0001538263FALSE00015382632024-01-242024-01-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2024

HOMETRUST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 
Maryland 001-35593 45-5055422
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
10 Woodfin Street, Asheville, North Carolina
 28801
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (828) 259-3939
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareHTBIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.☐



Item 2.02  Results of Operations and Financial Condition
On January 24, 2024, HomeTrust Bancshares, Inc., (the "Company") the holding company for HomeTrust Bank, issued a press release reporting financial results for the second quarter of the six-month transition period ended December 31, 2023 and approval of its quarterly cash dividend. As previously announced, on July 24, 2023, the Board of Directors approved a change in the Company's fiscal year end from June 30 to December 31. The transition period of July 1, 2023 to December 31, 2023 will be covered on a Transition Report Form 10-KT. A copy of the press release, including unaudited financial information released as a part thereof, is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 8.01 Other Events
The Company announced today that the annual meeting of stockholders will be held at 10:00 a.m., local time, on May 20, 2024, at Highland Brewing Company, located at 12 Old Charlotte Hwy Suite 200, Asheville, North Carolina.
Item 9.01  Financial Statements and Exhibits
(d)           Exhibits
 
Press release dated January 24, 2024

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HOMETRUST BANCSHARES, INC.
Date: January 24, 2024 By:/s/ Tony J. VunCannon
Tony J. VunCannon
Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer

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htbi_imagea09.jpg
HomeTrust Bancshares, Inc. Announces Financial Results for the Second Quarter of the Six-Month Transition Period Ending December 31, 2023* and Quarterly Dividend
ASHEVILLE, N.C., January 24, 2024 – HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income for the second quarter of the six-month transition period ended December 31, 2023* and approval of its quarterly cash dividend.
For the quarter ended December 31, 2023 compared to the quarter ended September 30, 2023:
•net income was $13.5 million compared to $14.8 million;
•diluted earnings per share ("EPS") was $0.79 compared to $0.88;
•annualized return on assets ("ROA") was 1.21% compared to 1.33%;
•annualized return on equity ("ROE") was 10.81% compared to 12.23%;
•net interest income was $41.9 million compared to $42.2 million;
•net interest margin was 4.02% for both periods;
•provision for credit losses was $3.4 million compared to $2.6 million;
•noninterest income was $8.2 million compared to $8.6 million;
•tax-free death benefit proceeds from life insurance of $1.6 million compared to $1.1 million;
•recorded $288,000 in additional tax expense related to a partial restructuring of our bank owned life insurance ("BOLI") portfolio which was unique to the current quarter; and
•cash dividends increased $0.01 per share, or 10.00%, to $0.11 per share totaling $1.9 million compared to $0.10 per share totaling $1.7 million.
For the six months ended December 31, 2023 compared to the six months ended December 31, 2022:
•net income was $28.3 million compared to $22.9 million;
•diluted EPS was $1.67 compared to $1.50;
•annualized ROA was 1.27% compared to 1.28%;
•annualized ROE was 11.51% compared to 11.32%;
•net interest income was $84.1 million compared to $72.1 million;
•net interest margin was 4.02% compared to 4.31%;
•provision for credit losses was $5.9 million compared to $6.2 million;
•noninterest income was $16.9 million compared to $15.9 million;
•tax-free death benefit proceeds from life insurance of $2.7 million compared to $0; and
•cash dividends of $0.21 per share totaling $3.5 million compared to $0.19 per share totaling $2.9 million.
The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.11 per common share payable on February 29, 2024 to shareholders of record as of the close of business on February 15, 2024.
"I am pleased HomeTrust maintained a net interest margin above 4.00% this quarter, which continues to be top quartile performance,” said Hunter Westbrook, President and Chief Executive Officer. “Our margin is a direct result of HomeTrust’s philosophy of prudent, sound, and profitable balance sheet management. We are optimistic that funding costs appear to be stabilizing; however, until our marginal spreads become more attractive, we will continue to be strategic as it relates to loan growth, while emphasizing the expansion of our core deposit base.
“As part of our internal focus on expense rationalization, we recently made the decision to cease indirect auto originations and right-size our mortgage banking line of business. These changes, which will take effect by the end of the first quarter, are expected to result in annual cost savings of $800,000. In addition, the restructuring of our BOLI portfolio into higher-yielding policies is expected to annually contribute $1.0 million in additional noninterest income. We believe these changes and strategies should help HomeTrust continue our strong financial performance.”

WEBSITE: WWW.HTB.COM

Contact:
C. Hunter Westbrook – President and Chief Executive Officer
Tony J. VunCannon – Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer
828-259-3939



*As previously announced, on July 24, 2023, the Board of Directors approved a change in the Company's fiscal year end from June 30 to
December 31. The transition period of July 1, 2023 to December 31, 2023 will be covered on a Transition Report Form 10-KT.
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Comparison of Results of Operations for the Three Months Ended December 31, 2023 and September 30, 2023
Net Income.  Net income totaled $13.5 million, or $0.79 per diluted share, for the three months ended December 31, 2023 compared to $14.8 million, or $0.88 per diluted share, for the three months ended September 30, 2023, a decrease of $1.4 million, or 9.2%. The results for the three months ended December 31, 2023 compared to the quarter ended September 30, 2023 were negatively impacted by decreases of $237,000 and $379,000 in net interest income and noninterest income, respectively, and an increase of $790,000 in the provision for credit losses. Details of the changes in the various components of net income are further discussed below.
Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.
 Three Months Ended
 December 31, 2023September 30, 2023
(Dollars in thousands)Average
Balance
Outstanding		Interest
Earned/
Paid		Yield/
Rate		Average
Balance
Outstanding		Interest
Earned/
Paid		Yield/
Rate
Assets
Interest-earning assets
Loans receivable(1)
$3,876,051$60,0696.15 %$3,865,502$58,4966.00 %
Debt securities available for sale136,9451,2573.64 146,8771,2593.40 
Other interest-earning assets(2)
121,3661,4934.88 148,3862,1105.64 
Total interest-earning assets4,134,36262,8196.03 4,160,76561,8655.90 
Other assets271,767276,210
Total assets$4,406,129$4,436,975
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$594,805$1,2090.81 %$597,856$1,1170.74 %
Money market accounts1,251,1708,9302.83 1,222,3727,7262.51 
Savings accounts198,522450.09 207,489460.09 
Certificate accounts818,6988,1053.93 789,6687,5403.79 
Total interest-bearing deposits2,863,19518,2892.53 2,817,38516,4292.31 
Junior subordinated debt10,0052399.48 9,9792369.38 
Borrowings156,6192,3686.00 208,1573,0405.79 
Total interest-bearing liabilities3,029,81920,8962.74 3,035,52119,7052.58 
Noninterest-bearing deposits837,048861,788
Other liabilities45,15658,513
Total liabilities3,912,0233,955,822
Stockholders' equity494,106481,153
Total liabilities and stockholders' equity$4,406,129$4,436,975
Net earning assets$1,104,543$1,125,244
Average interest-earning assets to average interest-bearing liabilities136.46 %137.07 %
Non-tax-equivalent
Net interest income$41,923$42,160
Interest rate spread3.29 %3.32 %
Net interest margin(3)
4.02 %4.02 %
Tax-equivalent(4)
Net interest income$42,264$42,475
Interest rate spread3.32 %3.35 %
Net interest margin(3)
4.06 %4.05 %
(1)Average loans receivable balances include loans held for sale and nonaccruing loans.
(2)Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
(3)Net interest income divided by average interest-earning assets.
(4)Tax-equivalent results include adjustments to interest income of $341 and $315 for the three months ended December 31, 2023 and September 30, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the three months ended December 31, 2023 increased $954,000, or 1.5%, compared to the three months ended September 30, 2023, which was driven by a $1.6 million, or 2.7%, increase in interest income on loans. The overall quarter-over-quarter increase in average yield was the result of both new loan originations at higher interest rates and adjustable rate loans. Accretion income on acquired loans of $405,000 and $378,000 was recognized during the same periods, respectively, and was included in interest income on loans.
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Total interest expense for the three months ended December 31, 2023 increased $1.2 million, or 6.0%, compared to the three months ended September 30, 2023, the result of a $1.9 million, or 11.3%, increase in interest expense on deposits, partially offset by a $672,000, or 22.1%, decrease in interest expense on borrowings. The increase can be traced to increases in the average cost of funds across funding sources, offset by a decline in the average balance of borrowings.
The following table shows the effects that changes in average balances (volume), including differences in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:
Increase / (Decrease)
Due to		Total
Increase/
(Decrease)
(Dollars in thousands)VolumeRate
Interest-earning assets
Loans receivable$160 $1,413 $1,573 
Debt securities available for sale(85)83 (2)
Other interest-earning assets(384)(233)(617)
Total interest-earning assets(309)1,263 954 
Interest-bearing liabilities
Interest-bearing checking accounts(6)98 92 
Money market accounts182 1,022 1,204 
Savings accounts(2)1 (1)
Certificate accounts277 288 565 
Junior subordinated debt1 2 3 
Borrowings(753)81 (672)
Total interest-bearing liabilities(301)1,492 1,191 
Decrease in net interest income$(237)
Provision for Credit Losses.  The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses ("ACL") at an appropriate level under the current expected credit losses model.
The following table presents a breakdown of the components of the provision for credit losses:
Three Months Ended
(Dollars in thousands)December 31, 2023September 30, 2023$ Change% Change
Provision for credit losses
Loans$4,050 $2,850 $1,200 42 %
Off-balance-sheet credit exposure(690)(280)(410)(146)
Total provision for credit losses$3,360 $2,570 $790 31 %
For the quarter ended December 31, 2023, the "loans" portion of the provision for credit losses was primarily the result of the following, offset by net charge-offs of $2.8 million during the quarter:
•$0.5 million benefit driven by changes in the loan mix.
•$0.9 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$0.8 million increase in specific reserves on individually evaluated credits.
For the quarter ended September 30, 2023, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.6 million during the quarter:
•$0.2 million benefit driven by changes in the loan mix.
•$0.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$0.3 million increase in specific reserves on individually evaluated credits.
For the quarters ended December 31, 2023 and September 30, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and the projected economic forecast as outlined above.
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Noninterest Income.  Noninterest income for the three months ended December 31, 2023 decreased $379,000, or 4.4%, when compared to the quarter ended September 30, 2023. Changes in the components of noninterest income are discussed below:
Three Months Ended
(Dollars in thousands)December 31, 2023September 30, 2023$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$2,368 $2,318 $50 2 %
Loan income and fees423 559 (136)(24)
Gain on sale of loans held for sale1,037 1,293 (256)(20)
BOLI income2,152 1,749 403 23 
Operating lease income1,592 1,785 (193)(11)
Loss on sale of premises and equipment(248)— (248)(100)
Other924 923 1 — 
Total noninterest income$8,248 $8,627 $(379)(4)%
•Loan income and fees: The decrease was driven by lower servicing fees compared to the prior quarter.
•Gain on sale of loans held for sale: The decrease was primarily driven by a decrease in the volume of U.S. Small Business Administration ("SBA") commercial loans sold. During the quarter ended December 31, 2023, $37.5 million in HELOCs were sold with gains of $322,000 during the quarter compared to $31.2 million sold with gains of $197,000 in the prior quarter. There were $20.5 million of residential mortgages originated for sale sold with gains of $417,000 in the current quarter compared to $20.4 million sold with gains of $251,000 for the quarter ended September 30, 2023. There were $5.6 million of sales of the guaranteed portion of SBA commercial loans with gains of $439,000 in the current quarter compared to $12.4 million sold and gains of $687,000 for the same period in the prior quarter. Lastly, our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a loss of $142,000 compared to a gain of $158,000 in the same periods, respectively
•BOLI income: The increase was the result of higher tax-free gains on death benefit proceeds in excess of the cash surrender value of the policies. There were $1.6 million in gains during the current quarter compared to $1.1 million for the prior quarter.
•Loss on sale of premises and equipment: During the three months ended December 31, 2023, the Company recognized $625,000 of expense to impair the remaining right of use asset associated with a previously closed branch, partially offset by a $380,000 gain on the sale of a parcel of land.
Noninterest Expense.  Noninterest expense for the three months ended December 31, 2023 increased $217,000, or 0.7%, when compared to the three months ended September 30, 2023. Changes in the components of noninterest expense are discussed below:
Three Months Ended
(Dollars in thousands)December 31, 2023September 30, 2023$ Change% Change
Noninterest expense
Salaries and employee benefits$16,256 $16,514 $(258)(2)%
Occupancy expense, net2,443 2,489 (46)(2)
Computer services3,002 3,173 (171)(5)
Telephone, postage and supplies603 652 (49)(8)
Marketing and advertising625 487 138 28 
Deposit insurance premiums702 717 (15)(2)
Core deposit intangible amortization860 859 1 — 
Other5,290 4,673 617 13 
Total noninterest expense$29,781 $29,564 $217 1 %
•Marketing and advertising: The increase is the result of differences in the timing of when expenses are incurred quarter-over-quarter.
•Other: The increase is primarily the result of $321,000 in fraud losses during the current quarter versus a $16,000 net recovery of previously recorded losses in the prior quarter. In addition, the current quarter includes $115,000 of expenses incurred related to the previously discussed staff reductions in our mortgage banking and indirect auto finance lines of business.
Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended December 31, 2023 and September 30, 2023 were 20.9% and 20.5%, respectively. In both periods, the effective tax rate was positively impacted by tax-free gains on BOLI death benefit proceeds, while in the current quarter $288,000 in additional tax expense was recorded related to a partial restructuring of our BOLI portfolio where we both reduced the size of the portfolio and reinvested a portion of the funds in higher-yielding policies.
Comparison of Results of Operations for the Six Months Ended December 31, 2023 and December 31, 2022
Net Income.  Net income totaled $28.3 million, or $1.67 per diluted share, for the six months ended December 31, 2023 compared to $22.9 million, or $1.50 per diluted share, for the six months ended December 31, 2022, an increase of $5.4 million, or 23.8%. The results for the six months ended December 31, 2023 compared to the same period last year were positively impacted by a $12.0 million, or 16.7%, increase in net interest income, partially offset by a $3.5 million, or 11.8%, increase in salaries and employee benefits expense and a $1.7 million increase in core deposit intangible amortization as a result of the Company's February 11, 2023 merger with Quantum Capital Corp., and its wholly-owned subsidiary, Quantum National Bank, hereafter referred to as the "Quantum merger". Details of the changes in the various
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components of net income are further discussed below.
Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.
 Six Months Ended December 31,
 20232022
(Dollars in thousands)Average
Balance
Outstanding		Interest
Earned/
Paid		Yield/
Rate		Average
Balance
Outstanding		Interest
Earned/
Paid		Yield/
Rate
Assets
Interest-earning assets
Loans receivable(1)
$3,870,776$118,5656.08 %$2,939,677$72,2404.87 %
Commercial paper——— 124,3511,3002.07 
Debt securities available for sale141,9112,5163.52 151,4171,8292.40 
Other interest-earning assets(2)
134,8763,6035.30 100,1251,9603.88 
Total interest-earning assets4,147,563124,6845.96 3,315,57077,3294.63 
Other assets273,989239,636
Total assets$4,421,552$3,555,206
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$596,330$2,3260.77 %$640,851$8380.26 %
Money market accounts1,236,77116,6572.67 961,0452,4560.51 
Savings accounts203,005910.09 237,509890.07 
Certificate accounts804,18315,6443.86 460,8031,6150.70 
Total interest-bearing deposits2,840,28934,7182.42 2,300,2084,9980.43 
Junior subordinated debt9,9924759.43 ——— 
Borrowings182,3885,4085.88 13,7952663.83 
Total interest-bearing liabilities3,032,66940,6012.66 2,314,0035,2640.45 
Noninterest-bearing deposits849,418793,349
Other liabilities51,83546,501
Total liabilities3,933,9223,153,853
Stockholders' equity487,630401,353
Total liabilities and stockholders' equity$4,421,552$3,555,206
Net earning assets$1,114,894$1,001,567
Average interest-earning assets to average interest-bearing liabilities136.76 %143.28 %
Non-tax-equivalent
Net interest income$84,083$72,065
Interest rate spread3.30 %4.18 %
Net interest margin(3)
4.02 %4.31 %
Tax-equivalent(4)
Net interest income$84,739$72,639
Interest rate spread3.33 %4.21 %
Net interest margin(3)
4.05 %4.35 %
(1)Average loans receivable balances include loans held for sale and nonaccruing loans.
(2)Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
(3)Net interest income divided by average interest-earning assets.
(4)Tax-equivalent results include adjustments to interest income of $656 and $574 for the six months ended December 31, 2023 and 2022, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the six months ended December 31, 2023 increased $47.4 million, or 61.2%, compared to the six months ended December 31, 2022, which was driven by a $46.3 million, or 64.1%, increase in interest income on loans, a $1.6 million, or 83.8%, increase in interest income on other interest-earning assets, and a $687,000, or 37.6%, increase in interest income on debt securities available for sale, partially offset by a $1.3 million decrease in commercial paper as none was held during the current period. Accretion income on acquired loans, included in loan interest income, increased $410,000 to $783,000 for the six months ended December 31, 2023 compared to $373,000 recognized during the same period in the period year.
Total interest expense for the six months ended December 31, 2023 increased $35.3 million, or 671.3%, compared to the six months ended December 31, 2022. The increase was the result of both increases in the average cost of funds across funding sources and an increase in average deposits and borrowings outstanding.
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The following table shows the effects that changes in average balances (volume), including differences in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:
Increase / (Decrease)
Due to		Total
Increase/
(Decrease)
(Dollars in thousands)VolumeRate
Interest-earning assets
Loans receivable$22,881 $23,444 $46,325 
Commercial paper(1,300)— (1,300)
Debt securities available for sale(115)802 687 
Other interest-earning assets680 963 1,643 
Total interest-earning assets22,146 25,209 47,355 
Interest-bearing liabilities
Interest-bearing checking accounts(58)1,546 1,488 
Money market accounts705 13,496 14,201 
Savings accounts(13)15 2 
Certificate accounts1,203 12,826 14,029 
Junior subordinated debt475 — 475 
Borrowings3,251 1,891 5,142 
Total interest-bearing liabilities5,563 29,774 35,337 
Increase in net interest income$12,018 
Provision for Credit Losses.  The following table presents a breakdown of the components of the provision for credit losses:
Six Months Ended December 31,
(Dollars in thousands)20232022$ Change% Change
Provision for credit losses
Loans$6,900 $6,119 $781 13 %
Off-balance-sheet credit exposure(970)358 (1,328)(371)
Commercial paper— (250)250 100 
Total provision for credit losses$5,930 $6,227 $(297)(5)%
For the six months ended December 31, 2023, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $5.5 million during the period:
•$0.8 million benefit driven by changes in the loan mix.
•$1.1 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$1.1 million increase in specific reserves on individually evaluated credits.
For the six months ended December 31, 2022, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $1.9 million during the period:
•$1.3 million provision specific to fintech portfolios which have a riskier credit profile than loans originated in-house. The elevated credit risk is offset by the higher yields earned on the portfolios.
•$2.9 million provision driven by loan growth and changes in the loan mix.
•$1.5 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$1.5 million reduction of specific reserves on individually evaluated credits, which was tied to two relationships which were fully charged-off during the period.
For the six months ended December 31, 2023 and December 31, 2022, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and the projected economic forecast as outlined above.
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Noninterest Income.  Noninterest income for the six months ended December 31, 2023 increased $1.0 million, or 6.5%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:
Six Months Ended December 31,
(Dollars in thousands)20232022$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$4,686 $4,861 $(175)(4)%
Loan income and fees982 1,217 (235)(19)
Gain on sale of loans held for sale2,330 2,688 (358)(13)
BOLI income3,901 1,021 2,880 282 
Operating lease income3,377 2,741 636 23 
Gain (loss) on sale of premises and equipment(248)1,115 (1,363)(122)
Other1,847 2,209 (362)(16)
Total noninterest income$16,875 $15,852 $1,023 6 %
•Loan income and fees: The decrease was driven by lower prepayment penalties, partially offset by an increase in other servicing fees during the period.
•Gain on sale of loans held for sale: The decrease was primarily driven by a decrease in the premium received on SBA loans sold during the current period. During the six months ended December 31, 2023, there were $68.7 million of HELOCs sold during the current period with gains of $519,000 compared to $64.2 million sold with gains of $542,000 in the same period in the prior year. There were $40.9 million of residential mortgages originated for sale sold with gains of $668,000 compared to $28.2 million sold with gains of $676,000 in the prior year. There were $18.0 million of sales of the guaranteed portion of SBA commercial loans with gains of $1.1 million in the current period compared to $20.3 million sold with gains of $1.5 million during the same period in the prior year.
•BOLI income: The increase was primarily the result of a $2.7 million tax-free gain on death benefit proceeds in excess of the cash surrender value of the policies. No such gains were recognized in the prior year.
•Operating lease income: The increase in operating lease income was the result of higher contractual earnings due to an increase in the average balance of assets being leased during the six months ended December 31, 2023 when compared to the prior period.
•Gain (loss) on sale of premises and equipment: During the six months ended December 31, 2023, the Company recognized $625,000 of expense to impair the remaining right of use asset associated with a previously closed branch, partially offset by a $380,000 gain on the sale of a parcel of land. During the six months ended December 31, 2022, two properties were sold for a combined gain of $1.6 million, partially offset by $420,000 of expense to partially impair the right of use asset associated with a previously closed branch.
•Other: The decrease was the result of a $721,000 gain recognized in the prior period on the sale of closely held equity securities which the Company obtained through a prior bank acquisition. No such sales occurred in the current year. Partially offsetting the prior period gain, investment services income increased $162,000 during the current prior period.
Noninterest Expense.  Noninterest expense for the six months ended December 31, 2023 increased $7.2 million, or 13.8%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:
Six Months Ended December 31,
(Dollars in thousands)20232022$ Change% Change
Noninterest expense
Salaries and employee benefits$32,770 $29,299 $3,471 12 %
Occupancy expense, net4,932 4,824 108 2 
Computer services6,175 5,559 616 11 
Telephone, postage and supplies1,255 1,178 77 7 
Marketing and advertising1,112 1,071 41 4 
Deposit insurance premiums1,419 1,088 331 30 
Core deposit intangible amortization1,719 60 1,659 2,765 
Merger-related expense— 724 (724)(100)
Other9,963 8,362 1,601 19 
Total noninterest expense$59,345 $52,165 $7,180 14 %
•Salaries and employee benefits: The year-over-year increase in expense can be tied to the Quantum merger.
•Computer services: The increase in expense between periods was primarily due to a $377,000 increase in processing charges, partially related to operations acquired as a result of the Quantum merger, and further investments in technology.
•Deposit insurance premium: The increase in expense was due to increases in the assessment rate the Company is charged for deposit insurance as well as growth in the assessment base, mainly due to deposits assumed through the Quantum merger.
•Core deposit intangible amortization: The increase in amortization expense was a result of a $12.2 million core deposit intangible associated with the Quantum merger, which is being amortized on an accelerated basis over ten years.
•Merger-related expense: The prior year period included costs incurred related to due diligence and legal work performed which was associated with the Quantum merger. No such expense was incurred in the current period.
•Other: The increase period-over-period is primarily the result of $533,000 of additional depreciation expense on equipment subject to operating leases and a $183,000 increase in fraud losses, in addition to small increases across several other expense categories.
7

Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the six months ended December 31, 2023 and 2022 were 20.7% and 22.6%, respectively. The decline in the effective tax rate was primarily driven by the tax-free gain on BOLI death benefit proceeds.
Balance Sheet Review
Total assets increased by $65.1 million to $4.7 billion and total liabilities increased by $36.4 million to $4.2 billion, respectively, at December 31, 2023 as compared to June 30, 2023. The majority of these changes were the result of an increase in deposits, which, combined with maturing investments, were used to fund growth in loans held for sale and provide additional liquidity.
At the end of the period we executed a partial restructuring of our BOLI portfolio, surrendering policies with a cash surrender value of $47.6 million and re-investing $31.3 million of these funds in higher-yielding policies. The net effect was a $16.3 million reduction in BOLI while recording a $47.6 million receivable for the proceeds as included in other assets.
Stockholders' equity increased $28.7 million, or 6.1%, to $499.9 million at December 31, 2023 as compared to June 30, 2023, as a result of $28.3 million in net income. In addition, the improvement in the accumulated other comprehensive loss was driven by a $2.5 million reduction of the unrealized loss on available for sale securities as a result of movement in market interest rates.
As of December 31, 2023, the Bank was considered "well capitalized" in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.
Asset Quality
The ACL on loans was $48.6 million, or 1.34% of total loans, at December 31, 2023 compared to $47.2 million, or 1.29% of total loans, as of June 30, 2023. The drivers of this change are discussed in the "Comparison of Results of Operations for the Six Months Ended December 31, 2023 and December 31, 2022 – Provision for Credit Losses" section above.
Net loan charge-offs totaled $5.5 million for the six months ended December 31, 2023 compared to $1.9 million for the same period last year. Annualized net charge-offs as a percentage of average loans were 0.29% for the six months ended December 31, 2023 compared to 0.13% for the same period last year. The charge-offs recognized the past two quarters have been concentrated in our equipment finance and SBA portfolios, with the quarter-over-quarter increase primarily driven by smaller over-the-road truck loans in the equipment finance portfolio.
Nonperforming assets, made up entirely of nonaccrual loans for both periods, increased $11.0 million to $19.3 million, or 0.41% of total assets, at December 31, 2023 compared to $8.3 million, or 0.18% of total assets, at June 30, 2023. This increase was primarily driven by increases of $4.0 million in non-owner occupied commercial real estate ("NOO CRE"), $3.6 million in equipment finance, and $1.2 million in home equity loans. One NOO CRE hotel loan represented $3.1 million of this change, while the increase in equipment finance loans was due to the above referenced smaller over-the-road truck loans. The ratio of nonperforming loans to total loans was 0.53% at December 31, 2023 compared to 0.23% at June 30, 2023.
The ratio of classified assets to total assets increased to 0.90% at December 31, 2023 compared to 0.53% at June 30, 2023 as classified assets increased $17.5 million to $42.0 million at December 31, 2023 compared to $24.5 million at June 30, 2023. This increase was primarily driven by increases of $10.2 million in NOO CRE, $5.4 million in equipment finance, and $2.1 million in commercial and industrial loans. The increase in NOO CRE loans included an accruing $8.9 million hotel relationship and the previously referenced $3.1 million nonaccrual loan, offset by the payoff of $2.8 million in loans, while the increase in equipment finance loans was due to the above referenced smaller over-the-road truck loans, the majority of which are on nonaccrual.
About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. is the holding company for the Bank. As of December 31, 2023, the Company had assets of $4.7 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 30 locations as well as online/mobile channels. Locations include: North Carolina (including the Asheville metropolitan area, the "Piedmont" region, Charlotte, and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (including Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (including the Roanoke Valley) and Georgia (Greater Atlanta).
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company's beliefs, plans, objectives, goals, expectations, assumptions, and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effect of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company's market areas; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities, including the Company's recent merger with Quantum Capital Corp., might not be realized to the extent anticipated, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; goodwill impairment charges might be incurred; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company'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 the Company's website at www.htb.com and on the SEC's website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management's beliefs and assumptions at the time they are
8

made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims 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.
1

Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
December 31, 2023September 30, 2023
June 30, 2023(1)
March 31, 2023December 31, 2022
Assets
Cash$18,307 $18,090 $19,266 $18,262 $15,825 
Interest-bearing deposits328,833 306,924 284,231 296,151 149,209 
Cash and cash equivalents347,140 325,014 303,497 314,413 165,034 
Certificates of deposit in other banks34,722 35,380 33,152 33,102 29,371 
Debt securities available for sale, at fair value126,950 134,348 151,926 157,718 147,942 
FHLB and FRB stock18,393 19,612 20,208 19,125 13,661 
SBIC investments, at cost13,789 14,586 14,927 13,620 12,414 
Loans held for sale, at fair value3,359 4,616 6,947 1,209 518 
Loans held for sale, at the lower of cost or fair value198,433 200,834 161,703 89,172 72,777 
Total loans, net of deferred loan fees and costs3,640,022 3,659,914 3,658,823 3,649,333 2,985,623 
Allowance for credit losses – loans(48,641)(47,417)(47,193)(47,503)(38,859)
Loans, net3,591,381 3,612,497 3,611,630 3,601,830 2,946,764 
Premises and equipment, net70,937 72,463 73,171 74,107 65,216 
Accrued interest receivable16,902 16,513 14,829 13,813 11,076 
Deferred income taxes, net11,796 9,569 10,912 10,894 11,319 
BOLI88,257 106,059 106,572 105,952 96,335 
Goodwill34,111 34,111 34,111 33,682 25,638 
Core deposit intangibles, net9,059 9,918 10,778 11,637 32 
Other assets107,404 56,477 53,124 49,596 48,918 
Total assets$4,672,633 $4,651,997 $4,607,487 $4,529,870 $3,647,015 
Liabilities and stockholders' equity  
Liabilities  
Deposits$3,661,373 $3,640,961 $3,601,168 $3,675,599 $3,048,020 
Junior subordinated debt10,021 9,995 9,971 9,945 — 
Borrowings433,763 452,263 457,263 320,263 130,000 
Other liabilities67,583 64,367 67,899 62,821 58,840 
Total liabilities4,172,740 4,167,586 4,136,301 4,068,628 3,236,860 
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)
174 174 174 174 157 
Additional paid in capital172,366 171,663 171,222 170,670 128,486 
Retained earnings333,401 321,799 308,651 295,325 290,271 
Unearned Employee Stock Ownership Plan ("ESOP") shares(4,497)(4,629)(4,761)(4,893)(5,026)
Accumulated other comprehensive loss(1,551)(4,596)(4,100)(3,034)(3,733)
Total stockholders' equity499,893 484,411 471,186 458,242 410,155 
Total liabilities and stockholders' equity$4,672,633 $4,651,997 $4,607,487 $4,526,870 $3,647,015 
(1)Derived from audited financial statements.
(2)Shares of common stock issued and outstanding were 17,387,069 at December 31, 2023; 17,380,307 at September 30, 2023; 17,366,673 at June 30, 2023; 17,370,063 at March 31, 2023; and 15,673,595 at December 31, 2022.

9

Consolidated Statements of Income (Unaudited)
Three Months EndedSix Months Ended
(Dollars in thousands)
December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Interest and dividend income
Loans$60,069 $58,496 $118,565 $72,240 
Commercial paper— — — 1,300 
Debt securities available for sale1,257 1,259 2,516 1,829 
Other investments and interest-bearing deposits1,493 2,110 3,603 1,960 
Total interest and dividend income62,819 61,865 124,684 77,329 
Interest expense
Deposits18,289 16,429 34,718 4,998 
Junior subordinated debt239 236 475 — 
Borrowings2,368 3,040 5,408 266 
Total interest expense20,896 19,705 40,601 5,264 
Net interest income41,923 42,160 84,083 72,065 
Provision for credit losses 3,360 2,570 5,930 6,227 
Net interest income after provision for credit losses38,563 39,590 78,153 65,838 
Noninterest income  
Service charges and fees on deposit accounts2,368 2,318 4,686 4,861 
Loan income and fees423 559 982 1,217 
Gain on sale of loans held for sale1,037 1,293 2,330 2,688 
BOLI income2,152 1,749 3,901 1,021 
Operating lease income1,592 1,785 3,377 2,741 
Gain (loss) on sale of premises and equipment(248)— (248)1,115 
Other924 923 1,847 2,209 
Total noninterest income8,248 8,627 16,875 15,852 
Noninterest expense  
Salaries and employee benefits16,256 16,514 32,770 29,299 
Occupancy expense, net2,443 2,489 4,932 4,824 
Computer services3,002 3,173 6,175 5,559 
Telephone, postage and supplies603 652 1,255 1,178 
Marketing and advertising625 487 1,112 1,071 
Deposit insurance premiums702 717 1,419 1,088 
Core deposit intangible amortization860 859 1,719 60 
Merger-related expenses— — — 724 
Other5,290 4,673 9,963 8,362 
Total noninterest expense29,781 29,564 59,345 52,165 
Income before income taxes17,030 18,653 35,683 29,525 
Income tax expense3,566 3,820 7,386 6,668 
Net income$13,464 $14,833 $28,297 $22,857 



10

Per Share Data
Three Months Ended Six Months Ended
December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Net income per common share(1)
Basic$0.79 $0.88 $1.67 $1.51 
Diluted$0.79 $0.88 $1.67 $1.50 
Average shares outstanding
Basic16,820,369 16,792,177 16,806,273 15,008,092 
Diluted16,827,460 16,800,901 16,814,176 15,145,701 
Book value per share at end of period$28.75 $27.87 $28.75 $26.17 
Tangible book value per share at end of period(2)
$26.39 $25.47 $26.39 $24.53 
Cash dividends declared per common share$0.11 $0.10 $0.21 $0.19 
Total shares outstanding at end of period17,387,069 17,380,307 17,387,069 15,673,595 
(1)Basic and diluted net income per common share have been prepared in accordance with the two-class method.
(2)See Non-GAAP reconciliations below for adjustments.
Selected Financial Ratios and Other Data
Three Months EndedSix Months Ended
December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Performance ratios(1)
Return on assets (ratio of net income to average total assets)1.21 %1.33 %1.27 %1.28 %
Return on equity (ratio of net income to average equity)10.81 12.23 11.51 11.32 
Yield on earning assets6.03 5.90 5.96 4.66 
Rate paid on interest-bearing liabilities2.74 2.58 2.66 0.45 
Average interest rate spread3.29 3.32 3.30 4.21 
Net interest margin(2)
4.02 4.02 4.02 4.35 
Average interest-earning assets to average interest-bearing liabilities136.46 137.07 136.76 143.28 
Noninterest expense to average total assets2.68 2.64 2.66 2.91 
Efficiency ratio59.36 58.21 58.78 59.33 
Efficiency ratio – adjusted(3)
60.52 59.12 59.81 59.36 
(1)Ratios are annualized where appropriate.
(2)Net interest income divided by average interest-earning assets.
(3)See Non-GAAP reconciliations below for adjustments.
At or For the Three Months Ended
December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Asset quality ratios
Nonperforming assets to total assets(1)
0.41 %0.25 %0.18 %0.18 %0.17 %
Nonperforming loans to total loans(1)
0.53 0.32 0.23 0.22 0.21 
Total classified assets to total assets0.90 0.76 0.53 0.49 0.50 
Allowance for credit losses to nonperforming loans(1)
251.60 400.41 567.56 600.47 629.40 
Allowance for credit losses to total loans1.34 1.30 1.29 1.30 1.30 
Net charge-offs to average loans (annualized)0.29 0.27 0.13 0.01 0.25 
Capital ratios
Equity to total assets at end of period10.70 %10.41 %10.23 %10.12 %11.25 %
Tangible equity to total tangible assets(2)
9.91 9.60 9.39 9.27 10.62 
Average equity to average assets11.03 10.84 10.79 11.14 11.50 
(1)Nonperforming assets include nonaccruing loans and REO. There were no accruing loans more than 90 days past due at the dates indicated. At December 31, 2023, $2.4 million, or 12.3%, of nonaccruing loans were current on their loan payments.
(2)See Non-GAAP reconciliations below for adjustments.
11

Loans
(Dollars in thousands)
December 31, 2023September 30, 2023June 30, 2023
March 31, 2023
December 31, 2022
Commercial real estate loans
Construction and land development$305,269 $352,143 $356,674 $368,756 $328,253 
Commercial real estate – owner occupied536,545 526,534 529,721 524,247 340,824 
Commercial real estate – non-owner occupied875,694 880,348 901,685 926,991 690,241 
Multifamily88,623 83,430 81,827 85,285 69,156 
Total commercial real estate loans1,806,131 1,842,455 1,869,907 1,905,279 1,428,474 
Commercial loans
Commercial and industrial237,255 237,366 245,428 229,840 194,679 
Equipment finance465,573 470,387 462,211 440,345 426,507 
Municipal leases150,292 147,821 142,212 138,436 135,922 
Total commercial loans853,120 855,574 849,851 808,621 757,108 
Residential real estate loans
Construction and land development96,646 103,381 110,074 105,617 100,002 
One-to-four family584,405 560,399 529,703 518,274 400,595 
HELOCs185,878 185,289 187,193 193,037 194,296 
Total residential real estate loans866,929 849,069 826,970 816,928 694,893 
Consumer loans113,842 112,816 112,095 118,505 105,148 
Total loans, net of deferred loan fees and costs3,640,022 3,659,914 3,658,823 3,649,333 2,985,623 
Allowance for credit losses – loans(48,641)(47,417)(47,193)(47,503)(38,859)
Loans, net$3,591,381 $3,612,497 $3,611,630 $3,601,830 $2,946,764 
Deposits
(Dollars in thousands)
December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Core deposits
Noninterest-bearing accounts$784,950 $827,362 $825,481 $872,492 $726,416 
NOW accounts591,270 602,804 611,105 678,178 638,896 
Money market accounts1,246,807 1,195,482 1,241,840 1,299,503 992,083 
Savings accounts194,486 202,971 212,220 228,390 230,896 
Total core deposits2,817,513 2,828,619 2,890,646 3,078,563 2,588,291 
Certificates of deposit843,860 812,342 710,522 597,036 459,729 
Total$3,661,373 $3,640,961 $3,601,168 $3,675,599 $3,048,020 
The following bullet points provide further information regarding the composition of our deposit portfolio as of December 31, 2023:
•Total deposits increased $20.4 million, or 0.6%, during the quarter.
•The balance of uninsured deposits was $907.4 million, or 24.8% of total deposits, which included $268.0 million of collateralized deposits to municipalities.
•The balance of brokered deposits was $355.8 million, or 9.7% of total deposits.
•Commercial and consumer depositors represented 51% and 49% of total deposits, respectively.
•The average balance of our deposit accounts was $34,000.
•Our largest 25 depositors made up $579.7 million, or 15.8% of total deposits.
12

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 and the tangible equity to tangible assets ratio. 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 provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Set forth below is a reconciliation to GAAP of the Company's efficiency ratio:
Three Months EndedSix Months Ended
(Dollars in thousands)December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Noninterest expense$29,781 $29,564 $59,345 $52,165 
Less: merger-related expenses— — — 724 
Noninterest expense – adjusted$29,781 $29,564 $59,345 $51,441 
Net interest income$41,923 $42,160 $84,083 $72,065 
Plus: tax-equivalent adjustment341 315 656 574 
Plus: noninterest income8,248 8,627 16,875 15,852 
Less: BOLI death benefit proceeds in excess of cash surrender value1,554 1,092 2,646 721 
Less: gain (loss) on sale of premises and equipment(248)— (248)1,115 
Net interest income plus noninterest income – adjusted$49,206 $50,010 $99,216 $86,655 
Efficiency ratio59.36 %58.21 %58.78 %59.33 %
Efficiency ratio – adjusted60.52 %59.12 %59.81 %59.36 %
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, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Total stockholders' equity$499,893 $484,411 $471,186 $458,242 $410,155 
Less: goodwill, core deposit intangibles, net of taxes41,086 41,748 42,410 42,642 25,663 
Tangible book value$458,807 $442,663 $428,776 $415,600 $384,492 
Common shares outstanding17,387,069 17,380,307 17,366,673 17,370,063 15,673,595 
Book value per share$28.75 $27.87 $27.13 $26.38 $26.17 
Tangible book value per share$26.39 $25.47 $24.69 $23.93 $24.53 
Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:
As of
(Dollars in thousands)December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Tangible equity(1)
$458,807 $442,663 $428,776 $415,600 $384,492 
Total assets4,672,633 4,651,997 4,607,487 4,526,870 3,647,015 
Less: goodwill, core deposit intangibles, net of taxes41,086 41,748 42,410 42,642 25,663 
Total tangible assets$4,631,547 $4,610,249 $4,565,077 $4,484,228 $3,621,352 
Tangible equity to tangible assets9.91 %9.60 %9.39 %9.27 %10.62 %
(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.



13
v3.23.4
Document and Entity Information
Jan. 24, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 24, 2024
Entity Registrant Name HOMETRUST BANCSHARES, INC.
Entity Incorporation, State or Country Code MD
Entity File Number 001-35593
Entity Tax Identification Number 45-5055422
Entity Address, Address Line One 10 Woodfin Street
Entity Address, City or Town Asheville
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28801
City Area Code (828)
Local Phone Number 259-3939
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol HTBI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001538263
Amendment Flag false
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