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8-K - FORM 8-K - HOME BANCORP, INC.d476550d8k.htm

Exhibit 99.1

For further information contact:

John W. Bordelon, President and CEO

(337) 237-1960

 

Release Date:   January 29, 2013
  For Immediate Release

HOME BANCORP ANNOUNCES 2012 FOURTH QUARTER AND ANNUAL RESULTS

Lafayette, Louisiana – 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 $2.3 million for the fourth quarter of 2012, a decrease of $728,000, or 24%, compared to the third quarter of 2012 and an increase of $190,000, or 9%, compared to the fourth quarter of 2011. Diluted earnings per share were $0.33 for the fourth quarter of 2012, a decrease of $0.09, or 21%, compared to the third quarter of 2012 and an increase of $0.03, or 10%, compared to the fourth quarter of 2011.

Net income for the year ended December 31, 2012 was $9.2 million, an increase of $4.1 million, or 79%, compared to 2011. Diluted earnings per share for 2012 were $1.28, an increase of 80% compared to $0.71 in 2011. Excluding merger-related expenses of $2.1 million (pre-tax) incurred in 2011 due to the acquisition of GS Financial Corp. (“GSFC”), net income increased $2.7 million, or 42%, compared to 2011. Excluding merger-related expenses, diluted earnings per share increased $0.38, or 42%, compared 2011.

“In our first year without an acquisition since 2009, we focused our attention on enhancing our customers’ experience and improving internal processes” stated John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. “We’re pleased with the progress we made in 2012, and expect to build on our momentum in 2013.”

“Although we continue to face the challenges posed by the national economy, as well as other industry-wide factors which are not fully within our control, we greet 2013 with optimism,” added Mr. Bordelon, “largely because, through their experience and hard work, the people and businesses of South Louisiana continue to press forward.”

Loans and Credit Quality

Loans totaled $673.1 million at December 31, 2012, an increase of $2.5 million, or 0.4%, from September 30, 2012, and an increase of $6.8 million, or 1%, from December 31, 2011. During the fourth quarter, increases in construction and land (up $12.2 million), one-to four-family first mortgage (up $3.1 million), commercial and industrial (up $1.5 million), and consumer (up $1.0 million) loan portfolios were largely offset by maturities and paydowns in the commercial real estate loan portfolio (down $15.9 million).


The following table sets forth the composition of the Company’s loan portfolio (including loans covered by loss sharing agreements) as of the dates indicated.

 

     December 31,      December 31,      Increase/(Decrease)  

(dollars in thousands)

   2012      2011      Amount     Percent  

Real estate loans:

          

One- to four-family first mortgage

   $ 177,816       $ 182,817       $ (5,001     (3 )% 

Home equity loans and lines

     40,425         43,665         (3,240     (7

Commercial real estate

     252,805         226,999         25,806        11   

Construction and land

     75,529         78,994         (3,465     (4

Multi-family residential

     19,659         20,125         (466     (2
  

 

 

    

 

 

    

 

 

   

 

 

 

Total real estate loans

     566,234         552,600         13,634        2   
  

 

 

    

 

 

    

 

 

   

 

 

 

Other loans:

          

Commercial and industrial

     72,253         82,980         (10,727     (13

Consumer

     34,641         30,791         3,850        13   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total other loans

     106,894         113,771         (6,877     (6
  

 

 

    

 

 

    

 

 

   

 

 

 

Total loans

   $ 673,128       $ 666,371       $ 6,757        1
  

 

 

    

 

 

    

 

 

   

 

 

 

Nonperforming assets (“NPAs”), which includes $12.3 million in assets covered under loss sharing agreements with the FDIC (“Covered Assets”) and $11.2 million acquired from GSFC, totaled $28.4 million at December 31, 2012, a decrease of $1.8 million compared to September 30, 2012 and a decrease of $2.0 million compared to December 31, 2011. The ratio of total NPAs to total assets was 2.95% at December 31, 2012, compared to 3.10% at September 30, 2012 and 3.16% at December 31, 2011. Excluding acquired assets, the ratio of NPAs was 0.62% at December 31, 2012, compared to 0.86% at September 30, 2012 and 0.54% at December 31, 2011.

The Company recorded net loan charge-offs of $70,000 during the fourth quarter of 2012, compared to net loan charge-offs of $464,000 in the third quarter of 2012 and net loan recoveries of $7,000 in the fourth quarter of 2011, respectively. The Company’s provision for loan losses for the fourth quarter of 2012 was $483,000, compared to $56,000 for the third quarter of 2012 and $568,000 for the fourth quarter of 2011. The provision for loan losses in the fourth quarter of 2012 relates primarily to modest downgrades of certain loans in the Company’s organic loan portfolio and decreased cash flow expectations in the acquired GSFC one- to four-family first mortgage portfolio.

The ratio of allowance for loan losses to total loans was 0.79% at December 31, 2012, compared to 0.73% and 0.77% at September 30, 2012 and December 31, 2011, respectively. Excluding acquired loans, the ratio of the allowance for loan losses to total loans was 1.01% at December 31, 2012, compared to 1.01% at September 30, 2012 and 1.14% at December 31, 2011.

Investment Securities Portfolio

The Company’s investment securities portfolio totaled $158.9 million at December 31, 2012, an increase of $3.9 million, or 3%, from September 30, 2012, and an increase of $199,000, or 0.1%, from December 31, 2011. At December 31, 2012, the Company had a net unrealized gain position on its investment securities portfolio of $5.0 million, compared to net unrealized gains of $5.2 million and $2.6 million at September 30, 2012 and December 31, 2011, respectively. At December 31, 2012, the investment securities portfolio had a modified duration of 3.7 years.


Deposits

At December 31, 2012, core deposits (i.e., checking, savings and money market accounts) decreased $2.7 million, or 1%, from September 30, 2012, and increased $72.5 million, or 16.3%, from December 31, 2011. Total deposits were $771.4 million at December 31, 2012, a decrease of $13.5 million, or 2%, from September 30, 2012, and an increase of $40.7 million, or 6%, from December 31, 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)

   2012      2011      Amount     Percent  

Demand deposit

   $ 152,462       $ 127,828       $ 24,634        19

Savings

     51,515         43,671         7,844        18   

Money market

     191,191         180,790         10,401        6   

NOW

     123,294         93,679         29,615        32   

Certificates of deposit

     252,967         284,766         (31,799     (11
  

 

 

    

 

 

    

 

 

   

 

 

 

Total deposits

   $ 771,429       $ 730,734       $ 40,695        6
  

 

 

    

 

 

    

 

 

   

 

 

 

Share Repurchases

The Company purchased 75,533 shares of its common stock during the fourth quarter of 2012 at an average price per share of $17.93 under the share repurchase plan announced in July 2012. The Company may repurchase up to 383,598 shares, or approximately 5%, of the Company’s outstanding common stock under the July 2012 plan. As of January 23, 2013, the Company has purchased 239,662 shares under the plan at an average price per share of $17.37; hence, an additional 143,936 shares remain eligible for purchase under the plan. The tangible book value per share of the Company’s common stock was $18.73 at December 31, 2012.

Net Interest Income

Net interest income for the fourth quarter of 2012 totaled $10.4 million, a decrease of $544,000, or 5%, compared to the third quarter of 2012, and an increase of $390,000, or 4%, compared to the fourth quarter of 2011. The decline in net interest income in the fourth quarter of 2012 compared to the third quarter of 2012 was due largely to a decline in loan interest income. The decrease in loan interest income resulted primarily from lower levels of interest accretion in the acquired loan portfolios, less loan fee accretion and lower average loan balances.

The Company’s net interest margin was 4.73% for the fourth quarter of 2012, 21 basis points lower than the third quarter of 2012 and 11 basis points higher than the fourth quarter of 2011. The decrease in the net interest margin compared to the third quarter of 2012 related primarily to lower loan yields as described above. The increase in net interest margin compared to the fourth quarter of 2011 related primarily to lower costs on interest bearing liabilities.


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  
     December 31, 2012     September 30, 2012     December 31, 2011  

(dollars in thousands)

   Average
Balance
     Average
Yield/Rate
    Average
Balance
     Average
Yield/Rate
    Average
Balance
     Average
Yield/Rate
 

Interest-earning assets:

               

Loans receivable

   $ 673,428         6.28   $ 678,936         6.55   $ 662,429         6.21

Investment securities

     149,294         1.95        149,472         2.06        162,367         2.18   

Other interest-earning assets

     41,057         0.43        41,373         0.40        26,026         0.56   
  

 

 

      

 

 

      

 

 

    

Total interest-earning assets

     863,779         5.25        869,781         5.49        850,822         5.27   
  

 

 

      

 

 

      

 

 

    

Interest-bearing liabilities:

               

Deposits:

               

Savings, checking, and money market

     361,862         0.33        355,107         0.34        314,694         0.46   

Certificates of deposit

     257,750         1.04        269,840         1.08        284,169         1.16   
  

 

 

      

 

 

      

 

 

    

Total interest-bearing deposits

     619,612         0.63        624,947         0.66        598,863         0.79   

FHLB advances

     40,796         1.58        48,175         1.39        103,011         0.75   
  

 

 

      

 

 

      

 

 

    

Total interest-bearing liabilities

   $ 660,408         0.68      $ 673,122         0.71      $ 701,874         0.79   
  

 

 

      

 

 

      

 

 

    

Net interest spread

        4.57        4.78        4.48

Net interest margin

        4.73        4.94        4.62

Noninterest Income

Noninterest income for the fourth quarter of 2012 totaled $1.8 million, a decrease of $321,000, or 15%, compared to the third quarter of 2012 and a decrease of $93,000, or 5%, compared to the fourth quarter of 2011. The decrease in noninterest income in the fourth quarter of 2012 compared to the third quarter of 2012 resulted primarily from the absence of gains on sale of securities of $163,000 recorded during the third quarter and decreases in gains on the sale of mortgage loans, service fees and charges and bank card fees.

The decrease in noninterest income in the fourth quarter of 2012 compared to the fourth quarter of 2011 resulted primarily from decreases in discount accretion on FDIC loss sharing receivable, service fees and charges and bank card fees offset by higher gains on the sale of mortgage loans.

Noninterest Expense

Noninterest expense for the fourth quarter of 2012 totaled $8.2 million, a decrease of $176,000, or 2%, compared to the third quarter of 2012 and an increase of $131,000, or 2%, compared to the fourth quarter of 2011. The decrease in noninterest expense in the fourth quarter of 2012 compared to the third quarter of 2012 resulted primarily from lower than anticipated Louisiana shares tax payments (down $349,000), which was partially offset by higher data processing and communication (up $73,000), compensation and benefits (up $71,000), and foreclosed asset expenses (up $44,000).


Non-GAAP Reconciliation

 

     For the Years Ended  

(dollars in thousands)

   December 31,
2012
     December 31,
2011
 

Reported noninterest expense

   $ 32,454       $ 30,783   

Less: Merger-related expenses

     —           (2,051
  

 

 

    

 

 

 

Non-GAAP noninterest expense

   $ 32,454       $ 28,732   
  

 

 

    

 

 

 

Reported net income

   $ 9,190       $ 5,120   

Add: Merger-related expenses (after tax)

     —           1,354   
  

 

 

    

 

 

 

Non-GAAP net income

   $ 9,190       $ 6,474   
  

 

 

    

 

 

 

Diluted EPS

   $ 1.28       $ 0.72   

Less: Merger-related expenses

     —           0.18   
  

 

 

    

 

 

 

Non-GAAP EPS

   $ 1.28       $ 0.90   
  

 

 

    

 

 

 

This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). The Company’s management uses this non-GAAP financial information in its analysis of the Company’s performance. In this news release, information is included which excludes acquired loans and the impact of merger-related expenses. Management believes the presentation of this non-GAAP financial information provides useful information that is essential to a proper understanding of the Company’s financial position and core operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies.

This news release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Home Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2011, 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

 

     December 31,
2012
    December 31,
2011
    %
Change
    September 30,
2012
 

Assets

        

Cash and cash equivalents

   $ 39,539,366      $ 31,769,438        24   $ 52,307,703   

Interest-bearing deposits in banks

     3,529,000        5,583,000        (37     4,019,000   

Investment securities available for sale, at fair value

     157,255,828        155,259,978        1        153,006,535   

Investment securities held to maturity

     1,665,184        3,461,717        (52     2,049,718   

Mortgage loans held for sale

     5,627,104        1,672,597        236        5,572,587   

Loans covered by loss sharing agreements

     45,764,397        61,070,360        (25     49,500,917   

Noncovered loans, net of unearned income

     627,363,937        605,301,127        4        621,157,286   
  

 

 

   

 

 

     

 

 

 

Total loans

     673,128,334        666,371,487        1        670,658,203   

Allowance for loan losses

     (5,319,235     (5,104,363     4        (4,906,292
  

 

 

   

 

 

     

 

 

 

Total loans, net of allowance for loan losses

     667,809,099        661,267,124        1        665,751,911   
  

 

 

   

 

 

     

 

 

 

FDIC loss sharing receivable

     15,545,893        24,222,190        (36     16,813,909   

Office properties and equipment, net

     30,777,184        31,763,692        (3     30,910,746   

Cash surrender value of bank-owned life insurance

     17,286,434        16,771,174        3        17,157,946   

Accrued interest receivable and other assets

     23,891,172        32,018,228        (25     26,720,243   
  

 

 

   

 

 

     

 

 

 

Total Assets

   $ 962,926,264      $ 963,789,138        —        $ 974,310,298   
  

 

 

   

 

 

     

 

 

 

Liabilities

        

Deposits

   $ 771,429,335      $ 730,733,755        6   $ 784,941,867   

Federal Home Loan Bank advances

     46,256,805        93,622,954        (51     43,440,343   

Accrued interest payable and other liabilities

     3,666,264        5,147,595        (29     5,717,129   
  

 

 

   

 

 

     

 

 

 

Total Liabilities

     821,352,404        829,504,304        (1     834,099,339   
  

 

 

   

 

 

     

 

 

 

Shareholders’ Equity

        

Common stock

     89,506        89,335        —       89,483   

Additional paid-in capital

     90,986,820        89,741,406        1        90,513,760   

Treasury stock

     (21,719,954     (15,892,315     37        (20,365,995

Common stock acquired by benefit plans

     (7,455,669     (8,625,513     (14     (7,544,939

Retained earnings

     76,435,222        67,245,350        14        74,110,812   

Accumulated other comprehensive income

     3,237,935        1,726,571        88        3,407,838   
  

 

 

   

 

 

     

 

 

 

Total Shareholders’ Equity

     141,573,860        134,284,834        5        140,210,959   
  

 

 

   

 

 

     

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 962,926,264      $ 963,789,138        —        $ 974,310,298   
  

 

 

   

 

 

     

 

 

 


HOME BANCORP, INC. AND SUBSIDIARY

CONDENSED STATEMENTS OF INCOME

 

     For The Three Months Ended
December 31,
    %     For The Years Ended
December 31,
    %  
     2012     2011     Change     2012      2011     Change  

Interest Income

             

Loans, including fees

   $ 10,734,365      $ 10,450,022        3   $ 42,797,878       $ 34,604,712        24

Investment securities

     728,597        883,979        (18     3,169,429         3,686,134        (14

Other investments and deposits

     43,951        36,803        19        154,820         144,346        7   
  

 

 

   

 

 

     

 

 

    

 

 

   

Total interest income

     11,506,913        11,370,804        1        46,122,127         38,435,192        20   
  

 

 

   

 

 

     

 

 

    

 

 

   

Interest Expense

             

Deposits

     974,361        1,194,653        (18 )%      4,227,495         4,626,198        (9 )% 

Federal Home Loan Bank advances

     160,787        194,407        (17     686,374         590,972        16   
  

 

 

   

 

 

     

 

 

    

 

 

   

Total interest expense

     1,135,148        1,389,060        (18     4,913,869         5,217,170        (6
  

 

 

   

 

 

     

 

 

    

 

 

   

Net interest income

     10,371,765        9,981,744        4        41,208,258         33,218,022        24   

Provision for loan losses

     483,251        567,968        (15     2,411,214         1,460,427        65   
  

 

 

   

 

 

     

 

 

    

 

 

   

Net interest income after provision for loan losses

     9,888,514        9,413,776        5        38,797,044         31,757,595        22   
  

 

 

   

 

 

     

 

 

    

 

 

   

Noninterest Income

             

Service fees and charges

     495,372        538,368        (8 )%      2,184,246         2,160,706        1

Bank card fees

     399,282        443,407        (10     1,795,960         1,737,554        3   

Gain on sale of loans, net

     567,804        520,493        9        1,963,365         910,165        116   

Income from bank-owned life insurance

     128,487        142,561        (10     515,260         578,529        (11

Gain (loss) on the sale of securities, net

     —          (4,706     100        221,781         (170,788     230   

Discount accretion of FDIC loss sharing receivable

     119,087        187,799        (37     580,980         851,080        (32

Settlement of litigation

     —          —          —          —           525,000        —     

Other income

     55,418        30,461        82        190,291         188,749        1   
  

 

 

   

 

 

     

 

 

    

 

 

   

Total noninterest income

     1,765,450        1,858,383        (5     7,451,883         6,780,995        10   
  

 

 

   

 

 

     

 

 

    

 

 

   

Noninterest Expense

             

Compensation and benefits

     5,118,250        4,692,503        9     19,687,444         17,821,501        10

Occupancy

     689,774        799,493        (14     2,809,039         2,633,558        7   

Marketing and advertising

     205,051        312,733        (34     743,814         980,557        (24

Data processing and communication

     767,345        713,701        8        2,801,124         3,141,776        (11

Professional fees

     189,175        203,524        (7     890,205         1,378,504        (35

Forms, printing and supplies

     100,006        139,997        (29     477,924         542,079        (12

Franchise and shares tax

     (43,458     93,783        (146     613,733         675,801        (9

Regulatory fees

     224,673        169,375        33        854,041         857,990        —     

Foreclosed assets, net

     292,584        242,590        21        1,051,397         471,637        123   

Other expenses

     669,918        715,087        (6     2,525,404         2,279,995        11   
  

 

 

   

 

 

     

 

 

    

 

 

   

Total noninterest expense

     8,213,318        8,082,786        2        32,454,125         30,783,398        5   
  

 

 

   

 

 

     

 

 

    

 

 

   

Income before income tax expense

     3,440,646        3,189,373        8        13,794,802         7,755,192        78   

Income tax expense

     1,116,236        1,055,122        6        4,604,930         2,635,411        75   
  

 

 

   

 

 

     

 

 

    

 

 

   

Net income

   $ 2,324,410      $ 2,134,251        9      $ 9,189,872       $ 5,119,781        79   
  

 

 

   

 

 

     

 

 

    

 

 

   

Earnings per share - basic

   $ 0.34      $ 0.31        10   $ 1.33       $ 0.72        85
  

 

 

   

 

 

     

 

 

    

 

 

   

Earnings per share - diluted

   $ 0.33      $ 0.30        10      $ 1.28       $ 0.71        80   
  

 

 

   

 

 

     

 

 

    

 

 

   


HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY FINANCIAL INFORMATION

 

    

For The Three Months Ended

December 31,

    %    

For The Three

Months Ended

    %  
     2012     2011     Change     September 30, 2012     Change  
(dollars in thousands except per share data)                               

EARNINGS DATA

          

Total interest income

   $ 11,507      $ 11,371        1   $ 12,120        (5 )% 

Total interest expense

     1,135        1,389        (18     1,204        (6
  

 

 

   

 

 

     

 

 

   

Net interest income

     10,372        9,982        4        10,916        (5
  

 

 

   

 

 

     

 

 

   

Provision for loan losses

     483        568        (15     56        763   

Total noninterest income

     1,765        1,858        (5     2,087        (15

Total noninterest expense

     8,213        8,083        2        8,389        (2

Income tax expense

     1,116        1,055        6        1,506        (26
  

 

 

   

 

 

     

 

 

   

Net income

   $ 2,325      $ 2,134        9      $ 3,052        (24
  

 

 

   

 

 

     

 

 

   

AVERAGE BALANCE SHEET DATA

          

Total assets

   $ 969,182      $ 965,357        —     $ 974,761        (1 )% 

Total interest-earning assets

     863,780        850,822        2        869,781        (1

Totals loans

     673,428        662,429        2        678,936        (1

Total interest-bearing deposits

     619,612        598,863        3        624,947        (1

Total interest-bearing liabilities

     660,408        701,874        (6     673,122        (2

Total deposits

     783,522        724,717        8        783,542        —     

Total shareholders’ equity

     141,457        133,899        6        140,548        1   

SELECTED RATIOS (1)

          

Return on average assets

     0.96     0.88     9     1.25     (23 )% 

Return on average equity

     6.57        6.38        3        8.69        (24

Efficiency ratio (2)

     67.67        68.27        (1     64.52        5   

Average equity to average assets

     14.60        13.87        5        14.42        1   

Tier 1 leverage capital ratio (3)

     13.67        12.53        9        13.23        3   

Total risk-based capital ratio (3)

     21.83        21.13        3        21.39        2   

Net interest margin (4)

     4.73        4.62        2        4.94        (4

PER SHARE DATA

          

Basic earnings per share

   $ 0.34      $ 0.31        10   $ 0.44        (23 )% 

Diluted earnings per share

     0.33        0.30        10        0.42        (21

Book value at period end

     19.03        17.30        10        18.66        2   

Tangible book value at period end

     18.73        16.96        10        18.35        2   

PER SHARE DATA

          

Shares outstanding at period end

     7,439,127        7,759,954        (4 )%      7,512,360        (1 )% 

Weighted average shares outstanding

          

Basic

     6,778,450        6,882,206        (2 )%      6,950,785        (2 )% 

Diluted

     7,094,725        7,033,984        1        7,212,323        (2

 

(1) 

With the exception of end-of-period ratios, all ratios are based on average monthly balances during the respective periods.

(2) 

The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income.

(3) 

Capital ratios are end of period ratios for the Bank only.

(4) 

Net interest margin represents net interest income as a percentage of average interest-earning assets.


HOME BANCORP, INC. AND SUBSIDIARY

SUMMARY CREDIT QUALITY INFORMATION

 

    December 31, 2012     September 30, 2012     December 31, 2011  
    Covered     Noncovered     Total     Covered     Noncovered     Total     Covered     Noncovered     Total  
(dollars in thousands)                                                      

CREDIT QUALITY (1) (2)

                 

Nonaccrual loans

  $ 9,579      $ 12,368      $ 21,947      $ 9,106      $ 12,608      $ 21,714      $ 10,460      $ 11,007      $ 21,467   

Accruing loans past due 90 days and over

    —          —          —          —          —          —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming loans

    9,579        12,368        21,947        9,106        12,608        21,714        10,460        11,007        21,467   

Foreclosed assets

    2,683        3,771        6,454        3,143        5,300        8,443        6,096        2,868        8,964   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming assets

    12,262        16,139        28,401        12,249        17,908        30,157        16,556        13,875        30,431   

Performing troubled debt restructurings

    306        808        1,114        675        816        1,491        26        572        598   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming assets and troubled debt restructurings

  $ 12,568      $ 16,947      $ 29,515      $ 12,924      $ 18,724      $ 31,648      $ 16,582      $ 14,447      $ 31,029   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming assets to total assets

        2.95         3.10         3.16

Nonperforming loans to total assets

        2.28            2.23            2.23   

Nonperforming loans to total loans

        3.26            3.24            3.22   

Allowance for loan losses to nonperforming assets

        18.73            16.27            16.77   

Allowance for loan losses to nonperforming loans

        24.24            22.60            23.78   

Allowance for loan losses to total loans

        0.79            0.73            0.77   

Year-to-date loan charge-offs

      $ 2,325          $ 2,151          $ 334   

Year-to-date loan recoveries

        129            25            58   
     

 

 

       

 

 

       

 

 

 

Year-to-date net loan charge-offs

      $ 2,196          $ 2,126          $ 276   
     

 

 

       

 

 

       

 

 

 

Annualized YTD net loan charge-offs to total loans

        0.33         0.42         0.04

 

(1) 

Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Nonperforming assets consist of nonperforming loans and repossessed assets. It is our policy to cease accruing interest on loans 90 days or more past due. Repossessed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure.

(2) 

Asset quality information includes 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”.