LAFAYETTE, La., Oct. 24, 2017 /PRNewswire/ -- Home Bancorp,
Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home
Bank, N.A. (the "Bank") (www.home24bank.com), reported results for
the third quarter of 2017. Net income for the third quarter
of 2017 was $4.1 million, or
$0.56 per diluted common share
("EPS"), compared to $4.5 million, or
$0.62 EPS for the second quarter of
2017, and $4.4 million, or
$0.61 EPS for the third quarter of
2016.
"Our previously announced merger with St. Martin Bank is
proceeding as planned," stated John W.
Bordelon, President and Chief Executive Officer of the
Company and the Bank, "We are pleased to report all regulatory
approvals or non-objections have been received to proceed with the
merger. Our teams are fully committed to ensuring our
customers benefit significantly from our partnership."
The Company also announced that its Board of Directors declared
a cash dividend of $0.14 per share
payable on November 17, 2017, to
shareholders of record as of November 6,
2017.
Acquisition of St. Martin Bancshares, Inc.
As previously disclosed on August 23,
2017, the Company entered into a definitive agreement to
merge with St. Martin Bancshares, Inc. ("St. Martin Bancshares"),
the holding company of the 83-year-old St. Martin Bank & Trust
Company ("St. Martin Bank").
Under the terms of the agreement, St. Martin Bancshares will be
merged with and into Home Bancorp (the "Merger"), and St. Martin
Bank will be merged with and into Home Bank. Upon consummation of
the Merger, shareholders of St. Martin Bancshares will receive
9.2839 shares of Home Bancorp common stock for each share of St.
Martin Bancshares common stock (the "Stock Consideration").
In addition, immediately prior to the closing of the Merger,
St. Martin Bancshares will pay a special cash distribution of
$94.00 per share to its shareholders
(the "Special Distribution").
The Merger, which is expected to be completed in the fourth
quarter of 2017 or first quarter of 2018, remains subject to
approval by the shareholders of the Company and St. Martin
Bancshares, Inc., regulatory agencies and the satisfaction of all
other customary conditions. Upon completion of the Merger,
the combined company will have total assets of approximately
$2.2 billion, $1.7 billion in loans and $1.8 billion in deposits.
Loans and Credit Quality
Loans totaled $1.2 billion at
September 30, 2017, an increase of
$8.6 million, or 1%, from
June 30, 2017, and a decrease of
$6.0 million from September 30, 2016. The increase in loans
during the third quarter of 2017 related primarily to commercial
real estate loans (up $11.0 million)
and construction and land loans (up $5.3
million), which were partially offset by decreases in
residential mortgages (down $4.1
million) and commercial and industrial loans (down
$3.1
million).
The following table sets forth the composition of the Company's
loan portfolio as of the dates indicated.
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
Increase/(Decrease)
|
|
(dollars in
thousands)
|
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
One- to four-family first
mortgage
|
$
|
333,642
|
$
|
341,883
|
$
|
(8,241)
|
|
(2)
|
%
|
Home equity loans and
lines
|
|
90,124
|
|
88,821
|
|
1,303
|
|
1
|
|
Commercial real
estate
|
|
465,552
|
|
427,515
|
|
38,037
|
|
9
|
|
Construction and
land
|
|
124,554
|
|
141,167
|
|
(16,613)
|
|
(12)
|
|
Multi-family
residential
|
|
46,132
|
|
46,369
|
|
(237)
|
|
(1)
|
|
Total real
estate loans
|
|
1,060,004
|
|
1,045,755
|
|
14,249
|
|
1
|
|
Other
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
128,784
|
|
139,810
|
|
(11,026)
|
|
(8)
|
|
Consumer
|
|
38,605
|
|
42,268
|
|
(3,663)
|
|
(9)
|
|
Total
other loans
|
|
167,389
|
|
182,078
|
|
(14,689)
|
|
(8)
|
|
Total
loans
|
$
|
1,227,393
|
$
|
1,227,833
|
$
|
(440)
|
|
-
|
%
|
Nonperforming assets ("NPAs"), excluding purchased credit
impaired loans, totaled $18.2 million
at September 30, 2017, an increase of
$1.7 million, or 10%, compared to
June 30, 2017 and a decrease of
$3.0 million, or 14%, compared to
September 30, 2016. The increase in
nonperforming assets during the third quarter of 2017 compared to
the second quarter of 2017 was primarily related to one loan
relationship totaling $2.4 million.
The ratio of total NPAs to total assets was 1.14% at September 30, 2017, compared to 1.05% at
June 30, 2017 and 1.37% at
September 30, 2016.
The Company recorded net loan charge-offs of $246,000 during the third quarter of 2017,
compared to net loan charge-offs of $58,000 and $54,000
for the second quarter of 2017 and third quarter of 2016,
respectively. The Company's provision for loan losses for the
third quarter of 2017 was $660,000,
compared to $150,000 for the second
quarter of 2017 and $800,000 for the
third quarter of 2016. The increase in provision for loan
losses for the third quarter of 2017 compared to the second quarter
of 2017 resulted primarily from organic loan growth and some
deterioration in the loan portfolio with indirect exposure to the
energy sector.
The ratio of the allowance for loan losses to total loans was
1.09% at September 30, 2017, compared
to 1.07% and 0.99% at June 30, 2017
and September 30, 2016,
respectively. Excluding acquired loans, the ratio of the
allowance for loan losses to total loans was 1.40% at September 30, 2017, compared to 1.40% and 1.36%
at June 30, 2017 and September 30, 2016, respectively.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the
energy sector totaled $32.5 million,
or 3% of total outstanding loans, at September 30, 2017, compared to $33.4 million and $34.8
million at June 30, 2017 and
September 30, 2016,
respectively. Unfunded loan commitments to customers in the
energy sector totaled $5.0 million at
September 30, 2017, compared to
$5.0 million and $8.4 million at June 30,
2017 and September 30, 2016,
respectively. At September
30, 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 $1.6 million, have been restructured and were
paying in accordance with their restructured terms as of
September 30, 2017. The Company
holds no shared national credits.
The allowance for loan losses attributable to direct
energy-related loans totaled 3.32% of the outstanding balance of
energy-related loans at September 30,
2017, compared to 3.39% and 3.29% at June 30, 2017 and September 30, 2016, respectively.
Investment Securities Portfolio
The Company's investment securities portfolio totaled
$215.3 million at September 30, 2017, an increase of $4.7 million, or 2%, from June 30, 2017, and an increase of $30.8 million, or 17%, from September 30, 2016.
At September 30, 2017, the Company
had a net unrealized gain position on its investment securities
portfolio of $121,000, compared to
net unrealized gains of $181,000 and
$2.5 million at June 30, 2017 and September 30, 2016, respectively. The
Company's investment securities portfolio had a modified duration
of 3.1 years at September 30, 2017,
compared to 3.0 years at June 30,
2017 and September 30,
2016.
Deposits
Total deposits were $1.3 billion
at September 30, 2017, an increase of
$10.5 million, or 1%, from
June 30, 2017, and an increase of
$98.9 million, or 8%, from
September 30, 2016. The
increase in deposits during the third quarter of 2017 related
primarily to core deposits (i.e., checking, savings and money
market accounts) which increased $14.9
million, or 1%, from June 30,
2017 and $67.6 million, or 7%,
from September 30, 2016.
The following table sets forth the composition of the Company's
deposits as of the dates indicated.
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
Increase /
(Decrease)
|
|
(dollars in
thousands)
|
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|
Demand
deposits
|
$
|
272,477
|
$
|
296,519
|
$
|
(24,042)
|
|
(8)
|
%
|
Savings
|
|
108,318
|
|
109,414
|
|
(1,096)
|
|
(1)
|
|
Money
market
|
|
267,777
|
|
264,784
|
|
2,993
|
|
1
|
|
NOW
|
|
375,999
|
|
305,092
|
|
70,907
|
|
23
|
|
Certificates of
deposit
|
|
295,142
|
|
272,263
|
|
22,879
|
|
8
|
|
Total
deposits
|
$
|
1,319,713
|
$
|
1,248,072
|
$
|
71,641
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the third quarter of 2017 totaled
$16.0 million, an increase of
$59,000 compared to the second
quarter of 2017, and an increase of $417,000, or 3%, compared to the third quarter of
2016. The increase in net interest income in the third quarter of
2017 compared to the third quarter of 2016 was due primarily to
higher loan yields, a $268,000
increase in accretion income on acquired loans and higher yields on
investment securities.
The Company's net interest margin was 4.29% for the third
quarter of 2017, six basis points lower than the second quarter of
2017 and three basis points lower than the third quarter of 2016.
The decrease in the net interest margin in the third quarter of
2017 compared to the second quarter of 2017 was primarily due to
higher funding costs.
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
|
|
|
September 30,
2017
|
|
|
June 30,
2017
|
|
|
September 30,
2016
|
|
(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
|
$
|
917,056
|
|
5.04
|
%
|
$
|
908,958
|
|
5.03
|
%
|
$
|
856,706
|
|
4.98
|
%
|
Acquired
loans
|
|
298,929
|
|
6.05
|
|
|
313,367
|
|
5.93
|
|
|
369,841
|
|
5.39
|
|
Total
loans receivable
|
|
1,215,985
|
|
5.29
|
|
|
1,222,325
|
|
5.26
|
|
|
1,226,547
|
|
5.11
|
|
Investment securities
(TE)
|
|
212,817
|
|
2.29
|
|
|
205,575
|
|
2.33
|
|
|
184,249
|
|
2.13
|
|
Other interest-earning
assets
|
|
44,941
|
|
1.72
|
|
|
32,744
|
|
1.43
|
|
|
15,410
|
|
1.78
|
|
Total interest-earning
assets
|
$
|
1,473,743
|
|
4.75
|
%
|
$
|
1,460,644
|
|
4.76
|
%
|
$
|
1,426,206
|
|
4.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, checking, and
money market
|
$
|
726,995
|
|
0.37
|
%
|
$
|
695,828
|
|
0.28
|
%
|
$
|
666,585
|
|
0.23
|
%
|
Certificates of
deposit
|
|
297,168
|
|
0.95
|
|
|
290,032
|
|
0.92
|
|
|
264,534
|
|
0.79
|
|
Total interest-bearing
deposits
|
|
1,024,163
|
|
0.54
|
|
|
985,860
|
|
0.47
|
|
|
931,119
|
|
0.39
|
|
FHLB
advances
|
|
66,630
|
|
1.88
|
|
|
84,823
|
|
1.66
|
|
|
128,033
|
|
1.23
|
|
Total interest-bearing
liabilities
|
$
|
1,090,793
|
|
0.62
|
%
|
$
|
1,070,683
|
|
0.56
|
%
|
$
|
1,059,152
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
(TE)
|
|
|
|
4.13
|
%
|
|
|
|
4.20
|
%
|
|
|
|
4.20
|
%
|
Net interest margin
(TE)
|
|
|
|
4.29
|
%
|
|
|
|
4.35
|
%
|
|
|
|
4.32
|
%
|
Noninterest Income
Noninterest income for the third quarter of 2017 totaled
$2.3 million, an increase of
$129,000, or 6%, compared to the
second quarter of 2017 and a decrease of $222,000, or 9%, compared to the third quarter of
2016. The increase in the third quarter of 2017 compared to
the second quarter of 2017 resulted primarily from the
absence of a $449,000 write down on a
closed banking center in Vicksburg,
Mississippi recorded during the second quarter of 2017 and
lower recoveries on acquired assets (down $277,000). The decrease in noninterest
income for the third quarter 2017 compared to the third quarter of
2016 was primarily the result of lower gains on the sale of
mortgage loans (down $115,000) and
other income (down $133,000).
Noninterest Expense
Noninterest expense for the third quarter of 2017 totaled
$11.3 million, an increase of
$290,000, or 3%, compared to the
second quarter of 2017 and an increase of $698,000, or 7%, compared to the third quarter of
2016. Noninterest expense for the third quarter of 2017 includes
$247,000 of merger expenses related
to the acquisition of St. Martin Bancshares.
The increase in noninterest expense in the third quarter of 2017
compared to the second quarter of 2017 resulted primarily from
higher compensation and benefits (up $169,000) and professional fees (up $225,000 due primarily from merger expenses),
which were partially offset by lower data processing and
communications expenses (down $146,000).
The increase in noninterest expense for the third quarter of
2017 compared to the third quarter of 2016 resulted primarily from
higher compensation and benefits (up $339,000) and professional fees (up $162,000 due to merger expenses) and lower net
expenses on foreclosed assets (up $402,000), which were partially offset by lower
data processing and communications expenses (down $206,000).
Non-GAAP Reconciliation
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands, except earnings per share data)
|
|
September
30, 2017
|
|
|
June 30,
2017
|
|
|
September
30, 2016
|
|
Reported noninterest
expense
|
$
|
11,341
|
|
$
|
11,051
|
|
$
|
10,643
|
|
Less: Merger-related
expenses
|
|
247
|
|
|
-
|
|
|
-
|
|
Non-GAAP noninterest
expense
|
$
|
11,094
|
|
$
|
11,051
|
|
$
|
10,643
|
|
|
|
|
|
|
|
|
|
|
|
Reported noninterest
income
|
$
|
2,293
|
|
$
|
2,164
|
|
$
|
2,515
|
|
Less: (Loss) gain on
closure or sale of banking center
|
|
-
|
|
|
(449)
|
|
|
-
|
|
Non-GAAP noninterest
income
|
$
|
2,293
|
|
$
|
2,613
|
|
$
|
2,515
|
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
4,090
|
|
$
|
4,486
|
|
$
|
4,360
|
|
Less: (Loss) gain on
closure or sale of banking center, net of tax
|
|
-
|
|
|
(292)
|
|
|
-
|
|
Add: Merger-related
expenses, net tax
|
|
225
|
|
|
-
|
|
|
-
|
|
Non-GAAP net
income
|
$
|
4,315
|
|
$
|
4,778
|
|
$
|
4,360
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
$
|
0.56
|
|
$
|
0.62
|
|
$
|
0.61
|
|
Less: (Loss) gain
on closure or sale of banking center
|
|
-
|
|
|
(0.04)
|
|
|
-
|
|
Add: Merger-related
expenses
|
|
0.03
|
|
|
-
|
|
|
-
|
|
Non-GAAP diluted
EPS
|
$
|
0.59
|
|
$
|
0.66
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
$
|
4,090
|
|
$
|
4,486
|
|
$
|
4,360
|
|
Add: Amortization CDI,
net tax
|
|
110
|
|
|
113
|
|
|
127
|
|
Non-GAAP tangible
income
|
$
|
4,200
|
|
$
|
4,599
|
|
$
|
4,487
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
|
1,587,362
|
|
$
|
1,574,181
|
|
$
|
1,549,542
|
|
Less:
Intangibles
|
|
12,234
|
|
|
12,403
|
|
|
12,956
|
|
Non-GAAP tangible
assets
|
$
|
1,575,128
|
|
$
|
1,561,778
|
|
$
|
1,536,586
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
192,625
|
|
$
|
188,939
|
|
$
|
177,362
|
|
Less:
Intangibles
|
|
12,234
|
|
|
12,403
|
|
|
12,956
|
|
Non-GAAP tangible
shareholders' equity
|
$
|
180,391
|
|
$
|
176,536
|
|
$
|
164,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands, except earnings per share data)
|
|
September
30, 2017
|
|
|
June 30,
2017
|
|
|
September
30, 2016
|
|
Originated
loans
|
$
|
928,770
|
|
$
|
905,908
|
|
$
|
868,153
|
|
Acquired
loans
|
|
298,623
|
|
|
312,855
|
|
|
365,217
|
|
Total loans
|
$
|
1,227,393
|
|
$
|
1,218,763
|
|
$
|
1,233,370
|
|
|
|
|
|
|
|
|
|
|
|
Originated allowance
for loan losses
|
$
|
13,040
|
|
$
|
12,727
|
|
$
|
11,822
|
|
Acquired allowance for
loan losses
|
|
384
|
|
|
283
|
|
|
371
|
|
Total allowance for
loan losses
|
$
|
13,424
|
|
$
|
13,010
|
|
$
|
12,193
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.04
|
%
|
|
1.15
|
%
|
|
1.14
|
%
|
Less: (Loss) gain on
closure or sale of banking center(s), net of tax
|
|
-
|
|
|
(0.07)
|
|
|
-
|
|
Add: Merger-related
expenses
|
|
0.06
|
|
|
-
|
|
|
-
|
|
Adjusted return on
average assets
|
|
1.10
|
%
|
|
1.22
|
%
|
|
1.14
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
8.54
|
%
|
|
9.56
|
%
|
|
9.91
|
%
|
Less: (Loss) gain on
closure or sale of banking center(s), net of tax
|
|
-
|
|
|
(0.63)
|
|
|
-
|
|
Add: Merger-related
expenses
|
|
0.47
|
|
|
-
|
|
|
-
|
|
Adjusted return on
average equity
|
|
9.01
|
|
|
10.19
|
|
|
9.91
|
|
Add:
Intangibles
|
|
0.86
|
|
|
1.34
|
|
|
1.13
|
|
Adjusted return on
average tangible common equity
|
|
9.87
|
%
|
|
11.53
|
%
|
|
11.04
|
%
|
|
|
|
|
|
|
|
|
|
|
Common equity
ratio
|
|
12.13
|
%
|
|
12.00
|
%
|
|
11.45
|
%
|
Less:
Intangibles
|
|
0.68
|
|
|
0.70
|
|
|
0.75
|
|
Non-GAAP tangible
common equity ratio
|
|
11.45
|
%
|
|
11.30
|
%
|
|
10.70
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
8.54
|
%
|
|
9.56
|
%
|
|
9.91
|
%
|
Add:
Intangibles
|
|
0.83
|
|
|
0.94
|
|
|
1.13
|
|
Non-GAAP return on
tangible common equity
|
|
9.37
|
%
|
|
10.50
|
%
|
|
11.04
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
62.14
|
%
|
|
61.19
|
%
|
|
58.95
|
%
|
Add: (Loss) gain on
closure or sale of banking center(s), net of tax
|
|
-
|
|
|
(1.49)
|
|
|
-
|
|
Less: Merger-related
expenses
|
|
1.35
|
|
|
-
|
|
|
-
|
|
Adjusted efficiency
ratio
|
|
60.79
|
%
|
|
59.70
|
%
|
|
58.95
|
%
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
25.99
|
|
$
|
25.53
|
|
$
|
24.22
|
|
Less:
Intangibles
|
|
1.65
|
|
|
1.68
|
|
|
1.77
|
|
Non-GAAP tangible book
value per share
|
$
|
24.34
|
|
$
|
23.85
|
|
$
|
22.45
|
|
|
|
|
|
|
|
|
|
|
|
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 (loss)
gain on the closure or sale of banking centers and the impact of
merger-related expenses. Management believes the presentation
of this non-GAAP financial information provides useful information
that is helpful to a full understanding of the Company's financial
position and core operating results. This non-GAAP financial
information should not be viewed as a substitute for financial
information determined in accordance with GAAP, nor is it
necessarily comparable to non-GAAP financial information presented
by other companies.
This news release contains certain forward‑looking
statements. Forward‑looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could" or "may."
Forward‑looking statements, by their nature, are subject to
risks and uncertainties. A number of factors ‑ many of which
are beyond our control ‑ could cause actual conditions, events or
results to differ significantly from those described in the
forward‑looking statements. Home Bancorp's Annual Report on
Form 10-K for the year ended December 31,
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.
Important Additional Information and Where to Find It
Home Bancorp has filed a Registration Statement on Form S-4
with the SEC relating to the proposed Merger, which includes a
prospectus for the issuance of shares of Home Bancorp's common
stock in the Merger as well as the joint proxy statement of Home
Bancorp and St. Martin Bancshares for the solicitation of proxies
from their respective shareholders for use at the meetings at which
the Merger will be considered. This communication does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval.
SHAREHOLDERS OF HOME BANCORP AND St. MARTIN BANCSHARES ARE URGED TO
READ THE REGISTRATION STATEMENT AND THE JOINT PROXY
STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT
DOCUMENTS FILED BY HOME BANCORP WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION.
A free copy of the joint proxy statement/prospectus, as well
as other filings containing information about Home Bancorp, may be
obtained at the SEC's website at http://www.sec.gov,
when they are filed by Home Bancorp. You will also be able to
obtain these documents, when they are filed, free of charge, from
Home Bancorp under the Investor Relations section of its
website, www.home24bank.com. In addition, copies of the joint proxy
statement/prospectus can also be obtained, when it becomes
available, free of charge by directing a request to Home Bancorp,
Inc., Richard J. Bourgeois,
Corporate Secretary, 503 Kaliste Saloom Road, Lafayette, Louisiana 70508, phone
337-237-1960, or by contacting Guy M.
Labbe,' Chief Executive Officer, St. Martin Bancshares,
Inc., 301 S. Main Street, Saint
Martinville, Louisiana 70582, phone 337-394-7816.
Home Bancorp and St. Martin Bancshares and certain of their
directors and executive officers may be deemed to be
"participants" in the solicitation of proxies in connection with
the proposed Merger. Information about the directors and officers
of Home Bancorp is set forth in the proxy statement for Home
Bancorp's 2017 annual meeting of shareholders, as filed with the
SEC on March 24, 2017. Information
concerning the directors and officers of St. Martin Bancshares, and
other persons who may be deemed participants in the solicitation of
proxies, will be set forth in the joint proxy statement/prospectus
relating to the Merger, when it becomes available. Free copies of
this document may be obtained as described in the preceding
paragraph.
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF FINANCIAL CONDITION
|
|
|
|
September
30,
|
|
September
30,
|
|
%
|
|
|
June 30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
Change
|
|
|
2017
|
|
2016
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
51,625,554
|
|
$
23,953,080
|
|
116
|
%
|
|
$
51,702,408
|
|
$
29,314,741
|
Interest-bearing
deposits in banks
|
1,191,000
|
|
2,129,000
|
|
(44)
|
|
|
1,391,000
|
|
1,884,000
|
Investment securities
available for sale, at fair value
|
202,196,322
|
|
170,992,673
|
|
18
|
|
|
197,376,270
|
|
183,729,857
|
Investment securities
held to maturity
|
13,117,994
|
|
13,448,484
|
|
(3)
|
|
|
13,201,149
|
|
13,365,479
|
Mortgage loans held
for sale
|
5,617,481
|
|
10,643,389
|
|
(47)
|
|
|
4,297,920
|
|
4,156,186
|
Loans, net of
unearned income
|
1,227,393,063
|
|
1,233,369,734
|
|
-
|
|
|
1,218,762,771
|
|
1,227,833,309
|
Allowance for loan
losses
|
(13,423,922)
|
|
(12,193,181)
|
|
10
|
|
|
(13,009,695)
|
|
(12,510,708)
|
Total loans, net of
allowance for loan losses
|
1,213,969,141
|
|
1,221,176,553
|
|
(1)
|
|
|
1,205,753,076
|
|
1,215,322,601
|
Office properties and
equipment, net
|
38,700,323
|
|
39,359,536
|
|
(2)
|
|
|
38,532,534
|
|
39,566,639
|
Cash surrender value
of bank-owned life insurance
|
20,510,427
|
|
20,028,198
|
|
2
|
|
|
20,389,918
|
|
20,149,553
|
Accrued interest
receivable and other assets
|
40,433,390
|
|
47,810,976
|
|
(15)
|
|
|
41,536,229
|
|
49,242,977
|
Total
Assets
|
$
1,587,361,632
|
|
$
1,549,541,889
|
|
2
|
|
|
$
1,574,180,504
|
|
$
1,556,732,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
1,319,712,786
|
|
$
1,220,830,228
|
|
8
|
%
|
|
$
1,309,237,497
|
|
$
1,248,072,453
|
Federal Home Loan
Bank advances
|
64,804,079
|
|
138,829,490
|
|
(53)
|
|
|
67,493,057
|
|
118,533,173
|
Accrued interest
payable and other liabilities
|
10,219,841
|
|
12,520,553
|
|
(18)
|
|
|
8,511,085
|
|
10,283,383
|
Total
Liabilities
|
1,394,736,706
|
|
1,372,180,271
|
|
2
|
|
|
1,385,241,639
|
|
1,376,889,009
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
74,122
|
|
73,219
|
|
1
|
%
|
|
74,015
|
|
73,502
|
Additional paid-in
capital
|
81,376,252
|
|
78,853,758
|
|
3
|
|
|
80,765,704
|
|
79,425,604
|
Common stock acquired
by benefit plans
|
(4,033,790)
|
|
(4,426,601)
|
|
(9)
|
|
|
(4,129,035)
|
|
(4,315,223)
|
Retained
earnings
|
115,129,834
|
|
101,257,222
|
|
14
|
|
|
112,110,694
|
|
104,647,375
|
Accumulated other
comprehensive income
|
78,508
|
|
1,604,020
|
|
(95)
|
|
|
117,487
|
|
11,766
|
Total
Shareholders' Equity
|
192,624,926
|
|
177,361,618
|
|
9
|
|
|
188,938,865
|
|
179,843,024
|
Total Liabilities
and Shareholders' Equity
|
$
1,587,361,632
|
|
$
1,549,541,889
|
|
2
|
|
|
$
1,574,180,504
|
|
$
1,556,732,033
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
CONDENSED
STATEMENTS OF INCOME
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For the Nine
Months Ended
|
|
|
|
|
September
30,
|
|
%
|
|
|
September
30,
|
|
%
|
|
|
2017
|
|
2016
|
|
Change
|
|
|
2017
|
|
2016
|
|
Change
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
16,336,443
|
|
$
15,889,132
|
|
3
|
%
|
|
$
48,747,075
|
|
$
47,760,159
|
|
2
|
%
|
Investment
securities
|
1,134,622
|
|
889,206
|
|
28
|
|
|
3,278,136
|
|
2,806,125
|
|
17
|
|
Other investments and
deposits
|
194,664
|
|
68,860
|
|
183
|
|
|
402,555
|
|
195,449
|
|
106
|
|
Total interest
income
|
17,665,729
|
|
16,847,198
|
|
5
|
|
|
52,427,766
|
|
50,761,733
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
1,396,087
|
|
912,756
|
|
53
|
%
|
|
3,538,017
|
|
2,763,761
|
|
28
|
%
|
Federal Home Loan
Bank advances
|
313,293
|
|
395,522
|
|
(21)
|
|
|
1,066,747
|
|
1,183,934
|
|
(10)
|
|
Total interest
expense
|
1,709,380
|
|
1,308,278
|
|
31
|
|
|
4,604,764
|
|
3,947,695
|
|
17
|
|
Net interest
income
|
15,956,349
|
|
15,538,920
|
|
3
|
|
|
47,823,002
|
|
46,814,038
|
|
2
|
|
Provision for loan
losses
|
660,447
|
|
800,000
|
|
(17)
|
|
|
1,117,278
|
|
2,700,000
|
|
(59)
|
|
Net interest income
after provision for loan losses
|
15,295,902
|
|
14,738,920
|
|
4
|
|
|
46,705,724
|
|
44,114,038
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
charges
|
1,055,631
|
|
1,045,591
|
|
1
|
%
|
|
2,982,992
|
|
3,083,858
|
|
(3)
|
%
|
Bank card
fees
|
717,894
|
|
658,799
|
|
9
|
|
|
2,168,015
|
|
1,936,305
|
|
12
|
|
Gain on sale of
loans, net
|
303,120
|
|
418,276
|
|
(28)
|
|
|
918,731
|
|
1,205,815
|
|
(24)
|
|
Income from
bank-owned life insurance
|
120,508
|
|
120,618
|
|
-
|
|
|
360,874
|
|
361,297
|
|
-
|
|
(Loss) gain on the
closure or sale of assets, net
|
(42,835)
|
|
-
|
|
-
|
|
|
(147,323)
|
|
640,580
|
|
(123)
|
|
Other
income
|
138,694
|
|
271,392
|
|
(49)
|
|
|
999,475
|
|
1,301,616
|
|
(23)
|
|
Total noninterest
income
|
2,293,012
|
|
2,514,676
|
|
(9)
|
|
|
7,282,764
|
|
8,529,471
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
7,061,889
|
|
6,723,365
|
|
5
|
%
|
|
20,729,750
|
|
20,845,310
|
|
(1)
|
%
|
Occupancy
|
1,219,173
|
|
1,307,336
|
|
(7)
|
|
|
3,711,301
|
|
3,939,275
|
|
(6)
|
|
Marketing and
advertising
|
287,340
|
|
193,483
|
|
49
|
|
|
801,743
|
|
649,498
|
|
23
|
|
Data processing and
communication
|
927,563
|
|
1,133,136
|
|
(18)
|
|
|
3,076,073
|
|
3,824,169
|
|
(20)
|
|
Professional
fees
|
406,431
|
|
244,278
|
|
66
|
|
|
819,319
|
|
797,829
|
|
3
|
|
Forms, printing and
supplies
|
119,380
|
|
137,336
|
|
(13)
|
|
|
409,823
|
|
487,794
|
|
(16)
|
|
Franchise and shares
tax
|
193,323
|
|
219,773
|
|
(12)
|
|
|
587,106
|
|
659,318
|
|
(11)
|
|
Regulatory
fees
|
317,052
|
|
319,482
|
|
(1)
|
|
|
952,327
|
|
971,197
|
|
(2)
|
|
Foreclosed assets,
net
|
(70,323)
|
|
(472,274)
|
|
85
|
|
|
(230,194)
|
|
(46,472)
|
|
(395)
|
|
Other
expenses
|
878,726
|
|
836,706
|
|
5
|
|
|
2,564,896
|
|
2,711,401
|
|
(5)
|
|
Total noninterest
expense
|
11,340,554
|
|
10,642,621
|
|
7
|
|
|
33,422,144
|
|
34,839,319
|
|
(4)
|
|
Income before income
tax expense
|
6,248,360
|
|
6,610,975
|
|
(6)
|
|
|
20,566,344
|
|
17,804,190
|
|
16
|
|
Income tax
expense
|
2,158,307
|
|
2,250,866
|
|
(4)
|
|
|
6,984,794
|
|
6,077,908
|
|
15
|
|
Net income
|
$
4,090,053
|
|
$
4,360,109
|
|
(6)
|
|
|
$
13,581,550
|
|
$
11,726,282
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.58
|
|
$
0.63
|
|
(8)
|
%
|
|
$
1.95
|
|
$
1.72
|
|
13
|
%
|
Earnings per share -
diluted
|
$
0.56
|
|
$
0.61
|
|
(8)
|
|
|
$
1.88
|
|
$
1.65
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$
0.14
|
|
$
0.12
|
|
17
|
%
|
|
$
0.41
|
|
$
0.32
|
|
28
|
%
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
|
SUMMARY FINANCIAL
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
|
|
|
For The
Three
|
|
|
|
|
|
|
September
30,
|
|
%
|
|
|
Months
Ended
|
|
|
%
|
|
|
|
2017
|
|
2016
|
|
Change
|
|
|
June 30,
2017
|
|
|
Change
|
|
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
17,666
|
|
$
16,847
|
|
5
|
%
|
|
$
17,399
|
|
|
2
|
%
|
|
Total interest
expense
|
1,709
|
|
1,308
|
|
31
|
|
|
1,501
|
|
|
14
|
|
|
Net interest
income
|
15,957
|
|
15,539
|
|
3
|
|
|
15,898
|
|
|
-
|
|
|
Provision for loan
losses
|
660
|
|
800
|
|
(18)
|
|
|
150
|
|
|
340
|
|
|
Total noninterest
income
|
2,293
|
|
2,515
|
|
(9)
|
|
|
2,164
|
|
|
6
|
|
|
Total noninterest
expense
|
11,341
|
|
10,643
|
|
7
|
|
|
11,051
|
|
|
3
|
|
|
Income tax
expense
|
2,159
|
|
2,251
|
|
(4)
|
|
|
2,375
|
|
|
(9)
|
|
|
Net income
|
$
4,090
|
|
$
4,360
|
|
(6)
|
|
|
$
4,486
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
1,573,668
|
|
$
1,533,164
|
|
3
|
%
|
|
$
1,562,410
|
|
|
1
|
%
|
|
Total
interest-earning assets
|
1,473,743
|
|
1,426,206
|
|
3
|
|
|
1,460,644
|
|
|
1
|
|
|
Total
loans
|
1,215,985
|
|
1,226,547
|
|
(1)
|
|
|
1,222,325
|
|
|
(1)
|
|
|
Total
interest-bearing deposits
|
1,024,163
|
|
931,119
|
|
10
|
|
|
985,861
|
|
|
4
|
|
|
Total
interest-bearing liabilities
|
1,090,794
|
|
1,059,152
|
|
3
|
|
|
1,070,683
|
|
|
2
|
|
|
Total
deposits
|
1,308,388
|
|
1,222,232
|
|
7
|
|
|
1,284,445
|
|
|
2
|
|
|
Total shareholders'
equity
|
191,608
|
|
175,980
|
|
9
|
|
|
187,631
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.04
|
%
|
1.14
|
%
|
(9)
|
%
|
|
1.15
|
%
|
|
(10)
|
%
|
|
Return on average
equity
|
8.54
|
|
9.91
|
|
(14)
|
|
|
9.56
|
|
|
(11)
|
|
|
Common equity
ratio
|
12.13
|
|
11.45
|
|
6
|
|
|
12.00
|
|
|
1
|
|
|
Efficiency ratio
(2)
|
62.14
|
|
58.95
|
|
5
|
|
|
61.19
|
|
|
2
|
|
|
Average equity to
average assets
|
12.18
|
|
11.48
|
|
6
|
|
|
12.01
|
|
|
1
|
|
|
Tier 1 leverage
capital ratio(3)
|
10.66
|
|
9.73
|
|
10
|
|
|
10.45
|
|
|
2
|
|
|
Total risk-based
capital ratio(3)
|
15.21
|
|
13.55
|
|
12
|
|
|
14.98
|
|
|
2
|
|
|
Net interest margin
(4)
|
4.29
|
|
4.32
|
|
(1)
|
|
|
4.35
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED NON-GAAP
RATIOS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio(5)
|
11.45
|
%
|
10.70
|
%
|
7
|
%
|
|
11.30
|
%
|
|
1
|
%
|
|
Return on average
tangible common equity(6)
|
9.37
|
|
11.04
|
|
(15)
|
|
|
10.50
|
|
|
(11)
|
|
|
Adjusted return on
average assets (7)
|
1.10
|
|
1.14
|
|
(4)
|
|
|
1.22
|
|
|
(10)
|
|
|
Adjusted return on
average equity (7)
|
9.01
|
|
9.91
|
|
(9)
|
|
|
10.19
|
|
|
(12)
|
|
|
Adjusted efficiency
ratio (7)
|
60.79
|
|
58.95
|
|
3
|
|
|
59.70
|
|
|
2
|
|
|
Adjusted return on
average tangible common equity (7)
|
9.87
|
|
11.04
|
|
(11)
|
|
|
11.53
|
|
|
(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
0.58
|
|
$
0.63
|
|
(8)
|
|
|
$
0.64
|
|
|
(9)
|
%
|
|
Earnings per share -
diluted
|
0.56
|
|
0.61
|
|
(8)
|
|
|
0.62
|
|
|
(10)
|
|
|
Adjusted earnings per
share - diluted (8)
|
0.59
|
|
0.61
|
|
(3)
|
|
|
0.66
|
|
|
(11)
|
|
|
Book value at period
end
|
25.99
|
|
24.22
|
|
7
|
|
|
25.53
|
|
|
2
|
|
|
Tangible book value
at period end
|
24.34
|
|
22.45
|
|
8
|
|
|
23.85
|
|
|
2
|
|
|
Shares outstanding at
period end
|
7,412,234
|
|
7,321,837
|
|
1
|
%
|
|
7,401,396
|
|
|
-
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7,006,513
|
|
6,871,727
|
|
2
|
%
|
|
6,972,395
|
|
|
-
|
%
|
|
Diluted
|
7,281,164
|
|
7,123,727
|
|
2
|
|
|
7,234,259
|
|
|
1
|
|
|
|
|
|
|
|
|
|
(1)
|
With the exception of
end-of-period ratios, all ratios are based on average monthly
balances during the respective periods.
|
|
|
(2)
|
The efficiency ratio
represents noninterest expense as a percentage of total
revenues. Total revenues is the sum of net interest income
and noninterest income.
|
|
|
(3)
|
Estimated capital
ratios are end of period ratios for the Bank only.
|
|
|
(4)
|
Net interest
margin represents net interest income as a percentage of average
interest-earning assets. Taxable equivalent yields are
calculated using a marginal tax
rate of 35%.
|
|
|
(5)
|
Tangible common
equity ratio is common shareholders' equity less intangible assets
divided by total assets less intangible assets. See
"Non-GAAP Reconciliation" on
pages 5 and 6 for additional information.
|
|
|
(6)
|
Return on average
tangible common equity is net income plus amortization of core
deposit intangible, net of taxes divided by average
common shareholders' equity
less average intangible assets. See "Non-GAAP Reconciliation" on
pages 5 and 6 for additional information.
|
|
|
(7)
|
Adjusted ratios
eliminates merger-related expenses and the (loss) or gain on sale
or closure of banking centers in the calculation. See
"Non-GAAP Reconciliation" on
pages 5 and 6 for additional information.
|
|
|
(8)
|
Adjusted diluted EPS
eliminates merger-related expenses and the (loss) or gain on sale
or closure of banking centers in the
calculation. See "Non-GAAP
Reconciliation" on pages 5 and 6 for additional
information.
|
|
|
HOME BANCORP, INC.
AND SUBSIDIARY
|
SUMMARY CREDIT
QUALITY INFORMATION
|
|
|
|
September 30,
2017
|
|
June 30,
2017
|
|
September 30,
2016
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
|
Acquired
|
|
Originated
|
|
Total
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(2)
|
$
1,220
|
|
$
16,481
|
|
$
17,701
|
|
|
$
1,618
|
|
$
14,286
|
|
$
15,904
|
|
|
$
1,457
|
|
$
17,155
|
|
$
18,612
|
|
Accruing loans past
due 90 days and over
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Total nonperforming
loans
|
1,220
|
|
16,481
|
|
17,701
|
|
|
1,618
|
|
14,286
|
|
15,904
|
|
|
1,457
|
|
17,155
|
|
18,612
|
|
Foreclosed
assets
|
367
|
|
87
|
|
454
|
|
|
500
|
|
87
|
|
587
|
|
|
2,139
|
|
412
|
|
2,551
|
|
Total nonperforming
assets
|
1,587
|
|
16,568
|
|
18,155
|
|
|
2,118
|
|
14,373
|
|
16,491
|
|
|
3,596
|
|
17,567
|
|
21,163
|
|
Performing troubled
debt restructurings
|
2,928
|
|
999
|
|
3,927
|
|
|
3,063
|
|
1,084
|
|
4,147
|
|
|
522
|
|
927
|
|
1,449
|
|
Total nonperforming
assets and troubled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
debt
restructurings
|
$
4,515
|
|
$
17,567
|
|
$
22,082
|
|
|
$
5,181
|
|
$
15,457
|
|
$
20,638
|
|
|
$
4,118
|
|
$
18,494
|
|
$
22,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to total assets
|
|
|
|
|
1.14
|
%
|
|
|
|
|
|
1.05
|
%
|
|
|
|
|
|
1.37
|
%
|
Nonperforming loans
to total assets
|
|
|
|
|
1.12
|
|
|
|
|
|
|
1.01
|
|
|
|
|
|
|
1.20
|
|
Nonperforming loans
to total loans
|
|
|
|
|
1.44
|
|
|
|
|
|
|
1.30
|
|
|
|
|
|
|
1.51
|
|
Allowance for loan
losses to nonperforming assets
|
|
|
|
|
73.94
|
|
|
|
|
|
|
78.89
|
|
|
|
|
|
|
57.62
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
|
|
75.84
|
|
|
|
|
|
|
81.80
|
|
|
|
|
|
|
65.51
|
|
Allowance for loan
losses to total loans
|
|
|
|
|
1.09
|
|
|
|
|
|
|
1.07
|
|
|
|
|
|
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date loan
charge-offs
|
|
|
|
|
$
430
|
|
|
|
|
|
|
$
91
|
|
|
|
|
|
|
$
249
|
|
Year-to-date loan
recoveries
|
|
|
|
|
226
|
|
|
|
|
|
|
133
|
|
|
|
|
|
|
195
|
|
Year-to-date net loan
charge-offs
|
|
|
|
|
$
204
|
|
|
|
|
|
|
$
(42)
|
|
|
|
|
|
|
$
54
|
|
Annualized YTD net
loan charge-offs to average 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.
|
|
|
(2)
|
Nonaccrual loans
include originated restructured loans placed on nonaccrual totaling
$8.9 million, $9.5 million and $6.3 million at September 30, 2017,
June 30, 2017 and September 30, 2016,
respectively. Acquired
restructured loans placed on nonaccrual totaled $457,000, $457,000
and $383,000 at September 30, 2017, June 30, 2017 and September 30,
2016, respectively.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/home-bancorp-announces-third-quarter-2017-results-and-declares-quarterly-dividend-300541662.html
SOURCE Home Bancorp, Inc.