HomeTrust Bancshares, Inc. reported a net income of $54.8 million for the fiscal year ending December 31, 2024, translating to earnings per share of $3.20, a 9.5% increase from the previous year's net income of $50 million. The company's total interest and dividend income rose to $261.6 million, an increase of 11.6% compared to $234.5 million in 2023. However, total interest expense also surged by 42.9% to $92.9 million, primarily due to increased costs associated with deposits. The net interest income after accounting for the provision for credit losses was $161.1 million, reflecting a decrease from the previous year, attributed to a $7.5 million provision for credit losses.
In terms of operational changes, HomeTrust Bancshares has been actively expanding its footprint through strategic acquisitions and new office openings. Notably, the company completed the acquisition of Quantum Capital Corp. in February 2023, which added approximately $656.7 million in assets and $570.6 million in deposits. The company also opened a new commercial loan production office in Charleston, South Carolina, in August 2023, further enhancing its market presence. As of December 31, 2024, HomeTrust operated 37 locations across five states, including North Carolina, South Carolina, Tennessee, Virginia, and Georgia.
The company reported a total asset value of $4.6 billion as of December 31, 2024, a slight decrease from $4.7 billion in the previous year. Total deposits increased to $3.8 billion, up from $3.7 billion, indicating a 3.2% growth. The allowance for credit losses on loans decreased to $45.3 million, or 1.24% of total loans, down from $48.6 million, reflecting improved credit quality and management's assessment of expected losses. Nonperforming assets also rose to $28.8 million, representing 0.63% of total assets, compared to $19.3 million, or 0.41%, in the prior year.
Looking ahead, HomeTrust Bancshares expressed optimism about its growth trajectory, emphasizing its commitment to enhancing customer experience and operational efficiency. The company plans to continue focusing on organic growth while leveraging its recent acquisitions to drive profitability. However, management acknowledged potential challenges, including economic conditions and interest rate fluctuations, which could impact future performance. The company remains well-capitalized, exceeding all regulatory capital requirements, and is positioned to navigate the evolving financial landscape effectively.
About HomeTrust Bancshares, Inc.
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