2014

Home Bancorp Announces 2010 Second Quarter Results and Approval of Stock Repurchase Program

LAFAYETTE, La., July 27 /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 $1.5 million for the second quarter of 2010, an increase of $621,000, or 74%, compared to the first quarter of 2010 and an increase of $30,000, or 2%, compared to the second quarter of 2009.  Net income for the first and second quarters of 2010 includes acquisition-related costs (after tax) of $378,000 and $236,000, respectively.  Excluding the impact of acquisition-related costs, net income increased $764,000, or 71%, compared to the first quarter of 2010 and $408,000, or 28%, compared to the second quarter of 2009.  Diluted earnings per share were $0.19 for the second quarter of 2010, an increase of 73% compared to the first quarter of 2010 and an increase of 6% compared to the second quarter of 2009.    Excluding the impact of acquisition-related costs, diluted earnings per share were $0.24 for the second quarter of  2010, an increase of 71% compared to the first quarter of 2010 and an increase of 33% compared to the second quarter of 2009.

The Company also announced that its Board of Directors approved a new program to repurchase up to 424,027 shares, or approximately 5%, of the Company's outstanding common stock.  Repurchases may be made by the Company in open-market or privately-negotiated transactions as, in the opinion of management, market conditions warrant.  

The Company completed a previously announced repurchase program (the "October 2009" program) during the second quarter of 2010.  Under the October 2009 program, the Company acquired 446,344 shares of the Company's common stock at an average price of $12.85 per share.  

"We are excited about our financial performance this quarter and continued strong credit quality," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank.  "The strength of our results was driven by the incremental earnings created by our Northshore acquisition and robust core deposit growth."

"In mid-July, we completed the conversion of Northshore loan and deposit accounts to Home Bank's operating system," added Mr. Bordelon.  "I admire the diligence and teamwork our staff displayed during the integration and conversion process.  We expect our momentum on the Northshore and our other markets to continue building throughout the remainder of the year as our bankers introduce Home Bank's outstanding service quality to new customers."

Loans and Credit Quality

The Company's market areas, which are located in southern Louisiana, have been affected by the recent oil spill in the Gulf of Mexico.  The Company's direct exposure to borrowers with significant operations linked to deep-water drilling in the Gulf amounted to $5.6 million in outstanding loan balances as of June 30, 2010, or 1% of total loans at such date.  The Company has remained in contact with each of the impacted borrowers.  All such loans are performing in accordance with their terms and, based on our discussions with the borrowers and internal reviews, the Company does not believe it will suffer losses on these loans.  "Despite our minimal direct exposure to deep-water drilling," stated Mr. Bordelon, "the oil and gas industry is a key employer in South Louisiana.  We are continuing to carefully monitor the effects of the oil spill on our customers and the markets we serve.  We will continue to support local, state and national efforts aimed at preserving jobs across the Gulf coast."

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 $455.2 million at June 30, 2010, an increase of $4.9 million, or 1%, from March 31, 2010, and an increase of $112.5 million, or 33%, from June 30, 2009.  The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.  









June 30, 2010



(dollars in thousands)

Covered Loans

Noncovered Loans

Total Loans

December 31, 2009

Increase/(Decrease)

Real estate loans:







    One- to four-family first mortgage

$ 24,724

$120,652

$145,376

$ 120,044

$ 25,332

21%

    Home equity loans and lines

7,202

24,946

32,148

24,678

7,470

30

    Commercial real estate

35,882

109,481

145,363

97,513

47,850

49

    Construction and land

18,229

42,243

60,472

35,364

25,108

71

    Multi-family residential

2,227

4,254

6,481

4,089

2,392

59

       Total real estate loans

88,264

301,576

389,840

281,688

108,152

38

Other loans:







    Commercial

7,869

34,885

42,754

38,340

4,414

12

    Consumer

3,851

18,720

22,571

16,619

5,952

36

       Total other loans

11,720

53,605

65,325

54,959

10,366

19

       Total loans

$ 99,984

$355,181

$455,165

$ 336,647

$118,518

35




Excluding acquired loans, loan growth during 2010 has been focused in our commercial real estate and construction and land portfolios in Acadiana and Baton Rouge.    

Nonperforming assets, excluding Covered Assets, were $2.1 million at June 30, 2010, an increase of $219,000, or 12%, from March 31, 2010, and a decrease of $325,000, or 13%, from June 30, 2009.  The ratio of nonperforming assets, excluding Covered Assets, to total assets was 0.30% at June 30, 2010, compared to 0.27% at March 31, 2010 and 0.46% at June 30, 2009.  At June 30, 2010, total nonperforming assets, including Covered Assets, were $24.0 million.  The ratio of total nonperforming assets to total assets was 3.38% at June 30, 2010.

The Company recorded net charge-offs of $76,000 during the second quarter of 2010, compared to net charge-offs of $21,000 in the first quarter of 2010 and $7,000 in the second quarter of 2009. The Company's loan loss provision for the second quarter of 2010 was $200,000, compared to $350,000 for the first quarter of 2010 and $248,000 for the second quarter of 2009.    

At June 30, 2010, the Company's ratio of loan loss reserves to Noncovered Loans was 1.07%, compared to 1.08% and 0.88% at March 31, 2010 and June 30, 2009, respectively.  The ratio of loan loss reserves to total loans was 0.84% at June 30, 2010, compared to 0.82% and 0.88% at March 31, 2010 and June 30, 2009, respectively.

Investment Securities Portfolio

The Company's investment securities portfolio totaled $136.3 million at June 30, 2010, a decrease of $1.9 million, or 1%, from March 31, 2010, and an increase of $23.0 million, or 20%, from June 30, 2009.  The increase in investment securities from June 30, 2009 resulted primarily from the addition of $24.8 million of U.S. agency mortgage-backed securities acquired from Statewide Bank.  At June 30, 2010, the Company had a net unrealized gain position on its investment securities portfolio of $786,000, compared to net unrealized losses of $191,000 and $4.9 million at March 31, 2010 and June 30, 2009, respectively.

Due to increasing delinquencies and defaults in the mortgage loans underlying certain non-agency mortgage-backed securities we own, the Company recorded other-than-temporary impairment ("OTTI") charges of $141,000 (pre-tax) during the second quarter of 2010.  Based on management's review of the remaining investment portfolio, no other declines in the market value of the Company's investment securities are deemed to be other than temporary at June 30, 2010.

The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of June 30, 2010 (in thousands).







Collateral

Tranche

S&P

Rating

Amortized Cost

Unrealized

Gain/(Loss)

Prime

Super Senior

AAA

$    8,683

$         555

Prime

Senior

  AAA (1)

16,435

(693)

Prime

Senior

Below investment grade

2,772

(623)

Prime

Senior support

Below investment grade

2,390

(243)

Alt-A

Super senior

Below investment grade

1,754

(320)

Alt-A

Senior

AAA

666

29

Alt-A

Senior

  Below investment grade (2)

1,585

(728)

Alt-A

Senior support

Below investment grade

60

663

Total non-agency mortgage-backed securities

$   34,345

$      (1,360)


(1) Includes one security with an amortized cost of $1.6 million and an unrealized gain of $16,000 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

The Company experienced strong core deposit (i.e., checking, savings and money market) growth during the second quarter of 2010.  Core deposits increased $16.3 million during the quarter (an annualized growth rate of 24%).  Total deposits, which includes certificates of deposit, were $536.5 million at June 30, 2010, a decrease of $3.4 million, or 1%, from March 31, 2010, and an increase of $164.9 million, or 44%, from June 30, 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.






June 30,

December 31,

Increase / (Decrease)

(dollars in thousands)

2010

2009

Amount

Percent






Demand deposit

$   90,246

$   66,956

$   23,290

35%

Savings

27,239

21,009

6,230

30

Money market

103,285

80,810

22,475

28

NOW

66,840

48,384

18,456

38

Certificates of deposit

248,876

154,434

94,442

61

       Total deposits

$ 536,486

$ 371,593

$164,893

44




Net Interest Income

Net interest income for the second quarter of 2010 totaled $7.8 million, an increase of $1.9 million, or 32%, compared to the first quarter of 2010, and an increase of $1.7 million, or 27%, compared to the second quarter of 2009.  The increase was driven primarily by the full quarter impact of the Statewide Bank acquisition.  The Company's net interest margin was 4.82% for the second quarter of 2010, 13 basis points higher than the first quarter of 2010 and five basis points lower than the second 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


June 30, 2010

March 31, 2010

June 30, 2009

(dollars in thousands)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Earning-assets:







Loans receivable

$455,574

6.73%

$360,963

6.61%

$343,798

6.52%

Investment securities

137,175

3.97

123,183

4.30

122,098

5.85

Other interest-earning assets

52,282

2.19

20,049

0.55

37,091

3.78

Total earning-assets

$645,031

5.77

$504,195

5.81

$502,987

6.16








Interest-bearing liabilities:







Deposits:







Savings, checking, and money market

$193,271

0.73

$153,003

0.72

$142,400

0.73

Certificates of deposit

255,856

1.62

181,861

2.15

162,756

2.86

Total interest-bearing deposits

449,127

1.23

334,864

1.50

305,156

1.87

FHLB Advances

27,436

2.27

17,897

3.53

24,632

3.41

Total interest-bearing liabilities

$476,563

1.29

$352,761

1.60

$329,788

1.98








Net interest spread


4.48


4.21


4.18

Net interest margin


4.82


4.69


4.86




Noninterest Income

Noninterest income for the second quarter of 2010 totaled $1.1 million, an increase of $87,000, or 9%, compared to the first quarter of 2010 and an increase of $78,000, or 8%, compared to the second quarter of 2009.  The increases resulted primarily from higher levels of service fees and charges and bank card fees due to the Statewide Bank acquisition.  These increases were partially offset by OTTI charges of $141,000 related to certain non-agency mortgage-backed securities recorded during the second quarter of 2010.  The Company also recorded gains during the second quarter of 2010 of $39,000 on the sale of certain investment securities acquired from Statewide Bank.  

Noninterest Expense

Noninterest expense for the second quarter of 2010 totaled $6.4 million, an increase of $1.2 million, or 23%, compared to the first quarter of 2010 and an increase of $1.8 million, or 39%, compared to the second quarter of 2009.  The primary reasons for the increase in noninterest expense during the second quarter of 2010 was higher compensation and benefits, occupancy and data processing and communications expenses related to the full quarter impact of the Statewide Bank acquisition, the addition of our Baton Rouge headquarters location in March 2010 and acquisition-related costs.  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.      

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.  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















June 30,


June 30,


%



March 31,


December 31,


2010


2009


Change



2010


2009

Assets











Cash and cash equivalents

$   21,976,535


$   14,006,806


57

%


$   17,841,146


$   25,709,597

Interest-bearing deposits in banks

7,112,000


1,289,000


452



5,652,000


3,529,000

Cash invested at other ATM locations

-


25,816,329


-



-


-

Investment securities available for sale, at fair value

115,131,224


109,817,830


5



123,608,320


106,752,131

Investment securities held to maturity

21,218,038


3,512,665


504



14,628,588


13,098,847

Mortgage loans held for sale

2,662,100


4,237,324


(37)



2,411,700


719,350

Loans covered by loss sharing agreements

99,984,239


-


-



108,056,686


-

Noncovered loans, net of unearned income

355,180,759


342,659,432


4



342,247,448


336,647,292

    Total loans

455,164,998


342,659,432


33



450,304,134


336,647,292

Allowance for loan losses

(3,804,560)


(3,021,850)


26



(3,680,819)


(3,351,688)

    Total loans, net of allowance for loan losses

451,360,438


339,637,582


33



446,623,315


333,295,604

Office properties and equipment, net

23,452,816


15,249,373


54



17,386,998


16,186,690

Cash surrender value of bank-owned life insurance

15,872,609


5,395,580


194



15,710,189


15,262,645

FDIC loss sharing receivable

34,673,627


-


-



34,422,039


-

Accrued interest receivable and other assets

15,858,555


8,480,735


87



18,455,796


10,081,885

Total Assets

$ 709,317,942


$ 527,443,224


34



$ 696,740,091


$ 524,635,749























Liabilities











Deposits

$ 536,485,853


$ 371,631,130


44

%


$ 539,934,197


$ 371,592,747

Federal Home Loan Bank advances

29,744,891


22,893,099


30



19,259,424


16,773,802

Accrued interest payable and other liabilities

10,349,392


2,724,291


280



4,681,109


3,519,896

Total Liabilities

576,580,136


397,248,520


45



563,874,730


391,886,445












Shareholders' Equity











Common stock

$          89,270


$          89,270


-

%


$          89,270


$          89,270

Additional paid-in capital

88,064,013


87,357,709


1



88,424,553


88,072,884

Treasury stock

(5,734,469)


-


-



(2,980,831)


(1,848,862)

Common stock acquired by benefit plans

(9,949,096)


(9,934,075)


-



(10,824,200)


(10,913,470)

Retained earnings

59,749,653


55,918,381


7



58,282,859


57,437,444

Accumulated other comprehensive income (loss)

518,435


(3,236,581)


116



(126,290)


(87,962)

Total Shareholders' Equity

132,737,806


130,194,704


2



132,865,361


132,749,304

Total Liabilities and Shareholders' Equity

$ 709,317,942


$ 527,443,224


34



$ 696,740,091


$ 524,635,749



HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME















For The Three Months Ended





For The Six Months Ended





June 30,


%



June 30,


%



2010

2009


Change



2010

2009


Change


Interest Income












Loans, including fees

$ 7,643,662

$ 5,596,564


37

%


$ 13,550,892

$ 11,118,314


22

%

Investment securities

1,363,142

1,786,673


(24)



2,686,360

3,489,469


(23)


Other investments and deposits

286,317

350,842


(18)



313,640

663,252


(53)


Total interest income

9,293,121

7,734,079


20



16,550,892

15,271,035


8














Interest Expense












Deposits

1,382,667

1,420,771


(3)

%


2,618,864

2,848,043


(8)

%

Federal Home Loan Bank advances

156,391

210,138


(26)



314,050

453,175


(31)


Total interest expense

1,539,058

1,630,909


(6)



2,932,914

3,301,218


(11)


Net interest income

7,754,063

6,103,170


27



13,617,978

11,969,817


14


Provision for loan losses

199,750

248,487


(20)



549,782

422,149


30


Net interest income after provision for loan losses

7,554,313

5,854,683


29



13,068,196

11,547,668


13














Noninterest Income












Service fees and charges

526,884

444,138


19

%


994,273

898,844


11

%

Bank card fees

385,972

282,536


37



669,029

543,260


23


Gain on sale of loans, net

101,902

174,905


(42)



180,295

315,292


(43)


Income from bank-owned life insurance

162,420

61,547


164



311,666

126,763


146


Losses on the sale of securities, net

(101,386)

-


-



(101,386)

-


-


Other income

7,886

43,049


(82)



26,443

81,121


(67)


Total noninterest income

1,083,678

1,006,175


8



2,080,320

1,965,280


6














Noninterest Expense












Compensation and benefits

3,871,379

2,611,543


48

%


6,883,516

4,938,881


39

%

Occupancy

648,080

330,030


96



1,036,063

646,402


60


Marketing and advertising

202,200

154,279


31



403,937

321,932


25


Data processing and communication

633,397

374,932


69



1,012,779

720,198


41


Professional fees

228,889

248,363


(8)



696,951

461,935


51


Franchise and shares tax

141,636

226,250


(37)



342,707

452,500


(24)


Regulatory fees

122,352

284,758


(57)



233,256

335,166


(30)


Other expenses

584,341

411,297


42



1,068,570

771,520


39


Total noninterest expense

6,432,274

4,641,452


39



11,677,779

8,648,534


35


Income before income tax expense

2,205,717

2,219,406


(1)



3,470,737

4,864,414


(29)


Income tax expense

738,923

782,400


(6)



1,158,528

1,703,876


(32)


Net income

$ 1,466,794

$ 1,437,006


2

%


$   2,312,209

$   3,160,538


(27)

%













Earnings per share - basic

$          0.19

$          0.18


6

%


$            0.30

$            0.39


(23)

%

Earnings per share - diluted

$          0.19

$          0.18


6



$            0.30

$            0.39


(23)




HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION




























For The Three Months Ended





For The Three  






June 30,


%  



Months Ended



%  



2010


2009


Change



March 31, 2010



Change


(dollars in thousands except per share data)













EARNINGS DATA













Total interest income

$      9,293


$      7,734


20

%


$               7,258



28

%

Total interest expense

1,539


1,631


(6)



1,394



10


Net interest income

7,754


6,103


27



5,864



32


Provision for loan losses

200


248


(19)



350



(43)


Total noninterest income

1,084


1,006


8



997



9


Total noninterest expense

6,432


4,642


39



5,246



23


Income tax expense

739


782


(5)



420



76


Net income

$      1,467


$      1,437


2



$                  845



74















Earnings per share - diluted

$        0.19


$        0.18


6

%


$                 0.11



73

%














AVERAGE BALANCE SHEET DATA













Total assets

$  702,783


$  533,715


32

%


$           559,413



26

%

Total interest-earning assets

645,031


502,987


28



504,195



28


Loans

455,574


343,798


33



360,963



26


Interest-bearing deposits

449,127


305,156


47



334,864



34


Interest-bearing liabilities

476,563


329,788


45



352,761



35


Total deposits

538,380


375,188


43



407,380



32


Total shareholders' equity

132,988


129,369


3



129,618



3















SELECTED RATIOS (1)













Return on average assets

0.83

%

1.08

%

(23)

%


0.60

%


38

%

Return on average equity

4.41


4.44


(1)



2.61



69


Efficiency ratio (2)

72.78


65.29


11



76.46



(5)


Average equity to average assets

18.92


24.24


(22)



23.17



(18)


Tier 1 leverage capital ratio (3)

14.88


19.79


(25)



14.94



-


Total risk-based capital ratio (3)

22.29


30.11


(26)



21.32



5


Net interest margin (4)

4.82


4.87


(1)



4.69



3















PER SHARE DATA













Basic earnings per share

$        0.19


$        0.18


6

%


$                 0.11



73

%

Diluted earnings per share

0.19


0.18


6



0.11



73


Book value at period end

15.65


14.58


7



15.30



2















PER SHARE DATA













Shares outstanding at period end

8,480,531


8,926,875


(5)

%


8,682,700



(2)

%

Weighted average shares outstanding













  Basic

7,620,257


8,117,550


(6)

%


7,707,576



(1)

%

  Diluted

7,678,378


8,122,294


(5)



7,789,451



(1)















(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.



HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION

































June 30,


June 30, 2010


March 31, 2010


2009


Covered

Noncovered

Total


Covered

Noncovered

Total


Total (2)

(dollars in thousands)

















CREDIT QUALITY (1)

















Nonaccrual loans

$ 19,214


$ 1,668


$ 20,882



$ 16,780


$ 1,473


$ 18,253



$ 2,438


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


Total nonperforming loans

19,214


1,668


20,882



16,780


1,473


18,253



2,438


Other real estate owned

2,643


445


3,088



1,511


421


1,932



-


Total nonperforming assets

21,857


2,113


23,970



18,291


1,894


20,185



2,438


Performing troubled debt restructurings

-


743


743



-


762


762



-


Total nonperforming assets and troubled

















debt restructurings

$ 21,857


$ 2,856


$ 24,713



$ 18,291


$ 2,656


$ 20,947



$ 2,438



















Nonperforming assets to total assets

3.08

%

0.30

%

3.38

%


2.63

%

0.27

%

2.90

%


0.46

%

Nonperforming loans to total assets

2.71


0.24


2.94



2.41


0.21


2.62



0.46


Nonperforming loans to total loans

4.22


0.37


4.59



3.73


0.33


4.05



0.71


Allowance for loan losses to nonperforming assets

-


180.04


15.87



-


194.34


18.24



123.90


Allowance for loan losses to nonperforming loans

-


228.16


18.22



-


249.95


20.17



123.90


Allowance for loan losses to total loans

-


1.07


0.84



-


1.08


0.82



0.88



















Year-to-date loan charge-offs

$           -


$    124


$      124



$           -


$      28


$        28



$      17


Year-to-date loan recoveries

-


27


27



-


7


7



11


Year-to-date net loan charge-offs

-


97


97



-


21


21



6


Annualized YTD net loan charge-offs to total loans

-

%

0.05

%

0.04

%


-

%

0.02

%

0.02

%


-

%




















































(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 June 30, 2009.



SOURCE Home Bancorp, Inc.



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