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HomeTrust Bancshares, Inc. Reports Fourth Quarter And Full Fiscal Year 2012 Financial Results

HomeTrust Bank, including its banking divisions – HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank and Rutherford County Bank, is a community-oriented financial institution with $1.7 billion in assets as of June 30, 2012. The Company offers traditional financial services within its local communities through its 20 full service offices in Western North Carolina, including the Asheville metropolitan area, and the "Piedmont" region of North Carolina. The Bank is the 11 th largest bank headquartered in North Carolina.   

The HomeTrust Bancshares, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13586

Forward-Looking Statements

This press release contains certain forward-looking statements about the conversion and offering. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results for the businesses of HomeTrust Bancshares, Inc. and HomeTrust Bank include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; decreases in the secondary market for the sale of loans that we originate; results of examinations of us by the OCC or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings; legislative or regulatory changes that adversely affect our business including the effect of Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and Basel III, changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; increases in premiums for deposit insurance; management's assumptions in determining the adequacy of the allowance for loan losses; our ability to control operating costs and expenses, especially new costs associated with our operation as a public company; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on our balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges; computer systems on which we depend could fail or experience a security breach; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; statements with respect to our intentions regarding disclosure and other changes resulting from the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"); changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies, the Public Company Accounting Oversight Board or the Financial Accounting Standards Board; and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described beginning on page 21 of the Company's prospectus, dated May 14, 2012 under the section titled "Risk Factors."

Any of the forward-looking statements that we make in this release are based upon management's beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2013 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect our operating and stock price performance.

WEBSITE: WWW.HOMETRUSTBANCSHARES.COM

 

Selected Financial Data    
     
(Unaudited) At June 30,
  2012 2011 (1)
  (In thousands)  
Selected Financial Condition Data:  
   
Total assets  $1,720,056 $1,637,643
Loans receivable, net (2) 1,193,945 1,276,377
Allowance for loan losses  35,100 50,140
Certificates of deposit in other banks  108,010 118,846
Securities available for sale, at fair value  31,335 59,016
Federal Home Loan Bank stock  6,300 9,630
Deposits  1,466,175 1,264,585
Other borrowings  22,265 145,278
Equity capital  172,485 167,769
     
  Three Months Ended For the Year Ended
  June 30, June 30,
  2012 2011 2012 2011 (9)
  (In thousands)
Selected Operations Data:        
Total interest and dividend income  $16,388 $17,507 $67,491 $72,087
Total interest expense  2,529 4,458 11,778 20,529
Net interest income  13,859 13,049 55,713 51,558
Provision for loan losses  2,000 25,200 15,600 42,800
Net interest income after provision for loan losses  11,859 (12,151) 40,113 8,758
Fees and service charges  666 765 2,679 2,929
Mortgage banking income and fees 1,076 430 3,846 3,211
Gain on sale of securities  --  --  -- 430
Gain from business combination  --  --  -- 5,844
Gain on sale of fixed assets  275  -- 1,503  --
Other non-interest income  778 399 2,400 4,382
Total non-interest income  2,795 1,594 10,428 16,796
Total non-interest expense  13,421 15,105 46,661 53,554
Income (loss) before provision (benefit) for income taxes  1,233 (25,662) 3,880 (28,000)
Income tax benefit  (151) (8,933) (647) (13,263)
Net income (loss)  $1,384 $(16,729) $4,527 $(14,737)
     
  Three Months For the Year
  Ended  Ended
  June 30, (3) June 30,  
  2012 2011 2012  2011 (1)
Selected Financial Ratios and Other Data:      
Performance ratios:        
Return on assets (ratio of net income to average total assets)  0.35% -4.04% 0.29% -0.88%
Return on equity (ratio of net income to average equity)  3.23 -36.84 2.67 -8.15
Tax equivalent yield on earning assets (4) 4.80 4.74 4.82 4.83
Rate paid on interest-bearing liabilities  0.80 1.31 0.91 1.48
Tax equivalent average interest rate spread (4) 4.00 3.43 3.91 3.35
Tax equivalent net interest margin (4) (5) 4.10 3.59 4.02 3.52
Operating expense to average total assets  3.44 3.65 2.95 3.21
Average interest-earning assets to average interest-bearing liabilities  115.08 115.09 113.61 113.01
Efficiency ratio (6) 67.91 75.92 67.36 72.97
         
Asset quality ratios:        
Non-performing assets to total assets (7) 4.67% 3.81% 4.67% 3.81%
Non-performing loans to total loans (7) 5.21 3.64 5.21 3.64
Total classified assets to total assets  7.75 9.83 7.75 9.83
Allowance for loan losses to non-performing loans (7)(8)  54.69  103.43  54.69  103.43
Allowance for loan losses to total loans  2.85 3.77 2.85 3.77
Net charge-offs to average loans  0.96 2.94 2.34 2.59
         
Capital ratios:        
Equity to total assets at end of period (9) 10.03% 10.24% 10.03% 10.24%
Average equity to average assets  10.98 10.96 10.71 10.82
         
 
(1) Derived from audited financial statements.
(2) Net of allowances for loan losses, loans in process and deferred loan fees.
(3) Ratios are annualized where appropriate.
(4) The weighted average rate for municipal leases is adjusted for a 34% federal tax rate since the interest from these leases is tax exempt.
(5) Net interest income divided by average interest earning assets.
(6) A non-GAAP measure calculated by dividing total non-interest expense, net of FHLB advance prepayment penalties, by the sum of net interest income and total non-interest income, net of realized gain/loss on securities. This non-GAAP financial measure should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled financial measures used by other companies.
(7) Non-performing assets include non-performing loans and real estate owned. Non-performing loans consist of non-accruing loans and accruing loans more than 90 days past due. In the quarter ended December 31, 2011, $25.7 million of loans were reclassified from impaired loans still accruing interest to non-accruing loans pursuant to regulatory guidance. At June 30, 2012, $28.1 million, or 43.8%, of non-accruing loans were current on their loan payments. 
(8) The decline in the allowance for loan losses during the year ended June 30, 2012 occurred primarily as a result of the charge-off of specific reserves, totaling $16.7 million, in accordance with regulatory guidance. The ratio of allowance for loan losses to non-performing loans was reduced during this period by the charge-off, as well as by the reclassification of impaired loans discussed in note (6) above. 
(9) Does not reflect capital stock offering consummated on July 10, 2012. As of July 10, 2012, the equity to total assets ratio was 22.53%.
CONTACT: Dana L. Stonestreet - President and Chief Operating Officer
         Tony J. VunCannon - Senior Vice President and 
         Chief Financial Officer
         828-259-3939

HomeTrust Bancshares, Inc. logo

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