HomeTrust Bancshares, Inc. Announces Update on Balance Sheet Restructuring
December 19 2019 - 4:30PM
HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding
company of HomeTrust Bank (“Bank”), announced the sale of
approximately $160 million of one-to-four family loans previously
reported as held for sale as of September 30, 2019. This sale
generated a gain of approximately $1.3 million which will be
included in the Company’s pretax income for the quarter ended
December 31, 2019. The loans sold had a weighted average rate
of 3.50% and included both fixed and adjustment rate loans
previously originated by the Bank. The Company plans to sell up to
$90 million more of these loans in the quarter ended March 31,
2020.
“The sale of these lower rate one-to-four family
loans and our recent strong deposit growth will help to lower the
Bank’s loan to deposit ratio to below 100% while shifting our loan
mix to a higher percentage of commercial loans and equipment
financing,” said Stonestreet. “The gain generated from the
sale of these loans will help to offset the short-term decrease in
net interest income until new loans are originated at higher
yields. This loan sale, coupled with our strong loan
origination pipeline, should improve our long-term interest rate
margin and profitability.”
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for HomeTrust Bank. As of September 30, 2019, the Company
had assets of $3.7 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
40 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/Bristol, Knoxville, and Morristown) and
Southwest Virginia (including the Roanoke Valley). The Bank is the
second largest community bank headquartered in North Carolina.
Forward-Looking Statements
This press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements are not historical
facts but instead represent management's current expectations and
forecasts regarding future events, many of which are inherently
uncertain and outside of our control. Actual results may differ,
possibly materially, from those currently expected or projected in
these forward-looking statements. Factors that could cause our
actual results to differ materially from those described in the
forward-looking statements, include expected cost savings,
synergies and other financial benefits from our acquisitions
might not be realized within the expected time frames or at all,
and costs or difficulties relating to integration matters might be
greater than expected; 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 other factors described in
HomeTrust'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 our
website at www.htb.com and on the SEC's website at
www.sec.gov. Any of the forward-looking statements that we make in
this press release or the documents we 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 we might make, because of the factors described above
or because of other factors that we cannot foresee. We do 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. These risks could cause our actual results for fiscal
2020 and beyond to differ materially from those expressed in any
forward-looking statements by, or on behalf of, us and could
negatively affect our operating and stock performance.
www.htb.com
www.hometrustbancshares.com
Contact:
Dana L. Stonestreet - Chairman, President and Chief Executive
OfficerTony J. VunCannon - Executive Vice President, Chief
Financial Officer, Corporate Secretary and
Treasurer828-259-3939
HomeTrust Bancshares (NASDAQ:HTBI)
Historical Stock Chart
From Mar 2024 to Apr 2024
HomeTrust Bancshares (NASDAQ:HTBI)
Historical Stock Chart
From Apr 2023 to Apr 2024