Business
HOME BANCORP, INC. ANNOUNCES 2023 SECOND QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND
LAFAYETTE, La., July 17, 2023 /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 17, 2023 /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 2023. For the quarter, the Company reported net income of $9.8 million, or $1.21 per diluted common share (\"diluted EPS\"), down $1.5 million from $11.3 million, or $1.39 diluted EPS, for the first quarter of 2023.\n\n \n \n \n \n \n \n\n \n\"Considering everything that has happened in banking during this interest rate cycle, we're pleased with our second quarter performance,\" said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. \"Like every other community bank, we've faced pressure on deposits but have so far been able to retain relationships while keeping the cost of our total deposits below 1% for the second quarter. I think this is due to the strength of our deposit franchise, which is something we were focused on even when rates were near zero. Loan growth continued in the second quarter despite the rise in interest rates as total loans increased 7% on an annualized basis. As we move forward in the second half of 2023, we remain committed to providing exceptional service to our new and existing customers as we have for the last 115 years.\"\n Second Quarter 2023 Highlights\nLoans totaled $2.5 billion at June 30, 2023, up $44.4 million, or 1.8% (7% on an annualized basis) from March 31, 2023.Net interest income totaled $30.3 million, down $1.3 million, or 4% from the prior quarter.The net interest margin (\"NIM\") decreased 24 basis points from 4.18% for the first quarter of 2023 to 3.94%.The Company recorded a $511,000 provision to the allowance for loan losses primarily due to loan growth.Nonperforming assets totaled $12.4 million, or 0.38% of total assets, up $1.1 million, or 10%, from $11.3 million, or 0.35% of total assets, at March 31, 2023 primarily due to three credit relationships.Loans\nLoans totaled $2.5 billion at June 30, 2023, up $44.4 million, or 2%, from March 31, 2023. The following table summarizes the changes in the Company's loan portfolio, net of unearned income, from March 31, 2023 through June 30, 2023. \n(dollars in thousands)\n6/30/2023\n3/31/2023\nIncrease (Decrease)\nReal estate loans:\nOne- to four-family first mortgage\n$ 419,091...