SYS-CON MEDIA Authors: Kevin Benedict, Gilad Parann-Nissany

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Home Bancorp Announces 2013 Fourth Quarter And Annual Results

LAFAYETTE, La., Jan. 28, 2014 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq:  "HBCP") (the "Company"), the parent company for Home Bank (www.home24bank.com), a Federally chartered savings bank headquartered in Lafayette, Louisiana (the "Bank"), announced net income of $1.7 million for the fourth quarter of 2013, a decrease of $777,000, or 31%, compared to the third quarter of 2013 and a decrease of $619,000, or 27%, compared to the fourth quarter of 2012.  The fourth quarter of 2013 includes $307,000 of pre-tax expenses related to the acquisition of Britton & Koontz Capital Corporation (OTCQB: "BKBK") ("Britton & Koontz").  Excluding merger-related expenses, net income for the fourth quarter of 2013 was $1.9 million, a decrease of 23% and 18% compared to the third quarter of 2013 and the fourth quarter of 2012, respectively. Diluted earnings per share were $0.25 for the fourth quarter of 2013, a decrease of $0.12, or 32%, compared to the third quarter of 2013 and a decrease of $0.08, or 24%, compared to the fourth quarter of 2012.  Excluding merger-related expenses, diluted earnings per share were $0.28 for the fourth quarter of 2013, decreases of 24% and 15% compared to the third quarter of 2013 and the fourth quarter of 2012, respectively.

(Logo: http://photos.prnewswire.com/prnh/20130429/MM04092LOGO)

Net income for the year ended December 31, 2013 was $7.3 million, a decrease of $1.9 million, or 21%, compared to 2012.  Excluding pre-tax merger-related expenses of $307,000 incurred during 2013, net income for the year ended December 31, 2013 was $7.5 million, a decrease of 18% compared to 2012. Diluted earnings per share for 2013 were $1.06, a decrease of 17% compared to $1.28 in 2012.  Excluding merger-related expenses, diluted earnings per share were $1.09, a decrease of 15% compared to 2012. 

"Our fourth quarter was highlighted by the announcement of our pending entry into Mississippi through the Britton & Koontz acquisition and the resulting addition of several outstanding bankers to our team," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "The B&K deal is on pace to close during the first quarter of 2014 and our bankers had an outstanding quarter of loan growth."

Acquisition of Britton & Koontz

As previously disclosed on November 5, 2013, the Company entered into a definitive agreement to merge with Britton & Koontz Capital Corporation, the holding company of the 147-year-old Britton & Koontz Bank, N.A. ("Britton & Koontz Bank").  Under the terms of the agreement, Britton & Koontz will be merged with and into Home Bancorp in a two-step transaction and Britton & Koontz Bank will be merged with and into the Bank.  Shareholders of Britton & Koontz will receive $16.14 per share in cash upon completion of the merger.  The merger, which is expected to be completed in the first quarter of 2014, was approved by BKBK's shareholders earlier this month and remains subject to regulatory approvals and the satisfaction of all other customary conditions.  Upon completion of the merger, the combined company will have total assets of approximately $1.2 billion, $873 million in loans and $964 million in deposits. 

Loans and Credit Quality

Loans totaled $707.5 million at December 31, 2013, an increase of $26.6 million, or 4%, from September 30, 2013, and an increase of $34.3 million, or 5%, from December 31, 2012.  During the fourth quarter, commercial real estate (up $16.2 million) and construction and land (up $11.1 million) loans led our growth.   

The following table sets forth the composition of the Company's loan portfolio (including Covered Loans) as of the dates indicated. 











December 31,


December 31,


Increase/(Decrease)


(dollars in thousands)


2013


2012


Amount


Percent


Real estate loans:










     One- to four-family first mortgage

$

179,506

$

177,816

$

1,690


1

%

     Home equity loans and lines


40,561


40,425


136


-


     Commercial real estate


269,849


252,805


17,044


7


     Construction and land


83,271


75,529


7,742


10


     Multi-family residential


16,578


19,659


(3,081)


(16)


        Total real estate loans


589,765


566,234


23,531


4


Other loans:










     Commercial and industrial


77,533


72,253


5,280


7


     Consumer


40,158


34,641


5,517


16


        Total other loans


117,691


106,894


10,797


10


        Total loans

$

707,456

$

673,128

$

34,328


5

%

Nonperforming assets ("NPAs"), which includes $8.2 million in assets covered under loss sharing agreements with the FDIC ("Covered Assets") and $14.1 million acquired from GS Financial Corp. ("GSFC"), totaled $29.3 million at December 31, 2013, an increase of $1.9 million compared to September 30, 2013 and an increase of $924,000 compared to December 31, 2012.  The ratio of total NPAs to total assets was 2.98% at December 31, 2013, compared to 2.85% at September 30, 2013 and 2.95% at December 31, 2012.  Excluding acquired assets, the ratio of NPAs was 0.81% at December 31, 2013, compared to 0.69% at September 30, 2013 and 0.62% at December 31, 2012. 

The Company recorded net loan recoveries of $24,000 during the fourth quarter of 2013, compared to net loan charge-offs of $84,000 and $70,000 in the third quarter of 2013 and fourth quarter of 2012, respectively.  The Company's provision for loan losses for the fourth quarter of 2013 was $431,000, compared to $453,000 for the third quarter of 2013 and $483,000 for the fourth quarter of 2012.  The provision for loan losses in the fourth quarter of 2013 relates primarily to loan growth and modest downgrades of certain loans in the Company's organic loan portfolio.

The ratio of allowance for loan losses to total loans was 0.98% at December 31, 2013, compared to 0.95% and 0.79% at September 30, 2013 and December 31, 2012, respectively.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.12% at December 31, 2013, compared to 1.09% at September 30, 2013 and 1.01% at December 31, 2012.           

Investment Securities Portfolio

The Company's investment securities portfolio totaled $159.0 million at December 31, 2013, a decrease of $1.4 million, or 1%, from September 30, 2013, and an increase of $116,000, or 0.1%, from December 31, 2012.  At December 31, 2013, the Company had a net unrealized gain position on its investment securities portfolio of $300,000, compared to net unrealized gains of $1.1 million and $5.0 million at September 30, 2013 and December 31, 2012, respectively.  The investment securities portfolio had a modified duration of 4.2 years at December 31, 2013, compared to 4.7 and 3.7 years at September 30, 2013 and December 31, 2012, respectively.  

Deposits

Total deposits were $741.3 million at December 31, 2013, a decrease of $24.5 million, or 3%, from September 30, 2013, and a decrease of $30.1 million, or 4%, from December 31, 2012.  Certificate of deposits ("CD") declined as higher-priced CDs matured.  During the fourth quarter of 2013, core deposits (i.e., checking, savings and money market accounts) decreased $7.6 million, or 1%, from September 30, 2013, and increased $30.4 million, or 6%, from December 31, 2012.         

The following table sets forth the composition of the Company's deposits at the dates indicated.










December 31,


December 31,


Increase / (Decrease)


(dollars in thousands)


2013


2012


Amount


Percent


Demand deposit

$

174,475

$

152,462

$

22,013


14

%

Savings


56,694


51,515


5,179


10


Money market


192,303


191,191


1,112


1


NOW


125,391


123,294


2,097


2


Certificates of deposit


192,449


252,967


(60,518)


(24)


        Total deposits

$

741,312

$

771,429

$

(30,117)


(4)

%











Net Interest Income

Net interest income for the fourth quarter of 2013 totaled $10.0 million, a decrease of $369,000, or 4%, compared to the third quarter of 2013, and a decrease of $338,000, or 3%, compared to the fourth quarter of 2012.  The decline in net interest income in the fourth quarter of 2013 compared to the third quarter of 2013 was due largely to a decline in loan interest income resulting primarily from lower average yields earned on loans covered under loss sharing agreements with the FDIC ("Covered Loans"). 

The net interest margin was 4.60% for the fourth quarter of 2013, 19 basis points lower than the third quarter of 2013 and 15 basis points lower than the fourth quarter of 2012.  The decrease in the net interest margin compared to the third quarter of 2013 resulted primarily from lower-yielding new loans originated during the fourth quarter and lower yields on the Covered Loan portfolio.  The decrease in net interest margin compared to the fourth quarter of 2012 related primarily to lower yields on the loan portfolio (including Covered Loans), which were partially offset by lower costs on interest bearing liabilities. 

The Covered Loan portfolio yielded 13.66% during the fourth quarter of 2013, compared to 15.32% and 10.28% during the third quarter of 2013 and fourth quarter of 2012, respectively.  Excluding Covered Loans, the yield on loans would have been 5.46% during the fourth quarter of 2013, compared to 5.72% and 6.28% during the third quarter of 2013 and fourth quarter of 2012, respectively.  A portion of the decline in interest income and yield on the Covered Loan portfolio during the third and fourth quarters of 2013 was primarily due to higher levels of FDIC loss sharing receivable asset ("FDIC Asset") amortization during those periods. Amortization of the FDIC Asset totaled $904,000 and $913,000 during the third and fourth quarters of 2013, respectively.  The increase in FDIC Asset amortization is the result of improved cash flow expectations related to Covered Loans.    

The following table sets forth the Company's average volume and rate of its interest-earning assets and interest-bearing liabilities for the periods indicated.  Taxable equivalent ("TE") yields on investment securities are calculated using a marginal tax rate of 35%.



For the Three Months Ended



December 31, 2013

September 30, 2013

December 31, 2012

(dollars in thousands)


Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate


Interest-earning assets:













Loans receivable

$

685,034

5.73

%

$

676,639

6.07

%

$

673,428

6.28

%

Investment securities (TE)


157,820

2.18



157,352

2.10



149,294

2.09


Other interest-earning assets


23,734

0.47



27,293

0.47



41,057

0.43


Total interest-earning assets


866,588

4.94



861,284

5.17



863,779

5.28















Interest-bearing liabilities:













Deposits:













Savings, checking, and money market


377,419

0.23



389,773

0.24



361,862

0.33


Certificates of deposit


199,392

0.83



215,745

0.90



257,750

1.04


Total interest-bearing deposits


576,811

0.44



605,518

0.48



619,612

0.63


FHLB advances


65,851

0.61



41,083

0.90



40,796

1.58


Total interest-bearing liabilities

$

642,662

0.45


$

646,601

0.51


$

660,408

0.68















Net interest spread (TE)



4.48

%



4.66

%



4.59

%

Net interest margin (TE)



4.60

%



4.79

%



4.75

%














Noninterest Income

Noninterest income for the fourth quarter of 2013 totaled $1.8 million, an increase of $17,000, or 1%, compared to the third quarter of 2013 and a decrease of $71,000, or 4%, compared to the fourth quarter of 2012.  The increase in noninterest income in the fourth quarter of 2013 compared to the third quarter of 2013 resulted primarily from an increase in other income of $108,000 (related to recoveries on the acquired GSFC loan portfolio), which was partially offset by decreases in gains on the sale of mortgage loans (down $51,000) and bank card fees (down $29,000). 

The decrease in noninterest income in the fourth quarter of 2013 compared to the fourth quarter of 2012 resulted primarily from decreases in gains on the sale of mortgage loans (down $304,000), which was partially offset by increases in service fees and charges (up $148,000) and other income of $105,000.

Noninterest Expense

Noninterest expense for the fourth quarter of 2013 totaled $8.8 million, an increase of $770,000, or 10%, compared to the third quarter of 2013 and an increase of $459,000, or 6%, compared to the fourth quarter of 2012.  The increase in noninterest expense in the fourth quarter of 2013 compared to the third quarter of 2013 resulted primarily from higher other expenses (up $365,000 as a result of $147,000 in net deposit account charge-offs and other loan fee expenses of $208,000), compensation and benefits (up $318,000), professional services (up $219,000, which includes $285,000 related to the acquisition of Britton & Koontz) and foreclosed asset expenses (up $195,000), which was partially offset by lower franchise and share tax expense (down $382,000 primarily from lower than anticipated Louisiana shares tax payments). 

The increase in noninterest expense in the fourth quarter 2013 compared to the fourth quarter 2012 resulted primarily from higher professional services (up $ 248,000, which includes $285,000 related to the acquisition of Britton & Koontz), compensation and benefits (up $218,000), other expenses (up $179,000 primarily from net deposit account charge-offs), which were partially offset by lower data processing and communication (down $168,000) and franchise and share tax expense (down $65,000 primarily from lower than anticipated Louisiana shares tax payments).

Non-GAAP Reconciliation





Fourth Quarter

Year Ended

(dollars in thousands)

2013

December 31, 2013




Reported noninterest expense

$    8,774

$33,205

Less: Merger-related expenses

(307)

(307)

Non-GAAP noninterest expense

$    8,467

$32,898




Reported net income

$      1,706

$  7,294

Add: Merger-related expenses (after tax)

200

203

Non-GAAP net income

$      1,906

$  7,497




Diluted EPS

$        0.25

$    1.06

Less: Merger-related expenses

0.03

0.03

Non-GAAP EPS

$        0.28

$    1.09

This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes acquired loans and the impact of merger-related expenses. Management believes the presentation of this non-GAAP financial information provides useful information that is essential to a proper understanding of the Company's financial position and core operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies. 

This news release contains certain forward‑looking statements. Forward‑looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."

Forward‑looking statements, by their nature, are subject to risks and uncertainties.  A number of factors ‑ many of which are beyond our control ‑ could cause actual conditions, events or results to differ significantly from those described in the forward‑looking statements.  Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2012, describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for losses on loans, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward‑looking statements speak only as of the date they are made.  We do not undertake to update forward‑looking statements to reflect circumstances or events that occur after the date the forward‑looking statements are made or to reflect the occurrence of unanticipated events.

 

 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF FINANCIAL CONDITION




















December 31,


December 31,


%



September 30,


2013


2012


Change



2013

Assets









Cash and cash equivalents

$   32,638,900


$   39,539,366


(17)

%


$   35,953,034

Interest-bearing deposits in banks

2,940,000


3,529,000


(17)



3,185,000

Investment securities available for sale, at fair value

149,632,153


157,255,828


(5)



151,453,721

Investment securities held to maturity

9,404,790


1,665,184


465



8,965,112

Mortgage loans held for sale

1,951,345


5,627,104


(65)



1,711,585

Loans covered by loss sharing agreements

21,673,808


45,764,397


(53)



23,723,936

Noncovered loans, net of unearned income

685,782,309


627,363,937


9



657,150,445

     Total loans

707,456,117


673,128,334


5



680,874,381

Allowance for loan losses

(6,918,009)


(5,319,235)


30



(6,462,841)

     Total loans, net of allowance for loan losses

700,538,108


667,809,099


5



674,411,540

FDIC loss sharing receivable

12,698,077


15,545,893


(18)



13,576,606

Office properties and equipment, net

30,702,635


30,777,184


-



30,312,996

Cash surrender value of bank-owned life insurance

17,750,604


17,286,434


3



17,638,008

Accrued interest receivable and other assets

25,984,346


23,891,172


9



24,688,760

Total Assets

$ 984,240,958


$ 962,926,264


2



$ 961,896,362



















Liabilities









Deposits

$ 741,312,416


$ 771,429,335


(4)

%


$ 765,810,312

Federal Home Loan Bank advances

97,000,000


46,256,805


110



50,900,000

Accrued interest payable and other liabilities

4,019,013


3,666,264


10



4,965,371

Total Liabilities

842,331,429


821,352,404


3



821,675,683










Shareholders' Equity









Common stock

89,585


89,506


-

%


89,579

Additional paid-in capital

92,192,410


90,986,820


1



91,743,191

Treasury stock

(28,011,398)


(21,719,954)


29



(28,003,896)

Common stock acquired by benefit plans

(6,285,327)


(7,455,669)


(16)



(6,376,957)

Retained earnings 

83,729,144


76,435,222


10



82,023,494

Accumulated other comprehensive income 

195,115


3,237,935


(94)



745,268

Total Shareholders' Equity

141,909,529


141,573,860


-



140,220,679

Total Liabilities and Shareholders' Equity

$ 984,240,958


$ 962,926,264


2



$ 961,896,362

 

HOME BANCORP, INC. AND SUBSIDIARY



CONDENSED STATEMENTS OF INCOME










 For The Three Months Ended 





 For The Years Ended 





 December 31, 


%



 December 31, 


%



2013


2012


Change



2013


2012


Change


Interest Income














Loans, including fees

$ 9,956,749


$ 10,734,365


(7)

%


$ 40,535,633


$ 42,797,878


(5)

%

Investment securities

782,409


728,597


7



3,060,521


3,169,429


(3)


Other investments and deposits

28,278


43,951


(36)



124,355


154,820


(20)


Total interest income

10,767,436


11,506,913


(6)



43,720,509


46,122,127


(5)
















Interest Expense














Deposits

633,361


974,361


(35)

%


3,043,982


4,227,495


(28)

%

Federal Home Loan Bank advances

100,119


160,787


(38)



458,926


686,374


(33)


Total interest expense

733,480


1,135,148


(35)



3,502,908


4,913,869


(29)


Net interest income

10,033,956


10,371,765


(3)



40,217,601


41,208,258


(2)


Provision for loan losses

431,368


483,251


(11)



3,652,694


2,411,214


51


Net interest income after provision for loan losses

9,602,588


9,888,514


(3)



36,564,907


38,797,044


(6)
















Noninterest Income














Service fees and charges

745,420


597,661


25

%


2,729,469


2,493,177


9

%

Bank card fees

416,661


399,282


4



1,730,960


1,795,960


(4)


Gain on sale of loans, net

264,111


567,804


(53)



1,553,598


1,963,365


(21)


Income from bank-owned life insurance

112,595


128,487


(12)



464,170


515,260


(10)


Gain (loss) on the sale of securities, net

-


-


-



428,200


221,781


93


Discount accretion of FDIC loss sharing receivable

98,016


119,087


(18)



432,929


580,980


(25)


Other income

160,170


55,418


189



330,523


190,291


74


Total noninterest income

1,796,973


1,867,739


(4)



7,669,849


7,760,814


(1)
















Noninterest Expense














Compensation and benefits

5,335,859


5,118,250


4

%


20,329,834


19,687,444


3

%

Occupancy

748,545


689,774


9



2,997,177


2,809,039


7


Marketing and advertising

202,595


205,051


(1)



766,388


743,814


3


Data processing and communication

599,760


767,345


(22)



2,441,796


2,801,124


(13)


Professional fees

436,747


189,175


131



1,060,656


890,205


19


Forms, printing and supplies

100,126


100,006


-



429,888


477,924


(10)


Franchise and shares tax

(108,765)


(43,458)


(150)



710,775


613,733


16


Regulatory fees

221,908


224,673


(1)



889,967


854,041


4


Foreclosed assets, net

286,163


292,584


(2)



522,903


1,051,397


(50)


Other expenses

951,281


772,207


23



3,055,312


2,834,336


8


Total noninterest expense

8,774,219


8,315,607


6



33,204,696


32,763,057


1


Income before income tax expense

2,625,342


3,440,646


(24)



11,030,060


13,794,801


(20)


Income tax expense

919,693


1,116,236


(18)



3,736,138


4,604,930


(19)


Net income

$ 1,705,649


$  2,324,410


(27)



$  7,293,922


$  9,189,871


(21)
















Earnings per share - basic

$        0.26


$          0.34


(24)

%


$          1.11


$          1.33


(17)

%

Earnings per share - diluted

$        0.25


$          0.33


(24)



$          1.06


$          1.28


(17)


 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION




























 For The Three Months Ended 





 For The Three  






 December 31, 


%



 Months Ended 



%



2013


2012


 Change 



 September 30, 2013 



 Change 


(dollars in thousands except per share data)













EARNINGS DATA













Total interest income

$   10,767


$   11,507


(6)

%


$11,226



(4)

%

Total interest expense

733


1,135


(35)



823



(11)


Net interest income

10,034


10,372


(3)



10,403



(4)


Provision for loan losses

431


483


(11)



453



(5)


Total noninterest income

1,797


1,868


(4)



1,780



1


Total noninterest expense

8,774


8,316


6



8,003



10


Income tax expense

920


1,116


(18)



1,244



(26)


Net income

$     1,706


$     2,325


(27)



$                     2,483



(31)















AVERAGE BALANCE SHEET DATA













Total assets

$ 962,611


$969,182


(1)

%


$958,560



-

%

Total interest-earning assets

866,589


863,780


-



861,284



1


Totals loans

685,034


673,428


2



676,639



1


Total interest-bearing deposits

576,811


619,612


(7)



605,518



(5)


Total interest-bearing liabilities

642,662


660,408


(3)



646,601



(1)


Total deposits

752,300


783,522


(4)



776,556



(3)


Total shareholders' equity

141,516


141,457


-



139,060



2















SELECTED RATIOS (1)













Return on average assets

0.71

%

0.96

%

(26)

%


1.04

%


(32)

%

Return on average equity

4.82


6.57


(27)



7.14



(32)


Efficiency ratio (2)

74.16


67.67


10



65.37



13


Average equity to average assets

14.70


14.60


1



14.51



1


Tier 1 leverage capital ratio(3) 

14.17


13.67


4



14.29



(1)


Total risk-based capital ratio(3) 

21.88


21.83


-



22.33



(2)


Net interest margin (4)

4.60


4.73


(3)



4.79



(4)















PER SHARE DATA













Basic earnings per share

$      0.26


$      0.34


(24)

%


$0.38



(32)

%

Diluted earnings per share

0.25


0.33


(24)



0.37



(32)


Book value at period end

19.99


19.03


5



19.75



1


Tangible book value at period end

19.72


18.73


5



19.47



1















PER SHARE DATA













Shares outstanding at period end

7,099,314


7,439,127


(5)

%


7,099,164



-

%

Weighted average shares outstanding













   Basic

6,481,679


6,770,286


(4)

%


6,481,911



-

%

   Diluted

6,800,604


7,086,561


(4)



6,768,578



-









(1) 

With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods.

(2) 

The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income.

(3) 

Capital ratios are end of period ratios for the Bank only.

(4) 

 Net interest margin represents net interest income as a percentage of average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 35%.

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION












































December 31, 2013


September 30, 2013


December 31, 2012


Covered


Noncovered


Total



Covered


Noncovered


Total



Covered


Noncovered


Total


(dollars in thousands)





















CREDIT QUALITY(1)  (2)





















Nonaccrual loans

$ 5,081


$ 19,679


$ 24,760



$5,807


$15,784


$ 21,591



$9,579


$12,368


$ 21,947


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


-


-


Total nonperforming loans

5,081


19,679


24,760



5,807


15,784


21,591



9,579


12,368


21,947


Foreclosed assets

3,160


1,406


4,566



3,064


2,786


5,850



2,683


3,771


6,454


Total nonperforming assets

8,241


21,085


29,326



8,871


18,570


27,441



12,262


16,139


28,401


Performing troubled debt restructurings

5


424


429



6


437


443



306


808


1,114


Total nonperforming assets and troubled debt restructurings





















$ 8,246


$ 21,509


$ 29,755



$ 8,877


$ 19,007


$ 27,884



$ 12,568


$ 16,947


$ 29,515























Nonperforming assets to total assets





2.98

%






2.85

%






2.95

%

Nonperforming loans to total assets 





2.52







2.24







2.28


Nonperforming loans to total loans 





3.50







3.17







3.26


Allowance for loan losses to nonperforming assets





23.59







23.55







18.73


Allowance for loan losses to nonperforming loans





27.94







29.93







24.24


Allowance for loan losses to total loans





0.98







0.95







0.79























Year-to-date loan charge-offs





$  2,155







$2,135







$2,325


Year-to-date loan recoveries





101







58







129


Year-to-date net loan charge-offs





$  2,054







$  2,077







$  2,196


Annualized YTD net loan charge-offs to total loans





0.29

%






0.41

%






0.33

%







(1) 

Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Nonperforming assets consist of nonperforming loans and repossessed assets. It is our policy to cease accruing interest on loans 90 days or more past due. Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure.

(2) 

Asset quality information includes assets covered under FDIC loss sharing agreements. Such assets covered by FDIC loss sharing agreements are referred to as "Covered" assets. All other assets are referred to as "Noncovered".

 

SOURCE Home Bancorp, Inc.

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