HomeTrust Bank Reports 44 Percent Increase in Earnings

7/26/17

By Chris Roush, NC BIZ News

The parent company of HomeTrust Bank reported a 44 percent increase in its fourth quarter earnings due to loan growth and an acquisition, according to a filing Wednesday with the Securities and Exchange Commission.

HomeTrust Bancshares Inc. reported net income of $4.8 million, or 25 cents per share, during the quarter that ended June 30, up from net income of $3.3 million, or 19 cents per share, in the same quarter in 2016. The earnings were below analyst consensus estimates of 28 cents per share.

Commercial loan portfolio originations increased $64.8 million, or 70.5 percent to $156.8 million during the quarter.

“Commercial lending and mortgage banking continued to expand across all of our high growth markets, which led to a record year of almost $850 million portfolio loan originations, and over 14 percent in net organic loan growth,” said Chief Executive Officer Dana Stonestreet in a statement.

HomeTrust’s stock was unchanged at $24.45 in Wednesday afternoon trading.

Net interest income was $24.6 million for the quarter ended June 30, compared to $20.8 million for the comparative quarter in fiscal 2016.

Total assets increased $488.9 million, or 18 percent, to $3.2 billion at June 30 from $2.7 billion at June 30, 2016, largely due to the acquisition of TriSummit bank at the beginning of the year.

HomeTrust is the third-largest community bank headquartered in North Carolina. It has 42 locations in North Carolina, upstate South Carolina, east Tennessee and southwest Virginia.

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