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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 March 31, 2021

☐            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)
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.
Large accelerated filer ☐      
Accelerated filer ☒
Non-accelerated filer   ☐
Smaller reporting company ☐
Emerging growth company ☐
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 16,616,594 shares of common stock, par value of $.01 per share, issued and outstanding as of May 4, 2021.



HOMETRUST BANCSHARES, INC. AND SUBSIDIARIES
10-Q
TABLE OF CONTENTS
  Page
Number
 
Item 1.   
   
3
   
4
   
5
   
6
   
8
   
   
Item 2. 
   
Item 3. 
   
Item 4. 
   
 
   
Item 1. 
   
Item 1A. 
   
Item 2. 
   
Item 3. 
   
Item 4. 
   
Item 5 
   
Item 6. 
   

1


Glossary of Defined Terms
The following items 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 Standard Codification
ASU Accounting Standard Update
BOLI Bank Owned Life Insurance
CARES Act
Coronavirus Aid, Relief, and Economic Security Act of 2020
CD
Certificates of Deposit
CDA Collateral Dependent Asset
CECL Current Expected Credit Losses
CET1
Common Equity Tier 1
COVID-19
Coronavirus Disease 2019
CPI
Consumer Price Index
DCF Discounted Cash Flow
ECL Expected Credit Losses
EPS Earnings Per Share
ESOP Employee Stock Ownership Plan
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
FHLB Federal Home Loan Bank
FRB Federal Reserve Bank of Richmond
GAAP
Generally Accepted Accounting Principles in the United States
GSE Government-Sponsored Enterprises
HELOC Home Equity Line of Credit
LIBOR London Interbank Offered Rate
MBS
Mortgage-Backed Security
NCCOB
North Carolina Office of the Commissioner of Banks
OTTI Other Than Temporary Impairment
PCD Purchased Credit Deteriorated
PCI Purchase Credit Impaired
PPP Paycheck Protection Program
REO Real Estate Owned
ROU Right of Use
SEC
Securities and Exchange Commission
SBA Small Business Administration
SBIC Small Business Investment Companies
TDR Troubled Debt Restructuring

2


PART I.  FINANCIAL INFORMATION
Item 1.    Financial Statements
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
(Unaudited)
March 31, 2021
June 30, 2020 (1)
Assets
Cash $ 24,621  $ 31,908 
Interest-bearing deposits 139,474  89,714 
Cash and cash equivalents 164,095  121,622 
Commercial paper, net 238,445  304,967 
Certificates of deposit in other banks 42,015  55,689 
Debt securities available for sale, at fair value (amortized cost of $160,521 and $124,918 at March 31, 2021 and June 30, 2020, respectively)
162,417  127,537 
Other investments, at cost 28,899  38,946 
Loans held for sale 86,708  77,177 
Total loans, net of deferred loan costs 2,690,153  2,769,119 
Allowance for credit losses (36,059) (28,072)
Net loans 2,654,094  2,741,047 
Premises and equipment, net 70,886  58,462 
Accrued interest receivable 8,271  12,312 
REO 143  337 
Deferred income taxes 16,889  16,334 
BOLI 93,877  92,187 
Goodwill 25,638  25,638 
Core deposit intangibles 473  1,078 
Other assets 55,763  49,519 
Total Assets $ 3,648,613  $ 3,722,852 
Liabilities and Stockholders' Equity    
Liabilities    
Deposits $ 2,908,478  $ 2,785,756 
Borrowings 275,000  475,000 
Other liabilities 58,683  53,833 
Total liabilities 3,242,161  3,314,589 
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, 16,655,347 shares
    issued and outstanding at March 31, 2021; 17,021,357 at June 30, 2020
167  170 
Additional paid in capital 162,010  169,648 
Retained earnings 248,767  242,776 
Unearned ESOP shares (5,951) (6,348)
Accumulated other comprehensive income 1,459  2,017 
Total stockholders' equity 406,452  408,263 
Total Liabilities and Stockholders' Equity $ 3,648,613  $ 3,722,852 
(1)    Derived from audited financial statements.
The accompanying notes are an integral part of these consolidated financial statements.
3


HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2021 2020 2021 2020
Interest and Dividend Income
Loans $ 27,629  $ 29,781  $ 84,564  $ 94,166 
Commercial paper and interest-bearing deposits 611  1,794  2,106  5,959 
Securities available for sale 496  912  1,528  2,901 
Other investments 585  550  1,729  2,154 
Total interest and dividend income 29,321  33,037  89,927  105,180 
Interest Expense        
Deposits 1,996  5,971  7,596  18,145 
Borrowings 1,632  1,757  5,007  7,619 
Total interest expense 3,628  7,728  12,603  25,764 
Net Interest Income 25,693  25,309  77,324  79,416 
Provision (Benefit) for Credit Losses (4,100) 5,400  (6,180) 5,800 
Net Interest Income after Provision (Benefit) for Credit Losses 29,793  19,909  83,504  73,616 
Noninterest Income        
Service charges and fees on deposit accounts 2,194  2,304  6,707  7,352 
Loan income and fees 636  294  1,679  2,047 
Gain on sale of loans held for sale 4,881  1,503  11,929  7,577 
BOLI income 508  518  1,551  1,724 
Other, net 2,459  1,756  6,795  4,409 
Total noninterest income 10,678  6,375  28,661  23,109 
Noninterest Expense        
Salaries and employee benefits 15,784  14,455  46,691  42,537 
Net occupancy expense 2,456  2,246  7,010  6,972 
Computer services 2,581  2,023  7,108  6,032 
Telephone, postage, and supplies 812  862  2,345  2,462 
Marketing and advertising 319  396  971  1,716 
Deposit insurance premiums 363  462  1,361  474 
Loss (gain) on sale and impairment of REO (14) (15) (49) 88 
REO expense 98  250  511  746 
Core deposit intangible amortization 165  334  605  1,118 
Prepayment penalty on borrowings 3,656  —  3,656  — 
Other 4,286  3,890  12,740  10,332 
Total noninterest expense 30,506  24,903  82,949  72,477 
Income Before Income Taxes 9,965  1,381  29,216  24,248 
Income Tax Expense 2,096  188  6,133  5,060 
Net Income $ 7,869  $ 1,193  $ 23,083  $ 19,188 
Per Share Data:        
Net income per common share:        
Basic $ 0.49  $ 0.07  $ 1.42  $ 1.12 
Diluted $ 0.48  $ 0.07  $ 1.40  $ 1.08 
Average shares outstanding:        
Basic 15,979,590  16,688,646  16,139,059  16,898,391 
Diluted 16,485,718  17,258,428  16,339,130  17,524,252 
The accompanying notes are an integral part of these consolidated financial statements.
4


HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
  2021 2020 2021 2020
Net Income $ 7,869  $ 1,193  $ 23,083  $ 19,188 
Other Comprehensive Income (Loss)      
  Unrealized holding gains (losses) on securities available for sale        
Gains (losses) arising during the period (839) 395  (724) 419 
Deferred income tax benefit (expense) 193  (91) 166  (96)
Total other comprehensive income (loss) $ (646) $ 304  $ (558) $ 323 
Comprehensive Income $ 7,223  $ 1,497  $ 22,525  $ 19,511 
The accompanying notes are an integral part of these consolidated financial statements.
5


HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders' Equity
(Dollars in thousands)

(Unaudited)
Three Months Ended March 31, 2021
Common Stock Additional
Paid In
Capital
Retained
Earnings
Unearned
ESOP
Shares
Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders'
Equity
Shares Amount
Balance at December 31, 2020 16,791,027  $ 168  $ 166,352  $ 242,182  $ (6,083) $ 2,105  $ 404,724 
Net income —  —  —  7,869  —  —  7,869 
Cash dividends declared on common stock, $0.08/common share
—  —  —  (1,284) —  —  (1,284)
Stock repurchased (289,333) (3) (6,541) —  —  —  (6,544)
Forfeited restricted stock —  —  —  —  —  —  — 
Retired stock (8,473) —  (195) —  —  —  (195)
Granted restricted stock 43,260  —  —  —  —  —  — 
Exercised stock options 118,866  1,712  —  —  —  1,714 
Stock option expense —  —  156  —  —  —  156 
Restricted stock expense —  —  333  —  —  —  333 
ESOP shares allocated —  —  193  —  132  —  325 
Other comprehensive loss —  —  —  —  —  (646) (646)
Balance at March 31, 2021 16,655,347  $ 167  $ 162,010  $ 248,767  $ (5,951) $ 1,459  $ 406,452 
(Unaudited)
Nine Months Ended March 31, 2021
Common Stock Additional
Paid In
Capital
Retained
Earnings
Unearned
ESOP
Shares
Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders'
Equity
Shares Amount
Balance at June 30, 2020 17,021,357  $ 170  $ 169,648  $ 242,776  $ (6,348) $ 2,017  $ 408,263 
Net income —  —  —  23,083  —  —  23,083 
Cumulative-effect adjustment due to the adoption of ASU 2016-13 —  —  —  (13,358) —  —  (13,358)
Cash dividends declared on common stock, $0.23/common share
—  —  —  (3,734) —  —  (3,734)
Stock repurchased (566,455) (6) (11,717) —  —  —  (11,723)
Forfeited restricted stock (6,575) —  —  —  —  —  — 
Retired stock (9,106) —  (204) —  —  —  (204)
Granted restricted stock 43,260  —  —  —  —  —  — 
Exercised stock options 172,866  2,487  —  —  —  2,490 
Stock option expense —  —  473  —  —  —  473 
Restricted stock expense —  —  976  —  —  —  976 
ESOP shares allocated —  —  347  —  397  —  744 
Other comprehensive loss —  —  —  —  —  (558) (558)
Balance at March 31, 2021 16,655,347  $ 167  $ 162,010  $ 248,767  $ (5,951) $ 1,459  $ 406,452 





6


HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders' Equity (continued)
(Dollars in thousands)

(Unaudited)
Three Months Ended March 31, 2020
Common Stock Additional
Paid In
Capital
Retained
Earnings
Unearned
ESOP
Shares
Accumulated
Other
Comprehensive
Income
Total
Stockholders'
Equity
Shares Amount
Balance at December 31, 2019 17,664,384  $ 177  $ 182,366  $ 240,312  $ (6,612) $ 752  $ 416,995 
Net income —  —  —  1,193  —  —  1,193 
Cash dividends declared on common stock, $0.07/common share
—  —  —  (1,180) —  —  (1,180)
Stock repurchased (635,800) (7) (12,996) —  —  —  (13,003)
Forfeited restricted stock —  (215) —  —  —  (215)
Retired stock (7,950) —  —  —  —  —  — 
Granted restricted stock 41,306  —  —  —  —  —  — 
Exercised stock options 40,014  577  —  —  —  578 
Stock option expense —  —  168  —  —  —  168 
Restricted stock expense —  —  290  —  —  —  290 
ESOP shares allocated —  —  178  —  132  —  310 
Other comprehensive income —  —  —  —  —  304  304 
Balance at March 31, 2020 17,101,954  $ 171  $ 170,368  $ 240,325  $ (6,480) $ 1,056  $ 405,440 
(Unaudited)
Nine Months Ended March 31, 2020
Common Stock Additional
Paid In
Capital
Retained
Earnings
Unearned
ESOP
Shares
Accumulated
Other
Comprehensive
Income
Total
Stockholders'
Equity
Shares Amount
Balance at June 30, 2019 17,984,105  $ 180  $ 190,315  $ 224,545  $ (6,877) $ 733  $ 408,896 
Net income —  —  —  19,188  —  —  19,188 
Cash dividends declared on common stock, $0.20/common share
—  —  —  (3,408) —  —  (3,408)
Stock repurchased (1,032,221) (11) (23,211) —  —  —  (23,222)
Forfeited restricted stock (3,200) —  —  —  —  —  — 
Retired stock (7,950) —  (215) —  —  (215)
Granted restricted stock 54,306  —  —  —  —  — 
Exercised stock options 106,914  1,539  —  —  —  1,541 
Stock option expense —  —  556  —  —  —  556 
Restricted stock expense —  —  785  —  —  —  785 
ESOP shares allocated —  —  599  —  397  —  996 
Other comprehensive income —  —  —  —  —  323  323 
Balance at March 31, 2020 17,101,954  $ 171  $ 170,368  $ 240,325  $ (6,480) $ 1,056  $ 405,440 
The accompanying notes are an integral part of these consolidated financial statements.

7


HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
Nine Months Ended March 31,
  2021 2020
Operating Activities:
Net income $ 23,083  $ 19,188 
Adjustments to reconcile net income to net cash used in operating activities:    
Provision (benefit) for credit losses (6,180) 5,800 
Depreciation 7,042  4,137 
Deferred income tax expense 3,600  4,677 
Net amortization and accretion (1,248) (4,275)
Prepayment penalty paid on borrowings 3,656  — 
Gain (loss) on sale and impairment of REO (49) 88 
Gain on sale of loans held for sale (11,929) (7,577)
Origination of loans held for sale (464,173) (226,834)
Proceeds from sales of loans held for sale 443,380  200,512 
Increase in deferred loan costs, net (541) (1,017)
Decrease (increase) in accrued interest receivable and other assets 1,238  (571)
Amortization of core deposit intangibles 605  1,118 
BOLI income (1,551) (1,724)
ESOP compensation expense 744  996 
Restricted stock and stock option expense 1,449  1,341 
Increase (decrease) in other liabilities 2,552  (12,515)
Net cash provided by (used in) operating activities 1,678  (16,656)
Investing Activities:    
Purchase of securities available for sale (95,636) (75,530)
Proceeds from maturities of securities available for sale 47,272  27,823 
Net proceeds (purchases) of commercial paper 67,081  (35,949)
Purchase of certificates of deposit in other banks (4,930) (24,200)
Maturities of certificates of deposit in other banks 18,604  18,661 
Principal repayments of mortgage-backed securities 11,749  10,902 
Net redemptions of other investments 10,047  4,177 
Proceeds from sale of loans not originated for sale —  154,870 
Net decrease (increase) in loans 103,407  (99,116)
Purchase of BOLI (139) (111)
Proceeds from redemption of BOLI —  477 
Purchase of premises and equipment (15,095) (2,321)
Purchase of operating lease equipment (7,812) (11,047)
Proceeds from sale of REO 352  1,812 
Net cash provided by (used in) investing activities 134,900  (29,552)
Financing Activities:    
Net increase in deposits 122,722  227,530 
Net decrease in borrowings (203,656) (145,000)
Common stock repurchased (11,723) (23,222)
Cash dividends paid (3,734) (3,408)
Retired stock (204) (215)
Exercised stock options 2,490  1,541 
Net cash provided by (used in) financing activities (94,105) 57,226 
Net Increase in Cash and Cash Equivalents 42,473  11,018 
Cash and Cash Equivalents at Beginning of Period 121,622  71,043 
Cash and Cash Equivalents at End of Period $ 164,095  $ 82,061 
8


HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(Dollars in thousands)
(Unaudited)
Supplemental Disclosures: Nine Months Ended March 31,
  2021 2020
Cash paid during the period for:
Interest $ 13,302  $ 26,708 
Income taxes 472  1,300 
Noncash transactions:    
Unrealized gain in value of securities available for sale, net of income taxes (558) 323 
Transfer of loans to REO 108  46 
Transfer of loans held for sale to total loans 14,702  96,962 
Transfer of one-to-four family loans to held for sale —  240,453 
Transfer of land from property and equipment to other assets for new finance lease accounting —  2,052 
ROU asset and lease liabilities for operating lease accounting 599  5,296 
The accompanying notes are an integral part of these consolidated financial statements.
9


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 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 the Bank, its consolidated subsidiary, unless the context otherwise requires.
The accompanying unaudited consolidated financial statements have been prepared in accordance with 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 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, 2020 ("2020 Form 10-K") filed with the SEC on September 11, 2020. The results of operations for the nine months ended March 31, 2021 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2021.
The preparation of financial statements in conformity with 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 two accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for credit losses on loans and (ii) the valuation of goodwill and other intangible assets. These policies and judgments, estimates and assumptions are described in greater detail in notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the Company's 2020 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.
Operating, Accounting and Reporting Considerations related to COVID-19
The COVID-19 pandemic has negatively impacted the global economy. In response to this crisis, the CARES Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Some of the provisions applicable to the Company include, but are not limited to:
• Accounting for Loan Modifications - The CARES Act provides that a financial institution may elect to suspend (i) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR and (ii) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The Bank has elected this as a policy change.
• PPP - The CARES Act established the PPP, an expansion of the SBA's 7(a) loan program and the Economic Injury Disaster Loan Program, administered directly by the SBA.
On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law providing $900 billion in stimulus relief for the COVID-19 pandemic. The legislation extends certain relief provisions from the March CARES Act that were set to expire at the end of 2020. This new legislation extends the relief to financial institutions to suspend TDR assessment and reporting requirements under GAAP for loan modifications to the earlier of 60 days after the national emergency termination date or January 1, 2022. The legislation includes additional funding for businesses that did not receive PPP funds under the CARES Act, especially minority- and women-owned businesses. In addition, it allows businesses another opportunity to borrow PPP funds if they can show losses of 25% or more in 2020 based on their 2020 revenue. The Company expects a smaller number of applications to be made by its customers for these additional PPP funds.
Also in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau, in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to:
• Accounting for Loan Modifications - A loan modification that does not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment.
10

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
• Past Due Reporting - With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral.
• Nonaccrual Status and Charge-offs - While short-term COVID-19 modifications are in effect, these loans generally should not be reported as nonaccrual or as classified.
See "Note 6 – Loans and Allowance for Credit Losses on Loans" for more information on COVID-19 specific loans that have been modified or in deferral.
Adoption of CECL standard
On July 1, 2020, the Company adopted ASU No. 2016-13, "Financial Instruments-Credit Losses ("Topic 326"): Measurement of Credit Losses on Financial Instruments", sometimes referred to herein as ASU 2016-13. Topic 326 was subsequently amended by ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; ASU No. 2019-05, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; and ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This standard applies to all financial assets measured at amortized cost and off balance sheet credit exposures, including loans, investment securities and unfunded commitments. The Company applied the standard’s provisions using the modified retrospective method as a cumulative effect adjustment to retained earnings as of July 1, 2020. With this transition method, the Company did not have to restate comparative prior periods presented in the financial statements related to Topic 326, but will present comparative prior period disclosures using the previous accounting guidance for the allowance for loan losses. This adoption method is considered a change in accounting principle requiring additional disclosure regarding the nature of and reason for the change, which is solely a result of the adoption of the required standard.
ACL – Investment Securities
Management uses a systematic methodology to determine its ACL for investment securities held to maturity. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. Management monitors the held-to-maturity portfolio to determine whether a valuation account would need to be recorded. The Company currently has no investment securities held to maturity.
Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on investment securities and does not record an allowance for credit losses on accrued interest receivable. As of March 31, 2021, the accrued interest receivable for investment securities available for sale was $588.
The Company’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if that risk is remote. However, the Company does not measure expected credit losses on an investment security in which historical credit loss information adjusted for current conditions and reasonable and supportable forecast results in an expectation that nonpayment of the amortized cost basis is zero. Management does not expect nonpayment of the amortized cost basis to be zero solely on the basis of the current value of collateral securing the security but, instead, also considers the nature of the collateral, potential future changes in collateral values, default rates, delinquency rates, third-party guarantees, credit ratings, interest rate changes since purchase, volatility of the security’s fair value and historical loss information for financial assets secured with similar collateral. The Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. government agencies, residential MBS of U.S. government agencies and GSEs, and municipal bonds. All of the U.S. government agencies and U.S. government agency backed securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal bonds that do not have a zero expected credit loss will be evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value.
Management no longer evaluates securities for OTTI, as ASC Subtopic 326-30, "Financial Instruments—Credit Losses—Available-for-Sale Debt Securities," changes the accounting for recognizing impairment on available-for-sale debt securities. Each quarter management evaluates impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value. Management considers the nature of the collateral, potential future changes in collateral values, default rates, delinquency rates, third-party guarantees, credit ratings, interest rate changes since purchase, volatility of the security’s fair value and historical loss information for financial assets secured with similar collateral among other factors. Credit losses are calculated individually, rather than collectively, using a DCF method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses in the Consolidated Statements of Income.
ACL - Loans and leases
The ACL reflects management’s estimate of losses that will result from the inability of its borrowers to make required loan payments. The Company established the incremental increase in the ACL at adoption of the CECL standard through the cumulative effect adjustment to equity and subsequent adjustments will be made through a provision for credit losses charged against earnings. Management records loans charged off against the ACL and subsequent recoveries, if any, increase the ACL when they are recognized.
11

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
Management uses a systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. The Company’s ACL recorded in the balance sheet reflects management’s best estimate within the range of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans.
The Company collectively evaluates loans that share similar risk characteristics. In general, management has segmented loans by regulatory call code category and collectively evaluates loans within the retail and commercial categories. Loans within the retail consumer category include: one-to-four family, HELOCs - originated, HELOCs - purchased, construction and land/lots, indirect auto finance, and consumer. Loans within the commercial category include: commercial real estate, construction and development, commercial and industrial, equipment finance, and municipal leases.
For collectively evaluated loans, the Company uses a DCF method for each loan in a pool, and the results are aggregated at the pool level. A periodic tendency to default and absolute loss given default are applied to a projective model of the loan’s cash flow while considering prepayment and principal curtailment effects. The analysis produces expected cash flows for each instrument in the pool by pairing loan-level term information (maturity date, payment amount, interest rate, etc.) with top-down pool assumptions (default rates, prepayment speeds). The Company has identified the following portfolio segments for the current calculation: one-to-four family construction, one-to-four family mortgage – jr. lien, one-to-four family mortgage – sr. lien, commercial and industrial, commercial leases, construction – multi-family, construction – non-owner occupied, construction – owner occupied, consumer – auto, consumer – other, consumer – revolving, farmland, land and lot, multifamily, municipal leases, non-owner occupied CRE, owner occupied CRE, and HELOCs. PPP loans are fully guaranteed by the SBA; therefore, management estimates a zero reserve for PPP loans within its allowance for credit losses.
Management has determined that the peer loss experience provides the best basis for its assessment of expected credit losses to determine the ACL. The Company utilized peer call report data to measure historical credit loss experience with similar risk characteristics within the segments over an economic cycle. Management reviewed the historical loss information to appropriately adjust for differences in current asset specific risk characteristics. Management also considered further adjustments to historical loss information for current conditions and reasonable and supportable forecasts that differ from the conditions that existed for the period over which historical information was evaluated. For all segment models for collectively evaluated loans (except for HELOCs), the Company incorporated one macroeconomic driver using a statistical regression modeling methodology. The HELOC segment incorporated two macroeconomic drivers. Due to the low loss rates of municipal leases and the expectation of them remaining low, management has elected to separately pool these loans. Management has elected to use readily available municipal default rates and loss given defaults in order to calculate expected credit losses.
Management considers forward-looking information in estimating expected credit losses. The Company uses the Fannie Mae quarterly economic forecast which is a baseline outlook for the United States economy. Management has evaluated the appropriateness of the reasonable and supportable forecast for the current period along with the inputs used in the estimation of expected credit losses. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to historical loss information within four quarters using a straight-line approach. Management may apply different reversion techniques depending on the economic environment for the financial asset portfolio and as of the current period has utilized a linear reversion technique. Management has evaluated the appropriateness of a reversion period for the current period and noted that it was reasonable.
Included in its systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures, management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation process. These qualitative adjustments can either increase or decrease the quantitative model estimation (i.e. formulaic model results). Each period the Company considers qualitative factors that are relevant within the qualitative framework that include the following: 1) lending policies and procedures, 2) credit review function, 3) experience and depth of management and staff, 4) external factors, and 5) actual and expected changes in economic and business conditions.
When a loan no longer shares similar risk characteristics with its segment, the asset is assessed to determine whether it should be included in another pool or should be individually evaluated. For these individually evaluated loans, the Company maintains specific book balance thresholds for retail or consumer loans, commercial loans, municipal and equipment leases, and unsecured commercial loans. Management would adjust these thresholds if future analysis suggests a change is needed based on the credit environment at that time. Generally, individually evaluated loans other than TDRs are on nonaccrual status. Based on the thresholds above, financial assets will generally remain in pools unless they meet the dollar threshold or foreclosure is probable. The expected credit losses on individually evaluated loans will be estimated based on DCF analysis unless the loan meets the criteria for use of the fair value of collateral, either by virtue of an expected foreclosure or through meeting the definition of collateral dependent. Financial assets that have been individually evaluated can be returned to a pool for purposes of estimating the expected credit loss insofar as their credit profile improves and that the repayment terms are not considered to be unique to the asset.
Management measures expected credit losses over the contractual term of the loans. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals, or modifications, unless the Company reasonably expects it will execute a TDR with a borrower. In the event of a reasonably-expected TDR, the Company factors the reasonably-expected TDR into the current expected credit losses estimate. The effects of a TDR are recorded when an individual asset is specifically
12

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
identified as a reasonably-expected TDR. The Company identifies the point at which it offers the modification to the borrower as the point at which the TDR is reasonably expected for both commercial and consumer loans. The Company uses a DCF methodology to calculate the effect of the concession provided to the borrower in TDR within the ACL.
PCD assets are defined as acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The Company records acquired PCD loans by adding the expected credit losses (i.e., ACL) to the purchase price of the financial assets rather than recording through the provision for credit losses in the income statement. The expected credit loss, as of the acquisition day, of a PCD loan is added to the ACL. The non-credit discount or premium is the difference between the unpaid principal balance and the amortized cost basis as of the acquisition date. Subsequent to the acquisition date, the change in the ACL on PCD loans is recognized through the provision for credit losses. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. In accordance with the transition requirements within the standard, the Company’s PCI loans were treated as PCD loans.
The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an ACL on accrued interest receivable.
The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include undrawn portions of revolving lines of credit and standby letters of credit. The expected losses associated with these exposures within the unfunded portion of the expected credit loss will be recorded as a liability on the balance sheet with an offset to the provision for credit losses. Management has determined that a majority of the Company’s off-balance-sheet credit exposures are not unconditionally cancellable. See "Note 6 – Loans and Allowance for Credit Losses on Loans" for additional details related to the Company's off-balance-sheet credit exposure. The current adjustment to the ACL for unfunded commitments would be recognized through the provision for credit losses in the Statement of Income.
2.    Recent Accounting Pronouncements
In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. The Company adopted this ASU on July 1, 2020, applying the modified-retrospective method. Related to the implementation of this ASU, the Company recorded additional ACL on financial instruments of $15,059, additional deferred tax assets of $3,989, additional reserve for unfunded commitments of $2,288, and a reduction to retained earnings of $13,358. The adoption of this ASU did not have an effect on AFS debt securities. See "Note 1 – Summary of Significant Accounting Policies" and "Note 6 – Loans and Allowance for Credit Losses on Loans" for additional details related to the adoption of this ASU.
See table below for impact of this ASU on the Company's consolidated balance sheet:
July 1, 2020
As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption
Assets:
ACL on commercial paper $ (250) $ —  $ (250)
ACL on loans:
Retail consumer loans $ (17,692) $ (6,956) $ (10,736)
Commercial loans (25,189) (21,116) (4,073)
Total ACL on loans $ (42,881) $ (28,072) $ (14,809)
Deferred income taxes $ 20,323  $ 16,334  $ 3,989 
Liabilities:
Liability for credit losses on off-balance sheet credit exposures $ 2,288  $ —  $ 2,288 
Equity:
Retained earnings $ 229,418  $ 242,776  $ (13,358)
In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU remove, modify, and add certain disclosure requirements related to fair value measurements in ASC 820. The Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements.
13

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses." This update clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements.
In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. The items within this ASU are not expected to have a significant effect on current accounting practice. The Company adopted the amendments to Financial Instruments (ASU 2016-01) on July 1, 2020. The Company adopted the amendments to Financial Instruments-Credit Losses (ASU 2016-13) on July 1, 2020. The Company adopted the amendments to Derivatives and Hedging (ASU 2017-12) on July 1, 2019. The adoption did not have a material effect on the Company's Consolidated Financial Statements.
In May 2019, the FASB issued ASU 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief." The amendments in this update allow companies to irrevocably elect, upon the adoption of ASU 2016-13, the fair value option for financial instruments that i) were previously recorded at amortized cost and ii) are within the scope of the credit losses guidance in ASC 326-20, iii) are eligible for the fair value option under ASC 825-10, and iv) are not held-to-maturity debt securities. The Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements.
In November 2019, the FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses." This ASU clarifies certain aspects of the amendments in ASU 2016-13 and is part of the FASB's ongoing project to improve codification and correcting unintended application. The items within this ASU are not expected to have a significant effect on current accounting practice. The Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements.
In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This ASU is part of the FASB's simplification initiative to reduce complexity in accounting standards. The items within this ASU are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of ASU No. 2019-12 is not expected to have a material impact on the Company's Consolidated Financial Statements.
In January 2020, the FASB issued ASU 2020-01, "Investment—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU clarified the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements.
In March 2020, the FASB issued ASU 2020-03, "Codification Improvements to Financial Instruments." This ASU makes certain narrow-scope amendments to the following: i) clarified that all entities are required to provide fair value option disclosures; ii) clarified the applicability of the portfolio exception in ASC 820 to nonfinancial items; iii) aligned disclosures for depository and lending institutions (Topic 942) with guidance in Topic 320; iv) added cross-references to guidance in ASC 470-50 on line-of-credit or revolving-debt arrangements; v) added cross-references to net asset value practical expedient in ASC 820-10; vi) clarified the interaction between ASC 842 and ASC 326; and vii) clarified the interaction between ASC 326 and ASC 860-20. The amendments for issues i, ii, iv, and v became effective upon issuance and did not have a material effect on the Company's Consolidated Financial Statements. The Company adopted the amendments related to issue iii, vi, and vii on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements.
In September 2020, the FASB issued ASU 2020-06, "Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)." This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically the ASU removes: i) major separation models required under GAAP and ii) certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contract to qualify for the exception. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted.The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements.
In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs." This ASU clarified that entities should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements.
In October 2020, the FASB issued ASU 2020-09, "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." This ASU updates financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and
14

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
affinities whose securities are pledged as collateral for registered securities. The amendments in this ASU are effective January 4, 2021.The adoption did not have an effect on the Company's Consolidated Financial Statements.
In October 2020, the FASB issued ASU 2020-10, "Codification Improvements." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. This ASU, i) removes references to various FASB Concepts Statements, ii) situates all disclosure guidance in the appropriate disclosure section of the Codification, and iii) makes other improvements and technical corrections to the Codification. The items within this ASU are not expected to have a significant effect on current accounting practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements.
15

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
3.    Debt Securities
Securities available for sale consist of the following at the dates indicated:
March 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
U.S. government agencies $ 18,970  $ 159  $ (21) $ 19,108 
Residential MBS of U.S. government agencies and GSEs 41,053  1,300  (116) 42,237 
Municipal bonds 9,112  488  —  9,600 
Corporate bonds 91,386  232  (146) 91,472 
Total $ 160,521  $ 2,179  $ (283) $ 162,417 
June 30, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
U.S. government agencies $ 3,957  $ 216  $ —  $ 4,173 
Residential MBS of U.S. government agencies and GSEs 46,629  1,776  (50) 48,355 
Municipal bonds 16,090  541  —  16,631 
Corporate bonds 58,242  270  (134) 58,378 
Total $ 124,918  $ 2,803  $ (184) $ 127,537 
Debt securities available for sale by contractual maturity at March 31, 2021 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 stated maturity schedule.
  March 31, 2021
Amortized
Cost
Estimated
Fair Value
Due within one year $ 36,400  $ 36,466 
Due after one year through five years 81,053  81,489 
Due after five years through ten years 2,015  2,225 
Due after ten years —  — 
Mortgage-backed securities 41,053  42,237 
Total $ 160,521  $ 162,417 
The Company had no sales of securities available for sale during the three and nine months ended March 31, 2021 and 2020. There were no gross realized gains or losses for the three and nine months ended March 31, 2021 and 2020.

Securities available for sale with costs totaling $92,815 and $82,888 and market values of $94,031 and $84,456 at March 31, 2021 and June 30, 2020, respectively, were pledged as collateral to secure various public deposits and other borrowings.
The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021 and June 30, 2020 were as follows:
March 31, 2021
Less than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. government agencies $ 14,979  $ (21) $ —  $ —  $ 14,979  $ (21)
Residential MBS of U.S. government agencies and GSEs 4,674  (85) 1,516  (31) 6,190  (116)
Corporate bonds 48,823  (146) —  —  48,823  (146)
Total $ 68,476  $ (252) $ 1,516  $ (31) $ 69,992  $ (283)
16

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
June 30, 2020
Less than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Residential MBS of U.S. government agencies and GSEs $ 227  $ (10) $ 2,435  $ (40) $ 2,662  $ (50)
Corporate bonds 11,779  (134) —  —  11,779  (134)
Total $ 12,006  $ (144) $ 2,435  $ (40) $ 14,441  $ (184)
The total number of securities with unrealized losses at March 31, 2021, and June 30, 2020 were 14 and 24, respectively.
Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. All debt securities available for sale in an unrealized loss position as of March 31, 2021 continue to perform as scheduled and management does not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of management's evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, management considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that securities will be required to be sold. See "Note 1 – Summary of Significant Account Policies" for further discussion.
Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that management will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods.
4.    Other Investments
Other investments, at cost consist of the following at the dates indicated:
March 31, 2021 June 30, 2020
FHLB of Atlanta stock $ 12,152  $ 23,309 
FRB stock 7,379  7,368 
SBIC investments 9,368  8,269 
Total $ 28,899  $ 38,946 
As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the FRB. No ready market exists for these securities so carrying value, or cost, approximates their fair value based on the redemption provisions of the FHLB of Atlanta and the FRB, respectively. SBIC investments are equity securities without a readily determinable fair value and are recorded at cost.
5.    Loans Held For Sale
Loans held for sale as of the dates indicated consist of the following:
March 31, 2021 June 30, 2020
One-to-four family $ 45,182  $ 28,152 
SBA 7,090  1,240 
HELOCs 34,436  47,785 
Total $ 86,708  $ 77,177 
17

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
6.    Loans and Allowance for Credit Losses on Loans
Loans consist of the following at the dates indicated:
March 31, 2021
June 30, 2020 (1)
Commercial loans:
Commercial real estate $ 1,088,178  $ 1,052,906 
Construction and development 162,820  215,934 
Commercial and industrial 140,579  154,825 
Equipment finance 291,950  229,239 
Municipal finance 129,141  127,987 
PPP 73,090  80,697 
Total commercial loans 1,885,758  1,861,588 
Retail consumer loans:
One-to-four family 430,001  473,693 
HELOCs - originated 131,867  137,447 
HELOCs - purchased 46,086  71,781 
Construction and land/lots 68,118  81,859 
Indirect auto finance 119,656  132,303 
Consumer 8,667  10,259 
Total retail consumer loans 804,395  907,342 
Total loans 2,690,153  2,768,930 
Deferred loan costs, net (2)
—  189 
Total loans, net of deferred loan costs 2,690,153  2,769,119 
Allowance for credit losses (36,059) (28,072)
Loans, net $ 2,654,094  $ 2,741,047 
___________
(1) The June 30, 2020 information in the above table reflects the loan portfolio prior to the adoption of ASU 2016-13. This information was reported as shown in the below tables under "Loans and Allowance for Loan Losses - Pre ASU 2016-13", with the acquired loans being net of earned income and related discounts, which includes the credit discount on the acquired credit impaired loans.
(2) In accordance with the adoption of ASU 2016-13, the loan portfolio is shown at the amortized cost basis as of March 31, 2021, to include net deferred cost of $1,420 and unamortized discount total related to loans acquired of $4,998. Accrued interest receivable at March 31, 2021 of $7,688 is accounted for separately from the amortized cost basis. The ACL at June 30, 2020 includes the valuation allowance on PCI loans of $182.
All qualifying one-to-four family first mortgage loans, HELOCs, commercial real estate loans, and FHLB of Atlanta stock are pledged as collateral by a blanket pledge to secure any outstanding FHLB advances.
Loans are monitored for credit quality on a recurring basis and the composition of the loans outstanding by credit quality indicator is provided below. Loan credit quality indicators are developed through review of individual borrowers on an ongoing basis. Generally, loans are monitored for performance on a quarterly basis with the credit quality indicators adjusted as needed. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. These credit quality indicators are defined as follows:
Pass—A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification.
Special Mention—A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification.
Substandard—A substandard asset is inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected.
Doubtful—An asset classified doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values.
Loss—Assets classified loss are considered uncollectible and of such little value that their continuing to be carried as an asset is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future.
18

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following table presents the credit risk profile by risk grade for commercial loans by origination year:
Term Loans By Origination Fiscal Year
March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total
Commercial real estate
Risk rating:
Pass $ 134,202  $ 181,796  $ 142,372  $ 171,079  $ 161,912  $ 233,191  $ 33,651  $ 1,058,203 
Special mention —  —  —  15,197  1,268  3,182  143  19,790 
Substandard —  —  148  628  5,416  3,987  —  10,179 
Doubtful
—  —  —  —  —  —  —  — 
Loss —  —  —  —  —  — 
Total commercial real estate $ 134,202  $ 181,802  $ 142,520  $ 186,904  $ 168,596  $ 240,360  $ 33,794  $ 1,088,178 
Construction and development
Risk rating:
Pass $ 9,493  $ 9,101  $ 6,849  $ 5,415  $ 1,594  $ 7,331  $ 119,362  $ 159,145 
Special mention —  —  —  —  —  319  2,858  3,177 
Substandard —  —  —  —  —  498  —  498 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total construction and development $ 9,493  $ 9,101  $ 6,849  $ 5,415  $ 1,594  $ 8,148  $ 122,220  $ 162,820 
Commercial and industrial
Risk rating:
Pass $ 25,006  $ 16,553  $ 19,337  $ 11,806  $ 16,399  $ 11,302  $ 30,287  $ 130,690 
Special mention —  —  1,194  —  53  123  3,261  4,631 
Substandard 33  —  300  4,824  —  99  —  5,256 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  — 
Total commercial and industrial $ 25,039  $ 16,553  $ 20,831  $ 16,630  $ 16,452  $ 11,526  $ 33,548  $ 140,579 
Equipment finance
Risk rating:
Pass $ 110,595  $ 113,114  $ 62,000  $ 5,460  $ —  $ —  $ —  $ 291,169 
Special mention —  304  176  —  —  —  —  480 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  301  —  —  —  —  301 
Loss —  —  —  —  —  —  —  — 
Total equipment finance $ 110,595  $ 113,418  $ 62,477  $ 5,460  $ —  $ —  $ —  $ 291,950 
Municipal leases
Risk rating:
Pass $ 6,697  $ 19,030  $ 14,251  $ 18,977  $ 10,241  $ 51,242  $ 8,430  $ 128,868 
Special mention —  —  —  —  —  273  —  273 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total municipal leases $ 6,697  $ 19,030  $ 14,251  $ 18,977  $ 10,241  $ 51,515  $ 8,430  $ 129,141 
PPP
Risk rating:
Pass $ 29,667  $ 43,423  $ —  $ —  $ —  $ —  $ —  $ 73,090 
Special mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total PPP $ 29,667  $ 43,423  $ —  $ —  $ —  $ —  $ —  $ 73,090 
Total commercial loans
Risk rating:
Pass $ 315,660  $ 383,017  $ 244,809  $ 212,737  $ 190,146  $ 303,066  $ 191,730  $ 1,841,165 
Special mention —  304  1,370  15,197  1,321  3,897  6,262  28,351 
Substandard 33  —  448  5,452  5,416  4,584  —  15,933 
Doubtful —  —  301  —  —  —  —  301 
Loss —  —  —  —  — 
Total commercial loans $ 315,693  $ 383,327  $ 246,928  $ 233,386  $ 196,883  $ 311,549  $ 197,992  $ 1,885,758