Home Bancorp Reports 2015 Second Quarter Results And Increases Its Quarterly Dividend

Jul 28, 2015, 08:00 ET from Home Bancorp, Inc.

LAFAYETTE, La., July 28, 2015 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq:  "HBCP") (the "Company"), the parent company of the 107-year-old Home Bank, N.A. (the "Bank") (www.home24bank.com), reported net income of $2.8 million for the second quarter of 2015, which was equivalent  to the first quarter of 2015 and was a slight increase of $87,000, or 3%, compared to the second quarter of 2014.  The second quarter of 2015 includes merger-related expenses, net of taxes, totaling $232,000 related to the pending acquisition of Louisiana Bancorp, Inc. (Nasdaq: "LABC").  The second quarter of 2014 also includes merger-related expenses, net of taxes, totaling $218,000 related to the acquisition of Britton & Koontz Capital Corporation ("Britton & Koontz") in February 2014.  Excluding merger-related expenses, net income for the second quarter of 2015 increased 8% and 3%, respectively, compared to the first quarter of 2015 and second quarter of 2014. 

Diluted earnings per share were $0.41 for the second quarter of 2015, equal to the first quarter of 2015 and $0.01, or 3%, higher than the second quarter of 2014.  Excluding merger-related expenses, diluted earnings per share were $0.44 for the second quarter of 2015, an increase of 7% and 2% compared to the first quarter of 2015 and the second quarter of 2014, respectively. 

"We made yet another significant investment in our earnings capacity during the second quarter with our planned acquisition of Bank of New Orleans," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank.  "We remain on target for a fourth quarter completion of the merger."

"Although loan demand wasn't as strong as the first quarter, our success in reducing nonperforming assets continued," added Bordelon. "Nonperforming assets decreased another $4.1 million, or 18%, during the second quarter of the year."

The Company also announced that its Board of Directors increased its cash dividend $0.01 to $0.08 per share, payable on August 21, 2015, to shareholders of record as of August 10, 2015. 

Acquisition of Louisiana Bancorp, Inc.

As previously disclosed on June 18, 2015, the Company entered into a definitive agreement to merge with Louisiana Bancorp, Inc., the holding company of the 106-year-old Bank of New Orleans ("BNO").  Under the terms of the agreement, LABC will be merged with and into Home Bancorp in a two-step transaction and BNO will be merged with and into the Bank.  Shareholders of LABC will receive $24.25 per share in cash upon completion of the merger.  The merger, which is expected to be completed in the fourth quarter of 2015, remains subject to approval by LABC's shareholders, regulatory agencies and the satisfaction of all other customary conditions.  Upon completion of the merger, the combined company will have total assets of approximately $1.5 billion, $1.2 billion in loans and $1.2 billion in deposits. 

Loans and Credit Quality

Loans totaled $915.6 million at June 30, 2015, a decrease of $6.5 million, or 1%, from March 31, 2015, and an increase of $7.9 million, or 1%, from June 30, 2014. During the second quarter of 2015, the decrease in loans related primarily to commercial real estate loans (down $14.7 million), which was partially offset by increases in construction and land loans (up $5.2 million) and commercial and industrial loans (up $3.0 million).

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










June 30,


December 31,


Increase/(Decrease)


(dollars in thousands)


2015


2014


Amount

Percent


Real estate loans:









     One- to four-family first mortgage

$

233,492

$

233,249

$

243

-

%

     Home equity loans and lines


54,923


56,000


(1,077)

(2)


     Commercial real estate


340,595


352,863


(12,268)

(3)


     Construction and land


94,145


89,154


4,991

6


     Multi-family residential


30,601


27,375


3,226

12


        Total real estate loans


753,756


758,641


(4,885)

(1)


Other loans:









     Commercial and industrial


115,143


104,446


10,697

10


     Consumer


46,653


45,881


772

2


        Total other loans


161,796


150,327


11,469

8


        Total loans

$

915,552

$

908,968

$

6,584

1

%

Nonperforming assets ("NPAs") totaled $18.3 million at June 30, 2015, a decrease of $4.1 million, or 18%, compared to March 31, 2015 and a decrease of $8.3 million, or 31%, compared to June 30, 2014.  Of the $18.3 million in total NPAs at June 30, 2015, $13.6 million was attributable to our acquisitions of Statewide Bank, GS Financial Corp. and Britton & Koontz.  The ratio of total NPAs to total assets was 1.48% at June 30, 2015, compared to 1.81% at March 31, 2015 and 2.11% at June 30, 2014.  Excluding acquired assets, the ratio of NPAs to total assets was 0.44% at June 30, 2015, compared to 0.44% at March 31, 2015 and 0.45% at June 30, 2014. 

The Company recorded net loan charge-offs of $100,000 during the second quarter of 2015, compared to net loan charge-offs of $26,000 and $157,000 in the first quarter of 2015 and the second quarter of 2014, respectively.  The Company's provision for loan losses for the second quarter of 2015 was $294,000, compared to $538,000 for the first quarter of 2015 and $811,000 for the second quarter of 2014. 

The ratio of allowance for loan losses to total loans was 0.92% at June 30, 2015, compared to 0.90% and 0.85% at March 31, 2015 and June 30, 2014, respectively.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.09% at June 30, 2015, compared to 1.07% and 1.10% at March 31, 2015 and June 30, 2014, respectively.       

Investment Securities Portfolio

The Company's investment securities portfolio totaled $192.6 million at June 30, 2015, an increase of $7.2 million, or 4%, from March 31, 2015, and an increase of $2.4 million, or 1%, from June 30, 2014.  At June 30, 2015, the Company had a net unrealized gain on its investment securities portfolio of $1.7 million, compared to net unrealized gains of $2.6 million and $1.8 million at March 31, 2015 and June 30, 2014, respectively.  The Company's investment securities portfolio had a modified duration of 3.7 years at June 30, 2015, compared to 3.4 and 4.1 years at March 31, 2015 and June 30, 2014, respectively.  

Deposits

Total deposits were $1.0 billion at June 30, 2015, an increase of $4.4 million, or less than 1%, from March 31, 2015, and an increase of $49.2 million, or 5%, from June 30, 2014.   During the second quarter of 2015, core deposits (i.e., checking, savings and money market accounts) increased $9.3 million, or 1%, from March 31, 2015, and increased $75.9 million, or 10%, from June 30, 2014.             

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)


2015


2014


Amount

Percent


Demand deposit

$

266,204

$

267,660

$

(1,456)

(1)

%

Savings


86,153


81,145


5,008

6


Money market


249,939


219,456


30,483

14


NOW


217,641


204,536


13,105

6


Certificates of deposit


211,035


220,775


(9,740)

(4)


        Total deposits

$

1,030,972

$

993,572

$

37,400

4

%










Share Repurchases

The Company purchased 49,200 shares of its common stock during the second quarter of 2015 at an average price per share of $22.11.  As of July 22, 2015, an additional 38,396 shares remain eligible for purchase under the June 2013 stock repurchase plan.  The tangible book value per share of the Company's common stock was $21.47 at June 30, 2015. 

Net Interest Income

Net interest income for the second quarter of 2015 totaled $12.8 million, an increase of $273,000, or 2%, compared to the first quarter of 2015, and a decrease of $337,000, or 3%, compared to the second quarter of 2014.  The Company's net interest margin was 4.47% for the second quarter of 2015, four basis points lower than the first quarter of 2015 and 17 basis points lower than the second quarter of 2014.  The decrease in the net interest margin in the second quarter of 2015 compared to the second quarter of 2014 was primarily the result of lower loan yields and the mix of interest-earning assets.  The decrease in the net interest margin in the second quarter of 2015 compared to the first quarter of 2015 was primarily due to higher balances of lower-yielding other interest-earning assets.

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



June 30, 2015



March 31, 2015



June 30, 2014


(dollars in thousands)


Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate



Average Balance

Average Yield/Rate


Interest-earning assets:













Loans receivable:













   Originated loans

$

739,432

5.14

%


$

727,162

5.18

%


$

654,859

5.41

%


   Acquired loans


176,442

6.89



191,947

6.23



243,264

6.55


Investment securities (TE)


187,682

2.13



184,331

2.18



191,732

2.22


Other interest-earning assets


40,888

0.64



15,044

0.91



40,828

0.46


Total interest-earning assets


1,144,444

4.75



1,118,484

4.81



1,130,683

4.94















Interest-bearing liabilities:













Deposits:













Savings, checking, and money market


570,914

0.22



523,535

0.23



493,892

0.23


Certificates of deposit


213,029

0.72



219,066

0.73



241,107

0.70


Total interest-bearing deposits


783,943

0.36



742,601

0.37



734,999

0.38


Securities sold under repurchase agreements


20,128

0.37



20,295

0.37



20,819

0.36


FHLB advances


19,125

2.17



35,441

1.23



96,169

0.48


Total interest-bearing liabilities

$

823,196

0.40


$

798,337

0.41


$

851,987

0.39















Net interest spread (TE)



4.35

%




4.40

%




4.55

%


Net interest margin (TE)



4.47

%




4.51

%




4.64

%



















Noninterest Income

Noninterest income for the second quarter of 2015 totaled $2.0 million, a decrease of $40,000, or 2%, compared to the first quarter of 2015 and a decrease of $213,000, or 10%, compared to the second quarter of 2014.  The decrease in noninterest income in the second quarter of 2015 compared to the first quarter of 2015 resulted primarily from decreases in gains on the sale of mortgage loans (down $105,000) and other income (down $61,000), which were partially offset by increases in bank card fees (up $72,000) and service fees and charges (up $62,000).

The decrease in noninterest income in the second quarter of 2015 compared to the second quarter of 2014 resulted primarily from decreases in gains on the sale of mortgage loans (down $171,000) and other income (down $98,000), which were partially offset by increases in bank card fees (up $69,000).

Noninterest Expense

Noninterest expense for the second quarter of 2015 totaled $10.2 million, an increase of $509,000, or 5%, compared to the first quarter of 2015 and a decrease of $142,000, or 1%, compared to the second quarter of 2014. Noninterest expense for the second quarter of 2015 includes $256,000 of merger expenses related to the pending acquisition of LABC and the second quarter of 2014 includes $331,000 of merger expenses related to the acquisition of Britton & Koontz. 

The increase in noninterest expense in the second quarter of 2015 compared to the first quarter of 2015 resulted primarily from increases in compensation and benefits (up $302,000) and professional fees (up $237,000). Excluding merger-related expenses, noninterest expense for the second quarter of 2015 totaled $10.0 million, an increase of $253,000, or 3%, compared to the first quarter of 2015.

The decrease in noninterest expense for the second quarter of 2015 compared to the second quarter of 2014 resulted primarily from decreases in other expenses (down $314,000), data processing and communications (down $145,000), marketing and advertising (down $132,000), forms printing and supplies (down $68,000) and expenses on foreclosed assets (down $59,000), which were partially offset by higher compensation and benefits (up $350,000) and professional fees (up $247,000).   Excluding merger-related expenses, noninterest expense for the second quarter of 2015 decreased $67,000, or 1%, compared to the second quarter of 2014.

Non-GAAP Reconciliation 










For the Three Months Ended


(dollars in thousands)


June 30, 2015


March 31, 2015


June 30, 2014








Reported noninterest expense

$

10,228

$

9,719

$

10,370

Less: Merger-related expenses


256


-


331

Non-GAAP noninterest expense

$

9,972

$

9,719

$

10,039








Reported net income

$

2,840

$

2,848

$

2,753

Add: Merger-related expenses (after tax)


232


-


218

Non-GAAP net income

$

3,072

$

2,848

$

2,971








Diluted EPS

$

0.41

$

0.41

$

0.40

Less: Merger-related expenses


0.03


-


0.03

Non-GAAP EPS

$

0.44

$

0.41

$

0.43









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 helpful to a full 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, 2014, 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






















June 30,


June 30,


%



March 31,

December 31,


2015


2014


Change



2015

2014

Assets










Cash and cash equivalents

$     30,227,762


$     56,326,293


(46)

%


$     30,175,858

$     29,077,907

Interest-bearing deposits in banks

5,526,000


5,771,000


(4)



5,526,000

5,526,000

Investment securities available for sale, at fair value

178,078,713


179,201,896


(1)



171,488,522

174,800,516

Investment securities held to maturity

14,489,250


10,983,829


32



13,912,512

11,705,470

Mortgage loans held for sale

6,696,133


5,700,222


18



5,622,509

4,516,835

Loans, net of unearned income

915,552,159


907,613,035


1



922,088,691

908,967,871

Allowance for loan losses

(8,465,718)


(7,757,944)


9



(8,271,676)

(7,759,500)

     Total loans, net of allowance for loan losses

907,086,441


899,855,091


1



913,817,015

901,208,371

Office properties and equipment, net

36,623,001


37,538,630


(2)



37,584,386

37,964,714

Cash surrender value of bank-owned life insurance

19,419,577


18,930,780


3



19,295,469

19,163,110

Accrued interest receivable and other assets

36,659,756


44,701,554


(18)



36,433,586

37,451,687

Total Assets

$ 1,234,806,633


$ 1,259,009,295


(2)



$ 1,233,855,857

$ 1,221,414,610





















Liabilities










Deposits

$ 1,030,971,854


$    981,740,632


5

%


$ 1,026,572,637

$    993,572,593

Securities sold under repurchase agreements

20,036,906


20,710,415


(3)



20,204,822

20,370,892

Federal Home Loan Bank advances

19,000,000


102,531,304


(82)



25,000,000

47,500,000

Accrued interest payable and other liabilities

5,895,559


5,951,204


(1)



5,296,062

5,827,369

Total Liabilities

1,075,904,319


1,110,933,555


(3)



1,077,073,521

1,067,270,854











Shareholders' Equity










Common stock

72,181


89,771


(20)

%


91,322

90,088

Additional paid-in capital

74,650,401


92,667,831


(19)



94,932,283

93,332,108

Treasury stock

-


(28,448,439)


-



(30,372,933)

(28,572,891)

Common stock acquired by benefit plans

(4,932,606)


(5,333,648)


(8)



(5,023,070)

(5,112,340)

Retained earnings 

87,993,318


87,915,225


0



95,449,153

93,101,915

Accumulated other comprehensive income 

1,119,020


1,185,000


(6)



1,705,581

1,304,876

Total Shareholders' Equity

158,902,314


148,075,740


7



156,782,336

154,143,756

Total Liabilities and Shareholders' Equity

$ 1,234,806,633


$ 1,259,009,295


(2)



$ 1,233,855,857

$ 1,221,414,610

 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME


























 For The Three Months Ended 





 For the Six Months Ended 





 June 30, 


%



 June 30, 


%



2015

2014


Change



2015

2014


Change


Interest Income












Loans, including fees

$      12,620,586

$    12,922,738


(2)

%


$ 24,981,549

$ 24,407,184


2

%

Investment securities

902,115

970,319


(7)



1,812,236

2,021,166


(10)


Other investments and deposits

65,319

46,522


40



99,071

77,680


28


Total interest income

13,588,020

13,939,579


(3)



26,892,856

26,506,030


2














Interest Expense












Deposits

700,657

704,051


(1)

%


1,385,636

1,326,616


4

%

Securities sold under repurchase agreements

18,634

18,634


-



37,063

35,309


5


Federal Home Loan Bank advances

103,888

115,270


(10)



213,193

231,481


(8)


Total interest expense

823,179

837,955


(2)



1,635,892

1,593,406


3


Net interest income

12,764,841

13,101,624


(3)



25,256,964

24,912,624


1


Provision for loan losses

294,138

810,953


(64)



832,625

955,969


(13)


Net interest income after provision for loan losses

12,470,703

12,290,671


1



24,424,339

23,956,655


2














Noninterest Income












Service fees and charges

954,545

976,977


(2)

%


1,846,664

1,773,070


4

%

Bank card fees

637,688

569,132


12



1,203,272

1,025,116


17


Gain on sale of loans, net

267,839

438,604


(39)



641,012

600,465


7


Income from bank-owned life insurance

124,108

115,193


8



256,467

225,834


14


Gain on the sale of securities, net

-

-


-



-

1,826


-


Other income

54,641

152,240


(64)



170,089

281,814


(40)


Total noninterest income

2,038,821

2,252,146


(10)



4,117,504

3,908,125


5














Noninterest Expense












Compensation and benefits

6,062,625

5,712,343


6

%


11,823,412

12,507,150


(6)

%

Occupancy

1,166,929

1,191,230


(2)



2,338,210

2,205,560


6


Marketing and advertising

112,654

244,218


(54)



222,982

451,459


(51)


Data processing and communication

915,140

1,060,231


(14)



1,858,472

2,432,054


(24)


Professional fees

475,235

228,392


108



713,409

715,502


(0)


Forms, printing and supplies

133,028

201,299


(34)



277,838

363,220


(24)


Franchise and shares tax

147,272

184,385


(20)



294,544

368,771


(20)


Regulatory fees

296,942

255,662


16



577,409

484,039


19


Foreclosed assets, net

259,788

319,251


(19)



495,570

681,136


(27)


Other expenses

658,715

973,156


(32)



1,345,568

1,418,323


(5)


Total noninterest expense

10,228,328

10,370,167


(1)



19,947,414

21,627,214


(8)


Income before income tax expense

4,281,196

4,172,650


3



8,594,429

6,237,566


38


Income tax expense

1,441,359

1,420,025


2



2,906,828

2,051,485


42


Net income

$      2,839,837

$     2,752,625


3



$  5,687,601

$  4,186,081


36














Earnings per share - basic

$               0.42

$              0.42


-

%


$           0.85

$           0.64


33

%

Earnings per share - diluted

$               0.41

$              0.40


3



$           0.81

$           0.61


33














Cash dividends declared per common share

$               0.07

$                    -


-

%


$           0.14

$                 -


-

%

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION




























 For The Three Months Ended 





 For The Three  






 June 30, 


%



 Months Ended 



%



2015


2014


 Change 



 March 31, 2015 



 Change 


(dollars in thousands except per share data)













EARNINGS DATA













Total interest income

$     13,588


$    13,940


(3)

%


$            13,305



2

%

Total interest expense

823


838


(2)



813



1


Net interest income

12,765


13,102


(3)



12,492



2


Provision for loan losses

294


811


(64)



538



(45)


Total noninterest income

2,039


2,252


(10)



2,079



(2)


Total noninterest expense

10,229


10,371


(1)



9,720



5


Income tax expense

1,441


1,420


2



1,465



(2)


Net income

$       2,840


$     2,752


3



$              2,848



(0)















AVERAGE BALANCE SHEET DATA













Total assets

$ 1,249,232


$1,246,300


0

%


$        1,226,220



2

%

Total interest-earning assets

1,144,444


1,130,683


1



1,118,484



2


Totals loans

915,874


898,123


2



919,109



(0)


Total interest-bearing deposits

783,943


734,999


7



742,601



6


Total interest-bearing liabilities

823,196


851,987


(3)



798,337



3


Total deposits

1,050,195


982,371


7



1,011,658



4


Total shareholders' equity

158,659


146,807


8



156,061



2















SELECTED RATIOS (1)













Return on average assets

0.91

%

0.88

%

3

%


0.93

%

(2)

%

Return on average equity

7.16


7.50


(5)



7.30



(2)


Efficiency ratio (2)

69.09


67.54


2



66.70



4


Average equity to average assets

12.70


11.78


8



12.73



(0)


Tier 1 leverage capital ratio(3) 

12.21


11.11


10



11.96



2


Total risk-based capital ratio(3) 

18.10


17.20


5



17.74



2


Net interest margin (4)

4.47


4.64


(4)



4.51



(1)















PER SHARE DATA













Basic earnings per share

$        0.42


$       0.42


-

%


$                0.43



(2)

%

Diluted earnings per share

0.41


0.40


3



0.41



-


Book value at period end

22.01


20.86


6



21.89



1


Tangible book value at period end

21.47


20.20


6



21.32



1















PER SHARE DATA













Shares outstanding at period end

7,218,009


7,097,270


2

%


7,163,649



1

%

Weighted average shares outstanding













   Basic

6,694,751


6,532,620


3

%


6,633,544



1

%

   Diluted

6,974,249


6,903,323


1



6,962,340



-














(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












































June 30, 2015



March 31, 2015



June 30, 2014



Acquired


Originated


Total



Acquired


Originated


Total



Acquired


Originated


Total


(dollars in thousands)





















CREDIT QUALITY(1)  (2)





















Nonaccrual loans

$  9,242


$ 2,817


$ 12,059



$ 14,703


$ 2,752


$ 17,455



$ 14,996


$ 4,602


$ 19,598


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


-


-


Total nonperforming loans

9,242


2,817


12,059



14,703


2,752


17,455



14,996


4,602


19,598


Foreclosed assets

4,372


1,832


6,204



2,991


1,886


4,877



6,916


16


6,932


Total nonperforming assets

13,614


4,649


18,263



17,694


4,638


22,332



21,912


4,618


26,530


Performing troubled debt restructurings

501


686


1,187



508


496


1,004



81


134


215


Total nonperforming assets and troubled debt restructurings





















$ 14,115


$ 5,335


$ 19,450



$ 18,202


$ 5,134


$ 23,336



$ 21,993


$ 4,752


$ 26,745























Nonperforming assets to total assets





1.48

%






1.81

%






2.11

%

Nonperforming loans to total assets 





0.98







1.41







1.56


Nonperforming loans to total loans 





1.32







1.89







2.16


Allowance for loan losses to nonperforming assets





46.35







37.04







29.24


Allowance for loan losses to nonperforming loans





70.20







47.39







39.58


Allowance for loan losses to total loans





0.92







0.90







0.85























Year-to-date loan charge-offs





$     233







$       59







$197


Year-to-date loan recoveries





107







33







81


Year-to-date net loan charge-offs 





$     126







$       26







$     116


Annualized YTD net loan charge-offs to total loans





0.03

%






0.01

%






0.03

%























(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 certain assets covered under FDIC loss sharing agreements. Such assets covered by FDIC loss sharing agreements are included in "Acquired" assets.  

Logo - http://photos.prnewswire.com/prnh/20130429/MM04092LOGO

 

SOURCE Home Bancorp, Inc.



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