HomeTrust Bancshares, Inc. Reports Fourth Quarter And Full Fiscal Year End 2013 Financial Results

ASHEVILLE, N.C., July 29, 2013 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (Nasdaq:HTBI) (Company), the holding company of HomeTrust Bank, today announced preliminary net income of $3.0 million for the fourth quarter of fiscal year 2013, compared to $1.4 million for the same period a year ago. Net income totaled $9.1 million for the fiscal year ended June 30, 2013 compared to net income of $4.5 million for fiscal year 2012. The increase in net income for the fourth quarter of fiscal 2013 was a result of a $1.2 million recovery from the allowance for loan losses and an $860,000 decrease in noninterest expense. On a basic and diluted per share basis, the Company earned $0.15 per share and $0.45 per share for the three and twelve months ended June 30, 2013, respectively, while it had no shares outstanding during the three and twelve month periods ended June 30, 2012.

In announcing these results, Dana Stonestreet, President and Co-CEO said, "We are pleased to report our significantly improved fourth quarter and fiscal year end earnings performance as a result of lower loan loss provisions. Net chargeoffs decreased $26.5 million, or 86.5%, to $4.1 million for the fiscal year and we had net recoveries of $312,000 in the current quarter. Losses on other real estate owned also decreased."

Income Statement Review

Net interest income was $13.0 million for the three months ended June 30, 2013 compared to $13.9 million for the three months ended June 30, 2012. The $856,000, or 6.2%, decrease was primarily due to declines in interest income on loans of $1.9 million outpacing a decrease in deposit and other borrowing costs of $1.0 million. The net interest margin (on a fully taxable-equivalent basis) for the three months ended June 30, 2013 decreased 33 basis points over the same period last year to 3.77%, primarily due to a 62 basis point decline in the yield on interest-earning assets (on a fully taxable-equivalent basis) to 4.18%, partially offset by a 25 basis point decline in the rate paid on interest-bearing liabilities to 0.55%.

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