HomeTrust Bancshares(HTBI) - 2025 Q4 - Annual Report

Financial Performance - Net income for the three months ended June 30, 2025, was $17,210 thousand, up from $12,418 thousand in the same period of 2024, marking a significant increase of 38.5%[14] - Comprehensive income for the three months ended June 30, 2025, was $17,534 thousand, compared to $12,204 thousand for the same period in 2024, an increase of 43.7%[16] - Net income for the six months ended June 30, 2025, was $31,749,000, an increase from $27,485,000 in the same period of 2024, representing a growth of approximately 8.2%[23] - The company reported a diluted earnings per share of $1.00 for the three months ended June 30, 2025, compared to $0.73 for the same period in 2024, an increase of 37.0%[14] - Basic net income per share increased to $1.01 for the three months ended June 30, 2025, from $0.73 in the same period of 2024, reflecting a growth of 38.4%[119] Income and Expenses - Net interest income increased to $44,229 thousand for the three months ended June 30, 2025, compared to $42,446 thousand for the same period in 2024, reflecting a growth of 4.2%[14] - Total noninterest income rose to $10,157 thousand for the three months ended June 30, 2025, compared to $8,113 thousand in the same period of 2024, an increase of 25.3%[14] - Cash paid for interest during the period was $45.33 million, an increase from $43.01 million in the prior year[25] - The total charge-offs for the six months ended June 30, 2025, were $3,940,000, compared to $5,727,000 for the same period in 2024, indicating a reduction of 31.3%[76] Assets and Liabilities - Total assets decreased to $4,578,053 thousand as of June 30, 2025, from $4,595,430 thousand at December 31, 2024, representing a decline of 0.38%[12] - Total liabilities decreased to $3,998,779 thousand as of June 30, 2025, from $4,043,672 thousand at December 31, 2024, a decrease of 1.1%[12] - Total stockholders' equity as of June 30, 2025, was $579,274,000, compared to $523,628,000 as of June 30, 2024, reflecting an increase of approximately 10.6%[21] - The company’s retained earnings increased to $408,178 thousand as of June 30, 2025, up from $380,541 thousand at December 31, 2024, reflecting a growth of 7.3%[12] Credit Quality - Provision for credit losses decreased to $1,303 thousand for the three months ended June 30, 2025, compared to $4,260 thousand for the same period in 2024, indicating a reduction of 69.5%[14] - The provision for credit losses for the six months ended June 30, 2025, was $2,843,000, down from $5,425,000 in the same period of 2024, indicating improved credit quality[23] - The balance of the allowance for credit losses (ACL) at the end of June 30, 2025, was $44,139,000, down from $49,223,000 at the end of June 30, 2024[76] - The company retained all loans associated with the branches sold, which indicates a strategy to maintain loan assets while divesting non-core operations[35] Loans and Deposits - Deposits decreased to $3,666,178 thousand as of June 30, 2025, from $3,779,203 thousand at December 31, 2024, a decline of 3.0%[12] - The company experienced a net increase in loans of $20,433,000 during the six months ended June 30, 2025, compared to a net increase of $54,713,000 in 2024[23] - Total loans held for sale amounted to $169,835 thousand as of June 30, 2025, a decrease from $202,018 thousand as of December 31, 2024[45] - Total loans outstanding as of December 31, 2024, amounted to $3,648.3 million, with past due loans totaling $27.1 million[72] Strategic Initiatives - The company aims to enhance its market position through strategic initiatives and potential acquisitions in the upcoming fiscal year[1] - The company plans to update its income tax disclosures in accordance with ASU 2023-09, effective for annual reporting periods beginning after December 15, 2024[33] - The company has changed its fiscal year end from June 30 to December 31, with the transition period ending December 31, 2023[1] Market Conditions - The company is currently evaluating the income tax implications of the "One Big Beautiful Bill" signed into law on July 4, 2025, but does not expect a material impact on financial statements[138] - Management continues to monitor securities for impairment and evaluates the need for potential charges to earnings based on market conditions[43]