LOUISIANA 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.
http://photos.prnewswire.com/prnvar/20130429/MM04092LOGO
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 June 30, 2015 March 31, 2015 June 30,
thousands) 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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/home-bancorp-reports-2015-second-quarter-results-and-increases-its-quarterly-dividend-300119377.html
SOURCE Home Bancorp, Inc.
