Company: HBCP
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001436425-25-000012
Chunk: 152

Company: HOME BANCORP, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 152
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wood's interest-earning assets and loan growth. Total interest expense increased $35.1 million, or 442.9%, in 2023 compared to 2022 primarily related to higher FHLB advances during 2023 compared to 2022, increased costs in interest-bearing deposits and a full year of interest expense on our subordinated debt issued in 2022. The average cost of total interest-bearing deposits in 2023 totaled 1.56%, up 128 basis points from 2022.

The Company’s net interest margin, which is net interest income as a percentage of average interest-earning assets, was 3.71%, 3.89%, and 3.92% during the years ended December 31, 2024, 2023, and 2022, respectively.

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest income to the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rate; (iii) net interest income; (iv) net interest spread; and (v) net interest margin. Information is based on average monthly balances during the indicated periods. Taxable equivalent (“TE”) yields have been calculated using a marginal tax rate of 21%.

For the Years Ended December 31,(dollars in thousands)202420232022AverageBalanceInterestAverageYield/RateAverageBalanceInterestAverageYield/RateAverageBalanceInterestAverageYield/RateInterest-earning assets:Loans receivable(1)$2,652,669 $170,255 6.33 %$2,510,301 $149,338 5.88 %$2,174,967 $112,660 5.12 %Investment securities(TE)Taxable443,523 10,618 2.39 485,201 11,537 2.38 455,757 9,647 2.12 Tax-exempt16,262 290 2.26 19,322 367 2.41 24,371 481 2.50 Total investment securities459,785 10,908 2.39 504,523 11,904 2.38 480,128 10,128 2.14 Other interest-earning assets71,498 3,