Company: HBCP
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001436425-25-000012
Chunk: 56

Company: HOME BANCORP, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 56
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 the agreements since the termination value was $0.

15. Income Taxes

The Company files federal income tax returns on a calendar year basis. Income tax expense for the years indicated is summarized as follows:(dollars in thousands)202420232022Current$9,583 $10,722 $9,792 Deferred(44)(33)(882)Historic Tax Credits ("HTC")(303)(303)— New Markets Tax Credits ("NMTC")(480)(480)(480)Total income tax expense$8,756 $9,906 $8,430 The components of the Company’s net deferred tax asset, which is included in accrued interest receivable and other assets in the accompanying Statement of Financial Condition at December 31 of the years indicated are as follows:(dollars in thousands)20242023Deferred tax assets:Provision for loan losses$7,479 $7,168 Discount on purchased loans474 822 Salary continuation plan619 657 Mortgage servicing rights13 30 Deferred compensation6 5 Stock-based compensation280 260 Unrealized loss on securities available for sale8,613 9,121 Net operating loss acquired61 334 HTC83 41 Other173 219 Deferred tax assets$17,801 $18,657 Deferred tax liabilities:FHLB stock dividends$(161)$(169)Accumulated depreciation(3,110)(3,280)Intangible assets(619)(842)Derivatives(643)(778)NMTC(188)(159)Other(45)(46)Deferred tax liabilities(4,766)(5,274)Net deferred tax asset$13,035 $13,383 

78

For the years ended December 31, 2024, 2023 and 2022, the Company’s provision for federal income taxes differed from the amount computed by applying the federal income tax statutory rate of 21% on income from operations as indicated in the following analysis:(dollars in thousands)202420232022Federal tax based on statutory rate$9,548 $10,658 $8,994 State tax based on statutory rate205 175 151 (Decrease) increase resulting from:HTC(303)(303)— NMTC(480)(480)(480)Effect of tax-exempt income(105)(155)(276)Changes in the cash surrender value of bank owned