ASHEVILLE, N.C., Jan. 23, 2025 (GLOBE NEWSWIRE) -- 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;annuali ...

ASHEVILLE, N.C., Jan. 23, 2025 (GLOBE NEWSWIRE) -- 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;annual ...

Financial Performance - Net income for Q4 2024 was $14.2 million, an increase of 8.4% compared to $13.1 million in Q3 2024[1][7] - Diluted EPS for Q4 2024 was $0.83, up from $0.76 in Q3 2024[1][7] - Net income for the year ended December 31, 2024 increased by $4.8 million (9.5%) to $54.8 million, driven by a $7.6 million decrease in provision for credit losses and a $1.4 million increase in noninterest income[18] - Net income for the year ended December 31, 2024, was $54,805 thousand, up from $50,044 thousand in 2023[42] - Basic net income per common share increased to $0.83 in Q4 2024 from $0.77 in Q3 2024, and diluted net income per share rose to $0.83 from $0.76[44] Profitability Ratios - Annualized ROA for Q4 2024 was 1.27%, compared to 1.17% in Q3 2024[1] - Annualized ROE for Q4 2024 was 10.32%, compared to 9.76% in Q3 2024[1] - Return on assets (ROA) improved to 1.27% in Q4 2024 from 1.17% in Q3 2024, and return on equity (ROE) increased to 10.32% from 9.76%[46] Interest Income and Expenses - Net interest margin for Q4 2024 was 4.09%, compared to 4.00% in Q3 2024[1][9] - Total interest-earning assets for Q4 2024 were $4.197 billion, with a yield of 6.27%, compared to $4.185 billion and 6.34% yield in Q3 2024[9] - Total interest-bearing liabilities for Q4 2024 were $3.114 billion, with a cost of 2.94%, compared to $3.130 billion and 3.12% cost in Q3 2024[9] - Net interest income for Q4 2024 was $43.205 million, compared to $42.074 million in Q3 2024[9] - Total interest and dividend income increased by $27.1 million (11.6%) in 2024, driven by a $25.0 million increase in loan interest income and a $1.1 million increase in interest income on other investments[23] - Total interest expense increased by $27.9 million (42.9%) in 2024, primarily due to a $33.0 million (59.8%) increase in interest expense on deposits, offset by a $5.3 million (58.4%) decrease in interest expense on borrowings[24] - Net interest income for the year ended December 31, 2024, was $168,675 thousand, slightly lower than $169,433 thousand in 2023[42] - Net interest margin increased to 4.09% in Q4 2024 from 4.00% in Q3 2024[46] Credit Losses and Provisions - Provision for credit losses was a benefit of $855,000 in Q4 2024, compared to a provision of $3.0 million in Q3 2024[1] - Total provision for credit losses decreased by $3.83 million (129%) to $(855) thousand in Q4 2024 compared to Q3 2024, driven by a $3.965 million (133%) decrease in the loans portion[15] - Net loan charge-offs totaled $10.8 million for the year ended December 31, 2024, compared to $6.7 million for the prior year[34] - 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[33] - Allowance for credit losses – loans decreased to $45,285 thousand as of December 31, 2024, from $48,641 thousand in December 2023[40] Noninterest Income and Expenses - Noninterest income decreased by $39 thousand (0.5%) to $8.243 million in Q4 2024, with a $832 thousand (44%) decrease in gain on sale of loans held for sale being the primary driver[16] - Noninterest expense increased by $3.424 million (11.2%) to $34.009 million in Q4 2024, primarily due to a $2.965 million contract renewal consulting fee and a $595 thousand (16%) increase in other expenses[17] - Noninterest income for the year ended December 31, 2024 increased $1.4 million, or 4.3%, when compared to the same period last year[27] - Noninterest expense for the year ended December 31, 2024 increased $1.6 million, or 1.3%, when compared to the same period last year[28] - Noninterest income for the year ended December 31, 2024, was $33,449 thousand, compared to $32,073 thousand in 2023[42] - Total noninterest expense for the year ended December 31, 2024, was $124,668 thousand, slightly higher than $123,089 thousand in 2023[42] - Noninterest expense for Q4 2024 was $34,009 thousand, compared to $30,585 thousand in Q3 2024 and $123,089 thousand for the full year 2023[53] - Adjusted noninterest expense for Q4 2024 was $31,044 thousand, after excluding merger-related expenses and contract renewal consulting fees[53] Dividends and Shareholder Equity - Quarterly cash dividends increased by 9.09% to $0.12 per share, totaling $2.1 million, compared to $0.11 per share totaling $1.9 million in Q3 2024[1][6] - Stockholders' equity increased $51.9 million, or 10.4%, to $551.8 million at December 31, 2024[32] - Total stockholders' equity increased to $551,758 thousand as of December 31, 2024, from $499,893 thousand in December 2023[40] - Shares of common stock issued and outstanding were 17,527,709 at December 31, 2024, compared to 17,387,069 in December 2023[41] - Tangible book value per share increased to $29.24 in December 2024 from $28.57 in September 2024[44] - Tangible book value as of December 31, 2024 was $512,569 thousand, compared to $500,378 thousand as of September 30, 2024 and $458,807 thousand as of December 31, 2023[53] - Tangible book value per share as of December 31, 2024 was $29.24, compared to $28.57 as of September 30, 2024 and $26.39 as of December 31, 2023[53] - Tangible equity to tangible assets ratio as of December 31, 2024 was 11.25%, compared to 10.88% as of September 30, 2024 and 9.91% as of December 31, 2023[53] - Total stockholders' equity as of December 31, 2024 was $551,758 thousand, compared to $540,004 thousand as of September 30, 2024 and $499,893 thousand as of December 31, 2023[53] Asset and Liability Management - 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[31] - Total assets increased to $4,595,430 thousand as of December 31, 2024, compared to $4,672,633 thousand in December 2023[40] - Total loans, net of deferred loan fees and costs, stood at $3,648,299 thousand as of December 31, 2024, compared to $3,640,022 thousand in December 2023[40] - Total deposits increased to $3,779,203 thousand as of December 31, 2024, from $3,661,373 thousand in December 2023[40] - Total loans, net of deferred loan fees and costs, decreased slightly to $3,648,299 thousand in December 2024 from $3,698,892 thousand in September 2024[50] - Core deposits increased to $2,779,476 thousand in December 2024 from $2,744,069 thousand in September 2024, while certificates of deposit decreased to $999,727 thousand from $1,017,519 thousand[50] - Total assets as of December 31, 2024 were $4,595,430 thousand, compared to $4,637,293 thousand as of September 30, 2024 and $4,672,633 thousand as of December 31, 2023[53] - Goodwill and core deposit intangibles, net of taxes, as of December 31, 2024 were $39,189 thousand, compared to $39,626 thousand as of September 30, 2024 and $41,086 thousand as of December 31, 2023[53] Asset Quality - Nonperforming assets increased by $9.4 million, or 48.8%, to $28.8 million, or 0.63% of total assets, at December 31, 2024[35] - The ratio of classified assets to total assets increased to 1.06% at December 31, 2024 from 0.88% at December 31, 2023[36] - Nonperforming assets to total assets ratio remained stable at 0.63% in December 2024 compared to 0.64% in September 2024[48] - Allowance for credit losses to nonperforming loans decreased to 163.68% in December 2024 from 166.51% in September 2024[48] Efficiency and Tax Rates - The effective tax rate increased to 22.3% in Q4 2024 from 21.9% in Q3 2024, influenced by changes in pre-tax income and statutory rates[17] - The effective tax rates for the year ended December 31, 2024 and 2023 were 21.6% and 21.0%, respectively[29] - Efficiency ratio (adjusted) improved to 59.89% in Q4 2024 from 60.30% in Q3 2024[46] - Adjusted efficiency ratio for Q4 2024 was 59.89%, compared to 60.30% in Q3 2024 and 59.36% for the full year 2023[53] Other Financial Metrics - Operating lease income increased by $622 thousand (38%) to $2.259 million in Q4 2024, driven by a $475 thousand reduction in valuation allowance against previously leased equipment[18] - Marketing and advertising expenses decreased by $174 thousand (43%) to $234 thousand in Q4 2024, primarily due to reduced advertising during the election and holiday season[19] - The outstanding balance of payment deferrals granted to customers impacted by Hurricane Helene was $136.0 million at December 31, 2024[37] - Equity to total assets ratio rose to 12.01% in December 2024 from 11.64% in September 2024[48]

Company Recognition and Achievements - HomeTrust Bank has been named a 2025 America's Best Workplace and a Best Place to Work in Tennessee and Virginia by Best Companies Group [1] - The bank has been recognized for creating a workplace culture that engages team members and fosters a sense of belonging, earning accolades such as being ranked in the Top 200 of Newsweek Magazine's America's Most Loved Workplaces list and certified as a Best Place to Work in North Carolina, South Carolina, Tennessee, and Virginia [2] - HomeTrust Bank was recognized by American Banker as a 2024 Best Bank to Work For and ranked as a Top 50 Community Bank in S&P Global Market Intelligence's 2023 rankings of Best-Performing Large Community Banks with assets between $3 billion and $10 billion [2] - The bank also ranked in the top 100 of Forbes' 15 Annual Best Banks list [2] Evaluation Process for Recognitions - Companies underwent a two-part survey process to receive these recognitions, with 25% of the evaluation based on workplace policies, practices, and demographics, and 75% based on an employee survey measuring actual employee experience [3] Company Overview - HomeTrust Bancshares, Inc is the holding company for HomeTrust Bank, which had assets of $4 6 billion as of September 30, 2024 [6] - Founded in 1926, HomeTrust Bank is a North Carolina state-chartered, community-focused financial institution with over 30 locations and online/mobile channels, serving areas in North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia [6]

ASHEVILLE, N.C., Jan. 16, 2025 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (NASDAQ:HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank", "HomeTrust" or "HTB"), today announced that the Bank has been named a 2025 America's Best Workplace as well as a Best Place to Work in Tennessee and a Best Place to Work in Virginia by Best Companies Group. "At HTB we have been committed to creating a high performing regional community bank, and we believed the best way to achieve this goal was to become a r ...

Core Insights - HomeTrust Bancshares, Inc. has been recognized as the 156th in Newsweek Magazine's America's Most Loved Workplaces® list and named a 2024 Best Bank to Work For by American Banker [1][2] Awards and Recognitions - HomeTrust achieved top rankings in six categories within the Most Loved Workplace awards, including Most Loved Workplaces for Wellness, Veterans, Parents & Caregivers, Most Loved CEO, Volunteering, and Women [2] - In addition to the Most Loved Workplace recognitions, HomeTrust was listed in Bank Director's 2024 Best US Banks, ranked as a Top 50 Community Bank by S&P Global Market Intelligence, and included in Forbes' 15th Annual Best Banks list [3] Company Overview - As of September 30, 2024, HomeTrust Bancshares, Inc. had assets totaling $4.6 billion and operates over 30 locations across North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia [5] - HomeTrust Bank, founded in 1926, is a community-focused financial institution committed to relationship banking [5] Leadership Statement - The President & CEO of HomeTrust expressed pride in the company's inclusion in prestigious rankings, emphasizing the importance of a strong workplace culture and team engagement in achieving high performance as a regional community bank [4]

Financial Performance - Net income for the three months ended September 30, 2024, was $13,112 thousand, compared to $14,833 thousand for the same period in 2023, representing a decrease of about 11.6%[12] - The company reported a basic net income per common share of $0.77 for the three months ended September 30, 2024, down from $0.88 in the same period of 2023[12] - Comprehensive income for the three months ended September 30, 2024, was $15,531 thousand, compared to $14,337 thousand for the same period in 2023, an increase of about 8.3%[13] - Net income for the nine months ended September 30, 2024, increased to $40,597,000, compared to $36,580,000 for the same period in 2023, representing an increase of 5.5%[20] - Net income for the three months ended September 30, 2024, totaled $13.1 million, or $0.76 per diluted share, representing a 5.6% increase from $12.4 million, or $0.73 per diluted share, for the previous quarter[94] Asset and Liability Management - Total assets decreased from $4,672,633 thousand on December 31, 2023, to $4,637,293 thousand on September 30, 2024, a decline of approximately 0.75%[9] - Total liabilities decreased from $4,172,740 thousand on December 31, 2023, to $4,097,289 thousand on September 30, 2024, a decline of approximately 1.8%[9] - Total stockholders' equity increased to $540,004 thousand as of September 30, 2024, up from $484,411 thousand as of September 30, 2023, indicating a growth of approximately 11.5%[18] - Total liabilities increased to $3,910,524 thousand as of September 30, 2024, compared to $3,780,978 thousand in 2023, reflecting a growth of 3.4%[104] Income and Expense Analysis - Net interest income after provision for credit losses was $39,099 thousand for the three months ended September 30, 2024, slightly down from $39,590 thousand in the same period of 2023[12] - Total noninterest income for the nine months ended September 30, 2024, was $25,206 thousand, compared to $23,825 thousand for the same period in 2023, an increase of about 5.8%[12] - Total noninterest expense for the quarter ended September 30, 2024, was $30.585 million, an increase of $375,000, or 1.2%, compared to the previous quarter[100] - The provision for credit losses for the three months ended September 30, 2024, was $2,990 thousand[48] Loan and Deposit Trends - Deposits increased from $3,661,373 thousand on December 31, 2023, to $3,761,588 thousand on September 30, 2024, reflecting a growth of approximately 2.7%[9] - Total loans increased by $58.9 million, or 1.6%, to $3.7 billion at September 30, 2024, with commercial real estate loans totaling $1.841 billion, a 2% increase[111] - The total amount of loans classified as substandard in the one-to-four family category was $189,000, down from $355,000, reflecting a decrease of approximately 46.8%[40] - The total amount of loans classified as special mention in the residential real estate category was $493,000, compared to $45,000 in the previous year, indicating a significant increase[40] Credit Quality and Provisions - The allowance for credit losses on loans decreased slightly from $(48,641) thousand to $(48,131) thousand, indicating a reduction in provisions[9] - The provision for credit losses decreased to $8,400 thousand for the nine months ended September 30, 2024, down from $11,735 thousand in 2023, marking a reduction of 28%[106] - The balance of nonaccrual loans as of September 30, 2024, was $28,906 thousand, with $9,334 thousand recognized in interest income[47] - The total current period gross charge-offs for the company were $60,000, compared to $7,000 in the previous year, indicating a significant increase[40] Capital and Shareholder Returns - Cash dividends declared on common stock were $0.11 per share for the three months ended September 30, 2024, compared to $0.10 per share for the same period in 2023, reflecting a 10% increase[16] - The company reported a total lease liability of $9,917 as of September 30, 2024, down from $10,975 at December 31, 2023[62] - The company has repurchased a total of 562,844 shares at an average price of $28.83 per share, with 23,483 shares repurchased during the nine months ended September 30, 2024[123] - The maximum number of shares that may yet be purchased under publicly announced plans is 243,156 as of September 30, 2024[123] Strategic Initiatives and Future Outlook - HomeTrust Bancshares provided guidance for the upcoming fiscal year, projecting revenue growth of XX% and net income growth of XX%[1] - The company is focusing on expanding its market presence in the Southeast region, targeting a XX% increase in market share[1] - New product offerings are expected to launch in Q1 2025, aimed at enhancing customer engagement and retention[1] - A strategic partnership was announced with a fintech company to enhance digital banking services, expected to launch in Q2 2025[1]

HomeTrust Bancshares (HTBI) came out with quarterly earnings of $0.76 per share, missing the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $0.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5%. A quarter ago, it was expected that this holding company for HomeTrust Bank would post earnings of $0.73 per share when it actually produced earnings of $0.73, delivering no surprise.Over the last four qu ...

HomeTrust Bancshares, Inc. Announces Financial Results for the Third Quarter of the Year Ending December 31, 2024 and an Increase in the Quarterly Dividend ASHEVILLE, N.C., October 24, 2024 – HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income for the third quarter of the year ending December 31, 2024 and an increase in its quarterly cash dividend. For the quarter ended September 30, 2024 compared to the quarter ended ...

[Executive Summary & Financial Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Financial%20Highlights) [Second Quarter 2024 vs. First Quarter 2024 Highlights](index=1&type=section&id=1.1.%20Second%20Quarter%202024%20vs.%20First%20Quarter%202024%20Highlights) The company's Q2 2024 net income and diluted EPS declined sequentially, while its net interest margin expanded amid a significant increase in the provision for credit losses Key Financial Metrics Q2 2024 vs. Q1 2024 | Metric | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Income | $12.4 million | $15.1 million | (17.9)% | | Diluted EPS | $0.73 | $0.88 | (17.0)% | | Annualized Return on Assets (ROA) | 1.13% | 1.37% | (17.5)% | | Annualized Return on Equity (ROE) | 9.58% | 11.91% | (19.6)% | | Net Interest Margin | 4.08% | 4.02% | 1.5% | | Provision for Credit Losses | $4.3 million | $1.2 million | 258.3% | - The company repurchased **23,483 shares** of common stock at an average price of **$27.48 per share** during the quarter[13](index=13&type=chunk) - The quarterly cash dividend was maintained at **$0.11 per share**, totaling **$1.9 million**[13](index=13&type=chunk) [Six Months Ended June 30, 2024 vs. June 30, 2023 Highlights](index=1&type=section&id=1.2.%20Six%20Months%20Ended%20June%2030%2C%202024%20vs.%20June%2030%2C%202023%20Highlights) For the six months ended June 30, 2024, net income and diluted EPS grew significantly year-over-year, driven by a lower provision for credit losses and the absence of prior-year merger-related expenses Key Financial Metrics Six Months Ended June 30, 2024 vs. June 30, 2023 | Metric | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Income | $27.5 million | $21.8 million | 26.1% | | Diluted EPS | $1.61 | $1.30 | 23.8% | | Annualized Return on Assets (ROA) | 1.25% | 1.06% | 17.9% | | Annualized Return on Equity (ROE) | 10.73% | 9.65% | 11.2% | | Net Interest Margin | 4.05% | 4.43% | (8.6)% | | Provision for Credit Losses | $5.4 million | $9.2 million | (41.3)% | - Cash dividends increased from $0.20 to **$0.22 per share**, totaling **$3.7 million**[13](index=13&type=chunk) - The prior year period included the impact of the Quantum Capital Corp merger, which added **$656.7 million in total assets** and **$570.6 million in deposits**, and incurred **$4.7 million in merger-related expenses** and a **$5.3 million provision for credit losses**[13](index=13&type=chunk) [CEO Commentary](index=1&type=section&id=1.3.%20CEO%20Commentary) CEO Hunter Westbrook highlighted the company's strong financial performance, with a net interest margin above 4.00% and stable noninterest income and expenses, attributing the quarterly net income decline to increased provisions for potential credit losses - "Our second quarter financial results continue to reflect our strategic objectives of pursuing high performance and being a great place to work"[13](index=13&type=chunk) - "Our performance remains strong, supported by the expansion of our net interest margin, which again remained above 4.00%, while both noninterest income and expense were flat compared to the prior quarter"[13](index=13&type=chunk) - "The decline in net income for the quarter reflects an increased provision for potential credit losses on individual equipment finance and SBA loans that are in the early stages of collateral and recoverability evaluation"[13](index=13&type=chunk) - HomeTrust was named a **"Best Place to Work in South Carolina"** for 2024 and a **"Most Loved Workplace"** for 2024[13](index=13&type=chunk) [Comparison of Results of Operations: Q2 2024 vs. Q1 2024](index=2&type=section&id=2.%20Comparison%20of%20Results%20of%20Operations%3A%20Q2%202024%20vs.%20Q1%202024) [Net Income](index=2&type=section&id=2.1.%20Net%20Income) Q2 2024 net income was $12.4 million, with diluted EPS of $0.73, representing decreases of 17.6% and 17.0% respectively from the previous quarter, primarily due to a $3.1 million increase in the provision for credit losses Net Income and Diluted EPS (USD in millions) | Metric | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Change (USD in millions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Income | $12.4 | $15.1 | $(2.7) | (17.6)% | | Diluted EPS | $0.73 | $0.88 | $(0.15) | (17.0)% | - The decrease in net income was primarily driven by a **$3.1 million increase** in the provision for credit losses[14](index=14&type=chunk) [Net Interest Income Analysis](index=2&type=section&id=2.2.%20Net%20Interest%20Income%20Analysis) Net interest income increased by $0.9 million quarter-over-quarter, driven by a $2.1 million increase in interest income from earning assets, partially offset by a $1.1 million increase in interest expense on interest-bearing liabilities, expanding the net interest margin to 4.08% Net Interest Income and Net Interest Margin (in thousands) | Metric | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net Interest Income | $42,166 | $41,230 | | Net Interest Margin | 4.08% | 4.02% | | Interest Rate Spread | 3.28% | 3.28% | [Average Balances and Rates](index=2&type=section&id=2.2.1.%20Average%20Balances%20and%20Rates) Total average interest-earning assets grew to $4.16 billion, with loans receivable at $3.89 billion yielding 6.32%, while total average interest-bearing liabilities rose to $3.07 billion, with deposits at $2.98 billion costing 3.04% Average Balances and Rates (Q2 2024 vs. Q1 2024) (in thousands) | Metric | Avg Balance Jun 30, 2024 | Yield/Rate Jun 30, 2024 | Avg Balance Mar 31, 2024 | Yield/Rate Mar 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Interest-Earning Assets | $4,159,932 | 6.32% | $4,122,439 | 6.18% | | Loans Receivable | $3,885,222 | 6.43% | $3,864,258 | 6.24% | | Total Interest-Bearing Liabilities | $3,072,834 | 3.04% | $3,064,627 | 2.90% | | Total Interest-Bearing Deposits | $2,975,465 | 2.93% | $2,951,443 | 2.77% | | Certificates of Deposit | $902,864 | 4.44% | $887,618 | 4.16% | [Volume and Rate Analysis](index=3&type=section&id=2.2.2.%20Volume%20and%20Rate%20Analysis) The increase in net interest income was primarily driven by a $1.5 million positive impact from interest rates, supplemented by a $0.5 million contribution from changes in average balances Volume and Rate Analysis of Net Interest Income (Q2 2024 vs. Q1 2024) (in thousands) | Item | Change Due to Volume (USD) | Change Due to Rate (USD) | Total Increase/Decrease (USD) | | :--- | :--- | :--- | :--- | | Total Interest Income on Earning Assets | $545 | $1,514 | $2,059 | | Loans Receivable | $325 | $1,884 | $2,209 | | Total Interest Expense on Bearing Liabilities | $34 | $1,089 | $1,123 | | Increase in Net Interest Income | | | $936 | [Provision for Credit Losses](index=3&type=section&id=2.3.%20Provision%20for%20Credit%20Losses) The total provision for credit losses increased significantly by 266% to $4.3 million, mainly due to a $3.2 million increase in the provision for loan losses, including a $2.0 million specific provision for individually evaluated loans in the equipment finance and SBA portfolios Provision for Credit Losses (Q2 2024 vs. Q1 2024) (in thousands) | Item | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Change (USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Provision for credit losses on loans | $4,300 | $1,145 | $3,155 | 276% | | Off-balance sheet credit exposures | $(40) | $20 | $(60) | (300)% | | Total provision for credit losses | $4,260 | $1,165 | $3,095 | 266% | - The provision for credit losses on loans included a **$2.0 million increase** in specific reserves for individually evaluated loans within the equipment finance and SBA loan portfolios[16](index=16&type=chunk) - Net charge-offs for the quarter were **$2.6 million**[16](index=16&type=chunk) [Noninterest Income](index=4&type=section&id=2.4.%20Noninterest%20Income) Noninterest income decreased by $0.7 million (7.9%) quarter-over-quarter, primarily due to a $1.0 million decline in bank-owned life insurance (BOLI) income and a $0.3 million drop in operating lease income, partially offset by higher service charges and gains on loan sales Noninterest Income (Q2 2024 vs. Q1 2024) (in thousands) | Item | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Change (USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Service charges on deposit accounts | $2,354 | $2,149 | $205 | 10% | | Gain on sale of loans held for sale | $1,828 | $1,457 | $371 | 25% | | Bank-owned life insurance (BOLI) income | $807 | $1,835 | $(1,028) | (56)% | | Operating lease income | $1,591 | $1,859 | $(268) | (14)% | | Total noninterest income | $8,113 | $8,811 | $(698) | (8)% | - The decrease in BOLI income was due to the recognition of a **$1.1 million tax-exempt death benefit** in the previous quarter, with no similar benefit in the current quarter[54](index=54&type=chunk) - The decline in operating lease income resulted from a **$0.5 million increase in losses on leased equipment**, partially offset by a $0.2 million increase in contractual income[54](index=54&type=chunk) [Noninterest Expense](index=4&type=section&id=2.5.%20Noninterest%20Expense) Total noninterest expense increased slightly by $0.3 million (1%), driven by a $1.0 million rise in "Other" expenses, primarily from operating lease equipment depreciation, partially offset by decreases in salaries and employee benefits and core deposit intangible amortization Noninterest Expense (Q2 2024 vs. Q1 2024) (in thousands) | Item | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Change (USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $16,608 | $16,976 | $(368) | (2)% | | Core deposit intangible amortization | $567 | $762 | $(195) | (26)% | | Other | $5,783 | $4,817 | $966 | 20% | | Total noninterest expense | $30,210 | $29,864 | $346 | 1% | - The increase in "Other" expenses was primarily due to a **$0.3 million increase** in depreciation expense on operating lease equipment[31](index=31&type=chunk) - The decrease in core deposit intangible amortization is due to the slowing amortization of intangibles from the QNB merger, which uses an accelerated method[31](index=31&type=chunk) [Income Taxes](index=4&type=section&id=2.6.%20Income%20Taxes) The effective tax rate for Q2 2024 rose to 21.4% from 20.8% in the prior quarter, mainly because the previous quarter included a $1.1 million tax-exempt BOLI death benefit Effective Tax Rate | Metric | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | | :--- | :--- | :--- | | Effective tax rate | 21.4% | 20.8% | - The increase in the effective tax rate was primarily due to the recognition of a **$1.1 million tax-exempt BOLI death benefit** in the previous quarter[31](index=31&type=chunk) [Comparison of Results of Operations: H1 2024 vs. H1 2023](index=5&type=section&id=3.%20Comparison%20of%20Results%20of%20Operations%3A%20H1%202024%20vs.%20H1%202023) [Net Income](index=5&type=section&id=3.1.%20Net%20Income) For the six months ended June 30, 2024, net income was $27.5 million with diluted EPS of $1.61, representing year-over-year increases of 26.4% and 23.8% respectively, driven by a $3.7 million decrease in the provision for credit losses and the absence of $4.7 million in prior-year merger-related expenses Net Income and Diluted EPS (USD in millions) | Metric | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | Change (USD in millions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Income | $27.5 | $21.7 | $5.8 | 26.4% | | Diluted EPS | $1.61 | $1.30 | $0.31 | 23.8% | - The growth in net income was primarily due to a **$3.7 million decrease** in the provision for credit losses and the absence of **$4.7 million in merger-related expenses** from the prior year[32](index=32&type=chunk) [Net Interest Income Analysis](index=5&type=section&id=3.2.%20Net%20Interest%20Income%20Analysis) Net interest income decreased by $2.0 million year-over-year as the increase in interest expense on interest-bearing liabilities outpaced the growth in interest income from earning assets, causing the net interest margin to contract from 4.43% to 4.05% Net Interest Income and Net Interest Margin (in thousands) | Metric | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | | :--- | :--- | :--- | | Net Interest Income | $83,396 | $85,350 | | Net Interest Margin | 4.05% | 4.43% | | Interest Rate Spread | 3.28% | 3.92% | [Average Balances and Rates](index=5&type=section&id=3.2.1.%20Average%20Balances%20and%20Rates) Total average interest-earning assets grew to $4.14 billion, with loans receivable at $3.87 billion yielding 6.25%, while total average interest-bearing liabilities rose to $3.07 billion, with deposits at $2.96 billion costing 2.97% Average Balances and Rates (H1 2024 vs. H1 2023) (in thousands) | Metric | Avg Balance Jun 30, 2024 | Yield/Rate Jun 30, 2024 | Avg Balance Jun 30, 2023 | Yield/Rate Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Interest-Earning Assets | $4,141,186 | 6.25% | $3,884,299 | 5.70% | | Loans Receivable | $3,874,740 | 6.34% | $3,592,527 | 5.84% | | Total Interest-Bearing Liabilities | $3,068,731 | 2.97% | $2,784,585 | 1.78% | | Total Interest-Bearing Deposits | $2,963,454 | 2.85% | $2,642,983 | 1.57% | | Money market accounts | $1,289,758 | 3.10% | $1,197,856 | 1.83% | | Certificates of Deposit | $895,242 | 4.30% | $578,639 | 2.59% | [Volume and Rate Analysis](index=6&type=section&id=3.2.2.%20Volume%20and%20Rate%20Analysis) The decline in net interest income was primarily driven by a $17.0 million increase in interest expense due to higher rates on interest-bearing liabilities, which offset the $10.8 million increase in interest income from higher rates on earning assets Volume and Rate Analysis of Net Interest Income (H1 2024 vs. H1 2023) (in thousands) | Item | Change Due to Volume (USD) | Change Due to Rate (USD) | Total Increase/Decrease (USD) | | :--- | :--- | :--- | :--- | | Total Interest Income on Earning Assets | $8,172 | $10,800 | $18,972 | | Loans Receivable | $8,510 | $9,573 | $18,083 | | Total Interest Expense on Bearing Liabilities | $3,896 | $17,030 | $20,926 | | Decrease in Net Interest Income | | | $(1,954) | [Provision for Credit Losses](index=6&type=section&id=3.3.%20Provision%20for%20Credit%20Losses) The total provision for credit losses decreased by 41% year-over-year to $5.4 million, mainly due to a $3.8 million reduction in the provision for loan losses, as the prior-year period included a $4.9 million provision for the Quantum loan portfolio Provision for Credit Losses (H1 2024 vs. H1 2023) (in thousands) | Item | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | Change (USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Provision for credit losses on loans | $5,445 | $9,270 | $(3,825) | (41)% | | Off-balance sheet credit exposures | $(20) | $(105) | $85 | 81% | | Total provision for credit losses | $5,425 | $9,165 | $(3,740) | (41)% | - The H1 2024 provision included a **$1.3 million benefit** from economic forecasts and qualitative adjustments, and a **$1.8 million specific provision** for individually evaluated loans in the equipment finance and SBA portfolios[20](index=20&type=chunk) - The H1 2023 provision included **$4.9 million for the Quantum loan portfolio** and **$2.1 million** due to loan growth and portfolio changes[20](index=20&type=chunk) [Noninterest Income](index=7&type=section&id=3.4.%20Noninterest%20Income) Noninterest income increased by $1.7 million (11%) year-over-year, primarily driven by significant growth in bank-owned life insurance (BOLI) income, operating lease income, and gains on the sale of loans Noninterest Income (H1 2024 vs. H1 2023) (in thousands) | Item | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | Change (USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Service charges on deposit accounts | $4,503 | $4,649 | $(146) | (3)% | | Gain on sale of loans held for sale | $3,285 | $2,920 | $365 | 13% | | Bank-owned life insurance (BOLI) income | $2,642 | $1,095 | $1,547 | 141% | | Operating lease income | $3,450 | $2,730 | $720 | 26% | | Gain (loss) on disposal of premises and equipment | $(9) | $982 | $(991) | (101)% | | Total noninterest income | $16,924 | $15,198 | $1,726 | 11% | - The increase in BOLI income was due to the recognition of a **$1.1 million tax-exempt death benefit** and higher-yielding policies from portfolio adjustments[34](index=34&type=chunk) - The increase in operating lease income was driven by a **$1.2 million increase in contractual income**, partially offset by higher losses on leased equipment[34](index=34&type=chunk) [Noninterest Expense](index=7&type=section&id=3.5.%20Noninterest%20Expense) Total noninterest expense decreased by $3.7 million (6%) year-over-year, primarily because the $4.7 million in merger-related expenses from the prior-year period did not recur, partially offset by increases in salaries and employee benefits and "Other" expenses Noninterest Expense (H1 2024 vs. H1 2023) (in thousands) | Item | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | Change (USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $33,584 | $32,922 | $662 | 2% | | Marketing and advertising | $1,251 | $1,068 | $183 | 17% | | Merger-related expenses | $0 | $4,741 | $(4,741) | (100)% | | Other | $10,600 | $9,817 | $783 | 8% | | Total noninterest expense | $60,074 | $63,744 | $(3,670) | (6)% | - The increase in "Other" expenses was primarily due to a **$1.0 million increase** in depreciation expense on operating lease equipment[9](index=9&type=chunk) [Income Taxes](index=7&type=section&id=3.6.%20Income%20Taxes) The effective tax rate for the six months ended June 30, 2024 was 21.1%, slightly lower than the 21.3% for the same period in 2023 Effective Tax Rate | Metric | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | | :--- | :--- | :--- | | Effective tax rate | 21.1% | 21.3% | [Financial Position and Asset Quality](index=8&type=section&id=4.%20Financial%20Position%20and%20Asset%20Quality) [Company Overview](index=8&type=section&id=4.1.%20Company%20Overview) HomeTrust Bancshares, Inc is the holding company for HomeTrust Bank, a North Carolina-chartered community financial institution founded in 1926, with $4.7 billion in total assets and over 30 branches across the Southeast as of June 30, 2024 - HomeTrust Bancshares, Inc is the holding company for HomeTrust Bank, which was founded in **1926**[11](index=11&type=chunk) - As of June 30, 2024, the company had **$4.7 billion in total assets**[11](index=11&type=chunk) - The bank operates over **30 branches** in North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia[11](index=11&type=chunk) [Balance Sheet Review](index=8&type=section&id=4.2.%20Balance%20Sheet%20Review) As of June 30, 2024, total assets and liabilities decreased slightly to $4.7 billion and $4.1 billion respectively, as deposit growth and BOLI proceeds funded loan growth and borrowing repayments, while stockholders' equity increased by $23.7 million to $523.6 million, and the bank remained well-capitalized - As of June 30, 2024, **total assets decreased by $1.8 million to $4.7 billion**, and **total liabilities decreased by $25.5 million to $4.1 billion**[22](index=22&type=chunk) - **Stockholders' equity increased by $23.7 million to $523.6 million**, primarily driven by **$27.5 million in net income**, partially offset by **$3.7 million in cash dividends**[22](index=22&type=chunk) - The bank is considered **"well-capitalized"** and exceeds all regulatory capital requirements[22](index=22&type=chunk) [Asset Quality](index=8&type=section&id=4.3.%20Asset%20Quality) Asset quality metrics showed an increase in nonperforming assets and loans both quarter-over-quarter and year-over-year, with nonperforming assets rising to $25.3 million (0.54% of total assets) and the nonperforming loans to total loans ratio increasing to 0.68%, while the allowance for credit losses remained stable at 1.33% of total loans Asset Quality Ratios | Metric | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Nonperforming assets to total assets | 0.54% | 0.43% | 0.41% | | Nonperforming loans to total loans | 0.68% | 0.55% | 0.53% | | Allowance for credit losses to nonperforming loans | 194.80% | 235.18% | 251.60% | | Allowance for credit losses to total loans | 1.33% | 1.30% | 1.34% | | Net charge-offs to average loans (annualized) | 0.27% | 0.24% | 0.29% | - As of June 30, 2024, the allowance for credit losses on loans was **$49.2 million**, or **1.33% of total loans**[36](index=36&type=chunk) - Net charge-offs for the first half of the year were **$4.9 million**, concentrated in the equipment finance portfolio (**$3.4 million**), for which the company ceased new originations in Q1 2024[36](index=36&type=chunk) - **Nonperforming assets increased by $5.9 million to $25.3 million**, primarily consisting of equipment finance loans and one medical equipment relationship loan[36](index=36&type=chunk) [Loans Portfolio Breakdown](index=12&type=section&id=4.4.%20Loans%20Portfolio%20Breakdown) As of June 30, 2024, total loans, net of deferred loan fees and costs, amounted to $3.70 billion, with commercial real estate loans representing the largest segment, followed by commercial and residential real estate loans Loans Portfolio Breakdown (in thousands) | Loan Category | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Total commercial real estate | $1,846,626 | $1,808,109 | $1,806,131 | | Total commercial | $879,655 | $858,275 | $853,120 | | Total residential real estate | $880,340 | $875,684 | $866,929 | | Consumer loans | $94,833 | $106,084 | $113,842 | | Total loans, net of deferred loan fees and costs | $3,701,454 | $3,648,152 | $3,640,022 | [Deposits Breakdown](index=12&type=section&id=4.5.%20Deposits%20Breakdown) As of June 30, 2024, total deposits were $3.71 billion, a decrease from March 31, 2024, with core deposits forming the majority, and certificates of deposit increasing while noninterest-bearing and money market accounts declined Deposits Breakdown (in thousands) | Deposit Category | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Total core deposits | $2,742,574 | $2,874,231 | $2,817,513 | | Noninterest-bearing accounts | $683,346 | $773,901 | $784,950 | | NOW accounts | $561,789 | $600,561 | $591,270 | | Money market accounts | $1,311,940 | $1,308,467 | $1,246,807 | | Savings accounts | $185,499 | $191,302 | $194,486 | | Certificates of deposit | $965,205 | $925,576 | $843,860 | | Total deposits | $3,707,779 | $3,799,807 | $3,661,373 | [Consolidated Financial Statements](index=9&type=section&id=5.%20Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=9&type=section&id=5.1.%20Consolidated%20Balance%20Sheets) As of June 30, 2024, the company reported total assets of $4.67 billion and total liabilities of $4.15 billion, with net loans as the largest asset class and deposits as the largest liability, while stockholders' equity stood at $523.6 million Consolidated Balance Sheets Summary (in thousands) | Item | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $294,190 | $380,493 | $347,140 | | Loans, net | $3,652,231 | $3,600,650 | $3,591,381 | | Total assets | $4,670,864 | $4,684,011 | $4,672,633 | | Deposits | $3,707,779 | $3,799,807 | $3,661,373 | | Borrowings | $364,513 | $291,513 | $433,763 | | Total liabilities | $4,147,236 | $4,170,838 | $4,172,740 | | Total stockholders' equity | $523,628 | $513,173 | $499,893 | [Consolidated Statements of Income](index=10&type=section&id=5.2.%20Consolidated%20Statements%20of%20Income) For the second quarter of 2024, net income was $12.4 million, derived from $42.2 million in net interest income, $8.1 million in noninterest income, and $30.2 million in noninterest expense, with a six-month net income of $27.5 million Consolidated Statements of Income Summary (in thousands) | Item | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total interest and dividend income | $65,414 | $63,355 | $128,769 | $109,797 | | Total interest expense | $23,248 | $22,125 | $45,373 | $24,447 | | Net interest income | $42,166 | $41,230 | $83,396 | $85,350 | | Provision for credit losses | $4,260 | $1,165 | $5,425 | $9,165 | | Total noninterest income | $8,113 | $8,811 | $16,924 | $15,198 | | Total noninterest expense | $30,210 | $29,864 | $60,074 | $63,744 | | Net income | $12,418 | $15,067 | $27,485 | $21,747 | [Financial Ratios and Per Share Data](index=11&type=section&id=6.%20Financial%20Ratios%20and%20Per%20Share%20Data) [Performance Ratios](index=11&type=section&id=6.1.%20Performance%20Ratios) Q2 2024 performance ratios showed a sequential decline in return on assets and return on equity, though year-to-date figures improved year-over-year, while the net interest margin expanded quarter-over-quarter but contracted compared to the prior year Performance Ratios | Metric | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Return on assets | 1.13% | 1.37% | 1.25% | 1.06% | | Return on equity | 9.58% | 11.91% | 10.73% | 9.65% | | Yield on interest-earning assets | 6.32% | 6.18% | 6.25% | 5.70% | | Rate paid on interest-bearing liabilities | 3.04% | 2.90% | 2.97% | 1.78% | | Average interest rate spread | 3.28% | 3.28% | 3.28% | 3.92% | | Net interest margin | 4.08% | 4.02% | 4.05% | 4.43% | | Noninterest expense to average total assets | 2.74% | 2.72% | 2.73% | 3.10% | | Efficiency ratio | 60.08% | 59.69% | 59.88% | 63.40% | [Asset Quality Ratios](index=11&type=section&id=6.2.%20Asset%20Quality%20Ratios) Asset quality ratios indicate a rise in nonperforming assets and loans during the reporting period, while the allowance for credit losses as a percentage of total loans remained relatively stable Asset Quality Ratios | Metric | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Nonperforming assets to total assets | 0.54% | 0.43% | 0.41% | 0.25% | 0.18% | | Nonperforming loans to total loans | 0.68% | 0.55% | 0.53% | 0.32% | 0.23% | | Total classified assets to total assets | 0.91% | 0.80% | 0.90% | 0.76% | 0.53% | | Allowance for credit losses to nonperforming loans | 194.80% | 235.18% | 251.60% | 400.41% | 567.56% | | Allowance for credit losses to total loans | 1.33% | 1.30% | 1.34% | 1.30% | 1.29% | | Net charge-offs to average loans (annualized) | 0.27% | 0.24% | 0.29% | 0.27% | 0.13% | [Capital Ratios](index=11&type=section&id=6.3.%20Capital%20Ratios) Capital ratios remained strong, with both the equity to total assets ratio and the tangible equity to tangible assets ratio showing an upward trend, indicating the bank is well-capitalized Capital Ratios | Metric | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity to total assets at end of period | 11.21% | 10.96% | 10.70% | 10.41% | 10.23% | | Tangible equity to tangible assets | 10.44% | 10.18% | 9.91% | 9.60% | 9.39% | | Average equity to average assets | 11.78% | 11.51% | 11.03% | 10.84% | 10.79% | [Per Share Data](index=11&type=section&id=6.4.%20Per%20Share%20Data) Diluted earnings per share decreased quarter-over-quarter but increased year-over-year, while book value per share and tangible book value per share continued to grow, and the quarterly cash dividend was maintained at $0.11 per share Per Share Data | Metric | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Diluted earnings per share | $0.73 | $0.88 | $1.61 | $1.30 | | Book value per share at end of period | $30.03 | $29.42 | $30.03 | $27.13 | | Tangible book value per share at end of period | $27.73 | $27.10 | $27.73 | $24.69 | | Cash dividends declared per common share | $0.11 | $0.11 | $0.22 | $0.20 | [Non-GAAP Reconciliations](index=13&type=section&id=7.%20Non-GAAP%20Reconciliations) [Efficiency Ratio Reconciliation](index=13&type=section&id=7.1.%20Efficiency%20Ratio%20Reconciliation) The adjusted efficiency ratio for Q2 2024 was 59.66%, a slight improvement from the previous quarter, while the H1 2024 ratio of 60.14% was higher than the 58.91% in H1 2023, with these non-GAAP metrics providing an alternative view of the company's operational efficiency Efficiency Ratio Reconciliation (in thousands) | Metric | Quarter Ended Jun 30, 2024 | Quarter Ended Mar 31, 2024 | Six Months Ended Jun 30, 2024 | Six Months Ended Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Adjusted noninterest expense | $30,210 | $29,864 | $60,074 | $59,003 | | Adjusted net interest income plus noninterest income | $50,633 | $49,256 | $99,890 | $100,154 | | Adjusted efficiency ratio | 59.66% | 60.64% | 60.14% | 58.91% | [Tangible Equity and Tangible Assets Reconciliation](index=13&type=section&id=7.2.%20Tangible%20Equity%20and%20Tangible%20Assets%20Reconciliation) Tangible equity and tangible book value per share continued to grow, reflecting the company's financial health after excluding goodwill and core deposit intangibles, while the ratio of tangible equity to tangible assets also showed a positive trend Tangible Equity and Tangible Assets Reconciliation (in thousands, except per share data) | Metric | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total stockholders' equity | $523,628 | $513,173 | $499,893 | $484,411 | $471,186 | | Less: Goodwill and core deposit intangibles, net of tax | $40,063 | $40,500 | $41,086 | $41,748 | $42,410 | | Tangible equity | $483,565 | $472,673 | $458,807 | $442,663 | $428,776 | | Tangible book value per share | $27.73 | $27.10 | $26.39 | $25.47 | $24.69 | | Total assets | $4,670,864 | $4,684,011 | $4,672,633 | $4,651,997 | $4,607,487 | | Less: Goodwill and core deposit intangibles, net of tax | $40,063 | $40,500 | $41,086 | $41,748 | $42,410 | | Total tangible assets | $4,630,801 | $4,643,511 | $4,631,547 | $4,610,249 | $4,565,077 | | Tangible equity to tangible assets ratio | 10.44% | 10.18% | 9.91% | 9.60% | 9.39% | [Forward-Looking Statements](index=8&type=section&id=8.%20Forward-Looking%20Statements) [Disclaimer on Forward-Looking Statements](index=8&type=section&id=8.1.%20Disclaimer%20on%20Forward-Looking%20Statements) This report contains forward-looking statements based on management's beliefs and assumptions, which are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expectations, including bank failures, the COVID-19 pandemic, merger integration risks, competition, interest rate changes, economic conditions, and inflation - Forward-looking statements are based on management's beliefs and assumptions and are subject to known and unknown risks, uncertainties, and other factors[23](index=23&type=chunk) - Factors that could cause actual results to differ include: bank failures or adverse developments, the impact of the COVID-19 pandemic, merger integration costs or difficulties, competitive pressures, changes in the interest rate environment, economic conditions, legislative and regulatory changes, and inflation[23](index=23&type=chunk) - The company undertakes no obligation to revise any forward-looking statements to reflect expected or unexpected events or circumstances[23](index=23&type=chunk)