Home Bancorp (HBCP) has reported 50.38 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $4.36 million, or $0.61 a share in the quarter, compared with $2.90 million, or $0.41 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $4.36 million, or $0.61 a share compared with $3.43 million or $0.49 a share, a year ago.
Revenue during the quarter grew 13.82 percent to $17.25 million from $15.16 million in the previous year period. Net interest income for the quarter rose 14.84 percent over the prior year period to $15.54 million. Non-interest income for the quarter rose 14.45 percent over the last year period to $2.51 million.
Home Bancorp has made provision of $0.80 million for loan losses during the quarter, up 40.68 percent from $0.57 million in the same period last year.
Net interest margin contracted 23 basis points to 4.32 percent in the quarter from 4.55 percent in the last year period. Efficiency ratio for the quarter improved to 58.95 percent from 66.90 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Our Baton Rouge and Acadiana markets were impacted by historic floods in August," stated John W. Bordelon, president and chief executive officer of the Company and the Bank. "If you want to see an uplifting example of people pulling together to help one another, such an example has been on full display in South Louisiana over the past few months."
Assets, liabilities fallTotal assets stood at $1,549.54 million as on Sep. 30, 2016, down 0.54 percent compared with $1,557.91 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,372.18 million as on Sep. 30, 2016, down 1.68 percent from $1,395.62 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $1,221.18 million as on Sep. 30, 2016, up 1.87 percent compared with $1,198.78 million on Sep. 30, 2015. Deposits were almost flat at $1,220.83 million as on Sep. 30, 2016, when compared with the last year period.
Investments stood at $184.44 million as on Sep. 30, 2016, down 10.10 percent or $20.73 million from year-ago. Shareholders equity stood at $177.36 million as on Sep. 30, 2016, up 9.29 percent or $15.08 million from year-ago.
Return on average assets moved up 24 basis points to 1.14 percent in the quarter from 0.90 percent in the last year period. At the same time, return on average equity increased 271 basis points to 9.91 percent in the quarter from 7.20 percent in the last year period.
Nonperforming assets moved up 42.20 percent or $6.28 million to $21.16 million on Sep. 30, 2016 from $14.88 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.37 percent in the quarter, up from 0.96 percent in the last year period.
Tier-1 leverage ratio stood at 9.73 percent for the quarter, down from 10.12 percent for the previous year quarter. Average equity to average assets ratio was 11.48 percent for the quarter, down from 12.53 percent for the previous year quarter. Book value per share was $24.22 for the quarter, up 7.84 percent or $1.76 compared to $22.46 for the same period last year.
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