Business
HOME BANCORP, INC. ANNOUNCES 2024 THIRD QUARTER RESULTS AND INCREASES QUARTERLY DIVIDEND BY 4%
LAFAYETTE, La., Oct. 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., Oct. 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 third quarter of 2024. For the quarter, the Company reported net income of $9.4 million, or $1.18 per diluted common share (\"diluted EPS\"), up $1.3 million from $8.1 million, or $1.02 diluted EPS, for the second quarter of 2024.\n\n \n \n \n \n \n \n\n \n\"We are pleased with the financial results for the current quarter,\" said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. \"While loan growth has slowed from second quarter, deposit growth continues to improve reducing our loan to deposit ratio down to 96%. Our net interest margin remains strong at 3.71% and continued to move upward through the quarter.\"\n Third Quarter 2024 Highlights\nLoans totaled $2.7 billion at September 30, 2024, up $6.9 million, or less than 1%, (an increase of 1% on an annualized basis) from June 30, 2024.Deposits totaled $2.8 billion at September 30, 2024, up $54.6 million, or 2% (8% on an annualized basis), from June 30, 2024.Net interest income in the third quarter of 2024 totaled $30.4 million, up $989,000, or 3% from the prior quarter.The net interest margin (\"NIM\") was 3.71% in the third quarter of 2024 compared to 3.66% in the second quarter of 2024.Nonperforming assets totaled $18.4 million, or 0.53% of total assets, at September 30, 2024 compared to $17.0 million, or 0.50% of total assets, at June 30, 2024.The Company recorded a $140,000 provision to the allowance for loan losses in the third quarter of 2024, compared to a $1.3 million provision in the second quarter of 2024.Net loan charge-offs were $74,000 for the third quarter of 2024, compared to net loan charge-offs of $510,000 during the second quarter of 2024. Annualized year-to-date net loan charge offs to average loans was 0.04%.Loans\nLoans totaled $2.7 billion at September 30, 2024, up $6.9 million, or less than 1%, from June 30, 2024. The following table summarizes the changes in the Company's loan portfolio, net of unearned income, from June 30, 2024 through September 30, 2024. \n(dollars in thousands)\n9/30/2024\n6/30/2024\nIncrease (Decrease)\nReal estate loans:\nOne- to four-family first mortgage\n$ 502,784\n$ 446,255\n$ 56,52...