Home Bancorp Announces 2010 First Quarter Results

In the news release, Home Bancorp Announces 2010 First Quarter Results, issued 04-May-2010 by Home Bancorp, Inc. over PR Newswire, we are advised by the company that the numbers in the "SUMMARY FINANCIAL INFORMATION" table, "Book value at period end" row, have changed. Please see complete corrected version that follows:

Home Bancorp Announces 2010 First Quarter Results

LAFAYETTE, La., May 4 /PRNewswire-FirstCall/ -- 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 $845,000 for the first quarter of 2010, an increase of $824,000 compared to the fourth quarter of 2009 and a decrease of $878,000 compared to the first quarter of 2009.  Diluted earnings per share were $0.11 for the first quarter of 2010, compared to $0.00 and $0.21 for the fourth and first quarters of 2009, respectively.  The first quarter of 2010 includes acquisition-related costs (pre-tax) of $357,000 related to Home Bank's acquisition of Statewide Bank.  The Company's results include the impact of the acquired assets and assumed liabilities of Statewide Bank since the March 12, 2010 acquisition date.  

"This is a time of incredible growth and opportunity for our company," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank.  "During the first quarter, we completed the FDIC-assisted acquisition of Statewide Bank and opened our Baton Rouge headquarters."

"The newest members of the Home Bank family, our Northshore team, have done a tremendous job serving our new customers in Covington, Madisonville, Mandeville, Abita Springs, Slidell and Folsom," continued Mr. Bordelon.  "We are confident that our ability to develop meaningful relationships with our customers will set us apart from our Northshore competitors."  

"The commitment and dedication displayed by our Acadiana, Baton Rouge and Northshore teams in executing the Statewide acquisition and opening our Baton Rouge headquarters has been tremendous," added Mr. Bordelon.  "We are very fortunate to work with such an inspired group of colleagues."

Acquisition of Statewide Bank

On March 12, 2010, Home Bank entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation ("FDIC") to purchase certain assets and to assume deposits and certain other liabilities of Statewide Bank, a full service community bank formerly headquartered in Covington, Louisiana.  As a result of the transaction (prior to fair value adjustments), the Company acquired $199.2 million of assets, including loans of $157.0 million and $222.6 million in deposits and other liabilities.  

In connection with the acquisition, Home Bank entered into loss sharing agreements with the FDIC which cover the acquired loan portfolio ("Covered Loans") and other repossessed assets (collectively referred to as "Covered Assets").  Under the terms of the loss share agreements, the FDIC will absorb 80% of the first $41 million of losses incurred on Covered Assets and 95% of losses on Covered Assets exceeding $41 million.  

The assets and liabilities from Statewide Bank were recorded at their estimated fair values as of the March 12, 2010 acquisition date.  Such fair values are preliminary estimates and are subject to adjustment for up to one year after the acquisition date. A summary of the assets and liabilities acquired and estimated fair value adjustments follows.  





As of March 12, 2010

(in thousands)

Acquired

from FDIC

Fair Value

Adjustments

As recorded by

Home Bank

Assets




Cash and cash equivalents

$    11,569

$           -

$    11,569

Investment securities available for sale:




U.S. agency mortgage-backed securities

24,974

-

24,974

Loans covered by loss sharing agreements

157,016

(46,601)

110,415

Real estate owned covered by loss

   sharing agreements

2,545

(207)

2,338

Core deposit intangible

-

1,429

1,429

FDIC loss share receivable

-

34,422

34,422

Other assets

3,077

(64)

3,013

Total assets acquired

199,181

(11,021)

188,160





Liabilities




Deposits:




Noninterest-bearing

$     14,862

$            -

$     14,862

Interest-bearing

191,014

1,049

192,063

Total deposits

205,876

1,049

206,925

Federal Home Loan Bank ("FHLB") advances

16,519

305

16,824

Other liabilities

161

-

161

Total liabilities assumed

$   222,556

$    1,354

$   223,910

Excess of liabilities assumed over assets acquired



(35,750)

Cash payment received from the FDIC



35,324

Total goodwill recorded



$         426




 Baton Rouge Expansion

The Company opened its third full-service Baton Rouge location in March 2010.  The 6,400-square foot facility, located on Corporate Boulevard, will serve as Home Bank's Baton Rouge headquarters.  Commercial Market Manager Robert Lott and the commercial lending team will anchor the branch, along with mortgage origination, cash management services and retail banking.

Loans and Credit Quality

Loans totaled $450.3 million at March 31, 2010, an increase of $113.7 million, or 34%, from December 31, 2009, and an increase of $113.9 million, or 34%, from March 31, 2009.  The increase during the first quarter includes Covered Loans acquired from Statewide Bank, which totaled $108.1 million at March 31, 2010.  Organic loan growth totaled $5.6 million during the first quarter of 2010.  Such growth was concentrated in the commercial real estate and construction and land portfolios.  

The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.  









March 31, 2010



(dollars in thousands)

Covered

Loans

Noncovered

Loans

Total

Loans

December 31,

2009

Increase/(Decrease)

Real estate loans:







    One- to four-family first mortgage

$ 29,971

$118,048

$148,019

$ 120,044

$ 27,975

23%

    Home equity loans and lines

7,576

24,136

31,712

24,678

7,034

29

    Commercial real

      estate

36,176

104,243

140,419

97,513

42,906

44

    Construction and

      land

18,886

38,713

57,599

35,364

22,235

63

    Multi-family residential

2,229

4,200

6,429

4,089

2,340

57

       Total real estate loans

94,838

289,340

384,178

281,688

102,490

36

Other loans:







    Commercial

8,456

35,979

44,435

38,340

6,095

16

    Consumer

4,763

16,928

21,691

16,619

5,072

31

       Total other loans

13,219

52,907

66,126

54,959

11,167

20

       Total loans

$ 108,057

$342,247

$450,304

$ 336,647

$113,657

34%




Nonperforming assets, excluding Covered Assets, were $1.9 million at March 31, 2010, an increase of $198,000, or 8%, from December 31, 2009, and a decrease of $632,000, or 33%, from March 31, 2009.  The ratio of nonperforming assets, excluding Covered Assets, to total assets was 0.27% at March 31, 2010, compared to 0.32% at December 31, 2009 and 0.47% at March 31, 2009.  At March 31, 2010, total nonperforming assets, including Covered Assets of $18.3 million, were $20.2 million.  The ratio of total nonperforming assets to total assets was 2.90% at March 31, 2010.

The Company recorded net charge-offs of $21,000 during the first quarter of 2010, compared to net charge-offs of $76,000 in the fourth quarter of 2009 and net recoveries of $1,000 in the first quarter of 2009. The Company's loan loss provision for the first quarter of 2010 was $350,000, compared to $156,000 and $174,000 for the fourth quarter of 2009 and the first quarter of 2009, respectively.  The increase in the loan loss provision during the first quarter of 2010 resulted primarily from the downgrade of two loan relationships in the Lafayette market.  

At March 31, 2010, the Company's ratio of loan loss reserves to total non-covered loans was 1.08%, compared to 1.00% and 0.83% at December 31, 2009 and March 31, 2009, respectively.  

Investment Securities Portfolio

The Company's investment securities portfolio totaled $138.2 million at March 31, 2010, increases of $18.4 million, or 15%, from December 31, 2009, and $22.0 million, or 19%, from March 31, 2009.  The increase in investment securities was the result of the addition of $25.0 million of U.S. agency mortgage-backed securities acquired from Statewide Bank.  At March 31, 2010, the Company had an unrealized loss position on its investment securities portfolio of $191,000, compared to net unrealized losses of $133,000 and $7.2 million at December 31, 2009 and March 31, 2009, respectively. The unrealized loss relates primarily to the Company's non-agency mortgage-backed securities holdings, which totaled $36.9 million at March 31, 2010, down from $39.7 million at December 31, 2009.  Due to increasing delinquencies and defaults in the mortgage loans underlying certain non-agency mortgage-backed securities, the Company recorded an other-than-temporary impairment ("OTTI") charge of $1.9 million during the fourth quarter of 2009.

The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of March 31, 2010 (in thousands).








Collateral

Tranche

S&P

Rating

Amortized

Cost

Unrealized

Gain/(Loss)

Prime

Super Senior

AAA

$    9,345

$    312

Prime

Senior

  AAA (1)

17,453

(1,298)

Prime

Senior

Below investment grade

2,973

(513)

Prime

Senior support

Below investment grade

2,566

(225)

Alt-A

Super senior

Below investment grade

2,007

(414)

Alt-A

Senior

AAA

691

29

Alt-A

Senior

  Below investment grade (2)

1,763

(803)

Alt-A

Senior support

Below investment grade

144

717

Total non-agency mortgage-backed securities

$   36,942

$ (2,195)


(1) Includes one security with an amortized cost of $1.6 million and an unrealized loss of $35,000 not rated by S&P.  This security is rated "Aaa" by Moody's.

(2) This security is not rated by S&P.   This security is rated "Caa2" by Moody's.



The Company holds no Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) preferred stock, equity securities, corporate bonds, trust preferred securities, hedge fund investments, collateralized debt obligations or structured investment vehicles.

Deposits

Deposits totaled $539.9 million at March 31, 2010, an increase of $168.3 million, or 45%, from December 31, 2009, and an increase of $164.8 million, or 44%, from March 31, 2009.  The acquisition of Statewide Bank added $206.9 million in deposits during the quarter, including approximately $46.2 million of higher-cost, out-of-state brokered deposits which the Company elected to re-price.  Consistent with management's expectations, the vast majority of out-of-state depositors elected to withdraw their deposits.  The Company's organic core deposit growth during the first quarter of 2010 totaled $6.7 million.

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






March 31,

December 31,

Increase / (Decrease)

(dollars in thousands)

2010

2009

Amount

Percent






Demand deposit

$   88,139

$   66,956

$   21,183

32%

Savings

25,991

21,009

4,982

24

Money market

94,727

80,810

13,917

17

NOW

62,428

48,384

14,044

29

Certificates of deposit

268,649

154,434

114,215

74

       Total deposits

$ 539,934

$ 371,593

$168,341

45%




Net Interest Income

Net interest income for the first quarter of 2010 totaled $5.9 million, an increase of $352,000, or 6%, compared to the fourth quarter of 2009, and a decrease of $3,000, or 0.1%, compared to the first quarter of 2009.  The Company's net interest margin was 4.69% for the first quarter of 2010, 29 basis points higher than the fourth quarter of 2009 and 7 basis points lower than the first quarter of 2009.  

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.










For the Three Months Ended


March 31, 2010

December 31, 2009

March 31, 2009

(dollars in thousands)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Earning-assets:







Loans receivable

$360,963

6.61%

$340,937

6.52%

$339,528

6.57%

Investment securities

123,183

4.30

120,756

4.50

124,668

5.46

Other interest-earning

   assets

20,049

0.55

34,807

0.51

32,978

3.84

Total earning-assets

$504,195

5.81

$496,500

5.60

497,174

6.11








Interest-bearing liabilities







Deposits:







Savings, checking, and

   money market

$153,003

0.72

$150,368

0.75

$133,318

0.73

Certificates of deposit

181,861

2.15

158,644

2.57

157,272

3.06

Total interest-bearing

    deposits

334,864

1.50

309,012

1.68

290,590

1.99

FHLB Advances

17,897

3.53

18,860

3.56

36,381

2.67

Total interest-bearing

   liabilities

$352,761

1.60

$327,872

1.79

$326,971

2.07








Net interest spread


4.21


3.81


4.04

Net interest margin


4.69


4.40


4.75




Noninterest Income

Noninterest income for the first quarter of 2010 totaled $997,000, an increase of $1.8 million, or 223%, compared to the fourth quarter of 2009 and an increase of $38,000, or 4%, compared to the first quarter of 2009.  Excluding the impact of the OTTI charge of $1.9 million in the fourth quarter of 2009, first quarter 2010 noninterest income decreased $79,000, or 7%, compared to the fourth quarter of 2009.  The decrease from the fourth quarter of 2009 resulted primarily from lower gains on the sale of mortgage loans.  The increase from the first quarter of 2009 resulted from an increase in income on bank-owned life insurance, which was partially offset by a decrease in gain on sale of loans.

Noninterest Expense

Noninterest expense for the first quarter of 2010 totaled $5.2 million, an increase of $755,000, or 17%, compared to the fourth quarter of 2009 and an increase of $1.2 million, or 31%, compared the first quarter of 2009.  Excluding the impact of $357,000 in acquisition-related costs incurred in the first quarter of 2010, noninterest expense for the first quarter of 2010 increased $398,000, or 9%, and $881,000, or 22%, compared to the quarters ended December 31, 2009 and March 31, 2009, respectively.  The primary reason for the increase in noninterest expense during the first quarter of 2010 was higher compensation and benefits expense.  Compensation and benefits expense increased primarily due to hiring staff for our Baton Rouge headquarters location in the first quarter of 2010, in addition to increased stock-based compensation expenses.  Stock-based compensation expenses increased due to award grants under the Company's stock option and recognition and retention plans approved by the Company's shareholders in May 2009.  Additionally, regulatory fees increased during the quarter ended March 31, 2010 compared to the same quarter a year ago as a result of an increase in base insurance premium assessments on deposits by the FDIC.  

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 the impact of acquisition-related charges and charges for the other-than-temporary impairment of investment securities.  Management believes the presentation of this non-GAAP financial information provides useful information that is essential to a proper understanding of the Company's core operating results. This non-GAAP financial information should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies.

This news release contains certain forwardlooking statements. Forwardlooking 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."

Forwardlooking 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 forwardlooking statements.  Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 2009, 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. Forwardlooking statements speak only as of the date they are made.  We do not undertake to update forwardlooking statements to reflect circumstances or events that occur after the date the forwardlooking statements are made or to reflect the occurrence of unanticipated events.

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF FINANCIAL CONDITION
















March 31,


March 31,


%



December 31,


%



2010


2009


Change



2009


Change


Assets












Cash and cash equivalents

$   17,841,146


$   25,592,391


(30)

%


$   25,709,597


(31)

%

Interest-bearing deposits in banks

5,652,000


1,388,000


307



3,529,000


60


Cash invested at other ATM locations

-


24,328,114


(100)



-


-


Investment securities available for sale,

  at fair value

123,608,320


112,296,397


10



106,752,131


16


Investment securities held to maturity

14,628,588


3,895,918


275



13,098,847


12


Mortgage loans held for sale

2,411,700


1,590,600


52



719,350


235


Loans covered by loss share agreements

108,056,686


-


-



-


-


Non-covered loans, net of unearned income

342,247,448


336,389,803


2



336,647,292


2


    Total loans

450,304,134


336,389,803


34



336,647,292


34


Allowance for loan losses

(3,680,819)


(2,780,698)


32



(3,351,688)


(10)


    Total loans, net of allowance

446,623,315


333,609,105


34



333,295,604


34


Office properties and equipment, net

17,386,998


15,227,422


14



16,186,690


7


Cash surrender value of bank-owned

   life insurance

15,710,189


5,334,033


195



15,262,645


3


FDIC loss share receivable

34,422,039


-


-



-


-


Accrued interest receivable and other assets

18,455,796


9,633,416


92



10,081,885


83


Total Assets

$ 696,740,091


$ 532,895,396


31

%


$ 524,635,749


33

%

























Liabilities












Deposits

$ 539,934,197


$ 375,142,247


44

%


$ 371,592,747


45

%

Federal Home Loan Bank advances

19,259,424


24,207,021


(20)



16,773,802


15


Accrued interest payable and other liabilities

4,681,109


4,246,421


10



3,519,896


33


Total Liabilities

563,874,730


403,595,689


40



391,886,445


44














Shareholders' Equity












Common stock

$          89,270


$          89,270


-

%


$          89,270


-

%

Additional paid-in capital

88,424,553


87,165,161


1



88,072,884


-


Treasury stock

(2,980,831)


-


-



(1,848,862)


61


Common stock acquired by benefit plans

(10,824,200)


(6,962,960)


55



(10,913,470)


(1)


Retained earnings

58,282,859


53,778,603


8



57,437,444


1


Accumulated other comprehensive income (loss)

(126,290)


(4,770,367)


97



(87,962)


(44)


Total Shareholders' Equity

132,865,361


129,299,707


3



132,749,304


-


Total Liabilities and Shareholders' Equity

$ 696,740,091


$ 532,895,396


31

%


$ 524,635,749


33

%



HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME


















For The Three Months Ended




For The Three  





March 31,


%


Months Ended


%  



2010

2009


Change


December 31, 2009


Change


Interest Income










Loans, including fees

$ 5,907,230

$ 5,521,750


7

%

$            5,586,544


6

%

Investment securities

1,323,218

1,702,796


(22)


1,357,827


(3)


Other investments and deposits

27,323

312,410


(91)


45,342


(40)


Total interest income

7,257,771

7,536,956


(4)


6,989,713


4












Interest Expense










Deposits

1,236,197

1,427,272


(13)

%

1,309,249


(6)

%

Federal Home Loan Bank advances

157,659

243,037


(35)


168,156


(6)


Total interest expense

1,393,856

1,670,309


(17)


1,477,405


(6)


Net interest income

5,863,915

5,866,647


-


5,512,308


6


Provision for  loan losses

350,032

173,662


102


155,670


125


Net interest income after provision for loan losses

5,513,883

5,692,985


(3)


5,356,638


3












Noninterest Income










Service fees and charges

467,389

454,706


3

%

478,977


(2)

%

Bank card fees

283,057

260,724


9


269,176


5


Gain on sale of loans, net

78,393

140,387


(44)


190,511


(59)


Income from bank-owned life insurance

149,246

65,216


129


99,280


50


Other-than-temporary impairment of securities

-

-


-


(1,888,381)


100


Other income

18,557

38,072


(51)


37,326


(50)


Total noninterest income

996,642

959,105


4


(813,111)


223












Noninterest Expense










Compensation and benefits

3,012,137

2,327,338


29

%

3,038,901


(1)

%

Occupancy

387,983

316,372


23


324,609


20


Marketing and advertising

201,737

167,653


20


180,479


12


Data processing and communication

379,382

345,266


10


353,406


7


Professional fees

468,062

213,572


119


167,499


179


Franchise and shares tax

201,071

226,250


(11)


(69,061)


391


Regulatory fees

110,904

50,408


120


105,580


5


Other expenses

484,229

360,223


34


389,340


24


Total noninterest expense

5,245,505

4,007,082


31


4,490,753


17


Income  before income tax expense

1,265,020

2,645,008


(52)


52,774


2,297


Income tax expense

419,605

921,476


(54)


31,148


1,247


Net income

$    845,415

$ 1,723,532


(51)

%

$                 21,626


3,809

%











Earnings per share - basic

$          0.11

$          0.21


(48)


$                           -


-

%

Earnings per share - diluted

$          0.11

$          0.21


(48)


$                           -


-

%



HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION
























For The Three Months Ended




For The Three  





March 31,


%  


Months Ended


%  



2010


2009


Change


December 31, 2009


Change













AVERAGE BALANCE SHEET DATA (dollars in thousands)











Total assets

$  559,413


$  525,560


6

%

$                  530,914


5

%

Total interest-earning assets

504,195


497,174


1


496,500


2


Loans

360,963


339,528


6


340,937


6


Interest-bearing deposits

334,864


290,590


15


309,012


8


Interest-bearing liabilities

352,761


326,971


8


327,872


8


Total deposits

407,380


357,472


14


375,236


9


Total shareholders' equity

129,618


128,865


1


132,495


(2)













SELECTED RATIOS (1)











Return on average assets

0.60

%

1.31

%

(54)

%

0.02

%

2,900

%

Return on average total equity

2.61


5.35


(51)


0.07


3,629


Efficiency ratio (2)

76.46


58.71


30


95.56


(20)


Average equity to average assets

23.17


24.52


(6)


24.96


(7)


Core capital ratio (3) (4)

14.94


19.19


(22)


20.24


(26)


Net interest margin (5)

4.69


4.75


(1)


4.40


7













PER SHARE DATA











Basic earnings per share

$        0.11


$        0.21


(48)

%

$                           -


-

%

Diluted earnings per share

$        0.11


$        0.21


(48)


$                           -


-


Book value at period end

$      15.30


$      14.48


6


$                   15.13


1













PER SHARE DATA











Shares outstanding at period end

8,682,700


8,926,875


(3)


8,774,975


(1)


Weighted average shares outstanding











  Basic

7,707,576


8,226,116


(6)


7,816,657


(1)


  Diluted

7,789,451


8,226,116


(5)


7,863,050


(1)





March 31,


March 31,


%


December 31,


%



2010


2009


Change


2009


Change


CREDIT QUALITY (dollars in thousands)

    (3) (6) (7) (8)











Nonaccrual loans

$    1,473


$    2,489


(41)

%

$                    1,279


15

%

Accruing loans past due 90 days and over

-


-


-


-


-


Total nonperforming loans

1,473


2,489


(41)


1,279


15


Other real estate owned

421


37


1,038


417


1


Total nonperforming assets

1,894


2,526


(25)


1,696


12


Performing troubled debt restructurings

762


441


73


556


37


Total nonperforming assets and troubled debt
   restructurings

$    2,656


$    2,967


(10)


$                    2,252


18













Nonperforming assets to total assets

0.27

%

0.47

%

(43)

%

0.32

%

(16)

%

Nonperforming loans to total assets

0.21


0.47


(55)


0.24


(13)


Nonperforming loans to total loans

0.33


0.74


(55)


0.38


(13)


Allowance for loan losses to nonperforming assets

194.3


110.1


76


197.7


(2)


Allowance for loan losses to nonperforming loans

249.9


111.7


124


262.2


(5)


Allowance for loan losses to total loans

1.08


0.83


30


1.00


8













Year-to-date loan charge-offs

$         28


$           2


1,300

%

$                       141


(80)

%

Year-to-date loan recoveries

7


3


133


22


(68)


Year-to-date net loan charge-offs

21


(1)


2,200


119


(82)


Annualized YTD net loan charge-offs to total loans

-

%

-

%

-

%

0.04


(100)

%























(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)  Asset quality and capital ratios are end of period ratios.

(4)  Capital ratios are Bank only.

(5)  Net interest margin represents net interest income as a percentage of average interest-earning assets.

(6) Asset quality ratios exclude loans of $108.1 million at March 31, 2010 covered under loss-sharing agreements with the FDIC related to the acquisition of Statewide Bank during the first quarter of 2010.

(7)  Nonperforming assets exclude $18.3 million at March 31, 2010 covered under loss-sharing agreements with the FDIC related to the acquisition of Statewide Bank during the first quarter of 2010.

(8)  Nonperforming loans consist of nonaccruing loans and 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 all loans 90 days or more past due.  Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure.





SOURCE Home Bancorp, Inc.



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