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HomeTrust Bancshares, Inc.$27.84$.02.07%

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 HomeTrust Bancshares, Inc. Reports Fourth Quarter and Fiscal Year 2018 Financial Results
   Thursday, July 26, 2018 8:30:00 AM ET

ASHEVILLE, N.C., July 26, 2018 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (NASDAQ:HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income of $7.2 million, or $0.38 per diluted share for the quarter ended June 30, 2018, compared to $4.8 million, or $0.25 per diluted share for the same period a year ago. Return on assets was 0.88% for the three months ended June 30, 2018 compared to 0.61% for the same period in fiscal 2017. Net income totaled $8.2 million, or $0.44 per diluted share for the year ended June 30, 2018, compared to $11.8 million, or $0.65 per diluted share for fiscal year 2017. Return on assets was 0.25% for the year ended June 30, 2018, compared to 0.40% in the prior year. Earnings for the year ended June 30, 2018 included a $17.9 million write-down of deferred tax assets following a deferred tax revaluation resulting from enactment of the Tax Cuts and Jobs Act (the "Tax Act”) with no comparable charge in fiscal year 2017, which was partially offset by the absence of merger-related expenses, which totaled $7.8 million in fiscal year 2017.

For the quarter ended June 30, 2018 compared to the corresponding quarter in the previous year and before the write-down of deferred tax assets from the change in the federal tax rate, merger-related expenses, and certain state income tax expenses (non-GAAP):

  • net income increased 42.0% to $6.8 million from $4.8 million;
  • diluted earnings per share increased 44.0% to $0.36 from $0.25; and
  • return on assets increased 36.1% to 0.83% from 0.61%.

For the year ended June 30, 2018 compared to the year ended June 30, 2017 and before the write-down of deferred tax assets from the change in the federal tax rate, merger-related expenses, certain state income tax expenses, and gains from the sale of premises and equipment (non-GAAP):

  • net income increased 51.3% to $25.9 million from $17.1 million;
  • diluted earnings per share increased 46.8% to $1.38 from $0.94; and
  • return on assets increased 37.9% to 0.80% from 0.58%.

The reconciliation of non-GAAP measures, which the Company believes facilitates the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.

For the year ended June 30, 2018 compared to the year ended June 30, 2017:

  • commercial loan portfolio originations increased $49.0 million, or 9.0% from $541.5 million to $590.5 million;
  • retail loan portfolio originations increased $18.2 million, or 5.9% from $305.4 million to $323.6 million;

"Fiscal 2018 was truly an inflection point for our financial performance as evidenced by our core results,” said Dana Stonestreet, Chairman, President and CEO. “We continued our focus on organic loan and deposit growth while remixing our balance sheet to maximize earnings. We enhanced our franchise value by hiring numerous high-performing revenue producers throughout key urban markets; fully developing our new SBA and equipment finance lines of business; and through the opening of a commercial loan production office in Greensboro, NC and a de novo full service branch in Cary, NC. As a result, we had a record year of over $1 billion in loan originations and net organic loan growth of 8%; SBA loan sales generated over $1 million in noninterest income during the year; and our brand new equipment finance line of business had $20 million in originations in the past quarter. We will continue to capitalize on this momentum in fiscal 2019 to enhance our financial performance and create additional shareholder value.”

Income Statement Review

Net interest income increased to $25.6 million for the quarter ended June 30, 2018 compared to $24.6 million for the comparative quarter in fiscal 2017. The $1.0 million, or 4.2% increase was primarily due to a $3.4 million increase in interest and dividend income driven by an increase in average interest-earning assets, which was partially offset by a $2.4 million increase in interest expense. Average interest-earning assets increased $180.8 million, or 6.3% to $3.0 billion for the quarter ended June 30, 2018 compared to $2.9 billion for the corresponding quarter in fiscal 2017. For the quarter ended June 30, 2018, the average balance of total loans receivable increased $157.5 million, or 6.8% due to organic loan growth. The average balance of all other interest-earning assets increased $43.3 million, or 8.1% primarily due to increases in commercial paper investments. These increases were mainly funded by increases in average interest-bearing deposits of $125.9 million, or 7.2% and average noninterest bearing deposits of $21.6 million, or 7.3% as compared to the same quarter last year. Net interest margin (on a fully taxable-equivalent basis) for the three months ended June 30, 2018 decreased to 3.43% from 3.53% for the same period a year ago. We continue to utilize our leveraging strategy, where designated short-term Federal Home Loan Bank ("FHLB") borrowings are invested in various short-term liquid assets to generate additional net interest income, as well as the required purchase of additional FHLB stock which generates increased dividend income; however, we have reduced the amount of assets purchased and liabilities assumed as part of the leveraging strategy during the past year and expect to continue reducing these amounts commensurate with anticipated organic loan growth. During the three months ended June 30, 2018 our leveraging strategy produced an additional $1.0 million in interest and dividend income at an average yield of 2.58%, while the average cost of the borrowings was 1.91%, resulting in approximately $263,000 in net interest income. During the same quarter in the prior fiscal year, our leveraging strategy produced an additional $848,000 in interest and dividend income at an average yield of 1.38%, while the average cost of the borrowings was 0.95%, resulting in approximately $265,000 in net interest income. Excluding the effects of the leveraging strategy, the tax equivalent net interest margin would be 3.57% and 3.82% for the quarters ended June 30, 2018 and 2017, respectively.

Total interest and dividend income increased $3.4 million, or 12.5% for the three months ended June 30, 2018 as compared to the same period last year, which was primarily driven by a $2.4 million, or 9.5% increase in loan interest income and a $1.1 million, or 125.0% increase in interest income from certificates of deposit and other interest-bearing deposits, partially offset by a $120,000, or 12.0% decrease in interest income from securities available for sale. The additional loan interest income was primarily due to the increase in the average balance of loans receivable and an increase in loan yields. Average loan yields increased seven basis points to 4.48% for the quarter ended June 30, 2018 from 4.41% in the corresponding quarter from last year primarily due to loans recently originated at higher rates and was partially offset by a $710,000, or 54.3% decrease in the accretion of purchase discounts on acquired loans as a result of reduced prepayments as compared to the same quarter last year. For the quarters ended June 30, 2018 and 2017, the average loan yields included 10 and 23 basis points, respectively, from the accretion of purchase discounts on acquired loans.

Total interest expense increased $2.4 million, or 87.3% for the quarter ended June 30, 2018 compared to the same period last year, which primarily related to deposit gathering initiatives along with an 20 basis point increase in the average cost of deposits. The overall average cost of funds increased 36 basis points to 0.82% for the current quarter as compared to the same quarter last year due primarily to the impact of the recent increases in the federal funds rate on our borrowings.

Net interest income increased $9.4 million or 10.4% to $100.6 million for the year ended June 30, 2018 compared to $91.2 million for the year ended June 30, 2017. Average interest-earning assets increased $292.3 million, or 10.9% to $3.0 billion for the year ended June 30, 2018 compared to $2.7 billion in the prior year. The $338.5 million, or 16.3% increase in average balance of total loans receivable for the year ended June 30, 2018 was due to a full year's impact of the TriSummit Bank acquisition and increased organic loan growth. This increase was mainly funded by the cumulative decrease of $46.2 million, or 7.6% in all other average interest-earning assets, an increase in average interest-bearing deposits of $152.2 million, or 9.2%, and an increase in average borrowings, consisting primarily of short-term FHLB advances of $80.4 million, or 13.9%. Net interest margin (on a fully taxable-equivalent basis) for the year ended June 30, 2018 decreased six basis points to 3.43% from 3.49% for last year. For the year ended June 30, 2018, our leveraging strategy produced an additional $4.1 million in interest and dividend income at an average yield of 1.90%, while the average cost of the borrowings was 1.39%, resulting in approximately $1.1 million in net interest income. Our leveraging strategy produced an additional $3.6 million in interest and dividend income at an average yield of 1.14% during fiscal year 2017, while the average cost of the borrowings was 0.58%, resulting in approximately $1.8 million in net interest income. Excluding the effects of the leveraging strategy, the tax equivalent net interest margin would be 3.66% and 3.88% for the years ended June 30, 2018 and 2017, respectively.

Total interest and dividend income increased $17.3 million, or 17.4% for the year ended June 30, 2018 as compared to the year ended June 30, 2017. The increase was primarily driven by a $15.0 million, or 16.7% increase in loan interest income, a $2.2 million, or 59.4% increase in certificates of deposit and other interest-bearing deposits, and a $354,000, or 21.3% increase in other investment income partially offset by a $315,000, or 7.9% decrease in interest income from securities available for sale. The additional loan interest income was primarily due to the increase in the average balance of loans receivable, which was partially offset by a $3.0 million decrease in the accretion of purchase discounts on acquired loans to $3.2 million for the year ended June 30, 2018 from $6.1 million for fiscal year 2017, as a result of full repayments of several loans with large discounts in the previous year. This decrease caused average loan yields to decrease three basis points to 4.41% for the year ended June 30, 2018 from 4.44% in fiscal 2017. Excluding the effects of the accretion on purchase discounts on acquired loans, loan yields increased 13 basis points to 4.28% for the year ended June 30, 2018 compared to 4.15% in fiscal 2017.

Total interest expense increased $7.8 million, or 94.9% for the year ended June 30, 2018 compared to the prior fiscal year. This increase was primarily related to the increase in average interest-bearing deposits and borrowings coupled with the increased cost of nine and 78 basis points for the years ended June 30, 2018 and 2017, respectively. The overall cost of funds increased 28 basis points to 0.65% for the year ended June 30, 2018 compared to 0.37% in the last fiscal year.

Noninterest income increased $1.1 million, or 27.1% to $5.4 million for the three months ended June 30, 2018 from $4.2 million for the same period in the previous year. The leading factors of the increase included a $338,000, or 16.6% increase in service charges on deposit accounts as a result of the increase in deposit accounts and related fees; a $628,000, or 66.0% increase in loan income from the gain on sale of mortgage loans and various commercial loan-related fees driven by the commencing of originations and sales of the guaranteed portion of U.S Small Business Administration (“SBA”) commercial loans; and a $215,000, or 30.2% increase in other noninterest income mainly from investments in small business investment companies ("SBIC").

Noninterest income increased $3.6 million, or 22.1% to $19.7 million for the year ended June 30, 2018 from $16.1 million for the year ended June 30, 2017, primarily due to a $1.1 million, or 14.2% increase in service charges on deposit accounts; a $1.8 million, or 49.6% increase in loan income from the gain on sale of mortgage loans and various commercial loan-related fees; and $879,000, or 38.9% increase in other noninterest income. Partially offsetting these increases was a $221,000, or 57.4% decrease in gains from the sale of premises and equipment for the year ended June 30, 2018 compared to last fiscal year.

Noninterest expense for the quarters ended June 30, 2018 and 2017 remained consistent at $21.8 million.

Noninterest expense for the year ended June 30, 2018 decreased $4.9 million, or 5.5% to $85.3 million compared to $90.3 million for the year ended June 30, 2017. The decrease was primarily driven by the absence of the previously mentioned $7.8 million of merger-related expenses; a $192,000, or 11.5% decrease in marketing and advertising; a $210,000, or 3.2% decrease in computer services; and a $222,000, or 15.7% decrease in real estate owned ("REO") related expenses primarily as a result of fewer REO properties held. Partially offsetting these decreases were the additional expenses related to the TriSummit acquisition, a new commercial loan production office in Greensboro, NC, new SBA and equipment finance lines of business, and the opening of a de novo branch in Cary, NC as shown in the cumulative increase of $3.4 million, or 5.0% in salaries and employee benefits; net occupancy expense; telephone, postage, and supplies; and other expenses for the year ended June 30, 2018 compared to last year. Deposit insurance premiums increased $241,000, or 17.5% as the net asset base has increased.

For the quarter ended June 30, 2018, the Company's income tax expense was $2.0 million compared to $2.2 million for the quarter ended June 30, 2017. The decrease was primarily driven by the reduction in the federal corporate tax rate to 27.5% for the quarter ended June 30, 2018 from 34.0% for the quarter ended June 30, 2017. The Company also had a $275,000 benefit related to the revaluation of various state deferred tax assets with no comparable benefit in the corresponding quarter in the prior year. In  addition, as a result of the Tax Act, we incurred an additional $103,000 in income tax expense for the quarter ended June 30, 2018 to adjust the tax valuation allowance on our alternative minimum tax ("AMT") credits in accordance with Internal Revenue Service guidelines.  Our fiscal year end requires the use of a blended federal tax rate as prescribed by the Internal Revenue Code, which is 27.5% and was used through June 30, 2018. Beginning on July 1, 2018, the Company began using the new federal corporate tax rate of 21%.

For the year ended June 30, 2018, the Company's income tax expense was $26.7 million compared to $5.2 million for the year ended June 30, 2017. The increase was mainly driven by the reduction in the federal corporate tax rate, which required the Company to revalue net deferred tax assets and establish the tax valuation allowance on our AMT credits as discussed above, resulting in a $17.9 million adjustment through income tax expense; and to a lesser extent higher pre-tax income. In addition, for the year ended June 30, 2018, the Company had a benefit of $142,000 and a charge of $490,000 for the year ended June 30, 2017 related to revaluation of various state deferred tax assets.

Balance Sheet Review

Total assets increased $97.6 million, or 3.0% to $3.3 billion at June 30, 2018 from $3.2 billion at June 30, 2017. Total liabilities increased $86.0 million, or 3.1% to $2.9 billion at June 30, 2018 from $2.8 billion at June 30, 2017. Deposit growth of $147.8 million, or 7.2% and the cumulative decrease of $126.3 million, or 30.1% in cash and cash equivalents, certificates of deposit in other financial institutions and investment securities during the year ended June 30, 2018 were used to partially fund the $174.4 million, or 7.4% increase in total loans receivable, the $79.2 million, or 52.9% increase in commercial paper, and reduce borrowings by $61.5 million, or 8.8%. The increase in net loans receivable was driven by $170.5 million of organic loan growth. The $24.8 million, or 43.3% decrease in deferred income taxes was driven primarily by the previously mentioned write-down of deferred tax assets and to a lesser extent, the use of net operating losses as our taxable income increased.

Total deposits increased $147.8 million, or 7.2%, during the year ended June 30, 2018 to $2.2 billion. The increase was primarily due to a $93.8 million increase in our core deposits (which exclude certificates of deposit) from growth initiatives and a $54.0 million increase in certificates of deposit, which primarily related to additional brokered deposits.

Stockholders' equity at June 30, 2018 increased $11.2 million, or 2.8% to $409.2 million from $397.6 million at June 30, 2017. The increase was primarily driven by $8.2 million in net income, $3.0 million in stock-based compensation, and $680,000 in a cumulative adjustment for the adoption of Accounting Standard Update 2016-09, "Improvements to Employee Share-Based Payment Accounting," partially offset by a $1.9 million decrease in other comprehensive income representing unrealized losses on investment securities, net of tax. As of June 30, 2018, HomeTrust Bank was considered "well capitalized" in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements with Common Equity Tier 1, Tier 1 Risk-Based, Total Risk-Based, and Tier 1 Leverage capital ratios of 11.70%, 11.70%, 12.45%, and 10.33%, respectively.  In addition, the Company exceeded all regulatory capital requirements as of that date. The $17.9 million deferred tax revaluation did not have a material impact on the Company's regulatory capital ratios.

Asset Quality

The allowance for loan losses was $21.1 million, or 0.83% of total loans, at June 30, 2018 compared to $21.2 million, or 0.90% of total loans, at June 30, 2017. The allowance for loan losses to gross loans, excluding acquired loans, was 0.91% at June 30, 2018,  compared to 1.03% at June 30, 2017.

There was no provision for losses on loans for the three months or year ended June 30, 2018 and 2017 reflecting continued improvements in our asset quality, offset by loan growth. Net loan charge-offs totaled $412,000 for the three months ended June 30, 2018 as compared to $54,000 in net recoveries for the same period during the prior fiscal year. Net loan charge-offs decreased to $91,000 for the year ended June 30, 2018 from $141,000 for fiscal 2017. Net charge-offs as a percentage of average loans were 0.07% for the quarter ended June 30, 2018 compared to net recoveries of (0.01)% for the same period last fiscal year. Net charge-offs as a percentage of average loans decreased to 0.00% for the year ended June 30, 2018 from 0.01% for last fiscal year. Our year over year improvements across all credit metrics continue to demonstrate our commitment to growing and maintaining a high quality loan portfolio.

Nonperforming assets decreased 27.0% to $14.6 million, or 0.44% of total assets, at June 30, 2018, compared to $20.0 million, or 0.62% of total assets, at June 30, 2017. Nonperforming assets included $10.9 million in nonaccruing loans and $3.7 million in REO at June 30, 2018, compared to $13.7 million and $6.3 million, in nonaccruing loans and REO, respectively, at June 30, 2017. Included in nonperforming loans are $4.2 million of loans restructured from their original terms of which $2.6 million were current at June 30, 2018, with respect to their modified payment terms. The decrease in nonaccruing loans was primarily due to continued improvement in credit quality throughout the loan portfolio and loans returning to performing status as payment history and the borrower's financial status improved. At June 30, 2018, $5.6 million, or 51.6%, of nonaccruing loans were current on their required loan payments. Purchased impaired loans aggregating $3.4 million acquired from prior acquisitions are excluded from nonaccruing loans due to the accretion of discounts established in accordance with the acquisition method of accounting for business combinations. Nonperforming loans to total loans decreased to 0.43% at June 30, 2018 from 0.58% at June 30, 2017.

The ratio of classified assets to total assets decreased to 1.00% at June 30, 2018 from 1.57% at June 30, 2017. Classified assets decreased 34.2% to $33.1 million at June 30, 2018 compared to $50.2 million at June 30, 2017.



About HomeTrust Bancshares, Inc.

HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank. As of June 30, 2018, the Company had assets of $3.3 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking through 43 locations as well as online/mobile channels. Locations include: North Carolina (including the Asheville metropolitan area, the "Piedmont" region, Charlotte, Cary, and Raleigh), Upstate South Carolina (Greenville), East Tennessee (including Kingsport/Johnson City/Bristol, Knoxville, and Morristown) and Southwest Virginia (including the Roanoke Valley). The Bank is the 2nd largest community bank headquartered in North Carolina.

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 our control. Actual results may differ, possibly materially, from those currently expected or projected in these forward-looking statements. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include expected cost savings, synergies and other financial benefits from our acquisitions  might not be realized within the expected time frames or at all, and costs or difficulties relating to integration matters might be greater than expected; 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 our website at www.hometrustbanking.com and on the SEC's website at www.sec.gov . Any of the forward-looking statements that we make in this press release or the documents we 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 we might make, because of the factors described above or because of other factors that we cannot foresee. We do 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. These risks could cause our actual results for fiscal 2018 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect our operating and stock performance.

WEBSITE: WWW.HOMETRUSTBANCSHARES.COM

Contact:
Dana L. Stonestreet – Chairman, President and Chief Executive Officer
Tony J. VunCannon – Executive Vice President, Chief Financial Officer, and Treasurer
828-259-3939

          
Consolidated Balance Sheets (Unaudited)         
(Dollars in thousands)June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
 June 30,
2017 (2)
Assets         
Cash$45,222  $38,100  $46,743  $38,162  $41,982 
Interest-bearing deposits25,524  41,296  51,922  40,809  45,003 
Cash and cash equivalents70,746  79,396  98,665  78,971  86,985 
Commercial paper229,070  239,435  199,722  199,774  149,863 
Certificates of deposit in other financial institutions66,937  84,218  100,349  110,454  132,274 
Securities available for sale, at fair value154,993  160,971  167,669  182,053  199,667 
Other investments, at cost37,214  36,783  38,877  38,651  39,355 
Loans held for sale5,873  6,071  7,072  7,793  5,607 
Total loans, net of deferred loan fees2,525,852  2,445,755  2,418,014  2,394,755  2,351,470 
Allowance for loan losses(21,060) (21,472) (21,090) (21,997) (21,151)
Net loans2,504,792  2,424,283  2,396,924  2,372,758  2,330,319 
Premises and equipment, net62,537  62,725  62,435  62,614  63,648 
Accrued interest receivable9,344  9,216  9,371  9,340  8,758 
Real estate owned ("REO")3,684  5,053  4,818  5,941  6,318 
Deferred income taxes32,565  34,311  36,526  55,653  57,387 
Bank owned life insurance ("BOLI")88,028  87,532  86,984  86,561  85,981 
Goodwill25,638  25,638  25,638  25,638  25,638 
Core deposit intangibles4,528  5,131  5,773  6,454  7,173 
Other assets8,220  10,100  9,765  7,343  7,560 
Total Assets$3,304,169  $3,270,863  $3,250,588  $3,249,998  $3,206,533 
Liabilities and Stockholders' Equity         
Liabilities         
Deposits$2,196,253  $2,180,324  $2,108,208  $2,100,310  $2,048,451 
Borrowings635,000  625,000  685,000  679,800  696,500 
Capital lease obligations1,914  1,920  1,925  1,931  1,937 
Other liabilities61,760  62,066  60,094  62,458  61,998 
Total liabilities2,894,927  2,869,310  2,855,227  2,844,499  2,808,886 
Stockholders' Equity         
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding         
Common stock, $0.01 par value, 60,000,000 shares authorized (1)191  190  190  190  190 
Additional paid in capital217,480  216,712  215,928  214,827  213,459 
Retained earnings200,575  193,368  187,241  197,907  191,660 
Unearned Employee Stock Ownership Plan ("ESOP") shares(7,406) (7,538) (7,670) (7,803) (7,935)
Accumulated other comprehensive income (loss)(1,598) (1,179) (328) 378  273 
Total stockholders' equity409,242  401,553  395,361  405,499  397,647 
Total Liabilities and Stockholders' Equity$3,304,169  $3,270,863  $3,250,588  $3,249,998  $3,206,533 

_________________________________
(1) Shares of common stock issued and outstanding at June 30, 2018 was 19,041,668; March 31, 2018 was 19,034,868; December 31, 2017 was 18,967,175; at September 30, 2017 was 18,968,675; and at June 30, 2017 was 18,967,875.
(2) Derived from audited financial statements.

    
Consolidated Statement of Income (Unaudited)   
 Three Months Ended Year Ended
 June 30, March 31, June 30, June 30, June 30,
(Dollars in thousands)2018 2018 2017 2018 2017 (1)
Interest and Dividend Income         
Loans$27,337  $26,355  $24,971  $105,082  $90,069 
Securities available for sale877  916  997  3,668  3,983 
Certificates of deposit and other interest-bearing deposits1,969  1,498  875  5,939  3,725 
Other investments510  496  448  2,013  1,659 
Total interest and dividend income30,693  29,265  27,291  116,702  99,436 
Interest Expense         
Deposits2,249  1,622  1,233  6,758  4,588 
Borrowings2,854  2,414  1,491  9,314  3,657 
Total interest expense5,103  4,036  2,724  16,072  8,245 
Net Interest Income25,590  25,229  24,567  100,630  91,191 
Provision for Loan Losses         
Net Interest Income after Provision for Loan Losses25,590  25,229  24,567  100,630  91,191 
Noninterest Income         
Service charges and fees on deposit accounts2,376  2,202  2,038  8,802  7,709 
Loan income and fees1,579  1,410  951  5,452  3,645 
BOLI income501  536  512  2,117  2,088 
Gain from sale of premises and equipment      164  385 
Gain from sales of securities available for sale    22    22 
Other, net926  778  711  3,137  2,258 
Total noninterest income5,382  4,926  4,234  19,672  16,107 
Noninterest Expense         
Salaries and employee benefits11,918  11,927  11,725  48,170  46,446 
Net occupancy expense2,478  2,389  2,583  9,689  9,121 
Marketing and advertising372  334  407  1,478  1,670 
Telephone, postage, and supplies777  748  817  2,958  2,732 
Deposit insurance premiums373  413  493  1,619  1,378 
Computer services1,700  1,600  1,854  6,440  6,650 
Loss (gain) on sale and impairment of REO(25) 194  13  127  300 
REO expense308  311  144  1,065  1,114 
Core deposit intangible amortization603  642  758  2,645  2,823 
Merger-related expenses    69    7,805 
Other3,250  2,763  2,972  11,140  10,220 
Total noninterest expense21,754  21,321  21,835  85,331  90,259 
Income Before Income Taxes9,218  8,834  6,966  34,971  17,039 
Income Tax Expense2,011  2,707  2,200  26,736  5,192 
Net Income$7,207  $6,127  $4,766  $8,235  $11,847 

_________________________________
(1) Derived from audited financial statements.

     
Per Share Data    
  Three Months Ended Year Ended
  June 30, March 31, June 30, June 30, June 30,
  2018 2018 2017 2018 2017
Net income per common share:(1)          
Basic $0.40  $0.34  $0.26  $0.45  $0.66 
Diluted $0.38  $0.32  $0.25  $0.44  $0.65 
Adjusted net income per common share:(2)          
Basic $0.38  $0.36  $0.26  $1.44  $0.96 
Diluted $0.36  $0.34  $0.25  $1.38  $0.94 
Average shares outstanding:          
Basic 18,121,690  18,052,000  17,936,511  18,028,854  17,379,487 
Diluted 18,847,279  18,761,586  18,568,587  18,726,431  17,956,443 
Book value per share at end of period $21.49  $21.10  $20.96  $21.49  $20.96 
Tangible book value per share at end of period (2) $19.96  $19.54  $19.37  $19.96  $19.37 
Total shares outstanding at end of period 19,041,668  19,034,868  18,967,875  19,041,668  18,967,875 

_________________________________
(1) Basic and diluted net income per common share have been prepared in accordance with the two-class method.
(2) See Non-GAAP reconciliation for adjustments.

     
Selected Financial Ratios and Other Data    
  Three Months Ended Year Ended
  June 30,
2018
 March 31,
2018
 June 30,
2017
 June 30,
2018
 June 30,
2017
Performance ratios:(1)      
Return on assets (ratio of net income to average total assets) 0.88% 0.76% 0.61% 0.25% 0.40%
Return on assets - adjusted(2) 0.83  0.80  0.61  0.80  0.58 
Return on equity (ratio of net income to average equity) 7.12  6.16  4.83  2.05  3.14 
Return on equity - adjusted(2) 6.75  6.47  4.88  6.43  4.54 
Tax equivalent yield on earning assets(3) 4.10  3.99  3.91  3.97  3.79 
Rate paid on interest-bearing liabilities 0.82  0.65  0.46  0.65  0.37 
Tax equivalent average interest rate spread(3) 3.28  3.34  3.45  3.32  3.42 
Tax equivalent net interest margin(3) (4) 3.43  3.44  3.53  3.43  3.49 
Tax equivalent net interest margin - adjusted(2) 3.57  3.65  3.82  3.66  3.88 
Average interest-earning assets to average interest-bearing liabilities 121.27  120.71  119.99  120.77  120.26 
Operating expense to average total assets 2.65  2.63  2.79  2.63  3.06 
Efficiency ratio 70.24  70.70  75.81  70.93  84.12 
Efficiency ratio - adjusted(2) 69.36  69.77  74.14  70.12  75.48 

_________________________________
(1) Ratios are annualized where appropriate.
(2) See Non-GAAP reconciliation for adjustments.
(3) For the three months and year ended June 30, 2017 the weighted average rate for municipal leases is adjusted for a 37% combined federal and state tax rate since the interest from these leases is tax exempt. All other periods were at 30%.
(4) Net interest income divided by average interest-earning assets.

   
  At or For the Three Months Ended
  June 30, March 31, December 31, September 30, June 30,
  2018 2018 2017 2017 2017
Asset quality ratios:          
Nonperforming assets to total assets(1) 0.44% 0.54% 0.59% 0.62% 0.62%
Nonperforming loans to total loans(1) 0.43  0.52  0.59  0.59  0.58 
Total classified assets to total assets 1.00  1.29  1.38  1.50  1.57 
Allowance for loan losses to nonperforming loans(1) 192.96  169.71  146.79  156.17  154.77 
Allowance for loan losses to total loans 0.83  0.88  0.87  0.92  0.90 
Allowance for loan losses to total gross loans excluding acquired loans(2) 0.91  0.97  0.97  1.01  1.03 
Net charge-offs (recoveries) to average loans (annualized) 0.07  (0.06) 0.15  (0.14) (0.01)
Capital ratios:          
Equity to total assets at end of period 12.39% 12.28% 12.16% 12.48% 12.40%
Tangible equity to total tangible assets(2) 11.61  11.48  11.34  11.67  11.57 
Average equity to average assets 12.31  12.30  12.49  12.55  12.59 

_________________________________
(1) Nonperforming assets include nonaccruing loans, consisting of certain restructured loans, and REO.  There were no accruing loans more than 90 days past due at the dates indicated.  At June 30, 2018, there were $4.2 million of restructured loans included in nonaccruing loans and $5.6 million, or 51.6%, of nonaccruing loans were current on their loan payments.  Purchased impaired loans acquired through bank acquisitions are excluded from nonaccruing loans due to the accretion of discounts in accordance with the acquisition method of accounting for business combinations.
(2) See Non-GAAP reconciliation for adjustments.

  
Average Balance Sheet Data 
 Three Months Ended June 30,
 2018 2017
(Dollars in thousands)Average
Balance
Outstanding
 Interest
Earned/
Paid(2)
 Yield/
Rate(2)
 Average
Balance
Outstanding
 Interest
Earned/
Paid(2)
 Yield/
Rate(2)
Assets:           
Interest-earning assets:           
Loans receivable (1)$2,476,524  $27,727  4.48% $2,319,063  $25,550  4.41%
Deposits in other financial institutions110,819  440  1.59% 165,702  472  1.14%
Investment securities159,667  877  2.20% 207,561  997  1.92%
Other interest-earning assets(3)286,524  2,039  2.85% 160,409  851  2.12%
Total interest-earning assets3,033,534  31,083  4.10% 2,852,734  27,870  3.91%
Other assets255,903      281,264     
Total Assets3,289,437      3,133,998     
Liabilities and equity:           
Interest-bearing liabilities:           
Interest-bearing checking accounts480,688  282  0.24% 466,274  211  0.18%
Money market accounts670,486  746  0.45% 565,213  371  0.26%
Savings accounts216,058  70  0.13% 242,241  81  0.13%
Certificate accounts509,543  1,151  0.90% 477,114  571  0.48%
Total interest-bearing deposits1,876,775  2,249  0.48% 1,750,842  1,233  0.28%
Borrowings624,725  2,854  1.83% 626,631  1,491  0.95%
Total interest-bearing liabilities2,501,500  5,103  0.82% 2,377,473  2,724  0.46%
Noninterest-bearing deposits317,356      295,763     
Other liabilities65,678      66,236     
Total liabilities2,884,534      2,739,471     
Stockholders' equity404,903      394,527     
Total liabilities and stockholders' equity3,289,437      3,133,998     
            
Net earning assets$532,034      $475,262     
Average interest-earning assets to average interest-bearing liabilities121.27%     119.99%    
Tax-equivalent:           
Net interest income  $25,980      $25,146   
Interest rate spread    3.28%     3.45%
Net interest margin(4)    3.43%     3.53%
Non-tax-equivalent:           
Net interest income  $25,590      $24,567   
Interest rate spread    3.23%     3.37%
Net interest margin(4)    3.37%     3.44%

_________________________________
(1) The average loans receivable, net balances include loans held for sale and nonaccruing loans.
(2) Interest income used in the average interest earned and yield calculation includes the tax equivalent adjustment of $390 and $579 for the three months ended June 30, 2018 and 2017, respectively, calculated based on a combined federal and state tax rate of 30% and 37%, respectively.
(3) The average other interest-earning assets consists of FRB stock, FHLB stock, and commercial paper.
(4) Net interest income divided by average interest-earning asset.

  
 Years Ended June 30,
 2018 2017 
(Dollars in thousands)Average
Balance
Outstanding
 Interest
Earned/
Paid(2)
 Yield/
Rate(2)
 Average
Balance
Outstanding
 Interest
Earned/
Paid(2)
 Yield/
Rate(2)
 
Assets:            
Interest-earning assets:            
Loans receivable (1)$2,418,946  $106,641  4.41% $2,080,490  $92,423  4.44% 
Deposits in other financial institutions137,026  1,934  1.41% 177,753  1,900  1.07% 
Investment securities172,461  3,668  2.13% 202,866  3,983  1.96% 
Other interest-earning assets(3)247,829  6,018  2.43% 222,847  3,484  1.56% 
Total interest-earning assets2,976,262  118,261  3.97% 2,683,956  101,790  3.79% 
Other assets267,399      261,410      
Total Assets3,243,661      2,945,366      
Liabilities and equity:            
Interest-bearing liabilities:            
Interest-bearing checking accounts473,880  970  0.20% 430,527  772  0.18% 
Money market accounts644,331  2,442  0.38% 541,030  1,405  0.26% 
Savings accounts224,582  295  0.13% 228,360  308  0.13% 
Certificate accounts463,306  3,051  0.66% 453,994  2,103  0.46% 
Total interest-bearing deposits1,806,099  6,758  0.37% 1,653,911  4,588  0.28% 
Borrowings658,240  9,314  1.41% 577,848  3,657  0.63% 
Total interest-bearing liabilities2,464,339  16,072  0.65% 2,231,759  8,245  0.37% 
Noninterest-bearing deposits311,210      271,477      
Other liabilities65,489      65,160      
Total liabilities2,841,038      2,568,396      
Stockholders' equity402,623      376,970      
Total liabilities and stockholders' equity3,243,661      2,945,366      
             
Net earning assets$511,923      $452,197      
Average interest-earning assets to average interest-bearing liabilities120.77%     120.26%     
Tax-equivalent:            
Net interest income  $102,189      $93,545    
Interest rate spread    3.32%     3.42% 
Net interest margin(4)    3.43%     3.49% 
Non-tax-equivalent:            
Net interest income  $100,630      $91,191    
Interest rate spread    3.27%     3.34% 
Net interest margin(4)    3.38%     3.40% 

_________________________________
(1) The average loans receivable, net balances include loans held for sale and nonaccruing loans.
(2) Interest income used in the average interest earned and yield calculation includes the tax equivalent adjustment of $1,559 and $2,354 for the year ended June 30, 2018 and 2017, respectively, calculated based on a combined federal and state tax rate of 30% and 37%, respectively.
(3) The average other interest-earning assets consists of FRB stock, FHLB stock, and commercial paper.
(4) Net interest income divided by average interest-earning assets.

          
Loans         
          
(Dollars in thousands)June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
 June 30,
2017
Retail consumer loans:         
One-to-four family$664,289  $670,036  $686,229  $684,956  $684,089 
HELOCs - originated137,564  143,049  150,084  152,979  157,068 
HELOCs - purchased166,276  165,680  162,181  162,518  162,407 
Construction and land/lots65,601  68,121  60,805  54,969  50,136 
Indirect auto finance173,095  160,664  150,042  142,915  140,879 
Consumer12,379  11,317  9,699  8,814  7,900 
Total retail consumer loans1,219,204  1,218,867  1,219,040  1,207,151  1,202,479 
Commercial loans:         
Commercial real estate857,315  810,332  786,381  753,857  730,408 
Construction and development192,102  184,179  185,921  209,672  197,966 
Commercial and industrial148,823  132,337  127,709  124,722  120,387 
Municipal leases109,172  101,108  100,205  100,638  101,175 
Total commercial loans1,307,412  1,227,956  1,200,216  1,188,889  1,149,936 
Total loans2,526,616  2,446,823  2,419,256  2,396,040  2,352,415 
Deferred loan fees, net(764) (1,068) (1,242) (1,285) (945)
Total loans, net of deferred loan fees2,525,852  2,445,755  2,418,014  2,394,755  2,351,470 
Allowance for loan losses(21,060) (21,472) (21,090) (21,997) (21,151)
Loans, net$2,504,792  $2,424,283  $2,396,924  $2,372,758  $2,330,319 


          
Deposits         
          
(Dollars in thousands)June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
 June 30,
2017
Core deposits:         
Noninterest-bearing accounts$317,822  $303,875  $313,493  $304,144  $310,172 
NOW accounts471,364  496,934  489,668  464,993  469,377 
Money market accounts677,665  659,791  638,259  642,351  569,607 
Savings accounts213,250  220,497  224,732  230,943  237,149 
Total core deposits1,680,101  1,681,097  1,666,152  1,642,431  1,586,305 
Certificates of deposit516,152  499,227  442,056  457,879  462,146 
Total$2,196,253  $2,180,324  $2,108,208  $2,100,310  $2,048,451 

Non-GAAP Reconciliations

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States ("GAAP"), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio; tangible book value; tangible book value per share; tangible equity to tangible assets ratio; net income excluding merger-related expenses, certain state income tax expense, adjustments for the change in federal tax law, and gain from the sale of premises and equipment; earnings per share ("EPS"), return on assets ("ROA"), and return on equity ("ROE") excluding merger-related expenses, certain state income tax expense, adjustments for the change in federal tax law, and gain from the sale of premises and equipment; and the ratio of the allowance for loan losses to total loans excluding acquired loans. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provides an alternative view of the Company's performance over time and in comparison to the Company's competitors.

Management elected to utilize short-term FHLB borrowings beginning in November 2014 as part of a leverage strategy to increase net interest income. The Company believes that showing the effects of these borrowings on net interest income and net interest margin is useful to both management and investors as these measures are commonly used to measure financial institution's performance and against peers.

The Company believes these measures facilitate comparison of the quality and composition of the Company's capital and earnings ability over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP.  These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Set forth below is a reconciliation to GAAP of our efficiency ratio:

     
  Three Months Ended Year Ended
(Dollars in thousands) June 30, March 31, June 30, June 30,
  2018 2018 2017 2018 2017
Noninterest expense $21,754  $21,321  $21,835  $85,331  $90,259 
Less merger-related expenses     69    7,805 
Noninterest expense – as adjusted $21,754  $21,321  $21,766  $85,331  $82,454 
           
Net interest income $25,590  $25,229  $24,567  $100,630  $91,191 
Plus noninterest income 5,382  4,926  4,234  19,672  16,107 
Plus tax equivalent adjustment 390  406  579  1,559  2,354 
Less realized gain on securities     22    22 
Less gain on sale of fixed assets       164  385 
Net interest income plus noninterest income – as adjusted $31,362  $30,561  $29,358  $121,697  $109,245 
Efficiency ratio - adjusted 69.36% 69.77% 74.14% 70.12% 75.48%
Efficiency ratio (without adjustments) 70.24% 70.70% 75.81% 70.93% 84.12%

Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

  As of
(Dollars in thousands, except per share data) June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
 June 30,
2017
Total stockholders' equity $409,242  $401,553  $395,361  $405,499  $397,647 
Less: goodwill, core deposits intangibles, net of taxes 29,125  29,589  30,083  29,704  30,157 
Tangible book value (1) $380,117  $371,964  $365,278  $375,795  $367,490 
Common shares outstanding 19,041,668  19,034,868  18,967,175  18,968,675  18,967,875 
Tangible book value per share $19.96  $19.54  $19.26  $19.81  $19.37 
Book value per share $21.49  $21.10  $20.84  $21.38  $20.96 

_________________________________
(1) Tangible book value is equal to total stockholders' equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.

Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

   
  As of
  June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
 June 30,
2017
(Dollars in thousands)  
Tangible equity(1) $380,117  $371,964  $365,278  $375,795  $367,490 
Total assets $3,304,169  $3,270,863  $3,250,588  $3,249,998  $3,206,533 
Less: goodwill and core deposit intangibles, net of taxes 29,125  29,589  30,083  29,704  30,157 
Total tangible assets(2) $3,275,044  $3,241,274  $3,220,505  $3,220,294  $3,176,376 
Tangible equity to tangible assets 11.61% 11.48% 11.34% 11.67% 11.57%

_________________________________
(1) Tangible equity (or tangible book value) is equal to total stockholders' equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.
(2) Total tangible assets is equal to total assets less goodwill and core deposit intangibles, net of related deferred tax liabilities.

Set forth below is a reconciliation to GAAP net interest income and net interest margin as adjusted to exclude additional FHLB borrowings and proceeds from such borrowings:

     
  Three Months Ended June 30, 2018 Three Months Ended June 30, 2017
(Dollars in thousands) Average
Balance
Outstanding
 Interest
Earned /
Paid
 Yield/
Rate
 Average
Balance
Outstanding
 Interest
Earned /
Paid
 Yield/
Rate
Interest-earning assets $3,033,535  $31,083  4.10% $2,852,735  $27,870  3.91%
Less: Interest-earning assets funded by additional FHLB borrowings (1) 155,000  1,001  2.58% 245,000  848  1.38%
Interest-earning assets - adjusted $2,878,535  $30,082  4.18% $2,607,735  $27,022  4.15%
             
Interest-bearing liabilities $2,501,500  $5,103  0.82% $2,377,473  $2,724  0.46%
Additional FHLB borrowings 155,000  738  1.91% 245,000  583  0.95%
Interest-bearing liabilities - adjusted $2,346,500  $4,365  0.74% $2,132,473  $2,141  0.40%
             
Net interest income and net interest margin   $25,980  3.43%   $25,146  3.53%
Net interest income and net interest margin - adjusted   25,717  3.57%   24,881  3.82%
Difference   $263  (0.14)%   $265  (0.29)%


  Year Ended June 30, 2018 Year Ended June 30, 2017
(Dollars in thousands) Average
Balance
Outstanding
 Interest
Earned /
Paid
 Yield/
Rate
 Average
Balance
Outstanding
 Interest
Earned /
Paid
 Yield/
Rate
Interest-earning assets $2,976,262  $118,261  3.97% $2,683,956  $101,790  3.79%
Less: Interest-earning assets funded by additional FHLB borrowings (1) 213,750  4,069  1.90% 318,000  3,640  1.14%
Interest-earning assets - adjusted $2,762,512  $114,192  4.13% $2,365,956  $98,150  4.15%
             
Interest-bearing liabilities $2,464,339  $16,072  0.65% $2,231,759  $8,245  0.37%
Additional FHLB borrowings 213,750  2,971  1.39% 318,000  1,856  0.58%
Interest-bearing liabilities - adjusted $2,250,589  $13,101  0.58% $1,913,759  $6,389  0.33%
             
Net interest income and net interest margin   $102,189  3.43%   $93,545  3.49%
Net interest income and net interest margin - adjusted   101,091  3.66%   91,762  3.88%
Difference   $1,098  (0.23)%   $1,783  (0.39)%

_________________________________
(1) Proceeds from the additional borrowings were invested in various interest-earning assets including: deposits with the Federal Reserve Bank, FHLB stock, certificates of deposit in other banks, and commercial paper.

Set forth below is a reconciliation to GAAP of net income, ROA, ROE, and EPS as adjusted to exclude merger-related expenses, certain state tax expense, adjustments for the change in federal tax law, and gain on sale of premises and equipment:

     
  Three Months Ended Year Ended
(Dollars in thousands, except per share data) June 30, March 31, June 30, June 30, June 30,
  2018 2018 2017 2018 2017
Merger-related expenses $  $  $69  $  $7,805 
State tax expense adjustment (1) (275)     (142) 490 
Change in federal tax law adjustment (2) (103) 318    17,908   
Gain on sale of premises and equipment       (164) (385)
Total adjustments (378) 318  69  17,602  7,910 
Tax effect (3)     (26) 49  (2,646)
Total adjustments, net of tax (378) 318  43  17,651  5,264 
           
Net income (GAAP) 7,207  6,127  4,766  8,235  11,847 
           
Net income (non-GAAP) $6,829  $6,445  $4,809  $25,886  $17,111 
           
Per Share Data          
Average shares outstanding - basic 18,121,690  18,052,000  17,936,511  18,028,854  17,379,487 
Average shares outstanding - diluted 18,847,279  18,761,586  18,568,587  18,726,431  17,956,443 
           
Basic EPS          
EPS (GAAP) $0.40  $0.34  $0.26  $0.45  $0.66 
Non-GAAP adjustment (0.02) 0.02    0.99  0.30 
EPS (non-GAAP) $0.38  $0.36  $0.26  $1.44  $0.96 
           
Diluted EPS          
EPS (GAAP) $0.38  $0.32  $0.25  $0.44  $0.65 
Non-GAAP adjustment (0.02) 0.02    0.94  0.29 
EPS (non-GAAP) $0.36  $0.34  $0.25  $1.38  $0.94 
           
Average Balances          
Average assets $3,289,437  $3,237,689  $3,133,998  $3,243,661  $2,945,366 
Average equity $404,832  $398,174  $394,527  $402,605  $376,970 
           
ROA          
ROA (GAAP) 0.88% 0.76% 0.61% 0.25% 0.40%
Non-GAAP adjustment (0.05)% 0.04% % 0.55% 0.18%
ROA (non-GAAP) 0.83% 0.80% 0.61% 0.80% 0.58%
           
ROE          
ROE (GAAP) 7.12% 6.16% 4.83% 2.05% 3.14%
Non-GAAP adjustment (0.37)% 0.31% 0.05% 4.38% 1.40%
ROE (non-GAAP) 6.75% 6.47% 4.88% 6.43% 4.54%

_________________________________
(1) State tax adjustment is a result of various revaluations of state deferred tax assets.
(2) Revaluation of net deferred tax assets due to the Tax Cuts and Jobs Act.
(3) Tax amounts have been adjusted for certain nondeductible merger-related expenses.

Set forth below is a reconciliation to GAAP of the allowance for loan losses to total loans and the allowance for loan losses as adjusted to exclude acquired loans:

  
 As of
(Dollars in thousands)June 30,
2018
 March 31,
2018
 December 31,
2017
 September 30,
2017
 June 30,
2017
Total gross loans receivable (GAAP)$2,526,616  $2,446,823  $2,419,256  $2,396,040  $2,352,415 
Less: acquired loans271,801  288,847  311,508  338,933  374,538 
Adjusted loans (non-GAAP)$2,254,815  $2,157,976  $2,107,748  $2,057,107  $1,977,877 
          
Allowance for loan losses (GAAP)$21,060  $21,472  $21,090  $21,997  $21,151 
Less: allowance for loan losses on acquired loans483  459  566  1,197  727 
Adjusted allowance for loan losses$20,577  $21,013  $20,524  $20,800  $20,424 
Allowance for loan losses / Adjusted loans (non-GAAP)0.91% 0.97% 0.97% 1.01% 1.03%

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Source: HomeTrust Bancshares, Inc.


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