HOME BANCORP ANNOUNCES 2022 FOURTH QUARTER RESULTS AND INCREASES QUARTERLY DIVIDEND BY 4%

About this update from Home Bancorp, Inc.

LAFAYETTE, La. , Jan. 24, 2023 /PRNewswire/ -- Home Bancorp, Inc. (Nasdaq: "HBCP") (the "Company"), the parent company for Home Bank, N.A . (the "Bank") ( www.home24bank.com ), reported financial results for the fourth quarter of 2022. For the quarter, the Company reported net income of $10.8 million , or $1.32 per diluted common share ("diluted EPS"), up $342,000 from $10.4 million , or $1.28 diluted EPS, for the third quarter of 2022. "We are excited to report strong earnings and loan growth throughout our footprint for the third consecutive quarter," said John W. Bordelon , President and Chief Executive Officer of the Company and the Bank. "While maintaining a strong credit discipline, the Company's total loans increased on a reported basis 6% from the previous quarter. Excluding PPP loans, total loans increased $127.9 million , or 22% on an annualized basis. We are seeing continuous success attracting new customers throughout our footprint." Fourth Quarter 2022 Highlights Loans totaled $2.4 billion at December 31, 2022 , up $127.5 million , or 6%, from September 30, 2022 . PPP loans totaled $6.7 million at December 31, 2022 , down $402,000 , or 6%, from September 30, 2022 . Net interest income totaled $33.3 million , up $1.3 million , or 4%, from the prior quarter. The net interest margin ("NIM") increased 27 basis points from 4.11% for the third quarter of 2022 to 4.38%. Nonperforming assets totaled $11.0 million , or 0.34% of total assets, down $6.5 million , or 37%, from September 30, 2022 primarily due to improved performance of some loans and paydowns. The Company recorded a $2.0 million provision to the allowance for loan losses, compared to a $1.7 million provision in the prior quarter, primarily due to loan growth. Loans Loans totaled $2.4 billion at December 31, 2022 , up $127.5 million , or 6%, from September 30, 2022 . PPP loans, included in commercial and industrial loans, decreased $402,000 , or 6%, from September 30, 2022 . The following table summarizes the changes in the Company's loan portfolio from September 30, 2022 to December 31, 2022 . December 31 , September 30 , Increase (Decrease) (dollars in thousands) 2022 2022 Amount Percent Real estate loans: One- to four-family first mortgage $ 389,616 $ 376,028 $ 13,588 4 % Home equity loans and lines 61,863 60,624 1,239 2 Commercial real estate 1,152,537 1,086,656 65,881 6 Construction and land 313,175 328,753 (15,578) (5) Multi-family residential 100,588 97,212 3,376 3 Total real estate loans 2,017,779 1,949,273 68,506 4 Other loans: Commercial and industrial 377,894 320,900 56,994 18 Consumer 35,077 33,106 1,971 6 Total other loans 412,971 354,006 58,965 17 Total loans $ 2,430,750 $ 2,303,279 $ 127,471 6 % The average loan yield was 5.43% for the fourth quarter of 2022, up 26 basis points from the third quarter of 2022. Commercial real estate and commercial and industrial loans were the primary drivers for the loan growth during the fourth quarter of 2022. Commercial real estate loan growth for the current quarter was primarily in our Acadiana and Houston markets. During the fourth quarter of 2022, the growth in commercial and industrial loans was primarily within our Acadiana and Northshore markets. Credit Quality and Allowance for Credit Losses Nonperforming assets ("NPAs"), totaled $11.0 million , or 0.34% of total assets at December 31, 2022 , down $6.5 million , or 37%, from $17.5 million , or 0.55% of total assets, at September 30, 2022 . The Company recorded net loan charge-offs of $39,000 during the fourth quarter of 2022, compared to net loan charge-offs of $365,000 for the third quarter of 2022. The Company made a $2.0 million provision to the allowance for loan losses in the fourth quarter of 2022 primarily due to loan growth. For the year ended December 31, 2022 , provisions to the allowance for loan losses totaled $7.5 million . At December 31, 2022 , the allowance for loan losses totaled $29.3 million , or 1.21% of total loans, compared to $27.4 million , or 1.19% of total loans, at September 30, 2022 . Changes in expected losses consider various factors including the changing economic activity, potential mitigating effects of governmental stimulus, customer specific information impacting changes in risk ratings, projected delinquencies and the impact of industry-wide loan modification efforts, among other factors. Deposits Total deposits were $2.6 billion at December 31, 2022 , down $105.2 million , or 4%, from September 30, 2022 . The decrease in deposits for the fourth quarter of 2022 was primarily due to customers utilizing excess cash. The following table summarizes the changes in the Company's deposits from September 30, 2022 to December 31, 2022 . December 31 , September 30 , Increase/(Decrease) (dollars in thousands) 2022 2022 Amount Percent Demand deposits $ 904,301 $ 921,089 $ (16,788) (2) % Savings 305,871 325,594 (19,723) (6) Money market 423,990 452,474 (28,484) (6) NOW 663,574 686,592 (23,018) (3) Certificates of deposit 335,445 352,675 (17,230) (5) Total deposits $ 2,633,181 $ 2,738,424 $ (105,243) (4) % The average rate on interest-bearing deposits increased 17 basis points from 0.27% for the third quarter of 2022 to 0.44% for the fourth quarter of 2022. At December 31, 2022 , certificates of deposit maturing within the next 12 months totaled $259.1 million . Net Interest Income The net interest margin ("NIM") increased 27 basis points from 4.11% for the third quarter of 2022 to 4.38% for the fourth quarter of 2022 primarily due to an increase in the average yield on loans, which was partially offset with an increase in the average cost of interest-bearing liabilities. The increase in average cost of interest-bearing liabilities was primarily due to the increased rates paid on deposits during the fourth quarter of 2022. The average loan yield was 5.43% for the fourth quarter of 2022, up 26 basis points from the third quarter of 2022 primarily reflecting increased market rates of interest coupled with loan growth during the period. Average PPP loans were $6.9 million for the fourth quarter of 2022, down $2.5 million , or 27%, from the third quarter of 2022. Unrecognized PPP lender fees totaled $94,000 at December 31, 2022 . Loan accretion income from acquired loans totaled $750,000 for the fourth quarter of 2022, down $97,000 , or 11%, compared to the third quarter of 2022. The average rate paid on total interest-bearing deposits was 0.44% for the fourth quarter of 2022, up 17 basis points from the third quarter of 2022 due to the increased market rates of interest. The following table summarizes 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 have been calculated using a marginal tax rate of 21%. For the Three Months Ended December 31, 2022 September 30, 2022 (dollars in thousands) AverageBalance Interest AverageYield/ Rate AverageBalance Interest AverageYield/ Rate Interest-earning assets: Loans receivable $ 2,374,065 $ 32,826 5.43 % $ 2,265,846 $ 29,859 5.17 % Investment securities (TE) 549,961 3,214 2.37 532,300 2,958 2.25 Other interest-earning assets 62,240 555 3.54 262,127 1,447 2.19 Total interest-earning assets $ 2,986,266 $ 36,595 4.82 % $ 3,060,273 $ 34,264 4.41 % Interest-bearing liabilities: Deposits: Savings, checking, and money market $ 1,431,577 $ 1,463 0.41 % $ 1,522,350 $ 876 0.23 % Certificates of deposit 338,389 486 0.57 371,925 394 0.42 Total interest-bearing deposits 1,769,966 1,949 0.44 1,894,275 1,270 0.27 Other borrowings 5,539 53 3.80 5,539 53 3.80 Subordinated debt 53,984 855 6.33 53,943 859 6.37 FHLB advances 54,620 456 3.28 24,977 105 1.68 Total interest-bearing liabilities $ 1,884,109 $ 3,313 0.70 % $ 1,978,734 $ 2,287 0.46 % Net interest spread (TE) 4.12 % 3.95 % Net interest margin (TE) 4.38 % 4.11 % Noninterest Expense Noninterest expense for the fourth quarter of 2022 totaled $21.2 million , up $454,000 , or 2%, compared to the third quarter of 2022. Compensation and benefits were up $752,000 from the third quarter of 2022 primarily due to an increase in group health insurance and bonuses for the quarter, partially offset by a decrease in credit losses on unfunded commitments of $316,000 . Dividend and Share Repurchases The Company announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.25 per share payable on February 17, 2023 , to shareholders of record as of February 6, 2023 . The Company repurchased 1,315 shares of its common stock during the fourth quarter of 2022 at an average price per share of $42.84 under the Company's 2020 Repurchase Plan. An additional 195,718 shares remain eligible for purchase under the 2021 Repurchase Plan. The book value per share and tangible book value per share of the Company's common stock was $39.82 and $29.20 , respectively, at December 31, 2022 . Non-GAAP Reconciliation 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 intangible assets and PPP loans. 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 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. A reconciliation of non-GAAP information included herein to GAAP is presented below. For the Three Months Ended (dollars in thousands, except per share data) December 31 ,2022 September 30 ,2022 December 31 ,2021 Reported net income $ 10,776 $ 10,434 $ 10,238 Add: Core deposit intangible amortization, net tax 350 358 221 Non-GAAP tangible income $ 11,126 $ 10,792 $ 10,459 Reported loan income $ 32,826 $ 29,859 $ 24,215 Less: PPP loan income 26 132 2,201 Loan income excluding PPP loan income $ 32,800 $ 29,727 $ 22,014 Loan yield 5.43 % 5.17 % 5.12 % Negative (positive) impact of PPP loans 0.01 — (0.29) Loan yield excluding PPP loans 5.44 % 5.17 % 4.83 % Net interest margin 4.38 % 4.11 % 3.53 % Negative (positive) impact of PPP loans 0.01 — (0.24) Net interest margin excluding PPP loans 4.39 % 4.11 % 3.29 % Total assets $ 3,228,280 $ 3,167,666 $ 2,938,244 Less: Intangible assets 87,973 87,839 61,949 Non-GAAP tangible assets $ 3,140,307 $ 3,079,827 $ 2,876,295 Total shareholders' equity $ 329,954 $ 316,656 $ 351,903 Less: Intangible assets 87,973 87,839 61,949 Non-GAAP tangible shareholders' equity $ 241,981 $ 228,817 $ 289,954 Total loans $ 2,430,750 $ 2,303,279 $ 1,840,093 Less: PPP loans 6,692 7,094 43,637 Total loans excluding PPP loans $ 2,424,058 $ 2,296,185 $ 1,796,456 Return on average equity 13.23 % 12.35 % 11.65 % Add: Average intangible assets 5.52 4.99 2.83 Non-GAAP return on average tangible common equity 18.75 % 17.34 % 14.48 % Common equity ratio 10.22 % 10.00 % 11.98 % Less: Intangible assets 2.51 2.57 1.90 Non-GAAP tangible common equity ratio 7.71 % 7.43 % 10.08 % Book value per share $ 39.82 $ 38.27 $ 41.27 Less: Intangible assets 10.62 10.61 7.27 Non-GAAP tangible book value per share $ 29.20 $ 27.66 $ 34.00 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, 2021 , describes some of these factors, including risk elements in the loan portfolio, the level of the allowance for credit losses, the impact of the COVID-19 pandemic, 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 (Unaudited) (dollars in thousands) December 31 ,2022 September 30 ,2022 %Change December 31 ,2021 Assets Cash and cash equivalents $ 87,401 $ 150,556 (42) % $ 601,443 Interest-bearing deposits in banks 349 349 — 349 Investment securities available for sale, at fair value 486,518 492,758 (1) 327,632 Investment securities held to maturity 1,075 1,080 — 2,102 Mortgage loans held for sale 98 169 (42) 1,104 Loans, net of unearned income 2,430,750 2,303,279 6 1,840,093 Allowance for loan losses (29,299) (27,351) (7) (21,089) Total loans, net of allowance for loan losses 2,401,451 2,275,928 6 1,819,004 Office properties and equipment, net 43,560 43,685 — 43,542 Cash surrender value of bank-owned life insurance 46,276 46,019 1 40,361 Goodwill and core deposit intangibles 87,973 87,839 — 61,949 Accrued interest receivable and other assets 73,579 69,283 6 40,758 Total Assets $ 3,228,280 $ 3,167,666 2 $ 2,938,244 Liabilities Deposits $ 2,633,181 $ 2,738,424 (4) % $ 2,535,849 Other Borrowings 5,539 5,539 — 5,539 Subordinated debt, net of issuance cost 54,013 53,958 — — Federal Home Loan Bank advances 176,213 24,816 610 26,046 Accrued interest payable and other liabilities 29,380 28,273 4 18,907 Total Liabilities 2,898,326 2,851,010 2 2,586,341 Shareholders' Equity Common stock 83 83 — % 85 Additional paid-in capital 164,942 164,024 1 164,982 Common stock acquired by benefit plans (2,060) (2,150) 4 (2,423) Retained earnings 206,296 197,553 4 188,515 Accumulated other comprehensive (loss) income (39,307) (42,854) 8 744 Total Shareholders' Equity 329,954 316,656 4 351,903 Total Liabilities and Shareholders' Equity $ 3,228,280 $ 3,167,666 2 $ 2,938,244 HOME BANCORP, INC. AND SUBSIDIARY CONDENSED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended (dollars in thousands, except per share data) December 31 ,2022 September 30 ,2022 %Change December 31 ,2021 %Change Interest Income Loans, including fees $ 32,826 $ 29,859 10 % $ 24,215 36 % Investment securities 3,214 2,958 9 1,309 146 Other investments and deposits 555 1,447 (62) 264 110 Total interest income 36,595 34,264 7 25,788 42 Interest Expense Deposits 1,949 1,270 53 % 974 100 % Other borrowings 53 53 — 53 — Subordinated debt expense 855 859 — — — Federal Home Loan Bank advances 456 105 334 111 311 Total interest expense 3,313 2,287 45 1,138 191 Net interest income 33,282 31,977 4 24,650 35 Provision (reversal) for loan losses 1,987 1,696 17 (2,648) 175 Net interest income after provision for loan losses 31,295 30,281 3 27,298 15 Noninterest Income Service fees and charges 1,198 1,300 (8) % 1,224 (2) % Bank card fees 1,566 1,623 (4) 1,519 3 Gain on sale of loans, net 22 78 (72) 376 (94) Income from bank-owned life insurance 257 231 11 219 17 Gain on sale of assets, net 9 18 (50) (44) 120 Other income 287 224 28 240 20 Total noninterest income 3,339 3,474 (4) 3,534 (6) Noninterest Expense Compensation and benefits 12,880 12,128 6 % 9,991 29 % Occupancy 2,261 2,297 (2) 1,824 24 Marketing and advertising 550 658 (16) 1,033 (47) Data processing and communication 2,295 2,284 — 2,237 3 Professional fees 388 331 17 493 (21) Forms, printing and supplies 182 185 (2) 164 11 Franchise and shares tax 693 633 9 396 75 Regulatory fees 511 467 9 331 54 Foreclosed assets, net 30 101 (70) 155 (81) Amortization of acquisition intangible 443 453 (2) 279 59 Provision for credit losses on unfunded lending commitments (170) 146 (216) 15 (1233) Other expenses 1,114 1,040 7 1,099 1 Total noninterest expense 21,177 20,723 2 18,017 18 Income before income tax expense 13,457 13,032 3 12,815 5 Income tax expense 2,681 2,598 3 2,577 4 Net income $ 10,776 $ 10,434 3 $ 10,238 5 Earnings per share - basic $ 1.33 $ 1.29 3 % $ 1.24 7 % Earnings per share - diluted $ 1.32 $ 1.28 3 $ 1.23 7 Cash dividends declared per common share $ 0.24 $ 0.23 4 % $ 0.23 4 % HOME BANCORP, INC. AND SUBSIDIARY SUMMARY FINANCIAL INFORMATION (Unaudited) For the Three Months Ended (dollars in thousands, except per share data) December 31 ,2022 September 30 ,2022 %Change December 31 ,2021 %Change EARNINGS DATA Total interest income $ 36,595 $ 34,264 7 % $ 25,788 42 % Total interest expense 3,313 2,287 45 1,138 191 Net interest income 33,282 31,977 4 24,650 35 (Reversal) provision for loan losses 1,987 1,696 17 (2,648) 175 Total noninterest income 3,339 3,474 (4) 3,534 (6) Total noninterest expense 21,177 20,723 2 18,017 18 Income tax expense 2,681 2,598 3 2,577 4 Net income $ 10,776 $ 10,434 3 $ 10,238 5 AVERAGE BALANCE SHEET DATA Total assets $ 3,173,676 $ 3,265,907 (3) % $ 2,941,274 8 % Total interest-earning assets 2,986,266 3,060,273 (2) 2,749,445 9 Total loans 2,374,065 2,265,846 5 1,856,814 28 PPP loans 6,883 9,431 (27) 67,198 (90) Total interest-bearing deposits 1,769,966 1,894,275 (7) 1,729,341 2 Total interest-bearing liabilities 1,884,109 1,978,734 (5) 1,761,052 7 Total deposits 2,707,823 2,818,318 (4) 2,537,670 7 Total shareholders' equity 323,102 335,053 (4) 348,635 (7) PER SHARE DATA Earnings per share - basic $ 1.33 $ 1.29 3 % $ 1.24 7 % Earnings per share - diluted 1.32 1.28 3 1.23 7 Book value at period end 39.82 38.27 4 41.27 (4) Tangible book value at period end 29.20 27.66 6 34.00 (14) Shares outstanding at period end 8,286,084 8,273,334 — 8,526,907 (3) Weighted average shares outstanding Basic 8,070,734 8,089,246 — % 8,278,472 (3) % Diluted 8,119,481 8,138,307 — 8,331,749 (3) SELECTED RATIOS (1) Return on average assets 1.35 % 1.27 % 6 % 1.38 % (2) % Return on average equity 13.23 12.35 7 11.65 14 Common equity ratio 10.22 10.00 2 11.98 (15) Efficiency ratio (2) 57.83 58.45 (1) 63.93 (10) Average equity to average assets 10.18 10.26 (1) 11.85 (14) Tier 1 leverage capital ratio (3) 10.43 9.76 7 9.77 7 Total risk-based capital ratio (3) 13.63 13.65 — 15.85 (14) Net interest margin (4) 4.38 4.11 7 3.53 24 SELECTED NON-GAAP RATIOS (1) Tangible common equity ratio (5) 7.71 % 7.43 % 4 % 10.08 % (24) % Return on average tangible common equity (6) 18.75 17.34 8 14.48 29 (1) With the exception of end-of-period ratios, all ratios are based on average daily 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 preliminary end-of-period ratios for the Bank only and are subject to change. (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%. (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. HOME BANCORP, INC. AND SUBSIDIARY SUMMARY CREDIT QUALITY INFORMATION (Unaudited) December 31, 2022 September 30, 2022 December 31, 2021 (dollars in thousands) Acquired Originated Total Acquired Originated Total Acquired Originated Total CREDIT QUALITY (1) Nonaccrual loans (2) $ 6,177 $ 4,336 $ 10,513 $ 12,799 $ 4,281 $ 17,080 $ 6,036 $ 7,233 $ 13,269 Accruing loans past due 90 days and over — 2 2 — 3 3 — 6 6 Total nonperforming loans 6,177 4,338 10,515 12,799 4,284 17,083 6,036 7,239 13,275 Foreclosed assets and ORE 310 151 461 376 14 390 80 1,109 1,189 Total nonperforming assets 6,487 4,489 10,976 13,175 4,298 17,473 6,116 8,348 14,464 Performing troubled debt restructurings 1,605 4,600 6,205 879 4,686 5,565 1,096 3,867 4,963 Total nonperforming assets and troubled debt restructurings $ 8,092 $ 9,089 $ 17,181 $ 14,054 $ 8,984 $ 23,038 $ 7,212 $ 12,215 $ 19,427 Nonperforming assets to total assets 0.34 % 0.55 % 0.49 % Nonperforming loans to total assets 0.33 0.54 0.45 Nonperforming loans to total loans 0.43 0.74 0.72 (1) It is our policy to cease accruing interest on loans 90 days or more past due. Nonperforming assets consist of nonperforming loans, foreclosed assets and other real estate (ORE). Foreclosed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure. ORE consists of closed or unused bank buildings. (2) Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $3.1 million , $3.3 million and $3.7 million at December 31, 2022 , September 30, 2022 and December 31, 2021 , respectively. Acquired restructured loans placed on nonaccrual totaled $3.7 million , $4.7 million and $3.5 million at December 31, 2022 , September 30, 2022 and December 31, 2021 , respectively. HOME BANCORP, INC. AND SUBSIDIARY SUMMARY CREDIT QUALITY INFORMATION - CONTINUED (Unaudited) 12/31/2022 9/30/2022 12/31/2021 CollectivelyEvaluated IndividuallyEvaluated Total CollectivelyEvaluated IndividuallyEvaluated Total CollectivelyEvaluated IndividuallyEvaluated Total ALLOWANCE FOR CREDIT LOSSES One- to four-family first mortgage $ 2,883 $ — $ 2,883 $ 2,293 $ 32 $ 2,325 $ 1,944 $ — $ 1,944 Home equity loans and lines 624 — 624 500 — 500 508 — 508 Commercial real estate 13,264 550 13,814 12,504 1,193 13,697 10,207 247 10,454 Construction and land 4,680 — 4,680 4,973 — 4,973 3,572 — 3,572 Multi-family residential 572 — 572 498 — 498 457 — 457 Commercial and industrial 5,853 171 6,024 4,523 188 4,711 3,095 425 3,520 Consumer 702 — 702 647 — 647 634 — 634 Total allowance for loan losses $ 28,578 $ 721 $ 29,299 $ 25,938 $ 1,413 $ 27,351 $ 20,417 $ 672 $ 21,089 Unfunded lending commitments(1) 2,093 — 2,093 2,263 — 2,263 1,815 — 1,815 Total allowance for credit losses $ 30,671 $ 721 $ 31,392 $ 28,201 $ 1,413 $ 29,614 $ 22,232 $ 672 $ 22,904 Allowance for loan losses to nonperforming assets 266.94 % 156.53 % 145.80 % Allowance for loan losses to nonperforming loans 278.64 160.11 158.86 Allowance for loan losses to total loans 1.21 1.19 1.15 Allowance for credit losses to total loans 1.29 1.29 1.24 Year-to-date loan charge-offs $ 1,398 $ 1,260 $ 2,305 Year-to-date loan recoveries 704 605 592 Year-to-date net loan charge-offs $ 694 $ 655 $ 1,713 Annualized YTD net loan charge-offs to average loans 0.03 % 0.04 % 0.09 % (1) The allowance for unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. 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