HomeTrust Bancshares (HTB) Q2 2024 earnings summary

Executive summary

• Q2 net income was $12.4M, down from $15.1M in Q1; diluted EPS was $0.73. Six-month GAAP net income was $27.485M and diluted EPS was $1.61.

• Q2 net interest margin rose to 4.08% from 4.02% in Q1; six-month NIM was 4.05%, down from 4.43% year over year.

• At June 30, assets were $4.7B, loans were $3.70B, deposits were $3.71B and stockholders' equity was $523.6M.

Financial highlights

• Q2 net interest income was $42.2M, down from $43.9M in Q2 2023; six-month net interest income was $83.4M.

• Q2 provision for credit losses rose to $4.3M from $1.2M in Q1; the six-month provision was $5.4M, down from $9.2M year over year.

• Six-month adjusted net income was $26.617M and adjusted diluted EPS was $1.56.

• Q2 noninterest income was $8.1M; six-month income rose 11.4% year over year to $16.9M. Q2 noninterest expense was $30.2M; six-month expense fell 6% to $60.1M.

• Book value per share was $30.03 and tangible book value per share was $27.73 at June 30.

Outlook and guidance

• Strategic priorities include expanding business lines, growing deposits, maturing newer businesses, optimizing processes, and investing in digital channels and automation.

• Management emphasized loan growth, credit quality and cost control, with a focus on maintaining NIM above 4%.

• Projected 2024–2029 population growth ranges from 4.4% in Knoxville and Atlanta to 7.3% in Raleigh; household-income growth ranges from 7.7% in Greenville to 10.6% in Charlotte.