
Headquarters: Lafayette, LA Ticker: HBCP (NASDAQ) History: • Founded in 1908 • IPO completed October 2008 • Six acquisitions completed since 2010 • 43 locations across Southern Louisiana, Western Mississippi and Houston Highlights: • Total Assets: $3.4 billion at December 31, 2024 • Market Cap: $383 million at January 23, 2025 • Ownership (S&P Global as of January 23, 2025) • Institutional: 46% • Insider/ESOP: 14% | 3 Our Company Total Assets $3.4B Total Loans $2.7B Total Deposits $2.8B
| 4 Our Markets
Quarterly Financial Highlights 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Profitability Net income $ 9,754 $ 9,385 $ 9,199 $ 8,118 $ 9,437 $ 9,673 Diluted EPS 1.22 1.17 1.14 1.02 1.18 1.21 Net interest income 29,509 29,282 28,901 29,393 30,382 31,586 Provision for loan losses 351 665 141 1,261 140 873 Core pre-provision net income(1) 9,820 9,846 9,152 8,868 9,430 10,430 ROA 1.18 % 1.13 % 1.11 % 0.97 % 1.10 % 1.12 % ROE 11.0 10.6 10.0 8.8 9.8 9.7 ROATCE(1) 15.2 14.5 13.4 11.7 12.9 12.7 Efficiency ratio 62.9 62.9 64.3 65.8 65.3 63.5 Balance Sheet Assets $ 3,317,729 $ 3,320,122 $ 3,357,604 $ 3,410,881 $ 3,441,990 $ 3,443,668 Loans 2,569,094 2,581,638 2,621,690 2,661,346 2,668,286 2,718,185 Cash and cash equivalents 84,520 75,831 90,475 113,462 135,877 98,548 Allowance for loan losses (31,123) (31,537) (31,461) (32,212) (32,278) (32,916) Total deposits 2,597,484 2,670,624 2,722,578 2,722,915 2,777,487 2,780,696 TCE ratio 8.0 % 8.7 % 8.8 % 8.7 % 9.2 % 9.3 % Loan/Deposit ratio 98.9 96.7 96.3 97.7 96.1 97.8 Per Share Data Share price $ 31.87 $ 42.01 $ 38.31 $ 40.01 $ 44.58 $ 46.21 Book value 42.30 45.04 45.73 46.51 48.75 48.95 Tangible book value(1) 31.67 34.45 35.17 35.90 38.17 38.44 Price / tangible book value per share 101 % 122 % 109 % 111 % 117 % 120 % Dividend paid $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.26 (1) See appendix for reconciliation of Non-GAAP items. | 5 (dollars in thousands, except per share data)
H om e B an k To ta l A ss et s ($ in m illi on s) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Statewide Bank - $199 MM Guaranty Savings Bank - $257 MM Britton & Koontz Bank - $301 MM Bank of New Orleans - $346 MM St. Martin Bank & Trust - $597 MM CAGR = 12.4% as of December 31, 2024 | 6 Asset Growth Texan Bank - $416 MM
Profitability 1.27 0.99 1.76 1.07 1.23 1.08 1.32 1.12 1.04 1.25 1.27 1.12 GAAP Core pre-provision earnings 2019 2020 2021 2022 2023 2024 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Return on Average Assets 9.0 7.8 14.4 10.2 11.6 9.6 9.3 8.9 8.5 11.8 11.9 9.9 GAAP Core pre-provision earnings 2019 2020 2021 2022 2023 2024 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Return on Average Equity 11.8 10.2 18.0 13.9 16.0 12.7 11.8 11.1 10.5 15.6 15.9 12.8 ROATCE Core pre-provision earnings 2019 2020 2021 2022 2023 2024 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Return on Tangible Common Equity 63.3 59.1 57.1 62.1 61.2 64.7 63.5 63.8 64.8 61.2 61.3 64.6 GAAP Core pre-provision earnings 2019 2020 2021 2022 2023 2024 50.0% 55.0% 60.0% 65.0% 70.0% Efficiency Ratio (1) See appendix for reconciliation of Non-GAAP items. (1) | 7
Loan Portfolio (as of December 31, 2024) CRE O.O., 26% 1-4 Mortgage, 18% CRE N.O.O., 17% C&I, 15% C&D, 13% Multifamily, 7% Home Equity, 3% Consumer, 1% Composition Market Diversification Acadiana, 28% New Orleans, 28%Houston, 19% Northshore 13% Baton Rouge, 10% MS, 2% • Total loans - $2.7 billion • 4Q 2024 WAR - 6.43% • YTD 2024 growth rate - 5% • Houston market - 19% growth rate YTD | 8
OO CRE Portfolio (as of December 31, 2024) Geographic Exposure Houston, 30% Acadiana, 27%New Orleans 18% Northshore 12% Baton Rouge 10% Mississippi, 2% Southwest LA, 1% | 9 dollars in thousands Balances % of Total Loans % of OO CRE Avg Loan Size Criticized Balances Convenience Store $ 133,988 5 % 19 % $ 1,381 $ — Office 99,132 4 14 453 — Warehouse Or Industrial 96,148 4 14 572 4,427 Office Medical 80,891 3 12 870 — Other Specialty Use 54,978 2 8 846 3,987 Hospital Or Surgical Center 54,620 2 8 4,552 — Retail Single Tenant 54,596 2 8 650 — Restaurant/Bar 48,743 2 7 739 547 Church/School Mtg 45,446 2 6 927 57 Other 33,568 1 4 959 — Total $ 702,110 26 % 100 % $ 791 $ 9,018 Repricing or Maturing Term dollars in thousands 3 mths or less 4 - 12 mths 1 - 3 Years 3 - 5 Years 5+ Years Balances $ 45,925 $ 88,832 $ 192,459 $ 175,513 $ 199,644 WAR 7.7 % 5.2 % 5.1 % 6.3 % 4.5 % Average Rate 5.4% Fixed Rate % 75% Convenience Store Balances 85% in Houston Nonaccrual Balance $1.6 million
NOO CRE Portfolio, including Multifamily (as of December 31, 2024) Geographic Exposure New Orleans 36% Northshore 22% Houston 21% Acadiana 14% Baton Rouge 6% Other, 1% | 10 dollars in thousands Balances % of Total Loans % of NOO CRE Avg Loan Size Criticized Balances Multifamily $ 178,568 7 % 28 % $ 1,275 $ 930 Retail Multi-tenant 130,378 5 21 1,552 453 Multi Use Facility 74,699 3 12 1,334 — Office 73,241 3 12 1,003 1,500 Hotel/Motel 54,026 2 9 1,256 7,650 Warehouse or Industrial 49,599 2 8 636 — Other 31,152 1 3 611 — Other Specialty Use 18,406 1 3 708 — Hospital or Surgical Center 12,621 1 2 2,104 — Retail Single Tenant 12,549 1 2 448 — Total $ 635,239 23 % 100 % $ 1,086 $ 10,533 Repricing or Maturing Term dollars in thousands 3 mths or less 4 - 12 mths 1-3 years 3-5 Years 5+ Years Balances $ 109,966 $ 40,774 $ 249,804 $ 140,398 $ 94,034 WAR 6.7 % 6.2 % 5.0 % 6.7 % 4.6 % Average Rate 5.68% Fixed Rate % 76% Nonaccrual Balance $1.7 million
CRE Non-Medical Office Exposure (as of December 31, 2024) | 11 Nonaccrual Balance NOO loans - $0.0 OO loans - $0.0 Total Non-Medical Office Loans $172.4 million or 6.3% of total loans NOO Geographic Exposure Baton Rouge 1.0% Houston 0.8% Norths hore 0.3% Acadiana 0.3% New Orle n s 0.2% Mississ ippi —% dollars in thousands Balances % of Total Loans Avg Loan Size Criticized Balances Baton Rouge $ 26,984 1.0 % $ 1,227 $ — Houston 22,259 0.8 2,024 — Northshore 9,312 0.3 931 — Acadiana 9,245 0.3 402 — New Orleans 5,236 0.2 873 1,500 Mississippi 205 — 205 — Total NOO Office $ 73,241 2.6 % $ 1,003 $ 1,500 dollars in thousands Balances % of Total Loans Avg Loan Size Criticized Balances Acadiana $ 31,221 1.1 % $ 452 $ — New Orleans 23,056 0.8 549 — Houston 14,605 0.5 541 — Baton Rouge 13,535 0.5 376 — Northshore 11,252 0.4 489 — Mississippi 2,906 0.1 415 — Southwest LA 2,557 0.1 170 — Total OO Office $ 99,132 3.6 % $ 453 $ — OO Office Exposure NOO Office Exposure Average Remaining Maturity NOO 6.1 yrs OO 7.4 yrs Average Rate NOO 5.3% OO 5.5%
Commercial & Industrial (as of December 31, 2024) | 12 Nonaccrual Balance $1.3 million LOC Utilization Rate 50% Average Rate 7.3% Geographic Exposure Acadiana 44% Baton Rouge 20% New Orleans 13% Northshore 11% Houston 9% Natchez 3% dollars in thousands Balances % of C&I % of Loans Avg Loan Size Criticized Balances Professional Services $ 55,105 13.2 % 2.0 % $ 123 $ 44 Finance and Insurance 55,268 13.2 % 2.0 825 1,344 Retail 38,939 9.3 % 1.4 213 398 Manufacturing 37,141 8.9 % 1.4 273 336 Healthcare 34,277 8.2 % 1.3 148 — Real Estate Leasing 36,034 8.6 % 1.3 171 — Construction 36,251 8.7 % 1.3 121 1,287 Transportation 27,976 6.7 % 1.0 204 97 Oil & Gas Extraction 23,413 5.6 % 0.9 308 — Agriculture 17,932 4.3 % 0.7 121 — Other 56,291 13.4 % 2.1 152 255 Totals $ 418,627 100 % 15.4 % $ 181 $ 3,761 Repricing or Maturing Term dollars in thousands 3 mths or less 4 -12 Mths 1 - 3 Years 3 - 5 Years 5+ Years Balances $ 229,787 $ 29,462 $ 31,106 $ 68,912 $ 59,360 WAR 8.0 % 7.8 % 5.4 % 6.8 % 5.9 % Fixed Rate % 42%
C&D Portfolio (as of December 31, 2024) Commercial Construction, 56%Lots, Development and Unimproved Land, 28% 1-4 Family Construction, 16% Composition | 13 Historic Charge-off (Recovery Rate) Charge-off (recovery) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (0.25)% —% 0.25% 0.50% 0.75% 1.00% Total Balance $352.3 million Average Balance $553,000 $782K net charge-offs since 2009 0.5% on Nonaccrual or $1.6 million
($ in m illi on s) $1.4 $3.8 $3.7 $(0.7) $2.3 $(0.1) $2.4 $(1.0) $21.1 $29.3 $31.5 $32.9 Dec 2021 Allowance for Texan Bank Acquired PCD Loans Provision for Texan Loan Portfolio Organic Provision Net Charge- offs Dec 2022 Organic Provision Net Charge- offs Dec 2023 Organic Provision Net Charge- offs Dec 2024 0 10 20 30 40 2023 (dollars in thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Total Loans $ 2,581,638 $ 2,621,690 $ 2,661,346 $ 2,668,286 $ 2,718,185 Total nonperforming loans 8,814 20,349 16,818 18,089 13,598 Total special mention loans 7,928 8,578 6,754 2,415 823 Total substandard loans 28,168 35,128 32,660 34,677 35,790 Total criticized loans $ 36,096 $ 43,706 $ 39,414 $ 37,092 $ 36,613 Nonperforming loans / Total loans 0.34 % 0.78 % 0.63 % 0.68 % 0.50 % Criticized loans / Total loans 1.40 % 1.67 % 1.48 % 1.39 % 1.35 % ALL / Total Loans 1.22 % 1.20 % 1.21 % 1.21 % 1.21 % 20242021 Changes in ALL | 14 2022
1.21 1.30 0.77 0.49 0.34 0.31 0.450.72 0.75 0.40 0.28 0.14 0.20 0.32 NPAs / Total Assets Originated NPAs / Total Assets 2018 2019 2020 2021 2022 2023 2024 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% NPAs / Assets title 0.15 0.09 0.12 0.09 0.03 — 0.04 2018 2019 2020 2021 2022 2023 2024 0.00% 0.05% 0.10% 0.15% 0.20% Net Charge-offs / YTD Average Loans 63 63 165 146 267 304 211 ALL / NPAs 2018 2019 2020 2021 2022 2023 2024 0% 50% 100% 150% 200% 250% 300% 350% ALL / NPAs 1.94 1.73 1.03 0.83 0.41 0.52 0.76 0.87 1.32 0.74 0.57 0.32 0.36 0.67 Past Due Loans / Loans Originated Past Due / Originated Loans 2018 2019 2020 2021 2022 2023 2024 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Loans Past Due Credit Quality Trends | 15
Investment Portfolio | 16 (dollars in millions) Book Value Gain/(loss) Eff. Duration MBS $195 $(23) 4.7 Agency CMBS 153 (8) 2.5 Muni 55 (8) 6.0 CMO 17 (1) 3.6 Agency 18 (1) 2.7 Corp 7 — 1.0 Total $445 $(41) 3.9 10 Year Investment Cash Flow 13% 30% 46% 58% 67% 74% 80% 84% 89% 92% Expected Principal Cash Flows (dollars in thousands) Percentage of Cash Flows - Cumulative FYE 2025 FYE 2026 FYE 2027 FYE 2028 FYE 2029 FYE 2030 FYE 2031 FYE 2032 FYE 2033 FYE 2034 $— $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 —% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MBS 43.9% Agency CMBS 34.4% Muni 12.2% Agency 4.1% CMO 3.8% Corp 1.6% 11.7% of total assets 2.4% Q4 yield $41.0 million unrealized loss ~ 9.2% of book value 99.7% AFS $8.8 million MV decline in Q4 $9.1 million decline in book value QoQ
Acadiana 54% New Orleans 14% Houston 11% Northshore 10% Mississippi, 7% Baton Rouge, 4% $ in m illi on s 24% 28% 30% 34% 28% 26% 28% 29% 31% 25% 24% 23% 22% 17% 13% 13% 24% 26% 15% 15% 15% 16% 15% 17% 11% 11% 11% 12% 9% 8% Demand deposits NOW Certificates of deposit Money Market Savings Balance 2019 2020 2021 2022 2023 2024 1,500 2,000 2,500 3,000 Change (dollars in thousands) 12/31/2023 9/30/2024 12/31/2024 QoQ YoY Demand Deposits 744,424 740,854 733,073 (7,781) (11,351) Savings 231,624 215,815 210,977 (4,838) (20,647) Money Market 408,024 452,456 457,483 5,027 49,459 NOW 641,818 644,061 645,246 1,185 3,428 CDs 644,734 724,301 733,917 9,616 89,183 Total Deposits $ 2,670,624 $ 2,777,487 $ 2,780,696 $ 3,209 $ 110,072 Deposits (as of December 31, 2024) | 17 $33,698 Average deposit size 26% Non-interest bearing deposit composition 4% YTD 2024 growth rate
Deposits (as of December 31, 2024) | 18 Retail Business Public Broker Total FDIC Insured 45% 17% —% —% 62% Uninsured (1) 8 16 — — 24 Reciprocal — 4 — — 4 Public Funds — — 7 — 7 Brokered Deposits — — — 3 3 Total 53% 37% 7% 3% 100% Cost of Deposits 0.62 0.93 1.20 1.42 1.52 1.63 1.75 1.73 1.38 2.49 3.40 4.01 4.41 4.58 4.59 4.33 0.77 1.30 1.84 2.24 2.52 2.69 2.78 2.66 Non-maturity deposits Certificates of deposit Total interest-bearing deposits 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 0.40 0.80 1.20 1.60 2.00 2.40 2.80 3.20 3.60 4.00 4.40 4.80 (1) Excluding internal accounts, over FDIC limit and not collateralized (2) Total primary funding sources covering uninsured deposits. Funding Availability (in thousands) Q4 2024 FHLB availability $ 1,088,068 Unencumbered investments (book) 122,686 FRB discount window 500 Total primary funding sources $ 1,211,254 Fed fund lines 55,000 Total primary and secondary liquidity $ 1,266,254 Uninsured Deposits(1) Approximately $656 million or 24% of total deposits Coverage of Uninsured Deposits(2) 185%
4.18 3.94 3.75 3.69 3.64 3.66 3.71 3.82 3.77 3.79 3.91 NIM 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 Oct- 24 Nov- 24 Dec- 24 3.40% 3.60% 3.80% 4.00% 4.20% 4.40% 4.60% NIM (TE) 5.67 5.82 5.95 6.08 6.18 6.28 6.43 6.43 Loan Yield 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 5.00% 6.00% 7.00% Yield on Loans 1.33 1.91 2.37 2.62 2.79 2.93 3.02 2.87 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 0.0% 1.0% 2.0% 3.0% 4.0% Cost of Interest-Bearing Liabilities Yields | 19 $135 million borrowing under Federal Reserve BTFP at a cost of 4.76% paid off with Short- term FHLB advances at December 31, 2024 NIM 3.82% for the quarter ended December 2024 1.94% Cost of total deposits for the quarter ended December 2024 MonthQuarter * * *Nonperforming loan relationship paid off in December recognizing $189,000 of income. * 3.80 3.83 6.40
Rate Shock 1 Year % Change in NII 200 (1.8)% 100 (0.8)% (100) 0.1% (200) (0.2)% % of assets 2019 2023 2024 Cash 2% 2% 3% Investments 12% 13% 12% Loans, excluding PPP 78% 78% 79% Other Assets 8% 7% 6% NMD - noninterest-bearing 20% 22% 21% NMD - interest-bearing 45% 39% 38% CDs 18% 19% 21% Total Deposits 83% 80% 80% Borrowings 2% 6% 5% Subordinated Debt —% 2% 2% Other 1% 1% 1% Equity 14% 11% 12% Loan portfolio effective duration ~ 2.1 (based on management estimates) Cost of 2Q2016 - 3Q2019 3Q2019 - 1Q2022 1Q2022 - 3Q2024 3Q2024 - 4Q2024 Interest-bearing deposits 36% 40% 49% 12% Total deposits 27% 31% 36% 9% Interest-bearing liabilities 33% 40% 53% 15% Funding earning assets 23% 29% 37% 11% Interest Rate Risk Forecasted Change in NII Liability Betas Historical Funding Betas Balance Sheet Composition | 20 Fed Funds Effective Cost of Deposits Cost of Funding Earning Assets Q2- 16 Q4- 16 Q2- 17 Q4- 17 Q2- 18 Q4- 18 Q3- 19 Q4- 19 Q2- 20 Q4- 20 Q2- 21 Q4- 21 Q1- 22 Q2- 22 Q4- 22 Q2- 23 Q4- 23 Q1- 24 Q2- 24 Q3- 24 Q4- 2024 —% 1.00% 2.00% 3.00% 4.00% 5.00% Investment Portfolio effective duration = 3.9 39% of loan portfolio is variable
0.62 0.62 0.57 0.54 0.44 0.46 0.43 2018 2019 2020 2021 2022 2023 2024 0.40% 0.45% 0.50% 0.55% 0.60% 0.65% Noninterest Income(1) / Assets 2.83 2.87 2.53 2.41 2.51 2.52 2.58 2018 2019 2020 2021 2022 2023 2024 2.00% 2.50% 3.00% 3.50% Noninterest Expense(1) / Assets (1) Excludes non-core items. See appendix for reconciliation of non-GAAP items. (dollars in thousands) 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Service fees and charges $ 1,235 $ 1,254 $ 1,239 $ 1,291 $ 1,334 Bank card fees 1,646 1,575 1,751 1,613 1,586 Gain on sale of loans 46 87 126 195 62 Loss on sale of assets, net (7) 6 (2) (10) 39 Other 558 627 641 603 608 Total noninterest income $ 3,478 $ 3,549 $ 3,755 $ 3,692 $ 3,629 (dollars in thousands) 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Compensation $ 11,401 $ 12,170 $ 12,788 $ 13,058 $ 13,314 Data processing 2,423 2,514 2,555 2,646 2,526 Occupancy 2,467 2,454 2,603 2,732 2,342 Provision for unfunded 140 — (134) — 240 Other 4,173 3,730 3,996 3,822 3,933 Total noninterest expense $ 20,604 $ 20,868 $ 21,808 $ 22,258 $ 22,355 Noninterest expense excl. provision for unfunded $ 20,464 $ 20,868 $ 21,942 $ 22,258 $ 22,115 Noninterest Income & Expense | 21
0.84 0.88 0.91 0.93 1.00 1.01 0.27 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 2025 0.00 0.50 1.00 1.50 Dividends Per Share 27.22 29.60 34.00 29.57 29.20 34.45 38.44 Tangible book value 2019 2020 2021 March 2022 2022 2023 2024 20 25 30 35 40 Tangible Book Value Share Repurchase Activity Year # Shares Average Price Cash Utilized 2019 419,498 36.82 15,444,895 2020 530,504 26.41 14,011,605 2021 246,012 36.18 8,900,409 2022 288,350 39.30 11,333,399 2023 164,272 32.01 5,257,822 2024 124,634 37.79 4,710,202 Total 1,773,270 $ 33.64 $ 59,658,332 Capital | 22 ~ 311,812 shares remaining in current plans as of January 23, 2025 New Share Repurchase Plan approved 405,000 14% Shares repurchased since 2019 7.1% CAGR TBV / share, since 2019 Cash acquisition - Texan Bank Cash dividend of $0.27 per share payable on February 21, 2025 *payable in February 2025 *
9.7 9.8 10.4 11.0 11.4 13.9 14.7 12.4 13.0 13.3 15.2 15.9 13.6 14.2 14.5 Tier 1 leverage capital Common equity tier 1 Total risk-based capital 2020 2021 2022 2023 2024 0% 5% 10% 15% 20% Capital Ratios (Bank only) Capital | 23 Home Bank, N.A. Home Bancorp, Inc. As Reported Including AOCI Losses (1) As Reported Including AOCI Losses (1) Common Equity Tier 1 capital 13.3% Tier 1 risk based capital 13.3% 12.2% 12.2% 11.9% 11.9% 10.8% 10.8% Total risk based capital 14.5% 15.0% 13.9% Tier 1 leverage capital 11.4% 13.5% 10.5% 10.2% 9.3% (1) Assumes AOCI adjustments related to market valuations on securities and interest rate derivatives are included for regulatory capital calculations. Regulatory Capital and Adjusted Capital as of December 31, 2024
Investment Perspective | 24
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3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Total shareholders' equity $ 345,332 $ 367,444 $ 372,285 $ 375,830 $ 393,453 $ 396,088 Less: intangible assets 86,749 86,372 86,019 85,690 85,361 85,044 Non-GAAP tangible shareholders' equity $ 258,583 $ 281,072 $ 286,266 $ 290,140 $ 308,092 $ 311,044 Reported net income $ 9,754 $ 9,385 $ 9,199 $ 8,118 $ 9,437 $ 9,673 Add: amortization CDI, net tax 307 298 279 261 259 250 Non-GAAP tangible net income $ 10,061 $ 9,683 $ 9,478 $ 8,379 $ 9,696 $ 9,923 Return on average equity 11.0 % 10.6 % 10.0 % 8.8 % 9.8 % 9.7 % Add: intangible assets 4.2 3.9 3.4 2.9 3.1 3.0 Non-GAAP return on tangible common equity 15.2 % 14.5 % 13.4 % 11.7 % 12.9 % 12.7 % Book value per share $ 42.30 $ 45.04 $ 45.73 $ 46.51 $ 48.75 $ 48.95 Less: intangible assets 10.63 10.59 10.56 10.61 10.58 10.51 Non-GAAP tangible book value per share $ 31.67 $ 34.45 $ 35.17 $ 35.90 $ 38.17 $ 38.44 Reported net income $ 9,754 $ 9,385 $ 9,199 $ 8,118 $ 9,437 $ 9,673 Less: PPP loan income 23 22 22 20 35 12 Less: gain (loss) on sale of assets — (7) 6 (2) (10) 39 Less: loan discount accretion 634 583 525 490 452 421 Add: provision for loan losses 351 665 141 1,261 140 873 Add: provision (reversal) for credit losses on unfunded commitments — 140 — (134) — 240 Add: CDI amortization 389 377 353 330 328 317 Total non-core items, net of taxes 66 461 (47) 750 (7) 757 Core pre-provision net income (1) $ 9,820 $ 9,846 $ 9,152 $ 8,868 $ 9,430 $ 10,430 Appendix (non-GAAP reconciliation) | 26 (dollars in thousands, except per share data)
2019 2020 2021 2022 2023 2024 Total shareholders' equity $ 316,329 $ 321,842 $ 351,903 $ 329,954 $ 367,444 $ 396,088 Less: intangible assets 64,472 63,112 61,949 87,973 86,372 85,044 Non-GAAP tangible shareholders' equity $ 251,857 $ 258,730 $ 289,954 $ 241,981 $ 281,072 $ 311,044 Reported net income $ 27,932 $ 24,765 $ 48,621 $ 34,072 $ 40,240 $ 36,427 Add: amortization CDI, net tax 1,251 1,074 919 1,266 1,264 1,049 Non-GAAP tangible income $ 29,183 $ 25,839 $ 49,540 $ 35,338 $ 41,504 $ 37,476 Return on average equity 9.0 % 7.8 % 14.4 % 10.2 % 11.6 % 9.6 % Add: intangible assets 2.8 2.4 3.6 3.7 4.4 3.1 Non-GAAP return on tangible common equity 11.8 % 10.2 % 18.0 % 13.9 % 16.0 % 12.7 % Originated loans $ 1,251,201 $ 1,625,139 $ 1,593,769 $ 1,961,425 $ 2,169,500 $ 2,354,927 Acquired loans 463,160 354,815 246,324 469,325 412,138 363,258 Total loans $ 1,714,361 $ 1,979,954 $ 1,840,093 $ 2,430,750 $ 2,581,638 $ 2,718,185 Originated NPAs $ 16,421 $ 10,353 $ 8,348 $ 4,489 $ 6,518 $ 10,970 Acquired NPAs 12,121 9,628 6,116 6,487 3,871 4,638 Total NPAs $ 28,542 $ 19,981 $ 14,464 $ 10,976 $ 10,389 $ 15,608 Originated past due loans $ 16,541 $ 12,070 $ 9,071 $ 6,215 $ 7,864 $ 15,681 Acquired past due loans 13,098 8,335 6,146 3,683 5,569 4,920 Total past due loans $ 29,639 $ 20,405 $ 15,217 $ 9,898 $ 13,433 $ 20,601 Average assets $ 2,198,483 $ 2,491,612 $ 2,765,878 $ 3,178,862 $ 3,262,820 $ 3,386,721 Less: average PPP loans — 169,665 169,149 15,691 5,997 4,436 Average assets excluding PPP loans $ 2,198,483 $ 2,321,947 $ 2,596,729 $ 3,163,171 $ 3,256,823 $ 3,382,285 Appendix (non-GAAP reconciliation) | 27 (dollars in thousands)
2019 2020 2021 2022 2023 2024 Reported noninterest income $ 14,415 $ 14,305 $ 16,271 $ 13,885 $ 14,636 $ 14,625 Less: BOLI benefit 1,194 — 1,717 — — — Less: gain (loss) on sale of securities — — — — (249) — Less: gain (loss) on sale of assets (347) — (504) 26 (27) 33 Non-GAAP noninterest income $ 13,568 $ 14,305 $ 15,058 $ 13,859 $ 14,912 $ 14,592 Reported noninterest expense $ 63,605 $ 62,981 $ 66,982 $ 81,909 $ 82,841 $ 87,289 Less: lease termination 291 — — — — — Less: severance pay 287 — — — — — Less: one-time foreclosed asset recovery — — — — 739 — Less: merger-related expenses — — 299 1,971 — — Non-GAAP noninterest expense $ 63,027 $ 62,981 $ 66,683 $ 79,938 $ 82,102 $ 87,289 Reported net income $ 27,932 $ 24,765 $ 48,621 $ 34,072 $ 40,240 $ 36,427 Less: PPP loan income — 5,895 13,208 1,359 95 89 Less: Write of FDIC loss share receivable (680) — — — — — Less: BOLI benefit 1,194 — 1,717 — — — Less: gain (loss) on sale of assets (347) — (504) 26 (27) 33 Less: gain (loss) on sale of securities — — — — (249) — Less: loan discount accretion 3,503 4,097 2,361 2,933 2,532 1,888 Add: provision (reversal) for loan losses 3,014 12,728 (10,161) 7,489 2,341 2,415 Add: provision for credit losses on unfunded commitments — — 390 278 501 106 Add: CDI amortization 1,583 1,360 1,163 1,602 1,601 1,328 Add: lease termination 291 — — — — — Add: severance pay 287 — — — — — Add: one-time foreclosed asset recovery — — — — (739) — Add: merger-related expenses — — 299 1,971 — — Non-core items, net of taxes 1,189 3,236 (19,822) 5,547 1,069 1,453 Core pre-provision net income (1) $ 29,121 $ 28,001 $ 28,799 $ 39,619 $ 41,309 $ 37,880 (1) Core pre-provision net income - removes the impact of one time items, PPP income, provision for credit losses, loan discount accretion and CDI. Appendix (non-GAAP reconciliation) | 28 (dollars in thousands)
2019 2020 2021 1Q2022 2022 2023 1Q2024 2Q2024 3Q2024 4Q2024 Total shareholders' equity $ 316,329 $ 321,842 $ 351,903 $ 337,504 $ 329,954 $ 367,444 $ 372,285 $ 375,830 $ 393,453 $ 396,088 Less: intangible assets 64,472 63,112 61,949 87,569 87,973 86,372 86,019 85,690 85,361 85,044 Non-GAAP tangible shareholders' equity $ 251,857 $ 258,730 $ 289,954 $ 249,935 $ 241,981 $ 281,072 $ 286,266 $ 290,140 $ 308,092 $ 311,044 Shares Outstanding 9,252,418 8,740,104 8,526,907 8,453,014 8,286,084 8,158,281 8,140,380 8,081,344 8,070,539 8,091,522 Book value per share $ 34.19 $ 36.82 $ 41.27 $ 39.93 $ 39.82 $ 45.04 $ 45.73 $ 46.51 $ 48.75 $ 48.95 Less: intangible assets 6.97 7.22 7.27 10.36 10.62 10.59 10.56 10.61 10.58 10.51 Non-GAAP tangible book value per share $ 27.22 $ 29.60 $ 34.00 $ 29.57 $ 29.20 $ 34.45 $ 35.17 $ 35.90 $ 38.17 $ 38.44 Appendix (non-GAAP reconciliation) | 29 (dollars in thousands except for per share data)
