Hometrust Bancshares, Inc. (HTBI) 10K Annual Reports & 10Q SEC Filings

– HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income for the fourth quarter and fiscal year 2023 and approval of its quarterly cash dividend.

For the quarter ended June 30, 2023 compared to the quarter ended March 31, 2023:

•net income was $15.0 million compared to $6.7 million;

•diluted earnings per share ("EPS") was $0.90 compared to $0.40;

•annualized return on assets ("ROA") was 1.39% compared to 0.69%;

•annualized return on equity ("ROE") was 12.85% compared to 6.21%;

•net interest income was $43.9 million compared to $41.5 million;

•net interest margin was 4.32% compared to 4.55%;

•provision for credit losses was $405,000 compared to $8.8 million;

•noninterest income was $6.9 million compared to $8.3 million;

•net organic loan growth was $13.2 million, or 1.5% annualized, compared to $104.1 million, or 14.2% annualized; and

•cash dividends of $0.10 per share totaling $1.7 million for both periods.

Results for the year ended June 30, 2023 include the impact of the merger of Quantum Capital Corp. ("Quantum") into the Company effective February 12, 2023. The addition of Quantum contributed total assets of $656.7 million, including loans of $561.9 million, and $570.6 million of deposits, all reflecting the impact of purchase accounting adjustments. Merger-related expenses of $5.5 million were recognized during the year ended June 30, 2023, while a $5.3 million provision for credit losses was recognized during the fiscal year to establish allowances for credit losses on both Quantum's loan portfolio and off-balance-sheet credit exposure.

For the fiscal year ended June 30, 2023 compared to the previous year:

•net income was $44.6 million compared to $35.7 million;

•diluted EPS was $2.80 compared to $2.23;

•ROA was 1.16% compared to 1.01%;

•ROE was 10.43% compared to 9.00%;

•net interest income was $157.4 million compared to $110.8 million;

•net interest margin was 4.38% compared to 3.38%;

•provision for credit losses was $15.4 million compared to a net benefit of $592,000;

•noninterest income was $31.1 million compared to $39.1 million;

•net organic loan growth was $321.1 million, or 11.8%, compared to $91.2 million, or 3.4%; and

•cash dividends of $0.39 per share totaling $6.2 million compared to $0.35 per share totaling $5.5 million.

The unrealized loss on our available for sale investment portfolio was $5.3 million, or 3.4% of book value as of June 30, 2023, compared to $3.1 million, or 2.4% of book value as of June 30, 2022. No held to maturity securities were held as of either date.

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.10 per common share payable on August 31, 2023 to shareholders of record as of the close of business on August 17, 2023.

“The continuation of our strong quarterly financial results is the collective impact of our teammates believing in our vision and executing daily for our customers and each other,” said Hunter Westbrook, President and Chief Executive Officer. Our focus in recent quarters has been prudent growth in our loan portfolio while continuing to manage changes in liquidity. Overall, total loans were up slightly from last quarter, driven by an intentional shift to commercial and industrial lending while reducing commercial real estate lending. Consistent with many other institutions, in response to a downward trend in deposit balances in recent quarters, we have increased our wholesale borrowings while strengthening our contingent liquidity position.

“Our 4.32% net interest margin for the quarter continues to be strong relative to the industry, decreasing for the first time after two years of expansion. In addition, this was the first full quarter where the positive impact of our merger with Quantum was reflected in our financial results, contributing to the improvement in our annualized return on assets to 1.39%. Consistent with prior periods, credit quality remains strong with nonperforming classified credits at historically low levels.

“Lastly, our Board of Directors recently approved moving our fiscal year end from June 30th to December 31st. Although additional cost to execute the change will be incurred, we believe the benefits of aligning our year end with other high-performing commercial banks outweigh these one-time expenses.”

WEBSITE: WWW.HTB.COM

Contact:

C. Hunter Westbrook – President and Chief Executive Officer

Tony J. VunCannon – Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer

828-259-3939

The following information was filed by Hometrust Bancshares, Inc. (HTBI) on Wednesday, July 26, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hometrust Bancshares, Inc.'s 10-K Annual Report:

Financial - Income Highlight
Operating lease income: The decrease was the result of lower contractual earnings due to a decline in the average balance of assets being leased as well as gains or losses incurred upon disposal of previously leased equipment, where we recognized a net loss of $451,000 for the current year versus a net loss of $12,000 in the prior year.

Financial - Expense Highlight
Changes in selected components of noninterest expense are discussed below: Computer services: The increase can be traced to additional recurring expenses associated with incorporating Quantum's operations, continued investments in technology and the cost of services provided by third parties.
Financial - Shares Highlight
As a result of this philosophy, our results of operations and the economic value of our equity will remain vulnerable to increases in interest rates and to declines due to differences between long- and short-term interest rates.
Financial - Expense Highlight
Determining the amount of identifiable intangible assets and their average lives involves multiple assumptions and estimates and is typically determined by performing a DCF analysis, which involves a combination of any or all of the following assumptions: customer attrition/runoff, alternative funding costs, deposit servicing costs, and discount rates.
Other - Other Highlight
All qualifying one-to-four family loans, HELOCs, commercial real estate loans, and FHLB of Atlanta stock are pledged as collateral to secure outstanding FHLB advances while commercial construction, indirect auto, and municipal leases are pledged as collateral to secure outstanding FRB advances.
Financial - Earnings
The objectives are to manage...Read more
Financial - Earnings
Net income totaled $44.6 million,...Read more
Financial - Income
Changes in selected components of...Read more
Financial - Cash Flow
GAAP Reconciliation of Non-GAAP Financial...Read more
Other - Other
During the construction phase, which...Read more
M & A - Other
Core deposit intangible amortization: The...Read more
Other - Other
The risk associated with changes...Read more
Other - Other
We also utilize brokered deposits...Read more
Other - Other
The elevated credit risk is...Read more
Other - Other
Estimates associated with these policies...Read more
Financial - Dividend
Total interest and dividend income...Read more
Revenue - Product
The primary sources are increases...Read more
Other - Other
Total assets were $4.6 billion...Read more
Financial - Income
A secondary source of income...Read more
Other - Other
The following table summarizes net...Read more
Financial - Expense
Total interest expense for the...Read more
Financial - Expense
Our noninterest expenses consist primarily...Read more
Other - Other
Our land, lots, and development...Read more
Other - Other
Land/lot loans are typically originated...Read more
Other - Other
From time to time we...Read more
Financial - Income
Under the loan programs, we...Read more
Revenue - Product
The primary source of repayment...Read more
Other - Other
Management believes that our securities...Read more
Financial - Debt
Debt securities available for sale...Read more
Other - Other
At June 30, 2023, HomeTrust...Read more
Other - Other
Brokered deposits are typically from...Read more
Revenue - Product
Gain (loss) on sale of...Read more
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The effective tax rate for...Read more
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The core deposit intangibles are...Read more
M & A - Other
The fair value for acquired...Read more
Financial - Earnings
In aggregate, our approach is...Read more
Financial - Expense
Marketing and advertising: The decrease...Read more
Other - Other
Liquidity Management Management maintains a...Read more
Other - Other
The following reconciliation tables provide...Read more
Financial - Expense
The increase was primarily the...Read more
Other - Other
Interest rate risk is measured...Read more
M & A - Other
Merger-related expenses of $5.5 million...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Hometrust Bancshares, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 3.2: Articles Of Incorporation

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.17: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: HTBI
CIK: 1538263
Form Type: 10-K Annual Report
Accession Number: 0001538263-23-000047
Submitted to the SEC: Mon Sep 11 2023 4:16:04 PM EST
Accepted by the SEC: Mon Sep 11 2023
Period: Friday, June 30, 2023
Industry: Savings Institution Federally Chartered

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Hometrust Bancshares, Inc. (HTBI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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