HomeTrust Bancshares, Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results and Quarterly Dividend
ASHEVILLE, N.C., July 29, 2021 - HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced a preliminary net loss for the fourth quarter of 2021 and approval of its quarterly cash dividend. The loss was driven by expenses previously announced by the Company related to branch closures and the restructuring of its balance sheet. The restructuring included a $19.0 million pre-tax prepayment penalty related to the early retirement of $275.0 million in long-term borrowings for the quarter ended June 30, 2021. In addition, the Company had a pre-tax charge of $1.5 million for costs associated with the pending branch closures.
For the quarter ended June 30, 2021 compared to the corresponding quarter in the previous year:
•net loss was $7.4 million, compared to net income of $3.6 million;
•diluted earnings per share ("EPS") was ($0.46), compared to $0.22;
•return on assets ("ROA") was (0.81)%, compared to 0.39%;
•return on equity ("ROE") was (7.30)%, compared to 3.54%;
•provision for credit losses was a net benefit of $955,000, compared to a provision of $2.7 million;
•noninterest income increased $4.0 million, or 54.5% to $11.2 million from $7.2 million;
•organic net loan growth, which excludes U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans and purchases of home equity lines of credit, was $76.7 million, or 11.9% annualized compared to $35.3 million, or 5.5% annualized;
•166,892 shares were repurchased at an average price of $26.56 per share; and
•quarterly cash dividends continued at $0.08 per share totaling $1.3 million.
For the quarter ended June 30, 2021 compared to the corresponding quarter in the previous year and before after-tax prepayment penalties and branch closure charges (non-GAAP):
•adjusted net income was $8.3 million, compared to $3.6 million;
•adjusted diluted EPS was $0.50 compared to $0.22;
•adjusted ROA was 0.91%, compared to 0.39%; and
•adjusted ROE was 8.19%, compared to 3.54%.
For the fiscal year ended June 30, 2021 compared to the previous year:
•net income was $15.7 million, compared to $22.8 million;
•diluted EPS was $0.94, compared to $1.30;
•ROA was 0.42%, compared to 0.63%;
•ROE was 3.88%, compared to 5.54%;
•provision for credit losses was a net benefit of $7.1 million, compared to a provision of $8.5 million;
•noninterest income increased $9.5 million, or 31.3% to $39.8 million from $30.3 million; and
•organic net loan growth, which excludes PPP loans and purchases of home equity lines of credit, was $31.0 million, or 1.2% compared to $183.3 million, or 7.1%.
For the fiscal year ended June 30, 2021 compared to the previous year and before after-tax prepayment penalties and branch closure charges (non-GAAP):
•adjusted net income was $34.2 million, compared to $22.8 million;
•adjusted diluted EPS was $2.06, compared to $1.30;
•adjusted ROA was 0.92%, compared to 0.63%; and
•adjusted ROE was 8.47%, compared to 5.54%.
The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.08 per common share payable on September 2, 2021 to shareholders of record as of the close of business on August 19, 2021.
The reconciliation of non-GAAP measures, which the Company believes facilitates the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.
“Despite the challenges faced during this pandemic, our bankers continue to perform at the highest levels within our business lines leading to strong performance for the quarter,” said Dana Stonestreet, Chairman, President, and Chief Executive Officer. “As previously announced, our GAAP net income includes a $14.6 million after-tax prepayment penalty on the early termination of the $275 million remaining long-term borrowings and $1.2 million of after-tax costs associated with our plan to close nine branches towards the end of next quarter. On an adjusted
The following information was filed by Hometrust Bancshares, Inc. (HTBI) on Thursday, July 29, 2021 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.