2014

Home Bancorp Announces 2014 First Quarter Results

LAFAYETTE, La., April 29, 2014 /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 $1.4 million for the first quarter of 2014, a decrease of $272,000, or 16%, compared to the fourth quarter of 2013 and a decrease of $428,000, or 23%, compared to the first quarter of 2013.  The first quarter of 2014 includes $2.0 million of pre-tax merger expenses compared to $307,000 in the fourth quarter of 2013 related to the acquisition of Britton & Koontz Capital Corporation ("Britton & Koontz").  Excluding merger-related expenses, net income for the first quarter of 2014 was $2.8 million, representing as increase of 46% and 50% compared to the fourth quarter of 2013 and the first quarter of 2013, respectively.

Diluted earnings per share were $0.21 for the first quarter of 2014, a decrease of $0.04, or 16%, compared to the fourth quarter of 2013 and a decrease of $0.05, or 19%, compared to the first quarter of 2013.  Excluding merger-related expenses, diluted earnings per share were $0.41 for the first quarter of 2014, an increase of 46% and 58% compared to the fourth quarter of 2013 and the first quarter of 2013, respectively.

"Our earnings engine picked up substantial momentum during the quarter with the completion of our acquisition of Britton & Koontz Bank," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "We also continue to see strong economic activity in many of our markets, which is driving organic commercial loan growth."

"During the quarter, we achieved a significant milestone in crossing the $1 billion asset threshold," added Mr. Bordelon.  "On behalf of our Board of Directors, I extend a sincere thank you to our employees, customers and shareholders for playing such a vital role in this achievement."  

Acquisition of Britton & Koontz

On February 14, 2014, the Company completed its acquisition of Britton & Koontz, the former holding company of Britton & Koontz Bank, N.A. ("Britton & Koontz Bank") of Natchez, Mississippi.  Shareholders of Britton & Koontz received $16.14 per share in cash, yielding an aggregate purchase price of $34,515,000.  As a result of the acquisition, five former Britton & Koontz Bank branches in west Mississippi were added to Home Bank's branch office network. Two former Britton & Koontz Bank locations in Baton Rouge were consolidated into existing Home Bank locations.   

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




As of February 14, 2014

(in thousands)

Britton & Koontz

Fair Value Adjustments

As recorded by Home Bancorp

Assets




Cash and cash equivalents

$     15,342

$           -

$     15,342

Investment securities available for sale

96,952

1,033

97,985

Loans

170,083

(7,107)

162,976

Real estate owned

2,699

(871)

1,828

Office properties and equipment, net

6,566

(925)

5,641

Core deposit intangible

-

3,030

3,030

Other assets

9,212

2,722

11,934

Total assets acquired

300,854

(2,118)

298,736





Liabilities




Deposits:




Noninterest-bearing

$     59,575

$            -

$     59,575

Interest-bearing

156,839

186

157,025

Total deposits

216,414

186

216,600

Federal Home Loan Bank ("FHLB") advances

9,149

103

9,252

Other borrowings

26,315

976

27,291

Other liabilities

11,125

15

11,140

Total liabilities assumed

$   263,003

$    1,280

$   264,283

Excess of assets acquired over liabilities assumed



34,453

Cash consideration paid



(34,515)

Total goodwill recorded



$          62

Loans and Credit Quality

Loans totaled $880.1 million at March 31, 2014, an increase of $172.6 million, or 24%, from December 31, 2013, and an increase of $201.5 million, or 30%, from March 31, 2013.  Growth in the loan portfolio was primarily driven by the acquisition of Britton & Koontz, which added $163.0 million in loans at acquisition date.  During the first quarter, organic loan growth was related primarily to commercial real estate (up $14.8 million) and construction and land (up $12.5 million) loans, which were partially offset by a decline in commercial and industrial loans (down $6.5 million).   

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










March 31,


December 31,


Increase/(Decrease)


(dollars in thousands)


2014


2013


Amount

Percent


Real estate loans:









     One- to four-family first mortgage

$

223,195

$

179,506

$

43,689

24

%

     Home equity loans and lines


54,423


40,561


13,862

34


     Commercial real estate


335,183


269,849


65,334

24


     Construction and land


115,462


83,271


32,191

39


     Multi-family residential


20,945


16,578


4,367

26


        Total real estate loans


749,208


589,765


159,443

27


Other loans:









     Commercial and industrial


87,111


77,533


9,578

12


     Consumer


43,763


40,158


3,605

9


        Total other loans


130,874


117,691


13,183

11


        Total loans

$

880,082

$

707,456

$

172,626

24

%

Nonperforming assets ("NPAs"), which include $7.9 million in assets covered under loss sharing agreements with the FDIC ("Covered Assets") and $13.5 million acquired from GS Financial Corp. ("GSFC") and $2.1 million acquired from Britton & Koontz (collectively "Non-covered Acquired Assets"), totaled $28.2 million at March 31, 2014, a decrease of $1.2 million compared to December 31, 2013 and a decrease of $2.3 million compared to March 31, 2013.  The ratio of total NPAs to total assets was 2.27% at March 31, 2014, compared to 2.98% at December 31, 2013 and 3.12% at March 31, 2013.  Excluding acquired assets, the ratio of NPAs was 0.49% at March 31, 2014, compared to 0.81% at December 31, 2013 and 0.80% at March 31, 2013. 

The Company recorded net loan recoveries of $41,000 during the first quarter of 2014, compared to net loan recoveries of $24,000 and net loan charge-offs of $165,000 in the fourth and first quarters of 2013, respectively.  The Company's provision for loan losses for the first quarter of 2014 was $145,000, compared to $431,000 and $520,000 for the fourth and first quarters of 2013, respectively. 

The ratio of allowance for loan losses to total loans was 0.81% at March 31, 2014, compared to 0.98% and 0.84% at December 31, 2013 and March 31, 2013, respectively.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.10% at March 31, 2014, compared to 1.12% and 1.05% at December 31, 2013 and March 31, 2013, respectively.           

Investment Securities Portfolio

The Company's investment securities portfolio totaled $193.1 million at March 31, 2014, an increase of $34.0 million, or 21%, from December 31, 2013, and an increase of $33.3 million, or 21%, from March 31, 2013.  The increase resulted primarily from securities acquired from Britton & Koontz.  The Company acquired $98.0 million at the date of acquisition, and subsequently sold $65.1 million of the acquired investments during the first quarter.  At March 31, 2014, the Company had a net unrealized gain position on its investment securities portfolio of $1.0 million, compared to net unrealized gains of $300,000 and $4.6 million at December 31, 2013 and March 31, 2013, respectively.  The investment securities portfolio had a modified duration of 4.1 years at March 31, 2014, compared to 4.2 and 3.7 years at December 31, 2013 and March 31, 2013, respectively.  

Deposits

Total deposits were $987.4 million at March 31, 2014, an increase of $246.1 million, or 33%, from December 31, 2013, and an increase of $206.0 million, or 26%, from March 31, 2013.   The acquisition of Britton & Koontz added $216.6 million in deposits during the first quarter.  During the first quarter of 2014, core deposits (i.e., checking, savings and money market accounts) increased $193.3 million, or 35%, from December 31, 2013, and increased $200.8 million, or 37%, from March 31, 2013.  Core deposits acquired from Britton & Koontz totaled $151.9 million at acquisition date.         

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










March 31,


December 31,


Increase / (Decrease)


(dollars in thousands)


2014


2013


Amount

Percent


Demand deposit

$

253,866

$

174,475

$

79,391

46

%

Savings


80,414


56,694


23,720

42


Money market


218,601


192,303


26,298

14


NOW


189,297


125,391


63,906

51


Certificates of deposit


245,207


192,449


52,758

27


        Total deposits

$

987,385

$

741,312

$

246,073

33

%










Net Interest Income

Net interest income for the first quarter of 2014 totaled $11.8 million, an increase of $1.8 million, or 18%, compared to the fourth quarter of 2013, and an increase of $2.0 million, or 20%, compared to the first quarter of 2013.  The addition of Britton & Koontz's earning assets accounted for the vast majority of the increase. The Company's net interest margin was 4.72% for the first quarter of 2014, 12 basis points higher than the fourth quarter of 2013 and nine basis points higher than the first quarter of 2013.  The increase in the net interest margin was primarily the result of the impact of Britton & Koontz's interest-earning assets and interest-bearing liabilities and the recovery of non-accrual interest and fees during the first quarter of 2014, which totaled approximately $287,000.  The Covered Loan portfolio yielded 11.35% during the first quarter of 2014, compared to 13.66% and 10.97% during the fourth and first quarter of 2013, respectively.      

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.  Taxable equivalent ("TE") yields on investment securities are calculated using a marginal tax rate of 35%.
















For the Three Months Ended



March 31, 2014



December 31, 2013



March 31, 2013


(dollars in thousands)


Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate


Interest-earning assets:













Loans receivable

$

793,509

5.81

%

$

685,034

5.73

%

$

675,435

5.98

%

Investment securities (TE)


190,016

2.47



157,820

2.18



153,958

2.15


Other interest-earning assets


31,166

0.41



23,734

0.47



28,753

0.44


Total interest-earning assets


1,014,691

5.02



866,588

4.94



858,146

5.11















Interest-bearing liabilities:













Deposits:













Savings, checking, and money market


423,213

0.23



377,419

0.23



369,594

0.30


Certificates of deposit


219,226

0.71



199,392

0.83



245,421

1.01


Total interest-bearing deposits


642,439

0.39



576,811

0.44



615,015

0.58


Other borrowings


14,031

0.48



-

-



-

-


FHLB advances


109,625

0.42



65,851

0.61



41,243

1.39


Total interest-bearing liabilities

$

766,095

0.40


$

642,662

0.45


$

656,258

0.63















Net interest spread (TE)



4.62

%



4.48

%



4.48

%

Net interest margin (TE)



4.72

%



4.60

%



4.63

%
























Noninterest Income

Noninterest income for the first quarter of 2014 totaled $1.7 million, a decrease of $141,000, or 8%, compared to the fourth quarter of 2013 and a decrease of $160,000, or 9%, compared to the first quarter of 2013.  The decrease in noninterest income in the first quarter of 2014 compared to the fourth quarter of 2013 resulted primarily from declines in other income of $116,000 (related to recoveries on the acquired GFSC loan portfolio during the fourth quarter of 2013) and gains on the sale of mortgage loans (down $102,000), which were offset by increases in service fees and charges and bank card fees as a result of the Britton & Koontz acquisition. 

The decrease in noninterest income in the first quarter of 2014 compared to the first quarter of 2013 resulted primarily from decreases in gains on the sale of mortgage loans (down $387,000), which was partially offset by increases in service fees and charges (up $214,000) and bank card fees (up $42,000).

Noninterest Expense

Noninterest expense for the first quarter of 2014 totaled $11.3 million, an increase of $2.5 million, or 28%, compared to the fourth quarter of 2013 and an increase of $2.9 million, or 35%, compared to the first quarter of 2013. Noninterest expense includes $2.0 million and $307,000 of expenses related to the acquisition of Britton & Koontz in the first quarter of 2014 and fourth quarter of 2013, respectively.  Such merger-related expenses include professional fees, data conversion and severance and other employee costs associated with the merger and related systems conversion.  Excluding merger-related expenses, noninterest expense for the first quarter of 2014 totaled $9.3 million, an increase of $835,000, or 10%, compared to the fourth quarter of 2013 and an increase of $969,000, or 12%, compared to the first quarter of 2013.  The increases primarily relate to the growth of the Company due to the addition of Britton & Koontz branches and employees. 

Non-GAAP Reconciliation






For the Three Months Ended

(dollars in thousands)

March 31, 2014

December 31, 2013

March 31, 2013





Reported noninterest expense

$   11,257

$    8,774

$  8,333

Less: Merger-related expenses

(1,955)

(307)

-

Non-GAAP noninterest expense

$    9,302

$    8,467

$  8,333





Reported net income

$    1,433

$    1,706

$  1,862

Add: Merger-related expenses (after tax)

1,357

200

-

Non-GAAP net income

$    2,791

$    1,906

$  1,862





Diluted EPS

$      0.21

$      0.25

$    0.26

Add: Merger-related expenses

0.20

0.03

-

Non-GAAP EPS

$      0.41

$      0.28

$    0.26

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

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, 2013, 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. 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




















March 31,


March 31,


%



December 31,


2014


2013


Change



2013

Assets









Cash and cash equivalents

$     57,221,018


$   48,271,579


19

%


$   32,638,900

Interest-bearing deposits in banks

6,763,000


3,529,000


92



2,940,000

Investment securities available for sale, at fair value

182,344,248


158,264,273


15



149,632,153

Investment securities held to maturity

10,715,225


1,463,543


632



9,404,790

Mortgage loans held for sale

5,465,256


4,373,926


25



1,951,345

Loans covered by loss sharing agreements

18,579,128


41,533,637


(55)



21,673,808

Noncovered loans, net of unearned income

861,503,175


637,044,534


35



685,782,309

     Total loans

880,082,303


678,578,171


30



707,456,117

Allowance for loan losses

(7,104,476)


(5,674,179)


25



(6,918,009)

     Total loans, net of allowance for loan losses

872,977,827


672,903,992


30



700,538,108

FDIC loss sharing receivable

10,069,092


15,658,092


(36)



12,698,077

Office properties and equipment, net

36,791,667


30,540,350


20



30,702,635

Cash surrender value of bank-owned life insurance

18,815,588


17,405,985


8



17,750,604

Accrued interest receivable and other assets

38,009,342


24,614,631


54



25,984,346

Total Assets

$ 1,239,172,263


$ 977,025,371


27



$ 984,240,958



















Liabilities









Deposits

$    987,384,843


$ 781,335,468


26

%


$ 741,312,416

Securities sold under repurchase agreement

20,878,331


-





-

Federal Home Loan Bank advances

81,302,244


49,346,176


65



97,000,000

Accrued interest payable and other liabilities

5,231,598


3,225,771


62



4,019,013

Total Liabilities

1,094,797,016


833,907,415


31



842,331,429










Shareholders' Equity









Common stock

89,588


89,534


-

%


89,585

Additional paid-in capital

92,655,484


91,458,193


1



92,192,410

Treasury stock

(28,015,546)


(22,390,786)


25



(28,011,398)

Common stock acquired by benefit plans

(6,196,057)


(7,358,139)


(16)



(6,285,327)

Retained earnings 

85,162,600


78,297,156


9



83,729,144

Accumulated other comprehensive income 

679,178


3,021,998


(78)



195,115

Total Shareholders' Equity

144,375,247


143,117,956


1



141,909,529

Total Liabilities and Shareholders' Equity

$ 1,239,172,263


$ 977,025,371


27



$ 984,240,958




HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME
























 For The Three Months Ended 





 For The Three  





 March 31, 


%



 Months Ended 


%



2014

2013


Change



 December 31, 2013 


Change


Interest Income











Loans, including fees

$ 11,484,445

$         10,072,750


14

%


$              9,956,749


15

%

Investment securities

1,050,846

771,050


36



782,409


34


Other investments and deposits

31,158

31,306


-



28,278


10


Total interest income

12,566,449

10,875,106


16



10,767,436


17













Interest Expense











Deposits

622,565

881,014


(29)

%


633,361


(2)

%

Securities sold under repurchase agreements

16,675

-


-



-


-


Federal Home Loan Bank advances

116,211

143,679


(19)



100,119


16


Total interest expense

755,451

1,024,693


(26)



733,480


3


Net interest income

11,810,998

9,850,413


20



10,033,956


18


Provision for loan losses

145,016

520,392


(72)



431,368


(66)


Net interest income after provision for loan losses

11,665,982

9,330,021


25



9,602,588


21













Noninterest Income











Service fees and charges

796,093

582,542


37

%


745,420


7

%

Bank card fees

455,984

414,392


10



416,661


9


Gain on sale of loans, net

161,862

548,419


(70)



264,111


(39)


Income from bank-owned life insurance

110,641

119,551


(7)



112,595


(2)


Gain (loss) on the sale of securities, net

1,826

-


-



-


-


Discount accretion of FDIC loss sharing receivable

85,167

112,199


(24)



98,016


(13)


Other income

44,406

39,371


13



160,170


(72)


Total noninterest income

1,655,979

1,816,474


(9)



1,796,973


(8)













Noninterest Expense











Compensation and benefits

6,794,808

5,096,218


33

%


5,335,859


27

%

Occupancy

1,014,330

831,253


22



882,104


15


Marketing and advertising

207,241

239,195


(13)



202,595


2


Data processing and communication

1,371,823

641,515


114



599,760


129


Professional fees

487,110

212,746


129



436,747


12


Forms, printing and supplies

161,920

106,773


52



100,126


62


Franchise and shares tax

184,385

273,620


(33)



(108,765)


270


Regulatory fees

228,377

223,249


2



221,908


3


Foreclosed assets, net

361,885

177,943


103



286,163


26


Other expenses

445,167

530,000


(16)



817,722


(46)


Total noninterest expense

11,257,046

8,332,512


35



8,774,219


28


Income before income tax expense

2,064,915

2,813,983


(27)



2,625,342


(21)


Income tax expense

631,460

952,049


(34)



919,693


(31)


Net income

$  1,433,455

$           1,861,934


(23)



$              1,705,649


(16)













Earnings per share - basic

$          0.22

$                  0.28


(21)

%


$                      0.26


(15)

%

Earnings per share - diluted

$          0.21

$                  0.26


(19)



$                      0.25


(16)








HOME BANCORP, INC. AND SUBSIDIARY


SUMMARY FINANCIAL INFORMATION































 For The Three Months Ended 





 For The Three  







 March 31, 


%



 Months Ended 



%




2014


2013


 Change 



 December 31, 2013 



 Change 



(dollars in thousands except per share data)














EARNINGS DATA














Total interest income

$     12,566


$10,875


16

%


$10,767



17

%


Total interest expense

756


1,025


(26)



733



3



Net interest income

11,810


9,850


20



10,034



18



Provision for loan losses

145


520


(72)



431



(66)



Total noninterest income

1,656


1,817


(9)



1,797



(8)



Total noninterest expense

11,257


8,333


35



8,774



28



Income tax expense

631


952


(34)



920



(31)



Net income

$       1,433


$     1,862


(23)



$                    1,706



(16)

















AVERAGE BALANCE SHEET DATA














Total assets

$ 1,118,361


$961,542


16

%


$962,611



16

%


Total interest-earning assets

1,014,691


858,146


18



866,589



17



Totals loans

793,509


675,435


17



685,034



16



Total interest-bearing deposits

642,439


615,015


4



576,811



11



Total interest-bearing liabilities

766,095


656,258


17



642,662



19



Total deposits

851,861


775,937


10



752,300



13



Total shareholders' equity

141,327


143,113


(1)



141,516



-

















SELECTED RATIOS (1)














Return on average assets

0.51

%

0.77

%

(34)

%


0.71

%


(28)

%


Return on average equity

4.06


5.20


(22)



4.82



(16)



Efficiency ratio (2)

83.59


71.42


17



74.16



13



Average equity to average assets

12.64


14.88


(15)



14.70



(14)



Tier 1 leverage capital ratio(3) 

11.01


13.70


(20)



14.17



(22)



Total risk-based capital ratio(3) 

17.06


22.11


(23)



21.88



(22)



Net interest margin (4)

4.72


4.63


2



4.60



3

















PER SHARE DATA














Basic earnings per share

$        0.22


$0.28


(21)

%


$0.26



(15)

%


Diluted earnings per share

0.21


0.26


(19)



0.25



(16)



Book value at period end

20.31


19.33


5



19.99



2



Tangible book value at period end

19.63


19.03


3



19.72



-

















PER SHARE DATA














Shares outstanding at period end

7,099,414


7,405,767


(4)

%


7,099,314



-

%


Weighted average shares outstanding














   Basic

6,490,820


6,668,780


(3)

%


6,481,679



-

%


   Diluted

6,890,803


7,019,572


(2)



6,800,604



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. Taxable equivalent yields are calculated using a marginal tax rate of 35%.




HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION












































March 31, 2014


December 31, 2013


March 31, 2013


Covered

Noncovered

Total


Covered

Noncovered

Total


Covered

Noncovered

Total

(dollars in thousands)





















CREDIT QUALITY(1)  (2)





















Nonaccrual loans

$ 5,084


$ 16,937


$ 22,021



$ 5,081


$ 19,679


$ 24,760



$  8,105


$ 15,225


$ 23,330


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


-


-


Total nonperforming loans

5,084


16,937


22,021



5,081


19,679


24,760



8,105


15,225


23,330


Foreclosed assets

2,782


3,358


6,140



3,160


1,406


4,566



3,517


3,612


7,129


Total nonperforming assets

7,866


20,295


28,161



8,241


21,085


29,326



11,622


18,837


30,459


Performing troubled debt restructurings

5


140


145



5


424


429



297


482


779


Total nonperforming assets and troubled debt restructurings

$ 7,871


$ 20,435


$ 28,306



$ 8,246


$ 21,509


$ 29,755



$ 11,919


$ 19,319


$ 31,238























Nonperforming assets to total assets





2.27

%






2.98

%






3.12

%

Nonperforming loans to total assets 





1.78







2.52







2.39


Nonperforming loans to total loans 





2.50







3.50







3.44


Allowance for loan losses to nonperforming assets





25.23







23.59







18.63


Allowance for loan losses to nonperforming loans





32.26







27.94







24.32


Allowance for loan losses to total loans





0.81







0.98







0.84























Year-to-date loan charge-offs





$       31







$  2,155







$     189


Year-to-date loan recoveries





72







101







24


Year-to-date net loan charge-offs (recoveries)





$     (41)







$  2,054







$     165


Annualized YTD net loan charge-offs to total loans





-

%






0.29

%






0.10

%





































































(1)

Nonperforming loans consist of nonaccruing loans and accruing 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 includes 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".






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SOURCE Home Bancorp, Inc.



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