Lafayette-based Home Bancorp Inc., the parent company of Home Bank, generated $9.2 million of net income during the first quarter, down from the $9.4 million in the previous quarter.
Per share earnings were at $1.14 per diluted common share, down from the $1.17 in the previous quarter, bank officials announced Tuesday.
Loans totaled $2.6 billion as of March 31, up $40.1 million, or 1.6%, from the fourth quarter. Deposits reached $2.7 billion, up 2% from the fourth quarter.
The average loan yield was 6.18%, up 10 basis points from the fourth quarter, bank officials reported. Commercial real estate and multifamily residential loans were the primary driver for loan growth, and loans grew across all markets while 77% of it was attributed to the Houston market.
The bank’s annualized loan growth rate was 6% while deposit growth was 8%, said president and CEO John Bordelon.
“Home Bank began 2024 with results similar to those in 2023,” he said. “While (net interest margin) decreased during the quarter, the pace of reduction has slowed as loans continue to reprice higher. While Houston continues to lead the majority of loan growth, most of our legacy franchise continues to show positive momentum.”
