10/17/2024 | Press release | Distributed by Public on 10/17/2024 15:08
(dollars in thousands) | 9/30/2024 | 6/30/2024 | Increase (Decrease) | |||||
Real estate loans: |
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One- to four-family first mortgage | $ | 502,784 | $ | 446,255 | $ | 56,529 | 13 | % |
Home equity loans and lines | 80,935 | 70,617 | 10,318 | 15 | ||||
Commercial real estate | 1,143,152 | 1,228,757 | (85,605) | (7) | ||||
Construction and land | 329,787 | 328,938 | 849 | - | ||||
Multi-family residential | 169,443 | 126,922 | 42,521 | 34 | ||||
Total real estate loans | 2,226,101 | 2,201,489 | 24,612 | 1 | ||||
Other loans: |
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Commercial and industrial | 412,753 | 427,339 | (14,586) | (3) | ||||
Consumer | 29,432 | 32,518 | (3,086) | (9) | ||||
Total other loans | 442,185 | 459,857 | (17,672) | (4) | ||||
Total loans | $ | 2,668,286 | $ | 2,661,346 | $ | 6,940 | - | % |
September 30, 2024 | ||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Total | ||||
One- to four-family first mortgage
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$ | 494,180 | $ | 859 | $ | 7,745 | $ | 502,784 |
Home equity loans and lines | 80,729 | - | 206 | 80,935 | ||||
Commercial real estate | 1,125,331 | - | 17,821 | 1,143,152 | ||||
Construction and land | 323,751 | 308 | 5,728 | 329,787 | ||||
Multi-family residential | 168,513 | - | 930 | 169,443 | ||||
Commercial and industrial | 409,388 | 1,248 | 2,117 | 412,753 | ||||
Consumer | 29,302 | - | 130 | 29,432 | ||||
Total | $ | 2,631,194 | $ | 2,415 | $ | 34,677 | $ | 2,668,286 |
June 30, 2024 | ||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Total | ||||
One- to four-family first mortgage
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$ | 437,753 | $ | 1,417 | $ | 7,085 | $ | 446,255 |
Home equity loans and lines | 70,394 | - | 223 | 70,617 | ||||
Commercial real estate | 1,207,421 | 3,469 | 17,867 | 1,228,757 | ||||
Construction and land | 324,729 | 310 | 3,899 | 328,938 | ||||
Multi-family residential | 125,689 | 65 | 1,168 | 126,922 | ||||
Commercial and industrial | 423,673 | 1,493 | 2,173 | 427,339 | ||||
Consumer | 32,273 | - | 245 | 32,518 | ||||
Total | $ | 2,621,932 | $ | 6,754 | $ | 32,660 | $ | 2,661,346 |
(dollars in thousands) | Amortized Cost | Fair Value | ||
Available for sale: | ||||
U.S. agency mortgage-backed | $ | 296,894 | $ | 273,581 |
Collateralized mortgage obligations | 77,351 | 75,438 | ||
Municipal bonds | 53,568 | 47,770 | ||
U.S. government agency | 18,139 | 17,490 | ||
Corporate bonds | 6,984 | 6,444 | ||
Total available for sale | $ | 452,936 | $ | 420,723 |
Held to maturity: | ||||
Municipal bonds | $ | 1,065 | $ | 1,066 |
Total held to maturity | $ | 1,065 | $ | 1,066 |
(dollars in thousands) |
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9/30/2024 | 6/30/2024 | Increase (Decrease) | ||||
Demand deposits | $ | 740,854 | $ | 746,504 | $ | (5,650) | (1) | % |
Savings | 215,815 | 218,307 | (2,492) | (1) | ||||
Money market | 452,456 | 427,406 | 25,050 | 6 | ||||
NOW | 644,061 | 615,809 | 28,252 | 5 | ||||
Certificates of deposit | 724,301 | 714,889 | 9,412 | 1 | ||||
Total deposits | $ | 2,777,487 | $ | 2,722,915 | $ | 54,572 | 2 | % |
September 30, 2024 | June 30, 2024 | |
Individuals | 52% | 53% |
Small businesses | 38 | 37 |
Public funds | 7 | 8 |
Broker | 3 | 2 |
Total | 100% | 100% |
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Quarter Ended | |||||||||||
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9/30/2024 | 6/30/2024 | ||||||||||
(dollars in thousands) | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | ||||||
Interest-earning assets: |
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Loans receivable | $ | 2,668,672 | $ | 43,711 | 6.43 | % | $ | 2,652,331 | $ | 41,999 | 6.28 | % |
Investment securities (TE)
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454,024 | 2,677 | 2.38 | 463,500 | 2,740 | 2.38 | ||||||
Other interest-earning assets | 79,668 | 991 | 4.95 | 51,355 | 719 | 5.64 | ||||||
Total interest-earning assets | $ | 3,202,364 | $ | 47,379 | 5.82 | % | $ | 3,167,186 | $ | 45,458 | 5.70 | % |
Interest-bearing liabilities: |
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Deposits: |
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Savings, checking, and money market | $ | 1,266,465 | $ | 5,571 | 1.75 | % | $ | 1,260,491 | $ | 5,108 | 1.63 | % |
Certificates of deposit | 722,717 | 8,337 | 4.59 | 704,690 | 8,026 | 4.58 | ||||||
Total interest-bearing deposits | 1,989,182 | 13,908 | 2.78 | 1,965,181 | 13,134 | 2.69 | ||||||
Other borrowings | 140,539 | 1,673 | 4.74 | 140,610 | 1,656 | 4.74 | ||||||
Subordinated debt | 54,374 | 844 | 6.21 | 54,322 | 844 | 6.22 | ||||||
FHLB advances | 56,743 | 572 | 3.99 | 46,499 | 431 | 3.69 | ||||||
Total interest-bearing liabilities | $ | 2,240,838 | $ | 16,997 | 3.02 | % | $ | 2,206,612 | $ | 16,065 | 2.93 | % |
Noninterest-bearing deposits | $ | 741,387 | $ | 751,776 | ||||||||
Net interest spread (TE)
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2.80 | % |
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2.77 | % | ||||
Net interest margin (TE)
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3.71 | % |
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3.66 | % |
(dollars in thousands) | September 30, 2024 | |
Cash and cash equivalents | $ | 135,877 |
Unencumbered investment securities, amortized cost | 59,838 | |
FHLB advance availability | 1,147,306 | |
Amounts available from unsecured lines of credit | 55,000 | |
Federal Reserve discount window availability | 500 | |
Total primary and secondary sources of available liquidity | $ | 1,398,521 |
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Quarter Ended | |||||
(dollars in thousands, except per share data) | 9/30/2024 | 6/30/2024 | 9/30/2023 | |||
Reported net income | $ | 9,437 | $ | 8,118 | $ | 9,754 |
Add: Core deposit intangible amortization, net tax | 259 | 261 | 307 | |||
Non-GAAP tangible income | $ | 9,696 | $ | 8,379 | $ | 10,061 |
Total assets | $ | 3,441,990 | $ | 3,410,881 | $ | 3,317,729 |
Less: Intangible assets | 85,361 | 85,690 | 86,749 | |||
Non-GAAP tangible assets | $ | 3,356,629 | $ | 3,325,191 | $ | 3,230,980 |
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Total shareholders' equity | $ | 393,453 | $ | 375,830 | $ | 345,332 |
Less: Intangible assets | 85,361 | 85,690 | 86,749 | |||
Non-GAAP tangible shareholders' equity | $ | 308,092 | $ | 290,140 | $ | 258,583 |
Return on average equity | 9.76 | % | 8.75 | % | 11.04 | % |
Add: Average intangible assets | 3.14 | 2.98 | 4.11 | |||
Non-GAAP return on average tangible common equity | 12.90 | % | 11.73 | % | 15.15 | % |
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Common equity ratio | 11.43 | % | 11.02 | % | 10.41 | % |
Less: Intangible assets | 2.25 | 2.29 | 2.41 | |||
Non-GAAP tangible common equity ratio | 9.18 | % | 8.73 | % | 8.00 | % |
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Book value per share | $ | 48.75 | $ | 46.51 | $ | 42.30 |
Less: Intangible assets | 10.58 | 10.61 | 10.63 | |||
Non-GAAP tangible book value per share | $ | 38.17 | $ | 35.90 | $ | 31.67 |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | ||||||||
(Unaudited) | ||||||||
(dollars in thousands) | 9/30/2024 | 6/30/2024 | % Change | 9/30/2023 | ||||
Assets | ||||||||
Cash and cash equivalents | $ | 135,877 | $ | 113,462 | 20 | % | $ | 84,520 |
Interest-bearing deposits in banks | - | - | - | 99 | ||||
Investment securities available for sale, at fair value | 420,723 | 412,472 | 2 | 427,019 | ||||
Investment securities held to maturity | 1,065 | 1,065 | - | 1,065 | ||||
Mortgage loans held for sale | 242 | - | - | 467 | ||||
Loans, net of unearned income | 2,668,286 | 2,661,346 | - | 2,569,094 | ||||
Allowance for loan losses | (32,278) | (32,212) | - | (31,123) | ||||
Total loans, net of allowance for loan losses | 2,636,008 | 2,629,134 | - | 2,537,971 | ||||
Office properties and equipment, net | 42,659 | 43,089 | (1) | 42,402 | ||||
Cash surrender value of bank-owned life insurance | 48,139 | 47,858 | 1 | 47,054 | ||||
Goodwill and core deposit intangibles | 85,361 | 85,690 | - | 86,749 | ||||
Accrued interest receivable and other assets | 71,916 | 78,111 | (8) | 90,383 | ||||
Total Assets | $ | 3,441,990 | $ | 3,410,881 | 1 | % | $ | 3,317,729 |
Liabilities | ||||||||
Deposits | $ | 2,777,487 | $ | 2,722,915 | 2 | % | $ | 2,597,484 |
Other Borrowings | 140,539 | 140,539 | - | 5,539 | ||||
Subordinated debt, net of issuance cost | 54,402 | 54,348 | - | 54,187 | ||||
Federal Home Loan Bank advances | 38,410 | 83,506 | (54) | 283,826 | ||||
Accrued interest payable and other liabilities | 37,699 | 33,743 | 12 | 31,361 | ||||
Total Liabilities | 3,048,537 | 3,035,051 | - | 2,972,397 | ||||
Shareholders' Equity | ||||||||
Common stock | 81 | 81 | - | 81 | ||||
Additional paid-in capital | 166,743 | 165,918 | - | 165,149 | ||||
Common stock acquired by benefit plans | (1,428) | (1,518) | 6 | (1,787) | ||||
Retained earnings | 251,692 | 245,046 | 3 | 227,649 | ||||
Accumulated other comprehensive loss | (23,635) | (33,697) | 30 | (45,760) | ||||
Total Shareholders' Equity | 393,453 | 375,830 | 5 | 345,332 | ||||
Total Liabilities and Shareholders' Equity | $ | 3,441,990 | $ | 3,410,881 | 1 | % | $ | 3,317,729 |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | ||||||||||
(dollars in thousands, except per share data) | 9/30/2024 | 6/30/2024 | % Change | 9/30/2023 | % Change | |||||
Interest Income | ||||||||||
Loans, including fees | $ | 43,711 | $ | 41,999 | 4 | % | $ | 38,490 | 14 | % |
Investment securities | 2,677 | 2,740 | (2) | 2,939 | (9) | |||||
Other investments and deposits
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991 | 719 | 38 | 649 | 53 | |||||
Total interest income | 47,379 | 45,458 | 4 | 42,078 | 13 | |||||
Interest Expense | ||||||||||
Deposits | 13,908 | 13,134 | 6 | % | 8,181 | 70 | % | |||
Other borrowings | 1,673 | 1,656 | 1 | 53 | 3057 | |||||
Subordinated debt expense | 844 | 844 | - | 845 | - | |||||
Federal Home Loan Bank advances
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572 | 431 | 33 | 3,490 | (84) | |||||
Total interest expense | 16,997 | 16,065 | 6 | 12,569 | 35 | |||||
Net interest income | 30,382 | 29,393 | 3 | 29,509 | 3 | |||||
Provision for loan losses | 140 | 1,261 | (89) | 351 | (60) | |||||
Net interest income after provision for loan losses | 30,242 | 28,132 | 8 | 29,158 | 4 | |||||
Noninterest Income | ||||||||||
Service fees and charges | 1,291 | 1,239 | 4 | % | 1,277 | 1 | % | |||
Bank card fees | 1,613 | 1,751 | (8) | 1,903 | (15) | |||||
Gain on sale of loans, net | 195 | 126 | 55 | 687 | (72) | |||||
Income from bank-owned life insurance
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281 | 271 | 4 | 265 | 6 | |||||
Loss on sale of assets, net | (10) | (2) | (400) | - | - | |||||
Other income | 322 | 370 | (13) | 267 | 21 | |||||
Total noninterest income | 3,692 | 3,755 | (2) | 4,399 | (16) | |||||
Noninterest Expense | ||||||||||
Compensation and benefits | 13,058 | 12,788 | 2 | % | 12,492 | 5 | % | |||
Occupancy | 2,732 | 2,603 | 5 | 2,410 | 13 | |||||
Marketing and advertising | 382 | 485 | (21) | 638 | (40) | |||||
Data processing and communication
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2,646 | 2,555 | 4 | 2,496 | 6 | |||||
Professional fees | 450 | 581 | (23) | 402 | 12 | |||||
Forms, printing and supplies | 188 | 187 | 1 | 195 | (4) | |||||
Franchise and shares tax | 488 | 487 | - | 542 | (10) | |||||
Regulatory fees | 493 | 509 | (3) | 511 | (4) | |||||
Foreclosed assets, net | 62 | 89 | (30) | 99 | (37) | |||||
Amortization of acquisition intangible
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328 | 329 | - | 389 | (16) | |||||
(Reversal) provision for credit losses on unfunded commitments
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- | (134) | 100 | - | - | |||||
Other expenses | 1,431 | 1,329 | 8 | 1,164 | 23 | |||||
Total noninterest expense | 22,258 | 21,808 | 2 | 21,338 | 4 | |||||
Income before income tax expense
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11,676 | 10,079 | 16 | 12,219 | (4) | |||||
Income tax expense | 2,239 | 1,961 | 14 | 2,465 | (9) | |||||
Net income | $ | 9,437 | $ | 8,118 | 16 | % | $ | 9,754 | (3) | % |
Earnings per share - basic | $ | 1.19 | $ | 1.02 | 17 | % | $ | 1.22 | (2) | % |
Earnings per share - diluted | $ | 1.18 | $ | 1.02 | 16 | % | $ | 1.22 | (3) | % |
Cash dividends declared per common share
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$ | 0.25 | $ | 0.25 | - | % | $ | 0.25 | - | % |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||
SUMMARY FINANCIAL INFORMATION | ||||||||||
(Unaudited) | ||||||||||
Quarter Ended | ||||||||||
(dollars in thousands, except per share data) | 9/30/2024 | 6/30/2024 | % Change | 9/30/2023 | % Change | |||||
EARNINGS DATA | ||||||||||
Total interest income | $ | 47,379 | $ | 45,458 | 4 | % | $ | 42,078 | 13 | % |
Total interest expense | 16,997 | 16,065 | 6 | 12,569 | 35 | |||||
Net interest income | 30,382 | 29,393 | 3 | 29,509 | 3 | |||||
Provision for loan losses | 140 | 1,261 | (89) | 351 | (60) | |||||
Total noninterest income | 3,692 | 3,755 | (2) | 4,399 | (16) | |||||
Total noninterest expense | 22,258 | 21,808 | 2 | 21,338 | 4 | |||||
Income tax expense | 2,239 | 1,961 | 14 | 2,465 | (9) | |||||
Net income | $ | 9,437 | $ | 8,118 | 16 | $ | 9,754 | (3) | ||
AVERAGE BALANCE SHEET DATA | ||||||||||
Total assets | $ | 3,405,083 | $ | 3,367,207 | 1 | % | $ | 3,281,093 | 4 | % |
Total interest-earning assets | 3,202,364 | 3,167,186 | 1 | 3,087,452 | 4 | |||||
Total loans | 2,668,672 | 2,652,331 | 1 | 2,538,218 | 5 | |||||
PPP loans | 4,470 | 5,156 | (13) | 5,869 | (24) | |||||
Total interest-bearing deposits | 1,989,182 | 1,965,181 | 1 | 1,768,639 | 12 | |||||
Total interest-bearing liabilities | 2,240,838 | 2,206,612 | 2 | 2,101,424 | 7 | |||||
Total deposits | 2,730,568 | 2,716,957 | 1 | 2,568,173 | 6 | |||||
Total shareholders' equity | 384,518 | 373,139 | 3 | 350,436 | 10 | |||||
PER SHARE DATA | ||||||||||
Earnings per share - basic | $ | 1.19 | $ | 1.02 | 17 | % | $ | 1.22 | (2) | % |
Earnings per share - diluted | 1.18 | 1.02 | 16 | 1.22 | (3) | |||||
Book value at period end | 48.75 | 46.51 | 5 | 42.30 | 15 | |||||
Tangible book value at period end | 38.17 | 35.90 | 6 | 31.67 | 21 | |||||
Shares outstanding at period end | 8,070,539 | 8,081,344 | - | 8,163,655 | (1) | |||||
Weighted average shares outstanding | ||||||||||
Basic | 7,921,582 | 7,972,445 | (1) | % | 8,006,226 | (1) | % | |||
Diluted | 7,966,957 | 8,018,908 | (1) | 8,038,606 | (1) | |||||
SELECTED RATIOS (1)
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Return on average assets | 1.10 | % | 0.97 | % | 13 | % | 1.18 | % | (7) | % |
Return on average equity | 9.76 | 8.75 | 12 | 11.04 | (12) | |||||
Common equity ratio | 11.43 | 11.02 | 4 | 10.41 | 10 | |||||
Efficiency ratio (2)
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65.32 | 65.79 | (1) | 62.93 | 4 | |||||
Average equity to average assets | 11.29 | 11.08 | 2 | 10.68 | 6 | |||||
Tier 1 leverage capital ratio (3)
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11.32 | 11.22 | 1 | 10.71 | 6 | |||||
Total risk-based capital ratio (3)
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15.03 | 14.39 | 4 | 13.73 | 9 | |||||
Net interest margin (4)
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3.71 | 3.66 | 1 | 3.75 | (1) | |||||
SELECTED NON-GAAP RATIOS (1)
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Tangible common equity ratio (5)
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9.18 | % | 8.73 | % | 5 | % | 8.00 | % | 15 | % |
Return on average tangible common equity (6)
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12.90 | 11.73 | 10 | 15.15 | (15) |
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
9/30/2024 | 6/30/2024 | 9/30/2023 | ||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||
CREDIT QUALITY (1)
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Nonaccrual loans
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$ | 13,741 | $ | 4,314 | $ | 18,055 | $ | 12,594 | $ | 4,223 | $ | 16,817 | $ | 8,001 | $ | 3,905 | $ | 11,906 |
Accruing loans 90 days or more past due | 34 | - | 34 | 1 | - | 1 | 43 | - | 43 | |||||||||
Total nonperforming loans | 13,775 | 4,314 | 18,089 | 12,595 | 4,223 | 16,818 | 8,044 | 3,905 | 11,949 | |||||||||
Foreclosed assets and ORE | - | 267 | 267 | 16 | 215 | 231 | 221 | 141 | 362 | |||||||||
Total nonperforming assets | $ | 13,775 | $ | 4,581 | $ | 18,356 | $ | 12,611 | $ | 4,438 | $ | 17,049 | $ | 8,265 | $ | 4,046 | $ | 12,311 |
Nonperforming assets to total assets | 0.53 | % | 0.50 | % | 0.37 | % | ||||||||||||
Nonperforming loans to total assets | 0.53 | 0.49 | 0.36 | |||||||||||||||
Nonperforming loans to total loans | 0.68 | 0.63 | 0.47 | |||||||||||||||
HOME BANCORP, INC. AND SUBSIDIARY | ||||||||||||||||||
SUMMARY CREDIT QUALITY INFORMATION - CONTINUED | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
9/30/2024 | 6/30/2024 | 9/30/2023 | ||||||||||||||||
Collectively Evaluated | Individually Evaluated | Total | Collectively Evaluated | Individually Evaluated | Total | Collectively Evaluated | Individually Evaluated | Total | ||||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||
One- to four-family first mortgage | $ | 4,402 | $ | - | $ | 4,402 | $ | 3,349 | $ | - | $ | 3,349 | $ | 3,320 | $ | - | $ | 3,320 |
Home equity loans and lines | 785 | - | 785 | 705 | - | 705 | 742 | - | 742 | |||||||||
Commercial real estate | 13,271 | 200 | 13,471 | 14,957 | 200 | 15,157 | 14,185 | 230 | 14,415 | |||||||||
Construction and land | 5,167 | - | 5,167 | 5,304 | - | 5,304 | 5,123 | - | 5,123 | |||||||||
Multi-family residential | 1,079 | - | 1,079 | 582 | - | 582 | 523 | - | 523 | |||||||||
Commercial and industrial | 6,635 | 42 | 6,677 | 6,320 | 58 | 6,378 | 6,161 | 105 | 6,266 | |||||||||
Consumer | 697 | - | 697 | 737 | - | 737 | 734 | - | 734 | |||||||||
Total allowance for loan losses
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$ | 32,036 | $ | 242 | $ | 32,278 | $ | 31,954 | $ | 258 | $ | 32,212 | $ | 30,788 | $ | 335 | $ | 31,123 |
Unfunded lending commitments(2)
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2,460 | - | 2,460 | 2,460 | - | 2,460 | 2,454 | - | 2,454 | |||||||||
Total allowance for credit losses | $ | 34,496 | $ | 242 | $ | 34,738 | $ | 34,414 | $ | 258 | $ | 34,672 | $ | 33,242 | $ | 335 | $ | 33,577 |
Allowance for loan losses to nonperforming assets | 175.84 | % | 188.94 | % | 252.81 | % | ||||||||||||
Allowance for loan losses to nonperforming loans | 178.44 | % | 191.53 | % | 260.47 | % | ||||||||||||
Allowance for loan losses to total loans | 1.21 | % | 1.21 | % | 1.21 | % | ||||||||||||
Allowance for credit losses to total loans | 1.30 | % | 1.30 | % | 1.31 | % | ||||||||||||
Year-to-date loan charge-offs | $ | 1,030 | $ | 815 | $ | 148 | ||||||||||||
Year-to-date loan recoveries | 229 | 88 | 296 | |||||||||||||||
Year-to-date net loan (charge-offs) recoveries | $ | (801) | $ | (727) | $ | 148 | ||||||||||||
Annualized YTD net loan (charge-offs) recoveries to average loans | (0.04) | % | (0.06) | % | 0.01 | % |