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