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HOME BANCORP ANNOUNCES 2022 FOURTH QUARTER RESULTS AND INCREASES QUARTERLY DIVIDEND BY 4%
HOME BANCORP ANNOUNCES 2022 FOURTH QUARTER RESULTS AND INCREASES QUARTERLY DIVIDEND BY 4%
PR Newswire
LAFAYETTE, La., Jan. 24, 2023
LAFAYETTE, La., Jan. 24, 2023 /PRNewswire/ — Home Bancorp, Inc. (Nasdaq: “HBCP”) (the “Company”), the parent compan…
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HOME BANCORP ANNOUNCES 2022 FOURTH QUARTER RESULTS AND INCREASES QUARTERLY DIVIDEND BY 4%
PR Newswire
LAFAYETTE, La., Jan. 24, 2023
LAFAYETTE, La., Jan. 24, 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 fourth quarter of 2022. For the quarter, the Company reported net income of $10.8 million, or $1.32 per diluted common share ("diluted EPS"), up $342,000 from $10.4 million, or $1.28 diluted EPS, for the third quarter of 2022.
"We are excited to report strong earnings and loan growth throughout our footprint for the third consecutive quarter," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "While maintaining a strong credit discipline, the Company's total loans increased on a reported basis 6% from the previous quarter. Excluding PPP loans, total loans increased $127.9 million, or 22% on an annualized basis. We are seeing continuous success attracting new customers throughout our footprint."
Fourth Quarter 2022 Highlights
- Loans totaled $2.4 billion at December 31, 2022, up $127.5 million, or 6%, from September 30, 2022. PPP loans totaled $6.7 million at December 31, 2022, down $402,000, or 6%, from September 30, 2022.
- Net interest income totaled $33.3 million, up $1.3 million, or 4%, from the prior quarter.
- The net interest margin ("NIM") increased 27 basis points from 4.11% for the third quarter of 2022 to 4.38%.
- Nonperforming assets totaled $11.0 million, or 0.34% of total assets, down $6.5 million, or 37%, from September 30, 2022 primarily due to improved performance of some loans and paydowns.
- The Company recorded a $2.0 million provision to the allowance for loan losses, compared to a $1.7 million provision in the prior quarter, primarily due to loan growth.
Loans
Loans totaled $2.4 billion at December 31, 2022, up $127.5 million, or 6%, from September 30, 2022. PPP loans, included in commercial and industrial loans, decreased $402,000, or 6%, from September 30, 2022. The following table summarizes the changes in the Company's loan portfolio from September 30, 2022 to December 31, 2022.
December 31, | September 30, | Increase (Decrease) | ||||||
(dollars in thousands) | 2022 | 2022 | Amount | Percent | ||||
Real estate loans: | ||||||||
One- to four-family first mortgage | $ 389,616 | $ 376,028 | $ 13,588 | 4 % | ||||
Home equity loans and lines | 61,863 | 60,624 | 1,239 | 2 | ||||
Commercial real estate | 1,152,537 | 1,086,656 | 65,881 | 6 | ||||
Construction and land | 313,175 | 328,753 | (15,578) | (5) | ||||
Multi-family residential | 100,588 | 97,212 | 3,376 | 3 | ||||
Total real estate loans | 2,017,779 | 1,949,273 | 68,506 | 4 | ||||
Other loans: | ||||||||
Commercial and industrial | 377,894 | 320,900 | 56,994 | 18 | ||||
Consumer | 35,077 | 33,106 | 1,971 | 6 | ||||
Total other loans | 412,971 | 354,006 | 58,965 | 17 | ||||
Total loans | $ 2,430,750 | $ 2,303,279 | $ 127,471 | 6 % | ||||
The average loan yield was 5.43% for the fourth quarter of 2022, up 26 basis points from the third quarter of 2022. Commercial real estate and commercial and industrial loans were the primary drivers for the loan growth during the fourth quarter of 2022. Commercial real estate loan growth for the current quarter was primarily in our Acadiana and Houston markets. During the fourth quarter of 2022, the growth in commercial and industrial loans was primarily within our Acadiana and Northshore markets.
Credit Quality and Allowance for Credit Losses
Nonperforming assets ("NPAs"), totaled $11.0 million, or 0.34% of total assets at December 31, 2022, down $6.5 million, or 37%, from $17.5 million, or 0.55% of total assets, at September 30, 2022. The Company recorded net loan charge-offs of $39,000 during the fourth quarter of 2022, compared to net loan charge-offs of $365,000 for the third quarter of 2022.
The Company made a $2.0 million provision to the allowance for loan losses in the fourth quarter of 2022 primarily due to loan growth. For the year ended December 31, 2022, provisions to the allowance for loan losses totaled $7.5 million. At December 31, 2022, the allowance for loan losses totaled $29.3 million, or 1.21% of total loans, compared to $27.4 million, or 1.19% of total loans, at September 30, 2022. Changes in expected losses consider 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.
Deposits
Total deposits were $2.6 billion at December 31, 2022, down $105.2 million, or 4%, from September 30, 2022. The decrease in deposits for the fourth quarter of 2022 was primarily due to customers utilizing excess cash. The following table summarizes the changes in the Company's deposits from September 30, 2022 to December 31, 2022.
December 31, | September 30, | Increase/(Decrease) | ||||||
(dollars in thousands) | 2022 | 2022 | Amount | Percent | ||||
Demand deposits | $ 904,301 | $ 921,089 | $ (16,788) | (2) % | ||||
Savings | 305,871 | 325,594 | (19,723) | (6) | ||||
Money market | 423,990 | 452,474 | (28,484) | (6) | ||||
NOW | 663,574 | 686,592 | (23,018) | (3) | ||||
Certificates of deposit | 335,445 | 352,675 | (17,230) | (5) | ||||
Total deposits | $ 2,633,181 | $ 2,738,424 | $ (105,243) | (4) % | ||||
The average rate on interest-bearing deposits increased 17 basis points from 0.27% for the third quarter of 2022 to 0.44% for the fourth quarter of 2022. At December 31, 2022, certificates of deposit maturing within the next 12 months totaled $259.1 million.
Net Interest Income
The net interest margin ("NIM") increased 27 basis points from 4.11% for the third quarter of 2022 to 4.38% for the fourth quarter of 2022 primarily due to an increase in the average yield on loans, which was partially offset with an increase in the average cost of interest-bearing liabilities. The increase in average cost of interest-bearing liabilities was primarily due to the increased rates paid on deposits during the fourth quarter of 2022.
The average loan yield was 5.43% for the fourth quarter of 2022, up 26 basis points from the third quarter of 2022 primarily reflecting increased market rates of interest coupled with loan growth during the period.
Average PPP loans were $6.9 million for the fourth quarter of 2022, down $2.5 million, or 27%, from the third quarter of 2022. Unrecognized PPP lender fees totaled $94,000 at December 31, 2022.
Loan accretion income from acquired loans totaled $750,000 for the fourth quarter of 2022, down $97,000, or 11%, compared to the third quarter of 2022.
The average rate paid on total interest-bearing deposits was 0.44% for the fourth quarter of 2022, up 17 basis points from the third quarter of 2022 due to the increased market rates of interest.
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, 2022 | September 30, 2022 | |||||||||||
(dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||
Interest-earning assets: | ||||||||||||
Loans receivable | $ 2,374,065 | $ 32,826 | 5.43 % | $ 2,265,846 | $ 29,859 | 5.17 % | ||||||
Investment securities (TE) | 549,961 | 3,214 | 2.37 | 532,300 | 2,958 | 2.25 | ||||||
Other interest-earning assets | 62,240 | 555 | 3.54 | 262,127 | 1,447 | 2.19 | ||||||
Total interest-earning assets | $ 2,986,266 | $ 36,595 | 4.82 % | $ 3,060,273 | $ 34,264 | 4.41 % | ||||||
Interest-bearing liabilities: | ||||||||||||
Deposits: | ||||||||||||
Savings, checking, and money market | $ 1,431,577 | $ 1,463 | 0.41 % | $ 1,522,350 | $ 876 | 0.23 % | ||||||
Certificates of deposit | 338,389 | 486 | 0.57 | 371,925 | 394 | 0.42 | ||||||
Total interest-bearing deposits | 1,769,966 | 1,949 | 0.44 | 1,894,275 | 1,270 | 0.27 | ||||||
Other borrowings | 5,539 | 53 | 3.80 | 5,539 | 53 | 3.80 | ||||||
Subordinated debt | 53,984 | 855 | 6.33 | 53,943 | 859 | 6.37 | ||||||
FHLB advances | 54,620 | 456 | 3.28 | 24,977 | 105 | 1.68 | ||||||
Total interest-bearing liabilities | $ 1,884,109 | $ 3,313 | 0.70 % | $ 1,978,734 | $ 2,287 | 0.46 % | ||||||
Net interest spread (TE) | 4.12 % | 3.95 % | ||||||||||
Net interest margin (TE) | 4.38 % | 4.11 % | ||||||||||
Noninterest Expense
Noninterest expense for the fourth quarter of 2022 totaled $21.2 million, up $454,000, or 2%, compared to the third quarter of 2022. Compensation and benefits were up $752,000 from the third quarter of 2022 primarily due to an increase in group health insurance and bonuses for the quarter, partially offset by a decrease in credit losses on unfunded commitments of $316,000.
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 February 17, 2023, to shareholders of record as of February 6, 2023.
The Company repurchased 1,315 shares of its common stock during the fourth quarter of 2022 at an average price per share of $42.84 under the Company's 2020 Repurchase Plan. An additional 195,718 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 $39.82 and $29.20, respectively, at December 31, 2022.
Non-GAAP Reconciliation
This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes intangible assets and PPP loans. 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, | September 30, | December 31, | |||
Reported net income | $ 10,776 | $ 10,434 | $ 10,238 | |||
Add: Core deposit intangible amortization, net tax | 350 | 358 | 221 | |||
Non-GAAP tangible income | $ 11,126 | $ 10,792 | $ 10,459 | |||
Reported loan income | $ 32,826 | $ 29,859 | $ 24,215 | |||
Less: PPP loan income | 26 | 132 | 2,201 | |||
Loan income excluding PPP loan income | $ 32,800 | $ 29,727 | $ 22,014 | |||
Loan yield | 5.43 % | 5.17 % | 5.12 % | |||
Negative (positive) impact of PPP loans | 0.01 | — | (0.29) | |||
Loan yield excluding PPP loans | 5.44 % | 5.17 % | 4.83 % | |||
Net interest margin | 4.38 % | 4.11 % | 3.53 % | |||
Negative (positive) impact of PPP loans | 0.01 | — | (0.24) | |||
Net interest margin excluding PPP loans | 4.39 % | 4.11 % | 3.29 % | |||
Total assets | $ 3,228,280 | $ 3,167,666 | $ 2,938,244 | |||
Less: Intangible assets | 87,973 | 87,839 | 61,949 | |||
Non-GAAP tangible assets | $ 3,140,307 | $ 3,079,827 | $ 2,876,295 | |||
Total shareholders' equity | $ 329,954 | $ 316,656 | $ 351,903 | |||
Less: Intangible assets | 87,973 | 87,839 | 61,949 | |||
Non-GAAP tangible shareholders' equity | $ 241,981 | $ 228,817 | $ 289,954 | |||
Total loans | $ 2,430,750 | $ 2,303,279 | $ 1,840,093 | |||
Less: PPP loans | 6,692 | 7,094 | 43,637 | |||
Total loans excluding PPP loans | $ 2,424,058 | $ 2,296,185 | $ 1,796,456 | |||
Return on average equity | 13.23 % | 12.35 % | 11.65 % | |||
Add: Average intangible assets | 5.52 | 4.99 | 2.83 | |||
Non-GAAP return on average tangible common equity | 18.75 % | 17.34 % | 14.48 % | |||
Common equity ratio | 10.22 % | 10.00 % | 11.98 % | |||
Less: Intangible assets | 2.51 | 2.57 | 1.90 | |||
Non-GAAP tangible common equity ratio | 7.71 % | 7.43 % | 10.08 % | |||
Book value per share | $ 39.82 | $ 38.27 | $ 41.27 | |||
Less: Intangible assets | 10.62 | 10.61 | 7.27 | |||
Non-GAAP tangible book value per share | $ 29.20 | $ 27.66 | $ 34.00 | |||
This news release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2021, describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for credit losses, the impact of the COVID-19 pandemic, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward-looking statements speak only as of the date they are made. We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | ||||||||
(Unaudited) | ||||||||
(dollars in thousands) | December 31, | September 30, | % | December 31, | ||||
Assets | ||||||||
Cash and cash equivalents | $ 87,401 | $ 150,556 | (42) % | $ 601,443 | ||||
Interest-bearing deposits in banks | 349 | 349 | — | 349 | ||||
Investment securities available for sale, at fair value | 486,518 | 492,758 | (1) | 327,632 | ||||
Investment securities held to maturity | 1,075 | 1,080 | — | 2,102 | ||||
Mortgage loans held for sale | 98 | 169 | (42) | 1,104 | ||||
Loans, net of unearned income | 2,430,750 | 2,303,279 | 6 | 1,840,093 | ||||
Allowance for loan losses | (29,299) | (27,351) | (7) | (21,089) | ||||
Total loans, net of allowance for loan losses | 2,401,451 | 2,275,928 | 6 | 1,819,004 | ||||
Office properties and equipment, net | 43,560 | 43,685 | — | 43,542 | ||||
Cash surrender value of bank-owned life insurance | 46,276 | 46,019 | 1 | 40,361 | ||||
Goodwill and core deposit intangibles | 87,973 | 87,839 | — | 61,949 | ||||
Accrued interest receivable and other assets | 73,579 | 69,283 | 6 | 40,758 | ||||
Total Assets | $ 3,228,280 | $ 3,167,666 | 2 | $ 2,938,244 | ||||
Liabilities | ||||||||
Deposits | $ 2,633,181 | $ 2,738,424 | (4) % | $ 2,535,849 | ||||
Other Borrowings | 5,539 | 5,539 | — | 5,539 | ||||
Subordinated debt, net of issuance cost | 54,013 | 53,958 | — | — | ||||
Federal Home Loan Bank advances | 176,213 | 24,816 | 610 | 26,046 | ||||
Accrued interest payable and other liabilities | 29,380 | 28,273 | 4 | 18,907 | ||||
Total Liabilities | 2,898,326 | 2,851,010 | 2 | 2,586,341 | ||||
Shareholders' Equity | ||||||||
Common stock | 83 | 83 | — % | 85 | ||||
Additional paid-in capital | 164,942 | 164,024 | 1 | 164,982 | ||||
Common stock acquired by benefit plans | (2,060) | (2,150) | 4 | (2,423) | ||||
Retained earnings | 206,296 | 197,553 | 4 | 188,515 | ||||
Accumulated other comprehensive (loss) income | (39,307) | (42,854) | 8 | 744 | ||||
Total Shareholders' Equity | 329,954 | 316,656 | 4 | 351,903 | ||||
Total Liabilities and Shareholders' Equity | $ 3,228,280 | $ 3,167,666 | 2 | $ 2,938,244 | ||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||
(Unaudited) | ||||||||||
For the Three Months Ended | ||||||||||
(dollars in thousands, except per share data) | December 31, | September 30, | % | December 31, | % | |||||
Interest Income | ||||||||||
Loans, including fees | $ 32,826 | $ 29,859 | 10 % | $ 24,215 | 36 % | |||||
Investment securities | 3,214 | 2,958 | 9 | 1,309 | 146 | |||||
Other investments and deposits | 555 | 1,447 | (62) | 264 | 110 | |||||
Total interest income | 36,595 | 34,264 | 7 | 25,788 | 42 | |||||
Interest Expense | ||||||||||
Deposits | 1,949 | 1,270 | 53 % | 974 | 100 % | |||||
Other borrowings | 53 | 53 | — | 53 | — | |||||
Subordinated debt expense | 855 | 859 | — | — | — | |||||
Federal Home Loan Bank advances | 456 | 105 | 334 | 111 | 311 | |||||
Total interest expense | 3,313 | 2,287 | 45 | 1,138 | 191 | |||||
Net interest income | 33,282 | 31,977 | 4 | 24,650 | 35 | |||||
Provision (reversal) for loan losses | 1,987 | 1,696 | 17 | (2,648) | 175 | |||||
Net interest income after provision for loan losses | 31,295 | 30,281 | 3 | 27,298 | 15 | |||||
Noninterest Income | ||||||||||
Service fees and charges | 1,198 | 1,300 | (8) % | 1,224 | (2) % | |||||
Bank card fees | 1,566 | 1,623 | (4) | 1,519 | 3 | |||||
Gain on sale of loans, net | 22 | 78 | (72) | 376 | (94) | |||||
Income from bank-owned life insurance | 257 | 231 | 11 | 219 | 17 | |||||
Gain on sale of assets, net | 9 | 18 | (50) | (44) | 120 | |||||
Other income | 287 | 224 | 28 | 240 | 20 | |||||
Total noninterest income | 3,339 | 3,474 | (4) | 3,534 | (6) | |||||
Noninterest Expense | ||||||||||
Compensation and benefits | 12,880 | 12,128 | 6 % | 9,991 | 29 % | |||||
Occupancy | 2,261 | 2,297 | (2) | 1,824 | 24 | |||||
Marketing and advertising | 550 | 658 | (16) | 1,033 | (47) | |||||
Data processing and communication | 2,295 | 2,284 | — | 2,237 | 3 | |||||
Professional fees | 388 | 331 | 17 | 493 | (21) | |||||
Forms, printing and supplies | 182 | 185 | (2) | 164 | 11 | |||||
Franchise and shares tax | 693 | 633 | 9 | 396 | 75 | |||||
Regulatory fees | 511 | 467 | 9 | 331 | 54 | |||||
Foreclosed assets, net | 30 | 101 | (70) | 155 | (81) | |||||
Amortization of acquisition intangible | 443 | 453 | (2) | 279 | 59 | |||||
Provision for credit losses on unfunded lending commitments | (170) | 146 | (216) | 15 | (1233) | |||||
Other expenses | 1,114 | 1,040 | 7 | 1,099 | 1 | |||||
Total noninterest expense | 21,177 | 20,723 | 2 | 18,017 | 18 | |||||
Income before income tax expense | 13,457 | 13,032 | 3 | 12,815 | 5 | |||||
Income tax expense | 2,681 | 2,598 | 3 | 2,577 | 4 | |||||
Net income | $ 10,776 | $ 10,434 | 3 | $ 10,238 | 5 | |||||
Earnings per share - basic | $ 1.33 | $ 1.29 | 3 % | $ 1.24 | 7 % | |||||
Earnings per share - diluted | $ 1.32 | $ 1.28 | 3 | $ 1.23 | 7 | |||||
Cash dividends declared per common share | $ 0.24 | $ 0.23 | 4 % | $ 0.23 | 4 % | |||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||
(Unaudited) | ||||||||||
For the Three Months Ended | ||||||||||
(dollars in thousands, except per share data) | December 31, | September 30, | % | December 31, | % | |||||
EARNINGS DATA | ||||||||||
Total interest income | $ 36,595 | $ 34,264 | 7 % | $ 25,788 | 42 % | |||||
Total interest expense | 3,313 | 2,287 | 45 | 1,138 | 191 | |||||
Net interest income | 33,282 | 31,977 | 4 | 24,650 | 35 | |||||
(Reversal) provision for loan losses | 1,987 | 1,696 | 17 | (2,648) | 175 | |||||
Total noninterest income | 3,339 | 3,474 | (4) | 3,534 | (6) | |||||
Total noninterest expense | 21,177 | 20,723 | 2 | 18,017 | 18 | |||||
Income tax expense | 2,681 | 2,598 | 3 | 2,577 | 4 | |||||
Net income | $ 10,776 | $ 10,434 | 3 | $ 10,238 | 5 | |||||
AVERAGE BALANCE SHEET DATA | ||||||||||
Total assets | $ 3,173,676 | $ 3,265,907 | (3) % | $ 2,941,274 | 8 % | |||||
Total interest-earning assets | 2,986,266 | 3,060,273 | (2) | 2,749,445 | 9 | |||||
Total loans | 2,374,065 | 2,265,846 | 5 | 1,856,814 | 28 | |||||
PPP loans | 6,883 | 9,431 | (27) | 67,198 | (90) | |||||
Total interest-bearing deposits | 1,769,966 | 1,894,275 | (7) | 1,729,341 | 2 | |||||
Total interest-bearing liabilities | 1,884,109 | 1,978,734 | (5) | 1,761,052 | 7 | |||||
Total deposits | 2,707,823 | 2,818,318 | (4) | 2,537,670 | 7 | |||||
Total shareholders' equity | 323,102 | 335,053 | (4) | 348,635 | (7) | |||||
PER SHARE DATA | ||||||||||
Earnings per share - basic | $ 1.33 | $ 1.29 | 3 % | $ 1.24 | 7 % | |||||
Earnings per share - diluted | 1.32 | 1.28 | 3 | 1.23 | 7 | |||||
Book value at period end | 39.82 | 38.27 | 4 | 41.27 | (4) | |||||
Tangible book value at period end | 29.20 | 27.66 | 6 | 34.00 | (14) | |||||
Shares outstanding at period end | 8,286,084 | 8,273,334 | — | 8,526,907 | (3) | |||||
Weighted average shares outstanding | ||||||||||
Basic | 8,070,734 | 8,089,246 | — % | 8,278,472 | (3) % | |||||
Diluted | 8,119,481 | 8,138,307 | — | 8,331,749 | (3) | |||||
SELECTED RATIOS (1) | ||||||||||
Return on average assets | 1.35 % | 1.27 % | 6 % | 1.38 % | (2) % | |||||
Return on average equity | 13.23 | 12.35 | 7 | 11.65 | 14 | |||||
Common equity ratio | 10.22 | 10.00 | 2 | 11.98 | (15) | |||||
Efficiency ratio (2) | 57.83 | 58.45 | (1) | 63.93 | (10) | |||||
Average equity to average assets | 10.18 | 10.26 | (1) | 11.85 | (14) | |||||
Tier 1 leverage capital ratio (3) | 10.43 | 9.76 | 7 | 9.77 | 7 | |||||
Total risk-based capital ratio (3) | 13.63 | 13.65 | — | 15.85 | (14) | |||||
Net interest margin (4) | 4.38 | 4.11 | 7 | 3.53 | 24 | |||||
SELECTED NON-GAAP RATIOS (1) | ||||||||||
Tangible common equity ratio (5) | 7.71 % | 7.43 % | 4 % | 10.08 % | (24) % | |||||
Return on average tangible common equity (6) | 18.75 | 17.34 | 8 | 14.48 | 29 | |||||
(1) | With the exception of end-of-period ratios, all ratios are based on average daily balances during the respective periods. |
(2) | The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income. |
(3) | Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change. |
(4) | Net interest margin represents net interest income as a percentage of average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%. |
(5) | Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" for additional information. |
(6) | Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes, divided by average common shareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" for additional information. |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||
(dollars in thousands) | Acquired | Originated | Total | Acquired | Originated | Total | Acquired | Originated | Total | |||||||||
CREDIT QUALITY (1) | ||||||||||||||||||
Nonaccrual loans (2) | $ 6,177 | $ 4,336 | $ 10,513 | $ 12,799 | $ 4,281 | $ 17,080 | $ 6,036 | $ 7,233 | $ 13,269 | |||||||||
Accruing loans past due 90 days and over | — | 2 | 2 | — | 3 | 3 | — | 6 | 6 | |||||||||
Total nonperforming loans | 6,177 | 4,338 | 10,515 | 12,799 | 4,284 | 17,083 | 6,036 | 7,239 | 13,275 | |||||||||
Foreclosed assets and ORE | 310 | 151 | 461 | 376 | 14 | 390 | 80 | 1,109 | 1,189 | |||||||||
Total nonperforming assets | 6,487 | 4,489 | 10,976 | 13,175 | 4,298 | 17,473 | 6,116 | 8,348 | 14,464 | |||||||||
Performing troubled debt restructurings | 1,605 | 4,600 | 6,205 | 879 | 4,686 | 5,565 | 1,096 | 3,867 | 4,963 | |||||||||
Total nonperforming assets and troubled debt restructurings | $ 8,092 | $ 9,089 | $ 17,181 | $ 14,054 | $ 8,984 | $ 23,038 | $ 7,212 | $ 12,215 | $ 19,427 | |||||||||
Nonperforming assets to total assets | 0.34 % | 0.55 % | 0.49 % | |||||||||||||||
Nonperforming loans to total assets | 0.33 | 0.54 | 0.45 | |||||||||||||||
Nonperforming loans to total loans | 0.43 | 0.74 | 0.72 | |||||||||||||||
(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. |
(2) | Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $3.1 million, $3.3 million and $3.7 million at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. Acquired restructured loans placed on nonaccrual totaled $3.7 million, $4.7 million and $3.5 million at December 31, 2022, September 30, 2022 and December 31, 2021, respectively. |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION - CONTINUED | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
12/31/2022 | 9/30/2022 | 12/31/2021 | ||||||||||||||||
Collectively | Individually | Total | Collectively | Individually | Total | Collectively | Individually | Total | ||||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||
One- to four-family first mortgage | $ 2,883 | $ — | $ 2,883 | $ 2,293 | $ 32 | $ 2,325 | $ 1,944 | $ — | $ 1,944 | |||||||||
Home equity loans and lines | 624 | — | 624 | 500 | — | 500 | 508 | — | 508 | |||||||||
Commercial real estate | 13,264 | 550 | 13,814 | 12,504 | 1,193 | 13,697 | 10,207 | 247 | 10,454 | |||||||||
Construction and land | 4,680 | — | 4,680 | 4,973 | — | 4,973 | 3,572 | — | 3,572 | |||||||||
Multi-family residential | 572 | — | 572 | 498 | — | 498 | 457 | — | 457 | |||||||||
Commercial and industrial | 5,853 | 171 | 6,024 | 4,523 | 188 | 4,711 | 3,095 | 425 | 3,520 | |||||||||
Consumer | 702 | — | 702 | 647 | — | 647 | 634 | — | 634 | |||||||||
Total allowance for loan losses | $ 28,578 | $ 721 | $ 29,299 | $ 25,938 | $ 1,413 | $ 27,351 | $ 20,417 | $ 672 | $ 21,089 | |||||||||
Unfunded lending commitments(1) | 2,093 | — | 2,093 | 2,263 | — | 2,263 | 1,815 | — | 1,815 | |||||||||
Total allowance for credit losses | $ 30,671 | $ 721 | $ 31,392 | $ 28,201 | $ 1,413 | $ 29,614 | $ 22,232 | $ 672 | $ 22,904 | |||||||||
Allowance for loan losses to nonperforming assets | 266.94 % | 156.53 % | 145.80 % | |||||||||||||||
Allowance for loan losses to nonperforming loans | 278.64 | 160.11 | 158.86 | |||||||||||||||
Allowance for loan losses to total loans | 1.21 | 1.19 | 1.15 | |||||||||||||||
Allowance for credit losses to total loans | 1.29 | 1.29 | 1.24 | |||||||||||||||
Year-to-date loan charge-offs | $ 1,398 | $ 1,260 | $ 2,305 | |||||||||||||||
Year-to-date loan recoveries | 704 | 605 | 592 | |||||||||||||||
Year-to-date net loan charge-offs | $ 694 | $ 655 | $ 1,713 | |||||||||||||||
Annualized YTD net loan charge-offs to average loans | 0.03 % | 0.04 % | 0.09 % | |||||||||||||||
(1) | The allowance for unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. |
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SOURCE Home Bancorp, Inc.
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Infosys Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023
Infosys Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023
PR Newswire
STOCKHOLM, March 31, 2023
Infosys achieves a notable rise in overall ranking in the Nordics with a customer…
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Infosys Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023
PR Newswire
STOCKHOLM, March 31, 2023
Infosys achieves a notable rise in overall ranking in the Nordics with a customer satisfaction score of 81 percent as compared to the industry average of 73 percent
STOCKHOLM, March 31, 2023 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced that it has been recognized as one of the top service providers in the Nordics, achieving the highest awarded score in Whitelane Research and PA Consulting's 2023 IT Sourcing Study. The report ranked Infosys as the number one service provider and an 'Exceptional Performer' in the categories of Digital Transformation, Application Services, and Cloud & Infrastructure Hosting Services. Infosys also ranked number one in overall General Satisfaction and Service Delivery.
For the report, Whitelane Research and PA Consulting, the innovation and transformation consultancy, surveyed nearly 400 CXOs and key decision-makers from top IT spending organizations in the Nordics and evaluated over 750 unique IT sourcing relationships and more than 1,400 cloud sourcing relationships. These service providers were assessed based on their service delivery, client relationships, commercial leverage, and transformation capabilities.
Some of Infosys' key differentiating factors highlighted in the report are:
- Infosys ranked as a top provider in the Nordics across key performance indicators on service delivery quality, account management quality, price level and transformative innovation.
- Infosys' ranked above the industry average by 8 percent year-on-year, making it one of the top system integrators in the Nordics.
- Infosys is positioned as a "Strong Performer" in Security Services and scored significantly above average on account management.
Arne Erik Berntzen, Group CIO of Posten Norge, said: "Infosys has been integral in helping Posten Norge transform its IT Service Management capabilities. As Posten's partner since 2021, Infosys picked up the IT Service Management function from the incumbent, successfully transforming it through a brand-new implementation of ServiceNow, redesigning IT service management to suit the next-generation development processes and resulting in a significant improvement of the overall customer experience. I congratulate Infosys for achieving the top ranking in the 2023 Nordic IT Sourcing Study."
Antti Koskelin, SVP & CIO at KONE, said: "Infosys has been our trusted partner in our digitalization journey since 2017 and have helped us in establishing best-in-class services blueprint and rolling-in our enterprise IT landscape over the last few years. Digital transformations need partners to constantly learn, give ideas that work and be flexible to share risks and rewards with us, and Infosys has done just that. I am delighted that Infosys has been positioned No. 1 in Whitelane's 2023 Nordic Survey. This is definitely a reflection of their capabilities."
Jef Loos, Head of Research Europe, Whitelane Research, said, "In today's dynamic IT market, client demand is ever evolving, and staying ahead of the curve requires a strategic blend of optimized offerings and trusted client relationships. Infosys' impressive ranking in Whitelane's Nordic IT Sourcing Study is a testament to their unwavering commitment to fulfilling client demands effectively. Through their innovative solutions and exceptional customer service, Infosys has established itself as a leader in the industry, paving the way for a brighter and more successful future for all."
Hemant Lamba, Executive Vice President & Global Head – Strategic Sales, Infosys said, "Our ranking as one of the top service providers across the Nordics in the Whitelane Research and PA Consulting 2023 IT Sourcing Study, endorses our commitment to this important market. This is a significant milestone in our regional strategy, and the recognition revalidates our commitment towards driving customer success and excellence in delivering innovative IT services. Through our geographical presence in the Nordics, we will continue to drive business innovation and IT transformation in the region, backed by a strong partner network. We look forward to continuing investing in this market to foster client confidence and further enhance delivery."
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India and the US, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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mRNA-LNP Vaccine Development: Evaluation of Novel Ionizable Lipids
In this GEN webinar, our distinguished speaker Dr. Nicholas Valiante, will provide insights into designing, developing, and manufacturing mRNA vaccines…
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Broadcast Date: April 12, 2023
Time: 8:00 am PT, 11:00 am ET, 16:00 CET
The success of the mRNA-LNP COVID-19 vaccines have clinically proven the modality of lipid-based nanoparticle delivery, demonstrating the possibilities for rapid design, development, and manufacturing of other promising genomic medicines.
Due to their modular nature, LNP excipients can be mixed, matched, and modified during formulation to improve immune responses. Similarly, the encapsulated mRNA can be optimized to improve translation efficiency and stability.
In this GEN webinar, our distinguished speaker Dr. Nicholas Valiante, will provide insights into designing, developing, and manufacturing mRNA vaccines to maximize performance. Dr. Valiante will expand on the process to evaluate and select ionizable lipids required for mRNA-LNP vaccines development.
A live Q&A session will follow the presentation, offering you a chance to pose questions to our expert panelist.
Chief Scientific Officer, President
Innovac Therapeutics
Produced with support from:
The post mRNA-LNP Vaccine Development: Evaluation of Novel Ionizable Lipids appeared first on GEN - Genetic Engineering and Biotechnology News.
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What Has Driven the Labor Force Participation Gap since February 2020?
The U.S. labor force participation rate (LFPR) currently stands at 62.5 percent, 0.8 percentage point below its level in February 2020. This “participation…
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The U.S. labor force participation rate (LFPR) currently stands at 62.5 percent, 0.8 percentage point below its level in February 2020. This “participation gap” translates into 2.1 million workers out of the labor force. In this post, we evaluate three potential drivers of the gap: First, population aging from the baby boomers reaching retirement age puts downward pressure on participation. Second, the share of individuals of retirement age that are actually retired has risen since the onset of the COVID-19 pandemic. Finally, long COVID and disability more generally may induce more people to leave the labor force. We find that nearly all of the participation gap can be explained by population aging, which caused a significant rise in the number of retirements. Higher retirement rates compared to pre-COVID have had only a modest effect, while disability has virtually no effect.
The LFPR is defined as the ratio between workers in the labor force (either employed or unemployed) and the civilian, non-institutional population age 16 and older. As the chart below shows, the LFPR has been gradually declining since the early 2000s. It stayed relatively flat over the period 2014-19 and even slightly rose up to February 2020 as the strong labor market exerted a positive effect on labor supply. After a dramatic decline in the early months of the pandemic, participation has recovered gradually but remains significantly below its pre-COVID level—by 0.8 percentage point or 2.1 million workers as of February 2023. We examine potential drivers of the participation gap using the Current Population Survey (CPS), a monthly survey of about 60,000 households that is conducted by the Bureau of Labor Statistics (BLS).
The Labor Force Participation Rate (LFPR) Remains below its Pre-Pandemic Level
Notes: The chart shows the seasonally adjusted LFPR for the population aged 16+ years. The red dashed line illustrates the size of the shortfall between 2020:m2 and 2023:m2.
Population Aging
We first analyze population aging. As noted elsewhere, the panel chart below illustrates that as the baby boomer cohort has reached the retirement threshold, retirements have increased dramatically. The left panel shows the distribution of the U.S. population in 2009. Each gray bar shows the number of individuals of a given age in the U.S. population from U.S. Census data. The blue bars show the number of workers in that age group who are retired. We indicate the baby boomer cohort, that is, those workers born between 1946 and 1964, by the gray shaded area, and mark the retirement age of 65 years by the vertical red line. The left panel shows that in 2009 the baby boomers were just beginning to enter retirement.
Baby Boomer Retirements Have Increased Dramatically over Time
Notes: The gray bars show the U.S. population of a given age. The blue bars show the estimated number of retirees at each age, computed from the share of retired workers at each age from the CPS. The red vertical line indicates the normal retirement age of 65 years. The gray shaded area indicates the ages corresponding to the baby boomer cohort, that is, those individuals born between 1946 and 1964.
The right panel of the chart shows the same distribution in 2022. By 2022, a large share of the baby boomer generation had entered retirement, leading to a significant increase in the number of individuals retired, as indicated by the blue bars.
Retirements within Specific Age Groups Have Increased Compared to Pre-Pandemic Levels
We next examine retirements within age groups in more detail. The previous chart suggests that retirement shares by age group have risen only modestly, as shown by the height of the blue bars relative to the gray bars. To substantiate this point, we break the population into groups of individuals aged 60-69, 70-79, and over 79. We focus on individuals aged 60 and older since these account for more than 90 percent of all retirees in the United States. For those aged 60-69, the retirement share has risen from an average of 39.7 percent in 2018-19 to 40.0 percent over the second half of 2022. The retirement share for those aged 70-79 has increased from 77.5 percent in 2018-19 to 78.8 percent in the more recent period. Finally, among those over 79, the retirement share has gone up from 88.5 percent to 90.5 percent. Here we consider the average over 2018-19 as our pre-pandemic reference point to remove shorter-term movements in the retirement shares.
How does this change in retirement behavior affect overall retirements? The share of retired workers in the U.S. population has risen substantially, from an average of 18 percent in 2018-19 to nearly 20 percent at the end of 2022. However, once we control for the overall aging of the population, the changes in the age-specific retirement shares reported above imply an increase in the overall share of retirees in the population of only about 0.3 percentage point.
Share of Workers with Disability and Not in the Labor Force Has Actually Fallen
We finally analyze the effect of disability on the participation gap. To capture a broad notion of disability, we focus on a set of six questions in the CPS that ask respondents whether because of a physical, mental, or emotional condition they have serious difficulty concentrating, remembering, or making decisions.
We start by considering the number of disabled individuals in the labor force as a share of the total population. The share of workers with disability (based on the above definition) rose from an average of 2.5 percent of the population in 2018-19 to about 2.9 percent in the last six months of 2022. While the rise in disability among workers in the labor force may have implications for the intensity of work effort, a recent study has found relatively little change in average hours worked by workers with disability. Therefore, there may be relatively little effect on the LFPR since these workers are still in the labor force. For this reason, we focus on the share of disabled individuals not in the labor force. This share has risen slightly, from about 9.2 percent in 2018-19 to 9.4 percent in the second half of 2022. Once we adjust for aging, we find that the share of disabled individuals not in the labor force has, in fact, marginally declined. This result arises because disability shares have slightly fallen for the older age groups.
Impact on Labor Force Participation
How have the three channels affected labor force participation? We first analyze the impact of population aging in isolation by constructing a counterfactual LFPR that keeps constant the share of the population in each age group at February 2020 levels. The gold line in the chart below shows this age-adjusted participation rate. Removing the effect of aging can explain the entire participation gap, lifting LFPR by 0.9 percentage point in February 2023. This big effect arises because the large baby boomer cohort is right at the retirement cutoff. As the chart above shows, the retirement share rises dramatically with age around the age of 65. Consequently, the aging of the baby boomers between 2020 and 2022 led to a significant rise in retirements, reducing participation.
Second, we analyze the effect of excess retirements on participation, in addition to the effect of aging. To do so, we analyze how the overall age-adjusted retirement share would change if we went back to the retirement shares in each age group of 2018-19. In other words, we ask what LFPR would prevail if retirement behavior went back to pre-COVID levels, controlling for aging. Since about half of new retirees in 2020-22 were already out of the labor force prior to retirement (for example, a stay-at-home partner who transitions into retirement), we multiply the effect of excess retirement by one half. The red line in the chart below shows that additionally removing excess retirements increases LFPR by a further 0.2 percentage point in February 2023. This effect is smaller than in a recent study that finds a 0.6 percentage point effect. The difference arises mainly because we assume that only half of all excess retirees could return to the labor force, since the rest were already out of the labor force prior to retirement.
Finally, the increase in disability has virtually no effect on the participation gap because, as discussed above, the increase is entirely accounted for by individuals that remain in the labor force. We do not separately plot this effect on the chart below. Overall, our results imply that undoing the effects of population aging and excess retirements would raise the LFPR by 1.1 percentage point from 62.5 percent to 63.6 percent, more than making up for the participation gap.
Participation Rate Is Higher after Adjusting for Aging and Excess Retirements
Notes: The blue line shows the headline labor force participation rate (LFPR) reported by the Bureau of Labor Statistics. The gold line is the counterfactual LFPR holding fixed the population age structure in February 2020. The red line further adds the surplus of retired workers in the recent period compared to 2018-19, at the fixed age structure of February 2020.
Conclusion
In this blog post we show that demographic trends, specifically population aging, exert a powerful influence on labor force participation. In other words, the participation gap largely disappears once we control for population aging, indicating that participation has recovered a great deal since the large shock induced by the pandemic. Other possible contributing factors, such as elevated retirement rates or disability, play only a minor role in explaining the participation gap. Population aging is likely to continue to exert strong downward pressure on participation going forward, as more of the baby boomer generation continue to enter retirement.
Mary Amiti is the head of Labor and Product Market Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.
Sebastian Heise is a research economist in Labor and Product Market Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.
Giorgio Topa is an economic research advisor in Labor and Product Market Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.
Julia Wu is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.
How to cite this post:
Mary Amiti, Sebastian Heise, Giorgio Topa, and Julia Wu, “What Has Driven the Labor Force Participation Gap since February 2020?,” Federal Reserve Bank of New York Liberty Street Economics, March 30, 2023, https://libertystreeteconomics.newyorkfed.org/2023/03/what-has-driven-the-labor-force-participation-gap-since-february-2020/.
Disclaimer
The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).
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