Home Bancorp, Inc. reported net income of $9.4 million, or $1.18 per diluted common share, for the third quarter of 2024. This represents an increase of $1.3 million from the $8.1 million, or $1.02 diluted EPS, reported in the second quarter of 2024.
The company's Net Interest Margin (NIM) expanded by 5 basis points to 3.71% for the quarter, driven by a 15 basis point increase in the average loan yield to 6.43%. Loans totaled $2.7 billion, an increase of $6.9 million, while deposits grew by $54.6 million to $2.8 billion at September 30, 2024.
In a move to enhance shareholder returns, the Board of Directors declared a quarterly cash dividend of $0.26 per share, payable on November 8, 2024. This marks a 4% increase from the previous quarter's dividend of $0.25 per share. The company also repurchased 24,473 shares of its common stock during the quarter at an average price of $38.50.
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