Companies: 10,793     total market cap: $134.603 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Home Bancorp
HBCP
#7237
Rank
$0.48 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$62.21
Share price
1.34%
Change (1 day)
49.94%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Home Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2020 Q1

Home Bancorp - 10-Q quarterly report FY2020 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
(Mark One)
☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 2020
or
☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number: 001-34190
 
HOME BANCORP, INC.
(Exact name of Registrant as specified in its charter)
 

Louisiana71-1051785
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
503 Kaliste Saloom Road, Lafayette, Louisiana
70508
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (337) 237-1960
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common Stock HBCP  
NASDAQ Stock Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    NO  ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    NO  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐  Accelerated filer☒
Non-accelerated filer☐  Smaller reporting company☐
   Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    NO  ☒

At May 8, 2020, the registrant had 9,008,183 shares of common stock, $0.01 par value, outstanding.


HOME BANCORP, INC. and SUBSIDIARY
TABLE OF CONTENTS
  Page
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements (unaudited)
Consolidated Statements of Financial Condition
1
Consolidated Statements of Income
2
Consolidated Statements of Comprehensive Income
3
Consolidated Statements of Changes in Shareholders’ Equity
4
Consolidated Statements of Cash Flows
5
Notes to Unaudited Consolidated Financial Statements
6
Item 2.
31
Item 3.
46
Item 4.
46
PART II - OTHER INFORMATION
Item 1.
47
Item 1A.
47
Item 2.
47
Item 3.
47
Item 4.
48
Item 5.
48
Item 6.
48
49

i

HOME BANCORP, INC. and SUBSIDIARY
GLOSSARY OF DEFINED TERMS

Below is a listing of certain acronyms, abbreviations and defined terms, among others, used throughout this Quarterly Report on Form 10-Q, including in "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." The terms "we," "our" or "us" refer to Home Bancorp, Inc. and its consolidated subsidiaries, unless the context otherwise requires.

ACL–Allowance for credit losses
ALL–Allowance for loan losses
ASC–Accounting Standards Codification
ASU–Accounting Standards Update
Bank–
Home Bank, N.A., a wholly-owned subsidiary of the Company
BOLI–Bank-owned life insurance
bps–
basis points, 100 basis points being equal to 1.0%
C&D–Construction and land
C&I–Commercial and industrial
CARES Act–
Coronavirus Aid, Relief, and Economic Security Act
CECL–Current expected credit losses
Company –
Home Bancorp, Inc., Louisiana corporation and the holding company for Home Bank, N.A.
COVID-19–
The novel coronavirus
CRE–Commercial real estate
EPS–Earnings per common share
FASB–Financial Accounting Standards Board
FHLB–Federal Home Loan Bank
GAAP–Generally Accepted Accounting Principles
LTV–Loan-to-value
NPA(s)–Nonperforming asset(s)
OCI–Other comprehensive income
ORE–Other real estate
PCD–Purchased credit deteriorated
PCI–Purchased credit impaired
PPP–Paycheck Protection Program
SBA–Small Business Association
SEC–Securities and Exchange Commission
TDR–Troubled debt restructuring
TE–Taxable equivalent
U.S.–United States

ii

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)(Audited)
March 31,December 31,
(dollars in thousands)20202019
Assets
Cash and cash equivalents$64,102  $39,847  
Interest-bearing deposits in banks449  449  
Investment securities available for sale, at fair value265,646  257,321  
Investment securities held to maturity (fair values of $6,641 and $7,194, respectively)
6,607  7,149  
Mortgage loans held for sale9,753  6,990  
Loans, net of unearned income1,739,142  1,714,361  
Allowance for loan losses(28,490) (17,868) 
Total loans, net of unearned income and allowance for loan losses1,710,652  1,696,493  
Office properties and equipment, net46,541  46,425  
Cash surrender value of bank-owned life insurance39,725  39,466  
Goodwill and core deposit intangibles64,119  64,472  
Accrued interest receivable and other assets41,007  41,853  
Total Assets2,248,601  2,200,465  
Liabilities
Deposits:
Noninterest-bearing455,512  437,828  
Interest-bearing1,401,989  1,383,147  
Total Deposits1,857,501  1,820,975  
Other borrowings5,539  5,539  
Long-term Federal Home Loan Bank advances54,319  40,620  
Accrued interest payable and other liabilities19,745  17,002  
Total Liabilities1,937,104  1,884,136  
Shareholders’ Equity
Preferred stock, $0.01 par value - 10,000,000 shares authorized; none issued
—  —  
Common stock, $0.01 par value - 40,000,000 shares authorized; 9,067,920 and 9,252,418
shares issued and outstanding, respectively
91  93  
Additional paid-in capital
167,249  168,545  
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)(3,035) (3,124) 
Recognition and Retention Plan (RRP)(28) (35) 
Retained earnings141,798  150,158  
Accumulated other comprehensive income5,422  692  
Total Shareholders’ Equity311,497  316,329  
Total Liabilities and Shareholders’ Equity$2,248,601  $2,200,465  
 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
1

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
(dollars in thousands, except per share data)20202019
Interest Income
Loans, including fees$23,699  $23,198  
Investment securities:
Taxable interest1,308  1,653  
Tax-exempt interest
104  155  
Other investments and deposits138  363  
Total interest income25,249  25,369  
Interest Expense
Deposits3,667  3,331  
Other borrowings 53  53  
Short-term Federal Home Loan Bank advances3  —  
Long-term Federal Home Loan Bank advances203  263  
Total interest expense3,926  3,647  
Net interest income21,323  21,722  
Provision for loan losses6,257  390  
Net interest income after provision for loan losses15,066  21,332  
Noninterest Income
Service fees and charges1,464  1,467  
Bank card fees1,137  1,061  
Gain on sale of loans, net297  155  
Income from bank-owned life insurance259  165  
Gain (loss) on sale of assets, net2  (1) 
Other income199  318  
Total noninterest income3,358  3,165  
Noninterest Expense
Compensation and benefits9,416  9,098  
Occupancy1,736  1,606  
Marketing and advertising298  271  
Data processing and communication1,819  1,422  
Professional services213  239  
Forms, printing and supplies171  161  
Franchise and shares tax389  399  
Regulatory fees116  307  
Foreclosed assets and ORE, net17  241  
Amortization of acquisition intangible353  410  
Other expenses1,618  1,137  
Total noninterest expense16,146  15,291  
Income before income tax expense2,278  9,206  
Income tax expense373  1,316  
Net Income$1,905  $7,890  
Earnings per share:
Basic$0.21  $0.86  
Diluted$0.21  $0.85  
Cash dividends declared per common share$0.22  $0.20  
 The accompanying Notes are an integral part of these Consolidated Financial Statements.
2

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
March 31,
(dollars in thousands)20202019
Net Income$1,905  $7,890  
Other Comprehensive Income
Unrealized gains on investment securities5,987  1,772  
Tax effect(1,257) (372) 
Other comprehensive income, net of taxes4,730  1,400  
Comprehensive Income$6,635  $9,290  
 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
3

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)


(dollars in thousands, except per share data)Common
stock		Additional
Paid-in
capital		Unallocated
Common Stock
Held by ESOP		Unallocated
Common Stock
Held by RRP		Retained
Earnings		Accumulated Other Comprehensive (Loss) IncomeTotal
Balance, December 31, 2018$95  $168,243  $(3,481) $(58) $141,447  $(2,206) $304,040  
Net income7,890  7,890  
Other comprehensive income1,400  1,400  
Purchase of Company’s common stock at cost,134,005 shares
(1) (1,339) (3,445) (4,785) 
Cash dividends declared, $0.20 per share
(1,894) (1,894) 
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 1,440 shares
—  35  35  
Exercise of stock options1  1,676  1,677  
RRP shares released for allocation(7) 7  —  
ESOP shares released for allocation297  89  386  
Share-based compensation cost186  186  
Balance, March 31, 2019$95  $169,091  $(3,392) $(51) $143,998  $(806) $308,935  
Balance, December 31, 2019$93  $168,545  $(3,124) $(35) $150,158  $692  $316,329  
Cumulative effect of change in accounting principle due the adoption of ASC Topic 326, net of tax(4,725) (4,725) 
Net income1,905  1,905  
Other comprehensive income4,730  4,730  
Purchase of Company’s common stock at cost, 188,341 shares
(2) (1,881) (3,505) (5,388) 
Cash dividends declared, $0.22 per share
(2,027) (2,027) 
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 2,138 shares
—  37  (8) 29  
Exercise of stock options—  30  30  
RRP shares released for allocation(7) 7  —  
ESOP shares released for allocation281  89  370  
Share-based compensation cost244  244  
Balance, March 31, 2020$91  $167,249  $(3,035) $(28) $141,798  $5,422  $311,497  

The accompanying Notes are an integral part of these Consolidated Financial Statements.
4

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the Three Months Ended
March 31,
(dollars in thousands)20202019
Cash flows from operating activities:
Net income$1,905  $7,890  
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses6,257  390  
Depreciation755  678  
Amortization and accretion of purchase accounting valuations and intangibles1,178  1,659  
Net amortization of mortgage servicing asset19  28  
Federal Home Loan Bank stock dividends(30) (39) 
Net amortization of discount on investments635  446  
Gain on loans sold, net(297) (155) 
Proceeds, including principal payments, from loans held for sale36,182  18,081  
Originations of loans held for sale(38,648) (17,825) 
Non-cash compensation614  572  
Deferred income tax (benefit) expense(1,383) 186  
Decrease (increase) in accrued interest receivable and other assets594  (882) 
Increase in cash surrender value of bank-owned life insurance(259) (165) 
Increase in accrued interest payable and other liabilities401  600  
Net cash provided by operating activities7,923  11,464  
Cash flows from investing activities:
Purchases of securities available for sale(21,996) (21,035) 
Proceeds from maturities, prepayments and calls on securities available for sale19,065  15,244  
Proceeds from maturities, prepayments and calls on securities held to maturity500  1,700  
Increase in loans, net(25,071) (1,560) 
Reimbursement from FDIC for covered assets—  142  
Increase in interest-bearing deposits in banks—  245  
Proceeds from sale of foreclosed assets1,854  31  
Purchases of office properties and equipment(873) (584) 
Proceeds from sale of office properties and equipment4  —  
Net cash used in investing activities(26,517) (5,817) 
Cash flows from financing activities:
Increase in deposits, net36,519  44,316  
Borrowings on Federal Home Loan Bank advances69,700  4,010  
Repayments of Federal Home Loan Bank advances(56,014) (4,838) 
Proceeds from exercise of stock options30  1,677  
Issuance of stock under incentive plans29  35  
Dividends paid to shareholders(2,027) (1,894) 
Purchase of Company’s common stock(5,388) (4,785) 
Net cash provided by financing activities42,849  38,521  
Net change in cash and cash equivalents24,255  44,168  
Cash and cash equivalents, beginning39,847  59,618  
Cash and cash equivalents, ending$64,102  $103,786  
The accompanying Notes are an integral part of these Consolidated Financial Statements.
5

HOME BANCORP, INC. AND SUBSIDIARY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. Certain reclassifications have been made to prior period balances to conform to the current period presentation. The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019.

Critical Accounting Policies and Estimates
Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2019.

During the first quarter of 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard significantly changed the impairment model for most financial assets that are measured at amortized cost, including off-balance sheet credit exposures, from an incurred loss model to an expected loss model. Determining the appropriateness of the allowance requires judgment by management about the effect of matters that are inherently uncertain. Changes in factors and forecasts used in evaluating the overall loan portfolio may result in significant changes in the allowance for credit losses and related provision expense in future periods. The allowance level is influenced by loan volumes, loan asset quality ratings, delinquency status, historical credit loss experience, loan performance characteristics, forecasted information and other conditions influencing loss expectations. Changes to the assumptions in the model in future periods could have a material impact on the Company's Consolidated Financial Statements. See Note 2. Recent Accounting Pronouncements for a detailed discussion of the Company's methodologies for estimating expected credit losses.

There were no other material changes to the critical accounting policies disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 
6

2. Recent Accounting Pronouncements
Accounting Standards Adopted in 2020
On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced a new model known as CECL. ASC Topic 326 requires financial assets measured on an amortized cost basis, including loans and held-to-maturity debt securities, to be presented at an amount net of an allowance for credit losses, which reflects expected losses for the full life of the financial asset. Unfunded lending commitments are also within the scope of this amendment. Under former GAAP, credit losses were not recognized until the occurrence of the loss was probable and entities, in general, did not attempt to estimate credit losses for the full life of financial assets.

ASC Topic 326 also amended the accounting model for purchased financial assets and replaced the guidance for PCI financial assets with the concept of PCD financial assets. For non-PCD assets, the CECL estimate is recognized through an ACL and provision for credit losses. For PCD assets, the CECL estimate is recognized through an ACL with an offset to the cost basis of the PCD asset at the date of acquisition. Subsequent changes in the ACL for PCD assets are recognized through a provision for loan losses. The financial assets formerly classified as PCI are now classified as PCD assets under ASC Topic 326. Under former GAAP, an allowance and related provision expense was only recorded for purchased financial assets if the amount of estimated probable losses exceeded the fair value discount for the financial assets.

In addition, ASC Topic 326 requires expected credit related losses for available-for-sale debt securities to be recorded through an ACL, while non-credit related losses will continue to be recognized through OCI. The guidance under ASC Topic 326 had no impact on the Company's available-for-sale debt securities at January 1 or March 31, 2020. Management determined that the declines in the fair value of these securities at such dates were not attributable to credit losses. The Company’s held-to-maturity debt securities are also required to utilize the CECL approach to estimate expected credit losses. The guidance under ASC Topic 326 had no impact on the Company's held-to-maturity debt securities at January 1 or March 31, 2020.

The Company applied the guidance under ASC Topic 326 using the modified retrospective approach for all non-PCD loans and unfunded lending commitments. Upon adoption on January 1, 2020, the Company recorded an after-tax decrease to retained earnings of $4.7 million. The transition adjustment included $3.6 million due to the increase in allowance for non-PCD loan losses and $2.4 million due to the ACL on unfunded lending commitments.

For PCD loans, formerly classified as PCI, the Company applied the guidance under ASC Topic 326 using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify $1.0 million of purchase discount to the ALL on January 1, 2020.


7

The results for reporting periods beginning January 1, 2020 are presented under ASC Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table illustrates the impact of ASC Topic 326.

(dollars in thousands)December 31, 2019ASC Topic 326 Adoption ImpactJanuary 1, 2020
Allowance for credit losses




One- to four-family first mortgage$2,715  $986  $3,701  
Home equity loans and lines1,084  (1) 1,083  
Commercial real estate6,541  1,974  8,515  
Construction and land2,670  519  3,189  
Multi-family residential572  (245) 327  
Commercial and industrial3,694  1,243  4,937  
Consumer592  157  749  
Total allowance for loan losses17,868  4,633  22,501  
Unfunded lending commitments(1)
—  2,365  2,365  
Total allowance for credit losses$17,868  $6,998  $24,866  
Retained Earnings
Total allowance increase$6,998  
Balance sheet reclassification(2)
(996) 
Decrease to retained earnings, pre-tax6,002  
Tax effect(1,277) 
Decrease to retained earnings, net of tax effect$4,725  
(1)The ACL for unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. The related provision for credit losses for unfunded lending commitments is recorded within other noninterest expense on the Consolidated Statements of Income.
(2)For PCD loans, formerly classified as PCI, the Company applied the guidance under CECL using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify the purchase discount to the ALL on January 1, 2020.
Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. The Company's CECL calculation estimates loan losses using the discounted cash flow method for all loan pools, except for the Company's credit card portfolio. Loan losses for the credit card portfolio are estimated using the remaining life method due to the limited complexity and size of this portfolio. The discounted cash flow analysis uses loan-level term information (e.g., maturity date, payment amount, interest rate, etc.) and pool-level assumptions (e.g., default rates, prepayment speeds, etc.) to produce expected future cash flows for the full life of every loan in the pool. The expected future cash flows are discounted and results are then aggregated to produce a net present value of the pool and ultimately the ACL requirement for the pool. The remaining life method applies a loss rate to a given pool of loans over the estimate remaining life of the given pool. The remaining life of the pool is based on historical data. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded lending commitments to calculate an ACL on unfunded amounts. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry.
Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. Individually analyzed loans generally include larger commercial real estate loans, multi-family residential loans, construction and land loans, commercial and industrial loans and other loans as deem appropriate by management for which it is probable that all the amounts due under the contractual terms of the loan will not be collected. The ACL for loans that are individually evaluated is based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using
8

the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. In addition, management considers reasonable and supportable forecasted conditions to estimate the ACL on loans individually evaluated for impairment.

The Company has identified the following portfolio segments based on the risk characteristics described in the table for its pooled loan analysis under ASC Topic 326:
Loan PoolRisk Characteristics
One- to four-family first mortgageThis category consists of loans secured by first liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment. Generally, these loans are for longer terms than home equity loans and lines.   
Home equity loans and linesThis category consists of loans secured by first and junior liens on residential real estate. The performance of these loans may be adversely affected by, among other factors, unemployment rates, local residential real estate market conditions and the interest rate environment.  
Commercial real estateThis category consists of loans primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants. The performance of CRE loans may be adversely affected by, among other factors, conditions specific to the relevant industry, the real estate market for the property type and geographic region where the property or borrower is located.   
Commercial real estate - energyWe created an additional pool for energy-related CRE loans due to the relatively higher levels of volatility in the local energy-related industry. Our business is geographically concentrated in south Louisiana and west Mississippi, which are areas where the oil and gas industry has a significant presence. Low prices in crude oil and gas, among other factors, could cause a downturn in the local economy. Elevated losses within this loan pool could signal future increases in credit risk in the corresponding loan pool.  
Construction and landThis category consists of loans to finance the ground-up construction and/or improvement of residential and commercial properties and loans secured by land. The performance of C&D loans is generally dependent upon the successful completion of improvements and/or land development for the end user, the sale of the property to a third party, or a secondary source of cash flow from the owners. The successful completion of planned improvements and development may be adversely affected by changes in the estimated property value upon completion of construction, projected costs and other conditions leading to project delays.  
Multi-family residentialThis category consists of loans secured by apartment or residential buildings with five or more units used to accommodate households on a temporary or permanent basis. The performance of multi-family loans is generally dependent on the receipt of rental income from the tenants who occupy the subject property. The occupancy rate of the subject property and the ability of the tenants to pay rent may be adversely affected by the location of the subject property and local economic conditions.  
Commercial and industrialThis category consists of secured and unsecured loans to purchase capital equipment, agriculture operating loans and other business loans for working capital and operating purposes. Secured loans are primarily secured by accounts receivable, inventory and other business assets. The performance of C&I loans may be adversely affected by, among other factors, conditions specific to the relevant industry, fluctuations in the value of the collateral and individual performance factors related to the borrower.  
Commercial and industrial - energyWe created an additional pool for energy-related C&I loans due to the relatively higher levels of volatility in the local energy-related industry. Low prices in crude oil and gas, among other factors, could cause a downturn in the local economy. Elevated losses within this loan pool could signal future increases in credit risk in the corresponding loan pool.  
ConsumerThis category consists of loans to individuals for household, family and other personal use. The performance of these loans may be adversely affected by national and local economic conditions, unemployment rates and other factors affecting the borrower's income available to service the debt.  
9

Credit cardsThis category consists of unsecured revolving lines of credit for personal and commercial use. Credit card loans are generally smaller in size and are less complex relative to larger loan categories. Due to their unsecured nature, historical loss rates for credit card loans are generally higher than the loss rates on loans secured by real estate.   

In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” The ASU removed, modified and added certain disclosure requirements for fair value measurements. Under the ASU, public entities are no longer required to disclose the valuation processes for Level 3 fair value measurements, but will be required to disclose the range and weighted average used to develop significant unobservable inputs and the change in unrealized gains and losses included in other comprehensive income for Level 3 fair value measurements. The ASU also removed the requirement to disclose transfers between Level 1 and Level 2 fair value measurements and the policy for those transfers. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019 and did not impact our Consolidated Financial Statements, as the update only revises disclosure requirements.
Issued but Not Yet Adopted Accounting Standards
In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)." The amendments in this ASU simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improved the consistent application of and simplified GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in the ASU are effective for fiscal years and interim periods beginning after December 15, 2020. The Company does not expect the adoption of this ASU to impact the Consolidated Financial Statements.
3. Investment Securities
The following table summarizes the Company’s available-for-sale and held-to-maturity investment securities at March 31, 2020 and December 31, 2019.
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized LossesFair Value
March 31, 2020  Less Than
1 Year		Over 1
Year		 
Available for sale:
U.S. agency mortgage-backed$103,400  $3,619  $35  $—  $106,984  
Collateralized mortgage obligations131,485  3,450  169  30  134,736  
Municipal bonds15,189  204  159  —  15,234  
U.S. government agency6,709  12  74  8  6,639  
Corporate bonds2,000  53  —  —  2,053  
Total available for sale$258,783  $7,338  $437  $38  $265,646  
Held to maturity:
Municipal bonds$6,607  $35  $1  $—  $6,641  
Total held to maturity$6,607  $35  $1  $—  $6,641  

10

(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized LossesFair Value
December 31, 2019  Less Than
1 Year		Over 1
Year		 
Available for sale:
U.S. agency mortgage-backed$94,446  $1,081  $292  $63  $95,172  
Collateralized mortgage obligations142,408  701  300  358  142,451  
Municipal bonds15,895  166  56  —  16,005  
U.S. government agency3,696  11  4  10  3,693  
Total available for sale$256,445  $1,959  $652  $431  $257,321  
Held to maturity:
Municipal bonds$7,149  $45  $—  $—  $7,194  
Total held to maturity$7,149  $45  $—  $—  $7,194  
The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of March 31, 2020 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities.
(dollars in thousands)One Year
or Less		After One
Year 
through
Five Years		After Five
Years
through 
Ten Years		After Ten
Years		Total
Fair Value
Available for sale:
U.S. agency mortgage-backed$98  $16,478  $52,563  $37,845  $106,984  
Collateralized mortgage obligations1,753  7,880  36,395  88,708  134,736  
Municipal bonds399  4,779  5,894  4,162  15,234  
U.S. government agency—  —  6,177  462  6,639  
Corporate bonds—  —  2,053  —  2,053  
Total securities available for sale$2,250  $29,137  $103,082  $131,177  $265,646  
Held to maturity:
Municipal bonds$—  $2,947  $3,694  $—  $6,641  
Total securities held to maturity$—  $2,947  $3,694  $—  $6,641  
(dollars in thousands)One Year
or Less		After One
Year 
through
Five Years		After Five
Years
through 
Ten Years		After Ten
Years		Total
Amortized Cost
Available for sale:
U.S. agency mortgage-backed$97  $15,980  $50,503  $36,820  $103,400  
Collateralized mortgage obligations1,752  7,628  34,763  87,342  131,485  
Municipal bonds396  4,756  5,903  4,134  15,189  
U.S. government agency—  —  6,239  470  6,709  
Corporate bonds—  —  2,000  —  2,000  
Total securities available for sale$2,245  $28,364  $99,408  $128,766  $258,783  
Held to maturity:
Municipal bonds$—  $2,942  $3,665  $—  $6,607  
Total securities held to maturity$—  $2,942  $3,665  $—  $6,607  

Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent
11

to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity.
The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost.

12

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.

(dollars in thousands)Less Than 1 YearOver 1 YearTotal
March 31, 2020Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Securities available for sale:
U.S. agency mortgage-backed
$2,087  $35  $—  $—  $2,087  $35  
Collateralized mortgage obligations
2,637  169  2,876  30  5,513  199  
Municipal bonds3,759  159  —  —  3,759  159  
U.S. government agency4,222  74  462  8  4,684  82  
Corporate bonds—  —  —  —  —  —  
Total available for sale$12,705  $437  $3,338  $38  $16,043  $475  
Held to maturity:
Municipal bonds$1,031  $1  $—  $—  $1,031  $1  
Total held to maturity$1,031  $1  $—  $—  $1,031  $1  


(dollars in thousands)Less Than 1 YearOver 1 YearTotal
December 31, 2019Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Securities available for sale:
U.S. agency mortgage-backed
$28,847  $292  $5,148  $63  $33,995  $355  
Collateralized mortgage obligations
50,004  300  37,131  358  87,135  658  
Municipal bonds3,044  56  —  —  3,044  56  
U.S. government agency1,213  4  466  10  1,679  14  
Total available for sale$83,108  $652  $42,745  $431  $125,853  $1,083  
Held to maturity:
Municipal bonds$—  $—  $—  $—  $—  $—  
Total held to maturity$—  $—  $—  $—  $—  $—  

At March 31, 2020, 32 of the Company’s available-for-sale investment securities had unrealized losses totaling 2.7% of the individual securities’ amortized cost basis and 0.2% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 4 of the 32 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available-for-sale investment securities at March 31, 2020.
At March 31, 2020, it was determined that no ACL was required for the Company's held-to-maturity investment securities.
Accrued interest receivable on the Company's investment securities was $840,000 and $894,000 at March 31, 2020 and December 31, 2019, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.
At March 31, 2020 and December 31, 2019, the Company had $178,551,000 and $157,091,000, respectively, of securities pledged to secure public deposits.
13

4. Earnings Per Share
Earnings per common share were computed based on the following:
Three Months Ended
March 31,
(in thousands, except per share data)20202019
Numerator:
Net income available to common shareholders$1,905  $7,890  
Denominator:
Weighted average common shares outstanding8,883  9,130  
Effect of dilutive securities:
Restricted stock13  16  
Stock options31  108  
Weighted average common shares outstanding – assuming dilution8,927  9,254  
Basic earnings per common share$0.21  $0.86  
Diluted earnings per common share$0.21  $0.85  
Options on 96,750 and 75,135 shares of common stock were not included in the computation of diluted EPS for the three months ended March 31, 2020 and 2019, respectively, because the effect of these shares was anti-dilutive.


5. Credit Quality and Allowance for Credit Losses
The following briefly describes the distinction between originated and acquired loans and certain significant accounting policies relevant to each category.

Originated Loans
Loans originated for investment are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recorded as income is earned. The accrual of interest on an originated loan is discontinued when it is probable the borrower will not be able to meet payment obligations as they become due. For reporting periods prior to January 1, 2020, the Company maintained an ALL on originated loans that represented management’s estimate of probable losses incurred in this portfolio category. For reporting periods beginning on and after January 1, 2020, the Company maintains an ACL on all loans that reflects management's estimate of expected credit losses for the full life of the loan portfolio due to the adoption of the guidance under ASC Topic 326. Refer to Note 2 for more information on the adoption of ASC Topic 326.

Acquired Loans
Loans that were acquired as a result of business combinations are referred to as “acquired loans.” The Company's acquired loans were purchased prior to the adoption of ASC Topic 326 on January 1, 2020 and were recorded at estimated fair value at the acquisition date with no carryover of the related ALL. The acquired loans were segregated between those considered to be performing and those with evidence of credit deterioration (purchased credit impaired or "PCI"), and then further segregated into loan pools designed to facilitate the estimation of expected cash flows. The fair value estimate for each pool of acquired performing and PCI loans was based on the estimate of expected cash flows, both principal and interest, from that pool, discounted at prevailing market interest rates. The difference between the fair value of an acquired loan pool and the contractual amounts due at the acquisition date (the “fair value discount”) is accreted into income over the estimated life of the pool.

For reporting periods beginning on and after January 1, 2020 and the adoption of ASC Topic 326:
Management estimates the ACL for acquired loans under the same methodology as originated loans. Changes in the ACL for acquired loans are recognized through the provision for loan losses and the provision for credit losses on unfunded lending commitments.

ASC Topic 326 replaced the guidance for PCI loans with the concept of purchased credit deteriorated ("PCD"). For reporting periods beginning on and after January 1, 2020, PCI loans have been re-classified as PCD loans. For PCD loans, the Company applied the guidance under ASC Topic 326 using the prospective transition approach. As a result, the Company adjusted the
14

amortized cost basis of the PCD loans to reclassify $1.0 million of purchase discount to the ALL on January 1, 2020. The Company applied the guidance under ASC Topic 326 using the modified retrospective approach for all non-PCD assets, which resulted in an increase in the ALL and a corresponding decrease to retained earnings. Refer to Note 2 for more information on the adoption of ASC Topic 326.

PCD loans, under prior accounting policies, were excluded from nonperforming loans because they continued to earn interest income from the accretable yield at the pool level. With the adoption of ASC Topic 326, the pools were discontinued and performance is based on contractual terms for individual loans.

For reporting periods prior to January 1, 2020 and the adoption of ASC Topic 326:
Management estimated the ALL for acquired performing loans using a methodology similar to that used for originated loans. The allowance determined for each loan pool was compared to the remaining fair value discount for that pool. If the allowance amount calculated under the Company’s methodology was greater than the Company’s remaining discount, the additional amount called for was added to the reported allowance through a provision for loan losses. If the allowance amount calculated under the Company’s methodology was less than the Company’s recorded discount, no additional allowance or provision was recognized. Actual losses first reduced any remaining nonaccretable discount for the loan pool. Once the nonaccretable discount was fully depleted, losses were applied against the allowance established for that pool. Acquired performing loans were placed on nonaccrual status and were considered and reported as nonperforming or past due using the same criteria applied to the originated portfolio.
The excess of cash flows expected to be collected from a PCI loan pool over the pool’s estimated fair value at acquisition was referred to as the accretable yield and was recognized in interest income using an effective yield method over the remaining life of the pool. Each pool of PCI loans was accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows.
Management estimated cash flows expected to be collected on each PCI loan pool periodically. If the present value of expected cash flows for a pool was less than its carrying value, an impairment was recognized by an increase in the ALL and a charge to the provision for loan losses. If the present value of expected cash flows for a pool was greater than its carrying value, any previously established ALL was reversed and any remaining difference increased the accretable yield, which was taken into interest income over the remaining life of the loan pool. PCI loans were generally not subject to individual evaluation for impairment and were not reported with impaired loans, even if they otherwise qualified for such treatment.

The Company’s loans, net of unearned income, consisted of the following as of the dates indicated.

(dollars in thousands)March 31,
2020		December 31,
2019
Real estate loans:
       One- to four-family first mortgage
$420,206  $430,820  
Home equity loans and lines78,011  79,812  
Commercial real estate736,694  722,807  
Construction and land205,392  195,748  
Multi-family residential57,333  54,869  
Total real estate loans1,497,636  1,484,056  
Other loans:
Commercial and industrial198,236  184,701  
Consumer43,270  45,604  
Total other loans241,506  230,305  
Total loans$1,739,142  $1,714,361  

The net discount on the Company’s loans was $9,937,000 and $12,315,000 at March 31, 2020 and December 31, 2019, respectively, of which $3,756,000 and $5,664,000 for the same time periods, respectively, were related to loans acquired with deteriorated credit quality. In addition, loan balances as of March 31, 2020 and December 31, 2019 are reported net of unearned income of $3,141,000 and $3,114,000, respectively.

15

Accrued interest receivable on the Company's loans was $6,687,000 and $6,575,000 at March 31, 2020 and December 31, 2019, respectively, and is excluded from the estimate of the ACL. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.
Allowance for Credit Losses
The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows.

 March 31, 2020
(dollars in thousands)Collectively
Evaluated
for
Impairment		Individually
Evaluated
for
Impairment		Acquired with Deteriorated Credit QualityTotal
Allowance for credit losses:
       One- to four-family first mortgage
$3,834  $37  $225  $4,096  
Home equity loans and lines1,085  461  17  1,563  
Commercial real estate10,942  298  702  11,942  
Construction and land3,405  481  18  3,904  
Multi-family residential520  —  38  558  
Commercial and industrial4,418  914  18  5,350  
Consumer1,076  —  1  1,077  
Total allowance for loan losses$25,280  $2,191  $1,019  $28,490  
Unfunded lending commitments(3)
3,094  —  —  3,094  
Total allowance for credit losses$28,374  $2,191  $1,019  $31,584  


 March 31, 2020
(dollars in thousands)Collectively
Evaluated
for
Impairment		Individually
Evaluated
for
Impairment
Acquired with Deteriorated Credit Quality(1)
Total
Loans:
       One- to four-family first mortgage
$418,486  $742  $978  $420,206  
Home equity loans and lines76,622  763  626  78,011  
Commercial real estate725,818  6,043  4,833  736,694  
Construction and land204,342  608  442  205,392  
Multi-family residential57,145  —  188  57,333  
Commercial and industrial196,058  1,820  358  198,236  
Consumer43,246  —  24  43,270  
Total loans$1,721,717  $9,976  $7,449  $1,739,142  
16

 December 31, 2019
(dollars in thousands)Collectively
Evaluated
for
Impairment		Individually
Evaluated
for
Impairment		Acquired with Deteriorated Credit QualityTotal
Allowance for loan losses:
       One- to four-family first mortgage
$2,715  $—  $—  $2,715  
Home equity loans and lines736  348  —  1,084  
Commercial real estate6,243  298  —  6,541  
Construction and land2,670  —  —  2,670  
Multi-family residential572  —  —  572  
Commercial and industrial2,969  701  24  3,694  
Consumer592  —  592  
Total allowance for loan losses$16,497  $1,347  $24  $17,868  
 December 31, 2019
(dollars in thousands)Collectively
Evaluated
for
Impairment		Individually
Evaluated
for
Impairment
Acquired with Deteriorated Credit Quality(2)
Total
Loans:
       One- to four-family first mortgage
$429,745  $187  $888  $430,820  
Home equity loans and lines78,446  784  582  79,812  
Commercial real estate711,282  6,518  5,007  722,807  
Construction and land195,374  —  374  195,748  
Multi-family residential54,690  —  179  54,869  
Commercial and industrial183,141  1,223  337  184,701  
Consumer45,573  —  31  45,604  
Total loans$1,698,251  $8,712  $7,398  $1,714,361  
(1)At March 31, 2020, loans acquired with deteriorated credit quality were deem to be PCD and were accounted for under ASC Topic 326. Refer to Note 2 for more information on the adoption of ASC Topic 326.
(2)At December 31, 2019, loans acquired with deteriorated credit quality were deemed to be PCI and were accounted for under ASC 310-30.
(3)At March 31, 2020, $3.1 million of the ACL related to unfunded lending commitments of $327.9 million. The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition and the related provision is recorded in other noninterest expense on the Consolidated Statements of Income.


17

A summary of activity in the ACL and ALL for the three months ended March 31, 2020 and March 31, 2019 follows.
 
 Three Months Ended March 31, 2020
(dollars in thousands)Beginning
Balance
ASC Topic 326 Adoption Impact(1)
Charge-offsRecoveriesProvisionEnding
Balance
Allowance for credit losses:
One- to four-family first mortgage
$2,715  $986  $(46) $1  $440  $4,096  
Home equity loans and lines1,084  (1) (130) 4  606  1,563  
Commercial real estate6,541  1,974  —  —  3,427  11,942  
Construction and land2,670  519  —  55  660  3,904  
Multi-family residential572  (245) —  —  231  558  
Commercial and industrial3,694  1,243  (71) 13  471  5,350  
Consumer592  157  (141) 47  422  1,077  
Total allowance for loan losses$17,868  $4,633  $(388) $120  $6,257  $28,490  
Unfunded lending commitments—  2,365  —  —  729  3,094  
Total allowance for credit losses$17,868  $6,998  $(388) $120  $6,986  $31,584  
(1)On January 1, 2020 the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced a new model known as CECL. Refer to Note 2 for more information on the adoption of ASC Topic 326.

 Three Months Ended March 31, 2019
(dollars in thousands)Beginning
Balance		Charge-offsRecoveriesProvisionEnding
Balance
Allowance for loan losses:
One- to four-family first mortgage
$2,136  $—  $—  $246  $2,382  
Home equity loans and lines1,079  —  2  (20) 1,061  
Commercial real estate6,125  (128) —  414  6,411  
Construction and land2,285  —  —  19  2,304  
Multi-family residential550  —  —  (79) 471  
Commercial and industrial3,228  (32) 3  5  3,204  
Consumer945  (20) 7  (195) 737  
Total allowance for loan losses$16,348  $(180) $12  $390  $16,570  
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Credit Quality
The following tables present the Company’s loan portfolio by credit quality classification as of the dates indicated.

 March 31, 2020
(dollars in thousands)PassSpecial
Mention		SubstandardDoubtfulTotal
Originated loans:
One- to four-family first mortgage$246,758  $1,076  $2,106  $—  $249,940  
Home equity loans and lines55,639  93  1,048  —  56,780  
Commercial real estate537,226  765  10,356  —  548,347  
Construction and land176,221  9,336  1,257  —  186,814  
Multi-family residential51,388  —  —  —  51,388  
Commercial and industrial167,034  2,153  2,578  —  171,765  
Consumer34,637  138  109  —  34,884  
Total originated loans$1,268,903  $13,561  $17,454  $—  $1,299,918  
Acquired loans:
One- to four-family first mortgage$164,379  $1,127  $4,760  $—  $170,266  
Home equity loans and lines21,086  65  80  —  21,231  
Commercial real estate176,950  1,689  9,708  —  188,347  
Construction and land16,709  737  1,132  —  18,578  
Multi-family residential5,362  365  218  —  5,945  
Commercial and industrial22,714  42  3,715  —  26,471  
Consumer8,120  115  151  —  8,386  
Total acquired loans$415,320  $4,140  $19,764  $—  $439,224  
Total loans:
One- to four-family first mortgage$411,137  $2,203  $6,866  $—  $420,206  
Home equity loans and lines76,725  158  1,128  —  78,011  
Commercial real estate714,176  2,454  20,064  —  736,694  
Construction and land192,930  10,073  2,389  —  205,392  
Multi-family residential56,750  365  218  —  57,333  
Commercial and industrial189,748  2,195  6,293  —  198,236  
Consumer42,757  253  260  —  43,270  
Total loans$1,684,223  $17,701  $37,218  $—  $1,739,142  

19

 December 31, 2019
(dollars in thousands)PassSpecial
Mention		SubstandardDoubtfulTotal
Originated loans:
One- to four-family first mortgage$248,483  $730  $2,133  $—  $251,346  
Home equity loans and lines56,029  53  882  —  56,964  
Commercial real estate517,615  207  11,317  —  529,139  
Construction and land164,310  8,107  1,270  —  173,687  
Multi-family residential48,661  —  —  —  48,661  
Commercial and industrial153,286  —  2,438  —  155,724  
Consumer35,545  46  89  —  35,680  
Total originated loans$1,223,929  $9,143  $18,129  $—  $1,251,201  
Acquired loans:
One- to four-family first mortgage$173,482  $1,429  $4,563  $—  $179,474  
Home equity loans and lines22,370  128  350  —  22,848  
Commercial real estate181,090  1,593  10,985  —  193,668  
Construction and land19,877  747  1,437  —  22,061  
Multi-family residential5,487  502  219  —  6,208  
Commercial and industrial24,856  56  4,065  —  28,977  
Consumer9,668  166  90  —  9,924  
Total acquired loans$436,830  $4,621  $21,709  $—  $463,160  
Total loans:
One- to four-family first mortgage$421,965  $2,159  $6,696  $—  $430,820  
Home equity loans and lines78,399  181  1,232  —  79,812  
Commercial real estate698,705  1,800  22,302  —  722,807  
Construction and land184,187  8,854  2,707  —  195,748  
Multi-family residential54,148  502  219  —  54,869  
Commercial and industrial178,142  56  6,503  —  184,701  
Consumer45,213  212  179  —  45,604  
Total loans$1,660,759  $13,764  $39,838  $—  $1,714,361  
The above classifications follow regulatory guidelines and can generally be described as follows:
 
•Pass loans are of satisfactory quality.
•Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values.
•Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial performance. Such loans may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary.
•Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable.
In addition, residential loans are classified using an inter-agency regulatory methodology that incorporates, among other factors, the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of the dates indicated and were generally updated within the quarter.
20

Age analysis of past due loans as of the dates indicated are as follows.
 March 31, 2020
(dollars in thousands)30-59
Days
Past
Due		60-89
Days
Past
Due		Greater
Than
90 Days
Past
Due		Total
Past
Due		Current
Loans		Total
Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage
$1,706  $644  $956  $3,306  $246,634  $249,940  
Home equity loans and lines406  46  285  737  56,043  56,780  
Commercial real estate3,007  —  7,584  10,591  537,756  548,347  
Construction and land—  100  1,157  1,257  185,557  186,814  
Multi-family residential—  —  —  —  51,388  51,388  
Total real estate loans5,119  790  9,982  15,891  1,077,378  1,093,269  
Other loans:
Commercial and industrial711  112  882  1,705  170,060  171,765  
Consumer352  8  56  416  34,468  34,884  
Total other loans1,063  120  938  2,121  204,528  206,649  
Total originated loans$6,182  $910  $10,920  $18,012  $1,281,906  $1,299,918  
Acquired loans:
Real estate loans:
One- to four-family first mortgage
$3,762  $1,059  $1,520  $6,341  $163,925  $170,266  
Home equity loans and lines291  24  62  377  20,854  21,231  
Commercial real estate2,484  61  1,873  4,418  183,929  188,347  
Construction and land185  —  875  1,060  17,518  18,578  
Multi-family residential260  111  —  371  5,574  5,945  
Total real estate loans6,982  1,255  4,330  12,567  391,800  404,367  
Other loans:
Commercial and industrial456  —  698  1,154  25,317  26,471  
Consumer207  35  110  352  8,034  8,386  
Total other loans663  35  808  1,506  33,351  34,857  
Total acquired loans$7,645  $1,290  $5,138  $14,073  $425,151  $439,224  
Total loans:
Real estate loans:
One- to four-family first mortgage
$5,468  $1,703  $2,476  $9,647  $410,559  $420,206  
Home equity loans and lines697  70  347  1,114  76,897  78,011  
Commercial real estate5,491  61  9,457  15,009  721,685  736,694  
Construction and land185  100  2,032  2,317  203,075  205,392  
Multi-family residential260  111  —  371  56,962  57,333  
Total real estate loans12,101  2,045  14,312  28,458  1,469,178  1,497,636  
Other loans:
Commercial and industrial1,167  112  1,580  2,859  195,377  198,236  
Consumer559  43  166  768  42,502  43,270  
Total other loans1,726  155  1,746  3,627  237,879  241,506  
Total loans$13,827  $2,200  $16,058  $32,085  $1,707,057  $1,739,142  

21

 December 31, 2019
(dollars in thousands)30-59
Days
Past
Due		60-89
Days
Past
Due		Greater
Than
90 Days
Past
Due		Total
Past
Due		Current
Loans		Total
Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage
$1,524  $173  $967  $2,664  $248,682  $251,346  
Home equity loans and lines174  —  98  272  56,692  56,964  
Commercial real estate1,124  1,448  8,056  10,628  518,511  529,139  
Construction and land—  —  1,171  1,171  172,516  173,687  
Multi-family residential—  —  —  —  48,661  48,661  
Total real estate loans2,822  1,621  10,292  14,735  1,045,062  1,059,797  
Other loans:
Commercial and industrial213  100  869  1,182  154,542  155,724  
Consumer533  57  34  624  35,056  35,680  
Total other loans746  157  903  1,806  189,598  191,404  
Total originated loans$3,568  $1,778  $11,195  $16,541  $1,234,660  $1,251,201  
Acquired loans:
Real estate loans:
One- to four-family first mortgage
$4,555  $1,116  $1,108  $6,779  $172,695  $179,474  
Home equity loans and lines267  93  330  690  22,158  22,848  
Commercial real estate337  466  1,945  2,748  190,920  193,668  
Construction and land413  —  1,170  1,583  20,478  22,061  
Multi-family residential—  —  —  —  6,208  6,208  
Total real estate loans5,572  1,675  4,553  11,800  412,459  424,259  
Other loans:
Commercial and industrial3  57  792  852  28,125  28,977  
Consumer259  127  60  446  9,478  9,924  
Total other loans262  184  852  1,298  37,603  38,901  
Total acquired loans$5,834  $1,859  $5,405  $13,098  $450,062  $463,160  
Total loans:
Real estate loans:
One- to four-family first mortgage
$6,079  $1,289  $2,075  $9,443  $421,377  $430,820  
Home equity loans and lines441  93  428  962  78,850  79,812  
Commercial real estate1,461  1,914  10,001  13,376  709,431  722,807  
Construction and land413  —  2,341  2,754  192,994  195,748  
Multi-family residential—  —  —  —  54,869  54,869  
Total real estate loans8,394  3,296  14,845  26,535  1,457,521  1,484,056  
Other loans:
Commercial and industrial216  157  1,661  2,034  182,667  184,701  
Consumer792  184  94  1,070  44,534  45,604  
Total other loans1,008  341  1,755  3,104  227,201  230,305  
Total loans$9,402  $3,637  $16,600  $29,639  $1,684,722  $1,714,361  

The Company did not have any loans greater than 90 days past due and accruing at March 31, 2020. At December 31, 2019, excluding PCI loans, the Company did not have any loans greater than 90 days past due and accruing .
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The following table summarizes information pertaining to nonaccrual loans as of dates indicated.

March 31, 2020December 31,
2019
(dollars in thousands)With Related AllowanceWithout Related Allowance
Total(1)
Total(2)
Nonaccrual loans:
       One- to four-family first mortgage
$4,377  $94  $4,471  $3,948  
Home equity loans and lines1,130  —  1,130  1,244  
Commercial real estate15,616  18  15,634  13,325  
Construction and land2,143  —  2,143  2,469  
Multi-family residential116  —  116  —  
Commercial and industrial2,879  284  3,163  3,224  
Consumer264  —  264  176  
Total$26,525  $396  $26,921  $24,386  
(1)Due to the adoption of ASC Topic 326, PCD loans of $2.3 million are included in nonaccrual loans at March 31, 2020. Prior to January 1, 2020, these loans were classified as PCI and excluded from nonperforming loans because they continued to earn interest income from the accretable yield at the pool level. At adoption, the pools were discontinued and performance is based on contractual terms for individual loans.
(2)PCI loans which were being accounted for under ASC 310-30 were excluded from nonaccrual loans because they continued to earn interest from accretable yield regardless of their status as past due or otherwise not in compliance with their contractual terms. PCI loans which were being accounted for under ASC 310-30 and which were 90 days or more past due totaled and $2.2 million as of December 31, 2019.
All payments received while on nonaccrual status are applied against the principal balance of nonaccrual loans. The Company does not recognize interest income while loans are on nonaccrual status.
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Collateral Dependent Loans
The Company held loans that were individually evaluated for impairment at March 31, 2020 for which the repayment, on the basis of our assessment at the reporting date, is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The ACL for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the types of collateral that secure collateral dependent loans:
•One- to four-family first mortgages are primarily secured by first liens on residential real estate.
•Home equity loans and lines are primarily secured by first and junior liens on residential real estate.
•Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants.
•Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land.
•Commercial and industrial loans considered collateral dependent are primarily secured by accounts receivable, inventory and equipment.
The table below summarizes collateral dependent loans and the related ACL at March 31, 2020 for which the borrower is experiencing financial difficulty.
(dollars in thousands)LoansACL
       One- to four-family first mortgage
$742  $37  
Home equity loans and lines763  461  
Commercial real estate6,043  298  
Construction and land608  481  
Multi-family residential—  —  
Commercial and industrial1,820  914  
Consumer—  —  
Total$9,976  $2,191  


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Foreclosed Assets and ORE
Foreclosed assets and ORE include real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE totaled totaled $2,606,000 and 4,156,000 at March 31, 2020 and December 31, 2019, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

The carrying amount of foreclosed residential real estate properties held at March 31, 2020 and December 31, 2019 totaled $1,003,000 and $1,737,000, respectively.

Foreclosed assets and ORE included certain bank buildings that meet the criteria to be classified as assets held for sale. The carrying value of these assets totaled $1,157,000 and $1,275,000 at March 31, 2020 and December 31, 2019. During the three months ended March 31, 2020, the Company sold one of these properties, with a carrying value of $60,000, for a gain of $19,000 recorded in foreclosed assets and ORE, net expense on the Consolidated Statements of Income. The expected timing of the sale of the remaining properties is uncertain due to the effects of the COVID-19 pandemic.
Troubled Debt Restructurings
During the course of its lending operations, the Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and to minimize risk of loss. These concessions may include restructuring the terms of a customer loan to alleviate the burden of the customer’s near-term cash requirements. Loans are TDRs when the Company agrees to restructure a loan to a borrower who is experiencing financial difficulties in a manner that is deemed to be a “concession”. The Company defines a concession as a modification of existing terms granted to a borrower for economic or legal reasons related to the borrower’s financial difficulties that the Company would otherwise not consider. The concession either is granted through an agreement with the customer or is imposed by a court or by law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to:
 
•a reduction of the stated interest rate for the remaining original life of the debt,
•an extension of the maturity date or dates at an interest rate lower than the current market rate for new debt with similar risk characteristics,
•a reduction of the face amount or maturity amount of the debt or
•a reduction of accrued interest receivable on the debt.

In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to:
 
•whether the customer is currently in default on its existing loan, or is in an economic position where it is probable the customer will be in default on its loan in the foreseeable future without a modification,
•whether the customer has declared or is in the process of declaring bankruptcy,
•whether there is substantial doubt about the customer’s ability to continue as a going concern,
•whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the debt, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future and
•whether, without modification, the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for similar debt for a non-troubled debtor.
If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an ACL, larger (i.e., TDRs with balances of $250,000 or greater) commercial TDRs are individually evaluated for impairment. The ACL for loans that are individually evaluated is based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. Residential, consumer and smaller balance commercial TDRs are included in the Company's pooled-loan analysis to calculate the ACL and, generally, do not have a material impact on the overall ACL.
As of March 31, 2020, the Company had modified loans with an aggregate outstanding loan balance of $191.6 million, or 11% of total outstanding loans, via payment relief in the nature of principal and/or interest deferrals for 90 days. These modifications were done in accordance with Section 4013 of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act and the Interagency Statement on Loan Modifications on Reporting for Financial Institutions Working With Customers Affected by the Coronavirus. Accordingly, these loans were not categorized as TDRs.
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The following table summarizes information pertaining to TDRs modified during the periods indicated.

 Three Months Ended March 31,
 20202019
(dollars in thousands)Number of
Contracts		Pre-
modification
Outstanding
Recorded
Investment		Post-
modification
Outstanding
Recorded
Investment		Number of
Contracts		Pre-
modification
Outstanding
Recorded
Investment		Post-
modification
Outstanding
Recorded
Investment
Troubled debt restructurings:
One- to four-family first mortgage
5  $837  $834  1  $37  $37  
Home equity loans and lines—  —  —  —  —  —  
Commercial real estate4  1,029  1,029  —  —  —  
Construction and land—  —  —  —  —  —  
Multi-family residential—  —  —  —  —  —  
Commercial and industrial—  —  —  —  —  —  
Other consumer1  10  4  —  —  —  
Total10  $1,876  $1,867  1  $37  $37  

TDRs for which there was a payment default within 12 months following modification were insignificant for the three months ending March 31, 2020. The defaults did not have a significant impact on our allowance for loan losses at March 31, 2020.
None of the performing troubled debt restructurings as of March 31, 2019 defaulted within twelve months of modification.
6. Fair Value Measurements and Disclosures
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures. Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels used to measure fair value are as follows:
 
•Level 1 – Quoted prices in active markets for identical assets or liabilities.
•Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly.

Recurring Basis
Investment Securities Available for Sale
Fair values of investment securities available for sale are primarily measured using information from a third-party pricing service. This pricing service provides pricing information by utilizing pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities bids, offers and other reference data from market research publications. If quoted prices are available in an active market, investment securities are classified as Level 1 measurements. If quoted prices are not available in an active market, fair values are estimated primarily by the use of pricing models. Level 2 investment securities are primarily comprised of mortgage-backed securities issued by government agencies and U.S. government-sponsored enterprises. In certain cases, where there is limited or less transparent information provided by the Company’s third-party pricing service, fair value is estimated by the use
26

of secondary pricing services or through the use of non-binding third-party broker quotes. Investment securities are classified within Level 3 when little or no market activity supports the fair value.
Management primarily identifies investment securities which may have traded in illiquid or inactive markets, by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the investment securities being valued. As of March 31, 2020, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets.
The following tables present the balances of assets measured for fair value on a recurring basis as of March 31, 2020 and December 31, 2019.

(dollars in thousands)March 31, 2020Level 1Level 2Level 3
Available for sale securities:
U.S. agency mortgage-backed$106,984  $—  $106,984  $—  
Collateralized mortgage obligations134,736  —  134,736  —  
Municipal bonds15,234  —  15,234  —  
U.S. government agency6,639  —  6,639  —  
Corporate bonds2,053  —  2,053  —  
Total$265,646  $—  $265,646  $—  

(dollars in thousands)December 31, 2019Level 1Level 2Level 3
Available for sale securities:
U.S. agency mortgage-backed$95,172  $—  $95,172  $—  
Collateralized mortgage obligations142,451  —  142,451  —  
Municipal bonds16,005  —  16,005  —  
U.S. government agency3,693  —  3,693  —  
Total$257,321  $—  $257,321  $—  

The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis.
Nonrecurring Basis
The Company records loans individually evaluated for impairment at fair value on a nonrecurring basis. A loan is considered impaired if it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Impaired loans are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price.
Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets.

27

The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below.
  Fair Value Measurements Using
(dollars in thousands)March 31, 2020Level 1Level 2Level 3
Assets
Individually evaluated for impairment$7,785  $—  $—  $7,785  
Foreclosed assets and ORE2,606  —  —  2,606  
Total$10,391  $—  $—  $10,391  
  Fair Value Measurements Using
(dollars in thousands)December 31, 2019Level 1Level 2Level 3
Assets
Individually evaluated for impairment$7,365  $—  $—  $7,365  
Foreclosed assets and ORE4,156  —  —  4,156  
Total$11,521  $—  $—  $11,521  

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)Fair
Value		Valuation TechniqueUnobservable
Inputs		Range of
Discounts		Weighted
Average
Discount
As of March 31, 2020:
Individually evaluated for impairment$7,785  Third party appraisals and discounted cash flowsCollateral values, market discounts and estimated costs to sell
0% - 100%
22%
Foreclosed assets and ORE$2,606  Third party appraisals, sales contracts, broker price opinionsCollateral values, market discounts and estimated costs to sell
6% - 67%
13%
(dollars in thousands)Fair
Value		Valuation TechniqueUnobservable
Inputs		Range of
Discounts		Weighted
Average
Discount
As of December 31, 2019:
Individually evaluated for impairment$7,365  Third party appraisals and discounted cash flowsCollateral values, market discounts and estimated costs to sell
0% - 84%
13%
Foreclosed assets and ORE$4,156  Third party appraisals, sales contracts, broker price opinionsCollateral values, market discounts and estimated costs to sell
6% - 61%
14%
ASC 820, Fair Value Measurements and Disclosures, requires the disclosure of each class of financial instruments for which it is practicable to estimate. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC 820 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statements. These estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
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Fair value estimates included herein are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the fair value of assets and liabilities that are not required to be recorded or disclosed at fair value like premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
•The carrying value of cash and cash equivalents and interest-bearing deposits in banks approximate their fair value.
•The fair value for investment securities is determined from quoted market prices when available. If a quoted market price is not available, fair value is estimated using third party pricing services or quoted market prices of securities with similar characteristics.
•The carrying value of mortgage loans held for sale approximates their fair value.
•The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturity.
•The cash surrender value of BOLI approximates its fair value.
•The fair value of customer deposits, excluding certificates of deposit, is the amount payable on demand. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities.
•The fair value of long-term FHLB advances is estimated by discounting the future cash flows using the rates currently offered for advances of similar maturities.
The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.

  Fair Value Measurements at March 31, 2020
(dollars in thousands)Carrying
Amount		TotalLevel 1Level 2Level 3
Financial Assets
Cash and cash equivalents$64,102  $64,102  $64,102  $—  $—  
Interest-bearing deposits in banks449  449  449  —  —  
Investment securities available for sale265,646  265,646  —  265,646  —  
Investment securities held to maturity6,607  6,641  —  6,641  —  
Mortgage loans held for sale9,753  9,753  —  9,753  —  
Loans, net1,710,652  1,745,382  —  1,737,597  7,785  
Cash surrender value of BOLI39,725  39,725  39,725  —  —  
Financial Liabilities
Deposits$1,857,501  $1,860,984  $—  $1,860,984  $—  
Other borrowings5,539  6,125  —  6,125  —  
Long-term FHLB advances54,319  54,889  —  54,889  —  
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  Fair Value Measurements at December 31, 2019
(dollars in thousands)Carrying
Amount		TotalLevel 1Level 2Level 3
Financial Assets
Cash and cash equivalents$39,847  $39,847  $39,847  $—  $—  
Interest-bearing deposits in banks449  449  449  —  —  
Investment securities available for sale257,321  257,321  —  257,321  —  
Investment securities held to maturity7,149  7,194  —  7,194  —  
Mortgage loans held for sale6,990  6,990  —  6,990  —  
Loans, net1,696,493  1,690,308  —  1,682,943  7,365  
Cash surrender value of BOLI39,466  39,466  39,466  —  —  
Financial Liabilities
Deposits$1,820,975  $1,821,868  $—  $1,821,868  $—  
Other borrowings5,539  5,895  —  5,895  —  
Long-term FHLB advances40,620  40,580  —  40,580  —  

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The purpose of this discussion and analysis is to focus on significant changes in the financial condition of the Company and the Bank, from December 31, 2019 through March 31, 2020 and on its results of operations for the three months ended March 31, 2020 and 2019. This discussion and analysis is intended to highlight and supplement information presented elsewhere in this quarterly report on Form 10-Q, particularly the consolidated financial statements and related notes appearing in Item 1.

Forward-Looking Statements
To the extent that statements in this Form 10-Q relate to future plans, objectives, financial results or performance of the Company or Bank, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management’s current information, estimates and assumptions and the current economic environment, are generally identified by the use of words such as “plan”, “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions, or by future or conditional terms such as “will”, “would”, “should”, “could”, “may”, “likely”, “probably”, or “possibly”. The Company’s or the Bank’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Factors that may cause actual results to differ materially from these forward-looking statements include, but are not limited to, the risk factors described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019, as supplemented by the additional risk factor included in Part II, Item 1A of this Quarterly Report on Form 10-Q.
The COVID-19 pandemic has caused significant economic dislocation in the United States as many state and local governments have ordered non-essential businesses to close and residents to shelter in place at home. Given its ongoing and dynamic nature, it is difficult to predict the full impact of COVID-19 on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the national and local economies may be reopened. As a result of the COVID-19 pandemic and the related adverse local and national economic consequences, our forward-looking statements are subject to the following additional risks, uncertainties and assumptions, among others:
•Demand for our products and services may decline;
•If high levels of unemployment continue, our loan delinquencies, non-performing assets and loan foreclosures may increase;
•Collateral for loans, especially real estate, may decline in value;
•Our allowance for loan losses may have to be increased if our borrowers continue to experience financial difficulties;
•As a result of the reduction in the Federal Reserve Board's target federal funds rate to near 0%, the yield on our interest-earning assets may decline more than the decline in the cost of our interest-bearing liabilities;
•A material decrease in our net income or a net loss over several quarters could result in a suspension of our stock repurchase program and/or a reduction of our quarterly stock dividend;
•Our cyber security risks may be increased as a result of more of our employees working remotely; and
•FDIC deposit insurance premiums may increase if the agency experiences additional resolution costs.

The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

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EXECUTIVE OVERVIEW
The Company reported net income for the first quarter of 2020 of $1.9 million, or $0.21 diluted EPS compared to $7.9 million, or $0.85 diluted EPS, reported for the first quarter of 2019.

Key components of the Company’s performance during the three months ended March 31, 2020 include:

•Loans increased $24.8 million, or 1.4%, from December 31, 2019 to $1.7 billion at March 31, 2020.

•On January 1, 2020, the Company adopted the CECL framework, which resulted in a $7.0 million, or 39.2%, increase in the ACL at the adoption date.

•The provision for loan losses for the first quarter of 2020 totaled $6.3 million, up $5.9 million from the first quarter of 2019, and primarily reflects the change in expected losses due to the potential economic impact of the COVID-19 pandemic and the anticipated effects of the significant decline in oil and gas prices.

•Total deposits increased $36.5 million, or 2.0%, from December 31, 2019 to $1.9 billion at March 31, 2020.

•Net interest income was $21.3 million, down $399,000, or 1.8%, for the first quarter of 2020 compared to first quarter of 2019 primarily due to the increased costs of deposits. The average rate paid on interest-bearing deposits was 1.07%, up seven bps from the first quarter of 2019.

•Noninterest income for the first quarter of 2020 increased $193,000, or 6.1%, compared to the first quarter of 2019 primarily due to the increase in gains on the sale of loans (up $142,000, or 91.6%).

•Noninterest expense for the first quarter of 2020 increased $855,000, or 5.6%, compared to the first quarter of 2019 primarily due to $729,000 in provision for credit losses on unfunded lending commitments for the first quarter of 2020.

COVID-19 RESPONSE
The COVID-19 pandemic and its economic effects have had a significant impact on customers in each of our markets. State and local government stay-at-home orders have required schools, restaurants, bars, health clubs and other businesses to close or drastically limit their services. While banking operations have not been restricted by such orders, we have adapted to protect our employees and customers by working remotely as much as possible, limiting branch service to drive-through and scheduled appointments, enhancing cleaning procedures and maintaining appropriate social distancing while in the office.

To give immediate financial support to our customers, the Company began providing the following payment relief options in mid-March:
•Deferral of principal and/or interest payments for up to three months;
•Short-term working-capital lines of credit with up to six months of interest only payments; and
•Refunds and waivers of certain fees and late charges.

As part of the CARES Act, the Company has also been active in providing the SBA's Paycheck Protection Program loans. Through May 8, 2020, we have funded or are currently in the process of funding approximately 2,554 loans totaling $253.8 million under the PPP.
At March 31, 2020, borrowers with outstanding loan balances totaling $191.6 million, or 11% of total loans, were granted payment relief, primarily in the form of deferrals of principal and/or interest payments for 90 days. At May 8, 2020, that total had increased to $533.0 million, or 27% of total loans. As a result of Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications issued by the Federal banking agencies, these loans are not categorized as troubled debt restructurings ("TDRs"). In addition, while interest and fees on these loans will still accrue to interest income under normal GAAP accounting, should eventual losses on these deferred payments emerge, interest income and fees would need to be reversed. As a result, interest income in future periods could be negatively impacted.

Through March 31, 2020, the Company had originated $500,000 in short-term working capital lines of credit related to COVID-19 crisis relief. Through May 8, 2020, that total had increased to $1.3 million. At March 31, 2020 and May 8, 2020, the outstanding balance of these short-term lines totaled $28,000 and $497,000, respectively.
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FINANCIAL CONDITION

Loans, Allowance for Credit Losses and Asset Quality

Loan Growth
Loans outstanding at March 31, 2020 were $1.7 billion, an increase of $24.8 million, or 1.4%, from December 31, 2019.
The following table summarizes the composition of the Company’s loan portfolio as of the dates indicated.

 March 31,December 31,Increase/(Decrease)
(dollars in thousands)20202019AmountPercent
Real estate loans:
One-to four-family first mortgage
$420,206  $430,820  $(10,614) (2.5)%
Home equity loans and lines78,011  79,812  (1,801) (2.3) 
Commercial real estate736,694  722,807  13,887  1.9  
Construction and land205,392  195,748  9,644  4.9  
Multi-family residential57,333  54,869  2,464  4.5  
Total real estate loans1,497,636  1,484,056  13,580  0.9 %
Other loans:
Commercial and industrial198,236  184,701  13,535  7.3  
Consumer43,270  45,604  (2,334) (5.1) 
Total other loans241,506  230,305  11,201  4.9  
Total loans$1,739,142  $1,714,361  $24,781  1.4 %

Commercial real estate loan growth was primarily driven by non-owner-occupied real estate loans in the Acadiana and New Orleans markets. The growth included a $4.7 million increase in loans secured by hotels and short-term rentals. At March 31, 2020, non-owner-occupied CRE loans totaled $337.5 million, or 46% of total CRE loans, compared to $326.6 million, or 45%, at December 31, 2019.

Commercial and industrial loan growth was primarily driven by non-energy-related lines of credit to customers in the industrial services sector in the Acadiana and Baton Rouge markets.

Construction and land loan growth was primarily driven by commercial building construction projects across our Louisiana markets and two multi-family redevelopment projects in New Orleans. The multi-family projects are expected to be used as short-term rentals. At March 31, 2020, hotel and short-term rental construction loans totaled $19.1 million, or 9% of total C&D loans, compared to $14.2 million, or 7% of total C&D loans, at December 31, 2019.

Adoption of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Due to the adoption of ASC Topic 326 on January 1, 2020, management maintains, based on current and forecasted information, an ACL that reflects a current estimate of expected credit losses ("CECL") for the estimated life of the loan portfolio at reporting periods subsequent to the adoption date. For reporting periods prior to January 1, 2020, management maintained an ALL at a level which reflected losses that were probable and reasonably estimable at the relevant reporting date.

The ACL and ALL policies described below are supplemented by reviews and validations performed by independent loan reviewers. The results of the reviews are reported to the Audit Committee of the Board of Directors. The establishment of the ACL and ALL is and was significantly affected by management judgment. There is likelihood that different amounts would be reported under different conditions or assumptions. Federal regulatory agencies, as an integral part of their examination process, periodically review our ACL and ALL. Such agencies may require management to make additional provisions for estimated losses based upon judgments different from those of management.

We continue to monitor and modify our ACL as conditions warrant. No assurance can be given that our level of ACL will cover all of the losses on our loans or that future adjustments to the ACL will not be necessary if economic and other conditions differ substantially from the conditions used by management to determine the current level of the ACL.
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For reporting periods beginning on and after January 1, 2020 and the adoption of ASC Topic 326:
The ACL which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. The provision for credit losses on unfunded lending commitments is recorded in other noninterest expense on the Consolidated Statements of Income. Management recalculates the ACL at least quarterly to reassess the estimate of credit losses for the total portfolio at the relevant reporting date. Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist. The Company's CECL calculation estimates credit losses using the discounted cash flow method for all loan pools, except for the credit card portfolio. The remaining life method is used for the credit card loan portfolio due to its limited complexity and size. The discounted cash flow analysis estimates future cash flows for the loan pool and discounts the cash flows to produce a net present value and ultimately the allowance requirement for the pool. The remaining life method applies a loss rate to a given pool of loans over the estimate remaining life of the given pool. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded lending commitments to calculate an ACL on unfunded amounts. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry.

Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. The ACL for loans that are individually evaluated is based on a comparison of the recorded investment in the loan with either the expected cash flows discounted using the loan’s original effective interest rate, observable market price for the loan or the fair value of the collateral underlying certain collateral-dependent loans. In addition, management considers reasonable and supportable forecasted conditions to estimate the ACL on loans individually evaluated for impairment.

Refer to Note 2 of the Consolidated Financial Statements for more information on the adoption of ASC Topic 326 and its impact on the Consolidated Financial Statements.

For reporting periods prior to January 1, 2020 and the adoption of ASC Topic 326:
The ALL estimation process included, among other things, an analysis of delinquency trends, nonperforming loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of loans, the value of collateral securing loans, the borrower’s ability to repay and repayment performance, the number of loans requiring heightened management oversight, economic conditions and industry experience. Based on the evaluation, management assigned risk ratings to segments of the loan portfolio. Such risk ratings were periodically reviewed by management and revised as deemed appropriate.
With respect to acquired loans, prior to January 1, 2020, the Company followed the reserve standard set forth in ASC 310, Receivables. At acquisition, the Company reviewed each loan to determine whether there is evidence of deterioration in credit quality since origination and if it was probable that the Company would be unable to collect all amounts due according to the loan’s contractual terms. The Company considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows for each loan pool meeting the criteria above, and determined the excess of the loan pool’s scheduled contractual principal and interest payments in excess of cash flows expected at acquisition as an amount that should not be accreted (nonaccretable difference). The remaining amount, representing the excess of the pool’s cash flows expected to be collected over the fair value, was accreted into interest income over the remaining life of the pool (accretable yield). The Company recorded a discount on these loans at acquisition to record them at their estimated fair values. As a result, acquired loans subject to ASC 310 were excluded from the calculation of the ALL at the acquisition date. See Note 5 to the Unaudited Consolidated Financial Statements for additional information concerning our allowance for acquired loans prior to the adoption of ASC Topic 326.
Acquired loans were recorded at their acquisition date fair value, which was based on expected cash flows and included an estimation of expected future loan losses. If the present value of expected cash flows for a pool was less than its carrying value, an impairment was recognized by an increase in the ALL and a charge to the provision for loan losses. At December 31, 2019, $1.8 million of our ALL was allocated to acquired loans.


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Reserve Build and Additional Information on Loan Portfolio Composition
At March 31, 2020, the ALL totaled $28.5 million, or 1.64% of total loans, and the ACL, which includes the reserve for unfunded commitments, totaled $31.6 million, or 1.82% of total loans. The provision for loan losses for the first quarter of 2020 totaled $6.3 million, up $5.9 million from the first quarter of 2019. The first quarter provision for loan losses reflects the change in expected losses due to the potential economic impact of the COVID-19 pandemic and a significant decline in oil prices.
As the fallout of the COVID-19 pandemic continues to impact the national, regional and local economies, management continues to proactively monitor the loan portfolio to identify potential weaknesses that may develop. Specifically, management has identified and is monitoring exposures to borrowers and industries that may be impacted more immediately and acutely than others. In many instances, management has directly reached out to specific borrowers to provide guidance and assistance as appropriate. On a portfolio level, management continues to monitor aggregate exposures to highly sensitive segments for changes in asset quality, payment performance and liquidity levels. Additionally, management is monitoring unfunded commitments, such as lines of credit and overdraft protection, to monitor liquidity and funding issues that may arise with our customers.
The following table provides a summary of the reserve build during the first quarter of 2020 and the loan portfolio at March 31, 2020, stratified by certain selected industry segments that may be considered more susceptible to adverse effects from the COVID-19 pandemic.

Recorded Investment in Loans
ASC Topic 326 Adoption Impact
Reserve Build(1)
for the
Quarter Ended
Total ACLACL to Total Loans
March 31,January 1,March 31,March 31,March 31,
(dollars in thousands)20202020202020202020
Retail CRE$159,483  $573  $744  $2,728  1.71 %
Healthcare145,795  161  175  1,918  1.32  
Hotels and short-term rentals86,039  39  1,885  2,796  3.25  
Restaurants and bars60,940  85  545  1,219  2.00  
Energy31,186  341  1,204  1,715  5.50  
Credit cards4,151  33  327  415  10.00  
Other loans1,251,548  3,401  1,109  17,699  1.41  
Total$1,739,142  $4,633  $5,989  $28,490  1.64 %
Unfunded lending commitments(2)
—  2,365  729  3,094  —  
Total$1,739,142  $6,998  $6,718  $31,584  1.82 %
(1)"Reserve build" represents the amount by which the provision for credit losses ($6.3 million) exceeded net loan charge-offs ($268,000) during the quarter ended March 31, 2020.
(2)At March 31, 2020, the allowance of $3.1 million related to unfunded lending commitments of $327.9 million. The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition and the related provision is recorded in other noninterest expense on the Consolidated Statements of Income.

Retail CRE
At March 31, 2020, outstanding retail CRE loans amounted to $159.5 million, or 9% of our total loan portfolio, and included retail strip shopping centers of $76.8 million and convenience stores of $23.1 million. The weighted-average LTV of the retail CRE loan portfolio was approximately 48% at March 31, 2020. At such date, this loan portfolio was concentrated in the following markets: Acadiana ($63.8 million, or 40%), New Orleans ($44.2 million, or 28%), Northshore ($31.0 million, or 19%) and Baton Rouge ($22.2 million, or 14%). In addition to retail CRE loans, our non-CRE-related retail loans totaled less than $10 million at March 31, 2020.

Healthcare
At March 31, 2020, outstanding loans to borrowers in the healthcare industry amounted to $145.8 million, or 8% of our total loan portfolio. The weighted-average LTV of the healthcare loan portfolio was approximately 53% at March 31, 2020. CRE
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loans comprised $111.7 million, or 77%, of the healthcare loan portfolio at such date. Loans to the dental industry totaled $33.5 million, or 23% of the healthcare loan portfolio at March 31, 2020.

Hotels and Short-term Rentals
At March 31, 2020, outstanding loans to borrowers in the hotels and short-term rentals industry amounted to $86.0 million or 5% of our total loan portfolio. Approximately 57% of this portfolio consists of short-term rentals. The weighted-average LTV of the hotels and short-term rentals loan portfolio was approximately 57% at March 31, 2020. CRE loans comprised $60.9 million, or 71%, and C&D loans comprised $19.1 million, or 22%, of the hotels and short-term rentals loan portfolio at such date. This loan portfolio is primarily located in the Greater New Orleans ($53.3 million, or 62%) and Acadiana ($26.7 million, or 31%) regions.

Restaurants and Bars
At March 31, 2020, outstanding loans to borrowers in the restaurants and bars industry amounted to $60.9 million, or 4% of our total loan portfolio. The weighted-average LTV of the restaurants and bars loan portfolio was approximately 52% at March 31, 2020. CRE loans comprised $55.0 million, or 90%, of this loan portfolio at such date. Of total restaurants and bars loans, $32.2 million, or 53%, relates to nationally-recognized fast-food franchise restaurants. This loan portfolio is concentrated in the following markets: Acadiana ($28.9 million, or 48%), Baton Rouge ($14.1 million, or 23%) and New Orleans ($14.1 million, or 23%).

Energy
At March 31, 2020, outstanding loans to borrowers in the energy industry amounted to $31.2 million, or 2% of our total loan portfolio. This portfolio predominantly consists of loans to energy service companies. The weighted-average LTV of the energy loan portfolio was approximately 33% at March 31, 2020. At March 31, 2020, CRE loans comprised $19.6 million, or 63%, of total energy-related loans. Of total CRE energy-related loans, 93% are to borrowers in the Acadiana market. At March 31, 2020, energy-related C&I loans of $11.1 million primarily consisted of loans secured by equipment ($7.1 million) and accounts receivable ($2.7 million).
Asset Quality
One of management’s key objectives has been, and continues to be, maintaining a high level of asset quality. In addition to maintaining credit standards for new loan originations, we proactively monitor loans and collection and workout processes of delinquent or problem loans. When a borrower fails to make a scheduled payment, we attempt to cure the deficiency by making personal contact with the borrower. Initial contacts are generally made within 10 days after the date payment is due. In most cases, deficiencies are promptly resolved. If the delinquency continues, late charges are assessed and additional efforts are made to collect the deficiency. All loans which are designated as “special mention,” classified or which are delinquent 90 days or more are reported to the Board of Directors of the Bank monthly. For loans where the collection of principal or interest payments is doubtful, the accrual of interest income ceases. It is our policy, with certain limited exceptions, to discontinue accruing interest and reverse any interest accrued on any loan which is 90 days or more past due. On occasion, this action may be taken earlier if the financial condition of the borrower raises significant concern with regard to their ability to service the debt in accordance with the terms of the loan agreement. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt.
An impaired loan generally is one for which it is probable, based on current information, that the lender will not collect all the amounts due under the contractual terms of the loan. Large groups of smaller balance, homogeneous loans are collectively evaluated for impairment. Loans collectively evaluated for impairment include smaller balance commercial loans, residential real estate loans and consumer loans. These loans are evaluated as a group because they have similar characteristics and performance experience. Larger (i.e., loans with balances of $250,000 or greater) commercial real estate loans, multi-family residential loans, construction and land loans and commercial and industrial loans are individually evaluated for impairment. Third party property valuations are obtained at the time of origination for real estate secured loans. When a determination is made that a loan has deteriorated to the point of becoming a problem loan, updated valuations may be ordered to help determine if there is impairment, which may lead to a recommendation for partial charge off or appropriate allowance allocation. Property valuations are ordered through, and are reviewed by, an appraisal officer at the Bank. The Company typically orders an “as is” valuation for collateral property if a loan is in a criticized loan classification. The Board of Directors is provided with monthly reports on impaired loans.
At March 31, 2020 and December 31, 2019, loans identified as impaired and individually evaluated for impairment were $10.0 million and $8.7 million, respectively. Due to the adoption of ASC Topic 326, total loans identified as impaired and individually evaluated at March 31, 2020 included $1.9 million of acquired loans. Under the former accounting guidance,
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acquired loans were evaluated on a pool basis and excluded from total loans individually evaluated for impairment at December 31, 2019.
The following tables provide a summary of loans individually evaluated for impairment as of the dates indicated.

 March 31, 2020
(dollars in thousands)Recorded investment Allowance for Loan LossesAllowance to Total Loans
Loans Individually Evaluated for Impairment
One- to four-family first mortgage
$742  $37  4.99 %
Home equity loans and lines763  461  60.42  
Commercial real estate6,043  298  4.93  
Construction and land608  481  79.11  
Multi-family residential—  —  —  
Commercial and industrial1,820  914  50.22  
Consumer—  —  —  
Total$9,976  $2,191  21.96 %
 December 31, 2019
(dollars in thousands)Recorded investmentAllowance for Loan LossesAllowance to Total Loans
Loans Individually Evaluated for Impairment
One- to four-family first mortgage
$187  $—  — %
Home equity loans and lines784  348  44.39  
Commercial real estate6,518  298  4.57  
Construction and land—  —  —  
Multi-family residential—  —  —  
Commercial and industrial1,223  701  57.32  
Consumer—  —  —  
Total$8,712  $1,347  15.46 %

Federal regulations and our policies require that we utilize an internal asset classification system as a means of reporting problem and potential problem assets. We have incorporated an internal asset classification system, substantially consistent with Federal banking regulations, as a part of our credit monitoring system. Federal banking regulations set forth a classification scheme for problem and potential problem assets as “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted.
At March 31, 2020 and December 31, 2019, substandard loans, excluding acquired loans, were $17.5 million and $18.1 million, respectively. At March 31, 2020 and December 31, 2019, acquired loans classified as substandard were $19.8 million and $21.7 million, respectively. There were no assets classified as doubtful or loss at March 31, 2020 and December 31, 2019.

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The following tables provide a summary of loans classified as special mention and substandard as of the dates indicated.

March 31,December 31,Increase/(Decrease)
(dollars in thousands)20202019AmountPercent
Special Mention Loans
One- to four-family first mortgage
$2,203  $2,159  $44  2.0 %
Home equity loans and lines158  181  (23) (12.7) 
Commercial real estate2,454  1,800  654  36.3  
Construction and land10,073  8,854  1,219  13.8  
Multi-family residential365  502  (137) (27.3) 
Commercial and industrial2,195  56  2,139  3819.6  
Consumer253  212  41  19.3  
Total special mention loans$17,701  $13,764  $3,937  28.6 %
March 31,December 31,Increase/(Decrease)
(dollars in thousands)20202019AmountPercent
Substandard Loans
One- to four-family first mortgage
$6,866  $6,696  $170  2.5 %
Home equity loans and lines1,128  1,232  (104) (8.4) 
Commercial real estate20,064  22,302  (2,238) (10.0) 
Construction and land2,389  2,707  (318) (11.7) 
Multi-family residential218  219  (1) (0.5) 
Commercial and industrial6,293  6,503  (210) (3.2) 
Consumer260  179  81  45.3  
Total substandard loans$37,218  $39,838  $(2,620) (6.6)%

Special mention loans increased $3.9 million, or 28.6%, from December 31, 2019 to $17.7 million at March 31, 2020. Over the same comparable periods, special mention C&I loans increased $2.1 million primarily due to an energy-related commercial relationship ($1.6 million) and an equipment loan to a borrower in marketing and advertising sector ($397,000). Special mention C&D loans were up $1.2 million at March 31, 2020 from December 31, 2019 primarily due to a previously identified special mention multi-family construction loan.
A bank’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by Federal bank regulators which can order the establishment of additional general or specific loss allowances. The Federal banking agencies have adopted an interagency policy statement on the allowance for loan and lease losses. The policy statement provides guidance for financial institutions on both the responsibilities of management for the assessment and establishment of allowances and guidance for banking agency examiners to use in determining the adequacy of general valuation guidelines. Generally, the policy statement recommends that institutions have effective systems and controls to identify, monitor and address asset quality problems; that management analyze all significant factors that affect the collectability of the portfolio in a reasonable manner; and that management establish acceptable allowance evaluation processes that meet the objectives set forth in the policy statement. Due to the adoption of ASC Topic 326 on January 1, 2020, management maintains, based on current and forecasted information, an ACL that reflects a current estimate of expected credit losses for the estimated life of the loan portfolio at reporting periods subsequent to the adoption date. For reporting periods prior to January 1, 2020, management maintained an ALL at a level which reflected losses that were probable and reasonably estimable at the relevant reporting date. For all reporting periods, actual losses are uncertain and dependent upon future events and, as such, further additions to the level of ACL may become necessary.
Foreclosed assets and ORE includes real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE are classified as such until sold or disposed. Foreclosed assets are recorded at fair value less estimated selling costs based on third party property valuations which are obtained at the time the asset is repossessed and periodically until the property is liquidated. ORE is recorded at the lower of its
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net book value or fair value at the date of transfer to ORE. Foreclosed assets and ORE holding costs are charged to expense. Gains and losses on the sale of foreclosed assets and ORE are charged to operations, as incurred. Costs associated with acquiring and improving a foreclosed property or ORE are usually capitalized to the extent that the carrying value does not exceed fair value less estimated selling costs.
The following table sets forth the composition of the Company’s nonperforming assets and performing troubled debt restructurings as of the dates indicated.
 March 31, 2020December 31, 2019
(dollars in thousands)Originated
Acquired(1)
TotalOriginated
Acquired(1)
Total 
Nonaccrual loans(2):
Real estate loans:
One- to four-family first mortgage
$2,106  $2,365  $4,471  $2,133  $1,815  $3,948  
Home equity loans and lines1,048  82  1,130  883  361  1,244  
Commercial real estate9,217  6,417  15,634  8,750  4,575  13,325  
Construction and land1,156  987  2,143  1,170  1,299  2,469  
Multi-family residential—  116  116  —  —  —  
Other loans:
Commercial and industrial1,599  1,564  3,163  1,603  1,621  3,224  
Consumer109  155  264  89  87  176  
Total nonaccrual loans15,235  11,686  26,921  14,628  9,758  24,386  
Accruing loans 90 days or more past due—  —  —  —  —  —  
Total nonperforming loans 
15,235  11,686  26,921  14,628  9,758  24,386  
Foreclosed assets and ORE978  1,628  2,606  1,793  2,363  4,156  
Total nonperforming assets16,213  13,314  29,527  16,421  12,121  28,542  
Performing troubled debt restructurings989  695  1,684  1,903  475  2,378  
Total nonperforming assets and troubled debt restructurings$17,202  $14,009  $31,211  $18,324  $12,596  $30,920  
Nonperforming loans to total loans1.55 %1.42 %
Nonperforming loans to total assets1.20 %1.11 %
Nonperforming assets to total assets1.31 %1.30 %
(1)Due to the adoption of ASC Topic 326, PCD loans of $2.3 million are included in nonperforming acquired loans at March 31, 2020. Prior to January 1, 2020, these loans were classified as PCI and excluded from nonperforming loans because they continued to earn interest income from the accretable yield at the pool level. At adoption, the pools were discontinued and performance is based on contractual terms for individual loans. Refer to Note 2 to the Consolidated Financial statements for more information on the adoption of ASC Topic 326. At December 31, 2019, PCI loans that were 90 days or more past due totaled $2.2 million and were accounted for under ASC 310-30.
(2)Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $8.7 million and $7.6 million at March 31, 2020 and December 31, 2019, respectively. Acquired restructured loans placed on nonaccrual totaled $2.8 million and $2.2 million at March 31, 2020 and December 31, 2019, respectively.

As previously indicated, as a result of Section 4013 of the CARES Act and recent interagency guidance issued by Federal banking regulators, modifications, such as deferrals of principal and/or interest payments, to borrowers affected by the COVID-19 pandemic. are not deemed to be TDRs if such modifications are made on loans that were current as of December 31, 2019. At March 31, 2020, the Company had an aggregate of $191.6 million of outstanding loans that had been granted payment relief. At May 8, 2020, the total amount of such loans with payment relief modifications had increased to $533.0 million or 27% of the total outstanding loan portfolio. Interest and fees continue to accrue on such loans. Management anticipates that the level of deferrals will continue to grow in future periods as stay- at- home orders remain in place. We will continue to follow the guidance of Federal banking regulators in making any TDR determinations.



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Investment Securities
The Company’s investment securities portfolio totaled $272.3 million as of March 31, 2020, an increase of $7.8 million, or 2.9%, from December 31, 2019. At March 31, 2020, the Company had a net unrealized gain on its available for sale investment securities portfolio of $6.9 million, compared to a net unrealized gain of $876,000 at December 31, 2019.
The following table summarizes activity in the Company’s investment securities portfolio during the first three months of 2020.

(dollars in thousands)Available for SaleHeld to Maturity
Balance, December 31, 2019$257,321  $7,149  
Purchases21,996  —  
Sales—  —  
Principal maturities, prepayments and calls(19,065) (500) 
Amortization of premiums and accretion of discounts(593) (42) 
Increase in market value5,987  —  
Balance, March 31, 2020$265,646  $6,607  


Funding Sources
Deposits
Deposits totaled $1.9 billion at March 31, 2020, an increase of $36.5 million, or 2.0%, compared to December 31, 2019. The following table summarizes the changes in the Company’s deposits from December 31, 2019 to March 31, 2020.

 March 31,December 31,Increase/(Decrease)
(dollars in thousands)20202019AmountPercent
Demand deposit$455,512  $437,828  $17,684  4.0 %
Savings206,597  201,887  4,710  2.3  
Money market266,519  273,741  (7,222) (2.6) 
NOW536,643  512,054  24,589  4.8  
Certificates of deposit392,230  395,465  (3,235) (0.8) 
Total deposits$1,857,501  $1,820,975  $36,526  2.0 %
The average rate paid on interest-bearing deposits decreased six bps to 1.07% for the first quarter of 2020, compared to 1.13% for the fourth quarter of 2019. Management expects the average rate on its deposits to continue to fall through the second quarter of 2020.

Federal Home Loan Bank Advances
Long-term FHLB advances totaled $54.3 million at March 31, 2020 up $13.7 million, or 33.7%, compared to $40.6 million at December 31, 2019. The increase in FHLB advances is primarily due to prefunding of advances maturing in April 2020 and SBA PPP loans.

Shareholders’ Equity
Shareholders’ equity decreased $4.8 million, or 1.5%, from $316.3 million at December 31, 2019 to $311.5 million at March 31, 2020, primarily due to the transition adjustment for the adoption of ASC Topic 326. Upon adoption of ASC Topic 326 on January 1, 2020, the Company recorded an after-tax decrease to retained earnings of $4.7 million.

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At March 31, 2020, the Bank had regulatory capital amounts that were well in excess of regulatory requirements. The following table presents actual and required capital ratios for the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of March 31, 2020 based on the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules were fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.
 ActualMinimum Capital
Required – Basel
III Fully Phased-In		To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
(dollars in thousands)AmountRatioAmountRatioAmountRatio
Bank:
Common equity Tier 1 capital (to risk-weighted assets)$232,994  13.62 %$119,728  7.00 %$111,176  6.50 %
Tier 1 risk-based capital232,994  13.62  145,384  8.50  136,832  8.00  
Total risk-based capital254,500  14.88  179,592  10.50  171,040  10.00  
Tier 1 leverage capital232,994  10.84  86,007  4.00  107,509  5.00  
LIQUIDITY AND ASSET/LIABILITY MANAGEMENT
Liquidity Management
Liquidity management encompasses our ability to ensure that funds are available to meet the cash flow requirements of depositors and borrowers, while also ensuring adequate cash flow exists to meet the Company’s needs, including operating, strategic and capital. The Company develops its liquidity management strategies as part of its overall asset/liability management process. Our primary sources of funds are from deposits, amortization of loans, loan prepayments and the maturity of loans, investment securities and other investments, and other funds provided from operations. While scheduled payments from the amortization of loans and investment securities and maturing investment securities are relatively predictable sources of funds, deposit flows and loan prepayments can be greatly influenced by general interest rates, economic conditions and competition. The Company also maintains excess funds in short-term, interest-bearing assets that provide additional liquidity.

The Company uses its liquidity to fund existing and future loan commitments, to fund maturing certificates of deposit and demand deposit withdrawals, to invest in other interest-earning assets and to meet operating expenses. At March 31, 2020, certificates of deposit maturing within the next 12 months totaled $295.7 million. Based upon historical experience, the Company anticipates that a significant portion of the maturing certificates of deposit will be redeposited with us.

In addition to cash flow from loan and securities payments and prepayments as well as from sales of securities available for sale, the Company has significant borrowing capacity available to fund liquidity needs. In recent years, the Company has utilized borrowings as a cost efficient addition to deposits as a source of funds. Borrowings consist of advances from the FHLB of Dallas, of which the Company is a member. Under terms of the collateral agreement with the FHLB, the Company pledges residential mortgage loans and investment securities as well as the Company’s stock in the FHLB as collateral for such advances. For the three months ended March 31, 2020, the average balance of outstanding FHLB advances was $45.7 million. At March 31, 2020, the Company had $54.3 million in total outstanding FHLB advances and had $669.9 million in additional FHLB advances available.

The following table summarizes the Company's primary and secondary sources of liquidity as of the dates indicated.



March 31,
(dollars in thousands)

2020
Cash and cash equivalents$64,102  
Unpledged investment securities, par value86,839  
FHLB advance availability 669,855  
Unsecured lines of credit55,000  
Federal Reserve discount window availability500  
Total primary and secondary liquidity$876,296  
41


Asset/Liability Management
The objective of asset/liability management is to implement strategies for the funding and deployment of the Company’s financial resources that are expected to maximize soundness and profitability over time at acceptable levels of risk. Interest rate sensitivity is the potential impact of changing rate environments on both net interest income and cash flows. The Company measures its interest rate sensitivity over the near term primarily by running net interest income simulations. Our interest rate sensitivity also is monitored by management through the use of a model which generates estimates of the change in its net interest income over a range of interest rate scenarios. Based on the Company’s interest rate risk model, the table below sets forth the results of immediate and sustained changes in interest rates as of March 31, 2020.

Shift in Interest Rates
(in bps)		% Change in Projected
Net Interest Income
200(1.6)
100(0.6)
(100)(1.8)
The actual impact of changes in interest rates will depend on many factors. These factors include the Company’s ability to achieve expected growth in earning assets and maintain a desired mix of earning assets and interest-bearing liabilities, the actual timing of asset and liability repricing, the magnitude of interest rate changes and corresponding movement in interest rate spreads and the level of success of asset/liability management strategies.
Off-Balance Sheet Activities
To meet the financing needs of its customers, the Bank issues financial instruments which represent conditional obligations that are not recognized, wholly or in part, in the statements of financial condition. These financial instruments include commitments to extend credit and standby letters of credit. Such instruments expose the Company to varying degrees of credit and interest rate risk in much the same way as funded loans. The same credit policies are used in these commitments as for on-balance sheet instruments. The Company’s exposure to credit losses from these financial instruments is represented by their contractual amounts.
The following table summarizes our outstanding commitments to originate loans and to advance additional amounts pursuant to outstanding letters of credit, lines of credit and undisbursed construction loans as of March 31, 2020 and December 31, 2019.

 Contract Amount
 March 31,December 31,
(dollars in thousands)20202019
Standby letters of credit$5,956  $6,098  
Available portion of lines of credit251,509  247,670  
Undisbursed portion of loans in process101,211  111,466  
Commitments to originate loans81,463  87,446  

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements.
Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed.
The Company is subject to certain claims and litigation arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is not expected to have a material effect on the financial condition or results of operations of the Company.
42

RESULTS OF OPERATIONS
Net income for the first quarter of 2020 was $1.9 million, down $6.0 million, or 75.9%, compared to the first quarter of 2019. Diluted EPS for the first quarter of 2020 was $0.21, down $0.64 compared to the first quarter of 2019.

Net Interest Income
Net interest income is the difference between the interest income earned on interest-earning assets, such as loans and investment securities, and the interest expense paid on interest-bearing liabilities, such as deposits and borrowings. The Company’s net interest income is largely determined by our net interest spread, which is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities, and the relative amounts of interest-earning assets and interest-bearing liabilities. The Company’s tax-equivalent net interest spread was 3.86% and 4.11% for the quarters ended March 31, 2020 and March 31, 2019, respectively. The Company’s tax-equivalent net interest margin, which is net interest income as a percentage of average interest-earning assets, was 4.18% and 4.41% for the quarters ended March 31, 2020 and March 31, 2019, respectively.
Net interest income totaled $21.3 million for first quarter of 2020, down $399,000, or 1.8%, compared to the first quarter of 2019. Interest income due to acquired loan discount accretion totaled $810,000 and $1.1 million for the quarters ended March 31, 2020 and March 31, 2019, respectively.

The following table set forth, for the periods indicated, information regarding (i) the total dollar amount of interest income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rate; (iii) net interest income; (iv) net interest spread; and (v) net interest margin. Information is based on average monthly balances during the indicated periods. Taxable equivalent yields are calculated using a marginal tax rate of 21%.

43


 Three Months Ended March 31,
 20202019
(dollars in thousands)Average BalanceInterestAverage
Yield/Rate		Average BalanceInterestAverage
Yield/Rate
Interest-earning assets:
Loans receivable(1)
$1,735,224  $23,699  5.43 %$1,649,626  $23,198  5.64 %
Investment securities
Taxable244,920  1,308  2.14  244,046  1,653  2.71  
Tax-exempt (TE)
18,120  104  2.90  28,699  155  2.74  
Total investment securities263,040  1,412  2.19  272,745  1,808  2.71  
Other interest-earning assets28,002  138  1.99  55,550  363  2.65  
Total interest-earning assets (TE)
2,026,266  $25,249  4.96  1,977,921  $25,369  5.15  
Noninterest-earning assets192,859  188,396  
Total assets$2,219,125  $2,166,317  
Interest-bearing liabilities:
Deposits:
Savings, checking and money market$989,028  $1,822  0.74 %$983,184  $2,006  0.83 %
Certificates of deposit392,670  1,845  1.89  367,614  1,325  1.46  
Total interest-bearing deposits1,381,698  3,667  1.07  1,350,798  3,331  1.00  
Other borrowings5,539  53  3.86  5,539  53  3.89  
Short-term FHLB advances634  3  1.82  45  —  2.65  
Long term FHLB advances45,095  203  1.80  58,150  263  1.81  
Total interest-bearing liabilities1,432,966  $3,926  1.10  1,414,532  $3,647  1.04  
Noninterest-bearing liabilities470,541  445,545  
Total liabilities1,903,507  1,860,077  
Shareholders’ equity315,607  306,240  
Total liabilities and shareholders’ equity$2,219,114  $2,166,317  
Net interest-earning assets$593,300  $563,389  
Net interest spread (TE)
$21,323  3.86 %$21,722  4.11 %
Net interest margin (TE)
4.18 %4.41 %
(1)Nonperforming loans are included in the respective average loan balances, net of deferred fees, discounts and loans in process.

44

The following table displays the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. The table distinguishes between (i) changes attributable to volume (changes in average volume between periods times prior year rate), (ii) changes attributable to rate (changes in average rate between periods times prior year volume) and (iii) total increase (decrease).

Three Months Ended March 31,
2020 Compared to 2019
Change Attributable To
Total
Increase/
(dollars in thousands)RateVolume(Decrease)
Interest income:
Loans receivable$(754) $1,255  $501  
Investment securities(334) (62) (396) 
Other interest-earning assets(68) (157) (225) 
Total interest income(1,156) 1,036  (120) 
Interest expense:
Savings, checking and money market accounts(203) 19  (184) 
Certificates of deposit411  109  520  
Other borrowings—  —  —  
FHLB advances(2) (55) (57) 
Total interest expense206  73  279  
Increase (decrease) in net interest income$(1,362) $963  $(399) 

Noninterest Income
Noninterest income for the first quarter of 2020 totaled $3.4 million, up $193,000, or 6.1%, from $3.2 million earned for the same period in 2019. Noninterest income increased primarily due to an increase in gains on the sale of loans (up $142,000, or 91.6%). Due to the changes in the interest rate environment during the first quarter of 2020, borrowers found it advantageous to refinance residential mortgages.
Noninterest Expense
Noninterest expense for the first quarter of 2020 totaled $16.1 million, up $855,000, or 5.6%, from $15.3 million recorded for the same period in 2019. Noninterest expense increased over the comparable quarter primarily due to $729,000 in provision for credit losses on unfunded lending commitments for the first quarter of 2020.
Income Taxes
For the first quarters of 2020 and 2019, the Company incurred income tax expense of $373,000 and $1.3 million, respectively. For the same periods, the Company’s effective tax rate was 16.4% and 14.3%, respectively. Income tax expense decreased over the comparable quarters primarily due to the decrease in taxable earnings for the first quarter of 2020. The Company's effective tax rate for the first quarter of 2019 was only 14.3% due primarily to elevated levels of stock option exercises with respect to the 2009 stock option plan. Such option exercises reduced income tax expense by $514,000 during the first quarter of 2019.
45


Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Quantitative and qualitative disclosures about market risk are presented in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Asset/Liability Management and Market Risk”. Additional information at March 31, 2020 is included herein under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Asset/Liability Management”.

Item 4.Controls and Procedures.
Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and are operating in an effective manner.
No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) occurred during the first quarter of 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

46

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings.
Not applicable.

Item 1A.
Risk Factors.
Other than the following additional risk factor which supplements the “Risk Factors” section in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 ("Form 10-K") filed with the Securities and Exchange Commission, there have been no material changes from the risk factors previously disclosed by the Company in the Form 10-K:

The COVID-19 pandemic has adversely impacted our business and financial results, and the ultimate impact will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic.

The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations, created significant volatility and disruption in financial markets, and increased unemployment levels. In addition, the pandemic has resulted in temporary closures of many businesses and the institution of social distancing and sheltering in place requirements in Louisiana and many other states and communities. Global markets for oil and gas have, and may continue to be, adversely impacted by the COVID-19 pandemic and/or other events beyond our control, and further volatility in commodity prices could have a negative impact on the economies of energy-dominated states in which we operate. As a result, the demand for our products and services may be significantly impacted, which could adversely affect our revenue. Furthermore, the pandemic could continue to result in the recognition of credit losses in our loan portfolios and increases in our allowance for credit losses, particularly if businesses remain closed, the impact on the global economy worsens, or more customers draw on their lines of credit or seek additional loans to help finance their businesses. Similarly, because of changing economic and market conditions affecting issuers, we may be required to recognize impairments on the securities we hold as well as reductions in other comprehensive income. Our business operations may also be disrupted if significant portions of our workforce are unable to work effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic, and we have already temporarily limited access to certain of our branches and offices. In response to the pandemic, we have also suspended residential property foreclosure sales, evictions, and involuntary automobile repossessions, and are offering fee waivers, payment deferrals, and other expanded assistance for credit card, automobile, mortgage, small business and personal lending customers, and future governmental actions may require these and other types of customer-related responses. The extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition, as well as our regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.


Item 2.
Unregistered Sales of Equity Securities and the Use of Proceeds.
The Company’s purchases of its common stock made during the quarter consisted of stock repurchases under the Company’s approved plans and are set forth in the following table.
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet be Purchased Under the Plan or Programs(1)
January 1 – January 31, 2020
29,187  $38.14  29,187  357,397  
February 1 – February 29, 2020
37,835  36.32  37,835  319,562  
March 1 – March 31, 2020
121,319  23.92  121,319  198,243  
Total188,341  $28.61  188,341  198,243  
(1)On August 28, 2019, the Company announced a new stock repurchase program (the "2019 Repurchase Plan"). Under the 2019 Repurchase Plan, the Company may purchase up to $470,000 shares, or approximately 5% of the its common stock outstanding, through open market or privately negotiated transactions.

Item 3.
Defaults Upon Senior Securities.
None.
47


Item 4.
Mine Safety Disclosures.
None.

Item 5.
Other Information.
None.

Item 6.
Exhibits and Financial Statement Schedules.

No.      Description
31.1
  
31.2
  
32.0
  
101.INS  XBRL Instance Document
101.SCH  XBRL Taxonomy Extension Schema Document
101.CAL  XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB  XBRL Taxonomy Extension Label Linkbase Document
101.PRE  XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF  XBRL Taxonomy Extension Definitions Linkbase Document

48

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HOME BANCORP, INC.
May 11, 2020By:/s/ John W. Bordelon
John W. Bordelon
President, Chief Executive Officer and Director
May 11, 2020By:/s/ Joseph B. Zanco
Joseph B. Zanco
Executive Vice President and Chief Financial Officer
May 11, 2020By:/s/ Mary H. Hopkins
Mary H. Hopkins
Home Bank, N.A. Senior Vice President and Director of Financial Management

49

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