Home Bancorp, Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial performance and operations. Home Bancorp, Inc. operates as the bank holding company for Home Bank, National Association, offering various banking products and services in Louisiana, Mississippi, and Texas. The company's offerings include deposit products, loan products, investment in securities, credit cards, and online banking services. Home Bancorp, Inc. was founded in 1908 and is headquartered in Lafayette, Louisiana.
In the 10-Q report, Home Bancorp, Inc. reported a net income of $11.0 million for the first quarter of 2025, representing an increase of $1.8 million compared to the first quarter of 2024. The company's assets increased by $41.8 million, or 1.2%, from December 31, 2024, to $3.5 billion at March 31, 2025. Total loans amounted to $2.7 billion at March 31, 2025, reflecting an increase of $29.1 million, or 1.1%, from December 31, 2024. The provision to the allowance for loan losses during the three months ended March 31, 2025, amounted to $394,000, primarily due to loan growth. Nonperforming assets increased by $5.9 million, or 37.6%, from $15.6 million at December 31, 2024, to $21.5 million at March 31, 2025, primarily due to two loan relationships moving to nonaccrual status in the first quarter of 2025. Total deposits increased to $2.8 billion at March 31, 2025, reflecting a $46.5 million, or 1.7%, rise from December 31, 2024.
The net interest margin for the three months ended March 31, 2025, was reported at 3.91%, up 27 basis points from the same period in 2024. Noninterest income for the first quarter of 2025 increased by $460,000, or 13.0%, compared to the first quarter of 2024. Noninterest expense for the first quarter of 2025 also increased by $711,000, or 3.4%, compared to the first quarter of 2024.
Regarding the financial condition, total loans at March 31, 2025, were $2.7 billion, up $29.1 million, or 1.1%, from December 31, 2024. The allowance for loan losses totaled $33.3 million at March 31, 2025, representing 1.21% of total loans, compared to $32.9 million, or 1.21% of total loans, at December 31, 2024. Nonperforming loans increased by $5.4 million, or 40.1%, to $19.0 million at March 31, 2025, compared to $13.6 million at December 31, 2024, primarily due to two loan relationships becoming nonperforming during the first quarter of 2025.
The company's credit quality and asset management are key priorities, with a focus on maintaining a high level of asset quality. Home Bancorp, Inc. actively monitors loans and collection processes of delinquent or problem loans, and has an internal asset classification system consistent with Federal banking regulations for reporting problem and potential problem assets.
The 10-Q report provides a comprehensive overview of Home Bancorp, Inc.'s financial performance, asset quality, and operations, offering valuable insights for investors and stakeholders. Today the company's shares have moved 2.0% to a price of $50.64. Check out the company's full 10-Q submission here.
