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HomeTrust Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates total assets of $4.6 billion and total liabilities of $4.1 billion as of September 30, 2024. Net income for the quarter was $13.1 million, or $0.76 per diluted share, compared to $12.4 million, or $0.73 per diluted share, in the previous quarter.
Net interest income for the quarter was $42.1 million, with a net interest margin of 4.00%. The provision for credit losses was $3.0 million, a decrease from $4.3 million in the prior quarter.
Noninterest income increased by 2.1% to $8.3 million, driven by gains on the sale of loans held for sale. Noninterest expense rose by 1.2% to $30.6 million, primarily due to higher salaries and employee benefits.
Total loans increased to $3.7 billion, with a 1.6% growth from the previous quarter. The allowance for credit losses on loans was $48.1 million, representing 1.30% of total loans.
Deposits totaled $3.8 billion, with an increase of $100.2 million from December 31, 2023. Brokered deposits accounted for 11.2% of total deposits.
HomeTrust Bancshares, Inc. and its subsidiary, HomeTrust Bank (HTBI-0.99%), exceeded all regulatory capital requirements as of September 30, 2024.
The filing also notes the impact of Hurricane Helene, which caused significant property damage in certain market areas, leading to increased loan delinquencies and restructurings. A $2.2 million qualitative allocation was recorded in the allowance for credit losses for potential storm impacts.
The company continues to focus on maintaining a strong liquidity position, with various sources of funds including deposit growth, loan payments, and securities portfolio management.
HomeTrust Bancshares, Inc. remains committed to its strategic goals, including expanding into larger, higher growth markets through business banking centers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HomeTrust Bancshares Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.