HOME BANCORP, INC. ANNOUNCES 2022 FIRST QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND

About this update from Home Bancorp, Inc.

LAFAYETTE, La. , April 26, 2022 /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 first quarter of 2022. For the quarter, the Company reported net income of $4.4 million , or $0.53 per diluted common share ("diluted EPS"), down $5.8 million from $10.2 million , or $1.23 diluted EPS, for the fourth quarter of 2021. Income pre-tax, pre-provision and pre-PPP income totaled $8.2 million , up $178,000 , or 2%, from the prior quarter. Acquisition of Friendswood Capital Corporation On March 26, 2022 , the Company completed its acquisition of Friendswood Capital Corporation ("Friendswood"), the former holding company of Texan Bank , N. A. (" Texan Bank ") of Houston, Texas . Shareholders of Friendswood received $15.34 per share of common stock. This acquisition added approximately $415.8 million in assets, $318.9 million in loans, $368.0 million in deposits and estimated goodwill of $20.9 million . "The Board and Management of Home Bank are very excited to have completed the merger of Texan Bank in the first quarter," said John W. Bordelon , Chairman, President and Chief Executive Officer of the Company and the Bank. "The data conversion of Texan Bank's systems remains on track and will take place the last week of June. We look forward to working with our team in Houston to forge new relationships and provide enhanced technology to all of our Texas customers." First Quarter 2022 Highlights Net interest income totaled $23.5 million , down $1.1 million , or 5% from the prior quarter. Excluding PPP income, net interest income totaled $22.7 million , up $258,000 , or 1% from the prior quarter. The Company recorded a $3.2 million provision to the allowance for loan losses primarily due to the acquisition of Texan Bank , compared to a $2.6 million reversal to the allowance for loan losses in the prior quarter. Loan income from the recognition of deferred PPP lender fees totaled $721,000 , down $1.3 million from the prior quarter. Loans totaled $2.2 billion at March 31, 2022 , up $317.9 million , or 17%, from December 31, 2021 primarily due to the acquisition of Texan Bank . Excluding PPP loans, total organic loans were up $20.7 million , or 5% annualized, from December 31, 2021 . PPP loans totaled $22.8 million at March 31, 2022 , down $20.9 million , or 48%, from December 31, 2021 . The allowance for loan losses totaled $26.7 million , or 1.24% of total loans, at March 31, 2022 . Excluding PPP loans, the ratio of allowance for loan losses to total loans was 1.25%, at such date. Preliminary Tier 1 leverage capital and total risk-based capital ratios were 8.62% and 11.83%, respectively, at March 31, 2022 , compared to 9.77% and 15.85%, respectively, at December 31, 2021 . Loans Loans totaled $2.2 billion at March 31, 2022 , up $317.9 million , or 17%, from December 31, 2021 . The loan growth resulted from the addition of Texan Bank's loan portfolio, which amounted to $318.9 million on March 26, 2022 (the date of acquisition). PPP loans, included in commercial and industrial loans, decreased $20.9 million , or 48%, from December 31, 2021 . The following table summarizes the changes in the Company's loan portfolio, net of unearned income, from December 31, 2021 to March 31, 2022 . (dollars in thousands) 3/31/2022 12/31/2021 Increase (Decrease) Real estate loans: One- to four-family first mortgage $ 363,377 $ 350,843 $ 12,534 4 % Home equity loans and lines 58,375 60,312 (1,937) (3) Commercial real estate 1,046,568 801,624 244,944 31 Construction and land 297,079 259,652 37,427 14 Multi-family residential 98,527 90,518 8,009 9 Total real estate loans 1,863,926 1,562,949 300,977 19 Other loans: Commercial and industrial 260,843 244,123 16,720 7 Consumer 33,200 33,021 179 1 Total other loans 294,043 277,144 16,899 6 Total loans $ 2,157,969 $ 1,840,093 $ 317,876 17 % Credit Quality and Allowance for Credit Losses Nonperforming assets ("NPAs") totaled $22.4 million , or 0.67% of total assets, at March 31, 2022 , up $7.9 million , or 55%, from $14.5 million , or 0.49% of total assets, at December 31, 2021 . The increase in NPAs during the first quarter of 2022 was primarily due to Texan Bank's NPAs, which amounted to $10.2 million on March 26, 2022 (the date of acquisition). During the first quarter of 2022, the Company recorded net loan recoveries of $149,000 , compared to net charge-offs of $412,000 during the fourth quarter of 2021. The Company provisioned $3.2 million for the allowance for loan losses in the first quarter of 2022 primarily due to the acquisition of Texan Bank's loan portfolio. For the three months ended December 31, 2021 , we reversed a total of $2.6 million of the allowance for loan losses. At March 31, 2022 , the allowance for loan losses totaled $26.7 million , or 1.24% of total loans, compared to $21.1 million , or 1.15% of total loans, at December 31, 2021 . Excluding PPP loans, the ratios of the allowance for loan losses to total loans were 1.25% and 1.17% at March 31, 2022 and December 31, 2021 , respectively. Changes in expected losses consider various factors including the changing economic activity, potential mitigating effects of governmental stimulus, the duration of the health crisis, 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 $2.9 billion at March 31, 2022 , up $405.3 million , or 16%, from December 31, 2021 . The increase was primarily from the addition of Texan Bank's deposits, which amounted to $368.0 million on March 26, 2022 (the date of acquisition). The following table summarizes the changes in the Company's deposits from December 31, 2021 to March 31, 2022 . (dollars in thousands) 3/31/2022 12/31/2021 Increase (Decrease) Demand deposits $ 913,137 $ 766,385 $ 146,752 19 % Savings 315,356 285,728 29,628 10 Money market 484,847 371,478 113,369 31 NOW 806,501 792,919 13,582 2 Certificates of deposit 421,338 319,339 101,999 32 Total deposits $ 2,941,179 $ 2,535,849 $ 405,330 16 % The average rate on interest-bearing deposits decreased two basis points from 0.22% for the fourth quarter of 2021 to 0.20% for the first quarter of 2022. At March 31, 2022 , certificates of deposit maturing within the next 12 months totaled $321.7 million . Net Interest Income The net interest margin ("NIM") decreased 14 basis points from 3.53% for the fourth quarter of 2021 to 3.39% for the first quarter of 2022 primarily due to a decrease in the average yield on loans. Loan income from the recognition of deferred PPP lender fees totaled $721,000 during the first quarter of 2022, down $1.3 million , or 64%, compared to the fourth quarter of 2021. The average loan yield was 4.88% for the first quarter of 2022, down 24 basis points from the fourth quarter of 2021. During the first quarter of 2022, recognition of deferred lender fees from PPP loans increased the average loan yield by 9 basis points and increased the NIM by 8 basis points. During the fourth quarter of 2021, PPP loans positively impacted the average loan yield by 29 basis points and the NIM by 24 basis points. Average PPP loans were $31.3 million for the first quarter of 2022, down $35.9 million , or 53%, from the fourth quarter of 2021. Unrecognized PPP lender fees totaled $580,000 at March 31, 2022 . Average other interest-earning assets were $561.3 million for the first quarter of 2022, down $16.7 million , or 3%, from the fourth quarter of 2021 primarily due to an increase in cash and cash equivalents. Loan accretion income from acquired loans totaled $457,000 for the first quarter of 2022 and $485,000 for the fourth quarter of 2021. 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%. Quarter Ended 3/31/2022 12/31/2021 (dollars in thousands) AverageBalance Interest AverageYield/ Rate AverageBalance Interest AverageYield/ Rate Interest-earning assets: Loans receivable $ 1,862,616 $ 22,667 4.88 % $ 1,856,814 $ 24,215 5.12 % Investment securities (TE) 359,736 1,618 1.82 314,686 1,309 1.69 Other interest-earning assets 561,262 277 0.20 577,945 264 0.18 Total interest-earning assets $ 2,783,614 $ 24,562 3.54 % $ 2,749,445 $ 25,788 3.69 % Interest-bearing liabilities: Deposits: Savings, checking, and money market $ 1,461,966 $ 530 0.15 % $ 1,401,774 $ 554 0.16 % Certificates of deposit 317,866 363 0.46 327,567 420 0.51 Total interest-bearing deposits 1,779,832 893 0.20 1,729,341 974 0.22 Other borrowings 5,539 53 3.89 5,539 53 3.80 FHLB advances 25,795 109 1.70 26,172 111 1.70 Total interest-bearing liabilities $ 1,811,166 $ 1,055 0.24 % $ 1,761,052 $ 1,138 0.26 % Net interest spread (TE) 3.30 % 3.43 % Net interest margin (TE) 3.39 % 3.53 % Noninterest Income Noninterest income for the first quarter of 2022 totaled $3.4 million , down $144,000 , or 4%, from the fourth quarter of 2021. Service fees and charges were down primarily due to lower deposit account service charges and overdraft fees. Bank card fees and gain on the sale of loans were down due to seasonal factors. Noninterest Expense Noninterest expense for the first quarter of 2022 totaled $18.2 million , up $223,000 , or 1%, from the fourth quarter of 2021. Compensation and benefits was up $168,000 from the fourth quarter of 2021 primarily due to annual bonuses paid during the first quarter of 2022 and an increase in health insurance expense. The Company recorded a $302,000 provision for credit losses on unfunded loan commitments during the first quarter of 2022, compared to $15,000 during the fourth quarter of 2021. Marketing and advertising expense was down $626,000 from the fourth quarter of 2021 primarily due to lower charitable donations and general advertising activities during the first quarter of 2022. Noninterest expense for the first quarter of 2022 and the fourth quarter of 2021 include $328,000 and $299,000 , respectively, of merger expenses related to the acquisition of Friendswood. Dividend and Share Repurchases The Company announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.23 per share payable on May 20, 2022 , to shareholders of record as of May 9, 2022 . The Company repurchased 84,515 shares of its common stock during the first quarter of 2022 at an average price per share of $40.13 . An additional 399,553 shares remain eligible for purchase under the 2020 Repurchase Plan. The book value per share and tangible book value per share of the Company's common stock was $39.93 and $29.57 , respectively, at March 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 on non-GAAP information included herein to GAAP is presented below. Quarter Ended (dollars in thousands, except per share data) 3/31/2022 12/31/2021 3/31/2021 Reported net income $ 4,401 $ 10,238 $ 11,928 Add: Core deposit intangible amortization, net tax 252 221 237 Non-GAAP tangible income $ 4,653 $ 10,459 $ 12,165 Reported loan income $ 22,667 $ 24,215 $ 25,817 Less: PPP loan income 800 2,201 3,893 Loan income excluding PPP loan income $ 21,867 $ 22,014 $ 21,924 Provision (reversal) for loan losses $ 3,215 $ (2,648) $ (1,703) Less: CECL impact for acquisition 3,802 — — Provision (reversal) for organic loans $ (587) $ (2,648) $ (1,703) Loan yield 4.88 % 5.12 % 5.21 % (Positive) negative impact of PPP loans (0.09) (0.29) (0.18) Loan yield excluding PPP loans 4.79 % 4.83 % 5.03 % Net interest margin 3.39 % 3.53 % 4.14 % (Positive) negative impact of PPP loans (0.08) (0.24) (0.26) Net interest margin excluding PPP loans 3.31 % 3.29 % 3.88 % Total assets $ 3,332,228 $ 2,938,244 $ 2,707,517 Less: Intangible assets 87,569 61,949 62,813 Non-GAAP tangible assets $ 3,244,659 $ 2,876,295 $ 2,644,704 Total shareholders' equity $ 337,504 $ 351,903 $ 328,610 Less: Intangible assets 87,569 61,949 62,813 Non-GAAP tangible shareholders' equity $ 249,935 $ 289,954 $ 265,797 Total loans $ 2,157,969 $ 1,840,093 $ 1,979,868 Less: PPP loans 19,596 43,637 235,681 Less: PPP loans from Texan 3,163 — — Total loans excluding PPP loans $ 2,135,210 $ 1,796,456 $ 1,744,187 Less: Texan Bank loan portfolio, excluding PPP loans 318,044 — — Organic loan portfolio $ 1,817,166 $ 1,796,456 $ 1,744,187 Quarter Ended 3/31/2022 12/31/2021 3/31/2021 Reported net income $ 4,401 $ 10,238 $ 11,928 Add: Provision (reversal) for loan losses 3,215 (2,648) (1,703) Add: Provision for credit losses on unfunded commitments 302 15 — Add: Income tax expense 1,041 2,577 2,964 Pre-tax, pre-provision income $ 8,959 $ 10,182 $ 13,189 Less: PPP income 800 2,201 3,893 Pre-tax, pre-provision, pre- PPP income $ 8,159 $ 7,981 $ 9,296 Allowance for loan losses to total loans 1.24 % 1.15 % 1.51 % Less: PPP loans 0.01 0.03 0.20 Non-GAAP allowance for loan losses to total loans 1.25 % 1.17 % 1.72 % Return on average equity 5.08 % 11.65 % 14.80 % Add: Average intangible assets 1.39 2.83 3.90 Non-GAAP return on average tangible common equity 6.47 % 14.48 % 18.70 % Common equity ratio 10.13 % 11.98 % 12.14 % Less: Intangible assets 2.43 1.90 2.09 Non-GAAP tangible common equity ratio 7.70 % 10.08 % 10.05 % Book value per share $ 39.93 $ 41.27 $ 37.73 Less: Intangible assets 10.36 7.27 7.21 Non-GAAP tangible book value per share $ 29.57 $ 34.00 $ 30.52 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) 3/31/2022 12/31/2021 % Change 3/31/2021 Assets Cash and cash equivalents $ 548,019 $ 601,443 (9) % $ 282,700 Interest-bearing deposits in banks 349 349 — 349 Investment securities available for sale, at fair value 415,260 327,632 27 274,965 Investment securities held to maturity 2,094 2,102 — 2,126 Mortgage loans held for sale 4,187 1,104 279 5,304 Loans, net of unearned income 2,157,969 1,840,093 17 1,979,868 Allowance for loan losses (26,731) (21,089) 27 (29,993) Total loans, net of allowance for loan losses 2,131,238 1,819,004 17 1,949,875 Office properties and equipment, net 43,929 43,542 1 45,138 Cash surrender value of bank-owned life insurance 40,575 40,361 1 40,559 Goodwill and core deposit intangibles 87,569 61,949 41 62,813 Accrued interest receivable and other assets 59,008 40,758 45 43,688 Total Assets $ 3,332,228 $ 2,938,244 13 $ 2,707,517 Liabilities Deposits $ 2,941,179 $ 2,535,849 16 % $ 2,328,365 Other Borrowings 5,539 5,539 — 5,539 Federal Home Loan Bank advances 25,671 26,046 (1) 28,106 Accrued interest payable and other liabilities 22,335 18,907 18 16,897 Total Liabilities 2,994,724 2,586,341 16 2,378,907 Shareholders' Equity Common stock 85 85 — % 87 Additional paid-in capital 164,830 164,982 — 165,155 Common stock acquired by benefit plans (2,332) (2,423) 4 (2,695) Retained earnings 188,386 188,515 — 163,507 Accumulated other comprehensive (loss) income (13,465) 744 (1910) 2,556 Total Shareholders' Equity 337,504 351,903 (4) 328,610 Total Liabilities and Shareholders' Equity $ 3,332,228 $ 2,938,244 13 $ 2,707,517 HOME BANCORP, INC. AND SUBSIDIARY CONDENSED STATEMENTS OF INCOME (Unaudited) Quarter Ended (dollars in thousands, except per share data) 3/31/2022 12/31/2021 %Change 3/31/2021 %Change Interest Income Loans, including fees $ 22,667 $ 24,215 (6) % $ 25,817 (12) % Investment securities 1,618 1,309 24 1,012 60 Other investments and deposits 277 264 5 99 180 Total interest income 24,562 25,788 (5) 26,928 (9) Interest Expense Deposits 893 974 (8) % 1,656 (46) % Other borrowings 53 53 — 53 — Federal Home Loan Bank advances 109 111 (2) 124 (12) Total interest expense 1,055 1,138 (7) 1,833 (42) Net interest income 23,507 24,650 (5) 25,095 (6) Provision (reversal) for loan losses 3,215 (2,648) 221 (1,703) 289 Net interest income after provision (reversal) for loan losses 20,292 27,298 (26) 26,798 (24) Noninterest Income Service fees and charges 1,169 1,224 (4) % 1,072 9 % Bank card fees 1,454 1,519 (4) 1,306 11 Gain on sale of loans, net 299 376 (20) 1,168 (74) Income from bank-owned life insurance 214 219 (2) 225 (5) Gain (loss) on sale of assets, net 5 (44) 111 — — Other income 249 240 4 289 (14) Total noninterest income 3,390 3,534 (4) 4,060 (17) Noninterest Expense Compensation and benefits 10,159 9,991 2 % 9,664 5 % Occupancy 1,803 1,824 (1) 1,696 6 Marketing and advertising 407 1,033 (61) 171 138 Data processing and communication 2,195 2,237 (2) 1,986 11 Professional fees 542 493 10 234 132 Forms, printing and supplies 146 164 (11) 159 (8) Franchise and shares tax 391 396 (1) 360 9 Regulatory fees 446 331 35 379 18 Foreclosed assets, net 402 155 159 123 227 Amortization of acquisition intangible 252 279 (10) 300 (16) Provision for credit losses on unfunded commitments 302 15 1913 — — Other expenses 1,195 1,099 9 894 34 Total noninterest expense 18,240 18,017 1 15,966 14 Income before income tax expense 5,442 12,815 (58) 14,892 (63) Income tax expense 1,041 2,577 (60) 2,964 (65) Net income $ 4,401 $ 10,238 (57) $ 11,928 (63) Earnings per share - basic $ 0.53 $ 1.24 (57) % $ 1.41 (62) % Earnings per share - diluted $ 0.53 $ 1.23 (57) % $ 1.41 (62) % Cash dividends declared per common share $ 0.23 $ 0.23 — % $ 0.22 5 % HOME BANCORP, INC. AND SUBSIDIARY SUMMARY FINANCIAL INFORMATION (Unaudited) Quarter Ended (dollars in thousands, except per share data) 3/31/2022 12/31/2021 %Change 3/31/2021 %Change EARNINGS DATA Total interest income $ 24,562 $ 25,788 (5) % $ 26,928 (9) % Total interest expense 1,055 1,138 (7) 1,833 (42) Net interest income 23,507 24,650 (5) 25,095 (6) (Reversal) provision for loan losses 3,215 (2,648) 221 (1,703) 289 Total noninterest income 3,390 3,534 (4) 4,060 (17) Total noninterest expense 18,240 18,017 1 15,966 14 Income tax expense 1,041 2,577 (60) 2,964 (65) Net income $ 4,401 $ 10,238 (57) $ 11,928 (63) AVERAGE BALANCE SHEET DATA Total assets $ 2,977,559 $ 2,941,274 1 % $ 2,620,664 14 % Total interest-earning assets 2,783,614 2,749,445 1 2,432,327 14 Total loans 1,862,616 1,856,814 — 1,987,264 (6) PPP loans 31,326 67,198 (53) 238,813 (87) Total interest-bearing deposits 1,779,832 1,729,341 3 1,593,434 12 Total interest-bearing liabilities 1,811,166 1,761,052 3 1,627,564 11 Total deposits 2,576,378 2,537,670 2 2,241,918 15 Total shareholders' equity 351,337 348,635 1 326,829 7 PER SHARE DATA Earnings per share - basic $ 0.53 $ 1.24 (57) % $ 1.41 (62) % Earnings per share - diluted 0.53 1.23 (57) 1.41 (62) Book value at period end 39.93 41.27 (3) 37.73 6 Tangible book value at period end 29.57 34.00 (13) 30.52 (3) Shares outstanding at period end 8,453,014 8,526,907 (1) 8,709,631 (3) Weighted average shares outstanding Basic 8,270,209 8,278,472 — % 8,436,624 (2) % Diluted 8,336,561 8,331,749 — 8,476,445 (2) SELECTED RATIOS (1) Return on average assets 0.60 % 1.38 % (57) % 1.85 % (68) % Return on average equity 5.08 11.65 (56) 14.80 (66) Common equity ratio 10.13 11.98 (15) 12.14 (17) Efficiency ratio (2) 67.81 63.93 6 54.76 24 Average equity to average assets 11.80 11.85 — 12.47 (5) Tier 1 leverage capital ratio (3) 8.62 9.77 (12) 9.89 (13) Total risk-based capital ratio (3) 11.83 15.85 (25) 15.37 (23) Net interest margin (4) 3.39 3.53 (4) 4.14 (18) SELECTED NON-GAAP RATIOS (1) Tangible common equity ratio (5) 7.70 % 10.08 % (24) % 10.05 % (23) % Return on average tangible common equity (6) 6.47 14.48 (55) 18.70 (65) (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) 3/31/2022 12/31/2021 3/31/2021 (dollars in thousands) Originated Acquired Total Originated Acquired Total Originated Acquired Total CREDIT QUALITY (1) Nonaccrual loans(2) $ 5,515 $ 15,598 $ 21,113 $ 7,233 $ 6,036 $ 13,269 $ 8,735 $ 6,958 $ 15,693 Accruing loans 90 days or more past due — — — 6 — 6 — — — Total nonperforming loans 5,515 15,598 21,113 7,239 6,036 13,275 8,735 6,958 15,693 Foreclosed assets and ORE 536 729 1,265 1,109 80 1,189 1,082 499 1,581 Total nonperforming assets 6,051 16,327 22,378 8,348 6,116 14,464 9,817 7,457 17,274 Performing troubled debt restructurings 3,797 1,100 4,897 3,867 1,096 4,963 2,042 971 3,013 Total nonperforming assets and troubled debt restructurings $ 9,848 $ 17,427 $ 27,275 $ 12,215 $ 7,212 $ 19,427 $ 11,859 $ 8,428 $ 20,287 Nonperforming assets to total assets 0.67 % 0.49 % 0.64 % Nonperforming loans to total assets 0.63 0.45 0.58 Nonperforming loans to total loans 0.98 0.72 0.79 (1) It is our policy to cease accruing interest on loans 90 days or more past due, with certain limited exceptions. Nonperforming assets consist of nonperforming loans, foreclosed assets and surplus 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 $3.6 million , $3.7 million and $5.0 million at March 31, 2022 , December 31, 2021 and March 31, 2021 , respectively. Acquired restructured loans placed on nonaccrual totaled $3.0 million , $3.5 million and $3.7 million at March 31, 2022 , December 31, 2021 and March 31, 2021 , respectively. HOME BANCORP, INC. AND SUBSIDIARY SUMMARY CREDIT QUALITY INFORMATION - CONTINUED (Unaudited) 3/31/2022 12/31/2021 3/31/2021 CollectivelyEvaluated IndividuallyEvaluated Total CollectivelyEvaluated IndividuallyEvaluated Total CollectivelyEvaluated IndividuallyEvaluated Total ALLOWANCE FOR CREDIT LOSSES One- to four-family first mortgage $ 2,056 $ — $ 2,056 $ 1,944 $ — $ 1,944 $ 2,779 $ 100 $ 2,879 Home equity loans and lines 539 — 539 508 — 508 649 — 649 Commercial real estate 12,878 2,324 15,202 10,207 247 10,454 16,191 333 16,524 Construction and land 4,112 — 4,112 3,572 — 3,572 4,448 — 4,448 Multi-family residential 554 — 554 457 — 457 967 — 967 Commercial and industrial 3,200 440 3,640 3,095 425 3,520 3,521 234 3,755 Consumer 628 — 628 634 — 634 771 — 771 Total allowance for credit losses $ 23,967 $ 2,764 $ 26,731 $ 20,417 $ 672 $ 21,089 $ 29,326 $ 667 $ 29,993 Unfunded lending commitments(3) 2,117 — 2,117 1,815 — 1,815 1,425 — 1,425 Total allowance for credit losses $ 26,084 $ 2,764 $ 28,848 $ 22,232 $ 672 $ 22,904 $ 30,751 $ 667 $ 31,418 Allowance for loan losses to nonperforming assets 119.45 145.80 173.63 Allowance for loan losses to nonperforming loans 126.61 158.86 191.12 Allowance for loan losses to total loans 1.24 1.15 1.51 Allowance for credit losses to total loans 1.34 1.24 1.59 Year-to-date loan charge-offs $ 316 $ 2,305 $ 1,330 Year-to-date loan recoveries 465 592 63 Year-to-date net loan recoveries (charge-offs) $ (149) $ 1,713 $ 1,267 Annualized YTD net loan recoveries (charge-offs) to average loans (0.03) % 0.09 % 0.26 % (3) 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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