HomeTrust Bancshares, Inc. (HTBI)·Q3 2024 Earnings Summary

Executive Summary

• Q3 2024 diluted EPS was $0.76 and net income was $13.1M, with NIM at 4.00% and ROA/ROE of 1.17%/9.76% .
• EPS missed third-party consensus (Zacks) by 5.0% while “revenue” (defined as Net Interest Income + Noninterest Income) was modestly above consensus (+0.45%); S&P Global consensus was unavailable; use third-party for context only .
• Credit costs eased: provision fell to $3.0M (from $4.3M), but net charge-offs rose to $4.1M and NPLs increased to 0.78% of total loans; management added a $2.2M qualitative reserve for potential Hurricane Helene impacts .
• Dividend increased 9% to $0.12/share, marking the sixth increase since 2018; a visible shareholder return catalyst alongside disciplined expense control (efficiency ratio ~60.7%) .

What Went Well and What Went Wrong

What Went Well

• “We maintained our top quartile net interest margin, our ninth straight quarter at 4.00% or more”; noninterest income and expenses remained in line QoQ .
• Provision for credit losses decreased to $3.0M QoQ, reflecting lower specific reserves and a mix benefit despite a Helene-related reserve build .
• Deposits increased QoQ to $3.762B, with core deposits steady and certificates growing, supporting loan funding and borrowings reduction .

What Went Wrong

• Net charge-offs rose to $4.1M; NPLs and nonperforming assets increased (NPLs/loans to 0.78%, NPAs/assets to 0.64%), driven largely by equipment finance and selected CRE exposures .
• Net interest margin compressed to 4.00% (from 4.08% in Q2) amid higher deposit costs and mix shifts (money market and CDs) .
• Marketing and advertising spend declined as the bank shifted from traditional media to lower-cost digital platforms—less a “miss” than a sign of spend discipline, but it coincided with modest noninterest income variability .

Financial Results

Income Statement and EPS

Note: For “revenue” comparisons in the next table, we define “revenue” as Net Interest Income + Noninterest Income, consistent with bank reporting (values drawn from rows above) .

Margins and Profitability

Asset Quality KPIs

Loan Composition (Selected Categories)

Deposit Mix

Actuals vs Estimates (Q3 2024)

Note: S&P Global consensus estimates were unavailable via our SPGI tool for HTBI (mapping error); third-party data is provided for directional context only .

Guidance Changes

No formal revenue/NIM/OpEx/segment guidance provided in Q3 2024 materials; management emphasized operational resilience and credit prudence post-Hurricane Helene .

Earnings Call Themes & Trends

Management Commentary

• “We maintained our top quartile net interest margin, our ninth straight quarter at 4.00% or more. In addition, noninterest income and expense were both in line with prior quarters.” — Hunter Westbrook, President & CEO .
• “Our provision for credit losses of $3.0 million included an additional $2.2 million as a reserve build for the potential impact of Hurricane Helene upon our loan portfolio.” — Hunter Westbrook .
• “Currently, all of our banking locations are open… we are committed to working with [customers] to provide the banking support needed for their businesses and homes.” — Hunter Westbrook .
• Hurricane Helene operations update: the bank remained functionally operational; most locations provided at least drive-thru services; customer and employee support emphasized .

Q&A Highlights

No Q3 2024 earnings call transcript was available in our document tools or IR repository; therefore, Q&A highlights and tone shifts could not be assessed. We rely on management’s press release commentary for qualitative themes .

Estimates Context

• S&P Global consensus estimates were unavailable via our SPGI data tool for HTBI this quarter (mapping error). As contextual third-party data, Zacks/Yahoo indicated EPS consensus of $0.80 and revenue surprise of +0.45%; actual EPS was $0.76 and “revenue” (NII + Noninterest) was $50.36M; thus EPS was a modest miss while revenue was slightly above expectations .

Key Takeaways for Investors

• Credit normalization remains the focal risk: net charge-offs and NPL ratios increased, concentrated in equipment finance; monitor further reserve actions and outcomes of deferral programs tied to Helene impacts .
• NIM resilience near 4% amidst deposit mix changes underscores pricing discipline, but incremental compression bears watching as CDs reprice and money market balances rise .
• Dividend hike to $0.12 signals confidence and strengthens total return profile; expect investor focus on capital return consistency alongside tangible book value growth and efficiency control .
• Noninterest income stability (mortgage/SBA/HELOC sales) provides diversification; track secondary market dynamics and hedging gains/losses that influenced quarterly results .
• Asset quality trajectory is mixed: proactive qualitative reserve build for Helene is prudent, but rising NPAs/NPLs and higher NCOs warrant conservative expectations for credit costs near term .
• Balance sheet strategy (deposit gathering, borrowings paydown) supports funding and lowers interest expense; continued mix shifts likely to influence margin and earnings path .
• Near-term trading: the EPS miss versus consensus and heightened credit metrics can cap multiple expansion; medium-term thesis rests on margin durability, credit stabilization in equipment finance, and consistent capital returns .