Home Bancorp Announces Second Quarter 2018 Results And Increases Quarterly Dividend By 12%

LAFAYETTE, La., July 24, 2018 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported record net income of $7.8 million for the second quarter of 2018, an increase of $312,000, or 4%, compared to the first quarter of 2018 and an increase of $3.3 million, or 73%, compared to the second quarter of 2017.  The second and first quarters of 2018 include merger expenses, net of taxes, totaling $894,000 and $694,000, respectively, related to the acquisition of St. Martin Bancshares, Inc. ("SMB"),  which was consummated on December 6, 2017. 

Home Bank Logo. (PRNewsFoto/Home Bancorp, Inc.) (PRNewsFoto/)

Diluted earnings per share were a record $0.84 for the second quarter of 2018, an increase of $0.03, or 4%, compared to the first quarter of 2018, and an increase of $0.22, or 35%, compared to the second quarter of 2017.

"Our strong net income during the first half of 2018, combined with our results over the past several years, provides us the ability to continue investing to improve the company," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. "Our focus on strengthening long-term shareholder value remains unwavering and, to that end, our investments will remain focused on ensuring we surround ourselves with highly competent and driven bankers and the technologies that result in an even better experience for our customers."

The Company also announced that its Board of Directors increased the quarterly cash dividend on shares of its common stock to $0.19 per share payable on August 17, 2018, to shareholders of record as of August 6, 2018.

Loans and Credit Quality

Loans totaled $1.6 billion at June 30, 2018, a decrease of $15.6 million, or 1%, from March 31, 2018.  During the second quarter of 2018, growth in organic loans of 10% (on an annualized basis) was offset by declines in acquired loan balances.          

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










June 30,


March 31,


Increase/(Decrease)


(dollars in thousands)


2018


2018


Amount

Percent


Real estate loans:









     One- to four-family first mortgage

$

458,430

$

466,193

$

(7,763)

(2)

%

     Home equity loans and lines


90,230


91,820


(1,590)

(2)


     Commercial real estate


604,739


605,393


(654)

-


     Construction and land


180,635


180,548


87

-


     Multi-family residential


47,921


52,725


(4,804)

(9)


        Total real estate loans


1,381,955


1,396,679


(14,724)

(1)


Other loans:









     Commercial and industrial


185,016


182,211


2,805

2


     Consumer


58,708


62,380


(3,672)

(6)


        Total other loans


243,724


244,591


(867)

-


        Total loans

$

1,625,679

$

1,641,270

$

(15,591)

(1)

%










Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $22.7 million at June 30, 2018, an improvement of $5.1 million, or 18%, compared to March 31, 2018.  The ratio of NPAs to total assets was 1.05% at June 30, 2018, compared to 1.26% at March 31, 2018.  The reduction in NPAs during the quarter related primarily to one loan relationship totaling $3.6 million returning to accrual status and payoffs totaling approximately $1.6 million.

The Company recorded net loan recoveries of $123,000 during the second quarter of 2018, compared to net loan charge-offs of $1.5 million for the first quarter of 2018. The Company's provision for loan losses for the second quarter of 2018 was $581,000, compared to $964,000 for the first quarter of 2018. 

The ratio of the allowance for loan losses to total loans was 0.92% at June 30, 2018, compared to 0.87% at March 31, 2018.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.40% at both June 30, 2018 and March 31, 2018.   

Deposits

Total deposits were $1.8 billion at June 30, 2018, a decrease of $50.7 million, or 3%, from March 31, 2018.  The cost of interest-bearing deposits increased slightly during the quarter.  Management anticipates that to retain existing deposits and attract new deposit inflows further deposit rate increases are likely.

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










June 30,


March 31,


Increase/(Decrease)


(dollars in thousands)


2018


2018


Amount

Percent


Demand deposits

$

455,676

$

456,353

$

(677)

-

%

Savings


210,715


215,428


(4,713)

(2)


Money market


291,262


299,338


(8,076)

(3)


NOW


478,843


506,521


(27,678)

(5)


Certificates of deposit


352,049


361,565


(9,516)

(3)


        Total deposits

$

1,788,545

$

1,839,205

$

(50,660)

(3)

%










Net Interest Income

Net interest income for the second quarter of 2018 totaled $23.3 million, an increase of $830,000, or 4%, compared to the first quarter of 2018.  The increase resulted from an $850,000 increase in interest income, which was primarily driven by higher income on loans.  Despite a decrease in average loan balances, interest income increased primarily due to higher accretion income (up $323,000), the extra day in the second quarter (impact of approximately $230,000), higher yields on investment securities (up $215,000) and higher yields on adjustable rate loans as a result of Federal Reserve rate increases (up approximately $190,000).  The Company's net interest margin was 4.69% for the second quarter of 2018, 20 basis points higher than the first quarter of 2018, primarily due to the reasons noted above.

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 21%.



For the Three Months Ended



June 30, 2018



March 31, 2018


(dollars in thousands)


Average
Balance

Average
Yield/Rate



Average
Balance

Average
Yield/Rate


Interest-earning assets:









Loans receivable









   Originated loans

$

938,453

5.53

%

$

910,874

5.41

%

   Acquired loans


695,857

5.98



736,629

5.73


        Total loans receivable


1,634,310

5.72



1,647,503

5.55


Investment securities (TE)


281,998

2.49



259,827

2.38


Other interest-earning assets


65,402

2.07



103,338

1.68


Total interest-earning assets

$

1,981,710

5.14

%

$

2,010,668

4.94

%










Interest-bearing liabilities:









Deposits:









Savings, checking, and money market

$

992,449

0.42

%

$

1,010,980

0.41

%

Certificates of deposit


354,597

1.02



375,959

0.96


Total interest-bearing deposits


1,347,046

0.57



1,386,939

0.56


FHLB advances


70,276

1.78



71,194

1.78


Total interest-bearing liabilities

$

1,417,322

0.63

%

$

1,458,133

0.62

%










Net interest spread (TE)



4.51

%



4.32

%

Net interest margin (TE)



4.69

%



4.49

%

Noninterest Income

Noninterest income for the second quarter of 2018 totaled $3.3 million, a decrease of $137,000, or 4%, compared to the first quarter of 2018.  The decrease resulted primarily from the absence of a $145,000 gain on the sale of assets recorded in the first quarter of 2018. 

Noninterest Expense

Noninterest expense for the second quarter of 2018 totaled $16.3 million, an increase of $732,000, or 5%, compared to the first quarter of 2018. The increase resulted primarily from increases in data processing and communications expenses (up $665,000) due mostly to merger expenses and compensation and benefits costs (up $281,000), which were partially offset by a decrease in other expenses (down $187,000).  Noninterest expense for the second and first quarter of 2018 includes $1.1 million and $879,000, respectively, of merger expenses (pre-tax). 

Non-GAAP Reconciliation 













For the Three Months Ended


(dollars in thousands, except  per share data)


June 30,
2018



March 31,
2018



June 30,
2017


Reported noninterest expense

$

16,322


$

15,590


$

11,051


Less: Merger-related expenses


1,132



879



-


Non-GAAP noninterest expense

$

15,190


$

14,711


$

11,051












Reported noninterest income

$

3,344


$

3,481


$

2,164


Less: Loss on sale of banking center


-



-



(449)


Non-GAAP noninterest income

$

3,344


$

3,481


$

2,613












Reported net income

$

7,776


$

7,464


$

4,486


Less: Loss on sale of banking center, net of tax


-



-



(292)


Add: Merger-related expenses, net tax


894



694



-


Non-GAAP net income

$

8,670


$

8,158


$

4,778












Diluted EPS

$

0.84


$

0.81


$

0.62


Less: Loss on sale of banking center


-



-



(0.04)


Add: Merger-related expenses


0.09



0.07



-


Non-GAAP diluted EPS

$

0.93


$

0.88


$

0.66












Reported net income

$

7,776


$

7,464


$

4,486


Add: CDI amortization, net tax


359



397



113


Non-GAAP tangible income

$

8,135


$

7,861


$

4,599












Total Assets

$

2,159,976


$

2,206,854


$

1,574,181


Less: Intangible assets


67,035



67,499



12,403


Non-GAAP tangible assets

$

2,092,941


$

2,139,355


$

1,561,778












Total shareholders' equity

$

289,361


$

283,089


$

188,939


Less: Intangible assets


67,035



67,499



12,403


Non-GAAP tangible shareholders' equity

$

222,326


$

215,590


$

176,536












Originated loans

$

987,642


$

963,146


$

905,908


Acquired loans


638,037



678,124



312,855


Total loans

$

1,625,679


$

1,641,270


$

1,218,763












Originated allowance for loan losses

$

13,828


$

13,488


$

12,727


Acquired allowance for loan losses


1,145



781



283


Total allowance for loan losses

$

14,973


$

14,269


$

13,010












Return on average assets


1.44

%


1.37

%


1.15

%

Less: Loss on sale of banking center, net of tax


-



-



(0.07)


Add: Merger-related expenses, net tax


0.17



0.13



-


Adjusted return on average assets


1.61

%


1.50

%


1.22

%











Return on average equity


10.89

%


10.74

%


9.56

%

Add: Intangible assets


4.00



4.15



0.94


Non-GAAP return on tangible common equity


14.89

%


14.89

%


10.50

%











Return on average equity


10.89

%


10.74

%


9.56

%

Less: Loss on sale of banking center, net of tax


-



-



(0.62)


Add: Merger-related expenses, net tax


1.25



1.00



-


Adjusted return on average equity


12.14



11.74



10.18


Add: Average intangible assets


4.38



4.46



0.99


Adjusted return on average tangible common equity


16.52

%


16.20

%


11.17

%





















Common equity ratio


13.40

%


12.83

%


12.00

%

Less: Intangible assets


2.78



2.75



0.70


Non-GAAP tangible common equity ratio


10.62

%


10.08

%


11.30

%











Return on average equity


10.89

%


10.74

%


9.56

%

Add: Intangible assets


4.00



4.15



0.94


Non-GAAP return on tangible common equity


14.89

%


14.89

%


10.50

%











Efficiency ratio


61.17

%


59.99

%


61.19

%

Less: Loss on sale of banking center


-



-



1.49


Less: Merger-related expenses


4.24



3.38



-


Adjusted efficiency ratio


56.93

%


56.61

%


59.70

%











Book value per share

$

30.66


$

30.09


$

25.53


Less: Intangible assets


7.10



7.18



1.68


Non-GAAP tangible book value per share

$

23.56


$

22.91


$

23.85
























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, intangible assets, loss on closure or sale of banking centers 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 is it 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, 2017, 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,


December 31,


%



June 30,

March 31,


2018


2017


Change



2017

2018

Assets










Cash and cash equivalents

$        80,489,229


$      150,417,829


(47)

%


$        51,702,408

$      124,141,699

Interest-bearing deposits in banks

1,429,000


2,421,000


(41)



1,391,000

2,421,000

Investment securities available for sale, at fair value

264,258,591


234,993,436


13



197,376,270

263,169,977

Investment securities held to maturity

12,869,388


13,033,590


(1)



13,201,149

12,949,728

Mortgage loans held for sale

9,710,992


5,873,132


65



4,297,920

1,310,991

Loans, net of unearned income

1,625,679,017


1,657,794,751


(2)



1,218,762,771

1,641,270,174

Allowance for loan losses

(14,972,574)


(14,807,278)


1



(13,009,695)

(14,268,843)

     Total loans, net of allowance for loan losses

1,610,706,443


1,642,987,473


(2)



1,205,753,076

1,627,001,331

Office properties and equipment, net

45,191,944


45,604,752


(1)



38,532,534

45,203,029

Cash surrender value of bank-owned life insurance

29,228,142


28,903,913


1



20,389,918

29,064,532

Goodwill and core deposit intangibles

67,035,203


68,033,472


(2)



12,402,735

67,499,333

Accrued interest receivable and other assets

39,056,995


35,852,241


9



29,133,494

34,092,412

Total Assets

$   2,159,975,927


$   2,228,120,838


(3)



$   1,574,180,504

$   2,206,854,032





















Liabilities










Deposits

$   1,788,545,200


$   1,866,227,328


(4)

%


$   1,309,237,497

$   1,839,205,284

Federal Home Loan Bank advances

69,973,741


71,825,595


(3)



67,493,057

70,887,946

Accrued interest payable and other liabilities

12,096,106


12,197,189


(1)



8,511,085

13,671,575

Total Liabilities

1,870,615,047


1,950,250,112


(4)



1,385,241,639

1,923,764,805











Shareholders' Equity










Common stock

94,377


93,955


-

%


74,015

94,093

Additional paid-in capital

166,897,088


165,341,415


1



80,765,704

165,990,921

Common stock acquired by benefit plans

(3,737,420)


(3,922,413)


(5)



(4,129,035)

(3,828,482)

Retained earnings 

129,645,221


117,312,630


11



112,110,694

123,571,082

Accumulated other comprehensive income 

(3,538,386)


(954,861)


(271)



117,487

(2,738,387)

Total Shareholders' Equity

289,360,880


277,870,726


4



188,938,865

283,089,227

Total Liabilities and Shareholders' Equity

$   2,159,975,927


$   2,228,120,838


(3)



$   1,574,180,504

$   2,206,854,032

 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME


























 For The Three Months Ended 





 For the Six Months Ended 





 June 30, 

%



 June 30, 


%



2018

2017


Change



2018

2017


Change


Interest Income












Loans, including fees

$     23,527,220

$    16,167,363


46

%


$     46,330,848

$    32,410,631


43

%

Investment securities

1,709,801

1,114,880


53



3,204,860

2,143,513


50


Other investments and deposits

338,259

116,526


190



765,198

207,891


268


Total interest income

25,575,280

17,398,769


47



50,300,906

34,762,035


45














Interest Expense












Deposits

1,926,555

1,149,489


68

%


3,828,752

2,141,929


79

%

Federal Home Loan Bank advances

312,128

351,829


(11)



629,009

753,454


(17)


Total interest expense

2,238,683

1,501,318


49



4,457,761

2,895,383


54


Net interest income

23,336,597

15,897,451


47



45,843,145

31,866,652


44


Provision for loan losses

580,621

150,000


287



1,544,878

456,832


238


Net interest income after provision for loan losses

22,755,976

15,747,451


45



44,298,267

31,409,820


41














Noninterest Income












Service fees and charges

1,519,743

990,432


53

%


3,174,488

1,927,361


65

%

Bank card fees

1,196,082

766,607


56



2,294,632

1,450,121


58


Gain on sale of loans, net

200,864

327,549


(39)



407,901

615,612


(34)


Income from bank-owned life insurance

163,610

121,649


34



324,229

240,365


35


Gain (loss) on the closure or sale of assets, net

69

(460,029)


100



145,275

(104,489)


239


Other income

263,665

417,739


(37)



478,459

860,784


(44)


Total noninterest income

3,344,033

2,163,947


55



6,824,984

4,989,754


37














Noninterest Expense












Compensation and benefits

9,222,132

6,892,412


34

%


18,163,605

13,667,861


33

%

Occupancy

1,719,081

1,272,246


35



3,393,950

2,492,129


36


Marketing and advertising

306,434

287,807


7



565,989

514,403


10


Data processing and communication

2,344,224

1,073,303


118



4,023,270

2,148,510


87


Professional fees

305,569

181,517


68



591,623

412,887


43


Forms, printing and supplies

273,995

155,144


77



630,599

290,443


117


Franchise and shares tax

363,248

191,816


89



728,548

393,782


85


Regulatory fees

342,947

312,437


10



722,284

635,275


14


Foreclosed assets, net

86,643

(101,096)


186



189,641

(159,871)


219


Other expenses

1,357,355

785,290


73



2,902,081

1,686,170


72


Total noninterest expense

16,321,628

11,050,876


48



31,911,590

22,081,589


45


Income before income tax expense

9,778,381

6,860,522


43



19,211,661

14,317,985


34


Income tax expense

2,002,631

2,374,725


(16)



3,972,364

4,826,487


(18)


Net income

$       7,775,750

$      4,485,797


73



$     15,239,297

$      9,491,498


61














Earnings per share - basic

$               0.86

$             0.64


34

%


$               1.69

$             1.36


24

%

Earnings per share - diluted

$               0.84

$             0.62


36



$               1.64

$             1.31


25














Cash dividends declared per common share

$               0.17

$             0.14


21

%


$               0.32

$             0.27


19

%

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION




























 For The Three Months Ended 





 For The Three  






 June 30, 


%



 Months Ended 



%



2018


2017


 Change 



 March 31, 2018 



 Change 


(dollars in thousands except per share data)













EARNINGS DATA













Total interest income

$        25,575


$       17,399


47

%


$                24,726



3

%

Total interest expense

2,238


1,501


49



2,219



1


Net interest income

23,337


15,898


47



22,507



4


Provision for loan losses

581


150


287



964



(40)


Total noninterest income

3,344


2,164


55



3,481



(4)


Total noninterest expense

16,322


11,051


48



15,590



5


Income tax expense

2,002


2,375


(16)



1,970



2


Net income

$          7,776


$         4,486


73



$                  7,464



4















AVERAGE BALANCE SHEET DATA













Total assets

$    2,164,664


$   1,562,410


39

%


$            2,204,910



(2)

%

Total interest-earning assets

1,981,710


1,460,644


36



2,010,668



(1)


Total loans

1,634,310


1,222,325


34



1,647,503



(1)


Total interest-bearing deposits

1,347,046


985,860


37



1,386,939



(3)


Total interest-bearing liabilities

1,417,322


1,070,683


32



1,458,133



(3)


Total deposits

1,804,376


1,284,445


40



1,845,190



(2)


Total shareholders' equity

286,482


187,631


53



281,853



2















SELECTED RATIOS (1)













Return on average assets

1.44

%

1.15

%

25

%


1.37

%


5

%

Return on average equity

10.89


9.56


14



10.74



1


Common equity ratio

13.40


12.00


12



12.83



4


Efficiency ratio (2)

61.17


61.19


-



59.99



2


Average equity to average assets

13.23


12.01


10



12.78



4


Tier 1 leverage capital ratio(3) 

10.16


10.45


(3)



9.57



6


Total risk-based capital ratio(3) 

14.52


14.98


(3)



13.84



5


Net interest margin (4)

4.69


4.35


8



4.49



5















SELECTED NON-GAAP RATIOS (1)













Tangible common equity ratio(5)

10.62

%

11.30

%

(6)

%


10.08

%


5

%

Return on average tangible common equity(6) 

14.89


10.50


42



14.89



-


Adjusted return on average assets (7)

1.61


1.22


32



1.50



7


Adjusted return on average equity (7)

12.14


10.19


19



11.74



3


Adjusted efficiency ratio (7)

56.93


59.70


(5)



56.61



1


Adjusted return on average tangible common equity (7)

16.52


11.17


48



16.20



2















PER SHARE DATA













Earnings per share - basic

$            0.86


$           0.64


34



$                   0.83



4

%

Earnings per share - diluted

0.84


0.62


36



0.81



4


Adjusted earnings per share - diluted (8)

0.93


0.66


41



0.88



6


Book value at period end

30.66


25.53


20



30.09



2


Tangible book value at period end

23.56


23.85


(1)



22.91



3


Shares outstanding at period end

9,437,654


7,401,396


28

%


9,409,261



-


Weighted average shares outstanding













   Basic

9,047,753


6,972,395


30

%


9,011,535



-

%

   Diluted

9,299,360


7,234,259


29



9,269,178



-














(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)

Estimated 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 21% for 2018 and 35% for 2017.

(5)

Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" for additional information.

(6)

Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes, divided by average common shareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" for additional information.

(7)

Adjusted ratios eliminate merger-related expenses and the gain or (loss) on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation"  for additional information.

(8)

Adjusted diluted EPS eliminates merger-related expenses and the gain or (loss) on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" for additional information.

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION












































June 30, 2018


March 31, 2018


June 30, 2017


Acquired

Originated

Total


Acquired

Originated

Total


Acquired

Originated

Total

(dollars in thousands)





















CREDIT QUALITY(1) 





















Nonaccrual loans (2) 

$    3,696


$    18,548


$    22,244



$   3,906


$    23,407


$    27,313



$  1,618


$   14,286


$    15,904


Accruing loans past due 90 days and over

-


-


-



-


-


-



-


-


-


Total nonperforming loans

3,696


18,548


22,244



3,906


23,407


27,313



1,618


14,286


15,904


Foreclosed assets

406


86


492



436


107


543



500


87


587


Total nonperforming assets

4,102


18,634


22,736



4,342


23,514


27,856



2,118


14,373


16,491


Performing troubled debt restructurings

1,054


2,717


3,771



1,068


606


1,674



3,063


1,084


4,147


Total nonperforming assets and troubled debt restructurings

$    5,156


$    21,351


$    26,507



$   5,410


$    24,120


$    29,530



$  5,181


$   15,457


$    20,638
























Nonperforming assets to total assets





1.05

%






1.26

%






1.05

%

Nonperforming loans to total assets 





1.03







1.24







1.01


Nonperforming loans to total loans 





1.37







1.66







1.30


Allowance for loan losses to nonperforming assets





65.85







51.22







78.89


Allowance for loan losses to nonperforming loans





67.31







52.24







81.80


Allowance for loan losses to total loans





0.92







0.87







1.07























Year-to-date loan charge-offs





$     1,545







$     1,526







$          91


Year-to-date loan recoveries





166







24







133


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





$     1,379







$     1,502







$        (42)


Annualized YTD net loan charge-offs (recoveries) to average loans





0.17

%






0.37

%






-

%

















(1)

Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from nonperforming loans. 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) 

Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $10.5 million, $14.7 million and $9.5 million at June 30, 2018, March 31, 2018 and June 30, 2017, respectively. Acquired restructured loans placed on nonaccrual totaled $949,000, $964,000 and $457,000 at June 30, 2018, March 31, 2018 and June 30, 2017, respectively.

 

SOURCE Home Bancorp, Inc.

For further information: John W. Bordelon, President and CEO (337) 237-1960