Home Bancorp Inc (HBCP) Announces Q3 2023 Results: Net Income of $9. ...
Home Bancorp Inc (NASDAQ:HBCP) reported a net income of $9.8 million for Q3 2023, a slight decrease from the previous quarter.
The company announced a new share repurchase plan and declared a quarterly dividend.
Loans and deposits grew by 2.3% and 2% respectively, with loans totaling $2.6 billion.
The net interest margin was 3.75%, down from 3.94% in Q2 2023.
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On October 18, 2023, Home Bancorp Inc (NASDAQ:HBCP) released its financial results for the third quarter of 2023. Despite a slight decrease in net income from the previous quarter, the company reported strong growth in loans and deposits, and announced a new share repurchase plan and a quarterly dividend.
Financial Performance and Highlights
For Q3 2023, Home Bancorp Inc (NASDAQ:HBCP) reported a net income of $9.8 million, or $1.22 per diluted common share, a slight decrease from $9.8 million, or $1.21 diluted EPS, for the second quarter of 2023. The company's loans totaled $2.6 billion, up $58.3 million, or 2.3% from the previous quarter. Deposits also showed growth, totaling $2.6 billion, up $45.8 million, or 2%, from Q2 2023.
However, the company's net interest income totaled $29.5 million, down $797,000, or 3% from the prior quarter. The net interest margin ("NIM") was 3.75% in the third quarter of 2023 compared to 3.94% in the second quarter of 2023.
Share Repurchase Plan and Dividend
Home Bancorp Inc (NASDAQ:HBCP) also announced that its Board of Directors approved a new share repurchase plan. Under this plan, the company may purchase up to 405,000 shares, or approximately 5% of the companys outstanding common stock. The company repurchased 37,805 shares of its common stock during the third quarter of 2023 at an average price per share of $32.63.
In addition, the company's Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.25 per share payable on November 9, 2023, to shareholders of record as of October 30, 2023.
Looking Forward
Despite the slight dip in net income, Home Bancorp Inc (NASDAQ:HBCP) remains confident in its performance and future prospects. The company's strong customer relationships and disciplined approach to interest expense have allowed it to retain deposits and continue to thrive. With the announcement of the new share repurchase plan and the declaration of a quarterly dividend, Home Bancorp Inc (NASDAQ:HBCP) continues to demonstrate its commitment to delivering value to its shareholders.
This article first appeared on GuruFocus.
