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Home Bancorp Q2 Net Sharply Up On Better Credit Quality

Home Bancorp, Inc. (HBCP), the parent company for Home Bank, N.A., reported financial results for the second quarter of 2021 that revealed sharp rise in Net Income predominantly attributed to improvement in credit quality. The company also declared a dividend of $0.23 per share.

Net income for the period was $11.4 million and $1.34 per share as compared to $2.9 million and $0.33 per share in the comparable prior-year quarter.

Net income excluding special items was $11.6 million as compared to $3.2 million in the comparable prior-year quarter.

On average, 3 analysts polled by Thomson Reuters were expecting the company to earn $1.21 per share. Analysts typically exclude one-time items.

Net Interest Income for the period was $24.1 million, as compared to $22.4 million in the year-ago period, registering a growth of 8 percent.

On average, 3 analysts polled by Thomson Reuters were expecting the company to earn revenues of $24.53 million.

Provision for loan losses was a benefit of $3.4 million, as compared to an expense of $6.5 million in the prior-period quarter.

Annualized year-to-date net loan charge-offs to average loans declined to 0.12% at the end of the quarter, from the level of 0.15% at the end of June 2020.

Non-interest income increased by 6 percent to $3.3 million, from the level of $3.1 million in the year-ago period. Non-interest expense increased by 7 percent to $16.6 million, from the level of $15.5 million in the same period, a year ago.

Average total loans increased by 2 percent to $1.96 billion, from the level of $1.93 billion in the previous year period. Average total deposits increased by 9 percent to $2.4 billion, from the level of $2.2 billion in the year-ago quarter.

The shares of Home Bancorp closed trading on July 26 at $37.07, up $0.45 or 1.23 percent from previous close.

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