Companies: 10,793     total market cap: $134.237 T
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HomeTrust Bancshares
HTB
#6473
Rank
$0.75 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$43.04
Share price
0.05%
Change (1 day)
34.71%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. HomeTrust Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q1

HomeTrust Bancshares - 10-Q quarterly report FY2024 Q1


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒            QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐            TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ________

Commission file number:     001-35593

HOMETRUST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Maryland
          45-5055422
(State or other jurisdiction of incorporation of organization)(I.R.S. Employer Identification No.)

10 Woodfin Street, Asheville, North Carolina 28801
(Address of principal executive offices; Zip Code)

(828) 259-3939
(Registrant's telephone number, including area code)

None
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per share
HTBIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐      
Accelerated filer ☒
Non-accelerated filer   ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒
There were 17,383,307 shares of common stock, par value of $0.01 per share, issued and outstanding as of November 2, 2023.


HOMETRUST BANCSHARES, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
 Page
 
Item 1 
  
Consolidated Balance Sheets (Unaudited) at September 30, 2023 and June 30, 2023
3
  
Consolidated Statements of Income (Unaudited) for the Three Months Ended September 30, 2023 and 2022
4
  
Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended September 30, 2023 and 2022
5
  
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the Three Months Ended September 30, 2023 and 2022
6
  
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended September 30, 2023 and 2022
7
  
Notes to Consolidated Financial Statements
9
  
Item 2
32
  
Item 3
42
  
Item 4
42
  
 
  
Item 1
42
  
Item 1A
42
  
Item 2
42
  
Item 3
42
  
Item 4
42
  
Item 5
42
  
Item 6
42
  
45

1

Glossary of Defined Terms
The following terms may be used throughout this Form 10-Q, including the Notes to Consolidated Financial Statements in Item 1 and Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q.
TermDefinition
ACLAllowance for Credit Losses
AFSAvailable-For-Sale
ASCAccounting Standards Codification
ASUAccounting Standards Update
BOLIBank Owned Life Insurance
CARES Act
Coronavirus Aid, Relief, and Economic Security Act of 2020
CD
Certificate of Deposit
CDACollateral Dependent Asset
CECLCurrent Expected Credit Losses
CET1
Common Equity Tier 1
COVID-19
Coronavirus Disease 2019
DCFDiscounted Cash Flows
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act
ECLExpected Credit Losses
EPSEarnings Per Share
ESOPEmployee Stock Ownership Plan
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLB or FHLB of AtlantaFederal Home Loan Bank
FRBFederal Reserve Bank of Richmond
GSEGovernment-Sponsored Enterprises
HELOCHome Equity Line of Credit
IRLCInterest Rate Lock Commitments
LIBORLondon Interbank Offered Rate
MBS
Mortgage-Backed Security
NCCOB
North Carolina Office of the Commissioner of Banks
PCDPurchased Financial Assets with Credit Deterioration
QuantumQuantum Capital Corp. and its wholly owned subsidiary, Quantum National Bank
REOReal Estate Owned
ROAReturn on Assets
ROEReturn on Equity
ROURight of Use
RSURestricted Stock Unit
SBAU.S. Small Business Administration
SBICSmall Business Investment Companies
SEC
Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
TBATo-be-announced
TDRTroubled Debt Restructuring
US GAAP
Generally Accepted Accounting Principles in the United States

2

PART I.  FINANCIAL INFORMATION
Item 1.    Financial Statements
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
(Unaudited)
September 30, 2023June 30, 2023
Assets
Cash$18,090 $19,266 
Interest-bearing deposits306,924 284,231 
Cash and cash equivalents325,014 303,497 
Certificates of deposit in other banks35,380 33,152 
Debt securities available for sale, at fair value (amortized cost of $140,316 and $157,251 at September 30, 2023 and June 30, 2023, respectively)
134,348 151,926 
FHLB and FRB stock19,612 20,208 
SBIC investments, at cost14,586 14,927 
Loans held for sale, at fair value4,616 6,947 
Loans held for sale, at the lower of cost or fair value200,834 161,703 
Total loans, net of deferred loan fees and costs3,659,914 3,658,823 
Allowance for credit losses – loans(47,417)(47,193)
Loans, net3,612,497 3,611,630 
Premises and equipment, net72,463 73,171 
Accrued interest receivable16,513 14,829 
Deferred income taxes, net9,569 10,912 
BOLI106,059 106,572 
Goodwill34,111 34,111 
Core deposit intangibles, net9,918 10,778 
Other assets56,477 53,124 
Total assets$4,651,997 $4,607,487 
Liabilities and stockholders' equity  
Liabilities  
Deposits$3,640,961 $3,601,168 
Junior subordinated debt9,995 9,971 
Borrowings452,263 457,263 
Other liabilities64,367 67,899 
Total liabilities4,167,586 4,136,301 
Commitments and contingencies – See Note 12
Stockholders' equity  
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding
— — 
Common stock, $0.01 par value, 60,000,000 shares authorized, 17,380,307 shares issued and outstanding at September 30, 2023; 17,366,673 at June 30, 2023
174 174 
Additional paid in capital171,663 171,222 
Retained earnings321,799 308,651 
Unearned ESOP shares(4,629)(4,761)
Accumulated other comprehensive loss(4,596)(4,100)
Total stockholders' equity484,411 471,186 
Total liabilities and stockholders' equity$4,651,997 $4,607,487 
The accompanying notes are an integral part of these consolidated financial statements.
3

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended September 30,
20232022
Interest and dividend income
Loans$58,496 $33,245 
Commercial paper— 1,116 
Debt securities available for sale1,259 678 
Other investments and interest-bearing deposits2,110 888 
Total interest and dividend income61,865 35,927 
Interest expense  
Deposits16,429 1,395 
Junior subordinated debt236 — 
Borrowings3,040 12 
Total interest expense19,705 1,407 
Net interest income42,160 34,520 
Provision for credit losses2,570 3,987 
Net interest income after provision for credit losses39,590 30,533 
Noninterest income  
Service charges and fees on deposit accounts2,318 2,338 
Loan income and fees559 570 
Gain on sale of loans held for sale1,293 1,586 
BOLI income1,749 527 
Operating lease income1,785 1,585 
Loss on sale of premises and equipment— (12)
Other923 804 
Total noninterest income8,627 7,398 
Noninterest expense  
Salaries and employee benefits16,514 14,815 
Occupancy expense, net2,489 2,396 
Computer services3,173 2,763 
Telephone, postage, and supplies652 603 
Marketing and advertising487 590 
Deposit insurance premiums717 542 
Core deposit intangible amortization859 34 
Merger-related expenses— 474 
Other4,673 3,872 
Total noninterest expense29,564 26,089 
Net income before income taxes18,653 11,842 
Income tax expense3,820 2,643 
Net income$14,833 $9,199 
Per share data  
Net income per common share  
Basic$0.88 $0.61 
Diluted$0.88 $0.60 
Average shares outstanding  
Basic16,792,177 14,988,006 
Diluted16,800,901 15,130,762 
The accompanying notes are an integral part of these consolidated financial statements.
4

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
(Unaudited)
Three Months Ended September 30,
 20232022
Net income$14,833 $9,199 
Other comprehensive loss 
Unrealized holding losses on debt securities available for sale  
Losses arising during the period(643)(2,138)
Deferred income tax benefit147 492 
Total other comprehensive loss(496)(1,646)
Comprehensive income$14,337 $7,553 
The accompanying notes are an integral part of these consolidated financial statements.
5

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders' Equity
(Dollars in thousands)
(Unaudited)
Three Months Ended September 30, 2023
Common StockAdditional
Paid In
Capital		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Stockholders'
Equity
SharesAmount
Balance at June 30, 2023
17,366,673 $174 $171,222 $308,651 $(4,761)$(4,100)$471,186 
Net income— — — 14,833 — — 14,833 
Cash dividends declared on common stock, $0.10/common share
— — — (1,685)— — (1,685)
Forfeited restricted stock(1,630)— — — — — — 
Retired stock(5,730)— (133)— — — (133)
Granted restricted stock1,000 — — — — — — 
Stock issued for RSUs18,494 — — — — — — 
Exercised stock options1,500 — 24 — — — 24 
Share-based compensation expense— — 383 — — — 383 
ESOP compensation expense— — 167 — 132 — 299 
Other comprehensive loss— — — — — (496)(496)
Balance at September 30, 202317,380,307 $174 $171,663 $321,799 $(4,629)$(4,596)$484,411 
(Unaudited)
Three Months Ended September 30, 2022
Common StockAdditional
Paid In
Capital		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Stockholders'
Equity
SharesAmount
Balance at June 30, 202215,591,466 $156 $126,106 $270,276 $(5,290)$(2,403)$388,845 
Net income— — — 9,199 — — 9,199 
Cash dividends declared on common stock, $0.09/common share
— — — (1,355)— — (1,355)
Forfeited restricted stock(400)— — — — — — 
Retired stock(4,079)— (95)— — — (95)
Granted restricted stock4,500 — — — — — — 
Stock issued for RSUs13,861 — — — — — — 
Exercised stock options27,000 — 388 — — — 388 
Share-based compensation expense— — 567 — — — 567 
ESOP compensation expense— — 187 — 132 — 319 
Other comprehensive loss— — — — — (1,646)(1,646)
Balance at September 30, 202215,632,348 $156 $127,153 $278,120 $(5,158)$(4,049)$396,222 
The accompanying notes are an integral part of these consolidated financial statements.









6

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
Three Months Ended September 30,
 20232022
Operating activities
Net income$14,833 $9,199 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses2,570 3,987 
Depreciation and amortization of premises and equipment and equipment for operating leases2,401 2,169 
Deferred income tax expense1,490 141 
Net accretion of purchase accounting adjustments on loans(378)(178)
Net amortization and accretion1,693 (105)
SBIC investments income(540)(349)
Loss from sale of premises and equipment— 12 
Gain incurred at the end of operating leases(51)(148)
BOLI income(1,749)(527)
Gain on sale of loans held for sale(1,293)(1,586)
Origination of loans held for sale(107,559)(58,035)
Proceeds from sale of loans held for sale65,451 57,570 
New deferred loan origination fees, net(1,139)(1,856)
(Increase) decrease in accrued interest receivable and other assets(6,279)1,291 
ESOP compensation expense299 319 
Share-based compensation expense383 567 
Decrease in other liabilities(3,093)(4,697)
Net cash (used in) provided by operating activities(32,961)7,774 
Investing activities  
Purchases of debt securities available for sale(601)(48,014)
Proceeds from maturities, calls and paydowns of debt securities available for sale17,859 11,045 
Purchases of commercial paper— (210,292)
Proceeds from maturities and calls of commercial paper— 320,689 
Purchases of CDs in other banks(3,972)(4,980)
Proceeds from maturities of CDs in other banks1,744 996 
Net (purchases) redemptions of FHLB and FRB stock596 (78)
Net capital distributions from SBIC investments, at cost881 872 
Net decrease (increase) in loans3,498 (92,109)
Purchase of BOLI(23)(29)
Death benefit proceeds from BOLI policies2,285 — 
Purchase of equipment for operating leases(5,261)(577)
Sale of equipment for operating leases4,749 1,239 
Purchase of premises and equipment(276)(616)
Proceeds from sale of premises and equipment and assets held for sale— 1,275 
Net cash provided by (used in) investing activities21,479 (20,579)
Financing activities  
Net increase in deposits39,793 2,907 
Net decrease in short-term borrowings(5,000)— 
Cash dividends paid(1,685)(1,355)
Retired stock(133)(95)
Exercised stock options24 388 
Net cash provided by financing activities32,999 1,845 
Net increase (decrease) in cash and cash equivalents21,517 (10,960)
Cash and cash equivalents at beginning of period303,497 105,119 
Cash and cash equivalents at end of period$325,014 $94,159 
7

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(Dollars in thousands)
(Unaudited)
Three Months Ended September 30,
 20232022
Supplemental disclosures
Cash paid during the period for
Interest$17,191 $1,296 
Income taxes5,400 127 
Noncash transactions  
Unrealized loss in value of debt securities available for sale, net of income taxes(496)(1,646)
Transfer of loans held for sale to loans held for investment8,214 5,219 
ROU asset and lease liabilities for operating lease accounting846 — 
The accompanying notes are an integral part of these consolidated financial statements.
8

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

1.    Summary of Significant Accounting Policies
The consolidated unaudited financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation (“HomeTrust”), and its wholly-owned subsidiary, HomeTrust Bank (the “Bank”). As used throughout this report, the term the “Company” refers to HomeTrust and its consolidated subsidiary, unless the context otherwise requires. HomeTrust is a bank holding company primarily engaged in the business of planning, directing, and coordinating the business activities of the Bank. The Bank is a North Carolina state chartered bank and provides a wide range of retail and commercial banking products within its geographic footprint, which includes: North Carolina (the Asheville metropolitan area, Greensboro/"Piedmont" region, Charlotte, and Raleigh/Cary), Upstate South Carolina (Greenville), East Tennessee (Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta). The Bank operates under a single set of corporate policies and procedures and is recognized as a single banking segment for financial reporting purposes.
As a result of its merger with Quantum on February 12, 2023, HomeTrust became the 100% successor owner of the Quantum Capital Statutory Trust II Delaware trust. The sole assets of the trust represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the trust preferred securities.
The accompanying unaudited consolidated financial statements have been prepared in accordance with US GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2023 ("2023 Form 10-K") filed with the SEC on September 11, 2023. The results of operations for the three months ended September 30, 2023 are not necessarily indicative of results that may be expected for the six-month transition period ending December 31, 2023, the period which will be covered on a Transition Report Form 10-KT associated with the Company's change in fiscal year end.
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified the determination of the provision and the ACL on loans; the accounting for business combinations, core deposit intangible, and acquired loans; and goodwill as accounting policies that, due to the judgments, estimates and assumptions inherent in these policies, are critical to an understanding of the Company's financial statements. These policies and the related judgments, estimates and assumptions are described in greater detail in the notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the 2023 Form 10-K. Management believes that the judgments, estimates, and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates, and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods.
Reclassifications
To maintain consistency and comparability, certain amounts from prior periods have been reclassified to conform to current period presentation with no effect on net income or stockholders’ equity as previously reported.
2.    Recent Accounting Pronouncements
Adoption of New Accounting Standards
ASU 2022-02, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This ASU eliminates the TDR recognition and measurement guidance and requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendment also adjusts the disclosures related to modifications and requires entities to disclose current-period gross write-offs by year of origination within the existing vintage disclosures.
The Company adopted the standard using the modified retrospective transition method on July 1, 2023. The adoption of this ASU did not have a material impact on the Company's ACL, but as a result of the elimination of the concept of TDRs, the balance of individually evaluated loans decreased by $1.9 million. The changes to financial statement disclosures have been reflected in this filing, specifically "Note 6 – Loans and Allowance for Credit Losses on Loans".
3.    Merger with Quantum
On February 12, 2023, the Company merged with Quantum which operated two locations in the Atlanta metro area. The aggregate amount of consideration paid per the purchase agreement of approximately $70,771, inclusive of consideration of common stock, other cash consideration, and cash in lieu of fractional shares, included $15,869 of cash consideration paid by Quantum to its stockholders in advance of the closing date as is further described below. These distributions reduced Quantum's stockholders' equity by an equal amount prior to the transaction closing date.
9

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following table provides a summary of the assets acquired, liabilities assumed, associated preliminary fair value adjustments, and provisional period adjustments by the Company as of the merger date. As provided for under US GAAP, management has up to 12 months following the date of merger to finalize the fair value adjustments.
QuantumFair Value AdjustmentsProvisional Period AdjustmentsAs Recorded by HomeTrust
Assets acquired
Cash and cash equivalents$47,769 $— $— $47,769 
Debt securities available for sale
10,608 — — 10,608 
FHLB and FRB stock1,125 — — 1,125 
Loans(1)
567,140 (5,207)— 561,933 
Premises and equipment4,415 4,668 — 9,083 
Accrued interest receivable1,706 — — 1,706 
BOLI9,066 — — 9,066 
Core deposit intangibles— 12,210 — 12,210 
Other assets2,727 569 (179)3,117 
Total assets acquired$644,556 $12,240 $(179)$656,617 
Liabilities assumed  
Deposits$570,419 $183 $— $570,602 
Junior subordinated debt11,341 (1,408)— 9,933 
Other borrowings24,728 — — 24,728 
Deferred income taxes— 1,341 250 1,591 
Other liabilities3,334 — — 3,334 
Total liabilities assumed$609,822 $116 $250 $610,188 
Net assets acquired  $46,429 
  
Consideration paid
Common stock consideration
Shares of Quantum574,157 
Exchange ratio2.3942 
HomeTrust common stock issued1,374,647 
Price per share of HomeTrust common stock on February 10, 2023$27.45 
HomeTrust common stock consideration$37,734 
Cash consideration(2)
17,168 
Total consideration$54,902 
Goodwill$8,473 
(1)Adjustments to Quantum's total loans include the elimination of Quantum's existing allowance for loan losses of $5,972, the recognition of an ACL at close on PCD loans of $369, and adjustments to reflect the estimated credit fair value mark on the non-PCD loan portfolio of $2,932 and the estimated interest rate fair value adjustment on the loan portfolio as a whole (non-PCD and PCD) of $7,878.
(2)As indicated in the Current Report on Form 8-K/A filed with the SEC on March 30, 2023, the amount of cash consideration paid at closing differs from the $57.54 per share, or $33,037, reported in the Current Report on Form 8-K filed on February 13, 2023, which announced the closing of the merger. Consistent with the merger agreement, between the execution of the merger agreement and the transaction closing date, Quantum's principal stockholders had the option to withdraw some or all of the amount of cash consideration to eventually be paid at closing in advance of the closing date. The amount of cash consideration paid at closing was reduced by the amount withdrawn during this time period.
Goodwill of $8,473 arising from the merger consisted largely of synergies and the cost saves resulting from the combining of operations of the companies, and is not expected to be deductible for income tax purposes.
10

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
4.    Debt Securities
Debt securities available for sale consist of the following at the dates indicated:
September 30, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
U.S. government agencies$15,000 $— $(92)$14,908 
MBS, residential101,820 — (4,469)97,351 
Municipal bonds3,496 — (144)3,352 
Corporate bonds20,000 — (1,263)18,737 
Total$140,316 $— $(5,968)$134,348 
June 30, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
U.S. government agencies$15,000 $— $(286)$14,714 
MBS, residential110,865 — (3,451)107,414 
Municipal bonds3,505 — (117)3,388 
Corporate bonds27,881 — (1,471)26,410 
Total$157,251 $— $(5,325)$151,926 
Debt securities available for sale by contractual maturity at September 30, 2023 and June 30, 2023 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.
 September 30, 2023
Amortized
Cost		Estimated
Fair Value
Due within one year$30,000 $29,556 
Due after one year through five years2,987 2,885 
Due after five years through ten years5,509 4,556 
Due after ten years— — 
MBS, residential101,820 97,351 
Total$140,316 $134,348 
 June 30, 2023
Amortized
Cost		Estimated
Fair Value
Due within one year$37,881 $37,060 
Due after one year through five years2,994 2,903 
Due after five years through ten years5,511 4,549 
Due after ten years— — 
MBS, residential110,865 107,414 
Total$157,251 $151,926 
The Company had no sales of debt securities available for sale and no gross realized gains or losses were recognized during the three months ended September 30, 2023 and 2022.
Debt securities available for sale with amortized costs totaling $61,272 and $42,329 and market values of $59,962 and $40,475 at September 30, 2023 and June 30, 2023, respectively, were pledged as collateral to secure various public deposits and other borrowings.
11

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The gross unrealized losses and the fair value for debt securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2023 and June 30, 2023 were as follows:
September 30, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. government agencies$— $— $14,908 $(92)$14,908 $(92)
MBS, residential50,586 (1,781)46,765 (2,688)97,351 (4,469)
Municipal bonds— — 3,352 (144)3,352 (144)
Corporate bonds605 (145)17,382 (1,118)17,987 (1,263)
Total$51,191 $(1,926)$82,407 $(4,042)$133,598 $(5,968)
June 30, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. government agencies$— $— $14,714 $(286)$14,714 $(286)
MBS, residential83,281 (1,674)24,133 (1,777)107,414 (3,451)
Municipal bonds2,420 (69)968 (48)3,388 (117)
Corporate bonds607 (143)25,053 (1,328)25,660 (1,471)
Total$86,308 $(1,886)$64,868 $(3,439)$151,176 $(5,325)
The total number of securities with unrealized losses at September 30, 2023 and June 30, 2023 were 206 and 205, respectively.
Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. All debt securities available for sale in an unrealized loss position as of September 30, 2023 continue to perform as scheduled and management does not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of management's evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, management considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that securities will be required to be sold. See "Note 1 – Summary of Significant Accounting Policies" in our 2023 Form 10-K for further discussion.
Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that management will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods.
Management excludes the accrued interest receivable balance from the amortized cost basis in measuring ECL on investment securities and does not record an ACL on accrued interest receivable. As of September 30, 2023 and June 30, 2023, accrued interest receivable for debt securities available for sale was $372 and $532, respectively.
5.    Loans Held For Sale
Loans held for sale, at the lower of cost or fair value, consist of the following as of the dates indicated:
September 30, 2023June 30, 2023
SBA$20,946 $28,804 
HELOCs179,888 132,899 
Total loans held for sale, at the lower of cost or fair value$200,834 $161,703 
Excluded from the table above are loans held for sale, at fair value, of which were entirely comprised of one-to-four family loans from our residential mortgage loan pipeline for both periods. The carrying balance of the loans held for sale, at fair value, was $4,616 and $6,947 at September 30, 2023 and June 30, 2023, respectively, while the amortized cost of these loans was $4,558 and $6,902 at the same dates.
12

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
6.    Loans and Allowance for Credit Losses on Loans
Loans consist of the following at the dates indicated:
September 30, 2023June 30, 2023
Commercial real estate loans
Construction and land development$352,143 $356,674 
Commercial real estate – owner occupied526,534 529,721 
Commercial real estate – non-owner occupied880,348 901,685 
Multifamily83,430 81,827 
Total commercial real estate loans1,842,455 1,869,907 
Commercial loans
Commercial and industrial237,366 245,428 
Equipment finance470,387 462,211 
Municipal leases147,821 142,212 
Total commercial loans855,574 849,851 
Residential real estate loans
Construction and land development103,381 110,074 
One-to-four family560,399 529,703 
HELOCs185,289 187,193 
Total residential real estate loans849,069 826,970 
Consumer loans112,816 112,095 
Total loans, net of deferred loan fees and costs3,659,914 3,658,823 
ACL on loans(47,417)(47,193)
Loans, net$3,612,497 $3,611,630 
(1)    At September 30, 2023 and June 30, 2023 accrued interest receivable of $15,748 and $14,101, respectively, was accounted for separately from the amortized cost basis.
All qualifying one-to-four family loans, HELOCs, commercial real estate loans, and FHLB of Atlanta stock are pledged as collateral by a blanket pledge to secure outstanding FHLB advances.
Loans are made to the Company's executive officers, directors and their associates during the ordinary course of business. The aggregate amount of loans to such related parties totaled approximately $213 and $215 at September 30, 2023 and June 30, 2023, respectively. In addition, there are unfunded commitments related to these loans that totaled approximately $264 and $264 at September 30, 2023 and June 30, 2023, respectively.
Loans are monitored for credit quality on a recurring basis and the composition of the loans outstanding by credit quality indicator is provided below. Loan credit quality indicators are developed through review of individual borrowers on an ongoing basis. Generally, loans are monitored for performance on a quarterly basis with the credit quality indicators adjusted as needed. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. These credit quality indicators are defined as follows:
Pass – A pass rated loan is not adversely classified because it does not display any of the characteristics for adverse classification.
Special Mention – A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention loans are not adversely classified and do not warrant adverse classification.
Substandard – A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected.
Doubtful – A loan classified as doubtful has all the weaknesses inherent in a loan classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values.
Loss – Loans classified as loss are considered uncollectible and of such little value that their continuing to be carried as a loan is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future.






13

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following table presents the credit risk profile by risk grade for commercial real estate, commercial, residential real estate, and consumer loans by origination year as of September 30, 2023:
Term Loans By Origination Fiscal Year
September 30, 202320242023202220212020PriorRevolvingTotal
Construction and land development
Risk rating
Pass$7,583 $36,391 $63,033 $13,787 $2,759 $7,865 $220,361 $351,779 
Special mention— — 74 — — — — 74 
Substandard— — 290 — — — — 290 
Doubtful
— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$7,583 $36,391 $63,397 $13,787 $2,759 $7,865 $220,361 $352,143 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate – owner occupied
Risk rating
Pass$16,826 $59,318 $101,083 $88,927 $66,257 $160,947 $22,232 $515,590 
Special mention— — 526 449 2,044 3,766 — 6,785 
Substandard— — — 1 341 3,326 — 3,668 
Doubtful— — — — 280 211 — 491 
Loss— — — — — — — — 
Total commercial real estate – owner occupied$16,826 $59,318 $101,609 $89,377 $68,922 $168,250 $22,232 $526,534 
Current period gross charge-offs$— $— $— $— $— $290 $— $290 
Commercial real estate – non-owner occupied
Risk rating
Pass$9,182 $81,239 $151,910 $135,816 $98,259 $316,051 $75,573 $868,030 
Special mention— — — — — 299 — 299 
Substandard— — — — 5,265 6,754 — 12,019 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate – non-owner occupied$9,182 $81,239 $151,910 $135,816 $103,524 $323,104 $75,573 $880,348 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Multifamily
Risk rating
Pass$4,729 $3,824 $15,546 $21,642 $10,056 $26,418 $839 $83,054 
Special mention— — — — — 89 — 89 
Substandard— — — — — 287 — 287 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total multifamily$4,729 $3,824 $15,546 $21,642 $10,056 $26,794 $839 $83,430 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial real estate
Risk rating
Pass$38,320 $180,772 $331,572 $260,172 $177,331 $511,281 $319,005 $1,818,453 
Special mention— — 600 449 2,044 4,154 — 7,247 
Substandard— — 290 1 5,606 10,367 — 16,264 
Doubtful— — — — 280 211 — 491 
Loss— — — — — — — — 
Total commercial real estate$38,320 $180,772 $332,462 $260,622 $185,261 $526,013 $319,005 $1,842,455 
Total current period gross charge-offs$— $— $— $— $— $290 $— $290 

14

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
Term Loans By Origination Fiscal Year
September 30, 202320242023202220212020PriorRevolvingTotal
Commercial and industrial
Risk rating
Pass$10,974 $55,601 $62,578 $17,264 $12,036 $25,536 $43,986 $227,975 
Special mention— 935 238 290 964 98 — 2,525 
Substandard— — 237 39 559 4,072 — 4,907 
Doubtful
— 754 382 139 166 123 264 1,828 
Loss— — — — — 131 — 131 
Total commercial and industrial$10,974 $57,290 $63,435 $17,732 $13,725 $29,960 $44,250 $237,366 
Current period gross charge-offs$— $469 $— $— $166 $647 $55 $1,337 
Equipment finance
Risk rating
Pass$48,431 $186,517 $124,784 $65,326 $31,080 $7,568 $— $463,706 
Special mention— 513 1,572 367 399 363 — 3,214 
Substandard— 207 — — — 108 — 315 
Doubtful— 836 1,197 908 135 — — 3,076 
Loss— — 8 — 68 — — 76 
Total equipment finance$48,431 $188,073 $127,561 $66,601 $31,682 $8,039 $— $470,387 
Current period gross charge-offs$— $295 $229 $243 $— $63 $— $830 
Municipal leases
Risk rating
Pass$8,703 $32,827 $28,907 $13,867 $7,687 $50,794 $5,036 $147,821 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total municipal leases$8,703 $32,827 $28,907 $13,867 $7,687 $50,794 $5,036 $147,821 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total commercial
Risk rating
Pass$68,108 $274,945 $216,269 $96,457 $50,803 $83,898 $49,022 $839,502 
Special mention— 1,448 1,810 657 1,363 461 — 5,739 
Substandard— 207 237 39 559 4,180 — 5,222 
Doubtful— 1,590 1,579 1,047 301 123 264 4,904 
Loss— — 8 — 68 131 — 207 
Total commercial$68,108 $278,190 $219,903 $98,200 $53,094 $88,793 $49,286 $855,574 
Total current period gross charge-offs$— $764 $229 $243 $166 $710 $55 $2,167 








15

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
Term Loans By Origination Fiscal Year
September 30, 202320242023202220212020PriorRevolvingTotal
Construction and land development
Risk rating
Pass$— $11,711 $7,022 $785 $46 $1,329 $82,350 $103,243 
Special mention— — — — — — — — 
Substandard— — — — — 138 — 138 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$— $11,711 $7,022 $785 $46 $1,467 $82,350 $103,381 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
One-to-four family
Risk rating
Pass$8,610 $87,868 $140,747 $111,000 $52,388 $145,139 $9,057 $554,809 
Special mention— — — — — 538 — 538 
Substandard— 184 259 — 203 4,380 — 5,026 
Doubtful— — — — — 25 — 25 
Loss— — — — — 1 — 1 
Total one-to-four family$8,610 $88,052 $141,006 $111,000 $52,591 $150,083 $9,057 $560,399 
Current period gross charge-offs$— $— $13 $3 $8 $3 $— $27 
HELOCs
Risk rating
Pass$415 $8,268 $513 $857 $408 $7,694 $165,939 $184,094 
Special mention— — — — — — — — 
Substandard— 510 10 — — 541 105 1,166 
Doubtful— — — — — 29 — 29 
Loss— — — — — — — — 
Total HELOCs$415 $8,778 $523 $857 $408 $8,264 $166,044 $185,289 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total residential real estate
Risk rating
Pass$9,025 $107,847 $148,282 $112,642 $52,842 $154,162 $257,346 $842,146 
Special mention— — — — — 538 — 538 
Substandard— 694 269 — 203 5,059 105 6,330 
Doubtful— — — — — 54 — 54 
Loss— — — — — 1 — 1 
Total residential real estate$9,025 $108,541 $148,551 $112,642 $53,045 $159,814 $257,451 $849,069 
Total current period gross charge-offs$— $— $13 $3 $8 $3 $— $27 
Term Loans By Origination Fiscal Year
September 30, 202320242023202220212020PriorRevolvingTotal
Total consumer
Risk rating
Pass$13,672 $57,028 $16,171 $11,069 $7,556 $5,893 $289 $111,678 
Special mention— — — — — — — — 
Substandard40 262 210 232 199 177 16 1,136 
Doubtful— 1 — — — — — 1 
Loss— — — — — 1 — 1 
Total consumer$13,712 $57,291 $16,381 $11,301 $7,755 $6,071 $305 $112,816 
Total current period gross charge-offs$— $164 $27 $10 $7 $112 $— $320 







16

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

The following table presents the credit risk profile by risk grade for commercial real estate, commercial, residential real estate, and consumer loans by origination year as of June 30, 2023:
Term Loans By Origination Fiscal Year
June 30, 202320232022202120202019PriorRevolvingTotal
Construction and land development
Risk rating
Pass$27,234 $26,157 $5,469 $2,226 $1,560 $5,836 $287,615 $356,097 
Special mention— 73 — — — — — 73 
Substandard— 481 — — — 23 — 504 
Doubtful
— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$27,234 $26,711 $5,469 $2,226 $1,560 $5,859 $287,615 $356,674 
Commercial real estate – owner occupied
Risk rating
Pass$58,671 $106,738 $91,575 $68,054 $54,176 $115,425 $23,984 $518,623 
Special mention— 177 909 2,017 361 3,437 — 6,901 
Substandard— — 76 343 399 3,379 — 4,197 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate – owner occupied$58,671 $106,915 $92,560 $70,414 $54,936 $122,241 $23,984 $529,721 
Commercial real estate – non-owner occupied
Risk rating
Pass$85,574 $156,244 $137,659 $99,442 $68,794 $265,099 $76,508 $889,320 
Special mention— — — — — 4,047 5,301 9,348 
Substandard— — — — — 3,017 — 3,017 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate – non-owner occupied$85,574 $156,244 $137,659 $99,442 $68,794 $272,163 $81,809 $901,685 
Multifamily
Risk rating
Pass$3,850 $16,410 $21,867 $10,172 $5,843 $22,321 $980 $81,443 
Special mention— — — — 28 61 — 89 
Substandard— — — — — 295 — 295 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total multifamily$3,850 $16,410 $21,867 $10,172 $5,871 $22,677 $980 $81,827 
Total commercial real estate
Risk rating
Pass$175,329 $305,549 $256,570 $179,894 $130,373 $408,681 $389,087 $1,845,483 
Special mention— 250 909 2,017 389 7,545 5,301 16,411 
Substandard— 481 76 343 399 6,714 — 8,013 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial real estate$175,329 $306,280 $257,555 $182,254 $131,161 $422,940 $394,388 $1,869,907 
17

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
Term Loans By Origination Fiscal Year
June 30, 202320232022202120202019PriorRevolvingTotal
Commercial and industrial
Risk rating
Pass$57,377 $72,662 $18,845 $13,849 $6,441 $21,620 $47,934 $238,728 
Special mention— 327 467 179 116 — — 1,089 
Substandard— 13 28 605 858 43 3,649 5,196 
Doubtful
— 9 8 — 134 — 260 411 
Loss— — — — — 4 — 4 
Total commercial and industrial$57,377 $73,011 $19,348 $14,633 $7,549 $21,667 $51,843 $245,428 
Equipment finance
Risk rating
Pass$200,054 $136,226 $73,363 $36,589 $10,178 $256 $— $456,666 
Special mention805 808 140 441 344 — — 2,538 
Substandard— — 227 13 115 — — 355 
Doubtful342 1,283 825 198 — — — 2,648 
Loss— — — — 4 — — 4 
Total equipment finance$201,201 $138,317 $74,555 $37,241 $10,641 $256 $— $462,211 
Municipal leases
Risk rating
Pass$31,462 $27,910 $14,292 $8,212 $9,838 $43,251 $7,247 $142,212 
Special mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total municipal leases$31,462 $27,910 $14,292 $8,212 $9,838 $43,251 $7,247 $142,212 
Total commercial
Risk rating
Pass$288,893 $236,798 $106,500 $58,650 $26,457 $65,127 $55,181 $837,606 
Special mention805 1,135 607 620 460 — — 3,627 
Substandard— 13 255 618 973 43 3,649 5,551 
Doubtful342 1,292 833 198 134 — 260 3,059 
Loss— — — — 4 4 — 8 
Total commercial$290,040 $239,238 $108,195 $60,086 $28,028 $65,174 $59,090 $849,851 








18

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
Term Loans By Origination Fiscal Year
June 30, 202320232022202120202019PriorRevolvingTotal
Construction and land development
Risk rating
Pass$671 $850 $— $47 $— $1,270 $107,096 $109,934 
Special mention— — — — — — — — 
Substandard— — — — — 140 — 140 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total construction and land development$671 $850 $— $47 $— $1,410 $107,096 $110,074 
One-to-four family
Risk rating
Pass$78,574 $122,091 $109,669 $51,927 $31,491 $120,331 $10,122 $524,205 
Special mention— — — — — 543 — 543 
Substandard185 125 — 204 55 4,356 — 4,925 
Doubtful— — — — — 29 — 29 
Loss— — — — — 1 — 1 
Total one-to-four family$78,759 $122,216 $109,669 $52,131 $31,546 $125,260 $10,122 $529,703 
HELOCs
Risk rating
Pass$8,966 $561 $120 $371 $946 $7,251 $168,311 $186,526 
Special mention— — — — — — — — 
Substandard— 10 — — — 494 134 638 
Doubtful— — — — — 29 — 29 
Loss— — — — — — — — 
Total HELOCs$8,966 $571 $120 $371 $946 $7,774 $168,445 $187,193 
Total residential real estate
Risk rating
Pass$88,211 $123,502 $109,789 $52,345 $32,437 $128,852 $285,529 $820,665 
Special mention— — — — — 543 — 543 
Substandard185 135 — 204 55 4,990 134 5,703 
Doubtful— — — — — 58 — 58 
Loss— — — — — 1 — 1 
Total residential real estate$88,396 $123,637 $109,789 $52,549 $32,492 $134,444 $285,663 $826,970 
Term Loans By Origination Fiscal Year
June 30, 202320232022202120202019PriorRevolvingTotal
Total consumer
Risk rating
Pass$62,861 $17,913 $12,627 $8,954 $5,172 $2,847 $473 $110,847 
Special mention— — — — — — — — 
Substandard302 211 242 247 54 154 37 1,247 
Doubtful— — — — — — — — 
Loss— — — — 1 — — 1 
Total consumer$63,163 $18,124 $12,869 $9,201 $5,227 $3,001 $510 $112,095 
19

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following tables present aging analyses of past due loans (including nonaccrual loans) by segment and class for the periods indicated:
Past DueTotal Loans
30-89 Days90 Days+TotalCurrent
September 30, 2023
Commercial real estate
Construction and land development$— $— $— $352,143 $352,143 
Commercial real estate – owner occupied660 491 1,151 525,383 526,534 
Commercial real estate – non-owner occupied953 — 953 879,395 880,348 
Multifamily— — — 83,430 83,430 
Total commercial real estate1,613 491 2,104 1,840,351 1,842,455 
Commercial
Commercial and industrial1,902 828 2,730 234,636 237,366 
Equipment finance4,226 2,283 6,509 463,878 470,387 
Municipal leases297 — 297 147,524 147,821 
Total commercial6,425 3,111 9,536 846,038 855,574 
Residential real estate
Construction and land development— 132 132 103,249 103,381 
One-to-four family654 1,144 1,798 558,601 560,399 
HELOCs627 1,107 1,734 183,555 185,289 
Total residential real estate1,281 2,383 3,664 845,405 849,069 
Consumer461 232 693 112,123 112,816 
Total loans$9,780 $6,217 $15,997 $3,643,917 $3,659,914 
Past DueTotal Loans
30-89 Days90 Days+TotalCurrent
June 30, 2023
Commercial real estate
Construction and land development$— $— $— $356,674 $356,674 
Commercial real estate – owner occupied1,514 76 1,590 528,131 529,721 
Commercial real estate – non-owner occupied— — — 901,685 901,685 
Multifamily— — — 81,827 81,827 
Total commercial real estate1,514 76 1,590 1,868,317 1,869,907 
Commercial
Commercial and industrial873 403 1,276 244,152 245,428 
Equipment finance826 1,837 2,663 459,548 462,211 
Municipal leases— — — 142,212 142,212 
Total commercial1,699 2,240 3,939 845,912 849,851 
Residential real estate
Construction and land development— 132 132 109,942 110,074 
One-to-four family1,698 1,060 2,758 526,945 529,703 
HELOCs379 769 1,148 186,045 187,193 
Total residential real estate2,077 1,961 4,038 822,932 826,970 
Consumer320 288 608 111,487 112,095 
Total loans$5,610 $4,565 $10,175 $3,648,648 $3,658,823 

20

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following table presents the recorded investment in nonaccrual loans and loans past due 90 days or more and still accruing, by segment and class. It also includes interest income recognized on nonaccrual loans for the three months ended September 30, 2023.
September 30, 2023
 June 30, 2023
90 Days+ &
Still Accruing as of September 30, 2023
Nonaccrual with No ACL as of September 30, 2023
Interest Income Recognized
Commercial real estate
Construction and land development$— $23 $— $— $— 
Commercial real estate – owner occupied918 517 — — 7 
Commercial real estate – non-owner occupied953 — — 953 1 
Multifamily79 84 — — — 
Total commercial real estate1,950 624 — 953 8 
Commercial
Commercial and industrial2,606 1,222 — 382 23 
Equipment finance3,339 2,862 — — 44 
Municipal leases— 106 — — — 
Total commercial5,945 4,190 — 382 67 
Residential real estate
Construction and land development132 132 — — 4 
One-to-four family2,142 1,935 — — 23 
HELOCs1,245 957 — — 8 
Total residential real estate3,519 3,024 — — 35 
Consumer428 477 — — 38 
Total loans$11,842 $8,315 $— $1,335 $148 
The following tables present analyses of the ACL on loans by segment for the periods indicated below. In addition to the provision (benefit) for credit losses on loans presented below, provisions (benefits) of $(280) and $443 for off-balance sheet credit exposures and $0 and $(150) for commercial paper were recorded for the three months ended September 30, 2023 and 2022, respectively.
Three Months Ended September 30, 2023
Commercial Real EstateCommercialResidential Real EstateConsumerTotal
Balance at beginning of period$20,690 $15,216 $9,284 $2,003 $47,193 
Provision (benefit) for credit losses(30)2,383 260 237 2,850 
Charge-offs(290)(2,167)(27)(320)(2,804)
Recoveries1 94 31 52 178 
Net (charge-offs) recoveries(289)(2,073)4 (268)(2,626)
Balance at end of period$20,371 $15,526 $9,548 $1,972 $47,417 
Three Months Ended September 30, 2022
Commercial Real EstateCommercialResidential Real EstateConsumerTotal
Balance at beginning of period$13,414 $12,036 $7,611 $1,629 $34,690 
Provision for credit losses1,264 1,064 674 692 3,694 
Charge-offs— (274)(72)(101)(447)
Recoveries2 152 170 40 364 
Net (charge-offs) recoveries2 (122)98 (61)(83)
Balance at end of period$14,680 $12,978 $8,383 $2,260 $38,301 

21

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
In estimating ECL, ASC 326 prescribes that if foreclosure is expected, a CDA is required to be measured at the fair value of collateral, but as a practical expedient, if foreclosure is not probable, fair value measurement is optional. For those CDA loans measured at the fair value of collateral, a credit loss expense is recorded for loan amounts in excess of fair value. The following tables provide a breakdown between loans identified as CDAs and non-CDAs, by segment and class, and securing collateral, as well as collateral coverage for those loans for the periods indicated below:
Type and Extent of Collateral Securing CDAsNon-CDAs
September 30, 2023Residential PropertyInvestment PropertyCommercial PropertyBusiness AssetsTotal
Commercial real estate
Construction and land development$— $— $— $— $352,143 $352,143 
Commercial real estate – owner occupied— — 1,444 — 525,090 526,534 
Commercial real estate – non-owner occupied— — 3,999 — 876,349 880,348 
Multifamily— — — — 83,430 83,430 
Total commercial real estate— — 5,443 — 1,837,012 1,842,455 
Commercial
Commercial and industrial— — — 706 236,660 237,366 
Equipment finance— — — 342 470,045 470,387 
Municipal leases— — — — 147,821 147,821 
Total commercial— — — 1,048 854,526 855,574 
Residential real estate
Construction and land development— — — — 103,381 103,381 
One-to-four family— — — — 560,399 560,399 
HELOCs510 — — — 184,779 185,289 
Total residential real estate510 — — — 848,559 849,069 
Consumer— — — — 112,816 112,816 
Total$510 $— $5,443 $1,048 $3,652,913 $3,659,914 
Total collateral value$413 $— $9,432 $— 
Type and Extent of Collateral Securing CDAsNon-CDAs
June 30, 2023Residential PropertyInvestment PropertyCommercial PropertyBusiness AssetsTotal
Commercial real estate
Construction and land development$— $— $— $— $356,674 $356,674 
Commercial real estate – owner occupied— — 1,045 — 528,676 529,721 
Commercial real estate – non-owner occupied— — 3,018 — 898,667 901,685 
Multifamily— — — — 81,827 81,827 
Total commercial real estate— — 4,063 — 1,865,844 1,869,907 
Commercial
Commercial and industrial— — — 811 244,617 245,428 
Equipment finance— — — 342 461,869 462,211 
Municipal leases— — — — 142,212 142,212 
Total commercial— — — 1,153 848,698 849,851 
Residential real estate
Construction and land development— — — — 110,074 110,074 
One-to-four family752 — — — 528,951 529,703 
HELOCs— — — — 187,193 187,193 
Total residential real estate752 — — — 826,218 826,970 
Consumer— — — — 112,095 112,095 
Total$752 $— $4,063 $1,153 $3,652,855 $3,658,823 
Total collateral value$1,435 $— $9,202 $— 
Modifications to Borrowers Experiencing Financial Difficulty
Management identifies loans as modifications to borrowers experiencing financial difficulty when a borrower is experiencing financial difficulties and the Company has altered the cash flow of the loan as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed in accordance with the Company’s internal underwriting policy.
22

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The Company modifies loans to borrowers experiencing financial difficulty by providing principal forgiveness, a term extension, an other-than-insignificant payment delay or interest rate adjustments. In some cases, the Company provides multiple types of modifications on one loan. Typically, one type of modification, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification, such as principal forgiveness, may be granted. For loans included in the combination columns in the table below, multiple types of modifications have been made on the same loan within the current reporting period.
The starting point for the estimate of the ACL is historical loss information, which includes losses from modifications of loans to borrowers experiencing financial difficulty. As a result, the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL and a change to the ACL is generally not recorded upon modification. When principal forgiveness is provided, however, the amount of forgiveness is charged off against the ACL.
The following table presents the amortized cost basis of loans at September 30, 2023 that were both experiencing financial difficulty and modified during the three months ended September 30, 2023 by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial difficulty as compared to the amortized cost basis of each class of financing receivable is also presented.
Three Months Ended September 30, 2023
Principal ForgivenessPayment DelayTerm ExtensionInterest Rate AdjustmentCombination Term Extension & Principal ForgivenessCombination Term Extension & Interest Rate Reduction% of Total Class of Financing Receivable
Residential real estate loans
One-to-four family$— $— $162 $— $— $— — %
The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the period indicated below:
Three Months Ended September 30, 2023
Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension (Years)
Residential real estate loans
One-to-four family$— — %7.0
There were no loans that had a payment default during the three months ended September 30, 2023 that had previously been modified within the same period.
Off-Balance Sheet Credit Exposure
The Company maintains a separate reserve for credit losses on off-balance sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The reserve for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit losses in the consolidated statement of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of ECLs on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The Company has identified the unfunded portion of certain lines of credit as unconditionally cancellable credit exposures, meaning the Company can cancel the unfunded commitment at any time. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. At September 30, 2023 and June 30, 2023, the ACL on off-balance sheet credit exposures included in other liabilities was $3,277 and $3,557, respectively.
7. Deposit Accounts
Deposit accounts at the dates indicated consist of the following:
September 30, 2023
June 30, 2023
Noninterest-bearing accounts$827,362 $825,481 
NOW accounts602,804 611,105 
Money market accounts1,195,482 1,241,840 
Savings accounts202,971 212,220 
Certificates of deposit812,342 710,522 
Total$3,640,961 $3,601,168 
Deposits received from executive officers and directors and their associates totaled approximately $1,929 and $5,130 at September 30, 2023 and June 30, 2023, respectively.
23

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
As of September 30, 2023, scheduled maturities of certificates of deposit are as follows:
Fiscal year ending June 30
Remainder of 2024$684,790 
2025109,095 
20269,471 
20275,003 
20283,606 
Thereafter377 
Total$812,342 
Certificates of deposit with balances of $250 or greater totaled $121,058 and $120,666 at September 30, 2023 and June 30, 2023, respectively. Generally, deposit amounts in excess of $250 are not federally insured.
8. Borrowings
Junior Subordinated Debentures
On February 21, 2007, Quantum formed a Connecticut statutory trust, Quantum Capital Statutory Trust II (the "Trust"), which issued $11,000 of trust preferred securities that were designed to qualify as Tier I capital under Federal Reserve Board guidelines. All of the common securities of the Trust were owned by Quantum. The proceeds from the issuance of the common securities and the trust preferred securities were used by the Trust to purchase $11,341 of junior subordinated debentures of Quantum. As a result of its merger with Quantum on February 12, 2023, HomeTrust became the 100% successor owner of the Trust.
The trust preferred securities accrue and pay quarterly distributions at a floating rate of 3-month Term SOFR plus 2.20%, which was 7.60% at September 30, 2023. The Company has guaranteed distributions and other payments due on the trust preferred securities to the extent the Trust has insufficient funds with which to make the distributions and other payments. The net combined effect of all documents entered into in connection with the trust preferred securities is that the Company is liable to make the distributions and other payments required on the trust preferred securities.
The trust preferred securities are mandatorily redeemable upon maturity of the debentures on March 15, 2037, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the debentures purchased by the Trust, in whole or in part, on or after March 15, 2012. As specified in the indenture, if the debentures are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest.
Other Borrowings
Borrowings, outside of junior subordinated debt, consist of the following at the dates indicated:
September 30, 2023June 30, 2023
BalanceWeighted
Average Rate		BalanceWeighted
Average Rate
FHLB advances$130,000 5.47 %$180,000 5.19 %
FRB advances302,000 5.50 257,000 5.25 
Revolving lines of credit20,263 9.00 20,263 8.75 
Total borrowings$452,263 5.65 %$457,263 5.38 %
All qualifying one-to-four family loans, HELOCs, commercial real estate loans, and FHLB of Atlanta stock are pledged as collateral to secure outstanding FHLB advances while commercial construction, indirect auto and municipal loans are pledged as collateral to secure outstanding FRB advances. At September 30, 2023 and June 30, 2023, the Company had the ability to borrow $67,693 and $22,673, respectively, through additional FHLB advances and $62,142 and $91,316, respectively, through the unused portion of a line of credit with the FRB.
At September 30, 2023 and June 30, 2023, the Company maintained revolving lines of credit with three unaffiliated banks, the unused portions of which totaled $144,737 as of both dates. At both September 30, 2023 and June 30, 2023, HomeTrust had drawn $20,263 on a $40,000 revolving line of credit which bears interest at The Wall Street Journal prime rate plus 50 basis points, maturing on January 30, 2024, although the term may be extended for an additional year two times if no events of default have occurred.
9.    Leases
As Lessee - Operating Leases
The Company's operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at management's sole discretion. When it is reasonably certain that the Company will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's lease agreements include periodic rate adjustments for inflation. The depreciable lives of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on the Company's Consolidated Balance Sheet. The Company recognizes lease expenses for these leases over the lease term.
24

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following table presents supplemental balance sheet information related to operating leases:
September 30, 2023June 30, 2023
ROU assets (included in other assets)$10,177 $9,674 
Lease liabilities (included in other liabilities)$11,278 $10,790 
Weighted-average remaining lease terms (years)8.99.2
Weighted-average discount rate3.40 %3.32 %
The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2023:
Fiscal year ending June 30
Remainder of 2024$1,384 
20251,788 
20261,676 
20271,707 
20281,737 
Thereafter4,968 
Total undiscounted minimum lease payments13,260 
Less: amount representing interest(1,982)
Total lease liability$11,278 
The following table presents components of operating lease expense for the periods indicated:
Three Months Ended September 30,
20232022
Operating lease cost (included in occupancy expense, net)$380 $347 
Variable lease cost (included in occupancy expense, net)61 2 
Sublease income (included in other, noninterest income)(42)(57)
Total operating lease expense, net$399 $292 
As Lessee - Finance Lease
During the year ended June 30, 2023, the Company purchased the property associated with the finance lease reported historically. The Company purchased the property for $1,249, terminating the existing land lease. Prior to the purchase, interest expense on the lease liability totaled $23 for the three months ended September 30, 2022.
Supplemental lease cash flow information for the periods indicated:
Three Months Ended September 30,
2023
2022
ROU assets - noncash additions (operating leases)$846 $— 
Cash paid for amounts included in the measurement of lease liabilities (operating leases)299 315 
Cash paid for amounts included in the measurement of lease liabilities (finance leases)— 33 
As Lessor - General
The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of construction, transportation, healthcare, and manufacturing equipment. Many of its operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a fixed purchase option; and most of the leases that do not have a purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. The Company's leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease.
As Lessor - Operating Leases
Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from one to seven years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. The net book value of leased assets totaled $23,558 and $21,749 with a residual value of $13,383 and $13,267 as of September 30, 2023 and June 30, 2023, respectively.
The following table presents total equipment finance operating lease income and depreciation expense for the periods indicated:
Three Months Ended September 30,
2023
2022
Operating lease income$1,785 $1,585 
Depreciation expense1,393 1,164 
25

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The following schedule summarizes aggregate future minimum lease payments to be received at September 30, 2023:
Fiscal year ending June 30
Remainder of 2024$4,747 
20254,506 
20263,248 
2027774 
2028230 
Thereafter366 
Total of future minimum payments$13,871 
As Lessor - Financing Leases
Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment of the loan portfolio. For the three months ended September 30, 2023 and 2022, interest income on equipment finance leases totaled $995 and $758, respectively.
The lease receivable component of finance lease net investment included within the equipment finance class of financing receivables was $69,594 and $70,605 at September 30, 2023 and June 30, 2023, respectively.
The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2023:
Fiscal year ending June 30
Remainder of 2024$19,265 
202520,764 
202616,628 
202711,888 
20286,077 
Thereafter4,555 
Total undiscounted minimum lease payments79,177 
Less: amount representing interest(9,583)
Total lease receivable$69,594 
10.    Equity Incentive Plan
The Company historically provided stock-based awards through the 2013 Omnibus Incentive Plan, which provided for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, directors emeritus, officers, employees and advisory directors. On November 14, 2022, at the Company's annual meeting, stockholders approved the 2022 Omnibus Incentive Plan which provides for the same types of awards as described under the 2013 Omnibus Incentive Plan. Going forward, any future grants will be made under this plan.
The cost of equity-based awards under the 2022 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 1,000,000. Shares of common stock issued under the plan will be issued out of authorized but unissued shares, some or all of which may be repurchased shares.
The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the dates indicated below:
Three Months Ended September 30,
20232022
Share-based compensation expense$383 $567 
Tax benefit90 134 
26

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The table below presents stock option activity and related information for the three months ended September 30, 2023 and 2022:
OptionsWeighted-Average Exercise PriceRemaining Contractual Life
(Years)		Aggregate
Intrinsic
Value
Options outstanding at June 30, 2022928,870 $21.49 4.1$4,036 
Granted5,000 24.07 
Exercised(27,000)14.37 
Forfeited(400)31.35 
Options outstanding at September 30, 2022906,470 $21.71 3.9$2,633 
Exercisable at September 30, 2022729,720 $20.46 3.1$2,633 
Non-vested at September 30, 2022176,750 $26.87 7.3$— 
Options outstanding at June 30, 2023569,224 $25.69 5.1$141 
Exercised(1,500)15.80 
Forfeited(25,374)26.00 
Options outstanding at September 30, 2023542,350 $25.70 4.8$157 
Exercisable at September 30, 2023467,390 $25.40 4.4$157 
Non-vested at September 30, 202374,960 $27.58 7.7$— 
Assumptions used in estimating the fair value of options granted during the three months ended September 30, 2022 are detailed below. There were no options granted during the three months ended September 30, 2023.
September 30, 2022
Weighted-average volatility27.78 %
Expected dividend yield1.62 %
Risk-free interest rate3.11 %
Expected life (years)6.5
Weighted-average fair value of options granted$6.77 
At September 30, 2023, the Company had $428 of unrecognized compensation expense related to 74,960 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.4 years at September 30, 2023. At September 30, 2022, the Company had $800 of unrecognized compensation expense related to 176,750 stock options originally scheduled to vest over a five-year period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.4 years at September 30, 2022.
The table below presents restricted stock award activity and related information:
Restricted
Stock Awards(1)
Performance-Based Restricted
Stock Units(2)
Weighted-
Average Grant
Date Fair Value		Aggregate
Intrinsic
Value
Non-vested at June 30, 2022102,692 33,218 $27.40 $2,345 
Granted4,500 3,486 25.32 
Vested— (13,861)27.11 
Forfeited(400)— 31.35 
Non-vested at September 30, 2022106,792 22,843 $27.29 $1,943 
Non-vested at June 30, 2023108,851 37,330 $27.32 $3,054 
Granted1,000 6,165 22.91 
Vested— (18,494)22.92 
Forfeited(1,630)— 27.57 
Non-vested at September 30, 2023108,221 25,001 $27.69 $2,887 
(1)Restricted stock awards are scheduled to vest over 1.0 year for director awards and 5.0 years for employee awards.
(2)Performance-based restricted stock units are scheduled to vest over 3.0 years assuming the applicable financial goals are met.
At September 30, 2023, unrecognized compensation expense was $2,751 related to 133,222 shares of restricted stock originally scheduled to vest over three- and five-year periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.7 years at September 30, 2023. At September 30, 2022, unrecognized compensation expense was $2,490 related to 129,635 shares of restricted stock originally scheduled to vest over three- and five-year periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.6 years at September 30, 2022.
27

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
11.    Net Income per Share
The following table sets forth the computation of basic and diluted net income per common share for the periods indicated:
Three Months Ended September 30,
20232022
Numerator
Net income$14,833 $9,199 
Allocation of earnings to participating securities(117)(79)
Numerator for basic and diluted EPS - net income available to common stockholders$14,716 $9,120 
Denominator  
Weighted-average common shares outstanding - basic16,792,177 14,988,006 
Dilutive effect of assumed exercises of stock options8,724 142,756 
Weighted-average common shares outstanding - diluted16,800,901 15,130,762 
Net income per share - basic$0.88 $0.61 
Net income per share - diluted$0.88 $0.60 
Potential dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. There were 512,150 and 550,400 of stock options that were anti-dilutive for the three months ended September 30, 2023 and 2022, respectively.
12.    Commitments and Contingencies
Loan Commitments – Legally binding commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. In the normal course of business, there are various outstanding commitments to extend credit that are not reflected in the consolidated financial statements. At September 30, 2023 and June 30, 2023, respectively, loan commitments (excluding $217,115 and $220,818 of undisbursed portions of construction loans) totaled $54,160 and $86,393 of which $26,408 and $45,533 were variable rate commitments and $27,752 and $40,860 were fixed rate commitments. The fixed rate loans had interest rates ranging from 2.11% to 12.24% at September 30, 2023 and 1.74% to 11.00% June 30, 2023, and terms ranging from three to 30 years. Pre-approved but unused lines of credit (principally second mortgage home equity loans and overdraft protection loans) totaled $672,648 and $608,169 at September 30, 2023 and June 30, 2023, respectively. These amounts represent the Company's exposure to credit risk, and in the opinion of management have no more than the normal lending risk that the Company commits to its borrowers.
The Company has two types of commitments related to certain one-to-four family loans held for sale: rate lock commitments and forward loan commitments. Rate lock commitments are commitments to extend credit to a customer that has an interest rate lock and are considered derivative instruments. The rate lock commitments do not qualify for hedge accounting. In order to mitigate the risk from interest rate fluctuations, the Company enters into forward loan sale commitments such as TBAs, mandatory delivery commitments with investors, or best efforts forward sale commitments with investors. The fair value of these interest rate lock commitments was not material at September 30, 2023 or June 30, 2023.
SBIC Commitments – As of both September 30, 2023 and June 30, 2023, the Company had committed $24,000 across eight SBIC investments with $7,984 remaining to be drawn. Although the remaining capital commitments may or may not be called in the future, under the terms of the associated limited partnership agreements, the Company's exposure will not extend beyond the amount of the original commitments.
Restrictions on Cash – In response to COVID-19, the FRB reduced the reserve requirements to zero on March 15, 2020. Prior to this change the Bank was required by regulation to maintain a varying cash reserve balance with the FRB. 
Guarantees – Standby letters of credit obligate the Company to meet certain financial obligations of its customers, if, under the contractual terms of the agreement, the customers are unable to do so. The financial standby letters of credit issued by the Company are irrevocable and payment is only guaranteed upon the borrower's failure to perform its obligations to the beneficiary. Total commitments under standby letters of credit as of September 30, 2023 and June 30, 2023 were $54,242 and $35,007, respectively. There was no liability recorded for these letters of credit at September 30, 2023 or June 30, 2023.
Litigation – From time to time, the Company is involved in litigation matters in the ordinary course of business. These proceedings and the associated legal claims are often contested, and the outcome of individual matters is not always predictable. These claims and counter claims typically arise during the course of collection efforts on problem loans or with respect to actions to enforce liens on properties in which the Company holds a security interest. The Company is not a party to any pending legal proceedings that management believes would have a material adverse effect on the Company’s financial condition or results of operations.
13.    Fair Value of Financial Instruments
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
Level 1:    Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
28

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
Level 2:    Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3:    Significant unobservable inputs that reflect a company's own assumptions about the assumptions that market participants would use in pricing an asset or liability.
A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following is a description of valuation methodologies used for assets recorded at fair value. As of both September 30, 2023 and June 30, 2023, the Company did not have any liabilities recorded at fair value.
The methods of determining the fair value of assets and liabilities presented in this note are consistent with the methodologies disclosed in Note 20 of the 2023 Form 10-K.
Financial Assets Recorded at Fair Value
The following table presents financial assets measured at fair value on a recurring basis at the dates indicated:
September 30, 2023
TotalLevel 1Level 2Level 3
Debt securities available for sale
U.S. government agencies$14,908 $— $14,908 $— 
MBS, residential97,351 — 97,351 — 
Municipal bonds3,352 — 3,352 — 
Corporate bonds18,737 — 18,737 — 
Total debt securities available for sale$134,348 $— $134,348 $— 
Loans held for sale$4,616 $— $4,616 $— 
June 30, 2023
TotalLevel 1Level 2Level 3
Debt securities available for sale
U.S. government agencies$14,714 $— $14,714 $— 
MBS, residential107,414 — 107,414 — 
Municipal bonds3,388 — 3,388 — 
Corporate bonds26,410 — 26,410 — 
Total debt securities available for sale$151,926 $— $151,926 $— 
Loans held for sale$6,947 $— $6,947 $— 
Debt securities available for sale are valued on a recurring basis at quoted market prices where available. If quoted market prices are not available, fair values are based on quoted prices of comparable securities. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange or U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include MBS and debentures issued by GSEs, municipal bonds, and corporate debt securities. The Company has no Level 3 securities.
Loans held for sale carried at fair value are valued at the individual loan level using quoted secondary market prices.
There were no transfers between levels during the three months ended September 30, 2023 or June 30, 2023.
The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated, all of which are considered collateral dependent:
September 30, 2023
TotalLevel 1Level 2Level 3
Commercial real estate
Commercial real estate – owner occupied$441 $— $— $441 
Residential real estate loans
HELOCs413 — — 413 
Total$854 $— $— $854 
June 30, 2023
TotalLevel 1Level 2Level 3
Commercial real estate loans
Commercial real estate – owner occupied$364 $— $— $364 
Commercial loans
Commercial and industrial167 — — 167 
Total$531 $— $— $531 
29

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
A loan is considered to be collateral dependent when, based on current information and events, the Company expects repayment of the financial assets to be provided substantially through the operation or sale of the collateral and the Company has determined that the borrower is experiencing financial difficulty as of the measurement date. For real estate loans, the fair value of the loan's collateral is determined by a third party appraisal, which is then adjusted for the estimated selling and closing costs related to liquidation of the collateral (typically ranging from 8% to 12% of the appraised value). For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. Additional discounts of 5% to 15% may be applied depending on the age of the appraisals. The unobservable inputs may vary depending on the individual asset with no one of the three methods being the predominant approach. For non-real estate loans, the fair value of the loan's collateral may be determined using an appraisal, net book value per the borrower's financial statements, or aging reports, adjusted or discounted based on management's historical knowledge, changes in market conditions from the time of the valuation, and management's expertise and knowledge of the customer and customer's business.
The stated carrying value and estimated fair value amounts of financial instruments as of September 30, 2023 and June 30, 2023, are summarized below:
 September 30, 2023
Carrying
Value		Fair
Value		Level 1Level 2Level 3
Assets
Cash and cash equivalents$325,014 $325,014 $325,014 $— $— 
Certificates of deposit in other banks35,380 35,380 — 35,380 — 
Debt securities available for sale, at fair value134,348 134,348 — 134,348 — 
FHLB and FRB stock19,612 N/AN/AN/AN/A
SBIC investments, at cost14,586 14,586 — — 14,586 
Loans held for sale, at fair value4,616 4,616 4,616 — — 
Loans held for sale, at the lower of cost or fair value200,834 203,333 — — 203,333 
Loans, net3,612,497 3,436,553 — — 3,436,553 
Accrued interest receivable16,513 16,513 283 482 15,748 
Liabilities
Noninterest-bearing and NOW deposits1,430,166 1,430,166 — 1,430,166 — 
Money market accounts1,195,482 1,195,482 — 1,195,482 — 
Savings accounts202,971 202,971 — 202,971 — 
Certificates of deposit812,342 805,646 — 805,646 — 
Junior subordinated debt9,995 9,864 — 9,864 — 
Borrowings452,263 452,239 — 452,239 — 
Accrued interest payable6,093 6,093 — 6,093 — 
 June 30, 2023
Carrying
Value		Fair
Value		Level 1Level 2Level 3
Assets
Cash and cash equivalents$303,497 $303,497 $303,497 $— $— 
Certificates of deposit in other banks33,152 33,152 — 33,152 — 
Debt securities available for sale, at fair value151,926 151,926 — 151,926 — 
FHLB and FRB stock20,208 N/AN/AN/AN/A
SBIC investments, at cost14,927 14,927 — — 14,927 
Loans held for sale, at fair value6,947 6,947 6,947 — — 
Loans held for sale, at the lower of cost or fair value161,703 163,874 — — 163,874 
Loans, net3,611,630 3,455,390 — — 3,455,390 
Accrued interest receivable14,829 14,829 99 410 14,320 
Liabilities
Noninterest-bearing and NOW deposits1,436,586 1,436,586 — 1,436,586 — 
Money market accounts1,241,840 1,241,840 — 1,241,840 — 
Savings accounts212,220 212,220 — 212,220 — 
Certificates of deposit710,522 701,965 — 701,965 — 
Junior subordinated debt9,971 9,746 — 9,746 — 
Borrowings457,263 457,213 — 457,213 — 
Accrued interest payable3,537 3,537 — 3,537 — 
30

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
The Company had off-balance sheet financial commitments, which included approximately $998,165 and $950,387 of commitments to originate loans, undisbursed portions of construction loans, unused lines of credit, and standby letters of credit at September 30, 2023 and June 30, 2023, respectively (see "Note 12 – Commitments and Contingencies"). Since these commitments are based on current rates, the carrying amount approximates the fair value.
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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain matters in this Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions and are generally identified by use of the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements.
The factors that could result in material differentiation include, but are not limited to:
•the impact of bank failures or adverse developments of other banks and related negative press about the banking industry in general on investor and depositor sentiment;
•the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in our market areas;
•expected revenues, cost savings, synergies and other benefits from our merger and acquisition activities, including our recent merger with Quantum, might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred;
•the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write offs and changes in our ACL and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets;
•changes in general economic conditions, either nationally or in our market areas;
•changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources and the effects of inflation or a potential recession;
•the transition from LIBOR to new interest rate benchmarks;
•fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas;
•decreases in the secondary market for the sale of loans that we originate;
•results of examinations of us by the Federal Reserve, the NCCOB, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings;
•legislative or regulatory changes that adversely affect our business including the effects of the Dodd-Frank Act, changes in laws or regulations, changes in regulatory policies and principles or the application or interpretation of laws and regulations by regulatory agencies and tax authorities, including changes in deferred tax asset and liability activity, or the interpretation of regulatory capital or other rules, including as a result of Basel III;
•our ability to attract and retain deposits;
•our ability to access cost-effective funding and maintain sufficient liquidity;
•management's assumptions in determining the adequacy of the ACL;
•our ability to control operating costs and expenses, especially costs associated with our operation as a public company;
•the use of estimates in determining the fair value of certain assets, which estimates may prove to be incorrect and result in significant declines in valuation;
•difficulties in reducing risks associated with the loans on our balance sheet;
•staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges;
•disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions;
•our ability to retain key members of our senior management team;
•costs and effects of litigation, including settlements and judgments;
•increased competitive pressures among financial services companies;
•changes in consumer spending, borrowing and savings habits;
•the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions;
•adverse changes in the securities markets;
•inability of key third-party providers to perform their obligations to us;
•changes in accounting principles, policies or guidelines and practices, as may be adopted by the financial institution regulatory agencies, the Public Company Accounting Oversight Board or the FASB;
•other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services including the CARES Act; and
•other risks detailed from time to time in our filings with the SEC, including this Form 10-Q.
Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements included in this report or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur and you should not put undue reliance on any forward-looking statements.
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As used throughout this report, the terms “we,” “our,” “us,” “HomeTrust Bancshares” or the “Company” refer to HomeTrust Bancshares, Inc. and its consolidated subsidiaries, including HomeTrust Bank (“HomeTrust” or "Bank") unless the context indicates otherwise.
Overview
HomeTrust Bancshares, Inc., a Maryland corporation, was formed for the purpose of becoming the holding company for HomeTrust Bank in connection with the Bank’s conversion from mutual to stock form, which was completed on July 10, 2012. As a bank holding company and financial holding company, we are regulated by the Federal Reserve. The Company has not engaged in any significant activity other than holding the stock of the Bank. As a North Carolina state-chartered bank, and member of the FRB, the Bank's primary regulators are the NCCOB and the Federal Reserve. The Bank's deposits are federally insured up to applicable limits by the FDIC. The Bank is a member of the FHLB of Atlanta, which is one of the 11 regional banks in the FHLB System. Our headquarters is located in Asheville, North Carolina.
The Bank has more than 30 locations across Georgia, North Carolina, South Carolina, Tennessee, and Virginia, many of which are located in markets experiencing growth rates above the national average. Historically, our branches and facilities have primarily been located in small- to medium-sized communities, but in recent years we have implemented a strategy of expanding into larger, higher growth markets via business banking centers rather than retail-focused branches.
Our principal business consists of attracting deposits from the general public and investing those funds, along with borrowed funds, in commercial real estate loans, construction and development loans, commercial and industrial loans, equipment finance leases, municipal leases, loans secured by first and second mortgages on one-to-four family residences including home equity and other consumer loans. We also originate one-to-four family loans, SBA loans, and HELOCs to sell to third parties. In addition, we invest in debt securities issued by United States Government agencies and GSEs, corporate bonds, commercial paper, and certificates of deposit in other banks insured by the FDIC. We offer a variety of deposit accounts for individuals, businesses, and nonprofit organizations.
Our primary source of pre-tax income is net interest income. Net interest income is the difference between interest income, which is the income that we earn on our loans and investments, and interest expense, which is the interest that we pay on our deposits and borrowings. Changes in levels of interest rates affect our net interest income. A secondary source of income is noninterest income, which includes revenue we receive from providing products and services, including service charges and fees on deposit accounts, loan income and fees, gains on the sale of loans held for sale, BOLI income, and operating lease income.
An offset to net interest income is the provision for credit losses to establish the ACL at a level that provides for ECLs inherent in our loan portfolio, off balance sheet credit commitments, and available for sale debt securities. See "Note 1 – Summary of Significant Accounting Policies" in Item 1 of our 2023 Form 10-K for further discussion, and "Note 2 – Recent Accounting Pronouncements" in this Quarterly Report on Form 10-Q for further discussion of our adoption of ASU 2022-02.
Our noninterest expenses consist primarily of salaries and employee benefits, occupancy expenses, marketing and computer services, and FDIC deposit insurance premiums. Salaries and benefits consist primarily of the salaries and wages paid to our employees, payroll taxes, expenses for retirement, and other employee benefits. Occupancy expenses, which are the fixed and variable costs of buildings and equipment, consist primarily of lease payments, property taxes, depreciation charges, maintenance, and costs of utilities.
Critical Accounting Policies and Estimates
Certain of our accounting policies are important to the portrayal of our financial condition, since they require management to make difficult, complex, or subjective judgments, some of which may relate to matters that are inherently uncertain. Estimates associated with these policies are susceptible to material changes as a result of changes in facts and circumstances which could include, but are not limited to, changes in interest rates, changes in the performance of the economy, and changes in the financial condition of borrowers. The following represent our critical accounting policies:
Allowance for Credit Losses, or ACL, on Loans. The ACL on loans held for investment reflects our estimate of credit losses that will result from the inability of our borrowers to make required loan payments. We charge off loans against the ACL and subsequent recoveries, if any, increase the ACL when they are recognized. We use a systematic methodology to determine our ACL for loans held for investment and certain off-balance-sheet credit exposures. The ACL on loans held for investment is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. We consider the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The estimate of our ACL on loans held for investment involves a high degree of judgment; therefore, our process for determining ECLs may result in a range of ECLs. Our ACL recorded in the balance sheet reflects our best estimate within the range of ECLs. We recognize in net income the amount needed to adjust the ACL on loans held for investment and certain off-balance-sheet credit exposures for management’s current estimate of ECLs. Our ACL on loans held for investment is calculated using collectively evaluated and individually evaluated loans.
Business Combinations, Core Deposit Intangible and Acquired Loans. ASC 805 requires that we use the acquisition method of accounting for all business combinations. The acquisition method of accounting requires us as the acquirer to recognize the fair value of assets acquired and liabilities assumed at the acquisition date, as well as, recognize goodwill or a gain from a bargain purchase, if appropriate. Any acquisition-related costs and restructuring costs are recognized as period expenses as incurred.
The primary identifiable intangible asset we typically record in connection with a whole bank or branch acquisition is the value of the core deposit intangible which represents the estimated value of the long-term deposit relationships acquired in the transaction. Determining the amount of identifiable intangible assets and their average lives involves multiple assumptions and estimates and is typically determined by performing a DCF analysis, which involves a combination of any or all of the following assumptions: customer attrition/runoff, alternative funding costs, deposit servicing costs, and discount rates. The core deposit intangibles are amortized using an accelerated method over the estimated useful lives of the related deposits, typically between five and 10 years. We review identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
The fair value for acquired loans at the time of acquisition is based on a variety of factors including discounted expected cash flows, adjusted for estimated prepayments and credit losses. In accordance with ASC 326, the fair value adjustment is recorded as premium or discount to the
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unpaid principal balance of each acquired loan. Loans that have been identified as having experienced a more-than-insignificant deterioration in credit quality since origination are PCD loans. An ACL on PCD loans is established at the time of acquisition as part of the purchase accounting adjustments, while the remaining net premium or discount is accreted or amortized into interest income over the remaining life of the loan using the level yield method. The net premium or discount on non-PCD loans, that includes credit quality and interest rate considerations, is accreted or amortized into interest income over the remaining life of the loan using the level yield method. The Company then records the necessary ACL on the non-PCD loans through provision for credit losses expense.
Goodwill. We review goodwill for potential impairment on an annual basis during the last quarter of the fiscal year, or more often if events or circumstances indicate there may be impairment. In testing goodwill for impairment, we have the option to assess either qualitative or quantitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. Under the quantitative impairment test, the evaluation involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. If the estimated fair value of a reporting unit equals or exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value exceeds estimated fair value an impairment charge is recognized for the difference, but limited by the amount of goodwill allocated to that reporting unit.
Financial Highlights
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 EPS was $0.88 compared to $0.90;
•annualized ROA was 1.33% compared to 1.39%;
•annualized 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 BOLI 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.
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
Interest and dividend income$61,865 $59,131 
Interest expense19,705 15,235 
Net interest income42,160 43,896 
Provision for credit losses 2,570 405 
Net interest income after provision for credit losses39,590 43,491 
Noninterest income8,627 6,888 
Noninterest expense29,564 30,911 
Income before income taxes18,653 19,468 
Income tax expense3,820 4,455 
Net income$14,833 $15,013 
Net income per common share(1)
Basic$0.88 $0.91 
Diluted0.88 0.90 
Cash dividends declared per common share0.10 0.10 
Book value per share at end of period27.87 27.13 
Tangible book value per share at end of period(2)
25.47 24.69 
Market price per share at end of period21.67 20.89 
(1)Basic and diluted net income per common share have been prepared in accordance with the two-class method.
(2)See Non-GAAP reconciliations below for adjustments.
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GAAP Reconciliation of Non-GAAP Financial Measures
We believe the non-GAAP financial measures included within this report provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with US GAAP; however, we acknowledge that our non-GAAP financial measures have a number of limitations. The following reconciliation tables provide detailed analyses of these non-GAAP financial measures.
Set forth below is a reconciliation to US GAAP of tangible book value and tangible book value per share:
As of
(Dollars in thousands, except per share data)September 30, 2023June 30, 2023
Total stockholders' equity$484,411 $471,186 
Less: goodwill, core deposit intangibles, net of taxes41,748 42,410 
Tangible book value$442,663 $428,776 
Common shares outstanding17,380,307 17,366,673 
Book value per share$27.87 $27.13 
Tangible book value per share$25.47 $24.69 
Set forth below is a reconciliation to US GAAP of tangible equity to tangible assets:
As of
(Dollars in thousands)September 30, 2023June 30, 2023
Tangible equity(1)
$442,663 $428,776 
Total assets4,651,997 4,607,487 
Less: goodwill, core deposit intangibles, net of taxes41,748 42,410 
Total tangible assets$4,610,249 $4,565,077 
Tangible equity to tangible assets9.60 %9.39 %
(1)Tangible equity (or tangible book value) is equal to total stockholders' equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.
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Comparison of Results of Operations for the Three Months Ended September 30, 2023 and June 30, 2023
Net Income.  Net income totaled $14.8 million, or $0.88 per diluted share, for the three months ended September 30, 2023 compared to net income of $15.0 million, or $0.90 per diluted share, for the three months ended June 30, 2023, a decrease of $179,000, or 1.2%. The results for the three months ended September 30, 2023 were negatively impacted by an increase of $2.2 million in the provision for credit losses and a decrease of $1.7 million in net interest income, partially offset by a $1.7 million increase in noninterest income and a $1.3 million decrease in noninterest expense. Details of the changes in the various components of net income are further discussed below.
Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.
 Three Months Ended
 September 30, 2023
June 30, 2023
(Dollars in thousands)Average
Balance
Outstanding		Interest
Earned /
Paid		Yield /
Rate		Average
Balance
Outstanding		Interest
Earned /
Paid		Yield /
Rate
Assets
Interest-earning assets
Loans receivable(1)
$3,865,502$58,496 6.00 %$3,769,449$56,122 5.97 %
Debt securities available for sale146,8771,259 3.40 164,1051,338 3.27 
Other interest-earning assets(2)
148,3862,110 5.64 138,4201,671 4.84 
Total interest-earning assets4,160,76561,865 5.90 4,071,97459,131 5.82 
Other assets276,210270,410
Total assets$4,436,975$4,342,384
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts$597,856$1,117 0.74 %$639,250$1,148 0.72 %
Money market accounts1,222,3727,726 2.51 1,261,5906,539 2.08 
Savings accounts207,48946 0.09 217,99749 0.09 
Certificate accounts789,6687,540 3.79 641,2564,926 3.08 
Total interest-bearing deposits2,817,38516,429 2.31 2,760,09312,662 1.84 
Junior subordinated debt9,979236 9.38 9,954218 8.78 
Borrowings208,1573,040 5.79 169,1342,355 5.58 
Total interest-bearing liabilities3,035,52119,705 2.58 2,939,18115,235 2.08 
Noninterest-bearing deposits861,788879,303
Other liabilities58,51355,268
Total liabilities3,955,8223,873,752
Stockholders' equity481,153468,632
Total liabilities and stockholders' equity$4,436,975$4,342,384
Net earning assets$1,125,244$1,132,793
Average interest-earning assets to average interest-bearing liabilities137.07 %138.54 %
Non-tax-equivalent
Net interest income$42,160 $43,896 
Interest rate spread3.32 %3.74 %
Net interest margin(3)
4.02 %4.32 %
Tax-equivalent(4)
Net interest income$42,475 $44,194 
Interest rate spread3.35 %3.77 %
Net interest margin(3)
4.05 %4.35 %
(1)Average loans receivable balances include loans held for sale and nonaccruing loans.
(2)Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
(3)Net interest income divided by average interest-earning assets.
(4)Tax-equivalent results include adjustments to interest income of $315 and $298 for the three months ended September 30, 2023 and June 30, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the three months ended September 30, 2023 increased $2.7 million, or 4.6%, compared to the three months ended June 30, 2023, which was driven by a $2.4 million, or 4.2%, increase in interest income on loans. Accretion income on acquired loans of $378,000 and $973,000 was recognized during the same periods, respectively, and was included in interest income on loans.
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Total interest expense for the three months ended September 30, 2023 increased $4.5 million, or 29.3%, compared to the three months ended June 30, 2023. The increase was the result of both increases in the average cost of funds across funding sources and an increase in average deposits and borrowings outstanding.
The following table shows the effects that changes in average balances (volume), including differences in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:
Increase / (Decrease)
Due to		Total
Increase /
(Decrease)
(Dollars in thousands)VolumeRate
Interest-earning assets
Loans receivable$2,066 $308 $2,374 
Debt securities available for sale(127)48 (79)
Other interest-earning assets143 296 439 
Total interest-earning assets2,082 652 2,734 
Interest-bearing liabilities
Interest-bearing checking accounts(62)31 (31)
Money market accounts(119)1,306 1,187 
Savings accounts(2)(1)(3)
Certificate accounts1,222 1,392 2,614 
Junior subordinated debt3 15 18 
Borrowings576 109 685 
Total interest-bearing liabilities1,618 2,852 4,470 
Decrease in net interest income$(1,736)
Provision for Credit Losses.  The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the ACL at an appropriate level under the current expected credit losses model.
The following table presents a breakdown of the components of the provision for credit losses:
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
$ Change% Change
Provision for credit losses
Loans$2,850 $910 $1,940 213 %
Off-balance-sheet credit exposure(280)(505)225 45 
Total provision for credit losses$2,570 $405 $2,165 535 %
For the quarter ended September 30, 2023, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.6 million during the quarter:
•$0.2 million benefit driven by changes in the loan mix.
•$0.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$0.3 million increase in specific reserves on individually evaluated credits.
For the quarter ended June 30, 2023, the "loans" portion of the provision for credit losses was primarily the result of the following, offset by net charge-offs of $1.2 million during the quarter:
•$0.1 million provision driven by changes in the loan mix.
•$0.3 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
•$0.1 million decrease in specific reserves on individually evaluated credits.
For the quarters ended September 30, 2023 and June 30, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

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Noninterest Income.  Noninterest income for the three months ended September 30, 2023 increased $1.7 million, or 25.2%, when compared to the quarter ended June 30, 2023. Changes in the components of noninterest income are discussed below:
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
$ Change% Change
Noninterest income
Service charges and fees on deposit accounts$2,318 $2,393 $(75)(3)%
Loan income and fees559 792 (233)(29)
Gain on sale of loans held for sale1,293 1,109 184 17 
BOLI income1,749 573 1,176 205 
Operating lease income1,785 1,225 560 46 
Gain on sale of premises and equipment— 82 (82)(100)
Other923 714 209 29 
Total noninterest income$8,627 $6,888 $1,739 25 %
•Loan income and fees: The decrease in loan income and fees was due to a $308,000 reduction in prepayment penalties quarter over quarter.
•Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by HELOCs sold during the period. During the quarter ended September 30, 2023, there were $31.2 million of HELOCs sold for a gain of $197,000 compared to no HELOCs sold in the prior quarter. There were $20.3 million of residential mortgage loans originated for sale which were sold during the current quarter with gains of $251,000 compared to $22.0 million sold with gains of $236,000 in the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline contributed an additional $158,000 and $152,000 in income in the same periods, respectively. Lastly, there were $12.4 million in sales of the guaranteed portion of SBA commercial loans with gains of $687,000 for the quarter ended September 30, 2023, compared to $12.1 million sold and gains of $721,000 for the quarter ended June 30, 2023.
•BOLI income: The increase in BOLI income was due to a $1.1 million tax-free gain on death benefit proceeds in excess of the cash surrender value of the policies. No such gains were recognized in the prior quarter.
•Operating lease income: The increase in operating lease income was the result of higher contractual earnings as well as gains or losses incurred at the end of operating leases, where we recognized a net gain of $51,000 at the end of operating leases for the quarter ended September 30, 2023 versus a net loss of $279,000 for the quarter ended June 30, 2023.
Noninterest Expense.  Noninterest expense for the three months ended September 30, 2023 decreased $1.3 million, or 4.4%, when compared to the three months ended June 30, 2023. Changes in the components of noninterest expense are discussed below:
Three Months Ended
(Dollars in thousands)
September 30, 2023
June 30, 2023
$ Change% Change
Noninterest expense
Salaries and employee benefits$16,514 $16,676 $(162)(1)%
Occupancy expense, net2,489 2,600 (111)(4)
Computer services3,173 3,302 (129)(4)
Telephone, postage and supplies652 677 (25)(4)
Marketing and advertising487 696 (209)(30)
Deposit insurance premiums717 549 168 31 
Core deposit intangible amortization859 859 — — 
Other4,673 5,552 (879)(16)
Total noninterest expense$29,564 $30,911 $(1,347)(4)%
•Marketing and advertising: The decrease in marketing and advertising was due to changes in media and product campaign spending quarter over quarter.
•Deposit insurance premiums: The increase in deposit insurance premiums was due to an increase in the rates the Company is charged for deposit insurance as well as growth in the assessment base.
•Other: The decrease was primarily the result of $552,000 in fraud losses recorded during the prior quarter versus a $16,000 net recovery of previously recorded losses in the current quarter.
Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, the amount of tax-exempt income, changes in the statutory rate, and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2023 and June 30, 2023 were 20.5% and 22.9%, respectively. The decline in the effective tax rate was primarily driven by the tax-free gain on BOLI death benefit proceeds in addition to other changes in permanent book/tax differences.
Comparison of Financial Condition at September 30, 2023 and June 30, 2023
General.  Total assets increased by $44.5 million to $4.7 billion and total liabilities increased by $31.3 million to $4.2 billion, respectively, at September 30, 2023 as compared to June 30, 2023. The majority of these changes were the result of increases in deposits, which, combined with maturing investments, were used to fund growth in loans held for sale and provide additional liquidity.
Cash and Cash Equivalents.  Total cash and cash equivalents increased $21.5 million, or 7.1%, to $325.0 million at September 30, 2023 from $303.5 million at June 30, 2023.
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Debt Securities Available for Sale.  Debt securities available for sale decreased $17.6 million, or 11.6%, to $134.3 million at September 30, 2023 from $151.9 million at June 30, 2023. This decrease was a result of maturing investments which were used to provide additional liquidity rather than being reinvested in other securities.
Loans Held for Sale. Loans held for sale increased $36.8 million, or 21.8%, to $205.5 million at September 30, 2023 from $168.7 million at June 30, 2023. This was driven by an increase of $47.0 million, or 35.4%, in HELOCs held for sale, partially offset by a $7.9 million, or 27.3%, decrease in SBA loans held for sale and a $2.3 million, or 33.6% decrease in mortgage loans held for sale.
Loans, Net of Deferred Loan Fees and Costs.  Total loans increased $1.1 million, or 0.0%, to $3.7 billion at September 30, 2023. The following table illustrates the changes within the portfolio:
As ofChangePercent of Total
September 30, 2023June 30, 2023September 30, 2023June 30, 2023
(Dollars in thousands)$%
Commercial real estate loans
Construction and land development$352,143 $356,674 $(4,531)(1)%10 %10 %
Commercial real estate – owner occupied526,534 529,721 (3,187)(1)14 15 
Commercial real estate – non-owner occupied880,348 901,685 (21,337)(2)24 25 
Multifamily83,430 81,827 1,603 2 2 2 
Total commercial real estate loans1,842,455 1,869,907 (27,452)(1)50 52 
Commercial loans
Commercial and industrial237,366 245,428 (8,062)(3)7 7 
Equipment finance470,387 462,211 8,176 2 13 13 
Municipal leases147,821 142,212 5,609 4 4 4 
Total commercial loans855,574 849,851 5,723 1 24 24 
Residential real estate loans
Construction and land development103,381 110,074 (6,693)(6)3 3 
One-to-four family560,399 529,703 30,696 6 15 14 
HELOCs185,289 187,193 (1,904)(1)5 5 
Total residential real estate loans849,069 826,970 22,099 3 23 22 
Consumer loans112,816 112,095 721 1 3 2 
Total loans, net of deferred loan fees and costs$3,659,914 $3,658,823 $1,091 — %100 %100 %
Asset Quality. Nonperforming assets, made up entirely of nonaccrual loans for both periods, increased by $3.5 million, or 42.4%, to $11.8 million, or 0.25% of total assets, at September 30, 2023 compared to $8.3 million, or 0.18% of total assets, at June 30, 2023. Nonperforming loans to total loans was 0.32% at September 30, 2023 and 0.23% at June 30, 2023.
The ratio of classified assets to total assets increased to 0.76% at September 30, 2023 from 0.53% at June 30, 2023 as classified assets increased $10.7 million, or 43.7%, to $35.2 million at September 30, 2023 compared to $24.5 million at June 30, 2023. The increase was primarily due to a single commercial real estate non-owner occupied relationship which totaled approximately $9.0 million.
Our individually evaluated loans are comprised of loans meeting certain dollar thresholds and those on nonaccrual status, and may be evaluated for reserve purposes using either the cash flow or collateral valuation method. As of September 30, 2023, there was $7.3 million in loans individually evaluated compared to $6.8 million at June 30, 2023.
Allowance for Credit Losses on Loans.  The ACL on loans was $47.4 million, or 1.30% of total loans, at September 30, 2023 compared to $47.2 million, or 1.29% of total loans, as of June 30, 2023. The drivers of this change are discussed in the "Comparison of Results of Operations for the Three Months Ended September 30, 2023 and June 30, 2023 – Provision for Credit Losses" section above.
Net loan charge-offs totaled $2.6 million, or 0.27% as a percent of average loans, for the three months ended September 30, 2023 compared to $1.2 million, or 0.13% as a percentage of average loans, for the three months ended June 30, 2023. The charge-offs recognized the past two quarters have been concentrated in our equipment finance and SBA portfolios, with the increase quarter-over-quarter being driven by the SBA portfolio.
Other Assets. Other assets increased $3.4 million, or 6.3%, to $56.5 million at September 30, 2023 from $53.1 million at June 30, 2023. The increase was primarily driven by the change in taxes receivable/payable.
39

Deposits.  The following table summarizes the composition of our deposit portfolio as of the dates indicated:
(Dollars in thousands)September 30, 2023June 30, 2023$ Change% Change
Core deposits
Noninterest-bearing accounts$827,362 $825,481 $1,881 — %
NOW accounts602,804 611,105 (8,301)(1)
Money market accounts1,195,482 1,241,840 (46,358)(4)
Savings accounts202,971 212,220 (9,249)(4)
Total core deposits2,828,619 2,890,646 (62,027)(2)
Certificates of deposit812,342 710,522 101,820 14 
Total$3,640,961 $3,601,168 $39,793 1 %
The following bullet points provide further information regarding the composition of our deposit portfolio as of September 30, 2023:
•Total deposits increased $39.8 million, or 1.1%, during the quarter.
•The balance of uninsured deposits was $962.7 million, or 26.4% of total deposits, which included $294.8 million of collateralized deposits to municipalities.
•The balance of brokered deposits was $328.0 million, or 9.0% of total deposits.
•Commercial and consumer depositors represented 51% and 49% of total deposits, respectively.
•The average balance of our deposit accounts was $33,000.
•Our largest 25 depositors made up $541.9 million, or 15.0% of total deposits.
Liquidity Management
Management maintains a liquidity position that it believes will adequately provide for funding of loan demand and deposit run-off that may occur in the normal course of business. We rely on a number of different sources in order to meet our potential liquidity demands. The primary sources are increases in deposit accounts, wholesale borrowings, and cash flows from loan payments and the securities portfolio.
In addition to these primary sources of funds, management has several secondary sources available to meet potential funding requirements. All qualifying one-to-four family loans, HELOCs, commercial real estate loans, and FHLB of Atlanta stock are pledged as collateral to secure outstanding FHLB advances while commercial construction, indirect auto, and municipal leases are pledged as collateral to secure outstanding FRB advances. At September 30, 2023, the Company had the ability to borrow $67.7 million through FHLB advances and $62.1 million through the unused portion of a line of credit with the FRB. At this same date, the Company maintained revolving lines of credit with three unaffiliated banks, the unused portion of which totaled $144.7 million. One of these revolving lines of credit is a $40.0 million line on which HomeTrust had drawn $20.3 million, bearing interest at The Wall Street Journal prime rate plus 50 basis points, maturing on January 30, 2024, although the term may be extended for an additional year two times if no events of default have occurred.
Additionally, we classify our securities portfolio as available for sale, providing an additional source of liquidity. Management believes that our securities portfolio is of high quality and short duration, and would therefore be readily marketable. In addition, we have historically sold fixed-rate mortgage loans in the secondary market to reduce interest rate risk and to create still another source of liquidity. From time to time we also utilize brokered time deposits to supplement our other sources of funds. Brokered time deposits are obtained by utilizing an outside broker that is paid a fee. This funding requires advance notification to structure the type of deposit desired by us. Brokered deposits can vary in term from one month to several years and have the benefit of being a source of longer-term funding. We also utilize brokered deposits to help manage interest rate risk by extending the term to repricing of our liabilities, enhance our liquidity, and fund asset growth. Brokered deposits are typically from outside our primary market areas, and our brokered deposit levels may vary from time to time depending on competitive interest rate conditions and other factors. At September 30, 2023, brokered deposits totaled $328.0 million, or 9.0% of total deposits.
Liquidity management is both a daily and long-term function of business management. Excess liquidity is generally invested in short-term investments, such as overnight deposits and federal funds. On a longer term basis, we maintain a strategy of investing in various lending products and debt securities, including MBS. On a stand-alone basis we are a separate legal entity from the Bank and must provide for our own liquidity and pay our own operating expenses. Our primary source of funds consists of dividends or capital distributions from the Bank, although there are regulatory restrictions on the ability of the Bank to pay dividends. At September 30, 2023, we (on an unconsolidated basis) had liquid assets of $1.1 million.
At the Bank level, we use our sources of funds primarily to meet our ongoing commitments, pay maturing deposits and fund withdrawals, and fund loan commitments. At September 30, 2023, the total approved loan commitments and unused lines of credit outstanding amounted to $271.3 million and $672.6 million, respectively, as compared to $307.2 million and $608.2 million as of June 30, 2023. Certificates of deposit scheduled to mature in one year or less at September 30, 2023 totaled $791.2 million. It is management's policy to manage deposit rates that are competitive with other local financial institutions. Based on this management strategy, we believe that a majority of maturing deposits will remain with us.
Off-Balance Sheet Activities
In the normal course of operations, we engage in a variety of financial transactions that are not recorded in our financial statements, mainly to manage customers' requests for funding. These transactions primarily take the form of loan commitments and lines of credit and involve varying degrees of off-balance sheet credit, interest rate, and liquidity risks. For further information, see "Note 12 – Commitments and Contingencies" in this Quarterly Report on Form 10-Q.
40

Capital Resources
HomeTrust Bancshares, Inc. is a bank holding company subject to regulation by the Federal Reserve. As a bank holding company, we are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, as amended and the regulations of the Federal Reserve. Our subsidiary, the Bank, an FDIC-insured, North Carolina state-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB and NCCOB and is subject to minimum capital requirements applicable to state member banks established by the Federal Reserve that are calculated in a manner similar to those applicable to bank holding companies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly discretionary actions by bank regulators that, if undertaken, could have a direct material effect on the Company's financial statements.
Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.
At September 30, 2023, HomeTrust Bancshares, Inc. and the Bank each exceeded all regulatory capital requirements. Consistent with our goals to operate a sound and profitable organization, our policy is for the Bank to maintain a “well-capitalized” status under the regulatory capital categories of the Federal Reserve. The Bank was categorized as "well-capitalized" under applicable regulatory requirements as of September 30, 2023.
HomeTrust Bancshares, Inc.'s and the Bank's actual and required minimum capital amounts and ratios are as follows:
 Regulatory Requirements
ActualMinimum for Capital
Adequacy Purposes		Minimum to Be
Well Capitalized
(Dollars in thousands)AmountRatioAmountRatioAmountRatio
HomeTrust Bancshares, Inc.
September 30, 2023
CET1 Capital (to risk-weighted assets)$449,746 10.89 %$185,864 4.50 %$268,470 6.50 %
Tier I Capital (to total adjusted assets)459,741 10.44 176,072 4.00 220,091 5.00 
Tier I Capital (to risk-weighted assets)459,741 11.13 247,818 6.00 330,424 8.00 
Total Risk-based Capital (to risk-weighted assets)503,133 12.18 330,424 8.00 413,030 10.00 
June 30, 2023      
CET1 Capital (to risk-weighted assets)$437,768 10.60 %$185,794 4.50 %$268,370 6.50 %
Tier I Capital (to total adjusted assets)447,738 10.39 172,328 4.00 215,411 5.00 
Tier I Capital (to risk-weighted assets)447,738 10.84 247,726 6.00 330,301 8.00 
Total Risk-based Capital (to risk-weighted assets)487,298 11.80 330,301 8.00 412,876 10.00 
HomeTrust Bank      
September 30, 2023      
CET1 Capital (to risk-weighted assets)$471,466 11.42 %$185,859 4.50 %$268,463 6.50 %
Tier I Capital (to total adjusted assets)471,466 10.71 176,032 4.00 220,040 5.00 
Tier I Capital (to risk-weighted assets)471,466 11.42 247,812 6.00 330,416 8.00 
Total Risk-based Capital (to risk-weighted assets)514,858 12.47 330,416 8.00 413,020 10.00 
June 30, 2023      
CET1 Capital (to risk-weighted assets)$459,871 11.14 %$185,791 4.50 %$268,365 6.50 %
Tier I Capital (to total adjusted assets)459,871 10.68 172,221 4.00 215,277 5.00 
Tier I Capital (to risk-weighted assets)459,871 11.14 247,721 6.00 330,295 8.00 
Total Risk-based Capital (to risk-weighted assets)499,431 12.10 330,295 8.00 412,869 10.00 
As permitted by the interim final rule issued on March 27, 2020 by the federal banking regulatory agencies, the Company elected the option to delay the estimated impact on regulatory capital of ASU 2016-13, which was adopted on July 1, 2020. The initial adoption of ASU 2016-13 as well as 25% of the quarterly increases in the ACL subsequent to adoption (collectively the “transition adjustments”) was delayed for two years. Starting July 1, 2022, the cumulative amount of the transition adjustments became fixed and will be phased out of the regulatory capital calculations evenly over a three-year period, with 75% recognized in year three, 50% recognized in year four, and 25% recognized in year five. After five years, the temporary regulatory capital benefits will be fully reversed.
In addition to the minimum CET1, Tier 1 and total risk-based capital ratios, both HomeTrust Bancshares, Inc. and the Bank have to maintain a capital conservation buffer consisting of additional CET1 capital of more than 2.50% above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses based on percentages of eligible retained income that could be utilized for such actions. As of September 30, 2023, the Company's and Bank's risk-based capital exceeded the required capital contribution buffer.
Dividends paid by HomeTrust Bank are limited, without regulatory approval, to current year earnings and earnings less dividends paid during the preceding two years.
41

Item 3.      Quantitative and Qualitative Disclosures About Market Risk
There has not been any material change in the market risk disclosures contained in our 2023 Form 10-K.
Item 4.      Controls and Procedures
An evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the "Act")) as of September 30, 2023, was carried out under the supervision and with the participation of the Company's Chief Executive Officer, Chief Financial Officer and several other members of the Company's senior management. The Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures in effect as of September 30, 2023, were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Act is: (i) accumulated and communicated to the Company's management (including the Chief Executive Officer and Chief Financial Officer) in a timely manner and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.
The Company does not expect that its disclosure controls and procedures and internal control over financial reporting will prevent all errors and all fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls may be circumvented by the individual acts of some persons, by collusion of two or more people, or by override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.
PART II.  OTHER INFORMATION
Item 1.    Legal Proceedings
The "Litigation" section of "Note 12 – Commitments and Contingencies" to the Consolidated Financial Statements included in Part I, Item 1 is incorporated herein by reference.
Item 1A.    Risk Factors
There have been no material changes in the Risk Factors previously disclosed in Item 1A of the 2023 Form 10-K.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
(a)    Not applicable
(b) Not applicable
(c) Not applicable
PeriodTotal # of Shares PurchasedAverage Price Paid per ShareTotal # of Shares Purchased as Part of Publicly Announced PlansMaximum # of
Shares that May
Yet Be Purchased Under Publicly Announced Plans
July 1 - July 31, 2023— $— — 266,639 
August 1 - August 31, 2023— — — 266,639 
September 1 - September 30, 2023— — — 266,639 
Total— $— — 266,639 
No stock was repurchased during the three months ended September 30, 2023.
Item 3.     Defaults Upon Senior Securities
Nothing to report.
Item 4.     Mine Safety Disclosures
Not applicable.
Item 5.     Other Information
Nothing to report.
Item 6.     Exhibits
Regulation
S-K Exhibit #		DocumentReference to Prior Filing or Exhibit # Attached Hereto
   
3.1(d)
3.23.2
10.110.1
10.2(a)
42

Regulation
S-K Exhibit #		DocumentReference to Prior Filing or Exhibit # Attached Hereto
10.3(g)
10.3A(b)
10.3B(h)
10.3C(o)
10.3D(e)
10.4(g)
10.4A(a)
10.5(d)
10.6(m)
10.7(l)
10.7A(d)
10.7B(d)
10.7C(d)
10.7D(d)
10.7E(d)
10.7F(d)
10.7G(d)
10.7H(d)
10.7I(i)
10.8(d)
10.8A(d)
10.8B(d)
10.8C(d)
10.8D(d)
10.8E(d)
10.8F(d)
10.8G(d)
10.9(d)
10.9A(m)
10.9B(m)
10.9C(r)
10.9D(t)
10.10(d)
10.10A(m)
10.11(d)
10.11A(m)
10.12(j)
10.12A(k)
10.12B(k)
10.12C(k)
10.12D(k)
10.12E(k)
10.13(q)
10.13A(u)
43

Regulation
S-K Exhibit #		DocumentReference to Prior Filing or Exhibit # Attached Hereto
10.13B(u)
10.13C(u)
10.14(n)
10.15(c)
10.15A(a)
10.16(g)
10.16A(a)
10.17(s)
10.18(r)
10.18A(a)
10.19(a)
10.2010.20
31.131.1
31.231.2
32.032.0
101The following materials from HomeTrust Bancshares’ Annual Report on Form 10-K for the year ended June 30, 2023, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Changes in Stockholders' Equity; (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements.101
(a)Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (File No. 001-35593).
(b)Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 25, 2018 (File No. 001-35593).
(c)Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (File No. 001-35593).
(d)Filed as an exhibit to HomeTrust Bancshares’s Registration Statement on Form S-1 (File No. 333-178817) filed on December 29, 2011.
(e)Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on May 24, 2022 (File No. 001-35593).
(f)Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 001-35593).
(g)Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 11, 2018 (File No. 001-35593).
(h)Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on October 28, 2020 (File No. 001-35593).
(i)Filed as an exhibit to Amendment No. 1 to HomeTrust Bancshares’s Registration Statement on Form S-1 (File No. 333-178817) filed on March 9, 2012.
(j)Attached as Appendix A to HomeTrust Bancshares’s definitive proxy statement filed on December 5, 2012 (File No. 001-35593).
(k)Filed as an exhibit to HomeTrust Bancshares’s Registration Statement on Form S-8 (File No. 333-186666) filed on February 13, 2013.
(l)Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on February 15, 2022 (File No. 001-35593).
(m)Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 001-35593).
(n)Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2014 (File No. 001-35593).
(o)Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on July 28, 2021 (File No. 001-35593).
(p)Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (File No. 001-35593).
(q)Attached as Appendix A to HomeTrust Bancshares’s definitive proxy statement filed on October 3, 2022 (File No. 001-35593).
(r)Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 001-35593).
(s)Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (File No. 001-35593).
(t)Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on August 28, 2023 (File No. 001-35593).
(u)Filed as an exhibit to HomeTrust Bancshares's Registration Statement on Form S-8 (File No. 333-186666) filed on February 6, 2023.
44

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
HOMETRUST BANCSHARES, INC.
Date: November 8, 2023By:/s/ C. Hunter Westbrook
C. Hunter Westbrook
President and Chief Executive Officer
(Duly Authorized Officer)
Date: November 8, 2023By:/s/ Tony J. VunCannon
Tony J. VunCannon
Executive Vice President, CFO, Corporate Secretary and Treasurer
(Principal Financial and Accounting Officer)

45

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