The following is a summary of the Home Bancorp, Inc. (HBCP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Home Bancorp's Q1 net income stood at $9.2 million or $1.14 per share.
The return on assets for the bank amounted to 1.11%.
Demonstrating a 6% annualized growth, loans increased by $40.1 million over the quarter.
Bank deposits saw a rise of $52 million in Q1, subsequent to a $73 million increase in Q4.
A decrease in net interest margin was recorded, dropping to 3.64%, and net interest income totalled $28.9 million in Q1.
Business Progress:
A combination of healthy loan and deposit growth and continued expense discipline contributed to Home Bancorp's strong growth in the quarter.
The bank's move to relocate an acquired branch and the establishment of an LPO in Houston to house the commercial team have positively influenced loan growth.
An additional branch relocation in Houston is being planned as part of the bank's continuing market investment and activity stimulation.
A successful quarter saw an average rate of new loan portfolio originations at 8.23%. For 2024, the bank expects a loan growth of 4% to 6%.
Constituting a slight increase, the non-interest expense totalled $20.9 million with non-interest income remaining stable at $3.5 million in Q1.
Home Bancorp disclosed an allowance for loan loss ratio of 1.2% and expressed confidence in their reserve levels.
More details: Home Bancorp IR
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