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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ________
Commission file number: 001-35593
HOMETRUST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
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Maryland | | 45-5055422 |
(State or other jurisdiction of incorporation of organization) | | (I.R.S. Employer Identification No.) |
10 Woodfin Street, Asheville, North Carolina 28801
(Address of principal executive offices; Zip Code)
(828) 259-3939
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $.01 per share
| HTBI | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer ☐ | | | | Accelerated filer ☒ |
| |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
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Emerging growth company ☐ | |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 17,383,307 shares of common stock, par value of $0.01 per share, issued and outstanding as of November 2, 2023.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
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Item 1 | | |
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Item 2 | | |
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Item 3 | | |
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Item 4 | | |
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Item 1 | | |
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Item 1A | | |
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Item 2 | | |
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Item 3 | | |
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Item 4 | | |
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Item 5 | | |
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Item 6 | | |
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Glossary of Defined Terms
The following terms may be used throughout this Form 10-Q, including the Notes to Consolidated Financial Statements in Item 1 and Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q.
| | | | | | | | |
Term | | Definition |
ACL | | Allowance for Credit Losses |
AFS | | Available-For-Sale |
ASC | | Accounting Standards Codification |
ASU | | Accounting Standards Update |
| | |
BOLI | | Bank Owned Life Insurance |
CARES Act | | Coronavirus Aid, Relief, and Economic Security Act of 2020 |
CD | | Certificate of Deposit |
CDA | | Collateral Dependent Asset |
CECL | | Current Expected Credit Losses |
CET1 | | Common Equity Tier 1 |
COVID-19 | | Coronavirus Disease 2019 |
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DCF | | Discounted Cash Flows |
Dodd-Frank Act | | Dodd-Frank Wall Street Reform and Consumer Protection Act |
ECL | | Expected Credit Losses |
EPS | | Earnings Per Share |
ESOP | | Employee Stock Ownership Plan |
FASB | | Financial Accounting Standards Board |
FDIC | | Federal Deposit Insurance Corporation |
Federal Reserve | | Board of Governors of the Federal Reserve System |
FHLB or FHLB of Atlanta | | Federal Home Loan Bank |
FRB | | Federal Reserve Bank of Richmond |
GSE | | Government-Sponsored Enterprises |
HELOC | | Home Equity Line of Credit |
IRLC | | Interest Rate Lock Commitments |
LIBOR | | London Interbank Offered Rate |
MBS | | Mortgage-Backed Security |
NCCOB | | North Carolina Office of the Commissioner of Banks |
PCD | | Purchased Financial Assets with Credit Deterioration |
Quantum | | Quantum Capital Corp. and its wholly owned subsidiary, Quantum National Bank |
REO | | Real Estate Owned |
ROA | | Return on Assets |
ROE | | Return on Equity |
ROU | | Right of Use |
RSU | | Restricted Stock Unit |
SBA | | U.S. Small Business Administration |
SBIC | | Small Business Investment Companies |
SEC | | Securities and Exchange Commission |
SOFR | | Secured Overnight Financing Rate |
TBA | | To-be-announced |
TDR | | Troubled Debt Restructuring |
US GAAP | | Generally Accepted Accounting Principles in the United States |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
| | | | | | | | | | | |
| (Unaudited) | | |
| September 30, 2023 | | June 30, 2023 |
Assets | | | |
Cash | $ | 18,090 | | | $ | 19,266 | |
Interest-bearing deposits | 306,924 | | | 284,231 | |
Cash and cash equivalents | 325,014 | | | 303,497 | |
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Certificates of deposit in other banks | 35,380 | | | 33,152 | |
Debt securities available for sale, at fair value (amortized cost of $140,316 and $157,251 at September 30, 2023 and June 30, 2023, respectively) | 134,348 | | | 151,926 | |
FHLB and FRB stock | 19,612 | | | 20,208 | |
SBIC investments, at cost | 14,586 | | | 14,927 | |
Loans held for sale, at fair value | 4,616 | | | 6,947 | |
Loans held for sale, at the lower of cost or fair value | 200,834 | | | 161,703 | |
Total loans, net of deferred loan fees and costs | 3,659,914 | | | 3,658,823 | |
Allowance for credit losses – loans | (47,417) | | | (47,193) | |
Loans, net | 3,612,497 | | | 3,611,630 | |
Premises and equipment, net | 72,463 | | | 73,171 | |
Accrued interest receivable | 16,513 | | | 14,829 | |
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Deferred income taxes, net | 9,569 | | | 10,912 | |
BOLI | 106,059 | | | 106,572 | |
Goodwill | 34,111 | | | 34,111 | |
Core deposit intangibles, net | 9,918 | | | 10,778 | |
Other assets | 56,477 | | | 53,124 | |
Total assets | $ | 4,651,997 | | | $ | 4,607,487 | |
Liabilities and stockholders' equity | | | |
Liabilities | | | |
Deposits | $ | 3,640,961 | | | $ | 3,601,168 | |
Junior subordinated debt | 9,995 | | | 9,971 | |
Borrowings | 452,263 | | | 457,263 | |
| | | |
Other liabilities | 64,367 | | | 67,899 | |
Total liabilities | 4,167,586 | | | 4,136,301 | |
Commitments and contingencies – See Note 12 | | | |
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, 17,380,307 shares issued and outstanding at September 30, 2023; 17,366,673 at June 30, 2023 | 174 | | | 174 | |
Additional paid in capital | 171,663 | | | 171,222 | |
Retained earnings | 321,799 | | | 308,651 | |
Unearned ESOP shares | (4,629) | | | (4,761) | |
Accumulated other comprehensive loss | (4,596) | | | (4,100) | |
Total stockholders' equity | 484,411 | | | 471,186 | |
Total liabilities and stockholders' equity | $ | 4,651,997 | | | $ | 4,607,487 | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Dollars in thousands, except per share data)
| | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
Interest and dividend income | | | | | | | |
Loans | $ | 58,496 | | | $ | 33,245 | | | | | |
Commercial paper | — | | | 1,116 | | | | | |
Debt securities available for sale | 1,259 | | | 678 | | | | | |
Other investments and interest-bearing deposits | 2,110 | | | 888 | | | | | |
Total interest and dividend income | 61,865 | | | 35,927 | | | | | |
Interest expense | | | | | | | |
Deposits | 16,429 | | | 1,395 | | | | | |
Junior subordinated debt | 236 | | | — | | | | | |
Borrowings | 3,040 | | | 12 | | | | | |
Total interest expense | 19,705 | | | 1,407 | | | | | |
Net interest income | 42,160 | | | 34,520 | | | | | |
Provision for credit losses | 2,570 | | | 3,987 | | | | | |
Net interest income after provision for credit losses | 39,590 | | | 30,533 | | | | | |
Noninterest income | | | | | | | |
Service charges and fees on deposit accounts | 2,318 | | | 2,338 | | | | | |
Loan income and fees | 559 | | | 570 | | | | | |
Gain on sale of loans held for sale | 1,293 | | | 1,586 | | | | | |
BOLI income | 1,749 | | | 527 | | | | | |
| | | | | | | |
Operating lease income | 1,785 | | | 1,585 | | | | | |
Loss on sale of premises and equipment | — | | | (12) | | | | | |
Other | 923 | | | 804 | | | | | |
Total noninterest income | 8,627 | | | 7,398 | | | | | |
Noninterest expense | | | | | | | |
Salaries and employee benefits | 16,514 | | | 14,815 | | | | | |
Occupancy expense, net | 2,489 | | | 2,396 | | | | | |
Computer services | 3,173 | | | 2,763 | | | | | |
Telephone, postage, and supplies | 652 | | | 603 | | | | | |
Marketing and advertising | 487 | | | 590 | | | | | |
Deposit insurance premiums | 717 | | | 542 | | | | | |
| | | | | | | |
Core deposit intangible amortization | 859 | | | 34 | | | | | |
Merger-related expenses | — | | | 474 | | | | | |
| | | | | | | |
Other | 4,673 | | | 3,872 | | | | | |
Total noninterest expense | 29,564 | | | 26,089 | | | | | |
Net income before income taxes | 18,653 | | | 11,842 | | | | | |
Income tax expense | 3,820 | | | 2,643 | | | | | |
Net income | $ | 14,833 | | | $ | 9,199 | | | | | |
Per share data | | | | | | | |
Net income per common share | | | | | | | |
Basic | $ | 0.88 | | | $ | 0.61 | | | | | |
Diluted | $ | 0.88 | | | $ | 0.60 | | | | | |
| | | | | | | |
Average shares outstanding | | | | | | | |
Basic | 16,792,177 | | | 14,988,006 | | | | | |
Diluted | 16,800,901 | | | 15,130,762 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
| | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
Net income | $ | 14,833 | | | $ | 9,199 | | | | | |
Other comprehensive loss | | | | | | | |
Unrealized holding losses on debt securities available for sale | | | | | | | |
Losses arising during the period | (643) | | | (2,138) | | | | | |
Deferred income tax benefit | 147 | | | 492 | | | | | |
| | | | | | | |
| | | | | | | |
Total other comprehensive loss | (496) | | | (1,646) | | | | | |
Comprehensive income | $ | 14,337 | | | $ | 7,553 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders' Equity
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, 2023 |
| Common Stock | | Additional Paid In Capital | | Retained Earnings | | Unearned ESOP Shares | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount |
Balance at June 30, 2023 | 17,366,673 | | | $ | 174 | | | $ | 171,222 | | | $ | 308,651 | | | $ | (4,761) | | | $ | (4,100) | | | $ | 471,186 | |
Net income | — | | | — | | | — | | | 14,833 | | | — | | | — | | | 14,833 | |
| | | | | | | | | | | | | |
Cash dividends declared on common stock, $0.10/common share | — | | | — | | | — | | | (1,685) | | | — | | | — | | | (1,685) | |
| | | | | | | | | | | | | |
Forfeited restricted stock | (1,630) | | | — | | | — | | | — | | | — | | | — | | | — | |
Retired stock | (5,730) | | | — | | | (133) | | | — | | | — | | | — | | | (133) | |
Granted restricted stock | 1,000 | | | — | | | — | | | — | | | — | | | — | | | — | |
Stock issued for RSUs | 18,494 | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | |
Exercised stock options | 1,500 | | | — | | | 24 | | | — | | | — | | | — | | | 24 | |
Share-based compensation expense | — | | | — | | | 383 | | | — | | | — | | | — | | | 383 | |
ESOP compensation expense | — | | | — | | | 167 | | | — | | | 132 | | | — | | | 299 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (496) | | | (496) | |
Balance at September 30, 2023 | 17,380,307 | | | $ | 174 | | | $ | 171,663 | | | $ | 321,799 | | | $ | (4,629) | | | $ | (4,596) | | | $ | 484,411 | |
| | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, 2022 |
| Common Stock | | Additional Paid In Capital | | Retained Earnings | | Unearned ESOP Shares | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount |
Balance at June 30, 2022 | 15,591,466 | | | $ | 156 | | | $ | 126,106 | | | $ | 270,276 | | | $ | (5,290) | | | $ | (2,403) | | | $ | 388,845 | |
Net income | — | | | — | | | — | | | 9,199 | | | — | | | — | | | 9,199 | |
| | | | | | | | | | | | | |
Cash dividends declared on common stock, $0.09/common share | — | | | — | | | — | | | (1,355) | | | — | | | — | | | (1,355) | |
| | | | | | | | | | | | | |
Forfeited restricted stock | (400) | | | — | | | — | | | — | | | — | | | — | | | — | |
Retired stock | (4,079) | | | — | | | (95) | | | — | | | — | | | — | | | (95) | |
Granted restricted stock | 4,500 | | | — | | | — | | | — | | | — | | | — | | | — | |
Stock issued for RSUs | 13,861 | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | |
Exercised stock options | 27,000 | | | — | | | 388 | | | — | | | — | | | — | | | 388 | |
Share-based compensation expense | — | | | — | | | 567 | | | — | | | — | | | — | | | 567 | |
ESOP compensation expense | — | | | — | | | 187 | | | — | | | 132 | | | — | | | 319 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (1,646) | | | (1,646) | |
Balance at September 30, 2022 | 15,632,348 | | | $ | 156 | | | $ | 127,153 | | | $ | 278,120 | | | $ | (5,158) | | | $ | (4,049) | | | $ | 396,222 | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Dollars in thousands) | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, |
| 2023 | | 2022 |
Operating activities | | | |
Net income | $ | 14,833 | | | $ | 9,199 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Provision for credit losses | 2,570 | | | 3,987 | |
Depreciation and amortization of premises and equipment and equipment for operating leases | 2,401 | | | 2,169 | |
Deferred income tax expense | 1,490 | | | 141 | |
Net accretion of purchase accounting adjustments on loans | (378) | | | (178) | |
Net amortization and accretion | 1,693 | | | (105) | |
SBIC investments income | (540) | | | (349) | |
| | | |
Loss from sale of premises and equipment | — | | | 12 | |
| | | |
| | | |
Gain incurred at the end of operating leases | (51) | | | (148) | |
BOLI income | (1,749) | | | (527) | |
Gain on sale of loans held for sale | (1,293) | | | (1,586) | |
Origination of loans held for sale | (107,559) | | | (58,035) | |
Proceeds from sale of loans held for sale | 65,451 | | | 57,570 | |
New deferred loan origination fees, net | (1,139) | | | (1,856) | |
(Increase) decrease in accrued interest receivable and other assets | (6,279) | | | 1,291 | |
ESOP compensation expense | 299 | | | 319 | |
Share-based compensation expense | 383 | | | 567 | |
Decrease in other liabilities | (3,093) | | | (4,697) | |
Net cash (used in) provided by operating activities | (32,961) | | | 7,774 | |
Investing activities | | | |
Purchases of debt securities available for sale | (601) | | | (48,014) | |
Proceeds from maturities, calls and paydowns of debt securities available for sale | 17,859 | | | 11,045 | |
Purchases of commercial paper | — | | | (210,292) | |
Proceeds from maturities and calls of commercial paper | — | | | 320,689 | |
Purchases of CDs in other banks | (3,972) | | | (4,980) | |
Proceeds from maturities of CDs in other banks | 1,744 | | | 996 | |
Net (purchases) redemptions of FHLB and FRB stock | 596 | | | (78) | |
Net capital distributions from SBIC investments, at cost | 881 | | | 872 | |
| | | |
Net decrease (increase) in loans | 3,498 | | | (92,109) | |
Purchase of BOLI | (23) | | | (29) | |
Death benefit proceeds from BOLI policies | 2,285 | | | — | |
Purchase of equipment for operating leases | (5,261) | | | (577) | |
Sale of equipment for operating leases | 4,749 | | | 1,239 | |
Purchase of premises and equipment | (276) | | | (616) | |
Proceeds from sale of premises and equipment and assets held for sale | — | | | 1,275 | |
| | | |
| | | |
| | | |
| | | |
Net cash provided by (used in) investing activities | 21,479 | | | (20,579) | |
Financing activities | | | |
Net increase in deposits | 39,793 | | | 2,907 | |
| | | |
Net decrease in short-term borrowings | (5,000) | | | — | |
| | | |
| | | |
| | | |
Cash dividends paid | (1,685) | | | (1,355) | |
Retired stock | (133) | | | (95) | |
Exercised stock options | 24 | | | 388 | |
Net cash provided by financing activities | 32,999 | | | 1,845 | |
Net increase (decrease) in cash and cash equivalents | 21,517 | | | (10,960) | |
Cash and cash equivalents at beginning of period | 303,497 | | | 105,119 | |
Cash and cash equivalents at end of period | $ | 325,014 | | | $ | 94,159 | |
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(Dollars in thousands)
| | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, |
| 2023 | | 2022 |
Supplemental disclosures | | | |
Cash paid during the period for | | | |
Interest | $ | 17,191 | | | $ | 1,296 | |
Income taxes | 5,400 | | | 127 | |
Noncash transactions | | | |
Unrealized loss in value of debt securities available for sale, net of income taxes | (496) | | | (1,646) | |
| | | |
Transfer of loans held for sale to loans held for investment | 8,214 | | | 5,219 | |
| | | |
| | | |
| | | |
ROU asset and lease liabilities for operating lease accounting | 846 | | | — | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
1. Summary of Significant Accounting Policies
The consolidated unaudited financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation (“HomeTrust”), and its wholly-owned subsidiary, HomeTrust Bank (the “Bank”). As used throughout this report, the term the “Company” refers to HomeTrust and its consolidated subsidiary, unless the context otherwise requires. HomeTrust is a bank holding company primarily engaged in the business of planning, directing, and coordinating the business activities of the Bank. The Bank is a North Carolina state chartered bank and provides a wide range of retail and commercial banking products within its geographic footprint, which includes: North Carolina (the Asheville metropolitan area, Greensboro/"Piedmont" region, Charlotte, and Raleigh/Cary), Upstate South Carolina (Greenville), East Tennessee (Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta). The Bank operates under a single set of corporate policies and procedures and is recognized as a single banking segment for financial reporting purposes.
As a result of its merger with Quantum on February 12, 2023, HomeTrust became the 100% successor owner of the Quantum Capital Statutory Trust II Delaware trust. The sole assets of the trust represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the trust preferred securities.
The accompanying unaudited consolidated financial statements have been prepared in accordance with US GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2023 ("2023 Form 10-K") filed with the SEC on September 11, 2023. The results of operations for the three months ended September 30, 2023 are not necessarily indicative of results that may be expected for the six-month transition period ending December 31, 2023, the period which will be covered on a Transition Report Form 10-KT associated with the Company's change in fiscal year end.
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified the determination of the provision and the ACL on loans; the accounting for business combinations, core deposit intangible, and acquired loans; and goodwill as accounting policies that, due to the judgments, estimates and assumptions inherent in these policies, are critical to an understanding of the Company's financial statements. These policies and the related judgments, estimates and assumptions are described in greater detail in the notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the 2023 Form 10-K. Management believes that the judgments, estimates, and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates, and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods.
Reclassifications
To maintain consistency and comparability, certain amounts from prior periods have been reclassified to conform to current period presentation with no effect on net income or stockholders’ equity as previously reported.
2. Recent Accounting Pronouncements
Adoption of New Accounting Standards
ASU 2022-02, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This ASU eliminates the TDR recognition and measurement guidance and requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendment also adjusts the disclosures related to modifications and requires entities to disclose current-period gross write-offs by year of origination within the existing vintage disclosures.
The Company adopted the standard using the modified retrospective transition method on July 1, 2023. The adoption of this ASU did not have a material impact on the Company's ACL, but as a result of the elimination of the concept of TDRs, the balance of individually evaluated loans decreased by $1.9 million. The changes to financial statement disclosures have been reflected in this filing, specifically "Note 6 – Loans and Allowance for Credit Losses on Loans".
3. Merger with Quantum
On February 12, 2023, the Company merged with Quantum which operated two locations in the Atlanta metro area. The aggregate amount of consideration paid per the purchase agreement of approximately $70,771, inclusive of consideration of common stock, other cash consideration, and cash in lieu of fractional shares, included $15,869 of cash consideration paid by Quantum to its stockholders in advance of the closing date as is further described below. These distributions reduced Quantum's stockholders' equity by an equal amount prior to the transaction closing date.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following table provides a summary of the assets acquired, liabilities assumed, associated preliminary fair value adjustments, and provisional period adjustments by the Company as of the merger date. As provided for under US GAAP, management has up to 12 months following the date of merger to finalize the fair value adjustments.
| | | | | | | | | | | | | | | | | | | | | | | |
| Quantum | | Fair Value Adjustments | | Provisional Period Adjustments | | As Recorded by HomeTrust |
Assets acquired | | | | | | | |
Cash and cash equivalents | $ | 47,769 | | | $ | — | | | $ | — | | | $ | 47,769 | |
Debt securities available for sale | 10,608 | | | — | | | — | | | 10,608 | |
FHLB and FRB stock | 1,125 | | | — | | | — | | | 1,125 | |
Loans(1) | 567,140 | | | (5,207) | | | — | | | 561,933 | |
Premises and equipment | 4,415 | | | 4,668 | | | — | | | 9,083 | |
Accrued interest receivable | 1,706 | | | — | | | — | | | 1,706 | |
| | | | | | | |
BOLI | 9,066 | | | — | | | — | | | 9,066 | |
| | | | | | | |
Core deposit intangibles | — | | | 12,210 | | | — | | | 12,210 | |
Other assets | 2,727 | | | 569 | | | (179) | | | 3,117 | |
Total assets acquired | $ | 644,556 | | | $ | 12,240 | | | $ | (179) | | | $ | 656,617 | |
Liabilities assumed | | | | | | | |
Deposits | $ | 570,419 | | | $ | 183 | | | $ | — | | | $ | 570,602 | |
Junior subordinated debt | 11,341 | | | (1,408) | | | — | | | 9,933 | |
Other borrowings | 24,728 | | | — | | | — | | | 24,728 | |
Deferred income taxes | — | | | 1,341 | | | 250 | | | 1,591 | |
Other liabilities | 3,334 | | | — | | | — | | | 3,334 | |
Total liabilities assumed | $ | 609,822 | | | $ | 116 | | | $ | 250 | | | $ | 610,188 | |
| | | | | | | |
Net assets acquired | | | | | | | $ | 46,429 | |
| | | | | | | |
Consideration paid | | | | | | | |
Common stock consideration | | | | | | | |
Shares of Quantum | | | | | | | 574,157 | |
Exchange ratio | | | | | | | 2.3942 | |
HomeTrust common stock issued | | | | | | | 1,374,647 | |
Price per share of HomeTrust common stock on February 10, 2023 | | | | | | | $ | 27.45 | |
HomeTrust common stock consideration | | | | | | | $ | 37,734 | |
Cash consideration(2) | | | | | | | 17,168 | |
Total consideration | | | | | | | $ | 54,902 | |
| | | | | | | |
Goodwill | | | | | | | $ | 8,473 | |
(1)Adjustments to Quantum's total loans include the elimination of Quantum's existing allowance for loan losses of $5,972, the recognition of an ACL at close on PCD loans of $369, and adjustments to reflect the estimated credit fair value mark on the non-PCD loan portfolio of $2,932 and the estimated interest rate fair value adjustment on the loan portfolio as a whole (non-PCD and PCD) of $7,878.
(2)As indicated in the Current Report on Form 8-K/A filed with the SEC on March 30, 2023, the amount of cash consideration paid at closing differs from the $57.54 per share, or $33,037, reported in the Current Report on Form 8-K filed on February 13, 2023, which announced the closing of the merger. Consistent with the merger agreement, between the execution of the merger agreement and the transaction closing date, Quantum's principal stockholders had the option to withdraw some or all of the amount of cash consideration to eventually be paid at closing in advance of the closing date. The amount of cash consideration paid at closing was reduced by the amount withdrawn during this time period.
Goodwill of $8,473 arising from the merger consisted largely of synergies and the cost saves resulting from the combining of operations of the companies, and is not expected to be deductible for income tax purposes.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
4. Debt Securities
Debt securities available for sale consist of the following at the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 |
| Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
U.S. government agencies | $ | 15,000 | | | $ | — | | | $ | (92) | | | $ | 14,908 | |
MBS, residential | 101,820 | | | — | | | (4,469) | | | 97,351 | |
Municipal bonds | 3,496 | | | — | | | (144) | | | 3,352 | |
Corporate bonds | 20,000 | | | — | | | (1,263) | | | 18,737 | |
| | | | | | | |
Total | $ | 140,316 | | | $ | — | | | $ | (5,968) | | | $ | 134,348 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 |
| Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
U.S. government agencies | $ | 15,000 | | | $ | — | | | $ | (286) | | | $ | 14,714 | |
MBS, residential | 110,865 | | | — | | | (3,451) | | | 107,414 | |
Municipal bonds | 3,505 | | | — | | | (117) | | | 3,388 | |
Corporate bonds | 27,881 | | | — | | | (1,471) | | | 26,410 | |
| | | | | | | |
Total | $ | 157,251 | | | $ | — | | | $ | (5,325) | | | $ | 151,926 | |
Debt securities available for sale by contractual maturity at September 30, 2023 and June 30, 2023 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their