Business
Home Bancorp Announces 2020 Fourth Quarter Results And Declares Quarterly Dividend
LAFAYETTE, La., Jan. 26, 2021 /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., Jan. 26, 2021 /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 2020. For the quarter, the Company reported net income of $11.6 million, or $1.36 per diluted common share (\"diluted EPS\"), up $2.8 million from $8.8 million, or $1.01 diluted EPS, for the third quarter of 2020. \n\n \n \n \n \n \n \n\n \n\"2020 was a very challenging year for the Company and our customers with the impact of the COVID-19 pandemic and economic crisis\", said John W. Bordelon, Chairman, President and Chief Executive Officer of the Company and the Bank. \"The Bank remains well positioned with the reserve builds we made in the first half of 2020 to withstand potential losses given the impact of the ongoing COVID-19 pandemic on economic conditions and credit quality in our markets.\"\n\"I am proud of the commitment by our employees to serve our communities and remain focused on loan and deposit growth in this challenging environment. They are ready to assist customers in the second round of the Paycheck Protection Program.\" \n\"Our customers have proven to be resilient during troubling times and we will weather the storm together.\"\nCOVID-19 Response\nBanking operations remain unencumbered by state and local government COVID-19 restrictions. However, we have adapted to protect our employees and customers by working remotely, enhancing cleaning procedures, and enacting several other measures to reduce the risk of transmission of the virus. State government imposed COVID-19 restrictions continue to be in place within our Louisiana and Mississippi markets. The restrictions primarily place limits on capacity and hours of operation of certain businesses.\nDuring the second and third quarters of 2020, the Company funded approximately 3,072 loans totaling $262.2 million under the Small Business Administration's (\"SBA\") Paycheck Protection Program (\"PPP\"). At December 31, 2020, the total recorded net investment in PPP loans was $221.2 million, of which approximately 2,495 loans with an aggregate outstanding balance of $70.5 million were for amounts of $150,000 or less.\nTo give immediate financial support to our customers, the Company began providing principal and/or interest payment relie...