Companies: 10,793     total market cap: $134.275 T
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Home Bancorp
HBCP
#7249
Rank
$0.48 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$61.39
Share price
-0.62%
Change (1 day)
47.96%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Home Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q3

Home Bancorp - 10-Q quarterly report FY2021 Q3


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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: September 30, 2021
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 classTrading symbol(s)Name of each exchange on which registered
Common StockHBCP
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 October 29, 2021, the registrant had 8,523,524 shares of common stock, $0.01 par value, outstanding.


HOME BANCORP, INC. and SUBSIDIARY
TABLE OF CONTENTS
  
PART I - FINANCIAL INFORMATION
Item 1.Financial Statements (unaudited)Page
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
6
Notes to Unaudited Consolidated Financial Statements
7
Item 2.
36
Item 3.
54
Item 4.
54
PART II - OTHER INFORMATION
Item 1.
55
Item 1A.
55
Item 2.
55
Item 3.
56
Item 4.
56
Item 5.
56
Item 6.
56
57

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
AOCI–Accumulated other comprehensive income
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., a 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)
(dollars in thousands)September 30, 2021December 31, 2020
Assets
Cash and cash equivalents$413,694 $187,952 
Interest-bearing deposits in banks349 349 
Investment securities available for sale, at fair value304,125 254,752 
Investment securities held to maturity (fair values of $2,147 and $2,996, respectively)
2,110 2,934 
Mortgage loans held for sale3,476 9,559 
Loans, net of unearned income1,875,176 1,979,954 
Allowance for loan losses(24,149)(32,963)
Total loans, net of unearned income and allowance for loan losses1,851,027 1,946,991 
Office properties and equipment, net44,331 45,497 
Cash surrender value of bank-owned life insurance40,142 40,334 
Goodwill and core deposit intangibles62,229 63,112 
Accrued interest receivable and other assets41,983 40,370 
Total Assets$2,763,466 $2,591,850 
Liabilities
Deposits:
Noninterest-bearing$728,352 $615,700 
Interest-bearing1,637,365 1,598,121 
Total Deposits2,365,717 2,213,821 
Other borrowings5,539 5,539 
Long-term Federal Home Loan Bank advances26,430 28,824 
Accrued interest payable and other liabilities21,631 21,824 
Total Liabilities2,419,317 2,270,008 
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; 8,523,473 and 8,740,104 shares issued and outstanding, respectively
85 87 
Additional paid-in capital
164,316 164,988 
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)(2,499)(2,767)
Recognition and Retention Plan (RRP)(14)(22)
Retained earnings180,327 154,282 
Accumulated other comprehensive income1,934 5,274 
Total Shareholders’ Equity344,149 321,842 
Total Liabilities and Shareholders’ Equity$2,763,466 $2,591,850 
 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
September 30,		Nine Months Ended
September 30,
(dollars in thousands, except per share data)2021202020212020
Interest Income
Loans, including fees$27,045 $24,769 $77,362 $72,839 
Investment securities:
Taxable interest1,108 897 3,069 3,308 
Tax-exempt interest
81 70 262 253 
Other investments and deposits189 106 421 361 
Total interest income28,423 25,842 81,114 76,761 
Interest Expense
Deposits1,120 2,368 4,256 9,047 
Other borrowings 53 53 159 159 
Short-term Federal Home Loan Bank advances— — — 23 
Long-term Federal Home Loan Bank advances116 149 360 520 
Total interest expense1,289 2,570 4,775 9,749 
Net interest income27,134 23,272 76,339 67,012 
(Reversal) provision for loan losses(2,385)— (7,513)12,728 
Net interest income after (reversal) provision for loan losses29,519 23,272 83,852 54,284 
Noninterest Income
Service fees and charges1,260 1,123 3,478 3,529 
Bank card fees1,519 1,331 4,416 3,595 
Gain on sale of loans, net415 904 2,142 1,843 
Income from bank-owned life insurance1,938 231 2,384 718 
Loss on sale of assets, net(3)— (460)(11)
Other income254 205 777 581 
Total noninterest income5,383 3,794 12,737 10,255 
Noninterest Expense
Compensation and benefits9,809 9,740 29,160 28,518 
Occupancy1,717 1,686 5,146 5,075 
Marketing and advertising399 288 838 746 
Data processing and communication2,118 1,851 6,263 5,430 
Professional services234 197 685 665 
Forms, printing and supplies158 140 480 471 
Franchise and shares tax360 378 1,079 1,156 
Regulatory fees301 526 986 1,004 
Foreclosed assets and ORE, net74 162 298 324 
Amortization of acquisition intangible291 338 884 1,033 
Provision for credit losses on unfunded commitments— — 375 — 
Other expenses970 810 2,771 2,563 
Total noninterest expense16,431 16,116 48,965 46,985 
Income before income tax expense18,471 10,950 47,624 17,554 
Income tax expense3,412 2,168 9,241 3,369 
Net Income$15,059 $8,782 $38,383 $14,185 
Earnings per share:
Basic$1.80 $1.01 $4.56 $1.61 
Diluted$1.79 $1.01 $4.54 $1.61 
Cash dividends declared per common share$0.23 $0.22 $0.68 $0.66 
 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
September 30,		Nine Months Ended
September 30,
(dollars in thousands)2021202020212020
Net Income$15,059 $8,782 $38,383 $14,185 
Other Comprehensive (Loss) Income
Unrealized (losses) gains on available for sale investment securities(1,897)39 (5,201)5,815 
Unrealized gains (losses) on cash flow hedges55 76 974 (82)
Tax effect387 (24)887 (1,204)
Other comprehensive (loss) income, net of taxes(1,455)91 (3,340)4,529 
Comprehensive Income$13,604 $8,873 $35,043 $18,714 
 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 stockAdditional Paid-in capitalUnallocated Common Stock Held by ESOPUnallocated Common Stock Held by RRPRetained EarningsAccumulated Other Comprehensive IncomeTotal
Balance, June 30, 2020$90 $166,494 $(2,946)$(24)$142,327 $5,130 $311,071 
Net income8,782 8,782 
Other comprehensive income91 91 
Purchase of Company’s common stock at cost, 135,224 shares
(2)(1,351)(2,021)(3,374)
Cash dividends declared, $0.22 per share
(1,970)(1,970)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 529 shares
— — (1)(1)
Exercise of stock options— — — 
RRP shares released for allocation(1)1 — 
ESOP shares released for allocation201 89 290 
Share-based compensation cost179 179 
Balance, September 30, 2020$88 $165,522 $(2,857)$(23)$147,117 $5,221 $315,068 
Balance, June 30, 2021$87 $165,296 $(2,589)$(15)$171,644 $3,389 $337,812 
Net income15,059 15,059 
Other comprehensive loss(1,455)(1,455)
Purchase of Company’s common stock at cost, 159,762 shares
(2)(1,596)(4,386)(5,984)
Cash dividends declared, $0.23 per share
(1,988)(1,988)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 3,549 shares
— 87 (2)85 
Exercise of stock options— 26 26 
RRP shares released for allocation(1)1 — 
ESOP shares released for allocation269 90 359 
Share-based compensation cost235 235 
Balance, September 30, 2021$85 $164,316 $(2,499)$(14)$180,327 $1,934 $344,149 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
4

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - CONTINUED
(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 IncomeTotal
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(3,985)(3,985)
Net income14,185 14,185 
Other comprehensive income4,529 4,529 
Purchase of Company’s common stock at cost, 438,892 shares
(5)(4,384)(7,220)(11,609)
Cash dividends declared, $0.66 per share
(5,978)(5,978)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 16,175 shares
— 34 (43)(9)
Exercise of stock options— 30 30 
RRP shares released for allocation(12)12 — 
ESOP shares released for allocation680 267 947 
Share-based compensation cost629 629 
Balance, September 30, 2020$88 $165,522 $(2,857)$(23)$147,117 $5,221 $315,068 
Balance, December 31, 2020$87 $164,988 $(2,767)$(22)$154,282 $5,274 $321,842 
Net income38,383 38,383 
Other comprehensive loss(3,340)(3,340)
Purchase of Company’s common stock at cost, 243,497 shares
(2)(2,433)(6,363)(8,798)
Cash dividends declared, $0.68 per share
(5,906)(5,906)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 22,273 shares
— 245 (69)176 
Exercise of stock options— 80 80 
RRP shares released for allocation(8)8 — 
ESOP shares released for allocation849 268 1,117 
Share-based compensation cost595 595 
Balance, September 30, 2021$85 $164,316 $(2,499)$(14)$180,327 $1,934 $344,149 
 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
5

HOME BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the Nine Months Ended
September 30,
(dollars in thousands)20212020
Cash flows from operating activities:
Net income$38,383 $14,185 
Adjustments to reconcile net income to net cash provided by operating activities:
(Reversal) provision for loan losses(7,513)12,728 
Depreciation2,301 2,288 
Amortization and accretion of purchase accounting valuations and intangibles2,762 3,458 
Net amortization of mortgage servicing asset— 56 
Federal Home Loan Bank stock dividends(11)(56)
Net amortization of discount on investments1,484 2,168 
Gain on loans sold, net(2,142)(1,843)
Proceeds, including principal payments, from loans held for sale165,995 192,232 
Originations of loans held for sale(157,770)(204,444)
Loss on sale of assets, net460 11 
Non-cash compensation1,712 1,576 
Deferred income tax expense (benefit)1,747 (2,424)
Increase in accrued interest receivable and other assets(3,612)(1,818)
Increase in cash surrender value of bank-owned life insurance(667)(718)
Increase in accrued interest payable and other liabilities793 711 
Net cash provided by operating activities43,922 18,110 
Cash flows from investing activities:
Purchases of securities available for sale(125,380)(57,187)
Proceeds from maturities, prepayments and calls on securities available for sale64,278 66,653 
Proceeds from maturities, prepayments and calls on securities held to maturity800 4,130 
Proceeds from sales of securities available for sale5,068 — 
Decrease (increase) in loans, net99,621 (245,440)
Increase in interest-bearing deposits in banks— 100 
Proceeds from sale of foreclosed assets2,274 3,039 
Purchases of office properties and equipment(1,998)(1,570)
Proceeds from bank-owned life insurance1,717 — 
Proceeds from sale of office properties and equipment400 4 
Purchase of Federal Home Loan Bank stock— (1,592)
Net cash provided by (used in) investing activities46,780 (231,863)
Cash flows from financing activities:
Increase in deposits, net151,896 386,509 
Borrowings on Federal Home Loan Bank advances— 119,700 
Repayments of Federal Home Loan Bank advances(2,408)(128,901)
Proceeds from exercise of stock options80 30 
Issuance of stock under incentive plans, net176 (9)
Dividends paid to shareholders(5,906)(5,978)
Purchase of Company’s common stock(8,798)(11,609)
Net cash provided by financing activities135,040 359,742 
Net change in cash and cash equivalents225,742 145,989 
Cash and cash equivalents, beginning187,952 39,847 
Cash and cash equivalents, ending$413,694 $185,836 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
6

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 and nine months ended September 30, 2021 and 2020 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, 2020.

Purchase and Assumption Agreement

On August 27, 2021, the Company entered into a Purchase and Assumption Agreement ("Agreement") to sell its deposit accounts, certain loans and branch office located in Vicksburg, Mississippi to Vidalia, Louisiana-based Delta Bank. Pursuant to the Agreement, the Bank will sell branch deposits of approximately $15.7 million, approximately $2.3 million in loans, which is included in Loans, net of unearned income on the Consolidated Statements of Financial Condition, and substantially all branch-related real estate, fixed assets and equipment. The Bank will receive a premium based on specified percentages of deposit and loan categories. The Company estimates that it will record a pre-tax loss of approximately $23,000 when the transaction closes, which is expected to occur in the first quarter of 2022.
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, 2020.

There have been no material changes from the critical accounting policies disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 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. 
2. Recent Accounting Pronouncements
Accounting Standards Adopted in 2021
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 adoption of this ASU did not impact our Consolidated Financial Statements.

7

3. Investment Securities
The following tables summarize the Company’s available for sale and held to maturity investment securities at September 30, 2021 and December 31, 2020.
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2021   
Available for sale:
U.S. agency mortgage-backed$213,091 $2,580 $2,155 $213,516 
Collateralized mortgage obligations35,201 965 1 36,165 
Municipal bonds43,348 384 634 43,098 
U.S. government agency5,731 39 9 5,761 
Corporate bonds5,500 94 9 5,585 
Total available for sale$302,871 $4,062 $2,808 $304,125 
Held to maturity:
Municipal bonds$2,110 $37 $— $2,147 
Total held to maturity$2,110 $37 $— $2,147 
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2020   
Available for sale:
U.S. agency mortgage-backed$138,669 $4,162 $19 $142,812 
Collateralized mortgage obligations74,112 1,565 57 75,620 
Municipal bonds27,306 717 12 28,011 
U.S. government agency6,210 55 10 6,255 
Corporate bonds2,000 54 — 2,054 
Total available for sale$248,297 $6,553 $98 $254,752 
Held to maturity:
Municipal bonds$2,934 $62 $— $2,996 
Total held to maturity$2,934 $62 $— $2,996 


8

The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of September 30, 2021 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 LessAfter One Year through Five YearsAfter Five Years through Ten YearsAfter Ten YearsTotal
Fair Value
Available for sale:
U.S. agency mortgage-backed$4,150 $18,271 $70,572 $120,523 $213,516 
Collateralized mortgage obligations638 19,095 6,034 10,398 36,165 
Municipal bonds356 1,351 10,234 31,157 43,098 
U.S. government agency— — 5,358 403 5,761 
Corporate bonds— — 5,585 — 5,585 
Total available for sale$5,144 $38,717 $97,783 $162,481 $304,125 
Held to maturity:
Municipal bonds$— $1,127 $1,020 $— $2,147 
Total held to maturity$— $1,127 $1,020 $— $2,147 
(dollars in thousands)One Year or LessAfter One Year through Five YearsAfter Five Years through Ten YearsAfter Ten YearsTotal
Amortized Cost
Available for sale:
U.S. agency mortgage-backed$4,145 $17,646 $69,870 $121,430 $213,091 
Collateralized mortgage obligations627 18,514 5,825 10,235 35,201 
Municipal bonds355 1,349 10,004 31,640 43,348 
U.S. government agency— — 5,324 407 5,731 
Corporate bonds— — 5,500 — 5,500 
Total available for sale$5,127 $37,509 $96,523 $163,712 $302,871 
Held to maturity:
Municipal bonds$— $1,099 $1,011 $— $2,110 
Total held to maturity$— $1,099 $1,011 $— $2,110 

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 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.

9

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
September 30, 2021Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale:
U.S. agency mortgage-backed$141,158 $2,155 $— $— $141,158 $2,155 
Collateralized mortgage obligations134 — 1,658 1 1,792 1 
Municipal bonds29,182 601 1,253 33 30,435 634 
U.S. government agency— — 1,049 9 1,049 9 
Corporate bonds3,491 9 — — 3,491 9 
Total available for sale$173,965 $2,765 $3,960 $43 $177,925 $2,808 
Held to maturity:
Municipal bonds$— $— $— $— $— $— 
Total held to maturity$— $— $— $— $— $— 

(dollars in thousands)Less Than 1 YearOver 1 YearTotal
December 31, 2020Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale:
U.S. agency mortgage-backed$13,666 $19 $— $— $13,666 $19 
Collateralized mortgage obligations13,615 55 2,309 2 15,924 57 
Municipal bonds1,278 12 — — 1,278 12 
U.S. government agency— — 1,196 10 1,196 10 
Corporate bonds— — — — — — 
Total available for sale$28,559 $86 $3,505 $12 $32,064 $98 
Held to maturity:
Municipal bonds$— $— $— $— $— $— 
Total held to maturity$— $— $— $— $— $— 

At September 30, 2021, 62 of the Company’s debt securities had unrealized losses totaling 1.6% of the individual securities’ amortized cost basis and 0.9% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 4 of the 62 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 September 30, 2021.

10

At September 30, 2021, it was determined that no ACL was required for the Company's held-to-maturity investment securities. The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at September 30, 2021 and December 31, 2020.
Credit Ratings
(dollars in thousands)AAA/AA/ABBB/BB/BTotal
September 30, 2021
Held to maturity:
Municipal bonds$2,110 $— $2,110 
Credit Ratings
(dollars in thousands)AAA/AA/ABBB/BB/BTotal
December 31, 2020
Held to maturity:
Municipal bonds$2,934 $— $2,934 

Accrued interest receivable on the Company's investment securities was $773,000 and $744,000 at September 30, 2021 and December 31, 2020, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.
At September 30, 2021 and December 31, 2020, the Company had $151,330,000 and $125,889,000, respectively, of securities pledged to secure public deposits.
4. Earnings Per Share
Earnings per common share was computed based on the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands, except per share data)2021202020212020
Numerator:
Net income available to common shareholders$15,059 $8,782 $38,383 $14,185 
Denominator:
Weighted average common shares outstanding8,354 8,627 8,413 8,737 
Effect of dilutive securities:
Restricted stock12 7 12 9 
Stock options40 17 35 23 
Weighted average common shares outstanding – assuming dilution8,406 8,651 8,460 8,769 
Basic earnings per common share$1.80 $1.01 $4.56 $1.61 
Diluted earnings per common share$1.79 $1.01 $4.54 $1.61 

Options for 106,190 and 160,282 shares of common stock were not included in the computation of diluted EPS for the three months ended September 30, 2021 and 2020, respectively, because the effect of these shares was anti-dilutive. For the nine months ended September 30, 2021 and 2020, options on 98,262 and 129,559, respectively, shares of common stock were not included in the computation of diluted EPS because the effect of these shares was anti-dilutive.
11


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

Loans
Loans are reported at the principal balance outstanding net of unearned income and fair value discounts, if applicable. Interest on loans and the 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 is discontinued when it is probable the borrower will not be able to meet payment obligations as they become due. 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. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt. If it is determined that all or part of a loan is uncollectible, the potion of the loan deemed uncollectible is charged to the allowance for credit losses.

Originated vs. Acquired Loans
"Originated loans" are loans that were originated for investment by the Company. Loans that were acquired as a result of business combinations are referred to as “acquired loans” and are recorded at the principal balance net of unearned income and fair value discounts. 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 allowance for loan losses ("ALL"). Since the adoption of ASC 326, loans that were acquired with evidence of credit deterioration are referred to as "purchased credit deteriorated ("PCD") loans." At acquisition, acquired loans were segregated into loan pools designed to facilitate the estimation of expected cash flows. The fair value estimate for each pool of acquired 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.

Allowance for Credit Losses
Due to the adoption of ASC Topic 326 on January 1, 2020, management maintains, based on current and forecasted information, an allowance for credit losses ("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.

The ACL, which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. 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. 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 policy described above is supplemented by periodic 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 is 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. 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.


12

The Company’s loans, net of unearned income, consisted of the following as of the dates indicated.
(dollars in thousands)September 30, 2021December 31, 2020
Real estate loans:
One- to four-family first mortgage
$360,150 $395,638 
Home equity loans and lines59,667 67,700 
Commercial real estate802,401 750,623 
Construction and land241,286 221,823 
Multi-family residential92,062 87,332 
Total real estate loans1,555,566 1,523,116 
Other loans:
Commercial and industrial284,831 417,926 
Consumer34,779 38,912 
Total other loans319,610 456,838 
Total loans$1,875,176 $1,979,954 

The net investment in PPP loans, which is included in commercial and industrial loans, was $95,560,000 and $221,220,000 at September 30, 2021 and December 31, 2020, respectively.

The net discount on the Company’s loans was $4,773,000 and $6,650,000 at September 30, 2021 and December 31, 2020, respectively. In addition, loan balances as of September 30, 2021 and December 31, 2020 are reported net of unearned income of $6,879,000 and $8,727,000, respectively. Unearned income at September 30, 2021 and December 31, 2020 included PPP deferred lender fees of $3,334,000 and $5,449,000, respectively.

Accrued interest receivable on the Company's loans was $6,482,000 and $8,635,000 at September 30, 2021 and December 31, 2020, 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.

13

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.
 September 30, 2021
(dollars in thousands)Collectively EvaluatedIndividually EvaluatedTotal
Allowance for credit losses:
One- to four-family first mortgage
$2,145 $— $2,145 
Home equity loans and lines521 — 521 
Commercial real estate12,872 455 13,327 
Construction and land3,628 — 3,628 
Multi-family residential627 — 627 
Commercial and industrial2,815 435 3,250 
Consumer651 — 651 
Total allowance for loan losses$23,259 $890 $24,149 
Unfunded lending commitments(1)
$1,800 $— $1,800 
Total allowance for credit losses$25,059 $890 $25,949 

 September 30, 2021
(dollars in thousands)Collectively Evaluated
Individually Evaluated(2)
Total
Loans:
One- to four-family first mortgage
$360,150 $— $360,150 
Home equity loans and lines59,667 — 59,667 
Commercial real estate798,520 3,881 802,401 
Construction and land241,286 — 241,286 
Multi-family residential92,062 — 92,062 
Commercial and industrial284,055 776 284,831 
Consumer34,779 — 34,779 
Total loans$1,870,519 $4,657 $1,875,176 


14

 December 31, 2020
(dollars in thousands)Collectively EvaluatedIndividually EvaluatedTotal
Allowance for loan losses:
One- to four-family first mortgage
$2,965 $100 $3,065 
Home equity loans and lines676 — 676 
Commercial real estate17,843 1,008 18,851 
Construction and land4,155 — 4,155 
Multi-family residential1,077 — 1,077 
Commercial and industrial3,845 431 4,276 
Consumer863 — 863 
Total allowance for loan losses$31,424 $1,539 $32,963 
Unfunded lending commitments(1)
$1,425 $— $1,425 
Total allowance for credit losses$32,849 $1,539 $34,388 
 December 31, 2020
(dollars in thousands)Collectively Evaluated
Individually Evaluated(2)
Total
Loans:
One- to four-family first mortgage
$394,632 $1,006 $395,638 
Home equity loans and lines67,700 — 67,700 
Commercial real estate743,223 7,400 750,623 
Construction and land221,823 — 221,823 
Multi-family residential87,332 — 87,332 
Commercial and industrial417,320 606 417,926 
Consumer38,912 — 38,912 
Total loans$1,970,942 $9,012 $1,979,954 
(1)The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition.
(2)There were no PCD loans individually evaluated at September 30, 2021. At December 31, 2020, loans individually evaluated included PCD loans of $277,000.

15

A summary of activity in the ACL for the nine months ended September 30, 2021 and September 30, 2020 follows.
 
 Nine Months Ended September 30, 2021
(dollars in thousands)Beginning
Balance		Charge-offsRecoveriesProvision (Reversal)Ending
Balance
Allowance for credit losses:
One- to four-family first mortgage
$3,065 $(176)$13 $(757)$2,145 
Home equity loans and lines676 (6)6 (155)521 
Commercial real estate18,851 (1,024)— (4,500)13,327 
Construction and land4,155 — 63 (590)3,628 
Multi-family residential1,077 — — (450)627 
Commercial and industrial4,276 (522)307 (811)3,250 
Consumer863 (79)117 (250)651 
Total allowance for loan losses$32,963 $(1,807)$506 $(7,513)$24,149 
Unfunded lending commitments$1,425 $— $— $375 $1,800 
Total allowance for credit losses$34,388 $(1,807)$506 $(7,138)$25,949 

 Nine Months Ended September 30, 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 $(55)$12 $(245)$3,413 
Home equity loans and lines1,084 (1)(575)15 248 771 
Commercial real estate6,541 1,974 (5)55 9,786 18,351 
Construction and land2,670 519 (688)— 1,577 4,078 
Multi-family residential572 (245)— — 740 1,067 
Commercial and industrial3,694 1,243 (977)91 386 4,437 
Consumer592 157 (222)122 236 885 
Total allowance for loan losses$17,868 $4,633 $(2,522)$295 $12,728 $33,002 
Unfunded lending commitments$— $1,425 $— $— $— $1,425 
Total allowance for credit losses$17,868 $6,058 $(2,522)$295 $12,728 $34,427 
(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.
16

Credit Quality
The following tables present the Company’s loan portfolio by credit quality classification and origination year as of September 30, 2021 and December 31, 2020.
September 30, 2021
Term Loans by Origination Year
(dollars in thousands)20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
One- to four-family first mortgage:
Pass$60,900 $48,750 $48,301 $37,619 $36,930 $108,990 $12,806 $383 $354,679 
Special Mention— — — — 15 652 — — 667 
Substandard— 596 720 269 456 2,763 — — 4,804 
Doubtful— — — — — — — — — 
Total one- to four-family first mortgages$60,900 $49,346 $49,021 $37,888 $37,401 $112,405 $12,806 $383 $360,150 
Home equity loans and lines:
Pass$892 $983 $1,147 $1,008 $991 $3,775 $50,483 $187 $59,466 
Special Mention— — — — — — — — — 
Substandard— — — — 201 — — — 201 
Doubtful— — — — — — — — — 
Total home equity loans and lines$892 $983 $1,147 $1,008 $1,192 $3,775 $50,483 $187 $59,667 
Commercial real estate:
Pass$171,569 $206,657 $148,886 $79,170 $90,403 $71,890 $20,350 $1,734 $790,659 
Special Mention— — — — — 1,238 — — 1,238 
Substandard— 826 885 1,770 310 6,105 — 608 10,504 
Doubtful— — — — — — — — — 
Total commercial real estate loans$171,569 $207,483 $149,771 $80,940 $90,713 $79,233 $20,350 $2,342 $802,401 
Construction and land:
Pass$118,216 $56,019 $49,358 $7,387 $3,052 $2,297 $3,528 $— $239,857 
Special Mention587 417 — — — — — — 1,004 
Substandard— — 189 — 8 228 — — 425 
Doubtful— — — — — — — — — 
Total construction and land loans$118,803 $56,436 $49,547 $7,387 $3,060 $2,525 $3,528 $— $241,286 
17

September 30, 2021
Term Loans by Origination Year
(dollars in thousands)20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Multi-family residential:
Pass$12,018 $38,482 $14,633 $6,382 $2,624 $3,236 $187 $— $77,562 
Special Mention— — — — — — — — — 
Substandard500 14,000 — — — — — — 14,500 
Doubtful— — — — — — — — — 
Total multi-family residential loans$12,518 $52,482 $14,633 $6,382 $2,624 $3,236 $187 $— $92,062 
Commercial and industrial:
Pass$115,701 $45,219 $16,539 $9,992 $3,633 $2,495 $83,901 $758 $278,238 
Special Mention539 528 140 — — — 1,607 — 2,814 
Substandard— 2,082 — 420 6 22 1,249 — 3,779 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$116,240 $47,829 $16,679 $10,412 $3,639 $2,517 $86,757 $758 $284,831 
Consumer:
Pass$4,649 $3,340 $1,492 $493 $1,243 $16,245 $7,080 $3 $34,545 
Special Mention— — — — — 3 — — 3 
Substandard— 34 — — 14 183 — — 231 
Doubtful— — — — — — — — — 
Total consumer loans$4,649 $3,374 $1,492 $493 $1,257 $16,431 $7,080 $3 $34,779 
Total loans:
Pass$483,945 $399,450 $280,356 $142,051 $138,876 $208,928 $178,335 $3,065 $1,835,006 
Special Mention1,126 945 140 — 15 1,893 1,607 — 5,726 
Substandard500 17,538 1,794 2,459 995 9,301 1,249 608 34,444 
Doubtful— — — — — — — — — 
Total loans$485,571 $417,933 $282,290 $144,510 $139,886 $220,122 $181,191 $3,673 $1,875,176 

18

December 31, 2020
Term Loans by Origination Year
(dollars in thousands)20202019201820172016PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
One- to four-family first mortgage:
Pass$58,958 $65,070 $46,412 $48,851 $37,039 $114,588 $17,762 $1,457 $390,137 
Special Mention— — 167 16 — 1,057 — — 1,240 
Substandard129 34 — 335 1,069 2,694 — — 4,261 
Doubtful— — — — — — — — — 
Total one- to four-family first mortgages$59,087 $65,104 $46,579 $49,202 $38,108 $118,339 $17,762 $1,457 $395,638 
Home equity loans and lines:
Pass$1,172 $1,307 $2,028 $964 $1,889 $5,537 $53,309 $1,389 $67,595 
Special Mention— — — 43 — — — — 43 
Substandard— — — — — 58 4 — 62 
Doubtful— — — — — — — — — 
Total home equity loans and lines$1,172 $1,307 $2,028 $1,007 $1,889 $5,595 $53,313 $1,389 $67,700 
Commercial real estate:
Pass$235,900 $156,646 $96,153 $102,166 $59,859 $60,720 $22,962 $56 $734,462 
Special Mention— — — 15 951 — — — 966 
Substandard1,606 1,994 1,742 323 1,344 8,164 — 22 15,195 
Doubtful— — — — — — — — — 
Total commercial real estate loans$237,506 $158,640 $97,895 $102,504 $62,154 $68,884 $22,962 $78 $750,623 
Construction and land:
Pass$87,540 $91,337 $16,703 $5,486 $2,585 $1,505 $1,892 $429 $207,477 
Special Mention877 — — — — 618 — 627 2,122 
Substandard451 50 — — 252 249 — 11,222 12,224 
Doubtful— — — — — — — — — 
Total construction and land loans$88,868 $91,387 $16,703 $5,486 $2,837 $2,372 $1,892 $12,278 $221,823 
19

December 31, 2020
Term Loans by Origination Year
(dollars in thousands)20202019201820172016PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
Multi-family residential:
Pass$40,462 $24,329 $9,711 $3,844 $2,889 $4,539 $1,452 $— $87,226 
Special Mention— — — — — — — — — 
Substandard— — — — — 106 — — 106 
Doubtful— — — — — — — — — 
Total multi-family residential loans$40,462 $24,329 $9,711 $3,844 $2,889 $4,645 $1,452 $— $87,332 
Commercial and industrial:
Pass$264,079 $29,115 $21,053 $6,001 $3,952 $2,408 $82,039 $1,311 $409,958 
Special Mention2,089 792 131 — — 1 1,801 — 4,814 
Substandard592 — 427 23 141 16 1,955 — 3,154 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$266,760 $29,907 $21,611 $6,024 $4,093 $2,425 $85,795 $1,311 $417,926 
Consumer:
Pass$6,844 $2,667 $1,149 $2,073 $1,118 $18,258 $6,340 $27 $38,476 
Special Mention4 — 4 — 13 120 — 5 146 
Substandard— 34 3 12 17 223 — 1 290 
Doubtful— — — — — — — — — 
Total consumer loans$6,848 $2,701 $1,156 $2,085 $1,148 $18,601 $6,340 $33 $38,912 
Total loans:
Pass$694,955 $370,471 $193,209 $169,385 $109,331 $207,555 $185,756 $4,669 $1,935,331 
Special Mention2,970 792 302 74 964 1,796 1,801 632 9,331 
Substandard2,778 2,112 2,172 693 2,823 11,510 1,959 11,245 35,292 
Doubtful— — — — — — — — — 
Total loans$700,703 $373,375 $195,683 $170,152 $113,118 $220,861 $189,516 $16,546 $1,979,954 

20

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.

21

Age analysis of past due loans as of the dates indicated are as follows.
 September 30, 2021
(dollars in thousands)30-59 Days Past Due60-89 Days Past DueGreater Than 90 Days Past DueTotal Past DueCurrent LoansTotal Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage
$1,089 $1,161 $499 $2,749 $255,156 $257,905 
Home equity loans and lines14 — 163 177 47,734 47,911 
Commercial real estate200 679 5,312 6,191 668,947 675,138 
Construction and land211 — 189 400 231,232 231,632 
Multi-family residential— — — — 88,617 88,617 
Total real estate loans1,514 1,840 6,163 9,517 1,291,686 1,301,203 
Other loans:
Commercial and industrial457 — 362 819 272,692 273,511 
Consumer149 25 92 266 30,684 30,950 
Total other loans606 25 454 1,085 303,376 304,461 
Total originated loans$2,120 $1,865 $6,617 $10,602 $1,595,062 $1,605,664 
Acquired loans:
Real estate loans:
One- to four-family first mortgage
$1,454 $532 $1,018 $3,004 $99,241 $102,245 
Home equity loans and lines39 — — 39 11,717 11,756 
Commercial real estate— 1,720 637 2,357 124,906 127,263 
Construction and land102 163 73 338 9,316 9,654 
Multi-family residential88 — — 88 3,357 3,445 
Total real estate loans1,683 2,415 1,728 5,826 248,537 254,363 
Other loans:
Commercial and industrial20 27 420 467 10,853 11,320 
Consumer109 8 15 132 3,697 3,829 
Total other loans129 35 435 599 14,550 15,149 
Total acquired loans$1,812 $2,450 $2,163 $6,425 $263,087 $269,512 
Total loans:
Real estate loans:
One- to four-family first mortgage
$2,543 $1,693 $1,517 $5,753 $354,397 $360,150 
Home equity loans and lines53 — 163 216 59,451 59,667 
Commercial real estate200 2,399 5,949 8,548 793,853 802,401 
Construction and land313 163 262 738 240,548 241,286 
Multi-family residential88 — — 88 91,974 92,062 
Total real estate loans3,197 4,255 7,891 15,343 1,540,223 1,555,566 
Other loans:
Commercial and industrial477 27 782 1,286 283,545 284,831 
Consumer258 33 107 398 34,381 34,779 
Total other loans735 60 889 1,684 317,926 319,610 
Total loans$3,932 $4,315 $8,780 $17,027 $1,858,149 $1,875,176 
22

 December 31, 2020
(dollars in thousands)30-59 Days Past Due60-89 Days Past DueGreater Than 90 Days Past DueTotal Past DueCurrent LoansTotal Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage
$1,651 $66 $365 $2,082 $258,386 $260,468 
Home equity loans and lines117 148 — 265 52,101 52,366 
Commercial real estate518 532 6,770 7,820 581,524 589,344 
Construction and land— — — — 207,928 207,928 
Multi-family residential94 — — 94 82,051 82,145 
Total real estate loans2,380 746 7,135 10,261 1,181,990 1,192,251 
Other loans:
Commercial and industrial797 3 603 1,403 398,377 399,780 
Consumer219 42 145 406 32,702 33,108 
Total other loans1,016 45 748 1,809 431,079 432,888 
Total originated loans$3,396 $791 $7,883 $12,070 $1,613,069 $1,625,139 
Acquired loans:
Real estate loans:
One- to four-family first mortgage
$1,823 $502 $1,154 $3,479 $131,691 $135,170 
Home equity loans and lines34 43 25 102 15,232 15,334 
Commercial real estate603 303 2,462 3,368 157,911 161,279 
Construction and land— — 142 142 13,753 13,895 
Multi-family residential92 — — 92 5,095 5,187 
Total real estate loans2,552 848 3,783 7,183 323,682 330,865 
Other loans:
Commercial and industrial3 — 907 910 17,236 18,146 
Consumer126 50 66 242 5,562 5,804 
Total other loans129 50 973 1,152 22,798 23,950 
Total acquired loans$2,681 $898 $4,756 $8,335 $346,480 $354,815 
Total loans:
Real estate loans:
One- to four-family first mortgage
$3,474 $568 $1,519 $5,561 $390,077 $395,638 
Home equity loans and lines151 191 25 367 67,333 67,700 
Commercial real estate1,121 835 9,232 11,188 739,435 750,623 
Construction and land— — 142 142 221,681 221,823 
Multi-family residential186 — — 186 87,146 87,332 
Total real estate loans4,932 1,594 10,918 17,444 1,505,672 1,523,116 
Other loans:
Commercial and industrial800 3 1,510 2,313 415,613 417,926 
Consumer345 92 211 648 38,264 38,912 
Total other loans1,145 95 1,721 2,961 453,877 456,838 
Total loans$6,077 $1,689 $12,639 $20,405 $1,959,549 $1,979,954 

At September 30, 2021 and December 31, 2020, loans greater than 90 days past due and accruing totaled $13,000 and $2,000, respectively.
23

The following tables summarize information pertaining to nonaccrual loans as of dates indicated.

September 30, 2021
(dollars in thousands)With Related AllowanceWithout Related Allowance
Total(1)
Nonaccrual loans:
One- to four-family first mortgage
$3,694 $— $3,694 
Home equity loans and lines202 — 202 
Commercial real estate5,755 3,310 9,065 
Construction and land437 — 437 
Multi-family residential— — — 
Commercial and industrial834 23 857 
Consumer233 — 233 
Total$11,155 $3,333 $14,488 
December 31, 2020
(dollars in thousands)With Related AllowanceWithout Related Allowance
Total(1)
Nonaccrual loans:
One- to four-family first mortgage
$3,838 $— $3,838 
Home equity loans and lines63 — 63 
Commercial real estate12,298 — 12,298 
Construction and land469 — 469 
Multi-family residential— — — 
Commercial and industrial1,717 — 1,717 
Consumer292 — 292 
Total$18,677 $— $18,677 
(1)PCD loans of $122,000 and $390,000 are included in nonaccrual loans at September 30, 2021 and December 31, 2020, respectively.
All interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. 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.

24

Collateral Dependent Loans
The Company held loans that were individually evaluated for credit losses at September 30, 2021 and December 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 tables below summarize collateral dependent loans and the related ACL at September 30, 2021 and December 31, 2020.

September 30, 2021
(dollars in thousands)LoansACL
One- to four-family first mortgage
$— $— 
Home equity loans and lines— — 
Commercial real estate3,881 455 
Construction and land— — 
Multi-family residential— — 
Commercial and industrial776 435 
Consumer— — 
Total$4,657 $890 
December 31, 2020
(dollars in thousands)LoansACL
One- to four-family first mortgage
$1,006 $100 
Home equity loans and lines— — 
Commercial real estate7,400 1,008 
Construction and land— — 
Multi-family residential— — 
Commercial and industrial606 431 
Consumer— — 
Total$9,012 $1,539 

There were no PCD loans included in collateral dependent loans. At December 31, 2020, collateral dependent commercial real estate loans included one loan acquired with deteriorated credit quality totaling $277,000.
25

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 $1,031,000 and 1,302,000 at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 totaled $136,000 and $877,000, respectively. Loans secured by single family residential real estate that were in the process of foreclosure at September 30, 2021 and December 31, 2020 totaled $1,377,000 and $446,000, 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 $179,000 and $212,000 at September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, the company wrote-down an asset held for sale by $45,000, which is recorded in foreclosed assets and ORE, net expense on the Consolidated Statements of Income. The Company expects the sale of the asset to occur during the fourth quarter of 2021.
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. At least quarterly, the Company evaluates larger commercial TDRs (i.e., TDRs with balances of $500,000 or greater) to determine if the assets should be individually evaluated for credit losses. 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.

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As of September 30, 2021, the Company had modified loans with an aggregate outstanding loan balance of $4.5 million, or less than 1% 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.

The following table summarizes information pertaining to TDRs modified during the periods indicated.
 Nine Months Ended September 30,
 20212020
(dollars in thousands)Number of ContractsPre-modification Outstanding Recorded InvestmentPost-modification Outstanding Recorded InvestmentNumber of ContractsPre-modification Outstanding Recorded InvestmentPost-modification Outstanding Recorded Investment
Troubled debt restructurings:
One- to four-family first mortgage
2 $77 $74 8 $1,095 $484 
Home equity loans and lines— — — — — — 
Commercial real estate2 479 445 4 1,044 992 
Construction and land— — — — — — 
Multi-family residential— — — — — — 
Commercial and industrial2 2,397 2,308 4 74 66 
Other consumer1 5 2 2 13 10 
Total7 $2,958 $2,829 18 $2,226 $1,552 

None of the the loans modified during the nine months ended September 30, 2021 defaulted during the same period.

Five one- to four-family first mortgage loans totaling $674,000, two commercial real estate loans totaling $282,000, three commercial and industrial loans totaling $35,000, and two consumer loans totaling $8,000 were modified during the nine months ended September 30, 2020 and defaulted within twelve months of modification. The defaults did not have a significant impact on our allowance for credit losses at September 30, 2020.
6. Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives
The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.

The Company’s existing credit derivatives result from loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of credit risk participations and customer derivative positions.

Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. As part of its efforts to accomplish this objective, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable rate liabilities.
27


For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate liabilities. During the next twelve months, the Company estimates that an additional $62,000 will be reclassified as additional interest expense.

Non-designated Hedges
The Company’s existing credit derivatives result from participations in interest rate swaps provided by external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.

Fair Values of Derivative Instruments
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of September 30, 2021 and December 31, 2020.
September 30, 2021
Derivative Assets(1)
Derivative Liabilities(1)
(dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities$40,000 $1,188 $— $— 
Derivatives not designated as hedging instruments:
Risk participation agreements— — 10,000 33 
Netting adjustments— — 
Net derivative amounts$1,188 $33 
December 31, 2020
Derivative Assets(1)
Derivative Liabilities(1)
(dollars in thousands)Notional AmountFair ValueNotional AmountFair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities$40,000 $214 $— $— 
Derivatives not designated as hedging instruments:
Risk participation agreements— — 10,000 58 
Netting adjustments— — 
Net derivative amounts$214 $58 

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.


At September 30, 2021 and December 31, 2020, accumulated unrealized gains, net of taxes, on derivative instruments totaled $943,000 and $174,000, respectively.
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Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income
The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of September 30, 2021 and September 30, 2020.

Three Months Ended September 30, 2021
Amount of Gain Recognized in OCILocation of Loss Reclassified from AOCI into IncomeAmount of Loss Reclassified from AOCI into Income
(dollars in thousands)TotalIncluded ComponentTotalIncluded Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities$39 $39 Interest expense$(16)$(16)
Nine Months Ended September 30, 2021
Amount of Gain Recognized in OCILocation of Loss Reclassified from AOCI into IncomeAmount of Loss Reclassified from AOCI into Income
(dollars in thousands)TotalIncluded ComponentTotalIncluded Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities$926 $926 Interest expense$(48)$(48)


Three Months Ended September 30, 2020
Amount of Gain Recognized in OCILocation of Loss Reclassified from AOCI into IncomeAmount of Loss Reclassified from AOCI into Income
(dollars in thousands)TotalIncluded ComponentTotalIncluded Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities$60 $60 Interest expense$(16)$(16)
Nine Months Ended September 30, 2020
Amount of Loss Recognized in OCILocation of Loss Reclassified from AOCI into IncomeAmount of Loss Reclassified from AOCI into Income
(dollars in thousands)TotalIncluded ComponentTotalIncluded Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities$(110)$(110)Interest expense$(28)$(28)




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Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income
The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of September 30, 2021.
(dollars in thousands)Location of Income Recognized on Non-designated Hedges Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021
Effects of non-designated hedges
Risk participation agreementsOther noninterest income$6 $26 

At and during the three and nine months ended September 30, 2020, the Company was not a party to derivative contracts not designated as hedging instruments.

Credit-risk-related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision to the effect that, if the Company (either) defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The Company has agreements with certain of its derivative counterparties that contain a provision to the effect that, if the company fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to post additional collateral.

As of September 30, 2021, there were no derivatives with credit-risk-related contingent features in a net liability position. Such derivatives are measured at fair value, which includes accrued interest but excludes any adjustment for nonperformance risk. If the Company had breached any provisions at September 30, 2021, it would not have been required to settle any obligations under the agreements since the termination value was $0.
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7. 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 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 September 30, 2021, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets.

Derivative Assets and Liabilities
Derivative assets liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The fair value of these derivative financial instruments is obtained from a third-party pricing service that uses widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company has determined that its derivative valuations are classified in Level 2 of the fair vale hierarchy.


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The following tables present the balances of assets measured for fair value on a recurring basis as of September 30, 2021 and December 31, 2020.

(dollars in thousands)September 30, 2021Level 1Level 2Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed$213,516 $— $213,516 $— 
Collateralized mortgage obligations36,165 — 36,165 — 
Municipal bonds43,098 — 43,098 — 
U.S. government agency5,761 — 5,761 — 
Corporate bonds5,585 — 5,585 — 
Total$304,125 $— $304,125 $— 
Derivative assets$1,188 $— $1,188 $— 
Total$305,313 $— $305,313 $— 
Liabilities
Derivative liabilities$33 $— $33 $— 


(dollars in thousands)December 31, 2020Level 1Level 2Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed$142,812 $— $142,812 $— 
Collateralized mortgage obligations75,620 — 75,620 — 
Municipal bonds28,011 — 28,011 — 
U.S. government agency6,255 — 6,255 — 
Corporate bonds2,054 — 2,054 — 
Total$254,752 $— $254,752 $— 
Derivative assets$214 $— $214 $— 
Total$254,966 $— $254,966 $— 
Liabilities
Derivative liabilities$58 $— $58 $— 


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Nonrecurring Basis
The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. 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. Loans individually evaluated 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.

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)September 30, 2021Level 1Level 2Level 3
Assets
Loans individually evaluated$3,767 $— $— $3,767 
Foreclosed assets and ORE1,031 — — 1,031 
Total$4,798 $— $— $4,798 
  Fair Value Measurements Using
(dollars in thousands)December 31, 2020Level 1Level 2Level 3
Assets
Loans individually evaluated$7,473 $— $— $7,473 
Foreclosed assets and ORE1,302 — — 1,302 
Total$8,775 $— $— $8,775 


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

(dollars in thousands)Fair ValueValuation TechniqueUnobservable InputsRange of DiscountsWeighted Average Discount
September 30, 2021
Loans individually evaluated$3,767 Third party appraisals and discounted cash flowsCollateral values, market discounts and estimated costs to sell
0% - 100%
19%
Foreclosed assets and ORE$1,031 Third party appraisals, sales contracts, broker price opinionsCollateral values, market discounts and estimated costs to sell
6% - 61%
7%
(dollars in thousands)Fair ValueValuation TechniqueUnobservable InputsRange of
Discounts		Weighted Average Discount
December 31, 2020
Loans individually evaluated$7,473 Third party appraisals and discounted cash flowsCollateral values, market discounts and estimated costs to sell
3% - 87%
17%
Foreclosed assets and ORE$1,302 Third party appraisals, sales contracts, broker price opinionsCollateral values, market discounts and estimated costs to sell
6% - 42%
11%
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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.
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.
Methods and assumptions used to estimate fair value of each class of financial instruments for which it is practicable to estimate fair value are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. There have been no material changes from the fair value estimate methods and assumptions disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

34

The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.
  Fair Value Measurements at September 30, 2021
(dollars in thousands)Carrying AmountTotalLevel 1Level 2Level 3
Financial Assets
Cash and cash equivalents$413,694 $413,694 $413,694 $— $— 
Interest-bearing deposits in banks349 349 349 — — 
Investment securities available for sale304,125 304,125 — 304,125 — 
Investment securities held to maturity2,110 2,147 — 2,147 — 
Mortgage loans held for sale3,476 3,476 — 3,476 — 
Loans, net1,851,027 1,856,000 — 1,852,233 3,767 
Cash surrender value of BOLI40,142 40,142 40,142 — — 
Derivative assets(1)
1,188 1,188 — 1,188 — 
Financial Liabilities
Deposits$2,365,717 $2,366,388 $— $2,366,388 $— 
Other borrowings5,539 5,993 — 5,993 — 
Long-term FHLB advances26,430 26,843 — 26,843 — 
Derivative liabilities(1)
33 33 — 33 — 
  Fair Value Measurements at December 31, 2020
(dollars in thousands)Carrying AmountTotalLevel 1Level 2Level 3
Financial Assets
Cash and cash equivalents$187,952 $187,952 $187,952 $— $— 
Interest-bearing deposits in banks349 349 349 — — 
Investment securities available for sale254,752 254,752 — 254,752 — 
Investment securities held to maturity2,934 2,996 — 2,996 — 
Mortgage loans held for sale9,559 9,559 — 9,559 — 
Loans, net1,946,991 1,957,705 — 1,950,232 7,473 
Cash surrender value of BOLI40,334 40,334 40,334 — — 
Derivative assets(1)
214 214 — 214 — 
Financial Liabilities
Deposits$2,213,821 $2,216,002 $— $2,216,002 $— 
Other borrowings5,539 6,224 — 6,224 — 
Long-term FHLB advances28,824 29,662 — 29,662 — 
Derivative liabilities(1)
58 58 — 58 — 
(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.
35

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, 2020 through September 30, 2021 and on its results of operations for the three and nine months ended September 30, 2021 and 2020. 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, 2020.
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.

Non-GAAP Financial Measures
Management's Discussion and Analysis of Financial Condition and Results of Operations contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this Item 2, information is included which excludes PPP loans and the effect of PPP loans on income. Management believes the presentation of this non-GAAP financial information provides useful information that is helpful to a full understanding of the Company’s financial position and operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP financial information presented by other companies. A reconciliation on non-GAAP information included herein to GAAP is presented at the end of this item.
36

EXECUTIVE OVERVIEW
The Company reported net income for the third quarter of 2021 of $15.1 million, or $1.79 diluted EPS, up $6.3 million compared to the the third quarter of 2020. Net income for the third quarter of 2020 totaled $8.8 million, or $1.01 diluted EPS. For the nine months ended September 30, 2021, the Company reported net income of $38.4 million, or $4.54 diluted EPS, up $24.2 million from $14.2 million, or $1.61 diluted EPS, for the nine months ended September 30, 2020.

Key components of the Company’s performance during the three and nine months ended September 30, 2021 include:

•Assets increased $171.6 million, or 6.6%, from December 31, 2020 to $2.8 billion at September 30, 2021.
•Total loans were $1.9 billion at September 30, 2021, down $104.8 million, or 5.3%, from December 31, 2020.
•PPP loans totaled $95.6 million at September 30, 2021, down $125.7 million, or 56.8%, from December 31, 2020.
•During the three and nine months ended September 30, 2021, the Company reversed $2.4 million and $7.5 million, respectively, of the allowance for loan losses, primarily due to improvements in our assessment of the economic impact of the COVID-19 pandemic. During nine months ended September 30, 2020, the Company provisioned $12.7 million to the allowance for loan losses.
•The ALL totaled $24.1 million, or 1.29% of total loans, at September 30, 2021 compared to $33.0 million, or 1.66% of total loans, at December 31, 2020. Excluding PPP loans, the ratio of the ALL to total loans was 1.36% and 1.87% at September 30, 2021 and December 31, 2020, respectively.
•Nonperforming assets decreased $4.4 million, or 22.3%, from $20.0 million, or 0.77% of total assets, at December 31, 2020 to $15.5 million, or 0.56% of total assets, at September 30, 2021.
•Total deposits increased $151.9 million, or 6.9%, from $2.2 billion at December 31, 2020 to $2.4 billion at September 30, 2021.
•The net interest margin was 4.16% and 4.01% for the three and nine months ended September 30, 2021, respectively, up 34 and 10 bps, respectively, from the comparable periods in 2020. Excluding the impact of PPP loans, the net interest margin was 3.64% and 3.74% for the three and nine months ended September 30, 2021, respectively, compared to 3.96% and 3.98% for the three and nine months ended September 30, 2020, respectively.
•The average rate paid on total interest-bearing deposits was 0.27%, down 33 bps from the third quarter of 2020. For the nine months ended September 30, 2021, the average rate paid on total interest-bearing deposits was 0.35%, down 45 bps from the nine months ended September 30, 2020.
•Total interest expense for the third quarter of 2021 was down $1.3 million, or 49.8%, compared to the third quarter of 2020. For the nine months ended September 30, 2021, total interest expense was down $5.0 million, or 51.0%, from the comparable period in 2020.
•Noninterest income for the third quarter of 2021 was up $1.6 million, or 41.9%, compared to the third quarter of 2020, primarily due to a non-taxable bank-owned life insurance benefit (up $1.7 million), partially offset by a decrease in gains on the the sale of loans (down $489,000). The Company recognized a life insurance benefit of $1.7 million following the death of an employee during the third quarter of 2021. For the nine months ended September 30, 2021, noninterest income was up $2.5 million, or 24.2%, from the comparable period in 2020, primarily due to income from bank-owned life insurance (up $1.7 million), income from bank card fees (up $821,000), and gains on the sale of loans (up $299,000), which were partially offset by an increase in net losses on the sale of assets (up $449,000).
•Noninterest expense for the third quarter of 2021 was up $315,000, or 2.0%, compared to the third quarter of 2020, primarily due to increases in expenses for data processing and communication (up $267,000), marketing and advertising (up $111,000), and other expenses (up $160,000), which were partially offset by a decrease in regulatory fees (down $225,000). For the nine months ended September 30, 2021, noninterest expense was up $2.0 million, or 4.2%, from the comparable period in 2020, primarily due to increases in expenses for compensation and benefits (up $642,000), data processing and communication (up $833,000), the provision for losses on unfunded lending commitments (up $375,000), and other expenses (up $208,000).
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COVID-19 IMPACTS
After an increase in COVID-19 cases during the third quarter of 2021, Louisiana reinstituted its indoor mask mandate in August 2021. Mississippi's COVID-19 restrictions were lifted during the first quarter of 2021.

Under the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP"), the Company funded 4,875 PPP loans totaling $388.7 million during 2020 and 2021, in aggregate. At September 30, 2021, the total recorded net investment in PPP loans was $95.6 million, of which 565 loans with an aggregate outstanding balance of $17.9 million were for amounts of $150,000 or less.

To give immediate financial support to our customers, the Company began providing principal and/or interest payment deferral options in March 2020. At September 30, 2021, $4.5 million, or less than 1% of total loans, were under COVID-19 related deferral agreements. The level of COVID-19 deferrals previously totaled $558.8 million, or 28% of total loans, at June 30, 2020. Of the loans that have exited deferral agreements, $384.8 million, or 99%, were current and performing as of September 30, 2021.
FINANCIAL CONDITION

Loans, Allowance for Credit Losses and Asset Quality

Loans
Total loans at September 30, 2021 were $1.9 billion, down $104.8 million, or 5.3%, from December 31, 2020. PPP loans, included in commercial and industrial loans, totaled $95.6 million at September 30, 2021, down $125.7 million, or 56.8%, from December 31, 2020.
The following table summarizes the composition of the Company’s loan portfolio as of the dates indicated.

(dollars in thousands)September 30, 2021December 31, 2020Increase/(Decrease)
Real estate loans:
One-to four-family first mortgage
$360,150 $395,638 $(35,488)(9.0)%
Home equity loans and lines59,667 67,700 (8,033)(11.9)
Commercial real estate802,401 750,623 51,778 6.9 
Construction and land241,286 221,823 19,463 8.8 
Multi-family residential92,062 87,332 4,730 5.4 
Total real estate loans1,555,566 1,523,116 32,450 2.1 %
Other loans:
Commercial and industrial284,831 417,926 (133,095)(31.8)
Consumer34,779 38,912 (4,133)(10.6)
Total other loans319,610 456,838 (137,228)(30.0)
Total loans$1,875,176 $1,979,954 $(104,778)(5.3)%


Excluding PPP loans, loans increased $20.9 million, or 1.2%, from December 31, 2020. Commercial real estate and construction and land loan growth was primarily driven by our New Orleans and Northshore markets. The growth in multifamily loans was primarily due to the conversion of existing construction loans to permanent financing. The Company experienced significant pay-downs in commercial and industrial loans primarily due to PPP loans and our residential loans, primarily due to refinances as customers sought to acquire lower interest rates.
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Allowance for Credit Losses
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.

The ACL which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. 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. 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 policy described above is supplemented by periodic 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 is 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. 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.

At September 30, 2021, the ALL totaled $24.1 million, or 1.29% of total loans, down $8.8 million from $33.0 million, or 1.66% of total loans, at December 31, 2020. During the nine months ended September 30, 2021, the Company reversed $7.5 million of the allowance loan losses primarily due to improvements in our assessment of the economic impact of the COVID-19 pandemic. Net loan charge-offs totaled $1.3 million for the nine months ended September 30, 2021 and were primarily attributable to an acquired hotel loan and one originated commercial relationship, both of which were nonperforming prior to the COVID-19 crisis.

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.

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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.
Under our allowance policy, credit losses are measured on a pool basis when similar risk characteristics exist. Loans that do not share similar risk characteristics are individually evaluated for credit losses and are excluded from the pooled loan analysis. At least quarterly, management evaluates the loan portfolio to determine which loans should be individually evaluated for credit losses. Management's evaluation involves an analysis of larger (i.e., loans with balances of $500,000 or greater) commercial real estate loans, multi-family residential loans, construction and land loans and commercial and industrial loans. 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 determine if a short-fall exists, 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. Loans individually evaluated for credit losses are reported to the Board of Directors monthly.

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At September 30, 2021 and December 31, 2020, loans individually evaluated for credit losses were $4.7 million and $9.0 million, respectively. Total loans individually evaluated for credit losses at September 30, 2021 included $0.7 million of acquired loans, of which no loans were acquired with deteriorated credit quality. At December 31, 2020, loans individually evaluated for credit losses included $2.4 million of acquired loans, of which $277,000 was acquired with deteriorated credit quality.

The following tables provide a summary of loans individually evaluated for credit losses as of the dates indicated.
September 30, 2021
(dollars in thousands)Recorded investmentAllowance for Loan LossesAllowance to Total Loans
Loans Individually Evaluated
One- to four-family first mortgage
$— $— — %
Home equity loans and lines— — — 
Commercial real estate3,881 455 11.72 
Construction and land— — — 
Multi-family residential— — — 
Commercial and industrial776 435 56.06 
Consumer— — — 
Total$4,657 $890 19.11 %
December 31, 2020
(dollars in thousands)Recorded investmentAllowance for Loan LossesAllowance to Total Loans
Loans Individually Evaluated
One- to four-family first mortgage
$1,006 $100 9.94 %
Home equity loans and lines— — — 
Commercial real estate7,400 1,008 13.62 
Construction and land— — — 
Multi-family residential— — — 
Commercial and industrial606 431 71.12 
Consumer— — — 
Total$9,012 $1,539 17.08 %

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.

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At September 30, 2021 and December 31, 2020, loans classified as substandard totaled $34.4 million and $35.3 million, respectively. There were no assets classified as doubtful at either date. For additional information, refer to Note 5 to the Consolidated Financial Statements.

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

(dollars in thousands)September 30, 2021December 31, 2020Increase/(Decrease)
Special Mention Loans
One- to four-family first mortgage
$667 $1,240 $(573)(46.2)%
Home equity loans and lines— 43 (43)(100.0)
Commercial real estate1,238 966 272 28.2 
Construction and land1,004 2,122 (1,118)(52.7)
Multi-family residential— — — — 
Commercial and industrial2,814 4,814 (2,000)(41.5)
Consumer3 146 (143)(97.9)
Total special mention loans$5,726 $9,331 $(3,605)(38.6)%
(dollars in thousands)September 30, 2021December 31, 2020Increase/(Decrease)
Substandard Loans
One- to four-family first mortgage
$4,804 $4,261 $543 12.7 %
Home equity loans and lines201 62 139 224.2 
Commercial real estate10,504 15,195 (4,691)(30.9)
Construction and land425 12,224 (11,799)(96.5)
Multi-family residential14,500 106 14,394 13579.2 
Commercial and industrial3,779 3,154 625 19.8 
Consumer231 290 (59)(20.3)
Total substandard loans$34,444 $35,292 $(848)(2.4)%

Special mention loans decreased $3.6 million from December 31, 2020 to September 30, 2021 primarily due to upgrades of special mention loans to a pass rating and pay-offs.

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 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.


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The following table sets forth the composition of the Company’s nonperforming assets and performing troubled debt restructurings as of the dates indicated.
 September 30, 2021December 31, 2020
(dollars in thousands)Originated
Acquired(1)
TotalOriginated
Acquired(1)
Total 
Nonaccrual loans(2):
Real estate loans:
One- to four-family first mortgage
$1,723 $1,971 $3,694 $1,464 $2,374 $3,838 
Home equity loans and lines163 39 202 24 39 63 
Commercial real estate5,958 3,107 9,065 7,650 4,648 12,298 
Construction and land189 248 437 — 469 469 
Multi-family residential— — — — — — 
Other loans:
Commercial and industrial385 472 857 603 1,114 1,717 
Consumer174 59 233 188 104 292 
Total nonaccrual loans8,592 5,896 14,488 9,929 8,748 18,677 
Accruing loans 90 days or more past due13 — 13 2 — 2 
Total nonperforming loans 
8,605 5,896 14,501 9,931 8,748 18,679 
Foreclosed assets and ORE772 259 1,031 422 880 1,302 
Total nonperforming assets9,377 6,155 15,532 10,353 9,628 19,981 
Performing troubled debt restructurings3,961 1,085 5,046 1,512 573 2,085 
Total nonperforming assets and troubled debt restructurings$13,338 $7,240 $20,578 $11,865 $10,201 $22,066 
Nonperforming loans to total loans0.77 %0.94 %
Nonperforming loans to total assets0.52 %0.72 %
Nonperforming assets to total assets0.56 %0.77 %
(1)Nonaccrual acquired loans include PCD loans of $122,000 and $390,000 at September 30, 2021 and December 31, 2020, respectively.
(2)Nonaccrual loans include originated restructured loans placed on nonaccrual totaling $4.1 million and $6.5 million at September 30, 2021 and December 31, 2020, respectively. Acquired restructured loans placed on nonaccrual totaled $3.5 million and $3.5 million at September 30, 2021 and December 31, 2020, 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. Such deferrals and loan modifications totaled $4.5 million, or less than 1% of total loans, at September 30, 2021 and $36.0 million, or 2% of total loans, at December 31, 2020. We will continue to follow the guidance of Federal banking regulators in making any TDR determinations.
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 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 capitalized to the extent that the carrying value does not exceed fair value less estimated selling costs.
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Investment Securities

The Company’s investment securities portfolio totaled $306.2 million as of September 30, 2021, an increase of $48.5 million, or 18.8%, from December 31, 2020. At September 30, 2021, the Company had a net unrealized gain on its available for sale investment securities portfolio of $1.3 million, compared to a net unrealized gain of $6.5 million at December 31, 2020. For the period ended September 30, 2021, the Company recorded an immaterial amount of gross gains or losses related to the sale of investments.

The following table summarizes activity in the Company’s investment securities portfolio during the nine months ended September 30, 2021.

(dollars in thousands)Available for SaleHeld to Maturity
Balance, December 31, 2020$254,752 $2,934 
Purchases125,380 — 
Sales(5,068)— 
Principal maturities, prepayments and calls(64,278)(800)
Amortization of premiums and accretion of discounts(1,460)(24)
Decrease in market value(5,201)— 
Balance, September 30, 2021$304,125 $2,110 


Funding Sources

Deposits
Deposits totaled $2.4 billion at September 30, 2021, an increase of $151.9 million, or 6.9%, compared to December 31, 2020. The following table summarizes the changes in the Company’s deposits from December 31, 2020 to September 30, 2021.

(dollars in thousands)September 30, 2021December 31, 2020Increase/(Decrease)
Demand deposit$728,352 $615,700 $112,652 18.3 %
Savings280,651 250,165 30,486 12.2 
Money market355,923 333,078 22,845 6.9 
NOW669,414 646,085 23,329 3.6 
Certificates of deposit331,377 368,793 (37,416)(10.1)
Total deposits$2,365,717 $2,213,821 $151,896 6.9 %

The average rate paid on interest-bearing deposits was 0.27% for the third quarter of 2021, down 33 bps compared to the third quarter of 2020. For the nine months ended September 30, 2021, the average rate paid on interest-bearing deposits was 0.35%, down 45 bps from the comparable period in 2020.
At September 30, 2021, certificates of deposit maturing within the next 12 months totaled $271.6 million.

Federal Home Loan Bank Advances
The average balance of total FHLB advances was $27.0 million for the third quarter of 2021, down $7.6 million compared to the third quarter of 2020. For the nine months ended September 30, 2021, the average balance of total FHLB advances was $27.7 million, down $22.5 million compared to the nine months ended September 30, 2020. Average total FHLB advances decreased over the comparable periods primarily due to the absence of short-term FHLB borrowings and paydowns during the nine months ended September 30, 2021.

At September 30, 2021 and December 31, 2020, the Company had $26.4 million and $28.8 million in total outstanding FHLB advances, respectively, and $776.7 million and $787.2 million in additional FHLB advances available, respectively.


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Shareholders’ Equity
Total shareholders’ equity increased $22.3 million, or 6.9%, from $321.8 million at December 31, 2020 to $344.1 million at September 30, 2021. Shareholders' equity increased primarily due to net income of $38.4 million, partially offset by an other comprehensive loss of $3.3 million, share repurchases of $8.8 million and cash dividends of $5.9 million during the nine months ended September 30, 2021.
At September 30, 2021, 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 September 30, 2021 based on the 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-InTo Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)AmountRatioAmountRatioAmountRatio
Bank:
Common equity Tier 1 capital (to risk-weighted assets)$270,063 14.35 %$131,714 7.00 %$122,306 6.50 %
Tier 1 risk-based capital270,063 14.35 159,939 8.50 150,531 8.00 
Total risk-based capital293,613 15.60 197,572 10.50 188,164 10.00 
Tier 1 leverage capital270,063 10.05 107,535 4.00 134,419 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 September 30, 2021, certificates of deposit maturing within the next 12 months totaled $271.6 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 and nine months ended September 30, 2021, the average balances of outstanding FHLB advances were $27.0 million and $27.7 million, respectively. At September 30, 2021, the Company had $26.4 million in total outstanding FHLB advances and had $776.7 million in additional FHLB advances available.


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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 September 30, 2021.

Shift in Interest Rates (in bps)% Change in Projected Net Interest Income
+30018.4%
+20012.3%
+1006.3%
-100(6.7)%
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.
During the second quarter of 2020, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. During 2021 and 2020, such derivatives were used to hedge the variable cost associated with existing variable rate liabilities. Refer to Note 6 of the Consolidated Financial Statements for more information on the effects of the derivative financial instruments on the consolidated financial statements.

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Off-Balance Sheet Activities
To meet the financing needs of its customers, the Company 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. At September 30, 2021 and December 31, 2020, the Company's allowance for credit losses on unfunded commitments totaled $1.8 million and $1.4 million, respectively.
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 the periods indicated.

 Contract Amount
(dollars in thousands)September 30, 2021December 31, 2020
Standby letters of credit$5,581 $5,781 
Available portion of lines of credit308,324 266,349 
Undisbursed portion of loans in process126,710 99,527 
Commitments to originate loans134,983 139,471 

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.
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RESULTS OF OPERATIONS
Net income for the third quarter of 2021 was $15.1 million, up $6.3 million compared to the third quarter of 2020. Diluted EPS for the third quarter of 2021 was $1.79, up $0.78 compared to the third quarter of 2020.

Net income for the nine months ended September 30, 2021 was $38.4 million, up $24.2 million compared to the nine months ended September 30, 2020. Diluted EPS for the nine months ended September 30, 2021 was $4.54, up $2.93 compared to the nine months ended September 30, 2020.

The net income for the three and nine months ended September 30, 2021 and 2020 was significantly impacted by the change in our estimate of the allowance for loan losses over the comparable periods and the recognition of PPP lender fees. During the the three and nine months ended September 30, 2021, the Company reversed $2.4 million and $7.5 million, respectively, of the allowance for loan losses. During nine months ended September 30, 2020, the Company provisioned $12.7 million for expected credit losses on loans primarily due to the uncertainty and economic disruption brought on by the COVID-19 pandemic. The Company recognized $4.4 million and $9.4 million of deferred PPP lender fees during the three and nine months ended September 30, 2021, respectively, compared to $1.1 million and $1.9 million during the comparable periods in 2020.

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 4.05% and 3.62% for the quarters ended September 30, 2021 and 2020, respectively, and 3.89% and 3.64% for the nine months ended September 30, 2021 and 2020, respectively.

Net interest income totaled $27.1 million for the third quarter of 2021, up $3.9 million, or 16.6%, compared to the third quarter of 2020. For the nine months ended September 30, 2021, net interest income totaled $76.3 million, up $9.3 million, or 13.9%, compared to the nine months ended September 30, 2020.

Loan income from deferred PPP lender fees totaled $4.4 million for the third quarter of 2021, up $3.3 million, or 310.5%, compared to the third quarter of 2020. For the nine months ended September 30, 2021, loan income from PPP lender fees totaled $9.4 million, up $7.5 million from the comparable period in 2020. Unrecognized PPP lender fees totaled $3.3 million at September 30, 2021.

The Company’s tax-equivalent net interest margin, which is net interest income as a percentage of average interest-earning assets, was 4.16% and 3.82% for the quarters ended September 30, 2021 and 2020, respectively. For the same periods, the average loan yield was 5.60% and 4.94%, respectively. PPP loans increased the net interest margin by 52 bps and increased the average loan yield by 60 bps during the third quarter of 2021. During the third quarter of 2020, PPP loans decreased the net interest margin by 14 bps and the average loan yield by 34 bps. Excluding the impact of PPP loans, the net interest margin and the average loan yield decreased by 32 and 28 bps, respectively, over the comparable quarters.

The net interest margin for the nine months ended September 30, 2021 and 2020 was 4.01% and 3.91%, respectively. For the same periods, the average loan yield was 5.25% and 5.12%, respectively. PPP loans increased the the net interest margin by 27 bps and the average loan yield by 22 bps during the nine months ended September 30, 2021. During the nine months ended September 30, 2020, PPP loans decreased the net interest margin by 7 bps and the average loan yield by 19 bps. Excluding the impact of PPP loans, the net interest margin and the average loan yield decreased by 24 and 28 bps, respectively, over the comparable year-to-date periods.

Average PPP loans were $144.6 million and $252.5 million for the third quarters of 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, average PPP loans were $203.5 million and $144.8 million, respectively.

The net interest margin was also impacted by the increase in average cash and cash equivalents when comparing the three and nine months ended September 30, 2021 and 2020. During the third quarter of 2021, the increase in average cash and cash equivalents decreased the net interest margin and the average yield on total interest-earning assets by 38 and 40 bps, respectively. During the nine months ended September 30, 2021, the increase in average cash and cash equivalents decreased the net interest margin and the average yield on total interest-earning assets by 28 and 30 bps, respectively.

48

Average cash and cash equivalents are reflected in the increases in the average balances of other interest-earning assets. Average other interest-earning assets for the three and nine months ended September 30, 2021 were up $217.8 million, or 127.4%, and $167.7 million, or 130.5%, respectively, from the comparable periods in 2020.

Acquired loan discount accretion included in interest income totaled $556,000 and $847,000 for the quarters ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, acquired loan discount accretion included in interest income totaled $1.9 million and $2.4 million, respectively.

The following tables 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%.

 Three Months Ended September 30,
 20212020
(dollars in thousands)Average BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/Rate
Interest-earning assets:
Loans receivable(1)
$1,896,808 $27,045 5.60 %$1,971,174 $24,769 4.94 %
Investment securities
Taxable259,282 1,108 1.71 240,830 897 1.49 
Tax-exempt (TE)
19,168 81 2.13 11,484 70 3.10 
Total investment securities278,450 1,189 1.74 252,314 967 1.56 
Other interest-earning assets388,723 189 0.19 170,957 106 0.25 
Total interest-earning assets (TE)
2,563,981 $28,423 4.36 2,394,445 $25,842 4.25 
Noninterest-earning assets192,372 187,329 
Total assets$2,756,353 $2,581,774 
Interest-bearing liabilities:
Deposits:
Savings, checking and money market$1,312,131 $605 0.18 %$1,195,455 $1,136 0.38 %
Certificates of deposit332,916 515 0.61 381,949 1,232 1.28 
Total interest-bearing deposits1,645,047 1,120 0.27 1,577,404 2,368 0.60 
Other borrowings5,539 53 3.80 5,539 53 3.81 
Short-term FHLB advances— — — — — — 
Long term FHLB advances27,011 116 1.72 34,612 149 1.73 
Total interest-bearing liabilities1,677,597 $1,289 0.31 1,617,555 $2,570 0.63 
Noninterest-bearing liabilities736,567 649,634 
Total liabilities2,414,164 2,267,189 
Shareholders’ equity342,189 314,585 
Total liabilities and shareholders' equity$2,756,353 $2,581,774 
Net interest-earning assets$886,384 $776,890 
Net interest spread (TE)
$27,134 4.05 %$23,272 3.62 %
Net interest margin (TE)
4.16 %3.82 %
(1)Nonperforming loans are included in the respective average loan balances, net of deferred fees, discounts and loans in process.


49


 Nine Months Ended September 30,
 20212020
(dollars in thousands)Average BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/Rate
Interest-earning assets:
Loans receivable(1)
$1,949,004 $77,362 5.25 %$1,878,533 $72,839 5.12 %
Investment securities
Taxable252,309 3,069 1.62 242,913 3,308 1.82 
Tax-exempt (TE)
19,967 262 2.22 14,210 253 3.01 
Total investment securities272,276 3,331 1.67 257,123 3,561 1.88 
Other interest-earning assets296,233 421 0.19 128,518 361 0.37 
Total interest-earning assets (TE)
2,517,513 $81,114 4.27 2,264,174 $76,761 4.48 
Noninterest-earning assets189,256 191,255 
Total assets$2,706,769 $2,455,429 
Interest-bearing liabilities:
Deposits:
Savings, checking and money market$1,289,759 $2,328 0.24 %$1,114,205 $4,305 0.52 %
Certificates of deposit342,167 1,928 0.75 388,642 4,742 1.63 
Total interest-bearing deposits1,631,926 4,256 0.35 1,502,847 9,047 0.80 
Other borrowings5,594 159 3.81 5,539 159 3.84 
Short-term FHLB advances— — — 10,795 23 0.28 
Long term FHLB advances27,706 360 1.73 39,415 520 1.76 
Total interest-bearing liabilities1,665,226 $4,775 0.38 1,558,596 $9,749 0.84 
Noninterest-bearing liabilities707,117 581,465 
Total liabilities2,372,343 2,140,061 
Shareholders’ equity334,426 315,368 
Total liabilities and shareholders’ equity$2,706,769 $2,455,429 
Net interest-earning assets$852,287 $705,578 
Net interest spread (TE)
$76,339 3.89 %$67,012 3.64 %
Net interest margin (TE)
4.01 %3.91 %
(1)Nonperforming loans are included in the respective average loan balances, net of deferred fees, discounts and loans in process.

50

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 September 30,Nine Months Ended September 30,
2021 Compared to 2020
2021 Compared to 2020
Change Attributable ToChange Attributable To
(dollars in thousands)RateVolumeIncrease/ (Decrease)RateVolumeIncrease/ (Decrease)
Interest income:
Loans receivable$3,595 $(1,319)$2,276 $2,098 $2,425 $4,523 
Investment securities99 123 222 (231)1 (230)
Other interest-earning assets(38)121 83 (79)139 60 
Total interest income3,656 (1,075)2,581 1,788 2,565 4,353 
Interest expense:
Savings, checking and money market accounts(608)77 (531)(1,479)(498)(1,977)
Certificates of deposit(602)(115)(717)(1,741)(1,073)(2,814)
Other borrowings— — — — — — 
FHLB advances(1)(32)(33)(67)(116)(183)
Total interest expense(1,211)(70)(1,281)(3,287)(1,687)(4,974)
Increase (decrease) in net interest income$4,867 $(1,005)$3,862 $5,075 $4,252 $9,327 


Noninterest Income
Noninterest income for the third quarter of 2021 totaled $5.4 million, up $1.6 million, or 41.9%, from $3.8 million earned for the same period in 2020. Noninterest income for the nine months ended September 30, 2021 totaled $12.7 million, up $2.5 million, or 24.2%, from $10.3 million earned for the same period in 2020.

Income from bank card fees for the three and nine months ended September 30, 2021 was up $188,000, or 14.1%, and $821,000, or 22.8%, respectively, from the comparable periods in 2020 primarily due to increased transaction activity by our cardholders.

Gains on the sale of loans for the third quarter of 2021 were down $489,000, or 54.1%, from the comparable period in 2020. For the nine months ended September 30, 2021, gains on the sale of loans were up $299,000, or 16.2%, from the comparable period in 2020. The origination of mortgage loans held for sale slowed in the second and third quarters of 2021, however earnings from the sale of loans during the first quarter of 2021 were strong and resulted in a net increase in gains on the sale of loans for the nine months ended September 30, 2021 compared to the same nine-month period in 2020.

Income from BOLI for the three and nine months ended September 30, 2021 was up $1.7 million, or 739.0%, and $1.7 million, or 232.0%, respectively, from the comparable periods in 2020. The Company recognized a life insurance benefit of $1.7 million following the death of an employee during the third quarter of 2021.

Losses on the sale of assets for the three and nine months ended September 30, 2021 totaled $3,000 and $460,000. This was an increase in losses of $3,000 and $449,000, from the three and nine months ended September 30, 2020, respectively. During the second quarter of 2021, the Company sold and leased back one of its Mississippi branch locations. The sale transferred control to the buyer-lessor and all losses were recognized at the time of the sale. The Company believes that the sale/leaseback will reduce the operating expenses related to this branch office in future periods.
51

Noninterest Expense
Noninterest expense for the third quarter of 2021 totaled $16.4 million, up $315,000, or 2.0%, from the third quarter of 2020. Noninterest expense for the nine months ended September 30, 2021 totaled $49.0 million, up $2.0 million, or 4.2%, from the same period in 2020.

Compensation and benefits expense for the three and nine months ended September 30, 2021 was up $69,000, or 0.7%, and $642,000, or 2.3%, respectively, from the comparable periods in 2020 primarily due to increased health insurance costs and compensation expense related to the Company's ESOP driven primarily by the increase in market value of shares of the Company's common stock held by the ESOP which were partially offset by a decrease in incentive pay.

Marketing and advertising expense for the three and nine months ended September 30, 2021 was up $111,000, or 38.5%, and $92,000, or 12.3%, respectively, from the comparable period in 2020 primarily due to an increase in charitable donations and general advertising activities.

Data processing and communication expense for the three and nine months ended September 30, 2021 was up $267,000, or 14.4%, and $833,000, or 15.3%, respectively, from the comparable periods in 2020 primarily due to a general increase in the cost of software and data processing, increased costs related to higher PPP loan origination volume as well as costs related to the implementation of enhancements to our lending software.

Regulatory fees for the the third quarter of 2021 were down $225,000, or 42.8%, from the comparable period in 2020. For the nine months ended September 30, 2021, regulatory fees were down $18,000, or 1.8%, primarily due to the decline in nonperforming loans and an increase in the leverage ratio.

The Company recorded no provision for credit losses on unfunded lending commitments for the third quarter of 2021 and 2020. Provisions totaling $375,000 for credit losses on unfunded commitments during the nine months ended September 30, 2021 were due to the growth in unfunded construction loan commitments and no provision for the comparable period in 2020.

Other noninterest expense for the three and nine months ended September 30, 2021 was up $160,000, or 19.8%, and $208,000, or 8.1%, respectively, from the comparable periods in 2020 primarily due to an increase in other loan fee expenses.

Income Taxes
Income tax expense for the three and nine months ended September 30, 2021 totaled $3.4 million and $9.2 million, respectively, compared to $2.2 million and $3.4 million for the three and nine months ended September 30, 2020, respectively. The increases in income tax expense over the comparable periods were primarily due to increases in taxable earnings.

The Company's effective tax rates for the third quarters of 2021 and 2020 were 18.5% and 19.8%, respectively. The effective tax rate decreased over the comparable three-month periods primarily due an increase in non-taxable earnings from bank-owned life insurance during 2021. For the nine months ended September 30, 2021 and 2020, the Company's effective tax rates were 19.4% and 19.2%, respectively.

52

Reconciliation of Non-GAAP Measures
The following table provides a reconciliation of Non-GAAP financial measures used herein to GAAP reporting. For further information, see "-Non-GAAP Financial Measures" at page 36.

Financial Condition

(dollars in thousands)September 30, 2021December 31, 2020
Total loans$1,875,176 $1,979,954 
Less: PPP loans95,560 221,220 
Total loans excluding PPP loans$1,779,616 $1,758,734 
Allowance for loan losses to total loans1.29 %1.66 %
Less: PPP loans0.07 0.21 
Non-GAAP allowance for loan losses to total loans1.36 %1.87 %

Results of Operations
Three Months Ended
September 30,		Nine Months Ended
September 30,
(dollars in thousands)2021202020212020
Reported loan income$27,045 $24,769 $77,362 $72,839 
Less: PPP loan income4,742 1,729 11,007 3,102 
Loan income excluding PPP loan income$22,303 $23,040 $66,355 $69,737 
Average total loans$1,896,808 $1,971,174 $1,949,004 $1,878,533 
Less: average PPP loans144,626 252,504 203,506 144,800 
Average total loans excluding PPP loans$1,752,182 $1,718,670 $1,745,498 $1,733,733 
Loan yield5.60 %4.94 %5.25 %5.12 %
(Positive) negative impact of PPP loans(0.60)0.34 (0.22)0.19 
Loan yield excluding PPP loans5.00 %5.28 %5.03 %5.31 %
Net interest margin4.16 %3.82 %4.01 %3.91 %
(Positive) negative impact of PPP loans(0.52)0.14 (0.27)0.07 
Net interest margin excluding PPP loans3.64 %3.96 %3.74 %3.98 %
53

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, 2020, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Asset/Liability Management and Market Risk”. Additional information at September 30, 2021 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 third quarter of 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

54

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings.
Not applicable.
Item 1A.
Risk Factors.
There have been no material changes from the risk factors previously disclosed in the Company's Annual report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission.
.

Item 2.
Unregistered Sales of Equity Securities and the Use of Proceeds.
The Company’s purchases of its common stock made during the quarter ended September 30, 2021 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)
July 1 – July 31, 2021
32,771 $37.98 32,771 183,574 
August 1 – August 31, 2021
55,392 37.43 55,392 128,182 
September 1 – September 30, 2021
71,599 37.24 71,599 56,583 
Total159,762 $37.45 159,762 56,583 
(1)On August 31, 2020, the Company announced the approval of a repurchase program (the "2020 Repurchase Plan"). Under the 2020 Repurchase Plan, the Company had authority to purchase up to 444,000 shares of its common stock. As of September 30, 2021, 56,583 shares remained to be purchased under the 2020 Repurchase Plan. On October 26, 2021, the Company announced the approval of a new repurchase program (the “2021 Repurchase Plan”). Under the 2021 Repurchase Plan, the Company may purchase up to an additional 430,000 shares, or approximately 5% of the Company’s outstanding common stock. Share repurchases under the 2021 Repurchase Plan may commence upon the completion of the Company’s 2020 Repurchase Plan.
55

Item 3.
Defaults Upon Senior Securities.
None.

Item 4.
Mine Safety Disclosures.
None.

Item 5.
Other Information.
None.

Item 6.
Exhibits and Financial Statement Schedules.
No.    DescriptionLocation
31.1
Filed herewith
31.2
Filed herewith
32.0
Filed herewith
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definitions Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document

56

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.
November 5, 2021By:/s/ John W. Bordelon
John W. Bordelon
Chairman of the Board, President and Chief Executive Officer
November 5, 2021By:/s/ David T. Kirkley
David T. Kirkley
Executive Vice President and Chief Financial Officer
November 5, 2021By:/s/ Mary H. Hopkins
Mary H. Hopkins
Home Bank, N.A. Senior Vice President and Director of Financial Management

57

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