HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding
company of HomeTrust Bank ("Bank"), today announced preliminary net
income for the second quarter of fiscal 2020 increased 14.3% to
$9.2 million, or $0.52 per diluted share compared to $8.0 million,
or $0.43 per diluted share for the same period a year ago. Net
income increased 13.7% to $18.0 million, or $1.01 per diluted share
for the six months ended December 31, 2019, compared to $15.8
million, or $0.84 per diluted share for the first six months of
fiscal year 2019. Earnings for the three and six months ended
December 31, 2019 included a $958,000 after tax gain from the sale
of $154.9 million in one-to-four family loans previously reported
as held for sale to shift the Company's loan mix and lower its loan
to deposit ratio.
Highlights for the quarter ended December 31,
2019 compared to the corresponding quarter in the previous year are
as follows:
- return on assets ("ROA") increased 7.4% to 1.02% from
0.95%;
- return on equity ("ROE") increased 13.3% to 8.87% from
7.83%;
- noninterest income increased $4.0 million, or 78.4% to $9.1
million from $5.1 million;
- noninterest income net of the gain on the previously discussed
loan sale increased $2.7 million, or 52.9% to $7.8 million from
$5.1 million;
- organic net loan growth, which excludes one-to-four family
loans transferred to held for sale and purchases of home equity
lines of credit, was $41.4 million, or 6.9% annualized compared to
$57.3 million, or 9.4% annualized;
- gain on sale of Small Business Administration ("SBA") loans
increased $742,000, or 251.3% to $1.0 million from $295,000;
- 207,261 shares were repurchased during the quarter at an
average price of $26.15 per share; and
- quarterly cash dividends increased 16.7% to $0.07 per share
totaling $1.2 million.
Highlights for the six months ended December 31,
2019 compared to the corresponding period in the previous year are
as follows:
- ROA increased 5.3% to 1.00% from 0.95%;
- ROE increased 13.4% to 8.72% from 7.69%;
- noninterest income increased $6.0 million, or 56.4% to $16.7
million from $10.7 million;
- noninterest income net of the gain on the previously discussed
loan sale increased $4.7 million, or 44.3% to $15.4 million from
$10.7 million;
- organic net loan growth was $114.4 million, or 8.8% compared to
$134.1 million, or 11.4%;
- gain on sale of SBA loans increased $871,000, or 73.0% to $2.1
million from $1.2 million;
- total deposits increased $230.5 million, or 9.9% to $2.6
billion from $2.3 billion; and
- 396,421 shares of common stock were repurchased during the
period at an average price of $25.78 per share.
“Despite the industry wide pressure from the
interest rate environment, we have continued to deliver strong
results through the first half of fiscal 2020," said Dana
Stonestreet, Chairman, President, and Chief Executive Officer. "I
could not be prouder of our talented and dedicated HomeTrust team
that continues to take all our existing and new SBA and equipment
finance lines of business to higher performing levels. In the
second half of fiscal 2020, we look forward to the conversion of
our core technology system to improve customer experience,
operational efficiencies, and scalability. Keeping our
infrastructure strong is critical to our continued growth and
sustainability as we execute our strategic plan to increase
revenues, earnings per share and shareholder value."
Income Statement Review
Net interest income decreased slightly to $27.0
million for the quarter ended December 31, 2019, compared to $27.1
million for the comparative quarter in fiscal 2019. The $67,000, or
0.2% decrease was due to a $1.5 million increase in interest and
dividend income primarily driven by an increase in average
interest-earning assets, which was more than offset by a $1.6
million increase in interest expense. Average interest-earning
assets increased $219.6 million, or 7.0% to $3.3 billion for the
quarter ended December 31, 2019 compared to $3.1 billion for
the corresponding quarter in fiscal 2019. For the quarter ended
December 31, 2019, the average balance of total loans receivable
increased $172.3 million, or 6.6% compared to the same quarter last
year primarily due to organic loan growth. The average balance of
commercial paper and deposits in other banks increased $33.2
million, or 10.6% between the periods driven by increases in
commercial paper investments. The average balance in securities
available for sale increased $13.8 million, or 9.1%, which was
primarily driven by the purchase of shorter-term corporate bonds.
These increases were mainly funded by a portion of the $204.2
million, or 7.9% increase in average interest-bearing liabilities,
as compared to the same quarter last year. Net interest margin (on
a fully taxable-equivalent basis) for the three months ended
December 31, 2019 decreased to 3.27% from 3.51% for the same period
a year ago.
Total interest and dividend income increased
$1.5 million, or 4.3% for the three months ended December 31, 2019
as compared to the same period last year, which was primarily
driven by a $1.6 million, or 5.2% increase in loan interest income
and a $217,000, or 24.8% increase in interest income from
securities available for sale which was partially offset by a
$242,000, or 23.9% decrease in other investment income. The
additional loan interest income was primarily driven by an increase
in the average balance of loans receivable partially offset by a
decrease in loan yields. Average loan yields decreased six basis
points to 4.66% for the quarter ended December 31, 2019 from 4.72%
in the corresponding quarter last year. For the quarters ended
December 31, 2019 and 2018, average loan yields included five and
13 basis points, respectively, from the accretion of purchase
discounts on acquired loans. The incremental accretion and the
impact to the yield on loans may change during any period based on
the volume of prepayments, but it is expected to decrease over time
as the balance of the purchase discount for acquired loans
decreases. The total purchase discount for acquired loans was $5.9
million at December 31, 2019, compared to $6.7 million at June 30,
2019, and $7.7 million at December 31, 2018.
Total interest expense increased $1.6 million,
or 21.4% for the quarter ended December 31, 2019 compared to
the same period last year. The increase was driven by a $2.7
million, or 75.2% increase in deposit interest expense partially
offset by a $1.2 million, or 31.2% decrease in interest expense on
borrowings. The additional deposit interest expense was a result of
our continued focus on increasing deposits as the average balance
of interest-bearing deposits increased $272.5 million, or 14.2%
along with a 41 basis point increase in the average cost of
interest-bearing deposits for the quarter ended December 31, 2019
compared to the same quarter last year. Average borrowings for the
quarter ended December 31, 2019 decreased $68.3 million, or 10.1%
along with a 51 basis point decrease in the average cost of
borrowings compared to the same period last year. Borrowings were
paid down utilizing proceeds from the previously mentioned
one-to-four family loan sale. The decrease in the average cost of
borrowing was driven by the lower federal funds rate during the
current quarter compared to the prior year. The overall average
cost of funds increased 14 basis points to 1.27% for the current
quarter compared to 1.13% in the same quarter last year due
primarily to the impact of the deposit market interest rate
increases on our interest-bearing liabilities.
Net interest income increased to $54.1 million
for the six months ended December 31, 2019, compared to $53.4
million for the comparative period in fiscal 2019. The $734,000, or
1.4% increase was due to a $5.5 million increase in interest and
dividend income primarily driven by an increase in average
interest-earning assets, which was partially offset by a $4.7
million increase in interest expense. Average interest-earning
assets increased $220.3 million, or 7.1% to $3.3 billion for the
six months ended December 31, 2019 compared to $3.1 billion
for the corresponding period in fiscal 2019. For the six months
ended December 31, 2019, the average balance of total loans
receivable increased $181.9 million, or 7.0% compared to the same
period last year primarily due to organic loan growth. The average
balance of commercial paper and deposits in other banks increased
$37.5 million, or 11.8% between the periods driven by increases in
commercial paper investments. These increases were primarily funded
by the $221.8 million, or 8.7% increase in average interest-bearing
liabilities, as compared to the same six month period last year.
Net interest margin (on a fully taxable-equivalent basis) for the
six months ended December 31, 2019 decreased to 3.30% from 3.48%
for the same period a year ago.
Total interest and dividend income increased
$5.5 million, or 8.2% for the six months ended December 31, 2019 as
compared to the same period last year, which was primarily driven
by a $5.1 million, or 8.6% increase in loan interest income, a
$257,000, or 14.8% increase in interest income from securities
available for sale, and a $342,000, or 8.9% increase in interest
income from commercial paper and interest-bearing deposits, which
was partially offset by a $249,000, or 13.4% decrease in other
investment income. The additional loan interest income was driven
by increases in both the average balance of loans receivable and
loan yields compared to the prior year. Average loan yields
increased seven basis points to 4.70% for the six months ended
December 31, 2019 from 4.63% in the corresponding period last year.
For the six months ended December 31, 2019 and 2018, average loan
yields included six and nine basis points, respectively, from the
accretion of purchase discounts on acquired loans.
Total interest expense increased $4.7 million,
or 35.5% for the six months ended December 31, 2019 compared
to the same period last year. The increase was driven by a $5.8
million, or 91.5% increase in deposit interest expense partially
offset by a $1.1 million, or 15.7% decrease in interest expense on
borrowings. The additional deposit interest expense was a result of
a $237.2 million, or 12.5% increase in the average balance of
interest-bearing deposits along with a 47 basis point increase in
the average cost of those deposits for the six months ended
December 31, 2019 as compared to the same period last year. Average
borrowings for the six months ended December 31, 2019 decreased
$15.4 million, or 2.3% along with a 29 basis point decrease in the
average cost of borrowings compared to the same period last year.
The overall cost of funds increased 26 basis points to 1.30% for
the six months ended December 31, 2019 compared to 1.04% in the
corresponding period last year.
Noninterest income increased $4.0 million, or
78.4% to $9.1 million for the three months ended December 31, 2019
from $5.1 million for the same period in the previous year
primarily due a $2.8 million, or 300.0% increase in the gain on
sale of loans held for sale, as well as a $576,000, 195.3% increase
in loan income and fees, and a $565,000, or 75.4% increase in other
noninterest income. The increase in the gain on sale of loans held
for sale was a result of the previously discussed one-to-four
family loans sold during the quarter which resulted in a
non-recurring $1.3 million gain. In addition, $57.8 million of
residential mortgage loans originated for sale were sold with gains
of $1.5 million compared to $24.9 million sold and gains of
$649,000 in the corresponding quarter in the prior year. During the
quarter ended December 31, 2019, $16.5 million of the guaranteed
portion of SBA commercial loans were sold with gains of $1.0
million compared to $4.8 million sold and gains of $295,000 in the
corresponding quarter in the prior year. The $576,000, 194.8%
increase for the quarter in loan income and fees is primarily a
result of our adjustable rate conversion program and prepayment
fees on equipment finance loans. The $565,000, or 75.5% increase in
other noninterest income primarily related to operating lease
income from the new equipment finance line of business.
Noninterest income increased $6.0 million, or
56.4% to $16.7 million for the six months ended December 31, 2019
from $10.7 million for the same period in the previous year
primarily due to a $3.5 million, or 132.4% increase in the gain on
sale of loans held for sale, a $1.1 million, or 181.4% increase in
loan income and fees, and a $1.2 million, or 85.9% increase in
other noninterest income. In addition to the previously mentioned
non-recurring gain on the sale of one-to-four family loans, $103.2
million of residential mortgage loans sold with gains of $2.8
million for the six months ended December 31, 2019, compared to
$56.5 million sold and gains of $1.4 million in the corresponding
period in the prior year. During the six months ended December 31,
2019, $29.2 million of SBA commercial loans were sold with recorded
gains of $2.1 million compared to $17.2 million sold and gains of
$1.2 million in the corresponding period in the prior year. The
increase in loan income and fees is primarily a result of our
adjustable rate conversion program and prepayment fees on equipment
finance loans. The increase in other noninterest income primarily
related to operating lease income from the equipment finance line
of business.
Noninterest expense for the three months ended
December 31, 2019 increased $2.2 million, or 10.0% to $24.0 million
compared to $21.9 million for the three months ended December 31,
2018. The increase was primarily due to a $1.3 million, or 10.2%
increase in salaries and employee benefits as a result of new
positions and annual salary increases; an $891,000, or 36.7%
increase in other expenses, mainly driven by depreciation from our
equipment finance line of business and expenses related to our
upcoming core system conversion; a $239,000, or 59.5% increase in
marketing and advertising expense, which was used to promote
deposit growth and other banking products; a $112,000, or 46.2%
increase in real estate owned ("REO") related expenses as a result
of higher pre foreclosure expenses during the quarter, and a
$90,000, or 4.7% increase in computer services. Partially
offsetting these increases was a decrease of $323,000, or 96.4% in
deposit insurance premiums as a result of credits issued by the
Federal Deposit Insurance Corporation ("FDIC") and a $153,000, or
29.1% decrease in core deposit intangible amortization for the
three months ended December 31, 2019 compared to the same period
last year.
Noninterest expense for the six months ended
December 31, 2019 increased $3.8 million, or 8.8% to $47.6 million
compared to $43.7 million for the six months ended December 31,
2018. The increase was primarily due to a $2.5 million, or 9.9%
increase in salaries and employee benefits; a $1.4 million, or
27.8% increase in other expenses, mainly driven by depreciation
from our equipment finance line of business; a $501,000, or 61.2%
increase in marketing and advertising expense; and a $265,000, or
7.1% increase in computer services. Partially offsetting these
increases was a decrease of $627,000, or 98.1% in deposit insurance
premiums and a $308,000, or 28.2% decrease in core deposit
intangible amortization for the six months ended December 31, 2019
compared to the same period last year.
For the three months ended December 31, 2019,
the Company's income tax expense increased $189,000, or 8.3% to
$2.5 million from $2.3 million for the corresponding quarter in the
previous year as a result of higher taxable income. The effective
tax rate for the three months ended December 31, 2019 and 2018 was
21.2% and 22.1%, respectively.
For the six months ended December 31, 2019, the
Company's income tax expense increased $373,000, or 8.3% to $4.9
million from $4.5 million for the corresponding period in the
previous year as a result of higher taxable income. The effective
tax rate for the three months ended December 31, 2019 and 2018 was
21.3% and 22.1%, respectively.
Balance Sheet Review
Total assets and liabilities remained relatively
level at $3.5 and $3.1 billion, respectively, at December 31, 2019
compared to June 30, 2019. The funds received from the $154.9
million in one-to-four family loans sold and deposit growth of
$230.5 million, or 9.9% were used to pay down $245.0 million, or
36.0% of borrowings, fund the $41.6 million, or 7.8% net increase
in cash and cash equivalents, commercial paper, certificates of
deposits in other banks, securities available for sale, and other
investments at cost for the first six months of fiscal 2020. Loans
held for sale include approximately $85.6 million in one-to-four
family loans being marketed for sale. The Company is selling these
lower rate one-to-four family loans to decrease its loan to deposit
ratio while increasing its net interest margin over time. Excluding
these one-to-four family loans, loans held for sale increased $14.3
million primarily from $17.3 million of home equity loans
originated for sale during the period. Deferred income taxes
decreased $4.5 million, or 16.8% to $22.1 million at December 31,
2019 from $26.5 million at June 30, 2019 due to the use of net
operating loss carryforwards.
As of July 1, 2019, the Company adopted the new
lease accounting standard, which drove several changes on the
balance sheet. Land totaling $2.1 million related to the Company's
one finance lease (f/k/a capital lease) was reclassed from premises
and equipment, net to other assets as a right of use ("ROU") asset
and the corresponding liability was reclassed from a separate line
on the balance sheet to other liabilities as a lease liability. As
of December 31, 2019, the Company has $4.8 million in ROU assets
and corresponding lease liabilities, which are maintained in other
assets and other liabilities, respectively.
Stockholders' equity at December 31, 2019
increased $8.1 million, or 2.0% to $417.0 million compared to
$408.9 million at June 30, 2019. Changes within stockholders'
equity included $18.0 million in net income and $1.6 million in
stock-based compensation, partially offset by 396,421 shares of
common stock repurchased at an average cost of $25.78, or
approximately $10.2 million in total, and $2.2 million related to
cash dividends declared. As of December 31, 2019, HomeTrust Bank
and the Company were considered "well capitalized" in accordance
with their regulatory capital guidelines and exceeded all
regulatory capital requirements.
Asset Quality
The allowance for loan losses was $22.0 million,
or 0.86% of total loans, at December 31, 2019 compared to
$21.4 million, or 0.79% of total loans, at June 30, 2019. The
allowance for loan losses to total gross loans excluding acquired
loans was 0.92% at December 31, 2019, compared to 0.85% at
June 30, 2019. The increase in the ratio of allowance for loan
losses to gross loans was driven by approximately $154.9 million of
one-to-four family loans being sold, $85.6 million one-to-four
loans being transferred to loans held for sale from total loans,
and a $602,000 increase in the allowance for loan losses from a
$400,000 provision for loan losses and $202,000 in net loan
recoveries. The increase in the allowance was mainly driven by one
large commercial real estate loan relationship that was moved to
nonaccrual during the quarter which resulted in approximately $1.1
million combination of charge-offs and impairments.
There was a $400,000 provision for loan losses
for the six months ended December 31, 2019, compared to no
provision for the corresponding period in fiscal year 2019.
Net loan recoveries totaled $202,000 for the six months ended
December 31, 2019, compared to $359,000 for the same period in
fiscal year 2019. Net recoveries as a percentage of average loans
were (0.01)% and (0.03)% for the six months ended December 31, 2019
and 2018, respectively.
Nonperforming assets increased by $2.4 million,
or 18.5% to $15.7 million, or 0.45% of total assets, at
December 31, 2019 compared to $13.3 million, or 0.40% of total
assets at June 30, 2019. Nonperforming assets included $14.3
million in nonaccruing loans and $1.5 million in REO at
December 31, 2019, compared to $10.4 million and $2.9 million,
in nonaccruing loans and REO, respectively, at June 30,
2019. The increase in nonaccruing loans primarily relates to
the previously discussed commercial real estate loan relationship
that was moved to nonaccrual during the quarter. Included in
nonperforming loans are $7.3 million of loans restructured from
their original terms of which $5.8 million were current at
December 31, 2019, with respect to their modified payment
terms. Purchased impaired loans aggregating $1.2 million obtained
through 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 was 0.56% at December 31, 2019
and 0.38% at June 30, 2019.
The ratio of classified assets to total assets
increased to 0.90% at December 31, 2019 from 0.89% at
June 30, 2019. Classified assets increased to $31.4 million at
December 31, 2019 compared to $30.9 million at June 30, 2019.
Our overall asset quality metrics continue to demonstrate our
commitment to growing and maintaining a loan portfolio with a
moderate risk profile.
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for HomeTrust Bank. As of December 31, 2019, 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 40 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/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 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.htb.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 2020 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 OfficerTony J. VunCannon –
Executive Vice President, Chief Financial Officer, Corporate
Secretary and Treasurer828-259-3939
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) |
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019(1) |
|
March 31, 2019 |
|
December 31, 2018 |
Assets |
|
|
|
|
|
|
|
|
|
Cash |
$ |
47,213 |
|
|
$ |
52,082 |
|
|
$ |
40,909 |
|
|
$ |
40,633 |
|
|
$ |
44,425 |
|
Interest-bearing deposits |
41,705 |
|
|
65,011 |
|
|
30,134 |
|
|
37,678 |
|
|
26,881 |
|
Cash and cash equivalents |
88,918 |
|
|
117,093 |
|
|
71,043 |
|
|
78,311 |
|
|
71,306 |
|
Commercial paper |
253,794 |
|
|
254,302 |
|
|
241,446 |
|
|
246,903 |
|
|
239,286 |
|
Certificates of deposit in
other banks |
47,628 |
|
|
50,117 |
|
|
52,005 |
|
|
56,209 |
|
|
51,936 |
|
Securities available for sale,
at fair value |
146,022 |
|
|
165,714 |
|
|
121,786 |
|
|
139,112 |
|
|
149,752 |
|
Other investments, at
cost |
36,898 |
|
|
45,900 |
|
|
45,378 |
|
|
51,122 |
|
|
44,858 |
|
Loans held for sale |
118,055 |
|
|
289,319 |
|
|
18,175 |
|
|
14,745 |
|
|
13,095 |
|
Total loans, net of deferred
loan fees |
2,554,541 |
|
|
2,508,730 |
|
|
2,705,190 |
|
|
2,660,647 |
|
|
2,632,231 |
|
Allowance for loan losses |
(22,031 |
) |
|
(21,314 |
) |
|
(21,429 |
) |
|
(24,416 |
) |
|
(21,419 |
) |
Net loans |
2,532,510 |
|
|
2,487,416 |
|
|
2,683,761 |
|
|
2,636,231 |
|
|
2,610,812 |
|
Premises and equipment,
net |
58,020 |
|
|
58,509 |
|
|
61,051 |
|
|
60,559 |
|
|
66,610 |
|
Accrued interest
receivable |
9,714 |
|
|
10,434 |
|
|
10,533 |
|
|
10,885 |
|
|
10,372 |
|
Real estate owned ("REO") |
1,451 |
|
|
2,582 |
|
|
2,929 |
|
|
3,003 |
|
|
2,955 |
|
Deferred income taxes |
22,066 |
|
|
24,257 |
|
|
26,523 |
|
|
28,832 |
|
|
28,533 |
|
Bank owned life insurance
("BOLI") |
91,048 |
|
|
90,499 |
|
|
90,254 |
|
|
89,663 |
|
|
89,156 |
|
Goodwill |
25,638 |
|
|
25,638 |
|
|
25,638 |
|
|
25,638 |
|
|
25,638 |
|
Core deposit intangibles |
1,715 |
|
|
2,088 |
|
|
2,499 |
|
|
2,948 |
|
|
3,436 |
|
Other assets |
36,755 |
|
|
31,441 |
|
|
23,157 |
|
|
13,576 |
|
|
5,354 |
|
Total Assets |
$ |
3,470,232 |
|
|
$ |
3,655,309 |
|
|
$ |
3,476,178 |
|
|
$ |
3,457,737 |
|
|
$ |
3,413,099 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
$ |
2,557,769 |
|
|
$ |
2,494,194 |
|
|
$ |
2,327,257 |
|
|
$ |
2,308,395 |
|
|
$ |
2,258,069 |
|
Borrowings |
435,000 |
|
|
685,000 |
|
|
680,000 |
|
|
680,000 |
|
|
688,000 |
|
Other liabilities |
60,468 |
|
|
63,047 |
|
|
60,025 |
|
|
62,112 |
|
|
56,060 |
|
Total liabilities |
3,053,237 |
|
|
3,242,241 |
|
|
3,067,282 |
|
|
3,050,507 |
|
|
3,002,129 |
|
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 (2) |
177 |
|
|
178 |
|
|
180 |
|
|
183 |
|
|
185 |
|
Additional paid in
capital |
182,366 |
|
|
186,359 |
|
|
190,315 |
|
|
196,824 |
|
|
203,660 |
|
Retained earnings |
240,312 |
|
|
232,315 |
|
|
224,545 |
|
|
217,490 |
|
|
215,289 |
|
Unearned Employee Stock
Ownership Plan ("ESOP") shares |
(6,612 |
) |
|
(6,744 |
) |
|
(6,877 |
) |
|
(7,009 |
) |
|
(7,142 |
) |
Accumulated other
comprehensive income (loss) |
752 |
|
|
960 |
|
|
733 |
|
|
(258 |
) |
|
(1,022 |
) |
Total stockholders' equity |
416,995 |
|
|
413,068 |
|
|
408,896 |
|
|
407,230 |
|
|
410,970 |
|
Total Liabilities and Stockholders' Equity |
$ |
3,470,232 |
|
|
$ |
3,655,309 |
|
|
$ |
3,476,178 |
|
|
$ |
3,457,737 |
|
|
$ |
3,413,099 |
|
_________________________________
(1) |
Derived from audited financial statements. |
(2) |
Shares of common stock issued and outstanding were 17,664,384 at
December 31, 2019; 17,818,145 at September 30, 2019; 17,984,105 at
June 30, 2019; 18,265,535 at March 31, 2019; and 18,520,825 at
December 31, 2018. |
Consolidated Statement of Income
(Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
(Dollars in thousands) |
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Interest and Dividend
Income |
|
|
|
|
|
|
|
|
|
Loans |
$ |
32,119 |
|
|
$ |
32,266 |
|
|
$ |
30,544 |
|
|
$ |
64,385 |
|
|
$ |
59,272 |
|
Commercial paper and interest-bearing deposits |
1,912 |
|
|
2,253 |
|
|
1,966 |
|
|
4,165 |
|
|
3,823 |
|
Securities available for sale |
1,093 |
|
|
896 |
|
|
876 |
|
|
1,989 |
|
|
1,732 |
|
Other investments |
772 |
|
|
832 |
|
|
1,014 |
|
|
1,604 |
|
|
1,853 |
|
Total interest and dividend income |
35,896 |
|
|
36,247 |
|
|
34,400 |
|
|
72,143 |
|
|
66,680 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Deposits |
6,321 |
|
|
5,853 |
|
|
3,607 |
|
|
12,174 |
|
|
6,357 |
|
Borrowings |
2,541 |
|
|
3,321 |
|
|
3,692 |
|
|
5,862 |
|
|
6,950 |
|
Total interest expense |
8,862 |
|
|
9,174 |
|
|
7,299 |
|
|
18,036 |
|
|
13,307 |
|
Net Interest
Income |
27,034 |
|
|
27,073 |
|
|
27,101 |
|
|
54,107 |
|
|
53,373 |
|
Provision for Loan
Losses |
400 |
|
|
— |
|
|
— |
|
|
400 |
|
|
— |
|
Net Interest Income
after Provision for Loan Losses |
26,634 |
|
|
27,073 |
|
|
27,101 |
|
|
53,707 |
|
|
53,373 |
|
Noninterest
Income |
|
|
|
|
|
|
|
|
|
Service charges and fees on deposit accounts |
2,605 |
|
|
2,443 |
|
|
2,577 |
|
|
5,048 |
|
|
4,978 |
|
Loan income and fees |
871 |
|
|
882 |
|
|
295 |
|
|
1,753 |
|
|
623 |
|
Gain on sale of loans held for sale |
3,775 |
|
|
2,299 |
|
|
944 |
|
|
6,074 |
|
|
2,614 |
|
BOLI income |
509 |
|
|
697 |
|
|
520 |
|
|
1,206 |
|
|
1,056 |
|
Other, net |
1,314 |
|
|
1,339 |
|
|
749 |
|
|
2,653 |
|
|
1,427 |
|
Total noninterest income |
9,074 |
|
|
7,660 |
|
|
5,085 |
|
|
16,734 |
|
|
10,698 |
|
Noninterest
Expense |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
14,170 |
|
|
13,912 |
|
|
12,857 |
|
|
28,082 |
|
|
25,542 |
|
Net occupancy expense |
2,384 |
|
|
2,342 |
|
|
2,425 |
|
|
4,726 |
|
|
4,751 |
|
Computer services |
1,985 |
|
|
2,024 |
|
|
1,895 |
|
|
4,009 |
|
|
3,744 |
|
Telephone, postage, and supplies |
798 |
|
|
802 |
|
|
743 |
|
|
1,600 |
|
|
1,512 |
|
Marketing and advertising |
641 |
|
|
679 |
|
|
402 |
|
|
1,320 |
|
|
819 |
|
Deposit insurance premiums |
12 |
|
|
— |
|
|
335 |
|
|
12 |
|
|
639 |
|
Loss (gain) on sale and impairment of REO |
122 |
|
|
(19 |
) |
|
75 |
|
|
103 |
|
|
254 |
|
REO expense |
238 |
|
|
258 |
|
|
173 |
|
|
496 |
|
|
348 |
|
Core deposit intangible amortization |
373 |
|
|
411 |
|
|
526 |
|
|
784 |
|
|
1,092 |
|
Other |
3,318 |
|
|
3,124 |
|
|
2,427 |
|
|
6,442 |
|
|
5,040 |
|
Total noninterest expense |
24,041 |
|
|
23,533 |
|
|
21,858 |
|
|
47,574 |
|
|
43,741 |
|
Income Before Income
Taxes |
11,667 |
|
|
11,200 |
|
|
10,328 |
|
|
22,867 |
|
|
20,330 |
|
Income Tax
Expense |
2,476 |
|
|
2,396 |
|
|
2,287 |
|
|
4,872 |
|
|
4,499 |
|
Net
Income |
$ |
9,191 |
|
|
$ |
8,804 |
|
|
$ |
8,041 |
|
|
$ |
17,995 |
|
|
$ |
15,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data
|
Three Months Ended |
|
Six months ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income per common
share:(1) |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.54 |
|
|
$ |
0.51 |
|
|
$ |
0.45 |
|
|
$ |
1.05 |
|
|
$ |
0.88 |
|
Diluted |
$ |
0.52 |
|
|
$ |
0.49 |
|
|
$ |
0.43 |
|
|
$ |
1.01 |
|
|
$ |
0.84 |
|
Average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
16,906,457 |
|
|
17,097,647 |
|
|
17,797,553 |
|
|
17,002,052 |
|
|
17,961,465 |
|
Diluted |
17,567,680 |
|
|
17,753,657 |
|
|
18,497,334 |
|
|
17,660,687 |
|
|
18,689,584 |
|
Book value per share at end of
period |
$ |
23.61 |
|
|
$ |
23.18 |
|
|
$ |
22.19 |
|
|
$ |
23.61 |
|
|
$ |
22.19 |
|
Tangible book value per share
at end of period (2) |
$ |
22.08 |
|
|
$ |
21.65 |
|
|
$ |
20.66 |
|
|
$ |
22.08 |
|
|
$ |
20.66 |
|
Cash dividends declared per
common share |
$ |
0.07 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
0.13 |
|
|
$ |
0.06 |
|
Total shares outstanding at
end of period |
17,664,384 |
|
|
17,818,145 |
|
|
18,520,825 |
|
|
17,664,384 |
|
|
18,520,825 |
|
_________________________________
(1) |
Basic and diluted net income per common share have been prepared in
accordance with the two-class method. |
(2) |
See Non-GAAP reconciliation tables below for adjustments. |
|
|
Selected Financial Ratios and Other Data
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Performance ratios:
(1) |
|
|
|
|
|
Return on assets (ratio of net income to average total assets) |
1.02 |
% |
|
0.99 |
% |
|
0.95 |
% |
|
1.00 |
% |
|
0.95 |
% |
Return on equity (ratio of net
income to average equity) |
8.87 |
|
|
8.57 |
|
|
7.83 |
|
|
8.72 |
|
|
7.69 |
|
Tax equivalent yield on earning
assets(2) |
4.34 |
|
|
4.43 |
|
|
4.45 |
|
|
4.38 |
|
|
4.34 |
|
Rate paid on interest-bearing
liabilities |
1.27 |
|
|
1.33 |
|
|
1.13 |
|
|
1.30 |
|
|
1.04 |
|
Tax equivalent average
interest rate spread (2) |
3.07 |
|
|
3.10 |
|
|
3.32 |
|
|
3.08 |
|
|
3.30 |
|
Tax equivalent net interest
margin(2) (3) |
3.27 |
|
|
3.32 |
|
|
3.51 |
|
|
3.30 |
|
|
3.48 |
|
Average interest-earning assets
to average interest-bearing liabilities |
119.53 |
|
|
119.41 |
|
|
120.48 |
|
|
119.47 |
|
|
121.22 |
|
Operating expense to average
total assets |
2.66 |
|
|
2.64 |
|
|
2.59 |
|
|
2.65 |
|
|
2.61 |
|
Efficiency ratio |
66.58 |
|
|
67.75 |
|
|
67.91 |
|
|
67.16 |
|
|
68.27 |
|
Efficiency ratio - adjusted
(4) |
66.05 |
|
|
67.20 |
|
|
67.32 |
|
|
66.62 |
|
|
67.67 |
|
_________________________________
(1) |
Ratios are annualized where appropriate. |
(2) |
The weighted average rate for municipal leases is adjusted for a
24% combined federal and state tax rate, respectively since the
interest from these leases is tax exempt. |
(3) |
Net interest income divided by average interest-earning
assets. |
(4) |
See Non-GAAP reconciliation tables below for adjustments. |
|
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At or For the Three Months Ended |
|
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December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
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2019 |
|
2019 |
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2019 |
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2019 |
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2018 |
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Asset quality
ratios: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets(1) |
0.45 |
% |
|
0.37 |
% |
|
0.38 |
% |
|
0.41 |
% |
|
0.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total
loans(1) |
0.56 |
|
|
0.43 |
|
|
0.38 |
|
|
0.43 |
|
|
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total classified assets to
total assets |
0.90 |
|
|
0.84 |
|
|
0.89 |
|
|
1.00 |
|
|
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
nonperforming loans(1) |
154.48 |
|
|
195.88 |
|
|
206.90 |
|
|
215.46 |
|
|
221.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
total loans |
0.86 |
|
|
0.85 |
|
|
0.79 |
|
|
0.92 |
|
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
total gross loans excluding acquired loans(2) |
0.92 |
|
|
0.92 |
|
|
0.85 |
|
|
0.99 |
|
|
0.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans (annualized) |
(0.05 |
) |
|
0.02 |
|
|
0.47 |
|
|
0.38 |
|
|
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets at end
of period |
12.02 |
% |
|
11.30 |
% |
|
11.76 |
% |
|
11.78 |
% |
|
12.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to total
tangible assets(2) |
11.33 |
|
|
10.63 |
|
|
11.06 |
|
|
11.06 |
|
|
11.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to average
assets |
11.52 |
|
|
11.54 |
|
|
11.72 |
|
|
11.93 |
|
|
12.20 |
|
_________________________________
(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
December 31, 2019, there were $7.3 million of restructured
loans included in nonaccruing loans and $7.6 million, or 53.0% 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 tables below for adjustments. |
|
|
Average Balance Sheet Data
|
For the Three Months Ended December 31, |
|
2019 |
|
2018 |
|
Average Balance Outstanding |
|
Interest Earned/ Paid(2) |
|
Yield/ Rate(2) |
|
Average Balance Outstanding |
|
Interest Earned/ Paid(2) |
|
Yield/ Rate(2) |
(Dollars in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1) |
$ |
2,782,412 |
|
|
$ |
32,409 |
|
|
4.66 |
% |
|
$ |
2,610,117 |
|
|
$ |
30,826 |
|
|
4.72 |
% |
Commercial paper and deposits
in other banks |
346,376 |
|
|
1,912 |
|
|
2.21 |
% |
|
313,158 |
|
|
1,965 |
|
|
2.51 |
% |
Securities available for
sale |
165,577 |
|
|
1,093 |
|
|
2.64 |
% |
|
151,788 |
|
|
876 |
|
|
2.31 |
% |
Other interest-earning
assets(3) |
44,398 |
|
|
772 |
|
|
6.95 |
% |
|
44,147 |
|
|
1,015 |
|
|
9.20 |
% |
Total interest-earning assets |
3,338,763 |
|
|
36,186 |
|
|
4.34 |
% |
|
3,119,210 |
|
|
34,682 |
|
|
4.45 |
% |
Other assets |
269,679 |
|
|
|
|
|
|
250,516 |
|
|
|
|
|
Total assets |
$ |
3,608,442 |
|
|
|
|
|
|
$ |
3,369,726 |
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
accounts |
455,747 |
|
|
375 |
|
|
0.33 |
% |
|
465,418 |
|
|
302 |
|
|
0.26 |
% |
Money market accounts |
785,374 |
|
|
2,083 |
|
|
1.06 |
% |
|
689,335 |
|
|
1,265 |
|
|
0.73 |
% |
Savings accounts |
168,022 |
|
|
50 |
|
|
0.12 |
% |
|
196,434 |
|
|
63 |
|
|
0.13 |
% |
Certificate accounts |
778,664 |
|
|
3,813 |
|
|
1.96 |
% |
|
564,112 |
|
|
1,977 |
|
|
1.40 |
% |
Total interest-bearing deposits |
2,187,807 |
|
|
6,321 |
|
|
1.16 |
% |
|
1,915,299 |
|
|
3,607 |
|
|
0.75 |
% |
Borrowings |
605,489 |
|
|
2,541 |
|
|
1.68 |
% |
|
673,783 |
|
|
3,692 |
|
|
2.19 |
% |
Total interest-bearing
liabilities |
2,793,296 |
|
|
8,862 |
|
|
1.27 |
% |
|
2,589,082 |
|
|
7,299 |
|
|
1.13 |
% |
Noninterest-bearing
deposits |
334,732 |
|
|
|
|
|
|
309,012 |
|
|
|
|
|
Other liabilities |
65,812 |
|
|
|
|
|
|
60,689 |
|
|
|
|
|
Total liabilities |
3,193,840 |
|
|
|
|
|
|
2,958,783 |
|
|
|
|
|
Stockholders' equity |
414,602 |
|
|
|
|
|
|
410,943 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
3,608,442 |
|
|
|
|
|
|
$ |
3,369,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earning assets |
$ |
545,467 |
|
|
|
|
|
|
$ |
530,128 |
|
|
|
|
|
Average interest-earning
assets to |
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
119.53 |
% |
|
|
|
|
|
120.48 |
% |
|
|
|
|
Tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
27,324 |
|
|
|
|
|
|
$ |
27,383 |
|
|
|
Interest rate spread |
|
|
|
|
3.07 |
% |
|
|
|
|
|
3.32 |
% |
Net interest margin(4) |
|
|
|
|
3.27 |
% |
|
|
|
|
|
3.51 |
% |
Non-tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
27,034 |
|
|
|
|
|
|
$ |
27,101 |
|
|
|
Interest rate spread |
|
|
|
|
3.03 |
% |
|
|
|
|
|
3.28 |
% |
Net interest margin(4) |
|
|
|
|
3.24 |
% |
|
|
|
|
|
3.48 |
% |
_________________________________
(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 $290 and $282
for the three months ended December 31, 2019 and 2018,
respectively, calculated based on a combined federal and state tax
rate of 24%. |
(3) |
The average other interest-earning assets consists of FRB stock,
FHLB stock, and SBIC investments. |
(4) |
Net interest income divided by average interest-earning
assets. |
|
|
|
For the Six Months Ended December 31, |
|
2019 |
|
2018 |
|
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
|
AverageBalanceOutstanding |
|
InterestEarned/Paid(2) |
|
Yield/Rate(2) |
(Dollars in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable(1) |
$ |
2,766,022 |
|
|
$ |
64,960 |
|
|
4.70 |
% |
|
$ |
2,584,145 |
|
|
$ |
59,837 |
|
|
4.63 |
% |
Commercial paper and deposits in
other banks |
354,750 |
|
|
4,165 |
|
|
2.35 |
% |
|
317,219 |
|
|
3,823 |
|
|
2.41 |
% |
Securities available for
sale |
152,143 |
|
|
1,989 |
|
|
2.61 |
% |
|
153,019 |
|
|
1,732 |
|
|
2.26 |
% |
Other interest-earning
assets(3) |
45,054 |
|
|
1,604 |
|
|
7.12 |
% |
|
43,302 |
|
|
1,853 |
|
|
8.56 |
% |
Total interest-earning assets |
3,317,969 |
|
|
72,718 |
|
|
4.38 |
% |
|
3,097,685 |
|
|
67,245 |
|
|
4.34 |
% |
Other assets |
267,028 |
|
|
|
|
|
|
248,084 |
|
|
|
|
|
Total assets |
$ |
3,584,997 |
|
|
|
|
|
|
$ |
3,345,769 |
|
|
|
|
|
Liabilities and
equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
accounts |
448,636 |
|
|
694 |
|
|
0.31 |
% |
|
462,657 |
|
|
571 |
|
|
0.25 |
% |
Money market accounts |
752,178 |
|
|
3,844 |
|
|
1.02 |
% |
|
683,332 |
|
|
2,222 |
|
|
0.65 |
% |
Savings accounts |
170,207 |
|
|
103 |
|
|
0.12 |
% |
|
202,362 |
|
|
131 |
|
|
0.13 |
% |
Certificate accounts |
761,810 |
|
|
7,533 |
|
|
1.98 |
% |
|
547,310 |
|
|
3,433 |
|
|
1.25 |
% |
Total interest-bearing deposits |
2,132,831 |
|
|
12,174 |
|
|
1.14 |
% |
|
1,895,661 |
|
|
6,357 |
|
|
0.67 |
% |
Borrowings |
644,451 |
|
|
5,862 |
|
|
1.82 |
% |
|
659,821 |
|
|
6,950 |
|
|
2.11 |
% |
Total
interest-bearing liabilities |
2,777,282 |
|
|
18,036 |
|
|
1.30 |
% |
|
2,555,482 |
|
|
13,307 |
|
|
1.04 |
% |
Noninterest-bearing
deposits |
330,418 |
|
|
|
|
|
|
316,397 |
|
|
|
|
|
Other liabilities |
64,456 |
|
|
|
|
|
|
61,985 |
|
|
|
|
|
Total liabilities |
3,172,156 |
|
|
|
|
|
|
2,933,864 |
|
|
|
|
|
Stockholders' equity |
412,841 |
|
|
|
|
|
|
411,905 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
3,584,997 |
|
|
|
|
|
|
$ |
3,345,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earning assets |
$ |
540,687 |
|
|
|
|
|
|
$ |
542,203 |
|
|
|
|
|
Average interest-earning
assets to |
|
|
|
|
|
|
|
|
|
|
|
average interest-bearing liabilities |
119.47 |
% |
|
|
|
|
|
121.22 |
% |
|
|
|
|
Tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
54,682 |
|
|
|
|
|
|
$ |
53,938 |
|
|
|
Interest rate spread |
|
|
|
|
3.08 |
% |
|
|
|
|
|
3.30 |
% |
Net interest margin(4) |
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.48 |
% |
Non-tax-equivalent: |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
54,108 |
|
|
|
|
|
|
$ |
53,373 |
|
|
|
Interest rate spread |
|
|
|
|
3.05 |
% |
|
|
|
|
|
3.26 |
% |
Net interest margin(4) |
|
|
|
|
3.26 |
% |
|
|
|
|
|
3.45 |
% |
_________________________________
(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 $574 and $565
for the six months ended December 31, 2019 and 2018,
respectively, calculated based on a combined federal and state tax
rate of 24%. |
(3) |
The average other interest-earning assets consists of FRB stock,
FHLB stock, and SBIC investments. |
(4) |
Net interest income divided by average interest-earning
assets. |
|
|
Loans
(Dollars in thousands) |
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
Retail consumer loans: |
|
|
|
|
|
|
|
|
|
One-to-four family |
$ |
417,255 |
|
|
$ |
396,649 |
|
|
$ |
660,591 |
|
|
$ |
658,723 |
|
|
$ |
661,374 |
|
HELOCs - originated |
142,989 |
|
|
141,129 |
|
|
139.435 |
|
|
133,203 |
|
|
135,430 |
|
HELOCs - purchased |
92,423 |
|
|
104,324 |
|
|
116,972 |
|
|
128,832 |
|
|
138,571 |
|
Construction and land/lots |
71,901 |
|
|
85,319 |
|
|
80,602 |
|
|
76,153 |
|
|
74,507 |
|
Indirect auto finance |
142,533 |
|
|
147,808 |
|
|
153,448 |
|
|
162,127 |
|
|
170,516 |
|
Consumer |
11,102 |
|
|
11,400 |
|
|
11.416 |
|
|
19,374 |
|
|
13,520 |
|
Total retail consumer
loans |
878,203 |
|
|
886,629 |
|
|
1,162,464 |
|
|
1,178,412 |
|
|
1,193,918 |
|
Commercial loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate |
998,019 |
|
|
990,787 |
|
|
927,261 |
|
|
892,383 |
|
|
904,357 |
|
Construction and development |
223,839 |
|
|
203,494 |
|
|
210,916 |
|
|
214,511 |
|
|
198,738 |
|
Commercial and industrial |
152,727 |
|
|
158,706 |
|
|
160,471 |
|
|
154,471 |
|
|
143,201 |
|
Equipment finance |
185,427 |
|
|
154,479 |
|
|
132,058 |
|
|
109.175 |
|
|
81,380 |
|
Municipal leases |
115,240 |
|
|
114,382 |
|
|
112,016 |
|
|
112,067 |
|
|
111,135 |
|
Total commercial loans |
1,675,252 |
|
|
1,621,848 |
|
|
1,542,722 |
|
|
1,482,607 |
|
|
1,438,812 |
|
Total loans |
2,553,455 |
|
|
2,508,477 |
|
|
2,705,186 |
|
|
2,661,019 |
|
|
2,632,730 |
|
Deferred loan costs (fees), net |
1,086 |
|
|
253 |
|
|
4 |
|
|
(372 |
) |
|
(499 |
) |
Total loans, net of deferred
loan fees |
2,554,541 |
|
|
2,508,730 |
|
|
2,705,190 |
|
|
2,660,647 |
|
|
2,632,231 |
|
Allowance for loan losses |
(22,031 |
) |
|
(21,314 |
) |
|
(21,429 |
) |
|
(24,416 |
) |
|
(21,419 |
) |
Loans, net |
$ |
2,532,510 |
|
|
$ |
2,487,416 |
|
|
$ |
2,683,761 |
|
|
$ |
2,636,231 |
|
|
$ |
2,610,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
(Dollars in thousands) |
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
Core deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing accounts |
$ |
327,320 |
|
|
$ |
327,371 |
|
|
$ |
294,322 |
|
|
$ |
301,083 |
|
|
$ |
300,031 |
|
NOW accounts |
457,428 |
|
|
449,623 |
|
|
452,295 |
|
|
477,637 |
|
|
474,080 |
|
Money market accounts |
815,949 |
|
|
769,000 |
|
|
691,172 |
|
|
692,102 |
|
|
703,445 |
|
Savings accounts |
167,520 |
|
|
169,872 |
|
|
177,278 |
|
|
192,754 |
|
|
192,954 |
|
Total core deposits |
1,768,217 |
|
|
1,715,866 |
|
|
1,615,067 |
|
|
1,663,576 |
|
|
1,670,510 |
|
Certificates of deposit |
789,552 |
|
|
778,328 |
|
|
712,190 |
|
|
644,819 |
|
|
587,559 |
|
Total deposits |
$ |
2,557,769 |
|
|
$ |
2,494,194 |
|
|
$ |
2,327,257 |
|
|
$ |
2,308,395 |
|
|
$ |
2,258,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 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. 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 |
|
Six Months Ended |
(Dollars in thousands) |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Noninterest expense |
$ |
24,041 |
|
|
$ |
23,533 |
|
|
$ |
21,858 |
|
|
$ |
47,574 |
|
|
$ |
43,741 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
27,034 |
|
|
$ |
27,073 |
|
|
$ |
27,101 |
|
|
$ |
54,107 |
|
|
$ |
53,373 |
|
Plus noninterest income |
9,074 |
|
|
7,660 |
|
|
5,085 |
|
|
16,734 |
|
|
10,698 |
|
Plus tax equivalent
adjustment |
290 |
|
|
285 |
|
|
282 |
|
|
574 |
|
|
565 |
|
Net interest income plus
noninterest income – as adjusted |
$ |
36,398 |
|
|
$ |
35,018 |
|
|
$ |
32,468 |
|
|
$ |
71,415 |
|
|
$ |
64,636 |
|
Efficiency ratio - adjusted |
66.05 |
% |
|
67.20 |
% |
|
67.32 |
% |
|
66.62 |
% |
|
67.67 |
% |
Efficiency ratio |
66.58 |
% |
|
67.75 |
% |
|
67.91 |
% |
|
67.16 |
% |
|
68.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
Total stockholders' equity |
$ |
416,995 |
|
|
$ |
413,068 |
|
|
$ |
408,896 |
|
|
$ |
407,230 |
|
|
$ |
410,970 |
|
Less: goodwill, core deposit
intangibles, net of taxes |
26,959 |
|
|
27,246 |
|
|
27,562 |
|
|
27,908 |
|
|
28,284 |
|
Tangible book value (1) |
$ |
390,036 |
|
|
$ |
385,822 |
|
|
$ |
381,334 |
|
|
$ |
379,322 |
|
|
$ |
382,686 |
|
Common shares outstanding |
17,664,384 |
|
|
17,818,145 |
|
|
17,984,105 |
|
|
18,265,535 |
|
|
18,520,825 |
|
Tangible book value per
share |
$ |
22.08 |
|
|
$ |
21.65 |
|
|
$ |
21.20 |
|
|
$ |
20.77 |
|
|
$ |
20.66 |
|
Book value per share |
$ |
23.61 |
|
|
$ |
23.18 |
|
|
$ |
22.74 |
|
|
$ |
22.29 |
|
|
$ |
22.19 |
|
(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 |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
(Dollars in thousands) |
Tangible equity(1) |
$ |
390,036 |
|
|
$ |
385,822 |
|
|
$ |
381,334 |
|
|
$ |
379,322 |
|
|
$ |
382,686 |
|
Total assets |
3,470,232 |
|
|
3,655,309 |
|
|
3,476,178 |
|
|
3,457,737 |
|
|
3,413,099 |
|
Less: goodwill, core deposit
intangibles, net of taxes |
26,959 |
|
|
27,246 |
|
|
27,562 |
|
|
27,908 |
|
|
28,284 |
|
Total tangible assets(2) |
$ |
3,443,273 |
|
|
$ |
3,628,063 |
|
|
$ |
3,448,616 |
|
|
$ |
3,429,829 |
|
|
$ |
3,384,815 |
|
Tangible equity to tangible
assets |
11.33 |
% |
|
10.63 |
% |
|
11.06 |
% |
|
11.06 |
% |
|
11.31 |
% |
(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 of the allowance for
loan losses to total loans (excluding net deferred loan fees) and
the allowance for loan losses as adjusted to exclude acquired
loans:
|
|
|
As of |
(Dollars in thousands) |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
Total gross loans receivable (GAAP) |
$ |
2,553,455 |
|
|
$ |
2,508,477 |
|
|
$ |
2,705,186 |
|
|
$ |
2,661,019 |
|
|
$ |
2,632,730 |
|
Less: acquired loans |
186,970 |
|
|
206,937 |
|
|
214,046 |
|
|
223,101 |
|
|
236,389 |
|
Adjusted loans (non-GAAP) |
$ |
2,366,485 |
|
|
$ |
2,301,540 |
|
|
$ |
2,491,140 |
|
|
$ |
2,437,918 |
|
|
$ |
2,396,341 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
(GAAP) |
$ |
22,031 |
|
|
$ |
21,314 |
|
|
$ |
21,429 |
|
|
$ |
24,416 |
|
|
$ |
21,419 |
|
Less: allowance for loan losses
on acquired loans |
152 |
|
|
194 |
|
|
201 |
|
|
201 |
|
|
199 |
|
Adjusted allowance for loan
losses |
$ |
21,879 |
|
|
$ |
21,120 |
|
|
$ |
21,228 |
|
|
$ |
24,215 |
|
|
$ |
21,220 |
|
Adjusted allowance for loan
losses / Adjusted loans (non-GAAP) |
0.92 |
% |
|
0.92 |
% |
|
0.85 |
% |
|
0.99 |
% |
|
0.89 |
% |
HomeTrust Bancshares (NASDAQ:HTBI)
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From Apr 2024 to May 2024
HomeTrust Bancshares (NASDAQ:HTBI)
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From May 2023 to May 2024