0001538263FALSE00015382632023-10-252023-10-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 25, 2023

HOMETRUST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 
Maryland 001-35593 45-5055422
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
10 Woodfin Street, Asheville, North Carolina
 28801
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (828) 259-3939
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareHTBIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.☐



Item 2.02  Results of Operations and Financial Condition
On October 25, 2023, HomeTrust Bancshares, Inc., (the "Company") the holding company for HomeTrust Bank, issued a press release reporting financial results for the first quarter of the six-month transition period ending December 31, 2023 and approval of its quarterly cash dividend. As previously announced, on July 24, 2023, the Board of Directors approved a change in the Company's fiscal year end from June 30 to December 31. The transition period of July 1, 2023 to December 31, 2023 will be covered on a Transition Report Form 10-KT. A copy of the press release, including unaudited financial information released as a part thereof, is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
 
Item 9.01  Financial Statements and Exhibits
(d)           Exhibits
 
Press release dated October 25, 2023


SIGNATURE
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 hereunto duly authorized.

HOMETRUST BANCSHARES, INC.
Date: October 25, 2023 By:/s/ Tony J. VunCannon
Tony J. VunCannon
Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer

2

htbi_imagea09.jpg
HomeTrust Bancshares, Inc. Announces Financial Results for the First Quarter of the Six-Month Transition Period Ending
December 31, 2023* and an Increase in the Quarterly Dividend

ASHEVILLE, N.C., October 25, 2023 – HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income for the first quarter of the six-month transition period ending December 31, 2023* and an increase in its quarterly cash dividend.
For the quarter ended September 30, 2023 compared to the quarter ended June 30, 2023:
•net income was $14.8 million compared to $15.0 million;
•diluted earnings per share ("EPS") was $0.88 compared to $0.90;
•annualized return on assets ("ROA") was 1.33% compared to 1.39%;
•annualized return on equity ("ROE") was 12.23% compared to 12.85%;
•net interest income was $42.2 million compared to $43.9 million;
•net interest margin was 4.02% compared to 4.32%;
•provision for credit losses was $2.6 million compared to $405,000;
•noninterest income was $8.6 million compared to $6.9 million;
•tax-free death benefit proceeds from life insurance of $1.1 million compared to $0, which was the primary driver of the change in noninterest income noted above;
•net portfolio loan growth was $1.1 million, or 0.1% annualized, compared to $9.8 million, or 1.1% annualized; and
•quarterly cash dividends continued at $0.10 per share totaling $1.7 million for both periods.
The unrealized loss on our available for sale investment portfolio was $6.0 million, or 4.3% of book value, compared to $5.3 million, or 3.4% of book value as of September 30, 2023 and June 30, 2023, respectively. 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 $0.11 per common share, reflecting a $0.01, or 10.0%, increase over the previous quarter's dividend. This is the fifth increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on November 30, 2023 to shareholders of record as of the close of business on November 16, 2023.
"We are pleased to report another quarter of strong financial results," said Hunter Westbrook, President and Chief Executive Officer. "Our well-positioned balance sheet and resilient performance despite the most challenging interest rate environment of my 35-year banking career validates the strategic makeover of HomeTrust Bank.
"Our net interest margin remains in the top quartile despite the funding pressure being experienced across the industry. We are intentionally focused on prudent loan growth which is reflected in the minimal loan growth for the quarter. In addition, our credit quality metrics remain strong when compared to the industry and historical periods.
"This performance is a direct result of our strategic decisions and investments over the last several years, and the required buy-in, focused execution, and ongoing hard work of our teammates. I couldn't be more proud of our HomeTrust family."

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













*As previously announced, on July 24, 2023, the Board of Directors approved a change in the Company's fiscal year end from June 30 to December 31. The transition period of July 1, 2023 to December 31, 2023 will be covered on a Transition Report Form 10-KT.
1

Comparison of Results of Operations for the Three Months Ended September 30, 2023 and June 30, 2023
Net Income.  Net income totaled $14.8 million, or $0.88 per diluted share, for the three months ended September 30, 2023 compared to net income of $15.0 million, or $0.90 per diluted share, for the three months ended June 30, 2023, a decrease of $179,000, or 1.2%. The results for the three months ended September 30, 2023 were negatively impacted by an increase of $2.2 million in the provision for credit losses and a decrease of $1.7 million in net interest income, partially offset by a $1.7 million increase in noninterest income and $1.3 million decrease in noninterest expense. Details of the changes in the various components of net income are further discussed below.
Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.
 Three Months Ended
 September 30, 2023
June 30, 2023
(Dollars in thousands)Average
Balance
Outstanding		Interest
Earned /
Paid		Yield /
Rate		Average
Balance
Outstanding		Interest
Earned /
Paid		Yield /
Rate
Assets
Interest-earning assets
Loans receivable(1)
$3,865,502$58,496 6.00 %$3,769,449$56,122 5.97 %
Debt securities available for sale146,8771,259 3.40 164,1051,338 3.27 
Other interest-earning assets(2)
148,3862,110 5.64 138,4201,671 4.84 
Total interest-earning assets4,160,76561,865 5.90 4,071,97459,131 5.82 
Other assets276,210270,410
Total assets$4,436,975$4,342,384
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$597,856$1,117 0.74 %$639,250$1,148 0.72 %
Money market accounts1,222,3727,726 2.51 1,261,5906,539 2.08 
Savings accounts207,48946 0.09 217,99749 0.09 
Certificate accounts789,6687,540 3.79 641,2564,926 3.08 
Total interest-bearing deposits2,817,38516,429 2.31 2,760,09312,662 1.84 
Junior subordinated debt9,979236 9.38 9,954218 8.78 
Borrowings208,1573,040 5.79 169,1342,355 5.58 
Total interest-bearing liabilities3,035,52119,705 2.58 2,939,18115,235 2.08 
Noninterest-bearing deposits861,788879,303
Other liabilities58,51355,268
Total liabilities3,955,8223,873,752
Stockholders' equity481,153468,632
Total liabilities and stockholders' equity$4,436,975$4,342,384
Net earning assets$1,125,244$1,132,793
Average interest-earning assets to average interest-bearing liabilities137.07 %138.54 %
Non-tax-equivalent
Net interest income$42,160 $43,896 
Interest rate spread3.32 %3.74 %
Net interest margin(3)
4.02 %4.32 %
Tax-equivalent(4)
Net interest income$42,475 $44,194 
Interest rate spread3.35 %3.77 %
Net interest margin(3)
4.05 %4.35 %
(1)Average loans receivable balances include loans held for sale and nonaccruing loans.
(2)Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
(3)Net interest income divided by average interest-earning assets.
(4)Tax-equivalent results include adjustments to interest income of $315 and $298 for the three months ended September 30, 2023 and June 30, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the three months ended September 30, 2023 increased $2.7 million, or 4.6%, compared to the three months ended June 30, 2023, which was driven by a $2.4 million, or 4.2%, increase in interest income on loans. Accretion income on acquired loans of $378,000 and $973,000 was recognized during the same periods, respectively, and was included in interest income on loans.
2

Total interest expense for the three months ended September 30, 2023 increased $4.5 million, or 29.3%, compared to the three months ended June 30, 2023. The increase was the result of both increases in the average cost of funds across funding sources and an increase in average deposits and borrowings outstanding.
The following table shows the effects that changes in average balances (volume), including differences in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:
Increase / (Decrease)
Due to		Total
Increase /
(Decrease)
(Dollars in thousands)VolumeRate
Interest-earning assets
Loans receivable$2,066 $308 $2,374 
Debt securities available for sale(127)48 (79)
Other interest-earning assets143 296 439 
Total interest-earning assets2,082 652 2,734 
Interest-bearing liabilities
Interest-bearing checking accounts(62)31 (31)
Money market accounts(119)1,306 1,187 
Savings accounts(2)(1)(3)
Certificate accounts1,222 1,392 2,614 
Junior subordinated debt3 15 18 
Borrowings576 109 685 
Total interest-bearing liabilities1,618 2,852 4,470 
Decrease in net interest income$(1,736)
Provision for Credit Losses.  The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses ("ACL") at an appropriate level under the current expected credit losses model.
The following table presents a breakdown of the components of the provision for credit losses:
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
$ Change% Change
Provision for credit losses
Loans$2,850 $910 $1,940 213 %
Off-balance-sheet credit exposure(280)(505)225 45 
Total provision for credit losses$2,570 $405 $2,165 535 %
For the quarter ended September 30, 2023, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.6 million during the quarter:
•$0.2 million benefit driven by changes in the loan mix.
•$0.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$0.3 million increase in specific reserves on individually evaluated credits.
For the quarter ended June 30, 2023, the "loans" portion of the provision for credit losses was primarily the result of the following, offset by net charge-offs of $1.2 million during the quarter:
•$0.1 million provision driven by changes in the loan mix.
•$0.3 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$0.1 million decrease in specific reserves on individually evaluated credits.
For the quarters ended September 30, 2023 and June 30, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

3

Noninterest Income.  Noninterest income for the three months ended September 30, 2023 increased $1.7 million, or 25.2%, when compared to the quarter ended June 30, 2023. Changes in the components of noninterest income are discussed below:
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$2,318 $2,393 $(75)(3)%
Loan income and fees559 792 (233)(29)
Gain on sale of loans held for sale1,293 1,109 184 17 
Bank owned life insurance ("BOLI") income1,749 573 1,176 205 
Operating lease income1,785 1,225 560 46 
Gain on sale of premises and equipment— 82 (82)(100)
Other923 714 209 29 
Total noninterest income$8,627 $6,888 $1,739 25 %
•Loan income and fees: The decrease in loan income and fees was due to a $308,000 reduction in prepayment penalties quarter over quarter.
•Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by home equity lines of credit ("HELOCs") sold during the period. During the quarter ended September 30, 2023, there were $31.2 million of HELOCs sold for a gain of $197,000 compared to no HELOCs sold in the prior quarter. There were $20.4 million of residential mortgage loans originated for sale which were sold during the current quarter with gains of $251,000 compared to $22.0 million sold with gains of $236,000 in the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline contributed an additional $158,000 and $152,000 in income in the same periods, respectively. Lastly, there were $12.4 million in sales of the guaranteed portion of SBA commercial loans with gains of $687,000 for the quarter ended September 30, 2023, compared to $12.1 million sold and gains of $721,000 for the quarter ended June 30, 2023.
•BOLI income: The increase in BOLI income was due to a $1.1 million tax-free gain on death benefit proceeds in excess of the cash surrender value of the policies. No such gains were recognized in the prior quarter.
•Operating lease income: The increase in operating lease income was the result of higher contractual earnings as well as gains or losses incurred at the end of operating leases, where we recognized a net gain of $51,000 at the end of operating leases for the quarter ended September 30, 2023 versus a net loss of $279,000 for the quarter ended June 30, 2023.
Noninterest Expense.  Noninterest expense for the three months ended September 30, 2023 decreased $1.3 million, or 4.4%, when compared to the three months ended June 30, 2023. Changes in the components of noninterest expense are discussed below:
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
$ Change% Change
Noninterest expense
Salaries and employee benefits$16,514 $16,676 $(162)(1)%
Occupancy expense, net2,489 2,600 (111)(4)
Computer services3,173 3,302 (129)(4)
Telephone, postage and supplies652 677 (25)(4)
Marketing and advertising487 696 (209)(30)
Deposit insurance premiums717 549 168 31 
Core deposit intangible amortization859 859 — — 
Other4,673 5,552 (879)(16)
Total noninterest expense$29,564 $30,911 $(1,347)(4)%
•Marketing and advertising: The decrease in marketing and advertising is due to changes in media and product campaign spending quarter over quarter.
•Deposit insurance premiums: The increase in deposit insurance premiums is due to an increase in the rates the Company is charged for deposit insurance as well as growth in the assessment base.
•Other: The decrease is primarily the result of $552,000 in fraud losses recorded during the prior quarter versus a $16,000 net recovery of previously recorded losses in the current quarter.
Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, the amount of tax-exempt income, changes in the statutory rate, and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2023 and June 30, 2023 were 20.5% and 22.9%, respectively. The decline in the effective tax rate was primarily driven by the tax-free gain on BOLI death benefit proceeds in addition to other changes in permanent book/tax differences.
Balance Sheet Review
Total assets increased by $44.5 million to $4.7 billion and total liabilities increased by $31.3 million to $4.2 billion, respectively, at September 30, 2023 as compared to June 30, 2023. The majority of these changes were the result of an increase in deposits, which, combined with maturing investments, were used to fund growth in loans held for sale and provide additional liquidity.
4

Stockholders' equity increased $13.2 million to $484.4 million at September 30, 2023 as compared to June 30, 2023. Activity within stockholders' equity included $14.8 million in net income, offset by $1.7 million in cash dividends declared. As of September 30, 2023, the Bank was considered "well capitalized" in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.
Asset Quality
The ACL on loans was $47.4 million, or 1.30% of total loans, at September 30, 2023 compared to $47.2 million, or 1.29% of total loans, as of June 30, 2023. The drivers of this change are discussed in the "Comparison of Results of Operations for the Three Months Ended September 30, 2023 and June 30, 2023 – Provision for Credit Losses" section above.
Net loan charge-offs totaled $2.6 million, or 0.27% as a percent of average loans, for the three months ended September 30, 2023 compared to $1.2 million, or 0.13% as a percentage of average loans, for the three months ended June 30, 2023. The charge-offs recognized the past two quarters have been concentrated in our equipment finance and SBA portfolios, with the increase quarter-over-quarter being driven by the SBA portfolio.
Nonperforming assets, made up entirely of nonaccrual loans for both periods, increased by $3.5 million, or 42.4%, to $11.8 million, or 0.25% of total assets, at September 30, 2023 compared to $8.3 million, or 0.18% of total assets, at June 30, 2023. Nonperforming loans to total loans was 0.32% at September 30, 2023 and 0.23% at June 30, 2023.
The ratio of classified assets to total assets increased to 0.76% at September 30, 2023 from 0.53% at June 30, 2023 as classified assets increased $10.7 million, or 43.7%, to $35.2 million at September 30, 2023 compared to $24.5 million at June 30, 2023. The increase was primarily due to a single commercial real estate non-owner occupied relationship which totaled approximately $9.0 million.
About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. is the holding company for the Bank. As of September 30, 2023, the Company had assets of $4.7 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (including the Asheville metropolitan area, the "Piedmont" region, Charlotte, and Raleigh/Cary), Upstate South Carolina (Greenville), East Tennessee (including Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (including the Roanoke Valley) and Georgia (Greater Atlanta).
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company's beliefs, plans, objectives, goals, expectations, assumptions, and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to the impact of bank failures or adverse developments of other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effect of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company's market areas; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities, including the Company's recent merger with Quantum Capital Corp., might not be realized to the extent anticipated, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; goodwill impairment charges might be incurred; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company's latest annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission - which are available on the Company's website at www.htb.com and on the SEC's website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or the documents they file with or furnish to the SEC are based upon management's beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions they might make, because of the factors described above or because of other factors that they cannot foresee. The Company does not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
5

Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
September 30, 2023
June 30, 2023(1)
March 31, 2023December 31, 2022September 30, 2022
Assets
Cash$18,090 $19,266 $18,262 $15,825 $18,026 
Interest-bearing deposits306,924 284,231 296,151 149,209 76,133 
Cash and cash equivalents325,014 303,497 314,413 165,034 94,159 
Commercial paper, net— — — — 85,296 
Certificates of deposit in other banks35,380 33,152 33,102 29,371 27,535 
Debt securities available for sale, at fair value134,348 151,926 157,718 147,942 161,741 
FHLB and FRB stock19,612 20,208 19,125 13,661 9,404 
SBIC investments, at cost14,586 14,927 13,620 12,414 12,235 
Loans held for sale, at fair value4,616 6,947 1,209 518 — 
Loans held for sale, at the lower of cost or fair value200,834 161,703 89,172 72,777 76,252 
Total loans, net of deferred loan fees and costs3,659,914 3,658,823 3,649,333 2,985,623 2,867,783 
Allowance for credit losses – loans(47,417)(47,193)(47,503)(38,859)(38,301)
Loans, net3,612,497 3,611,630 3,601,830 2,946,764 2,829,482 
Premises and equipment, net72,463 73,171 74,107 65,216 68,705 
Accrued interest receivable16,513 14,829 13,813 11,076 9,667 
Deferred income taxes, net9,569 10,912 10,894 11,319 11,838 
BOLI106,059 106,572 105,952 96,335 95,837 
Goodwill34,111 34,111 33,682 25,638 25,638 
Core deposit intangibles, net9,918 10,778 11,637 32 58 
Other assets56,477 53,124 49,596 48,918 47,339 
Total assets$4,651,997 4,607,487 4,529,870 3,647,015 3,555,186 
Liabilities and stockholders' equity  
Liabilities  
Deposits$3,640,961 3,601,168 3,675,599 3,048,020 3,102,668 
Junior subordinated debt9,995 9,971 9,945 — — 
Borrowings452,263 457,263 320,263 130,000 — 
Other liabilities64,367 67,899 62,821 58,840 56,296 
Total liabilities4,167,586 4,136,301 4,068,628 3,236,860 3,158,964 
Stockholders' equity   
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding— — — — — 
Common stock, $0.01 par value, 60,000,000 shares authorized(2)
174 174 174 157 156 
Additional paid in capital171,663 171,222 170,670 128,486 127,153 
Retained earnings321,799 308,651 295,325 290,271 278,120 
Unearned Employee Stock Ownership Plan ("ESOP") shares(4,629)(4,761)(4,893)(5,026)(5,158)
Accumulated other comprehensive loss(4,596)(4,100)(3,034)(3,733)(4,049)
Total stockholders' equity484,411 471,186 458,242 410,155 396,222 
Total liabilities and stockholders' equity$4,651,997 $4,607,487 $4,526,870 $3,647,015 $3,555,186 
(1)Derived from audited financial statements.
(2)Shares of common stock issued and outstanding were 17,380,307 at September 30, 2023; 17,366,673 at June 30, 2023; 17,370,063 at March 31, 2023; 15,673,595 at December 31, 2022; and 15,632,348 at September 30, 2022.












6

Consolidated Statements of Income (Unaudited)
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
Interest and dividend income
Loans$58,496 $56,122 
Debt securities available for sale1,259 1,338 
Other investments and interest-bearing deposits2,110 1,671 
Total interest and dividend income61,865 59,131 
Interest expense
Deposits16,429 12,662 
Junior subordinated debt236 218 
Borrowings3,040 2,355 
Total interest expense19,705 15,235 
Net interest income42,160 43,896 
Provision for credit losses 2,570 405 
Net interest income after provision for credit losses39,590 43,491 
Noninterest income
Service charges and fees on deposit accounts2,318 2,393 
Loan income and fees559 792 
Gain on sale of loans held for sale1,293 1,109 
BOLI income1,749 573 
Operating lease income1,785 1,225 
Gain on sale of premises and equipment— 82 
Other923 714 
Total noninterest income8,627 6,888 
Noninterest expense
Salaries and employee benefits16,514 16,676 
Occupancy expense, net2,489 2,600 
Computer services3,173 3,302 
Telephone, postage, and supplies652 677 
Marketing and advertising487 696 
Deposit insurance premiums717 549 
Core deposit intangible amortization859 859 
Other4,673 5,552 
Total noninterest expense29,564 30,911 
Income before income taxes18,653 19,468 
Income tax expense3,820 4,455 
Net income$14,833 $15,013 
7

Per Share Data
Three Months Ended 
September 30, 2023
June 30, 2023
Net income per common share(1)
Basic$0.88 $0.91 
Diluted$0.88 $0.90 
Average shares outstanding
Basic16,792,177 16,774,661 
Diluted16,800,901 16,781,923 
Book value per share at end of period$27.87 $27.13 
Tangible book value per share at end of period(2)
$25.47 $24.69 
Cash dividends declared per common share$0.10 $0.10 
Total shares outstanding at end of period17,380,307 17,366,673 
(1)Basic and diluted net income per common share have been prepared in accordance with the two-class method.
(2)See Non-GAAP reconciliations below for adjustments.
Selected Financial Ratios and Other Data
Three Months Ended
September 30, 2023
June 30, 2023
Performance ratios(1)
Return on assets (ratio of net income to average total assets)1.33 %1.39 %
Return on equity (ratio of net income to average equity)12.23 12.85 
Yield on earning assets5.90 5.82 
Rate paid on interest-bearing liabilities2.58 2.08 
Average interest rate spread3.32 3.74 
Net interest margin(2)
4.02 4.32 
Average interest-earning assets to average interest-bearing liabilities
137.07 138.54 
Noninterest expense to average total assets2.64 2.86 
Efficiency ratio58.21 60.87 
Efficiency ratio – adjusted(3)
59.12 60.61 
(1)Ratios are annualized where appropriate.
(2)Net interest income divided by average interest-earning assets.
(3)See Non-GAAP reconciliations below for adjustments.
At or For the Three Months Ended
September 30, 2023
June 30, 2023
March 31, 2023December 31, 2022September 30, 2022
Asset quality ratios
Nonperforming assets to total assets(1)
0.25 %0.18 %0.18 %0.17 %0.20 %
Nonperforming loans to total loans(1)
0.32 0.23 0.22 0.21 0.24 
Total classified assets to total assets0.76 0.53 0.49 0.50 0.54 
Allowance for credit losses to nonperforming loans(1)
400.41 567.56 600.47 629.40 561.10 
Allowance for credit losses to total loans1.30 1.29 1.30 1.30 1.34 
Net charge-offs to average loans (annualized)0.27 0.13 0.01 0.25 0.01 
Capital ratios
Equity to total assets at end of period10.41 %10.23 %10.12 %11.25 %11.14 %
Tangible equity to total tangible assets(2)
9.60 9.39 9.27 10.62 10.50 
Average equity to average assets10.84 10.79 11.14 11.50 11.00 
(1)Nonperforming assets include nonaccruing loans and REO. There were no accruing loans more than 90 days past due at the dates indicated. At September 30, 2023, $3.1 million, or 26.4%, of nonaccruing loans were current on their loan payments as of that date.
(2)See Non-GAAP reconciliations below for adjustments.
8

Loans
(Dollars in thousands)
September 30, 2023
June 30, 2023
March 31, 2023December 31, 2022September 30, 2022
Commercial real estate loans
Construction and land development$352,143 $356,674 $368,756 $328,253 $310,985 
Commercial real estate – owner occupied526,534 529,721 524,247 340,824 336,456 
Commercial real estate – non-owner occupied880,348 901,685 926,991 690,241 661,644 
Multifamily83,430 81,827 85,285 69,156 79,082 
Total commercial real estate loans1,842,455 1,869,907 1,905,279 1,428,474 1,388,167 
Commercial loans
Commercial and industrial237,366 245,428 229,840 194,679 205,844 
Equipment finance470,387 462,211 440,345 426,507 411,012 
Municipal leases147,821 142,212 138,436 135,922 130,777 
Total commercial loans855,574 849,851 808,621 757,108 747,633 
Residential real estate loans
Construction and land development103,381 110,074 105,617 100,002 91,488 
One-to-four family560,399 529,703 518,274 400,595 374,849 
HELOCs185,289 187,193 193,037 194,296 164,701 
Total residential real estate loans849,069 826,970 816,928 694,893 631,038 
Consumer loans112,816 112,095 118,505 105,148 100,945 
Total loans, net of deferred loan fees and costs3,659,914 3,658,823 3,649,333 2,985,623 2,867,783 
Allowance for credit losses – loans(47,417)(47,193)(47,503)(38,859)(38,301)
Loans, net$3,612,497 $3,611,630 $3,601,830 $2,946,764 $2,829,482 
Deposits
(Dollars in thousands)
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Core deposits
Noninterest-bearing accounts$827,362 $825,481 $872,492 $726,416 $794,242 
NOW accounts602,804 611,105 678,178 638,896 636,859 
Money market accounts1,195,482 1,241,840 1,299,503 992,083 960,150 
Savings accounts202,971 212,220 228,390 230,896 240,412 
Total core deposits2,828,619 2,890,646 3,078,563 2,588,291 2,631,663 
Certificates of deposit812,342 710,522 597,036 459,729 471,005 
Total$3,640,961 $3,601,168 $3,675,599 $3,048,020 $3,102,668 
The following bullet points provide further information regarding the composition of our deposit portfolio as of September 30, 2023:
•Total deposits increased $39.8 million, or 1.1%, during the quarter.
•The balance of uninsured deposits was $962.7 million, or 26.4% of total deposits, which included $294.8 million of collateralized deposits to municipalities.
•The balance of brokered deposits was $328.0 million, or 9.0% of total deposits.
•Commercial and consumer depositors represented 51% and 49% of total deposits, respectively.
•The average balance of our deposit accounts was $33,000.
•Our largest 25 depositors made up $541.9 million, or 15.0% of total deposits.
9

Non-GAAP Reconciliations
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States ("GAAP"), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Set forth below is a reconciliation to GAAP of the Company's efficiency ratio:
Three Months Ended
(Dollars in thousands)September 30, 2023June 30, 2023
Noninterest expense$29,564 $30,911 
Net interest income$42,160 $43,896 
Plus: tax-equivalent adjustment315 298 
Plus: noninterest income8,627 6,888 
Less: BOLI death benefit proceeds in excess of cash surrender value1,092 — 
Less: gain on sale of premises and equipment— 82 
Net interest income plus noninterest income – adjusted$50,010 $51,000 
Efficiency ratio58.21 %60.87 %
Efficiency ratio – adjusted59.12 %60.61 %
Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:
As of
(Dollars in thousands, except per share data)September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Total stockholders' equity$484,411 $471,186 $458,242 $410,155 $396,222 
Less: goodwill, core deposit intangibles, net of taxes41,748 42,410 42,642 25,663 25,683 
Tangible book value$442,663 $428,776 $415,600 $384,492 $370,539 
Common shares outstanding17,380,307 17,366,673 17,370,063 15,673,595 15,632,348 
Book value per share$27.87 $27.13 $26.38 $26.17 $25.35 
Tangible book value per share$25.47 $24.69 $23.93 $24.53 $23.70 
Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:
As of
(Dollars in thousands)September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Tangible equity(1)
$442,663 $428,776 $415,600 $384,492 $370,539 
Total assets4,651,997 4,607,487 4,526,870 3,647,015 3,555,186 
Less: goodwill, core deposit intangibles, net of taxes41,748 42,410 42,642 25,663 25,683 
Total tangible assets$4,610,249 $4,565,077 $4,484,228 $3,621,352 $3,529,503 
Tangible equity to tangible assets9.60 %9.39 %9.27 %10.62 %10.50 %
(1)Tangible equity (or tangible book value) is equal to total stockholders' equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.



10
v3.23.3
Document and Entity Information
Oct. 25, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 25, 2023
Entity Registrant Name HOMETRUST BANCSHARES, INC.
Entity Incorporation, State or Country Code MD
Entity File Number 001-35593
Entity Tax Identification Number 45-5055422
Entity Address, Address Line One 10 Woodfin Street
Entity Address, City or Town Asheville
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28801
City Area Code (828)
Local Phone Number 259-3939
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol HTBI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001538263
Amendment Flag false
HomeTrust Bancshares (NASDAQ:HTBI)
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