HomeTrust Bancshares (HTB) Q2 2024 earnings summary

Executive summary

• Net income for Q2 2024 was $12.4 million, down from $15.1 million in Q1 2024; six-month net income rose 26% year-over-year to $27.5 million from $21.8 million.

• Diluted EPS was $0.73 for Q2 2024 and $1.61 for the six months ended June 30, 2024, up from $1.30 year-over-year.

• Annualized ROA and ROE for the six months were 1.25% and 10.73%, respectively.

• Total assets stood at $4.7 billion, deposits at $3.7 billion, and stockholders' equity at $523.6 million as of June 30, 2024.

• Quarterly dividend of $0.11 per share declared, totaling $3.7 million for the six months.

Financial highlights

• Net interest margin for Q2 2024 was 4.08%, up from 4.02% in Q1; six-month margin was 4.05%, down from 4.43% year-over-year.

• Net interest income for Q2 2024 was $42.2 million; six-month net interest income was $83.4 million.

• Provision for credit losses increased to $4.3 million in Q2 2024 from $1.2 million in Q1; six-month provision was $5.4 million, down from $9.2 million year-over-year.

• Noninterest income for Q2 2024 was $8.1 million; for the six months, it rose 11% year-over-year to $16.9 million.

• Noninterest expense for Q2 2024 was $30.2 million; for the six months, it decreased 6% year-over-year to $60.1 million.

Outlook and guidance

• Management expects continued focus on loan growth, credit quality, and cost control.

• Net interest margin is expected to remain above 4%.

• Allowance build for potential credit losses in equipment finance and SBA loans cited as a driver for lower Q2 net income.

• No material changes in risk factors or market risk disclosures since the last annual report.