Home Bancorp Announces 2011 Second Quarter Results
LAFAYETTE, La., July 26, 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 $1.3 million for the second quarter of 2011, an increase of $473,000, or 60%, compared to the first quarter of 2011 and a decrease of $199,000, or 14%, compared to the second quarter of 2010. Diluted earnings per share were $0.17 for the second quarter of 2011, compared to $0.11 for the first quarter of 2011 and $0.19 for the second quarter of 2010.
"The South Louisiana banking landscape is changing rapidly due to acquisitions and regulatory and financial pressures on many institutions," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "This transition had led many to question their current relationships. Our reputation for serving our associates and customers continues to foster opportunities to attract exceptional bankers and customers into our family."
"Although loan demand was relatively light during the first half of the year," added Mr. Bordelon, "the loan pipeline began to build late in the second quarter. We expect to have opportunities to deepen and add new relationships over the remainder of 2011."
Acquisition of GS Financial Corp.
As previously reported, the Company completed the acquisition of GS Financial Corp., the holding company of Guaranty Savings Bank of Metairie, Louisiana on July 15, 2011. As of the July 15th closing date, the combined company had total assets of approximately $975 million, $640 million in loans and $720 million in deposits.
The Company plans to convert operating systems at the former Guaranty Savings Bank to those of Home Bank in September 2011. The Company expects to realize cost savings of approximately $1.5 million on a pre-tax basis, and anticipates that the transaction will be over 10% accretive to earnings, once savings are fully phased in by 2012. The dilution to tangible book value is expected to be minimal. Merger-related expenses are expected to total approximately $2.5 million on a pre-tax basis. Following the merger, Home Bank's capital position remains one of the strongest in the industry with total risk-based capital near 19%. No additional capital was needed to complete the transaction.
Shareholders of GS Financial received $21.00 per share in cash, resulting in a total purchase price of $26.4 million.
Loans and Credit Quality
Loans totaled $449.5 million at June 30, 2011, an increase of $7.5 million, or 2%, from March 31, 2011, and a decrease of $5.6 million, or 1%, from June 30, 2010. During the second quarter of 2011, Noncovered Loans increased $15.1 million, while Covered Loans decreased $7.6 million. Growth in the Noncovered Loan portfolio was primarily driven by commercial real estate (up $6.2 million) and commercial and industrial (up $5.8 million) loans.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated. | |||||
(dollars in thousands) | June 30, 2011 | December 31, 2010 | Total Loans Increase/(Decrease) | ||
Noncovered real estate loans: | |||||
One- to four-family first mortgage | $103,680 | $ 105,157 | $ (1,477) | (1)% | |
Home equity loans and lines | 25,976 | 24,898 | 1,078 | 4 | |
Commercial real estate | 123,509 | 115,946 | 7,563 | 7 | |
Construction and land | 45,319 | 45,177 | 142 | - | |
Multi-family residential | 4,562 | 4,493 | 69 | 2 | |
Total noncovered real estate loans | 303,046 | 295,671 | 7,375 | 3 | |
Noncovered other loans: | |||||
Commercial and industrial | 54,219 | 42,247 | 11,972 | 28 | |
Consumer | 23,854 | 21,546 | 2,308 | 11 | |
Total noncovered other loans | 78,073 | 63,793 | 14,280 | 22 | |
Total noncovered loans | 381,119 | 359,464 | 21,655 | 6 | |
Covered loans | 68,422 | 80,447 | (12,025) | (15) | |
Total loans | $449,541 | $ 439,911 | $ 9,630 | 2% | |
Credit quality statistics remained strong during the second quarter of 2011. Nonperforming assets, excluding Covered Assets, were $1.2 million at June 30, 2011, an increase of $37,000, or 3%, from March 31, 2011, and a decrease of $894,000, or 42%, from June 30, 2010. The ratio of nonperforming assets, excluding Covered Assets, to total assets was 0.19% at June 30, 2011 and March 31, 2011, compared to 0.30% at June 30, 2010.
The Company recorded net charge-offs of $227,000 during the second quarter of 2011, compared to net charge-offs of $3,000 in the first quarter of 2011 and $76,000 in the second quarter of 2010. The increase was primarily attributable to a $240,000 commercial loan charged off during the second quarter of 2011. The Company's loan loss provision for the second quarter of 2011 was $265,000, compared to $102,000 and $200,000 for the first quarter of 2011 and the second quarter of 2010, respectively.
At June 30, 2011, the Company's ratio of allowance for loan losses to total Noncovered Loans was 1.06%, compared to 1.10% and 1.07% at March 31, 2011 and June 30, 2010, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $148.2 million at June 30, 2011, an increase of $6.5 million, or 5%, from March 31, 2011, and an increase of $11.9 million, or 9%, from June 30, 2010. At June 30, 2011, the Company had a net unrealized gain position on its investment securities portfolio of $1.9 million, compared to net unrealized gains of $1.6 million and $786,000 as of March 31, 2011 and June 30, 2010, respectively.
As previously reported, the Company sold $3.6 million of its non-agency mortgage-backed securities portfolio during the first quarter of 2011. All of the remaining securities in the Company's portfolio of non-agency mortgage-backed securities, which had an amortized cost of $15.6 million at June 30, 2011, are rated investment grade by Standard & Poor's and/or Moody's.
Core deposits (i.e., checking, savings and money market accounts) increased for the eighth consecutive quarter, posting growth of $1.3 million, or 0.4%, during the second quarter of 2011. Total deposits were $527.4 million at June 30, 2011, a decrease of $16.2 million, or 3%, from March 31, 2011, and a decrease of $9.1 million, or 2%, from June 30, 2010.
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) | 2011 | 2010 | Amount | Percent | |
Demand deposit | $ 102,663 | $ 100,579 | $ 2,084 | 2% | |
Savings | 31,370 | 29,258 | 2,112 | 7 | |
Money market | 144,944 | 133,245 | 11,699 | 9 | |
NOW | 65,800 | 68,398 | (2,598) | (4) | |
Certificates of deposit | 182,626 | 221,738 | (39,112) | (18) | |
Total deposits | $ 527,403 | $ 553,218 | $(25,815) | (5)% | |
Net Interest Income
Net interest income for the second quarter of 2011 totaled $7.0 million, an increase of $87,000, or 1%, compared to the first quarter of 2011, and a decrease of $535,000, or 7%, compared to the second quarter of 2010. The Company's net interest margin was 4.55% for the second quarter of 2011, 12 basis points lower than the first quarter of 2011 and 35 basis points lower than the second quarter of 2010.
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, 2011 | June 30, 2010 | March 31, 2011 | |||||
(dollars in thousands) | Average Balance | Average Yield/Rate | Average Balance | Average Yield/Rate | Average Balance | Average Yield/Rate | |
Earning assets: | |||||||
Loans receivable | $445,947 | 6.53% | $455,574 | 6.73% | $439,490 | 6.59% | |
Investment securities | 145,624 | 2.24 | 137,175 | 3.97 | 130,607 | 2.94 | |
Other interest-earning assets | 21,371 | 0.66 | 20,362 | 0.69 | 24,423 | 0.61 | |
Total earning assets | $612,942 | 5.31 | $613,111 | 5.91 | $594,520 | 5.55 | |
Interest-bearing liabilities: | |||||||
Deposits: | |||||||
Savings, checking, and money market | $241,960 | 0.48 | $193,271 | 0.73 | $233,440 | 0.53 | |
Certificates of deposit | 191,038 | 1.56 | 255,856 | 1.62 | 209,734 | 1.69 | |
Total interest-bearing deposits | 432,998 | 0.96 | 449,127 | 1.24 | 443,174 | 1.08 | |
FHLB advances | 41,011 | 1.12 | 27,436 | 2.27 | 15,280 | 2.64 | |
Total interest-bearing liabilities | $474,009 | 0.97 | $476,563 | 1.29 | $458,454 | 1.13 | |
Net interest spread | 4.34% | 4.62% | 4.42% | ||||
Net interest margin | 4.55% | 4.90% | 4.67% | ||||
Noninterest Income
Noninterest income for the second quarter of 2011 totaled $2.1 million, an increase of $860,000, or 69%, compared to the first quarter of 2011 and an increase of $708,000, or 51%, compared to the second quarter of 2010. During the second quarter of 2011, the Company entered into a settlement agreement with respect to litigation brought by the Company against a counterparty for losses reported by the Company in 2008 relating to the Company's former business line of providing cash to third-party ATM providers. Under the terms of the settlement agreement, the Company received $525,000 in April 2011 and has foregone its right to pursue future claims related to any unrecovered loss. The $525,000 settlement payment is included in "other income" during the quarter.
The increase in noninterest income in the second quarter of 2011 compared to the first quarter of 2011 resulted primarily from the litigation settlement in the second quarter of 2011 and a net loss of $166,000 on the sale of a sizeable portion of the Company's non-agency mortgage-backed securities portfolio in the first quarter of 2011.
The increase in noninterest income in the second quarter of 2011 compared to the second quarter of 2010 resulted primarily from the litigation settlement, higher levels of bank card fees and a charge of $141,000 for the other-than-temporary impairment of securities during the second quarter of 2010.
Noninterest Expense
Noninterest expense for the second quarter of 2011 totaled $6.8 million, an increase of $84,000, or 1%, compared to the first quarter of 2011 and an increase of $321,000, or 5%, compared to the second quarter of 2010.
The increase in noninterest expense in the second quarter of 2011 compared to the first quarter of 2011 resulted primarily from an increase in marketing and advertising expenses and data processing and communication expenses. These increases were partially offset by decreases in compensation and benefits expenses and regulatory fees.
The increase in noninterest expense in the second quarter of 2011 compared to the second quarter of 2010 was primarily due to $157,000 of professional merger-related expenses recorded during the second quarter of 2011.
This news release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Home Bancorp's Annual Report on Form 10-K for the year ended December 31, 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 and risks of competition. In addition, statements regarding the timing and success of the integration of GS Financial Corp., anticipated cost savings, earnings accretion, book value dilution and merger-related expenses are also forward-looking. 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 | |||||||||||
June 30, | June 30, | % | March 31, | December 31, | |||||||
2011 | 2010 | Change | 2011 | 2010 | |||||||
Assets | |||||||||||
Cash and cash equivalents | $ 21,588,068 | $ 21,976,535 | (2) | % | $ 22,466,923 | $ 36,970,638 | |||||
Interest-bearing deposits in banks | 8,273,000 | 7,112,000 | 16 | 8,857,000 | 7,867,000 | ||||||
Investment securities available for sale, at fair value | 140,969,334 | 115,131,224 | 22 | 133,933,288 | 111,962,331 | ||||||
Investment securities held to maturity | 7,253,356 | 21,218,038 | (66) | 7,764,023 | 15,220,474 | ||||||
Mortgage loans held for sale | 2,773,616 | 2,662,100 | 4 | 560,991 | 2,436,986 | ||||||
Loans covered by loss sharing agreements | 68,421,716 | 99,984,239 | (32) | 75,996,118 | 80,446,859 | ||||||
Noncovered loans, net of unearned income | 381,119,264 | 355,180,759 | 7 | 366,003,288 | 359,464,400 | ||||||
Total loans | 449,540,980 | 455,164,998 | (1) | 441,999,406 | 439,911,259 | ||||||
Allowance for loan losses | (4,057,044) | (3,804,560) | 7 | (4,019,285) | (3,919,745) | ||||||
Total loans, net of allowance for loan losses | 445,483,936 | 451,360,438 | (1) | 437,980,121 | 435,991,514 | ||||||
FDIC loss sharing receivable | 30,709,836 | 34,673,627 | (11) | 31,030,272 | 32,012,783 | ||||||
Office properties and equipment, net | 23,015,352 | 23,452,816 | (2) | 23,216,809 | 23,371,915 | ||||||
Cash surrender value of bank-owned life insurance | 16,485,001 | 15,872,609 | 4 | 16,338,064 | 16,192,645 | ||||||
Accrued interest receivable and other assets | 20,848,648 | 15,858,555 | 31 | 18,327,587 | 18,396,806 | ||||||
Total Assets | $ 717,400,147 | $ 709,317,942 | 1 | $ 700,475,078 | $ 700,423,092 | ||||||
Liabilities | |||||||||||
Deposits | $ 527,402,695 | $ 536,485,853 | (2) | % | $ 543,619,256 | $ 553,217,853 | |||||
Federal Home Loan Bank advances | 52,500,000 | 29,744,891 | 77 | 21,000,000 | 13,000,000 | ||||||
Accrued interest payable and other liabilities | 3,740,456 | 10,349,392 | (64) | 3,281,323 | 2,675,297 | ||||||
Total Liabilities | 583,643,151 | 576,580,136 | 1 | 567,900,579 | 568,893,150 | ||||||
Shareholders' Equity | |||||||||||
Common stock | 89,312 | $ 89,270 | - | % | 89,270 | $ 89,270 | |||||
Additional paid-in capital | 88,922,459 | 88,064,013 | 1 | 89,183,147 | 88,818,862 | ||||||
Treasury stock | (11,849,932) | (5,734,469) | (107) | (11,028,575) | (10,425,725) | ||||||
Common stock acquired by benefit plans | (8,813,501) | (9,949,096) | 11 | (9,676,562) | (9,770,556) | ||||||
Retained earnings | 64,187,699 | 59,749,653 | 7 | 62,920,252 | 62,125,568 | ||||||
Accumulated other comprehensive income (loss) | 1,220,959 | 518,435 | 136 | 1,086,967 | 692,523 | ||||||
Total Shareholders' Equity | 133,756,996 | 132,737,806 | 1 | 132,574,499 | 131,529,942 | ||||||
Total Liabilities and Shareholders' Equity | $ 717,400,147 | $ 709,317,942 | 1 | $ 700,475,078 | $ 700,423,092 | ||||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||||
For The Three Months Ended | For The Six Months Ended | |||||||||||
June 30, | % | June 30, | % | |||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | |||||||
Interest Income | ||||||||||||
Loans, including fees | $ 7,265,525 | $ 7,643,662 | (5) | % | $ 14,426,178 | $ 13,550,892 | 6 | % | ||||
Investment securities | 817,359 | 1,363,142 | (40) | 1,778,180 | 2,686,360 | (34) | ||||||
Other investments and deposits | 34,542 | 34,729 | (1) | 71,263 | 62,052 | 15 | ||||||
Total interest income | 8,117,426 | 9,041,533 | (10) | 16,275,621 | 16,299,304 | - | ||||||
Interest Expense | ||||||||||||
Deposits | 1,035,004 | 1,382,667 | (25) | % | 2,212,053 | 2,618,864 | (16) | % | ||||
Federal Home Loan Bank advances | 115,087 | 156,391 | (26) | 215,726 | 314,050 | (31) | ||||||
Total interest expense | 1,150,091 | 1,539,058 | (25) | 2,427,779 | 2,932,914 | (17) | ||||||
Net interest income | 6,967,335 | 7,502,475 | (7) | 13,847,842 | 13,366,390 | 4 | ||||||
Provision for loan losses | 264,673 | 199,750 | 33 | 366,949 | 549,782 | (33) | ||||||
Net interest income after provision for loan losses | 6,702,662 | 7,302,725 | (8) | 13,480,893 | 12,816,608 | 5 | ||||||
Noninterest Income | ||||||||||||
Service fees and charges | 545,599 | 526,884 | 4 | % | 1,020,423 | 994,273 | 3 | % | ||||
Bank card fees | 444,093 | 385,972 | 15 | 842,188 | 669,029 | 26 | ||||||
Gain on sale of loans, net | 121,293 | 101,902 | 19 | 225,687 | 180,295 | 25 | ||||||
Income from bank-owned life insurance | 146,937 | 162,420 | (10) | 292,356 | 311,666 | (6) | ||||||
Other-than-temporary impairment of securities | - | (140,517) | 100 | - | (140,517) | 100 | ||||||
Gain (loss) on the sale of securities, net | - | 39,131 | (100) | (166,082) | 39,131 | (524) | ||||||
Discount accretion of FDIC loss sharing receivable | 231,263 | 251,588 | (8) | 469,932 | 251,588 | 87 | ||||||
Other income | 614,275 | 67,936 | 804 | 662,311 | 87,473 | 657 | ||||||
Total noninterest income | 2,103,460 | 1,395,316 | 51 | 3,346,815 | 2,392,938 | 40 | ||||||
Noninterest Expense | ||||||||||||
Compensation and benefits | 3,915,112 | 3,871,379 | 1 | % | 7,913,520 | 6,883,516 | 15 | % | ||||
Occupancy | 559,165 | 648,080 | (14) | 1,124,426 | 1,036,063 | 9 | ||||||
Marketing and advertising | 215,145 | 202,200 | 6 | 376,195 | 403,937 | (7) | ||||||
Data processing and communication | 572,000 | 633,397 | (10) | 1,113,507 | 1,012,779 | 10 | ||||||
Professional fees | 427,520 | 228,889 | 87 | 847,252 | 696,951 | 22 | ||||||
Franchise and shares tax | 180,501 | 141,636 | 27 | 361,001 | 342,707 | 5 | ||||||
Regulatory fees | 200,642 | 122,352 | 64 | 430,382 | 233,256 | 85 | ||||||
Other expenses | 742,963 | 644,391 | 15 | 1,375,342 | 1,129,600 | 22 | ||||||
Total noninterest expense | 6,813,048 | 6,492,324 | 5 | 13,541,625 | 11,738,809 | 15 | ||||||
Income before income tax expense | 1,993,074 | 2,205,717 | (10) | 3,286,083 | 3,470,737 | (5) | ||||||
Income tax expense | 725,627 | 738,923 | (2) | 1,223,952 | 1,158,528 | 6 | ||||||
Net income | $ 1,267,447 | $ 1,466,794 | (14) | % | $ 2,062,131 | $ 2,312,209 | (11) | % | ||||
Earnings per share - basic | $ 0.18 | $ 0.19 | (5) | % | $ 0.29 | $ 0.30 | (3) | % | ||||
Earnings per share - diluted | $ 0.17 | $ 0.19 | (11) | $ 0.28 | $ 0.30 | (3) | ||||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||
SUMMARY FINANCIAL INFORMATION | |||||||||||||
For The Three Months Ended | For The Three | ||||||||||||
June 30, | % | Months Ended | % | ||||||||||
2011 | 2010 | Change | March 31, 2011 | Change | |||||||||
(dollars in thousands except per share data) | |||||||||||||
EARNINGS DATA | |||||||||||||
Total interest income | $ 8,117 | $ 9,042 | (10) | % | $ 8,159 | (1) | % | ||||||
Total interest expense | 1,150 | 1,539 | (25) | 1,278 | (10) | ||||||||
Net interest income | 6,967 | 7,503 | (7) | 6,881 | 1 | ||||||||
Provision for loan losses | 265 | 200 | 33 | 102 | 160 | ||||||||
Total noninterest income | 2,103 | 1,395 | 51 | 1,243 | 69 | ||||||||
Total noninterest expense | 6,812 | 6,492 | 5 | 6,729 | 1 | ||||||||
Income tax expense | 726 | 739 | (2) | 498 | 46 | ||||||||
Net income | $ 1,267 | $ 1,467 | (14) | $ 795 | 59 | ||||||||
Earnings per share - diluted | $ 0.17 | $ 0.19 | (11) | % | $ 0.11 | 55 | % | ||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||
Total assets | $ 709,360 | $ 702,783 | 1 | % | $ 692,755 | 2 | % | ||||||
Total interest-earning assets | 612,942 | 613,111 | - | 594,520 | 3 | ||||||||
Loans | 445,947 | 455,574 | (2) | 439,490 | 1 | ||||||||
Interest-bearing deposits | 432,998 | 449,127 | (4) | 443,174 | (2) | ||||||||
Interest-bearing liabilities | 474,009 | 476,563 | (1) | 458,454 | 3 | ||||||||
Total deposits | 533,640 | 538,380 | (1) | 543,323 | (2) | ||||||||
Total shareholders' equity | 133,344 | 132,988 | - | 131,994 | 1 | ||||||||
SELECTED RATIOS (1) | |||||||||||||
Return on average assets | 0.71 | % | 0.83 | % | (14) | % | 0.46 | % | 54 | % | |||
Return on average equity | 3.80 | 4.41 | (14) | 2.41 | 58 | ||||||||
Efficiency ratio (2) | 75.11 | 72.78 | 3 | 82.82 | (9) | ||||||||
Average equity to average assets | 18.80 | 18.92 | (1) | 19.05 | (1) | ||||||||
Tier 1 leverage capital ratio (3) | 15.44 | 14.88 | 4 | 15.59 | (1) | ||||||||
Total risk-based capital ratio (3) | 27.44 | 22.29 | 23 | 28.26 | (3) | ||||||||
Net interest margin (4) | 4.55 | 4.90 | (7) | 4.67 | (3) | ||||||||
PER SHARE DATA | |||||||||||||
Basic earnings per share | $ 0.18 | $ 0.19 | (5) | % | $0.11 | 64 | % | ||||||
Diluted earnings per share | 0.17 | 0.19 | (11) | 0.11 | 55 | ||||||||
Book value at period end | 16.65 | 15.65 | 6 | 16.39 | 2 | ||||||||
PER SHARE DATA | |||||||||||||
Shares outstanding at period end | 8,033,204 | 8,480,531 | (5) | % | 8,087,159 | (1) | % | ||||||
Weighted average shares outstanding | |||||||||||||
Basic | 7,191,476 | 7,620,257 | (6) | % | 7,177,377 | - | % | ||||||
Diluted | 7,337,358 | 7,678,378 | (4) | 7,277,013 | 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, 2011 | March 31, 2011 | June 30, 2010 | |||||||||||||||||||
Covered | Noncovered | Total | Covered | Noncovered | Total | Covered | Noncovered | Total | |||||||||||||
(dollars in thousands) | |||||||||||||||||||||
CREDIT QUALITY (1) (2) | |||||||||||||||||||||
Nonaccrual loans | $ 11,668 | $ 1,127 | $ 12,795 | $ 15,479 | $ 1,090 | $ 16,569 | $ 19,214 | $ 1,668 | $ 20,882 | ||||||||||||
Accruing loans past due 90 days and over | - | - | - | - | - | - | - | - | - | ||||||||||||
Total nonperforming loans | 11,668 | 1,127 | 12,795 | 15,479 | 1,090 | 16,569 | 19,214 | 1,668 | 20,882 | ||||||||||||
Other real estate owned | 7,178 | 92 | 7,270 | 5,281 | 92 | 5,373 | 2,643 | 445 | 3,088 | ||||||||||||
Total nonperforming assets | 18,846 | 1,219 | 20,065 | 20,760 | 1,182 | 21,942 | 21,857 | 2,113 | 23,970 | ||||||||||||
Performing troubled debt restructurings | 30 | 922 | 952 | - | 1,067 | 1,067 | - | 743 | 743 | ||||||||||||
Total nonperforming assets and troubled | |||||||||||||||||||||
debt restructurings | $ 18,876 | $ 2,141 | $ 21,017 | $ 20,760 | $ 2,249 | $ 23,009 | $ 21,857 | $ 2,856 | $ 24,713 | ||||||||||||
Nonperforming assets to total assets | 0.19 | % | 0.19 | % | 0.30 | % | |||||||||||||||
Nonperforming loans to total assets | 0.18 | 0.18 | 0.24 | ||||||||||||||||||
Nonperforming loans to total loans | 0.30 | 0.30 | 0.37 | ||||||||||||||||||
Allowance for loan losses to nonperforming assets | 332.80 | 340.12 | 180.04 | ||||||||||||||||||
Allowance for loan losses to nonperforming loans | 360.00 | 368.80 | 228.16 | ||||||||||||||||||
Allowance for loan losses to total loans | 1.06 | 1.10 | 1.07 | ||||||||||||||||||
Year-to-date loan charge-offs | $ - | $ 260 | $ 260 | $ - | $ 9 | $ 9 | $ - | $ 124 | $ 124 | ||||||||||||
Year-to-date loan recoveries | - | 30 | 30 | - | 6 | 6 | - | 27 | 27 | ||||||||||||
Year-to-date net loan charge-offs | $ - | $ 230 | $ 230 | $ - | $ 3 | $ 3 | $ - | $ 97 | $ 97 | ||||||||||||
Annualized YTD net loan charge-offs to total loans | - | % | 0.12 | % | 0.10 | % | - | % | - | % | - | % | - | % | 0.05 | % | 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 loans 90 days or more past due. Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure. | |||||||||||||||||||||
(2) Asset quality information excludes assets covered under FDIC loss sharing agreements. Such assets covered by FDIC loss sharing agreements are referred to as "Covered" assets. All other assets are referred to as "Noncovered". | |||||||||||||||||||||
SOURCE Home Bancorp, Inc.
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