Home Bancorp, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $3,441.99 million, up from $3,320.12 million at the end of 2023. Total loans also rose to $2,636.01 million, compared to $2,550.10 million previously, reflecting a growth of 3.4%. Cash and cash equivalents saw a substantial increase to $135.88 million from $75.83 million, while total deposits grew to $2,777.49 million, up from $2,670.62 million.
Interest income for the third quarter of 2024 was $47.38 million, an increase from $42.08 million in the same period of 2023. However, total interest expense rose significantly to $16.99 million from $12.57 million, leading to a net interest income of $30.38 million, slightly up from $29.51 million year-over-year. For the nine months ended September 30, 2024, net interest income was $88.68 million, down from $91.41 million in 2023.
Net income for the third quarter of 2024 was $9.44 million, a decrease from $9.75 million in the prior year, resulting in diluted earnings per share of $1.18, down from $1.22. For the nine-month period, net income was $26.75 million, compared to $30.86 million in 2023, with diluted earnings per share decreasing to $3.34 from $3.82.
The company reported unrealized gains on available-for-sale investment securities of $14.34 million for the third quarter, a significant improvement from a loss of $10.22 million in the same quarter of 2023. This contributed to a comprehensive income of $19.50 million for the third quarter, compared to $1.83 million in the prior year.
In terms of loan performance, total past due real estate loans increased to $24.55 million as of September 30, 2024, compared to $11.99 million at the end of 2023. Nonperforming assets rose to $18.40 million, representing 0.53% of total assets, up from $10.40 million (0.31%) at the end of 2023.
The company’s allowance for loan losses stood at $32.30 million, or 1.21% of total loans, slightly down from 1.22% at the end of 2023. The provision for loan losses for the third quarter was $140,000, compared to $351,000 in the same quarter of 2023.
Overall, Home Bancorp, Inc. demonstrated growth in assets and loans, although profitability metrics showed declines compared to the previous fiscal period, influenced by increased interest expenses and a rise in nonperforming loans.
About HOME BANCORP, INC.
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