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August 25, 2014
08:20 EDTHTBIHomeTrust announces conversion to national bank charter
HomeTrust Bancshares announced that the bank has converted from a federal savings bank charter to a national bank charter and the company is now a bank holding company. The Bank also announced the completion of its systems conversion and re-branding of Jefferson Federal Bank and State of Franklin Bank in East Tennessee. On May 31, the company acquired Jefferson Bancshares, the holding company for Jefferson Federal Bank headquartered in Morristown, TN including its banking division State of Franklin Bank, acquiring approximately $494M in assets, $329M in loans, and $377M in deposits along with twelve branch office locations across East Tennessee. In addition, on August 13, the bank received approval from the Office of the Comptroller of the Currency to purchase the branch banking operations of ten locations in Virginia and North Carolina from Bank of America Corporation. Six of the branches are located in Roanoke Valley, two in Danville, one in Martinsville, Virginia, and one in Eden, North Carolina. The acquisition will add approximately $504M of deposits. In addition to the branches, the bank will acquire a small amount of loans as part of the transaction. The Bank expects the purchase to be effective Monday, November 17, following satisfaction of customary closing conditions.
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January 29, 2016
16:08 EDTHTBIHomeTrust reports Q2 EPS 14c, consensus 17c
Net interest income of $20.2 million for the quarter ended December 31, 2015, remained consistent with the same period in 2014. Average interest-earning assets increased $259.0 million to $2.5 billion for the quarter ended December 31, 2015 from the comparative quarter in 2014, mainly from our leveraging strategy, where additional short-term Federal Home Loan Bank borrowings are invested in various short-term liquid assets to generate additional net interest income, as well as dividend income from the required purchase of additional FHLB stock. As expected, net interest margin for the three months ended December 31, 2015 decreased 40 basis points to 3.34% from 3.74% as a result of increasing average short-term FHLB borrowings for the quarter ended December 31, 2015 by $278.0 million compared to the same period last year. Our leveraging strategy produced an additional $749,000 in interest income during the quarter ended December 31, 2015, at an average yield of 74 basis points, while the average cost of the borrowings was 23 basis points, resulting in approximately $520,000 in net interest income during the quarter. Excluding the effects of the leveraging strategy, the net interest margin would be 3.88%.
January 25, 2016
16:18 EDTHTBIHomeTrust completes previous stock repurchase program
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