HomeTrust Bancshares(HTBI) - 2025 Q1 - Quarterly Report

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]