Business
Home Bancorp Announces 2019 First Quarter Results And Increases Quarterly Dividend By 5%
LAFAYETTE, La., April 23, 2019 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank")
About this update from Home Bancorp, Inc.
[{"type":"text","content":"LAFAYETTE, La., April 23, 2019 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: \"HBCP\") (the \"Company\"), the parent company for Home Bank, N.A. (the \"Bank\") (www.home24bank.com), reported results for the first quarter of 2019. Net income for the first quarter of 2019 was $7.9 million, or $0.85 per diluted common share (\"EPS\"), compared to $8.1 million, or $0.87 EPS, for the fourth quarter of 2018.\n\n \nKey performance metrics for the first quarter of 2019 include:\nIncome before income tax expense increased $501,000, or 6%, compared to the previous quarter; Return on average assets, return on average equity and return on average tangible common equity were 1.48%, 10.45% and 13.86%, respectively; Loans declined $786,000 as CRE growth was offset by paydowns in other loan categories; Led by growth in certificates of deposit, total deposits were up $44.3 million, or 3%; The net interest margin was 4.41%, a decline of 16 basis points as deposit costs increased and loan yields declined; Nonperforming assets increased $3.1 million driven by acquired loans; Share repurchases totaled 134,005 shares at an average price of $35.71 per share; and Bank capital remained strong with the Tier 1 leverage and total risk-based capital ratios of 10.93% and 15.21%, respectively.\"Despite headwinds in the interest rate environment,\" stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, \"we posted a healthy ROA and ROE and continue to have a strong net interest margin.\" \n\"The second quarter promises to be an exciting one as we open an additional branch in Baton Rouge and relocate two existing branches to more prominent locations,\" continued Bordelon. \"These branch moves give us greater access to highly-coveted businesses and individuals along the I-10/I-12 corridor.\" \nThe Company also announced that its Board of Directors increased its quarterly cash dividend on shares of its common stock to $0.21 per share payable on May 17, 2019, to shareholders of record as of May 6, 2019. \nLoans and Credit Quality\nLoans totaled $1.6 billion at March 31, 2019, a decrease of $786,000, from December 31, 2018. Growth in commercial real estate loans (up $20.9 million), was offset by paydowns in several other loan categories. \nThe following table sets forth the composition of the Company's loan portfolio as of the dat...