HomeTrust Bancshares, Inc. Announces Financial Results for the First Quarter of the Six-Month Transition Period Ending December 31, 2023* and an Increase in the Quarterly Dividend.
M2 PRESSWIRE-October 26, 2023-: HomeTrust Bancshares, Inc. Announces Financial Results for the First Quarter of the Six-Month Transition Period Ending December 31, 2023* and an Increase in the Quarterly Dividend
(C)1994-2023 M2 COMMUNICATIONS
RDATE:25102023
ASHEVILLE, N.C. - HomeTrust Bancshares, Inc. (NASDAQ: HTBI) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income for the first quarter of the six-month transition period ending December 31, 2023* and an increase in its quarterly cash dividend.
For the quarter ended September 30, 2023 compared to the quarter ended June 30, 2023:
- net income was $14.8 million compared to $15.0 million;
- diluted earnings per share ("EPS") was $0.88 compared to $0.90;
- annualized return on assets ("ROA") was 1.33% compared to 1.39%;
- annualized return on equity ("ROE") was 12.23% compared to 12.85%;
- net interest income was $42.2 million compared to $43.9 million;
- net interest margin was 4.02% compared to 4.32%;
- provision for credit losses was $2.6 million compared to $405,000;
- noninterest income was $8.6 million compared to $6.9 million;
- tax-free death benefit proceeds from life insurance of $1.1 million compared to $0, which was the primary driver of the change in noninterest income noted above;
- net portfolio loan growth was $1.1 million, or 0.1% annualized, compared to $9.8 million, or 1.1% annualized; and
- quarterly cash dividends continued at $0.10 per share totaling $1.7 million for both periods.
The unrealized loss on our available for sale investment portfolio was $6.0 million, or 4.3% of book value, compared to $5.3 million, or 3.4% of book value as of September 30, 2023 and June 30, 2023, respectively. No held to maturity securities were held as of either date.
The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.11 per common share, reflecting a $0.01, or 10.0%, increase over the previous quarter's dividend. This is the fifth increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on November 30, 2023 to shareholders of record as of the close of business on November 16, 2023.
"We are pleased to report another quarter of strong financial results," said Hunter Westbrook, President and Chief Executive Officer. "Our well-positioned balance sheet and resilient performance despite the most challenging interest rate environment of...
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