Maryland
|
|
45-5055422
|
(State or other jurisdiction of incorporation of organization)
|
|
(IRS Employer Identification No.)
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
[ ]
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Page
Number
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Item 1.
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Item 2.
|
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Item 3.
|
|||
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Item 4.
|
|||
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Item 1.
|
|||
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Item 1A.
|
|||
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Item 2.
|
|||
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Item 3.
|
|||
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Item 4.
|
|||
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Item 5
|
|||
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Item 6.
|
|||
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
||||
|
September 30, 2017
|
|
June 30,
2017 |
||||
Assets
|
|
|
|
||||
Cash
|
$
|
38,162
|
|
|
$
|
41,982
|
|
Interest-bearing deposits
|
40,809
|
|
|
45,003
|
|
||
Cash and cash equivalents
|
78,971
|
|
|
86,985
|
|
||
Commercial paper
|
199,774
|
|
|
149,863
|
|
||
Certificates of deposit in other banks
|
110,454
|
|
|
132,274
|
|
||
Securities available for sale, at fair value
|
182,053
|
|
|
199,667
|
|
||
Other investments, at cost
|
38,651
|
|
|
39,355
|
|
||
Loans held for sale
|
7,793
|
|
|
5,607
|
|
||
Total loans, net of deferred loan fees
|
2,394,755
|
|
|
2,351,470
|
|
||
Allowance for loan losses
|
(21,997
|
)
|
|
(21,151
|
)
|
||
Net loans
|
2,372,758
|
|
|
2,330,319
|
|
||
Premises and equipment, net
|
62,614
|
|
|
63,648
|
|
||
Accrued interest receivable
|
9,340
|
|
|
8,758
|
|
||
Real estate owned ("REO")
|
5,941
|
|
|
6,318
|
|
||
Deferred income taxes
|
55,653
|
|
|
57,387
|
|
||
Bank owned life insurance ("BOLI")
|
86,561
|
|
|
85,981
|
|
||
Goodwill
|
25,638
|
|
|
25,638
|
|
||
Core deposit intangibles
|
6,454
|
|
|
7,173
|
|
||
Other assets
|
7,343
|
|
|
7,560
|
|
||
Total Assets
|
$
|
3,249,998
|
|
|
$
|
3,206,533
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
|
||
Deposits
|
$
|
2,100,310
|
|
|
$
|
2,048,451
|
|
Borrowings
|
679,800
|
|
|
696,500
|
|
||
Capital lease obligations
|
1,931
|
|
|
1,937
|
|
||
Other liabilities
|
62,458
|
|
|
61,998
|
|
||
Total liabilities
|
2,844,499
|
|
|
2,808,886
|
|
||
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, 18,968,675 shares
issued and outstanding at September 30, 2017; 18,967,875 at June 30, 2017 |
190
|
|
|
190
|
|
||
Additional paid in capital
|
214,827
|
|
|
213,459
|
|
||
Retained earnings
|
197,907
|
|
|
191,660
|
|
||
Unearned Employee Stock Ownership Plan ("ESOP") shares
|
(7,803
|
)
|
|
(7,935
|
)
|
||
Accumulated other comprehensive income
|
378
|
|
|
273
|
|
||
Total stockholders' equity
|
405,499
|
|
|
397,647
|
|
||
Total Liabilities and Stockholders' Equity
|
$
|
3,249,998
|
|
|
$
|
3,206,533
|
|
|
(Unaudited)
|
||||||
|
Three Months Ended
|
||||||
|
September 30,
|
||||||
|
2017
|
|
2016
|
||||
Interest and Dividend Income
|
|
|
|
||||
Loans
|
$
|
25,250
|
|
|
$
|
20,480
|
|
Securities available for sale
|
971
|
|
|
880
|
|
||
Certificates of deposit and other interest-bearing deposits
|
1,169
|
|
|
1,044
|
|
||
Other investments
|
506
|
|
|
387
|
|
||
Total interest and dividend income
|
27,896
|
|
|
22,791
|
|
||
Interest Expense
|
|
|
|
|
|
||
Deposits
|
1,346
|
|
|
1,099
|
|
||
Borrowings
|
1,969
|
|
|
555
|
|
||
Total interest expense
|
3,315
|
|
|
1,654
|
|
||
Net Interest Income
|
24,581
|
|
|
21,137
|
|
||
Provision for Loan Losses
|
—
|
|
|
—
|
|
||
Net Interest Income after Provision for Loan Losses
|
24,581
|
|
|
21,137
|
|
||
Noninterest Income
|
|
|
|
|
|
||
Service charges and fees on deposit accounts
|
2,039
|
|
|
1,914
|
|
||
Loan income and fees
|
1,102
|
|
|
976
|
|
||
BOLI income
|
562
|
|
|
562
|
|
||
Gain from sale of premises and equipment
|
164
|
|
|
385
|
|
||
Other, net
|
710
|
|
|
404
|
|
||
Total noninterest income
|
4,577
|
|
|
4,241
|
|
||
Noninterest Expense
|
|
|
|
|
|
||
Salaries and employee benefits
|
12,352
|
|
|
10,691
|
|
||
Net occupancy expense
|
2,349
|
|
|
2,061
|
|
||
Marketing and advertising
|
453
|
|
|
430
|
|
||
Telephone, postage, and supplies
|
685
|
|
|
612
|
|
||
Deposit insurance premiums
|
414
|
|
|
279
|
|
||
Computer services
|
1,545
|
|
|
1,427
|
|
||
Loss (gain) on sale and impairment of REO
|
(146
|
)
|
|
129
|
|
||
REO expense
|
241
|
|
|
144
|
|
||
Core deposit intangible amortization
|
719
|
|
|
650
|
|
||
Merger-related expenses
|
—
|
|
|
307
|
|
||
Other
|
2,469
|
|
|
2,400
|
|
||
Total noninterest expense
|
21,081
|
|
|
19,130
|
|
||
Income Before Income Taxes
|
8,077
|
|
|
6,248
|
|
||
Income Tax Expense
|
2,510
|
|
|
2,424
|
|
||
Net Income
|
$
|
5,567
|
|
|
$
|
3,824
|
|
Per Share Data:
|
|
|
|
|
|
||
Net income per common share:
|
|
|
|
|
|
||
Basic
|
$
|
0.31
|
|
|
$
|
0.22
|
|
Diluted
|
$
|
0.30
|
|
|
$
|
0.22
|
|
Average shares outstanding:
|
|
|
|
|
|
||
Basic
|
17,966,994
|
|
|
17,208,682
|
|
||
Diluted
|
18,616,452
|
|
|
17,451,295
|
|
|
(Unaudited)
|
||||||
|
Three Months Ended
|
||||||
|
September 30,
|
||||||
|
2017
|
|
2016
|
||||
Net Income
|
$
|
5,567
|
|
|
$
|
3,824
|
|
Other Comprehensive Income (Loss)
|
|
|
|
|
|
||
Unrealized holding gains (losses) on securities available for sale
|
|
|
|
|
|
||
Gains (losses) arising during the period
|
158
|
|
|
(586
|
)
|
||
Deferred income tax benefit (expense)
|
(53
|
)
|
|
199
|
|
||
Total other comprehensive income (loss)
|
$
|
105
|
|
|
$
|
(387
|
)
|
Comprehensive Income
|
$
|
5,672
|
|
|
$
|
3,437
|
|
|
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, 2016
|
17,998,750
|
|
|
$
|
180
|
|
|
$
|
186,104
|
|
|
$
|
179,813
|
|
|
$
|
(8,464
|
)
|
|
$
|
2,343
|
|
|
$
|
359,976
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,824
|
|
|
—
|
|
|
—
|
|
|
3,824
|
|
||||||
Granted restricted stock
|
400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
362
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
362
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
377
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
117
|
|
|
—
|
|
|
132
|
|
|
—
|
|
|
249
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(387
|
)
|
|
(387
|
)
|
||||||
Balance at September 30, 2016
|
17,999,150
|
|
|
$
|
180
|
|
|
$
|
186,960
|
|
|
$
|
183,637
|
|
|
$
|
(8,332
|
)
|
|
$
|
1,956
|
|
|
$
|
364,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at June 30, 2017
|
18,967,875
|
|
|
$
|
190
|
|
|
$
|
213,459
|
|
|
$
|
191,660
|
|
|
$
|
(7,935
|
)
|
|
$
|
273
|
|
|
$
|
397,647
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
5,567
|
|
|
—
|
|
|
—
|
|
|
5,567
|
|
||||||
Cumulative-effect adjustment on the change in accounting for share-based payments
|
—
|
|
|
—
|
|
|
—
|
|
|
680
|
|
|
—
|
|
|
—
|
|
|
680
|
|
||||||
Exercised stock options
|
800
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
745
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
745
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
428
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
428
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
183
|
|
|
—
|
|
|
132
|
|
|
—
|
|
|
315
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|
105
|
|
||||||
Balance at September 30, 2017
|
18,968,675
|
|
|
$
|
190
|
|
|
$
|
214,827
|
|
|
$
|
197,907
|
|
|
$
|
(7,803
|
)
|
|
$
|
378
|
|
|
$
|
405,499
|
|
|
(Unaudited)
|
||||||
|
Three Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
5,567
|
|
|
$
|
3,824
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation
|
836
|
|
|
868
|
|
||
Deferred income tax expense
|
2,361
|
|
|
2,266
|
|
||
Net amortization and accretion
|
(1,187
|
)
|
|
(2,180
|
)
|
||
Gain from sale of premises and equipment
|
(164
|
)
|
|
(385
|
)
|
||
Loss (gain) on sale and impairment of REO
|
(146
|
)
|
|
129
|
|
||
Gain on sale of loans held for sale
|
(704
|
)
|
|
(382
|
)
|
||
Origination of loans held for sale
|
(32,424
|
)
|
|
(38,908
|
)
|
||
Proceeds from sales of loans held for sale
|
30,942
|
|
|
36,241
|
|
||
Increase (decrease) in deferred loan fees, net
|
340
|
|
|
(5
|
)
|
||
Increase in accrued interest receivable and other assets
|
(365
|
)
|
|
(1,232
|
)
|
||
Amortization of core deposit intangibles
|
719
|
|
|
650
|
|
||
BOLI income
|
(562
|
)
|
|
(562
|
)
|
||
ESOP compensation expense
|
315
|
|
|
249
|
|
||
Restricted stock and stock option expense
|
1,173
|
|
|
739
|
|
||
Increase (decrease) in other liabilities
|
460
|
|
|
(4,320
|
)
|
||
Net cash provided by (used in) operating activities
|
7,161
|
|
|
(3,008
|
)
|
||
Investing Activities:
|
|
|
|
|
|
||
Purchase of securities available for sale
|
—
|
|
|
(13,000
|
)
|
||
Proceeds from maturities of securities available for sale
|
11,680
|
|
|
12,570
|
|
||
Net maturities (purchases) of commercial paper
|
(49,278
|
)
|
|
9,724
|
|
||
Purchase of certificates of deposit in other banks
|
(7,190
|
)
|
|
(13,754
|
)
|
||
Maturities of certificates of deposit in other banks
|
29,010
|
|
|
21,835
|
|
||
Principal repayments of mortgage-backed securities
|
5,822
|
|
|
6,649
|
|
||
Net redemptions (purchases) of other investments
|
704
|
|
|
(2,023
|
)
|
||
Net increase in loans
|
(42,207
|
)
|
|
(47,513
|
)
|
||
Purchase of BOLI
|
(18
|
)
|
|
(24
|
)
|
||
Purchase of premises and equipment
|
(561
|
)
|
|
(628
|
)
|
||
Capital improvements to REO
|
(18
|
)
|
|
—
|
|
||
Proceeds from sale of premises and equipment
|
923
|
|
|
395
|
|
||
Proceeds from sale of REO
|
793
|
|
|
417
|
|
||
Net cash used in investing activities
|
(50,340
|
)
|
|
(25,352
|
)
|
||
Financing Activities:
|
|
|
|
|
|
||
Net increase (decrease) in deposits
|
51,859
|
|
|
(9,168
|
)
|
||
Net increase (decrease) in other borrowings
|
(16,700
|
)
|
|
45,500
|
|
||
Exercised stock options
|
12
|
|
|
—
|
|
||
Decrease in capital lease obligations
|
(6
|
)
|
|
(5
|
)
|
||
Net cash provided by financing activities
|
35,165
|
|
|
36,327
|
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(8,014
|
)
|
|
7,967
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
86,985
|
|
|
52,596
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
78,971
|
|
|
$
|
60,563
|
|
|
(Unaudited)
|
||||||
Supplemental Disclosures:
|
Three Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
3,379
|
|
|
$
|
2,129
|
|
Income taxes
|
20
|
|
|
100
|
|
||
Noncash transactions:
|
|
|
|
|
|
||
Unrealized gain (loss) in value of securities available for sale, net of income taxes
|
105
|
|
|
(387
|
)
|
||
Transfers of loans to REO
|
252
|
|
|
305
|
|
||
Cumulative-effect adjustment on the change in accounting for share-based payments
|
680
|
|
|
—
|
|
1.
|
Summary of Significant Accounting Policies
|
2.
|
Recent Accounting Pronouncements
|
3.
|
Business Combinations
|
|
As Recorded by TriSummit
|
|
Fair Value and Other Merger Related Adjustments
|
|
As Recorded by the Company
|
||||||
Consideration Paid:
|
|
|
|
|
|
||||||
Cash paid including cash in lieu of fractional shares
|
|
|
|
|
$
|
16,083
|
|
||||
Fair value of HomeTrust common stock at $25.90 per share
|
|
|
|
|
20,043
|
|
|||||
Total consideration
|
|
|
|
|
$
|
36,126
|
|
||||
Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
5,498
|
|
|
$
|
—
|
|
|
$
|
5,498
|
|
Certificates of deposit in other banks
|
250
|
|
|
—
|
|
|
250
|
|
|||
Investment securities
|
58,728
|
|
|
(203
|
)
|
|
58,525
|
|
|||
Other investments, at cost
|
2,614
|
|
|
—
|
|
|
2,614
|
|
|||
Loans, net
|
261,926
|
|
|
(3,867
|
)
|
|
258,059
|
|
|||
Premises and equipment, net
|
12,841
|
|
|
(2,419
|
)
|
|
10,422
|
|
|||
REO
|
1,633
|
|
|
(122
|
)
|
|
1,511
|
|
|||
Deferred income tax
|
2,653
|
|
|
4,462
|
|
|
7,115
|
|
|||
Bank owned life insurance
|
3,762
|
|
|
—
|
|
|
3,762
|
|
|||
Core deposit intangibles
|
1,285
|
|
|
1,575
|
|
|
2,860
|
|
|||
Other assets
|
1,453
|
|
|
(105
|
)
|
|
1,348
|
|
|||
Total assets acquired
|
$
|
352,643
|
|
|
$
|
(679
|
)
|
|
$
|
351,964
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
||||||
Deposits
|
$
|
279,647
|
|
|
$
|
587
|
|
|
280,234
|
|
|
Borrowings
|
47,453
|
|
|
16
|
|
|
47,469
|
|
|||
Other liabilities
|
675
|
|
|
—
|
|
|
675
|
|
|||
Total liabilities assumed
|
$
|
327,775
|
|
|
$
|
603
|
|
|
$
|
328,378
|
|
Net identifiable assets acquired over liabilities assumed
|
$
|
24,868
|
|
|
$
|
(1,282
|
)
|
|
$
|
23,586
|
|
Goodwill
|
|
|
|
|
$
|
12,540
|
|
|
Purchased
Performing
|
|
PCI
|
|
Total
Loans
|
||||||
Retail Consumer Loans:
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
75,179
|
|
|
$
|
3,753
|
|
|
$
|
78,932
|
|
HELOCs
|
6,479
|
|
|
2
|
|
|
6,481
|
|
|||
Construction and land/lots
|
15,591
|
|
|
—
|
|
|
15,591
|
|
|||
Consumer
|
1,686
|
|
|
17
|
|
|
1,703
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
107,880
|
|
|
3,494
|
|
|
111,374
|
|
|||
Construction and development
|
15,253
|
|
|
142
|
|
|
15,395
|
|
|||
Commercial and industrial
|
28,295
|
|
|
288
|
|
|
28,583
|
|
|||
Total
|
$
|
250,363
|
|
|
$
|
7,696
|
|
|
$
|
258,059
|
|
Contractually required principal payments receivable
|
$
|
255,852
|
|
Adjustment for credit, interest rate, and liquidity
|
5,489
|
|
|
Balance of purchased loans receivable
|
$
|
250,363
|
|
Contractually required principal and interest payments receivable
|
$
|
11,474
|
|
Amounts not expected to be collected - nonaccretable difference
|
2,490
|
|
|
Estimated payments expected to be received
|
8,984
|
|
|
Accretable yield
|
1,288
|
|
|
Fair value of PCI loans
|
$
|
7,696
|
|
4.
|
Securities Available for Sale
|
|
September 30, 2017
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
U.S. Government Agencies
|
$
|
55,967
|
|
|
$
|
173
|
|
|
$
|
(265
|
)
|
|
$
|
55,875
|
|
Residential Mortgage-backed Securities of U.S. Government
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agencies and Government-Sponsored Enterprises
|
86,905
|
|
|
451
|
|
|
(272
|
)
|
|
87,084
|
|
||||
Municipal Bonds
|
32,304
|
|
|
442
|
|
|
(23
|
)
|
|
32,723
|
|
||||
Corporate Bonds
|
6,242
|
|
|
115
|
|
|
(49
|
)
|
|
6,308
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
Total
|
$
|
181,481
|
|
|
$
|
1,181
|
|
|
$
|
(609
|
)
|
|
$
|
182,053
|
|
|
June 30, 2017
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
U.S. Government Agencies
|
$
|
65,947
|
|
|
$
|
184
|
|
|
$
|
(301
|
)
|
|
$
|
65,830
|
|
Residential Mortgage-backed Securities of U.S. Government
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agencies and Government-Sponsored Enterprises
|
92,841
|
|
|
411
|
|
|
(281
|
)
|
|
92,971
|
|
||||
Municipal Bonds
|
34,135
|
|
|
403
|
|
|
(28
|
)
|
|
34,510
|
|
||||
Corporate Bonds
|
6,267
|
|
|
114
|
|
|
(88
|
)
|
|
6,293
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
Total
|
$
|
199,253
|
|
|
$
|
1,112
|
|
|
$
|
(698
|
)
|
|
$
|
199,667
|
|
|
September 30, 2017
|
||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
Due within one year
|
$
|
1,914
|
|
|
$
|
1,919
|
|
Due after one year through five years
|
68,093
|
|
|
68,016
|
|
||
Due after five years through ten years
|
14,767
|
|
|
15,172
|
|
||
Due after ten years
|
9,739
|
|
|
9,799
|
|
||
Mortgage-backed securities
|
86,905
|
|
|
87,084
|
|
||
Total
|
$
|
181,418
|
|
|
$
|
181,990
|
|
|
September 30, 2017
|
||||||||||||||||||||||
|
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
|
$
|
32,820
|
|
|
$
|
(172
|
)
|
|
$
|
10,907
|
|
|
$
|
(93
|
)
|
|
$
|
43,727
|
|
|
$
|
(265
|
)
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
|
31,971
|
|
|
(208
|
)
|
|
5,972
|
|
|
(64
|
)
|
|
37,943
|
|
|
(272
|
)
|
||||||
Municipal Bonds
|
5,006
|
|
|
(15
|
)
|
|
1,079
|
|
|
(8
|
)
|
|
6,085
|
|
|
(23
|
)
|
||||||
Corporate Bonds
|
—
|
|
|
—
|
|
|
3,751
|
|
|
(49
|
)
|
|
3,751
|
|
|
(49
|
)
|
||||||
Total
|
$
|
69,797
|
|
|
$
|
(395
|
)
|
|
$
|
21,709
|
|
|
$
|
(214
|
)
|
|
$
|
91,506
|
|
|
$
|
(609
|
)
|
|
June 30, 2017
|
||||||||||||||||||||||
|
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
|
$
|
46,767
|
|
|
$
|
(222
|
)
|
|
$
|
6,921
|
|
|
$
|
(79
|
)
|
|
$
|
53,688
|
|
|
$
|
(301
|
)
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
|
42,921
|
|
|
(240
|
)
|
|
3,970
|
|
|
(41
|
)
|
|
46,891
|
|
|
(281
|
)
|
||||||
Municipal Bonds
|
9,153
|
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
9,153
|
|
|
(28
|
)
|
||||||
Corporate Bonds
|
3,734
|
|
|
(88
|
)
|
|
—
|
|
|
—
|
|
|
3,734
|
|
|
(88
|
)
|
||||||
Total
|
$
|
102,575
|
|
|
$
|
(578
|
)
|
|
$
|
10,891
|
|
|
$
|
(120
|
)
|
|
$
|
113,466
|
|
|
$
|
(698
|
)
|
5.
|
Loans
|
|
September 30, 2017
|
|
June 30, 2017
|
||||
Retail consumer loans:
|
|
|
|
||||
One-to-four family
|
$
|
684,956
|
|
|
$
|
684,089
|
|
HELOCs - originated
|
152,979
|
|
|
157,068
|
|
||
HELOCs - purchased
|
162,518
|
|
|
162,407
|
|
||
Construction and land/lots
|
54,969
|
|
|
50,136
|
|
||
Indirect auto finance
|
142,915
|
|
|
140,879
|
|
||
Consumer
|
8,814
|
|
|
7,900
|
|
||
Total retail consumer loans
|
1,207,151
|
|
|
1,202,479
|
|
||
Commercial loans:
|
|
|
|
|
|
||
Commercial real estate
|
753,857
|
|
|
730,408
|
|
||
Construction and development
|
209,672
|
|
|
197,966
|
|
||
Commercial and industrial
|
124,722
|
|
|
120,387
|
|
||
Municipal leases
|
100,638
|
|
|
101,175
|
|
||
Total commercial loans
|
1,188,889
|
|
|
1,149,936
|
|
||
Total loans
|
2,396,040
|
|
|
2,352,415
|
|
||
Deferred loan costs (fees), net
|
(1,285
|
)
|
|
(945
|
)
|
||
Total loans, net of deferred loan fees
|
2,394,755
|
|
|
2,351,470
|
|
||
Allowance for loan losses
|
(21,997
|
)
|
|
(21,151
|
)
|
||
Loans, net
|
$
|
2,372,758
|
|
|
$
|
2,330,319
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
656,596
|
|
|
$
|
4,823
|
|
|
$
|
14,403
|
|
|
$
|
1,157
|
|
|
$
|
130
|
|
|
$
|
677,109
|
|
HELOCs - originated
|
149,407
|
|
|
799
|
|
|
2,287
|
|
|
176
|
|
|
22
|
|
|
152,691
|
|
||||||
HELOCs - purchased
|
162,327
|
|
|
—
|
|
|
191
|
|
|
—
|
|
|
—
|
|
|
162,518
|
|
||||||
Construction and land/lots
|
53,703
|
|
|
398
|
|
|
351
|
|
|
—
|
|
|
—
|
|
|
54,452
|
|
||||||
Indirect auto finance
|
142,671
|
|
|
—
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
142,915
|
|
||||||
Consumer
|
8,752
|
|
|
10
|
|
|
23
|
|
|
2
|
|
|
9
|
|
|
8,796
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate
|
726,440
|
|
|
5,654
|
|
|
6,194
|
|
|
—
|
|
|
—
|
|
|
738,288
|
|
||||||
Construction and development
|
204,311
|
|
|
508
|
|
|
2,217
|
|
|
—
|
|
|
—
|
|
|
207,036
|
|
||||||
Commercial and industrial
|
118,314
|
|
|
952
|
|
|
2,876
|
|
|
—
|
|
|
1
|
|
|
122,143
|
|
||||||
Municipal leases
|
100,223
|
|
|
309
|
|
|
106
|
|
|
—
|
|
|
—
|
|
|
100,638
|
|
||||||
Total loans
|
$
|
2,322,744
|
|
|
$
|
13,453
|
|
|
$
|
28,892
|
|
|
$
|
1,335
|
|
|
$
|
162
|
|
|
$
|
2,366,586
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
655,424
|
|
|
$
|
4,715
|
|
|
$
|
14,769
|
|
|
$
|
1,101
|
|
|
$
|
11
|
|
|
$
|
676,020
|
|
HELOCs - originated
|
153,676
|
|
|
809
|
|
|
2,100
|
|
|
188
|
|
|
7
|
|
|
156,780
|
|
||||||
HELOCs - purchased
|
162,215
|
|
|
—
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
162,407
|
|
||||||
Construction and land/lots
|
48,728
|
|
|
479
|
|
|
341
|
|
|
60
|
|
|
—
|
|
|
49,608
|
|
||||||
Indirect auto finance
|
140,780
|
|
|
—
|
|
|
97
|
|
|
1
|
|
|
1
|
|
|
140,879
|
|
||||||
Consumer
|
7,828
|
|
|
12
|
|
|
34
|
|
|
—
|
|
|
8
|
|
|
7,882
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
700,060
|
|
|
5,847
|
|
|
7,118
|
|
|
—
|
|
|
—
|
|
|
713,025
|
|
||||||
Construction and development
|
192,025
|
|
|
992
|
|
|
2,320
|
|
|
—
|
|
|
—
|
|
|
195,337
|
|
||||||
Commercial and industrial
|
113,923
|
|
|
883
|
|
|
2,954
|
|
|
—
|
|
|
1
|
|
|
117,761
|
|
||||||
Municipal leases
|
99,811
|
|
|
1,258
|
|
|
106
|
|
|
—
|
|
|
—
|
|
|
101,175
|
|
||||||
Total loans
|
$
|
2,274,470
|
|
|
$
|
14,995
|
|
|
$
|
30,031
|
|
|
$
|
1,350
|
|
|
$
|
28
|
|
|
$
|
2,320,874
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
3,036
|
|
|
$
|
1,152
|
|
|
$
|
3,469
|
|
|
$
|
190
|
|
|
$
|
—
|
|
|
$
|
7,847
|
|
HELOCs - originated
|
257
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
288
|
|
||||||
Construction and land/lots
|
475
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
517
|
|
||||||
Consumer
|
3
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
7,924
|
|
|
1,609
|
|
|
6,036
|
|
|
—
|
|
|
—
|
|
|
15,569
|
|
||||||
Construction and development
|
335
|
|
|
—
|
|
|
2,301
|
|
|
—
|
|
|
—
|
|
|
2,636
|
|
||||||
Commercial and industrial
|
2,430
|
|
|
32
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
2,579
|
|
||||||
Total loans
|
$
|
14,460
|
|
|
$
|
2,808
|
|
|
$
|
11,996
|
|
|
$
|
190
|
|
|
$
|
—
|
|
|
$
|
29,454
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
3,115
|
|
|
$
|
1,129
|
|
|
$
|
3,615
|
|
|
$
|
210
|
|
|
$
|
—
|
|
|
$
|
8,069
|
|
HELOCs - originated
|
258
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
288
|
|
||||||
Construction and land/lots
|
487
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
528
|
|
||||||
Consumer
|
4
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
8,909
|
|
|
2,299
|
|
|
6,175
|
|
|
—
|
|
|
—
|
|
|
17,383
|
|
||||||
Construction and development
|
338
|
|
|
—
|
|
|
2,291
|
|
|
—
|
|
|
—
|
|
|
2,629
|
|
||||||
Commercial and industrial
|
2,460
|
|
|
44
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
2,626
|
|
||||||
Total loans
|
$
|
15,571
|
|
|
$
|
3,486
|
|
|
$
|
12,274
|
|
|
$
|
210
|
|
|
$
|
—
|
|
|
$
|
31,541
|
|
|
Past Due
|
|
|
|
Total
|
||||||||||||||
|
30-89 Days
|
|
90 Days+
|
|
Total
|
|
Current
|
|
Loans
|
||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
4,799
|
|
|
$
|
3,805
|
|
|
$
|
8,604
|
|
|
$
|
676,352
|
|
|
$
|
684,956
|
|
HELOCs - originated
|
601
|
|
|
941
|
|
|
1,542
|
|
|
151,437
|
|
|
152,979
|
|
|||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
162,518
|
|
|
162,518
|
|
|||||
Construction and land/lots
|
211
|
|
|
64
|
|
|
275
|
|
|
54,694
|
|
|
54,969
|
|
|||||
Indirect auto finance
|
377
|
|
|
6
|
|
|
383
|
|
|
142,532
|
|
|
142,915
|
|
|||||
Consumer
|
5
|
|
|
8
|
|
|
13
|
|
|
8,801
|
|
|
8,814
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
1,091
|
|
|
3,497
|
|
|
4,588
|
|
|
749,269
|
|
|
753,857
|
|
|||||
Construction and development
|
141
|
|
|
1,216
|
|
|
1,357
|
|
|
208,315
|
|
|
209,672
|
|
|||||
Commercial and industrial
|
84
|
|
|
834
|
|
|
918
|
|
|
123,804
|
|
|
124,722
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
100,638
|
|
|
100,638
|
|
|||||
Total loans
|
$
|
7,309
|
|
|
$
|
10,371
|
|
|
$
|
17,680
|
|
|
$
|
2,378,360
|
|
|
$
|
2,396,040
|
|
|
Past Due
|
|
|
|
Total
|
||||||||||||||
|
30-89 Days
|
|
90 Days+
|
|
Total
|
|
Current
|
|
Loans
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
3,496
|
|
|
$
|
3,990
|
|
|
$
|
7,486
|
|
|
$
|
676,603
|
|
|
$
|
684,089
|
|
HELOCs - originated
|
1,037
|
|
|
274
|
|
|
1,311
|
|
|
155,757
|
|
|
157,068
|
|
|||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
162,407
|
|
|
162,407
|
|
|||||
Construction and land/lots
|
132
|
|
|
129
|
|
|
261
|
|
|
49,875
|
|
|
50,136
|
|
|||||
Indirect auto finance
|
96
|
|
|
—
|
|
|
96
|
|
|
140,783
|
|
|
140,879
|
|
|||||
Consumer
|
5
|
|
|
14
|
|
|
19
|
|
|
7,881
|
|
|
7,900
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
809
|
|
|
3,100
|
|
|
3,909
|
|
|
726,499
|
|
|
730,408
|
|
|||||
Construction and development
|
385
|
|
|
887
|
|
|
1,272
|
|
|
196,694
|
|
|
197,966
|
|
|||||
Commercial and industrial
|
37
|
|
|
831
|
|
|
868
|
|
|
119,519
|
|
|
120,387
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
101,175
|
|
|
101,175
|
|
|||||
Total loans
|
$
|
5,997
|
|
|
$
|
9,225
|
|
|
$
|
15,222
|
|
|
$
|
2,337,193
|
|
|
$
|
2,352,415
|
|
|
September 30, 2017
|
|
June 30, 2017
|
||||||||||||
|
Nonaccruing
|
|
90 Days + &
still accruing
|
|
Nonaccruing
|
|
90 Days + &
still accruing
|
||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
6,557
|
|
|
$
|
—
|
|
|
$
|
6,453
|
|
|
$
|
—
|
|
HELOCs - originated
|
1,404
|
|
|
—
|
|
|
1,291
|
|
|
—
|
|
||||
HELOCs - purchased
|
191
|
|
|
—
|
|
|
192
|
|
|
—
|
|
||||
Construction and land/lots
|
157
|
|
|
—
|
|
|
245
|
|
|
—
|
|
||||
Indirect auto finance
|
179
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Consumer
|
22
|
|
|
—
|
|
|
29
|
|
|
—
|
|
||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
2,861
|
|
|
—
|
|
|
2,756
|
|
|
—
|
|
||||
Construction and development
|
1,787
|
|
|
—
|
|
|
1,766
|
|
|
—
|
|
||||
Commercial and industrial
|
821
|
|
|
—
|
|
|
827
|
|
|
—
|
|
||||
Municipal leases
|
106
|
|
|
—
|
|
|
106
|
|
|
—
|
|
||||
Total loans
|
$
|
14,085
|
|
|
$
|
—
|
|
|
$
|
13,666
|
|
|
$
|
—
|
|
|
September 30, 2017
|
|
June 30, 2017
|
||||
Performing TDRs included in impaired loans
|
$
|
26,063
|
|
|
$
|
27,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||||||||||||
|
PCI
|
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
|
PCI
|
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
||||||||||||||||
Balance at beginning of period
|
$
|
727
|
|
|
$
|
8,585
|
|
|
$
|
11,839
|
|
|
$
|
21,151
|
|
|
$
|
361
|
|
|
$
|
11,549
|
|
|
$
|
9,382
|
|
|
$
|
21,292
|
|
Provision for (recovery of) loan losses
|
470
|
|
|
(412
|
)
|
|
(58
|
)
|
|
—
|
|
|
(5
|
)
|
|
(895
|
)
|
|
900
|
|
|
—
|
|
||||||||
Charge-offs
|
—
|
|
|
(149
|
)
|
|
(14
|
)
|
|
(163
|
)
|
|
—
|
|
|
(419
|
)
|
|
(607
|
)
|
|
(1,026
|
)
|
||||||||
Recoveries
|
—
|
|
|
286
|
|
|
723
|
|
|
1,009
|
|
|
—
|
|
|
211
|
|
|
474
|
|
|
685
|
|
||||||||
Balance at end of period
|
$
|
1,197
|
|
|
$
|
8,310
|
|
|
$
|
12,490
|
|
|
$
|
21,997
|
|
|
$
|
356
|
|
|
$
|
10,446
|
|
|
$
|
10,149
|
|
|
$
|
20,951
|
|
|
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
|
||||||||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
One-to-four family
|
$
|
120
|
|
|
$
|
1,008
|
|
|
$
|
3,227
|
|
|
$
|
4,355
|
|
|
$
|
7,847
|
|
|
$
|
10,777
|
|
|
$
|
666,332
|
|
|
$
|
684,956
|
|
HELOCs - originated
|
—
|
|
|
58
|
|
|
1,310
|
|
|
1,368
|
|
|
288
|
|
|
43
|
|
|
152,648
|
|
|
152,979
|
|
||||||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
815
|
|
|
815
|
|
|
—
|
|
|
—
|
|
|
162,518
|
|
|
162,518
|
|
||||||||
Construction and land/lots
|
—
|
|
|
61
|
|
|
924
|
|
|
985
|
|
|
517
|
|
|
648
|
|
|
53,804
|
|
|
54,969
|
|
||||||||
Indirect auto finance
|
—
|
|
|
—
|
|
|
847
|
|
|
847
|
|
|
—
|
|
|
8
|
|
|
142,907
|
|
|
142,915
|
|
||||||||
Consumer
|
—
|
|
|
9
|
|
|
51
|
|
|
60
|
|
|
18
|
|
|
2
|
|
|
8,794
|
|
|
8,814
|
|
||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
886
|
|
|
232
|
|
|
6,981
|
|
|
8,099
|
|
|
15,569
|
|
|
7,290
|
|
|
730,998
|
|
|
753,857
|
|
||||||||
Construction and development
|
176
|
|
|
11
|
|
|
3,270
|
|
|
3,457
|
|
|
2,636
|
|
|
2,188
|
|
|
204,848
|
|
|
209,672
|
|
||||||||
Commercial and industrial
|
15
|
|
|
380
|
|
|
1,136
|
|
|
1,531
|
|
|
2,579
|
|
|
1,805
|
|
|
120,338
|
|
|
124,722
|
|
||||||||
Municipal leases
|
—
|
|
|
—
|
|
|
480
|
|
|
480
|
|
|
—
|
|
|
294
|
|
|
100,344
|
|
|
100,638
|
|
||||||||
Total
|
$
|
1,197
|
|
|
$
|
1,759
|
|
|
$
|
19,041
|
|
|
$
|
21,997
|
|
|
$
|
29,454
|
|
|
$
|
23,055
|
|
|
$
|
2,343,531
|
|
|
$
|
2,396,040
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
28
|
|
|
$
|
863
|
|
|
$
|
3,585
|
|
|
$
|
4,476
|
|
|
$
|
8,069
|
|
|
$
|
10,305
|
|
|
$
|
665,715
|
|
|
$
|
684,089
|
|
HELOCs - originated
|
—
|
|
|
44
|
|
|
1,340
|
|
|
1,384
|
|
|
288
|
|
|
12
|
|
|
156,768
|
|
|
157,068
|
|
||||||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
838
|
|
|
838
|
|
|
—
|
|
|
—
|
|
|
162,407
|
|
|
162,407
|
|
||||||||
Construction and land/lots
|
—
|
|
|
88
|
|
|
889
|
|
|
977
|
|
|
528
|
|
|
634
|
|
|
48,974
|
|
|
50,136
|
|
||||||||
Indirect auto finance
|
—
|
|
|
1
|
|
|
880
|
|
|
881
|
|
|
—
|
|
|
1
|
|
|
140,878
|
|
|
140,879
|
|
||||||||
Consumer
|
—
|
|
|
8
|
|
|
49
|
|
|
57
|
|
|
18
|
|
|
8
|
|
|
7,874
|
|
|
7,900
|
|
||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
512
|
|
|
239
|
|
|
6,600
|
|
|
7,351
|
|
|
17,383
|
|
|
6,284
|
|
|
706,741
|
|
|
730,408
|
|
||||||||
Construction and development
|
171
|
|
|
13
|
|
|
2,982
|
|
|
3,166
|
|
|
2,629
|
|
|
2,184
|
|
|
193,153
|
|
|
197,966
|
|
||||||||
Commercial and industrial
|
16
|
|
|
287
|
|
|
1,221
|
|
|
1,524
|
|
|
2,626
|
|
|
1,514
|
|
|
116,247
|
|
|
120,387
|
|
||||||||
Municipal leases
|
—
|
|
|
—
|
|
|
497
|
|
|
497
|
|
|
—
|
|
|
—
|
|
|
101,175
|
|
|
101,175
|
|
||||||||
Total
|
$
|
727
|
|
|
$
|
1,543
|
|
|
$
|
18,881
|
|
|
$
|
21,151
|
|
|
$
|
31,541
|
|
|
$
|
20,942
|
|
|
$
|
2,299,932
|
|
|
$
|
2,352,415
|
|
|
Total Impaired Loans
|
||||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
With a
Recorded
Allowance
|
|
Recorded
Investment
With No
Recorded
Allowance
|
|
Total
|
|
Related
Recorded
Allowance
|
||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
28,064
|
|
|
$
|
18,151
|
|
|
$
|
6,727
|
|
|
$
|
24,878
|
|
|
$
|
1,022
|
|
HELOCs - originated
|
4,164
|
|
|
2,369
|
|
|
530
|
|
|
2,899
|
|
|
64
|
|
|||||
HELOCs - purchased
|
191
|
|
|
191
|
|
|
—
|
|
|
191
|
|
|
1
|
|
|||||
Construction and land/lots
|
2,435
|
|
|
1,104
|
|
|
463
|
|
|
1,567
|
|
|
62
|
|
|||||
Indirect auto finance
|
183
|
|
|
173
|
|
|
6
|
|
|
179
|
|
|
1
|
|
|||||
Consumer
|
533
|
|
|
10
|
|
|
26
|
|
|
36
|
|
|
9
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
7,598
|
|
|
4,458
|
|
|
2,782
|
|
|
7,240
|
|
|
244
|
|
|||||
Construction and development
|
3,780
|
|
|
1,039
|
|
|
1,628
|
|
|
2,667
|
|
|
15
|
|
|||||
Commercial and industrial
|
7,044
|
|
|
1,176
|
|
|
881
|
|
|
2,057
|
|
|
383
|
|
|||||
Municipal leases
|
106
|
|
|
106
|
|
|
—
|
|
|
106
|
|
|
—
|
|
|||||
Total impaired loans
|
$
|
54,098
|
|
|
$
|
28,777
|
|
|
$
|
13,043
|
|
|
$
|
41,820
|
|
|
$
|
1,801
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One-to-four family
|
$
|
28,469
|
|
|
$
|
17,353
|
|
|
$
|
7,773
|
|
|
$
|
25,126
|
|
|
$
|
881
|
|
HELOCs - originated
|
4,070
|
|
|
2,270
|
|
|
532
|
|
|
2,802
|
|
|
49
|
|
|||||
HELOCs - purchased
|
192
|
|
|
—
|
|
|
192
|
|
|
192
|
|
|
—
|
|
|||||
Construction and land/lots
|
2,817
|
|
|
1,310
|
|
|
468
|
|
|
1,778
|
|
|
88
|
|
|||||
Indirect auto finance
|
22
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|||||
Consumer
|
552
|
|
|
15
|
|
|
27
|
|
|
42
|
|
|
8
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
8,307
|
|
|
4,721
|
|
|
3,186
|
|
|
7,907
|
|
|
253
|
|
|||||
Construction and development
|
3,768
|
|
|
1,024
|
|
|
1,617
|
|
|
2,641
|
|
|
16
|
|
|||||
Commercial and industrial
|
7,757
|
|
|
845
|
|
|
1,231
|
|
|
2,076
|
|
|
288
|
|
|||||
Municipal leases
|
400
|
|
|
106
|
|
|
294
|
|
|
400
|
|
|
—
|
|
|||||
Total impaired loans
|
$
|
56,354
|
|
|
$
|
27,644
|
|
|
$
|
15,321
|
|
|
$
|
42,965
|
|
|
$
|
1,584
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
25,002
|
|
|
$
|
294
|
|
|
$
|
25,992
|
|
|
$
|
326
|
|
HELOCs - originated
|
2,851
|
|
|
35
|
|
|
2,909
|
|
|
46
|
|
||||
HELOCs - purchased
|
192
|
|
|
4
|
|
|
—
|
|
|
—
|
|
||||
Construction and land/lots
|
1,673
|
|
|
28
|
|
|
1,402
|
|
|
32
|
|
||||
Indirect auto finance
|
90
|
|
|
2
|
|
|
56
|
|
|
1
|
|
||||
Consumer
|
39
|
|
|
4
|
|
|
24
|
|
|
5
|
|
||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
7,574
|
|
|
75
|
|
|
6,831
|
|
|
69
|
|
||||
Construction and development
|
2,654
|
|
|
15
|
|
|
2,371
|
|
|
13
|
|
||||
Commercial and industrial
|
2,067
|
|
|
20
|
|
|
3,869
|
|
|
45
|
|
||||
Municipal leases
|
253
|
|
|
—
|
|
|
414
|
|
|
12
|
|
||||
Total loans
|
$
|
42,395
|
|
|
$
|
477
|
|
|
$
|
43,868
|
|
|
$
|
549
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||
Accretable yield, beginning of period
|
$
|
7,080
|
|
|
$
|
9,532
|
|
Reclass from nonaccretable yield
(1)
|
200
|
|
|
887
|
|
||
Other changes, net
(2)
|
27
|
|
|
(459
|
)
|
||
Interest income
|
(610
|
)
|
|
(1,621
|
)
|
||
Accretable yield, end of period
|
$
|
6,697
|
|
|
$
|
8,339
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
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
|
||||||||||
Extended term:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
One-to-four family
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
119
|
|
|
$
|
119
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
119
|
|
|
$
|
119
|
|
Other TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
One-to-four family
|
10
|
|
|
$
|
1,514
|
|
|
$
|
1,514
|
|
|
3
|
|
|
$
|
105
|
|
|
$
|
105
|
|
HELOCs - originated
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||
Total
|
10
|
|
|
$
|
1,514
|
|
|
$
|
1,514
|
|
|
4
|
|
|
$
|
108
|
|
|
$
|
108
|
|
Total
|
10
|
|
|
$
|
1,514
|
|
|
$
|
1,514
|
|
|
6
|
|
|
$
|
227
|
|
|
$
|
227
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
|
Three Months Ended September 30, 2016
|
||||||||||
|
Number of
Loans
|
|
Recorded
Investment
|
|
Number of
Loans
|
|
Recorded
Investment
|
||||||
Extended payment terms:
|
|
|
|
|
|
|
|
|
|
|
|
||
Retail consumer:
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
39
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
39
|
|
Other TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||
One-to-four family
|
3
|
|
|
$
|
372
|
|
|
3
|
|
|
$
|
57
|
|
Commercial:
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
1
|
|
|
672
|
|
|
—
|
|
|
—
|
|
||
Construction and development
|
—
|
|
|
—
|
|
|
2
|
|
|
371
|
|
||
Commercial and industrial
|
—
|
|
|
—
|
|
|
3
|
|
|
970
|
|
||
Total
|
4
|
|
|
$
|
1,044
|
|
|
8
|
|
|
$
|
1,398
|
|
Total
|
4
|
|
|
$
|
1,044
|
|
|
9
|
|
|
$
|
1,437
|
|
6.
|
Real Estate Owned
|
|
Three Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
$
|
6,318
|
|
|
$
|
5,956
|
|
Transfers from loans
|
252
|
|
|
305
|
|
||
Sales, net of loss
|
(647
|
)
|
|
(546
|
)
|
||
Capital improvements
|
18
|
|
|
—
|
|
||
Balance at end of period
|
$
|
5,941
|
|
|
$
|
5,715
|
|
7.
|
Net Income per Share
|
|
|
Three Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Numerator:
|
|
|
|
|
||||
Net income
|
|
$
|
5,567
|
|
|
$
|
3,824
|
|
Allocation of earnings to participating securities
|
|
(57
|
)
|
|
(55
|
)
|
||
Numerator for basic EPS - Net income available to common stockholders
|
|
$
|
5,510
|
|
|
$
|
3,769
|
|
Effect of dilutive securities:
|
|
|
|
|
||||
Dilutive effect to participating securities
|
|
2
|
|
|
1
|
|
||
Numerator for diluted EPS
|
|
$
|
5,512
|
|
|
$
|
3,770
|
|
Denominator:
|
|
|
|
|
|
|
||
Weighted-average common shares outstanding - basic
|
|
17,966,994
|
|
|
17,208,682
|
|
||
Effect of dilutive shares
|
|
649,458
|
|
|
242,613
|
|
||
Weighted-average common shares outstanding - diluted
|
|
18,616,452
|
|
|
17,451,295
|
|
||
Net income per share - basic
|
|
$
|
0.31
|
|
|
$
|
0.22
|
|
Net income per share - diluted
|
|
$
|
0.30
|
|
|
$
|
0.22
|
|
8.
|
Equity Incentive Plan
|
|
|
Three Months Ended September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Share based compensation expense
|
|
$
|
1,170
|
|
|
$
|
739
|
|
Tax benefit
|
|
$
|
421
|
|
|
$
|
274
|
|
|
Options
|
|
Weighted-
average exercise price |
|
Remaining
contractual life (years) |
|
Aggregate
Intrinsic Value |
||||||
Options outstanding at June 30, 2016
|
1,529,300
|
|
|
$
|
14.50
|
|
|
6.8
|
|
|
$
|
6,117
|
|
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at September 30, 2016
|
1,529,300
|
|
|
$
|
14.50
|
|
|
6.5
|
|
|
$
|
6,117
|
|
Exercisable at September 30, 2016
|
829,400
|
|
|
$
|
14.40
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||||
Options outstanding at June 30, 2017
|
1,470,043
|
|
|
$
|
15.22
|
|
|
5.8
|
|
|
$
|
13,533
|
|
Exercised
|
800
|
|
|
14.37
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
500
|
|
|
17.35
|
|
|
—
|
|
|
—
|
|
||
Expired
|
43,273
|
|
|
23.82
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at September 30, 2017
|
1,425,470
|
|
|
$
|
14.96
|
|
|
5.7
|
|
|
$
|
15,316
|
|
Exercisable at September 30, 2017
|
989,770
|
|
|
$
|
14.96
|
|
|
5.4
|
|
|
$
|
11,155
|
|
Non-vested at September 30, 2017
|
435,700
|
|
|
$
|
16.15
|
|
|
5.2
|
|
|
$
|
4,161
|
|
|
|
|
|
|
|
|
Restricted
stock awards
|
|
Weighted-
average grant
date fair value
|
|
Aggregate
Intrinsic
Value
|
|||||
Non-vested at June 30, 2016
|
248,750
|
|
|
$
|
14.81
|
|
|
$
|
4,602
|
|
Granted
|
400
|
|
|
19.02
|
|
|
—
|
|
||
Vested
|
—
|
|
|
—
|
|
|
—
|
|
||
Non-vested at September 30, 2016
|
249,150
|
|
|
$
|
14.84
|
|
|
$
|
4,609
|
|
|
|
|
|
|
|
|||||
Non-vested at June 30, 2017
|
185,630
|
|
|
$
|
17.46
|
|
|
$
|
3,419
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
||
Vested
|
400
|
|
|
19.02
|
|
|
—
|
|
||
Non-vested at September 30, 2017
|
185,230
|
|
|
$
|
17.46
|
|
|
$
|
4,760
|
|
9.
|
Commitments and Contingencies
|
10.
|
Fair Value of Financial Instruments
|
Level 1:
|
Valuation is based upon quoted prices for identical instruments traded in active markets.
|
Level 2:
|
Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
|
Level 3:
|
Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
|
|
September 30, 2017
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
U.S Government Agencies
|
$
|
55,875
|
|
|
$
|
—
|
|
|
$
|
55,875
|
|
|
$
|
—
|
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government Sponsored Enterprises
|
87,084
|
|
|
—
|
|
|
87,084
|
|
|
—
|
|
||||
Municipal Bonds
|
32,723
|
|
|
—
|
|
|
32,723
|
|
|
—
|
|
||||
Corporate Bonds
|
6,308
|
|
|
—
|
|
|
6,308
|
|
|
—
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
||||
Total
|
$
|
182,053
|
|
|
$
|
—
|
|
|
$
|
182,053
|
|
|
$
|
—
|
|
|
June 30, 2017
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
U.S Government Agencies
|
$
|
65,830
|
|
|
$
|
—
|
|
|
$
|
65,830
|
|
|
$
|
—
|
|
Residential Mortgage-backed Securities of U.S. Government Agencies and Government Sponsored Enterprises
|
92,971
|
|
|
—
|
|
|
92,971
|
|
|
—
|
|
||||
Municipal Bonds
|
34,510
|
|
|
—
|
|
|
34,510
|
|
|
—
|
|
||||
Corporate Bonds
|
6,293
|
|
|
—
|
|
|
6,293
|
|
|
—
|
|
||||
Equity Securities
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
||||
Total
|
$
|
199,667
|
|
|
$
|
—
|
|
|
$
|
199,667
|
|
|
$
|
—
|
|
|
September 30, 2017
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
$
|
8,566
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,566
|
|
REO
|
145
|
|
|
—
|
|
|
—
|
|
|
145
|
|
||||
Total
|
$
|
8,711
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,711
|
|
|
June 30, 2017
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
$
|
9,156
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,156
|
|
REO
|
4,044
|
|
|
—
|
|
|
—
|
|
|
4,044
|
|
||||
Total
|
$
|
13,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,200
|
|
|
Fair Value at September 30, 2017
|
|
Valuation
Techniques
|
|
Unobservable
Input
|
|
Range
|
|
Weighted
Average
|
||
Nonrecurring measurements:
|
|
|
|
|
|
|
|
|
|
||
Impaired loans, net
|
$
|
8,566
|
|
|
Discounted appraisals and discounted cash flows
|
|
Collateral discounts
and discount spread |
|
3% - 18%
1% - 4% |
|
4%
|
REO
|
$
|
145
|
|
|
Discounted appraisals
|
|
Collateral discounts
|
|
15% - 20%
|
|
19%
|
|
September 30, 2017
|
||||||||||||||||||
|
Carrying
Value
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Cash and interest-bearing deposits
|
$
|
78,971
|
|
|
$
|
78,971
|
|
|
$
|
78,971
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
199,774
|
|
|
199,774
|
|
|
199,774
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit in other banks
|
110,454
|
|
|
110,454
|
|
|
—
|
|
|
110,454
|
|
|
—
|
|
|||||
Securities available for sale
|
182,053
|
|
|
182,053
|
|
|
—
|
|
|
182,053
|
|
|
$
|
—
|
|
||||
Loans, net
|
2,372,758
|
|
|
2,273,499
|
|
|
—
|
|
|
—
|
|
|
2,273,499
|
|
|||||
Loans held for sale
|
7,793
|
|
|
7,949
|
|
|
—
|
|
|
—
|
|
|
7,949
|
|
|||||
FHLB stock
|
31,361
|
|
|
31,361
|
|
|
31,361
|
|
|
—
|
|
|
—
|
|
|||||
FRB stock
|
7,290
|
|
|
7,290
|
|
|
7,290
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest receivable
|
9,340
|
|
|
9,340
|
|
|
—
|
|
|
1,540
|
|
|
7,800
|
|
|||||
Noninterest-bearing and NOW deposits
|
769,136
|
|
|
769,136
|
|
|
—
|
|
|
769,136
|
|
|
—
|
|
|||||
Money market accounts
|
642,351
|
|
|
642,351
|
|
|
—
|
|
|
642,351
|
|
|
—
|
|
|||||
Savings accounts
|
230,944
|
|
|
230,944
|
|
|
—
|
|
|
230,944
|
|
|
—
|
|
|||||
Certificates of deposit
|
457,879
|
|
|
454,330
|
|
|
—
|
|
|
454,330
|
|
|
—
|
|
|||||
Borrowings
|
679,800
|
|
|
679,800
|
|
|
—
|
|
|
679,800
|
|
|
—
|
|
|||||
Accrued interest payable
|
447
|
|
|
447
|
|
|
—
|
|
|
447
|
|
|
—
|
|
|
June 30, 2017
|
||||||||||||||||||
|
Carrying
Value
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Cash and interest-bearing deposits
|
$
|
86,985
|
|
|
$
|
86,985
|
|
|
$
|
86,985
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
149,863
|
|
|
149,863
|
|
|
149,863
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit in other banks
|
132,274
|
|
|
132,274
|
|
|
—
|
|
|
132,274
|
|
|
—
|
|
|||||
Securities available for sale
|
199,667
|
|
|
199,667
|
|
|
—
|
|
|
199,667
|
|
|
—
|
|
|||||
Loans, net
|
2,330,319
|
|
|
2,230,683
|
|
|
—
|
|
|
—
|
|
|
2,230,683
|
|
|||||
Loans held for sale
|
5,607
|
|
|
5,719
|
|
|
—
|
|
|
—
|
|
|
5,719
|
|
|||||
FHLB stock
|
32,071
|
|
|
32,071
|
|
|
32,071
|
|
|
—
|
|
|
—
|
|
|||||
FRB stock
|
7,284
|
|
|
7,284
|
|
|
7,284
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest receivable
|
8,758
|
|
|
8,758
|
|
|
331
|
|
|
1,078
|
|
|
7,349
|
|
|||||
Noninterest-bearing and NOW deposits
|
779,549
|
|
|
779,549
|
|
|
—
|
|
|
779,549
|
|
|
—
|
|
|||||
Money market accounts
|
569,607
|
|
|
569,607
|
|
|
—
|
|
|
569,607
|
|
|
—
|
|
|||||
Savings accounts
|
237,149
|
|
|
237,149
|
|
|
—
|
|
|
237,149
|
|
|
—
|
|
|||||
Certificates of deposit
|
462,146
|
|
|
458,818
|
|
|
—
|
|
|
458,818
|
|
|
—
|
|
|||||
Borrowings
|
696,500
|
|
|
696,500
|
|
|
—
|
|
|
696,500
|
|
|
—
|
|
|||||
Accrued interest payable
|
512
|
|
|
512
|
|
|
—
|
|
|
512
|
|
|
—
|
|
|
|
As of
|
||||||||||
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||
(Dollars in thousands, except per share data)
|
|
2017
|
|
2017
|
|
2016
|
||||||
Total stockholders' equity
|
|
$
|
405,499
|
|
|
$
|
397,647
|
|
|
$
|
364,401
|
|
Less: goodwill, core deposit intangibles, net of taxes
|
|
29,704
|
|
|
30,157
|
|
|
16,759
|
|
|||
Tangible book value
(1)
|
|
$
|
375,795
|
|
|
$
|
367,490
|
|
|
$
|
347,642
|
|
Common shares outstanding
|
|
18,968,675
|
|
|
18,967,875
|
|
|
17,999,150
|
|
|||
Tangible book value per share
|
|
$
|
19.81
|
|
|
$
|
19.37
|
|
|
$
|
19.31
|
|
Book value per share
|
|
$
|
21.38
|
|
|
$
|
20.96
|
|
|
$
|
20.25
|
|
(1)
|
Tangible book value is equal to total stockholders' equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.
|
|
|
As of
|
||||||||||
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||
(Dollars in thousands)
|
|
2017
|
|
2017
|
|
2016
|
||||||
Tangible book value
(1)
|
|
$
|
375,795
|
|
|
$
|
367,490
|
|
|
$
|
347,642
|
|
Total assets
|
|
3,249,998
|
|
|
3,206,533
|
|
|
2,754,109
|
|
|||
Less: goodwill, core deposit intangibles, net of taxes
|
|
29,704
|
|
|
30,157
|
|
|
16,759
|
|
|||
Total tangible assets
(2)
|
|
$
|
3,220,294
|
|
|
$
|
3,176,376
|
|
|
$
|
2,737,350
|
|
Tangible equity to tangible assets
|
|
11.67
|
%
|
|
11.57
|
%
|
|
12.70
|
%
|
(1)
|
Tangible equity (or tangible book value) is equal to total stockholders' 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
(Dollars in thousands)
|
Average Balance Outstanding
|
|
Interest Earned / Paid
|
|
Yield/ Rate
|
|
Average Balance Outstanding
|
|
Interest Earned / Paid
|
|
Yield/ Rate
|
||||||||||
Interest-earning assets
(1)
|
$
|
2,919,016
|
|
|
$
|
28,445
|
|
|
3.90
|
%
|
|
$
|
2,527,413
|
|
|
$
|
23,381
|
|
|
3.70
|
%
|
Less: Interest-earning assets funded by additional FHLB borrowings
(2)
|
245,000
|
|
|
967
|
|
|
1.58
|
%
|
|
395,000
|
|
|
999
|
|
|
1.01
|
%
|
||||
Interest-earning assets - adjusted
|
$
|
2,674,016
|
|
|
$
|
27,477
|
|
|
4.11
|
%
|
|
$
|
2,132,413
|
|
|
$
|
22,382
|
|
|
4.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities
|
$
|
2,419,059
|
|
|
$
|
3,315
|
|
|
0.55
|
%
|
|
$
|
2,097,932
|
|
|
$
|
1,654
|
|
|
0.31
|
%
|
Less: Additional FHLB borrowings
|
245,000
|
|
|
722
|
|
|
1.18
|
%
|
|
395,000
|
|
|
410
|
|
|
0.42
|
%
|
||||
Interest-bearing liabilities - adjusted
|
$
|
2,174,059
|
|
|
$
|
2,593
|
|
|
0.48
|
%
|
|
$
|
1,702,932
|
|
|
$
|
1,244
|
|
|
0.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax equivalent net interest income and net interest margin
|
|
|
$
|
25,129
|
|
|
3.44
|
%
|
|
|
|
$
|
21,727
|
|
|
3.44
|
%
|
||||
Tax equivalent net interest income and net interest margin - adjusted
|
|
|
24,884
|
|
|
3.72
|
%
|
|
|
|
21,138
|
|
|
3.97
|
%
|
||||||
Difference
|
|
|
$
|
245
|
|
|
(0.28
|
)%
|
|
|
|
$
|
589
|
|
|
(0.53
|
)%
|
(1)
|
Interest income used in the average interest/earned and yield calculation includes the tax equivalent adjustment of
$548
and
$590
for the three months ended
September 30, 2017
and
2016
, respectively, calculated based on a federal tax rate of 34%.
|
(2)
|
Proceeds from the additional borrowings were invested in various interest-earning assets including: deposits with the FRB, FHLB stock, certificates of deposit in other banks, and commercial paper.
|
|
|
Three months ended
|
||||||
(Dollars in thousands, except per share data)
|
|
September 30,
|
||||||
|
|
2017
|
|
2016
|
||||
Merger-related expenses
|
|
$
|
—
|
|
|
$
|
307
|
|
State tax expense adjustment
(1)
|
|
133
|
|
|
490
|
|
||
Gain from sale of premises and equipment
|
|
(164
|
)
|
|
(385
|
)
|
||
Total adjustments
|
|
(31
|
)
|
|
412
|
|
||
Tax effect
(2)
|
|
59
|
|
|
58
|
|
||
Total adjustments, net of tax
|
|
28
|
|
|
470
|
|
||
|
|
|
|
|
|
|
||
Net income (GAAP)
|
|
5,567
|
|
|
3,824
|
|
||
|
|
|
|
|
||||
Net income (non-GAAP)
|
|
$
|
5,595
|
|
|
$
|
4,294
|
|
|
|
|
|
|
||||
Per Share Data
|
|
|
|
|
||||
Average shares outstanding - basic
|
|
17,966,994
|
|
|
17,208,682
|
|
||
Average shares outstanding - diluted
|
|
18,616,452
|
|
|
17,451,295
|
|
||
|
|
|
|
|
||||
Basic EPS
|
|
|
|
|
||||
EPS (GAAP)
|
|
$
|
0.31
|
|
|
$
|
0.22
|
|
Non-GAAP adjustment
|
|
—
|
|
|
0.03
|
|
||
EPS (non-GAAP)
|
|
$
|
0.31
|
|
|
$
|
0.25
|
|
|
|
|
|
|
||||
Diluted EPS
|
|
|
|
|
||||
EPS (GAAP)
|
|
$
|
0.30
|
|
|
$
|
0.22
|
|
Non-GAAP adjustment
|
|
—
|
|
|
0.03
|
|
||
EPS (non-GAAP)
|
|
$
|
0.30
|
|
|
$
|
0.25
|
|
|
|
|
|
|
||||
Average Balances
|
|
|
|
|
||||
Average assets
|
|
$
|
3,197,885
|
|
|
$
|
2,764,922
|
|
Average equity
|
|
401,422
|
|
|
362,296
|
|
||
|
|
|
|
|
||||
ROA
|
|
|
|
|
||||
ROA (GAAP)
|
|
0.70
|
%
|
|
0.55
|
%
|
||
Non-GAAP adjustment
|
|
—
|
%
|
|
0.07
|
%
|
||
ROA (non-GAAP)
|
|
0.70
|
%
|
|
0.62
|
%
|
||
|
|
|
|
|
||||
ROE
|
|
|
|
|
||||
ROE (GAAP)
|
|
5.55
|
%
|
|
4.22
|
%
|
||
Non-GAAP adjustment
|
|
0.03
|
%
|
|
0.52
|
%
|
||
ROE (non-GAAP)
|
|
5.58
|
%
|
|
4.74
|
%
|
(1)
|
State tax adjustment is a result of a decrease in value of our deferred tax assets stemming from recent decreases in North Carolina's corporate tax rate.
|
(2)
|
Tax amounts have been adjusted for certain nondeductible merger-related expenses.
|
|
As of
|
||||||||||
(Dollars in thousands)
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||
|
2017
|
|
2017
|
|
2016
|
||||||
Total gross loans receivable (GAAP)
|
$
|
2,396,040
|
|
|
$
|
2,352,415
|
|
|
$
|
1,881,481
|
|
Less: acquired loans
|
338,933
|
|
|
374,538
|
|
|
192,745
|
|
|||
Adjusted gross loans (non-GAAP)
|
$
|
2,057,107
|
|
|
$
|
1,977,877
|
|
|
$
|
1,688,736
|
|
|
|
|
|
|
|
||||||
Allowance for loan losses (GAAP)
|
$
|
21,997
|
|
|
$
|
21,151
|
|
|
$
|
20,951
|
|
Less: allowance for loan losses on acquired loans
|
1,197
|
|
|
727
|
|
|
356
|
|
|||
Adjusted allowance for loan losses (non-GAAP)
|
$
|
20,800
|
|
|
$
|
20,424
|
|
|
$
|
20,595
|
|
Adjusted allowance for loan losses / Adjusted gross loans (non-GAAP)
|
1.01
|
%
|
|
1.03
|
%
|
|
1.22
|
%
|
|
As of
|
|
|
|
|
|
Percent of total
|
|||||||||||||
|
September 30,
|
|
June 30,
|
|
Change
|
|
September 30,
|
|
June 30,
|
|||||||||||
(Dollars in thousands)
|
2017
|
|
2017
|
|
$
|
|
%
|
|
2017
|
|
2017
|
|||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family
|
$
|
684,956
|
|
|
$
|
684,089
|
|
|
$
|
867
|
|
|
0.1
|
%
|
|
28.6
|
%
|
|
29.1
|
%
|
HELOCs - originated
|
152,979
|
|
|
157,068
|
|
|
(4,089
|
)
|
|
(2.6
|
)
|
|
6.4
|
|
|
6.7
|
|
|||
HELOCs - purchased
|
162,518
|
|
|
162,407
|
|
|
111
|
|
|
0.1
|
|
|
6.8
|
|
|
6.9
|
|
|||
Construction and land/lots
|
54,969
|
|
|
50,136
|
|
|
4,833
|
|
|
9.6
|
|
|
2.3
|
|
|
2.1
|
|
|||
Indirect auto finance
|
142,915
|
|
|
140,879
|
|
|
2,036
|
|
|
1.4
|
|
|
6.0
|
|
|
6.0
|
|
|||
Consumer
|
8,814
|
|
|
7,900
|
|
|
914
|
|
|
11.6
|
|
|
0.4
|
|
|
0.3
|
|
|||
Total retail consumer loans
|
1,207,151
|
|
|
1,202,479
|
|
|
4,672
|
|
|
0.4
|
|
|
50.4
|
|
|
51.1
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate
|
753,857
|
|
|
730,408
|
|
|
23,449
|
|
|
3.2
|
|
|
31.5
|
|
|
31.0
|
|
|||
Construction and development
|
209,672
|
|
|
197,966
|
|
|
11,706
|
|
|
5.9
|
|
|
8.8
|
|
|
8.4
|
|
|||
Commercial and industrial
|
124,722
|
|
|
120,387
|
|
|
4,335
|
|
|
3.6
|
|
|
5.2
|
|
|
5.1
|
|
|||
Municipal leases
|
100,638
|
|
|
101,175
|
|
|
(537
|
)
|
|
(0.5
|
)
|
|
4.2
|
|
|
4.3
|
|
|||
Total commercial loans
|
1,188,889
|
|
|
1,149,936
|
|
|
38,953
|
|
|
3.4
|
|
|
49.6
|
|
|
48.9
|
|
|||
Total loans
|
$
|
2,396,040
|
|
|
$
|
2,352,415
|
|
|
$
|
43,625
|
|
|
1.9
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
As of
|
|
|
|
Percent of total
|
||||||||||||||
|
September 30,
|
|
June 30,
|
|
Change
|
|
September 30,
|
|
June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2017
|
|
$
|
|
%
|
|
2017
|
|
2017
|
||||||||
Core deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing accounts
|
$
|
304,144
|
|
|
$
|
310,172
|
|
|
(6,028
|
)
|
|
(1.9
|
)%
|
|
14.5
|
%
|
|
15.1
|
%
|
NOW accounts
|
464,993
|
|
|
469,377
|
|
|
(4,384
|
)
|
|
(0.9
|
)%
|
|
22.1
|
%
|
|
22.9
|
%
|
||
Money market accounts
|
642,351
|
|
|
569,607
|
|
|
72,744
|
|
|
12.8
|
%
|
|
30.6
|
%
|
|
27.8
|
%
|
||
Savings accounts
|
230,943
|
|
|
237,149
|
|
|
(6,206
|
)
|
|
(2.6
|
)%
|
|
11.0
|
%
|
|
11.6
|
%
|
||
Core deposits
|
1,642,431
|
|
|
1,586,305
|
|
|
56,126
|
|
|
3.5
|
%
|
|
78.2
|
%
|
|
77.4
|
%
|
||
Certificates of deposit
|
457,879
|
|
|
462,146
|
|
|
(4,267
|
)
|
|
(0.9
|
)%
|
|
21.8
|
%
|
|
22.6
|
%
|
||
Total
|
$
|
2,100,310
|
|
|
$
|
2,048,451
|
|
|
51,859
|
|
|
2.5
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
|
Average
Balance
Outstanding
|
|
Interest
Earned/
Paid
(2)
|
|
Yield/
Rate
(2)
|
|
Average
Balance
Outstanding
|
|
Interest
Earned/
Paid
(2)
|
|
Yield/
Rate
(2)
|
||||||||||
(Dollars in thousands)
|
|
||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable
(1)
|
$
|
2,361,522
|
|
|
$
|
25,798
|
|
|
4.37
|
%
|
|
$
|
1,848,086
|
|
|
$
|
21,070
|
|
|
4.56
|
%
|
Deposits in other financial institutions
|
159,152
|
|
|
536
|
|
|
1.35
|
%
|
|
191,716
|
|
|
497
|
|
|
1.04
|
%
|
||||
Investment securities
|
189,920
|
|
|
972
|
|
|
2.05
|
%
|
|
196,889
|
|
|
880
|
|
|
1.79
|
%
|
||||
Other interest-earning assets
(3)
|
208,422
|
|
|
1,139
|
|
|
2.18
|
%
|
|
290,722
|
|
|
934
|
|
|
1.29
|
%
|
||||
Total interest-earning assets
|
2,919,016
|
|
|
28,445
|
|
|
3.90
|
%
|
|
2,527,413
|
|
|
23,381
|
|
|
3.70
|
%
|
||||
Other assets
|
278,869
|
|
|
|
|
|
|
237,509
|
|
|
|
|
|
||||||||
Total assets
|
$
|
3,197,885
|
|
|
|
|
|
|
$
|
2,764,922
|
|
|
|
|
|
||||||
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing checking accounts
|
462,928
|
|
|
216
|
|
|
0.19
|
%
|
|
403,823
|
|
|
173
|
|
|
0.17
|
%
|
||||
Money market accounts
|
605,261
|
|
|
477
|
|
|
0.31
|
%
|
|
519,250
|
|
|
347
|
|
|
0.27
|
%
|
||||
Savings accounts
|
232,940
|
|
|
78
|
|
|
0.13
|
%
|
|
210,179
|
|
|
70
|
|
|
0.13
|
%
|
||||
Certificate accounts
|
449,839
|
|
|
575
|
|
|
0.51
|
%
|
|
430,791
|
|
|
509
|
|
|
0.47
|
%
|
||||
Total interest-bearing deposits
|
1,750,968
|
|
|
1,346
|
|
|
0.31
|
%
|
|
1,564,043
|
|
|
1,099
|
|
|
0.28
|
%
|
||||
Borrowings
|
668,091
|
|
|
1,969
|
|
|
1.18
|
%
|
|
533,889
|
|
|
555
|
|
|
0.42
|
%
|
||||
Total interest-bearing liabilities
|
2,419,059
|
|
|
3,315
|
|
|
0.55
|
%
|
|
2,097,932
|
|
|
1,654
|
|
|
0.31
|
%
|
||||
Noninterest-bearing deposits
|
310,596
|
|
|
|
|
|
|
241,510
|
|
|
|
|
|
||||||||
Other liabilities
|
66,808
|
|
|
|
|
|
|
63,184
|
|
|
|
|
|
||||||||
Total liabilities
|
2,796,463
|
|
|
|
|
|
|
2,402,626
|
|
|
|
|
|
||||||||
Stockholders' equity
|
401,422
|
|
|
|
|
|
|
362,296
|
|
|
|
|
|
||||||||
Total liabilities and stockholders' equity
|
$
|
3,197,885
|
|
|
|
|
|
|
$
|
2,764,922
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earning assets
|
$
|
499,957
|
|
|
|
|
|
|
$
|
429,481
|
|
|
|
|
|
||||||
Average interest-earning assets to
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
average interest-bearing liabilities
|
120.67
|
%
|
|
|
|
|
|
120.47
|
%
|
|
|
|
|
||||||||
Tax-equivalent:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
|
$
|
25,130
|
|
|
|
|
|
|
$
|
21,727
|
|
|
|
||||||
Interest rate spread
|
|
|
|
|
3.35
|
%
|
|
|
|
|
|
3.39
|
%
|
||||||||
Net interest margin
(4)
|
|
|
|
|
3.44
|
%
|
|
|
|
|
|
3.44
|
%
|
||||||||
Non-tax-equivalent:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
|
$
|
24,581
|
|
|
|
|
|
|
$
|
21,137
|
|
|
|
||||||
Interest rate spread
|
|
|
|
|
|
3.27
|
%
|
|
|
|
|
|
3.29
|
%
|
|||||||
Net interest margin
(4)
|
|
|
|
|
3.37
|
%
|
|
|
|
|
|
3.35
|
%
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
||||||||||
|
Compared to
|
||||||||||
|
Three Months Ended September 30, 2016
|
||||||||||
|
Increase/
(decrease)
due to
|
|
Total
increase/(decrease)
|
||||||||
(Dollars in thousands)
|
Volume
|
|
Rate
|
|
|||||||
Interest-earning assets:
|
|
|
|
|
|
||||||
Loans receivable
(1)
|
$
|
5,852
|
|
|
$
|
(1,124
|
)
|
|
$
|
4,728
|
|
Deposits in other financial institutions
|
(85
|
)
|
|
124
|
|
|
39
|
|
|||
Investment securities
|
(31
|
)
|
|
123
|
|
|
92
|
|
|||
Other
|
(264
|
)
|
|
468
|
|
|
204
|
|
|||
Total interest-earning assets
|
5,472
|
|
|
(409
|
)
|
|
5,063
|
|
|||
Interest-bearing liabilities:
|
|
|
|
|
|
||||||
Interest-bearing checking accounts
|
$
|
25
|
|
|
$
|
18
|
|
|
$
|
43
|
|
Money market accounts
|
58
|
|
|
72
|
|
|
130
|
|
|||
Savings accounts
|
8
|
|
|
—
|
|
|
8
|
|
|||
Certificate accounts
|
22
|
|
|
44
|
|
|
66
|
|
|||
Borrowings
|
139
|
|
|
1,275
|
|
|
1,414
|
|
|||
Total interest-bearing liabilities
|
252
|
|
|
1,409
|
|
|
1,661
|
|
|||
Net increase in tax equivalent interest income
|
$
|
5,220
|
|
|
$
|
(1,818
|
)
|
|
$
|
3,402
|
|
Undisbursed portion of construction loans
|
$
|
180,794
|
|
Commitments to make loans
|
51,528
|
|
|
Unused lines of credit
|
449,261
|
|
|
Unused letters of credit
|
7,054
|
|
|
Total loan commitments
|
$
|
688,637
|
|
|
|
|
Regulatory Requirements
|
|||||||||||||||||
|
Actual
|
|
Minimum for Capital
Adequacy Purposes
|
|
Minimum to Be
Well Capitalized
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
HomeTrust Bancshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier I Capital to Risk-Weighted Assets
|
$
|
353,515
|
|
|
12.91
|
%
|
|
$
|
123,218
|
|
|
4.50
|
%
|
|
$
|
177,982
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
353,515
|
|
|
11.24
|
%
|
|
$
|
125,819
|
|
|
4.00
|
%
|
|
$
|
157,274
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
353,515
|
|
|
12.91
|
%
|
|
$
|
164,291
|
|
|
6.00
|
%
|
|
$
|
219,054
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
375,967
|
|
|
13.73
|
%
|
|
$
|
219,054
|
|
|
8.00
|
%
|
|
$
|
273,818
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital to Risk-Weighted Assets
|
$
|
342,664
|
|
|
13.07
|
%
|
|
$
|
118,024
|
|
|
4.50
|
%
|
|
$
|
170,478
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
342,664
|
|
|
11.13
|
%
|
|
$
|
123,149
|
|
|
4.00
|
%
|
|
$
|
153,936
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
342,664
|
|
|
13.07
|
%
|
|
$
|
157,365
|
|
|
6.00
|
%
|
|
$
|
209,820
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
364,269
|
|
|
13.89
|
%
|
|
$
|
209,820
|
|
|
8.00
|
%
|
|
$
|
262,275
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
HomeTrust Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital to Risk-Weighted Assets
|
$
|
314,645
|
|
|
11.53
|
%
|
|
$
|
122,774
|
|
|
4.50
|
%
|
|
$
|
177,340
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
314,645
|
|
|
10.05
|
%
|
|
$
|
125,288
|
|
|
4.00
|
%
|
|
$
|
156,610
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
314,645
|
|
|
11.53
|
%
|
|
$
|
163,698
|
|
|
6.00
|
%
|
|
$
|
218,265
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
336,974
|
|
|
12.35
|
%
|
|
$
|
218,265
|
|
|
8.00
|
%
|
|
$
|
272,831
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital to Risk-Weighted Assets
|
$
|
305,216
|
|
|
11.68
|
%
|
|
$
|
117,560
|
|
|
4.50
|
%
|
|
$
|
169,809
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
305,216
|
|
|
9.97
|
%
|
|
$
|
122,453
|
|
|
4.00
|
%
|
|
$
|
153,066
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
305,216
|
|
|
11.68
|
%
|
|
$
|
156,747
|
|
|
6.00
|
%
|
|
$
|
208,996
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
326,635
|
|
|
12.50
|
%
|
|
$
|
208,996
|
|
|
8.00
|
%
|
|
$
|
261,245
|
|
|
10.00
|
%
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and use of Proceeds
|
Period
|
Total Number
Of Shares Purchased
|
|
Average
Price Paid per Share
|
|
Total Number Of Shares Purchased as Part of Publicly Announced Plans
|
|
Maximum
Number of
Shares that May
Yet Be Purchased Under Publicly Announced Plans
|
|||||
July 1 - July 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
443,155
|
|
August 1 - August 31, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
443,155
|
|
|
September 1 - September 30, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
443,155
|
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
443,155
|
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
|
HomeTrust Bancshares, Inc.
|
|
|
|
|
|
|
|
Date: November 9, 2017
|
By:
|
/s/ Dana L. Stonestreet
|
|
|
Dana L. Stonestreet
|
|
|
Chairman, President and CEO
|
|
|
(Duly Authorized Officer)
|
|
|
|
Date: November 9, 2017
|
By:
|
/s/ Tony J. VunCannon
|
|
|
Tony J. VunCannon
|
|
|
Executive Vice President, CFO, and Treasurer
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
Regulation S-K Exhibit Number
|
Document
|
Reference to Prior Filing or Exhibit Number Attached Hereto
|
|
|
|
2.1
|
|
(a)
|
3.1
|
(b)
|
|
3.2
|
(c)
|
|
3.3
|
(d)
|
|
4.1
|
(e)
|
|
4.2
|
(m)
|
|
10.1
|
10.1
|
|
10.2
|
(e)
|
|
10.3
|
(b)
|
|
10.4
|
(f)
|
|
10.5
|
(b)
|
|
10.6
|
(b)
|
|
10.7
|
(b)
|
|
10.7A
|
(b)
|
|
10.7B
|
(b)
|
|
10.7C
|
(b)
|
|
10.7D
|
(b)
|
|
10.7E
|
(b)
|
|
10.7F
|
(b)
|
|
10.7G
|
(b)
|
|
10.7H
|
(b)
|
|
10.7I
|
(g)
|
|
10.8
|
(b)
|
|
10.8A
|
(b)
|
|
10.8B
|
(b)
|
|
10.8C
|
(b)
|
|
10.8D
|
(b)
|
|
10.8E
|
(b)
|
|
10.8F
|
(b)
|
|
10.8G
|
(b)
|
|
10.9
|
(b)
|
|
10.10
|
(b)
|
|
10.11
|
(b)
|
|
10.12
|
(n)
|
|
10.13
|
(h)
|
|
10.14
|
(i)
|
|
10.15
|
(i)
|
10.16
|
(i)
|
|
10.17
|
(i)
|
|
10.18
|
(i)
|
|
10.19
|
(j)
|
|
10.20
|
(k)
|
|
10.21
|
(l)
|
|
10.22
|
(l)
|
|
10.23
|
(l)
|
|
10.24
|
(l)
|
|
10.25
|
(l)
|
|
10.26
|
(l)
|
|
10.27
|
(n)
|
|
10.28
|
(n)
|
|
10.29
|
(o)
|
|
31.1
|
31.1
|
|
31.2
|
31.2
|
|
32
|
32.0
|
|
101
|
The following materials from HomeTrust Bancshares' Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, 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)
|
Attached as Appendix A to the proxy statement/prospectus filed by HomeTrust Bancshares on November 2, 2016 pursuant to Rule 424(b) of the Securities Act of 1933.
|
(b)
|
Filed as an exhibit to HomeTrust Bancshares's Registration Statement on Form S-1 (File No. 333-178817) filed on December 29, 2011.
|
(c)
|
Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on September 25, 2012 (File No. 001-35593).
|
(d)
|
Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on January 29, 2014 (File No. 001-35593).
|
(e)
|
Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on November 27, 2013 (File No. 001-35593).
|
(f)
|
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).
|
(g)
|
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.
|
(h)
|
Attached as Appendix A to HomeTrust Bancshares's definitive proxy statement filed on December 5, 2012 (File No. 001-35593).
|
(i)
|
Filed as an exhibit to HomeTrust Bancshares's Registration Statement on Form S-8 (File No. 333-186666) filed on February 13, 2013.
|
(j)
|
Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on June 3, 2014 (File No. 001-35593).
|
(k)
|
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).
|
(l)
|
Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2014 (File No. 001-35593).
|
(m)
|
Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on August 31, 2015 (File No. 001-35593)
|
(n)
|
Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 (File No. 001-35593).
|
(o)
|
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.
|
Schedule A: 2018 Award Percentages and Performance Measures Weighting
|
||||||||
Participant
|
|
Title
|
|
Target %
|
|
Corporate
Weighting |
|
Unit/Func
Weighting |
Dana Stonestreet
|
|
CEO
|
|
55%
|
|
80%
|
|
20%
|
Tony VunCannon
|
|
CFO
|
|
30%
|
|
70%
|
|
30%
|
Hunter Westbrook
|
|
CBO
|
|
40%
|
|
70%
|
|
30%
|
Howard Sellinger
|
|
CIO
|
|
30%
|
|
70%
|
|
30%
|
Keith Houghton
|
|
CCO
|
|
30%
|
|
70%
|
|
30%
|
Parrish Little
|
|
CRO
|
|
30%
|
|
70%
|
|
30%
|
Schedule B: Bank Goals, Weightings and Definitions
|
||||
Performance
Measure |
|
CEO
|
|
SOC
|
Net Income
|
|
50%
|
|
40%
|
|
|
|
|
|
Efficiency Ratio
|
|
15%
|
|
15%
|
|
|
|
|
|
Total Loans (Excluding Purchased HELOCs)
|
|
15%
|
|
15%
|
|
|
|
|
|
Functional Team
|
|
20%
|
|
30%
|
|
|
|
|
|
|
|
100%
|
|
100%
|
Schedule C: Example Payout Calculation
|
|||||||||||
2018 POTENTIAL BASED ON TARGET
|
|
Performance Goals
|
|
|
|||||||
Performance Measures
|
Incentive
|
|
Threshold
|
Target
|
Stretch
|
Actual
|
|
||||
|
at Target
|
Weight
|
50%
|
100%
|
150%
|
Performance
|
Payout
|
||||
|
|
|
|
|
|
|
|
||||
Corporate
|
|
|
|
|
|
|
|
||||
Net Income
|
$
|
24,000
|
|
40%
|
|
|
|
Target
|
$
|
24,000
|
|
Efficiency Ratio
|
$
|
9,000
|
|
15%
|
TBD
|
TBD
|
TBD
|
Target
|
$
|
9,000
|
|
Total Loans
|
$
|
9,000
|
|
15%
|
TBD
|
TBD
|
TBD
|
Target
|
$
|
9,000
|
|
|
|
|
|
|
|
|
|
||||
Corporate Goal Achievement
|
$
|
42,000
|
|
70%
|
|
|
|
|
$
|
42,000
|
|
|
|
|
|
|
|
|
|
||||
Unit/Function
|
|
|
|
|
|
|
|
||||
Goal 1
|
$
|
9,000
|
|
15%
|
Goal One
|
|
$
|
9,000
|
|
||
Goal 2
|
$
|
9,000
|
|
15%
|
Goal Two
|
|
$
|
9,000
|
|
||
|
|
|
|
|
|
|
|
||||
Team/Individual Achievement
|
$
|
18,000
|
|
30%
|
|
|
|
|
$
|
18,000
|
|
|
|
|
|
|
|
|
|
||||
Grand Total
|
$
|
60,000
|
|
100%
|
|
|
|
|
$
|
60,000
|
|
The Committee may modify downward the corporate performance component for credit quality.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of HomeTrust Bancshares, Inc. (the "Company");
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of 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 Company as of, and for, the periods presented in this report;
|
4.
|
The Company'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)) for the Company 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 Company, including its consolidated subsidiary, 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 controls over financial reporting, or caused such internal controls 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 Company'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 evaluations; and
|
(d)
|
disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and
|
5.
|
The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company'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 Company'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 Company's internal control over financial reporting.
|
November 9, 2017
|
By:
|
/s/ Dana L. Stonestreet
|
|
|
Dana L. Stonestreet
|
|
|
Chairman, President, and CEO
|
1.
|
I have reviewed this quarterly report on Form 10-Q of HomeTrust Bancshares, Inc. (the "Company");
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of 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 Company as of, and for, the periods presented in this report;
|
4.
|
The Company'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)) for the Company 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 Company, including its consolidated subsidiary, 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 controls over financial reporting, or caused such internal controls 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 Company'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 evaluations; and
|
(d)
|
disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and
|
5.
|
The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company'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 Company'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 Company's internal control over financial reporting.
|
November 9, 2017
|
By:
|
/s/ Tony J. VunCannon
|
|
|
Tony J. VunCannon
|
|
|
Executive Vice President, CFO, and Treasurer
|
November 9, 2017
|
By:
|
/s/ Dana L. Stonestreet
|
|
|
Dana L. Stonestreet
|
|
|
Chairman, President, and CEO
|
|
|
|
|
|
|
November 9, 2017
|
By:
|
/s/ Tony J. VunCannon
|
|
|
Tony J. VunCannon
|
|
|
Executive Vice President, CFO, and Treasurer
|
|
|
|