LAFAYETTE, La., Jan. 26, 2012 /PRNewswire/ -- Home Bancorp, Inc.
(Nasdaq: HBCP) (the "Company"), the parent company for Home Bank
(www.home24bank.com), a Federally chartered savings bank
headquartered in Lafayette,
Louisiana (the "Bank"), announced net income of $2.1 million for the fourth quarter of 2011, an
increase of $1.2 million, or 131%,
compared to the third quarter of 2011 and an increase of
$669,000, or 46%, compared to the
fourth quarter of 2010. The third and fourth quarters of 2011
include pre-tax expenses related to the acquisition of GS Financial
Corp. of $1.4 million and
$604,000, respectively.
Excluding merger-related expenses, net income for the fourth
quarter of 2011 was $2.5 million, an
increase of 34% and 73% compared to the third quarter of 2011 and
the fourth quarter of 2010, respectively.
Diluted earnings per share were $0.30 for the fourth quarter of 2011, compared to
$0.13 for the third quarter of 2011
and $0.20 for the fourth quarter of
2010. Excluding merger-related expenses, diluted earnings per
share were $0.36 for the fourth
quarter of 2011, increases of 33% and 71% compared to the third
quarter of 2011 and the fourth quarter of 2010, respectively.
Net income for the year ended December
31, 2011 was $5.1 million, an
increase of $432,000, or 9%, compared
to 2010. Diluted earnings per share for 2011 were
$0.71, an increase of 15% compared to
$0.62 in 2010.
"We are pleased with the direction of our financial results,"
stated John W. Bordelon, President
and Chief Executive Officer of the Company and the Bank, "and are
even more excited about the development of our team. We have
assembled a team of bankers who are committed to expanding customer
relationships through sound financial advice and products. We
seek to differentiate ourselves daily by offering flexible and
timely solutions that better the lives of our customers."
"Our prospects for 2012 are strong due to the economic health of
our markets and our reputation for doing what's best for our
customers," added Mr. Bordelon. "We are focused on
continually enhancing shareholder value through improved
earnings."
Acquisition of GS Financial Corp.
As previously reported, the Company now serves the Greater New Orleans area through its
acquisition of GS Financial Corp., the former holding company of
Guaranty Savings Bank ("GSB") of Metairie, Louisiana, on July 15, 2011. As a result of the
transaction, the Company acquired $256.8
million of assets, including loans of $182.5 million, and $230.7
million in deposits and other liabilities.
Shareholders of GS Financial Corp. received $21.00 per share in cash, resulting in a total
purchase price of $26.4 million.
Loans and Credit Quality
Total loans were $666.4 million at
December 31, 2011, an increase of
$12.7 million, or 2%, from
September 30, 2011, and an increase
of $226.5 million, or 51%, from
December 31, 2010. Fourth
quarter 2011 loan growth was in construction and land loans (up
$8.6 million), commercial real estate
loans (up $5.0 million) and
multi-family residential loans (up $4.8
million). These increases were offset by decreases in
one- to four- family first mortgage loans (down $5.2 million) and commercial and industrial loans
(down $2.1 million). The
increase in loans during 2011 was primarily the result of the loans
acquired in the acquisition of GSB, which totaled $182.5 million at the acquisition date.
In connection with the Company's acquisition of certain assets
and liabilities of Statewide Bank from the Federal Deposit
Insurance Corporation ("FDIC") in March
2010, Home Bank entered into loss sharing agreements with
the FDIC which cover the loan portfolio acquired from Statewide
Bank ("Covered Loans") and other repossessed assets (collectively
referred to as "Covered Assets"). Under the terms of the loss
sharing agreements, the FDIC will absorb 80% of the first
$41 million of losses incurred on
Covered Assets and 95% of losses on Covered Assets exceeding
$41 million. Covered loans
totaled $61.1 million at December 31, 2011, down $6.2 million and down $19.4 million compared to September 30, 2011 and December 31, 2010, respectively.
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
December
31,
|
December
31,
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
2011
|
2010
|
Amount
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
One- to
four-family first mortgage
|
$182,817
|
$ 122,614
|
$ 60,203
|
49%
|
|
Home equity loans
and lines
|
43,665
|
30,915
|
12,750
|
41
|
|
Commercial real
estate
|
226,999
|
150,824
|
76,175
|
51
|
|
Construction and
land
|
78,994
|
57,538
|
21,456
|
37
|
|
Multi-family
residential
|
20,125
|
5,718
|
14,407
|
252
|
|
Total
real estate loans
|
552,600
|
367,609
|
184,991
|
50
|
|
Other loans:
|
|
|
|
|
|
Commercial and
industrial
|
82,980
|
48,410
|
34,570
|
71
|
|
Consumer
|
30,791
|
23,892
|
6,899
|
29
|
|
Total
other loans
|
113,771
|
72,302
|
41,469
|
57
|
|
Total
loans
|
$666,371
|
$ 439,911
|
$226,460
|
51%
|
|
|
|
|
|
|
|
|
Nonperforming assets ("NPAs") totaled $30.4 million at December
31, 2011, an increase of $2.4
million compared to September 30,
2011 and an increase of $7.6
million compared to December 31,
2010. NPAs include $16.6
million in Covered Assets and $9.9
million acquired from GSB. Excluding Covered Assets,
the ratio of NPAs to total assets was 1.55% at December 31, 2011, compared to 1.32% at
September 30, 2011 and 0.19% at
December 31, 2010.
The Company recorded net loan recoveries of $7,000 during the fourth quarter of 2011,
compared to net loan charge-offs of $53,000 in the third quarter of 2011 and
$151,000 in the fourth quarter of
2010.
The Company's loan loss provision for the fourth quarter of 2011
was $568,000, compared to
$526,000 for the third quarter of
2011 and $147,000 for the fourth
quarter of 2010. The increases compared to the fourth quarter
of 2010 are primarily attributable to loan growth and modest
downgrades of certain loans in the Company's organic (i.e., not
acquired) loan portfolio.
At December 31, 2011, the
Company's ratio of allowance for loan losses to total loans was
0.77%, compared to 0.69% and 0.89% at September 30, 2011 and December 31, 2010, respectively. The
increase in the ratio of allowance for loan losses to total loans
during the fourth quarter was due to loan growth and modest
downgrades of certain loans. The decrease in the fourth
quarter 2011 ratio of allowance for loan losses to total loans
compared to fourth quarter 2010 relates primarily to the
acquisition of the GSB loans. Under accounting rules
generally accepted in the United
States, an acquirer may not carry over the acquiree's
allowance for loan losses. Instead, the acquirer must fair
value the cash flows expected to be derived from the acquired loan
portfolio. Management has included its credit loss
expectations in the acquired loan portfolio's cash flow assumptions
used to derive the portfolio's fair value. Hence, management
believes that expected credit losses in the acquired loan portfolio
were appropriately addressed in the fair value adjustments recorded
on the acquired loan portfolio. Excluding acquired loans of
GSB and Statewide Bank, the ratio of allowance for loan losses to
total organic loans was 1.14% at December
31, 2011. Subsequent to acquisitions, ongoing
evaluations of the acquired loan portfolio may result in additional
provisions for the acquired loans.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$158.7 million at December 31, 2011, a decrease of $10.7 million, or 6%, from September 30, 2011, and an increase of
$31.5 million, or 25%, from
December 31, 2010. The decrease
in investment securities during the fourth quarter of 2011 resulted
primarily from paydowns, calls and maturities during the period.
The increase compared to December 31,
2010 resulted primarily from the addition of $46.5 million in investment securities acquired
from GSB. At December 31, 2011,
the Company had a net unrealized gain position on its investment
securities portfolio of $2.6 million,
compared to net unrealized gains of $2.5
million and $1.0 million as of
September 30, 2011 and December 31, 2010, respectively.
The Company maintains a portfolio of non-agency mortgage-backed
securities, which had an amortized cost of $14.8 million at December
31, 2011. Each of these securities is rated investment
grade by Standard & Poor's and/or Moody's.
Deposits
Deposits totaled $730.7 million at
December 31, 2011, an increase of
$11.3 million, or 2%, from
September 30, 2011, and $177.5 million, or 32%, from December 31, 2010. The acquisition of GSB
added $193.5 million in deposits.
The Company's organic core deposits (i.e., checking, savings
and money market accounts) increased for the tenth consecutive
quarter, posting growth of $12.7
million, or 3.6%, during the fourth quarter of 2011.
The following table sets forth the composition of the Company's
deposits at the dates indicated.
|
|
|
|
|
|
|
December
31,
|
December
31,
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
2011
|
2010
|
Amount
|
Percent
|
|
|
|
|
|
|
|
Demand deposit
|
$ 127,828
|
$ 100,579
|
$ 27,249
|
27%
|
|
Savings
|
43,671
|
29,258
|
14,413
|
49
|
|
Money market
|
180,790
|
133,245
|
47,545
|
36
|
|
NOW
|
93,679
|
68,398
|
25,281
|
37
|
|
Certificates of
deposit
|
284,766
|
221,738
|
63,028
|
28
|
|
Total
deposits
|
$ 730,734
|
$ 553,218
|
$177,516
|
32
|
|
|
|
|
|
|
|
|
Share Repurchases
The Company purchased 102,200 shares of its common stock during
the fourth quarter of 2011 at an average price per share of
$14.83 under the share repurchase
plan announced in May 2011. The
Company may repurchase up to 402,835 shares, or approximately 5%,
of the Company's outstanding common stock under the May 2011 plan. As of January 20, 2012, the Company has purchased
304,325 shares under the plan at an average price per share of
$14.55; hence, 98,510 additional
shares remain eligible for purchase under the plan. The
tangible book value per share of the Company's common stock was
$16.96 at December 31, 2011.
Net Interest Income
Net interest income for the fourth quarter of 2011 totaled
$10.0 million, an increase of
$593,000, or 6%, compared to the
third quarter of 2011, and an increase of $2.8 million, or 40%, compared to the fourth
quarter of 2010. The Company's net interest margin was 4.66%
for the fourth quarter of 2011, eight basis points higher than the
third quarter of 2011 and four basis points lower than the fourth
quarter of 2010. The increase in the net interest margin
compared to the third quarter of 2011 was primarily due to changes
in the mix of interest-earning assets. The decrease in the
net interest margin compared to the fourth quarter of 2010 was
primarily due to lower average yields on interest-earning assets
resulting from the current interest rate environment and lower
costs on interest-bearing liabilities.
Net interest income for 2011 totaled $33.2 million, an increase of $5.4 million, or 20%, compared to 2010.
The 20% increase relates primarily to the acquisition of GSB and
organic loan and core deposit growth. The Company's net
interest margin was 4.64% in 2011, two basis points higher than
2010, which was the result of mix changes in interest-earnings
assets and lower costs on interest-bearing liabilities.
The following table sets forth the Company's average balance and
average yields earned and rates paid on its interest-earning assets
and interest-bearing liabilities for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
December 31,
2011
|
September
30, 2011
|
December 31,
2010
|
|
(dollars in
thousands)
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable
|
$662,429
|
6.26%
|
$612,416
|
6.30%
|
$448,172
|
6.61%
|
|
Investment securities
|
162,367
|
2.18
|
174,208
|
2.36
|
124,561
|
3.39
|
|
Other interest-earning
assets
|
26,026
|
0.79
|
28,447
|
0.51
|
32,045
|
0.47
|
|
Total interest-earning
assets
|
$850,822
|
5.35
|
$815,071
|
5.30
|
$604,778
|
5.62
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Savings, checking, and money
market
|
$314,695
|
0.47
|
$300,000
|
0.52
|
$220,556
|
0.56
|
|
Certificates of
deposit
|
284,169
|
1.16
|
273,407
|
1.20
|
228,848
|
1.70
|
|
Total interest-bearing
deposits
|
598,864
|
0.80
|
573,407
|
0.84
|
449,404
|
1.14
|
|
FHLB advances
|
103,011
|
0.75
|
105,828
|
0.68
|
14,027
|
3.17
|
|
Total interest-bearing
liabilities
|
$701,875
|
0.79
|
$679,235
|
0.82
|
$463,431
|
1.20
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
4.56%
|
|
4.48%
|
|
4.42%
|
|
Net interest
margin
|
|
4.66
|
|
4.58
|
|
4.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
December 31,
2011
|
December 31,
2010
|
|
(dollars in
thousands)
|
Average
Balance
|
Average
Yield/Rate
|
Average
Balance
|
Average
Yield/Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
Loans receivable
|
$539,956
|
6.43%
|
$447,606
|
6.38%
|
|
Investment securities
|
153,175
|
2.38
|
129,523
|
3.84
|
|
Other interest-earning
assets
|
25,072
|
0.68
|
23,926
|
0.55
|
|
Total interest-earning
assets
|
$718,203
|
5.30
|
$601,055
|
5.60
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Savings, checking, and money
market
|
$272,512
|
0.50
|
$196,561
|
0.65
|
|
Certificates of
deposit
|
239,584
|
1.34
|
239,872
|
1.68
|
|
Total interest-bearing
deposits
|
512,096
|
0.89
|
436,433
|
1.22
|
|
FHLB advances
|
66,264
|
0.88
|
20,587
|
2.75
|
|
Total interest-bearing
liabilities
|
$578,360
|
0.89
|
$457,020
|
1.29
|
|
|
|
|
|
|
|
Net interest
spread
|
|
4.41%
|
|
4.31%
|
|
Net interest
margin
|
|
4.64
|
|
4.62
|
|
|
|
|
|
|
|
|
Noninterest Income
Noninterest income for the fourth quarter of 2011 totaled
$1.9 million, an increase of
$259,000, or 16%, compared to the
third quarter of 2011 and an increase of $380,000, or 26%, compared to the fourth quarter
of 2010. The increase in noninterest income in the fourth
quarter of 2011 compared to the third quarter of 2011 was primarily
the result of increased gains on the sale of mortgage loans of
$357,000, or 217%. The increase
in noninterest income in the fourth quarter of 2011 compared to the
fourth quarter of 2010 was primarily the result of increased gains
on the sale of mortgage loans of $183,000, or 54%, and the absence of OTTI charges
of $218,000 incurred in the fourth
quarter of 2010.
Noninterest income for 2011 totaled $6.8
million, an increase of $2.3
million, or 51%, from 2010. The increase in
noninterest income in 2011 compared to 2010 was primarily the
result of the absence of OTTI charges of $1.2 million incurred in 2010 and a $525,000 payment received in settlement of a
lawsuit during the second quarter of 2011. Additionally,
service fees and charges, bank card fees and gains on the sale of
mortgage loans increased in 2011 compared to 2010 as a result of
the GSB acquisition and organic customer growth.
Noninterest Expense
Noninterest expense for the fourth quarter of 2011 totaled
$8.1 million, a decrease of
$1.1 million, or 12%, compared to the
third quarter of 2011 and an increase of $1.8 million, or 29%, compared to the fourth
quarter of 2010. Noninterest expense for the third and fourth
quarters of 2011 include pre-tax expenses related to the
acquisition of GSB of $1.4 million
and $604,000, respectively.
Such merger-related expenses included professional fees, data
conversion and severance and other employee costs associated with
the merger and related systems conversion. Excluding
merger-related expenses, noninterest expense for the fourth quarter
of 2011 totaled $7.5 million, a
decrease of $255,000, or 3%, compared
to the third quarter of 2011 and an increase of $1.2 million, or 19%, compared to the fourth
quarter of 2010.
Exclusive of merger-related expenses, the decrease in
noninterest expense during the fourth quarter of 2011 compared to
the third quarter of 2011 was primarily attributable to decreases
in accruals for the Louisiana
shares tax and FDIC assessments. Such decreases were
partially offset by increased foreclosed asset collection
expenses.
Exclusive of merger-related expenses, the increase in
noninterest expense in the fourth quarter of 2011 compared to the
same quarter last year was primarily attributable to the growth of
the Company's branch network due to the GSB acquisition.
Noninterest expense for 2011 totaled $30.8 million, an increase of $6.4 million, or 26%, from 2010. The
increase in noninterest expense in 2011 compared to 2010 was
primarily the result of higher compensation and benefits, occupancy
and data processing and communications expenses related primarily
to the GSB acquisition.
Non-GAAP
Reconciliation
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
(dollars in
thousands)
|
December 31,
2011
|
September
30, 2011
|
December 31,
2010
|
|
|
|
|
|
|
Reported noninterest
expense
|
$ 8,083
|
$ 9,182
|
$ 6,273
|
|
Less: Merger-related
expenses
|
(604)
|
(1,449)
|
-
|
|
Non-GAAP noninterest
expense
|
$ 7,479
|
$ 7,733
|
$ 6,273
|
|
|
|
|
|
|
Reported net
income
|
$ 2,134
|
$ 923
|
$ 1,465
|
|
Add: Merger-related
expenses (after tax)
|
396
|
959
|
-
|
|
Non-GAAP net
income
|
$ 2,530
|
$ 1,882
|
$ 1,465
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
(dollars in
thousands)
|
December 31,
2011
|
December 31,
2010
|
|
|
|
|
|
|
|
Reported noninterest
expense
|
$ 30,783
|
$24,373
|
|
|
Less: Merger-related
expenses
|
(2,053)
|
-
|
|
|
Non-GAAP noninterest
expense
|
$ 28,730
|
$24,373
|
|
|
|
|
|
|
|
Reported net
income
|
$
5,120
|
$ 4,688
|
|
|
Add: Merger-related
expenses (after tax)
|
1,355
|
-
|
|
|
Non-GAAP net
income
|
$
6,475
|
$ 4,688
|
|
|
|
|
|
|
|
|
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 the impact of merger-related expenses. Management believes
the presentation of this non-GAAP financial information provides
useful information that is essential to a proper understanding of
the Company's core operating results. This non-GAAP financial
information should not be viewed as a substitute for operating
results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP financial information presented
by other companies.
This news release contains certain forwardlooking
statements. Forwardlooking 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."
Forwardlooking 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 forwardlooking statements. Home
Bancorp's Annual Report on Form 10-K for the year ended
December 31, 2010, 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.
Forwardlooking statements speak only as of the date they are
made. We do not undertake to update forwardlooking
statements to reflect circumstances or events that occur after the
date the forwardlooking statements are made or to reflect
the occurrence of unanticipated events.
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
CONDENSED
STATEMENTS OF FINANCIAL CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
%
|
|
|
September
30,
|
|
|
2011
|
|
2010
|
|
Change
|
|
|
2011
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 31,272,508
|
|
$ 36,970,638
|
|
(15) %
|
|
|
$ 32,916,713
|
|
Interest-bearing deposits
in banks
|
5,583,000
|
|
7,867,000
|
|
(29)
|
|
|
6,318,000
|
|
Investment securities
available for sale, at fair value
|
155,259,978
|
|
111,962,331
|
|
39
|
|
|
165,513,687
|
|
Investment securities held
to maturity
|
3,461,717
|
|
15,220,474
|
|
(77)
|
|
|
3,938,656
|
|
Mortgage loans held for
sale
|
1,672,597
|
|
2,436,986
|
|
(31)
|
|
|
8,928,396
|
|
Loans covered by loss
sharing agreements
|
61,070,360
|
|
80,446,859
|
|
(24)
|
|
|
67,296,479
|
|
Noncovered loans, net of
unearned income
|
605,301,127
|
|
359,464,400
|
|
68
|
|
|
586,339,131
|
|
Total
loans
|
666,371,487
|
|
439,911,259
|
|
51
|
|
|
653,635,610
|
|
Allowance for loan
losses
|
(5,104,363)
|
|
(3,919,745)
|
|
30
|
|
|
(4,529,834)
|
|
Total loans,
net of allowance for loan losses
|
661,267,124
|
|
435,991,514
|
|
52
|
|
|
649,105,776
|
|
FDIC loss sharing
receivable
|
24,222,190
|
|
32,012,783
|
|
(24)
|
|
|
25,628,190
|
|
Office properties and
equipment, net
|
31,763,692
|
|
23,371,915
|
|
36
|
|
|
31,314,946
|
|
Cash surrender value of
bank-owned life insurance
|
16,771,174
|
|
16,192,645
|
|
4
|
|
|
16,628,613
|
|
Accrued interest
receivable and other assets
|
32,515,158
|
|
18,396,806
|
|
77
|
|
|
31,880,426
|
|
Total Assets
|
$
963,789,138
|
|
$
700,423,092
|
|
38
|
|
|
$
972,173,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
$ 730,733,755
|
|
$ 553,217,853
|
|
32%
|
|
|
$ 719,460,464
|
|
Federal Home Loan Bank
advances
|
93,622,954
|
|
13,000,000
|
|
620
|
|
|
113,458,132
|
|
Accrued interest payable
and other liabilities
|
5,147,595
|
|
2,675,297
|
|
92
|
|
|
6,187,857
|
|
Total Liabilities
|
829,504,304
|
|
568,893,150
|
|
46
|
|
|
839,106,453
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common stock
|
89,335
|
|
89,270
|
|
-%
|
|
|
89,497
|
|
Additional paid-in
capital
|
89,741,406
|
|
88,818,862
|
|
1
|
|
|
89,336,376
|
|
Treasury stock
|
(15,892,315)
|
|
(10,425,725)
|
|
52
|
|
|
(14,376,355)
|
|
Common stock acquired by
benefit plans
|
(8,625,513)
|
|
(9,770,556)
|
|
(12)
|
|
|
(8,714,783)
|
|
Retained
earnings
|
67,245,350
|
|
62,125,568
|
|
8
|
|
|
65,111,099
|
|
Accumulated other
comprehensive income
|
1,726,571
|
|
692,523
|
|
149
|
|
|
1,621,116
|
|
Total Shareholders'
Equity
|
134,284,834
|
|
131,529,942
|
|
2
|
|
|
133,066,950
|
|
Total Liabilities and
Shareholders' Equity
|
$
963,789,138
|
|
$
700,423,092
|
|
38
|
|
|
$
972,173,403
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The Year
Ended
|
|
|
|
|
|
December
31,
|
%
|
|
|
December
31,
|
|
%
|
|
|
|
2011
|
2010
|
|
Change
|
|
|
2011
|
2010
|
|
Change
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$ 10,450,022
|
$ 7,456,346
|
|
40%
|
|
|
$ 34,604,712
|
$ 28,556,905
|
|
21%
|
|
|
Investment
securities
|
883,979
|
1,056,751
|
|
(16)
|
|
|
3,686,134
|
4,969,876
|
|
(26)
|
|
|
Other investments and
deposits
|
36,803
|
37,895
|
|
(3)
|
|
|
144,346
|
132,121
|
|
9
|
|
|
Total interest
income
|
11,370,804
|
8,550,992
|
|
33
|
|
|
38,435,192
|
33,658,902
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,194,653
|
1,294,223
|
|
(8) %
|
|
|
4,626,198
|
5,316,147
|
|
(13) %
|
|
|
Federal Home Loan Bank
advances
|
194,407
|
111,440
|
|
74
|
|
|
590,972
|
565,011
|
|
5
|
|
|
Total interest
expense
|
1,389,060
|
1,405,663
|
|
(1)
|
|
|
5,217,170
|
5,881,158
|
|
(11)
|
|
|
Net interest income
|
9,981,744
|
7,145,329
|
|
40
|
|
|
33,218,022
|
27,777,744
|
|
20
|
|
|
Provision for loan
losses
|
567,968
|
147,297
|
|
286
|
|
|
1,460,427
|
864,659
|
|
69
|
|
|
Net interest income after
provision for loan losses
|
9,413,776
|
6,998,032
|
|
35
|
|
|
31,757,595
|
26,913,085
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
538,368
|
477,547
|
|
13%
|
|
|
2,160,706
|
2,013,358
|
|
7%
|
|
|
Bank card fees
|
443,407
|
405,685
|
|
9
|
|
|
1,737,554
|
1,418,620
|
|
22
|
|
|
Gain on sale of loans,
net
|
520,493
|
337,435
|
|
54
|
|
|
910,165
|
716,252
|
|
27
|
|
|
Income from bank-owned
life insurance
|
142,561
|
158,496
|
|
(10)
|
|
|
578,529
|
631,702
|
|
(8)
|
|
|
Other-than-temporary
impairment of securities
|
-
|
(218,266)
|
|
-
|
|
|
-
|
(1,229,037)
|
|
-
|
|
|
Gain (loss) on the sale of
securities, net
|
(4,706)
|
19,573
|
|
(124)
|
|
|
(170,788)
|
58,704
|
|
(391)
|
|
|
Discount accretion of FDIC
loss sharing receivable
|
187,799
|
236,895
|
|
(21)
|
|
|
851,080
|
738,431
|
|
15
|
|
|
Settlement of
litigation
|
-
|
-
|
|
-
|
|
|
525,000
|
-
|
|
-
|
|
|
Other income
|
30,461
|
60,787
|
|
(50)
|
|
|
188,750
|
144,045
|
|
31
|
|
|
Total noninterest
income
|
1,858,383
|
1,478,152
|
|
26
|
|
|
6,780,996
|
4,492,075
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
4,692,503
|
3,797,201
|
|
24%
|
|
|
17,821,501
|
14,505,004
|
|
23%
|
|
|
Occupancy
|
799,493
|
565,753
|
|
41
|
|
|
2,633,558
|
2,217,788
|
|
19
|
|
|
Marketing and
advertising
|
312,733
|
238,500
|
|
31
|
|
|
980,557
|
826,616
|
|
19
|
|
|
Data processing and
communication
|
713,701
|
493,814
|
|
45
|
|
|
3,141,776
|
2,141,975
|
|
47
|
|
|
Professional
fees
|
203,524
|
188,737
|
|
8
|
|
|
1,378,504
|
1,084,170
|
|
27
|
|
|
Forms, printing and
supplies
|
139,997
|
131,860
|
|
6
|
|
|
542,079
|
512,777
|
|
6
|
|
|
Franchise and shares
tax
|
93,783
|
(40,515)
|
|
331
|
|
|
675,801
|
400,589
|
|
69
|
|
|
Regulatory fees
|
169,375
|
228,244
|
|
(26)
|
|
|
857,990
|
620,526
|
|
38
|
|
|
Foreclosed assets,
net
|
242,590
|
173,488
|
|
40
|
|
|
471,637
|
241,593
|
|
95
|
|
|
Other expenses
|
715,087
|
495,880
|
|
44
|
|
|
2,279,996
|
1,822,107
|
|
25
|
|
|
Total noninterest
expense
|
8,082,786
|
6,272,962
|
|
29
|
|
|
30,783,399
|
24,373,145
|
|
26
|
|
|
Income before income tax
expense
|
3,189,373
|
2,203,222
|
|
45
|
|
|
7,755,192
|
7,032,015
|
|
10
|
|
|
Income tax expense
|
1,055,122
|
738,301
|
|
43
|
|
|
2,635,411
|
2,343,890
|
|
12
|
|
|
Net income
|
$
2,134,251
|
$
1,464,921
|
|
46%
|
|
|
$
5,119,781
|
$
4,688,125
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.31
|
$
0.20
|
|
55%
|
|
|
$
0.72
|
$
0.62
|
|
16%
|
|
|
Earnings per share -
diluted
|
$
0.30
|
$
0.20
|
|
50
|
|
|
$
0.71
|
$
0.62
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME
BANCORP, INC. AND SUBSIDIARY
|
|
SUMMARY
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Three Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
December 31,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
|
2011
|
|
2010
|
|
Change
|
|
|
September
30, 2011
|
|
|
Change
|
|
|
(dollars in thousands except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
$ 11,371
|
|
$
8,550
|
|
33%
|
|
|
$
10,788
|
|
|
5%
|
|
|
Total interest
expense
|
1,389
|
|
1,406
|
|
(1)
|
|
|
1,400
|
|
|
(1)
|
|
|
Net interest income
|
9,982
|
|
7,144
|
|
40
|
|
|
9,388
|
|
|
6
|
|
|
Provision for loan
losses
|
568
|
|
147
|
|
286
|
|
|
526
|
|
|
8
|
|
|
Total noninterest
income
|
1,858
|
|
1,478
|
|
26
|
|
|
1,599
|
|
|
16
|
|
|
Total noninterest
expense
|
8,083
|
|
6,272
|
|
29
|
|
|
9,182
|
|
|
(12)
|
|
|
Income tax expense
|
1,055
|
|
738
|
|
43
|
|
|
356
|
|
|
196
|
|
|
Net income
|
$
2,134
|
|
$
1,465
|
|
46
|
|
|
$
923
|
|
|
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 965,357
|
|
$ 698,683
|
|
38%
|
|
|
$
926,101
|
|
|
4%
|
|
|
Total interest-earning
assets
|
850,822
|
|
604,778
|
|
41
|
|
|
815,071
|
|
|
4
|
|
|
Totals loans
|
662,429
|
|
448,172
|
|
48
|
|
|
612,416
|
|
|
8
|
|
|
Total interest-bearing
deposits
|
598,864
|
|
449,404
|
|
33
|
|
|
573,407
|
|
|
4
|
|
|
Total interest-bearing
liabilities
|
701,875
|
|
463,431
|
|
51
|
|
|
679,235
|
|
|
3
|
|
|
Total deposits
|
724,717
|
|
551,010
|
|
32
|
|
|
689,014
|
|
|
5
|
|
|
Total shareholders'
equity
|
133,899
|
|
131,802
|
|
2
|
|
|
127,750
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.88%
|
|
0.84%
|
|
5%
|
|
|
0.40%
|
|
|
120%
|
|
|
Return on average
equity
|
6.38
|
|
4.45
|
|
43
|
|
|
2.89
|
|
|
121
|
|
|
Efficiency ratio (2)
|
68.27
|
|
72.74
|
|
(6)
|
|
|
83.57
|
|
|
(18)
|
|
|
Average equity to average
assets
|
13.87
|
|
18.86
|
|
(26)
|
|
|
13.79
|
|
|
1
|
|
|
Tier 1 leverage capital ratio
(3)
|
12.52
|
|
15.46
|
|
(19)
|
|
|
12.17
|
|
|
3
|
|
|
Total risk-based capital ratio
(3)
|
21.08
|
|
23.65
|
|
(11)
|
|
|
21.17
|
|
|
-
|
|
|
Net interest margin
(4)
|
4.66
|
|
4.70
|
|
(1)
|
|
|
4.58
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.31
|
|
$
0.20
|
|
55%
|
|
|
$
0.13
|
|
|
138%
|
|
|
Diluted earnings per
share
|
0.30
|
|
0.20
|
|
50
|
|
|
0.13
|
|
|
131
|
|
|
Book value at period
end
|
17.30
|
|
16.18
|
|
7
|
|
|
16.92
|
|
|
2
|
|
|
Tangible book value at period
end
|
16.96
|
|
15.46
|
|
10
|
|
|
16.60
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at period
end
|
7,759,954
|
|
8,311,602
|
|
(7)%
|
|
|
7,862,154
|
|
|
(1) %
|
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6,882,206
|
|
7,274,882
|
|
(5)%
|
|
|
7,173,443
|
|
|
(4) %
|
|
|
Diluted
|
7,033,984
|
|
7,347,275
|
|
(4)
|
|
|
7,274,615
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
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(4) Net interest margin
represents net interest income as a percentage of average
interest-earning assets.
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HOME
BANCORP, INC. AND SUBSIDIARY
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SUMMARY
CREDIT QUALITY INFORMATION
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December 31,
2011
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September
30, 2011
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December 31,
2010
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Covered
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Noncovered
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Total
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Covered
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Noncovered
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Total
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Covered
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Noncovered
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Total
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(dollars in
thousands)
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CREDIT QUALITY
(1) (2)
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Nonaccrual loans
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$ 10,460
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$ 11,000
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$ 21,460
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$ 10,680
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$ 8,791
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$ 19,471
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$ 15,988
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$ 1,056
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$ 17,044
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Accruing loans past due 90 days and over
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-
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-
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-
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-
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-
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-
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-
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-
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-
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Total nonperforming
loans
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10,460
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11,000
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21,460
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10,680
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8,791
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19,471
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15,988
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1,056
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17,044
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Other real estate
owned
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6,096
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2,868
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8,964
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5,495
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3,066
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8,561
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5,661
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92
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5,753
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Total nonperforming
assets
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16,556
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13,868
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30,424
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16,175
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11,857
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28,032
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21,649
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1,148
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22,797
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Performing troubled debt
restructurings
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26
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572
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598
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29
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587
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616
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-
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721
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721
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Total nonperforming assets and
troubled
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debt
restructurings
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$
16,582
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$
14,440
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$
31,022
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$
16,204
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$
12,444
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$
28,648
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$
21,649
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$
1,869
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$
23,518
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Nonperforming assets to total
assets
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3.16%
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2.88%
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3.25%
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Nonperforming loans to total
assets
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2.23
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2.00
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2.43
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Nonperforming loans to total
loans
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3.21
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2.98
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3.87
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Allowance for loan losses to
nonperforming assets
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16.78
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16.16
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17.19
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Allowance for loan losses to
nonperforming loans
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23.79
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23.26
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23.00
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Allowance for loan losses to
total loans
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0.77
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0.69
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0.89
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Year-to-date loan
charge-offs
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$
334
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$
320
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$
369
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Year-to-date loan
recoveries
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58
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38
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72
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Year-to-date net loan
charge-offs
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$
276
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$
282
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$
297
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Annualized YTD net loan
charge-offs to total loans
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0.04%
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0.06%
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0.07%
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(1) Nonperforming loans
consist of nonaccruing loans and 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.
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(2) Asset quality
information includes assets covered under FDIC loss sharing
agreements. Such assets covered by FDIC loss sharing agreements are
referred to as "Covered" assets. All other assets are
referred to as "Noncovered".
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SOURCE Home Bancorp, Inc.