Business
Home Bancorp, Inc. Announces 2021 Third Quarter Results, New Share Repurchase Plan And Declares Quarterly Dividend
LAFAYETTE, La., Oct. 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., Oct. 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 third quarter of 2021. For the quarter, the Company reported net income of $15.1 million, or $1.79 per diluted common share (\"diluted EPS\"), up $3.7 million from $11.4 million, or $1.34 diluted EPS, for the second quarter of 2021. \n\n \n \n \n \n \n \n\n \n\"We are pleased to report strong earnings, stable credit quality and a reversal of loan loss provision as a result of improving economic conditions despite another surge of COVID-19 and the impact of Hurricane Ida in our markets,\" said John W. Bordelon, Chairman, President and Chief Executive Officer of the Company and the Bank. \"Total loans declined on a reported basis of 2% from the previous quarter due to the increase level of Paycheck Protection Program (\"PPP\") loans forgiven. Excluding PPP loans, total loans increased $58.7 million, or 14% on an annualized basis.\" \n\"We are committed to help one another, our customers and communities as we recover from the hurricane and COVID 19. We believe this focus will drive growth and value for our shareholders.\" \nCOVID-19 Impacts\nAfter an increase in COVID-19 cases during the quarter, Louisiana reinstituted its indoor mask mandate in August 2021. Mississippi's COVID-19 restrictions were lifted during the first quarter of 2021.\nUnder the Small Business Administration's (\"SBA\") Paycheck Protection Program (\"PPP\"), the Company funded 4,875 PPP loans totaling $388.7 million during 2020 and 2021, in aggregate. At September 30, 2021, the total recorded net investment in PPP loans was $95.6 million, of which 565 loans with an aggregate outstanding balance of $17.9 million were for amounts of $150,000 or less.\nTo give immediate financial support to customers, the Company began providing principal and/or interest payment deferral options in March 2020. At September 30, 2021, $4.5 million, or less than 1% of total loans, were under COVID-19 related deferral agreements. The level of COVID-19 deferrals previously totaled $558.8 million, or 28% of total loans, at June 30, 2020. Of the loans that have exited deferral agreements, $384.8 million, or 99%, were current and performing as of September 30, 2021.\n Third Quar...