(MENAFNEditorial) LAFAYETTE, La., April 24, 2018 /PRNewswire/ --Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A. (the "Bank") ( www.home24bank.com ), reported record net income of $7.5 million for the first quarter of 2018, an increase of $4.2 million, or 130%, compared to the fourth quarter of 2017 and an increase of $2.5 million, or 49%, compared to the first quarter of 2017. The first quarter of 2018 includes merger expenses totaling $694,000, net of taxes, related to the acquisition of St. Martin Bancshares, Inc. ("SMB"), compared to $610,000, net of taxes, for the fourth quarter of 2017. The fourth quarter of 2017 also includes a deferred tax asset ("DTA") re-measurement charge of $2.7 million related to the Tax Cuts and Jobs Act of 2017 (the "Tax Act").
Diluted earnings per share were a record $0.81 for the first quarter of 2018, an increase of $0.40, or 98%, compared to the fourth quarter of 2017, and an increase of $0.12, or 17%, compared to the first quarter of 2017.
"After four consecutive record net income years, I'm pleased to report a strong start to 2018," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "Our record net income quarter was driven by the St. Martin Bancshares acquisition and the positive impact of tax reform."
"We are tremendously thankful to the many employees who have done an outstanding job bringing Home Bank and St. Martin Bank together," added Mr. Bordelon. "We are, indeed, stronger together."
The Company also announced that its Board of Directors increased the quarterly cash dividend on shares of its common stock to $0.17 per share payable on May 18, 2018, to shareholders of record as of May 7, 2018.
Loans and Credit Quality
Loans totaled $1.6 billion at March 31, 2018, a decrease of $16.5 million, or 1%, from December 31, 2017. During the first quarter, growth in organic loans of 10% (on an annualized basis) was offset by declines in acquired loan balances. The Company acquired $439.9 million of loans from SMB at the acquisition date of December 6, 2017.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
March 31,
December 31,
Increase/(Decrease)
(dollars in thousands)
2018
2017
Amount
Percent
Real estate loans:
One- to four-family first mortgage $
466,193 $
477,211 $
(11,018)
(2)
%
Home equity loans and lines
91,820
94,445
(2,625)
(3)
Commercial real estate
605,393
611,358
(5,965)
(1)
Construction and land
180,548
177,263
3,285
2
Multi-family residential
52,725
50,978
1,747
3
Total real estate loans
1,396,679
1,411,255
(14,576)
(1)
Other loans:
Commercial and industrial
182,211
185,284
(3,073)
(2)
Consumer
62,380
61,256
1,124
2
Total other loans
244,591
246,540
(1,949)
(1)
Total loans $
1,641,270 $
1,657,795 $
(16,525)
(1)
%
Nonperforming assets ("NPAs"), excluding purchased credit impaired loans, totaled $27.9 million at March 31, 2018, an increase of $2.1 million, or 8%, compared to December 31, 2017. The ratio of NPAs to total assets was 1.26% at March 31, 2018, compared to 1.16% at December 31, 2017. The increase in NPAs during the quarter was primarily related to two loan relationships totaling $2.2 million.
The Company recorded net loan charge-offs of $1.5 million during the first quarter of 2018, compared to net loan recoveries of $184,000 for the fourth quarter of 2017. The increase in net loan charge-offs resulted primarily from further deterioration in two loan relationships identified as problem credits in prior periods. The Company's provision for loan losses for the first quarter of 2018 was $964,000, compared to $1.2 million for the fourth quarter of 2017.
The ratio of the allowance for loan losses to total loans was 0.87% at March 31, 2018, compared to 0.89% at December 31, 2017. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.40% at March 31, 2018, compared to 1.52% at December 31, 2017.
Direct Energy Exposure
The outstanding balance of direct loans to borrowers in the energy sector totaled $57.7 million, or 4% of total outstanding loans, at March 31, 2018, compared to $58.8 million at December 31, 2017. Unfunded loan commitments to customers in the energy sector totaled $9.9 million at March 31, 2018, compared to $9.3 million at December 31, 2017. At March 31, 2018, loans constituting 93% of the balance of our direct energy-related loans were performing in accordance with their original loan agreements. The Company holds no shared national credits.
The allowance for loan losses attributable to originated direct energy-related loans totaled 2.76% of the outstanding balance of energy-related loans at March 31, 2018, compared to 2.49% at December 31, 2017.
Deposits
Total deposits were $1.8 billion at March 31, 2018, a decrease of $27.0 million, or 1%, from December 31, 2017. The Company acquired $533.5 million of deposits from SMB at the acquisition date.
The following table sets forth the composition of the Company's deposits as of the dates indicated.
March 31,
December 31,
Increase / (Decrease)
(dollars in thousands)
2018
2017
Amount
Percent
Demand deposits $
456,353 $
461,999 $
(5,646)
(1)
%
Savings
215,428
217,639
(2,211)
(1)
Money market
299,338
306,509
(7,171)
(2)
NOW
506,521
490,924
15,597
3
Certificates of deposit
361,565
389,156
(27,591)
(7)
Total deposits $
1,839,205 $
1,866,227 $
(27,022)
(1)
%
Net Interest Income
Net interest income for the first quarter of 2018 totaled $22.5 million, an increase of $2.5 million, or 12%, compared to the fourth quarter of 2017. The addition of SMB's earning assets for the full quarter accounted for the vast majority of the increase.
The Company's net interest margin was 4.49% for the first quarter of 2018, 32 basis points lower than the fourth quarter of 2017. The decrease in the net interest margin was primarily due to $1.5 million less in accretion income recognized on the Britton & Koontz acquired loan portfolio during the fourth quarter of 2017 due to an acceleration in payoffs.
The following table sets forth the Company's average volume and rate of its interest-earning assets and interest-bearing liabilities for the periods indicated. Taxable equivalent ("TE") yields on investment securities are calculated using a marginal tax rate of 21% in 2018 and 35% for 2017.
For the Three Months Ended
March 31, 2018
December 31, 2017
(dollars in thousands)
Average
Balance
Average
Yield/Rate
Average
Balance
Average
Yield/Rate
Interest-earning assets:
Loans receivable
Originated loans $
910,874 5.41
% $
944,657 5.11
%
Acquired loans
736,629
5.73
402,213
7.98
Total loans receivable
1,647,503
5.55
1,346,870
5.97
Investment securities (TE)
259,827
2.38
229,723
2.34
Other interest-earning assets
103,338
1.68
70,863
1.66
Total interest-earning assets $
2,010,668 4.94
% $
1,647,456 5.28
%
Interest-bearing liabilities:
Deposits:
Savings, checking, and money market $
1,010,980 0.41
% $
819,720 0.41
%
Certificates of deposit
375,959
0.96
319,882
0.97
Total interest-bearing deposits
1,386,939
0.56
1,139,602
0.56
FHLB advances
71,194
1.78
67,892
1.89
Total interest-bearing liabilities $
1,458,133 0.62
% $
1,207,494 0.64
%
Net interest spread (TE)
4.32
%
4.64
%
Net interest margin (TE)
4.49
%
4.81
%
Noninterest Income
Noninterest income for the first quarter of 2018 totaled $3.5 million, an increase of $802,000, or 30%, compared to the fourth quarter of 2017. The increase resulted primarily from additional service fees and charges and bank card fees due mostly to the increase in customer accounts as a result of the SMB acquisition.
Noninterest Expense
Noninterest expense for the first quarter of 2018 totaled $15.6 million, an increase of $2.8 million, or 22%, compared to the fourth quarter of 2017. The increase related primarily to the growth of the Company's employee base and higher occupancy and data processing costs due to the SMB acquisition. Noninterest expense for the first quarter of 2018 and fourth quarter of 2017 includes $879,000 and $839,000, respectively, of merger expenses.
Income Tax Expense
During the first quarter of 2018, the Company incurred income tax expense of $2.0 million, a decrease of $3.5 million, or 64%, compared to the fourth quarter of 2017. The Company's effective tax rate was 21% during the first quarter of 2018, and 63% for the fourth quarter of 2017. The lower effective tax rate recorded during the first quarter of 2018 was the result of the Tax Act. The Tax Act reduced the federal corporate statutory tax rate from 35% to 21%. The Company recorded a re-measurement charge on our DTA in the fourth quarter of 2017 totaling $2.7 million.
Non-GAAP Reconciliation
For the Three Months Ended
(dollars in thousands, except per share data)
March 31,
2018
December 31,
2017
March 31,
2017
Reported noninterest expense $
15,590
$
12,755
$
11,031
Less: Merger-related expenses
879
839
-
Non-GAAP noninterest expense $
14,711
$
11,916
$
11,031
Reported noninterest income $
3,481
$
2,679
$
2,826
Less: Gain on sale of banking center
-
-
380
Non-GAAP noninterest income $
3,481
$
2,679
$
2,446
Reported net income $
7,464
$
3,242
$
5,006
Less: Gain on sale of banking center
-
-
247
Add: DTA re-measurement charge
-
2,721
-
Add: Merger-related expenses, net tax
694
610
-
Non-GAAP net income $
8,158
$
6,573
$
4,759
Diluted EPS $
0.81
$
0.41
$
0.69
Less: Gain on sale of banking center
-
-
0.03
Add: DTA re-measurement charge
-
0.35
-
Add: Merger-related expenses
0.07
0.08
-
Non-GAAP diluted EPS $
0.88
$
0.84
$
0.66
Reported net income $
7,464
$
3,242
$
5,006
Add: CDI amortization, net tax
397
152
121
Non-GAAP tangible income $
7,861
$
3,394
$
5,127
Total Assets $
2,206,854
$
2,228,121
$
1,583,497
Less: Intangible assets
67,499
68,034
12,577
Non-GAAP tangible assets $
2,139,355
$
2,160,087
$
1,570,920
Total shareholders' equity $
283,089
$
277,874
$
184,720
Less: Intangible assets
67,499
68,031
12,577
Non-GAAP tangible shareholders' equity $
215,590
$
209,837
$
172,143
Originated loans $
963,146
$
941,922
$
899,500
Acquired loans
678,124
715,873
327,428
Total loans $
1,641,270
$
1,657,795
$
1,226,928
Originated allowance for loan losses $
13,488
$
14,303
$
12,417
Acquired allowance for loan losses
781
504
501
Total allowance for loan losses $
14,269
$
14,807
$
12,918
Return on average assets
1.37
%
0.73
%
1.28
%
Less: Gain on sale of banking center
-
-
0.06
Add: DTA re-measurement charge
-
0.61
-
Add: Merger-related expenses, net tax
0.13
0.14
-
Adjusted return on average assets
1.50
%
1.48
%
1.22
%
Return on average equity
10.74
%
5.91
%
10.95
%
Less: Gain on sale of banking center
-
-
0.54
Add: DTA re-measurement charge
-
4.96
-
Add: Merger-related expenses, net tax
1.00
1.11
-
Adjusted return on average equity
11.74
11.98
10.41
Add: Average intangible assets
4.46
1.85
1.06
Adjusted return on average tangible common equity
16.20
%
13.83
%
11.47
%
Common equity ratio
12.83
%
12.47
%
11.67
%
Less: Intangible assets
2.75
2.76
0.71
Non-GAAP tangible common equity ratio
10.08
%
9.71
%
10.96
%
Return on average equity
10.74
%
5.91
%
10.95
%
Add: Intangible assets
4.15
1.07
1.10
Non-GAAP return on tangible common equity
14.89
%
6.98
%
12.05
%
Efficiency ratio
59.99
%
56.18
%
58.69
%
Less: Gain on sale of banking center
-
-
1.21
Less: Merger-related expenses
3.38
3.70
-
Adjusted efficiency ratio
56.61
%
52.48
%
59.90
%
Book value per share $
30.09
$
29.57
$
25.05
Less: Intangible assets
7.18
7.24
1.70
Non-GAAP tangible book value per share $
22.91
$
22.33
$
23.35
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, the impact of the Tax Cuts and Jobs Act of 2017, (loss)/gain on 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, 2017, describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for losses on loans, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward looking statements speak only as of the date they are made. We do not undertake to update forward looking statements to reflect circumstances or events that occur after the date the forward looking statements are made or to reflect the occurrence of unanticipated events.
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF FINANCIAL CONDITION
March 31,
December 31,
%
March 31,
2018
2017
Change
2017
Assets
Cash and cash equivalents $ 124,141,699
$ 150,417,829
(18)
%
$ 52,378,725
Interest-bearing deposits in banks 2,421,000
2,421,000
-
1,639,000
Investment securities available for sale, at fair value 263,169,977
234,993,436
12
192,188,925
Investment securities held to maturity 12,949,728
13,033,590
(1)
13,283,010
Mortgage loans held for sale 1,310,991
5,873,132
(78)
5,292,439
Loans, net of unearned income 1,641,270,174
1,657,794,751
(1)
1,226,927,674
Allowance for loan losses (14,268,843)
(14,807,278)
(4)
(12,917,650)
Total loans, net of allowance for loan losses 1,627,001,331
1,642,987,473
(1)
1,214,010,024
Office properties and equipment, net 45,203,029
45,604,752
(1)
39,233,248
Cash surrender value of bank-owned life insurance 29,064,532
28,903,913
1
20,268,269
Goodwill and core deposit intangibles 67,499,333
68,033,472
12,576,609
Accrued interest receivable and other assets 34,092,412
35,852,241
(5)
32,626,771
Total Assets $ 2,206,854,032
$ 2,228,120,838
(1)
$ 1,583,497,020
Liabilities
Deposits $ 1,839,205,284
$ 1,866,227,328
(1)
%
$ 1,272,146,338
Federal Home Loan Bank advances 70,887,946
71,825,595
(1)
118,183,717
Accrued interest payable and other liabilities 13,671,575
12,197,189
12
8,447,269
Total Liabilities 1,923,764,805
1,950,250,112
(1)
1,398,777,324
Shareholders' Equity
Common stock 94,093
93,955
-
%
73,737
Additional paid-in capital 165,990,921
165,341,415
0
80,092,853
Common stock acquired by benefit plans (3,828,482)
(3,922,413)
(2)
(4,221,293)
Retained earnings 123,571,082
117,312,630
5
108,694,266
Accumulated other comprehensive income (2,738,387)
(954,861)
(187)
80,133
Total Shareholders' Equity 283,089,227
277,870,726
2
184,719,696
Total Liabilities and Shareholders' Equity $ 2,206,854,032
$ 2,228,120,838
(1)
$ 1,583,497,020
HOME BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME
For The Three Months Ended
For the Three
March
March 31,
%
Months Ended
%
2018
2017
Change
December 31, 2017
Change
Interest Income
Loans, including fees $ 22,803,629
$ 16,243,268
40
%
$ 20,420,278
12 %
Investment securities 1,495,060
1,028,634
45
1,253,125
19
Other investments and deposits 426,939
91,365
367
296,680
44
Total interest income 24,725,628
17,363,267
42
21,970,083
13
Interest Expense
Deposits 1,902,196
992,441
92
%
1,622,758
17 %
Federal Home Loan Bank advances 316,881
401,623
(21)
321,359
(1)
Total interest expense 2,219,077
1,394,064
59
1,944,117
14
Net interest income 22,506,551
15,969,203
41
20,025,966
12
Provision for loan losses 964,257
306,832
214
1,199,688
(20)
Net interest income after provision for loan losses 21,542,294
15,662,371
38
18,826,278
14
Noninterest Income
Service fees and charges 1,654,746
936,928
77
%
1,246,049
33 %
Bank card fees 1,098,551
683,514
61
835,224
32
Gain on sale of loans, net 207,037
288,063
(28)
277,190
(25)
Income from bank-owned life insurance 160,619
118,716
35
132,725
21
Gain (loss) on the closure or sale of assets, net 145,206
355,540
(59)
(14,942)
1,072
Other income 214,788
443,045
(52)
203,050
6
Total noninterest income 3,480,947
2,825,806
23
2,679,296
30
Noninterest Expense
Compensation and benefits 8,941,473
6,775,449
32
%
7,432,339
20 %
Occupancy 1,674,869
1,219,882
37
1,353,787
24
Marketing and advertising 259,555
226,596
15
205,895
26
Data processing and communication 1,679,046
1,075,207
56
1,252,871
34
Professional fees 286,054
231,371
24
770,800
(63)
Forms, printing and supplies 356,604
135,300
164
184,317
93
Franchise and shares tax 365,300
201,967
81
360,399
1
Regulatory fees 379,337
322,838
18
311,955
22
Foreclosed assets, net 102,998
(58,776)
275
(67,612)
252
Other expenses 1,544,725
900,880
72
950,289
63
Total noninterest expense 15,589,961
11,030,714
41
12,755,040
22
Income before income tax expense 9,433,280
7,457,463
27
8,750,534
8
Income tax expense 1,969,733
2,451,762
(20)
5,508,098
(64)
Net income $ 7,463,547
$ 5,005,701
49
$ 3,242,436
130
Earnings per share - basic $ 0.83
$ 0.72
15
%
$ 0.43
93 %
Earnings per share - diluted $ 0.81
$ 0.69
17
$ 0.41
98
Cash dividends declared per common share $ 0.15
$ 0.13
15
%
$ 0.14
7 %
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY FINANCIAL INFORMATION
For The Three Months Ended
For The Three
March 31,
%
Months Ended
%
2018
2017
Change
December 31, 2017
Change
(dollars in thousands except per share data)
EARNINGS DATA
Total interest income $ 24,726
$ 17,363
42
%
$ 21,970
13 %
Total interest expense 2,219
1,394
59
1,944
14
Net interest income 22,507
15,969
41
20,026
12
Provision for loan losses 964
307
214
1,200
(20)
Total noninterest income 3,481
2,826
23
2,679
30
Total noninterest expense 15,590
11,031
41
12,755
22
Income tax expense 1,970
2,451
(20)
5,508
(64)
Net income $ 7,464
$ 5,006
49
$ 3,242
130
AVERAGE BALANCE SHEET DATA
Total assets $ 2,204,909
$ 1,561,282
41
%
$ 1,767,451
25 %
Total interest-earning assets 2,010,668
1,455,796
38
1,647,456
22
Total loans 1,647,503
1,230,407
34
1,346,870
22
Total interest-bearing deposits 1,386,939
961,780
44
1,139,602
22
Total interest-bearing liabilities 1,458,133
1,080,088
35
1,207,494
21
Total deposits 1,845,190
1,253,094
47
1,473,346
25
Total shareholders' equity 281,853
182,868
54
217,626
30
SELECTED RATIOS (1)
Return on average assets 1.37
% 1.28
% 7
%
0.73
%
88
%
Return on average equity 10.74
10.95
(2)
5.91
82
Common equity ratio 12.83
11.67
10
12.47
3
Efficiency ratio (2) 59.99
58.69
2
56.18
7
Average equity to average assets 12.78
11.71
9
12.31
4
Tier 1 leverage capital ratio(3) 9.57
10.15
(6)
11.66
(18)
Total risk-based capital ratio(3) 13.84
14.54
(5)
13.48
3
Net interest margin (4) 4.49
4.42
2
4.81
(7)
SELECTED NON-GAAP RATIOS (1)
Tangible common equity ratio(5) 10.08
% 10.96
% (8)
%
9.71
%
4
%
Return on average tangible common equity(6) 14.89
12.05
24
6.98
113
Adjusted return on average assets (7) 1.50
1.22
23
1.48
1
Adjusted return on average equity (7) 11.74
10.41
13
11.98
(2)
Adjusted efficiency ratio (7) 56.61
59.90
(6)
52.48
8
Adjusted return on average tangible common equity (7) 16.20
11.47
41
13.83
17
PER SHARE DATA
Earnings per share - basic $ 0.83
$ 0.72
15
$ 0.43
93
%
Earnings per share - diluted 0.81
0.69
17
0.41
98
Adjusted earnings per share - diluted (8) 0.88
0.66
33
0.84
5
Book value at period end 30.09
25.05
20
29.57
2
Tangible book value at period end 22.91
23.35
(2)
22.33
3
Shares outstanding at period end 9,409,261
7,373,641
28
%
9,395,488
-
Weighted average shares outstanding
Basic 9,011,535
6,936,301
30
%
7,547,051
19 %
Diluted 9,269,178
7,207,263
29
7,832,187
18
___________________________________
(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 21% for 2018 and 35% for 2017.
(5) Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" for additional information.
(6) Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes divided by average common shareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" for additional information.
(7) Adjusted ratios eliminates merger-related expenses, impact of 2017 DTA re-measurement charge and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" for additional information.
(8) Adjusted diluted EPS eliminates merger-related expenses, impact of 2017 DTA re-measurement charge and the (loss) or gain on sale or closure of banking centers in the calculation. See "Non-GAAP Reconciliation" for additional information.
HOME BANCORP, INC. AND SUBSIDIARY
SUMMARY CREDIT QUALITY INFORMATION
March 31, 2018
December 31, 2017
March 31, 2017
Acquired
Originated
Total
Acquired
Originated
Total
Acquired
Originated
Total
(dollars in thousands)
CREDIT QUALITY(1)
Nonaccrual loans (2) $ 3,906
$ 23,407
$ 27,313
$ 2,654
$ 22,379
$ 25,033
$ 1,524
$ 13,072
$ 14,596
Accruing loans past due 90 days and over -
-
-
-
-
-
-
-
-
Total nonperforming loans 3,906
23,407
27,313
2,654
22,379
25,033
1,524
13,072
14,596
Foreclosed assets 436
107
543
584
144
728
890
722
1,612
Total nonperforming assets 4,342
23,514
27,856
3,238
22,523
25,761
2,414
13,794
16,208
Performing troubled debt restructurings 1,068
606
1,674
1,020
1,516
2,536
3,314
1,056
4,370
Total nonperforming assets and troubled debt restructurings
$ 5,410
$ 24,120
$ 29,530
$ 4,258
$ 24,039
$ 28,297
$ 5,728
$ 14,850
$ 20,578
Nonperforming assets to total assets
1.26
%
1.16
%
1.02
%
Nonperforming loans to total assets
1.24
1.12
0.92
Nonperforming loans to total loans
1.66
1.51
1.19
Allowance for loan losses to nonperforming assets
51.22
57.48
79.70
Allowance for loan losses to nonperforming loans
52.24
59.15
88.50
Allowance for loan losses to total loans
0.87
0.89
1.05
Year-to-date loan charge-offs
$ 1,526
$ 463
$ 18
Year-to-date loan recoveries
24
443
118
Year-to-date net loan charge-offs
$ 1,502
$ 20
$ (100)
Annualized YTD net loan charge-offs to average loans
0.37
%
-
%
0.03
%
______________________________________
(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 $14.7 million, $7.5 million and $8.6 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Acquired restructured loans placed on nonaccrual totaled $964,000, $353,000 and $359,000 at March 31, 2018, December 31, 2017 and March 31, 2017, respectively.
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SOURCE Home Bancorp, Inc.
Related Links
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