Business
HOME BANCORP, INC. ANNOUNCES 2023 THIRD QUARTER RESULTS, NEW SHARE REPURCHASE PLAN AND DECLARES QUARTERLY DIVIDEND
LAFAYETTE, La., Oct. 18, 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., Oct. 18, 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 third quarter of 2023. For the quarter, the Company reported net income of $9.8 million, or $1.22 per diluted common share (\"diluted EPS\"), down $27,000 from $9.8 million, or $1.21 diluted EPS, for the second quarter of 2023.\n\n\"Home Bank has delivered exceptional results during this cycle of rapidly increasing interest rates and the third quarter was a continuation of that success. We produced above average profitability metrics, grew both loans and deposits, and maintained strong credit quality.\" said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. \"Strong customer relationships, built over years, have allowed us to retain deposits while still maintaining discipline on interest expense. We are confident that our long history and culture of relationship banking have positioned Home Bank to continue to thrive both in the near and long term.\"\n Third Quarter 2023 Highlights\nLoans totaled $2.6 billion at September 30, 2023, up $58.3 million, or 2.3% (9% on an annualized basis) from June 30, 2023.Deposits totaled $2.6 billion at September 30, 2023, up $45.8 million, or 2%, from June 30, 2023.Net interest income totaled $29.5 million, down $797,000, or 3% from the prior quarter.The net interest margin (\"NIM\") was 3.75% in the third quarter of 2023 compared to 3.94% in the second quarter of 2023.The Company recorded a $351,000 provision to the allowance for loan losses primarily due to loan growth.Nonperforming assets totaled $12.3 million, or 0.37% of total assets compared to $12.4 million, or 0.38% of total assets, at June 30, 2023.Loans\nLoans totaled $2.6 billion at September 30, 2023, up $58.3 million, or 2%, from June 30, 2023. The following table summarizes the changes in the Company's loan portfolio, net of unearned income, from June 30, 2023 through September 30, 2023. \n(dollars in thousands)\n9/30/2023\n6/30/2023\nIncrease (Decrease)\nReal estate loans:\nOne- to four-family first mortgage\n$ 432,092\n$ 419,091\n$ 13,001\n3 %\nHome equity loans and lines\n69,350\n66,932\n2,418\n4\nCommercial real estate\n1,178,111\n1,176,976\n1,135\n—\nConstruction and land\n342,711\n...