Q2 2024 Home Bancorp Inc Earnings Call Transcript
Key Points
- Home Bancorp Inc (HBCP) reported a net income of $8.1 million or $1.02 per share for the second quarter of 2024.
- Net interest margin (NIM) improved slightly to 3.66%, showing stabilization.
- Loan growth continued at a 6% annualized pace, with new loans coming in at a rate of 8.25%.
- Core deposit growth in the Houston market was strong, with an increase of $12.6 million.
- Nonperforming loans decreased by $3.5 million to $16.8 million, or 0.63% of total loans.
- The duration of higher rates is negatively impacting the loan pipeline.
- Interest-bearing checking accounts and savings accounts saw a combined decline of about $25 million.
- Provision expense for the quarter increased to $1.3 million, up $1.1 million from the prior quarter.
- Noninterest expense increased by $940,000 to $21.8 million due to annual salary increases.
- The loan to deposit ratio increased to 97.7%, indicating a higher reliance on deposits for loan funding.
Good morning, ladies and gentlemen, and welcome to the Home Bancorp's second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Home Bancorp's Chairman, President and CEO, John Bordelon; and Chief Financial Officer, David Kirkley. Mr. Kirkley, please go ahead.
Thank you, Kenneth. Good morning, and welcome to Home Bancorp second quarter 2024 earnings call. Our earnings release and investor presentation are available on our website. I ask that everyone, please refer to the disclaimer regarding forward-looking statements in the investor presentation and our SEC filings. Now I'll hand it over to John, to make a few comments about the second quarter. John?
Thanks, David, and good morning, and thank you for joining Home Bank's earning call
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