This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

HomeTrust Bancshares, Inc. Reports First Quarter Fiscal Year 2014 Financial Results

ASHEVILLE, N.C., Oct. 29, 2013 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (Nasdaq:HTBI) (Company), the holding company of HomeTrust Bank, today announced preliminary net income of $3.3 million for the first quarter of fiscal year 2014, compared to $1.2 million for the same period a year ago. The increase in net income for the first quarter of fiscal 2014 was primarily a result of a $2.3 million recovery from the allowance for loan losses and a $1.5 million decline in non-interest expense, including a $906,000 decrease in real estate owned ("REO")-related expenses. The increase in net income was partially offset by a $2.8 million increase in income tax expense, which includes a nonrecurring $962,000 charge related to the decline in value of our deferred tax assets based on recent decreases in North Carolina's state corporate tax rates. On a basic and diluted per share basis, the Company earned $0.17 per share in the first quarter of fiscal 2014, compared to $0.06 per share in the first quarter of fiscal 2013.

"First quarter earnings performance was primarily a result of a $3.8 million improvement in our loan loss provision reflecting ongoing stabilization in the economy and increased real estate values in our market areas," remarked President and Co-CEO, Dana Stonestreet. "We continue to experience a downward trend in net loan chargeoffs. Additionally, we realized a $271,000 gain on the sale of real estate owned during the quarter. We were also pleased to welcome the customers of BankGreenville to HomeTrust Bank during the recent quarter as we entered the Greenville, SC market in July. We intend to continue to prudently manage our capital to seek growth opportunities while providing liquidity to our stockholders through our second stock repurchase program, which commenced in August 2013."

Income Statement Review

Net interest income was $13.3 million for the three months ended September 30, 2013 compared to $13.5 million for the three months ended September 30, 2012. The $222,000, or 1.6%, decrease was primarily due to declines in interest income of $885,000 outpacing a decrease in interest expense of $663,000. The net interest margin (on a fully taxable-equivalent basis) for the three months ended September 30, 2013 decreased five basis points over the same period last year to 3.74%, primarily due to a 23 basis point decline in the yield on interest-earning assets (on a fully taxable-equivalent basis) to 4.15%, partially offset by a 21 basis point decline in the rate paid on interest-bearing liabilities to 0.54% for the three months ended September 30, 2013.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs