HomeTrust Bancshares, Inc. Announces Balance Sheet Restructuring Update
March 10 2020 - 4:05PM
HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding
company of HomeTrust Bank (“Bank”), announced today that it will
not pursue the sale of the remaining $85.6 million of one-to-four
family loans previously reported as held for sale as of December
31, 2019, due to recent economic conditions and the current
interest rate environment. These loans with a 3.70% weighted
average rate will be moved back to loans held for investment from
loans held for sale prior to the quarter ended March 31,
2020. Previously as part of a balance sheet restructuring,
the Company announced the sale of $154.9 million of one-to-four
family loans which generated an after-tax gain of $958,000 for the
quarter ended December 31, 2019.
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for HomeTrust Bank. As of December 31, 2019, the Company
had assets of $3.5 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 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
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