[X]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
|
45-5055422
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(State or Other Jurisdiction of Incorporation or Organization)
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|
(I.R.S. Employer Identification No.)
|
|
|
|
10 Woodfin Street, Asheville, North Carolina
|
|
28801
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(Address of Principal Executive Offices)
|
|
(Zip Code)
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Title of Each Class
|
|
Name of Each Exchange on Which Registered
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Common Stock, par value $0.01 per share
|
|
The NASDAQ Stock Market LLC
|
Large Accelerated Filer [ ]
|
|
Accelerated Filer [X]
|
Non-Accelerated Filer [ ] (Do not check if a smaller reporting company)
|
|
Smaller reporting company [ ]
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Page
|
PART I
|
||
Item 1
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2
|
||
Item 3
|
||
Item 4
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||
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||
PART II
|
||
Item 5
|
||
Item 6
|
||
Item 7
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||
Item 7A.
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||
Item 8
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||
Item 9
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||
Item 9A.
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||
Item 9B.
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||
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PART III
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||
Item 10
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||
Item 11
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||
Item 12
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||
Item 13
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Item 14
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PART IV
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Item 15
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||
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•
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HomeTrust Bank, since 1926, Asheville, North Carolina
|
•
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Tryon Federal Bank, since 1935, Tryon, North Carolina
|
•
|
Shelby Savings Bank, since 1905, Shelby, North Carolina
|
•
|
Home Savings Bank, since 1909, Eden, North Carolina
|
•
|
Industrial Federal Bank, since 1929, Lexington, North Carolina
|
•
|
Cherryville Federal Bank, since 1912, Cherryville, North Carolina
|
•
|
Rutherford County Bank, since 2007, Forest City, North Carolina (de novo bank)
|
•
|
BankGreenville Financial Corporation (“BankGreenville”) - one office in Greenville, South Carolina (acquired in July 2013)
|
•
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Jefferson Bancshares, Inc. (“Jefferson”) - nine offices across East Tennessee (acquired in May 2014)
|
•
|
Commercial loan production office ("LPO") in Roanoke, Virginia (opened in July 2014)
|
•
|
Bank of Commerce - one office in Charlotte, North Carolina (acquired in July 2014)
|
•
|
Ten Bank of America Branch Offices - nine in southwest Virginia, one in Eden, North Carolina (acquired in November 2014)
|
•
|
Commercial LPO in Raleigh, North Carolina (opened in November 2014)
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|
|
As of June 30,
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||
Location
|
|
2016
|
|
2015
|
U.S. National
|
|
4.9%
|
|
5.3%
|
North Carolina
|
|
4.7%
|
|
5.9%
|
Asheville MSA
|
|
4.1%
|
|
4.7%
|
Charlotte/Concord/Gastonia
|
|
5.0%
|
|
5.5%
|
Raleigh
|
|
4.4%
|
|
4.7%
|
South Carolina
|
|
5.2%
|
|
6.4%
|
Greenville
|
|
5.2%
|
|
5.7%
|
Tennessee
|
|
4.3%
|
|
5.7%
|
Morristown
|
|
5.4%
|
|
6.6%
|
Johnson City
|
|
5.6%
|
|
6.2%
|
Kingsport-Bristol
|
|
5.4%
|
|
5.8%
|
Knoxville
|
|
4.7%
|
|
5.4%
|
Virginia
|
|
3.7%
|
|
4.8%
|
Roanoke
|
|
3.9%
|
|
4.9%
|
Location
|
|
Rank
(1)
|
|
Deposit Market Share
(1)
|
North Carolina
|
|
17th
|
|
0.35%
|
Asheville MSA
|
|
3rd
|
|
7.67%
|
Charlotte/Gastonia
|
|
19th
|
|
0.06%
|
South Carolina
|
|
78th
|
|
0.06%
|
Greenville
|
|
21st
|
|
0.43%
|
Tennessee
|
|
65th
|
|
0.24%
|
Morristown
|
|
3rd
|
|
19.01%
|
Johnson City
|
|
5th
|
|
5.85%
|
Kingsport-Bristol
|
|
9th
|
|
2.00%
|
Knoxville
|
|
25th
|
|
0.26%
|
Virginia
|
|
66th
|
|
0.10%
|
Roanoke
|
|
8th
|
|
6.52%
|
•
|
making a difference for customers every day is fun and rewarding;
|
•
|
success is built on relationships;
|
•
|
we must continually add value to relationships with our customers and with each other; and
|
•
|
we need to grow ourselves and our ability to make a difference and add value to relationships.
|
|
At June 30,
|
|||||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One-to-four family
|
$
|
623,701
|
|
|
34.04
|
%
|
|
$
|
650,750
|
|
|
38.61
|
%
|
|
$
|
660,630
|
|
|
44.09
|
%
|
|
$
|
602,980
|
|
|
51.69
|
%
|
|
$
|
620,486
|
|
|
50.36
|
%
|
Home equity - originated
|
163,293
|
|
|
8.91
|
|
|
161,204
|
|
|
9.56
|
|
|
148,379
|
|
|
9.90
|
|
|
125,676
|
|
|
10.77
|
|
|
143,052
|
|
|
11.61
|
|
|||||
Home equity - purchased
|
144,377
|
|
|
7.88
|
|
|
72,010
|
|
|
4.27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Construction and land/lots
|
38,102
|
|
|
2.08
|
|
|
45,931
|
|
|
2.73
|
|
|
59,249
|
|
|
3.95
|
|
|
51,546
|
|
|
4.42
|
|
|
53,572
|
|
|
4.35
|
|
|||||
Indirect auto finance
|
108,478
|
|
|
5.92
|
|
|
52,494
|
|
|
3.11
|
|
|
8,833
|
|
|
0.59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
4,635
|
|
|
0.25
|
|
|
3,708
|
|
|
0.22
|
|
|
6,331
|
|
|
0.42
|
|
|
3,349
|
|
|
0.29
|
|
|
3,819
|
|
|
0.31
|
|
|||||
Total retail consumer loans
|
1,082,586
|
|
|
59.08
|
%
|
|
986,097
|
|
|
58.50
|
%
|
|
883,422
|
|
|
58.95
|
%
|
|
783,551
|
|
|
67.17
|
%
|
|
820,929
|
|
|
66.63
|
%
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
486,561
|
|
|
26.55
|
%
|
|
441,620
|
|
|
26.20
|
%
|
|
377,769
|
|
|
25.21
|
%
|
|
231,086
|
|
|
19.81
|
%
|
|
238,644
|
|
|
19.37
|
%
|
|||||
Construction and development
|
86,840
|
|
|
4.74
|
|
|
64,573
|
|
|
3.83
|
|
|
56,457
|
|
|
3.78
|
|
|
23,994
|
|
|
2.06
|
|
|
42,362
|
|
|
3.44
|
|
|||||
Commercial and industrial
|
73,289
|
|
|
4.00
|
|
|
84,820
|
|
|
5.03
|
|
|
74,435
|
|
|
4.97
|
|
|
11,452
|
|
|
0.98
|
|
|
14,578
|
|
|
1.18
|
|
|||||
Municipal leases
|
103,183
|
|
|
5.63
|
|
|
108,574
|
|
|
6.44
|
|
|
106,215
|
|
|
7.09
|
|
|
116,377
|
|
|
9.98
|
|
|
115,516
|
|
|
9.38
|
|
|||||
Total commercial loans
|
749,873
|
|
|
40.92
|
%
|
|
699,587
|
|
|
41.50
|
%
|
|
614,876
|
|
|
41.05
|
%
|
|
382,909
|
|
|
32.83
|
%
|
|
411,100
|
|
|
33.37
|
%
|
|||||
Total loans
|
1,832,459
|
|
|
100.00
|
%
|
|
1,685,684
|
|
|
100.00
|
%
|
|
1,498,298
|
|
|
100.00
|
%
|
|
1,166,460
|
|
|
100.00
|
%
|
|
1,232,029
|
|
|
100.00
|
%
|
|||||
Less
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deferred costs (fees), net
|
372
|
|
|
|
|
|
23
|
|
|
|
|
|
(1,340
|
)
|
|
|
|
|
(2,277
|
)
|
|
|
|
|
(2,984
|
)
|
|
|
|
|||||
Allowance for losses
|
(21,292
|
)
|
|
|
|
|
(22,374
|
)
|
|
|
|
|
(23,429
|
)
|
|
|
|
|
(32,073
|
)
|
|
|
|
|
(35,100
|
)
|
|
|
|
|||||
Total loans receivable, net
|
$
|
1,811,539
|
|
|
|
|
|
$
|
1,663,333
|
|
|
|
|
|
$
|
1,473,529
|
|
|
|
|
|
$
|
1,132,110
|
|
|
|
|
|
$
|
1,193,945
|
|
|
|
|
|
At June 30,
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
Fixed-rate loans:
|
(Dollars in thousands)
|
|||||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family
|
$
|
326,347
|
|
|
17.8
|
%
|
|
$
|
351,904
|
|
|
20.9
|
%
|
|
$
|
351,155
|
|
|
23.4
|
%
|
Construction and land/lots
|
27,907
|
|
|
1.5
|
|
|
32,685
|
|
|
1.9
|
|
|
37,484
|
|
|
2.5
|
|
|||
Indirect auto finance
|
108,478
|
|
|
5.9
|
|
|
52,494
|
|
|
3.1
|
|
|
8,833
|
|
|
0.6
|
|
|||
Consumer
|
4,620
|
|
|
0.3
|
|
|
3,658
|
|
|
0.2
|
|
|
6,078
|
|
|
0.4
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
303,854
|
|
|
16.6
|
|
|
319,593
|
|
|
19.0
|
|
|
258,272
|
|
|
17.2
|
|
|||
Construction and development
|
29,204
|
|
|
1.6
|
|
|
36,962
|
|
|
2.2
|
|
|
36,070
|
|
|
2.4
|
|
|||
Commercial and industrial
|
42,874
|
|
|
2.3
|
|
|
46,126
|
|
|
2.7
|
|
|
40,606
|
|
|
2.7
|
|
|||
Municipal leases
|
103,183
|
|
|
5.6
|
|
|
108,574
|
|
|
6.5
|
|
|
106,215
|
|
|
7.1
|
|
|||
Total fixed-rate loans
|
946,467
|
|
|
51.7
|
%
|
|
951,996
|
|
|
56.5
|
%
|
|
844,713
|
|
|
56.4
|
%
|
|||
Adjustable-rate loans
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
One-to-four family
|
297,354
|
|
|
16.2
|
%
|
|
298,846
|
|
|
17.7
|
%
|
|
309,475
|
|
|
20.7
|
%
|
|||
Home equity - originated
|
163,293
|
|
|
8.9
|
|
|
161,204
|
|
|
9.6
|
|
|
148,379
|
|
|
9.9
|
|
|||
Home equity - purchased
|
144,377
|
|
|
7.9
|
|
|
72,010
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
|||
Construction and land/lots
|
10,195
|
|
|
0.6
|
|
|
13,246
|
|
|
0.8
|
|
|
21,765
|
|
|
1.5
|
|
|||
Consumer
|
15
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
253
|
|
|
—
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
182,707
|
|
|
10.0
|
|
|
122,027
|
|
|
7.2
|
|
|
119,497
|
|
|
8.0
|
|
|||
Construction and development
|
57,636
|
|
|
3.1
|
|
|
27,611
|
|
|
1.6
|
|
|
20,387
|
|
|
1.4
|
|
|||
Commercial and industrial
|
30,415
|
|
|
1.7
|
|
|
38,694
|
|
|
2.3
|
|
|
33,829
|
|
|
2.3
|
|
|||
Total adjustable-rate loans
|
885,992
|
|
|
48.3
|
%
|
|
733,688
|
|
|
43.5
|
%
|
|
653,585
|
|
|
43.6
|
%
|
|||
Total loans
|
1,832,459
|
|
|
100.0
|
%
|
|
1,685,684
|
|
|
100.0
|
%
|
|
1,498,298
|
|
|
100.0
|
%
|
|||
Less
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deferred costs (fees), net
|
372
|
|
|
|
|
|
23
|
|
|
|
|
|
(1,340
|
)
|
|
|
|
|||
Allowance for losses
|
(21,292
|
)
|
|
|
|
|
(22,374
|
)
|
|
|
|
|
(23,429
|
)
|
|
|
|
|||
Total loans receivable, net
|
$
|
1,811,539
|
|
|
|
|
|
$
|
1,663,333
|
|
|
|
|
|
$
|
1,473,529
|
|
|
|
|
|
Retail Consumer
|
||||||||||||||||||||||||
|
Due During Years Ending June 30,
|
||||||||||||||||||||||||
|
2017
|
|
2018
|
|
2019
|
|
2020 to 2021
|
|
2022 to 2025
|
|
2026 to 2030
|
|
2031 and following
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
|
|
||||||||||||||||||||||
One-to-four family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
12,459
|
|
|
11,363
|
|
|
10,747
|
|
|
42,071
|
|
|
56,692
|
|
|
132,381
|
|
|
357,988
|
|
|
$
|
623,701
|
|
Weighted Average Rate
|
5.32
|
%
|
|
4.96
|
%
|
|
5.11
|
%
|
|
4.35
|
%
|
|
4.32
|
%
|
|
3.68
|
%
|
|
4.25
|
%
|
|
4.19
|
%
|
||
Home equity - originated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
2,707
|
|
|
6,015
|
|
|
6,379
|
|
|
14,059
|
|
|
50,383
|
|
|
30,001
|
|
|
53,749
|
|
|
$
|
163,293
|
|
Weighted Average Rate
|
3.87
|
%
|
|
4.02
|
%
|
|
4.26
|
%
|
|
4.97
|
%
|
|
4.06
|
%
|
|
4.13
|
%
|
|
3.65
|
%
|
|
4.02
|
%
|
||
Home equity - purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,377
|
|
|
$
|
144,377
|
|
Weighted Average Rate
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
3.28
|
%
|
|
3.28
|
%
|
||
Construction and land/lots
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amount
|
$
|
440
|
|
|
337
|
|
|
818
|
|
|
780
|
|
|
4,671
|
|
|
8,075
|
|
|
22,981
|
|
|
$
|
38,102
|
|
Weighted Average Rate
|
4.76
|
%
|
|
6.79
|
%
|
|
6.34
|
%
|
|
5.88
|
%
|
|
5.94
|
%
|
|
6.03
|
%
|
|
4.07
|
%
|
|
4.83
|
%
|
||
Indirect auto finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
28
|
|
|
428
|
|
|
1,919
|
|
|
32,700
|
|
|
73,403
|
|
|
—
|
|
|
—
|
|
|
$
|
108,478
|
|
Weighted Average Rate
|
3.24
|
%
|
|
3.16
|
%
|
|
3.51
|
%
|
|
3.19
|
%
|
|
2.93
|
%
|
|
—
|
%
|
|
—
|
%
|
|
3.02
|
%
|
||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
201
|
|
|
272
|
|
|
293
|
|
|
1,148
|
|
|
589
|
|
|
94
|
|
|
2,038
|
|
|
$
|
4,635
|
|
Weighted Average Rate
|
5.75
|
%
|
|
4.93
|
%
|
|
4.72
|
%
|
|
4.76
|
%
|
|
4.15
|
%
|
|
3.85
|
%
|
|
17.53
|
%
|
|
6.68
|
%
|
|
Commercial Loans
|
|||||||||||||||||||||||
|
Due During Years Ending June 30,
|
|||||||||||||||||||||||
|
2017
|
|
2018
|
|
2019
|
|
2020 to 2021
|
|
2022 to 2025
|
|
2026 to 2030
|
|
2031 and following
|
|
Total
|
|||||||||
|
(Dollars in thousands)
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amount
|
37,345
|
|
|
51,930
|
|
|
65,716
|
|
|
180,490
|
|
|
94,683
|
|
|
36,523
|
|
|
19,874
|
|
|
$
|
486,561
|
|
Weighted Average Rate
|
5.01
|
%
|
|
4.30
|
%
|
|
4.13
|
%
|
|
3.91
|
%
|
|
3.57
|
%
|
|
3.65
|
%
|
|
4.18
|
%
|
|
3.99
|
%
|
|
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amount
|
34,206
|
|
|
13,002
|
|
|
12,829
|
|
|
14,993
|
|
|
7,721
|
|
|
3,783
|
|
|
306
|
|
|
$
|
86,840
|
|
Weighted Average Rate
|
4.15
|
%
|
|
4.27
|
%
|
|
4.22
|
%
|
|
3.61
|
%
|
|
3.71
|
%
|
|
3.61
|
%
|
|
7.00
|
%
|
|
4.05
|
%
|
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amount
|
21,165
|
|
|
9,326
|
|
|
8,941
|
|
|
18,078
|
|
|
7,050
|
|
|
1,521
|
|
|
7,208
|
|
|
$
|
73,289
|
|
Weighted Average Rate
|
4.39
|
%
|
|
4.50
|
%
|
|
3.85
|
%
|
|
4.07
|
%
|
|
3.87
|
%
|
|
2.96
|
%
|
|
4.82
|
%
|
|
4.22
|
%
|
|
Municipal leases
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amount
|
324
|
|
|
1,163
|
|
|
2,857
|
|
|
7,397
|
|
|
15,713
|
|
|
44,451
|
|
|
31,278
|
|
|
$
|
103,183
|
|
Weighted Average Rate
|
6.50
|
%
|
|
6.69
|
%
|
|
4.73
|
%
|
|
4.84
|
%
|
|
5.72
|
%
|
|
5.86
|
%
|
|
6.28
|
%
|
|
5.87
|
%
|
|
Total
|
|||||
|
Amount
|
|
Weighted
Average
Rate
|
|||
|
(Dollars in thousands)
|
|||||
Due During Years Ending June 30,
|
|
|
|
|||
2017
|
$
|
108,875
|
|
|
4.63
|
%
|
2018
|
93,836
|
|
|
4.41
|
|
|
2019
|
110,499
|
|
|
4.25
|
|
|
2020 to 2021
|
311,716
|
|
|
3.97
|
|
|
2022 to 2025
|
310,905
|
|
|
3.79
|
|
|
2026 to 2030
|
256,829
|
|
|
4.17
|
|
|
2031 and following
|
639,799
|
|
|
4.09
|
|
|
Total
|
$
|
1,832,459
|
|
|
4.09
|
%
|
(1)
|
The weighted average rate of municipal loans is adjusted for a 34% federal income tax rate since the interest income from these leases is tax exempt.
|
|
Years Ended June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Originations:
(1)
|
|
|
|
|
|
||||||
Retail consumer:
|
(In thousands)
|
||||||||||
One-to-four family
|
$
|
173,540
|
|
|
$
|
163,652
|
|
|
$
|
141,743
|
|
Home equity - originated
|
50,406
|
|
|
46,728
|
|
|
30,030
|
|
|||
Construction and land/lots
|
42,493
|
|
|
49,689
|
|
|
49,455
|
|
|||
Indirect auto finance
|
87,844
|
|
|
53,010
|
|
|
9,598
|
|
|||
Consumer
|
4,192
|
|
|
3,113
|
|
|
3,294
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
137,660
|
|
|
112,349
|
|
|
35,773
|
|
|||
Construction and development
|
164,945
|
|
|
47,955
|
|
|
13,389
|
|
|||
Commercial and industrial
|
22,933
|
|
|
34,583
|
|
|
18,960
|
|
|||
Total loans originated
|
$
|
684,013
|
|
|
$
|
511,079
|
|
|
$
|
302,242
|
|
Purchases:
|
|
|
|
|
|
|
|
|
|||
Retail consumer:
|
|
|
|
|
|
||||||
Home equity - purchased
|
$
|
109,045
|
|
|
$
|
79,039
|
|
|
$
|
—
|
|
Commercial loans:
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
489
|
|
|
648
|
|
|
330
|
|
|||
Municipal leases
|
11,118
|
|
|
15,282
|
|
|
15,814
|
|
|||
Loans acquired through business combination
|
—
|
|
|
87,529
|
|
|
377,093
|
|
|||
Total loans purchased or acquired
|
$
|
120,652
|
|
|
$
|
182,498
|
|
|
$
|
393,237
|
|
Sales and repayments:
|
|
|
|
|
|
|
|
|
|||
Retail consumer:
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
92,054
|
|
|
$
|
73,474
|
|
|
$
|
85,829
|
|
Home equity - originated
|
15
|
|
|
—
|
|
|
117
|
|
|||
Construction and land/lots
|
—
|
|
|
—
|
|
|
219
|
|
|||
Consumer
|
1
|
|
|
—
|
|
|
27
|
|
|||
Commercial loans:
|
|
|
|
|
|
||||||
Commercial real estate
|
89
|
|
|
6,386
|
|
|
427
|
|
|||
Construction and development
|
44
|
|
|
805
|
|
|
213
|
|
|||
Commercial and industrial
|
287
|
|
|
594
|
|
|
—
|
|
|||
Total sales
|
92,490
|
|
|
81,259
|
|
|
86,832
|
|
|||
Principal repayments
|
565,142
|
|
|
420,232
|
|
|
284,535
|
|
|||
Total reductions
|
$
|
657,632
|
|
|
$
|
501,491
|
|
|
$
|
371,367
|
|
Net increase
|
$
|
147,033
|
|
|
$
|
192,086
|
|
|
$
|
324,112
|
|
(1)
|
Originations include one-to-four loans originated for sale of $92.0 million, $74.4 million, and $73.5 million for years ended June 30,
2016
,
2015
, and
2014
, respectively.
|
|
Loans Delinquent For:
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans Delinquent
|
||||||||||||||||
|
30-89 Days
|
|
90 Days and Over
|
|
30 Days or More
|
||||||||||||||||||||||||
|
Number
|
|
Amount
|
|
Percent of
Loan
Category
|
|
Number
|
|
Amount
|
|
Percent of
Loan
Category
|
|
Number
|
|
Amount
|
|
Percent of
Loan
Category
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
54
|
|
|
$
|
3,514
|
|
|
0.56
|
%
|
|
65
|
|
|
$
|
5,476
|
|
|
0.88
|
%
|
|
119
|
|
|
$
|
8,990
|
|
|
1.44
|
%
|
Home equity - originated
|
4
|
|
|
220
|
|
|
0.13
|
|
|
12
|
|
|
377
|
|
|
0.23
|
|
|
16
|
|
|
597
|
|
|
0.37
|
|
|||
Construction and land/lots
|
2
|
|
|
100
|
|
|
0.26
|
|
|
6
|
|
|
119
|
|
|
0.31
|
|
|
8
|
|
|
219
|
|
|
0.57
|
|
|||
Indirect auto finance
|
8
|
|
|
182
|
|
|
0.17
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
182
|
|
|
0.17
|
|
|||
Consumer
|
3
|
|
|
4
|
|
|
0.09
|
|
|
7
|
|
|
4
|
|
|
0.09
|
|
|
10
|
|
|
8
|
|
|
0.17
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
10
|
|
|
1,436
|
|
|
0.30
|
|
|
14
|
|
|
3,353
|
|
|
0.69
|
|
|
24
|
|
|
4,789
|
|
|
0.98
|
|
|||
Construction and development
|
2
|
|
|
371
|
|
|
0.43
|
|
|
11
|
|
|
1,296
|
|
|
1.49
|
|
|
13
|
|
|
1,667
|
|
|
1.92
|
|
|||
Commercial and industrial
|
3
|
|
|
216
|
|
|
0.29
|
|
|
36
|
|
|
2,819
|
|
|
3.85
|
|
|
39
|
|
|
3,035
|
|
|
4.14
|
|
|||
Total
|
86
|
|
|
$
|
6,043
|
|
|
0.33
|
%
|
|
152
|
|
|
$
|
13,444
|
|
|
0.73
|
%
|
|
238
|
|
|
$
|
19,487
|
|
|
1.06
|
%
|
|
|
At June 30,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Nonaccruing loans:
(1)
Retail consumer loans:
|
|
(In thousands)
|
||||||||||||||||||
One-to-four family
|
|
$
|
9,192
|
|
|
$
|
10,523
|
|
|
$
|
14,917
|
|
|
$
|
29,811
|
|
|
$
|
27,659
|
|
Home equity - originated
|
|
1,026
|
|
|
1,856
|
|
|
2,749
|
|
|
3,793
|
|
|
4,781
|
|
|||||
Home equity - purchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Construction and land/lots
|
|
188
|
|
|
465
|
|
|
443
|
|
|
2,172
|
|
|
3,437
|
|
|||||
Indirect auto finance
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
|
15
|
|
|
49
|
|
|
27
|
|
|
42
|
|
|
76
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
3,222
|
|
|
5,103
|
|
|
12,953
|
|
|
21,149
|
|
|
15,008
|
|
|||||
Construction and development
|
|
1,417
|
|
|
3,461
|
|
|
5,697
|
|
|
10,172
|
|
|
12,583
|
|
|||||
Commercial and industrial
|
|
3,019
|
|
|
3,081
|
|
|
1,134
|
|
|
1,422
|
|
|
637
|
|
|||||
Municipal leases
|
|
419
|
|
|
316
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total nonaccruing loans
|
|
18,518
|
|
|
24,854
|
|
|
37,920
|
|
|
68,561
|
|
|
64,181
|
|
|||||
Real Estate Owned assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One-to-four family
|
|
794
|
|
|
1,613
|
|
|
3,876
|
|
|
4,276
|
|
|
7,297
|
|
|||||
Home equity - originated
|
|
30
|
|
|
20
|
|
|
627
|
|
|
642
|
|
|
—
|
|
|||||
Home equity - purchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Construction and land/lots
|
|
846
|
|
|
1,096
|
|
|
1,613
|
|
|
1,861
|
|
|
1,616
|
|
|||||
Indirect auto finance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
1,211
|
|
|
978
|
|
|
3,820
|
|
|
2,016
|
|
|
2,449
|
|
|||||
Construction and development
|
|
3,075
|
|
|
3,317
|
|
|
4,725
|
|
|
2,943
|
|
|
4,768
|
|
|||||
Commercial and industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Municipal leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total foreclosed assets
|
|
5,956
|
|
|
7,024
|
|
|
14,661
|
|
|
11,738
|
|
|
16,130
|
|
|||||
Total nonperforming assets
|
|
$
|
24,474
|
|
|
$
|
31,878
|
|
|
$
|
52,581
|
|
|
$
|
80,299
|
|
|
$
|
80,311
|
|
Total nonperforming assets as a percentage of total assets
|
|
0.90
|
%
|
|
1.15
|
%
|
|
2.53
|
%
|
|
5.07
|
%
|
|
4.67
|
%
|
|||||
Performing Troubled Debt Restructurings
|
|
$
|
28,263
|
|
|
$
|
21,891
|
|
|
$
|
22,179
|
|
|
$
|
14,012
|
|
|
$
|
20,588
|
|
(1)
|
Purchased credit impaired ("PCI") loans totaling $
6,607
at June 30,
2016
,
$8,158
at June 30,
2015
, and $9,091 at June 30, 2014 are excluded from nonaccruing loans due to the accretion of discounts established in accordance with the acquisition method of accounting for business combinations. There were no PCI loans prior to 2014.
|
Amount
|
|
Percent of Total
Nonaccruing Loans
|
|
Collateral Securing the Indebtedness
|
|
Geographic Location
|
|||
$
|
1,072
|
|
|
5.79
|
%
|
|
1
st
Lien on one-to-four family residential real estate
|
|
Rutherford County, NC
|
1,022
|
|
|
5.52
|
|
|
1
st
Lien on improved commercial land
|
|
Buncombe County, NC
|
|
1,000
|
|
|
5.40
|
|
|
1
st
Lien on business equipment
|
|
Sullivan County, TN
|
|
$
|
3,094
|
|
|
16.71
|
%
|
|
|
|
|
|
At June 30,
|
|||||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
of loans
in each
category
to total
loans
|
|
Amount
|
|
Percent
of loans
in each
category
to total
loans
|
|
Amount
|
|
Percent
of loans
in each
category
to total
loans
|
|
Amount
|
|
Percent
of loans
in each
category
to total
loans
|
|
Amount
|
|
Percent
of loans
in each
category
to total
loans
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Allocated at end of period to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One-to-four family
|
$
|
6,595
|
|
|
34.04
|
%
|
|
$
|
7,990
|
|
|
38.61
|
%
|
|
$
|
10,527
|
|
|
44.09
|
%
|
|
$
|
15,098
|
|
|
51.69
|
%
|
|
$
|
14,557
|
|
|
50.36
|
%
|
Home equity - originated
|
1,997
|
|
|
8.91
|
|
|
1,777
|
|
|
9.56
|
|
|
2,487
|
|
|
9.90
|
|
|
3,827
|
|
|
10.77
|
|
|
3,531
|
|
|
11.61
|
|
|||||
Home equity - purchased
|
558
|
|
|
7.88
|
|
|
432
|
|
|
4.27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Construction and land/lots
|
1,344
|
|
|
2.08
|
|
|
1,822
|
|
|
2.73
|
|
|
2,420
|
|
|
3.95
|
|
|
2,890
|
|
|
4.42
|
|
|
2,955
|
|
|
4.35
|
|
|||||
Indirect auto finance
|
1,016
|
|
|
5.92
|
|
|
464
|
|
|
3.11
|
|
|
113
|
|
|
0.59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
61
|
|
|
0.25
|
|
|
128
|
|
|
0.22
|
|
|
184
|
|
|
0.42
|
|
|
138
|
|
|
0.29
|
|
|
129
|
|
|
0.31
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate
|
6,430
|
|
|
26.55
|
|
|
6,339
|
|
|
26.20
|
|
|
5,439
|
|
|
25.21
|
|
|
6,583
|
|
|
19.81
|
|
|
6,454
|
|
|
19.37
|
|
|||||
Construction and development
|
1,908
|
|
|
4.74
|
|
|
1,581
|
|
|
3.83
|
|
|
1,241
|
|
|
3.78
|
|
|
2,399
|
|
|
2.06
|
|
|
6,253
|
|
|
3.44
|
|
|||||
Commercial and industrial
|
721
|
|
|
4.00
|
|
|
1,104
|
|
|
5.03
|
|
|
249
|
|
|
4.97
|
|
|
156
|
|
|
0.98
|
|
|
315
|
|
|
1.18
|
|
|||||
Municipal leases
|
662
|
|
|
5.63
|
|
|
737
|
|
|
6.44
|
|
|
769
|
|
|
7.09
|
|
|
982
|
|
|
9.98
|
|
|
906
|
|
|
9.38
|
|
|||||
Total loans
|
$
|
21,292
|
|
|
100.00
|
%
|
|
$
|
22,374
|
|
|
100.00
|
%
|
|
$
|
23,429
|
|
|
100.00
|
%
|
|
$
|
32,073
|
|
|
100.00
|
%
|
|
$
|
35,100
|
|
|
100.00
|
%
|
|
Years Ended June 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of period:
|
$
|
22,374
|
|
|
$
|
23,429
|
|
|
$
|
32,073
|
|
|
$
|
35,100
|
|
|
$
|
50,140
|
|
Provision for (recovery of) loan losses
|
—
|
|
|
150
|
|
|
(6,300
|
)
|
|
1,100
|
|
|
15,600
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One-to-four family
|
799
|
|
|
1,878
|
|
|
3,269
|
|
|
1,855
|
|
|
9,355
|
|
|||||
Home equity - originated
|
94
|
|
|
551
|
|
|
330
|
|
|
1,023
|
|
|
3,573
|
|
|||||
Construction and land/lots
|
321
|
|
|
483
|
|
|
804
|
|
|
770
|
|
|
3,690
|
|
|||||
Indirect auto finance
|
281
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
168
|
|
|
274
|
|
|
33
|
|
|
67
|
|
|
131
|
|
|||||
Total retail consumer loans
|
1,663
|
|
|
3,293
|
|
|
4,436
|
|
|
3,715
|
|
|
16,749
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
200
|
|
|
704
|
|
|
413
|
|
|
1,624
|
|
|
3,083
|
|
|||||
Construction and development
|
259
|
|
|
368
|
|
|
377
|
|
|
1,568
|
|
|
12,770
|
|
|||||
Commercial and industrial
|
1,582
|
|
|
495
|
|
|
110
|
|
|
84
|
|
|
210
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial loans
|
2,041
|
|
|
1,567
|
|
|
900
|
|
|
3,276
|
|
|
16,063
|
|
|||||
Total charge-offs
|
3,704
|
|
|
4,860
|
|
|
5,336
|
|
|
6,991
|
|
|
32,812
|
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One-to-four family
|
683
|
|
|
758
|
|
|
875
|
|
|
617
|
|
|
120
|
|
|||||
Home equity - originated
|
157
|
|
|
231
|
|
|
153
|
|
|
95
|
|
|
59
|
|
|||||
Construction and land/lots
|
44
|
|
|
95
|
|
|
624
|
|
|
137
|
|
|
183
|
|
|||||
Indirect auto finance
|
58
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
292
|
|
|
91
|
|
|
10
|
|
|
5
|
|
|
—
|
|
|||||
Total retail consumer loans
|
1,234
|
|
|
1,209
|
|
|
1,662
|
|
|
854
|
|
|
362
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
883
|
|
|
479
|
|
|
120
|
|
|
252
|
|
|
1,202
|
|
|||||
Construction and development
|
265
|
|
|
1,311
|
|
|
1,052
|
|
|
1,656
|
|
|
516
|
|
|||||
Commercial and industrial
|
240
|
|
|
656
|
|
|
159
|
|
|
102
|
|
|
92
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial loans
|
1,388
|
|
|
2,446
|
|
|
1,331
|
|
|
2,010
|
|
|
1,810
|
|
|||||
Total recoveries
|
2,622
|
|
|
3,655
|
|
|
2,993
|
|
|
2,864
|
|
|
2,172
|
|
|||||
Net charge-offs
|
1,082
|
|
|
1,205
|
|
|
2,343
|
|
|
4,127
|
|
|
30,640
|
|
|||||
Balance at end of period
|
$
|
21,292
|
|
|
$
|
22,374
|
|
|
$
|
23,429
|
|
|
$
|
32,073
|
|
|
$
|
35,100
|
|
Net charge-offs during the period to average loans outstanding during the period
(1)
|
0.06
|
%
|
|
0.07
|
%
|
|
0.19
|
%
|
|
0.34
|
%
|
|
2.34
|
%
|
|||||
Net charge-offs during the period to average non-performing assets
(1)
|
3.77
|
%
|
|
2.89
|
%
|
|
3.40
|
%
|
|
4.99
|
%
|
|
38.73
|
%
|
|||||
Allowance as a percentage of nonperforming assets
|
87.00
|
%
|
|
70.19
|
%
|
|
44.56
|
%
|
|
39.94
|
%
|
|
43.71
|
%
|
|||||
Allowance as a percentage of total loans
(2)
|
1.16
|
%
|
|
1.33
|
%
|
|
1.56
|
%
|
|
2.75
|
%
|
|
2.85
|
%
|
(1)
|
In accordance with regulatory guidance, we charged-off $16.7 million related to impaired loans for which we previously had recorded valuation allowances for the year ended June 30, 2012.
|
(2)
|
Excluding loans acquired, which have been recorded at fair value with an appropriate credit discount, the allowance for loan losses was 1.32%, 1.58%, and 2.05% of total loans at June 30,
2016
,
2015
, and
2014
, respectively.
|
|
At June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||||||||||||||
|
Book
Value
|
|
Fair
Value
|
|
Book
Value
|
|
Fair
Value
|
|
Book
Value
|
|
Fair
Value
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government agencies
|
$
|
77,356
|
|
|
$
|
77,980
|
|
|
$
|
115,683
|
|
|
$
|
116,071
|
|
|
$
|
38,085
|
|
|
$
|
38,093
|
|
Mortgage-backed securities
|
95,668
|
|
|
97,408
|
|
|
120,294
|
|
|
120,809
|
|
|
111,455
|
|
|
111,436
|
|
||||||
Municipal bonds
|
16,242
|
|
|
17,234
|
|
|
16,359
|
|
|
16,678
|
|
|
15,951
|
|
|
16,220
|
|
||||||
Corporate bonds
|
7,773
|
|
|
7,967
|
|
|
3,889
|
|
|
3,985
|
|
|
2,912
|
|
|
3,025
|
|
||||||
Equity securities
|
63
|
|
|
63
|
|
|
63
|
|
|
63
|
|
|
—
|
|
|
—
|
|
||||||
Total securities available for sale
|
197,102
|
|
|
200,652
|
|
|
256,288
|
|
|
257,606
|
|
|
168,403
|
|
|
168,774
|
|
||||||
FHLB stock
|
23,304
|
|
|
23,304
|
|
|
22,541
|
|
|
22,541
|
|
|
3,697
|
|
|
3,697
|
|
||||||
FRB stock
|
6,182
|
|
|
6,182
|
|
|
6,170
|
|
|
6,170
|
|
|
—
|
|
|
—
|
|
||||||
Total securities
|
$
|
226,588
|
|
|
$
|
230,138
|
|
|
$
|
284,999
|
|
|
$
|
286,317
|
|
|
$
|
172,100
|
|
|
$
|
172,471
|
|
|
June 30, 2016
|
||||||||||||||||||
|
1 year or less
|
|
Over 1 year to 5 years
|
|
Over 5 to 10 years
|
|
Over 10 years
|
|
Total
|
||||||||||
Securities available for sale:
|
(Dollars in thousands)
|
||||||||||||||||||
U.S. government agencies:
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
$
|
—
|
|
|
$
|
72,970
|
|
|
$
|
4,386
|
|
|
$
|
—
|
|
|
$
|
77,356
|
|
Fair value
|
—
|
|
|
73,334
|
|
|
4,646
|
|
|
—
|
|
|
77,980
|
|
|||||
Weighted average yield
|
—
|
%
|
|
1.16
|
%
|
|
2.56
|
%
|
|
—
|
%
|
|
1.24
|
%
|
|||||
Mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
7
|
|
|
2,185
|
|
|
20,712
|
|
|
72,764
|
|
|
95,668
|
|
|||||
Fair value
|
7
|
|
|
2,226
|
|
|
20,937
|
|
|
74,238
|
|
|
97,408
|
|
|||||
Weighted average yield
|
2.77
|
%
|
|
1.85
|
%
|
|
1.58
|
%
|
|
2.03
|
%
|
|
1.93
|
%
|
|||||
Municipal bonds
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
—
|
|
|
4,176
|
|
|
9,104
|
|
|
2,962
|
|
|
16,242
|
|
|||||
Fair value
|
—
|
|
|
4,250
|
|
|
9,761
|
|
|
3,223
|
|
|
17,234
|
|
|||||
Weighted average yield
|
—
|
%
|
|
1.94
|
%
|
|
3.50
|
%
|
|
3.65
|
%
|
|
3.13
|
%
|
|||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
407
|
|
|
2,578
|
|
|
4,788
|
|
|
—
|
|
|
7,773
|
|
|||||
Fair value
|
411
|
|
|
2,706
|
|
|
4,850
|
|
|
—
|
|
|
7,967
|
|
|||||
Weighted average yield
|
2.65
|
%
|
|
4.06
|
%
|
|
2.52
|
%
|
|
—
|
%
|
|
3.04
|
%
|
|||||
Total securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
$
|
414
|
|
|
$
|
81,909
|
|
|
$
|
38,990
|
|
|
$
|
75,726
|
|
|
$
|
197,039
|
|
Fair value
|
$
|
418
|
|
|
$
|
82,516
|
|
|
$
|
40,194
|
|
|
$
|
77,461
|
|
|
$
|
200,589
|
|
Weighted average yield
|
2.65
|
%
|
|
1.31
|
%
|
|
2.25
|
%
|
|
2.09
|
%
|
|
1.80
|
%
|
|
Years Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2014
|
||||||
Beginning balance
|
$
|
1,872,126
|
|
|
$
|
1,583,047
|
|
|
$
|
1,154,750
|
|
Deposits acquired from business combination
|
—
|
|
|
422,596
|
|
|
466,463
|
|
|||
Net deposits withdrawals
|
(73,961
|
)
|
|
(138,409
|
)
|
|
(43,430
|
)
|
|||
Interest credited
|
4,531
|
|
|
4,892
|
|
|
5,264
|
|
|||
Ending balance
|
$
|
1,802,696
|
|
|
$
|
1,872,126
|
|
|
$
|
1,583,047
|
|
Net increase (decrease)
|
$
|
(69,430
|
)
|
|
$
|
289,079
|
|
|
$
|
428,297
|
|
Percent increase (decrease)
|
(3.71
|
)%
|
|
18.26
|
%
|
|
37.09
|
%
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|||||||||
(Dollars in thousands)
|
|
|||||||||||||||||||
Transaction and Savings Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing checking
|
$
|
403,574
|
|
|
22.39
|
%
|
|
$
|
387,379
|
|
|
20.69
|
%
|
|
$
|
295,386
|
|
|
18.66
|
%
|
Noninterest-bearing checking
|
225,336
|
|
|
12.50
|
|
|
204,050
|
|
|
10.90
|
|
|
123,285
|
|
|
7.79
|
|
|||
Savings
|
210,817
|
|
|
11.70
|
|
|
221,674
|
|
|
11.84
|
|
|
175,974
|
|
|
11.12
|
|
|||
Money market
|
520,320
|
|
|
28.86
|
|
|
481,948
|
|
|
25.74
|
|
|
354,247
|
|
|
22.38
|
|
|||
Total non-certificates
|
$
|
1,360,047
|
|
|
75.45
|
%
|
|
$
|
1,295,051
|
|
|
69.18
|
%
|
|
$
|
948,892
|
|
|
59.94
|
%
|
Certificates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
0.00-0.99%
|
$
|
385,342
|
|
|
21.38
|
%
|
|
$
|
473,539
|
|
|
25.29
|
%
|
|
$
|
480,437
|
|
|
30.35
|
%
|
1.00-1.99%
|
40,841
|
|
|
2.27
|
|
|
64,126
|
|
|
3.43
|
|
|
107,730
|
|
|
6.81
|
|
|||
2.00-2.99%
|
2,760
|
|
|
0.15
|
|
|
24,915
|
|
|
1.33
|
|
|
33,660
|
|
|
2.13
|
|
|||
3.00-3.99%
|
9,275
|
|
|
0.51
|
|
|
10,065
|
|
|
0.54
|
|
|
7,900
|
|
|
0.50
|
|
|||
4.00-4.99%
|
4,427
|
|
|
0.25
|
|
|
4,426
|
|
|
0.24
|
|
|
4,428
|
|
|
0.28
|
|
|||
5.00% and over
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total certificates
|
$
|
442,649
|
|
|
24.55
|
%
|
|
$
|
577,075
|
|
|
30.82
|
%
|
|
$
|
634,155
|
|
|
40.06
|
%
|
Total deposits
|
$
|
1,802,696
|
|
|
100.00
|
%
|
|
$
|
1,872,126
|
|
|
100.00
|
%
|
|
$
|
1,583,047
|
|
|
100.00
|
%
|
|
0.00-
0.99%
|
|
1.00-
1.99%
|
|
2.00-
2.99%
|
|
3.00-
3.99%
|
|
4.00-
4.99%
|
|
5.00%
or
greater
|
|
Total
|
|
Percent
of
Total
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||||
Quarter ending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
September 30, 2016
|
$
|
153,807
|
|
|
$
|
7,130
|
|
|
$
|
759
|
|
|
$
|
3,998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
165,694
|
|
|
37.6
|
%
|
December 31, 2016
|
61,509
|
|
|
6,634
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
68,149
|
|
|
15.4
|
|
|||||||
March 31, 2017
|
48,608
|
|
|
4,288
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,896
|
|
|
11.9
|
|
|||||||
June 30, 2017
|
34,636
|
|
|
4,150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,786
|
|
|
8.8
|
|
|||||||
September 30, 2017
|
15,471
|
|
|
4,570
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
20,044
|
|
|
4.5
|
|
|||||||
December 31, 2017
|
12,128
|
|
|
3,436
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,564
|
|
|
3.5
|
|
|||||||
March 31, 2018
|
7,904
|
|
|
3,728
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
11,727
|
|
|
2.6
|
|
|||||||
June 30, 2018
|
8,183
|
|
|
1,466
|
|
|
—
|
|
|
51
|
|
|
12
|
|
|
—
|
|
|
9,712
|
|
|
2.2
|
|
|||||||
September 30, 2018
|
5,989
|
|
|
1,145
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
7,233
|
|
|
1.6
|
|
|||||||
December 31, 2018
|
5,239
|
|
|
552
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,796
|
|
|
1.3
|
|
|||||||
March 31, 2019
|
3,964
|
|
|
765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,729
|
|
|
1.1
|
|
|||||||
June 30, 2019
|
3,915
|
|
|
1,499
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,414
|
|
|
1.2
|
|
|||||||
Thereafter
|
23,989
|
|
|
1,478
|
|
|
1,994
|
|
|
5,027
|
|
|
4,415
|
|
|
2
|
|
|
36,905
|
|
|
8.3
|
|
|||||||
Total
|
$
|
385,342
|
|
|
$
|
40,841
|
|
|
$
|
2,760
|
|
|
$
|
9,275
|
|
|
$
|
4,427
|
|
|
$
|
4
|
|
|
$
|
442,649
|
|
|
100.0
|
%
|
Percent of total
|
87.1
|
%
|
|
9.2
|
%
|
|
0.6
|
%
|
|
2.1
|
%
|
|
1.0
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|
|
|
Maturity
|
|
|
||||||||||||||||
|
3 Months
or Less
|
|
Over
3 to 6
Months
|
|
Over
6 to 12
Months
|
|
Over
12 Months
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
CDs less than $100,000
|
$
|
95,648
|
|
|
$
|
39,799
|
|
|
$
|
55,384
|
|
|
$
|
66,448
|
|
|
$
|
257,279
|
|
CDs of $100,000 or more
|
68,360
|
|
|
27,399
|
|
|
34,281
|
|
|
48,900
|
|
|
178,940
|
|
|||||
Public funds
(1)
|
1,686
|
|
|
951
|
|
|
2,017
|
|
|
1,776
|
|
|
6,430
|
|
|||||
Total certificates of deposit
|
$
|
165,694
|
|
|
$
|
68,149
|
|
|
$
|
91,682
|
|
|
$
|
117,124
|
|
|
$
|
442,649
|
|
(1)
|
Deposits from government and other public entities.
|
|
Year ended June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Dollars in thousands)
|
||||||||||
Maximum balance:
|
|
||||||||||
Federal Home Loan Bank advances
|
$
|
507,000
|
|
|
$
|
475,000
|
|
|
$
|
55,939
|
|
Average balances:
|
|
|
|
|
|
||||||
Federal Home Loan Bank advances
|
$
|
482,576
|
|
|
$
|
245,464
|
|
|
$
|
6,109
|
|
Weighted average interest rate:
|
|
|
|
|
|
||||||
Federal Home Loan Bank advances
|
0.31
|
%
|
|
0.20
|
%
|
|
0.20
|
%
|
|
At June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Dollars in thousands)
|
||||||||||
Balance outstanding at end of period:
|
|
|
|
|
|
||||||
Federal Home Loan Bank advances
|
$
|
491,000
|
|
|
$
|
475,000
|
|
|
$
|
50,000
|
|
Weighted average interest rate:
|
|
|
|
|
|
|
|
|
|||
Federal Home Loan Bank advances
|
0.42
|
%
|
|
0.20
|
%
|
|
0.20
|
%
|
•
|
Dodd-Frank Act established the CFPB and empowered it to exercise broad regulatory, supervisory and enforcement authority with respect to both new and existing consumer financial protection laws. HomeTrust Bank is subject to consumer protection regulations issued by the CFPB, but as a smaller financial institution, HomeTrust Bank is generally subject to NCCOB supervision and enforcement with respect to its compliance with federal consumer financial protection laws and CFPB regulations.
|
•
|
Bank holding companies are required to serve as a source of strength for their banking subsidiaries.
|
•
|
The federal banking agencies were required to promulgate new rules on regulatory capital, for both depository institutions, and their holding companies. These are described below.
|
•
|
The prohibition on payment of interest on demand deposits was repealed.
|
•
|
Deposit insurance was permanently increased to $250,000.
|
•
|
The deposit insurance assessment base for FDIC insurance became the depository institution's total average assets minus the sum of its average tangible equity during the assessment period, rather than the level of deposits.
|
•
|
The minimum reserve ratio of the FDIC deposit insurance fund increased to 1.35% of estimated annual insured deposits or assessment base; however, the FDIC is directed to "offset the effect" of the increased reserve ratio for insured depository institutions with total consolidated assets of less than $10.0 billion.
|
Name
|
|
Age
(1)
|
|
Position
|
Dana L. Stonestreet
|
|
62
|
|
Chairman, President and Chief Executive Officer
|
Tony J. VunCannon
|
|
51
|
|
Executive Vice President, Chief Financial Officer and Treasurer
|
Howard L. Sellinger
|
|
63
|
|
Executive Vice President and Chief Information Officer
|
C. Hunter Westbrook
|
|
53
|
|
Executive Vice President and Chief Banking Officer
|
Teresa White
|
|
59
|
|
Executive Vice President, Chief Administration Officer and Corporate Secretary
|
Keith Houghton
|
|
54
|
|
Executive Vice President and Chief Credit Officer
|
Parrish Little
|
|
48
|
|
Executive Vice President and Chief Risk Officer
|
(1)
|
As of June 30, 2016.
|
•
|
loan delinquencies may increase;
|
•
|
problem assets and foreclosures may increase;
|
•
|
demand for our products and services may decline;
|
•
|
collateral for our loans may decline in value, in turn reducing a customer’s borrowing power and reducing the value of collateral securing our loans; and
|
•
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us.
|
•
|
cash flow of the borrower and/or the project being financed;
|
•
|
the changes and uncertainties as to the future value of the collateral, in the case of a collateralized loan;
|
•
|
the duration of the loan;
|
•
|
the character and creditworthiness of a particular borrower; and
|
•
|
changes in economic and industry conditions.
|
•
|
our general reserve, based on our historical default and loss experience, certain macroeconomic factors, and management’s expectations of future events;
|
•
|
our specific reserve, based on our evaluation of nonaccruing loans and their underlying collateral; and
|
•
|
an unallocated reserve to provide for other credit losses inherent in our portfolio that may not have been contemplated in the other loss factors.
|
•
|
we record interest income only on a cash basis for nonaccrual loans and any nonperforming investment securities; and do not record interest income for REO;
|
•
|
we must provide for probable loan losses through a current period charge to the provision for loan losses;
|
•
|
noninterest expense increases when we write down the value of properties in our REO portfolio to reflect changing market values or recognize other-than-temporary impairment (“OTTI”) on nonperforming investment securities;
|
•
|
there are legal fees associated with the resolution of problem assets, as well as, carrying costs, such as taxes, insurance, and maintenance fees related to our REO; and
|
•
|
the resolution of nonperforming assets requires the active involvement of management, which can distract them from more profitable activity.
|
•
|
We may be exposed to potential asset quality issues or unknown or contingent liabilities of the banks, businesses, assets and liabilities we acquire. If these issues or liabilities exceed our estimates, our results of operations and financial condition may be materially negatively affected;
|
•
|
Prices at which future acquisitions can be made may not be acceptable to us;
|
•
|
Our growth initiatives may require us to recruit experienced personnel to assist in such initiatives. The failure to identify and retain such personnel would place significant limitations on our ability to execute our growth strategy;
|
•
|
Our strategic efforts may divert resources or management’s attention from ongoing business operations and may subject us to additional regulatory scrutiny;
|
•
|
The acquisition of other entities generally requires integration of systems, procedures and personnel of the acquired entity into our company to make the transaction economically successful. This integration process is complicated and time consuming and can also be disruptive to the customers of the acquired business. If the integration process is not conducted successfully and with minimal effect on the acquired business and its customers, we may not realize the anticipated economic benefits of particular acquisitions within the expected time frame, and we may lose customers or employees of the acquired business. We may also experience greater than anticipated customer losses even if the integration process is successful;
|
•
|
To finance a future acquisition, we may borrow funds, thereby increasing our leverage and diminishing our liquidity, or raise additional capital, which could dilute the interests of our existing shareholders;
|
•
|
We have completed four mergers during the past two fiscal years that enhanced our rate of growth. We may not be able to continue to sustain our past rate of growth or to grow at all in the future; and
|
•
|
We expect our net income will increase following our acquisitions, however, we also expect our general and administrative expenses and consequently our efficiency rates will also increase. Ultimately, we would expect our efficiency ratio to improve; however, if we are not successful in our integration process, this may not occur, and our acquisitions or branching activities may not be accretive to earnings in the short or long-term.
|
•
|
the ability to develop, maintain and build upon long-term customer relationships based on top-quality service, high ethical standards and safe, sound assets;
|
•
|
the ability to expand our market position;
|
•
|
the scope, relevance and pricing of products and services offered to meet customer needs and demands;
|
•
|
the rate at which we introduce new products and services relative to our competitors;
|
•
|
customer satisfaction with our level of service; and
|
•
|
industry and general economic trends.
|
|
|
Year Ended June 30,
|
||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
First quarter
|
|
$
|
18.79
|
|
|
$
|
16.71
|
|
|
$
|
15.87
|
|
|
$
|
14.55
|
|
Second quarter
|
|
20.98
|
|
|
17.50
|
|
|
16.68
|
|
|
14.58
|
|
||||
Third quarter
|
|
19.99
|
|
|
16.97
|
|
|
16.72
|
|
|
15.37
|
|
||||
Fourth quarter
|
|
19.73
|
|
|
17.62
|
|
|
16.94
|
|
|
15.35
|
|
Period
|
|
Total Number
of Shares Purchased
|
|
Average
Price Paid per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or Programs
|
|
Maximum Number of
Shares that May
Yet Be Purchased
Under the Plans or Programs
|
|||||
July 1 to July 31, 2015
|
|
60,023
|
|
|
$
|
16.84
|
|
|
60,023
|
|
|
971,271
|
|
August 1 to August 31, 2015
|
|
201,586
|
|
|
17.81
|
|
|
201,586
|
|
|
769,685
|
|
|
September 1 to September 30, 2015
|
|
152,753
|
|
|
18.14
|
|
|
152,753
|
|
|
616,932
|
|
|
Total during first quarter of fiscal 2016
|
|
414,362
|
|
|
$
|
17.79
|
|
|
414,362
|
|
|
616,932
|
|
|
|
|
|
|
|
|
|
|
|||||
October 1 to October 31, 2015
|
|
381,074
|
|
|
$
|
18.89
|
|
|
381,074
|
|
|
235,858
|
|
November 1 to November 30, 2015
|
|
62,909
|
|
|
18.93
|
|
|
62,909
|
|
|
172,949
|
|
|
December 1 to December 31, 2015
|
|
53,082
|
|
|
19.38
|
|
|
53,082
|
|
|
1,042,722
|
|
|
Total during second quarter of fiscal 2016
|
|
497,065
|
|
|
$
|
18.95
|
|
|
497,065
|
|
|
1,042,722
|
|
|
|
|
|
|
|
|
|
|
|||||
January 1 to January 31, 2016
|
|
163,367
|
|
|
$
|
19.09
|
|
|
163,367
|
|
|
879,355
|
|
February 1 to February 29, 2016
|
|
170,400
|
|
|
17.57
|
|
|
170,400
|
|
|
708,955
|
|
|
March 1 to March 31, 2016
|
|
71,000
|
|
|
18.18
|
|
|
71,000
|
|
|
637,955
|
|
|
Total during third quarter of fiscal 2016
|
|
404,767
|
|
|
$
|
18.29
|
|
|
404,767
|
|
|
637,955
|
|
|
|
|
|
|
|
|
|
|
|||||
April 1 to April 30, 2016
|
|
111,000
|
|
|
$
|
18.19
|
|
|
111,000
|
|
|
526,955
|
|
May 1 to May 30, 2016
|
|
83,800
|
|
|
18.14
|
|
|
83,800
|
|
|
443,155
|
|
|
June 1 to June 30, 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
443,155
|
|
|
Total during fourth quarter of fiscal 2016
|
|
194,800
|
|
|
$
|
18.17
|
|
|
194,800
|
|
|
443,155
|
|
Total year-to-date 2016
|
|
1,510,994
|
|
|
$
|
18.35
|
|
|
1,510,994
|
|
|
443,155
|
|
|
Period Ended
|
||||||||||||||||
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||||||
|
7/11
|
|
12/31
|
|
6/30
|
|
12/31
|
|
6/30
|
|
12/31
|
|
6/30
|
|
12/31
|
|
6/30
|
HomeTrust Bancshares, Inc.
|
100.00
|
|
115.47
|
|
144.96
|
|
136.67
|
|
134.79
|
|
142.39
|
|
143.25
|
|
173.08
|
|
158.12
|
NASDAQ Bank Index
|
100.00
|
|
104.65
|
|
123.55
|
|
145.37
|
|
145.58
|
|
149.50
|
|
161.06
|
|
159.40
|
|
152.74
|
NASDAQ Composite
|
100.00
|
|
104.55
|
|
117.84
|
|
144.62
|
|
152.64
|
|
163.99
|
|
172.68
|
|
173.39
|
|
167.68
|
|
At June 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
2,717,677
|
|
|
$
|
2,783,114
|
|
|
$
|
2,074,454
|
|
|
$
|
1,583,323
|
|
|
$
|
1,720,056
|
|
Loans receivable, net
(1)
|
1,811,539
|
|
|
1,663,333
|
|
|
1,473,529
|
|
|
1,132,110
|
|
|
1,193,945
|
|
|||||
Allowance for loan losses
|
21,292
|
|
|
22,374
|
|
|
23,429
|
|
|
32,073
|
|
|
35,100
|
|
|||||
Certificates of deposit in other banks
|
161,512
|
|
|
210,629
|
|
|
163,780
|
|
|
136,617
|
|
|
108,010
|
|
|||||
Securities available for sale, at fair value
|
200,652
|
|
|
257,606
|
|
|
168,774
|
|
|
24,750
|
|
|
31,335
|
|
|||||
FHLB and FRB stock
(2)
|
29,486
|
|
|
28,711
|
|
|
3,697
|
|
|
1,854
|
|
|
6,300
|
|
|||||
Deposits
|
1,802,696
|
|
|
1,872,126
|
|
|
1,583,047
|
|
|
1,154,750
|
|
|
1,466,175
|
|
|||||
Borrowings
|
491,000
|
|
|
475,000
|
|
|
50,000
|
|
|
—
|
|
|
22,265
|
|
|||||
Stockholders’ equity
|
359,976
|
|
|
371,050
|
|
|
377,151
|
|
|
367,515
|
|
|
172,485
|
|
|
Years Ended June 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Selected Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest and dividend income
|
$
|
87,747
|
|
|
$
|
85,156
|
|
|
$
|
60,281
|
|
|
$
|
60,389
|
|
|
$
|
67,491
|
|
Total interest expense
|
6,040
|
|
|
5,390
|
|
|
5,432
|
|
|
7,255
|
|
|
11,778
|
|
|||||
Net interest income
|
81,707
|
|
|
79,766
|
|
|
54,849
|
|
|
53,134
|
|
|
55,713
|
|
|||||
Provision for (recovery of ) loan losses
|
—
|
|
|
150
|
|
|
(6,300
|
)
|
|
1,100
|
|
|
15,600
|
|
|||||
Net interest income after provision for (recovery of) loan losses
|
81,707
|
|
|
79,616
|
|
|
61,149
|
|
|
52,034
|
|
|
40,113
|
|
|||||
Service charges and fees on deposit accounts
|
6,680
|
|
|
5,930
|
|
|
2,783
|
|
|
2,589
|
|
|
2,679
|
|
|||||
Mortgage banking income and fees
|
3,069
|
|
|
2,989
|
|
|
3,218
|
|
|
5,107
|
|
|
3,846
|
|
|||||
Gain on sale of securities
|
—
|
|
|
61
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|||||
Gain on sale of fixed assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,503
|
|
|||||
Other noninterest income
|
3,754
|
|
|
3,539
|
|
|
2,727
|
|
|
2,691
|
|
|
2,400
|
|
|||||
Total noninterest income
|
13,503
|
|
|
12,519
|
|
|
8,738
|
|
|
10,387
|
|
|
10,428
|
|
|||||
Total noninterest expense
|
78,853
|
|
|
81,552
|
|
|
55,032
|
|
|
51,393
|
|
|
46,661
|
|
|||||
Income before provision (benefit) for income taxes
|
16,357
|
|
|
10,583
|
|
|
14,855
|
|
|
11,028
|
|
|
3,880
|
|
|||||
Income tax expense (benefit)
|
4,901
|
|
|
2,558
|
|
|
4,513
|
|
|
1,975
|
|
|
(647
|
)
|
|||||
Net income
|
$
|
11,456
|
|
|
$
|
8,025
|
|
|
$
|
10,342
|
|
|
$
|
9,053
|
|
|
$
|
4,527
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
0.65
|
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
|
$
|
0.45
|
|
|
n/a
|
|
|
Diluted
|
$
|
0.65
|
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
|
$
|
0.45
|
|
|
n/a
|
|
|
At or For the
Years Ended June 30,
|
|||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
|||||
Performance ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Return on assets (ratio of net income to average total assets)
|
0.42
|
%
|
|
0.32
|
%
|
|
0.62
|
%
|
|
0.56
|
%
|
|
0.29
|
%
|
Return on equity (ratio of net income to average equity)
|
3.16
|
|
|
2.12
|
|
|
2.86
|
|
|
2.48
|
|
|
2.67
|
|
Tax equivalent yield on earning assets
(3)
|
3.62
|
|
|
3.88
|
|
|
4.15
|
|
|
4.30
|
|
|
4.82
|
|
Rate paid on interest-bearing liabilities
|
0.29
|
|
|
0.29
|
|
|
0.46
|
|
|
0.65
|
|
|
0.91
|
|
Tax equivalent average interest rate spread
(3)
|
3.33
|
|
|
3.59
|
|
|
3.69
|
|
|
3.65
|
|
|
3.91
|
|
Tax equivalent net interest margin
(3)(4)
|
3.37
|
|
|
3.64
|
|
|
3.79
|
|
|
3.81
|
|
|
4.02
|
|
Operating expense to average total assets
|
2.88
|
|
|
3.25
|
|
|
3.29
|
|
|
3.21
|
|
|
2.95
|
|
Average interest-earning assets to average interest-bearing liabilities
|
119.25
|
|
|
120.61
|
|
|
130.20
|
|
|
132.54
|
|
|
113.61
|
|
Efficiency ratio
|
82.82
|
|
|
88.37
|
|
|
86.55
|
|
|
80.91
|
|
|
70.55
|
|
Efficiency ratio - adjusted
(5)
|
78.42
|
|
|
78.02
|
|
|
75.37
|
|
|
67.63
|
|
|
56.77
|
|
Asset quality ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets
(6)
|
0.90
|
%
|
|
1.15
|
%
|
|
2.53
|
%
|
|
5.07
|
%
|
|
4.67
|
%
|
Nonaccruing loans to total loans
(6)
|
1.01
|
|
|
1.47
|
|
|
2.53
|
|
|
5.88
|
|
|
5.21
|
|
Total classified assets to total assets
|
2.17
|
|
|
2.92
|
|
|
4.51
|
|
|
7.43
|
|
|
7.75
|
|
Allowance for loan losses to nonaccruing loans
(6)
|
114.98
|
|
|
90.02
|
|
|
61.79
|
|
|
46.78
|
|
|
54.69
|
|
Allowance for loan losses to total loans
|
1.16
|
|
|
1.33
|
|
|
1.56
|
|
|
2.75
|
|
|
2.85
|
|
Net charge-offs to average loans
|
0.06
|
|
|
0.07
|
|
|
0.19
|
|
|
0.34
|
|
|
2.34
|
|
Capital ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Equity to total assets at end of period
(7)
|
13.25
|
%
|
|
13.33
|
%
|
|
18.18
|
%
|
|
23.21
|
%
|
|
10.03
|
%
|
Average equity to average assets
|
13.24
|
|
|
15.11
|
|
|
21.62
|
|
|
23.09
|
|
|
10.71
|
|
Dividend payout to common shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
n/a
|
|
(1)
|
Net of allowances for loan losses, loans in process and deferred loan fees.
|
(2)
|
FRB stock was first purchased as part of membership requirements in fiscal year 2015.
|
(3)
|
The weighted average rate for municipal leases is adjusted for a 34% federal income tax rate since the interest from these leases is tax exempt.
|
(4)
|
Net interest income divided by average interest earning assets.
|
(5)
|
As presented, this is a non-GAAP measure calculated by dividing total noninterest expense, net of FHLB advance prepayment penalties, REO-related expenses, merger-related expenses, and impairment charges for branch consolidation by the sum of net interest income, total noninterest income and the tax equivalent adjustment, net of realized gain/loss on securities. See Part II, Item 7 - "Non-GAAP Financial Measures" for additional details. Non-GAAP efficiency table is set forth below:
|
|
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Noninterest expense
|
$
|
78,853
|
|
|
$
|
81,552
|
|
|
$
|
55,032
|
|
|
$
|
51,393
|
|
|
$
|
46,661
|
|
Less FHLB advance prepayment expense
|
—
|
|
|
—
|
|
|
—
|
|
|
3,069
|
|
|
2,111
|
|
|||||
Less REO-related expenses
|
1,799
|
|
|
1,673
|
|
|
2,089
|
|
|
3,086
|
|
|
4,991
|
|
|||||
Less merger-related expenses
|
—
|
|
|
5,417
|
|
|
2,708
|
|
|
—
|
|
|
—
|
|
|||||
Less impairment charges for branch consolidation
|
400
|
|
|
375
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Noninterest expense – as adjusted
|
$
|
76,654
|
|
|
$
|
74,087
|
|
|
$
|
50,235
|
|
|
$
|
45,238
|
|
|
$
|
39,559
|
|
Net interest income
|
81,707
|
|
|
79,766
|
|
|
54,849
|
|
|
53,134
|
|
|
55,713
|
|
|||||
Plus noninterest income
|
13,503
|
|
|
12,519
|
|
|
8,738
|
|
|
10,387
|
|
|
10,428
|
|
|||||
Plus tax equivalent adjustment
|
2,537
|
|
|
2,736
|
|
|
3,076
|
|
|
3,371
|
|
|
3,539
|
|
|||||
Less realized gain/loss on securities
|
—
|
|
|
61
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|||||
Net interest income plus noninterest income – as adjusted
|
$
|
97,747
|
|
|
$
|
94,960
|
|
|
$
|
66,673
|
|
|
$
|
66,892
|
|
|
$
|
69,680
|
|
Efficiency ratio
|
78.42
|
%
|
|
78.02
|
%
|
|
75.37
|
%
|
|
67.63
|
%
|
|
56.77
|
%
|
|||||
Efficiency ratio (without adjustments)
|
82.82
|
%
|
|
88.37
|
%
|
|
86.55
|
%
|
|
80.91
|
%
|
|
70.55
|
%
|
(6)
|
Nonperforming assets include nonaccruing loans including certain restructured loans and real estate owned. In the year ended June 30, 2012, $25.7 million of loans were reclassified from impaired loans still accruing interest to nonaccruing loans pursuant to regulatory guidance. At June 30,
2016
, there were $4.6 million of restructured loans included in nonaccruing loans and $8.1 million, or 43.7%, of nonaccruing loans were current on their loan payments.
|
(7)
|
Does not include proceeds from the Conversion consummated on July 10, 2012 for years ended prior to June 30, 2013.
|
|
|
Year Ended
|
||||||||||
(Dollars in thousands)
|
|
June 30,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Noninterest expense
|
|
$
|
78,853
|
|
|
$
|
81,552
|
|
|
$
|
55,032
|
|
Less REO-related expenses
|
|
1,799
|
|
|
1,673
|
|
|
2,089
|
|
|||
Less merger-related expenses
|
|
—
|
|
|
5,417
|
|
|
2,708
|
|
|||
Less impairment charge for branch consolidations
|
|
400
|
|
|
375
|
|
|
—
|
|
|||
Noninterest expense – as adjusted
|
|
$
|
76,654
|
|
|
$
|
74,087
|
|
|
$
|
50,235
|
|
|
|
|
|
|
|
|
||||||
Net interest income
|
|
$
|
81,707
|
|
|
$
|
79,766
|
|
|
$
|
54,849
|
|
Plus noninterest income
|
|
13,503
|
|
|
12,519
|
|
|
8,738
|
|
|||
Plus tax equivalent adjustment
|
|
2,537
|
|
|
2,736
|
|
|
3,076
|
|
|||
Less realized gain on securities
|
|
—
|
|
|
61
|
|
|
10
|
|
|||
Net interest income plus noninterest income – as adjusted
|
|
$
|
97,747
|
|
|
$
|
94,960
|
|
|
$
|
66,653
|
|
Efficiency ratio
|
|
78.42
|
%
|
|
78.02
|
%
|
|
75.37
|
%
|
|||
Efficiency ratio (without adjustments)
|
|
82.82
|
%
|
|
88.37
|
%
|
|
86.55
|
%
|
|
As of
|
||||||||||||||||||
(Dollars in thousands)
|
June 30, 2016
|
|
March 31, 2016
|
|
December 31, 2015
|
|
September 30, 2015
|
|
June 30, 2015
|
||||||||||
Loans receivable (GAAP)
|
$
|
1,832,831
|
|
|
$
|
1,814,695
|
|
|
$
|
1,747,560
|
|
|
$
|
1,742,114
|
|
|
$
|
1,685,707
|
|
Less: acquired loans
|
(220,891
|
)
|
|
(244,549
|
)
|
|
(263,837
|
)
|
|
(285,317
|
)
|
|
(272,754
|
)
|
|||||
Adjusted loans (non-GAAP)
|
$
|
1,611,940
|
|
|
$
|
1,570,146
|
|
|
$
|
1,483,723
|
|
|
$
|
1,456,797
|
|
|
$
|
1,412,953
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses (GAAP)
|
$
|
21,292
|
|
|
$
|
21,761
|
|
|
$
|
21,977
|
|
|
$
|
22,122
|
|
|
$
|
22,374
|
|
Allowance for loan losses / Adjusted loans (non-GAAP)
|
1.32
|
%
|
|
1.39
|
%
|
|
1.48
|
%
|
|
1.52
|
%
|
|
1.58
|
%
|
(Dollars in thousands, except per share data)
|
|
At June 30,
|
||||||
|
|
2016
|
|
2015
|
||||
Total stockholders' equity
|
|
$
|
359,976
|
|
|
$
|
371,050
|
|
Less: goodwill, core deposits intangibles, net of taxes
|
|
(17,169
|
)
|
|
(19,000
|
)
|
||
Tangible book value
|
|
$
|
342,807
|
|
|
$
|
352,050
|
|
Common shares outstanding
|
|
17,998,750
|
|
|
19,488,449
|
|
||
Tangible book value per share
(1)
|
|
$
|
19.05
|
|
|
$
|
18.06
|
|
|
|
At June 30,
|
||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
||||
Tangible book value
(1)
|
|
$
|
342,807
|
|
|
$
|
352,050
|
|
Total assets
|
|
2,717,677
|
|
|
2,783,114
|
|
||
Less: goodwill, core deposit intangibles, net of taxes
|
|
(17,169
|
)
|
|
(19,000
|
)
|
||
Total tangible assets
(2)
|
|
$
|
2,700,508
|
|
|
$
|
2,764,114
|
|
Tangible equity to tangible assets
|
|
12.69
|
%
|
|
12.74
|
%
|
(1)
|
Tangible book value is equal to total shareholders' equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.
|
(2)
|
Total tangible assets is equal to total assets less goodwill and core deposit intangibles, net of related deferred tax liabilities.
|
|
|
Year Ended June 30, 2016
|
|
Year Ended June 30, 2015
|
||||||||||||||||||
|
|
Average Balance Outstanding
|
|
Interest Earned / Paid
|
|
Yield/ Rate
|
|
Average Balance Outstanding
|
|
Interest Earned / Paid
|
|
Yield/ Rate
|
||||||||||
Interest-earning assets
|
|
$
|
2,496,449
|
|
|
$
|
90,283
|
|
|
3.62
|
%
|
|
$
|
2,267,373
|
|
|
$
|
87,892
|
|
|
3.88
|
%
|
Less: Interest-earning assets funded by additional FHLB borrowings
(1)
|
|
409,250
|
|
|
3,312
|
|
|
0.81
|
%
|
|
217,364
|
|
|
1,254
|
|
|
0.58
|
%
|
||||
Interest-earning assets - adjusted
|
|
$
|
2,087,199
|
|
|
$
|
86,971
|
|
|
4.17
|
%
|
|
$
|
2,050,009
|
|
|
$
|
86,638
|
|
|
4.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities
|
|
$
|
2,093,527
|
|
|
$
|
6,040
|
|
|
0.29
|
%
|
|
$
|
1,879,845
|
|
|
$
|
5,390
|
|
|
0.29
|
%
|
Additional FHLB borrowings
(2)
|
|
409,250
|
|
|
1,262
|
|
|
0.31
|
%
|
|
217,365
|
|
|
435
|
|
|
0.20
|
%
|
||||
Interest-bearing liabilities - adjusted
|
|
$
|
1,684,277
|
|
|
$
|
4,778
|
|
|
0.28
|
%
|
|
$
|
1,662,480
|
|
|
$
|
4,955
|
|
|
0.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and net interest margin
|
|
|
|
$
|
84,243
|
|
|
3.37
|
%
|
|
|
|
$
|
82,502
|
|
|
3.64
|
%
|
||||
Net interest income and net interest margin - adjusted
|
|
|
|
82,194
|
|
|
3.94
|
%
|
|
|
|
81,683
|
|
|
3.98
|
%
|
||||||
Difference
|
|
|
|
$
|
2,049
|
|
|
(0.57
|
)%
|
|
|
|
$
|
819
|
|
|
(0.34
|
)%
|
(1)
|
Proceeds from the additional borrowings were invested in various interest-earning assets including: deposits with the FRB, FHLB stock, certificates of deposits in other banks, and commercial paper.
|
(2)
|
Additional borrowings were obtained in November 2014.
|
|
|
|
|
|
|
|
|
|
Percent of total
|
|||||||||||
|
June 30,
|
|
June 30,
|
|
Change
|
|
June 30,
|
|
June 30,
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family
|
$
|
623,701
|
|
|
$
|
650,750
|
|
|
$
|
(27,049
|
)
|
|
(4.2
|
)%
|
|
34.0
|
%
|
|
38.6
|
%
|
HELOCs - originated
|
163,293
|
|
|
161,204
|
|
|
2,089
|
|
|
1.3
|
|
|
8.9
|
|
|
9.6
|
|
|||
HELOCs - purchased
|
144,377
|
|
|
72,010
|
|
|
72,367
|
|
|
100.5
|
|
|
7.9
|
|
|
4.4
|
|
|||
Construction and land/lots
|
38,102
|
|
|
45,931
|
|
|
(7,829
|
)
|
|
(17.0
|
)
|
|
2.1
|
|
|
2.7
|
|
|||
Indirect auto finance
|
108,478
|
|
|
52,494
|
|
|
55,984
|
|
|
106.6
|
|
|
5.9
|
|
|
3.1
|
|
|||
Consumer
|
4,635
|
|
|
3,708
|
|
|
927
|
|
|
25.0
|
|
|
0.3
|
|
|
0.2
|
|
|||
Total retail consumer loans
|
1,082,586
|
|
|
986,097
|
|
|
96,489
|
|
|
9.8
|
|
|
59.1
|
|
|
58.6
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate
|
486,561
|
|
|
441,620
|
|
|
44,941
|
|
|
10.2
|
|
|
26.6
|
|
|
26.2
|
|
|||
Construction and development
|
86,840
|
|
|
64,573
|
|
|
22,267
|
|
|
34.5
|
|
|
4.7
|
|
|
3.8
|
|
|||
Commercial and industrial
|
73,289
|
|
|
84,820
|
|
|
(11,531
|
)
|
|
(13.6
|
)
|
|
4.0
|
|
|
5.0
|
|
|||
Municipal leases
|
103,183
|
|
|
108,574
|
|
|
(5,391
|
)
|
|
(5.0
|
)
|
|
5.6
|
|
|
6.4
|
|
|||
Total commercial loans
|
749,873
|
|
|
699,587
|
|
|
50,286
|
|
|
7.2
|
|
|
40.9
|
|
|
41.4
|
|
|||
Total loans
|
$
|
1,832,459
|
|
|
$
|
1,685,684
|
|
|
$
|
146,775
|
|
|
8.7
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Years Ended June 30,
|
|||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||||
|
Average
Balance Outstanding |
|
Interest
Earned/ Paid (2) |
|
Yield/
Rate (2) |
|
Average
Balance Outstanding |
|
Interest
Earned/ Paid (2) |
|
Yield/
Rate (2) |
|
Average
Balance Outstanding |
|
Interest
Earned/ Paid (2) |
|
Yield/
Rate (2) |
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans receivable
(1)
|
$
|
1,764,229
|
|
|
$
|
80,974
|
|
|
4.59
|
%
|
|
$
|
1,628,067
|
|
|
$
|
80,611
|
|
|
4.95
|
%
|
|
$
|
1,213,271
|
|
|
$
|
59,911
|
|
|
4.94
|
%
|
Deposits in other financial institutions
|
213,011
|
|
|
1,974
|
|
|
0.93
|
%
|
|
332,703
|
|
|
2,323
|
|
|
0.70
|
%
|
|
211,254
|
|
|
1,749
|
|
|
0.83
|
%
|
||||||
Investment securities
|
229,287
|
|
|
4,161
|
|
|
1.81
|
%
|
|
200,772
|
|
|
3,659
|
|
|
1.82
|
%
|
|
89,781
|
|
|
1,578
|
|
|
1.76
|
%
|
||||||
Other
|
289,922
|
|
|
3,174
|
|
|
1.09
|
%
|
|
105,831
|
|
|
1,299
|
|
|
1.23
|
%
|
|
13,730
|
|
|
119
|
|
|
0.87
|
%
|
||||||
Total interest-earning assets
|
2,496,449
|
|
|
90,283
|
|
|
3.62
|
%
|
|
2,267,373
|
|
|
87,892
|
|
|
3.88
|
%
|
|
1,528,036
|
|
|
63,357
|
|
|
4.15
|
%
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing checking accounts
|
389,027
|
|
|
581
|
|
|
0.15
|
%
|
|
349,599
|
|
|
442
|
|
|
0.13
|
%
|
|
220,427
|
|
|
275
|
|
|
0.12
|
%
|
||||||
Money market accounts
|
501,871
|
|
|
1,112
|
|
|
0.22
|
%
|
|
453,056
|
|
|
1,027
|
|
|
0.23
|
%
|
|
306,747
|
|
|
788
|
|
|
0.26
|
%
|
||||||
Savings accounts
|
215,584
|
|
|
289
|
|
|
0.13
|
%
|
|
209,782
|
|
|
304
|
|
|
0.14
|
%
|
|
92,374
|
|
|
156
|
|
|
0.17
|
%
|
||||||
Certificate accounts
|
504,469
|
|
|
2,549
|
|
|
0.51
|
%
|
|
621,943
|
|
|
3,119
|
|
|
0.50
|
%
|
|
547,929
|
|
|
4,198
|
|
|
0.77
|
%
|
||||||
Borrowings
|
482,576
|
|
|
1,510
|
|
|
0.31
|
%
|
|
245,464
|
|
|
498
|
|
|
0.20
|
%
|
|
6,109
|
|
|
15
|
|
|
0.25
|
%
|
||||||
Total interest-bearing liabilities
|
2,093,527
|
|
|
6,041
|
|
|
0.29
|
%
|
|
1,879,844
|
|
|
5,390
|
|
|
0.29
|
%
|
|
1,173,586
|
|
|
5,432
|
|
|
0.46
|
%
|
||||||
Tax-equivalent net interest income
|
|
|
$
|
84,242
|
|
|
|
|
|
|
$
|
82,502
|
|
|
|
|
|
|
$
|
57,925
|
|
|
|
|||||||||
Tax equivalent interest rate spread
|
|
|
|
|
3.33
|
%
|
|
|
|
|
|
3.59
|
%
|
|
|
|
|
|
3.69
|
%
|
||||||||||||
Net earning assets
|
$
|
402,922
|
|
|
|
|
|
|
$
|
387,529
|
|
|
|
|
|
|
$
|
354,450
|
|
|
|
|
|
|||||||||
Tax equivalent net interest margin
|
|
|
|
|
3.37
|
%
|
|
|
|
|
|
3.64
|
%
|
|
|
|
|
|
3.79
|
%
|
||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
119.25
|
%
|
|
|
|
|
|
120.61
|
%
|
|
|
|
|
|
130.20
|
%
|
|
|
|
|
(1)
|
The average loans receivable, net balances include loans held for sale and nonaccruing loans.
|
(2)
|
Interest income used in the average interest/earned and yield calculation includes the tax equivalent adjustment of $2.5 million, $2.7 million, and $3.1 million for fiscal years ended June 30,
2016
,
2015
, and
2014
, respectively, calculated based on a federal income tax rate of 34%.
|
|
Year Ended
June 30,
|
|
Years Ended
June 30,
|
||||||||||||||||||||
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||||||||||||||
|
Increase/
(decrease) due to |
|
Total
increase/ (decrease) |
|
Increase/
(decrease) due to |
|
Total
increase/ (decrease) |
||||||||||||||||
(Dollars in thousands)
|
Volume
|
|
Rate
|
|
Volume
|
|
Rate
|
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans receivable
|
$
|
6,742
|
|
|
$
|
(6,379
|
)
|
|
$
|
363
|
|
|
$
|
20,483
|
|
|
$
|
217
|
|
|
$
|
20,700
|
|
Deposits in other financial institutions
|
(836
|
)
|
|
487
|
|
|
(349
|
)
|
|
1,006
|
|
|
(432
|
)
|
|
574
|
|
||||||
Investment securities
|
520
|
|
|
(18
|
)
|
|
502
|
|
|
1,951
|
|
|
130
|
|
|
2,081
|
|
||||||
Other
|
2,260
|
|
|
(385
|
)
|
|
1,875
|
|
|
798
|
|
|
382
|
|
|
1,180
|
|
||||||
Total interest-earning assets
|
8,686
|
|
|
(6,295
|
)
|
|
2,391
|
|
|
24,238
|
|
|
297
|
|
|
24,535
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing checking accounts
|
$
|
49
|
|
|
$
|
90
|
|
|
$
|
139
|
|
|
$
|
161
|
|
|
$
|
6
|
|
|
$
|
167
|
|
Money market accounts
|
111
|
|
|
(26
|
)
|
|
85
|
|
|
376
|
|
|
(137
|
)
|
|
239
|
|
||||||
Savings accounts
|
9
|
|
|
(24
|
)
|
|
(15
|
)
|
|
198
|
|
|
(50
|
)
|
|
148
|
|
||||||
Certificate accounts
|
(589
|
)
|
|
19
|
|
|
(570
|
)
|
|
567
|
|
|
(1,646
|
)
|
|
(1,079
|
)
|
||||||
Borrowings
|
481
|
|
|
531
|
|
|
1,012
|
|
|
588
|
|
|
(105
|
)
|
|
483
|
|
||||||
Total interest-bearing liabilities
|
$
|
61
|
|
|
$
|
590
|
|
|
$
|
651
|
|
|
$
|
1,890
|
|
|
$
|
(1,932
|
)
|
|
$
|
(42
|
)
|
Net increase in tax equivalent interest income
|
|
|
|
|
$
|
1,740
|
|
|
|
|
|
|
$
|
24,577
|
|
June 30, 2016
|
||||||||||||||
Change in Interest Rates in
|
|
Present Value Equity
|
|
PVE
|
||||||||||
Basis Points
|
|
Amount
|
|
$ Change
|
|
% Change
|
|
Ratio
|
||||||
(Dollars in Thousands)
|
||||||||||||||
+ 400
|
|
$
|
566,884
|
|
|
$
|
1,303
|
|
|
—
|
%
|
|
23
|
%
|
+ 300
|
|
571,370
|
|
|
5,789
|
|
|
1
|
|
|
22
|
|
||
+ 200
|
|
572,676
|
|
|
7,095
|
|
|
1
|
|
|
22
|
|
||
+ 100
|
|
570,460
|
|
|
4,879
|
|
|
1
|
|
|
22
|
|
||
Base
|
|
565,581
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||
- 100
|
|
524,555
|
|
|
(41,026
|
)
|
|
(7
|
)
|
|
19
|
|
|
1 Year or Less
|
|
Over 1 to 3 Years
|
|
Over 3 to 5 Years
|
|
More Than 5 Years
|
|
Total
|
||||||||||
Borrowings
|
$
|
491,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
491,000
|
|
Capital lease
|
123
|
|
|
389
|
|
|
267
|
|
|
2,273
|
|
|
3,052
|
|
|||||
Operating leases
|
1,262
|
|
|
2,429
|
|
|
144
|
|
|
—
|
|
|
3,835
|
|
|||||
Total contractual obligations
|
$
|
492,385
|
|
|
$
|
2,818
|
|
|
$
|
411
|
|
|
$
|
2,273
|
|
|
$
|
497,887
|
|
Commitments to make loans
|
|
$
|
164,766
|
|
Unused lines of credit
|
|
340,397
|
|
|
Total loan commitments
|
|
$
|
505,163
|
|
|
Page
|
Report of Independent Registered Public Accounting Firm
|
|
Consolidated Balance Sheets, June 30, 2016 and 2015
|
|
Consolidated Statements of Income for the Years Ended June 30, 2016, 2015 and 2014
|
|
Consolidated Statements of Comprehensive Income for the Years Ended June 30, 2016, 2015 and 2014
|
|
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended June 30, 2016, 2015 and 2014
|
|
Consolidated Statements of Cash Flows for the Years Ended June 30, 2016, 2015 and 2014
|
|
Notes to Consolidated Financial Statements for the Years Ended June 30, 2016, 2015 and 2014
|
**
|
This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. As an emerging growth company, management’s report was not subject to attestation by the Company’s independent registered public accounting firm in accordance with the JOBS Act.
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
||||
Cash
|
$
|
29,947
|
|
|
$
|
33,891
|
|
Interest-bearing deposits
|
22,649
|
|
|
82,269
|
|
||
Cash and cash equivalents
|
52,596
|
|
|
116,160
|
|
||
Commercial paper
|
229,859
|
|
|
256,152
|
|
||
Certificates of deposit in other banks
|
161,512
|
|
|
210,629
|
|
||
Securities available for sale, at fair value
|
200,652
|
|
|
257,606
|
|
||
Other investments, at cost
|
29,486
|
|
|
28,711
|
|
||
Loans held for sale
|
5,783
|
|
|
5,874
|
|
||
Total loans, net of deferred loan fees and discount
|
1,832,831
|
|
|
1,685,707
|
|
||
Allowance for loan losses
|
(21,292
|
)
|
|
(22,374
|
)
|
||
Net loans
|
1,811,539
|
|
|
1,663,333
|
|
||
Premises and equipment, net
|
54,231
|
|
|
57,524
|
|
||
Accrued interest receivable
|
7,405
|
|
|
7,522
|
|
||
Real estate owned (REO)
|
5,956
|
|
|
7,024
|
|
||
Deferred income taxes
|
54,153
|
|
|
59,493
|
|
||
Bank owned life insurance (BOLI)
|
79,858
|
|
|
77,354
|
|
||
Goodwill
|
12,673
|
|
|
12,673
|
|
||
Core deposit intangibles
|
7,136
|
|
|
10,043
|
|
||
Other assets
|
4,838
|
|
|
13,016
|
|
||
Total Assets
|
$
|
2,717,677
|
|
|
$
|
2,783,114
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
|
||
Deposits
|
$
|
1,802,696
|
|
|
$
|
1,872,126
|
|
Borrowings
|
491,000
|
|
|
475,000
|
|
||
Capital lease obligations
|
1,958
|
|
|
1,979
|
|
||
Other liabilities
|
62,047
|
|
|
62,959
|
|
||
Total liabilities
|
2,357,701
|
|
|
2,412,064
|
|
||
Stockholders’ Equity
|
|
|
|
|
|
||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 60,000,000 shares authorized, 17,998,750 shares issued and outstanding at June 30, 2016; 19,488,449 at June 30, 2015
|
180
|
|
|
195
|
|
||
Additional paid in capital
|
186,104
|
|
|
210,621
|
|
||
Retained earnings
|
179,813
|
|
|
168,357
|
|
||
Unearned Employee Stock Ownership Plan (ESOP) shares
|
(8,464
|
)
|
|
(8,993
|
)
|
||
Accumulated other comprehensive income
|
2,343
|
|
|
870
|
|
||
Total stockholders’ equity
|
359,976
|
|
|
371,050
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
2,717,677
|
|
|
$
|
2,783,114
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Interest and Dividend Income
|
|
|
|
|
|
||||||
Loans
|
$
|
78,437
|
|
|
$
|
77,875
|
|
|
$
|
56,835
|
|
Securities available for sale
|
4,161
|
|
|
3,659
|
|
|
1,578
|
|
|||
Certificates of deposit and other interest-bearing deposits
|
3,686
|
|
|
2,747
|
|
|
1,789
|
|
|||
Other investments
|
1,463
|
|
|
875
|
|
|
79
|
|
|||
Total interest and dividend income
|
87,747
|
|
|
85,156
|
|
|
60,281
|
|
|||
Interest Expense
|
|
|
|
|
|
|
|
|
|||
Deposits
|
4,531
|
|
|
4,892
|
|
|
5,417
|
|
|||
Borrowings
|
1,509
|
|
|
498
|
|
|
15
|
|
|||
Total interest expense
|
6,040
|
|
|
5,390
|
|
|
5,432
|
|
|||
Net Interest Income
|
81,707
|
|
|
79,766
|
|
|
54,849
|
|
|||
Provision for (Recovery of) Loan Losses
|
—
|
|
|
150
|
|
|
(6,300
|
)
|
|||
Net Interest Income after Provision for (Recovery of) Loan Losses
|
81,707
|
|
|
79,616
|
|
|
61,149
|
|
|||
Noninterest Income
|
|
|
|
|
|
|
|
|
|||
Service charges and fees on deposit accounts
|
6,680
|
|
|
5,930
|
|
|
2,783
|
|
|||
Mortgage banking income and fees
|
3,069
|
|
|
2,989
|
|
|
3,218
|
|
|||
Gain from sales of securities available for sale
|
—
|
|
|
61
|
|
|
10
|
|
|||
Other, net
|
3,754
|
|
|
3,539
|
|
|
2,727
|
|
|||
Total noninterest income
|
13,503
|
|
|
12,519
|
|
|
8,738
|
|
|||
Noninterest Expense
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits
|
42,491
|
|
|
41,265
|
|
|
30,366
|
|
|||
Net occupancy expense
|
9,106
|
|
|
8,635
|
|
|
5,322
|
|
|||
Marketing and advertising
|
2,037
|
|
|
2,048
|
|
|
1,360
|
|
|||
Telephone, postage, and supplies
|
3,153
|
|
|
3,141
|
|
|
1,799
|
|
|||
Deposit insurance premiums
|
1,985
|
|
|
1,922
|
|
|
1,312
|
|
|||
Computer services
|
5,813
|
|
|
5,972
|
|
|
3,690
|
|
|||
Loss on sale and impairment of REO
|
534
|
|
|
28
|
|
|
646
|
|
|||
REO expense
|
1,265
|
|
|
1,645
|
|
|
1,443
|
|
|||
Core deposit intangible amortization
|
2,907
|
|
|
2,547
|
|
|
166
|
|
|||
Merger-related expenses
|
—
|
|
|
5,417
|
|
|
2,708
|
|
|||
Impairment charges for branch consolidation
|
400
|
|
|
375
|
|
|
—
|
|
|||
Other
|
9,162
|
|
|
8,557
|
|
|
6,220
|
|
|||
Total noninterest expense
|
78,853
|
|
|
81,552
|
|
|
55,032
|
|
|||
Income Before Income Taxes
|
16,357
|
|
|
10,583
|
|
|
14,855
|
|
|||
Income Tax Expense
|
4,901
|
|
|
2,558
|
|
|
4,513
|
|
|||
Net Income
|
$
|
11,456
|
|
|
$
|
8,025
|
|
|
$
|
10,342
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|||
Net income per common share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
0.65
|
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
Diluted
|
$
|
0.65
|
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
Average shares outstanding:
|
|
|
|
|
|
|
|
|
|||
Basic
|
17,417,046
|
|
|
19,038,098
|
|
|
18,630,774
|
|
|||
Diluted
|
17,606,689
|
|
|
19,117,902
|
|
|
18,715,669
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net Income
|
$
|
11,456
|
|
|
$
|
8,025
|
|
|
$
|
10,342
|
|
Other Comprehensive Income
|
|
|
|
|
|
|
|
|
|||
Unrealized holding gains on securities available for sale
|
|
|
|
|
|
|
|
|
|||
Gains arising during the period
|
$
|
2,233
|
|
|
$
|
890
|
|
|
$
|
415
|
|
Deferred income tax expense
|
(760
|
)
|
|
(302
|
)
|
|
(141
|
)
|
|||
Reclassification of securities gains recognized in net income
|
—
|
|
|
57
|
|
|
—
|
|
|||
Deferred income tax expense
|
—
|
|
|
(20
|
)
|
|
—
|
|
|||
Total other comprehensive income
|
$
|
1,473
|
|
|
$
|
625
|
|
|
$
|
274
|
|
Comprehensive Income
|
$
|
12,929
|
|
|
$
|
8,650
|
|
|
$
|
10,616
|
|
|
Common Stock
|
|
Additional Paid In Capital
|
|
Retained Earnings
|
|
Unearned ESOP Shares
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Stockholders’ Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance at June 30, 2013
|
20,824,900
|
|
|
$
|
208
|
|
|
$
|
227,397
|
|
|
$
|
149,990
|
|
|
$
|
(10,051
|
)
|
|
$
|
(29
|
)
|
|
$
|
367,515
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
10,342
|
|
|
—
|
|
|
—
|
|
|
10,342
|
|
||||||
Stock repurchased
|
(1,845,744
|
)
|
|
(18
|
)
|
|
(29,442
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,460
|
)
|
||||||
Granted restricted stock
|
7,050
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeited restricted stock
|
(18,900
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retired stock
|
(14,555
|
)
|
|
—
|
|
|
(226
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(226
|
)
|
||||||
Shares issued for Jefferson Bancshares, Inc. merger
|
1,679,257
|
|
|
17
|
|
|
25,222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,239
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
1,273
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,273
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
1,350
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,350
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
315
|
|
|
—
|
|
|
529
|
|
|
—
|
|
|
844
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
274
|
|
|
274
|
|
||||||
Balance at June 30, 2014
|
20,632,008
|
|
|
$
|
207
|
|
|
$
|
225,889
|
|
|
$
|
160,332
|
|
|
$
|
(9,522
|
)
|
|
$
|
245
|
|
|
$
|
377,151
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
8,025
|
|
|
—
|
|
|
—
|
|
|
8,025
|
|
||||||
Stock repurchased
|
(1,147,927
|
)
|
|
(12
|
)
|
|
(18,458
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,470
|
)
|
||||||
Forfeited restricted stock
|
(1,600
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retired stock
|
(12,032
|
)
|
|
|
|
(188
|
)
|
|
|
|
|
|
|
|
(188
|
)
|
||||||||||
Exercised stock options
|
18,000
|
|
|
—
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
1,394
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,394
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
1,427
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,427
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
298
|
|
|
—
|
|
|
529
|
|
|
—
|
|
|
827
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
625
|
|
|
625
|
|
||||||
Balance at June 30, 2015
|
19,488,449
|
|
|
$
|
195
|
|
|
$
|
210,621
|
|
|
$
|
168,357
|
|
|
$
|
(8,993
|
)
|
|
$
|
870
|
|
|
$
|
371,050
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
11,456
|
|
|
—
|
|
|
—
|
|
|
11,456
|
|
||||||
Stock repurchased
|
(1,510,994
|
)
|
|
(15
|
)
|
|
(27,719
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,734
|
)
|
||||||
Granted restricted stock
|
34,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeited restricted stock
|
(2,550
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retired stock
|
(12,855
|
)
|
|
—
|
|
|
(223
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(223
|
)
|
||||||
Exercised stock options
|
2,200
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
1,512
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,512
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
1,427
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,427
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
454
|
|
|
—
|
|
|
529
|
|
|
—
|
|
|
983
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,473
|
|
|
1,473
|
|
||||||
Balance at June 30, 2016
|
17,998,750
|
|
|
$
|
180
|
|
|
$
|
186,104
|
|
|
$
|
179,813
|
|
|
$
|
(8,464
|
)
|
|
$
|
2,343
|
|
|
$
|
359,976
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
11,456
|
|
|
$
|
8,025
|
|
|
$
|
10,342
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||
Provision for (recovery of) loan losses
|
—
|
|
|
150
|
|
|
(6,300
|
)
|
|||
Depreciation
|
4,035
|
|
|
3,776
|
|
|
2,369
|
|
|||
Deferred income tax expense
|
4,581
|
|
|
2,286
|
|
|
4,378
|
|
|||
Net amortization and accretion
|
(3,986
|
)
|
|
(4,806
|
)
|
|
(1,272
|
)
|
|||
Loss on sale and impairment of REO
|
534
|
|
|
28
|
|
|
646
|
|
|||
Earnings from BOLI
|
(1,874
|
)
|
|
(1,911
|
)
|
|
(1,722
|
)
|
|||
Gain from sales of securities available for sale
|
—
|
|
|
(61
|
)
|
|
(10
|
)
|
|||
Gain on sale of loans held for sale
|
(1,643
|
)
|
|
(1,651
|
)
|
|
(1,603
|
)
|
|||
Origination of loans held for sale
|
(91,963
|
)
|
|
(74,353
|
)
|
|
(73,501
|
)
|
|||
Proceeds from sales of loans held for sale
|
93,697
|
|
|
72,667
|
|
|
87,895
|
|
|||
Decrease in deferred loan fees, net
|
(349
|
)
|
|
(1,363
|
)
|
|
(7
|
)
|
|||
Decrease (increase) in accrued interest receivable and other assets
|
8,295
|
|
|
(1,343
|
)
|
|
(781
|
)
|
|||
Amortization of core deposits intangibles
|
2,907
|
|
|
2,547
|
|
|
166
|
|
|||
ESOP compensation expense
|
983
|
|
|
827
|
|
|
844
|
|
|||
Restricted stock and stock option expense
|
2,939
|
|
|
2,821
|
|
|
2,623
|
|
|||
Increase in other liabilities
|
(912
|
)
|
|
(5,685
|
)
|
|
(307
|
)
|
|||
Net cash provided by operating activities
|
28,700
|
|
|
1,954
|
|
|
23,760
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
|||
Purchase of securities available for sale
|
(66,000
|
)
|
|
(135,830
|
)
|
|
(81,565
|
)
|
|||
Proceeds from sales of securities available for sale
|
—
|
|
|
10,387
|
|
|
2,086
|
|
|||
Proceeds from maturities of securities available for sale
|
100,836
|
|
|
41,340
|
|
|
45,225
|
|
|||
Maturities (purchase) of commercial paper, net
|
28,004
|
|
|
(255,727
|
)
|
|
—
|
|
|||
Purchase of certificates of deposit in other banks
|
(49,638
|
)
|
|
(101,904
|
)
|
|
(45,132
|
)
|
|||
Maturities of certificates of deposit in other banks
|
98,755
|
|
|
55,055
|
|
|
17,969
|
|
|||
Principal repayments of mortgage-backed securities
|
24,165
|
|
|
19,447
|
|
|
9,850
|
|
|||
Net redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank Stock
|
(775
|
)
|
|
(24,223
|
)
|
|
3,239
|
|
|||
Net decrease (increase) in loans
|
(147,586
|
)
|
|
(106,588
|
)
|
|
30,011
|
|
|||
Purchase of BOLI
|
(4,250
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from redemption of BOLI
|
3,620
|
|
|
707
|
|
|
—
|
|
|||
Purchase of premises and equipment
|
(742
|
)
|
|
(4,937
|
)
|
|
(1,688
|
)
|
|||
Capital improvements to REO
|
(99
|
)
|
|
(94
|
)
|
|
(236
|
)
|
|||
Proceeds from sale of REO
|
2,822
|
|
|
9,741
|
|
|
10,592
|
|
|||
Acquisition of BankGreenville Financial Corporation, net of cash paid
|
—
|
|
|
—
|
|
|
1,475
|
|
|||
Acquisition of Jefferson Bancshares, Inc., net of cash paid
|
—
|
|
|
—
|
|
|
(6,926
|
)
|
|||
Acquisition of Bank of Commerce, net of cash received
|
—
|
|
|
(7,759
|
)
|
|
—
|
|
|||
Acquisition of Bank of America branches, net of cash paid
|
—
|
|
|
310,868
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(10,888
|
)
|
|
(189,517
|
)
|
|
(15,100
|
)
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Net decrease in deposits
|
(69,430
|
)
|
|
(133,517
|
)
|
|
(38,166
|
)
|
|||
Net increase (decrease) in borrowings
|
16,000
|
|
|
409,828
|
|
|
(10,673
|
)
|
|||
Repayment of subordinated debentures
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
|||
Common stock repurchased
|
(27,734
|
)
|
|
(18,470
|
)
|
|
(29,460
|
)
|
|||
Retired stock
|
(223
|
)
|
|
(188
|
)
|
|
(226
|
)
|
|||
Stock options exercised
|
32
|
|
|
259
|
|
|
—
|
|
|||
Decrease in capital lease obligations
|
(21
|
)
|
|
(19
|
)
|
|
(18
|
)
|
|||
Net cash provided by (used in) financing activities
|
(81,376
|
)
|
|
257,893
|
|
|
(88,543
|
)
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(63,564
|
)
|
|
70,330
|
|
|
(79,883
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
116,160
|
|
|
45,830
|
|
|
125,713
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
52,596
|
|
|
$
|
116,160
|
|
|
$
|
45,830
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Supplemental Disclosures:
|
|
|
|
|
|
||||||
Cash paid during the period for:
|
|
|
|
|
|
||||||
Interest
|
$
|
6,468
|
|
|
$
|
4,964
|
|
|
$
|
5,271
|
|
Income taxes
|
428
|
|
|
222
|
|
|
150
|
|
|||
Noncash transactions:
|
|
|
|
|
|
|
|
|
|||
Unrealized gain in value of securities available for sale, net of income taxes
|
1,473
|
|
|
625
|
|
|
274
|
|
|||
Transfers of loans to REO
|
2,189
|
|
|
2,288
|
|
|
9,645
|
|
|||
Transfers of loans to loans sold (included in other assets)
|
—
|
|
|
9,139
|
|
|
—
|
|
|||
Transfers of loans to held for sale
|
—
|
|
|
—
|
|
|
4,340
|
|
|||
Loans originated to finance the sale of REO
|
—
|
|
|
460
|
|
|
94
|
|
|||
Business Combinations:
|
|
|
|
|
|
|
|
|
|||
Assets acquired
|
—
|
|
|
463,959
|
|
|
600,022
|
|
|||
Liabilities assumed
|
—
|
|
|
444,154
|
|
|
539,979
|
|
|||
Net assets acquired
|
—
|
|
|
19,805
|
|
|
60,043
|
|
|
As Recorded
By Bank of America |
|
Fair Value and
Other Merger Related Adjustments |
|
As
Recorded by the Company |
||||||
Consideration Paid
|
|
|
|
|
|
||||||
Cash paid as deposit premium
|
|
|
|
|
$
|
9,805
|
|
||||
Total consideration
|
|
|
|
|
$
|
9,805
|
|
||||
Assets
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
320,673
|
|
|
$
|
—
|
|
|
$
|
320,673
|
|
Loans, net of allowance
|
1,045
|
|
|
—
|
|
|
1,045
|
|
|||
Premises and equipment, net
|
6,303
|
|
|
2,690
|
|
|
8,993
|
|
|||
Accrued interest receivable
|
3
|
|
|
—
|
|
|
3
|
|
|||
Deferred income taxes
|
—
|
|
|
353
|
|
|
353
|
|
|||
Core deposit intangibles
|
—
|
|
|
7,936
|
|
|
7,936
|
|
|||
Total assets acquired
|
$
|
328,024
|
|
|
$
|
10,979
|
|
|
$
|
339,003
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Deposits
|
$
|
328,007
|
|
|
$
|
1,174
|
|
|
$
|
329,181
|
|
Other liabilities
|
17
|
|
|
—
|
|
|
17
|
|
|||
Total liabilities assumed
|
$
|
328,024
|
|
|
$
|
1,174
|
|
|
$
|
329,198
|
|
Net identifiable assets acquired over liabilities assumed
|
$
|
—
|
|
|
$
|
9,805
|
|
|
$
|
9,805
|
|
Goodwill
|
|
|
|
|
|
|
$
|
—
|
|
|
As Recorded By Bank of Commerce
|
|
Fair Value and Other Merger Related Adjustments
|
|
As Recorded by the Company
|
||||||
Consideration Paid
|
|
|
|
|
|
||||||
Cash paid
|
|
|
|
|
$
|
10,000
|
|
||||
Total consideration
|
|
|
|
|
$
|
10,000
|
|
||||
Assets
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
2,241
|
|
|
$
|
—
|
|
|
$
|
2,241
|
|
Securities available for sale
|
24,228
|
|
|
—
|
|
|
24,228
|
|
|||
Loans, net of allowance
|
89,339
|
|
|
(2,855
|
)
|
|
86,484
|
|
|||
FHLB Stock
|
791
|
|
|
—
|
|
|
791
|
|
|||
REO
|
224
|
|
|
(14
|
)
|
|
210
|
|
|||
Premises and equipment, net
|
135
|
|
|
—
|
|
|
135
|
|
|||
Accrued interest receivable
|
355
|
|
|
(100
|
)
|
|
255
|
|
|||
Deferred income taxes
|
286
|
|
|
2,839
|
|
|
3,125
|
|
|||
Core deposit intangibles
|
—
|
|
|
640
|
|
|
640
|
|
|||
Other assets
|
4,931
|
|
|
(6
|
)
|
|
4,925
|
|
|||
Total assets acquired
|
$
|
122,530
|
|
|
$
|
504
|
|
|
$
|
123,034
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Deposits
|
$
|
93,303
|
|
|
$
|
112
|
|
|
$
|
93,415
|
|
Borrowings
|
15,000
|
|
|
172
|
|
|
15,172
|
|
|||
Other liabilities
|
6,369
|
|
|
—
|
|
|
6,369
|
|
|||
Total liabilities assumed
|
$
|
114,672
|
|
|
$
|
284
|
|
|
$
|
114,956
|
|
Net identifiable assets acquired over liabilities assumed
|
$
|
7,858
|
|
|
$
|
220
|
|
|
$
|
8,078
|
|
Goodwill
|
|
|
|
|
|
|
$
|
1,922
|
|
|
Purchased Performing
|
|
PCI
|
|
Total Loans
|
||||||
Retail Consumer Loans:
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
2,717
|
|
|
$
|
2,979
|
|
|
$
|
5,696
|
|
Home equity lines of credit
|
8,823
|
|
|
317
|
|
|
9,140
|
|
|||
Consumer
|
37
|
|
|
15
|
|
|
52
|
|
|||
Commercial:
|
|
|
|
|
|
||||||
Commercial real estate
|
29,048
|
|
|
30,047
|
|
|
59,095
|
|
|||
Construction and development
|
202
|
|
|
3,020
|
|
|
3,222
|
|
|||
Commercial and industrial
|
5,402
|
|
|
3,877
|
|
|
9,279
|
|
|||
Total
|
$
|
46,229
|
|
|
$
|
40,255
|
|
|
$
|
86,484
|
|
|
As Recorded
by
Jefferson
|
|
Fair Value and
Other Merger
Related
Adjustments
|
|
As Recorded
by the
Company
|
||||||
Consideration Paid
|
|
|
|
|
|
||||||
Cash paid including cash in lieu of fractional shares
|
|
|
|
|
$
|
25,251
|
|
||||
Fair value of HomeTrust common stock at $15.03 per share
|
|
|
|
|
25,239
|
|
|||||
Total consideration
|
|
|
|
|
$
|
50,490
|
|
||||
Assets
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
18,325
|
|
|
$
|
—
|
|
|
$
|
18,325
|
|
Securities available for sale
|
85,744
|
|
|
(675
|
)
|
|
85,069
|
|
|||
Loans, net of allowance
|
338,616
|
|
|
(8,704
|
)
|
|
329,912
|
|
|||
FHLB Stock
|
4,635
|
|
|
—
|
|
|
4,635
|
|
|||
REO
|
3,288
|
|
|
(1,064
|
)
|
|
2,224
|
|
|||
Premises and equipment, net
|
24,662
|
|
|
(1,487
|
)
|
|
23,175
|
|
|||
Accrued interest receivable
|
1,367
|
|
|
(90
|
)
|
|
1,277
|
|
|||
Deferred income taxes
|
9,606
|
|
|
3,637
|
|
|
13,243
|
|
|||
Core deposit intangibles
|
847
|
|
|
2,683
|
|
|
3,530
|
|
|||
Other assets
|
7,171
|
|
|
(393
|
)
|
|
6,778
|
|
|||
Total assets acquired
|
$
|
494,261
|
|
|
$
|
(6,093
|
)
|
|
$
|
488,168
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Deposits
|
$
|
376,985
|
|
|
$
|
371
|
|
|
$
|
377,356
|
|
Borrowings
|
55,081
|
|
|
858
|
|
|
55,939
|
|
|||
Subordinated debentures
|
7,460
|
|
|
2,540
|
|
|
10,000
|
|
|||
Other liabilities
|
2,332
|
|
|
—
|
|
|
2,332
|
|
|||
Total liabilities assumed
|
$
|
441,858
|
|
|
$
|
3,769
|
|
|
$
|
445,627
|
|
Net identifiable assets acquired over liabilities assumed
|
$
|
52,403
|
|
|
$
|
(9,862
|
)
|
|
$
|
42,541
|
|
Goodwill
|
|
|
|
|
|
|
$
|
7,949
|
|
|
Purchased
Performing
|
|
Purchased
Impaired
|
|
Total
Loans
|
||||||
Retail Consumer Loans:
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
74,378
|
|
|
$
|
6,066
|
|
|
$
|
80,444
|
|
Home equity lines of credit
|
16,857
|
|
|
18
|
|
|
16,875
|
|
|||
Construction and land/lots
|
7,810
|
|
|
924
|
|
|
8,734
|
|
|||
Consumer
|
3,690
|
|
|
2
|
|
|
3,692
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
119,635
|
|
|
15,649
|
|
|
135,284
|
|
|||
Construction and development
|
24,658
|
|
|
1,012
|
|
|
25,670
|
|
|||
Commercial and industrial
|
52,863
|
|
|
6,350
|
|
|
59,213
|
|
|||
Total
|
$
|
299,891
|
|
|
$
|
30,021
|
|
|
$
|
329,912
|
|
|
As Recorded
by
BankGreenville
|
|
Fair Value and
Other Merger
Related
Adjustments
|
|
As Recorded
by the
Company
|
||||||
Consideration Paid
|
|
|
|
|
|
||||||
Cash
|
|
|
|
|
$
|
7,823
|
|
||||
Repayment of BankGreenville preferred stock
|
|
|
|
|
1,050
|
|
|||||
Contingent cash consideration
(1)
|
|
|
|
|
680
|
|
|||||
Total consideration
|
|
|
|
|
$
|
9,553
|
|
||||
Assets
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
10,348
|
|
|
$
|
—
|
|
|
$
|
10,348
|
|
Securities available for sale
|
34,345
|
|
|
—
|
|
|
34,345
|
|
|||
Loans, net of allowance
|
51,622
|
|
|
(3,792
|
)
|
|
47,830
|
|
|||
FHLB Stock
|
447
|
|
|
—
|
|
|
447
|
|
|||
REO
|
2,317
|
|
|
(168
|
)
|
|
2,149
|
|
|||
Premises and equipment, net
|
2,458
|
|
|
(117
|
)
|
|
2,341
|
|
|||
Accrued interest receivable
|
429
|
|
|
—
|
|
|
429
|
|
|||
Deferred tax asset
|
—
|
|
|
2,470
|
|
|
2,470
|
|
|||
Core deposit intangibles
|
—
|
|
|
530
|
|
|
530
|
|
|||
Other assets
|
214
|
|
|
—
|
|
|
214
|
|
|||
Total assets acquired
|
$
|
102,180
|
|
|
$
|
(1,077
|
)
|
|
$
|
101,103
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Deposits
|
$
|
88,906
|
|
|
$
|
201
|
|
|
$
|
89,107
|
|
Borrowings
|
4,700
|
|
|
34
|
|
|
4,734
|
|
|||
Other liabilities
|
511
|
|
|
—
|
|
|
511
|
|
|||
Total liabilities assumed
|
$
|
94,117
|
|
|
$
|
235
|
|
|
$
|
94,352
|
|
Net identifiable assets acquired over liabilities assumed
|
$
|
8,063
|
|
|
$
|
(1,312
|
)
|
|
$
|
6,751
|
|
Goodwill
|
|
|
|
|
$
|
2,802
|
|
(1)
|
Estimate of additional amount to be paid to shareholders after
24 months
based on performance of a select pool of loans totaling approximately
$8,000
. Actual amount paid was
$484
on October 27, 2015.
|
|
Purchased
Performing
|
|
Purchased
Impaired
|
|
Total
Loans
|
||||||
Retail Consumer Loans:
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
8,274
|
|
|
$
|
1,392
|
|
|
$
|
9,666
|
|
Home equity lines of credit
|
3,987
|
|
|
134
|
|
|
4,121
|
|
|||
Consumer
|
522
|
|
|
—
|
|
|
522
|
|
|||
Commercial:
|
|
|
|
|
|
||||||
Commercial real estate
|
23,073
|
|
|
4,552
|
|
|
27,625
|
|
|||
Construction and development
|
2,367
|
|
|
3,529
|
|
|
5,896
|
|
|||
Total
|
$
|
38,223
|
|
|
$
|
9,607
|
|
|
$
|
47,830
|
|
|
June 30, 2016
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
U.S. Government Agencies
|
$
|
77,356
|
|
|
$
|
624
|
|
|
$
|
—
|
|
|
$
|
77,980
|
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
|
95,668
|
|
|
1,824
|
|
|
(84
|
)
|
|
97,408
|
|
||||
Municipal Bonds
|
16,242
|
|
|
992
|
|
|
—
|
|
|
17,234
|
|
||||
Corporate Bonds
|
7,773
|
|
|
194
|
|
|
—
|
|
|
7,967
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
Total
|
$
|
197,102
|
|
|
$
|
3,634
|
|
|
$
|
(84
|
)
|
|
$
|
200,652
|
|
|
June 30, 2015
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
U.S. Government Agencies
|
$
|
115,683
|
|
|
$
|
455
|
|
|
$
|
(67
|
)
|
|
$
|
116,071
|
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
|
120,294
|
|
|
674
|
|
|
(159
|
)
|
|
120,809
|
|
||||
Municipal Bonds
|
16,359
|
|
|
372
|
|
|
(53
|
)
|
|
16,678
|
|
||||
Corporate Bonds
|
3,889
|
|
|
96
|
|
|
—
|
|
|
3,985
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
—
|
|
|
$
|
63
|
|
|||
Total
|
$
|
256,288
|
|
|
$
|
1,597
|
|
|
$
|
(279
|
)
|
|
$
|
257,606
|
|
|
June 30, 2016
|
||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
Due within one year
|
$
|
407
|
|
|
$
|
411
|
|
Due after one year through five years
|
79,724
|
|
|
80,290
|
|
||
Due after five years through ten years
|
18,278
|
|
|
19,257
|
|
||
Due after ten years
|
2,962
|
|
|
3,223
|
|
||
Mortgage-backed securities
|
95,668
|
|
|
97,408
|
|
||
Total
|
$
|
197,039
|
|
|
$
|
200,589
|
|
|
June 30, 2015
|
||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
Due within one year
|
$
|
317
|
|
|
$
|
317
|
|
Due after one year through five years
|
83,268
|
|
|
83,455
|
|
||
Due after five years through ten years
|
48,578
|
|
|
49,102
|
|
||
Due after ten years
|
3,768
|
|
|
3,860
|
|
||
Mortgage-backed securities
|
120,294
|
|
|
120,809
|
|
||
Total
|
$
|
256,225
|
|
|
$
|
257,543
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Gross proceeds from sales of securities
|
$
|
—
|
|
|
$
|
10,387
|
|
|
$
|
2,086
|
|
Gross realized gains from sales of securities
|
—
|
|
|
74
|
|
|
42
|
|
|||
Gross realized losses from sales of securities
|
—
|
|
|
(13
|
)
|
|
(32
|
)
|
|
June 30, 2016
|
||||||||||||||||
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
|
1,970
|
|
|
(20
|
)
|
|
6,040
|
|
|
(64
|
)
|
|
8,010
|
|
|
(84
|
)
|
|
June 30, 2015
|
||||||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
U.S. Government Agencies
|
$
|
35,793
|
|
|
$
|
(67
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,793
|
|
|
$
|
(67
|
)
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
|
24,429
|
|
|
(81
|
)
|
|
5,037
|
|
|
(78
|
)
|
|
29,466
|
|
|
(159
|
)
|
||||||
Municipal Bonds
|
3,920
|
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
3,920
|
|
|
(53
|
)
|
||||||
Total
|
$
|
64,142
|
|
|
$
|
(201
|
)
|
|
$
|
5,037
|
|
|
$
|
(78
|
)
|
|
$
|
69,179
|
|
|
$
|
(279
|
)
|
|
June 30,
2016 |
|
June 30,
2015 |
||||
Retail consumer loans:
|
|
|
|
||||
One-to-four family
|
$
|
623,701
|
|
|
$
|
650,750
|
|
HELOCs - originated
|
163,293
|
|
|
161,204
|
|
||
HELOCs - purchased
|
144,377
|
|
|
72,010
|
|
||
Construction and land/lots
|
38,102
|
|
|
45,931
|
|
||
Indirect auto finance
|
108,478
|
|
|
52,494
|
|
||
Consumer
|
4,635
|
|
|
3,708
|
|
||
Total retail consumer loans
|
1,082,586
|
|
|
986,097
|
|
||
Commercial loans:
|
|
|
|
||||
Commercial real estate
|
486,561
|
|
|
441,620
|
|
||
Construction and development
|
86,840
|
|
|
64,573
|
|
||
Commercial and industrial
|
73,289
|
|
|
84,820
|
|
||
Municipal leases
|
103,183
|
|
|
108,574
|
|
||
Total commercial loans
|
749,873
|
|
|
699,587
|
|
||
Total loans
|
1,832,459
|
|
|
1,685,684
|
|
||
Deferred loan costs, net
|
372
|
|
|
23
|
|
||
Total loans, net of deferred loan fees and discount
|
1,832,831
|
|
|
1,685,707
|
|
||
Allowance for loan and lease losses
|
(21,292
|
)
|
|
(22,374
|
)
|
||
Net loans
|
$
|
1,811,539
|
|
|
$
|
1,663,333
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
587,440
|
|
|
$
|
7,800
|
|
|
$
|
20,129
|
|
|
$
|
1,283
|
|
|
$
|
11
|
|
|
$
|
616,663
|
|
HELOCs - originated
|
159,275
|
|
|
678
|
|
|
2,997
|
|
|
55
|
|
|
10
|
|
|
163,015
|
|
||||||
HELOCs - purchased
|
144,377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,377
|
|
||||||
Construction and land/lots
|
36,298
|
|
|
542
|
|
|
679
|
|
|
9
|
|
|
—
|
|
|
37,528
|
|
||||||
Indirect auto finance
|
108,432
|
|
|
14
|
|
|
21
|
|
|
11
|
|
|
—
|
|
|
108,478
|
|
||||||
Consumer
|
4,390
|
|
|
1
|
|
|
224
|
|
|
2
|
|
|
9
|
|
|
4,626
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
448,188
|
|
|
7,817
|
|
|
9,232
|
|
|
1
|
|
|
—
|
|
|
465,238
|
|
||||||
Construction and development
|
79,005
|
|
|
480
|
|
|
4,208
|
|
|
—
|
|
|
—
|
|
|
83,693
|
|
||||||
Commercial and industrial
|
63,299
|
|
|
1,032
|
|
|
5,361
|
|
|
—
|
|
|
2
|
|
|
69,694
|
|
||||||
Municipal leases
|
100,867
|
|
|
1,651
|
|
|
665
|
|
|
—
|
|
|
—
|
|
|
103,183
|
|
||||||
Total loans
|
$
|
1,731,571
|
|
|
$
|
20,015
|
|
|
$
|
43,516
|
|
|
$
|
1,361
|
|
|
$
|
32
|
|
|
$
|
1,796,495
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
598,417
|
|
|
$
|
11,563
|
|
|
$
|
28,656
|
|
|
$
|
1,772
|
|
|
$
|
12
|
|
|
$
|
640,420
|
|
HELOCs - originated
|
155,899
|
|
|
580
|
|
|
4,020
|
|
|
407
|
|
|
3
|
|
|
160,909
|
|
||||||
HELOCs - purchased
|
72,010
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72,010
|
|
||||||
Construction and land/lots
|
42,689
|
|
|
650
|
|
|
1,754
|
|
|
124
|
|
|
—
|
|
|
45,217
|
|
||||||
Indirect auto finance
|
52,396
|
|
|
59
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
52,494
|
|
||||||
Consumer
|
3,610
|
|
|
16
|
|
|
32
|
|
|
—
|
|
|
39
|
|
|
3,697
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
384,525
|
|
|
12,762
|
|
|
13,972
|
|
|
182
|
|
|
—
|
|
|
411,441
|
|
||||||
Construction and development
|
50,815
|
|
|
3,567
|
|
|
5,413
|
|
|
—
|
|
|
—
|
|
|
59,795
|
|
||||||
Commercial and industrial
|
73,774
|
|
|
953
|
|
|
4,781
|
|
|
—
|
|
|
2
|
|
|
79,510
|
|
||||||
Municipal leases
|
106,260
|
|
|
1,733
|
|
|
581
|
|
|
—
|
|
|
—
|
|
|
108,574
|
|
||||||
Total loans
|
$
|
1,540,395
|
|
|
$
|
31,883
|
|
|
$
|
59,248
|
|
|
$
|
2,485
|
|
|
$
|
56
|
|
|
$
|
1,634,067
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
5,039
|
|
|
$
|
377
|
|
|
$
|
1,593
|
|
|
$
|
14
|
|
|
$
|
15
|
|
|
$
|
7,038
|
|
HELOCs - originated
|
258
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
278
|
|
||||||
Construction and land/lots
|
522
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
574
|
|
||||||
Consumer
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
9
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
12,594
|
|
|
4,266
|
|
|
4,463
|
|
|
—
|
|
|
—
|
|
|
21,323
|
|
||||||
Construction and development
|
1,136
|
|
|
292
|
|
|
1,719
|
|
|
—
|
|
|
—
|
|
|
3,147
|
|
||||||
Commercial and industrial
|
3,234
|
|
|
194
|
|
|
167
|
|
|
—
|
|
|
—
|
|
|
3,595
|
|
||||||
Total loans
|
$
|
22,791
|
|
|
$
|
5,129
|
|
|
$
|
8,014
|
|
|
$
|
14
|
|
|
$
|
16
|
|
|
$
|
35,964
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
5,176
|
|
|
$
|
1,210
|
|
|
$
|
3,890
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
10,330
|
|
HELOCs - originated
|
259
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
295
|
|
||||||
Construction and land/lots
|
571
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
—
|
|
|
714
|
|
||||||
Consumer
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
21,550
|
|
|
3,454
|
|
|
5,175
|
|
|
—
|
|
|
—
|
|
|
30,179
|
|
||||||
Construction and development
|
2,292
|
|
|
146
|
|
|
2,340
|
|
|
—
|
|
|
—
|
|
|
4,778
|
|
||||||
Commercial and industrial
|
4,349
|
|
|
279
|
|
|
682
|
|
|
—
|
|
|
—
|
|
|
5,310
|
|
||||||
Total loans
|
$
|
34,208
|
|
|
$
|
5,089
|
|
|
$
|
12,266
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
51,617
|
|
|
Past Due
|
|
|
|
Total
|
||||||||||||||
|
30-89 Days
|
|
90 Days+
|
|
Total
|
|
Current
|
|
Loans
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
3,514
|
|
|
$
|
5,476
|
|
|
$
|
8,990
|
|
|
$
|
614,711
|
|
|
$
|
623,701
|
|
HELOCs - originated
|
220
|
|
|
377
|
|
|
597
|
|
|
162,696
|
|
|
163,293
|
|
|||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
144,377
|
|
|
144,377
|
|
|||||
Construction and land/lots
|
100
|
|
|
119
|
|
|
219
|
|
|
37,883
|
|
|
38,102
|
|
|||||
Indirect auto finance
|
182
|
|
|
—
|
|
|
182
|
|
|
108,296
|
|
|
108,478
|
|
|||||
Consumer
|
4
|
|
|
4
|
|
|
8
|
|
|
4,627
|
|
|
4,635
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
1,436
|
|
|
3,353
|
|
|
4,789
|
|
|
481,772
|
|
|
486,561
|
|
|||||
Construction and development
|
371
|
|
|
1,296
|
|
|
1,667
|
|
|
85,173
|
|
|
86,840
|
|
|||||
Commercial and industrial
|
216
|
|
|
2,819
|
|
|
3,035
|
|
|
70,254
|
|
|
73,289
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
103,183
|
|
|
103,183
|
|
|||||
Total loans
|
$
|
6,043
|
|
|
$
|
13,444
|
|
|
$
|
19,487
|
|
|
$
|
1,812,972
|
|
|
$
|
1,832,459
|
|
|
Past Due
|
|
|
|
Total
|
||||||||||||||
|
30-89 Days
|
|
90 Days+
|
|
Total
|
|
Current
|
|
Loans
|
||||||||||
June 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
5,548
|
|
|
$
|
8,261
|
|
|
$
|
13,809
|
|
|
$
|
636,941
|
|
|
$
|
650,750
|
|
HELOCs - originated
|
695
|
|
|
808
|
|
|
1,503
|
|
|
159,701
|
|
|
161,204
|
|
|||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
72,010
|
|
|
72,010
|
|
|||||
Construction and land/lots
|
102
|
|
|
307
|
|
|
409
|
|
|
45,522
|
|
|
45,931
|
|
|||||
Indirect auto finance
|
—
|
|
|
—
|
|
|
—
|
|
|
52,494
|
|
|
52,494
|
|
|||||
Consumer
|
23
|
|
|
2
|
|
|
25
|
|
|
3,683
|
|
|
3,708
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
2,758
|
|
|
4,636
|
|
|
7,394
|
|
|
434,226
|
|
|
441,620
|
|
|||||
Construction and development
|
166
|
|
|
2,992
|
|
|
3,158
|
|
|
61,415
|
|
|
64,573
|
|
|||||
Commercial and industrial
|
439
|
|
|
2,898
|
|
|
3,337
|
|
|
81,483
|
|
|
84,820
|
|
|||||
Municipal leases
|
202
|
|
|
—
|
|
|
202
|
|
|
108,372
|
|
|
108,574
|
|
|||||
Total loans
|
$
|
9,933
|
|
|
$
|
19,904
|
|
|
$
|
29,837
|
|
|
$
|
1,655,847
|
|
|
$
|
1,685,684
|
|
|
June 30, 2016
|
|
June 30, 2015
|
||||||||||||
|
Nonaccruing
|
|
90 Days + &
still accruing
|
|
Nonaccruing
|
|
90 Days + &
still accruing
|
||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
9,192
|
|
|
$
|
—
|
|
|
$
|
10,523
|
|
|
$
|
—
|
|
HELOCs - originated
|
1,026
|
|
|
—
|
|
|
1,856
|
|
|
—
|
|
||||
Construction and land/lots
|
188
|
|
|
—
|
|
|
465
|
|
|
—
|
|
||||
Indirect auto finance
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer
|
15
|
|
|
—
|
|
|
49
|
|
|
—
|
|
||||
Commercial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
3,222
|
|
|
—
|
|
|
5,103
|
|
|
—
|
|
||||
Construction and development
|
1,417
|
|
|
—
|
|
|
3,461
|
|
|
—
|
|
||||
Commercial and industrial
|
3,019
|
|
|
—
|
|
|
3,081
|
|
|
—
|
|
||||
Municipal leases
|
419
|
|
|
—
|
|
|
316
|
|
|
—
|
|
||||
Total loans
|
$
|
18,518
|
|
|
$
|
—
|
|
|
$
|
24,854
|
|
|
$
|
—
|
|
|
June 30, 2016
|
|
June 30, 2015
|
||||
Performing TDRs included in impaired loans
|
$
|
28,263
|
|
|
$
|
21,891
|
|
|
June 30, 2016
|
||||||||||||||
|
PCI
|
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
||||||||
Balance at beginning of period
|
$
|
401
|
|
|
$
|
12,575
|
|
|
$
|
9,398
|
|
|
$
|
22,374
|
|
Provision for (recovery of) loan losses
|
(40
|
)
|
|
(597
|
)
|
|
637
|
|
|
—
|
|
||||
Charge-offs
|
—
|
|
|
(1,663
|
)
|
|
(2,041
|
)
|
|
(3,704
|
)
|
||||
Recoveries
|
—
|
|
|
1,234
|
|
|
1,388
|
|
|
2,622
|
|
||||
Balance at end of period
|
$
|
361
|
|
|
$
|
11,549
|
|
|
$
|
9,382
|
|
|
$
|
21,292
|
|
|
June 30, 2015
|
||||||||||||||
|
PCI
|
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
||||||||
Balance at beginning of period
|
$
|
—
|
|
|
$
|
15,731
|
|
|
$
|
7,698
|
|
|
$
|
23,429
|
|
Provision for (recovery of) loan losses
|
1,053
|
|
|
(1,258
|
)
|
|
355
|
|
|
150
|
|
||||
Charge-offs
|
(652
|
)
|
|
(3,107
|
)
|
|
(1,101
|
)
|
|
(4,860
|
)
|
||||
Recoveries
|
—
|
|
|
1,209
|
|
|
2,446
|
|
|
3,655
|
|
||||
Balance at end of period
|
$
|
401
|
|
|
$
|
12,575
|
|
|
$
|
9,398
|
|
|
$
|
22,374
|
|
|
June 30, 2014
|
||||||||||
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
||||||
Balance at beginning of period
|
$
|
21,952
|
|
|
$
|
10,121
|
|
|
$
|
32,073
|
|
Recovery of loan losses
|
(3,447
|
)
|
|
(2,853
|
)
|
|
(6,300
|
)
|
|||
Charge-offs
|
(4,436
|
)
|
|
(901
|
)
|
|
(5,337
|
)
|
|||
Recoveries
|
1,662
|
|
|
1,331
|
|
|
2,993
|
|
|||
Balance at end of period
|
$
|
15,731
|
|
|
$
|
7,698
|
|
|
$
|
23,429
|
|
|
Allowance for Loan Losses
|
|
Total Loans Receivable
|
||||||||||||||||||||||||||||
|
PCI
|
|
Loans
individually
evaluated for
impairment
|
|
Loans
Collectively
Evaluated
|
|
Total
|
|
PCI
|
|
Loans
individually
evaluated for
impairment
|
|
Loans
Collectively
Evaluated
|
|
Total
|
||||||||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
One-to-four family
|
$
|
23
|
|
|
$
|
187
|
|
|
$
|
6,385
|
|
|
$
|
6,595
|
|
|
$
|
7,038
|
|
|
$
|
12,411
|
|
|
$
|
604,252
|
|
|
$
|
623,701
|
|
HELOCs - originated
|
—
|
|
|
288
|
|
|
1,709
|
|
|
1,997
|
|
|
278
|
|
|
1,145
|
|
|
161,870
|
|
|
163,293
|
|
||||||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
558
|
|
|
558
|
|
|
—
|
|
|
—
|
|
|
144,377
|
|
|
144,377
|
|
||||||||
Construction and land/lots
|
—
|
|
|
198
|
|
|
1,146
|
|
|
1,344
|
|
|
574
|
|
|
392
|
|
|
37,136
|
|
|
38,102
|
|
||||||||
Indirect auto finance
|
—
|
|
|
—
|
|
|
1,016
|
|
|
1,016
|
|
|
—
|
|
|
—
|
|
|
108,478
|
|
|
108,478
|
|
||||||||
Consumer
|
—
|
|
|
10
|
|
|
51
|
|
|
61
|
|
|
9
|
|
|
—
|
|
|
4,626
|
|
|
4,635
|
|
||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
288
|
|
|
—
|
|
|
6,142
|
|
|
6,430
|
|
|
21,323
|
|
|
5,376
|
|
|
459,862
|
|
|
486,561
|
|
||||||||
Construction and development
|
17
|
|
|
—
|
|
|
1,891
|
|
|
1,908
|
|
|
3,147
|
|
|
1,789
|
|
|
81,904
|
|
|
86,840
|
|
||||||||
Commercial and industrial
|
33
|
|
|
3
|
|
|
685
|
|
|
721
|
|
|
3,595
|
|
|
2,927
|
|
|
66,767
|
|
|
73,289
|
|
||||||||
Municipal leases
|
—
|
|
|
—
|
|
|
662
|
|
|
662
|
|
|
—
|
|
|
305
|
|
|
102,878
|
|
|
103,183
|
|
||||||||
Total
|
$
|
361
|
|
|
$
|
686
|
|
|
$
|
20,245
|
|
|
$
|
21,292
|
|
|
$
|
35,964
|
|
|
$
|
24,345
|
|
|
$
|
1,772,150
|
|
|
$
|
1,832,459
|
|
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
One-to-four family
|
$
|
35
|
|
|
$
|
492
|
|
|
$
|
7,463
|
|
|
$
|
7,990
|
|
|
$
|
10,330
|
|
|
$
|
22,841
|
|
|
$
|
617,579
|
|
|
$
|
650,750
|
|
HELOCs - originated
|
3
|
|
|
275
|
|
|
1,499
|
|
|
1,777
|
|
|
295
|
|
|
2,608
|
|
|
158,301
|
|
|
161,204
|
|
||||||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
432
|
|
|
432
|
|
|
—
|
|
|
—
|
|
|
72,010
|
|
|
72,010
|
|
||||||||
Construction and land/lots
|
—
|
|
|
531
|
|
|
1,291
|
|
|
1,822
|
|
|
714
|
|
|
1,926
|
|
|
43,291
|
|
|
45,931
|
|
||||||||
Indirect auto finance
|
—
|
|
|
—
|
|
|
464
|
|
|
464
|
|
|
—
|
|
|
—
|
|
|
52,494
|
|
|
52,494
|
|
||||||||
Consumer
|
—
|
|
|
39
|
|
|
89
|
|
|
128
|
|
|
11
|
|
|
45
|
|
|
3,652
|
|
|
3,708
|
|
||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
334
|
|
|
—
|
|
|
6,005
|
|
|
6,339
|
|
|
30,179
|
|
|
10,961
|
|
|
400,480
|
|
|
441,620
|
|
||||||||
Construction and development
|
—
|
|
|
119
|
|
|
1,462
|
|
|
1,581
|
|
|
4,778
|
|
|
5,161
|
|
|
54,634
|
|
|
64,573
|
|
||||||||
Commercial and industrial
|
29
|
|
|
400
|
|
|
675
|
|
|
1,104
|
|
|
5,310
|
|
|
4,537
|
|
|
74,973
|
|
|
84,820
|
|
||||||||
Municipal leases
|
—
|
|
|
—
|
|
|
737
|
|
|
737
|
|
|
—
|
|
|
316
|
|
|
108,258
|
|
|
108,574
|
|
||||||||
Total
|
$
|
401
|
|
|
$
|
1,856
|
|
|
$
|
20,117
|
|
|
$
|
22,374
|
|
|
$
|
51,617
|
|
|
$
|
48,395
|
|
|
$
|
1,585,672
|
|
|
$
|
1,685,684
|
|
|
|
|
Total Impaired Loans
|
||||||||||||||||
|
Unpaid Principal Balance
|
|
With a
Recorded
Allowance
|
|
With No
Recorded
Allowance
|
|
Total
|
|
Related
Recorded
Allowance
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
29,053
|
|
|
$
|
12,348
|
|
|
$
|
13,375
|
|
|
$
|
25,723
|
|
|
$
|
281
|
|
HELOCs - originated
|
4,486
|
|
|
1,999
|
|
|
1,178
|
|
|
3,177
|
|
|
305
|
|
|||||
Construction and land/lots
|
2,890
|
|
|
764
|
|
|
693
|
|
|
1,457
|
|
|
209
|
|
|||||
Indirect auto finance
|
45
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|||||
Consumer
|
514
|
|
|
9
|
|
|
13
|
|
|
22
|
|
|
10
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
7,433
|
|
|
857
|
|
|
5,776
|
|
|
6,633
|
|
|
13
|
|
|||||
Construction and development
|
3,556
|
|
|
600
|
|
|
1,929
|
|
|
2,529
|
|
|
14
|
|
|||||
Commercial and industrial
|
9,710
|
|
|
1,197
|
|
|
2,930
|
|
|
4,127
|
|
|
17
|
|
|||||
Municipal leases
|
419
|
|
|
114
|
|
|
305
|
|
|
419
|
|
|
1
|
|
|||||
Total impaired loans
|
$
|
58,106
|
|
|
$
|
17,908
|
|
|
$
|
26,199
|
|
|
$
|
44,107
|
|
|
$
|
850
|
|
June 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
31,590
|
|
|
$
|
10,340
|
|
|
$
|
19,164
|
|
|
$
|
29,504
|
|
|
$
|
598
|
|
HELOCs - originated
|
6,019
|
|
|
2,565
|
|
|
1,543
|
|
|
4,108
|
|
|
294
|
|
|||||
Construction and land/lots
|
3,303
|
|
|
1,225
|
|
|
758
|
|
|
1,983
|
|
|
533
|
|
|||||
Indirect auto finance
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
1,966
|
|
|
13
|
|
|
45
|
|
|
58
|
|
|
39
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
13,829
|
|
|
696
|
|
|
10,971
|
|
|
11,667
|
|
|
412
|
|
|||||
Construction and development
|
6,615
|
|
|
1,268
|
|
|
4,241
|
|
|
5,509
|
|
|
64
|
|
|||||
Commercial and industrial
|
5,668
|
|
|
688
|
|
|
4,051
|
|
|
4,739
|
|
|
431
|
|
|||||
Municipal leases
|
316
|
|
|
—
|
|
|
316
|
|
|
316
|
|
|
—
|
|
|||||
Total impaired loans
|
$
|
69,316
|
|
|
$
|
16,795
|
|
|
$
|
41,089
|
|
|
$
|
57,884
|
|
|
$
|
2,371
|
|
|
June 30, 2016
|
|
June 30, 2015
|
|
June 30, 2014
|
||||||||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
28,479
|
|
|
$
|
1,477
|
|
|
$
|
30,089
|
|
|
$
|
1,696
|
|
|
$
|
38,949
|
|
|
$
|
1,624
|
|
HELOCs - originated
|
3,593
|
|
|
200
|
|
|
4,373
|
|
|
238
|
|
|
5,549
|
|
|
274
|
|
||||||
Construction and land/lots
|
1,787
|
|
|
135
|
|
|
2,074
|
|
|
158
|
|
|
2,080
|
|
|
182
|
|
||||||
Indirect auto finance
|
7
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer
|
55
|
|
|
23
|
|
|
46
|
|
|
24
|
|
|
34
|
|
|
8
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
8,506
|
|
|
440
|
|
|
14,718
|
|
|
243
|
|
|
22,116
|
|
|
640
|
|
||||||
Construction and development
|
3,469
|
|
|
84
|
|
|
5,654
|
|
|
167
|
|
|
7,885
|
|
|
169
|
|
||||||
Commercial and industrial
|
4,379
|
|
|
155
|
|
|
2,496
|
|
|
188
|
|
|
2,747
|
|
|
163
|
|
||||||
Municipal leases
|
452
|
|
|
22
|
|
|
303
|
|
|
24
|
|
|
—
|
|
|
—
|
|
||||||
Total loans
|
$
|
50,727
|
|
|
$
|
2,538
|
|
|
$
|
59,753
|
|
|
$
|
2,738
|
|
|
$
|
79,360
|
|
|
$
|
3,060
|
|
|
Year Ended June 30, 2016
|
|
Year Ended June 30, 2015
|
||||
Accretable yield, beginning of period
|
$
|
11,096
|
|
|
$
|
6,151
|
|
Addition from Bank of Commerce acquisition
|
—
|
|
|
7,315
|
|
||
Reclass from nonaccretable yield
(1)
|
1,452
|
|
|
3,047
|
|
||
Other changes, net
(2)
|
1,436
|
|
|
438
|
|
||
Interest income
|
(4,452
|
)
|
|
(5,855
|
)
|
||
Accretable yield, end of period
|
$
|
9,532
|
|
|
$
|
11,096
|
|
(1)
|
Represents changes attributable to expected losses assumptions.
|
(2)
|
Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, and changes in interest rates.
|
|
June 30, 2016
|
|
June 30, 2015
|
||||
Carrying value of PCI loans
|
$
|
35,964
|
|
|
$
|
51,617
|
|
Unpaid principal balance of PCI loans
|
$
|
43,398
|
|
|
$
|
61,451
|
|
|
Year Ended June 30, 2016
|
|
Year Ended June 30, 2015
|
||||||||||||||||||
|
Number of Loans
|
|
Pre Modification Outstanding Recorded Investment
|
|
Post Modification Outstanding Recorded Investment
|
|
Number of Loans
|
|
Pre Modification Outstanding Recorded Investment
|
|
Post Modification Outstanding Recorded Investment
|
||||||||||
Below market interest rate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
5
|
|
|
$
|
234
|
|
|
$
|
238
|
|
|
4
|
|
|
$
|
449
|
|
|
$
|
447
|
|
Construction and land/lots
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
110
|
|
|
99
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
1
|
|
|
$
|
590
|
|
|
$
|
578
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
Total
|
6
|
|
|
$
|
824
|
|
|
$
|
816
|
|
|
5
|
|
|
$
|
559
|
|
|
$
|
546
|
|
Extended payment terms:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
5
|
|
|
$
|
142
|
|
|
$
|
147
|
|
|
5
|
|
|
$
|
566
|
|
|
$
|
579
|
|
HELOCs - originated
|
2
|
|
|
28
|
|
|
25
|
|
|
3
|
|
|
91
|
|
|
85
|
|
||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
10
|
|
|
8
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
1
|
|
|
286
|
|
|
284
|
|
|
1
|
|
|
426
|
|
|
467
|
|
||||
Construction and development
|
1
|
|
|
128
|
|
|
128
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commercial and industrial
|
2
|
|
|
164
|
|
|
155
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|||
Total
|
11
|
|
|
$
|
748
|
|
|
$
|
739
|
|
|
11
|
|
|
$
|
1,093
|
|
|
$
|
1,139
|
|
Other TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
30
|
|
|
$
|
2,890
|
|
|
$
|
2,498
|
|
|
21
|
|
|
$
|
4,166
|
|
|
$
|
4,027
|
|
HELOCs - originated
|
4
|
|
|
228
|
|
|
227
|
|
|
4
|
|
|
155
|
|
|
119
|
|
||||
Construction and land/lots
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
138
|
|
|
134
|
|
||||
Consumer
|
1
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
58
|
|
|
1
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and development
|
2
|
|
|
386
|
|
|
371
|
|
|
1
|
|
|
173
|
|
|
169
|
|
||||
Commercial and industrial
|
1
|
|
|
$
|
997
|
|
|
$
|
957
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
38
|
|
|
$
|
4,503
|
|
|
$
|
4,054
|
|
|
30
|
|
|
$
|
4,690
|
|
|
$
|
4,450
|
|
Total
|
55
|
|
|
$
|
6,075
|
|
|
$
|
5,609
|
|
|
46
|
|
|
$
|
6,342
|
|
|
$
|
6,135
|
|
|
Year Ended June 30, 2016
|
|
Year Ended June 30, 2015
|
||||||||||
|
Number of
Loans
|
|
Recorded
Investment
|
|
Number of
Loans
|
|
Recorded
Investment
|
||||||
Below market interest rate:
|
|
|
|
|
|
|
|
||||||
Retail consumer:
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
2
|
|
|
$
|
63
|
|
|
2
|
|
|
$
|
379
|
|
Total
|
2
|
|
|
$
|
63
|
|
|
2
|
|
|
$
|
379
|
|
Extended payment terms:
|
|
|
|
|
|
|
|
||||||
Retail consumer:
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
2
|
|
|
$
|
43
|
|
|
4
|
|
|
$
|
574
|
|
Total
|
2
|
|
|
$
|
43
|
|
|
4
|
|
|
$
|
574
|
|
Other TDRs:
|
|
|
|
|
|
|
|
||||||
Retail consumer:
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
11
|
|
|
$
|
529
|
|
|
12
|
|
|
$
|
1,422
|
|
HELOCs - originated
|
1
|
|
|
8
|
|
|
2
|
|
|
8
|
|
||
Construction and land/lots
|
—
|
|
|
—
|
|
|
1
|
|
|
32
|
|
||
Consumer
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||
Commercial:
|
|
|
|
|
|
|
|
||||||
Construction and development
|
2
|
|
|
371
|
|
|
1
|
|
|
170
|
|
||
Total
|
14
|
|
|
$
|
908
|
|
|
17
|
|
|
$
|
1,633
|
|
Total
|
18
|
|
|
$
|
1,014
|
|
|
23
|
|
|
$
|
2,586
|
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Land
|
$
|
15,833
|
|
|
$
|
16,167
|
|
Land held under capital lease
|
2,052
|
|
|
2,052
|
|
||
Office buildings
|
49,852
|
|
|
50,979
|
|
||
Furniture, fixtures and equipment
|
16,179
|
|
|
17,370
|
|
||
Total
|
83,916
|
|
|
86,568
|
|
||
Less accumulated depreciation
|
(29,685
|
)
|
|
(29,044
|
)
|
||
Premises and equipment, net
|
$
|
54,231
|
|
|
$
|
57,524
|
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Loans
|
$
|
6,299
|
|
|
$
|
6,270
|
|
Securities available for sale
|
676
|
|
|
840
|
|
||
Other
|
430
|
|
|
412
|
|
||
Total
|
$
|
7,405
|
|
|
$
|
7,522
|
|
|
June 30,
|
||||
|
2016
|
|
2015
|
||
Balance at beginning of period
|
7,024
|
|
|
14,661
|
|
Transfers from loans
|
2,189
|
|
|
2,288
|
|
Acquired through mergers
|
—
|
|
|
210
|
|
Sales, net of loss
|
(3,038
|
)
|
|
(9,823
|
)
|
Writedowns
|
(318
|
)
|
|
(406
|
)
|
Capital improvements
|
99
|
|
|
94
|
|
Balance at end of period
|
5,956
|
|
|
7,024
|
|
|
Goodwill
|
||
Balance, June 30, 2014
|
$
|
10,751
|
|
Additions
|
1,922
|
|
|
Balance, June 30, 2015
|
$
|
12,673
|
|
Additions
|
—
|
|
|
Balance, June 30, 2016
|
$
|
12,673
|
|
|
June 30, 2016
|
||
2017
|
$
|
2,412
|
|
2018
|
1,920
|
|
|
2019
|
1,430
|
|
|
2020
|
943
|
|
|
2021
|
397
|
|
|
Thereafter
|
34
|
|
|
Total
|
$
|
7,136
|
|
|
|
|
Weighted Average
Interest Rates
|
||||||||||
|
June 30,
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
Noninterest-bearing accounts
|
$
|
225,336
|
|
|
$
|
204,050
|
|
|
—
|
%
|
|
—
|
%
|
NOW accounts
|
403,574
|
|
|
387,379
|
|
|
0.08
|
%
|
|
0.08
|
%
|
||
Money market accounts
|
520,320
|
|
|
481,948
|
|
|
0.29
|
%
|
|
0.20
|
%
|
||
Savings accounts
|
210,817
|
|
|
221,674
|
|
|
0.12
|
%
|
|
0.13
|
%
|
||
Certificates of deposit
|
442,649
|
|
|
577,075
|
|
|
0.53
|
%
|
|
0.61
|
%
|
||
Total
|
$
|
1,802,696
|
|
|
$
|
1,872,126
|
|
|
0.27
|
%
|
|
0.27
|
%
|
|
June 30, 2016
|
|
June 30, 2015
|
||||
2017
|
$
|
325,526
|
|
|
$
|
415,641
|
|
2018
|
57,046
|
|
|
89,954
|
|
||
2019
|
23,160
|
|
|
32,451
|
|
||
2020
|
18,363
|
|
|
14,565
|
|
||
2021
|
12,833
|
|
|
18,000
|
|
||
Thereafter
|
5,721
|
|
|
6,464
|
|
||
Total
|
$
|
442,649
|
|
|
$
|
577,075
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
NOW accounts
|
$
|
581
|
|
|
$
|
442
|
|
|
$
|
275
|
|
Money market accounts
|
1,112
|
|
|
1,027
|
|
|
788
|
|
|||
Savings accounts
|
289
|
|
|
304
|
|
|
156
|
|
|||
Certificates of deposit
|
2,549
|
|
|
3,119
|
|
|
4,198
|
|
|||
Total
|
$
|
4,531
|
|
|
$
|
4,892
|
|
|
$
|
5,417
|
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
|
Balance
|
|
Weighted Average
Rate
|
|
Balance
|
|
Weighted Average
Rate
|
||||||
FHLB advances maturing:
|
|
|
|
|
|
|
|
||||||
90 days or less
|
$
|
491,000
|
|
|
0.42
|
%
|
|
$
|
475,000
|
|
|
0.20
|
%
|
Total
|
$
|
491,000
|
|
|
0.42
|
%
|
|
$
|
475,000
|
|
|
0.20
|
%
|
Fiscal year ending:
|
June 30,
|
||
2017
|
$
|
1,262
|
|
2018
|
1,215
|
|
|
2019
|
790
|
|
|
2020
|
424
|
|
|
Thereafter
|
144
|
|
|
Total of future minimum payments
|
$
|
3,835
|
|
Fiscal year ending:
|
June 30,
|
||
2017
|
$
|
123
|
|
2018
|
123
|
|
|
2019
|
133
|
|
|
2020
|
133
|
|
|
2021-2030
|
2,540
|
|
|
Total minimum lease payments
|
3,052
|
|
|
Less: amount representing interest
|
(1,094
|
)
|
|
Present value of net minimum lease payments
|
$
|
1,958
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
266
|
|
|
$
|
219
|
|
|
$
|
126
|
|
State
|
54
|
|
|
53
|
|
|
9
|
|
|||
Total current expense
|
320
|
|
|
272
|
|
|
135
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
4,038
|
|
|
1,966
|
|
|
2,853
|
|
|||
State
|
543
|
|
|
320
|
|
|
1,525
|
|
|||
Total deferred expense
|
4,581
|
|
|
2,286
|
|
|
4,378
|
|
|||
Total income tax expense
|
$
|
4,901
|
|
|
$
|
2,558
|
|
|
$
|
4,513
|
|
|
Year Ended June 30,
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
$
|
|
Rate
|
|
$
|
|
Rate
|
|
$
|
|
Rate
|
|||||||||
Tax at federal income tax rate
|
$
|
5,561
|
|
|
34
|
%
|
|
$
|
3,598
|
|
|
34
|
%
|
|
$
|
5,051
|
|
|
34
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tax exempt income
|
(1,486
|
)
|
|
(9
|
)%
|
|
(1,575
|
)
|
|
(15
|
)%
|
|
(1,740
|
)
|
|
(12
|
)%
|
|||
Nondeductible merger expenses
|
—
|
|
|
—
|
%
|
|
40
|
|
|
—
|
%
|
|
162
|
|
|
1
|
%
|
|||
Change in valuation allowance for deferred tax assets, allocated to income tax expense
|
(459
|
)
|
|
(3
|
)%
|
|
(2
|
)
|
|
—
|
%
|
|
(1,160
|
)
|
|
(8
|
)%
|
|||
State tax, net of federal benefit
|
394
|
|
|
2
|
%
|
|
246
|
|
|
2
|
%
|
|
1,012
|
|
|
7
|
%
|
|||
Other
|
891
|
|
|
6
|
%
|
|
251
|
|
|
2
|
%
|
|
1,188
|
|
|
8
|
%
|
|||
Total
|
$
|
4,901
|
|
|
30
|
%
|
|
$
|
2,558
|
|
|
23
|
%
|
|
$
|
4,513
|
|
|
30
|
%
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Deferred tax assets:
|
|
|
|
||||
Alternative minimum tax credit
|
$
|
4,156
|
|
|
$
|
3,853
|
|
Allowance for loan losses
|
7,451
|
|
|
8,264
|
|
||
Deferred compensation and post-retirement benefits
|
15,579
|
|
|
16,194
|
|
||
Accrued vacation and sick leave
|
29
|
|
|
29
|
|
||
Impairments on real estate owned
|
1,334
|
|
|
1,451
|
|
||
Other than temporary impairment on investments
|
3,635
|
|
|
3,712
|
|
||
Net operating loss carryforward
|
21,647
|
|
|
25,354
|
|
||
Discount from business combination
|
4,856
|
|
|
6,061
|
|
||
Stock compensation plans
|
1,644
|
|
|
833
|
|
||
Other
|
1,735
|
|
|
1,323
|
|
||
Total gross deferred tax assets
|
62,066
|
|
|
67,074
|
|
||
Less valuation allowance
|
(553
|
)
|
|
(1,012
|
)
|
||
Deferred tax assets
|
61,513
|
|
|
66,062
|
|
||
Deferred tax (liabilities):
|
|
|
|
|
|
||
Depreciable basis of fixed assets
|
(1,787
|
)
|
|
(1,944
|
)
|
||
Deferred loan fees
|
(488
|
)
|
|
(518
|
)
|
||
FHLB stock, book basis in excess of tax
|
(142
|
)
|
|
(144
|
)
|
||
Unrealized gain on securities available for sale
|
(1,249
|
)
|
|
(489
|
)
|
||
Other
|
(3,694
|
)
|
|
(3,474
|
)
|
||
Total gross deferred tax liabilities
|
(7,360
|
)
|
|
(6,569
|
)
|
||
Net deferred tax assets
|
$
|
54,153
|
|
|
$
|
59,493
|
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Unallocated ESOP shares
|
846,400
|
|
|
899,300
|
|
||
Allocated ESOP shares
|
158,700
|
|
|
105,800
|
|
||
ESOP shares committed to be released
|
52,900
|
|
|
52,900
|
|
||
Total ESOP shares
|
1,058,000
|
|
|
1,058,000
|
|
||
Fair value of unallocated ESOP shares
|
$
|
15,658
|
|
|
$
|
15,072
|
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Net cash surrender value of life insurance, related to deferred compensation
|
$
|
6,206
|
|
|
$
|
6,497
|
|
Deferred compensation liability, included in other liabilities
|
$
|
1,414
|
|
|
$
|
1,528
|
|
|
June 30,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income available to common stockholders
|
$
|
11,456
|
|
|
$
|
8,025
|
|
|
$
|
10,342
|
|
Denominator:
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding - basic
|
17,417,046
|
|
|
$
|
19,038,098
|
|
|
$
|
18,630,774
|
|
|
Effect of dilutive shares
|
189,643
|
|
|
79,804
|
|
|
84,895
|
|
|||
Weighted-average common shares outstanding - diluted
|
$
|
17,606,689
|
|
|
$
|
19,117,902
|
|
|
$
|
18,715,669
|
|
Net income per share - basic
|
$
|
0.65
|
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
Net income per share - diluted
|
$
|
0.65
|
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
|
Options
|
|
Weighted-
average
exercise price
|
|
Remaining
contractual life
(years)
|
|
Aggregate
Intrinsic
Value
|
||||||
Options outstanding at June 30, 2013
|
1,557,000
|
|
|
14.37
|
|
|
9.6
|
|
|
$
|
4,033
|
|
|
Granted
|
30,000
|
|
|
15.83
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
73,500
|
|
|
14.37
|
|
|
—
|
|
|
—
|
|
||
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at June 30, 2014
|
1,513,500
|
|
|
$
|
14.40
|
|
|
8.6
|
|
|
$
|
2,077
|
|
Exercisable at June 30, 2014
|
290,175
|
|
|
$
|
14.37
|
|
|
|
|
|
|||
Granted
|
10,000
|
|
|
16.08
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
18,000
|
|
|
14.37
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
7,500
|
|
|
14.37
|
|
|
—
|
|
|
—
|
|
||
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at June 30, 2015
|
1,498,000
|
|
|
$
|
14.41
|
|
|
7.7
|
|
|
$
|
3,519
|
|
Exercisable at June 30, 2015
|
548,550
|
|
|
$
|
14.39
|
|
|
|
|
|
|||
Granted
|
46,500
|
|
|
17.35
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
2,200
|
|
|
14.37
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
13,000
|
|
|
14.37
|
|
|
—
|
|
|
—
|
|
||
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at June 30, 2016
|
1,529,300
|
|
|
$
|
14.50
|
|
|
6.8
|
|
|
$
|
6,117
|
|
Exercisable at June 30, 2016
|
829,400
|
|
|
$
|
14.40
|
|
|
|
|
|
|
|
Restricted
stock awards
|
|
Weighted-
average grant
date fair value
|
|
Aggregate
Intrinsic
Value
|
|||||
Non-vested at June 30, 2013
|
511,300
|
|
|
$
|
14.37
|
|
|
$
|
8,672
|
|
Granted
|
7,050
|
|
|
15.80
|
|
|
—
|
|
||
Vested
|
95,485
|
|
|
14.37
|
|
|
—
|
|
||
Forfeited
|
18,900
|
|
|
14.37
|
|
|
—
|
|
||
Non-vested at June 30, 2014
|
403,965
|
|
|
$
|
14.39
|
|
|
$
|
6,770
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
||
Vested
|
91,895
|
|
|
14.39
|
|
|
—
|
|
||
Forfeited
|
1,600
|
|
|
14.37
|
|
|
—
|
|
||
Non-vested at June 30, 2015
|
310,470
|
|
|
$
|
14.40
|
|
|
$
|
5,203
|
|
Granted
|
34,500
|
|
|
17.35
|
|
|
—
|
|
||
Vested
|
93,670
|
|
|
14.39
|
|
|
—
|
|
||
Forfeited
|
2,550
|
|
|
14.37
|
|
|
—
|
|
||
Non-vested at June 30, 2016
|
248,750
|
|
|
$
|
14.81
|
|
|
$
|
4,602
|
|
|
|
|
Regulatory Requirements
|
|||||||||||||||||
|
Actual
|
|
Minimum for Capital
Adequacy Purposes
|
|
Minimum to Be
Well Capitalized
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
HomeTrust Bancshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier I Capital
|
$
|
317,258
|
|
|
14.39
|
%
|
|
$
|
99,197
|
|
|
4.50
|
%
|
|
$
|
143,285
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
317,258
|
|
|
11.78
|
%
|
|
$
|
107,687
|
|
|
4.00
|
%
|
|
$
|
134,609
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
317,258
|
|
|
14.39
|
%
|
|
$
|
132,263
|
|
|
6.00
|
%
|
|
$
|
176,350
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
339,005
|
|
|
15.38
|
%
|
|
$
|
176,350
|
|
|
8.00
|
%
|
|
$
|
220,438
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital
|
$
|
326,969
|
|
|
15.92
|
%
|
|
$
|
92,395
|
|
|
4.50
|
%
|
|
$
|
133,459
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
326,969
|
|
|
11.91
|
%
|
|
$
|
109,797
|
|
|
4.00
|
%
|
|
$
|
137,246
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
326,969
|
|
|
15.92
|
%
|
|
$
|
123,193
|
|
|
6.00
|
%
|
|
$
|
164,257
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
349,763
|
|
|
17.03
|
%
|
|
$
|
164,257
|
|
|
8.00
|
%
|
|
$
|
205,321
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
HomeTrust Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
As of June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital
|
$
|
280,598
|
|
|
12.80
|
%
|
|
$
|
98,634
|
|
|
4.50
|
%
|
|
$
|
142,471
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
280,598
|
|
|
10.50
|
%
|
|
$
|
106,852
|
|
|
4.00
|
%
|
|
$
|
133,565
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
280,598
|
|
|
12.80
|
%
|
|
$
|
131,512
|
|
|
6.00
|
%
|
|
$
|
175,349
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
302,271
|
|
|
13.79
|
%
|
|
$
|
175,349
|
|
|
8.00
|
%
|
|
$
|
219,187
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital
|
$
|
271,760
|
|
|
13.36
|
%
|
|
$
|
91,508
|
|
|
4.50
|
%
|
|
$
|
132,178
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
271,760
|
|
|
10.00
|
%
|
|
$
|
108,692
|
|
|
4.00
|
%
|
|
$
|
135,865
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
271,760
|
|
|
13.36
|
%
|
|
$
|
122,010
|
|
|
6.00
|
%
|
|
$
|
162,680
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
294,425
|
|
|
14.48
|
%
|
|
$
|
162,680
|
|
|
8.00
|
%
|
|
$
|
203,350
|
|
|
10.00
|
%
|
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Total stockholders' equity under US GAAP
|
$
|
359,976
|
|
|
$
|
371,050
|
|
Accumulated other comprehensive income, net of tax
|
(2,343
|
)
|
|
(870
|
)
|
||
Investment in nonincludable subsidiary
|
(926
|
)
|
|
(1,005
|
)
|
||
Disallowed deferred tax assets
|
(24,079
|
)
|
|
(27,002
|
)
|
||
Disallowed goodwill and other disallowed intangible assets
|
(15,370
|
)
|
|
(15,204
|
)
|
||
Tier I Capital
|
317,258
|
|
|
326,969
|
|
||
Allowable portion of allowance for loan losses
|
21,747
|
|
|
22,794
|
|
||
Total Risk-based Capital
|
$
|
339,005
|
|
|
$
|
349,763
|
|
|
June 30,
2016 |
|
June 30,
2015 |
||||
Assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
6,579
|
|
|
$
|
17,114
|
|
Certificates of deposit in other banks
|
8,456
|
|
|
9,947
|
|
||
Other securities
|
63
|
|
|
63
|
|
||
Total loans
|
7,938
|
|
|
11,643
|
|
||
Allowance for loan losses
|
(74
|
)
|
|
(129
|
)
|
||
Net loans
|
7,864
|
|
|
11,514
|
|
||
REO
|
1,124
|
|
|
834
|
|
||
Investment in bank subsidiary
|
326,648
|
|
|
320,861
|
|
||
ESOP loan receivable
|
8,830
|
|
|
9,280
|
|
||
Other assets
|
760
|
|
|
2,559
|
|
||
Total Assets
|
$
|
360,324
|
|
|
$
|
372,172
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
||||
Other liabilities
|
348
|
|
|
1,122
|
|
||
Stockholders’ Equity
|
359,976
|
|
|
371,050
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
360,324
|
|
|
$
|
372,172
|
|
|
June 30,
2016 |
|
June 30,
2015 |
|
June 30,
2014 |
||||||
Income:
|
|
|
|
|
|
||||||
Interest income
|
$
|
716
|
|
|
$
|
969
|
|
|
$
|
1,418
|
|
Other income
|
—
|
|
|
1
|
|
|
9
|
|
|||
Equity earnings in Bank subsidiary
|
11,284
|
|
|
6,848
|
|
|
9,444
|
|
|||
Total income
|
12,000
|
|
|
7,818
|
|
|
10,871
|
|
|||
Expense:
|
|
|
|
|
|
||||||
Management fee expense
|
317
|
|
|
290
|
|
|
351
|
|
|||
REO expense
|
71
|
|
|
136
|
|
|
237
|
|
|||
Loss (gain) on sale and impairment of REO
|
115
|
|
|
(83
|
)
|
|
118
|
|
|||
Recovery of loan losses
|
(275
|
)
|
|
(1,025
|
)
|
|
(357
|
)
|
|||
Other expense
|
166
|
|
|
152
|
|
|
137
|
|
|||
Total expense
|
394
|
|
|
(530
|
)
|
|
486
|
|
|||
Income Before Income Taxes
|
11,606
|
|
|
8,348
|
|
|
10,385
|
|
|||
Income Tax Expense
|
150
|
|
|
323
|
|
|
43
|
|
|||
Net Income
|
$
|
11,456
|
|
|
$
|
8,025
|
|
|
$
|
10,342
|
|
|
June 30,
2016 |
|
June 30,
2015 |
|
June 30,
2014 |
||||||
Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
11,456
|
|
|
$
|
8,025
|
|
|
$
|
10,342
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Recovery of loan losses
|
(275
|
)
|
|
(1,025
|
)
|
|
(357
|
)
|
|||
Loss (gain) on sale and impairment of REO
|
115
|
|
|
(83
|
)
|
|
118
|
|
|||
Decrease (increase) in accrued interest receivable and other assets
|
1,799
|
|
|
(1,649
|
)
|
|
(308
|
)
|
|||
Equity in undistributed income of Bank
|
(11,284
|
)
|
|
(6,848
|
)
|
|
(9,444
|
)
|
|||
ESOP compensation expense
|
983
|
|
|
827
|
|
|
844
|
|
|||
Restricted stock and stock option expense
|
2,939
|
|
|
2,821
|
|
|
2,623
|
|
|||
Increase (decrease) in other liabilities
|
(774
|
)
|
|
60
|
|
|
660
|
|
|||
Net cash provided by operating activities
|
4,959
|
|
|
2,128
|
|
|
4,478
|
|
|||
Investing Activities:
|
|
|
|
|
|
||||||
Purchase of certificates of deposit in other banks
|
(996
|
)
|
|
(995
|
)
|
|
(248
|
)
|
|||
Maturities of certificates of deposit in other banks
|
2,487
|
|
|
1,244
|
|
|
249
|
|
|||
Purchase of equity securities
|
—
|
|
|
(63
|
)
|
|
—
|
|
|||
Repayment of loans
|
3,024
|
|
|
4,835
|
|
|
6,356
|
|
|||
Capital improvements to REO
|
—
|
|
|
(49
|
)
|
|
(4
|
)
|
|||
Increase in investment in Bank subsidiary
|
(982
|
)
|
|
(827
|
)
|
|
(26,644
|
)
|
|||
Dividend from subsidiary
|
7,952
|
|
|
25,000
|
|
|
19,110
|
|
|||
ESOP principal payments received
|
450
|
|
|
442
|
|
|
430
|
|
|||
Proceeds from sale of REO
|
496
|
|
|
302
|
|
|
4,811
|
|
|||
Acquisition of BankGreenville Financial Corporation
|
—
|
|
|
—
|
|
|
(1,475
|
)
|
|||
Acquisition of Jefferson Bancshares, Inc
|
—
|
|
|
—
|
|
|
(6,926
|
)
|
|||
Net cash provided by (used in) investing activities
|
12,431
|
|
|
29,889
|
|
|
(4,341
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
||||||
Repayment of subordinated debentures
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
|||
Common stock repurchased
|
(27,734
|
)
|
|
(18,470
|
)
|
|
(29,460
|
)
|
|||
Retired stock
|
(223
|
)
|
|
(188
|
)
|
|
(226
|
)
|
|||
Exercised stock options
|
32
|
|
|
259
|
|
|
—
|
|
|||
Net cash used in financing activities
|
(27,925
|
)
|
|
(18,399
|
)
|
|
(39,686
|
)
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(10,535
|
)
|
|
13,618
|
|
|
(39,549
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
17,114
|
|
|
3,496
|
|
|
43,045
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
6,579
|
|
|
$
|
17,114
|
|
|
$
|
3,496
|
|
|
June 30, 2016
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
U.S Government Agencies
|
$
|
77,980
|
|
|
$
|
—
|
|
|
$
|
77,980
|
|
|
$
|
—
|
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government sponsored Enterprises
|
97,408
|
|
|
—
|
|
|
97,408
|
|
|
—
|
|
||||
Municipal Bonds
|
17,234
|
|
|
—
|
|
|
17,234
|
|
|
—
|
|
||||
Corporate Bonds
|
7,967
|
|
|
—
|
|
|
6,967
|
|
|
1,000
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
63
|
|
|
|
|||||
Total
|
$
|
200,652
|
|
|
$
|
—
|
|
|
$
|
199,652
|
|
|
$
|
1,000
|
|
|
June 30, 2015
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
U.S Government Agencies
|
$
|
116,071
|
|
|
$
|
—
|
|
|
$
|
116,071
|
|
|
$
|
—
|
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government sponsored Enterprises
|
120,809
|
|
|
—
|
|
|
120,809
|
|
|
—
|
|
||||
Municipal Bonds
|
16,678
|
|
|
—
|
|
|
16,678
|
|
|
—
|
|
||||
Corporate Bonds
|
3,985
|
|
|
—
|
|
|
2,985
|
|
|
1,000
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
||||
Total
|
$
|
257,606
|
|
|
$
|
—
|
|
|
$
|
256,606
|
|
|
$
|
1,000
|
|
|
Year Ended June 30, 2016
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
$
|
4,239
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,239
|
|
REO
|
1,117
|
|
|
—
|
|
|
—
|
|
|
1,117
|
|
||||
Total
|
$
|
5,356
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,356
|
|
|
Year Ended June 30, 2015
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
$
|
5,697
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,697
|
|
REO
|
1,685
|
|
|
—
|
|
|
—
|
|
|
1,685
|
|
||||
Total
|
$
|
7,382
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,382
|
|
|
Fair Value at June 30, 2016
|
|
Valuation
Techniques
|
|
Unobservable
Input
|
|
Range
|
|
Weighted
Average
|
|||
Nonrecurring measurements:
|
|
|
|
|
|
|
|
|
|
|||
Impaired loans, net
|
$
|
4,239
|
|
|
Discounted Appraisals
|
|
Collateral discounts
|
|
0% - 33%
|
|
12
|
%
|
REO
|
$
|
1,117
|
|
|
Discounted Appraisals
|
|
Collateral discounts
|
|
10% - 37%
|
|
16
|
%
|
|
June 30, 2016
|
||||||||||||||||||
|
Carrying
Value
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Cash and interest-bearing deposits
|
$
|
52,596
|
|
|
$
|
52,596
|
|
|
$
|
52,596
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
229,859
|
|
|
229,859
|
|
|
229,859
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit in other banks
|
161,512
|
|
|
161,512
|
|
|
—
|
|
|
161,512
|
|
|
—
|
|
|||||
Securities available for sale
|
200,652
|
|
|
200,652
|
|
|
—
|
|
|
199,652
|
|
|
1,000
|
|
|||||
Loans, net
|
1,811,539
|
|
|
1,761,926
|
|
|
—
|
|
|
—
|
|
|
1,761,926
|
|
|||||
Loans held for sale
|
5,783
|
|
|
5,876
|
|
|
—
|
|
|
—
|
|
|
5,876
|
|
|||||
FHLB stock
|
23,304
|
|
|
23,304
|
|
|
23,304
|
|
|
—
|
|
|
—
|
|
|||||
FRB stock
|
6,182
|
|
|
6,182
|
|
|
6,182
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest receivable
|
7,405
|
|
|
7,405
|
|
|
—
|
|
|
1,106
|
|
|
6,299
|
|
|||||
Noninterest-bearing and NOW deposits
|
628,910
|
|
|
628,910
|
|
|
—
|
|
|
628,910
|
|
|
—
|
|
|||||
Money market accounts
|
520,320
|
|
|
520,320
|
|
|
—
|
|
|
520,320
|
|
|
—
|
|
|||||
Savings accounts
|
210,817
|
|
|
210,817
|
|
|
—
|
|
|
210,817
|
|
|
—
|
|
|||||
Certificates of deposit
|
442,649
|
|
|
442,203
|
|
|
—
|
|
|
442,203
|
|
|
—
|
|
|||||
Borrowings
|
491,000
|
|
|
491,000
|
|
|
—
|
|
|
491,000
|
|
|
—
|
|
|||||
Accrued interest payable
|
246
|
|
|
246
|
|
|
—
|
|
|
246
|
|
|
—
|
|
|
June 30, 2015
|
||||||||||||||||||
|
Carrying
Value
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Cash and interest-bearing deposits
|
$
|
116,160
|
|
|
$
|
116,160
|
|
|
$
|
116,160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
256,152
|
|
|
256,152
|
|
|
256,152
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit in other banks
|
210,629
|
|
|
210,629
|
|
|
—
|
|
|
210,629
|
|
|
—
|
|
|||||
Securities available for sale
|
257,606
|
|
|
257,606
|
|
|
—
|
|
|
256,606
|
|
|
1,000
|
|
|||||
Loans, net
|
1,663,333
|
|
|
1,555,992
|
|
|
—
|
|
|
—
|
|
|
1,555,992
|
|
|||||
Loans held for sale
|
5,874
|
|
|
5,968
|
|
|
—
|
|
|
—
|
|
|
5,968
|
|
|||||
FHLB stock
|
22,541
|
|
|
22,541
|
|
|
22,541
|
|
|
—
|
|
|
—
|
|
|||||
FRB stock
|
6,170
|
|
|
6,170
|
|
|
6,170
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest receivable
|
7,522
|
|
|
7,522
|
|
|
—
|
|
|
1,252
|
|
|
6,270
|
|
|||||
Noninterest-bearing and NOW deposits
|
591,429
|
|
|
591,429
|
|
|
—
|
|
|
591,429
|
|
|
—
|
|
|||||
Money market accounts
|
481,948
|
|
|
481,948
|
|
|
—
|
|
|
481,948
|
|
|
—
|
|
|||||
Savings accounts
|
221,674
|
|
|
221,674
|
|
|
—
|
|
|
221,674
|
|
|
—
|
|
|||||
Certificates of deposit
|
577,075
|
|
|
577,174
|
|
|
—
|
|
|
577,174
|
|
|
—
|
|
|||||
Borrowings
|
475,000
|
|
|
475,000
|
|
|
—
|
|
|
475,000
|
|
|
—
|
|
|||||
Accrued interest payable
|
181
|
|
|
181
|
|
|
—
|
|
|
181
|
|
|
—
|
|
|
Three months ended
|
||||||||||||||
|
June 30,
2016 |
|
March 31, 2016
|
|
December 31, 2015
|
|
September 30, 2015
|
||||||||
Interest and dividend income
|
$
|
22,375
|
|
|
$
|
21,797
|
|
|
$
|
21,566
|
|
|
$
|
22,009
|
|
Interest expense
|
1,609
|
|
|
1,577
|
|
|
1,416
|
|
|
1,438
|
|
||||
Net interest income
|
20,766
|
|
|
20,220
|
|
|
20,150
|
|
|
20,571
|
|
||||
Provision for loan losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net interest income after provision for loan losses
|
20,766
|
|
|
20,220
|
|
|
20,150
|
|
|
20,571
|
|
||||
Noninterest income
|
3,745
|
|
|
3,384
|
|
|
3,005
|
|
|
3,369
|
|
||||
Noninterest expense
|
19,803
|
|
|
19,373
|
|
|
19,842
|
|
|
19,835
|
|
||||
Net income before provision for income taxes
|
4,708
|
|
|
4,231
|
|
|
3,313
|
|
|
4,105
|
|
||||
Income tax expense
|
1,406
|
|
|
1,090
|
|
|
864
|
|
|
1,541
|
|
||||
Net income
|
$
|
3,302
|
|
|
$
|
3,141
|
|
|
$
|
2,449
|
|
|
$
|
2,564
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
Diluted
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
Three months ended
|
||||||||||||||
|
June 30,
2015 |
|
March 31, 2015
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||
Interest and dividend income
|
$
|
22,197
|
|
|
$
|
21,536
|
|
|
$
|
21,559
|
|
|
$
|
19,864
|
|
Interest expense
|
1,409
|
|
|
1,348
|
|
|
1,369
|
|
|
1,264
|
|
||||
Net interest income
|
20,788
|
|
|
20,188
|
|
|
20,190
|
|
|
18,600
|
|
||||
Recovery of loan losses
|
400
|
|
|
—
|
|
|
—
|
|
|
(250
|
)
|
||||
Net interest income after provision for loan losses
|
20,388
|
|
|
20,188
|
|
|
20,190
|
|
|
18,850
|
|
||||
Noninterest income
|
3,618
|
|
|
3,313
|
|
|
2,819
|
|
|
2,769
|
|
||||
Noninterest expense
|
20,895
|
|
|
22,025
|
|
|
20,135
|
|
|
18,497
|
|
||||
Net income before provision for income taxes
|
3,111
|
|
|
1,476
|
|
|
2,874
|
|
|
3,122
|
|
||||
Income tax expense
|
553
|
|
|
314
|
|
|
825
|
|
|
866
|
|
||||
Net income
|
$
|
2,558
|
|
|
$
|
1,162
|
|
|
$
|
2,049
|
|
|
$
|
2,256
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.14
|
|
|
$
|
0.06
|
|
|
$
|
0.10
|
|
|
$
|
0.12
|
|
Diluted
|
$
|
0.14
|
|
|
$
|
0.06
|
|
|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
HOMETRUST BANCSHARES, INC.
|
|
|
|
|
Date: September 13, 2016
|
By:
|
/s/ Dana L. Stonestreet
|
|
|
Dana L. Stonestreet
|
|
|
Chairman of the Board,
|
|
|
President, and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Dana L. Stonestreet
|
|
Chairman of the Board, President and Chief Executive Officer
|
|
September 13, 2016
|
Dana L. Stonestreet
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Tony J. VunCannon
|
|
Executive Vice President, Chief Financial Officer and Treasurer
|
|
September 13, 2016
|
Tony J. VunCannon
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
/s/ H. Stanford Allen
|
|
Director
|
|
September 13, 2016
|
H. Stanford Allen
|
|
|
|
|
|
|
|
|
|
/s/ Sidney A. Biesecker
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Director
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September 13, 2016
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Sidney A. Biesecker
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/s/ Robert G. Dinsmore, Jr.
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Director
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September 13, 2016
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Robert G. Dinsmore, Jr.
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/s/ J. Steven Goforth
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Director
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September 13, 2016
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J. Steven Goforth
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/s/ Robert E. James
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Director
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September 13, 2016
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Robert E. James
|
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/s/ Laura C. Kendall
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Director
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September 13, 2016
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Laura C. Kendall
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/s/ Craig C. Koontz
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Director
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September 13, 2016
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Craig C. Koontz
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/s/ Larry S. McDevitt
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Director
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September 13, 2016
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Larry S. McDevitt
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/s/ F.K. McFarland, III
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Director
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September 13, 2016
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F.K. McFarland, III
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/s/ Peggy C. Melville
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Director
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September 13, 2016
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Peggy C. Melville
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/s/ Anderson L. Smith
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Director
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September 13, 2016
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Anderson L. Smith
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/s/ Richard T. Williams
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Director
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September 13, 2016
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Richard T. Williams
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Regulation S-K Exhibit Number
|
Document
|
Reference to Prior Filing or Exhibit Number Attached Hereto
|
|
|
|
2.1
|
Purchase and Assumption Agreement, dated as of June 9, 2014, between Bank of America, National Association and HomeTrust Bank
|
(a)
|
2.2
|
Agreement and Plan of Merger, dated as of January 22, 2014, by and between HomeTrust Bancshares, Inc. and Jefferson Bancshares, Inc.
|
(b)
|
3.1
|
Charter of HomeTrust Bancshares, Inc.
|
(c)
|
3.2
|
Articles Supplementary to the Charter of HomeTrust Bancshares, Inc. for HomeTrust Bancshares, Inc.’s Junior Participating Preferred Stock, Series A
|
(d)
|
3.3
|
Bylaws of HomeTrust Bancshares, Inc.
|
(e)
|
4.1
|
Tax Benefits Preservation Plan, dated as of September 25, 2012, between HomeTrust Bancshares, Inc. and Computershare Trust Company, N.A., as successor rights agent to Registrar and Transfer Company
|
(d)
|
4.2
|
Amendment No. 1, dated as of August 31, 2015, to Tax Benefits Preservation Plan, dated as of September 25, 2012, between HomeTrust Bancshares, Inc. and Computershare Trust Company, N.A., as successor rights agent to Registrar and Transfer Company
|
(n)
|
10.1
|
Employment Agreement entered into between HomeTrust Bancshares, Inc. and F. Edward Broadwell, Jr.
|
(c)
|
10.2
|
Amended and Restated Employment Agreement entered into between HomeTrust Bancshares, Inc. and Dana L. Stonestreet
|
(f)
|
10.3
|
Employment Agreement entered into between HomeTrust Bancshares, Inc. and each of Tony J. VunCannon and Howard L. Sellinger
|
(c)
|
10.4
|
Employment Agreement entered into between HomeTrust Bancshares, Inc. and C. Hunter Westbrook
|
(g)
|
10.5
|
Employment Agreement between HomeTrust Bank and Sidney A. Biesecker
|
(c)
|
10.6
|
Employment Agreement between HomeTrust Bank and Stan Allen
|
(c)
|
10.7
|
HomeTrust Bank Executive Supplemental Retirement Income Master Agreement (“SERP”)
|
(c)
|
10.7A
|
SERP Joinder Agreement for F. Edward Broadwell, Jr.
|
(c)
|
10.7B
|
SERP Joinder Agreement for Dana L. Stonestreet
|
(c)
|
10.7C
|
SERP Joinder Agreement for Tony J. VunCannon
|
(c)
|
10.7D
|
SERP Joinder Agreement for Howard L. Sellinger
|
(c)
|
10.7E
|
SERP Joinder Agreement for Stan Allen
|
(c)
|
10.7F
|
SERP Joinder Agreement for Sidney A. Biesecker
|
(c)
|
10.7G
|
SERP Joinder Agreement for Peggy C. Melville
|
(c)
|
10.7H
|
SERP Joinder Agreement for William T. Flynt
|
(c)
|
10.7I
|
Amended and Restated Supplemental Income Agreement between HomeTrust Bank, as successor to Industrial Federal Savings Bank, and Sidney Biesecker
|
(h)
|
10.8
|
HomeTrust Bank Director Emeritus Plan (“Director Emeritus Plan”)
|
(c)
|
10.8A
|
Director Emeritus Plan Joinder Agreement for William T. Flynt
|
(c)
|
10.8B
|
Director Emeritus Plan Joinder Agreement for J. Steven Goforth
|
(c)
|
10.8C
|
Director Emeritus Plan Joinder Agreement for Craig C. Koontz
|
(c)
|
10.8D
|
Director Emeritus Plan Joinder Agreement for Larry S. McDevitt
|
(c)
|
10.8E
|
Director Emeritus Plan Joinder Agreement for F.K. McFarland, III
|
(c)
|
10.8F
|
Director Emeritus Plan Joinder Agreement for Peggy C. Melville
|
(c)
|
10.8G
|
Director Emeritus Plan Joinder Agreement for Robert E. Shepherd, Sr.
|
(c)
|
10.9
|
HomeTrust Bank Defined Contribution Executive Medical Care Plan
|
(c)
|
10.10
|
HomeTrust Bank 2005 Deferred Compensation Plan
|
(c)
|
10.11
|
HomeTrust Bank Pre-2005 Deferred Compensation Plan
|
(c)
|
10.12
|
HomeTrust Bancshares, Inc. Strategic Operating Committee Incentive Plan
|
10.12
|
10.13
|
HomeTrust Bancshares, Inc. 2013 Omnibus Incentive Plan (“Omnibus Incentive Plan”)
|
(i)
|
10.14
|
Form of Incentive Stock Option Award Agreement under Omnibus Incentive Plan
|
(j)
|
10.15
|
Form of Non-Qualified Stock Option Award Agreement under Omnibus Incentive Plan
|
(j)
|
10.16
|
Form of Stock Appreciation Right Award Agreement under Omnibus Incentive Plan
|
(j)
|
10.17
|
Form of Restricted Stock Award Agreement under Omnibus Incentive Plan
|
(j)
|
10.18
|
Form of Restricted Stock Unit Award Agreement under Omnibus Incentive Plan
|
(j)
|
10.19
|
Fully Restated Employment Agreement between HomeTrust Bank and Anderson L. Smith
|
(k)
|
10.20
|
Amended and Restated Jefferson Federal Bank Supplemental Executive Retirement Plan
|
(l)
|
10.21
|
Money Purchase Deferred Compensation Agreement, dated as of September 1, 1987, between HomeTrust Bank and F. Edward Broadwell, Jr.
|
(m)
|
10.22
|
Retirement Payment Agreement, dated as of September 1, 1987, between HomeTrust Bank and F. Edward Broadwell, Jr., as amended
|
(m)
|
10.23
|
Retirement Payment Agreement, dated as of September 1, 1987, between HomeTrust Bank and Larry S. McDevitt, as amended
|
(m)
|
10.24
|
Retirement Payment Agreement, dated as of September 1, 1987, between HomeTrust Bank and Peggy C. Melville, as amended
|
(m)
|
10.25
|
Retirement Payment Agreement, dated as of August 1, 1988, between HomeTrust Bank and Robert E. Shepherd, Sr., as amended
|
(m)
|
10.26
|
Retirement Payment Agreement, dated as of May 1, 1991, between HomeTrust Bank and William T. Flynt, as amended
|
(m)
|
10.27
|
Offer Letter between HomeTrust Bank and Keith J. Houghton
|
(o)
|
10.28
|
Form of Relocation Repayment Agreement between HomeTrust Bank and Keith J. Houghton
|
(o)
|
10.29
|
Form of Change in Control Severance Agreement between HomeTrust Bancshares, Inc. and each of Keith J. Houghton, R. Parrish Little, and Teresa White
|
(p)
|
21.0
|
Subsidiaries of the Registrant
|
21.0
|
23.0
|
Consent of Dixon Hughes Goodman LLP
|
23.0
|
31.1
|
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.1
|
31.2
|
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
32.0
|
Certificate of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.0
|
101
|
The following materials from HomeTrust Bancshares’ Annual Report on Form 10-K for the year ended June 30, 2016, formatted in Extensible Business Reporting Language (XBRL): (a) Consolidated Balance Sheets; (b) Consolidated Statements of Income; (c) Consolidated Statements of Comprehensive Income; (d) Consolidated Statements of Changes in Stockholders' Equity; (e) Consolidated Statements of Cash Flows; and (f) Notes to Consolidated Financial Statements.
|
101
|
(a)
|
Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on June 10, 2014 (File No. 001-35593).
|
(b)
|
Attached as Appendix A to the joint proxy statement/prospectus filed by HomeTrust Bancshares on April 28, 2014 pursuant to Rule 424(b) of the Securities Act of 1933.
|
(c)
|
Filed as an exhibit to HomeTrust Bancshares’s Registration Statement on Form S-1 (File No. 333-178817) filed on December 29, 2011.
|
(d)
|
Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 25, 2012 (File No. 001-35593).
|
(e)
|
Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on January 29, 2014 (File No. 001-35593).
|
(f)
|
Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on November 27, 2013 (File No. 001-35593).
|
(g)
|
Filed as an exhibit to HomeTrust Bancshares’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012 (File No. 001-35593).
|
(h)
|
Filed as an exhibit to Amendment No. One to HomeTrust Bancshares’s Registration Statement on Form S-1 (File No. 333-178817) filed on March 9, 2012.
|
(i)
|
Attached as Appendix A to HomeTrust Bancshares’s definitive proxy statement filed on December 5, 2012 (File No. 001-35593).
|
(j)
|
Filed as an exhibit to HomeTrust Bancshares’s Registration Statement on Form S-8 (File No. 333-186666) filed on February 13, 2013.
|
(k)
|
Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on June 3, 2014 (File No. 001-35593).
|
(l)
|
Filed as an exhibit to Jefferson Bancshares, Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2008 (File No. 000-50347).
|
(m)
|
Filed as an exhibit to HomeTrust Bancshare's Annual Report on Form 10-K for the fiscal year ended June 30, 2014 (File No. 001-35593).
|
(n)
|
Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on August 31, 2015 (File No. 001-35593).
|
(o)
|
Filed as an exhibit to HomeTrust Bancshare's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 (File No. 001-35593).
|
(p)
|
Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on January 29, 2016 (File No. 001-35593).
|
▪
|
Focus executives on building a strong foundation for success and sustainability over the long term.
|
▪
|
Recognize and reward achievement of the Bank’s annual business goals.
|
▪
|
Focus executives’ attention on key business metrics.
|
▪
|
Motivate and reward superior performance.
|
▪
|
Attract and retain talent needed for the Bank’s success.
|
▪
|
Be competitive with the market.
|
▪
|
Encourage teamwork and collaboration.
|
▪
|
Ensure incentives are appropriately risk-balanced.
|
▪
|
Recognize the accomplishment of key business goals that are critical to long-term success of the organization that are less quantifiable and/or more subjective in nature by utilizing a discretionary component.
|
▪
|
CEO participation is determined by the Compensation Committee.
|
▪
|
The CEO recommends the other executive officers for approval by the Compensation Committee.
|
▪
|
Other participants are added by CEO.
|
▪
|
New hires must be employed prior to April 1
st
of the Program year to be eligible to participate in the Program for the performance period. Employees hired after that date must wait until the next fiscal year to be eligible for an award under the Program. Eligibility begins the first full month worked. Participants receive a pro-rated award using full months worked during the Program year.
|
▪
|
Awards under the Program shall be limited to individuals employed on a full-time basis by HomeTrust on the date of payment, except in the case of disability, death, or retirement.
|
▪
|
Participants on a performance improvement plan or with an unsatisfactory performance rating at the time of payment or who have given notice of resignation at the time of payment are not eligible to receive an award.
|
▪
|
Threshold
– is the minimum level of performance in which the Bank would consider it reasonable to provide an award. If performance is below Threshold, the payout for that goal is zero. Performance at Threshold results in a payment equal to 50% of the participant’s targeted annual incentive award opportunity.
|
▪
|
Target
– is the level of performance that the Bank considers “good” performance. Goals at this level are challenging but considered reasonably obtainable. Performance at Target results in a payment equal to 100% of the participant’s targeted annual incentive award opportunity.
|
▪
|
Stretch
– is the level of performance the Bank considers outstanding performance. Goals at this level are challenging and considered a best case scenario. Performance at Stretch results in a payment equal to 150% of the participant’s targeted annual incentive award opportunity, which is the highest amount to be paid under the Program.
|
Parent
|
|
Subsidiary
|
|
Percentage of Ownership
|
|
State of Incorporation or Organization
|
HomeTrust Bancshares, Inc.
|
|
HomeTrust Bank
|
|
100%
|
|
North Carolina
|
HomeTrust Bank
|
|
Western North Carolina Service Corporation
|
|
100%
|
|
North Carolina
|
1.
|
I have reviewed this annual report on Form 10-K of HomeTrust Bancshares, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this annual report on Form 10-K of HomeTrust Bancshares, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: September 13, 2016
|
|
/s/ Dana L. Stonestreet
|
|
|
Chairman of the Board, President and
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
Date: September 13, 2016
|
|
/s/ Tony J. VunCannon
|
|
|
Tony J. VunCannon
|
|
|
Executive Vice President, Chief Financial
|
|
|
Officer and Treasurer
|