Home Bancorp Announces 2010 Fourth Quarter and Annual Results

LAFAYETTE, La., Jan. 25, 2011 /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 $1.5 million for the fourth quarter of 2010, an increase of $554,000, or 61%, compared to the third quarter of 2010 and an increase of $1.4 million, or 6,674%, compared to the fourth quarter of 2009.  Net income for the year ended December 31, 2010 was $4.7 million, an increase of $9,000, or 0.2%, compared to 2009.  Diluted earnings per share were $0.20 for the fourth quarter of 2010, an increase of 67% compared to the third quarter of 2010.  Diluted earnings per share for the fourth quarter of 2009 were negligible.  Diluted earnings per share were $0.62 for the year ended December 31, 2010, an increase of 7% compared to 2009.  

"2010 proved to be a year of tremendous growth and opportunity for our company," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "highlighted by our Northshore acquisition, the opening of our Baton Rouge headquarters and continued loan and deposit growth across each of our markets."

"Our superior capital position and exceptional loan quality have allowed us to remain focused on doing what we do best - serving our customers," added Mr. Bordelon.  "I congratulate our team on their success in differentiating Home Bank.  Their efforts yielded quality new borrowers and record core deposit growth in 2010."

Loans and Credit Quality

As previously reported, Home Bank entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation ("FDIC") on March 12, 2010 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, the Company acquired loans with contractual balances totaling $157.0 million.  After fair value adjustments, the book value of the loans acquired totaled $110.4 million.  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 sharing 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 Company distinguishes between Covered Loans and loans not covered by the loss sharing agreements ("Noncovered Loans") due to the differing risk exposure relating to the loans.  

Total loans were $439.9 million at December 31, 2010, a decrease of $6.3 million, or 1%, from September 30, 2010, and an increase of $103.3 million, or 31%, from December 31, 2009.  During the fourth quarter of 2010, Noncovered Loans increased $4.6 million, while Covered Loans decreased $10.9 million.  Growth in Noncovered commercial real estate (up $6.3 million during the fourth quarter) and commercial and industrial (up $5.6 million) loans was partially offset by a decrease in Noncovered 1-4 family first mortgage loans (down $6.8 million).  The fourth quarter decrease in Covered Loans related primarily to 1-4 family first mortgage (down $3.3 million) and construction and land (down $2.9 million) loans due primarily to loan repayments and foreclosures.  

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









December 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

$ 17,457

$105,157

$122,614

$ 120,044

$  2,570

2%

    Home equity loans and lines

6,017

24,898

30,915

24,678

6,237

25

    Commercial real estate

34,878

115,946

150,824

97,513

53,311

55

    Construction and land

12,361

45,177

57,538

35,364

22,174

63

    Multi-family residential

1,225

4,493

5,718

4,089

1,629

40

       Total real estate loans

71,938

295,671

367,609

281,688

85,921

31

Other loans:







    Commercial

6,163

42,247

48,410

38,340

10,070

26

    Consumer

2,346

21,546

23,892

16,619

7,273

44

       Total other loans

8,509

63,793

72,302

54,959

17,343

32

       Total loans

$ 80,447

$359,464

$439,911

$ 336,647

$103,264

31




Nonperforming assets, excluding Covered Assets, were $1.1 million at December 31, 2010, a decrease of $243,000, or 18%, from September 30, 2010, and a decrease of $548,000, or 32%, from December 31, 2009.  The ratio of nonperforming assets to total assets (excluding Covered Assets) was 0.19% at December 31, 2010, compared to 0.23% at September 30, 2010 and 0.32% at December 31, 2009.  Total nonperforming assets, including Covered Assets, were $22.8 million at December 31, 2010, a decrease of $1.1 million, or 5%, compared to $23.9 million at September 30, 2010.  The ratio of total nonperforming assets to total assets (including Covered Assets) was 3.25% at December 31, 2010, compared to 3.42% at September 30, 2010.  

The Company recorded net loan charge-offs of $151,000 during the fourth quarter of 2010, compared to $48,000 in the third quarter of 2010 and $119,000 in the fourth quarter of 2009. The Company's loan loss provision for the fourth quarter of 2010 was $147,000, compared to $168,000 for the third quarter of 2010 and $156,000 for the fourth quarter of 2009.    

At December 31, 2010, the Company's ratio of allowance for loan losses to Noncovered Loans was 1.09%, compared to 1.11% and 1.00% at September 30, 2010 and December 31, 2009, respectively.  The ratio of allowance for loan losses to total loans, including Covered Loans, was 0.89% at December 31, 2010, compared to 0.88% and 1.00% at September 30, 2010 and December 31, 2009, respectively.

Investment Securities Portfolio

The Company's investment securities portfolio totaled $127.2 million at December 31, 2010, a decrease of $5.2 million, or 4%, from September 30, 2010, and an increase of $7.3 million, or 6%, from December 31, 2009.  At December 31, 2010, the Company had a net unrealized gain position on its investment securities portfolio of $1.0 million, compared to a net unrealized gain of $1.1 million at September 30, 2010 and a net unrealized loss of $133,000 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 $218,000 during the fourth quarter of 2010.  The Company recorded OTTI charges totaling $1.2 million in 2010 compared to $1.9 million in 2009.

The amortized cost of the Company's non-agency mortgage-backed securities portfolio decreased $18.4 million, or 46%, during 2010 primarily due to paydowns and security sales.  The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of the dates indicated (in thousands).












December 31, 2010

December 31, 2009

Collateral

Tranche

S&P

Rating

Amortized Cost

Unrealized

Gain/(Loss)

Amortized Cost

Unrealized

Gain/(Loss)

Prime

Super Senior

AAA

$    2,249

$     (24)

$  10,189

$     130

Prime

Senior

AAA (1)

14,645

(406)

18,743

(1,462)

Prime

Senior

Below investment grade

-

-

3,113

-

Prime

Senior support

Below investment grade

1,104

(309)

2,719

(545)

Alt-A

Super senior

Below investment grade

1,360

(123)

2,202

-

Alt-A

Senior

AAA

479

20

771

23

Alt-A

Senior

Below investment grade (2)

1,468

(12)

1,774

-

Alt-A

Senior support

Below investment grade

-

-

196

-

Total non-agency mortgage-backed securities

$  21,305

$  (854)

$    39,707

$(1,854)


(1)

At December 31, 2010 and December 31, 2009, includes one security with an amortized cost of $1.6 million and $1.9 million, respectively, and an unrealized gain of $14,000 and $56,000, respectively, not rated by S&P.  This security was rated "Aaa" by Moody's at the dates indicated.

(2)

As of the dates indicated, this security was not rated by S&P and 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

The Company's strong growth in core deposits (i.e., checking, savings and money market) continued during the fourth quarter of 2010, increasing $22.7 million during the quarter.  Excluding the core deposits acquired from Statewide Bank, core deposits increased $67.7 million, or 31%, in 2010.  Total deposits, which includes certificates of deposit, were $553.2 million at December 31, 2010, an increase of $6.6 million, or 1%, from September 30, 2010, and an increase of $181.6 million, or 49%, from December 31, 2009.  The Statewide Bank acquisition added $206.9 million in deposits during the first quarter of 2010, including $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 following table sets forth the composition of the Company's deposits at the dates indicated.






December 31,

December 31,

Increase / (Decrease)

(dollars in thousands)

2010

2009

Amount

Percent






Demand deposit

$  100,579

$   66,956

$   33,623

50%

Savings

29,258

21,009

8,249

39

Money market

133,245

80,810

52,435

65

NOW

68,398

48,384

20,014

41

Certificates of deposit

221,738

154,434

67,304

44

       Total deposits

$ 553,218

$ 371,593

$181,625

49




Net Interest Income

Net interest income for the fourth quarter of 2010 totaled $7.1 million, a decrease of $121,000, or 2%, compared to the third quarter of 2010, and an increase of $1.6 million, or 30%, compared to the fourth quarter of 2009.  The Company's net interest margin was 4.70% for the fourth quarter of 2010, five basis points lower than the third quarter of 2010 and 30 basis points higher than the fourth quarter of 2009.  The decrease in net interest margin compared to the third quarter of 2010 was primarily due to lower average yields on interest-earning assets.  The increase in the net interest margin compared to the fourth quarter of 2009 was primarily due to the lower average cost of interest-bearing liabilities.

Net interest income for 2010 totaled $27.8 million, an increase of $4.2 million, or 18%, compared to 2009.   The Company's net interest margin was 4.62% in 2010, 10 basis points lower than 2009, which was primarily the result of lower yields on interest-earning assets.

The following table sets forth the Company's average balance and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.










For the Three Months Ended


December 31, 2010

September 30, 2010

December 31, 2009

(dollars in thousands)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Earning-assets:







Loans receivable

$448,172

 6.61%

$456,262

6.58%

$340,937

 6.52%

Investment securities

124,561

3.39

133,074

3.69

120,756

4.50

Other interest-earning assets

32,045

0.47

18,813

0.67

34,807

0.51

Total earning-assets

$604,778

5.62

$608,149

5.76

$496,500

5.60








Interest-bearing liabilities:







Deposits:







Savings, checking, and money market

$220,556

0.56

$204,939

0.72

$150,368

0.75

Certificates of deposit

228,848

1.70

243,240

1.68

158,644

2.57

Total interest-bearing deposits

449,404

1.14

448,179

1.24

309,012

1.68

FHLB Advances

14,027

3.17

22,570

2.48

18,860

3.57

Total interest-bearing liabilities

$463,431

1.20

$470,749

1.30

$327,872

1.79








Net interest spread


 4.42%


4.46%


 3.81%

Net interest margin


4.70


4.75


4.40









For the Year Ended


December 31, 2010

December 31, 2009

(dollars in thousands)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Earning-assets:





Loans receivable

$447,606

 6.38%

$341,986

 6.53%

Investment securities

129,523

3.84

121,612

5.40

Other interest-earning assets

23,926

0.55

35,434

2.84

Total earning-assets

$601,055

5.60

$499,032

5.99






Interest-bearing liabilities:





Deposits:





Savings, checking, and money market

$196,561

0.65

$143,231

0.74

Certificates of deposit

239,872

1.68

159,928

2.80

Total interest-bearing deposits

436,433

1.22

303,159

1.82

FHLB Advances

20,587

2.75

25,117

3.21

Total interest-bearing liabilities

$457,020

1.29

$328,276

1.93






Net interest spread


 4.31%


 4.06%

Net interest margin


4.62


4.72




Noninterest Income

Noninterest income for the fourth quarter of 2010 totaled $1.3 million, an increase of $691,000, or 113%, compared to the third quarter of 2010 and an increase of $2.1 million, or 261%, compared to the fourth quarter of 2009.  Noninterest income for 2010 totaled $4.3 million, an increase of $2.1 million, or 102%, from 2009.

The increase in noninterest income in the fourth quarter of 2010 compared to the third quarter of 2010 was primarily the result of increased gains on the sale of mortgage loans and a decrease in OTTI charges on securities.  

The increase in noninterest income in the fourth quarter of 2010 compared to the fourth quarter of 2009 was primarily the result of increased gains on the sale of mortgage loans, higher levels of service fees and charges and bank card fees, a decrease in OTTI charges on securities and discount accretion related to the FDIC loss sharing receivable, which was not present in 2009. The increase in gains on the sale of mortgage loans was the result of increased loan originations and refinancing due to the current low interest rate environment.  The increase in service fees and charges and bank card fees was primarily the result of the addition of accounts through the Statewide Bank acquisition.  

The increase in noninterest income in 2010 compared to 2009 was primarily the result of increased gains on the sale of mortgage loans, higher levels of service fees and charges and bank card fees, a decrease in OTTI charges on securities and accretion related to the FDIC loss sharing receivable.  

Noninterest Expense

Noninterest expense for the fourth quarter of 2010 totaled $6.1 million, a decrease of $255,000, or 4%, compared to the third quarter of 2010 and an increase of $1.6 million, or 36%, compared to the fourth quarter of 2009.  Noninterest expense for 2010 totaled $24.1 million, an increase of $6.3 million, or 36%, from 2009.

The decrease in noninterest expense in the fourth quarter of 2010 compared to the third quarter of 2010 was primarily attributable to decreases in compensation and benefits and occupancy expenses resulting from efficiencies gained from the conversion of the former Statewide Bank's loan and deposit accounts into Home Bank's operating system completed during the third quarter of 2010.

The increases in noninterest expense in the fourth quarter of 2010 compared to the fourth quarter of 2009 were driven by higher compensation and benefits, occupancy and data processing and communications expenses related to the Statewide Bank acquisition and the addition of our Baton Rouge headquarters location in March 2010.  The Company began 2010 with 11 full-service banking offices.  The acquisition of six Statewide Bank locations and the opening of our Baton Rouge headquarters has increased our total number of full-service banking offices to 18.  Additionally, other expenses increased due to the amortization of the core deposit intangible resulting from the Statewide Bank acquisition, which amounted to $65,000 and $208,000 during the quarter and year ended December 31, 2010, respectively.  

The increase in noninterest expense in 2010 compared to 2009 was primarily the result of higher compensation and benefits, occupancy and data processing and communications expenses related to the Statewide Bank acquisition and the addition of our Baton Rouge headquarters.

This news release contains certain forwardlooking 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.  The Company's Annual Report on Form 10-K for the year ended December 31, 2009 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, 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, risks of competition, risks of our decisions regarding the fair value of assets acquired and risks regarding our ability to obtain reimbursement under the loss sharing agreements on Covered Assets. 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,


2010


2009


Change



2010

Assets









Cash and cash equivalents

$   36,970,638


$   25,709,597


     44

%


$   23,771,777

Interest-bearing deposits in banks

7,867,000


3,529,000


123



6,387,000

Investment securities available for sale, at fair value

111,962,331


106,752,131


5



111,607,433

Investment securities held to maturity

15,220,474


13,098,847


16



20,793,424

Mortgage loans held for sale

2,436,986


719,350


239



6,400,335

Loans covered by loss sharing agreements

80,446,859


-


-



91,346,684

Noncovered loans, net of unearned income

359,464,400


336,647,292


7



354,883,203

    Total loans

439,911,259


336,647,292


31



446,229,887

Allowance for loan losses

(3,919,745)


(3,351,688)


17



(3,923,826)

    Total loans, net of allowance for loan losses

435,991,514


333,295,604


31



442,306,061

FDIC loss sharing receivable

32,012,783


-


-



32,262,081

Office properties and equipment, net

23,371,915


16,186,690


44



23,621,092

Cash surrender value of bank-owned life insurance

16,192,645


15,262,645


6



16,034,149

Accrued interest receivable and other assets

18,396,806


10,081,885


82



15,297,599

Total Assets

$ 700,423,092


$ 524,635,749


34



$ 698,480,951



















Liabilities









Deposits

$ 553,217,853


$ 371,592,747


      49

%


$ 546,657,570

Federal Home Loan Bank advances

13,000,000


16,773,802


(22)



16,000,000

Accrued interest payable and other liabilities

2,675,297


3,519,896


(24)



3,744,475

Total Liabilities

568,893,150


391,886,445


45



566,402,045










Shareholders' Equity









Common stock

$          89,270


$          89,270


       -

%


$          89,270

Additional paid-in capital

88,818,862


88,072,884


1



88,437,391

Treasury stock

(10,425,725)


(1,848,862)


(464)



(7,955,813)

Common stock acquired by benefit plans

(9,770,556)


(10,913,470)


10



(9,859,826)

Retained earnings

62,125,568


57,437,444


8



60,660,647

Accumulated other comprehensive income (loss)

692,523


(87,962)


887



707,237

Total Shareholders' Equity

131,529,942


132,749,304


(1)



132,078,906

Total Liabilities and Shareholders' Equity

$ 700,423,092


$ 524,635,749


34



$ 698,480,951



HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME















For The Three Months Ended





For The Year Ended





December 31,


%



December 31,


%



2010

2009


Change



2010

2009


Change


Interest Income












Loans, including fees

$ 7,456,346

$ 5,586,544


      33

%


$ 28,556,905

$ 22,321,209


     28

%

Investment securities

1,056,751

1,357,827


(22)



4,969,876

6,569,756


(24)


Other investments and deposits

37,895

45,342


(16)



132,121

1,005,353


(87)


Total interest income

8,550,992

6,989,713


22



33,658,902

29,896,318


13














Interest Expense












Deposits

1,294,223

1,309,249


(1)

%


5,316,147

5,529,181


(4)

%

Federal Home Loan Bank advances

111,440

168,156


(34)



565,011

807,499


(30)


Total interest expense

1,405,663

1,477,405


(5)



5,881,158

6,336,680


(7)


Net interest income

7,145,329

5,512,308


30



27,777,744

23,559,638


18


Provision for loan losses

147,297

155,670


(5)



864,659

864,880


-


Net interest income after provision for loan losses

6,998,032

5,356,638


31



26,913,085

22,694,758


19














Noninterest Income












Service fees and charges

477,547

478,977


       -

%


2,013,358

1,849,746


        9

%

Bank card fees

405,685

269,176


51



1,418,620

1,089,811


30


Gain on sale of loans, net

337,435

190,511


77



716,252

610,952


17


Income from bank-owned life insurance

158,496

99,280


60



631,702

292,125


116


Other-than-temporary impairment of securities

(218,266)

(1,888,381)


88



(1,229,037)

(1,888,381)


35


Gains on the sale of securities, net

10,374

-


-



49,505

-


-


Other income

133,393

37,326


257



650,082

147,607


340


Total noninterest income

1,304,664

(813,111)


260



4,250,482

2,101,860


102














Noninterest Expense












Compensation and benefits

3,797,201

3,038,901


      25

%


14,505,004

10,827,537


     34

%

Occupancy

565,753

324,609


74



2,217,788

1,296,592


71


Marketing and advertising

238,500

180,479


32



826,616

633,530


30


Data processing and communication

493,814

353,406


40



2,141,975

1,402,290


53


Professional fees

188,737

167,499


13



1,084,170

896,552


21


Franchise and shares tax

(40,515)

(69,061)


41



400,589

609,689


(34)


Regulatory fees

228,244

105,580


116



620,526

596,305


4


Other expenses

627,740

389,340


61



2,334,885

1,545,254


51


Total noninterest expense

6,099,474

4,490,753


36



24,131,553

17,807,749


36


Income before income tax expense

2,203,222

52,774


4,075



7,032,014

6,988,869


1


Income tax expense

738,301

31,148


2,270



2,343,890

2,309,268


1


Net income

$ 1,464,921

$      21,626


6,674

%


$   4,688,124

$   4,679,601


        -

%













Earnings per share - basic

$          0.20

$              -


        -

%


$            0.62

$            0.58


        7

%

Earnings per share - diluted

$          0.20

$              -


-



$            0.62

$            0.58


7




HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION




























For The Three Months Ended





For The Three  






December 31,


%  



Months Ended



%  



2010


2009


Change



September 30, 2010



Change


(dollars in thousands except per share data)













EARNINGS DATA













Total interest income

$      8,550


$      6,990


              22

%


$                       8,809



(3)

%

Total interest expense

1,406


1,478


(5)



1,542



(9)


Net interest income

7,144


5,512


30



7,267



(2)


Provision for loan losses

147


156


(5)



168



(13)


Total noninterest income

1,306


(813)


260



613



113


Total noninterest expense

6,100


4,490


36



6,354



(4)


Income tax expense

738


31


2,270



447



65


Net income

$      1,465


$           22


6,674



$                          911



61















AVERAGE BALANCE SHEET DATA













Total assets

$  698,683


$  530,914


               32

%


$                   703,812



(1)

%

Total interest-earning assets

604,778


496,500


22



608,149



(1)


Loans

448,172


340,937


31



456,262



(2)


Interest-bearing deposits

449,404


309,012


45



448,179



-


Interest-bearing liabilities

463,431


327,872


41



470,749



(2)


Total deposits

551,010


375,236


47



544,228



1


Total shareholders' equity

131,802


132,495


                (1)



133,134



(1)















SELECTED RATIOS (1)













Return on average assets

0.84

%

0.02

%

          4,100

%


0.52

%


      62

%

Return on average equity

4.45


0.07


            6,257



2.74



62


Efficiency ratio (2)

72.18


95.56


(24)



80.64



(10)


Average equity to average assets

18.86


24.96


(24)



18.92



-


Tier 1 leverage capital ratio (3)

15.46


20.24


(24)



15.27



1


Total risk-based capital ratio (3)

23.65


30.74


(23)



23.10



2


Net interest margin

4.70


4.40


7



4.75



(1)















PER SHARE DATA













Basic earnings per share

$        0.20


$            -


                  -

%


$                         0.12



      67

%

Diluted earnings per share

0.20


-


-



0.12



67


Book value at period end

16.18


15.13


7



15.89



2















PER SHARE DATA













Shares outstanding at period end

8,131,002


8,774,975


(7)

%


8,311,602



(2)

%

Weighted average shares outstanding













  Basic

7,274,882


7,816,657


(7)

%


7,481,472



(3)

%

  Diluted

7,347,275


7,863,050


(7)



7,531,100



(2)















(1)  With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods and are annualized where appropriate.

(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.



HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION

































December 31,


December 31, 2010


September 30, 2010


2009


Covered

Noncovered

Total


Covered

Noncovered

Total


Total (2)

(dollars in thousands)

















CREDIT QUALITY (1)

















Nonaccrual loans

$ 15,988


$ 1,056


$ 17,044



$ 19,851


$ 1,391


$ 21,242



$ 1,279


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


Total nonperforming loans

15,988


1,056


17,044



19,851


1,391


21,242



1,279


Other real estate owned

5,661


92


5,753



2,634


-


2,634



417


Total nonperforming assets

21,649


1,148


22,797



22,485


1,391


23,876



1,696


Performing troubled debt restructurings

-


721


721



-


729


729



556


Total nonperforming assets and troubled

















debt restructurings

$ 21,649


$ 1,869


$ 23,518



$ 22,485


$ 2,120


$ 24,605



$ 2,252



















Nonperforming assets to total assets (3)

25.14

%

0.19

%

3.25

%


23.92

%

0.23

%

3.42

%


0.32

%

Nonperforming loans to total assets (3)

18.57


0.17


2.43



21.12


0.23


3.04



0.24


Nonperforming loans to total loans (3)

19.87


0.29


3.87



21.73


0.39


4.76



0.38


Allowance for loan losses to nonperforming assets

-


341.51


17.19



-


282.18


16.43



197.68


Allowance for loan losses to nonperforming loans

-


371.23


23.00



-


282.18


18.47



262.16


Allowance for loan losses to total loans

-


1.09


0.89



-


1.11


0.88



1.00



















Year-to-date loan charge-offs

$           -


$    369


$      369



$           -


$    193


$      193



$    141


Year-to-date loan recoveries

-


72


72



-


48


48



22


Year-to-date net loan charge-offs

-


297


297



-


145


145



119


Annualized YTD net loan charge-offs to total loans

-

%

0.08

%

0.07

%


-

%

0.05

%

0.04

%


0.04

%




















































(1)  

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.

(2)  

The Bank entered into loss sharing agreements with the FDIC related to the acquisition of Statewide Bank during the first quarter of 2010.  Thus, there were no loans covered under these agreements as of December 31, 2009.

(3)  

The credit quality ratios are calculated with respect to the applicable assets and loan portfolios (i.e. Covered, Noncovered, and total).



SOURCE Home Bancorp, Inc.



RELATED LINKS
http://www.home24bank.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.