HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding
company of HomeTrust Bank ("Bank"), today announced preliminary net
income for the third quarter of fiscal year 2023 and approval of
its quarterly cash dividend.
Results for the quarter ended March 31, 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 $4.7 million and $5.5 million were
recognized during the three and nine months ended March 31, 2023,
while a $5.3 million provision for credit losses was recognized
during the three months ended March 31, 2023 to establish
allowances for credit losses on both Quantum's loan portfolio and
off-balance-sheet credit exposure. Quantum's scheduled core system
conversion was completed in March.
For the quarter ended March 31, 2023 compared to
the quarter ended December 31, 2022:
- net income was $6.7 million compared
to $13.7 million;
- diluted earnings per share ("EPS") was
$0.40 compared to $0.90;
- annualized return on assets ("ROA")
was 0.69% compared to 1.54%;
- annualized return on equity ("ROE")
was 6.21% compared to 13.37%;
- net interest income was $41.5 million
compared to $37.5 million;
- net interest margin was 4.55% compared
to 4.53%;
- provision for credit losses was $8.8
million compared to $2.2 million;
- noninterest income was $8.3 million
compared to $8.5 million;
- net organic loan growth was $104.1
million, or 14.2% annualized, compared to $121.9 million, or 17.4%
annualized; and
- quarterly cash
dividends of $0.10 per share totaling $1.7 million compared to $1.5
million.
For the nine months ended March 31, 2023
compared to the nine months ended March 31, 2022:
- net income was $29.6 million compared
to $29.6 million;
- diluted EPS was $1.90 compared to
$1.84;
- annualized ROA was 1.07% compared to
1.12%;
- annualized ROE was 9.52% compared to
9.91%;
- net interest income was $113.5 million
compared to $81.9 million;
- net interest margin was 4.40% compared
to 3.34%;
- provision for credit losses was $15.0
million compared to a net benefit of $4.0 million;
- noninterest income was $24.2 million
compared to $29.4 million;
- net organic loan growth was $307.8
million, or 15.1% annualized, compared to $34.9 million, or 1.8%
annualized; and
- cash dividends of
$0.29 per share totaling $4.5 million compared to $0.26 per share
totaling $4.1 million.
The unrealized loss on our available for sale
investment portfolio was $3.9 million, or 2.5% of book value,
compared to $3.1 million, or 2.4% of book value as of March 31,
2023 and June 30, 2022, respectively. No held to maturity
securities were held as of either date.
The Company also announced today that its Board
of Directors declared a quarterly cash dividend of $0.10 per common
share payable on June 1, 2023 to shareholders of record as of the
close of business on May 18, 2023.
“We are pleased with the continuation of our
strong core financial results in spite of industry headwinds and
expenses related to our merger with Quantum,” said Hunter
Westbrook, President and Chief Executive Officer. “Our
well-positioned balance sheet allowed us to continue benefiting
from the rising interest rate environment, resulting in the
expansion of our net interest margin to 4.55% for the quarter.
While we intend to take a prudent approach by limiting loan growth
in the coming quarters, credit quality remains strong with
nonperforming classified credits at historically low levels.
“The liquidity and tangible common equity
concerns experienced by some institutions are not significant risks
to HomeTrust. Overall, our deposit portfolio has remained steady
with a diverse depositor base including urban and rural areas over
parts of five states. Our average deposit account balance is just
$33,000 and only 20% of our deposits are uninsured. In addition, we
continue to maintain a short duration investment portfolio which
has benefited our net interest margin as rates have risen and
prevented any large unrealized losses that could have eroded our
equity.
“Lastly, we were excited to welcome the
customers and talented group of bankers from Quantum to the
HomeTrust team this quarter. With this merger behind us, we look
forward to working together to increase shareholder value.”
WEBSITE: WWW.HTB.COM
Comparison of Results of Operations for the
Three Months Ended March 31, 2023
and December 31, 2022
Net Income. Net income
totaled $6.7 million, or $0.40 per diluted share, for the three
months ended March 31, 2023 compared to net income of $13.7
million, or $0.90 per diluted share, for the three months ended
December 31, 2022, a decrease of $7.0 million, or 50.7%. The
results for the three months ended March 31, 2023 were negatively
impacted by increases of $6.5 million in the provision for credit
losses and $6.8 million in noninterest expense, partially offset by
a $4.0 million increase in net interest income. These changes were
primarily related to the merger with Quantum completed this
quarter. 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 |
|
March 31, 2023 |
|
December 31, 2022 |
(Dollars in thousands) |
AverageBalanceOutstanding |
|
InterestEarned
/Paid |
|
Yield /Rate |
|
AverageBalanceOutstanding |
|
InterestEarned
/Paid |
|
Yield /Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1) |
$ |
3,413,641 |
|
|
$ |
47,908 |
|
|
5.69 |
% |
|
$ |
2,999,207 |
|
|
$ |
38,995 |
|
|
5.16 |
% |
Commercial paper |
|
— |
|
|
|
— |
|
|
— |
|
|
|
34,487 |
|
|
|
184 |
|
|
2.12 |
|
Debt securities available for sale |
|
156,778 |
|
|
|
1,183 |
|
|
3.06 |
|
|
|
167,818 |
|
|
|
1,151 |
|
|
2.72 |
|
Other interest-earning assets(2) |
|
124,120 |
|
|
|
1,575 |
|
|
5.15 |
|
|
|
86,430 |
|
|
|
1,072 |
|
|
4.92 |
|
Total interest-earning assets |
|
3,694,539 |
|
|
|
50,666 |
|
|
5.56 |
|
|
|
3,287,942 |
|
|
|
41,402 |
|
|
5.00 |
|
Other assets |
|
253,746 |
|
|
|
|
|
|
|
236,159 |
|
|
|
|
|
Total assets |
$ |
3,948,285 |
|
|
|
|
|
|
$ |
3,524,101 |
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
645,011 |
|
|
$ |
976 |
|
|
0.61 |
% |
|
$ |
627,548 |
|
|
$ |
571 |
|
|
0.36 |
% |
Money market accounts |
|
1,133,415 |
|
|
|
4,338 |
|
|
1.55 |
|
|
|
954,007 |
|
|
|
1,935 |
|
|
0.80 |
|
Savings accounts |
|
230,820 |
|
|
|
48 |
|
|
0.08 |
|
|
|
236,027 |
|
|
|
45 |
|
|
0.08 |
|
Certificate accounts |
|
515,326 |
|
|
|
2,502 |
|
|
1.97 |
|
|
|
444,845 |
|
|
|
1,052 |
|
|
0.94 |
|
Total interest-bearing deposits |
|
2,524,572 |
|
|
|
7,864 |
|
|
1.26 |
|
|
|
2,262,427 |
|
|
|
3,603 |
|
|
0.63 |
|
Junior subordinated debt |
|
5,299 |
|
|
|
109 |
|
|
8.34 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Borrowings |
|
98,400 |
|
|
|
1,239 |
|
|
5.11 |
|
|
|
26,063 |
|
|
|
254 |
|
|
3.87 |
|
Total interest-bearing liabilities |
|
2,628,271 |
|
|
|
9,212 |
|
|
1.42 |
|
|
|
2,288,490 |
|
|
|
3,857 |
|
|
0.67 |
|
Noninterest-bearing deposits |
|
830,510 |
|
|
|
|
|
|
|
785,785 |
|
|
|
|
|
Other liabilities |
|
49,674 |
|
|
|
|
|
|
|
44,333 |
|
|
|
|
|
Total liabilities |
|
3,508,455 |
|
|
|
|
|
|
|
3,118,608 |
|
|
|
|
|
Stockholders' equity |
|
439,830 |
|
|
|
|
|
|
|
405,493 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
3,948,285 |
|
|
|
|
|
|
$ |
3,524,101 |
|
|
|
|
|
Net earning assets |
$ |
1,066,268 |
|
|
|
|
|
|
$ |
999,452 |
|
|
|
|
|
Average interest-earning assets to average interest-bearing
liabilities |
|
140.57 |
% |
|
|
|
|
|
|
143.67 |
% |
|
|
|
|
Non-tax-equivalent |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
41,454 |
|
|
|
|
|
|
$ |
37,545 |
|
|
|
Interest rate spread |
|
|
|
|
4.14 |
% |
|
|
|
|
|
4.33 |
% |
Net interest margin(3) |
|
|
|
|
4.55 |
% |
|
|
|
|
|
4.53 |
% |
Tax-equivalent(4) |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
41,744 |
|
|
|
|
|
|
$ |
37,832 |
|
|
|
Interest rate spread |
|
|
|
|
4.17 |
% |
|
|
|
|
|
4.36 |
% |
Net interest margin(3) |
|
|
|
|
4.58 |
% |
|
|
|
|
|
4.56 |
% |
(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) |
Interest income used in the average interest earned and yield
calculation includes the tax equivalent adjustment of $290 and $287
for the three months ended March 31, 2023 and December 31, 2022,
respectively, calculated based on a combined federal and state tax
rate of 24%. |
Total interest and dividend income for the three
months ended March 31, 2023 increased $9.3 million, or 22.4%,
compared to the three months ended December 31, 2022, which was
driven by a $8.9 million, or 22.9%, increase in interest income on
loans. Accretion income on acquired loans of $353,000 and $195,000
was recognized during the same periods, respectively, and was
included in interest income on loans. Beyond accretion income, the
increase was driven by a continued increase in the average yield on
loans and the inclusion of Quantum's loan portfolio for roughly
half a quarter.
Total interest expense for the three months
ended March 31, 2023 increased $5.4 million, or 138.8%, compared to
the three months ended December 31, 2022. The increase was the
result of increases in the average cost of funds across funding
sources, an increase in average deposits outstanding and the
inclusion of junior subordinated debt assumed from Quantum.
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 |
|
TotalIncrease
/(Decrease) |
(Dollars in thousands) |
Volume |
|
Rate |
|
Interest-earning assets |
|
|
|
|
|
Loans receivable |
$ |
4,324 |
|
|
$ |
4,589 |
|
|
$ |
8,913 |
|
Commercial paper |
|
(184 |
) |
|
|
— |
|
|
|
(184 |
) |
Debt securities available for sale |
|
(102 |
) |
|
|
134 |
|
|
|
32 |
|
Other interest-earning assets |
|
432 |
|
|
|
71 |
|
|
|
503 |
|
Total interest-earning assets |
|
4,470 |
|
|
|
4,794 |
|
|
|
9,264 |
|
Interest-bearing liabilities |
|
|
|
|
|
Interest-bearing checking accounts |
|
(6 |
) |
|
|
411 |
|
|
|
405 |
|
Money market accounts |
|
267 |
|
|
|
2,136 |
|
|
|
2,403 |
|
Savings accounts |
|
(2 |
) |
|
|
5 |
|
|
|
3 |
|
Certificate accounts |
|
111 |
|
|
|
1,339 |
|
|
|
1,450 |
|
Junior subordinated debt |
|
109 |
|
|
|
— |
|
|
|
109 |
|
Borrowings |
|
677 |
|
|
|
308 |
|
|
|
985 |
|
Total interest-bearing liabilities |
|
1,156 |
|
|
|
4,199 |
|
|
|
5,355 |
|
Net increase in interest income |
|
|
|
|
$ |
3,909 |
|
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 for credit losses:
|
Three Months Ended |
|
|
(Dollars in thousands) |
March 31,2023 |
|
December 31,2022 |
|
$ Change |
|
% Change |
Provision for credit losses |
|
|
|
|
|
|
|
Loans |
$ |
8,360 |
|
|
$ |
2,425 |
|
|
$ |
5,935 |
|
|
245 |
% |
Off-balance-sheet credit exposure |
|
400 |
|
|
|
(85 |
) |
|
|
485 |
|
|
571 |
|
Commercial paper |
|
— |
|
|
|
(100 |
) |
|
|
100 |
|
|
100 |
|
Total provision for credit losses |
$ |
8,760 |
|
|
$ |
2,240 |
|
|
$ |
6,520 |
|
|
291 |
% |
For the quarter ended March 31, 2023, the
"loans" portion of the provision for credit losses was 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 December 31, 2022, the
"loans" portion of the provision for credit losses was the result
of the following, offset by net charge-offs of $1.9 million during
the quarter:
- $1.6 million
provision driven by loan growth and changes in the loan mix.
- $0.4 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 quarter.
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. For the
quarter ended December 31, 2022, the change was the result of
changes in the balance of loan commitments as well as changes in
the loan mix and changes in the projected economic forecast
outlined above.
Noninterest
Income. Noninterest income for the three months ended
March 31, 2023 decreased $0.1 million, or 1.7%, when compared to
the quarter ended December 31, 2022. Changes in the components of
noninterest income are discussed below:
|
Three Months Ended |
|
|
(Dollars in thousands) |
March 31,2023 |
|
December 31,2022 |
|
$ Change |
|
% Change |
Noninterest income |
|
|
|
|
|
|
|
Service charges and fees on deposit accounts |
$ |
2,256 |
|
|
$ |
2,523 |
|
|
$ |
(267 |
) |
|
(11 |
)% |
Loan income and fees |
|
562 |
|
|
|
647 |
|
|
|
(85 |
) |
|
(13 |
) |
Gain on sale of loans held for sale |
|
1,811 |
|
|
|
1,102 |
|
|
|
709 |
|
|
64 |
|
BOLI income |
|
522 |
|
|
|
494 |
|
|
|
28 |
|
|
6 |
|
Operating lease income |
|
1,505 |
|
|
|
1,156 |
|
|
|
349 |
|
|
30 |
|
Gain (loss) on sale of premises and equipment |
|
900 |
|
|
|
1,127 |
|
|
|
(227 |
) |
|
(20 |
) |
Other |
|
754 |
|
|
|
1,405 |
|
|
|
(651 |
) |
|
(46 |
) |
Total noninterest income |
$ |
8,310 |
|
|
$ |
8,454 |
|
|
$ |
(144 |
) |
|
(2 |
)% |
-
Gain on sale of loans held for sale: The increase in the gain on
sale of loans held for sale was primarily driven by an increase in
volume of SBA loans sold during the period. During the quarter
ended March 31, 2023, there were $16.6 million in sales of the
guaranteed portion of SBA commercial loans with gains of $1.2
million compared to $8.2 million sold and gains of $568,000 for the
quarter ended December 31, 2022. There were $6.4 million of
residential mortgage loans originated for sale which were sold
during the current quarter with gains of $147,000 compared to $7.3
million sold with gains of $183,000 in the prior quarter. There
were $35.2 million of home equity lines of credit ("HELOCs") sold
during the current quarter for a gain of $354,000 compared to $41.4
million sold and gains of $340,000 in the prior quarter.
- Operating lease
income: The increase in operating lease income was the result of a
net gain of $17,000 at the end of operating leases for the quarter
ended March 31, 2023 versus a net loss of $337,000 for the quarter
ended December 31, 2022.
- Gain (loss) on
sale of premises and equipment: During the quarter ended March 31,
2023, one property was sold for a gain of $900,000. During the
quarter ended December 31, 2022, two properties were sold for a
combined gain of $1.6 million, partially offset by additional
impairment of $420,000 on premises and equipment associated with
prior branch closures.
- Other: The
decrease in other income was driven by a $721,000 gain recognized
during the quarter ended December 31, 2022 on the sale of closely
held equity securities which the Company obtained through a prior
bank acquisition. No such sales occurred during the quarter ended
March 31, 2023.
Noninterest
Expense. Noninterest expense for the three months
ended March 31, 2023 increased $6.8 million, or 25.9%, when
compared to the three months ended December 31, 2022. Changes in
the components of noninterest expense are discussed below:
|
Three Months Ended |
|
|
(Dollars in thousands) |
March 31,2023 |
|
December 31,2022 |
|
$ Change |
|
% Change |
Noninterest expense |
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
16,246 |
|
|
$ |
14,484 |
|
|
$ |
1,762 |
|
|
12 |
% |
Occupancy expense, net |
|
2,467 |
|
|
|
2,428 |
|
|
|
39 |
|
|
2 |
|
Computer services |
|
2,911 |
|
|
|
2,796 |
|
|
|
115 |
|
|
4 |
|
Telephone, postage and supplies |
|
613 |
|
|
|
575 |
|
|
|
38 |
|
|
7 |
|
Marketing and advertising |
|
372 |
|
|
|
481 |
|
|
|
(109 |
) |
|
(23 |
) |
Deposit insurance premiums |
|
612 |
|
|
|
546 |
|
|
|
66 |
|
|
12 |
|
Core deposit intangible amortization |
|
606 |
|
|
|
26 |
|
|
|
580 |
|
|
2,231 |
|
Merger-related expenses |
|
4,741 |
|
|
|
250 |
|
|
|
4,491 |
|
|
1,796 |
|
Other |
|
4,265 |
|
|
|
4,490 |
|
|
|
(225 |
) |
|
(5 |
) |
Total noninterest expense |
$ |
32,833 |
|
|
$ |
26,076 |
|
|
$ |
6,757 |
|
|
26 |
% |
-
Salaries and employee benefits: The increase in salaries and
employee benefits expense is primarily the result of the inclusion
of Quantum employees for half a quarter, partially offset by lower
mortgage banking incentive pay as a result of the reduction in the
volume of originations due to rising interest rates.
- Core deposit
intangible amortization: The increase in amortization expense is a
result of a $12.2 million core deposit intangible associated with
the Company's merger with Quantum, which will be amortized on an
accelerated basis over ten years.
- Merger-related
expenses: With the closing of the Company's merger with Quantum,
merger-related expenses increased both in anticipation of and after
the closing. The most significant expenses incurred included the
payout of severance and employment contracts, professional fees,
termination of prior contracts, and conversion of IT systems which
occurred during the quarter.
Income Taxes. The amount
of income tax expense is influenced by the amount of pre-tax
income, the amount of tax-exempt income, changes in the statutory
rate, and the effect of changes in valuation allowances maintained
against deferred tax benefits. Income tax expense for the three
months ended March 31, 2023 decreased $2.6 million as a result of
lower pre-tax income and permanent tax differences associated with
employee stock options recognized during the current quarter.
Comparison of Results of Operations for
the Nine Months Ended March 31,
2023 and March 31,
2022
Net Income. Net income
totaled $29.6 million, or $1.90 per diluted share, for the nine
months ended March 31, 2023 compared to net income of $29.6
million, or $1.84 per diluted share, for the nine months ended
March 31, 2022, a decrease of $37,000, or 0.1%. The results for the
nine months ended March 31, 2023 were negatively impacted by an
increase of $19.0 million in the provision for credit losses, a
$5.2 million decrease in noninterest income, and a $7.4 million
increase in noninterest expense driven by $5.5 million in
merger-related expenses, partially offset by a $31.6 million
increase in net interest income. 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.
|
Nine Months Ended |
|
March 31, 2023 |
|
March 31, 2022 |
(Dollars in thousands) |
AverageBalanceOutstanding |
|
InterestEarned
/Paid |
|
Yield /Rate |
|
AverageBalanceOutstanding |
|
InterestEarned
/Paid |
|
Yield /Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1) |
$ |
3,095,358 |
|
|
$ |
120,148 |
|
|
5.17 |
% |
|
$ |
2,810,240 |
|
|
$ |
81,440 |
|
|
3.86 |
% |
Commercial paper |
|
83,506 |
|
|
|
1,300 |
|
|
2.07 |
|
|
|
211,739 |
|
|
|
869 |
|
|
0.55 |
|
Debt securities available for sale |
|
153,178 |
|
|
|
3,012 |
|
|
2.62 |
|
|
|
124,053 |
|
|
|
1,319 |
|
|
1.42 |
|
Other interest-earning assets(2) |
|
108,007 |
|
|
|
3,535 |
|
|
4.36 |
|
|
|
121,936 |
|
|
|
2,360 |
|
|
2.58 |
|
Total interest-earning assets |
|
3,440,049 |
|
|
|
127,995 |
|
|
4.96 |
|
|
|
3,267,968 |
|
|
|
85,988 |
|
|
3.51 |
|
Other assets |
|
244,271 |
|
|
|
|
|
|
|
259,535 |
|
|
|
|
|
Total assets |
$ |
3,684,320 |
|
|
|
|
|
|
$ |
3,527,503 |
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
642,217 |
|
|
$ |
1,814 |
|
|
0.38 |
% |
|
$ |
640,194 |
|
|
$ |
1,038 |
|
|
0.22 |
% |
Money market accounts |
|
1,017,663 |
|
|
|
6,794 |
|
|
0.89 |
|
|
|
1,002,542 |
|
|
|
1,056 |
|
|
0.14 |
|
Savings accounts |
|
235,312 |
|
|
|
137 |
|
|
0.08 |
|
|
|
224,664 |
|
|
|
120 |
|
|
0.07 |
|
Certificate accounts |
|
478,712 |
|
|
|
4,117 |
|
|
1.15 |
|
|
|
447,623 |
|
|
|
1,814 |
|
|
0.54 |
|
Total interest-bearing deposits |
|
2,373,904 |
|
|
|
12,862 |
|
|
0.72 |
|
|
|
2,315,023 |
|
|
|
4,028 |
|
|
0.23 |
|
Junior subordinated debt |
|
1,741 |
|
|
|
109 |
|
|
8.34 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Borrowings |
|
41,585 |
|
|
|
1,505 |
|
|
4.82 |
|
|
|
48,894 |
|
|
|
45 |
|
|
0.12 |
|
Total interest-bearing liabilities |
|
2,417,230 |
|
|
|
14,476 |
|
|
0.80 |
|
|
|
2,363,917 |
|
|
|
4,073 |
|
|
0.23 |
|
Noninterest-bearing deposits |
|
805,555 |
|
|
|
|
|
|
|
719,872 |
|
|
|
|
|
Other liabilities |
|
47,544 |
|
|
|
|
|
|
|
45,443 |
|
|
|
|
|
Total liabilities |
|
3,270,329 |
|
|
|
|
|
|
|
3,129,232 |
|
|
|
|
|
Stockholders' equity |
|
413,991 |
|
|
|
|
|
|
|
398,271 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
3,684,320 |
|
|
|
|
|
|
$ |
3,527,503 |
|
|
|
|
|
Net earning assets |
$ |
1,022,819 |
|
|
|
|
|
|
$ |
904,051 |
|
|
|
|
|
Average interest-earning assets to average interest-bearing
liabilities |
|
142.31 |
% |
|
|
|
|
|
|
138.24 |
% |
|
|
|
|
Non-tax-equivalent |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
113,519 |
|
|
|
|
|
|
$ |
81,915 |
|
|
|
Interest rate spread |
|
|
|
|
4.16 |
% |
|
|
|
|
|
3.28 |
% |
Net interest margin(3) |
|
|
|
|
4.40 |
% |
|
|
|
|
|
3.34 |
% |
Tax-equivalent |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
114,383 |
|
|
|
|
|
|
$ |
82,852 |
|
|
|
Interest rate spread |
|
|
|
|
4.19 |
% |
|
|
|
|
|
3.31 |
% |
Net interest margin(3) |
|
|
|
|
4.43 |
% |
|
|
|
|
|
3.38 |
% |
(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) |
Interest income used in the average interest earned and yield
calculation includes the tax equivalent adjustment of $864 and $937
for the nine months ended March 31, 2023 and March 31, 2022,
respectively, calculated based on a combined federal and state tax
rate of 24%. |
Total interest and dividend income for the nine
months ended March 31, 2023 increased $42.0 million, or 48.9%,
compared to the nine months ended March 31, 2022, which was driven
by a $38.7 million, or 47.5%, increase in interest income on loans,
a combined increase of $2.1 million, or 97.4%, in interest income
on commercial paper and debt securities available for sale, and an
increase of $1.2 million, or 49.8%, in interest income on other
interest-earning assets. The overall increase in average yield on
interest-earning assets and rate paid on liabilities was the result
of rising interest rates. Specific to debt securities available for
sale, the Company has intentionally maintained a relatively
short-term duration portfolio which has allowed, and will continue
to allow, the Company to take advantage of rising rates when
reinvesting the proceeds of maturing instruments.
Total interest expense for the nine months ended
March 31, 2023 increased $10.4 million, or 255.4%, compared to the
nine months ended March 31, 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 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 |
|
TotalIncrease
/(Decrease) |
(Dollars in thousands) |
Volume |
|
Rate |
|
Interest-earning assets |
|
|
|
|
|
Loans receivable |
$ |
8,263 |
|
|
$ |
30,445 |
|
|
$ |
38,708 |
|
Commercial paper |
|
(526 |
) |
|
|
957 |
|
|
|
431 |
|
Debt securities available for sale |
|
310 |
|
|
|
1,383 |
|
|
|
1,693 |
|
Other interest-earning assets |
|
(270 |
) |
|
|
1,445 |
|
|
|
1,175 |
|
Total interest-earning assets |
|
7,777 |
|
|
|
34,230 |
|
|
|
42,007 |
|
Interest-bearing liabilities |
|
|
|
|
|
Interest-bearing checking accounts |
|
3 |
|
|
|
773 |
|
|
|
776 |
|
Money market accounts |
|
16 |
|
|
|
5,722 |
|
|
|
5,738 |
|
Savings accounts |
|
6 |
|
|
|
11 |
|
|
|
17 |
|
Certificate accounts |
|
126 |
|
|
|
2,177 |
|
|
|
2,303 |
|
Junior subordinated debt |
|
109 |
|
|
|
— |
|
|
|
109 |
|
Borrowings |
|
(7 |
) |
|
|
1,467 |
|
|
|
1,460 |
|
Total interest-bearing liabilities |
|
253 |
|
|
|
10,150 |
|
|
|
10,403 |
|
Net increase in interest income |
|
|
|
|
$ |
31,604 |
|
Provision (Benefit) for Credit
Losses. The following table presents a breakdown of
the components of the provision (benefit) for credit losses:
|
Nine Months Ended |
|
|
(Dollars in thousands) |
March 31,2023 |
|
March 31,2022 |
|
$ Change |
|
% Change |
Provision (benefit) for credit losses |
|
|
|
|
|
|
|
Loans |
$ |
14,479 |
|
|
$ |
(4,415 |
) |
|
$ |
18,894 |
|
|
428 |
% |
Off-balance-sheet credit exposure |
|
758 |
|
|
|
415 |
|
|
|
343 |
|
|
83 |
|
Commercial paper |
|
(250 |
) |
|
|
(5 |
) |
|
|
(245 |
) |
|
(4,900 |
) |
Total provision (benefit) for credit losses |
$ |
14,987 |
|
|
$ |
(4,005 |
) |
|
$ |
18,992 |
|
|
474 |
% |
For the nine months ended March 31, 2023, the
"loans" portion of the provision (benefit) for credit losses was
the result of the following, offset by net charge-offs of $2.0
million during the period:
- $4.9 million
provision to establish an allowance on Quantum's loan
portfolio.
- $0.9 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.
- $3.1 million
provision due to changes in the projected economic forecast,
specifically the national unemployment rate, and changes in
qualitative adjustments.
- $1.3 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 nine months ended March 31, 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 nine months 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. The
remainder of the change was the result of changes in the balance of
loan commitments as well as changes in the loan mix and changes in
the projected economic forecast outlined above, which is the same
reasoning for the provision for the nine months ended March 31,
2022.
Noninterest
Income. Noninterest income for the nine months ended
March 31, 2023 decreased $5.2 million, or 17.8%, when compared to
the same period last year. Changes in the components of noninterest
income are discussed below:
|
Nine Months Ended |
|
|
(Dollars in thousands) |
March 31,2023 |
|
March 31,2022 |
|
$ Change |
|
% Change |
Noninterest income |
|
|
|
|
|
|
|
Service charges and fees on deposit accounts |
$ |
7,117 |
|
|
$ |
7,101 |
|
|
$ |
16 |
|
|
— |
% |
Loan income and fees |
|
1,779 |
|
|
|
2,536 |
|
|
|
(757 |
) |
|
(30 |
) |
Gain on sale of loans held for sale |
|
4,499 |
|
|
|
10,927 |
|
|
|
(6,428 |
) |
|
(59 |
) |
BOLI income |
|
1,543 |
|
|
|
1,500 |
|
|
|
43 |
|
|
3 |
|
Operating lease income |
|
4,246 |
|
|
|
4,920 |
|
|
|
(674 |
) |
|
(14 |
) |
Gain (loss) on sale of premises and equipment |
|
2,015 |
|
|
|
(87 |
) |
|
|
2,102 |
|
|
2,416 |
|
Other |
|
2,963 |
|
|
|
2,496 |
|
|
|
467 |
|
|
19 |
|
Total noninterest income |
$ |
24,162 |
|
|
$ |
29,393 |
|
|
$ |
(5,231 |
) |
|
(18 |
)% |
-
Loan income and fees: The decrease in loan income and fees was
driven by lower underwriting fees, interest rate swap fees, and
prepayment penalties in the current period compared to the same
period last year, all of which were impacted by rising interest
rates.
- Gain on sale of
loans held for sale: The decrease in the gain on sale of loans held
for sale was primarily driven by a decrease in volume of SBA loans
and residential mortgages sold during the period as a result of
rising interest rates. During the nine months ended March 31, 2023,
there were $36.9 million of sales of the guaranteed portion of SBA
commercial loans with gains of $2.7 million compared to $43.5
million sold and gains of $4.5 million for the corresponding period
in the prior year. There were $34.6 million of residential mortgage
loans originated for sale which were sold during the current period
with gains of $823,000 compared to $204.1 million sold with gains
of $5.6 million for the corresponding period in the prior year.
There were $99.4 million of HELOCs sold during the current period
for a gain of $897,000 compared to $97.2 million sold and gains of
$581,000 for the corresponding period in the prior year. Lastly,
$11.5 million of indirect auto finance loans were sold out of the
held for investment portfolio during the nine months ended March
31, 2022 for a gain of $205,000. No such sales occurred in the same
period in the current year.
- Operating lease
income: The decrease in operating lease income was the result of
lower contractual earnings as well as gains or losses incurred at
the end of operating leases, where we recognized a net loss of
$172,000 for the nine months ended March 31, 2023 versus a net loss
of $17,000 in the same period last year.
- Gain (loss) on
sale of premises and equipment: During the nine months ended March
31, 2023 three properties were sold for a combined gain of $2.5
million, partially offset by additional impairment of $420,000 on
premises associated with prior branch closures. For the nine months
ended March 31, 2022, no sales occurred but $87,000 of additional
impairment was recorded on premises held for sale.
- Other: The
increase in other income was driven by a $721,000 gain recognized
on the sale of closely held equity securities which the Company
obtained through a prior bank acquisition. No such sales occurred
in the same period in the prior year.
Noninterest
Expense. Noninterest expense for the nine months
ended March 31, 2023 increased $7.4 million, or 9.5%, when compared
to the same period last year. Changes in the components of
noninterest expense are discussed below:
|
Nine Months Ended |
|
|
(Dollars in thousands) |
March 31,2023 |
|
March 31,2022 |
|
$ Change |
|
% Change |
Noninterest expense |
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
45,545 |
|
|
$ |
44,882 |
|
|
$ |
663 |
|
|
1 |
% |
Occupancy expense, net |
|
7,291 |
|
|
|
7,201 |
|
|
|
90 |
|
|
1 |
|
Computer services |
|
8,470 |
|
|
|
7,817 |
|
|
|
653 |
|
|
8 |
|
Telephone, postage and supplies |
|
1,791 |
|
|
|
1,946 |
|
|
|
(155 |
) |
|
(8 |
) |
Marketing and advertising |
|
1,443 |
|
|
|
2,110 |
|
|
|
(667 |
) |
|
(32 |
) |
Deposit insurance premiums |
|
1,700 |
|
|
|
1,280 |
|
|
|
420 |
|
|
33 |
|
Core deposit intangible amortization |
|
666 |
|
|
|
208 |
|
|
|
458 |
|
|
220 |
|
Merger-related expenses |
|
5,465 |
|
|
|
— |
|
|
|
5,465 |
|
|
100 |
|
Other |
|
12,627 |
|
|
|
12,194 |
|
|
|
433 |
|
|
4 |
|
Total noninterest expense |
$ |
84,998 |
|
|
$ |
77,638 |
|
|
$ |
7,360 |
|
|
9 |
% |
-
Computer services: The increase in expense between periods is due
to continued investments in technology as well as increases in the
cost of services provided by third parties.
- Marketing and
advertising: The decrease in expense is primarily driven by a
reduction in traditional media advertising (print, billboards,
etc.) in favor of digital platforms at lower costs during the
current fiscal year.
- Deposit
insurance premiums: The increase in expense can be traced to an
increase in rates the Company is charged for deposit insurance and
the inclusion of Quantum's deposit portfolio for roughly half a
quarter.
- Core deposit
intangible amortization: The increase in amortization expense
during the nine months ended March 31, 2023 is a result of a $12.2
million core deposit intangible associated with the Company's
merger with Quantum, which will be amortized on an accelerated
basis over ten years.
- Merger-related
expenses: These are expenses related to the merger of Quantum into
the Company. The most significant expenses incurred included the
payout of severance and employment contracts, due diligence,
professional fees, termination of prior contracts, due diligence,
and conversion of IT systems which occurred during the period.
- Other: During
the nine months ended March 31, 2023 the Company wrote off $350,000
in previously capitalized costs associated with a technology
project which the Company is no longer pursuing. No such expense
was incurred in the prior period.
Income Taxes. The amount
of income tax expense is influenced by the amount of pre-tax
income, the amount of tax-exempt income, changes in the statutory
rate, and the effect of changes in valuation allowances maintained
against deferred tax benefits. Income tax expense for the nine
months ended March 31, 2023 increased $58,000 compared to the prior
period.
Balance Sheet ReviewTotal assets
increased by $977.7 million to $4.5 billion and total liabilities
increased by $908.3 million to $4.1 billion, respectively, at March
31, 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 $69.4 million to
$458.2 million at March 31, 2023 as compared to June 30, 2022.
Activity within stockholders' equity included $29.6 million in net
income, $37.7 million in stock issued in connection with the
Company's merger with Quantum, $7.6 million in stock-based
compensation and stock option exercises, offset by $4.5 million in
cash dividends declared and a $0.6 million increase in accumulated
other comprehensive loss associated with available for sale debt
securities. As of March 31, 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 $47.5 million, or 1.30% of
total loans, at March 31, 2023 compared to $34.7 million, or 1.25%
of total loans, as of June 30, 2022. The drivers of this change are
discussed in the "Nine Months Ended March 31, 2023 and March 31,
2022" section above.
Net loan charge-offs totaled $2.0 million, or
0.09% as a percentage of average loans, for the nine months ended
March 31, 2023 compared to $19,000, or 0.00% as a percentage of
average loans, for the same period last year.
Nonperforming assets increased by $1.7 million,
or 27.1%, to $8.0 million, or 0.18% of total assets, at March 31,
2023 compared to $6.3 million, or 0.18% of total assets, at June
30, 2022. Nonperforming assets included $7.9 million in nonaccruing
loans and $123,000 of real estate owned ("REO") at March 31, 2023,
compared to $6.1 million and $200,000 in nonaccruing loans and REO,
respectively, at June 30, 2022. Nonperforming loans to total loans
was 0.22% at March 31, 2023 and 0.22% at June 30, 2022.
The ratio of classified assets to total assets
decreased to 0.49% at March 31, 2023 from 0.61% at June 30, 2022,
mainly due to growth in the balance sheet as a result of the merger
with Quantum. Classified assets increased $416,000, or 1.9%, to
$22.0 million at March 31, 2023 compared to $21.5 million at June
30, 2022.
Merger with Quantum Capital
Corp.
On February 12, 2023, the Company merged with
Quantum Capital Corp. and its wholly owned subsidiary, Quantum
National Bank, which operated two locations in the Atlanta metro
area. The aggregate amount of consideration to be paid per the
purchase agreement of approximately $70.8 million, inclusive of
consideration of common stock, other cash consideration, and cash
in lieu of fractional shares, included $15.9 million of cash
consideration already paid by Quantum to its stockholders in
advance of the closing date as is further described below. These
distributions reduced Quantum's stockholders' equity by an equal
amount prior to the transaction closing date.
The following table provides a summary of the
assets acquired, liabilities assumed, and associated preliminary
fair value adjustments by the Company as of the merger date. As
provided for under Generally Accepted Accounting Principles,
management has up to 12 months following the date of the merger to
finalize the fair value adjustments.
(Dollars in thousands) |
Quantum |
|
Fair ValueAdjustments |
|
As Recorded byHomeTrust |
Assets acquired |
|
|
|
|
|
Cash and cash equivalents |
$ |
47,769 |
|
|
$ |
— |
|
|
$ |
47,769 |
|
Debt securities available for sale |
|
10,608 |
|
|
|
— |
|
|
|
10,608 |
|
FHLB and FRB stock |
|
1,125 |
|
|
|
— |
|
|
|
1,125 |
|
Loans(1) |
|
567,140 |
|
|
|
(5,207 |
) |
|
|
561,933 |
|
Premises and equipment |
|
4,415 |
|
|
|
4,668 |
|
|
|
9,083 |
|
Accrued interest receivable |
|
1,706 |
|
|
|
— |
|
|
|
1,706 |
|
BOLI |
|
9,066 |
|
|
|
— |
|
|
|
9,066 |
|
Core deposit intangibles |
|
— |
|
|
|
12,210 |
|
|
|
12,210 |
|
Other assets |
|
2,727 |
|
|
|
569 |
|
|
|
3,296 |
|
Total assets acquired |
$ |
644,556 |
|
|
$ |
12,240 |
|
|
$ |
656,796 |
|
(Dollars in thousands) |
Quantum |
|
Fair Value Adjustments |
|
As Recorded by HomeTrust |
Liabilities assumed |
|
|
|
|
|
Deposits |
$ |
570,419 |
|
|
$ |
183 |
|
|
$ |
570,602 |
|
Junior subordinated debt |
|
11,341 |
|
|
|
(1,408 |
) |
|
|
9,933 |
|
Other borrowings |
|
24,728 |
|
|
|
— |
|
|
|
24,728 |
|
Deferred income taxes |
|
— |
|
|
|
1,341 |
|
|
|
1,341 |
|
Other liabilities |
|
3,334 |
|
|
|
— |
|
|
|
3,334 |
|
Total liabilities assumed |
$ |
609,822 |
|
|
$ |
116 |
|
|
$ |
609,938 |
|
|
|
|
|
|
|
Net assets acquired |
|
|
|
|
$ |
46,858 |
|
|
|
|
|
|
|
Consideration paid |
|
|
|
|
|
Common stock consideration |
|
|
|
|
|
Shares of Quantum |
|
|
|
|
|
574,157 |
|
Exchange ratio |
|
|
|
|
|
2.3942 |
|
HomeTrust common stock issued |
|
|
|
|
|
1,374,647 |
|
Price per share of HomeTrust common stock on February 10, 2023 |
|
|
|
|
$ |
27.45 |
|
HomeTrust common stock consideration |
|
|
|
|
$ |
37,734 |
|
Cash consideration(2) |
|
|
|
|
|
17,168 |
|
Total consideration |
|
|
|
|
$ |
54,902 |
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
$ |
8,044 |
|
(1) |
Adjustments to
Quantum's total loans include the elimination of Quantum's existing
allowance for loan losses of $6.0 million, the recognition of an
ACL at close on purchase credit deteriorated ("PCD") loans of $0.4
million, and adjustments to reflect the estimated credit fair value
mark on the non-PCD loan portfolio of $3.0 million and the
estimated interest rate fair value adjustment on the loan portfolio
as a whole (non-PCD and PCD) of $7.9 million. |
(2) |
As indicated in the Current Report on Form 8-K/A filed with the
SEC on March 30, 2023, the amount of cash consideration paid at
closing differs from the $57.54 per share, or $33.0 million,
reported in the Current Report on Form 8-K filed on February 13,
2023, which announced the closing of the merger. Consistent with
the merger agreement, between the execution of the merger agreement
and the transaction closing date, Quantum's principal stockholders
had the option to withdraw some or all of the amount of cash
consideration to eventually be paid at closing in advance of the
closing date. The amount of cash consideration paid at closing was
reduced by the amount withdrawn during this time period. |
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for the Bank. As of March 31, 2023, the Company had assets
of $4.5 billion. The Bank, founded in 1926, is a North Carolina
state chartered, community-focused financial institution committed
to providing value added relationship banking with over 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. Such statements often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements are not historical
facts but instead represent management's current expectations and
forecasts regarding future events, many of which are inherently
uncertain and outside of the Company's control. Actual results may
differ, possibly materially, from those currently expected or
projected in these forward-looking statements. Factors that could
cause the Company's actual results to differ materially from those
described in the forward-looking statements include: the remaining
effect of the COVID-19 pandemic on general economic and financial
market conditions and on public health, both nationally and in our
market areas; expected revenues, cost savings, synergies and other
benefits from our 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; 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 our 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.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands) |
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022(1) |
|
March 31,2022 |
Assets |
|
|
|
|
|
|
|
|
|
Cash |
$ |
18,262 |
|
|
$ |
15,825 |
|
|
$ |
18,026 |
|
|
$ |
20,910 |
|
|
$ |
19,783 |
|
Interest-bearing deposits |
|
296,151 |
|
|
|
149,209 |
|
|
|
76,133 |
|
|
|
84,209 |
|
|
|
32,267 |
|
Cash and cash equivalents |
|
314,413 |
|
|
|
165,034 |
|
|
|
94,159 |
|
|
|
105,119 |
|
|
|
52,050 |
|
Commercial paper, net |
|
— |
|
|
|
— |
|
|
|
85,296 |
|
|
|
194,427 |
|
|
|
312,918 |
|
Certificates of deposit in other banks |
|
33,102 |
|
|
|
29,371 |
|
|
|
27,535 |
|
|
|
23,551 |
|
|
|
28,125 |
|
Debt securities available for sale, at fair value |
|
154,718 |
|
|
|
147,942 |
|
|
|
161,741 |
|
|
|
126,978 |
|
|
|
106,315 |
|
FHLB and FRB stock |
|
19,125 |
|
|
|
13,661 |
|
|
|
9,404 |
|
|
|
9,326 |
|
|
|
10,451 |
|
SBIC investments, at cost |
|
13,620 |
|
|
|
12,414 |
|
|
|
12,235 |
|
|
|
12,758 |
|
|
|
12,589 |
|
Loans held for sale, at fair value |
|
1,209 |
|
|
|
518 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans held for sale, at the lower of cost or fair value |
|
89,172 |
|
|
|
72,777 |
|
|
|
76,252 |
|
|
|
79,307 |
|
|
|
85,263 |
|
Total loans, net of deferred loan fees and costs |
|
3,649,333 |
|
|
|
2,985,623 |
|
|
|
2,867,783 |
|
|
|
2,769,295 |
|
|
|
2,699,538 |
|
Allowance for credit losses – loans |
|
(47,503 |
) |
|
|
(38,859 |
) |
|
|
(38,301 |
) |
|
|
(34,690 |
) |
|
|
(31,034 |
) |
Loans, net |
|
3,601,830 |
|
|
|
2,946,764 |
|
|
|
2,829,482 |
|
|
|
2,734,605 |
|
|
|
2,668,504 |
|
Premises and equipment, net |
|
74,107 |
|
|
|
65,216 |
|
|
|
68,705 |
|
|
|
69,094 |
|
|
|
69,629 |
|
Accrued interest receivable |
|
13,813 |
|
|
|
11,076 |
|
|
|
9,667 |
|
|
|
8,573 |
|
|
|
7,980 |
|
Deferred income taxes, net |
|
10,894 |
|
|
|
11,319 |
|
|
|
11,838 |
|
|
|
11,487 |
|
|
|
12,494 |
|
Bank owned life insurance ("BOLI") |
|
105,952 |
|
|
|
96,335 |
|
|
|
95,837 |
|
|
|
95,281 |
|
|
|
94,740 |
|
Goodwill |
|
33,682 |
|
|
|
25,638 |
|
|
|
25,638 |
|
|
|
25,638 |
|
|
|
25,638 |
|
Core deposit intangibles, net |
|
11,637 |
|
|
|
32 |
|
|
|
58 |
|
|
|
93 |
|
|
|
135 |
|
Other assets |
|
49,596 |
|
|
|
48,918 |
|
|
|
47,339 |
|
|
|
52,967 |
|
|
|
54,954 |
|
Total assets |
$ |
4,526,870 |
|
|
$ |
3,647,015 |
|
|
$ |
3,555,186 |
|
|
$ |
3,549,204 |
|
|
$ |
3,541,785 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
$ |
3,675,599 |
|
|
$ |
3,048,020 |
|
|
$ |
3,102,668 |
|
|
$ |
3,099,761 |
|
|
$ |
3,059,157 |
|
Junior subordinated debt |
|
9,945 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Borrowings |
|
320,263 |
|
|
|
130,000 |
|
|
|
— |
|
|
|
— |
|
|
|
30,000 |
|
Other liabilities |
|
62,821 |
|
|
|
58,840 |
|
|
|
56,296 |
|
|
|
60,598 |
|
|
|
57,497 |
|
Total liabilities |
|
4,068,628 |
|
|
|
3,236,860 |
|
|
|
3,158,964 |
|
|
|
3,160,359 |
|
|
|
3,146,654 |
|
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 |
|
|
|
157 |
|
|
|
156 |
|
|
|
156 |
|
|
|
160 |
|
Additional paid in capital |
|
170,670 |
|
|
|
128,486 |
|
|
|
127,153 |
|
|
|
126,106 |
|
|
|
136,181 |
|
Retained earnings |
|
295,325 |
|
|
|
290,271 |
|
|
|
278,120 |
|
|
|
270,276 |
|
|
|
265,609 |
|
Unearned Employee Stock Ownership Plan ("ESOP") shares |
|
(4,893 |
) |
|
|
(5,026 |
) |
|
|
(5,158 |
) |
|
|
(5,290 |
) |
|
|
(5,422 |
) |
Accumulated other comprehensive loss |
|
(3,034 |
) |
|
|
(3,733 |
) |
|
|
(4,049 |
) |
|
|
(2,403 |
) |
|
|
(1,397 |
) |
Total stockholders' equity |
|
458,242 |
|
|
|
410,155 |
|
|
|
396,222 |
|
|
|
388,845 |
|
|
|
395,131 |
|
Total liabilities and stockholders' equity |
$ |
4,526,870 |
|
|
$ |
3,647,015 |
|
|
$ |
3,555,186 |
|
|
$ |
3,549,204 |
|
|
$ |
3,541,785 |
|
(1) |
Derived from
audited financial statements. |
(2) |
Shares of common stock issued and outstanding were 17,370,063
at March 31, 2023; 15,673,595 at December 31, 2022; 15,632,348 at
September 30, 2022; 15,591,466 at June 30, 2022; and 15,978,262 at
March 31, 2022. |
Consolidated Statements of Income
(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
(Dollars in thousands) |
March 31,2023 |
|
December 31,2022 |
|
March 31,2023 |
|
March 31,2022 |
Interest and dividend income |
|
|
|
|
|
|
|
Loans |
$ |
47,908 |
|
|
$ |
38,995 |
|
|
$ |
120,148 |
|
|
$ |
81,440 |
|
Commercial paper |
|
— |
|
|
|
184 |
|
|
|
1,300 |
|
|
|
869 |
|
Debt securities available for sale |
|
1,183 |
|
|
|
1,151 |
|
|
|
3,012 |
|
|
|
1,319 |
|
Other investments and interest-bearing deposits |
|
1,575 |
|
|
|
1,072 |
|
|
|
3,535 |
|
|
|
2,360 |
|
Total interest and dividend income |
|
50,666 |
|
|
|
41,402 |
|
|
|
127,995 |
|
|
|
85,988 |
|
Interest expense |
|
|
|
|
|
|
|
Deposits |
|
7,864 |
|
|
|
3,603 |
|
|
|
12,862 |
|
|
|
4,028 |
|
Junior subordinated debt |
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
Borrowings |
|
1,239 |
|
|
|
254 |
|
|
|
1,505 |
|
|
|
45 |
|
Total interest expense |
|
9,212 |
|
|
|
3,857 |
|
|
|
14,476 |
|
|
|
4,073 |
|
Net interest income |
|
41,454 |
|
|
|
37,545 |
|
|
|
113,519 |
|
|
|
81,915 |
|
Provision (benefit) for credit losses |
|
8,760 |
|
|
|
2,240 |
|
|
|
14,987 |
|
|
|
(4,005 |
) |
Net interest income after provision (benefit) for credit
losses |
|
32,694 |
|
|
|
35,305 |
|
|
|
98,532 |
|
|
|
85,920 |
|
Noninterest income |
|
|
|
|
|
|
|
Service charges and fees on deposit accounts |
|
2,256 |
|
|
|
2,523 |
|
|
|
7,117 |
|
|
|
7,101 |
|
Loan income and fees |
|
562 |
|
|
|
647 |
|
|
|
1,779 |
|
|
|
2,536 |
|
Gain on sale of loans held for sale |
|
1,811 |
|
|
|
1,102 |
|
|
|
4,499 |
|
|
|
10,927 |
|
BOLI income |
|
522 |
|
|
|
494 |
|
|
|
1,543 |
|
|
|
1,500 |
|
Operating lease income |
|
1,505 |
|
|
|
1,156 |
|
|
|
4,246 |
|
|
|
4,920 |
|
Gain (loss) on sale of premises and equipment |
|
900 |
|
|
|
1,127 |
|
|
|
2,015 |
|
|
|
(87 |
) |
Other |
|
754 |
|
|
|
1,405 |
|
|
|
2,963 |
|
|
|
2,496 |
|
Total noninterest income |
|
8,310 |
|
|
|
8,454 |
|
|
|
24,162 |
|
|
|
29,393 |
|
Noninterest expense |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
16,246 |
|
|
|
14,484 |
|
|
|
45,545 |
|
|
|
44,882 |
|
Occupancy expense, net |
|
2,467 |
|
|
|
2,428 |
|
|
|
7,291 |
|
|
|
7,201 |
|
Computer services |
|
2,911 |
|
|
|
2,796 |
|
|
|
8,470 |
|
|
|
7,817 |
|
Telephone, postage, and supplies |
|
613 |
|
|
|
575 |
|
|
|
1,791 |
|
|
|
1,946 |
|
Marketing and advertising |
|
372 |
|
|
|
481 |
|
|
|
1,443 |
|
|
|
2,110 |
|
Deposit insurance premiums |
|
612 |
|
|
|
546 |
|
|
|
1,700 |
|
|
|
1,280 |
|
Core deposit intangible amortization |
|
606 |
|
|
|
26 |
|
|
|
666 |
|
|
|
208 |
|
Merger-related expenses |
|
4,741 |
|
|
|
250 |
|
|
|
5,465 |
|
|
|
— |
|
Other |
|
4,265 |
|
|
|
4,490 |
|
|
|
12,627 |
|
|
|
12,194 |
|
Total noninterest expense |
|
32,833 |
|
|
|
26,076 |
|
|
|
84,998 |
|
|
|
77,638 |
|
Income before income taxes |
|
8,171 |
|
|
|
17,683 |
|
|
|
37,696 |
|
|
|
37,675 |
|
Income tax expense |
|
1,437 |
|
|
|
4,025 |
|
|
|
8,105 |
|
|
|
8,047 |
|
Net income |
$ |
6,734 |
|
|
$ |
13,658 |
|
|
$ |
29,591 |
|
|
$ |
29,628 |
|
Per Share Data
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
March 31,2023 |
|
December 31,2022 |
|
March 31,2023 |
|
March 31,2022 |
Net income per common share(1) |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.40 |
|
|
$ |
0.90 |
|
|
$ |
1.91 |
|
|
$ |
1.87 |
|
Diluted |
|
$ |
0.40 |
|
|
$ |
0.90 |
|
|
$ |
1.90 |
|
|
$ |
1.84 |
|
Average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
16,021,994 |
|
|
|
15,028,179 |
|
|
|
15,341,222 |
|
|
|
15,666,093 |
|
Diluted |
|
|
16,077,116 |
|
|
|
15,161,153 |
|
|
|
15,449,060 |
|
|
|
15,997,377 |
|
Book value per share at end of period |
|
$ |
26.38 |
|
|
$ |
26.17 |
|
|
$ |
26.38 |
|
|
$ |
24.73 |
|
Tangible book value per share at end of period(2) |
|
$ |
23.93 |
|
|
$ |
24.53 |
|
|
$ |
23.93 |
|
|
$ |
23.13 |
|
Cash dividends declared per common share |
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.29 |
|
|
$ |
0.26 |
|
Total shares outstanding at end of period |
|
|
17,370,063 |
|
|
|
15,673,595 |
|
|
|
17,370,063 |
|
|
|
15,978,262 |
|
(1) |
Basic and
diluted net income per common share have been prepared in
accordance with the two-class method. |
(2) |
See Non-GAAP reconciliations below for adjustments. |
Selected Financial Ratios and Other
Data
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
March 31,2023 |
|
December 31,2022 |
|
March 31,2023 |
|
March 31,2022 |
Performance ratios(1) |
|
|
|
|
|
|
Return on assets (ratio of net income to average total assets) |
|
0.69 |
% |
|
1.54 |
% |
|
1.07 |
% |
|
1.12 |
% |
Return on equity (ratio of net income to average equity) |
|
6.21 |
|
|
13.37 |
|
|
9.52 |
|
|
9.91 |
|
Yield on earning assets |
|
5.56 |
|
|
5.00 |
|
|
4.96 |
|
|
3.51 |
|
Rate paid on interest-bearing liabilities |
|
1.42 |
|
|
0.67 |
|
|
0.80 |
|
|
0.23 |
|
Average interest rate spread |
|
4.14 |
|
|
4.33 |
|
|
4.16 |
|
|
3.28 |
|
Net interest margin(2) |
|
4.55 |
|
|
4.53 |
|
|
4.40 |
|
|
3.34 |
|
Average interest-earning assets to average interest-bearing
liabilities |
|
140.57 |
|
|
143.67 |
|
|
142.31 |
|
|
138.24 |
|
Noninterest expense to average total assets |
|
3.37 |
|
|
2.94 |
|
|
3.07 |
|
|
2.94 |
|
Efficiency ratio |
|
65.98 |
|
|
56.69 |
|
|
61.74 |
|
|
69.83 |
|
Efficiency ratio – adjusted(3) |
|
57.15 |
|
|
58.12 |
|
|
58.56 |
|
|
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 |
|
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Asset quality ratios |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets(1) |
|
0.18 |
% |
|
0.17 |
% |
|
0.20 |
% |
|
0.18 |
% |
|
0.16 |
% |
Nonperforming loans to total loans(1) |
|
0.22 |
|
|
0.21 |
|
|
0.24 |
|
|
0.22 |
|
|
0.22 |
|
Total classified assets to total assets |
|
0.49 |
|
|
0.50 |
|
|
0.54 |
|
|
0.61 |
|
|
0.61 |
|
Allowance for credit losses to nonperforming loans(1) |
|
600.47 |
|
|
629.40 |
|
|
561.10 |
|
|
566.83 |
|
|
534.06 |
|
Allowance for credit losses to total loans |
|
1.30 |
|
|
1.30 |
|
|
1.34 |
|
|
1.25 |
|
|
1.15 |
|
Net charge-offs (recoveries) to average loans (annualized) |
|
0.01 |
|
|
0.25 |
|
|
0.01 |
|
|
(0.10 |
) |
|
(0.11 |
) |
Capital ratios |
|
|
|
|
|
|
|
|
|
|
Equity to total assets at end of period |
|
10.12 |
% |
|
11.25 |
% |
|
11.14 |
% |
|
10.96 |
% |
|
11.16 |
% |
Tangible equity to total tangible assets(2) |
|
9.27 |
|
|
10.62 |
|
|
10.50 |
|
|
10.31 |
|
|
10.51 |
|
Average equity to average assets |
|
11.14 |
|
|
11.50 |
|
|
11.00 |
|
|
10.93 |
|
|
11.32 |
|
(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 March 31, 2023, there
were $2.3 million of restructured loans included in nonaccruing
loans and $3.6 million, or 45.1%, of nonaccruing loans were current
on their loan payments as of that date. |
(2) |
See Non-GAAP reconciliations below for adjustments. |
Loans
(Dollars in thousands) |
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
Construction and land development |
$ |
368,756 |
|
|
$ |
328,253 |
|
|
$ |
310,985 |
|
|
$ |
291,202 |
|
|
$ |
251,668 |
|
Commercial real estate – owner occupied |
|
524,247 |
|
|
|
340,824 |
|
|
|
336,456 |
|
|
|
335,658 |
|
|
|
332,078 |
|
Commercial real estate – non-owner occupied |
|
926,991 |
|
|
|
690,241 |
|
|
|
661,644 |
|
|
|
662,159 |
|
|
|
688,071 |
|
Multifamily |
|
85,285 |
|
|
|
69,156 |
|
|
|
79,082 |
|
|
|
81,086 |
|
|
|
82,035 |
|
Total commercial real estate loans |
|
1,905,279 |
|
|
|
1,428,474 |
|
|
|
1,388,167 |
|
|
|
1,370,105 |
|
|
|
1,353,852 |
|
Commercial loans |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
229,840 |
|
|
|
194,679 |
|
|
|
205,844 |
|
|
|
193,313 |
|
|
|
170,098 |
|
Equipment finance |
|
440,345 |
|
|
|
426,507 |
|
|
|
411,012 |
|
|
|
394,541 |
|
|
|
378,629 |
|
Municipal leases |
|
138,436 |
|
|
|
135,922 |
|
|
|
130,777 |
|
|
|
129,766 |
|
|
|
130,260 |
|
Total commercial loans |
|
808,621 |
|
|
|
757,108 |
|
|
|
747,633 |
|
|
|
717,620 |
|
|
|
678,987 |
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
Construction and land development |
|
105,617 |
|
|
|
100,002 |
|
|
|
91,488 |
|
|
|
81,847 |
|
|
|
72,735 |
|
One-to-four family |
|
518,274 |
|
|
|
400,595 |
|
|
|
374,849 |
|
|
|
354,203 |
|
|
|
347,945 |
|
HELOCs |
|
193,037 |
|
|
|
194,296 |
|
|
|
164,701 |
|
|
|
160,137 |
|
|
|
155,356 |
|
Total residential real estate loans |
|
816,928 |
|
|
|
694,893 |
|
|
|
631,038 |
|
|
|
596,187 |
|
|
|
576,036 |
|
Consumer loans |
|
118,505 |
|
|
|
105,148 |
|
|
|
100,945 |
|
|
|
85,383 |
|
|
|
90,663 |
|
Total loans, net of deferred loan fees and
costs |
|
3,649,333 |
|
|
|
2,985,623 |
|
|
|
2,867,783 |
|
|
|
2,769,295 |
|
|
|
2,699,538 |
|
Allowance for credit losses – loans |
|
(47,503 |
) |
|
|
(38,859 |
) |
|
|
(38,301 |
) |
|
|
(34,690 |
) |
|
|
(31,034 |
) |
Loans, net |
$ |
3,601,830 |
|
|
$ |
2,946,764 |
|
|
$ |
2,829,482 |
|
|
$ |
2,734,605 |
|
|
$ |
2,668,504 |
|
As of March 31, 2023, $26.8 million of
commercial and industrial and $4.4 million of consumer loans were
purchased from fintech partners. As of June 30, 2022, $17.5 million
of commercial and industrial and $0.4 million of consumer loans
were purchased from fintech partners. Although we value these
strategic relationships, in August 2022 we temporarily paused
purchases within both loan segments until the impact of the current
economic environment upon these portfolios can be better
understood.
Deposits
(Dollars in thousands) |
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Core deposits |
|
|
|
|
|
|
|
|
|
Noninterest-bearing accounts |
$ |
872,492 |
|
|
$ |
726,416 |
|
|
$ |
794,242 |
|
|
$ |
745,746 |
|
|
$ |
704,344 |
|
NOW accounts |
|
678,178 |
|
|
|
638,896 |
|
|
|
636,859 |
|
|
|
654,981 |
|
|
|
652,577 |
|
Money market accounts |
|
1,299,503 |
|
|
|
992,083 |
|
|
|
960,150 |
|
|
|
969,661 |
|
|
|
1,026,595 |
|
Savings accounts |
|
228,390 |
|
|
|
230,896 |
|
|
|
240,412 |
|
|
|
238,197 |
|
|
|
232,831 |
|
Total core deposits |
|
3,078,563 |
|
|
|
2,588,291 |
|
|
|
2,631,663 |
|
|
|
2,608,585 |
|
|
|
2,616,347 |
|
Certificates of deposit |
|
597,036 |
|
|
|
459,729 |
|
|
|
471,005 |
|
|
|
491,176 |
|
|
|
442,810 |
|
Total |
$ |
3,675,599 |
|
|
$ |
3,048,020 |
|
|
$ |
3,102,668 |
|
|
$ |
3,099,761 |
|
|
$ |
3,059,157 |
|
The following bullet points provide further
information regarding the composition of our deposit portfolio as
of March 31, 2023:
- Total deposits
increased $57.0 million, or 1.9% (7.6% annualized), during the
quarter, excluding the $570.6 million assumed as part of the merger
with Quantum.
- The balance of
uninsured deposits was $730.4 million, or 19.9% of total deposits,
which excludes collateralized deposits to municipalities.
- The balance of
brokered deposits was $134.9 million, or 3.7% of total
deposits.
- Total deposits
are evenly distributed between commercial and consumer
depositors.
- The average
balance of our deposit accounts was $33,000.
- Our largest 25
depositors made up $643.8 million, or 17.5% of total deposits. Of
these depositors, $443.5 million, or 12.1% of total deposits, are
collateralized deposits to municipalities.
Non-GAAP Reconciliations
In addition to results presented in accordance
with generally accepted accounting principles utilized in the
United States ("GAAP"), this earnings release contains certain
non-GAAP financial measures, which include: the efficiency ratio,
tangible book value, tangible book value per share and the tangible
equity to tangible assets ratio. The Company believes these
non-GAAP financial measures and ratios as presented are useful for
both investors and management to understand the effects of certain
items and provide an alternative view of its performance over time
and in comparison to its competitors. These non-GAAP measures have
inherent limitations, are not required to be uniformly applied and
are not audited. They should not be considered in isolation or as a
substitute for total stockholders' equity or operating results
determined in accordance with GAAP. These non-GAAP measures may not
be comparable to similarly titled measures reported by other
companies.
Set forth below is a reconciliation to GAAP of the
Company's efficiency ratio:
|
|
Three Months Ended |
|
Nine Months Ended |
(Dollars in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
March 31,2023 |
|
March 31,2022 |
Noninterest expense |
|
$ |
32,833 |
|
|
$ |
26,076 |
|
|
$ |
84,998 |
|
|
$ |
77,725 |
|
Less: merger expense |
|
|
4,741 |
|
|
|
250 |
|
|
|
5,465 |
|
|
|
— |
|
Noninterest expense – adjusted |
|
$ |
28,092 |
|
|
$ |
25,826 |
|
|
$ |
79,533 |
|
|
$ |
77,725 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
41,454 |
|
|
$ |
37,545 |
|
|
$ |
113,519 |
|
|
$ |
81,915 |
|
Plus: tax-equivalent adjustment |
|
|
290 |
|
|
|
287 |
|
|
|
864 |
|
|
|
937 |
|
Plus: noninterest income |
|
|
8,310 |
|
|
|
8,454 |
|
|
|
24,162 |
|
|
|
29,393 |
|
Less: gain on sale of equity securities |
|
|
— |
|
|
|
721 |
|
|
|
721 |
|
|
|
— |
|
Less: gain (loss) on sale of premises and equipment |
|
|
900 |
|
|
|
1,127 |
|
|
|
2,015 |
|
|
|
(87 |
) |
Net interest income plus noninterest income – adjusted |
|
$ |
49,154 |
|
|
$ |
44,438 |
|
|
$ |
135,809 |
|
|
$ |
112,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
65.98 |
% |
|
|
56.69 |
% |
|
|
61.74 |
% |
|
|
69.83 |
% |
Efficiency ratio – adjusted |
|
|
57.15 |
% |
|
|
58.12 |
% |
|
|
58.56 |
% |
|
|
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) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Total stockholders' equity |
|
$ |
458,242 |
|
|
$ |
410,155 |
|
|
$ |
396,222 |
|
|
$ |
388,845 |
|
|
$ |
395,131 |
|
Less: goodwill, core deposit intangibles, net of taxes |
|
|
42,642 |
|
|
|
25,663 |
|
|
|
25,683 |
|
|
|
25,710 |
|
|
|
25,742 |
|
Tangible book value |
|
$ |
415,600 |
|
|
$ |
384,492 |
|
|
$ |
370,539 |
|
|
$ |
363,135 |
|
|
$ |
369,389 |
|
Common shares outstanding |
|
|
17,370,063 |
|
|
|
15,673,595 |
|
|
|
15,632,348 |
|
|
|
15,591,466 |
|
|
|
15,978,262 |
|
Book value per share at end of period |
|
$ |
26.38 |
|
|
$ |
26.17 |
|
|
$ |
25.35 |
|
|
$ |
24.94 |
|
|
$ |
24.73 |
|
Tangible book value per share at end of period |
|
$ |
23.93 |
|
|
$ |
24.53 |
|
|
$ |
23.70 |
|
|
$ |
23.29 |
|
|
$ |
23.12 |
|
Set forth below is a reconciliation to GAAP of
tangible equity to tangible assets:
|
|
As of |
(Dollars in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
Tangible equity(1) |
|
$ |
415,600 |
|
|
$ |
384,492 |
|
|
$ |
370,539 |
|
|
$ |
363,135 |
|
|
$ |
369,389 |
|
Total assets |
|
|
4,526,870 |
|
|
|
3,647,015 |
|
|
|
3,555,186 |
|
|
|
3,549,204 |
|
|
|
3,541,785 |
|
Less: goodwill and core deposit intangibles, net of taxes |
|
|
42,642 |
|
|
|
25,663 |
|
|
|
25,683 |
|
|
|
25,710 |
|
|
|
25,742 |
|
Total tangible assets |
|
$ |
4,484,228 |
|
|
$ |
3,621,352 |
|
|
$ |
3,529,503 |
|
|
$ |
3,523,494 |
|
|
$ |
3,516,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible assets |
|
|
9.27 |
% |
|
|
10.62 |
% |
|
|
10.50 |
% |
|
|
10.31 |
% |
|
|
10.51 |
% |
(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. |
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
HomeTrust Bancshares (NASDAQ:HTBI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
HomeTrust Bancshares (NASDAQ:HTBI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024