Home Bancorp, Inc. reported a net income of $36.4 million for the fiscal year ending December 31, 2024, translating to a diluted earnings per share (EPS) of $4.55. This marks a decrease from the previous year's net income of $40.2 million and an EPS of $4.99. The company's total assets increased by $123.5 million, or 3.7%, reaching $3.4 billion, while total loans rose by $136.5 million, or 5.3%, to $2.7 billion. The provision for loan losses was $2.4 million, slightly higher than the $2.3 million recorded in 2023, reflecting the company's ongoing assessment of credit risk amid loan growth.
In terms of operational metrics, Home Bancorp's total deposits increased by $110.1 million, or 4.1%, to $2.8 billion, primarily driven by growth in certificates of deposit and money market accounts. The net interest margin for the year was reported at 3.71%, down 18 basis points from the previous year, attributed to rising costs of interest-bearing liabilities. Noninterest income remained relatively stable, totaling $14.6 million, a slight decrease of $11,000 compared to 2023, while noninterest expenses increased by $4.4 million, or 5.4%, largely due to higher compensation and benefits costs.
Strategically, Home Bancorp has continued to expand its market presence, operating 43 banking offices across Louisiana, Mississippi, and Texas. The company has also focused on enhancing its loan portfolio, with significant increases in commercial real estate and commercial and industrial loans, which are viewed as attractive due to their higher yields. As of December 31, 2024, commercial real estate loans comprised approximately 42.6% of the total loan portfolio, indicating a strategic shift towards higher-yielding products.
The company’s employee headcount stood at 471 full-time employees and 10 part-time employees as of December 31, 2024. Home Bancorp emphasizes the importance of employee retention and development, offering competitive pay and benefits, including a 401(k) plan with matching contributions. Looking ahead, the company anticipates continued growth in its loan portfolio and overall financial performance, although it acknowledges potential risks related to economic conditions, interest rate fluctuations, and credit quality. The management remains committed to maintaining strong capital ratios, with the Bank classified as "well capitalized" under regulatory standards.
About HOME BANCORP, INC.
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