HOME BANCORP, INC. LAFAYETTE, La., April 25, 2017 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") (www.home24bank.com), reported net income of $5.0 million for the first quarter of 2017, an increase of $724,000, or 17%, compared to the fourth quarter of 2016 and an increase of $1.7 million, or 49%, compared to the first quarter of 2016. The first quarter of 2017 includes a gain on the sale of a banking center totaling $247,000 (net of taxes). The first quarter of 2016 includes merger expenses totaling $398,000 (net of taxes) related to the acquisition of Louisiana Bancorp, Inc. ("Louisiana Bancorp"). Excluding the banking center gain and merger-related expenses, net income for the first quarter 2017 totaled $4.8 million, an increase of $477,000, or 11%, compared to the fourth quarter of 2016 and an increase of $1.0 million, or 27%, compared to the first quarter of 2016.
Diluted earnings per share were $0.69 for the first quarter of 2017, an increase of $0.09, or 15%, compared to the fourth quarter of 2016 and an increase of $0.22, or 47%, compared to the first quarter of 2016. Excluding the banking center gain and merger-related expenses, first quarter 2017 diluted earnings per share increased $0.06, or 10%, compared to the fourth quarter of 2016 and increased $0.13, or 25%, compared to the first quarter of 2016.
"Although economic growth has been muted in both of the states in which we operate," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "we have continued to improve our profitability by enhancing the efficiency and effectiveness of many areas of the Company."
The Company also announced that its Board of Directors increased its quarterly cash dividend by $0.01 to $0.14 per share payable on May 19, 2017, to shareholders of record as of May 8, 2017.
Loans and Credit Quality
Loans totaled $1.2 billion at March 31, 2017, a decrease of $905,000 from December 31, 2016, and an increase of $8.9 million from March 31, 2016. During the first quarter of 2017, commercial real estate loans grew $16.9 million. This growth was offset by decreases in most other loan types.
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) 2017 2016 Amount Percent
--------------------- ---- ---- ------ -------
Real estate loans:
One- to four-family first mortgage $339,917 $341,883 $(1,966) (1)%
Home equity loans and lines 86,993 88,821 (1,828) (2)
Commercial real estate 444,403 427,515 16,888 4
Construction and land 132,405 141,167 (8,762) (6)
Multi-family residential 48,251 46,369 1,882 4
------ ------ ----- ---
Total real estate loans 1,051,969 1,045,755 6,214 1
--------- --------- ----- ---
Other loans:
Commercial and industrial 133,840 139,810 (5,970) (4)
Consumer 41,119 42,268 (1,149) (3)
------ ------ ------ ---
Total other loans 174,959 182,078 (7,119) (4)
------- ------- ------ ---
Total loans $1,226,928 $1,227,833 $(905) - %
========== ========== ===== ===
Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $16.2 million at March 31, 2017, a decrease of $438,000, or 3%, compared to December 31, 2016 and an increase of $6.7 million, or 70%, compared to March 31, 2016. The ratio of total NPAs to total assets was 1.02% at March 31, 2017, compared to 1.07% at December 31, 2016 and 0.62% at March 31, 2016.
The Company recorded net loan recoveries of $100,000 during the first quarter of 2017, compared to net loan charge-offs of $182,000 in the fourth quarter of 2016. There were virtually no net loan charge-offs in the first quarter of 2016. The Company's provision for loan losses for the first quarter of 2017 was $307,000, compared to $500,000 for the fourth quarter of 2016 and $850,000 for the first quarter of 2016.
The ratio of the allowance for loan losses to total loans was 1.05% at March 31, 2017, compared to 1.02% and 0.85% at December 31, 2016 and March 31, 2016, respectively. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.38% at March 31, 2017 and December 31, 2016, compared to 1.20% March 31, 2016.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $33.2 million, or 3% of total outstanding loans, at March 31, 2017, compared to $34.0 million at December 31, 2016. We also had unfunded loan commitments to customers in the energy sector amounting to $5.7 million at March 31, 2017, compared to $6.7 million at December 31, 2016. At March 31, 2017, loans constituting 95% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. The remaining 5%, or $1.8 million, had been restructured and were paying in accordance with the restructured terms as of March 31, 2017. The Company holds no shared national credits.
The allowance for loan losses attributable to direct energy-related loans totaled 3.34% of the outstanding balance of energy-related loans at March 31, 2017, compared to 3.35% at December 31, 2016.
Investment Securities Portfolio
The Company's investment securities portfolio totaled $205.5 million at March 31, 2017, an increase of $8.4 million, or 4%, from December 31, 2016, and an increase of $13.1 million, or 7%, from March 31, 2016.
At March 31, 2017, the Company had a net unrealized gain position on its investment securities portfolio of $123,000, compared to net unrealized gains of $18,000 and $2.7 million at December 31, 2016 and March 31, 2016, respectively. The Company's investment securities portfolio had a modified duration of 3.5 years at March 31, 2017, compared to 3.6 and 3.1 years at December 31, 2016 and March 31, 2016, respectively.
Deposits
Total deposits were $1.3 billion at March 31, 2017, an increase of $24.1 million, or 2%, from December 31, 2016, and an increase of $28.4 million, or 2%, from March 31, 2016.
The following table sets forth the composition of the Company's deposits as of the dates indicated.
March 31, December 31, Increase / (Decrease)
(dollars in thousands) 2017 2016 Amount Percent
--------------------- ---- ---- ------ -------
Demand deposit $297,101 $296,519 $582 - %
Savings 112,104 109,414 2,690 2
Money market 258,434 264,784 (6,350) (2)
NOW 323,161 305,092 18,069 6
Certificates of deposit 281,346 272,263 9,083 3
------- ------- ----- ---
Total deposits $1,272,146 $1,248,072 $24,074 2%
========== ========== ======= ===
Net Interest Income
Net interest income for the first quarter of 2017 totaled $16.0 million, an increase of $367,000, or 2%, compared to the fourth quarter of 2016, and an increase of $247,000, or 2%, compared to the first quarter of 2016. The increase in net interest income in the first quarter of 2017 compared to the fourth quarter of 2016 was due primarily to a $285,000 increase in accretion income on acquired loans and collections of interest and fees on loans previously on non-accrual status (up $142,000). The increase in net interest income in the first quarter of 2017 compared to the first quarter of 2016 was due primarily to a $343,000 increase in accretion income on acquired loans.
The Company's net interest margin was 4.42% for the first quarter of 2017, 12 basis points higher than the fourth quarter of 2016 and two basis points higher than the first quarter of 2016.The increase in the net interest margin in the first quarter of 2017 compared to the fourth quarter of 2016 was due primarily to higher average loan yields. The increase in the net interest margin in the first quarter of 2017 compared to the first quarter of 2016 was due primarily to changes in our interest-earning assets mix and higher average loan yields.
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, 2017 December 31, 2016 March 31, 2016
(dollars in thousands) Average Average Average Average Average Average
Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate
--- ------- ---------- ------- ---------- ------- ----------
Interest-earning assets:
Loans receivable
Originated loans $900,852 5.17% $881,047 4.97% $813,220 5.12%
Acquired loans 329,555 5.99 344,826 5.56 412,357 5.35
------- ------- -------
Total loan receivable 1,230,407 5.29 1,225,873 5.13 1,225,577 5.20
Investment securities
(TE) 200,457 2.23 186,112 2.06 188,549 2.26
Other interest-earning
assets 24,932 1.49 27,118 1.18 15,949 1.50
------ ------ ------
Total interest-earning
assets 1,455,796 4.81 1,439,103 4.66 1,430,075 4.77
========= ========= =========
Interest-bearing
liabilities:
Deposits:
Savings, checking, and
money market 684,872 0.25 674,438 0.24 678,682 0.24
Certificates of deposit 276,908 0.85 265,614 0.80 273,757 0.78
------- ------- -------
Total interest-bearing
deposits 961,780 0.42 940,052 0.40 952,439 0.39
FHLB advances 118,308 1.36 121,325 1.26 125,991 1.25
------- ------- -------
Total interest-bearing
liabilities $1,080,088 0.52 $1,061,377 0.50 $1,078,430 0.49
========== ========== ==========
Net interest spread (TE) 4.29% 4.16% 4.28%
Net interest margin (TE) 4.42% 4.30% 4.40%
----------------------- ---- ---- ----
Noninterest Income
Noninterest income for the first quarter of 2017 totaled $2.8 million, an increase of $198,000, or 8%, compared to the fourth quarter of 2016 and an increase of $259,000, or 10%, compared to the first quarter of 2016. The increase in noninterest income for the comparative periods resulted primarily from a gain of $380,000 on the sale of a banking center during the first quarter of 2017. Excluding the gain on the banking center, noninterest income totaled $2.4 million, a decrease of $182,000, or 7%, compared to the fourth quarter of 2016 and a decrease of $121,000, or 5%, compared to the first quarter of 2016. Noninterest income in the first quarter of 2017 compared to the fourth quarter of 2016 also was impacted by lower gains on the sale of mortgage loans (down $276,000), which was partially offset by an increase in other income (up $100,000 resulting primarily from recoveries on acquired charged off loans). The difference in noninterest income in the first quarter of 2017 compared to the first quarter of 2016 also reflects lower service fees and charges (down $99,000) and other income (down $65,000), which were partially offset by an increase in bank card fees (up $82,000).
Noninterest Expense
Noninterest expense for the first quarter of 2017 totaled $11.0 million, a decrease of $927,000, or 8%, compared to the fourth quarter of 2016 and a decrease of $1.3 million, or 11%, compared to the first quarter of 2016. Noninterest expense for the first quarter of 2016 includes $613,000 of merger expenses related to the acquisition of Louisiana Bancorp.
The decrease in noninterest expense in the first quarter of 2017 compared to the fourth quarter of 2016 resulted primarily from lower other expenses (down $382,000 resulting primarily from reduced deposit and debit card fraud), reduced foreclosed asset expenses (down $245,000 resulting from higher net gains on the sale of foreclosed assets), and lower marketing and advertising expenses (down $187,000).
Excluding merger-related expenses, the decrease in noninterest expense for the first quarter of 2017 compared to the first quarter of 2016 resulted primarily from reduced compensation and benefits expenses (down $373,000) and expenses on foreclosed assets (down $177,000).
Non-GAAP Reconciliation
For the Three Months Ended
(dollars in
thousands, except
earnings per
share data) March 31, December 31, March 31,
2017 2016 2016
--- ---- ---- ----
Reported
noninterest
expense $11,031 $11,957 $12,341
Less: Merger-
related expenses - - 613
----------------- --- --- ---
Non-GAAP
noninterest
expense $11,031 $11,957 $11,728
============ ======= ======= =======
Reported
noninterest
income $2,826 $2,628 $2,567
Less: Gain on sale
of banking center 380 - -
------------------ --- --- ---
Non-GAAP
noninterest
income $2,446 $2,628 $2,567
============ ====== ====== ======
Reported net
income $5,006 $4,282 $3,350
Less: Gain on sale
of banking
center, net of
tax 247 - -
Add: Merger-
related expenses,
net tax - - 398
------------------ --- --- ---
Non-GAAP net
income $4,759 $4,282 $3,748
============ ====== ====== ======
Diluted EPS $0.69 $0.60 $0.47
Less: Gain on
sale of banking
center 0.03 - -
Add: Merger-
related expenses - - 0.06
----------------- --- --- ----
Non-GAAP diluted
EPS $0.66 $0.60 $0.53
================ ===== ===== =====
Reported net
income $5,006 $4,282 $3,350
Add: Amortization
CDI, net tax 121 126 138
----------------- --- --- ---
Non-GAAP tangible
income $5,127 $4,408 $3,488
================= ====== ====== ======
Total Assets $1,583,497 $1,556,732 $1,544,121
Less: Intangibles 12,577 12,762 15,119
----------------- ------ ------ ------
Non-GAAP tangible
assets $1,570,920 $1,543,970 $1,529,002
================= ========== ========== ==========
Total
shareholders'
equity $184,720 $179,843 $169,164
Less: Intangibles 12,577 12,762 15,119
----------------- ------ ------ ------
Non-GAAP tangible
shareholders'
equity $172,143 $167,081 $154,045
================= ======== ======== ========
11.67% 11.55% 10.96%
Common equity
ratio
Less: Intangibles 0.71 0.73 0.89
----------------- ---- ---- ----
Non-GAAP tangible
common equity
ratio 10.96% 10.82% 10.07%
================= ===== ===== =====
Return on average
equity 10.95% 9.58% 7.97%
Add: Intangibles 1.10 1.04 1.16
---------------- ---- ---- ----
Non-GAAP return
on tangible
common equity 12.05% 10.62% 9.13%
=============== ===== ===== ====
Book value per
share $25.05 $24.47 $23.31
Less: Intangibles 1.70 1.74 2.08
----------------- ---- ---- ----
Non-GAAP tangible
book value per
share $23.35 $22.73 $21.23
================= ====== ====== ======
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, impact of the gain on the sale of a banking center 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, 2016, 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,
2017 2016 Change 2016
---- ---- ------ ----
Assets
Cash and cash equivalents $52,378,725 $17,960,269 192% $29,314,741
Interest-bearing
deposits in banks 1,639,000 4,653,585 (65) 1,884,000
Investment securities
available for sale, at
fair value 192,188,925 178,533,171 8 183,729,857
Investment securities
held to maturity 13,283,010 13,845,761 (4) 13,365,479
Mortgage loans held for
sale 5,292,439 11,504,158 (54) 4,156,186
Loans, net of unearned
income 1,226,927,674 1,218,059,238 1 1,227,833,309
Allowance for loan losses (12,917,650) (10,397,231) 24 (12,510,708)
----------- ----------- -----------
Total loans, net of
allowance for loan
losses 1,214,010,024 1,207,662,007 1 1,215,322,601
------------- ------------- -------------
Office properties and
equipment, net 39,233,248 42,190,686 (7) 39,566,639
Cash surrender value of
bank-owned life
insurance 20,268,269 19,787,613 2 20,149,553
Accrued interest
receivable and other
assets 45,203,380 47,983,954 (6) 49,242,977
---------- ---------- ----------
Total Assets $1,583,497,020 $1,544,121,204 3 $1,556,732,033
============== ============== ==============
Liabilities
Deposits $1,272,146,338 $1,243,698,838 2% $1,248,072,453
Federal Home Loan Bank
advances 118,183,717 113,010,613 5 118,533,173
Accrued interest payable
and other liabilities 8,447,269 18,247,985 (54) 10,283,383
--------- ---------- ----------
Total Liabilities 1,398,777,324 1,374,957,436 2 1,376,889,009
------------- ------------- -------------
Shareholders' Equity
Common stock 73,737 72,568 2% 73,502
Additional paid-in
capital 80,092,853 77,389,045 4 79,425,604
Common stock acquired by
benefit plans (4,221,293) (4,620,078) (9) (4,315,223)
Retained earnings 108,694,266 94,542,265 15 104,647,375
Accumulated other
comprehensive income 80,133 1,779,968 (96) 11,766
------ --------- ------
Total Shareholders'
Equity 184,719,696 169,163,768 9 179,843,024
----------- ----------- -----------
Total Liabilities and
Shareholders' Equity $1,583,497,020 $1,544,121,204 3 $1,556,732,033
============== ============== ==============
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
For The Three Months Ended For the Three
March 31, % Months Ended %
Change
Change
2017 2016 December 31, 2016
---- ---- -----------------
Interest Income
Loans, including fees $16,243,268 $16,018,095 1% $15,971,349 2%
Investment securities 1,028,634 971,084 6 870,456 18
Other investments and
deposits 91,365 59,382 54 80,775 13
------ ------ ------
Total interest income 17,363,267 17,048,561 2 16,922,580 3
---------- ---------- ----------
Interest Expense
Deposits 992,441 931,853 7% 937,483 6%
Federal Home Loan Bank
advances 401,623 394,227 2 383,194 5
------- ------- -------
Total interest expense 1,394,064 1,326,080 5 1,320,677 6
--------- --------- ---------
Net interest income 15,969,203 15,722,481 2 15,601,903 2
Provision for loan
losses 306,832 850,000 (64) 500,000 (39)
------- ------- -------
Net interest income
after provision for
loan losses 15,662,371 14,872,481 5 15,101,903 4
---------- ---------- ----------
Noninterest Income
Service fees and charges 936,928 1,036,410 (10)% 977,049 (4)%
Bank card fees 683,514 601,201 14 666,769 3
Gain on sale of loans,
net 288,063 300,673 (4) 564,434 (49)
Income from bank-owned
life insurance 118,716 120,712 (2) 121,355 (2)
Gain (loss) on the sale
of assets, net 355,540 7 - (45,057) 889
Other income 443,045 508,275 (13) 343,145 29
------- ------- -------
Total noninterest income 2,825,806 2,567,278 10 2,627,695 8
--------- --------- ---------
Noninterest Expense
Compensation and
benefits 6,775,449 7,201,036 (6)% 6,788,326 - %
Occupancy 1,219,882 1,309,597 (7) 1,315,614 (7)
Marketing and
advertising 226,596 257,664 (12) 413,437 (45)
Data processing and
communication 1,075,207 1,543,715 (30) 1,142,859 (6)
Professional fees 231,371 294,207 (21) 185,616 25
Forms, printing and
supplies 135,300 177,292 (24) 135,701 -
Franchise and shares tax 201,967 219,773 (8) 161,456 25
Regulatory fees 322,838 322,691 - 345,818 (7)
Foreclosed assets, net (58,776) 118,377 (150) 186,049 (132)
Other expenses 900,880 896,836 1 1,282,621 (30)
------- ------- ---------
Total noninterest
expense 11,030,714 12,341,188 (11) 11,957,497 (8)
---------- ---------- ----------
Income before income tax
expense 7,457,463 5,098,571 46 5,772,101 29
Income tax expense 2,451,762 1,748,893 40 1,490,047 65
--------- --------- ---------
Net income $5,005,701 $3,349,678 49 $4,282,054 17
========== ========== ==========
Earnings per share -
basic $0.72 $0.49 47% $0.62 16%
===== ===== =====
Earnings per share -
diluted $0.69 $0.47 47 $0.60 15
===== ===== =====
Cash dividends declared
per common share $0.13 $0.09 44% $0.12 8%
===== ===== =====
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
For The Three Months Ended For The Three
March 31, % Months Ended %
2017 2016 Change December 31, 2016 Change
---- ---- ------ ----------------- ------
(dollars in
thousands except
per share data)
EARNINGS DATA
Total interest
income $17,363 $17,049 2% $16,923 3%
Total interest
expense 1,394 1,326 5 1,321 6
----- ----- -----
Net interest income 15,969 15,723 2 15,602 2
------ ------ ------
Provision for loan
losses 307 850 (64) 500 (39)
Total noninterest
income 2,826 2,567 10 2,628 8
Total noninterest
expense 11,031 12,341 (11) 11,957 (8)
Income tax expense 2,452 1,749 40 1,491 65
----- ----- -----
Net income $5,005 $3,350 49 $4,282 17
====== ====== ======
AVERAGE BALANCE
SHEET DATA
Total assets $1,561,282 $1,544,910 1% $1,545,831 1%
Total interest-
earning assets 1,455,796 1,430,075 2 1,439,103 1
Total loans 1,230,407 1,225,577 - 1,225,873 -
Total interest-
bearing deposits 961,780 952,439 1 940,052 2
Total interest-
bearing
liabilities 1,080,088 1,078,430 - 1,061,377 2
Total deposits 1,253,094 1,237,871 1 1,235,471 1
Total shareholders'
equity 182,868 168,039 9 178,808 2
SELECTED RATIOS (1)
Return on average
assets 1.28% 0.87% 47% 1.11% 15%
Return on average
equity 10.95 7.97 37 9.58 14
Return on average
tangible common
equity(2) 12.05 9.13 32 10.62 14
Common equity ratio 11.67 10.96 7 11.55 1
Tangible common
equity ratio(3) 10.96 10.07 9 10.82 1
Efficiency ratio
(4) 58.69 67.48 (13) 65.59 (11)
Average equity to
average assets 11.71 10.88 8 11.57 1
Tier 1 leverage
capital ratio(5) 10.15 8.97 13 9.94 2
Total risk-based
capital ratio(5) 14.54 12.79 14 13.96 4
Net interest margin
(6) 4.42 4.40 1 4.30 3
PER SHARE DATA
Basic earnings per
share $0.72 $0.49 47% $0.62 16%
Diluted earnings
per share 0.69 0.47 47 0.60 15
Book value at
period end 25.05 23.31 8 24.47 2
Tangible book value
at period end 23.35 21.23 10 22.73 3
PER SHARE DATA
Shares outstanding
at period end 7,373,641 7,256,671 2% 7,350,102 - %
Weighted average
shares outstanding
Basic 6,936,301 6,784,478 2% 6,897,135 1%
Diluted 7,207,263 7,052,369 2 7,165,278 1
_____________________________________
(1) With the exception of end-of-
period ratios, all ratios are
based on average monthly balances
during the respective periods.
(2) 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.
(3) Tangible common equity ratio is
common shareholders' equity less
intangible assets divided by total
assets less intangible assets.
(4) The efficiency ratio represents
noninterest expense as a
percentage of total revenues.
Total revenues is the sum of net
interest income and noninterest
income.
(5) Estimated capital ratios are end of
period ratios for the Bank only.
(6) 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, 2017 December 31, 2016 March 31, 2016
Acquired Originated Total Acquired Originated Total Acquired Originated Total
-------- ---------- ----- -------- ---------- ----- -------- ---------- -----
(dollars in thousands)
CREDIT QUALITY(1)
Nonaccrual loans $1,524 $13,072 $14,596 $1,463 $12,290 $13,753 $1,495 $5,635 $7,130
Accruing loans past due
90 days and over - - - - - - - - -
--- --- --- --- --- --- --- --- ---
Total nonperforming
loans 1,524 13,072 14,596 1,463 12,290 13,753 1,495 5,635 7,130
Foreclosed assets 890 722 1,612 2,171 722 2,893 2,199 180 2,379
--- --- ----- ----- --- ----- ----- --- -----
Total nonperforming
assets 2,414 13,794 16,208 3,634 13,012 16,646 3,694 5,815 9,509
Performing troubled
debt restructurings 3,314 1,056 4,370 3,380 1,270 4,650 1,855 783 2,638
----- ----- ----- ----- ----- ----- ----- --- -----
$5,728 $14,850 $20,578 $7,014 $14,282 $21,296 $5,549 $6,598 $12,147
Total nonperforming
assets and troubled
debt restructurings
Nonperforming assets to
total assets 1.02% 1.07% 0.62%
Nonperforming loans to
total assets 0.92 0.88 0.46
Nonperforming loans to
total loans 1.19 1.12 0.59
Allowance for loan
losses to
nonperforming assets 79.70 75.16 109.33
Allowance for loan
losses to
nonperforming loans 88.50 90.97 145.82
Allowance for loan
losses to total loans 1.05 1.02 0.85
Year-to-date loan
charge-offs $18 $446 $106
Year-to-date loan
recoveries 118 209 106
--- --- ---
Year-to-date net loan
charge-offs $(100) $237 $ -
===== ==== ===========
Annualized YTD net loan
charge-offs to total
loans - % 0.02% - %
________________________________________
(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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/home-bancorp-announces-first-quarter-2017-results-and-increases-its-quarterly-dividend-300444774.html
SOURCE Home Bancorp, Inc.
