HomeTrust Bancshares, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance in revenue and profitability compared to the previous fiscal period. The company’s total assets decreased to $4.6 billion, down from $4.6 billion at the end of 2023. Total deposits increased by $100.2 million to $3.8 billion, driven by a significant rise in certificates of deposit, which grew by 21% to $1.02 billion.

For the three months ended September 30, 2024, HomeTrust recorded net income of $13.1 million, a decrease from $14.8 million in the same period of 2023. However, net income for the nine months increased to $40.6 million from $36.6 million year-over-year. The diluted earnings per share for the third quarter was $0.76, down from $0.88 in the prior year, while for the nine months, it rose to $2.37 from $2.18.

Interest and dividend income for the third quarter was $66.6 million, up from $61.9 million in the same quarter of 2023. For the nine months, this figure increased to $195.4 million from $171.7 million. However, total interest expense also rose significantly, reaching $24.6 million for the third quarter, compared to $19.7 million in the prior year, and $69.9 million for the nine months, up from $44.2 million. This resulted in net interest income of $42.1 million for the third quarter, slightly down from $42.2 million in 2023, and $125.5 million for the nine months, down from $127.5 million.

The company’s provision for credit losses decreased to $3.0 million for the third quarter from $4.3 million in the previous quarter, reflecting a more favorable outlook on credit quality. However, net charge-offs increased to $4.1 million for the third quarter, compared to $2.6 million in the prior quarter.

Strategically, HomeTrust completed the acquisition of Quantum Capital Statutory Trust II in February 2023, which contributed to its growth. The company also faced challenges due to Hurricane Helene, which impacted loan delinquencies and prompted the offering of payment deferrals to affected customers.

As of September 30, 2024, total stockholders' equity stood at $540.0 million, an increase from $484.4 million a year earlier. The company maintained a well-capitalized status, exceeding all regulatory capital requirements. The allowance for credit losses on loans was $48.1 million, or 1.30% of total loans, slightly down from 1.34% at the end of 2023.