Tony J. VunCannon
Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer at HomeTrust Bancshares
Executive
About Tony J. VunCannon
Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer of HomeTrust Bancshares, Inc. and HomeTrust Bank; certified public accountant; age 60. He has served as CFO/Treasurer since July 2006 (Bank) and since the Company’s mutual‑to‑stock conversion in 2012 (Company), and as Corporate Secretary since September 2017; earlier career at KPMG . FY2024 business highlights underpinning incentive outcomes: net income rose to $54.8M (from $50.0M), EPS $3.20 ($2.97 prior), ROAA 1.23% (1.17%), ROAE 10.37% (10.62%), with lower credit loss provision ($7.5M vs $15.1M) and dividends of $0.45/share ($0.41 prior) . Say‑on‑pay support remained strong: ~97% approval in 2024 and approved again in 2025 (11,482,701 for; 357,695 against; 101,541 abstain) .
Company performance snapshot (last 4 quarters):
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues (USD) | $8.20M* | $8.03M* | $10.16M* | $8.75M* |
| Values retrieved from S&P Global.* |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| HomeTrust Bank | Controller | Apr 1992–Feb 1997 | Built finance/accounting controls foundation . |
| HomeTrust Bank | Vice President & Treasurer | Mar 1997–Jun 2006 | Managed treasury/liquidity as institution scaled . |
| HomeTrust Bank | EVP (SVP before 12/22/2014), CFO & Treasurer | Jul 2006–Present | Led finance through commercial bank transformation . |
| HomeTrust Bancshares, Inc. | EVP (SVP before 12/22/2014), CFO & Treasurer | 2012–Present | Took public-company CFO role at conversion (July 2012) . |
| HomeTrust Bancshares/Bank | Corporate Secretary | Sep 2017–Present | Corporate governance, disclosure, board support . |
| KPMG (Charlotte) | Audit professional | — | Public audit/CPA credentials . |
External Roles
- Not disclosed in Company filings reviewed. (No external directorships/committee roles for Mr. VunCannon identified in the latest proxy.)
Fixed Compensation
| Component | FY2024 / Current Detail |
|---|---|
| Base salary rate (effective 8/26/2024) | $340,000 |
| FY2024 salary paid | $326,154 |
| 401(k) employer contribution (2024) | $10,216 |
| ESOP (KSOP) allocation value at 12/31/2024 | $12,657 |
| Life insurance premium paid by Bank (2024) | $828 |
| Long‑term disability premium reimbursement (2024) | $828 |
| Dividends on unvested restricted stock (2024) | $1,868 |
| Dividend equivalents on PSUs vested in 2024 | $912 |
| Above‑market interest on deferred comp (2024) | $4,195 |
Performance Compensation
Annual Cash Incentive (Senior Leadership Incentive Plan, FY2024)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout Achievement |
|---|---|---|---|---|---|---|
| Pre‑Tax, Pre‑Provision Income (adjusted) | 75% | $61.9M | $72.9M | $83.8M | $79.3M | 129.4% |
| Efficiency Ratio (adjusted) | 25% | 67.01% | 62.37% | 57.99% | 60.12% | 125.7% |
| Payout Detail | Value |
|---|---|
| Target bonus (% of base salary) | 40% |
| Target bonus ($) | $136,000 |
| Actual payout (% of base salary) | 51% |
| Actual payout ($) | $174,701 |
- Plan includes clawback for restatements; Company also adopted exchange‑required clawback (Nov 7, 2023) .
Equity Awards (Granted February 11, 2024)
| Instrument | Grant date | Shares/Target | Grant date fair value | Performance/vesting | Payout range |
|---|---|---|---|---|---|
| Performance‑based RSUs (PSUs) | Feb 11, 2024 | 1,786 | $47,472 | PTPP income to average assets vs peer index over 3‑years ending 12/31/2026 | 25%–150% of target |
| Time‑based Restricted Stock | Feb 11, 2024 | 1,790 | $47,578 | Vests in 5 equal annual installments starting first anniversary (commencing 2/11/2025) | Time-based |
Prior PSU certification (FY2022 grant cycle):
| Grant cycle | Target metric | Target vs Actual (3‑yr) | Earned as % of target | Shares paid (Tony J. VunCannon) |
|---|---|---|---|---|
| FY2022 PSUs | Cumulative diluted EPS (adjusted) over 3 years to 6/30/2024 | Target $7.70 vs Actual $8.01 | 120.1% | 912 |
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total beneficial ownership (shares) | 115,909 |
| Ownership as % of outstanding | 0.66% |
| Options exercisable within 60 days | 25,000 |
| KSOP shares included | 29,250 |
- Anti‑hedging and pledging: executives and directors are prohibited from hedging and pledging Company securities .
- Stock ownership guidelines: 1× base salary for executive officers; compliance assessed annually. As of 12/31/2024, all directors/executive officers either satisfied or were progressing toward minimums .
Employment Terms
Key agreement terms:
- Amended and restated employment agreement effective September 11, 2018; auto‑renews annually unless notice; minimum base salary not less than at agreement effective date; participates in performance/discretionary bonuses and benefit plans .
- “Involuntary termination” includes material diminution of duties/responsibilities/benefits; “cash compensation” equals highest annual base salary rate plus higher of prior‑year actual bonus or current‑year target bonus (with deferrals included) .
- Non‑CoC severance: if involuntary termination occurs not within 12 months post‑change‑in‑control, monthly payments of one‑twelfth of “cash compensation” through remaining term; continuation of specified health/other insurance through remaining term .
- CoC severance (double trigger): if involuntary termination occurs at or within 12 months post‑CoC, lump sum 3× “cash compensation”; continuation of specified health and other insurance for 3 years; best‑net 280G cutback (maximize after‑tax) .
- Death/disability: death benefit includes lump‑sum “cash compensation” through month‑end plus additional (3 months or 3× upon CoC window), life insurance, and equity vesting; disability provides monthly “cash compensation” (offset by disability payments) for remaining term; if within one year post‑CoC, 3× cash compensation plus 3 years benefits .
Potential payments if terminated on 12/31/2024 (illustrative from proxy):
| Scenario | Cash/Benefits | PTO payout | Life insurance | Accelerated equity | CoC multiple |
|---|---|---|---|---|---|
| Involuntary (non‑CoC) | $1,075,057 (cash comp + benefits) | $17,000 | — | — | — |
| Involuntary (within 12 months of CoC) | $1,608,085 (300% cash comp) | $17,000 | — | $254,284 | 3× |
| Death (outside CoC window) | $128,675 | $17,000 | $600,000 | $254,284 | — |
Equity acceleration terms:
- All unvested stock options and restricted stock awards vest upon a change in control, and upon death or disability; for PSUs, in a change in control, shares may be deemed earned based on prorated performance goals (without proration of number of shares). Mr. VunCannon had no unvested stock options as of 12/31/2024 .
Pension/Deferred/Other Plans (Alignment and Retention)
- SERP: Fully vested; 15‑year annual supplemental retirement benefit of $25,000, payable monthly; present value of accumulated benefit $286,215 (assumes retirement in 2025; 5% discount rate) .
- Executive Medical Care Plan (EMCP): Fully vested; aggregate 2024 earnings $24,967; aggregate balance $310,195; no 2024 contributions/withdrawals .
- Deferred Compensation Plan: Only NEO participant in 2024; above‑market interest included in SCT footnote .
- KSOP/ESOP and 401(k): Participates; 2024 401(k) employer contribution $10,216; 2024 ESOP allocation value $12,657 .
Compensation Structure, Metrics, and Governance
- Metrics: Short‑term incentives weighted to adjusted pre‑tax, pre‑provision income and efficiency ratio; PSU metrics tied to 3‑year relative profitability (PTPP/AA vs peers) .
- Mix and risk: Half of executive annual equity is performance‑based; clawbacks in place; no option repricing; no golden‑parachute excise tax gross‑ups; double‑trigger CoC; hedging/pledging prohibited .
- Ownership guidelines: 1× salary for executive officers; compliance/pacing monitored annually .
- Compensation committee/consultant: Independent Compensation and Human Capital Committee retained Pearl Meyer; uses market and peer data .
- Compensation peer group (representative): Capital City Bank Group; Carter Bankshares; City Holding; Civista; CNB Financial; Community Trust Bancorp; Farmers National Banc; The First Bancshares; First Community Bankshares; German American Bancorp; Peoples Bancorp; Primis Financial; Republic Bancorp; SmartFinancial; Southern First; Stock Yards; Summit Financial; Univest Financial (assets ~$3.1–$9.2B) .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay: ~97% approval .
- 2025 annual meeting: say‑on‑pay approved (For 11,482,701; Against 357,695; Abstain 101,541) .
Investment Implications
- Alignment: High “skin‑in‑the‑game” for the CFO through 115,909 shares (0.66% of outstanding), exercisable options (25,000), KSOP holdings (29,250), performance‑weighted equity, and strict anti‑hedging/pledging plus ownership guidelines—supporting long‑term alignment with shareholders .
- Incentive quality and visibility: Annual incentives tied to core banking profitability/efficiency with disclosed thresholds/targets, and PSUs tied to 3‑year relative profitability vs peer index—reducing the risk of low‑quality earnings engineering and reinforcing sustainable execution .
- Vesting/overhang and potential selling pressure: Time‑based RS from 2/11/2024 vest 20% annually over five years (first vest 2/11/2025), and PSUs cliff‑settle after 12/31/2026—creating identifiable windows of potential liquidity but tempered by ownership guidelines and anti‑hedging/pledging policy .
- Retention and CoC economics: Double‑trigger 3× “cash compensation” CoC severance, with best‑net 280G cutback, and defined non‑CoC protections (plus SERP/EMCP) provide retention durability for the finance function through various scenarios .
- Execution track record: Incentive outperformance in FY2024 (corp metrics above target) and PSU over‑achievement for the 2022 cycle (120.1% earned) reflect delivery against financial goals, while say‑on‑pay support and governance practices mitigate compensation risk and signal investor confidence .