Home Bancorp(US:HBCP)2025-01-27 21:29Financial Performance - The Company reported net income of $9.7 million, or $1.21 per diluted share, representing a 3% increase from the previous quarter's net income of $9.4 million, or $1.18 per diluted share [2]. - Reported net income for Q4 2024 was $9.673 million, compared to $9.437 million in Q3 2024 [36]. - Net income for the quarter was $9,673 thousand, reflecting a 3% increase compared to $9,437 thousand in the previous quarter and the same percentage increase from $9,385 thousand year-over-year [43]. - Earnings per share (basic) increased to $1.22, a 3% rise from $1.19 in the previous quarter and the same percentage increase from $1.18 year-over-year [45]. Loan and Deposit Growth - Total loans reached $2.7 billion at December 31, 2024, up $49.9 million, or 2%, from September 30, 2024, with an annualized loan growth rate of 7% [5]. - Total loans increased to $2,686,188 thousand, a 1% rise from $2,668,672 thousand in the previous quarter and a 4% increase from $2,572,400 thousand year-over-year [45]. - Total deposits were $2.8 billion at December 31, 2024, up $3.2 million, or less than 1%, from September 30, 2024 [15]. - Total deposits reached $2,789,712 thousand, up 2% from $2,730,568 thousand in the previous quarter and 6% from $2,641,939 thousand year-over-year [45]. Asset Quality - Nonperforming assets decreased to $15.6 million, or 0.45% of total assets, down $2.7 million, or 15%, from the previous quarter [8]. - Nonaccrual loans decreased to $4,591 thousand as of December 31, 2024, from $8,991 thousand on September 30, 2024, indicating a reduction of approximately 48.9% [48]. - Total nonperforming loans amounted to $13,598 thousand as of December 31, 2024, down from $18,089 thousand on September 30, 2024, representing a decline of about 24.9% [48]. - The ratio of nonperforming assets to total assets was 0.45% as of December 31, 2024, compared to 0.53% on September 30, 2024, showing an improvement [48]. Provision and Allowance for Loan Losses - The Company recorded a provision for loan losses of $873,000 in the fourth quarter, compared to $140,000 in the third quarter, primarily due to loan growth [9]. - Provision for loan losses was $873 thousand, significantly higher than $140 thousand in the previous quarter, reflecting increased caution in lending [43]. - The allowance for loan losses increased to $32,916 thousand as of December 31, 2024, from $32,278 thousand on September 30, 2024, reflecting a rise of approximately 2.0% [50]. - The total allowance for credit losses was $35,616 thousand as of December 31, 2024, compared to $34,738 thousand on September 30, 2024, marking an increase of about 2.5% [50]. Interest Income and Margin - The net interest margin (NIM) increased to 3.82%, up 11 basis points from 3.71% in the previous quarter, primarily due to lower funding costs [5]. - Net interest income rose to $31,586 thousand, up 4% from $30,382 thousand in the prior quarter, and 8% from $29,282 thousand year-over-year [43]. Shareholder Returns - The Company declared a quarterly cash dividend of $0.27 per share payable on February 21, 2025 [31]. - The Company repurchased 2,000 shares of common stock during Q4 2024 at an average price of $49.11 [32]. Other Financial Metrics - The efficiency ratio improved to 63.48%, down from 65.32% in the previous quarter, indicating better cost management [45]. - The return on average assets was 1.12%, slightly up from 1.10% in the previous quarter [45]. - Shareholders' equity totaled $396.1 million at December 31, 2024, up $2.6 million, or 1%, compared to $393.5 million at September 30, 2024 [28].