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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GS Financial Corp. (MM) | NASDAQ:GSLA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.83 | 0 | 00:00:00 |
LAFAYETTE, La., April 26, 2011 /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 $795,000 for the first quarter of 2011, a decrease of $670,000 compared to the fourth quarter of 2010 and a decrease of $51,000 compared to the first quarter of 2010. Diluted earnings per share were $0.11 for the first quarter of 2011 and the fourth quarter of 2010, compared to $0.20 first quarter of 2010.
"Although loan demand was modest to start the year," stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank, "we continue to enjoy excellent core deposit growth, which increased at an annualized rate of over 14% during the first quarter."
"We finished the quarter by announcing our expansion into Orleans and Jefferson Parishes through the acquisition of Guaranty Savings Bank," added Mr. Bordelon. "We are confident that Guaranty's talented team of bankers and Home Bank's commitment to enhancing the long-term success of our customers will set us apart in New Orleans just as it has in our other markets."
Acquisition of GS Financial Corp.
As previously disclosed on March 30, 2011, the Company entered into a definitive agreement to merge with GS Financial Corp. (Nasdaq: GSLA), the holding company of the 74-year-old Guaranty Savings Bank. Under the terms of the agreement, GS Financial will be merged with and into Home Bancorp in a two-step transaction and Guaranty Savings Bank will be merged with and into the Bank. Shareholders of GS Financial will receive $21.00 per share in cash upon completion of the merger. The merger, which is expected to be completed in the third quarter of 2011, is subject to GS Financial Corp. shareholder approval, regulatory approval and other customary conditions. The Company anticipates that the transaction will be over 10% accretive to earnings once savings are fully phased in by 2012. The dilution to tangible book value is expected to be minimal. Upon completion of the merger, the combined company will have total assets of approximately $950 million, $625 million in loans and $750 million in deposits. The Company incurred $191,000 in pre-tax merger-related expenses during the first quarter of 2011.
Loans and Credit Quality
The Company's total loans were $442.0 million at March 31, 2011, an increase of $2.1 million, or 1%, from December 31, 2010, and a decrease of $8.3 million, or 2%, from March 31, 2010. During the first quarter of 2011, Noncovered Loans increased $6.5 million, while Covered Loans decreased $4.5 million. Growth in the Noncovered Loan portfolio was in commercial and industrial (up $6.2 million) and commercial real estate (up $1.3 million) loans. Growth in these portfolios was partially offset by decreases in Noncovered one- to four-family first mortgage (down $933,000) and construction and land (down $918,000) loans.
The following table sets forth the composition of the Company's loan portfolio as of the dates indicated.
(dollars in thousands) | March 31, | December 31, | Total Loans | ||
Noncovered real estate loans: | |||||
One- to four-family first mortgage | $104,224 | $ 105,157 | $ (933) | (1)% | |
Home equity loans and lines | 24,796 | 24,898 | (102) | - | |
Commercial real estate | 117,264 | 115,946 | 1,318 | 1 | |
Construction and land | 44,259 | 45,177 | (918) | (2) | |
Multi-family residential | 4,634 | 4,493 | 141 | 3 | |
Total noncovered real estate loans | 295,177 | 295,671 | (494) | - | |
Noncovered other loans: | |||||
Commercial | 48,440 | 42,247 | 6,193 | 15 | |
Consumer | 22,386 | 21,546 | 840 | 4 | |
Total noncovered other loans | 70,826 | 63,793 | 7,033 | 11 | |
Total noncovered loans | 366,003 | 359,464 | 6,539 | 2 | |
Covered loans | 75,996 | 80,447 | (4,451) | (6) | |
Total loans | $441,999 | $ 439,911 | $ 2,088 | 1 | |
Credit quality statistics remained exceptional during the first quarter of 2011. Nonperforming assets, excluding Covered Assets, were $1.2 million at March 31, 2011, an increase of $34,000, or 3%, from December 31, 2010, and a decrease of $712,000, or 38%, from March 31, 2010. The ratio of nonperforming assets, excluding Covered Assets, to total assets was 0.19% at March 31, 2011 and December 31, 2010, compared to 0.32% at March 31, 2010.
The Company recorded net charge-offs of $3,000 during the first quarter of 2011, compared to net charge-offs of $151,000 in the fourth quarter of 2010 and $21,000 in the first quarter of 2010. The Company's loan loss provision for the first quarter of 2011 was $102,000, compared to $147,000 and $350,000 for the fourth quarter of 2010 and the first quarter of 2010, respectively.
At March 31, 2011, the Company's ratio of allowance for loan losses to total Noncovered Loans was 1.10%, compared to 1.09% and 1.08% at December 31, 2010 and March 31, 2010, respectively.
Investment Securities Portfolio
Due to more favorable market pricing, the Company sold $3.6 million of its non-agency mortgage-backed securities portfolio during the first quarter of 2011. The sale of these securities, which included the below-investment-grade securities held by the Company, resulted in a $166,000 pre-tax net loss. The remaining portfolio of non-agency mortgage-backed securities, which had an amortized cost of $16.5 million at March 31, 2011, are all rated AAA or Aaa by Standard & Poor's or Moody's.
The Company's investment securities portfolio totaled $141.7 million at March 31, 2011, an increase of $14.5 million, or 11%, from December 31, 2010, and an increase of $3.5 million, or 3%, from March 31, 2010. At March 31, 2011, the Company had a net unrealized gain position on its investment securities portfolio of $1.6 million, compared to a net unrealized gain of $1.0 million and a net unrealized loss of $191,000 at December 31, 2010 and March 31, 2010, respectively.
Deposits
Core deposits (i.e., checking, savings and money market accounts) increased for the seventh consecutive quarter, posting growth of $12.0 million, or 4%, during the first three months of 2011. Total deposits were $543.6 million at March 31, 2011, a decrease of $9.6 million, or 2%, from December 31, 2010, and an increase of $3.7 million, or 1%, from March 31, 2010.
The following table sets forth the composition of the Company's deposits at the dates indicated.
March 31, | December 31, | Increase / (Decrease) | |||
(dollars in thousands) | 2011 | 2010 | Amount | Percent | |
Demand deposit | $ 102,335 | $ 100,579 | $ 1,756 | 2% | |
Savings | 31,264 | 29,258 | 2,006 | 7 | |
Money market | 143,088 | 133,245 | 9,843 | 7 | |
NOW | 66,757 | 68,398 | (1,641) | (2) | |
Certificates of deposit | 200,175 | 221,738 | (21,563) | (10) | |
Total deposits | $ 543,619 | $ 553,218 | $ (9,599) | (2)% | |
Net Interest Income
Net interest income for the first quarter of 2011 totaled $6.9 million, a decrease of $265,000, or 4%, compared to the fourth quarter of 2010, and an increase of $1.0 million, or 17%, compared to the first quarter of 2010. The Company's net interest margin was 4.67% for the first quarter of 2011, three basis points lower than the fourth quarter of 2010 and two basis points lower than the first quarter of 2010.
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.
For the Three Months Ended | |||||||
March 31, 2011 | December 31, 2010 | March 31, 2010 | |||||
(dollars in thousands) | Average Balance | Average Yield/Rate | Average Balance | Average Yield/Rate | Average Balance | Average Yield/Rate | |
Earning-assets: | |||||||
Loans receivable | $439,490 | 6.59% | $448,172 | 6.61% | $360,963 | 6.61% | |
Investment securities | 130,607 | 2.94 | 124,561 | 3.39 | 123,183 | 4.30 | |
Other interest-earning assets | 24,423 | 0.61 | 32,045 | 0.47 | 20,049 | 0.55 | |
Total earning-assets | $594,520 | 5.55 | $604,778 | 5.62 | $504,195 | 5.81 | |
Interest-bearing liabilities: | |||||||
Deposits: | |||||||
Savings, checking, and money market | $233,440 | 0.53 | $220,556 | 0.56 | $153,003 | 0.72 | |
Certificates of deposit | 209,734 | 1.69 | 228,848 | 1.70 | 181,861 | 2.15 | |
Total interest-bearing deposits | 443,174 | 1.08 | 449,404 | 1.14 | 334,864 | 1.50 | |
FHLB advances | 15,280 | 2.64 | 14,027 | 3.17 | 17,897 | 3.53 | |
Total interest-bearing liabilities | $458,454 | 1.13 | $463,431 | 1.20 | $352,761 | 1.60 | |
Net interest spread | 4.42% | 4.42% | 4.21% | ||||
Net interest margin | 4.67% | 4.70% | 4.69% | ||||
Noninterest Income
Noninterest income for the first quarter of 2011 totaled $1.2 million, a decrease of $232,000, or 16%, compared to the fourth quarter of 2010 and an increase of $246,000, or 25%, compared to the first quarter of 2010.
The decrease in noninterest income in the first quarter of 2011 compared to the fourth quarter of 2010 resulted primarily from lower gains on the sale of mortgage loans and a net loss on the sale of a sizeable portion of the Company's non-agency mortgage-backed securities portfolio. The sale of securities, which included the Company's holdings of below-investment-grade securities, resulted in a $166,000 pre-tax net loss.
The increase in noninterest income in the first quarter of 2011 compared to the first quarter of 2010 resulted primarily from higher levels of bank card fees and the discount accretion of the FDIC loss sharing receivable associated with the acquisition of Statewide Bank late in the first quarter of 2010. The increase in bank card fees was primarily the result of the addition of accounts through the Statewide acquisition.
Subsequent to the end of the first quarter of 2011, the Company entered into a settlement agreement with respect to litigation brought by the Company against a counterparty for losses reported by the Company in 2008 relating to the Company's former business line of providing cash to third-party ATM providers. Under the terms of the settlement agreement, the Company received $525,000 in April 2011 and has foregone its right to pursue future claims related to any unrecovered loss. The $525,000 will be reported as noninterest income in the second quarter of 2011. The Company ceased providing cash to third-party ATM providers in 2009.
Noninterest Expense
Noninterest expense for the first quarter of 2011 totaled $6.7 million, an increase of $459,000, or 7%, compared to the fourth quarter of 2010 and an increase of $1.5 million, or 28%, compared the first quarter of 2010.
The increase in noninterest expense in the first quarter of 2011 compared to the fourth quarter of 2010 resulted primarily from an increase in franchise and shares taxes, compensation and benefits expense and $191,000 of merger-related expenses. These increases were partially offset by a $101,000 decrease in repossessed asset expenses (reported in other noninterest expenses).
The increase in noninterest expense in the first quarter of 2011 compared to the first quarter of 2010 was primarily due to higher compensation and benefits, occupancy and data processing and communications expenses related to the Statewide Bank acquisition and the addition of our Baton Rouge headquarters location in mid-March 2010. Additionally, regulatory fees increased during the quarter ended March 31, 2011 compared to the same quarter a year ago as a result of an increase in base insurance premium assessments on deposits by the FDIC.
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 | |||||||||
March 31, | March 31, | % | December 31, | ||||||
2011 | 2010 | Change | 2010 | ||||||
Assets | |||||||||
Cash and cash equivalents | $ 22,466,923 | $ 17,841,146 | 26% | $ 36,970,638 | |||||
Interest-bearing deposits in banks | 8,857,000 | 5,652,000 | 57 | 7,867,000 | |||||
Investment securities available for sale, at fair value | 133,933,288 | 123,608,320 | 8 | 111,962,331 | |||||
Investment securities held to maturity | 7,764,023 | 14,628,588 | (47) | 15,220,474 | |||||
Mortgage loans held for sale | 560,991 | 2,411,700 | (77) | 2,436,986 | |||||
Loans covered by loss sharing agreements | 75,996,118 | 108,056,686 | (30) | 80,446,859 | |||||
Noncovered loans, net of unearned income | 366,003,288 | 342,247,448 | 7 | 359,464,400 | |||||
Total loans | 441,999,406 | 450,304,134 | (2) | 439,911,259 | |||||
Allowance for loan losses | (4,019,285) | (3,680,819) | 9 | (3,919,745) | |||||
Total loans, net of allowance for loan losses | 437,980,121 | 446,623,315 | (2) | 435,991,514 | |||||
FDIC loss sharing receivable | 31,030,272 | 34,422,039 | (10) | 32,012,783 | |||||
Office properties and equipment, net | 23,216,809 | 17,386,998 | 34 | 23,371,915 | |||||
Cash surrender value of bank-owned life insurance | 16,338,064 | 15,710,189 | 4 | 16,192,645 | |||||
Accrued interest receivable and other assets | 18,327,587 | 18,455,796 | (1) | 18,396,806 | |||||
Total Assets | $ 700,475,078 | $ 696,740,091 | 1 | $ 700,423,092 | |||||
Liabilities | |||||||||
Deposits | $ 543,619,256 | $ 539,934,197 | 1% | $ 553,217,853 | |||||
Federal Home Loan Bank advances | 21,000,000 | 19,259,424 | 9 | 13,000,000 | |||||
Accrued interest payable and other liabilities | 3,281,323 | 4,681,109 | (30) | 2,675,297 | |||||
Total Liabilities | 567,900,579 | 563,874,730 | 1 | 568,893,150 | |||||
Shareholders' Equity | |||||||||
Common stock | 89,270 | $ 89,270 | -% | $ 89,270 | |||||
Additional paid-in capital | 89,183,147 | 88,424,553 | 1 | 88,818,862 | |||||
Treasury stock | (11,028,575) | (2,980,831) | (270) | (10,425,725) | |||||
Common stock acquired by benefit plans | (9,676,562) | (10,824,200) | 11 | (9,770,556) | |||||
Retained earnings | 62,920,252 | 58,282,859 | 8 | 62,125,568 | |||||
Accumulated other comprehensive income (loss) | 1,086,967 | (126,290) | 961 | 692,523 | |||||
Total Shareholders' Equity | 132,574,499 | 132,865,361 | - | 131,529,942 | |||||
Total Liabilities and Shareholders' Equity | $ 700,475,078 | $ 696,740,091 | 1 | $ 700,423,092 | |||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||
For The Three Months Ended | For The Three | ||||||||||
March 31, | % | Months Ended | % | ||||||||
2011 | 2010 | Change | December 31, 2010 | Change | |||||||
Interest Income | |||||||||||
Loans, including fees | $ 7,160,653 | $ 5,907,230 | 21% | $ 7,456,346 | (4)% | ||||||
Investment securities | 960,821 | 1,323,218 | (27) | 1,056,751 | (9) | ||||||
Other investments and deposits | 36,721 | 27,323 | 34 | 37,895 | (3) | ||||||
Total interest income | 8,158,195 | 7,257,771 | 12 | 8,550,992 | (5) | ||||||
Interest Expense | |||||||||||
Deposits | 1,177,048 | 1,236,197 | (5)% | 1,294,223 | (9)% | ||||||
Federal Home Loan Bank advances | 100,640 | 157,659 | (36) | 111,440 | (10) | ||||||
Total interest expense | 1,277,688 | 1,393,856 | (8) | 1,405,663 | (9) | ||||||
Net interest income | 6,880,507 | 5,863,915 | 17 | 7,145,329 | (4) | ||||||
Provision for loan losses | 102,276 | 350,032 | (71) | 147,297 | (31) | ||||||
Net interest income after provision for loan losses | 6,778,231 | 5,513,883 | 23 | 6,998,032 | (3) | ||||||
Noninterest Income | |||||||||||
Service fees and charges | 474,824 | 467,389 | 2% | 477,547 | (1)% | ||||||
Bank card fees | 398,094 | 283,057 | 41 | 405,685 | (2) | ||||||
Gain on sale of loans, net | 104,393 | 78,393 | 33 | 337,435 | (69) | ||||||
Income from bank-owned life insurance | 145,419 | 149,246 | (3) | 158,496 | (8) | ||||||
Other-than-temporary impairment of securities | - | - | - | (218,266) | 100 | ||||||
Gain (loss) on the sale of securities, net | (166,082) | - | - | 10,374 | (1,701) | ||||||
Discount accretion of FDIC loss sharing receivable | 238,669 | - | - | 236,895 | 1 | ||||||
Other income | 48,036 | 19,535 | 146 | 66,968 | (28) | ||||||
Total noninterest income | 1,243,353 | 997,620 | 25 | 1,475,134 | (16) | ||||||
Noninterest Expense | |||||||||||
Compensation and benefits | 3,998,408 | 3,012,137 | 33% | 3,797,201 | 5% | ||||||
Occupancy | 565,261 | 387,983 | 46 | 565,753 | - | ||||||
Marketing and advertising | 161,050 | 201,737 | (20) | 238,500 | (32) | ||||||
Data processing and communication | 541,507 | 379,382 | 43 | 493,814 | 10 | ||||||
Professional fees | 419,732 | 468,062 | (10) | 188,737 | 122 | ||||||
Franchise and shares tax | 180,500 | 201,071 | (10) | (40,515) | 546 | ||||||
Regulatory fees | 229,739 | 110,904 | 107 | 228,244 | 1 | ||||||
Other expenses | 632,378 | 485,207 | 30 | 798,210 | (21) | ||||||
Total noninterest expense | 6,728,575 | 5,246,483 | 28 | 6,269,944 | 7 | ||||||
Income before income tax expense | 1,293,009 | 1,265,020 | 2 | 2,203,222 | (41) | ||||||
Income tax expense | 498,325 | 419,605 | 19 | 738,301 | (33) | ||||||
Net income | $ 794,684 | $ 845,415 | (6)% | $ 1,464,921 | (46)% | ||||||
Earnings per share: | |||||||||||
Basic | $ 0.11 | $ 0.11 | -% | $ 0.20 | (45)% | ||||||
Diluted | $ 0.11 | $ 0.11 | - | $ 0.20 | (45) | ||||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||
SUMMARY FINANCIAL INFORMATION | |||||||||||||
For The Three Months Ended | For The Three | ||||||||||||
March 31, | % | Months Ended | % | ||||||||||
2011 | 2010 | Change | December 31, 2010 | Change | |||||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||
Total assets | $ 692,755 | $ 559,413 | 24% | $ 698,683 | (1)% | ||||||||
Total interest-earning assets | 594,520 | 504,195 | 18 | 604,779 | (2) | ||||||||
Loans | 439,490 | 360,963 | 22 | 448,172 | (2) | ||||||||
Interest-bearing deposits | 443,174 | 334,864 | 32 | 449,404 | (1) | ||||||||
Interest-bearing liabilities | 458,454 | 352,761 | 30 | 463,431 | (1) | ||||||||
Total deposits | 543,323 | 407,380 | 33 | 551,010 | (1) | ||||||||
Total shareholders' equity | 131,994 | 129,618 | 2 | 131,802 | - | ||||||||
SELECTED RATIOS (1) | |||||||||||||
Return on average assets | 0.46% | 0.60% | (23)% | 0.84% | (45)% | ||||||||
Return on average equity | 2.41 | 2.61 | (8) | 4.45 | (46) | ||||||||
Efficiency ratio (2) | 82.82 | 76.46 | 8 | 72.18 | 15 | ||||||||
Average equity to average assets | 19.05 | 23.17 | (18) | 18.86 | 1 | ||||||||
Tier 1 leverage capital ratio (3) | 15.59 | 14.94 | 4 | 15.46 | 1 | ||||||||
Total risk-based capital ratio (3) | 24.86 | 21.32 | 17 | 23.65 | 5 | ||||||||
Net interest margin | 4.67 | 4.69 | - | 4.70 | (1) | ||||||||
PER SHARE DATA | |||||||||||||
Basic earnings per share | $ 0.11 | $ 0.11 | -% | $ 0.20 | (45)% | ||||||||
Diluted earnings per share | 0.11 | 0.11 | - | 0.20 | (45) | ||||||||
Book value at period end | 16.39 | 15.30 | 7 | 16.18 | 1 | ||||||||
PER SHARE DATA | |||||||||||||
Shares outstanding at period end | 8,087,159 | 8,682,700 | (7)% | 8,131,002 | (1)% | ||||||||
Weighted average shares outstanding | |||||||||||||
Basic | 7,177,377 | 7,707,576 | (7)% | 7,274,882 | (1)% | ||||||||
Diluted | 7,277,013 | 7,789,451 | (7) | 7,347,275 | (1) | ||||||||
(1) With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods and are annualized where appropriate. | |||||||||||||
(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. | |||||||||||||
HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION | |||||||||||||||||||||
March 31, 2011 | March 31, 2010 | December 31, 2010 | |||||||||||||||||||
Covered | Noncovered | Total | Covered | Noncovered | Total | Covered | Noncovered | Total | |||||||||||||
(dollars in thousands) | |||||||||||||||||||||
CREDIT QUALITY (1) | |||||||||||||||||||||
Nonaccrual loans | $ 15,479 | $ 1,090 | $ 16,569 | $ 16,780 | $ 1,473 | $ 18,253 | $ 15,988 | $ 1,056 | $ 17,044 | ||||||||||||
Accruing loans past due 90 days and over | - | - | - | - | - | - | - | - | - | ||||||||||||
Total nonperforming loans | 15,479 | 1,090 | 16,569 | 16,780 | 1,473 | 18,253 | 15,988 | 1,056 | 17,044 | ||||||||||||
Other real estate owned | 5,281 | 92 | 5,373 | 2,536 | 421 | 2,957 | 5,661 | 92 | 5,753 | ||||||||||||
Total nonperforming assets | 20,760 | 1,182 | 21,942 | 19,316 | 1,894 | 21,210 | 21,649 | 1,148 | 22,797 | ||||||||||||
Performing troubled debt restructurings | - | 1,067 | 1,067 | - | 762 | 762 | - | 721 | 721 | ||||||||||||
Total nonperforming assets and troubled | |||||||||||||||||||||
debt restructurings | $ 20,760 | $ 2,249 | $ 23,009 | $ 19,316 | $ 2,656 | $ 21,972 | $ 21,649 | $ 1,869 | $ 23,518 | ||||||||||||
Nonperforming assets to total assets (2) | 0.19% | 0.32% | 0.19% | ||||||||||||||||||
Nonperforming loans to total assets (2) | 0.18 | 0.25 | 0.17 | ||||||||||||||||||
Nonperforming loans to total loans (2) | 0.30 | 0.43 | 0.29 | ||||||||||||||||||
Allowance for loan losses to nonperforming assets | 340.12 | 194.30 | 341.51 | ||||||||||||||||||
Allowance for loan losses to nonperforming loans | 368.80 | 249.90 | 371.23 | ||||||||||||||||||
Allowance for loan losses to total loans | 1.10 | 1.08 | 1.09 | ||||||||||||||||||
Year-to-date loan charge-offs | $ - | $ 9 | $ 9 | $ - | $ 28 | $ 28 | $ - | $ 369 | $ 369 | ||||||||||||
Year-to-date loan recoveries | - | 6 | 6 | - | 7 | 7 | - | 72 | 72 | ||||||||||||
Year-to-date net loan charge-offs | $ - | $ 3 | $ 3 | $ - | $ 21 | $ 21 | $ - | $ 297 | $ 297 | ||||||||||||
Annualized YTD net loan charge-offs to total loans | -% | -% | -% | -% | 0.02% | 0.02% | -% | 0.08% | 0.07% | ||||||||||||
(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. | |||||||||||||||||||||
(2) Asset quality information excludes assets covered under FDIC loss sharing agreements. | |||||||||||||||||||||
SOURCE Home Bancorp, Inc.
Copyright 2011 PR Newswire
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