Home Bancorp Announces 2010 Third Quarter Results

LAFAYETTE, La., Oct. 26 /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 $911,000 for the third quarter of 2010, a decrease of $556,000, or 38%, compared to the second quarter of 2010 and a decrease of $586,000, or 39%, compared to the third quarter of 2009. The third quarter of 2010 was negatively impacted by an $870,000 charge for the other-than-temporary impairment ("OTTI") of investment securities. Excluding the impact of the OTTI charge, net income for the third quarter of 2010 was $1.5 million, an increase of $19,000, or 1%, compared to the second quarter of 2010 and a decrease of $12,000, or 1%, compared to the third quarter of 2009.  Diluted earnings per share were $0.12 for the third quarter of 2010, a decrease of 37% compared to the second quarter of 2010 and the third quarter of 2009. Excluding the impact of the OTTI charge, diluted earnings per share were $0.20 for the third quarter of 2010, an increase of 5% compared to the second quarter of 2010 and the third quarter of 2009.

"We expect many changes in our industry over the next 12 to 24 months," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "Our team is focused on positioning our company to grow amidst the many regulatory and economic challenges facing our industry."

"Our loan quality remains strong and core deposit growth continues to be outstanding," added Mr. Bordelon. "Although our reported earnings are down this quarter due to an OTTI charge, our core earnings have been enhanced in 2010 with the acquisition of our Northshore franchise and growth in our Acadiana and Baton Rouge markets."

Loans and Credit Quality

The Company's market areas, which are located in southern Louisiana, have been affected by the Deepwater Horizon oil spill in the Gulf of Mexico and the recently lifted deep-water drilling moratorium. 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 September 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.  

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 $446.2 million at September 30, 2010, a decrease of $8.9 million, or 2%, from June 30, 2010, and an increase of $106.0 million, or 31%, from September 30, 2009. During the third quarter of 2010, Noncovered Loans decreased $298,000, while Covered Loans decreased $8.6 million. Growth in Noncovered construction and land (up $5.0 million during the third quarter) and commercial and industrial (up $1.8 million) loans was offset by a decrease in the Noncovered 1-4 family first mortgage loans (down $8.7 million). The third quarter decrease in Covered Loans related primarily to 1-4 family first mortgage (down $4.0 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.  









September 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

$ 20,734

$112,000

$132,734

$ 120,044

$ 12,690

11%

    Home equity loans and lines

7,082

25,149

32,231

24,678

7,553

31

    Commercial real estate

36,767

109,637

146,404

97,513

48,891

50

    Construction and land

15,299

47,212

62,511

35,364

27,147

77

    Multi-family residential

1,233

4,210

5,443

4,089

1,354

33

       Total real estate loans

81,115

298,208

379,323

281,688

97,635

35

Other loans:







    Commercial

7,275

36,683

43,958

38,340

5,618

15

    Consumer

2,957

19,992

22,949

16,619

6,330

38

       Total other loans

10,232

56,675

66,907

54,959

11,948

22

       Total loans

$ 91,347

$354,883

$446,230

$ 336,647

$109,583

33




Nonperforming assets, excluding Covered Assets, were $1.4 million at September 30, 2010, a decrease of $723,000, or 34%, from June 30, 2010, and a decrease of $1.3 million, or 49%, from September 30, 2009.  The decrease in the third quarter of 2010 was due to the sale of other real estate owned and a loan relationship which was brought current by the borrower and was returned to performing status.  The ratio of nonperforming assets to total assets (excluding Covered Assets) was 0.23% at September 30, 2010, compared to 0.35% at June 30, 2010 and 0.51% at September 30, 2009.  Total nonperforming assets, including Covered Assets, were $24.0 million at September 30, 2010 and June 30, 2010.  The ratio of total nonperforming assets to total assets (including Covered Assets) was 3.42% at September 30, 2010, compared to 3.38% at June 30, 2010.  

The Company recorded net loan charge-offs of $48,000 during the third quarter of 2010, compared to $76,000 in the second quarter of 2010 and $37,000 in the third quarter of 2009. The Company's loan loss provision for the third quarter of 2010 was $168,000, compared to $200,000 for the second quarter of 2010 and $287,000 for the third quarter of 2009.    

At September 30, 2010, the Company's allowance for loan losses to Noncovered Loans ratio was 1.11%, compared to 1.07% and 0.96% at June 30, 2010 and September 30, 2009, respectively.  The allowance for loan losses to total loans ratio was 0.88% at September 30, 2010, compared to 0.84% and 0.96% at June 30, 2010 and September 30, 2009, respectively.

Investment Securities Portfolio

The Company's investment securities portfolio totaled $132.4 million at September 30, 2010, a decrease of $3.9 million, or 3%, from June 30, 2010, and an increase of $16.0 million, or 14%, from September 30, 2009.  The increase in investment securities from September 30, 2009 resulted primarily from the addition of $24.8 million of U.S. agency mortgage-backed securities acquired from Statewide Bank.  At September 30, 2010, the Company had a net unrealized gain position on its investment securities portfolio of $1.1 million, compared to a net unrealized gain of $786,000 at June 30, 2010 and a net unrealized loss of $2.7 million at September 30, 2009.  Due to increasing delinquencies and defaults in the mortgage loans underlying certain non-agency mortgage-backed securities, the Company recorded an OTTI charge of $870,000 during the third quarter of 2010.

The amortized cost of the Company's non-agency mortgage-backed securities portfolio has decreased $8.4 million, or 21%, during 2010 primarily due to paydowns.  The following table summarizes the Company's non-agency mortgage-backed securities portfolio as of September 30, 2010 (in thousands).







Collateral

Tranche

S&P

Rating

Amortized

Cost

Unrealized

Gain/(Loss)

Prime

Super Senior

AAA

$    7,918

$         530

Prime

Senior

  AAA (1)

15,610

(423)

Prime

Senior

Below investment grade

2,636

(394)

Prime

Senior support

Below investment grade

1,486

(578)

Alt-A

Super senior

Below investment grade

1,557

(241)

Alt-A

Senior

AAA

619

28

Alt-A

Senior

  Below investment grade (2)

1,516

(61)

Total non-agency mortgage-backed securities

$   31,342

$      (1,139)

(1) Includes one security with an amortized cost of $1.6 million and an unrealized gain of $10,000 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's strong growth in core deposits (i.e., checking, savings and money market) continued during the third quarter of 2010, increasing $21.1 million during the quarter.  Excluding the core deposits acquired from Statewide Bank, core deposits have increased $45.0 million in 2010 (a 28% annualized growth rate).  Total deposits, which includes certificates of deposit, were $546.7 million at September 30, 2010, an increase of $10.2 million, or 2%, from June 30, 2010, and an increase of $170.0 million, or 45%, from September 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.






September 30,

December 31,

Increase / (Decrease)

(dollars in thousands)

2010

2009

Amount

Percent






Demand deposit

$   96,734

$   66,956

$   29,778

45%

Savings

27,765

21,009

6,756

32

Money market

119,932

80,810

39,122

48

NOW

64,313

48,384

15,929

33

Certificates of deposit

237,914

154,434

83,480

54

       Total deposits

$ 546,658

$ 371,593

$175,065

47




Net Interest Income

Net interest income for the third quarter of 2010 totaled $7.3 million, a decrease of $235,000, or 3%, compared to the second quarter of 2010, and an increase of $1.2 million, or 20%, compared to the third quarter of 2009.  The Company's net interest margin was 4.75% for the third quarter of 2010, 15 basis points lower than the second quarter of 2010 and eight basis points lower than the third quarter of 2009.  The decreases in net interest margin were primarily due to lower average yields on interest-earning assets as a result of the current low rate environment.  

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


September 30, 2010

June 30, 2010

September 30, 2009

(dollars in thousands)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Earning-assets:







Loans receivable

$456,262

6.58%

$455,574

6.73%

$343,618

6.50%

Investment securities

133,074

3.69

137,175

3.97

118,990

5.79

Other interest-earning assets

18,813

0.67

20,362

0.69

36,861

3.21

Total earning-assets

$608,149

5.76

$613,111

5.91

$499,469

6.09








Interest-bearing liabilities:







Deposits:







Savings, checking, and money market

$204,939

0.72

$193,271

0.73

$146,643

0.74

Certificates of deposit

243,240

1.68

255,856

1.62

161,017

2.71

Total interest-bearing deposits

448,179

1.24

449,127

1.24

307,660

1.77

FHLB Advances

22,570

2.48

27,436

2.27

20,809

3.59

Total interest-bearing liabilities

$470,749

1.30

$476,563

1.29

$328,469

1.88








Net interest spread


4.46%


4.62%


4.21%

Net interest margin


4.75


4.90


4.83




Noninterest Income

Noninterest income for the third quarter of 2010 totaled $613,000, a decrease of $722,000, or 54%, compared to the second quarter of 2010 and a decrease of $337,000, or 35%, compared to the third quarter of 2009.  Excluding the impact of the OTTI charge incurred in the third quarter of 2010, noninterest income for the third quarter of 2010 was $1.5 million, an increase of $148,000, or 11%, compared to the second quarter of 2010 and $534,000, or 56%, compared to the third quarter of 2009.

The increase in pre-OTTI noninterest income in the third quarter of 2010 compared to the second quarter of 2010 was primarily the result of increased gains on the sale of mortgage loans and higher levels of service fees and charges.  These increases were partially offset by a decrease in bank card fees and an OTTI charge of $141,000 incurred in the second quarter of 2010.

The increase in pre-OTTI noninterest income in the third quarter of 2010 compared to the third 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, and discount accretion related to the FDIC loss sharing receivable. 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 acquistion.

Noninterest Expense

Noninterest expense for the third quarter of 2010 totaled $6.4 million, a decrease of $78,000, or 1%, compared to the second quarter of 2010 and an increase of $1.7 million, or 36%, compared to the third quarter of 2009.  

The decrease in noninterest expense in the third quarter of 2010 compared to the second 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 loan and deposit accounts into Home Bank's operating system during the third quarter of 2010.

The increase in noninterest expense in the third quarter of 2010 compared to the third quarter of 2009 was 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 $64,000 and $143,000 during the quarter and nine months ended September 30, 2010, respectively.

Non-GAAP Reconciliation

(dollars in thousands)

Third

Quarter

2010

First Nine

Months of

2010




Reported noninterest income

$    613

$ 2,946

Add: OTTI charge

870

1,011

Non-GAAP noninterest income

$ 1,483

$ 3,957




Reported net income

$   911

$ 3,223

Add: OTTI charge (after tax)

574

667

Non-GAAP net income

$1,485

$3,890




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 other-than-temporary impairment 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.  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 March 31, 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. 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













September 30,


September 30,


%



June 30,


December 31,


2010


2009


Change



2010


2009

Assets











Cash and cash equivalents

$   23,771,777


$   37,352,620


(36)

%


$   21,976,535


$   25,709,597

Interest-bearing deposits in banks

6,387,000


3,150,000


103



7,112,000


3,529,000

Cash invested at other ATM locations

-


8,802,596


-



-


-

Investment securities available for sale, at fair value

111,607,433


105,049,877


6



115,131,224


106,752,131

Investment securities held to maturity

20,793,424


11,372,044


83



21,218,038


13,098,847

Mortgage loans held for sale

6,400,335


2,060,453


211



2,662,100


719,350

Loans covered by loss sharing agreements

91,346,684


-


-



99,984,239


-

Noncovered loans, net of unearned income

354,883,203


340,222,334


4



355,180,759


336,647,292

    Total loans

446,229,887


340,222,334


31



455,164,998


336,647,292

Allowance for loan losses

(3,923,826)


(3,271,926)


20



(3,804,560)


(3,351,688)

    Total loans, net of allowance for loan losses

442,306,061


336,950,408


31



451,360,438


333,295,604

FDIC loss sharing receivable

32,262,081


-


-



34,673,627


-

Office properties and equipment, net

23,621,092


15,309,879


54



23,452,816


16,186,690

Cash surrender value of bank-owned life insurance

16,034,149


5,461,662


194



15,872,609


15,262,645

Accrued interest receivable and other assets

15,297,599


7,900,029


94



15,858,555


10,081,885

Total Assets

$ 698,480,951


$ 533,409,568


31



$ 709,317,942


$ 524,635,749























Liabilities











Deposits

$ 546,657,570


$ 376,635,513


45

%


$ 536,485,853


$ 371,592,747

Federal Home Loan Bank advances

16,000,000


19,879,026


(20)



29,744,891


16,773,802

Accrued interest payable and other liabilities

3,744,475


4,302,342


(13)



10,349,392


3,519,896

Total Liabilities

566,402,045


400,816,881


41



576,580,136


391,886,445












Shareholders' Equity











Common stock

$          89,270


$          89,270


-

%


$          89,270


$          89,270

Additional paid-in capital

88,437,391


87,714,515


1



88,064,013


88,072,884

Treasury stock

(7,955,813)


-


-



(5,734,469)


(1,848,862)

Common stock acquired by benefit plans

(9,859,826)


(10,841,597)


9



(9,949,096)


(10,913,470)

Retained earnings

60,660,647


57,415,818


6



59,749,653


57,437,444

Accumulated other comprehensive income (loss)

707,237


(1,785,319)


140



518,435


(87,962)

Total Shareholders' Equity

132,078,906


132,592,687


-



132,737,806


132,749,304

Total Liabilities and Shareholders' Equity

$ 698,480,951


$ 533,409,568


31



$ 709,317,942


$ 524,635,749



HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME














For The Three Months Ended





For The Nine Months Ended





September 30,


%



September 30,


%



2010

2009


Change



2010

2009


Change


Interest Income












Loans, including fees

$ 7,549,667

$ 5,616,351


34

%


$ 21,100,559

$ 16,734,665


26

%

Investment securities

1,226,765

1,722,460


(29)



3,913,125

5,211,929


(25)


Other investments and deposits

32,899

296,759


(89)



94,226

960,011


(90)


Total interest income

8,809,331

7,635,570


15



25,107,910

22,906,605


10














Interest Expense












Deposits

1,403,060

1,371,889


2

%


4,021,924

4,219,932


(5)

%

Federal Home Loan Bank advances

139,521

186,168


(25)



453,571

639,343


(29)


Total interest expense

1,542,581

1,558,057


(1)



4,475,495

4,859,275


(8)


Net interest income

7,266,750

6,077,513


20



20,632,415

18,047,330


14


Provision for loan losses

167,580

287,061


(42)



717,362

709,210


1


Net interest income after provision for loan losses

7,099,170

5,790,452


23



19,915,053

17,338,120


15














Noninterest Income












Service fees and charges

541,538

471,925


15

%


1,535,811

1,370,769


12

%

Bank card fees

343,906

277,375


24



1,012,935

820,635


23


Gain on sale of loans, net

198,522

105,149


89



378,817

420,441


(10)


Income from bank-owned life insurance

161,540

66,082


144



473,206

192,845


145


Other-than-temporary impairment of securities

(870,254)

-


-



(1,010,771)

-


-


Gains on the sale of securities, net

-

-


-



39,131

-


-


Other income

237,932

29,159


716



516,689

110,280


369


Total noninterest income

613,184

949,690


(35)



2,945,818

2,914,970


1














Noninterest Expense












Compensation and benefits

3,824,287

2,849,756


34

%


10,707,803

7,788,637


37

%

Occupancy

615,972

325,581


89



1,652,035

971,983


70


Marketing and advertising

184,179

131,119


40



588,116

453,051


30


Data processing and communication

635,382

328,686


93



1,648,161

1,048,884


57


Professional fees

198,482

267,118


(26)



895,433

729,053


23


Franchise and shares tax

98,397

226,250


(57)



441,104

678,750


(35)


Regulatory fees

159,026

155,559


2



392,282

490,725


(20)


Other expenses

638,575

384,392


66



1,707,145

1,155,912


48


Total noninterest expense

6,354,300

4,668,461


36



18,032,079

13,316,995


35


Income before income tax expense

1,358,054

2,071,681


(34)



4,828,792

6,936,095


(30)


Income tax expense

447,061

574,244


(22)



1,605,589

2,278,120


(30)


Net income

$    910,993

$ 1,497,437


(39)

%


$   3,223,203

$   4,657,975


(31)

%













Earnings per share - basic

$          0.12

$          0.19


(37)

%


$            0.42

$            0.57


(26)

%

Earnings per share - diluted

$          0.12

$          0.19


(37)



$            0.42

$            0.57


(26)




HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION




























For The Three Months Ended





For The Three  






September 30,


%  



Months Ended



%  



2010


2009


Change



June 30, 2010



Change


(dollars in thousands except per share data)













EARNINGS DATA













Total interest income

$                   8,809


$                  7,636


15

%


$                      9,042



(3)

%

Total interest expense

1,542


1,558


(1)



1,539



-


Net interest income

7,267


6,078


20



7,503



(3)


Provision for loan losses

168


287


(41)



200



(16)


Total noninterest income

613


949


(35)



1,335



(54)


Total noninterest expense

6,354


4,669


36



6,432



(1)


Income tax expense

447


574


(22)



739



(40)


Net income

$                      911


$                  1,497


(39)



$                      1,467



(38)















AVERAGE BALANCE SHEET DATA













Total assets

$               703,812


$              529,462


33

%


$                  702,783



-

%

Total interest-earning assets

608,149


499,469


22



613,111



(1)


Loans

456,262


343,618


33



455,574



-


Interest-bearing deposits

448,179


307,660


46



449,127



-


Interest-bearing liabilities

470,749


328,469


43



476,563



(1)


Total deposits

544,228


373,430


46



538,380



1


Total shareholders' equity

133,134


131,643


1



132,988



-















SELECTED RATIOS (1)













Return on average assets

0.52

%

1.13

%

(54)

%


0.83

%


(37)

%

Return on average equity

2.74


4.55


(40)



4.41



(38)


Efficiency ratio (2)

80.64


66.43


21



72.78



11


Average equity to average assets

18.92


24.86


(24)



18.92



-


Tier 1 leverage capital ratio (3)

15.27


19.86


(23)



14.88



3


Total risk-based capital ratio (3)

23.10


30.38


(24)



22.29



4


Net interest margin

4.75


4.83


(2)



4.90



(3)















PER SHARE DATA













Basic earnings per share

$                     0.12


$                    0.19


(37)

%


$                        0.19



(37)

%

Diluted earnings per share

0.12


0.19


(37)



0.19



(37)


Book value at period end

15.89


14.85


7



15.65



2















PER SHARE DATA













Shares outstanding at period end

8,311,602


8,926,875


(7)

%


8,480,531



(2)

%

Weighted average shares outstanding













  Basic

7,481,472


7,956,020


(6)

%


7,620,257



(2)

%

  Diluted

7,531,100


7,987,961


(6)



7,678,378



(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

































September 30,


September 30, 2010


June 30, 2010


2009


Covered

Noncovered

Total


Covered

Noncovered

Total


Total (2)

(dollars in thousands)

















CREDIT QUALITY (1)

















Nonaccrual loans

$    19,851


$           1,391


$      21,242



$   19,214


$     1,668


$     20,882



$       2,716


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


Total nonperforming loans

19,851


1,391


21,242



19,214


1,668


20,882



2,716


Other real estate owned

2,634


-


2,634



2,643


445


3,088



-


Total nonperforming assets

22,485


1,391


23,876



21,857


2,113


23,970



2,716


Performing troubled debt restructurings

-


729


729



-


743


743



-


Total nonperforming assets and troubled

















debt restructurings

$    22,485


$           2,120


$      24,605



$   21,857


$     2,856


$     24,713



$       2,716



















Nonperforming assets to total assets (3)

23.92

%

0.23

%

3.42

%


21.30

%

0.35

%

3.38

%


0.51

%

Nonperforming loans to total assets (3)

21.12


0.23


3.04



18.72


0.27


2.94



0.51


Nonperforming loans to total loans (3)

21.73


0.39


4.76



19.22


0.47


4.59



0.80


Allowance for loan losses to nonperforming assets

-


282.18


17.04



-


180.04


16.51



120.50


Allowance for loan losses to nonperforming loans

-


282.18


18.47



-


228.16


18.22



120.50


Allowance for loan losses to total loans

-


1.11


0.88



-


1.07


0.84



0.96



















Year-to-date loan charge-offs

$             -


$              193


$           193



$            -


$        124


$          124



$            58


Year-to-date loan recoveries

-


48


48



-


27


27



15


Year-to-date net loan charge-offs

-


145


145



-


97


97



43


Annualized YTD net loan charge-offs to total loans

-

%

0.05

%

0.04

%


-

%

0.05

%

0.04

%


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 September 30, 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.



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