Home Bancorp(HBCP) - 2025 Q1 - Quarterly Results

Financial Performance - The Company reported net income of $11.0 million, or $1.37 per diluted share, for Q1 2025, an increase of $1.3 million from $9.7 million in Q4 2024[1] - For Q1 2025, reported net income was $10.964 million, an increase of 13.4% from $9.673 million in Q4 2024[34] - Net income increased by 13% to $10,964,000 compared to $9,673,000 in the previous quarter and up 19% from $9,199,000 year-over-year[42] - Earnings per share (EPS) - basic rose to $1.38, reflecting a 13% increase from $1.22 in the previous quarter and a 20% increase from $1.15 year-over-year[42] Loan and Deposit Growth - Total loans reached $2.7 billion at March 31, 2025, up $29.1 million, or 1.1%, from December 31, 2024, with an annualized growth rate of 4%[2] - Total deposits increased to $2.8 billion, up $46.5 million, or 1.7%, from December 31, 2024, reflecting a 7% annualized growth rate[2] - Total deposits decreased by 1% to $2,772,295,000 from $2,789,712,000 in the previous quarter, but increased by 3% from $2,680,909,000 year-over-year[42] Asset Management - Total assets increased to $3.485 billion, a 1% rise from $3.444 billion at the end of Q4 2024[38] - Total assets as of March 31, 2025, were $3,449,472,000, a slight increase from $3,439,925,000 in the previous quarter and up 3% from $3,333,883,000 year-over-year[42] Nonperforming Assets and Loan Losses - Nonperforming assets totaled $21.5 million, or 0.62% of total assets, at March 31, 2025, an increase of $5.9 million, or 38%, from $15.6 million at December 31, 2024[5] - The Company recorded a provision of $394,000 for loan losses in Q1 2025, compared to $873,000 in Q4 2024, with the allowance for loan losses totaling $33.3 million[6] - Provision for loan losses decreased significantly by 55% to $394,000 from $873,000 in the previous quarter, and increased from $141,000 year-over-year[42] - Nonperforming loans totaled $19,047,000, with a nonperforming loans to total loans ratio of 0.69%[45] - The total allowance for loan losses increased to $33,278 million, up from $32,916 million year-over-year, reflecting a rise of 1.1%[48] - The allowance for loan losses to nonperforming assets is reported at 154.99%, demonstrating a strong coverage ratio[48] - The allowance for loan losses to nonperforming loans is at 174.72%, indicating robust risk management practices[48] Income and Expense Management - Noninterest income rose to $4.0 million, up $380,000 or 10% from Q4 2024, primarily due to gains on loan sales[23] - Noninterest expense decreased to $21.6 million, down $776,000 or 3% from Q4 2024, mainly due to lower compensation and benefits[24] - Total interest income for the quarter ended March 31, 2025, was $47,201,000, a decrease of 1% from $47,804,000 in the previous quarter, but an increase of 7% from $44,126,000 year-over-year[42] Capital and Shareholder Returns - Shareholders' equity reached $402.8 million, up $6.7 million or 2% compared to $396.1 million at the end of Q4 2024[25] - The company declared a quarterly cash dividend of $0.27 per share, payable on May 16, 2025[28] - The company repurchased 173,497 shares at an average price of $44.72 during Q1 2025[30] - The Tier 1 leverage capital ratio was 11.48% as of March 31, 2025, compared to 11.38% at the end of Q4 2024[25] - The book value per share increased to $50.82, up from $48.95 at the end of Q4 2024[34] Liquidity and Funding - Total primary and secondary sources of available liquidity amounted to $1.374 billion as of March 31, 2025[27] - The average rate on interest-bearing deposits decreased by 15 basis points from 2.66% in Q4 2024 to 2.51% in Q1 2025[13] - The Company experienced a significant increase in average FHLB advances, which rose to $180.7 million, an increase of $127.7 million, or 241%, from Q4 2024[20] Efficiency and Performance Ratios - The efficiency ratio improved to 60.35%, down from 63.48% in the previous quarter and 64.31% year-over-year[42] - Return on average assets increased to 1.29%, up 15% from 1.12% in the previous quarter and 16% from 1.11% year-over-year[42]