Business
Home Bancorp Announces 2019 Second Quarter Results And Declares Quarterly Dividend
LAFAYETTE, La., July 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., July 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 second quarter of 2019. Net income for the second quarter of 2019 was $6.6 million, or $0.71 per diluted common share (\"EPS\"), compared to $7.9 million, or $0.85 EPS, for the first quarter of 2019. \n\n \nKey performance metrics for the second quarter of 2019 include:\nLoans grew by $44.0 million, or 11% annualized; Total deposits increased $11.6 million, or 3% annualized; Nonperforming assets decreased $1.1 million, or 4%; Return on average assets, return on average equity and return on average tangible common equity were 1.20%, 8.48% and 11.25%, respectively; Net income declined $1.3 million, or 17%, compared to the previous quarter, due primarily to facilities-related charges of $504,000 (net of tax), higher compensation and benefits expense and provisioning for loan growth; The net interest margin was 4.36%, a decline of 5 basis points as higher deposit costs outpaced an increase in loan yields; Share repurchases totaled 83,188 shares at an average price of $36.17 per share; and Bank capital remained strong with a common equity ratio of 14.12% at quarter end.\"The Home Bank team is focused on adding value to our customers' financial lives,\" stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, \"That focus provided loan portfolio growth in the second quarter at an annualized rate of 11% as our customers made significant investments in their businesses.\" \n\"Our team opened a new branch and relocated another branch in Baton Rouge to better serve our customers and to expand on the growth opportunities we see in that region,\" added Bordelon, \"These new locations are off to a great start as more businesses and individuals learn of our commitment to helping them prosper.\" \nThe Company also announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.21 per share payable on August 16, 2019, to shareholders of record as of August 5, 2019. \nLoans and Credit Quality\nLoans totaled $1.7 billion at June 30, 2019, an increase of $44.0 million, or 3%, from March 31, 2019. Loan growth for the second quarter, which totaled 11% on an annualized ba...