Business
HOME BANCORP, INC. ANNOUNCES 2022 SECOND QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND
LAFAYETTE, La., July 26, 2022 /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 26, 2022 /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 second quarter of 2022. For the quarter, the Company reported net income of $8.5 million, or $1.03 per diluted common share (\"diluted EPS\"), up $4.1 million from $4.4 million, or $0.53 diluted EPS, for the first quarter of 2022. The second and first quarters of 2022 include merger expenses, net of taxes totaling $1.3 million and $284,000, respectively, related to the acquisition of Friendswood Capital Corporation (\"Friendswood\"), the former holding company of Texan Bank, N. A. (\"Texan Bank\") of Houston, Texas, which was consummated on March 26, 2022. Income pre-tax, pre-provision and pre-PPP income totaled $10.8 million, up $2.6 million, or 32%, from the prior quarter.\n\n \n \n \n \n \n \n\n \n\"We are pleased to report strong earnings and loan growth throughout our footprint including growth from our most recent acquisition of Friendswood,\" President and Chief Executive Officer of the Company and the Bank. \"The data conversion of Texan Bank's systems was successfully completed the last week of June. We are tremendously thankful to the employees who have done an outstanding job bringing together Home Bank and Texan Bank.\"\n\"Total loans increased on a reported basis from the previous quarter 3%. Excluding PPP loans, total loans increased $77.4 million, or 14% on an annualized basis of which approximately 19% was attributable to the Houston market. We are excited to see the growth opportunities in Houston and all of our markets.\"\nSecond Quarter 2022 HighlightsData conversion of Texan Bank's systems completed on schedule during the last week of June.On June 30, 2022, the Company issued $55.0 million of its 5.75% fixed-to-floating rate subordinated notes due 2032 to certain qualified institutional buyers and institutional accredited investors.Net interest income totaled $29.2 million, up $5.7 million, or 24% from the prior quarter. Excluding PPP income, net interest income totaled $28.8 million, up $6.1 million, or 27% from the prior quarter.The net interest margin (\"NIM\") increased 37 basis points from 3.39% for the first quarter of 2022 to 3.76%. Excluding PPP, NIM increased 42 basis points during the seco...