0001538263FALSE00015382632023-07-262023-07-26

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): July 26, 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 July 26, 2023, HomeTrust Bancshares, Inc., (the "Company") the holding company for HomeTrust Bank, issued a press release reporting fourth quarter and fiscal year 2023 financial results and approval of its quarterly cash dividend. 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 July 26, 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: July 26, 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 Fourth Quarter and Fiscal Year 2023 and Quarterly Dividend
ASHEVILLE, N.C., July 26, 2023 – 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
1


Comparison of Results of Operations for the Three Months Ended June 30, 2023 and March 31, 2023
Net Income.  Net income totaled $15.0 million, or $0.90 per diluted share, for the three months ended June 30, 2023 compared to $6.7 million, or $0.40 per diluted share, for the three months ended March 31, 2023, an increase of $8.3 million, or 122.9%. The results for the three months ended June 30, 2023 compared to the quarter ended March 31, 2023 were positively impacted by a $2.4 million increase in net interest income, an $8.4 million decrease in the provision for credit losses and a $4.7 million decrease in merger-related expenses. Details of the changes in the various components of net income are further discussed below.
Net Interest Income.  The following table presents the Company's distribution of average assets, liabilities and equity, as well as interest income 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
 June 30, 2023March 31, 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)
$3,769,449$56,122 5.97 %$3,413,641$47,908 5.69 %
Debt securities available for sale164,1051,338 3.27 156,7781,183 3.06 
Other interest-earning assets(2)
138,4201,671 4.84 124,1201,575 5.15 
Total interest-earning assets4,071,97459,131 5.82 3,694,53950,666 5.56 
Other assets270,410253,746
Total assets$4,342,384$3,948,285
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$639,250$1,148 0.72 %$645,011$976 0.61 %
Money market accounts1,261,5906,539 2.08 1,133,4154,338 1.55 
Savings accounts217,99749 0.09 230,82048 0.08 
Certificate accounts641,2564,926 3.08 515,3262,502 1.97 
Total interest-bearing deposits2,760,09312,662 1.84 2,524,5727,864 1.26 
Junior subordinated debt9,954218 8.78 5,299109 8.34 
Borrowings169,1342,355 5.58 98,4001,239 5.11 
Total interest-bearing liabilities2,939,18115,235 2.08 2,628,2719,212 1.42 
Noninterest-bearing deposits879,303830,510
Other liabilities55,26849,674
Total liabilities3,873,7523,508,455
Stockholders' equity468,632439,830
Total liabilities and stockholders' equity$4,342,384$3,948,285
Net earning assets$1,132,793$1,066,268
Average interest-earning assets to average interest-bearing liabilities138.54 %140.57 %
Non-tax-equivalent
Net interest income$43,896 $41,454 
Interest rate spread3.74 %4.14 %
Net interest margin(3)
4.32 %4.55 %
Tax-equivalent(4)
Net interest income$44,194 $41,744 
Interest rate spread3.77 %4.17 %
Net interest margin(3)
4.35 %4.58 %
(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 $298 and $290 for the three months ended June 30, 2023 and March 31, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the three months ended June 30, 2023 increased $8.5 million, or 16.7%, compared to the three months ended March 31, 2023, which was driven by an $8.2 million, or 17.1%, increase in interest income on loans. The overall increase in average yield and balances was the result of a continual rise in interest rates and inclusion of Quantum's loan portfolio for a full quarter compared to roughly half a quarter in the prior period. Accretion income on acquired loans of $973,000 and $353,000 was recognized during the same periods, respectively, and was included in interest income on loans.
2


Total interest expense for the three months ended June 30, 2023 increased $6.0 million, or 65.4%, compared to the three months ended March 31, 2023, the result of a $4.8 million, or 61.0%, increase in interest expense on deposits and a $1.1 million, or 90.1%, increase on interest expense on borrowings. The increase can be traced to increases in the average cost of funds, primarily the result of a continual rise in market interest rates, and outstanding balances across funding sources, most significantly a result of the Quantum merger.
The following table shows, for the three months ended June 30, 2023 as compared to the three months ended March 31, 2023, 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$5,610 $2,604 $8,214 
Debt securities available for sale70 85 155 
Other interest-earning assets200 (104)96 
Total interest-earning assets5,880 2,585 8,465 
Interest-bearing liabilities
Interest-bearing checking accounts4 168 172 
Money market accounts562 1,639 2,201 
Savings accounts(2)3 1 
Certificate accounts666 1,758 2,424 
Junior subordinated debt98 11 109 
Borrowings917 199 1,116 
Total interest-bearing liabilities2,245 3,778 6,023 
Net increase in interest income$2,442 
Provision for Credit Losses.  The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses ("ACL") at an appropriate level under the current expected credit losses ("CECL") model.
The following table presents a breakdown of the components of the provision (benefit) for credit losses:
Three Months Ended
(Dollars in thousands)June 30, 2023March 31, 2023$ Change% Change
Provision (benefit) for credit losses
Loans$910 $8,360 $(7,450)(89)%
Off-balance-sheet credit exposure(505)400 (905)(226)
Total provision (benefit) for credit losses$405 $8,760 $(8,355)(95)%
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 quarter ended March 31, 2023, the "loans" portion of the provision for credit losses was primarily the result of the following, offset by net charge-offs of $0.1 million during the quarter:
•$4.9 million provision to establish an allowance on Quantum's loan portfolio.
•$2.0 million provision driven by loan growth and changes in the loan mix.
•$1.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$0.2 million increase in specific reserves on individually evaluated credits.
For the quarter ended June 30, 2023, the $0.5 million benefit for off-balance-sheet credit exposure was the result of changes in the balance and mix of loan commitments as well as changes in the projected economic forecast outlined above. For the quarter ended March 31, 2023, a provision of $0.4 million was also recorded to establish an allowance on Quantum's off-balance-sheet credit exposure.




3


Noninterest Income.  Noninterest income for the three months ended June 30, 2023 decreased $1.4 million, or 17.1%, when compared to the quarter ended March 31, 2023. Changes in selected components of noninterest income are discussed below:
Three Months Ended
(Dollars in thousands)June 30, 2023March 31, 2023$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$2,393 $2,256 $137 6 %
Loan income and fees792 562 230 41 
Gain on sale of loans held for sale1,109 1,811 (702)(39)
BOLI income573 522 51 10 
Operating lease income1,225 1,505 (280)(19)
Gain (loss) on sale of premises and equipment82 900 (818)(91)
Other714 754 (40)(5)
Total noninterest income$6,888 $8,310 $(1,422)(17)%
•Loan income and fees: The increase can be traced to $291,000 in additional loan prepayment penalties compared to the prior quarter.
•Gain on sale of loans held for sale: The decrease was primarily driven by a decrease in the volume of U.S. Small Business Administration ("SBA") commercial loans and home equity lines of credit ("HELOCs") sold, partially offset by an increase in the volume of residential mortgages sold during the period, all as a result of rising interest rates. During the quarter ended June 30, 2023, $22.0 million of residential mortgages originated for sale were sold with gains of $236,000 compared to $6.4 million sold with gains of $147,000 for the quarter ended March 31, 2023. There were $12.1 million of sales of the guaranteed portion of SBA commercial loans with gains of $721,000 in the current quarter compared to $16.6 million sold and gains of $1.2 million for the same period in the prior quarter. Lastly, the Company sold no HELOCs during the current quarter compared to $35.2 million sold and gains of $354,000 in the prior quarter.
•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 $279,000 for the three months ended June 30, 2023 versus a net gain of $17,000 in the prior quarter.
•Gain on sale of premises and equipment: During the three months ended June 30, 2023, one property was sold for a gain of $82,000 while during the three months ended March 31, 2023, one property was sold for a gain of $900,000.
Noninterest Expense.  Noninterest expense for the three months ended June 30, 2023 decreased $1.9 million, or 5.9%, when compared to the three months ended March 31, 2023. Changes in selected components of noninterest expense are discussed below:
Three Months Ended
(Dollars in thousands)June 30, 2023March 31, 2023$ Change% Change
Noninterest expense
Salaries and employee benefits$16,676 $16,246 $430 3 %
Occupancy expense, net2,600 2,467 133 5 
Computer services3,302 2,911 391 13 
Telephone, postage and supplies677 613 64 10 
Marketing and advertising696 372 324 87 
Deposit insurance premiums549 612 (63)(10)
Core deposit intangible amortization859 606 253 42 
Merger-related expense— 4,741 (4,741)(100)
Other5,552 4,265 1,287 30 
Total noninterest expense$30,911 $32,833 $(1,922)(6)%
•Computer services: The increase can be primarily traced to additional recurring expenses associated with incorporating Quantum's operations.
•Marketing and advertising: The increase is the result of differences in the timing of when expenses are incurred quarter-over-quarter.
•Core deposit intangible amortization: The increase is a result of the Quantum merger core deposit intangible amortization recognized for a full quarter compared to a partial quarter in the prior period.
•Merger-related expenses: During the quarter ended March 31, 2023, the Company completed its merger with Quantum in which significant expenses were incurred, including the payout of severance and employment contracts, professional fees, termination of prior contracts, and conversion of IT systems. No additional expenses were incurred in the current quarter.
•Other: The increase is primarily the result of $552,000 in fraud losses recorded during the current quarter versus a $36,000 net recovery of previously recorded losses in the prior quarter.
Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rate for the quarter ended June 30, 2023 was 22.9% versus 17.6% in the prior quarter. Income tax expense for the three months ended June 30, 2023 increased
4


$3.0 million as a result of higher taxable income and changes in the effective state tax rate due to the addition of Quantum. Beyond generating lower taxable income, the expense for the prior quarter was reduced by permanent tax differences associated with exercised employee stock options.
Comparison of Results of Operations for the Years Ended June 30, 2023 and June 30, 2022
Net Income.  Net income totaled $44.6 million, or $2.80 per diluted share, for the year ended June 30, 2023 compared to $35.7 million, or $2.23 per diluted share, for the year ended June 30, 2022, an increase of $8.9 million, or 25.1%. The results for the year ended June 30, 2023 compared to the year ended June 30, 2022 were positively impacted by a $46.6 million, or 42.1%, increase in net interest income partially offset by a $16.0 million increase in the provision for credit losses, a combined $9.2 million, or 62.0%, decrease in gain on sale of loans held for sale and debt securities available for sale and a $5.5 million, or 100.0%, increase in merger-related expenses. Details of the changes in the various components of net income are further discussed below.
Net Interest Income.  The following table presents the Company's distribution of average assets, liabilities and equity, as well as interest income 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.
 Year Ended June 30,
 20232022
(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)
$3,263,420$176,270 5.40 %$2,809,673$109,603 3.90 %
Commercial paper62,6861,300 2.07 232,6761,721 0.74 
Debt securities available for sale155,9024,350 2.79 122,5581,802 1.47 
Other interest-earning assets(2)
115,5895,206 4.50 114,4582,988 2.61 
Total interest-earning assets3,597,597187,126 5.20 3,279,365116,114 3.54 
Other assets250,788258,550
Total assets$3,848,385$3,537,915
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$641,477$2,962 0.46 %$646,370$1,378 0.21 %
Money market accounts1,078,47813,333 1.24 996,8761,406 0.14 
Savings accounts230,995186 0.08 227,452163 0.07 
Certificate accounts519,2379,043 1.74 457,1862,313 0.51 
Total interest-bearing deposits2,470,18725,524 1.03 2,327,8845,260 0.23 
Junior subordinated debt3,788327 8.63 —— — 
Borrowings73,3853,860 5.26 43,37680 0.18 
Total interest-bearing liabilities2,547,36029,711 1.17 2,371,2605,340 0.23 
Noninterest-bearing deposits823,942724,588
Other liabilities49,46945,834
Total liabilities3,420,7713,141,682
Stockholders' equity427,614396,233
Total liabilities and stockholders' equity$3,848,385$3,537,915
Net earning assets$1,050,237$908,105
Average interest-earning assets to average interest-bearing liabilities141.23 %138.30 %
Non-tax-equivalent
Net interest income$157,415 $110,774 
Interest rate spread4.03 %3.31 %
Net interest margin(3)
4.38 %3.38 %
Tax-equivalent(4)
Net interest income$158,578 $112,005 
Interest rate spread4.06 %3.35 %
Net interest margin(3)
4.41 %3.42 %
(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 $1,163 and $1,231 for the years ended June 30, 2023 and 2022, respectively, calculated based on a combined federal and state tax rate of 24%.

5


Total interest and dividend income for the year ended June 30, 2023 increased $71.0 million, or 61.2%, compared to the year ended June 30, 2022, which was driven by a $66.7 million, or 60.8%, increase in interest income on loans, a $2.5 million, or 141.4%, increase in interest income on debt securities available for sale, and a $2.2 million, or 74.2%, increase in interest income on other interest-earning assets.
Total interest expense for the year ended June 30, 2023 increased $24.4 million, or 456.4%, compared to the year ended June 30, 2022. The increase was primarily the result of increases in the average cost of funds across all funding sources driven by higher market interest rates.
The following table shows, for the year ended June 30, 2023 as compared to the year ended June 30, 2022, 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$17,700 $48,967 $66,667 
Commercial paper(1,257)836 (421)
Debt securities available for sale490 2,058 2,548 
Other interest-earning assets30 2,188 2,218 
Total interest-earning assets16,963 54,049 71,012 
Interest-bearing liabilities
Interest-bearing checking accounts(10)1,594 1,584 
Money market accounts115 11,812 11,927 
Savings accounts3 20 23 
Certificate accounts314 6,416 6,730 
Junior subordinated debt327 — 327 
Borrowings55 3,725 3,780 
Total interest-bearing liabilities804 23,567 24,371 
Net increase in interest income$46,641 
Provision for Credit Losses.  The following table presents a breakdown of the components of the provision (benefit) for credit losses:
Year Ended June 30,
(Dollars in thousands)20232022$ Change% Change
Provision (benefit) for credit losses
Loans$15,389 $(1,473)$16,862 1,145 %
Off-balance-sheet credit exposure253 981 (728)(74)
Commercial paper(250)(100)(150)(150)
Total provision (benefit) for credit losses$15,392 $(592)$15,984 2,700 %
For the year ended June 30, 2023, the "loans" portion of the provision (benefit) for credit losses was the result of the following, offset by net charge-offs of $3.2 million during the period:
•$4.9 million provision to establish an allowance on Quantum's loan portfolio.
•$1.3 million provision specific to fintech portfolios which have a riskier credit profile than loans originated in-house. The elevated credit risk is offset by the higher yields earned on the portfolios.
•$4.9 million provision driven by loan growth and changes in the loan mix.
•$2.6 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$1.5 million reduction of specific reserves on individually evaluated credits, which was tied to two relationships which were fully charged-off during the period.
For the year ended June 30, 2022, the "loans" portion of the benefit for credit losses was driven by an improvement in the economic forecast, as more clarity was gained regarding the impact of COVID-19 upon the loan portfolio.
For the year ended June 30, 2023, a provision of $0.4 million was also recorded to establish an allowance on Quantum's off-balance-sheet credit exposure. The remainder of the change in the provision for off-balance-sheet credit exposure was the result of changes in the balance and mix of loan commitments as well as changes in the projected economic forecast outlined above, which is the same reasoning for the provision for the year ended June 30, 2022.
6


Noninterest Income.  Noninterest income for the year ended June 30, 2023 decreased $8.1 million, or 20.6%, year-over-year. Changes in selected components of noninterest income are discussed below:
Year Ended June 30,
(Dollars in thousands)20232022$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$9,510 $9,462 $48 1 %
Loan income and fees2,571 3,185 (614)(19)
Gain on sale of loans held for sale5,608 12,876 (7,268)(56)
BOLI income2,116 2,000 116 6 
Operating lease income5,471 6,392 (921)(14)
Gain on sale of debt securities available for sale— 1,895 (1,895)(100)
Gain (loss) on sale of premises and equipment2,097 (87)2,184 2,510 
Other3,677 3,386 291 9 
Total noninterest income$31,050 $39,109 $(8,059)(21)%
•Loan income and fees: The decrease was driven by lower underwriting fees, interest rate swap fees and prepayment penalties in the current year compared to last year, all of which were impacted by rising interest rates.
•Gain on sale of loans held for sale: The decrease was primarily driven by a decrease in the volume of SBA loans and residential mortgages sold during the period as a result of rising interest rates. During the year ended June 30, 2023, there were $56.6 million of residential mortgages originated for sale sold with gains of $1.1 million compared to $263.0 million sold with gains of $6.4 million in the prior year. There were $49.0 million of sales of the guaranteed portion of SBA commercial loans with gains of $3.4 million in the current year compared to $54.7 million sold with gains of $5.4 million in the prior year. There were $99.4 million of HELOCs sold during the current year with gains of $897,000 compared to $120.0 million sold with gains of $791,000 in the prior year. Lastly, $11.5 million of indirect auto finance loans were sold out of the held for investment portfolio during the prior year for a gain of $205,000. No such sales occurred in the current year.
•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.
•Gain on sale of debt securities available for sale: The decrease was driven by the sale of seven trust preferred securities during the prior year which had previously been written down to zero through purchase accounting adjustments from a merger in a prior period. No securities were sold during the current year.
•Gain (loss) on sale of premises and equipment: During the current year, four properties were sold for a combined gain of $2.6 million, partially offset by additional impairment of $420,000 on premises associated with prior branch closures. During the prior year, no sales occurred but $87,000 of additional impairment was recorded on premises held for sale.
Noninterest Expense.  Noninterest expense for the year ended June 30, 2023 increased $10.8 million, or 10.3%, year-over-year. Changes in selected components of noninterest expense are discussed below:
Year Ended June 30,
(Dollars in thousands)20232022$ Change% Change
Noninterest expense
Salaries and employee benefits$62,221 $59,591 $2,630 4 %
Occupancy expense, net9,891 9,692 199 2 
Computer services11,772 10,629 1,143 11 
Telephone, postage and supplies2,468 2,545 (77)(3)
Marketing and advertising2,139 2,583 (444)(17)
Deposit insurance premiums2,249 1,712 537 31 
Core deposit intangible amortization1,525 250 1,275 510 
Officer transition agreement expense— 1,795 (1,795)(100)
Merger-related expense5,465 — 5,465 100 
Other18,179 16,300 1,879 12 
Total noninterest expense$115,909 $105,097 $10,812 10 %
•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.
•Marketing and advertising: The decrease is due to a reduction in traditional media advertising (print, billboards, etc.) in favor of digital platforms at lower costs.
•Deposit insurance premium: The increase in expense is due to increases in the rates the Company is charged for deposit insurance as well as growth in the assessment base due to the Quantum merger.
•Core deposit intangible amortization: See explanation in the "Comparison of Results of Operations for the Three Months Ended June 30, 2023 and March 31, 2023" section above.
7


•Officer transition agreement expense: In May 2022, the Company entered into an amended and restated employment and transition agreement with the Company's Chairman and CEO, Dana Stonestreet. As part of this agreement, the full amount of the estimated separation payment was accrued in the prior year. No such expenses were incurred in the current year.
•Merger-related expense: See explanation in the "Comparison of Results of Operations for the Three Months Ended June 30, 2023 and March 31, 2023" section above.
Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rate for 2023 and 2022 was 22.0% and 21.4%, respectively. Income tax expense for the current year increased $2.8 million as a result of higher taxable income and changes in the effective state tax rate due to the addition of Quantum.
Balance Sheet Review
Total assets increased by $1.1 billion to $4.6 billion and total liabilities increased by $1.0 billion to $4.1 billion, respectively, at June 30, 2023 as compared to June 30, 2022. The majority of these changes were the result of the Company's merger with Quantum.
Stockholders' equity increased $82.3 million, or 21.2%, to $471.2 million at June 30, 2023 as compared to June 30, 2022. Activity within stockholders' equity included $44.6 million in net income, $37.7 million in stock issued in connection with the Company's merger with Quantum, $8.3 million in stock-based compensation and stock option exercises, offset by $6.2 million in cash dividends declared and a $1.7 million decrease in accumulated other comprehensive loss due to increases in market interest rates. As of June 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 $47.2 million, or 1.29% of total loans, at June 30, 2023 compared to $34.7 million, or 1.25% of total loans, as of June 30, 2022. The drivers of this year-over-year change are discussed in the "Comparison of Results of Operations for the Years Ended June 30, 2023 and June 30, 2022" section above.
Net loan charge-offs totaled $3.2 million for the year ended June 30, 2023 compared to net recoveries of $694,000 for the year ended June 30, 2022. Net charge-offs as a percentage of average loans were 0.10% for the year ended June 30, 2023 compared to net recoveries of (0.02)% for the prior year.
Nonperforming assets increased $2.0 million, or 31.6%, to $8.3 million at June 30, 2023 compared to $6.2 million at June 30, 2022, although the ratio of nonperforming assets to total assets was 0.18% for both periods due to growth in the balance sheet as a result of organic loan growth and the Company's merger with Quantum. Nonperforming assets included $8.3 million in nonaccruing loans and $100 of real estate owned ("REO") at June 30, 2023, compared to $6.1 million and $200,000 in nonaccruing loans and REO at June 30, 2022. Nonperforming loans to total loans was 0.23% at June 30, 2023 and 0.22% at June 30, 2022.
Classified assets increased $2.9 million, or 13.6%, to $24.5 million at June 30, 2023 compared to $21.5 million at June 30, 2022, although the ratio of classified assets to total assets decreased to 0.53% at June 30, 2023 from 0.61% at June 30, 2022 due to growth in the balance sheet as stated above.
About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. is the holding company for the Bank. As of June 30, 2023, the Company had assets of $4.6 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.
8


Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
June 30, 2023March 31, 2023December 31, 2022September 30, 2022
June 30, 2022 (1)
Assets
Cash$19,266 $18,262 $15,825 $18,026 $20,910 
Interest-bearing deposits284,231 296,151 149,209 76,133 84,209 
Cash and cash equivalents303,497 314,413 165,034 94,159 105,119 
Commercial paper, net— — — 85,296 194,427 
Certificates of deposit in other banks33,152 33,102 29,371 27,535 23,551 
Debt securities available for sale, at fair value151,926 157,718 147,942 161,741 126,978 
FHLB and FRB stock20,208 19,125 13,661 9,404 9,326 
SBIC investments, at cost14,927 13,620 12,414 12,235 12,758 
Loans held for sale, at fair value6,947 1,209 518 — — 
Loans held for sale, at the lower of cost or fair value161,703 89,172 72,777 76,252 79,307 
Total loans, net of deferred loan fees and costs3,658,823 3,649,333 2,985,623 2,867,783 2,769,295 
Allowance for credit losses – loans(47,193)(47,503)(38,859)(38,301)(34,690)
Loans, net3,611,630 3,601,830 2,946,764 2,829,482 2,734,605 
Premises and equipment, net73,171 74,107 65,216 68,705 69,094 
Accrued interest receivable14,829 13,813 11,076 9,667 8,573 
Deferred income taxes, net10,912 10,894 11,319 11,838 11,487 
Bank owned life insurance ("BOLI")106,572 105,952 96,335 95,837 95,281 
Goodwill34,111 33,682 25,638 25,638 25,638 
Core deposit intangibles, net10,778 11,637 32 58 93 
Other assets53,124 49,596 48,918 47,339 52,967 
Total assets$4,607,487 $4,529,870 $3,647,015 $3,555,186 $3,549,204 
Liabilities and stockholders' equity   
Liabilities   
Deposits$3,601,168 $3,675,599 $3,048,020 $3,102,668 $3,099,761 
Junior subordinated debt9,971 9,945 — — — 
Borrowings457,263 320,263 130,000 — — 
Other liabilities67,899 62,821 58,840 56,296 60,598 
Total liabilities4,136,301 4,068,628 3,236,860 3,158,964 3,160,359 
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)
174 174 157 156 156 
Additional paid in capital171,222 170,670 128,486 127,153 126,106 
Retained earnings308,651 295,325 290,271 278,120 270,276 
Unearned Employee Stock Ownership Plan ("ESOP") shares(4,761)(4,893)(5,026)(5,158)(5,290)
Accumulated other comprehensive loss(4,100)(3,034)(3,733)(4,049)(2,403)
Total stockholders' equity471,186 458,242 410,155 396,222 388,845 
Total liabilities and stockholders' equity$4,607,487 $4,526,870 $3,647,015 $3,555,186 $3,549,204 
(1)Derived from audited financial statements.
(2)Shares of common stock issued and outstanding were 17,366,673 at June 30, 2023; 17,370,063 at March 31, 2023; 15,673,595 at December 31, 2022; 15,632,348 at September 30, 2022; and 15,591,466 at June 30, 2022.

9


Consolidated Statements of Income (Unaudited)
Three Months EndedYear Ended
(Dollars in thousands)
June 30, 2023March 31, 2023June 30, 2023
June 30, 2022 (1)
Interest and dividend income
Loans$56,122 47,908 $176,270 $109,603 
Commercial paper— — 1,300 1,721 
Debt securities available for sale1,338 1,183 4,350 1,802 
Other investments and interest-bearing deposits1,671 1,575 5,206 2,988 
Total interest and dividend income59,131 50,666 187,126 116,114 
Interest expense
Deposits12,662 7,864 25,524 5,260 
Junior subordinated debt218 109 327 — 
Borrowings2,355 1,239 3,860 80 
Total interest expense15,235 9,212 29,711 5,340 
Net interest income43,896 41,454 157,415 110,774 
Provision (benefit) for credit losses 405 8,760 15,392 (592)
Net interest income after provision (benefit) for credit losses43,491 32,694 142,023 111,366 
Noninterest income  
Service charges and fees on deposit accounts2,393 2,256 9,510 9,462 
Loan income and fees792 562 2,571 3,185 
Gain on sale of loans held for sale1,109 1,811 5,608 12,876 
BOLI income573 522 2,116 2,000 
Operating lease income1,225 1,505 5,471 6,392 
Gain on sale of debt securities available for sale— — — 1,895 
Gain (loss) on sale of premises and equipment82 900 2,097 (87)
Other714 754 3,677 3,386 
Total noninterest income6,888 8,310 31,050 39,109 
Noninterest expense  
Salaries and employee benefits16,676 16,246 62,221 59,591 
Occupancy expense, net2,600 2,467 9,891 9,692 
Computer services3,302 2,911 11,772 10,629 
Telephone, postage and supplies677 613 2,468 2,545 
Marketing and advertising696 372 2,139 2,583 
Deposit insurance premiums549 612 2,249 1,712 
Core deposit intangible amortization859 606 1,525 250 
Officer transition agreement expense— — — 1,795 
Merger-related expenses— 4,741 5,465 — 
Other5,552 4,265 18,179 16,300 
Total noninterest expense30,911 32,833 115,909 105,097 
Income before income taxes19,468 8,171 57,164 45,378 
Income tax expense4,455 1,437 12,560 9,725 
Net income$15,013 $6,734 $44,604 $35,653 
(1)Derived from audited financial statements.


10


Per Share Data
Three Months Ended Year Ended
June 30, 2023March 31, 2023June 30, 2023June 30, 2022
Net income per common share(1)
Basic$0.91 $0.40 $2.82 $2.27 
Diluted$0.90 $0.40 $2.80 $2.23 
Average shares outstanding
Basic16,774,661 16,021,994 15,698,618 15,516,173 
Diluted16,781,923 16,077,116 15,781,506 15,810,409 
Book value per share at end of period$27.13 $26.38 $27.13 $24.94 
Tangible book value per share at end of period(2)
$24.69 $23.93 $24.69 $23.29 
Cash dividends declared per common share$0.10 $0.10 $0.39 $0.35 
Total shares outstanding at end of period17,366,673 17,370,063 17,366,673 15,591,466 
(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 EndedYear Ended
June 30, 2023March 31, 2023June 30, 2023June 30, 2022
Performance ratios(1)
Return on assets (ratio of net income to average total assets)1.39 %0.69 %1.16 %1.01 %
Return on equity (ratio of net income to average equity)12.85 6.21 10.43 9.00 
Yield on earning assets5.82 5.56 5.20 3.54 
Rate paid on interest-bearing liabilities2.08 1.42 1.17 0.23 
Average interest rate spread3.74 4.14 4.03 3.31 
Net interest margin(2)
4.32 4.55 4.38 3.38 
Average interest-earning assets to average interest-bearing liabilities
138.54 140.57 141.23 138.30 
Noninterest expense to average total assets2.86 3.37 3.01 2.97 
Efficiency ratio60.87 65.98 61.50 70.12 
Efficiency ratio – adjusted(3)
60.61 57.15 59.12 69.19 
(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
June 30, 2023March 31, 2023December 31, 2022September 30, 2022June 30, 2022
Asset quality ratios
Nonperforming assets to total assets(1)
0.18 %0.18 %0.17 %0.20 %0.18 %
Nonperforming loans to total loans(1)
0.23 0.22 0.21 0.24 0.22 
Total classified assets to total assets0.53 0.49 0.50 0.54 0.61 
Allowance for credit losses to nonperforming loans(1)
567.56 600.47 629.40 561.10 566.83 
Allowance for credit losses to total loans1.29 1.30 1.30 1.34 1.25 
Net charge-offs (recoveries) to average loans (annualized)0.13 0.01 0.25 0.01 (0.10)
Capital ratios
Equity to total assets at end of period10.23 %10.12 %11.25 %11.14 %10.96 %
Tangible equity to total tangible assets(2)
9.39 9.27 10.62 10.50 10.31 
Average equity to average assets10.79 11.14 11.50 11.00 10.93 
(1)Nonperforming assets include nonaccruing loans, consisting of certain restructured loans, and REO. There were no accruing loans more than 90 days past due at the dates indicated. At June 30, 2023, there were $1.9 million of restructured loans included in nonaccruing loans and $3.3 million, or 40.0%, of nonaccruing loans were current on their loan payments as of that date.
(2)See Non-GAAP reconciliations below for adjustments.
11


Loans
(Dollars in thousands)
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
Commercial real estate loans
Construction and land development$356,674 $368,756 $328,253 $310,985 291,202 
Commercial real estate - owner occupied529,721 524,247 340,824 336,456 335,658 
Commercial real estate - non-owner occupied901,685 926,991 690,241 661,644 662,159 
Multifamily81,827 85,285 69,156 79,082 81,086 
Total commercial real estate loans1,869,907 1,905,279 1,428,474 1,388,167 1,370,105 
Commercial loans
Commercial and industrial245,428 229,840 194,679 205,844 193,313 
Equipment finance462,211 440,345 426,507 411,012 394,541 
Municipal leases142,212 138,436 135,922 130,777 129,766 
Total commercial loans849,851 808,621 757,108 747,633 717,620 
Residential real estate loans
Construction and land development110,074 105,617 100,002 91,488 81,847 
One-to-four family529,703 518,274 400,595 374,849 354,203 
HELOCs187,193 193,037 194,296 164,701 160,137 
Total residential real estate loans826,970 816,928 694,893 631,038 596,187 
Consumer loans112,095 118,505 105,148 100,945 85,383 
Total loans, net of deferred loan fees and costs3,658,823 3,649,333 2,985,623 2,867,783 2,769,295 
Allowance for credit losses – loans(47,193)(47,503)(38,859)(38,301)(34,690)
Loans, net$3,611,630 $3,601,830 $2,946,764 $2,829,482 $2,734,605 
As of June 30, 2023, the outstanding balance of loans purchased from fintech partners was $25.1 million of commercial and industrial loans and $3.9 million of consumer loans. As of June 30, 2022, the outstanding balance of loans purchased from fintech partners was $17.5 million of commercial and industrial loans and $0.4 million of consumer loans. Although we value these strategic relationships, in August 2022 we discontinued purchases within both loan segments until the impact of the current economic environment upon these portfolios can be better understood.
Deposits
(Dollars in thousands)
June 30, 2023March 31, 2023December 31, 2022September 30, 2022June 30, 2022
Core deposits
    Noninterest-bearing accounts$825,481 $872,492 $726,416 $794,242 $745,746 
    NOW accounts611,105 678,178 638,896 636,859 654,981 
    Money market accounts1,241,840 1,299,503 992,083 960,150 969,661 
    Savings accounts212,220 228,390 230,896 240,412 238,197 
Total core deposits2,890,646 3,078,563 2,588,291 2,631,663 2,608,585 
Certificates of deposit710,522 597,036 459,729 471,005 491,176 
Total$3,601,168 $3,675,599 $3,048,020 $3,102,668 $3,099,761 
The following bullet points provide further information regarding the composition of our deposit portfolio as of June 30, 2023:
•Total deposits decreased $74.4 million, or 2.1%, during the quarter.
•The balance of uninsured deposits was $913.2 million, or 25.4% of total deposits, which includes $341.9 million of collateralized deposits to municipalities.
•The balance of brokered deposits was $232.5 million, or 6.5% of total deposits.
•Total deposits are evenly distributed between commercial and consumer depositors.
•The average balance of our deposit accounts was $32,000.
•Our largest 25 depositors made up $554.7 million, or 15.4% of total deposits. Of these depositors, $405.0 million, or 11.2% of total deposits, are insured or collateralized deposits to municipalities.
12


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 EndedYear Ended
June 30,March 31,June 30,June 30,
(Dollars in thousands)2023202320232022
Noninterest expense$30,911 $32,833 $115,909 $105,097 
Less: officer transition agreement expense— — — 1,795 
Less: merger-related expenses— 4,741 5,465 — 
Noninterest expense – adjusted$30,911 $28,092 $110,444 $103,302 
Net interest income$43,896 $41,454 $157,415 $110,774 
Plus: tax equivalent adjustment298 290 1,163 1,231 
Plus: noninterest income6,888 8,310 31,050 39,109 
Less: gain on sale of available for sale and equity securities— — 721 1,895 
Less: gain (loss) on sale of premises and equipment82 900 2,097 (87)
Net interest income plus noninterest income – adjusted$51,000 $49,154 $186,810 $149,306 
Efficiency ratio60.87 %65.98 %61.50 %70.12 %
Efficiency ratio – adjusted60.61 %57.15 %59.12 %69.19 %
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)June 30, 2023March 31, 2023December 31, 2022September 30, 2022June 30, 2022
Total stockholders' equity$471,186 $458,242 $410,155 $396,222 $388,845 
Less: goodwill, core deposit intangibles, net of taxes42,410 42,642 25,663 25,683 25,710 
Tangible book value$428,776 $415,600 $384,492 $370,539 $363,135 
Common shares outstanding17,366,673 17,370,063 15,673,595 15,632,348 15,591,466 
Book value per share at end of period$27.13 $26.38 $26.17 $25.35 $24.94 
Tangible book value per share at end of period$24.69 $23.93 $24.53 $23.70 $23.29 
Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:
As of
(Dollars in thousands)June 30, 2023March 31, 2023December 31, 2022September 30, 2022June 30, 2022
Tangible equity(1)
$428,776 $415,600 $384,492 $370,539 $363,135 
Total assets4,607,487 4,526,870 3,647,015 3,555,186 3,549,204 
Less: goodwill and core deposit intangibles, net of taxes42,410 42,642 25,663 25,683 25,710 
Total tangible assets$4,565,077 $4,484,228 $3,621,352 $3,529,503 $3,523,494 
Tangible equity to tangible assets9.39 %9.27 %10.62 %10.50 %10.31 %
(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.



13
v3.23.2
Document and Entity Information
Jul. 26, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 26, 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)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more HomeTrust Bancshares Charts.
HomeTrust Bancshares (NASDAQ:HTBI)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more HomeTrust Bancshares Charts.