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HomeTrust Bancshares, Inc. (symbol: HTBI) is a regional, community-focused full-service commercial bank, founded in 1926. The company is headquartered in Asheville, North Carolina, and operates in various regions including North Carolina, upstate South Carolina, east Tennessee, and southwest Virginia. As of September 30, 2015, HomeTrust Bank is ranked among the top 400 U.S. banks with assets totaling $2.7 billion and is the 5th largest community bank headquartered in North Carolina.
HomeTrust Bank is committed to providing value-added relationship banking services. Their services encompass a wide range of retail and commercial banking products tailored to meet the financial needs of individuals, families, small businesses, and corporations. The bank’s strong community focus is evident in its support of local economic development initiatives and non-profit organizations, contributing to the vibrancy and health of the communities it serves.
With strategically located offices in the Asheville metropolitan area, the Piedmont region, Charlotte, Raleigh, Greenville, Kingsport/Johnson City, Knoxville, Morristown, and the Roanoke Valley, HomeTrust Bank ensures accessible banking services to a diverse client base. The company’s operations are directed and coordinated to provide efficient and responsive banking services, with a dedicated team of bankers who focus on building long-term relationships with their clients.
In recent years, HomeTrust Bank has achieved significant milestones including strengthening its financial condition and expanding its market presence. The bank's tangible equity, or tangible book value, which is calculated by subtracting goodwill and core deposit intangibles from total stockholders' equity, reflects its solid financial foundation. This metric is crucial for investors as it provides a clear picture of the bank’s tangible assets relative to its equity base.
HomeTrust Bancshares, Inc. continues to pursue growth and innovation in its banking services, ensuring that it remains a trusted financial partner for its customers while contributing to the economic and social well-being of its communities.
HomeTrust Bancshares, Inc. (NASDAQ: HTBI) has successfully completed its merger with Quantum Capital Corp. on February 12, 2023. The transaction, valued at approximately $70.8 million, will result in a combined entity with assets totaling around $4.3 billion, including loans and deposits of $3.6 billion each. HomeTrust will issue 1,374,646 shares of common stock and pay $33 million in cash to Quantum shareholders. The merger enhances HomeTrust's position in the market while retaining the Quantum National Bank name until the systems integration in mid-March 2023. Key personnel changes include Bryan Cohen as Georgia Market President.
HomeTrust Bancshares, Inc. (NASDAQ: HTBI) has received regulatory approvals to merge with Quantum Capital Corp, with the merger anticipated to close around February 13, 2023. The Federal Reserve Bank of Richmond and the North Carolina Office of the Commissioner of Banks granted the necessary approvals under the Agreement and Plan of Merger dated July 24, 2022. Following the merger, Quantum National Bank will also merge into HomeTrust Bank. The systems conversion is scheduled for mid-March 2023, aiming to enhance HomeTrust's banking capabilities.
HomeTrust Bancshares (NASDAQ: HTBI) reported a strong second quarter for fiscal year 2023, with net income of $13.7 million ($0.90 per diluted share), up 48.5% from the previous quarter. The annualized return on assets rose to 1.54%, and return on equity reached 13.37%. Net interest income increased to $37.5 million, while credit loss provisions decreased to $2.2 million. Noninterest income also grew to $8.5 million. The Board declared a quarterly cash dividend of $0.10 per share, representing an 11.1% increase. Total assets and stockholders' equity were reported at $3.6 billion and $410.2 million, respectively.
HomeTrust Bancshares, Inc. (HTBI) reported preliminary net income of $9.2 million for Q1 fiscal 2023, a 52.7% increase from the previous quarter. Diluted EPS rose to $0.60 from $0.39. The company achieved a 14.2% annualized loan growth, totaling $98.5 million, and net interest income increased by 19.6% to $34.5 million. However, net income decreased by 12.6% year-over-year, impacted by a higher provision for credit losses of $4.0 million. The Board declared a quarterly cash dividend of $0.10 per share, an increase of 11.1%.
HomeTrust Bancshares, Inc. (HTBI) reported a net income of $6.0 million, or $0.39 per diluted share, for Q4 2022, reversing a $7.4 million loss in Q4 2021. For the fiscal year, net income rose to $35.7 million ($2.23 per diluted share) from $15.7 million in 2021. Net interest income increased to $28.9 million in Q4 from $26.0 million, driven by loan growth of $69.8 million (10.3% annualized). The Board declared a quarterly cash dividend of $0.09 per share, payable September 1, 2022. The planned acquisition of Quantum Capital Corporation is expected to enhance profitability.
HomeTrust Bancshares (NASDAQ: HTBI) announced a definitive merger agreement with Quantum Capital Corp. valued at approximately $67.6 million. Quantum, the holding company for Quantum National Bank, is a $660 million asset bank recognized for its small business lending. The merger aims to enhance HomeTrust's profitability and accelerate growth in the Atlanta market. HomeTrust anticipates over 20% EPS accretion post-merger, with an expected 7.5% dilution in tangible book value and a recovery period of under 2.5 years.
The Board of Directors of HomeTrust Bancshares announced C. Hunter Westbrook will become CEO on September 1, 2022, succeeding Dana L. Stonestreet, who transitions to Executive Chairman. Stonestreet has been with HomeTrust for 33 years, growing assets from $1.5 billion to $3.5 billion. Westbrook's promotion follows a strategic succession plan designed by Stonestreet. Westbrook has held various leadership roles since joining HomeTrust in 2012 and aims to enhance shareholder value through financial performance and customer experience improvements.
The board of HomeTrust Bancshares (NASDAQ: HTBI) appointed Megan Pelletier as Executive Vice President and Chief People Officer effective May 2, 2022. Pelletier brings nearly 20 years of experience in the banking and financial sectors, particularly in human resources and operational roles. She will focus on HR initiatives, employee engagement, and diversity, aiming to enhance talent acquisition and retention. Hunter Westbrook, CEO, expressed confidence in Pelletier's skills to improve employee experience and support company growth amid current economic uncertainties.
HomeTrust Bancshares, Inc. (NASDAQ: HTBI) reported a net income of $8.0 million for Q3 2022, a slight increase from $7.9 million in Q3 2021. Diluted EPS rose to $0.51 from $0.48. Total assets increased to $3.5 billion, with deposits up 3.5%, totaling $3.1 billion. Noninterest income decreased to $8.9 million, impacted by lower loan sale gains. The Board declared a quarterly dividend of $0.09 per share. The company's credit quality improved, with nonperforming assets down 54.6% year-over-year. HTBI remains well-capitalized with robust commercial loan growth.
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