Business
HOME BANCORP, INC. ANNOUNCES 2024 FIRST QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND
LAFAYETTE, La., April 17, 2024 /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., April 17, 2024 /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 first quarter of 2024. For the quarter, the Company reported net income of $9.2 million, or $1.14 per diluted common share (\"diluted EPS\"), down $186,000 from $9.4 million, or $1.17 diluted EPS, for the fourth quarter of 2023.\n\n \n \n \n \n \n \n\n \n\"Home Bank began 2024 with results similar to those in 2023. We had a solid 6% annualized loan growth rate and 8% annualized deposit growth rate for the quarter. While NIM decreased during the quarter, the pace of reduction has slowed as loans continue to reprice higher,\" said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. \"While Houston continues to lead the majority of loan growth, most of our legacy franchise continues to show positive momentum. Deposits grew with the majority of the growth in customer CD's and Money Markets. Home Bank's talented, relationship-based bankers continue to attract new clients in all markets.\"\n First Quarter 2024 Highlights\nLoans totaled $2.6 billion at March 31, 2024, up $40.1 million, or 1.6% (6% on an annualized basis), from December 31, 2023.Deposits totaled $2.7 billion at March 31, 2024, up $52.0 million, or 2% (8% on an annualized basis), from December 31, 2023.Net interest income totaled $28.9 million, down $381,000, or 1% from the prior quarter.The net interest margin (\"NIM\") was 3.64% in the first quarter of 2024 compared to 3.69% in the fourth quarter of 2023.Nonperforming assets totaled $22.0 million, or 0.65% of total assets compared to $10.4 million, or 0.31% of total assets, at December 31, 2023. This increase in nonperforming assets is primarily due to two loan relationships which were classified as nonperforming in the first quarter of 2024, for which management does not anticipate any loss.Loans\nLoans totaled $2.6 billion at March 31, 2024, up $40.1 million, or 2%, from December 31, 2023. The following table summarizes the changes in the Company's loan portfolio, net of unearned income, from December 31, 2023 through March 31, 2024. \n(dollars in thousands)\n3/31/2024\n12/31/2023\nIncrease (Decrease)\nReal estate loans:\nOne- to four-family first mortgage\n$ 436,659\n$ 433...