Home Bancorp Announces 2019 Third Quarter Results And Increases Quarterly Dividend By 5%

LAFAYETTE, La., Oct. 29, 2019 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported financial results for the third quarter of 2019.  For the quarter, the Company reported net income of $6.9 million, or $0.75 per diluted common share ("EPS"), compared to $6.6 million, or $0.71 EPS, for the second quarter of 2019.

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

Key performance metrics for the third quarter of 2019 (compared to the second quarter 2019) include: 

  • Loans increased $14.5 million, or 3% annualized;
  • Nonperforming loans decreased $1.0 million, or 4%;
  • Return on average assets, return on average equity and return on average tangible common equity were 1.23%, 8.64% and 11.39%, respectively;
  • The net interest margin declined 24 basis points, 14 basis points of which were due to the write-off of the FDIC loss sharing indemnification receivable;
  • Noninterest income included a non-taxable life insurance benefit of $1.2 million;
  • Noninterest expense included $287,000 (pre-tax) in costs related to the departure of a former executive;
  • The Company repurchased 123,902 shares of common stock at an average price of $37.32 per share; and
  • Bank capital remained strong with a common equity ratio of 14.19% at quarter end.

"The loan portfolio grew by 3% on an annualized basis and deposit rates increased at a slower pace during the quarter," said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "Our momentum is building because our bankers are focused on adding value to our customers, serving our communities, and providing a strong return for our shareholders."

The Company also announced that its Board of Directors increased its quarterly cash dividend on shares of its common stock to $0.22 per share payable on November 22, 2019, to shareholders of record as of November 8, 2019.

Loans and Credit Quality

Loans totaled $1.7 billion at September 30, 2019, up $14.5 million, or 1%, from June 30, 2019.  Third quarter net loan growth was primarily driven by increases in commercial real estate ("CRE") loans (up $27.5 million, or 4%) and multi-family residential loans (up $8.9 million, or 19%). CRE loan growth was strongest in the Acadiana and New Orleans markets. Multi-family residential loan growth was focused in the New Orleans market.  

CRE and multi-family loan growth was partially offset by net declines in construction and land loans (down $11.3 million, or 6%) and residential mortgage loans (down $9.9 million, or 2%).  Construction and land loans decreased primarily due to the completion of the construction phase of certain larger construction loans and their conversion to permanent CRE loans.

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











September 30,


June 30,


Increase/(Decrease)


(dollars in thousands)


2019


2019


Amount


Percent


Real estate loans:










     One- to four-family first mortgage

$

432,964

$

442,896

$

(9,932)


(2)

%

     Home equity loans and lines


81,835


81,794


41


-


     Commercial real estate


719,392


691,939


27,453


4


     Construction and land


188,879


200,153


(11,274)


(6)


     Multi-family residential


56,733


47,827


8,906


19


        Total real estate loans


1,479,803


1,464,609


15,194


1


Other loans:










     Commercial and industrial


180,264


179,394


870


-


     Consumer


47,375


48,945


(1,570)


(3)


        Total other loans


227,639


228,339


(700)


-


Total loans

$

1,707,442

$

1,692,948

$

14,494


1

%

Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $27.6 million at September 30, 2019, down $354,000, or 1%, compared to June 30, 2019. During the quarter, the Company transferred into other real estate owned $1.3 million of surplus bank-owned real estate, consisting of two unoccupied buildings acquired through mergers and two closed branches.  The ratio of NPAs to total assets was 1.24% at September 30, 2019, compared to 1.26% at June 30, 2019. Nonperforming loans ("NPLs"), excluding purchased credit impaired loans, totaled $25.0 million at September 30, 2019, down $1.0 million, or 4%, compared to June 30, 2019. The ratio of NPLs to total assets was 1.13% at September 30, 2019, compared to 1.17% at June 30, 2019.

The Company recorded net loan charge-offs of $787,000 during the third quarter of 2019, compared to net loan charge-offs of $96,000 for the second quarter of 2019.  The Company's provision for loan losses for the third quarter of 2019 was $1.1 million, compared to $765,000 for the second quarter of 2019.  The increase in net loan charge-offs and the provision for loan losses was primarily due to a previously recognized non-performing commercial relationship which filed for bankruptcy during the third quarter of 2019.  

The ratio of the allowance for loan losses to total loans was 1.03% at September 30, 2019, compared to 1.02% at June 30, 2019.  Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.29% at September 30, 2019, compared to 1.33% at June 30, 2019. The decrease in the allowance for loan losses attributable to originated loans was primarily due to improvement in risk ratings and general economic conditions.

Direct Energy Exposure 

The outstanding balance of direct loans to borrowers in the energy sector totaled $40.1 million, or 2% of total outstanding loans, at September 30, 2019, compared to $40.5 million, or 2% of total outstanding loans, at June 30, 2019.  Unfunded loan commitments to customers in the energy sector totaled $6.0 million at September 30, 2019, compared to $7.3 million at June 30, 2019. At September 30, 2019, loans constituting 95% of the balance of the direct energy-related portfolio were performing in accordance with their original loan agreements. The Company holds no shared national credits.

The allowance for loan losses attributable to originated direct energy-related loans totaled 2.40% of the outstanding balance of originated energy-related portfolio at September 30, 2019, compared to 2.58% at June 30, 2019.

Deposits

Total deposits were $1.8 billion at September 30, 2019, up $2.2 million, or less than 1%, from June 30, 2019. The following table sets forth the composition of the Company's deposits as of the dates indicated.











September 30,


June 30,


Increase/(Decrease)


(dollars in thousands)


2019


2019


Amount


Percent


Demand deposits

$

446,742

$

449,402

$

(2,660)


(1)

%

Savings


204,807


205,798


(991)


-


Money market


272,489


278,514


(6,025)


(2)


NOW


513,440


506,025


7,415


1


Certificates of deposit


393,928


389,430


4,498


1


        Total deposits

$

1,831,406

$

1,829,169

$

2,237


-

%

Share Repurchases

During the third quarter, the Company completed the remaining share repurchases under the 2016 Repurchase Plan and announced the approval of a new repurchase program (the "2019 Repurchase Plan"). The Company repurchased 123,902 shares of its common stock during the third quarter of 2019 at an average price per share of $37.32. An additional 464,987 shares remain eligible for purchase under the 2019 Repurchase Plan.  The book value per share and tangible book value per share of the Company's common stock was $33.72 and $26.77, respectively, at September 30, 2019.    

Net Interest Income

Net interest income for the third quarter of 2019 was $21.1 million, down $734,000, or 3%, from the second quarter of 2019.  Interest income for the third quarter was reduced by $680,000 (pre-tax) due to the write-off of the Company's FDIC loss sharing indemnification receivable.  This write-off significantly decreased loan accretion income for the third quarter.  The receivable represented the present value of expected reimbursable losses on acquired loans covered by a FDIC loss sharing agreement. Loans covered by the agreement, which expires in March 2020, have performed better than originally projected and the Company does not expect to incur any reimbursable losses during the remaining term of the loss sharing agreement. The loss sharing agreement was entered in connection with the Company's acquisition of certain assets and liabilities of Statewide Bank in a FDIC assisted transaction in 2010. During the first six months of 2019, amortization of the FDIC loss sharing indemnification receivable reduced net interest income by $293,000 (pre-tax).  Loan accretion income totaled $1.0 million during the second quarter of 2019 and $420,000 during the third quarter of 2019.   

The Company's net interest margin was 4.12% for the third quarter of 2019, a decline of 24 basis points from the second quarter of 2019, 14 basis points of which were attributable to the write-off of the FDIC loss sharing indemnification receivable.  The write-off reduced the average yield on loans for the third quarter of 2019 by 16 basis points.  The cost of interest-bearing liabilities increased six basis points compared to the second quarter of 2019.

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



September 30, 2019



June 30, 2019

(dollars in thousands)


Average
Balance


Interest

Average
Yield/
Rate



Average
Balance


Interest

Average
Yield/
Rate


Interest-earning assets:













Loans receivable:













   Originated loans

$

1,193,759

$

16,534

5.45

%

$

1,136,566

$

15,841

5.53

%

   Acquired loans


504,287


7,028

5.49



529,275


7,971

5.99


        Total loans receivable


1,698,046


23,562

5.46



1,665,841


23,812

5.68


Investment securities (TE)


261,778


1,515

2.36



271,267


1,729

2.60


Other interest-earning assets


58,878


397

2.68



55,959


380

2.72


Total interest-earning assets

$

2,018,702

$

25,474

4.98

%

$

1,993,067

$

25,921

5.18

%














Interest-bearing liabilities:













Deposits:













Savings, checking, and money market

$

991,248

$

2,215

0.89

%

$

985,349

$

2,097

0.85

%

Certificates of deposit


392,214


1,835

1.86



383,345


1,638

1.71


Total interest-bearing deposits


1,383,462


4,050

1.16



1,368,694


3,735

1.09


Other borrowings


5,550


53

3.80



5,539


53

3.84


FHLB advances


51,166


230

1.80



57,182


258

1.80


Total interest-bearing liabilities

$

1,440,178

$

4,333

1.19

%

$

1,431,415

$

4,046

1.13

%














Net interest spread (TE)





3.79

%





4.05

%

Net interest margin (TE)





4.12

%





4.36

%

Noninterest Income

Noninterest income for the third quarter of 2019 was $4.8 million, up $1.8 million, or 60%, from the second quarter of 2019 due primarily to the increase in income from bank-owned life insurance and the absence of write-downs on bank properties. The Company received a non-taxable life insurance benefit of $1.2 million following the death of a former employee during the third quarter of 2019. In the second quarter of 2019, write-downs of several bank properties reduced noninterest income by $347,000 (pre-tax). Noninterest income for the third quarter of 2019 also benefited from increases in service fees and charges (up $103,000, or 7%) and gains on the sale of loans (up $107,000, or 43%) compared to the second quarter of 2019.

Noninterest Expense

Noninterest expense for the third quarter of 2019 totaled $16.6 million, up $658,000, or 4%, compared to the second quarter of 2019. The increase primarily resulted from higher compensation and benefits and data processing and communication expenses, partially offset by the absence of certain occupancy costs recorded in the second quarter of 2019. The rise in compensation and benefits (up $653,000, or 7%) was primarily driven by $287,000 (pre-tax) of costs related to the departure of a former executive and an increase in employee health care costs. The increase in data processing and communication expense (up $168,000, or 10.5%) was primarily due to the renewal of software maintenance contracts related to the Company's core service provider. During the second quarter of 2019, $291,000 (pre-tax) of occupancy expenses were incurred to terminate lease space acquired through a previous merger. Similar occupancy costs were not incurred for the third quarter.

Income Tax Expense

Income tax expense for the third quarter of 2019 totaled $1.3 million, down $252,000, or 16%, from the second quarter of 2019. The Company's effective tax rate was 16.0% for the third quarter of 2019, compared to 19.1% for the second quarter of 2019. Income tax expense decreased primarily due to the increase in non-taxable earnings from bank-owned life insurance.

Non-GAAP Reconciliation 

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 intangible assets. 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 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.  A reconciliation on non-GAAP information included herein to GAAP is presented below.





For the Three Months Ended


(dollars in thousands, except per share data)


September 30,
2019



June 30,
2019



September 30,
2018












Reported net income

$

6,856


$

6,580


$

8,262


Add: CDI amortization, net tax


311



314



355


Non-GAAP tangible income

$

7,167


$

6,894


$

8,617












Total Assets

$

2,218,040


$

2,220,386


$

2,140,530


Less: Intangible assets


64,854



65,247



66,493


Non-GAAP tangible assets

$

2,153,186


$

2,155,139


$

2,074,037












Total shareholders' equity

$

314,677


$

313,494


$

295,688


Less: Intangible assets


64,854



65,247



66,493


Non-GAAP tangible shareholders' equity

$

249,823


$

248,247


$

229,195












Originated loans

$

1,215,539


$

1,177,630


$

1,042,198


Acquired loans


491,903



515,318



590,821


Total loans

$

1,707,442


$

1,692,948


$

1,633,019












Originated allowance for loan losses

$

15,694


$

15,635


$

14,392


Acquired allowance for loan losses


1,904



1,604



1,351


Total allowance for loan losses

$

17,598


$

17,239


$

15,743












Return on average equity


8.64

%


8.48

%


11.17

%

Add: Average intangible assets


2.75



2.77



3.92


Non-GAAP return on average tangible common equity


11.39

%


11.25

%


15.09

%











Common equity ratio


14.19

%


14.12

%


13.81

%

Less: Intangible assets


2.59



2.60



2.76


Non-GAAP tangible common equity ratio


11.60

%


11.52

%


11.05

%











Book value per share

$

33.72


$

33.20


$

31.19


Less: Intangible assets


6.95



6.91



7.01


Non-GAAP tangible book value per share

$

26.77


$

26.29


$

24.18


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, 2018, 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

(Unaudited)



























September 30,


December 31,


%



September 30,


June 30,

(dollars in thousands)


2019


2018


Change



2018


2019

Assets












Cash and cash equivalents

$

61,289

$

59,618


3

%

$

61,724

$

71,325

Interest-bearing deposits in banks


449


939


(52)



1,184


694

Investment securities available for sale, at fair value


255,114


260,131


(2)



258,948


261,626

Investment securities held to maturity


7,193


10,872


(34)



10,942


8,163

Mortgage loans held for sale


6,909


2,086


231



3,470


4,501

Loans, net of unearned income


1,707,442


1,649,754


3



1,633,019


1,692,948

Allowance for loan losses


(17,598)


(16,348)


8



(15,743)


(17,239)

     Total loans, net of allowance for loan losses


1,689,844


1,633,406


3



1,617,276


1,675,709

Office properties and equipment, net


46,362


47,124


(2)



45,758


47,698

Cash surrender value of bank-owned life insurance


39,228


29,560


33



29,394


39,927

Goodwill and core deposit intangibles


64,854


66,055


(2)



66,493


65,247

Accrued interest receivable and other assets


46,798


43,867


7



45,341


45,496

Total Assets

$

2,218,040

$

2,153,658


3


$

2,140,530

$

2,220,386

























Liabilities












Deposits

$

1,831,406

$

1,773,217


3

%

$

1,771,312

$

1,829,169

Other Borrowings


5,539


5,539


-



-


5,539

Federal Home Loan Bank advances


47,853


58,698


(18)



59,577


54,615

Accrued interest payable and other liabilities


18,565


12,164


53



13,953


17,569

Total Liabilities


1,903,363


1,849,618


3



1,844,842


1,906,892













Shareholders' Equity












Common stock


93


95


(2)

%


95


94

Additional paid-in capital


168,822


168,243


-



167,942


169,233

Common stock acquired by benefit plans


(3,260)


(3,539)


(8)



(3,648)


(3,351)

Retained earnings 


147,841


141,447


5



135,848


146,348

Accumulated other comprehensive income (loss)


1,181


(2,206)


154



(4,549)


1,170

Total Shareholders' Equity


314,677


304,040


3



295,688


313,494

Total Liabilities and Shareholders' Equity

$

2,218,040

$

2,153,658


3


$

2,140,530

$

2,220,386

 

HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME

(Unaudited)

































For The Three Months Ended
September 30,


%



For The Nine Months Ended
September 30,


%


(dollars in thousands except per share data)


2019


2018


Change



2019


2018


Change


Interest Income















Loans, including fees

$

23,562

$

24,118


(2)

%

$

70,572

$

70,448


-

%

Investment securities


1,515


1,694


(11)



5,052


4,898


3


Other investments and deposits


397


297


34



1,140


1,063


7


Total interest income


25,474


26,109


(2)



76,764


76,409


-

















Interest Expense















Deposits


4,050


2,312


75

%


11,116


6,142


81

%

Other borrowings


53


-


-



159


-


-


Federal Home Loan Bank advances


230


287


(20)



751


916


(18)


Total interest expense


4,333


2,599


67



12,026


7,058


70


Net interest income


21,141


23,510


(10)



64,738


69,351


(7)


Provision for loan losses


1,146


786


46



2,301


2,331


(1)


Net interest income after provision for loan losses


19,995


22,724


(12)



62,437


67,020


(7)

















Noninterest Income















Service fees and charges


1,516


1,638


(7)

%


4,396


4,812


(9)

%

Bank card fees


1,141


1,110


3



3,414


3,405


-


Gain on sale of loans, net


355


206


72



758


614


23


Income from bank-owned life insurance


1,464


166


782



1,831


490


274


(Loss) gain on the closure or sale of assets, net


(8)


(68)


88



(336)


77


(536)


Other income


306


289


6



853


770


11


Total noninterest income


4,774


3,341


43



10,916


10,168


7

















Noninterest Expense















Compensation and benefits


10,266


9,328


10

%


28,977


27,492


5

%

Occupancy


1,791


1,661


8



5,405


5,055


7


Marketing and advertising


418


329


27



997


939


6


Data processing and communication


1,764


1,804


(2)



4,782


5,827


(18)


Professional fees


227


265


(14)



684


856


(20)


Forms, printing and supplies


172


180


(4)



514


811


(37)


Franchise and shares tax


399


362


10



1,196


1,091


10


Regulatory fees


127


455


(72)



717


1,177


(39)


Foreclosed assets, net


47


58


(19)



328


247


33


Amortization of acquisition intangible


393


450


(13)



1,201


1,407


(15)


Other expenses


1,006


804


25



3,052


2,706


13


Total noninterest expense


16,610


15,696


6



47,853


47,608


1


Income before income tax expense


8,159


10,369


(21)



25,500


29,580


(14)


Income tax expense


1,303


2,107


(38)



4,174


6,079


(31)


Net income

$

6,856

$

8,262


(17)


$

21,326

$

23,501


(9)

















Earnings per share - basic

$

0.76

$

0.91


(17)

%

$

2.34

$

2.59


(10)

%

Earnings per share - diluted

$

0.75

$

0.89


(15)


$

2.32

$

2.53


(8)

















Cash dividends declared per common share

$

0.21

$

0.19


11

%

$

0.62

$

0.51


22

%

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION

(Unaudited)































For The Three Months Ended





For The Three







September 30,


%



Months Ended



%


(dollars in thousands except per share data)


2019


2018


 Change 



June 30, 2019



 Change 
















EARNINGS DATA














Total interest income

$

25,474

$

26,109


(2)

%

$

25,921



(2)

%

Total interest expense


4,333


2,599


67



4,046



7


Net interest income


21,141


23,510


(10)



21,875



(3)


Provision for loan losses


1,146


786


46



765



50


Total noninterest income


4,774


3,341


43



2,977



60


Total noninterest expense


16,610


15,696


6



15,952



4


Income tax expense


1,303


2,107


(38)



1,555



(16)


Net income

$

6,856

$

8,262


(17)



6,580



4
















AVERAGE BALANCE SHEET DATA














Total assets

$

2,217,178

$

2,137,422


4

%

$

2,190,604



1

%

Total interest-earning assets


2,018,702


1,958,820


3



1,993,067



1


Total loans


1,698,046


1,631,839


4



1,665,841



2


Total interest-bearing deposits


1,383,462


1,330,227


4



1,368,694



1


Total interest-bearing liabilities


1,440,178


1,394,436


3



1,431,415



1


Total deposits


1,827,689


1,775,846


3



1,810,377



1


Total shareholders' equity


314,773


293,367


7



311,308



1
















SELECTED RATIOS (1)














Return on average assets


1.23

%

1.53

%

(20)

%


1.20

%


2

%

Return on average equity


8.64


11.17


(23)



8.48



2


Common equity ratio


14.19


13.81


3



14.12



-


Efficiency ratio (2)


64.09


58.46


10



64.19



-


Average equity to average assets


14.20


13.73


3



14.21



-


Tier 1 leverage capital ratio(3) 


11.12


10.73


4



11.15



-


Total risk-based capital ratio(3) 


15.25


14.90


2



15.75



(3)


Net interest margin (4)


4.12


4.74


(13)



4.36



(6)
















SELECTED NON-GAAP RATIOS (1)














Tangible common equity ratio(5)


11.60

%

11.05

%

5

%


11.52

%


1

%

Return on average tangible common equity(6) 


11.39


15.09


(25)



11.25



1
















PER SHARE DATA














Earnings per share - basic

$

0.76

$

0.91


(17)

%

$

0.72



5

%

Earnings per share - diluted


0.75


0.89


(15)



0.71



5


Book value at period end


33.72


31.19


8



33.20



2


Tangible book value at period end


26.77


24.18


11



26.29



2


Shares outstanding at period end


9,331,099


9,479,611


(2)



9,441,800



(1)


Weighted average shares outstanding






-






-


   Basic


9,058,600


9,098,206


-

%


9,155,074



(1)

%

   Diluted


9,107,167


9,321,360


(2)



9,207,880



(1)


____________________________________________________________________

(1)

With the exception of end-of-period ratios, all ratios are based on average daily 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%.

(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.

 

HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION

(Unaudited)

























September 30, 2019



June 30, 2019



September 30, 2018


(dollars in thousands)


Acquired


Originated


Total



Acquired


Originated


Total



Acquired


Originated


Total
























CREDIT QUALITY(1) 






















Nonaccrual loans(2) 

$

11,785

$

13,221

$

25,006


$

10,945

$

15,027

$

25,972


$

5,070

$

15,805

$

20,875


Accruing loans past due 90 days and over


-


-


-



-


-


-



-


-


-


Total nonperforming loans


11,785


13,221


25,006



10,945


15,027


25,972



5,070


15,805


20,875


Foreclosed assets and ORE


1,880


712


2,592



1,893


87


1,980



485


86


571


Total nonperforming assets


13,665


13,933


27,598



12,838


15,114


27,952



5,555


15,891


21,446


Performing troubled debt restructurings


213


1,712


1,925



217


1,080


1,297



288


1,338


1,626


Total nonperforming assets and troubled debt restructurings

$

13,878

$

15,645

$

29,523


$

13,055

$

16,194

$

29,249


$

5,843

$

17,229

$

23,072
























Nonperforming assets to total assets






1.24

%






1.26

%






1.00

%

Nonperforming loans to total assets 






1.13







1.17







0.98


Nonperforming loans to total loans 






1.46







1.53







1.28


Allowance for loan losses to nonperforming assets






63.77







61.67







73.41


Allowance for loan losses to nonperforming loans






70.38







66.38







75.42


Allowance for loan losses to total loans






1.03







1.02







0.96
























Year-to-date loan charge-offs





$

1,118






$

288






$

1,564


Year-to-date loan recoveries






67







24







169


Year-to-date net loan charge-offs 





$

1,051






$

264






$

1,395


Annualized YTD net loan charge-offs to average loans






0.08

%






0.03

%






0.11

%

_____________________________________________

(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. It is our policy to cease accruing interest on loans 90 days or more past due. Nonperforming assets consist of nonperforming loans, foreclosed assets and surplus real estate (ORE).  Foreclosed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure. ORE consists of closed or unused bank buildings.

(2)

Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $8.8 million, $9.9 million and $9.0 million at September 30, 2019, June 30, 2019 and September 30, 2018, respectively.  Acquired restructured loans placed on nonaccrual totaled $2.0 million, $1.9 million and $868,000 at September 30, 2019, June 30, 2019 and September 30, 2018, respectively.

 

SOURCE Home Bancorp, Inc.

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