Revenue and Profitability:
- Revenue: $49.126 million in Q2 2024, up 45.5% YoY and 3.2% QoQ.
- Gross Profit: $49.126 million (implied same as revenue given gross margin of 1.0x in data), YoY +45.5%, QoQ +3.2%.
- Operating Income: $11.006 million, YoY -50.1%, QoQ -10.7%.
- Net Income: $8.118 million, YoY -17.0%, QoQ -11.75%, Net Margin: 16.52%.
- Earnings Per Share (EPS): $1.02 (diluted $1.01), YoY -16.4%, QoQ -11.3%.
Funding and Margin:
- Net Interest Income (NII): $29.4 million in Q2, up $0.492 million QoQ; NIM: 3.66%, up 2 bps QoQ, suggesting stabilization and potential for gradual uplift.
- Loan Yields: Weighted loan yields on new originations around 8.25% vs portfolio average ~6.28% in Q2, supporting NIM strength as loans repricer pass-through occurs.
- Deposit Dynamics: Deposits were essentially flat QoQ; non-interest-bearing deposits rose by $4.3 million; cost of funds rising modestly (interest-bearing deposit costs up 17 bps in Q2).
Credit Quality:
- Non-performing loans (NPL) declined to $16.8 million, or 0.63% of total loans.
- Allowance for loan losses (ALLL) ratio rose by 1 bp to 1.21% in Q2.
- Net charge-offs: $510,000 (8 bps annualized) in Q2; described as customer-specific, not industry-wide.
Efficiency and Growth:
- Non-interest income: ~$3.8 million (up about $0.2 million).
- Non-interest expense: ~$21.8 million (up about $0.9 million) due to annual salary increases; core non-interest expense guided to $22.0–$22.5 million for Q3–Q4.
- Loan Growth: 6% annualized pace in Q2; full-year 2024 guidance remains 4–6% loan growth.
- Capital and Buybacks: Repurchased ~77k shares in Q2 at an average price of $37, representing ~92% of TBV excluding AOCI; tangible book value per share has grown 58% since 2018; dividend increases of 67% since 2016.
Liquidity and Balance Sheet:
- Cash and cash equivalents: $113.46 million; total cash and short-term investments: $525.93 million.
- CDs maturing in next 6 months approximately $490 million, with most in the ~5% range; liquidity cushion remains ample to fund loan growth and working capital needs.
- Total assets: ~$3.411 billion; total stockholders’ equity: $375.83 million; total debt: $278.39 million; net debt: $164.93 million.
- Liquidity and capital positions underpin ongoing buybacks and opportunistic deployment of capital in favorable environments.
Note: All ratios and amounts are USD and reflect the QQ2 2024 data reported by Home Bancorp, Inc. Historic context is drawn from the company’s QQ2 2024 10-Q and management commentary.