0001538263FALSE00015382632025-01-232025-01-23

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): January 23, 2025

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 January 23, 2025, HomeTrust Bancshares, Inc., (the "Company") the holding company for HomeTrust Bank, issued a press release reporting financial results for the fourth quarter and fiscal year ended December 31, 2024 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 8.01 Other Events
The Company announced today that the annual meeting of stockholders will be held at 10:00 a.m., local time, on May 19, 2025, at Highland Brewing Company, located at 12 Old Charlotte Hwy Suite 200, Asheville, North Carolina.
Item 9.01  Financial Statements and Exhibits
(d)           Exhibits
 
Press release dated January 23, 2025

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: January 23, 2025 By:/s/ Tony J. VunCannon
Tony J. VunCannon
Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer

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htbi_imagea09a.jpg
HomeTrust Bancshares, Inc. Announces Financial Results for the Fourth Quarter of the Year Ending December 31, 2024 and Quarterly Dividend
ASHEVILLE, N.C., January 23, 2025 – HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income for the fourth quarter of the year ending December 31, 2024 and approval of its quarterly cash dividend.
For the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024:
•net income was $14.2 million compared to $13.1 million;
•diluted earnings per share ("EPS") was $0.83 compared to $0.76;
•annualized return on assets ("ROA") was 1.27% compared to 1.17%;
•annualized return on equity ("ROE") was 10.32% compared to 9.76%;
•net interest margin was 4.09% compared to 4.00%;
•provision for credit losses was a benefit of $855,000 compared to a provision of $3.0 million; and
•quarterly cash dividends increased $0.01 per share, or 9.09%, to $0.12 per share totaling $2.1 million compared to $0.11 per share totaling $1.9 million.
For the year ended December 31, 2024 compared to the year ended December 31, 2023:
•net income was $54.8 million compared to $50.0 million;
•diluted EPS was $3.20 compared to $2.97;
•ROA was 1.23% compared to 1.17%;
•ROE was 10.37% compared to 10.62%;
•net interest margin was 4.05% compared to 4.22%;
•provision for credit losses was $7.5 million compared to $15.1 million; and
•cash dividends of $0.45 per share totaling $7.7 million compared to $0.41 per share totaling $6.9 million.
Results for the year ended December 31, 2023 includes 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 $4.7 million were recognized during the year ended December 31, 2023, while a $5.3 million provision for credit losses was recognized during the same period to establish allowances for credit losses on both Quantum's loan portfolio and off-balance-sheet credit exposure.
The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share payable on February 27, 2025 to shareholders of record as of the close of business on February 13, 2025.
“Fiscal year 2024 ended with another quarter of strong financial results,” said Hunter Westbrook, President and Chief Executive Officer. “We reported our tenth consecutive quarter with a net interest margin at or above 4.00% and have grown our tangible book value per share by 11% over the past year. I am convinced our ability to deliver strong financial results is directly correlated to creating a nationally and regionally recognized best place to work. Building on the recognition received in 2024, we recently announced we were named a 2025 America’s Best Workplace as well as 2025 Best Place to Work in Tennessee and Virginia by the Best Companies Group.
“During the quarter, the Bank engaged a consultant to assist in the renewal of our largest core IT processing contract, which resulted in the recognition of $3 million in consulting expense. This renewal will result both in future cost savings and the expansion of our technology solutions, supporting the Company’s growth initiatives and digital strategies all with the goal of enhancing the customer experience.
“Lastly, it’s hard to believe it’s been almost four months since Hurricane Helene impacted a portion of the communities we live in and serve. I continue to be amazed and impressed by the resilience of our teammates and customers, and with recovery well underway, we remain committed to working with those in the affected areas.”

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




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Comparison of Results of Operations for the Three Months Ended December 31, 2024 and September 30, 2024
Net Income.  Net income totaled $14.2 million, or $0.83 per diluted share, for the three months ended December 31, 2024 compared to $13.1 million, or $0.76 per diluted share, for the three months ended September 30, 2024, an increase of $1.1 million, or 8.4%. The results for the three months ended December 31, 2024 compared to the quarter ended September 30, 2024 were positively impacted by an increase of $1.1 million in net interest income and a decrease of $3.8 million in the provision for credit losses, partially offset by a $3.4 million increase 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
 December 31, 2024September 30, 2024
(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)
$3,890,775$62,2246.36 %$3,899,460$63,3056.46 %
Debt securities available for sale147,0231,6214.39 140,2461,6164.58 
Other interest-earning assets(2)
160,0642,3535.85 144,9311,7284.74 
Total interest-earning assets4,197,86266,1986.27 4,184,63766,6496.34 
Other assets263,750264,579
Total assets$4,461,612$4,449,216
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$559,033$1,2710.90 %$548,024$1,2780.93 %
Money market accounts1,343,60910,0382.97 1,335,79810,7573.20 
Savings accounts180,546400.09 182,618400.09 
Certificate accounts1,005,91411,2254.44 1,012,76511,6174.56 
Total interest-bearing deposits3,089,10222,5742.91 3,079,20523,6923.06 
Junior subordinated debt10,1042238.78 10,0792359.28 
Borrowings14,6891965.31 40,3996486.38 
Total interest-bearing liabilities3,113,89522,9932.94 3,129,68324,5753.12 
Noninterest-bearing deposits731,745719,710
Other liabilities68,26165,097
Total liabilities3,913,9013,914,490
Stockholders' equity547,711534,726
Total liabilities and stockholders' equity$4,461,612$4,449,216
Net earning assets$1,083,967$1,054,954
Average interest-earning assets to average interest-bearing liabilities134.81 %133.71 %
Non-tax-equivalent
Net interest income$43,205$42,074
Interest rate spread3.33 %3.22 %
Net interest margin(3)
4.09 %4.00 %
Tax-equivalent(4)
Net interest income$43,594$42,442
Interest rate spread3.37 %3.25 %
Net interest margin(3)
4.13 %4.03 %
(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 $389 and $368 for the three months ended December 31, 2024 and September 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the three months ended December 31, 2024 decreased $451,000, or 0.7%, compared to the three months ended September 30, 2024, which was driven by a $1.1 million decrease in loan interest income, partially offset by a $625,000 increase in interest income on other investments and interest-bearing accounts. Accretion income on acquired loans of $1.2 million and $640,000 was recognized during the same periods, respectively, and was included in loan interest income.
Total interest expense for the three months ended December 31, 2024 decreased $1.6 million, or 6.4%, compared to the three months ended September 30, 2024, the result of a $1.1 million, or 4.7%, decrease in interest expense on deposits and a $452,000, or 69.8%, decrease in
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interest expense on borrowings. The decrease in interest expense on deposits can primarily be traced to decreases in the average cost of funds, while the decrease in interest expense on borrowings was the result of a decline in average borrowings outstanding.
The following table shows the effects that changes in average balances (volume), including differences in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:
Increase / (Decrease)
Due to		Total
Increase/
(Decrease)
(Dollars in thousands)VolumeRate
Interest-earning assets
Loans receivable$(141)$(940)$(1,081)
Debt securities available for sale78 (73)5 
Other interest-earning assets180 445 625 
Total interest-earning assets117 (568)(451)
Interest-bearing liabilities
Interest-bearing checking accounts26 (33)(7)
Money market accounts63 (782)(719)
Savings accounts— — — 
Certificate accounts(79)(313)(392)
Junior subordinated debt1 (13)(12)
Borrowings(412)(40)(452)
Total interest-bearing liabilities(401)(1,181)(1,582)
Increase in net interest income$1,131 
Provision for Credit Losses.  The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses ("ACL") at an appropriate level under the current expected credit losses model.
The following table presents a breakdown of the components of the provision for credit losses:
Three Months Ended
(Dollars in thousands)December 31, 2024September 30, 2024$ Change% Change
Provision for credit losses
Loans$(975)$2,990 $(3,965)(133)%
Off-balance-sheet credit exposure120 (15)135 900 
Total provision (benefit) for credit losses$(855)$2,975 $(3,830)(129)%
For the quarter ended December 31, 2024, the "loans" portion of the provision for credit losses was primarily the result of the following, offset by net charge-offs of $1.9 million during the quarter:
•$1.3 million benefit driven by changes in the loan mix and a $50.6 million decrease in the loan portfolio.
•$0.7 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments. Of note, we retained the $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio established in the prior quarter.
•$0.9 million decrease in specific reserves on individually evaluated credits.
For the quarter ended September 30, 2024, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $4.1 million during the quarter:
•$0.4 million benefit driven by 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. Included in this change was the addition of a $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio.
•$1.9 million decrease in specific reserves on individually evaluated loans as we charged-off specific reserves which had previously been established.
For the quarters ended December 31, 2024 and September 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and the projected economic forecast as outlined above.
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Noninterest Income.  Noninterest income for the three months ended December 31, 2024 decreased $39,000, or 0.5%, when compared to the quarter ended September 30, 2024. Changes in the components of noninterest income are discussed below:
Three Months Ended
(Dollars in thousands)December 31, 2024September 30, 2024$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$2,326 $2,336 $(10)— %
Loan income and fees728 684 44 6 
Gain on sale of loans held for sale1,068 1,900 (832)(44)
Bank owned life insurance ("BOLI") income842 828 14 2 
Operating lease income2,259 1,637 622 38 
Other1,020 897 123 14 
Total noninterest income$8,243 $8,282 $(39)— %
•Gain on sale of loans held for sale: The decrease was driven by declines in the volume of HELOCs, Small Business Administration ("SBA") commercial loans, and residential mortgage loans sold during the period. There were $23.8 million of residential mortgages originated for sale sold during the current quarter with gains of $269,000 compared to $21.7 million sold with gains of $479,000 in the prior quarter, with the decrease in profitability due to movement in interest rates. There were $10.2 million in sales of the guaranteed portion of SBA commercial loans with gains of $733,000 for the current quarter compared to $12.9 million sold and gains of $1.0 million for the prior quarter. No HELOCs were sold during the current quarter compared to $54.6 million sold with gains of $414,000 in the prior quarter. Lastly, our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in gains of $66,000 and $18,000 in the same periods, respectively.
•Operating lease income: The increase was primarily the result of a $136,000 decrease in losses incurred on the sale of, and a $475,000 reduction in the valuation allowance against, previously leased equipment.
Noninterest Expense.  Noninterest expense for the three months ended December 31, 2024 increased $3.4 million, or 11.2%, when compared to the three months ended September 30, 2024. Changes in the components of noninterest expense are discussed below:
Three Months Ended
(Dollars in thousands)December 31, 2024September 30, 2024$ Change% Change
Noninterest expense
Salaries and employee benefits$17,234 $17,082 $152 1 %
Occupancy expense, net2,476 2,436 40 2 
Computer services3,110 3,192 (82)(3)
Operating lease depreciation expense2,068 2,101 (33)(2)
Telephone, postage and supplies541 547 (6)(1)
Marketing and advertising234 408 (174)(43)
Deposit insurance premiums556 589 (33)(6)
Core deposit intangible amortization567 567 — — 
Contract renewal consulting fee2,965 — 2,965 100 
Other4,258 3,663 595 16 
Total noninterest expense$34,009 $30,585 $3,424 11 %
•Marketing and advertising: The decrease is the result of a reduction in advertising in the current quarter in response to the election, and the holiday season.
•Contract renewal consulting fee: In the current quarter we paid a fee to a consultant to negotiate the multiyear renewal of our largest core processing contract.
•Other: The increase is primarily the result of referral fees paid to expand our community association banking deposit line of business.
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 rates for the three months ended December 31, 2024 and September 30, 2024 were 22.3% and 21.9%, respectively.
Comparison of Results of Operations for the Years Ended December 31, 2024 and December 31, 2023
Net Income.  Net income totaled $54.8 million, or $3.20 per diluted share, for the year ended December 31, 2024 compared to $50.0 million, or $2.97 per diluted share, for the year ended December 31, 2023, an increase of $4.8 million, or 9.5%. The results for the year ended December 31, 2024 compared to the prior year were positively impacted by a $7.6 million decrease in the provision for credit losses and a $1.4 million increase in noninterest income, partially offset by a $758,000 decrease in net interest income and a $1.6 million increase in noninterest expense. Details of the changes in the various components of net income are further discussed below.
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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.
 Years Ended December 31,
 20242023
(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)
$3,884,984$247,6426.37 %$3,732,796$222,5955.96 %
Debt securities available for sale137,1086,0454.41 151,1105,0373.33 
Other interest-earning assets(2)
144,2627,9295.50 133,1086,8495.15 
Total interest-earning assets4,166,354261,6166.28 4,017,014234,4815.84 
Other assets273,307268,102
Total assets$4,439,661$4,285,116
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$570,952$5,4200.95 %$619,034$4,4500.72 %
Money market accounts1,314,86740,6803.09 1,217,47427,5342.26 
Savings accounts185,7121640.09 213,6011880.09 
Certificate accounts952,60242,0034.41 692,33823,0723.33 
Total interest-bearing deposits3,024,13388,2672.92 2,742,44755,2442.01 
Junior subordinated debt10,0679289.22 8,8268029.09 
Borrowings61,2053,7466.12 158,3749,0025.68 
Total interest-bearing liabilities3,095,40592,9413.00 2,909,64765,0482.24 
Noninterest-bearing deposits757,472852,207
Other liabilities58,49652,155
Total liabilities3,911,3733,814,009
Stockholders' equity528,288471,107
Total liabilities and stockholders' equity$4,439,661$4,285,116
Net earning assets$1,070,949$1,107,367
Average interest-earning assets to average interest-bearing liabilities134.60 %138.06 %
Non-tax-equivalent
Net interest income$168,675$169,433
Interest rate spread3.28 %3.60 %
Net interest margin(3)
4.05 %4.22 %
Tax-equivalent(4)
Net interest income$170,135$170,677
Interest rate spread3.31 %3.63 %
Net interest margin(3)
4.08 %4.25 %
(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 $1,460 and $1,244 for the years ended December 31, 2024 and 2023, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the year ended December 31, 2024 increased $27.1 million, or 11.6%, compared to the year ended December 31, 2023, which was driven by a $25.0 million increase in loan interest income, a $1.1 million increase in interest income on other investments and interest-bearing accounts, and a $1.0 million increase in interest income on debt securities available for sale. Accretion income on acquired loans of $3.2 million and $2.1 million was recognized during the same periods, respectively, and was included in loan interest income.
Total interest expense for the year ended December 31, 2024 increased $27.9 million, or 42.9%, compared to the year ended December 31, 2023, the result of a $33.0 million, or 59.8%, increase in interest expense on deposits and a $5.3 million, or 58.4%, decrease in interest expense on borrowings. The increase in interest expense on deposits was primarily the result of both increases in the average cost of funds across funding sources and average deposits, while the decrease in interest expense on borrowings was the result of a decline in average borrowings outstanding.
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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$9,075 $15,972 $25,047 
Debt securities available for sale(467)1,475 1,008 
Other interest-earning assets574 506 1,080 
Total interest-earning assets9,182 17,953 27,135 
Interest-bearing liabilities
Interest-bearing checking accounts(346)1,316 970 
Money market accounts2,203 10,943 13,146 
Savings accounts(25)1 (24)
Certificate accounts8,673 10,258 18,931 
Junior subordinated debt113 13 126 
Borrowings(5,523)267 (5,256)
Total interest-bearing liabilities5,095 22,798 27,893 
Decrease in net interest income$(758)
Provision for Credit Losses.  The following table presents a breakdown of the components of the provision for credit losses:
Years Ended December 31,
(Dollars in thousands)20242023$ Change% Change
Provision for credit losses
Loans$7,460 $16,170 $(8,710)(54)%
Off-balance-sheet credit exposure85 (1,075)1,160 108 
Total provision for credit losses$7,545 $15,095 $(7,550)(50)%
For the year ended December 31, 2024, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $10.8 million during the period:
•$1.6 million benefit driven by changes in the loan mix.
•$0.7 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$1.0 million decrease in specific reserves on individually evaluated credits.
For the year ended December 31, 2023, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $6.7 million during the period:
•$4.9 million provision to establish an allowance on Quantum's loan portfolio.
•$1.4 million provision driven by changes in the loan mix.
•$2.1 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$1.1 million increase in specific reserves on individually evaluated credits.
For the years ended December 31, 2024 and December 31, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and the projected economic forecast as outlined above.

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Noninterest Income.  Noninterest income for the year ended December 31, 2024 increased $1.4 million, or 4.3%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:
Years Ended December 31,
(Dollars in thousands)20242023$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$9,165 $9,335 $(170)(2)%
Loan income and fees2,737 2,336 401 17 
Gain on sale of loans held for sale6,253 5,250 1,003 19 
BOLI income4,312 4,996 (684)(14)
Operating lease income7,346 6,107 1,239 20 
Gain (loss) on sale of premises and equipment(9)734 (743)(101)
Other3,645 3,315 330 10 
Total noninterest income$33,449 $32,073 $1,376 4 %
•Loan income and fees: The increase was primarily driven by loan servicing income associated with SBA loans.
•Gain on sale of loans held for sale: The increase was primarily driven by an increase in the premiums received on SBA loans sold during the current period. During the year ended December 31, 2024, there were $48.7 million of sales of the guaranteed portion of SBA commercial loans with gains of $3.9 million compared to $46.7 million sold with gains of $3.0 million during the prior year, with the improvement in profitability due to more favorable pricing on the secondary market. There were $95.4 million of HELOCs sold during the current period with gains of $887,000 compared to $104.0 million sold with gains of $873,000 in the prior year. There were $82.0 million of residential mortgages originated for sale sold with gains of $1.4 million compared to $69.3 million sold with gains of $1.1 million in the prior year. Lastly, our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in gains of $81,000 and $284,000 in the same periods, respectively.
•BOLI income: The decrease was primarily the result of a $1.5 million decrease in tax-free gains on death benefit proceeds in excess of the cash surrender value of the policies compared to the prior year, partially offset by the impact of higher yielding policies due to the partial restructuring of the portfolio at the end of the prior year.
•Operating lease income: The increase was the result of $2.1 million in additional contract earnings on a higher average outstanding balance of associated contracts, partially offset by an $805,000 increase in the valuation allowance against previously leased equipment.
•Gain (loss) on sale of premises and equipment: During the prior year, three properties were sold for a combined net gain of $734,000. No material disposal activity occurred during the year ended December 31, 2024.
Noninterest Expense.  Noninterest expense for the year ended December 31, 2024 increased $1.6 million, or 1.3%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:
Years Ended December 31,
(Dollars in thousands)20242023$ Change% Change
Noninterest expense
Salaries and employee benefits$67,900 $65,692 $2,208 3 %
Occupancy expense, net9,768 9,999 (231)(2)
Computer services12,506 12,388 118 1 
Operating lease depreciation expense7,734 5,406 2,328 43 
Telephone, postage and supplies2,253 2,545 (292)(11)
Marketing and advertising1,893 2,180 (287)(13)
Deposit insurance premiums2,230 2,580 (350)(14)
Core deposit intangible amortization2,463 3,184 (721)(23)
Merger-related expenses— 4,741 (4,741)(100)
Contract renewal consulting fee2,965 — 2,965 100 
Other14,956 14,374 582 4 
Total noninterest expense$124,668 $123,089 $1,579 1 %
•Salaries and employee benefits: The increase was primarily the result of pay increases, partially offset by reductions in incentive pay.
•Operating lease depreciation expense: The increase was due to a higher average outstanding balance of associated contracts.
•Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
•Merger-related expenses: The prior period included expenses associated with the Company's merger with Quantum. No such expenses were incurred in the year ended December 31, 2024.
•Contract renewal consulting fee: In the current quarter we paid a fee to a consultant to negotiate the multiyear renewal of our largest core processing contract.
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 rates for the year ended December 31, 2024 and 2023 were 21.6% and 21.0%, respectively.
7

Balance Sheet Review
Total assets decreased by $77.2 million to $4.6 billion and total liabilities decreased by $129.1 million to $4.0 billion at December 31, 2024 as compared to December 31, 2023. The majority of these changes were the result of an increase in deposits, which, combined with the collection of BOLI redemption proceeds and cash and cash equivalents, were used to pay down borrowings.
Stockholders' equity increased $51.9 million, or 10.4%, to $551.8 million at December 31, 2024 as compared to December 31, 2023. Activity within stockholders' equity included $54.8 million in net income and $5.9 million in stock-based compensation and stock option exercises, partially offset by $7.7 million in cash dividends declared.
As of December 31, 2024, 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 $45.3 million, or 1.24% of total loans, at December 31, 2024 compared to $48.6 million, or 1.34% of total loans, at December 31, 2023. The drivers of this change are discussed in the "Comparison of Results of Operations for the Years Ended December 31, 2024 and December 31, 2023 – Provision for Credit Losses" section above.
Net loan charge-offs totaled $10.8 million for the year ended December 31, 2024 compared to $6.7 million for the prior year. As discussed in previous quarters, the increase in net charge-offs has been concentrated in our equipment finance portfolio, primarily smaller over-the-road truck loans, with net charge-offs of $6.7 million during the year ended December 31, 2024. In response, during the first quarter of calendar year 2024 the Company elected to cease further originations within the transportation sector of equipment finance loans. Annualized net charge-offs as a percentage of average assets for the loan portfolio as a whole were 0.28% and 0.18% for the years ended December 31, 2024 and 2023, respectively.
Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $9.4 million, or 48.8%, to $28.8 million, or 0.63% of total assets, at December 31, 2024 compared to $19.3 million, or 0.41% of total assets, at December 31, 2023. Owner occupied commercial real estate ("CRE") made up the largest portion of nonperforming assets at $8.5 million and $912,000, respectively, at these same dates. Of the December 31, 2024 balance, one relationship made up $5.0 million of the total and a loss is not anticipated. In addition, equipment finance loans made up $4.7 million and $6.5 million, respectively, at these same dates, concentrated in the transportation sector consistent with the change in net charge-offs. The ratio of nonperforming loans to total loans was 0.76% at December 31, 2024 compared to 0.53% at December 31, 2023.
The ratio of classified assets to total assets increased to 1.06% at December 31, 2024 from 0.88% at December 31, 2023 as classified assets increased $7.6 million to $48.8 million at December 31, 2024 compared to $41.2 million at December 31, 2023. The largest portfolios of classified assets at December 31, 2024 included $11.3 million of non-owner occupied CRE loans, $9.2 million of SBA loans, $7.5 million of equipment finance loans, $6.7 million of 1-4 family residential real estate loans, $5.9 million of owner occupied CRE loans, and $4.7 million of revolving mortgages.
Lastly, in an effort to assist customers in their post-Hurricane Helene recovery and clean-up efforts, this quarter we granted payment deferrals of up to six months to provide short-term relief to impacted customers. The outstanding balance of these deferrals was $136.0 million at December 31, 2024. As of this same date, the Company maintained the prior quarter $2.2 million ACL allocation for the potential impact of the storm on this portion of our loan portfolio.
About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. is the holding company for the Bank. As of December 31, 2024, 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 (the Asheville metropolitan area, the "Piedmont" region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (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 involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects 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; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; 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 in the documents the Company files with or furnishes 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, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims 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)
December 31, 2024September 30, 2024June 30, 2024March 31, 2024
December 31, 2023(1)
Assets
Cash$18,778 $18,980 $18,382 $16,134 $18,307 
Interest-bearing deposits260,441 274,497 275,808 364,359 328,833 
Cash and cash equivalents279,219 293,477 294,190 380,493 347,140 
Certificates of deposit in other banks28,538 29,290 32,131 33,625 34,722 
Debt securities available for sale, at fair value152,011 140,552 134,135 120,807 126,950 
FHLB and FRB stock13,630 18,384 19,637 13,691 18,393 
SBIC investments, at cost15,117 15,489 15,462 14,568 13,789 
Loans held for sale, at fair value4,144 2,968 1,614 2,764 3,359 
Loans held for sale, at the lower of cost or fair value202,018 189,722 224,976 220,699 198,433 
Total loans, net of deferred loan fees and costs3,648,299 3,698,892 3,701,454 3,648,152 3,640,022 
Allowance for credit losses – loans(45,285)(48,131)(49,223)(47,502)(48,641)
Loans, net3,603,014 3,650,761 3,652,231 3,600,650 3,591,381 
Premises and equipment, net69,872 69,603 69,880 70,588 70,937 
Accrued interest receivable18,336 17,523 18,412 16,944 16,902 
Deferred income taxes, net10,735 10,100 10,512 11,222 11,796 
BOLI90,868 90,021 89,176 88,369 88,257 
Goodwill34,111 34,111 34,111 34,111 34,111 
Core deposit intangibles, net6,595 7,162 7,730 8,297 9,059 
Other assets67,222 68,130 66,667 67,183 107,404 
Total assets$4,595,430 $4,637,293 $4,670,864 $4,684,011 $4,672,633 
Liabilities and stockholders' equity
Liabilities
Deposits$3,779,203 $3,761,588 $3,707,779 $3,799,807 $3,661,373 
Junior subordinated debt10,120 10,096 10,070 10,045 10,021 
Borrowings188,000 260,013 364,513 291,513 433,763 
Other liabilities66,349 65,592 64,874 69,473 67,583 
Total liabilities4,043,672 4,097,289 4,147,236 4,170,838 4,172,740 
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)
175 175 175 175 174 
Additional paid in capital176,693 175,495 172,907 172,919 172,366 
Retained earnings380,541 368,383 357,147 346,598 333,401 
Unearned Employee Stock Ownership Plan ("ESOP") shares(3,966)(4,099)(4,232)(4,364)(4,497)
Accumulated other comprehensive income (loss)(1,685)50 (2,369)(2,155)(1,551)
Total stockholders' equity551,758 540,004 523,628 513,173 499,893 
Total liabilities and stockholders' equity$4,595,430 $4,637,293 $4,670,864 $4,684,011 $4,672,633 
(1)Derived from audited financial statements.
(2)Shares of common stock issued and outstanding were 17,527,709 at December 31, 2024; 17,514,922 at September 30, 2024; 17,437,326 at June 30, 2024; 17,444,787 at March 31, 2024; and 17,387,069 at December 31, 2023.

9

Consolidated Statements of Income (Unaudited)
Three Months EndedYears Ended
(Dollars in thousands)
December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Interest and dividend income
Loans$62,224 $63,305 $247,642 $222,595 
Debt securities available for sale1,621 1,616 6,045 5,037 
Other investments and interest-bearing deposits2,353 1,728 7,929 6,849 
Total interest and dividend income66,198 66,649 261,616 234,481 
Interest expense
Deposits22,574 23,692 88,267 55,244 
Junior subordinated debt223 235 928 802 
Borrowings196 648 3,746 9,002 
Total interest expense22,993 24,575 92,941 65,048 
Net interest income43,205 42,074 168,675 169,433 
Provision (benefit) for credit losses (855)2,975 7,545 15,095 
Net interest income after provision (benefit) for credit losses44,060 39,099 161,130 154,338 
Noninterest income  
Service charges and fees on deposit accounts2,326 2,336 9,165 9,335 
Loan income and fees728 684 2,737 2,336 
Gain on sale of loans held for sale1,068 1,900 6,253 5,250 
BOLI income842 828 4,312 4,996 
Operating lease income2,259 1,637 7,346 6,107 
Gain (loss) on sale of premises and equipment— — (9)734 
Other1,020 897 3,645 3,315 
Total noninterest income8,243 8,282 33,449 32,073 
Noninterest expense  
Salaries and employee benefits17,234 17,082 67,900 65,692 
Occupancy expense, net2,476 2,436 9,768 9,999 
Computer services3,110 3,192 12,506 12,388 
Operating lease depreciation expense2,068 2,101 7,734 5,406 
Telephone, postage and supplies541 547 2,253 2,545 
Marketing and advertising234 408 1,893 2,180 
Deposit insurance premiums556 589 2,230 2,580 
Core deposit intangible amortization567 567 2,463 3,184 
Merger-related expenses— — — 4,741 
Contract renewal consulting fee2,965 — 2,965 — 
Other4,258 3,663 14,956 14,374 
Total noninterest expense34,009 30,585 124,668 123,089 
Income before income taxes18,294 16,796 69,911 63,322 
Income tax expense4,086 3,684 15,106 13,278 
Net income$14,208 $13,112 $54,805 $50,044 



10

Per Share Data
Three Months Ended Years Ended
December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Net income per common share(1)
Basic$0.83 $0.77 $3.21 $2.98 
Diluted$0.83 $0.76 $3.20 $2.97 
Average shares outstanding
Basic16,983,751 16,931,793 16,914,741 16,604,881 
Diluted17,084,943 17,027,824 16,977,330 16,622,381 
Book value per share at end of period$31.48 $30.83 $31.48 $28.75 
Tangible book value per share at end of period(2)
$29.24 $28.57 $29.24 $26.39 
Cash dividends declared per common share$0.12 $0.11 $0.45 $0.41 
Total shares outstanding at end of period17,527,709 17,514,922 17,527,709 17,387,069 
(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 EndedYears Ended
December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Performance ratios(1)
Return on assets (ratio of net income to average total assets)1.27 %1.17 %1.23 %1.17 %
Return on equity (ratio of net income to average equity)10.32 9.76 10.37 10.62 
Yield on earning assets6.27 6.34 6.28 5.84 
Rate paid on interest-bearing liabilities2.94 3.12 3.00 2.24 
Average interest rate spread3.33 3.22 3.28 3.60 
Net interest margin(2)
4.09 4.00 4.05 4.22 
Average interest-earning assets to average interest-bearing liabilities134.81 133.71 134.60 138.06 
Noninterest expense to average total assets3.03 2.73 2.81 2.87 
Efficiency ratio66.10 60.74 61.68 61.08 
Efficiency ratio – adjusted(3)
59.89 60.30 60.12 59.36 
(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
December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Asset quality ratios
Nonperforming assets to total assets(1)
0.63 %0.64 %0.54 %0.43 %0.41 %
Nonperforming loans to total loans(1)
0.76 0.78 0.68 0.55 0.53 
Total classified assets to total assets1.06 0.99 0.91 0.80 0.88 
Allowance for credit losses to nonperforming loans(1)
163.68 166.51 194.80 235.18 251.60 
Allowance for credit losses to total loans1.24 1.30 1.33 1.30 1.34 
Net charge-offs to average loans (annualized)0.19 0.42 0.27 0.24 0.29 
Capital ratios
Equity to total assets at end of period12.01 %11.64 %11.21 %10.96 %10.70 %
Tangible equity to total tangible assets(2)
11.25 10.88 10.44 10.18 9.91 
Average equity to average assets12.28 12.02 11.78 11.51 11.03 
(1)Nonperforming assets include nonaccruing loans and REO. There were no accruing loans more than 90 days past due at the dates indicated. At December 31, 2024, $13.0 million, or 47.1%, of nonaccruing loans were current on their loan payments.
(2)See Non-GAAP reconciliations below for adjustments.
11

Loans
(Dollars in thousands)
December 31, 2024September 30, 2024June 30, 2024
March 31, 2024
December 31, 2023
Commercial real estate loans
Construction and land development$274,356 $300,905 $316,050 $304,727 $305,269 
Commercial real estate – owner occupied545,490 544,689 545,631 532,547 536,545 
Commercial real estate – non-owner occupied866,094 881,340 892,653 881,143 875,694 
Multifamily120,425 114,155 92,292 89,692 88,623 
Total commercial real estate loans1,806,365 1,841,089 1,846,626 1,808,109 1,806,131 
Commercial loans
Commercial and industrial316,159 286,809 266,136 243,732 237,255 
Equipment finance406,400 443,033 461,010 462,649 465,573 
Municipal leases165,984 158,560 152,509 151,894 150,292 
Total commercial loans888,543 888,402 879,655 858,275 853,120 
Residential real estate loans
Construction and land development53,683 63,016 70,679 85,840 96,646 
One-to-four family630,391 627,845 621,196 605,570 584,405 
HELOCs195,288 194,909 188,465 184,274 185,878 
Total residential real estate loans879,362 885,770 880,340 875,684 866,929 
Consumer loans74,029 83,631 94,833 106,084 113,842 
Total loans, net of deferred loan fees and costs3,648,299 3,698,892 3,701,454 3,648,152 3,640,022 
Allowance for credit losses – loans(45,285)(48,131)(49,223)(47,502)(48,641)
Loans, net$3,603,014 $3,650,761 $3,652,231 $3,600,650 $3,591,381 
Deposits
(Dollars in thousands)
December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Core deposits
Noninterest-bearing accounts$680,926 $684,501 $683,346 $773,901 $784,950 
NOW accounts575,238 534,517 561,789 600,561 591,270 
Money market accounts1,341,995 1,345,289 1,311,940 1,308,467 1,246,807 
Savings accounts181,317 179,762 185,499 191,302 194,486 
Total core deposits2,779,476 2,744,069 2,742,574 2,874,231 2,817,513 
Certificates of deposit999,727 1,017,519 965,205 925,576 843,860 
Total$3,779,203 $3,761,588 $3,707,779 $3,799,807 $3,661,373 

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 EndedYears Ended
(Dollars in thousands)December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Noninterest expense$34,009 $30,585 $124,668 $123,089 
Less: merger-related expenses— — — 4,741 
Less: contract renewal consulting fee2,965 — 2,965 — 
Noninterest expense – adjusted$31,044 $30,585 $121,703 $118,348 
Net interest income$43,205 $42,074 $168,675 $169,433 
Plus: tax-equivalent adjustment389 368 1,460 1,244 
Plus: noninterest income8,243 8,282 33,449 32,073 
Less: BOLI death benefit proceeds in excess of cash surrender value— — 1,143 2,646 
Less: gain (loss) on sale of premises and equipment— — (9)734 
Net interest income plus noninterest income – adjusted$51,837 $50,724 $202,450 $199,370 
Efficiency ratio66.10 %60.74 %61.68 %61.08 %
Efficiency ratio – adjusted59.89 %60.30 %60.12 %59.36 %
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)December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Total stockholders' equity$551,758 $540,004 $523,628 $513,173 $499,893 
Less: goodwill, core deposit intangibles, net of taxes39,189 39,626 40,063 40,500 41,086 
Tangible book value$512,569 $500,378 $483,565 $472,673 $458,807 
Common shares outstanding17,527,709 17,514,922 17,437,326 17,444,787 17,387,069 
Book value per share$31.48 $30.83 $30.03 $29.42 $28.75 
Tangible book value per share$29.24 $28.57 $27.73 $27.10 $26.39 
Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:
As of
(Dollars in thousands)December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Tangible equity(1)
$512,569 $500,378 $483,565 $472,673 $458,807 
Total assets4,595,430 4,637,293 4,670,864 4,684,011 4,672,633 
Less: goodwill, core deposit intangibles, net of taxes39,189 39,626 40,063 40,500 41,086 
Total tangible assets$4,556,241 $4,597,667 $4,630,801 $4,643,511 $4,631,547 
Tangible equity to tangible assets11.25 %10.88 %10.44 %10.18 %9.91 %
(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
v3.24.4
Document and Entity Information
Jan. 23, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 23, 2025
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
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