HomeTrust Bancshares, Inc. Announces Completion of Previous Stock Repurchase Program and Authorization of New Stock Repurchase Program

Rhea-AI Summary

HomeTrust Bancshares, Inc. (NASDAQ: HTBI) has completed its 5% stock repurchase program initiated in July 2021, repurchasing 825,941 shares at an average price of $29.63 each. The company’s Board has authorized an additional buyback of 806,000 shares, also representing about 5% of outstanding shares. These shares may be acquired through open market transactions or privately negotiated deals, depending on market factors. As of December 31, 2021, HomeTrust held assets totaling $3.5 billion, operating over 30 locations across North Carolina, South Carolina, Tennessee, and Virginia.

Positive

• Completed repurchase of 825,941 shares at $29.63, signaling confidence in stock value.
• Authorized additional buyback of up to 806,000 shares, potentially increasing shareholder value.
• Robust asset base of $3.5 billion as of December 31, 2021, demonstrating financial stability.

Negative

• Possible market fluctuations could affect future stock repurchase plans.
• Forward-looking statements may not accurately predict actual operational performance.

ASHEVILLE, N.C., March 01, 2022 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (the “Company”) (NASDAQ: HTBI), the holding company for HomeTrust Bank, announced the completion of its 5% stock repurchase program that began in July 2021. A total of 825,941 shares were repurchased at an average price of $29.63 per share. The Company's Board of Directors has authorized the repurchase of up to an additional 806,000 shares of the Company’s common stock, representing approximately 5% of the Company’s currently outstanding shares. The shares may be purchased in the open market or in privately negotiated transactions from time to time depending upon market conditions and other factors.

About HomeTrust Bancshares, Inc.

HomeTrust Bancshares, Inc. is the holding company for the Bank. As of December 31, 2021, the Company had assets of $3.5 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) and Southwest Virginia (including the Roanoke Valley).

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 effect of the COVID-19 pandemic, including on the Company's credit quality and business operations, as well as its impact on general economic and financial market conditions and other uncertainties resulting from the COVID-19 pandemic, such as the extent and duration of the impact on public health, the U.S. and global economies, and consumer and corporate customers, including economic activity, employment levels and market liquidity; 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 other factors described in HomeTrust'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 their website at www.htb.com and on the SEC's website at www.sec.gov. These risks could cause the Company's actual results for fiscal 2022 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, the Company and could negatively affect its operating and stock performance. 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.

www.htb.com

www.hometrustbancshares.com

FAQ

What is the purpose of HomeTrust Bancshares' stock repurchase program?

The repurchase program aims to enhance shareholder value by reducing the number of outstanding shares.

How many shares did HomeTrust Bancshares repurchase in its latest program?

HomeTrust Bancshares repurchased 825,941 shares at an average price of $29.63 each.

What is the total amount of shares the Board has authorized for repurchase?

The Board has authorized an additional repurchase of up to 806,000 shares.

How does the stock buyback affect HomeTrust Bancshares' stock price?

The stock buyback could support or drive up the stock price by signaling confidence in the company's value.