[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
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
10 Woodfin Street, Asheville, North Carolina
|
|
28801
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of Each Class
|
Trading Symbol
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.01 per share
|
HTBI
|
The NASDAQ Stock Market LLC
|
Large Accelerated Filer [ ]
|
|
Accelerated Filer [X]
|
Non-Accelerated Filer [ ]
|
|
Smaller reporting company [ ]
|
Emerging growth company [ ]
|
|
|
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.
|
[ ]
|
|
|
Page
|
PART I
|
||
Item 1
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2
|
||
Item 3
|
||
Item 4
|
||
|
||
PART II
|
||
Item 5
|
||
Item 6
|
||
Item 7
|
||
Item 7A.
|
||
Item 8
|
||
Item 9
|
||
Item 9A.
|
||
Item 9B.
|
||
|
||
PART III
|
||
Item 10
|
||
Item 11
|
||
Item 12
|
||
Item 13
|
||
Item 14
|
||
|
||
PART IV
|
||
Item 15
|
||
Item 16
|
||
|
Term
|
|
Definition
|
AFS
|
|
Available-For-Sale
|
AICPA
|
|
American Institute of Certified Public Accountants
|
AMT
|
|
Alternative Minimum Tax
|
ASC
|
|
Accounting Standard Codification
|
ASU
|
|
Accounting Standard Update
|
BHCA
|
|
Bank Holding Company Act
|
BOLI
|
|
Bank Owned Life Insurance
|
CARES Act
|
|
Coronavirus Aid, Relief, and Economic Security Act of 2020
|
CD
|
|
Certificates of Deposit
|
CECL
|
|
Current Expected Credit Loss
|
CET1
|
|
Common Equity Tier 1
|
CFPB
|
|
Consumer Financial Protection Bureau
|
CBLR
|
|
Community Bank Leverage Ratio
|
CRA
|
|
Community Reinvestment Act
|
COVID-19
|
|
Coronavirus Disease 2019
|
CPI
|
|
Consumer Price Index
|
DTA
|
|
Deferred Tax Asset
|
Dodd-Frank Act
|
|
Dodd-Frank Wall Street Reform and Consumer Protection Act
|
EPS
|
|
Earnings Per Share
|
ESOP
|
|
Employee Stock Ownership Plan
|
Exchange Act
|
|
Securities Exchange Act of 1934, as amended
|
FASB
|
|
Financial Accounting Standards Board
|
FDIC
|
|
Federal Deposit Insurance Corporation
|
Federal Reserve
|
|
Board of Governors of the Federal Reserve System
|
FHFA
|
|
Federal Housing Finance Agency
|
FHLB or FHLB of Atlanta
|
|
Federal Home Loan Bank
|
FRB
|
|
Federal Reserve Bank of Richmond
|
GAAP
|
|
Generally Accepted Accounting Principles in the United States
|
GSE
|
|
Government-Sponsored Enterprises
|
HELOC
|
|
Home Equity Line of Credit
|
IRC
|
|
Internal Revenue Code
|
KSOP
|
|
HomeTrust Bank KSOP Plan
|
LIBOR
|
|
London Interbank Offered Rate
|
LPO
|
|
Loan Production Office
|
MBS
|
|
Mortgage-Backed Security
|
MSA
|
|
Metropolitan Statistical Area
|
NOL
|
|
Net Operating Loss
|
NCCOB
|
|
North Carolina Office of the Commissioner of Banks
|
OTTI
|
|
Other Than Temporary Impairment
|
PCI
|
|
Purchase Credit Impaired
|
PPP
|
|
Paycheck Protection Program
|
PVE
|
|
Present Value of Equity
|
REO
|
|
Real Estate Owned
|
ROA
|
|
Return on Assets
|
ROE
|
|
Return on Equity
|
ROU
|
|
Right of Use
|
SAS
|
|
Statement of Auditing Standards
|
SBA
|
|
U.S. Small Business Administration
|
SBIC
|
|
Small Business Investment Companies
|
SEC
|
|
Securities and Exchange Commission
|
SOX Act
|
|
Sarbanes-Oxley Act of 2002
|
Tax Act
|
|
Tax Cuts and Jobs Act
|
TDR
|
|
Troubled Debt Restructuring
|
USDA B&I
|
|
United States Department of Agriculture Business & Industry
|
WNCSC
|
|
Western North Carolina Service Corporation
|
•
|
BankGreenville Financial Corporation - one office in Greenville, South Carolina (acquired in July 2013)
|
•
|
Jefferson Bancshares, Inc. - nine offices across East Tennessee (acquired in May 2014)
|
•
|
Commercial 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) and later converted into full service branch (converted in April 2017)
|
•
|
United Financial of North Carolina, Inc. - municipal lease company headquartered in Fletcher, North Carolina (acquired in December 2016)
|
•
|
TriSummit Bancorp, Inc. - six offices in East Tennessee (acquired in January 2017)
|
•
|
Began origination and sales of SBA loans through our new SBA line of business (September 2017)
|
•
|
De novo branch in Cary, North Carolina (opened in March 2018)
|
•
|
Began equipment finance line of business (May 2018)
|
|
|
As of June 30,
|
||
Location
|
|
2020
|
|
2019
|
U.S. National
|
|
11.2%
|
|
3.8%
|
North Carolina
|
|
7.6%
|
|
4.2%
|
Asheville MSA
|
|
8.9%
|
|
3.6%
|
Charlotte/Concord/Gastonia
|
|
8.4%
|
|
4.1%
|
Raleigh
|
|
7.2%
|
|
4.0%
|
South Carolina
|
|
8.7%
|
|
3.4%
|
Greenville
|
|
9.7%
|
|
3.3%
|
Tennessee
|
|
9.7%
|
|
3.5%
|
Morristown
|
|
9.4%
|
|
4.5%
|
Johnson City
|
|
8.9%
|
|
4.4%
|
Kingsport-Bristol
|
|
9.2%
|
|
4.2%
|
Knoxville
|
|
8.2%
|
|
3.9%
|
Virginia
|
|
8.4%
|
|
2.9%
|
Roanoke
|
|
8.2%
|
|
3.0%
|
Location
|
|
Rank(1)
|
|
Deposit Market Share(1)
|
North Carolina
|
|
18th
|
|
0.40%
|
Asheville MSA
|
|
5th
|
|
10.15%
|
Charlotte/Gastonia
|
|
17th
|
|
0.03%
|
Raleigh
|
|
19th
|
|
0.20%
|
South Carolina
|
|
61st
|
|
0.07%
|
Greenville
|
|
17th
|
|
0.72%
|
Tennessee
|
|
48th
|
|
0.30%
|
Morristown
|
|
3rd
|
|
18.88%
|
Johnson City
|
|
4th
|
|
8.42%
|
Kingsport-Bristol
|
|
6th
|
|
4.31%
|
Knoxville
|
|
16th
|
|
0.47%
|
Virginia
|
|
61st
|
|
0.10%
|
Roanoke
|
|
9th
|
|
5.67%
|
Bristol
|
|
5th
|
|
3.39%
|
•
|
making a difference for customers every day is both fun and personally 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.
|
|
At June 30,
|
|||||||||||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One-to-four family
|
$
|
473,693
|
|
|
17.11
|
%
|
|
$
|
660,591
|
|
|
24.42
|
%
|
|
$
|
664,289
|
|
|
26.29
|
%
|
|
$
|
684,089
|
|
|
29.08
|
%
|
|
$
|
623,701
|
|
|
34.04
|
%
|
Home equity - originated
|
137,447
|
|
|
4.96
|
|
|
139,435
|
|
|
5.16
|
|
|
137,564
|
|
|
5.44
|
|
|
157,068
|
|
|
6.68
|
|
|
163,293
|
|
|
8.91
|
|
|||||
Home equity - purchased
|
71,781
|
|
|
2.59
|
|
|
116,972
|
|
|
4.32
|
|
|
166,276
|
|
|
6.58
|
|
|
162,407
|
|
|
6.90
|
|
|
144,377
|
|
|
7.88
|
|
|||||
Construction and land/lots
|
81,859
|
|
|
2.96
|
|
|
80,602
|
|
|
2.98
|
|
|
65,601
|
|
|
2.60
|
|
|
50,136
|
|
|
2.13
|
|
|
38,102
|
|
|
2.08
|
|
|||||
Indirect auto finance
|
132,303
|
|
|
4.78
|
|
|
153,448
|
|
|
5.67
|
|
|
173,095
|
|
|
6.85
|
|
|
140,879
|
|
|
5.99
|
|
|
108,478
|
|
|
5.92
|
|
|||||
Consumer
|
10,259
|
|
|
0.37
|
|
|
11,416
|
|
|
0.42
|
|
|
12,379
|
|
|
0.49
|
|
|
7,900
|
|
|
0.34
|
|
|
4,635
|
|
|
0.25
|
|
|||||
Total retail consumer loans
|
907,342
|
|
|
32.77
|
%
|
|
1,162,464
|
|
|
42.97
|
%
|
|
1,219,204
|
|
|
48.25
|
%
|
|
1,202,479
|
|
|
51.12
|
%
|
|
1,082,586
|
|
|
59.08
|
%
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
1,052,906
|
|
|
38.03
|
%
|
|
927,261
|
|
|
34.28
|
%
|
|
857,315
|
|
|
33.93
|
%
|
|
730,408
|
|
|
31.04
|
%
|
|
486,561
|
|
|
26.55
|
%
|
|||||
Construction and development
|
215,934
|
|
|
7.80
|
|
|
210,916
|
|
|
7.80
|
|
|
192,102
|
|
|
7.60
|
|
|
197,966
|
|
|
8.42
|
|
|
86,840
|
|
|
4.74
|
|
|||||
Commercial and industrial
|
154,825
|
|
|
5.59
|
|
|
160,471
|
|
|
5.93
|
|
|
135,336
|
|
|
5.36
|
|
|
120,387
|
|
|
5.12
|
|
|
73,289
|
|
|
4.00
|
|
|||||
Equipment finance (1)
|
229,239
|
|
|
8.28
|
|
|
132,058
|
|
|
4.88
|
|
|
13,487
|
|
|
0.54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Municipal leases
|
127,987
|
|
|
4.62
|
|
|
112,016
|
|
|
4.14
|
|
|
109,172
|
|
|
4.32
|
|
|
101,175
|
|
|
4.30
|
|
|
103,183
|
|
|
5.63
|
|
|||||
Paycheck Protection Program
|
80,697
|
|
|
2.91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial loans
|
1,861,588
|
|
|
67.23
|
%
|
|
1,542,722
|
|
|
57.03
|
%
|
|
1,307,412
|
|
|
51.75
|
%
|
|
1,149,936
|
|
|
48.88
|
%
|
|
749,873
|
|
|
40.92
|
%
|
|||||
Total loans
|
2,768,930
|
|
|
100.00
|
%
|
|
2,705,186
|
|
|
100.00
|
%
|
|
2,526,616
|
|
|
100.00
|
%
|
|
2,352,415
|
|
|
100.00
|
%
|
|
1,832,459
|
|
|
100.00
|
%
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deferred costs (fees), net
|
189
|
|
|
|
|
|
4
|
|
|
|
|
|
(764
|
)
|
|
|
|
|
(945
|
)
|
|
|
|
|
372
|
|
|
|
|
|||||
Allowance for losses
|
(28,072
|
)
|
|
|
|
|
(21,429
|
)
|
|
|
|
|
(21,060
|
)
|
|
|
|
|
(21,151
|
)
|
|
|
|
|
(21,292
|
)
|
|
|
|
|||||
Total loans receivable, net
|
$
|
2,741,047
|
|
|
|
|
|
$
|
2,683,761
|
|
|
|
|
|
$
|
2,504,792
|
|
|
|
|
|
$
|
2,330,319
|
|
|
|
|
|
$
|
1,811,539
|
|
|
|
|
|
At June 30,
|
|||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
Fixed-rate loans:
|
(Dollars in thousands)
|
|||||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family
|
$
|
193,001
|
|
|
7.0
|
%
|
|
$
|
293,537
|
|
|
10.8
|
%
|
|
$
|
333,986
|
|
|
13.2
|
%
|
Home equity - originated
|
1,004
|
|
|
—
|
|
|
446
|
|
|
—
|
|
|
163
|
|
|
—
|
|
|||
Construction and land/lots
|
77,973
|
|
|
2.8
|
|
|
74,989
|
|
|
2.8
|
|
|
59,283
|
|
|
2.3
|
|
|||
Indirect auto finance
|
132,303
|
|
|
4.8
|
|
|
153,448
|
|
|
5.7
|
|
|
173,095
|
|
|
6.9
|
|
|||
Consumer
|
4,323
|
|
|
0.2
|
|
|
12,583
|
|
|
0.5
|
|
|
6,457
|
|
|
0.3
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
526,680
|
|
|
19.0
|
|
|
491,683
|
|
|
18.2
|
|
|
441,796
|
|
|
17.5
|
|
|||
Construction and development
|
33,994
|
|
|
1.2
|
|
|
34,837
|
|
|
1.3
|
|
|
55,682
|
|
|
2.2
|
|
|||
Commercial and industrial
|
73,610
|
|
|
2.7
|
|
|
81,238
|
|
|
3.0
|
|
|
74,081
|
|
|
3.0
|
|
|||
Equipment finance
|
229,239
|
|
|
8.3
|
|
|
132,058
|
|
|
4.9
|
|
|
13,487
|
|
|
0.5
|
|
|||
Municipal leases
|
127,406
|
|
|
4.6
|
|
|
112,016
|
|
|
4.1
|
|
|
109,172
|
|
|
4.3
|
|
|||
Paycheck Protection Program
|
80,697
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total fixed-rate loans
|
1,480,230
|
|
|
53.5
|
%
|
|
1,386,835
|
|
|
51.3
|
%
|
|
1,267,202
|
|
|
50.2
|
%
|
|||
Adjustable-rate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
One-to-four family
|
280,692
|
|
|
10.2
|
%
|
|
367,054
|
|
|
13.6
|
%
|
|
330,303
|
|
|
13.1
|
%
|
|||
Home equity - originated
|
136,443
|
|
|
4.9
|
|
|
130,649
|
|
|
4.8
|
|
|
137,401
|
|
|
5.4
|
|
|||
Home equity - purchased
|
71,781
|
|
|
2.6
|
|
|
116,972
|
|
|
4.3
|
|
|
166,276
|
|
|
6.6
|
|
|||
Construction and land/lots
|
3,886
|
|
|
0.1
|
|
|
5,613
|
|
|
0.2
|
|
|
6,318
|
|
|
0.3
|
|
|||
Consumer
|
5,936
|
|
|
0.2
|
|
|
7,173
|
|
|
0.3
|
|
|
5,922
|
|
|
0.2
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
526,226
|
|
|
19.0
|
|
|
435,578
|
|
|
16.1
|
|
|
415,519
|
|
|
16.4
|
|
|||
Construction and development
|
181,940
|
|
|
6.6
|
|
|
176,079
|
|
|
6.5
|
|
|
136,420
|
|
|
5.4
|
|
|||
Commercial and industrial
|
81,215
|
|
|
2.9
|
|
|
79,233
|
|
|
2.9
|
|
|
61,255
|
|
|
2.4
|
|
|||
Municipal leases
|
581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total adjustable-rate loans
|
1,288,700
|
|
|
46.5
|
%
|
|
1,318,351
|
|
|
48.7
|
%
|
|
1,259,414
|
|
|
49.8
|
%
|
|||
Total loans
|
2,768,930
|
|
|
100.0
|
%
|
|
2,705,186
|
|
|
100.0
|
%
|
|
2,526,616
|
|
|
100.0
|
%
|
|||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deferred costs (fees), net
|
189
|
|
|
|
|
|
4
|
|
|
|
|
|
(764
|
)
|
|
|
|
|||
Allowance for losses
|
(28,072
|
)
|
|
|
|
|
(21,429
|
)
|
|
|
|
|
(21,060
|
)
|
|
|
|
|||
Total loans receivable, net
|
$
|
2,741,047
|
|
|
|
|
|
$
|
2,683,761
|
|
|
|
|
|
$
|
2,504,792
|
|
|
|
|
|
Retail Consumer
|
||||||||||||||||||||||||
|
Due During Years Ending June 30,
|
||||||||||||||||||||||||
|
2021
|
|
2022
|
|
2023
|
|
2024 to 2025
|
|
2026 to 2027
|
|
2028 to 2032
|
|
2033 and following
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
|
|
||||||||||||||||||||||
One-to-four family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
14,037
|
|
|
12,574
|
|
|
11,828
|
|
|
31,497
|
|
|
15,401
|
|
|
54,834
|
|
|
333,522
|
|
|
$
|
473,693
|
|
Weighted Average Rate
|
4.41
|
%
|
|
4.35
|
%
|
|
4.52
|
%
|
|
4.78
|
%
|
|
4.42
|
%
|
|
4.07
|
%
|
|
4.12
|
%
|
|
4.19
|
%
|
||
Home equity - originated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
3,604
|
|
|
5,857
|
|
|
7,803
|
|
|
10,418
|
|
|
5,354
|
|
|
7,779
|
|
|
96,632
|
|
|
$
|
137,447
|
|
Weighted Average Rate
|
5.22
|
%
|
|
4.79
|
%
|
|
3.93
|
%
|
|
3.87
|
%
|
|
4.35
|
%
|
|
4.00
|
%
|
|
4.07
|
%
|
|
4.11
|
%
|
||
Home equity - purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,781
|
|
|
$
|
71,781
|
|
Weighted Average Rate
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.96
|
%
|
|
2.96
|
%
|
||
Construction and land/lots
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amount
|
$
|
263
|
|
|
91
|
|
|
237
|
|
|
866
|
|
|
2,049
|
|
|
2,831
|
|
|
75,522
|
|
|
$
|
81,859
|
|
Weighted Average Rate
|
7.09
|
%
|
|
6.49
|
%
|
|
8.23
|
%
|
|
5.94
|
%
|
|
5.51
|
%
|
|
5.87
|
%
|
|
3.76
|
%
|
|
3.92
|
%
|
||
Indirect auto finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
1,178
|
|
|
7,397
|
|
|
17,059
|
|
|
66,084
|
|
|
40,409
|
|
|
176
|
|
|
—
|
|
|
$
|
132,303
|
|
Weighted Average Rate
|
3.18
|
%
|
|
3.23
|
%
|
|
3.53
|
%
|
|
4.53
|
%
|
|
4.86
|
%
|
|
5.56
|
%
|
|
—
|
%
|
|
4.42
|
%
|
||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
118
|
|
|
382
|
|
|
622
|
|
|
7,882
|
|
|
728
|
|
|
26
|
|
|
501
|
|
|
$
|
10,259
|
|
Weighted Average Rate
|
5.84
|
%
|
|
4.51
|
%
|
|
5.60
|
%
|
|
5.79
|
%
|
|
6.17
|
%
|
|
3.54
|
%
|
|
16.38
|
%
|
|
6.27
|
%
|
|
Commercial Loans
|
||||||||||||||||||||||||
|
Due During Years Ending June 30,
|
||||||||||||||||||||||||
|
2021
|
|
2022
|
|
2023
|
|
2024 to 2025
|
|
2026 to 2027
|
|
2028 to 2032
|
|
2033 and following
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
|
|
||||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
125,537
|
|
|
115,494
|
|
|
148,999
|
|
|
313,365
|
|
|
109,660
|
|
|
189,793
|
|
|
50,058
|
|
|
$
|
1,052,906
|
|
Weighted Average Rate
|
3.69
|
%
|
|
3.65
|
%
|
|
3.84
|
%
|
|
3.84
|
%
|
|
3.04
|
%
|
|
2.90
|
%
|
|
4.03
|
%
|
|
3.56
|
%
|
||
Construction and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
78,204
|
|
|
32,569
|
|
|
24,265
|
|
|
49,190
|
|
|
10,800
|
|
|
18,721
|
|
|
2,185
|
|
|
$
|
215,934
|
|
Weighted Average Rate
|
4.10
|
%
|
|
3.56
|
%
|
|
3.44
|
%
|
|
3.40
|
%
|
|
3.53
|
%
|
|
2.83
|
%
|
|
3.86
|
%
|
|
3.64
|
%
|
||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
30,427
|
|
|
28,042
|
|
|
30,880
|
|
|
23,423
|
|
|
19,814
|
|
|
19,498
|
|
|
2,741
|
|
|
$
|
154,825
|
|
Weighted Average Rate
|
4.68
|
%
|
|
3.32
|
%
|
|
4.77
|
%
|
|
4.67
|
%
|
|
4.51
|
%
|
|
5.62
|
%
|
|
5.12
|
%
|
|
4.55
|
%
|
||
Equipment finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
3,026
|
|
|
7,158
|
|
|
24,970
|
|
|
148,118
|
|
|
45,811
|
|
|
156
|
|
|
—
|
|
|
$
|
229,239
|
|
Weighted Average Rate
|
4.70
|
%
|
|
5.60
|
%
|
|
5.54
|
%
|
|
5.25
|
%
|
|
5.10
|
%
|
|
5.98
|
%
|
|
—
|
%
|
|
5.26
|
%
|
||
Municipal leases(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
1,244
|
|
|
13,494
|
|
|
6,425
|
|
|
11,813
|
|
|
9,904
|
|
|
38,850
|
|
|
46,257
|
|
|
$
|
127,987
|
|
Weighted Average Rate
|
3.44
|
%
|
|
2.37
|
%
|
|
3.21
|
%
|
|
4.07
|
%
|
|
5.11
|
%
|
|
4.83
|
%
|
|
4.83
|
%
|
|
4.42
|
%
|
||
Paycheck Protection Program
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount
|
$
|
—
|
|
|
80,697
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
80,697
|
|
Weighted Average Rate
|
—
|
%
|
|
1.00
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.00
|
%
|
|
Total
|
|||||
|
Amount
|
|
Weighted
Average
Rate
|
|||
|
(Dollars in thousands)
|
|||||
Due During Years Ending June 30,
|
|
|
|
|||
2021
|
$
|
257,638
|
|
|
3.86
|
%
|
2022
|
303,755
|
|
|
2.94
|
|
|
2023
|
273,088
|
|
|
4.12
|
|
|
2024 to 2025
|
662,656
|
|
|
4.37
|
|
|
2026 to 2027
|
259,930
|
|
|
4.18
|
|
|
2028 to 2032
|
332,664
|
|
|
3.51
|
|
|
2033 and following
|
679,199
|
|
|
3.98
|
|
|
Total
|
$
|
2,768,930
|
|
|
3.93
|
%
|
(1)
|
The weighted average rate of municipal loans is adjusted for a 24% combined federal and state tax rate since the interest income from these leases is tax exempt.
|
|
Years Ended June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Originations:(1)
|
|
|
|
|
|
||||||
Retail consumer:
|
(In thousands)
|
||||||||||
One-to-four family
|
$
|
279,469
|
|
|
$
|
182,483
|
|
|
$
|
189,562
|
|
Home equity - originated
|
193,520
|
|
|
70,532
|
|
|
57,018
|
|
|||
Construction and land/lots
|
99,767
|
|
|
106,933
|
|
|
100,421
|
|
|||
Indirect auto finance
|
50,380
|
|
|
55,610
|
|
|
99,558
|
|
|||
Consumer
|
1,432
|
|
|
9,096
|
|
|
3,100
|
|
|||
Commercial loans:
|
|
|
|
|
|
||||||
Commercial real estate
|
230,456
|
|
|
186,907
|
|
|
257,494
|
|
|||
Construction and development
|
172,618
|
|
|
173,904
|
|
|
234,102
|
|
|||
Commercial and industrial
|
80,928
|
|
|
78,089
|
|
|
57,643
|
|
|||
Paycheck Protection Program
|
80,732
|
|
|
—
|
|
|
—
|
|
|||
Equipment finance
|
164,018
|
|
|
147,225
|
|
|
20,228
|
|
|||
Municipal leases
|
27,458
|
|
|
22,748
|
|
|
21,038
|
|
|||
Total loans originated
|
$
|
1,380,778
|
|
|
$
|
1,033,527
|
|
|
$
|
1,040,164
|
|
Purchases:
|
|
|
|
|
|
|
|
|
|||
Retail consumer:
|
|
|
|
|
|
||||||
Home equity - purchased
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60,371
|
|
Commercial loans:
|
|
|
|
|
|
||||||
Commercial real estate
|
702
|
|
|
1,005
|
|
|
790
|
|
|||
Total loans purchased or acquired
|
$
|
702
|
|
|
$
|
1,005
|
|
|
$
|
61,161
|
|
Sales and repayments:
|
|
|
|
|
|
|
|
|
|||
Retail consumer:
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
358,852
|
|
|
$
|
121,158
|
|
|
$
|
125,830
|
|
Home equity - originated
|
61,959
|
|
|
—
|
|
|
—
|
|
|||
Commercial loans:
|
|
|
|
|
|
||||||
Commercial real estate
|
15,824
|
|
|
28,759
|
|
|
—
|
|
|||
Construction and development
|
—
|
|
|
—
|
|
|
116
|
|
|||
Commercial and industrial
|
22,256
|
|
|
18,124
|
|
|
13,244
|
|
|||
Total sales
|
458,891
|
|
|
168,041
|
|
|
139,190
|
|
|||
Principal repayments
|
799,658
|
|
|
674,851
|
|
|
787,487
|
|
|||
Total reductions
|
$
|
1,258,549
|
|
|
$
|
842,892
|
|
|
$
|
926,677
|
|
Net increase
|
$
|
122,931
|
|
|
$
|
191,640
|
|
|
$
|
174,648
|
|
(1)
|
Originations include one-to-four family loans, HELOCs, SBA 7(a) loans, and USDA B&I loans originated for sale of $399.1 million, $190.9 million, and $143.8 million for years ended June 30, 2020, 2019, and 2018, 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
|
28
|
|
|
$
|
1,679
|
|
|
0.35
|
%
|
|
42
|
|
|
$
|
3,147
|
|
|
0.66
|
%
|
|
70
|
|
|
$
|
4,826
|
|
|
1.02
|
%
|
Home equity - originated
|
8
|
|
|
442
|
|
|
0.32
|
|
|
7
|
|
|
310
|
|
|
0.23
|
|
|
15
|
|
|
752
|
|
|
0.55
|
|
|||
Home equity - purchased
|
2
|
|
|
214
|
|
|
—
|
|
|
1
|
|
|
47
|
|
|
—
|
|
|
3
|
|
|
261
|
|
|
—
|
|
|||
Construction and land/lots
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
252
|
|
|
0.31
|
|
|
3
|
|
|
252
|
|
|
0.31
|
|
|||
Indirect auto finance
|
47
|
|
|
756
|
|
|
0.57
|
|
|
53
|
|
|
285
|
|
|
0.22
|
|
|
100
|
|
|
1,041
|
|
|
0.79
|
|
|||
Consumer
|
12
|
|
|
30
|
|
|
0.29
|
|
|
10
|
|
|
25
|
|
|
0.24
|
|
|
22
|
|
|
55
|
|
|
0.54
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
4
|
|
|
4,528
|
|
|
0.43
|
|
|
10
|
|
|
2,892
|
|
|
0.26
|
|
|
14
|
|
|
7,420
|
|
|
0.70
|
|
|||
Construction and development
|
3
|
|
|
293
|
|
|
0.14
|
|
|
9
|
|
|
341
|
|
|
0.16
|
|
|
12
|
|
|
634
|
|
|
0.29
|
|
|||
Commercial and industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
91
|
|
|
0.06
|
|
|
32
|
|
|
91
|
|
|
0.06
|
|
|||
Equipment finance
|
2
|
|
|
303
|
|
|
0.13
|
|
|
10
|
|
|
498
|
|
|
0.22
|
|
|
12
|
|
|
801
|
|
|
0.35
|
|
|||
Total
|
106
|
|
|
$
|
8,245
|
|
|
0.31
|
%
|
|
177
|
|
|
$
|
7,888
|
|
|
0.29
|
%
|
|
283
|
|
|
$
|
16,133
|
|
|
0.60
|
%
|
|
|
At June 30,
|
||||||||||||||||||
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
Nonaccruing loans:(1)
Retail consumer loans:
|
|
(Dollars in thousands)
|
||||||||||||||||||
One-to-four family
|
|
$
|
3,582
|
|
|
$
|
3,223
|
|
|
$
|
4,308
|
|
|
$
|
6,453
|
|
|
$
|
9,192
|
|
Home equity - originated
|
|
531
|
|
|
348
|
|
|
656
|
|
|
1,291
|
|
|
1,026
|
|
|||||
Home equity - purchased
|
|
662
|
|
|
666
|
|
|
187
|
|
|
192
|
|
|
—
|
|
|||||
Construction and land/lots
|
|
37
|
|
|
6
|
|
|
165
|
|
|
245
|
|
|
188
|
|
|||||
Indirect auto finance
|
|
668
|
|
|
463
|
|
|
255
|
|
|
1
|
|
|
20
|
|
|||||
Consumer
|
|
49
|
|
|
45
|
|
|
321
|
|
|
29
|
|
|
15
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
8,869
|
|
|
3,559
|
|
|
2,863
|
|
|
2,756
|
|
|
3,222
|
|
|||||
Construction and development
|
|
465
|
|
|
1,357
|
|
|
2,045
|
|
|
1,766
|
|
|
1,417
|
|
|||||
Commercial and industrial
|
|
259
|
|
|
307
|
|
|
114
|
|
|
827
|
|
|
3,019
|
|
|||||
Equipment finance
|
|
801
|
|
|
384
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Municipal leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
419
|
|
|||||
Total nonaccruing loans
|
|
15,923
|
|
|
10,358
|
|
|
10,914
|
|
|
13,666
|
|
|
18,518
|
|
|||||
Real Estate Owned assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One-to-four family
|
|
97
|
|
|
756
|
|
|
801
|
|
|
990
|
|
|
794
|
|
|||||
Home equity - originated
|
|
—
|
|
|
281
|
|
|
197
|
|
|
45
|
|
|
30
|
|
|||||
Construction and land/lots
|
|
106
|
|
|
358
|
|
|
498
|
|
|
690
|
|
|
846
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
57
|
|
|
1,237
|
|
|
1,730
|
|
|
2,736
|
|
|
1,211
|
|
|||||
Construction and development
|
|
77
|
|
|
297
|
|
|
458
|
|
|
1,857
|
|
|
3,075
|
|
|||||
Total foreclosed assets
|
|
337
|
|
|
2,929
|
|
|
3,684
|
|
|
6,318
|
|
|
5,956
|
|
|||||
Total nonperforming assets
|
|
$
|
16,260
|
|
|
$
|
13,287
|
|
|
$
|
14,598
|
|
|
$
|
19,984
|
|
|
$
|
24,474
|
|
Total nonperforming assets as a percentage of total assets
|
|
0.44
|
%
|
|
0.38
|
%
|
|
0.44
|
%
|
|
0.62
|
%
|
|
0.90
|
%
|
|||||
Performing TDRs
|
|
$
|
13,679
|
|
|
$
|
23,116
|
|
|
$
|
21,251
|
|
|
$
|
27,043
|
|
|
$
|
28,263
|
|
(1)
|
PCI loans totaling $965 at June 30, 2020, $1,344 at June 30, 2019, $3,353 at June 30, 2018, $6,664 at June 30, 2017, and $6,607 at June 30, 2016 are excluded from nonaccruing loans due to the accretion of discounts established in accordance with the acquisition method of accounting for business combinations.
|
Amount
|
|
Percent of Total Nonaccruing Loans
|
|
Collateral Securing the Indebtedness
|
|
Geographic Location
|
|||
$
|
4,407
|
|
|
27.7
|
%
|
|
1st lien on mixed use multifamily and retail commercial building
|
|
Campbell County, VA
|
1,572
|
|
|
9.9
|
|
|
1st lien on medical office building
|
|
Knox County, TN
|
|
1,156
|
|
|
7.2
|
|
|
1st lien on 30 acres with single family home and other improvements
|
|
Jefferson County, TN
|
|
$
|
7,135
|
|
|
44.8
|
%
|
|
|
|
|
|
At June 30,
|
|||||||||||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||
|
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
|
$
|
2,469
|
|
|
17.11
|
%
|
|
$
|
2,511
|
|
|
24.42
|
%
|
|
$
|
3,360
|
|
|
26.29
|
%
|
|
$
|
4,476
|
|
|
29.08
|
%
|
|
$
|
6,595
|
|
|
34.04
|
%
|
Home equity - originated
|
1,344
|
|
|
4.96
|
|
|
1,030
|
|
|
5.16
|
|
|
1,123
|
|
|
5.44
|
|
|
1,384
|
|
|
6.68
|
|
|
1,997
|
|
|
0.01
|
|
|||||
Home equity - purchased
|
430
|
|
|
2.59
|
|
|
518
|
|
|
4.32
|
|
|
795
|
|
|
6.58
|
|
|
838
|
|
|
6.90
|
|
|
558
|
|
|
0.01
|
|
|||||
Construction and land/lots
|
1,442
|
|
|
2.96
|
|
|
1,265
|
|
|
2.98
|
|
|
1,153
|
|
|
2.60
|
|
|
977
|
|
|
2.13
|
|
|
1,344
|
|
|
—
|
|
|||||
Indirect auto finance
|
1,136
|
|
|
4.78
|
|
|
927
|
|
|
5.67
|
|
|
1,126
|
|
|
6.85
|
|
|
881
|
|
|
5.99
|
|
|
1,016
|
|
|
0.01
|
|
|||||
Consumer
|
135
|
|
|
0.37
|
|
|
230
|
|
|
0.42
|
|
|
68
|
|
|
0.49
|
|
|
57
|
|
|
0.34
|
|
|
61
|
|
|
—
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate
|
11,805
|
|
|
38.03
|
|
|
8,036
|
|
|
34.28
|
|
|
8,195
|
|
|
33.92
|
|
|
7,351
|
|
|
31.04
|
|
|
6,430
|
|
|
0.03
|
|
|||||
Construction and development
|
3,608
|
|
|
7.80
|
|
|
3,196
|
|
|
7.80
|
|
|
3,346
|
|
|
7.60
|
|
|
3,166
|
|
|
8.42
|
|
|
1,908
|
|
|
—
|
|
|||||
Commercial and industrial
|
2,199
|
|
|
5.59
|
|
|
1,976
|
|
|
5.93
|
|
|
1,476
|
|
|
5.36
|
|
|
1,524
|
|
|
5.12
|
|
|
721
|
|
|
—
|
|
|||||
Equipment finance
|
2,807
|
|
|
8.28
|
|
|
1,305
|
|
|
4.88
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Municipal leases
|
697
|
|
|
4.62
|
|
|
435
|
|
|
4.14
|
|
|
418
|
|
|
4.32
|
|
|
497
|
|
|
4.30
|
|
|
662
|
|
|
0.01
|
|
|||||
Paycheck Protection Program
|
—
|
|
|
2.91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
$
|
28,072
|
|
|
100.00
|
%
|
|
$
|
21,429
|
|
|
100.00
|
%
|
|
$
|
21,060
|
|
|
100.00
|
%
|
|
$
|
21,151
|
|
|
100.00
|
%
|
|
$
|
21,292
|
|
|
100.00
|
%
|
|
Years Ended June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of period:
|
$
|
21,429
|
|
|
$
|
21,060
|
|
|
$
|
21,151
|
|
|
$
|
21,292
|
|
|
$
|
22,374
|
|
Provision for loan losses
|
8,500
|
|
|
5,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One-to-four family
|
164
|
|
|
99
|
|
|
538
|
|
|
439
|
|
|
799
|
|
|||||
Home equity - originated
|
30
|
|
|
499
|
|
|
9
|
|
|
18
|
|
|
94
|
|
|||||
Home equity - purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|||||
Construction and land/lots
|
2
|
|
|
1
|
|
|
2
|
|
|
165
|
|
|
321
|
|
|||||
Indirect auto finance
|
639
|
|
|
509
|
|
|
578
|
|
|
531
|
|
|
281
|
|
|||||
Consumer
|
20
|
|
|
28
|
|
|
15
|
|
|
18
|
|
|
168
|
|
|||||
Total retail consumer loans
|
855
|
|
|
1,136
|
|
|
1,142
|
|
|
1,219
|
|
|
1,663
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
1,005
|
|
|
—
|
|
|
282
|
|
|
139
|
|
|
200
|
|
|||||
Construction and development
|
102
|
|
|
50
|
|
|
381
|
|
|
21
|
|
|
259
|
|
|||||
Commercial and industrial
|
101
|
|
|
6,037
|
|
|
842
|
|
|
1,171
|
|
|
1,582
|
|
|||||
Equipment finance
|
1,753
|
|
|
186
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial loans
|
2,961
|
|
|
6,273
|
|
|
1,505
|
|
|
1,331
|
|
|
2,041
|
|
|||||
Total charge-offs
|
3,816
|
|
|
7,409
|
|
|
2,647
|
|
|
2,550
|
|
|
3,704
|
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One-to-four family
|
1,160
|
|
|
555
|
|
|
411
|
|
|
181
|
|
|
683
|
|
|||||
Home equity - originated
|
63
|
|
|
556
|
|
|
307
|
|
|
231
|
|
|
157
|
|
|||||
Construction and land/lots
|
141
|
|
|
57
|
|
|
173
|
|
|
487
|
|
|
44
|
|
|||||
Indirect auto finance
|
80
|
|
|
54
|
|
|
39
|
|
|
122
|
|
|
58
|
|
|||||
Consumer
|
35
|
|
|
50
|
|
|
60
|
|
|
63
|
|
|
292
|
|
|||||
Total retail consumer loans
|
1,479
|
|
|
1,272
|
|
|
990
|
|
|
1,084
|
|
|
1,234
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
170
|
|
|
74
|
|
|
107
|
|
|
58
|
|
|
883
|
|
|||||
Construction and development
|
57
|
|
|
226
|
|
|
81
|
|
|
539
|
|
|
265
|
|
|||||
Commercial and industrial
|
252
|
|
|
506
|
|
|
1,378
|
|
|
728
|
|
|
240
|
|
|||||
Equipment finance
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial loans
|
480
|
|
|
806
|
|
|
1,566
|
|
|
1,325
|
|
|
1,388
|
|
|||||
Total recoveries
|
1,959
|
|
|
2,078
|
|
|
2,556
|
|
|
2,409
|
|
|
2,622
|
|
|||||
Net charge-offs
|
1,857
|
|
|
5,331
|
|
|
91
|
|
|
141
|
|
|
1,082
|
|
|||||
Balance at end of period
|
$
|
28,072
|
|
|
$
|
21,429
|
|
|
$
|
21,060
|
|
|
$
|
21,151
|
|
|
$
|
21,292
|
|
Net charge-offs during the period to average loans outstanding during the period
|
0.07
|
%
|
|
0.20
|
%
|
|
—
|
%
|
|
0.01
|
%
|
|
0.06
|
%
|
|||||
Net charge-offs during the period to average non-performing assets
|
12.30
|
%
|
|
50.00
|
%
|
|
0.53
|
%
|
|
0.67
|
%
|
|
3.77
|
%
|
|||||
Allowance as a percentage of nonperforming assets
|
172.64
|
%
|
|
161.28
|
%
|
|
144.27
|
%
|
|
105.84
|
%
|
|
87.00
|
%
|
|||||
Allowance as a percentage of total loans(1)
|
1.01
|
%
|
|
0.79
|
%
|
|
0.83
|
%
|
|
0.90
|
%
|
|
1.16
|
%
|
(1)
|
Excluding loans acquired, which have been recorded at fair value with an appropriate credit discount, and PPP loans, the allowance for loan losses was 1.11%, 0.85%, 0.91%, 1.03%, and 1.32% of total loans at June 30, 2020, 2019, 2018, 2017, and 2016, respectively.
|
|
At June 30,
|
||||||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||||||||||||||
|
Book
Value
|
|
Fair
Value
|
|
Book
Value
|
|
Fair
Value
|
|
Book
Value
|
|
Fair
Value
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government agencies
|
$
|
3,957
|
|
|
$
|
4,173
|
|
|
$
|
15,099
|
|
|
$
|
15,210
|
|
|
$
|
48,025
|
|
|
$
|
47,542
|
|
Residential MBS of U.S. government agencies and GSEs
|
46,629
|
|
|
48,355
|
|
|
74,778
|
|
|
75,180
|
|
|
71,949
|
|
|
70,599
|
|
||||||
Municipal bonds
|
16,090
|
|
|
16,631
|
|
|
24,896
|
|
|
25,312
|
|
|
30,865
|
|
|
30,766
|
|
||||||
Corporate bonds
|
58,242
|
|
|
58,378
|
|
|
6,061
|
|
|
6,084
|
|
|
6,166
|
|
|
$
|
6,023
|
|
|||||
Equity securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
63
|
|
||||||
Total debt securities available for sale
|
124,918
|
|
|
127,537
|
|
|
120,834
|
|
|
121,786
|
|
|
157,068
|
|
|
154,993
|
|
||||||
FHLB stock
|
23,309
|
|
|
23,309
|
|
|
31,969
|
|
|
31,969
|
|
|
29,907
|
|
|
29,907
|
|
||||||
FRB stock
|
7,368
|
|
|
7,368
|
|
|
7,335
|
|
|
7,335
|
|
|
7,307
|
|
|
7,307
|
|
||||||
SBIC investments
|
8,269
|
|
|
8,269
|
|
|
6,074
|
|
|
6,074
|
|
|
4,717
|
|
|
4,717
|
|
||||||
Total securities
|
$
|
163,864
|
|
|
$
|
166,483
|
|
|
$
|
166,212
|
|
|
$
|
167,164
|
|
|
$
|
198,999
|
|
|
$
|
196,924
|
|
|
June 30, 2020
|
||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
3,957
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,957
|
|
Fair value
|
—
|
|
|
4,173
|
|
|
—
|
|
|
—
|
|
|
4,173
|
|
|||||
Weighted average yield
|
—
|
%
|
|
2.51
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.51
|
%
|
|||||
Residential MBS of U.S. government agencies and GSEs
|
|
|
|
|
|
|
|
|
|||||||||||
Amortized cost
|
39
|
|
|
4,196
|
|
|
20,372
|
|
|
22,022
|
|
|
46,629
|
|
|||||
Fair value
|
40
|
|
|
4,273
|
|
|
21,378
|
|
|
22,664
|
|
|
48,355
|
|
|||||
Weighted average yield
|
1.58
|
%
|
|
1.80
|
%
|
|
2.26
|
%
|
|
2.21
|
%
|
|
2.19
|
%
|
|||||
Municipal bonds
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
4,546
|
|
|
7,326
|
|
|
2,434
|
|
|
1,784
|
|
|
16,090
|
|
|||||
Fair value
|
4,568
|
|
|
7,644
|
|
|
2,630
|
|
|
1,789
|
|
|
16,631
|
|
|||||
Weighted average yield
|
2.88
|
%
|
|
3.21
|
%
|
|
3.56
|
%
|
|
2.87
|
%
|
|
3.13
|
%
|
|||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
24,644
|
|
|
33,598
|
|
|
—
|
|
|
—
|
|
|
58,242
|
|
|||||
Fair value
|
24,680
|
|
|
33,698
|
|
|
—
|
|
|
—
|
|
|
58,378
|
|
|||||
Weighted average yield
|
1.13
|
%
|
|
2.10
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.69
|
%
|
|||||
Total securities
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortized cost
|
$
|
29,229
|
|
|
$
|
49,077
|
|
|
$
|
22,806
|
|
|
$
|
23,806
|
|
|
$
|
124,918
|
|
Fair value
|
$
|
29,288
|
|
|
$
|
49,788
|
|
|
$
|
24,008
|
|
|
$
|
24,453
|
|
|
$
|
127,537
|
|
Weighted average yield
|
1.40
|
%
|
|
2.28
|
%
|
|
2.40
|
%
|
|
2.26
|
%
|
|
2.09
|
%
|
|
Years Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2020
|
|
2019
|
|
2018
|
||||||
Beginning balance
|
$
|
2,327,257
|
|
|
$
|
2,196,253
|
|
|
$
|
2,048,451
|
|
Net deposit increase
|
435,592
|
|
|
115,322
|
|
|
141,048
|
|
|||
Interest credited
|
22,907
|
|
|
15,682
|
|
|
6,754
|
|
|||
Ending balance
|
$
|
2,785,756
|
|
|
$
|
2,327,257
|
|
|
$
|
2,196,253
|
|
Net increase
|
$
|
458,499
|
|
|
$
|
131,004
|
|
|
$
|
147,802
|
|
Percent increase
|
19.70
|
%
|
|
5.96
|
%
|
|
7.22
|
%
|
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|
Amount
|
|
Percent
of Total
|
|||||||||
(Dollars in thousands)
|
|
|||||||||||||||||||
Transaction and Savings Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing accounts
|
$
|
582,299
|
|
|
20.90
|
%
|
|
$
|
452,295
|
|
|
19.43
|
%
|
|
$
|
471,364
|
|
|
21.46
|
%
|
Noninterest-bearing accounts
|
429,901
|
|
|
15.43
|
|
|
294,322
|
|
|
12.65
|
|
|
317,822
|
|
|
14.47
|
|
|||
Savings accounts
|
197,676
|
|
|
7.10
|
|
|
177,278
|
|
|
7.62
|
|
|
213,250
|
|
|
9.71
|
|
|||
Money market accounts
|
836,738
|
|
|
30.04
|
|
|
691,172
|
|
|
29.70
|
|
|
677,665
|
|
|
30.86
|
|
|||
Total non-certificates
|
$
|
2,046,614
|
|
|
73.47
|
%
|
|
$
|
1,615,067
|
|
|
69.40
|
%
|
|
$
|
1,680,101
|
|
|
76.50
|
%
|
Certificates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
0.00-0.99%
|
$
|
285,916
|
|
|
10.26
|
%
|
|
$
|
134,813
|
|
|
5.79
|
%
|
|
$
|
273,087
|
|
|
12.43
|
%
|
1.00-1.99%
|
229,972
|
|
|
8.26
|
|
|
122,803
|
|
|
5.28
|
|
|
197,875
|
|
|
9.01
|
|
|||
2.00-2.99%
|
215,518
|
|
|
7.74
|
|
|
441,911
|
|
|
18.99
|
|
|
35,707
|
|
|
1.63
|
|
|||
3.00-3.99%
|
3,388
|
|
|
0.12
|
|
|
8,246
|
|
|
0.35
|
|
|
5,066
|
|
|
0.23
|
|
|||
4.00-4.99%
|
4,346
|
|
|
0.16
|
|
|
4,415
|
|
|
0.19
|
|
|
4,415
|
|
|
0.20
|
|
|||
5.00% and over
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||
Total certificates
|
$
|
739,142
|
|
|
26.53
|
%
|
|
$
|
712,190
|
|
|
30.60
|
%
|
|
$
|
516,152
|
|
|
23.50
|
%
|
Total deposits
|
$
|
2,785,756
|
|
|
100.00
|
%
|
|
$
|
2,327,257
|
|
|
100.00
|
%
|
|
$
|
2,196,253
|
|
|
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, 2020
|
$
|
38,032
|
|
|
$
|
144,650
|
|
|
$
|
49,495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
232,179
|
|
|
31.4
|
%
|
|
December 31, 2020
|
163,248
|
|
|
38,607
|
|
|
45,220
|
|
—
|
|
19
|
|
|
—
|
|
|
—
|
|
|
247,094
|
|
|
33.4
|
|
|||||||
March 31, 2021
|
28,379
|
|
|
25,942
|
|
|
17,639
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,960
|
|
|
9.7
|
|
||||||||
June 30, 2021
|
14,850
|
|
|
8,182
|
|
|
24,512
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,544
|
|
|
6.4
|
|
||||||||
September 30, 2021
|
18,188
|
|
|
1,852
|
|
|
22,192
|
|
|
—
|
|
|
2,018
|
|
|
—
|
|
|
44,250
|
|
|
6.0
|
|
||||||||
December 31, 2021
|
6,021
|
|
|
690
|
|
|
24,702
|
|
|
356
|
|
|
—
|
|
|
—
|
|
|
31,769
|
|
|
4.3
|
|
||||||||
March 31, 2022
|
2,554
|
|
|
416
|
|
|
8,585
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
11,585
|
|
|
1.6
|
|
||||||||
June 30, 2022
|
3,960
|
|
|
312
|
|
|
5,631
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,903
|
|
|
1.3
|
|
||||||||
September 30, 2022
|
2,308
|
|
|
910
|
|
|
6,614
|
|
|
—
|
|
|
2,328
|
|
|
—
|
|
|
12,160
|
|
|
1.6
|
|
||||||||
December 31, 2022
|
2,244
|
|
|
2,067
|
|
|
1,459
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,770
|
|
|
0.8
|
|
||||||||
March 31, 2023
|
2,280
|
|
|
1,076
|
|
|
451
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,807
|
|
|
0.5
|
|
||||||||
June 30, 2023
|
2,468
|
|
|
820
|
|
|
1,777
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
5,096
|
|
|
0.7
|
|
||||||||
Thereafter
|
1,384
|
|
|
4,448
|
|
|
7,241
|
|
|
2,952
|
|
|
—
|
|
|
—
|
|
|
16,025
|
|
|
2.2
|
|
||||||||
Total
|
$
|
285,916
|
|
|
$
|
229,972
|
|
|
$
|
215,518
|
|
|
$
|
3,388
|
|
|
$
|
4,346
|
|
|
$
|
2
|
|
|
$
|
739,142
|
|
|
100.0
|
%
|
|
Percent of total
|
38.7
|
%
|
|
31.1
|
%
|
|
29.1
|
%
|
|
0.5
|
%
|
|
0.6
|
%
|
|
—
|
%
|
|
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
|
$
|
73,508
|
|
|
$
|
77,532
|
|
|
$
|
56,934
|
|
|
$
|
66,064
|
|
|
$
|
274,038
|
|
CDs of $100,000 or more
|
139,142
|
|
|
160,591
|
|
|
50,885
|
|
|
72,249
|
|
|
422,867
|
|
|||||
Public funds(1)
|
19,529
|
|
|
8,971
|
|
|
11,685
|
|
|
2,052
|
|
|
42,237
|
|
|||||
Total certificates of deposit
|
$
|
232,179
|
|
|
$
|
247,094
|
|
|
$
|
119,504
|
|
|
$
|
140,365
|
|
|
$
|
739,142
|
|
(1)
|
Deposits from government and other public entities.
|
|
Year ended June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||
Maximum balance:
|
|
||||||||||
FHLB advances
|
$
|
708,000
|
|
|
$
|
720,000
|
|
|
$
|
699,000
|
|
Average balances:
|
|
|
|
|
|
||||||
FHLB advances
|
$
|
568,377
|
|
|
$
|
672,186
|
|
|
$
|
658,240
|
|
Weighted average interest rate:
|
|
|
|
|
|
||||||
FHLB advances
|
1.64
|
%
|
|
2.18
|
%
|
|
1.41
|
%
|
|
At June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(Dollars in thousands)
|
||||||||||
Balance outstanding at end of period:
|
|
|
|
|
|
||||||
FHLB advances
|
$
|
475,000
|
|
|
$
|
680,000
|
|
|
$
|
635,000
|
|
Weighted average interest rate:
|
|
|
|
|
|
|
|
|
|||
FHLB advances
|
1.39
|
%
|
|
2.10
|
%
|
|
1.95
|
%
|
•
|
Total reported loans for construction, land development and other land represent 100% or more of the bank’s total regulatory capital; or
|
•
|
Total commercial real estate loans (as defined in the guidance) represent 300% or more of the bank’s total regulatory capital and the outstanding balance of the bank’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months.
|
Name
|
|
Age(1)
|
|
Position
|
Dana L. Stonestreet
|
|
66
|
|
Chairman, President and Chief Executive Officer
|
C. Hunter Westbrook
|
|
57
|
|
Senior Executive Vice President and Chief Operating Officer
|
Tony J. VunCannon
|
|
55
|
|
Executive Vice President, Chief Financial Officer, Corporate Secretary, and Treasurer
|
Marty Caywood
|
|
48
|
|
Executive Vice President and Chief Information Officer
|
Keith Houghton
|
|
58
|
|
Executive Vice President and Chief Credit Officer
|
Paula C. Labian
|
|
62
|
|
Executive Vice President and Chief Human Resources Officer
|
Parrish Little
|
|
52
|
|
Executive Vice President and Chief Risk Officer
|
(1)
|
As of June 30, 2020.
|
•
|
loan delinquencies, problem assets and foreclosures may increase;
|
•
|
we may increase our allowance for loan losses;
|
•
|
the slowing of sales of foreclosed assets;
|
•
|
demand for our products and services may decline, possibly resulting in a decrease in our total loans or assets;
|
•
|
collateral for loans made may decline further in value, exposing us to increased risk of loss on existing loans and reducing customers’ borrowing power;
|
•
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; and
|
•
|
the amount of our deposits may decrease and the composition of our deposits may be adversely affected.
|
•
|
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 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 to the extent expected or 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 stockholders;
|
•
|
We have completed five acquisitions during the past seven 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.
|
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
|
|||||
April 1 - April 30, 2020
|
81,873
|
|
|
$
|
15.41
|
|
|
81,873
|
|
|
889,123
|
|
May 1 - May 31, 2020
|
—
|
|
|
—
|
|
|
—
|
|
|
889,123
|
|
|
June 1 - June 30, 2020
|
—
|
|
|
—
|
|
|
—
|
|
|
889,123
|
|
|
Total
|
81,873
|
|
|
$
|
15.41
|
|
|
81,873
|
|
|
889,123
|
|
|
Year Ended June 30,
|
||||||||||
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
HomeTrust Bancshares, Inc.
|
100.00
|
|
110.38
|
|
145.58
|
|
167.96
|
|
150.00
|
|
95.47
|
NASDAQ Bank Index
|
100.00
|
|
94.84
|
|
130.28
|
|
143.37
|
|
121.67
|
|
92.47
|
NASDAQ Composite
|
100.00
|
|
97.11
|
|
123.13
|
|
150.60
|
|
160.55
|
|
201.71
|
|
At June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
3,722,852
|
|
|
$
|
3,476,178
|
|
|
$
|
3,304,169
|
|
|
$
|
3,206,533
|
|
|
$
|
2,717,677
|
|
Loans receivable, net(1)
|
2,741,047
|
|
|
2,683,761
|
|
|
2,504,792
|
|
|
2,330,319
|
|
|
1,811,539
|
|
|||||
Allowance for loan losses
|
28,072
|
|
|
21,429
|
|
|
21,060
|
|
|
21,151
|
|
|
21,292
|
|
|||||
Commercial paper
|
304,967
|
|
|
241,446
|
|
|
229,070
|
|
|
149,863
|
|
|
229,859
|
|
|||||
Certificates of deposit in other banks
|
55,689
|
|
|
52,005
|
|
|
66,937
|
|
|
132,274
|
|
|
161,512
|
|
|||||
Securities available for sale, at fair value
|
127,537
|
|
|
121,786
|
|
|
154,993
|
|
|
199,667
|
|
|
200,652
|
|
|||||
Other investments, at cost
|
38,946
|
|
|
45,378
|
|
|
41,931
|
|
|
39,355
|
|
|
29,486
|
|
|||||
Deposits
|
2,785,756
|
|
|
2,327,257
|
|
|
2,196,253
|
|
|
2,048,451
|
|
|
1,802,696
|
|
|||||
Borrowings
|
475,000
|
|
|
680,000
|
|
|
635,000
|
|
|
696,500
|
|
|
491,000
|
|
|||||
Stockholders’ equity
|
408,263
|
|
|
408,896
|
|
|
409,242
|
|
|
397,647
|
|
|
359,976
|
|
|
Years Ended June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Selected Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest and dividend income
|
$
|
136,254
|
|
|
$
|
137,214
|
|
|
$
|
117,402
|
|
|
$
|
99,436
|
|
|
$
|
87,747
|
|
Total interest expense
|
32,150
|
|
|
30,383
|
|
|
16,072
|
|
|
8,245
|
|
|
6,040
|
|
|||||
Net interest income
|
104,104
|
|
|
106,831
|
|
|
101,330
|
|
|
91,191
|
|
|
81,707
|
|
|||||
Provision for loan losses
|
8,500
|
|
|
5,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net interest income after provision for loan losses
|
95,604
|
|
|
101,131
|
|
|
101,330
|
|
|
91,191
|
|
|
81,707
|
|
|||||
Service charges and fees on deposit accounts
|
9,382
|
|
|
9,611
|
|
|
8,802
|
|
|
7,709
|
|
|
7,469
|
|
|||||
Loan income and fees
|
2,494
|
|
|
1,422
|
|
|
1,176
|
|
|
971
|
|
|
1,426
|
|
|||||
Gain on sale of loans held for sale
|
9,946
|
|
|
6,218
|
|
|
4,276
|
|
|
2,674
|
|
|
1,643
|
|
|||||
Bank owned life insurance income
|
2,246
|
|
|
2,103
|
|
|
2,117
|
|
|
2,088
|
|
|
1,874
|
|
|||||
Gain on sale of securities
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|||||
Gain from sale of premises and equipment
|
—
|
|
|
—
|
|
|
164
|
|
|
385
|
|
|
10
|
|
|||||
Other, net
|
6,264
|
|
|
3,586
|
|
|
2,437
|
|
|
2,258
|
|
|
1,869
|
|
|||||
Total noninterest income
|
30,332
|
|
|
22,940
|
|
|
18,972
|
|
|
16,107
|
|
|
14,291
|
|
|||||
Total noninterest expense
|
97,129
|
|
|
90,134
|
|
|
85,331
|
|
|
90,259
|
|
|
79,641
|
|
|||||
Income before income taxes
|
28,807
|
|
|
33,937
|
|
|
34,971
|
|
|
17,039
|
|
|
16,357
|
|
|||||
Income tax expense
|
6,024
|
|
|
6,791
|
|
|
26,736
|
|
|
5,192
|
|
|
4,901
|
|
|||||
Net income
|
$
|
22,783
|
|
|
$
|
27,146
|
|
|
$
|
8,235
|
|
|
$
|
11,847
|
|
|
$
|
11,456
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
1.34
|
|
|
$
|
1.52
|
|
|
$
|
0.45
|
|
|
$
|
0.66
|
|
|
$
|
0.65
|
|
Diluted
|
$
|
1.30
|
|
|
$
|
1.46
|
|
|
$
|
0.44
|
|
|
$
|
0.65
|
|
|
$
|
0.65
|
|
|
At or For the
Years Ended June 30,
|
|||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|||||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
|||||||
Performance ratios:
|
|
|
|
|
|
|
|
|
|
|||||||
Return on assets (ratio of net income to average total assets)
|
0.63
|
%
|
|
0.80
|
%
|
|
0.25
|
%
|
|
0.40
|
%
|
|
0.42
|
%
|
||
Return on equity (ratio of net income to average equity)
|
5.54
|
|
|
6.62
|
|
|
2.05
|
|
|
3.14
|
|
|
3.16
|
|
||
Tax equivalent yield on earning assets(2)
|
4.13
|
|
|
4.39
|
|
|
4.00
|
|
|
3.79
|
|
|
3.62
|
|
||
Rate paid on interest-bearing liabilities
|
1.18
|
|
|
1.16
|
|
|
0.65
|
|
|
0.37
|
|
|
0.29
|
|
||
Tax equivalent average interest rate spread(2)
|
2.95
|
|
|
3.23
|
|
|
3.35
|
|
|
3.42
|
|
|
3.33
|
|
||
Tax equivalent net interest margin(2)(3)
|
3.17
|
|
|
3.43
|
|
|
3.46
|
|
|
3.49
|
|
|
3.37
|
|
||
Noninterest expense to average total assets
|
2.70
|
|
|
2.65
|
|
|
2.63
|
|
|
3.04
|
|
|
2.88
|
|
||
Average interest-earning assets to average interest-bearing liabilities
|
122.10
|
|
|
120.39
|
|
|
120.77
|
|
|
120.26
|
|
|
119.25
|
|
||
Efficiency ratio
|
72.25
|
|
|
69.46
|
|
|
70.93
|
|
|
84.12
|
|
|
82.96
|
|
||
Efficiency ratio - adjusted(4)
|
71.62
|
|
|
68.83
|
|
|
70.12
|
|
|
75.48
|
|
|
80.43
|
|
||
Asset quality ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Nonperforming assets to total assets(5)
|
0.44
|
%
|
|
0.38
|
%
|
|
0.44
|
%
|
|
0.62
|
%
|
|
0.90
|
%
|
||
Nonaccruing loans to total loans(5)
|
0.58
|
|
|
0.38
|
|
|
0.43
|
|
|
0.58
|
|
|
1.01
|
|
||
Total classified assets to total assets
|
0.84
|
|
|
0.89
|
|
|
1.00
|
|
|
1.57
|
|
|
2.17
|
|
||
Allowance for loan losses to nonaccruing loans(5)
|
176.30
|
|
|
206.90
|
|
|
192.96
|
|
|
154.77
|
|
|
114.98
|
|
||
Allowance for loan losses to total loans
|
1.01
|
|
|
0.79
|
|
|
0.83
|
|
|
0.90
|
|
|
1.16
|
|
||
Net charge-offs to average loans
|
0.07
|
|
|
0.20
|
|
|
—
|
|
|
0.01
|
|
|
0.06
|
|
||
Capital ratios:
|
|
|
|
|
|
|
|
|
|
|||||||
Equity to total assets at end of period
|
10.97
|
%
|
|
11.76
|
%
|
|
12.39
|
%
|
|
12.40
|
%
|
|
13.25
|
%
|
||
Average equity to average assets
|
11.46
|
|
|
12.06
|
|
|
12.41
|
|
|
12.80
|
|
|
13.24
|
|
||
Dividend payout ratio
|
19.98
|
|
|
11.70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Dividends declared per common share
|
$
|
0.27
|
|
|
$
|
0.18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
Net of allowances for loan losses and deferred loan costs.
|
(2)
|
For the years ended June 30, 2020 and 2019 the weighted average rate for municipal leases is adjusted for a 24% combined federal and state tax rate since the interest from these leases is tax exempt.For 2018 it was adjusted at 30% and all other years were at 37%.
|
(3)
|
Net interest income divided by average interest-earning assets.
|
(4)
|
See Part II, Item 7 - "Non-GAAP Financial Measures" for additional details.
|
(5)
|
Nonperforming assets include nonaccruing loans including certain restructured loans and real estate owned. At June 30, 2020, there were $6.3 million of restructured loans included in nonaccruing loans and $2.8 million, or 17.6%, of nonaccruing loans were current on their loan payments.
|
|
|
Year Ended
|
||||||||||||||||||
(Dollars in thousands)
|
|
June 30,
|
||||||||||||||||||
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
Noninterest expense
|
|
$
|
97,129
|
|
|
$
|
90,134
|
|
|
$
|
85,331
|
|
|
$
|
90,259
|
|
|
$
|
79,641
|
|
Less merger-related expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,805
|
|
|
—
|
|
|||||
Less impairment charge for branch consolidations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
400
|
|
|||||
Noninterest expense – as adjusted
|
|
$
|
97,129
|
|
|
$
|
90,134
|
|
|
$
|
85,331
|
|
|
$
|
82,454
|
|
|
$
|
79,241
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
$
|
104,104
|
|
|
$
|
106,831
|
|
|
$
|
101,330
|
|
|
$
|
91,191
|
|
|
$
|
81,647
|
|
Plus noninterest income
|
|
30,332
|
|
|
22,940
|
|
|
18,972
|
|
|
16,107
|
|
|
14,351
|
|
|||||
Plus tax equivalent adjustment
|
|
1,190
|
|
|
1,173
|
|
|
1,559
|
|
|
2,354
|
|
|
2,537
|
|
|||||
Less gain from sale of premises and equipment
|
|
—
|
|
|
—
|
|
|
164
|
|
|
385
|
|
|
10
|
|
|||||
Less realized gain on sale of securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|||||
Net interest income plus noninterest income – as adjusted
|
|
$
|
135,626
|
|
|
$
|
130,944
|
|
|
$
|
121,697
|
|
|
$
|
109,245
|
|
|
$
|
98,525
|
|
Efficiency ratio
|
|
71.62
|
%
|
|
68.83
|
%
|
|
70.12
|
%
|
|
75.48
|
%
|
|
80.43
|
%
|
|||||
Efficiency ratio (without adjustments)
|
|
72.25
|
%
|
|
69.46
|
%
|
|
70.93
|
%
|
|
84.12
|
%
|
|
82.96
|
%
|
(Dollars in thousands, except per share data)
|
|
At June 30,
|
||||||||||||||||||
|
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
Total stockholders' equity
|
|
$
|
408,263
|
|
|
$
|
408,896
|
|
|
$
|
409,242
|
|
|
$
|
397,647
|
|
|
$
|
359,976
|
|
Less: goodwill, core deposit intangibles, net of taxes
|
|
26,468
|
|
|
27,562
|
|
|
29,125
|
|
|
30,157
|
|
|
17,169
|
|
|||||
Tangible book value (1)
|
|
$
|
381,795
|
|
|
$
|
381,334
|
|
|
$
|
380,117
|
|
|
$
|
367,490
|
|
|
$
|
342,807
|
|
Common shares outstanding
|
|
17,021,357
|
|
|
17,984,105
|
|
|
19,041,668
|
|
|
18,967,875
|
|
|
17,998,750
|
|
|||||
Tangible book value per share
|
|
$
|
22.43
|
|
|
$
|
21.20
|
|
|
$
|
19.96
|
|
|
$
|
19.37
|
|
|
$
|
19.05
|
|
Book value per share
|
|
$
|
23.99
|
|
|
$
|
22.74
|
|
|
$
|
21.49
|
|
|
$
|
20.96
|
|
|
$
|
20.00
|
|
(1)
|
Tangible book value is equal to total stockholders' equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.
|
|
|
At June 30,
|
||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
||||
Tangible equity(1)
|
|
$
|
381,795
|
|
|
$
|
381,334
|
|
Total assets
|
|
3,722,852
|
|
|
3,476,178
|
|
||
Less: goodwill, core deposit intangibles, net of taxes
|
|
26,468
|
|
|
27,562
|
|
||
Total tangible assets(2)
|
|
$
|
3,696,384
|
|
|
$
|
3,448,616
|
|
Tangible equity to tangible assets
|
|
10.33
|
%
|
|
11.06
|
%
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
||||||
(Dollars in thousands)
|
June 30, 2020
|
|
June 30, 2019
|
||||
Total gross loans receivable (GAAP)
|
$
|
2,768,930
|
|
|
$
|
2,705,186
|
|
Less: acquired loans
|
168,266
|
|
|
214,046
|
|
||
Less: PPP loans
|
80,697
|
|
|
—
|
|
||
Adjusted loans (non-GAAP)
|
$
|
2,519,967
|
|
|
$
|
2,491,140
|
|
|
|
|
|
||||
Allowance for loan losses (GAAP)
|
$
|
28,072
|
|
|
$
|
21,429
|
|
Less: allowance for loan losses on acquired loans
|
182
|
|
|
201
|
|
||
Adjusted allowance for loan losses
|
27,890
|
|
|
21,228
|
|
||
Allowance for loan losses / Adjusted loans (non-GAAP)
|
1.11
|
%
|
|
0.85
|
%
|
|
|
|
|
|
|
|
|
|
Percent of total
|
|||||||||||
|
June 30,
|
|
June 30,
|
|
Change
|
|
June 30,
|
|
June 30,
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|
2020
|
|
2019
|
|||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family
|
$
|
473,693
|
|
|
$
|
660,591
|
|
|
$
|
(186,898
|
)
|
|
(28.3
|
)%
|
|
17.1
|
%
|
|
24.4
|
%
|
HELOCs - originated
|
137,447
|
|
|
139,435
|
|
|
(1,988
|
)
|
|
(1.4
|
)
|
|
5.0
|
|
|
5.2
|
|
|||
HELOCs - purchased
|
71,781
|
|
|
116,972
|
|
|
(45,191
|
)
|
|
(38.6
|
)
|
|
2.6
|
|
|
4.3
|
|
|||
Construction and land/lots
|
81,859
|
|
|
80,602
|
|
|
1,257
|
|
|
1.6
|
|
|
3.0
|
|
|
3.0
|
|
|||
Indirect auto finance
|
132,303
|
|
|
153,448
|
|
|
(21,145
|
)
|
|
(13.8
|
)
|
|
4.8
|
|
|
5.7
|
|
|||
Consumer
|
10,259
|
|
|
11,416
|
|
|
(1,157
|
)
|
|
(10.1
|
)
|
|
0.4
|
|
|
0.4
|
|
|||
Total retail consumer loans
|
907,342
|
|
|
1,162,464
|
|
|
(255,122
|
)
|
|
(21.9
|
)
|
|
32.8
|
|
|
43.0
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial real estate
|
1,052,906
|
|
|
927,261
|
|
|
125,645
|
|
|
13.6
|
|
|
38.0
|
|
|
34.3
|
|
|||
Construction and development
|
215,934
|
|
|
210,916
|
|
|
5,018
|
|
|
2.4
|
|
|
7.8
|
|
|
7.8
|
|
|||
Commercial and industrial
|
154,825
|
|
|
160,471
|
|
|
(5,646
|
)
|
|
(3.5
|
)
|
|
5.6
|
|
|
5.9
|
|
|||
Equipment finance
|
229,239
|
|
|
132,058
|
|
|
97,181
|
|
|
73.6
|
|
|
8.3
|
|
|
4.9
|
|
|||
Municipal leases
|
127,987
|
|
|
112,016
|
|
|
15,971
|
|
|
14.3
|
|
|
4.6
|
|
|
4.1
|
|
|||
Paycheck Protection Program
|
80,697
|
|
|
—
|
|
|
80,697
|
|
|
100.0
|
|
|
2.9
|
|
|
—
|
|
|||
Total commercial loans
|
1,861,588
|
|
|
1,542,722
|
|
|
318,866
|
|
|
20.7
|
|
|
67.2
|
|
|
57.0
|
|
|||
Total loans
|
$
|
2,768,930
|
|
|
$
|
2,705,186
|
|
|
$
|
63,744
|
|
|
2.4
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Years Ended June 30,
|
|||||||||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
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) |
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans receivable (1)
|
$
|
2,748,124
|
|
|
$
|
123,364
|
|
|
4.49
|
%
|
|
$
|
2,633,298
|
|
|
$
|
123,076
|
|
|
4.67
|
%
|
|
$
|
2,418,946
|
|
|
$
|
106,641
|
|
|
4.41
|
%
|
Commercial paper and deposits in other banks
|
385,208
|
|
|
7,699
|
|
|
2.00
|
%
|
|
326,035
|
|
|
8,278
|
|
|
2.54
|
%
|
|
346,982
|
|
|
5,939
|
|
|
1.71
|
%
|
||||||
Securities available for sale
|
150,249
|
|
|
3,687
|
|
|
2.45
|
%
|
|
145,344
|
|
|
3,443
|
|
|
2.37
|
%
|
|
172,461
|
|
|
3,668
|
|
|
2.13
|
%
|
||||||
Other interest-earning assets(3)
|
42,119
|
|
|
2,694
|
|
|
6.40
|
%
|
|
46,360
|
|
|
3,590
|
|
|
7.74
|
%
|
|
37,873
|
|
|
2,713
|
|
|
7.16
|
%
|
||||||
Total interest-earning assets
|
3,325,700
|
|
|
137,444
|
|
|
4.13
|
%
|
|
3,151,037
|
|
|
138,387
|
|
|
4.39
|
%
|
|
2,976,262
|
|
|
118,961
|
|
|
4.00
|
%
|
||||||
Other assets
|
265,376
|
|
|
|
|
|
|
245,859
|
|
|
|
|
|
|
267,399
|
|
|
|
|
|
||||||||||||
Total Assets
|
3,591,076
|
|
|
|
|
|
|
3,396,896
|
|
|
|
|
|
|
3,243,661
|
|
|
|
|
|
||||||||||||
Liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing checking accounts
|
457,455
|
|
|
1,627
|
|
|
0.36
|
%
|
|
462,933
|
|
|
1,251
|
|
|
0.27
|
%
|
|
473,880
|
|
|
970
|
|
|
0.20
|
%
|
||||||
Money market accounts
|
767,315
|
|
|
6,910
|
|
|
0.90
|
%
|
|
689,946
|
|
|
5,102
|
|
|
0.74
|
%
|
|
644,331
|
|
|
2,442
|
|
|
0.38
|
%
|
||||||
Savings accounts
|
166,588
|
|
|
195
|
|
|
0.12
|
%
|
|
194,635
|
|
|
245
|
|
|
0.13
|
%
|
|
224,582
|
|
|
295
|
|
|
0.13
|
%
|
||||||
Certificate accounts
|
764,013
|
|
|
14,105
|
|
|
1.85
|
%
|
|
596,727
|
|
|
9,159
|
|
|
1.53
|
%
|
|
463,306
|
|
|
3,051
|
|
|
0.66
|
%
|
||||||
Total interest-bearing deposits
|
2,155,371
|
|
|
22,837
|
|
|
1.06
|
%
|
|
1,944,241
|
|
|
15,757
|
|
|
0.81
|
%
|
|
1,806,099
|
|
|
6,758
|
|
|
0.37
|
%
|
||||||
Borrowings
|
568,377
|
|
|
9,313
|
|
|
1.64
|
%
|
|
672,186
|
|
|
14,626
|
|
|
2.18
|
%
|
|
658,240
|
|
|
9,314
|
|
|
1.41
|
%
|
||||||
Total interest-bearing liabilities
|
2,723,748
|
|
|
32,150
|
|
|
1.18
|
%
|
|
2,616,427
|
|
|
30,383
|
|
|
1.16
|
%
|
|
2,464,339
|
|
|
16,072
|
|
|
0.65
|
%
|
||||||
Noninterest-bearing deposits
|
365,634
|
|
|
|
|
|
|
307,420
|
|
|
|
|
|
|
311,210
|
|
|
|
|
|
||||||||||||
Other liabilities
|
90,247
|
|
|
|
|
|
|
63,229
|
|
|
|
|
|
|
65,489
|
|
|
|
|
|
||||||||||||
Total liabilities
|
3,179,629
|
|
|
|
|
|
|
2,987,076
|
|
|
|
|
|
|
2,841,038
|
|
|
|
|
|
||||||||||||
Stockholders' equity
|
411,447
|
|
|
|
|
|
|
409,820
|
|
|
|
|
|
|
402,623
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders' equity
|
3,591,076
|
|
|
|
|
|
|
3,396,896
|
|
|
|
|
|
|
3,243,661
|
|
|
|
|
|
||||||||||||
Net earning assets
|
$
|
601,952
|
|
|
|
|
|
|
$
|
534,610
|
|
|
|
|
|
|
$
|
511,923
|
|
|
|
|
|
|||||||||
Average interest-earning assets to average interest-bearing liabilities
|
122.10
|
%
|
|
|
|
|
|
120.43
|
%
|
|
|
|
|
|
120.77
|
%
|
|
|
|
|
||||||||||||
Tax-equivalent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income
|
|
|
$
|
105,294
|
|
|
|
|
|
|
$
|
108,004
|
|
|
|
|
|
|
$
|
102,889
|
|
|
|
|||||||||
Interest rate spread
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
3.23
|
%
|
|
|
|
|
|
3.35
|
%
|
||||||||||||
Net interest margin(4)
|
|
|
|
|
3.17
|
%
|
|
|
|
|
|
3.43
|
%
|
|
|
|
|
|
3.46
|
%
|
||||||||||||
Non-tax-equivalent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income
|
|
|
$
|
104,104
|
|
|
|
|
|
|
$
|
106,831
|
|
|
|
|
|
|
$
|
101,330
|
|
|
|
|||||||||
Interest rate spread
|
|
|
|
|
2.92
|
%
|
|
|
|
|
|
3.19
|
%
|
|
|
|
|
|
3.29
|
%
|
||||||||||||
Net interest margin(4)
|
|
|
|
|
3.13
|
%
|
|
|
|
|
|
3.39
|
%
|
|
|
|
|
|
3.40
|
%
|
(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 $1.2 million, $1.2 million, and $1.6 million for fiscal years ended June 30, 2020, 2019, and 2018, respectively, calculated based on a combined federal and state tax rate of 24%, 24%, and 30%, respectively.
|
(3)
|
The average other interest-earning assets consists of FRB stock, FHLB stock, and SBIC investments.
|
(4)
|
Net interest income divided by average interest-earning assets.
|
|
Years Ended
June 30,
|
|
Years Ended
June 30,
|
||||||||||||||||||||
|
2020 vs. 2019
|
|
2019 vs. 2018
|
||||||||||||||||||||
|
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
|
$
|
5,367
|
|
|
$
|
(5,079
|
)
|
|
$
|
288
|
|
|
$
|
9,450
|
|
|
$
|
6,985
|
|
|
$
|
16,435
|
|
Deposits in other financial institutions
|
1,502
|
|
|
(2,081
|
)
|
|
(579
|
)
|
|
(359
|
)
|
|
2,698
|
|
|
2,339
|
|
||||||
Investment securities
|
116
|
|
|
128
|
|
|
244
|
|
|
(577
|
)
|
|
352
|
|
|
(225
|
)
|
||||||
Other
|
(328
|
)
|
|
(568
|
)
|
|
(896
|
)
|
|
608
|
|
|
269
|
|
|
877
|
|
||||||
Total interest-earning assets
|
6,657
|
|
|
(7,600
|
)
|
|
(943
|
)
|
|
9,122
|
|
|
10,304
|
|
|
19,426
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing checking accounts
|
$
|
(15
|
)
|
|
$
|
391
|
|
|
$
|
376
|
|
|
$
|
(22
|
)
|
|
$
|
303
|
|
|
$
|
281
|
|
Money market accounts
|
572
|
|
|
1,236
|
|
|
1,808
|
|
|
173
|
|
|
2,487
|
|
|
2,660
|
|
||||||
Savings accounts
|
(35
|
)
|
|
(15
|
)
|
|
(50
|
)
|
|
(39
|
)
|
|
(11
|
)
|
|
(50
|
)
|
||||||
Certificate accounts
|
2,568
|
|
|
2,378
|
|
|
4,946
|
|
|
879
|
|
|
5,229
|
|
|
6,108
|
|
||||||
Borrowings
|
(2,258
|
)
|
|
(3,055
|
)
|
|
(5,313
|
)
|
|
198
|
|
|
5,114
|
|
|
5,312
|
|
||||||
Total interest-bearing liabilities
|
$
|
832
|
|
|
$
|
935
|
|
|
$
|
1,767
|
|
|
$
|
1,189
|
|
|
$
|
13,122
|
|
|
$
|
14,311
|
|
Net increase (decrease) in tax equivalent interest income
|
|
|
|
|
$
|
(2,710
|
)
|
|
|
|
|
|
$
|
5,115
|
|
June 30, 2020
|
||||||||||||||
Change in Interest Rates in
|
|
Present Value Equity
|
|
PVE
|
||||||||||
Basis Points
|
|
Amount
|
|
$ Change
|
|
% Change
|
|
Ratio
|
||||||
(Dollars in Thousands)
|
||||||||||||||
+ 400
|
|
$
|
638,703
|
|
|
$
|
152,383
|
|
|
31
|
%
|
|
18
|
%
|
+ 300
|
|
617,786
|
|
|
131,466
|
|
|
27
|
|
|
18
|
|
||
+ 200
|
|
588,487
|
|
|
102,167
|
|
|
21
|
|
|
16
|
|
||
+ 100
|
|
549,435
|
|
|
63,115
|
|
|
13
|
|
|
15
|
|
||
Base
|
|
486,320
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||
- 100
|
|
362,682
|
|
|
(123,638
|
)
|
|
(25
|
)
|
|
10
|
|
|
1 Year or Less
|
|
Over 1 to 3 Years
|
|
Over 3 to 5 Years
|
|
More Than 5 Years
|
|
Total
|
||||||||||
Borrowings
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
475,000
|
|
|
$
|
475,000
|
|
Capital lease
|
134
|
|
|
268
|
|
|
291
|
|
|
1,848
|
|
|
2,541
|
|
|||||
Operating leases
|
1,242
|
|
|
2,178
|
|
|
880
|
|
|
676
|
|
|
4,976
|
|
|||||
Total contractual obligations
|
$
|
1,376
|
|
|
$
|
2,446
|
|
|
$
|
1,171
|
|
|
$
|
477,524
|
|
|
$
|
482,517
|
|
Undisbursed portion of construction loans
|
|
$
|
141,557
|
|
Commitments to make loans
|
|
57,798
|
|
|
Unused lines of credit
|
|
398,781
|
|
|
Unused letters of credit
|
|
7,766
|
|
|
Total loan commitments
|
|
$
|
605,902
|
|
|
Page
|
Report of Independent Registered Public Accounting Firm
|
|
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
|
|
Consolidated Balance Sheets, June 30, 2020 and 2019
|
|
Consolidated Statements of Income for the Years Ended June 30, 2020, 2019 and 2018
|
|
Consolidated Statements of Comprehensive Income for the Years Ended June 30, 2020, 2019 and 2018
|
|
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended June 30, 2020, 2019 and 2018
|
|
Consolidated Statements of Cash Flows for the Years Ended June 30, 2020, 2019 and 2018
|
|
Notes to Consolidated Financial Statements for the Years Ended June 30, 2020, 2019 and 2018
|
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Assets
|
|
|
|
||||
Cash
|
$
|
31,908
|
|
|
$
|
40,909
|
|
Interest-bearing deposits
|
89,714
|
|
|
30,134
|
|
||
Cash and cash equivalents
|
121,622
|
|
|
71,043
|
|
||
Commercial paper
|
304,967
|
|
|
241,446
|
|
||
Certificates of deposit in other banks
|
55,689
|
|
|
52,005
|
|
||
Securities available for sale, at fair value
|
127,537
|
|
|
121,786
|
|
||
Other investments, at cost
|
38,946
|
|
|
45,378
|
|
||
Loans held for sale
|
77,177
|
|
|
18,175
|
|
||
Total loans, net of deferred loan costs
|
2,769,119
|
|
|
2,705,190
|
|
||
Allowance for loan losses
|
(28,072
|
)
|
|
(21,429
|
)
|
||
Net loans
|
2,741,047
|
|
|
2,683,761
|
|
||
Premises and equipment, net
|
58,462
|
|
|
61,051
|
|
||
Accrued interest receivable
|
12,312
|
|
|
10,533
|
|
||
Real estate owned (REO)
|
337
|
|
|
2,929
|
|
||
Deferred income taxes
|
16,334
|
|
|
26,523
|
|
||
Bank owned life insurance (BOLI)
|
92,187
|
|
|
90,254
|
|
||
Goodwill
|
25,638
|
|
|
25,638
|
|
||
Core deposit intangibles
|
1,078
|
|
|
2,499
|
|
||
Other assets
|
49,519
|
|
|
23,157
|
|
||
Total Assets
|
$
|
3,722,852
|
|
|
$
|
3,476,178
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
|
||
Deposits
|
$
|
2,785,756
|
|
|
$
|
2,327,257
|
|
Borrowings
|
475,000
|
|
|
680,000
|
|
||
Other liabilities
|
53,833
|
|
|
60,025
|
|
||
Total liabilities
|
3,314,589
|
|
|
3,067,282
|
|
||
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, 17,021,357 shares issued and outstanding at June 30, 2020; 17,984,105 at June 30, 2019
|
170
|
|
|
180
|
|
||
Additional paid in capital
|
169,648
|
|
|
190,315
|
|
||
Retained earnings
|
242,776
|
|
|
224,545
|
|
||
Unearned Employee Stock Ownership Plan (ESOP) shares
|
(6,348
|
)
|
|
(6,877
|
)
|
||
Accumulated other comprehensive income
|
2,017
|
|
|
733
|
|
||
Total stockholders’ equity
|
408,263
|
|
|
408,896
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
3,722,852
|
|
|
$
|
3,476,178
|
|
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Interest and Dividend Income
|
|
|
|
|
|
||||||
Loans
|
$
|
122,174
|
|
|
$
|
121,903
|
|
|
$
|
105,082
|
|
Commercial paper and interest-bearing deposits
|
7,699
|
|
|
8,278
|
|
|
5,939
|
|
|||
Securities available for sale
|
3,687
|
|
|
3,443
|
|
|
3,668
|
|
|||
Other investments
|
2,694
|
|
|
3,590
|
|
|
2,713
|
|
|||
Total interest and dividend income
|
136,254
|
|
|
137,214
|
|
|
117,402
|
|
|||
Interest Expense
|
|
|
|
|
|
|
|
|
|||
Deposits
|
22,837
|
|
|
15,757
|
|
|
6,758
|
|
|||
Borrowings
|
9,313
|
|
|
14,626
|
|
|
9,314
|
|
|||
Total interest expense
|
32,150
|
|
|
30,383
|
|
|
16,072
|
|
|||
Net Interest Income
|
104,104
|
|
|
106,831
|
|
|
101,330
|
|
|||
Provision for Loan Losses
|
8,500
|
|
|
5,700
|
|
|
—
|
|
|||
Net Interest Income after Provision for Loan Losses
|
95,604
|
|
|
101,131
|
|
|
101,330
|
|
|||
Noninterest Income
|
|
|
|
|
|
|
|
|
|||
Service charges and fees on deposit accounts
|
9,382
|
|
|
9,611
|
|
|
8,802
|
|
|||
Loan income and fees
|
2,494
|
|
|
1,422
|
|
|
1,176
|
|
|||
Gain on sale of loans held for sale
|
9,946
|
|
|
6,218
|
|
|
4,276
|
|
|||
BOLI income
|
2,246
|
|
|
2,103
|
|
|
2,117
|
|
|||
Gain from sale of premises and equipment
|
—
|
|
|
—
|
|
|
164
|
|
|||
Other, net
|
6,264
|
|
|
3,586
|
|
|
2,437
|
|
|||
Total noninterest income
|
30,332
|
|
|
22,940
|
|
|
18,972
|
|
|||
Noninterest Expense
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits
|
56,709
|
|
|
52,291
|
|
|
48,170
|
|
|||
Net occupancy expense
|
9,228
|
|
|
9,454
|
|
|
9,689
|
|
|||
Computer services
|
8,153
|
|
|
7,664
|
|
|
6,440
|
|
|||
Telephone, postage, and supplies
|
3,275
|
|
|
3,040
|
|
|
2,958
|
|
|||
Marketing and advertising
|
1,872
|
|
|
1,853
|
|
|
1,478
|
|
|||
Deposit insurance premiums
|
900
|
|
|
1,426
|
|
|
1,619
|
|
|||
Loss on sale and impairment of REO
|
536
|
|
|
439
|
|
|
127
|
|
|||
REO expense
|
939
|
|
|
874
|
|
|
1,065
|
|
|||
Core deposit intangible amortization
|
1,421
|
|
|
2,029
|
|
|
2,645
|
|
|||
Other
|
14,096
|
|
|
11,064
|
|
|
11,140
|
|
|||
Total noninterest expense
|
97,129
|
|
|
90,134
|
|
|
85,331
|
|
|||
Income Before Income Taxes
|
28,807
|
|
|
33,937
|
|
|
34,971
|
|
|||
Income Tax Expense
|
6,024
|
|
|
6,791
|
|
|
26,736
|
|
|||
Net Income
|
$
|
22,783
|
|
|
$
|
27,146
|
|
|
$
|
8,235
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|||
Net income per common share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
1.34
|
|
|
$
|
1.52
|
|
|
$
|
0.45
|
|
Diluted
|
$
|
1.30
|
|
|
$
|
1.46
|
|
|
$
|
0.44
|
|
Average shares outstanding:
|
|
|
|
|
|
|
|
|
|||
Basic
|
16,729,056
|
|
|
17,692,493
|
|
|
18,028,854
|
|
|||
Diluted
|
17,292,239
|
|
|
18,393,184
|
|
|
18,726,431
|
|
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Net Income
|
$
|
22,783
|
|
|
$
|
27,146
|
|
|
$
|
8,235
|
|
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|||
Unrealized holding gains (losses) on securities available for sale
|
|
|
|
|
|
|
|
|
|||
Gains (losses) arising during the period
|
$
|
1,667
|
|
|
$
|
3,027
|
|
|
$
|
(2,489
|
)
|
Deferred income tax benefit (expense)
|
(383
|
)
|
|
(696
|
)
|
|
618
|
|
|||
Total other comprehensive income (loss)
|
$
|
1,284
|
|
|
$
|
2,331
|
|
|
$
|
(1,871
|
)
|
Comprehensive Income
|
$
|
24,067
|
|
|
$
|
29,477
|
|
|
$
|
6,364
|
|
|
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, 2017
|
18,967,875
|
|
|
$
|
190
|
|
|
$
|
213,459
|
|
|
$
|
191,660
|
|
|
$
|
(7,935
|
)
|
|
$
|
273
|
|
|
$
|
397,647
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
8,235
|
|
|
—
|
|
|
—
|
|
|
8,235
|
|
||||||
Cumulative-effect adjustment on the change in accounting for share-based payments
|
—
|
|
|
—
|
|
|
—
|
|
|
680
|
|
|
—
|
|
|
—
|
|
|
680
|
|
||||||
Granted restricted stock
|
55,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeited restricted stock
|
(6,600
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retired stock
|
(19,007
|
)
|
|
—
|
|
|
(494
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(494
|
)
|
||||||
Exercised stock options
|
44,200
|
|
|
1
|
|
|
650
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
651
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
1,758
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,758
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
1,269
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,269
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
838
|
|
|
—
|
|
|
529
|
|
|
—
|
|
|
1,367
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,871
|
)
|
|
(1,871
|
)
|
||||||
Balance at June 30, 2018
|
19,041,668
|
|
|
$
|
191
|
|
|
$
|
217,480
|
|
|
$
|
200,575
|
|
|
$
|
(7,406
|
)
|
|
$
|
(1,598
|
)
|
|
$
|
409,242
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
27,146
|
|
|
—
|
|
|
—
|
|
|
27,146
|
|
||||||
Cash dividends declared on common stock, $0.18/common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,176
|
)
|
|
—
|
|
|
—
|
|
|
(3,176
|
)
|
||||||
Stock repurchased
|
(1,149,785
|
)
|
|
(11
|
)
|
|
(30,627
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,638
|
)
|
||||||
Granted restricted stock
|
23,625
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeited restricted stock
|
(4,300
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retired stock
|
(7,414
|
)
|
|
|
|
(205
|
)
|
|
|
|
|
|
|
|
(205
|
)
|
||||||||||
Exercised stock options
|
80,311
|
|
|
—
|
|
|
1,173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,173
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
736
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
736
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
865
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
865
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
893
|
|
|
—
|
|
|
529
|
|
|
—
|
|
|
1,422
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,331
|
|
|
2,331
|
|
||||||
Balance at June 30, 2019
|
17,984,105
|
|
|
$
|
180
|
|
|
$
|
190,315
|
|
|
$
|
224,545
|
|
|
$
|
(6,877
|
)
|
|
$
|
733
|
|
|
$
|
408,896
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
22,783
|
|
|
—
|
|
|
—
|
|
|
22,783
|
|
||||||
Cash dividends declared on common stock, $0.27/common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,552
|
)
|
|
—
|
|
|
—
|
|
|
(4,552
|
)
|
||||||
Stock repurchased
|
(1,114,094
|
)
|
|
(12
|
)
|
|
(24,472
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,484
|
)
|
||||||
Granted restricted stock
|
56,306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Forfeited restricted stock
|
(3,400
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retired stock
|
(8,474
|
)
|
|
—
|
|
|
(222
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(222
|
)
|
||||||
Exercised stock options
|
106,914
|
|
|
2
|
|
|
1,539
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,541
|
|
||||||
Stock option expense
|
—
|
|
|
—
|
|
|
717
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
717
|
|
||||||
Restricted stock expense
|
—
|
|
|
—
|
|
|
1,105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,105
|
|
||||||
ESOP shares allocated
|
—
|
|
|
—
|
|
|
666
|
|
|
—
|
|
|
529
|
|
|
—
|
|
|
1,195
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,284
|
|
|
1,284
|
|
||||||
Balance at June 30, 2020
|
17,021,357
|
|
|
$
|
170
|
|
|
$
|
169,648
|
|
|
$
|
242,776
|
|
|
$
|
(6,348
|
)
|
|
$
|
2,017
|
|
|
$
|
408,263
|
|
|
|
|
|
|
|
||||||
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
22,783
|
|
|
$
|
27,146
|
|
|
$
|
8,235
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
||||
Provision for loan losses
|
8,500
|
|
|
5,700
|
|
|
—
|
|
|||
Depreciation
|
5,856
|
|
|
4,243
|
|
|
3,810
|
|
|||
Deferred income tax expense
|
5,196
|
|
|
5,346
|
|
|
26,121
|
|
|||
Net amortization and accretion
|
(5,352
|
)
|
|
(6,828
|
)
|
|
(5,950
|
)
|
|||
Gain on sale of premises and equipment
|
—
|
|
|
—
|
|
|
(164
|
)
|
|||
Loss on sale and impairment of REO
|
536
|
|
|
439
|
|
|
127
|
|
|||
BOLI income
|
(2,246
|
)
|
|
(2,103
|
)
|
|
(2,117
|
)
|
|||
Gain on sale of loans held for sale
|
(9,946
|
)
|
|
(6,218
|
)
|
|
(4,276
|
)
|
|||
Origination of loans held for sale
|
(377,741
|
)
|
|
(190,870
|
)
|
|
(143,755
|
)
|
|||
Proceeds from sales of loans held for sale
|
313,967
|
|
|
174,973
|
|
|
143,350
|
|
|||
Increase (decrease) in deferred loan fees, net
|
(187
|
)
|
|
(768
|
)
|
|
181
|
|
|||
Increase in accrued interest receivable and other assets
|
(4,584
|
)
|
|
(4,835
|
)
|
|
(1,246
|
)
|
|||
Core deposit intangible amortization
|
1,421
|
|
|
2,029
|
|
|
2,645
|
|
|||
ESOP compensation expense
|
1,195
|
|
|
1,422
|
|
|
1,367
|
|
|||
Restricted stock and stock option expense
|
1,822
|
|
|
1,601
|
|
|
3,027
|
|
|||
Increase in other liabilities
|
(3,280
|
)
|
|
(3,649
|
)
|
|
(36
|
)
|
|||
Net cash provided by (used in) operating activities
|
(42,060
|
)
|
|
7,628
|
|
|
31,319
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
|
|||
Purchase of securities available for sale
|
(77,228
|
)
|
|
(34,675
|
)
|
|
—
|
|
|||
Proceeds from maturities of securities available for sale
|
57,894
|
|
|
38,430
|
|
|
20,675
|
|
|||
Purchase of commercial paper, net
|
(57,535
|
)
|
|
(5,824
|
)
|
|
(75,202
|
)
|
|||
Purchase of certificates of deposit in other banks
|
(32,949
|
)
|
|
(18,154
|
)
|
|
(17,201
|
)
|
|||
Maturities of certificates of deposit in other banks
|
29,265
|
|
|
33,086
|
|
|
82,538
|
|
|||
Principal repayments of mortgage-backed securities
|
14,512
|
|
|
31,627
|
|
|
20,471
|
|
|||
Net redemptions (purchases) of other investments
|
6,432
|
|
|
(3,447
|
)
|
|
2,141
|
|
|||
Proceeds from sale of loans not originated for sale
|
154,870
|
|
|
—
|
|
|
—
|
|
|||
Net increase in loans
|
(205,693
|
)
|
|
(173,754
|
)
|
|
(168,602
|
)
|
|||
Purchase of BOLI
|
(164
|
)
|
|
(137
|
)
|
|
(76
|
)
|
|||
Proceeds from redemption of BOLI
|
477
|
|
|
14
|
|
|
146
|
|
|||
Purchase of equipment for operating leases and other assets
|
(13,993
|
)
|
|
(16,578
|
)
|
|
—
|
|
|||
Purchase of premises and equipment
|
(2,925
|
)
|
|
(2,124
|
)
|
|
(3,458
|
)
|
|||
Proceeds from sale of premises and equipment
|
—
|
|
|
—
|
|
|
923
|
|
|||
Capital improvements to REO
|
—
|
|
|
—
|
|
|
(30
|
)
|
|||
Proceeds from sale of REO
|
2,102
|
|
|
1,047
|
|
|
3,883
|
|
|||
Acquisition of United Financial of North Carolina, Inc.
|
—
|
|
|
—
|
|
|
(225
|
)
|
|||
Net cash used in investing activities
|
(124,935
|
)
|
|
(150,489
|
)
|
|
(134,017
|
)
|
|
|
|
|
|
|
||||||
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Net increase in deposits
|
450,291
|
|
|
131,004
|
|
|
147,802
|
|
|||
Net increase (decrease) in borrowings
|
(205,000
|
)
|
|
45,000
|
|
|
(61,500
|
)
|
|||
Common stock repurchased
|
(24,484
|
)
|
|
(30,638
|
)
|
|
—
|
|
|||
Cash dividends paid
|
(4,552
|
)
|
|
(3,176
|
)
|
|
—
|
|
|||
Retired stock
|
(222
|
)
|
|
(205
|
)
|
|
(494
|
)
|
|||
Exercised stock options
|
1,541
|
|
|
1,173
|
|
|
651
|
|
|||
Net cash provided by financing activities
|
217,574
|
|
|
143,158
|
|
|
86,459
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
50,579
|
|
|
297
|
|
|
(16,239
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
71,043
|
|
|
70,746
|
|
|
86,985
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
121,622
|
|
|
$
|
71,043
|
|
|
$
|
70,746
|
|
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Supplemental Disclosures:
|
|
|
|
|
|
||||||
Cash paid during the period for:
|
|
|
|
|
|
||||||
Interest
|
$
|
33,315
|
|
|
$
|
28,997
|
|
|
$
|
15,716
|
|
Income taxes
|
1,686
|
|
|
1,549
|
|
|
887
|
|
|||
Noncash transactions:
|
|
|
|
|
|
|
|
|
|||
Unrealized gain (loss) in value of securities available for sale, net of income taxes
|
1,284
|
|
|
2,331
|
|
|
(1,871
|
)
|
|||
Transfers of loans to REO
|
46
|
|
|
731
|
|
|
1,346
|
|
|||
Transfers from loans held for sale to total loans held for investment
|
98,288
|
|
|
—
|
|
|
—
|
|
|||
Transfers of loans to held for sale from loans held for investment
|
240,453
|
|
|
5,794
|
|
|
—
|
|
|||
New ROU asset and lease liabilities from adoption of new lease accounting standard
|
5,296
|
|
|
—
|
|
|
—
|
|
|||
Transfer of land from property & equipment to other assets for new finance lease accounting
|
2,052
|
|
|
—
|
|
|
—
|
|
|
June 30, 2020
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
U.S. government agencies
|
$
|
3,957
|
|
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
4,173
|
|
Residential MBS of U.S. government agencies and GSEs
|
46,629
|
|
|
1,776
|
|
|
(50
|
)
|
|
48,355
|
|
||||
Municipal bonds
|
16,090
|
|
|
541
|
|
|
—
|
|
|
16,631
|
|
||||
Corporate bonds
|
58,242
|
|
|
270
|
|
|
(134
|
)
|
|
58,378
|
|
||||
Total
|
$
|
124,918
|
|
|
$
|
2,803
|
|
|
$
|
(184
|
)
|
|
$
|
127,537
|
|
|
June 30, 2019
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
U.S. government agencies
|
$
|
15,099
|
|
|
$
|
122
|
|
|
$
|
(11
|
)
|
|
$
|
15,210
|
|
Residential MBS of U.S. government agencies and GSEs
|
74,778
|
|
|
586
|
|
|
(184
|
)
|
|
75,180
|
|
||||
Municipal bonds
|
24,896
|
|
|
423
|
|
|
(7
|
)
|
|
25,312
|
|
||||
Corporate bonds
|
6,061
|
|
|
43
|
|
|
(20
|
)
|
|
6,084
|
|
||||
Equity securities
|
—
|
|
|
—
|
|
|
|
|
|
$
|
—
|
|
|||
Total
|
$
|
120,834
|
|
|
$
|
1,174
|
|
|
$
|
(222
|
)
|
|
$
|
121,786
|
|
|
June 30, 2020
|
||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
Due within one year
|
$
|
29,190
|
|
|
$
|
29,247
|
|
Due after one year through five years
|
44,881
|
|
|
45,516
|
|
||
Due after five years through ten years
|
2,434
|
|
|
2,630
|
|
||
Due after ten years
|
1,784
|
|
|
1,789
|
|
||
Mortgage-backed securities
|
46,629
|
|
|
48,355
|
|
||
Total
|
$
|
124,918
|
|
|
$
|
127,537
|
|
|
June 30, 2019
|
||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
||||
Due within one year
|
$
|
5,350
|
|
|
$
|
5,359
|
|
Due after one year through five years
|
30,526
|
|
|
30,784
|
|
||
Due after five years through ten years
|
5,538
|
|
|
5,798
|
|
||
Due after ten years
|
4,642
|
|
|
4,665
|
|
||
Mortgage-backed securities
|
74,778
|
|
|
75,180
|
|
||
Total
|
$
|
120,834
|
|
|
$
|
121,786
|
|
|
June 30, 2020
|
||||||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Residential MBS of U.S. government agencies and GSEs
|
$
|
227
|
|
|
$
|
(10
|
)
|
|
$
|
2,435
|
|
|
$
|
(40
|
)
|
|
$
|
2,662
|
|
|
$
|
(50
|
)
|
Corporate bonds
|
11,779
|
|
|
(134
|
)
|
|
—
|
|
|
—
|
|
|
11,779
|
|
|
(134
|
)
|
||||||
Total
|
$
|
12,006
|
|
|
$
|
(144
|
)
|
|
$
|
2,435
|
|
|
$
|
(40
|
)
|
|
$
|
14,441
|
|
|
$
|
(184
|
)
|
|
June 30, 2019
|
||||||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,988
|
|
|
$
|
(11
|
)
|
|
$
|
6,988
|
|
|
$
|
(11
|
)
|
Residential MBS of U.S. government agencies and GSEs
|
1,144
|
|
|
(3
|
)
|
|
24,242
|
|
|
(181
|
)
|
|
25,386
|
|
|
(184
|
)
|
||||||
Municipal bonds
|
—
|
|
|
—
|
|
|
4,895
|
|
|
(7
|
)
|
|
4,895
|
|
|
(7
|
)
|
||||||
Corporate bonds
|
$
|
393
|
|
|
$
|
(5
|
)
|
|
$
|
3,630
|
|
|
$
|
(15
|
)
|
|
$
|
4,023
|
|
|
$
|
(20
|
)
|
Total
|
$
|
1,537
|
|
|
$
|
(8
|
)
|
|
$
|
39,755
|
|
|
$
|
(214
|
)
|
|
$
|
41,292
|
|
|
$
|
(222
|
)
|
3.
|
Other Investments
|
|
June 30, 2020
|
|
June 30, 2019
|
||||
FHLB of Atlanta stock
|
$
|
23,309
|
|
|
$
|
31,969
|
|
FRB stock
|
7,368
|
|
|
7,335
|
|
||
SBIC investments
|
8,269
|
|
|
6,074
|
|
||
Total
|
$
|
38,946
|
|
|
$
|
45,378
|
|
4.
|
Loans Held For Sale
|
|
June 30, 2020
|
|
June 30, 2019
|
||||
One-to-four family
|
$
|
28,152
|
|
|
$
|
8,196
|
|
SBA
|
1,240
|
|
|
3,746
|
|
||
HELOCs
|
47,785
|
|
|
6,233
|
|
||
Total
|
$
|
77,177
|
|
|
$
|
18,175
|
|
|
June 30,
2020 |
|
June 30,
2019 |
||||
Retail consumer loans:
|
|
|
|
||||
One-to-four family
|
$
|
473,693
|
|
|
$
|
660,591
|
|
HELOCs - originated
|
137,447
|
|
|
139,435
|
|
||
HELOCs - purchased
|
71,781
|
|
|
116,972
|
|
||
Construction and land/lots
|
81,859
|
|
|
80,602
|
|
||
Indirect auto finance
|
132,303
|
|
|
153,448
|
|
||
Consumer
|
10,259
|
|
|
11,416
|
|
||
Total retail consumer loans
|
907,342
|
|
|
1,162,464
|
|
||
Commercial loans:
|
|
|
|
||||
Commercial real estate
|
1,052,906
|
|
|
927,261
|
|
||
Construction and development
|
215,934
|
|
|
210,916
|
|
||
Commercial and industrial
|
154,825
|
|
|
160,471
|
|
||
Equipment finance
|
229,239
|
|
|
132,058
|
|
||
Municipal leases
|
127,987
|
|
|
112,016
|
|
||
Paycheck Protection Program
|
80,697
|
|
|
—
|
|
||
Total commercial loans
|
1,861,588
|
|
|
1,542,722
|
|
||
Total loans
|
2,768,930
|
|
|
2,705,186
|
|
||
Deferred loan costs, net
|
189
|
|
|
4
|
|
||
Total loans, net of deferred loan costs
|
2,769,119
|
|
|
2,705,190
|
|
||
Allowance for loan and lease losses
|
(28,072
|
)
|
|
(21,429
|
)
|
||
Net loans
|
$
|
2,741,047
|
|
|
$
|
2,683,761
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
458,248
|
|
|
$
|
1,724
|
|
|
$
|
9,042
|
|
|
$
|
206
|
|
|
$
|
—
|
|
|
$
|
469,220
|
|
HELOCs - originated
|
134,697
|
|
|
902
|
|
|
1,848
|
|
|
—
|
|
|
—
|
|
|
137,447
|
|
||||||
HELOCs - purchased
|
71,119
|
|
|
—
|
|
|
662
|
|
|
—
|
|
|
—
|
|
|
71,781
|
|
||||||
Construction and land/lots
|
81,112
|
|
|
—
|
|
|
402
|
|
|
—
|
|
|
—
|
|
|
81,514
|
|
||||||
Indirect auto finance
|
130,975
|
|
|
—
|
|
|
1,328
|
|
|
|
|
|
—
|
|
|
132,303
|
|
||||||
Consumer
|
9,894
|
|
|
4
|
|
|
361
|
|
|
—
|
|
|
—
|
|
|
10,259
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
1,028,709
|
|
|
7,580
|
|
|
10,779
|
|
|
—
|
|
|
16
|
|
|
1,047,084
|
|
||||||
Construction and development
|
212,370
|
|
|
2,723
|
|
|
250
|
|
|
1
|
|
|
—
|
|
|
215,344
|
|
||||||
Commercial and industrial
|
130,202
|
|
|
20,439
|
|
|
2,622
|
|
|
—
|
|
|
—
|
|
|
153,263
|
|
||||||
Equipment finance
|
228,288
|
|
|
150
|
|
|
801
|
|
|
—
|
|
|
—
|
|
|
229,239
|
|
||||||
Municipal leases
|
127,706
|
|
|
281
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127,987
|
|
||||||
Paycheck Protection Program
|
80,697
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,697
|
|
||||||
Total loans
|
$
|
2,694,017
|
|
|
$
|
33,803
|
|
|
$
|
28,095
|
|
|
$
|
207
|
|
|
$
|
16
|
|
|
$
|
2,756,138
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
644,159
|
|
|
$
|
2,089
|
|
|
$
|
8,072
|
|
|
$
|
384
|
|
|
$
|
19
|
|
|
$
|
654,723
|
|
HELOCs - originated
|
137,001
|
|
|
766
|
|
|
1,434
|
|
|
—
|
|
|
9
|
|
|
139,210
|
|
||||||
HELOCs - purchased
|
116,306
|
|
|
—
|
|
|
666
|
|
|
—
|
|
|
—
|
|
|
116,972
|
|
||||||
Construction and land/lots
|
79,995
|
|
|
71
|
|
|
164
|
|
|
—
|
|
|
—
|
|
|
80,230
|
|
||||||
Indirect auto finance
|
152,393
|
|
|
13
|
|
|
1,042
|
|
|
|
|
|
—
|
|
|
153,448
|
|
||||||
Consumer
|
11,375
|
|
|
1
|
|
|
33
|
|
|
3
|
|
|
4
|
|
|
11,416
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
901,214
|
|
|
8,066
|
|
|
10,306
|
|
|
—
|
|
|
—
|
|
|
919,586
|
|
||||||
Construction and development
|
207,827
|
|
|
790
|
|
|
1,357
|
|
|
1
|
|
|
—
|
|
|
209,975
|
|
||||||
Commercial and industrial
|
157,325
|
|
|
877
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|
158,802
|
|
||||||
Equipment finance
|
131,674
|
|
|
—
|
|
|
384
|
|
|
—
|
|
|
—
|
|
|
132,058
|
|
||||||
Municipal leases
|
111,721
|
|
|
295
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
112,016
|
|
||||||
Total loans
|
$
|
2,650,990
|
|
|
$
|
12,968
|
|
|
$
|
24,058
|
|
|
$
|
388
|
|
|
$
|
32
|
|
|
$
|
2,688,436
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
2,994
|
|
|
$
|
465
|
|
|
$
|
1,014
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,473
|
|
Construction and land/lots
|
108
|
|
|
—
|
|
|
237
|
|
|
—
|
|
|
—
|
|
|
345
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
3,181
|
|
|
1,742
|
|
|
899
|
|
|
—
|
|
|
—
|
|
|
5,822
|
|
||||||
Construction and development
|
271
|
|
|
—
|
|
|
319
|
|
|
—
|
|
|
—
|
|
|
590
|
|
||||||
Commercial and industrial
|
1,556
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
1,562
|
|
||||||
Total loans
|
$
|
8,110
|
|
|
$
|
2,207
|
|
|
$
|
2,472
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
12,792
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
4,124
|
|
|
$
|
248
|
|
|
$
|
1,496
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,868
|
|
HELOCs - originated
|
225
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
225
|
|
||||||
Construction and land/lots
|
142
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|
372
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
4,503
|
|
|
1,903
|
|
|
1,300
|
|
|
—
|
|
|
—
|
|
|
7,706
|
|
||||||
Construction and development
|
453
|
|
|
—
|
|
|
488
|
|
|
—
|
|
|
—
|
|
|
941
|
|
||||||
Commercial and industrial
|
1,666
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1,669
|
|
||||||
Total loans
|
$
|
11,113
|
|
|
$
|
2,151
|
|
|
$
|
3,514
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
16,781
|
|
|
Past Due
|
|
|
|
Total
|
||||||||||||||
|
30-89 Days
|
|
90 Days+
|
|
Total
|
|
Current
|
|
Loans
|
||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
1,679
|
|
|
$
|
3,147
|
|
|
$
|
4,826
|
|
|
$
|
468,867
|
|
|
$
|
473,693
|
|
HELOCs - originated
|
442
|
|
|
310
|
|
|
752
|
|
|
136,695
|
|
|
137,447
|
|
|||||
HELOCs - purchased
|
214
|
|
|
47
|
|
|
261
|
|
|
71,520
|
|
|
71,781
|
|
|||||
Construction and land/lots
|
—
|
|
|
252
|
|
|
252
|
|
|
81,607
|
|
|
81,859
|
|
|||||
Indirect auto finance
|
756
|
|
|
285
|
|
|
1,041
|
|
|
131,262
|
|
|
132,303
|
|
|||||
Consumer
|
30
|
|
|
25
|
|
|
55
|
|
|
10,204
|
|
|
10,259
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
4,528
|
|
|
2,892
|
|
|
7,420
|
|
|
1,045,486
|
|
|
1,052,906
|
|
|||||
Construction and development
|
293
|
|
|
341
|
|
|
634
|
|
|
215,300
|
|
|
215,934
|
|
|||||
Commercial and industrial
|
—
|
|
|
91
|
|
|
91
|
|
|
154,734
|
|
|
154,825
|
|
|||||
Equipment finance
|
303
|
|
|
498
|
|
|
801
|
|
|
228,438
|
|
|
229,239
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
127,987
|
|
|
127,987
|
|
|||||
Paycheck Protection Program
|
—
|
|
|
—
|
|
|
—
|
|
|
80,697
|
|
|
80,697
|
|
|||||
Total loans
|
$
|
8,245
|
|
|
$
|
7,888
|
|
|
$
|
16,133
|
|
|
$
|
2,752,797
|
|
|
$
|
2,768,930
|
|
|
Past Due
|
|
|
|
Total
|
||||||||||||||
|
30-89 Days
|
|
90 Days+
|
|
Total
|
|
Current
|
|
Loans
|
||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
1,615
|
|
|
$
|
1,389
|
|
|
$
|
3,004
|
|
|
$
|
657,587
|
|
|
$
|
660,591
|
|
HELOCs - originated
|
226
|
|
|
231
|
|
|
457
|
|
|
138,978
|
|
|
139,435
|
|
|||||
HELOCs - purchased
|
—
|
|
|
485
|
|
|
485
|
|
|
116,487
|
|
|
116,972
|
|
|||||
Construction and land/lots
|
138
|
|
|
6
|
|
|
144
|
|
|
80,458
|
|
|
80,602
|
|
|||||
Indirect auto finance
|
459
|
|
|
237
|
|
|
696
|
|
|
152,752
|
|
|
153,448
|
|
|||||
Consumer
|
6
|
|
|
8
|
|
|
14
|
|
|
11,402
|
|
|
11,416
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
2,279
|
|
|
516
|
|
|
2,795
|
|
|
924,466
|
|
|
927,261
|
|
|||||
Construction and development
|
—
|
|
|
1,133
|
|
|
1,133
|
|
|
209,783
|
|
|
210,916
|
|
|||||
Commercial and industrial
|
207
|
|
|
99
|
|
|
306
|
|
|
160,165
|
|
|
160,471
|
|
|||||
Equipment finance
|
649
|
|
|
384
|
|
|
1,033
|
|
|
131,025
|
|
|
132,058
|
|
|||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
112,016
|
|
|
112,016
|
|
|||||
Total loans
|
$
|
5,579
|
|
|
$
|
4,488
|
|
|
$
|
10,067
|
|
|
$
|
2,695,119
|
|
|
$
|
2,705,186
|
|
|
June 30, 2020
|
|
June 30, 2019
|
||||||||||||
|
Nonaccruing
|
|
90 Days + &
still accruing
|
|
Nonaccruing
|
|
90 Days + &
still accruing
|
||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
3,582
|
|
|
$
|
—
|
|
|
$
|
3,223
|
|
|
$
|
—
|
|
HELOCs - originated
|
531
|
|
|
—
|
|
|
372
|
|
|
—
|
|
||||
HELOCs - purchased
|
662
|
|
|
—
|
|
|
666
|
|
|
—
|
|
||||
Construction and land/lots
|
37
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Indirect auto finance
|
668
|
|
|
—
|
|
|
463
|
|
|
—
|
|
||||
Consumer
|
49
|
|
|
—
|
|
|
21
|
|
|
—
|
|
||||
Commercial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
8,869
|
|
|
—
|
|
|
3,559
|
|
|
—
|
|
||||
Construction and development
|
465
|
|
|
—
|
|
|
1,357
|
|
|
—
|
|
||||
Commercial and industrial
|
259
|
|
|
—
|
|
|
307
|
|
|
—
|
|
||||
Equipment finance
|
801
|
|
|
—
|
|
|
384
|
|
|
—
|
|
||||
Total loans
|
$
|
15,923
|
|
|
$
|
—
|
|
|
$
|
10,358
|
|
|
$
|
—
|
|
|
June 30, 2020
|
|
June 30, 2019
|
||||
Performing TDRs included in impaired loans
|
$
|
13,153
|
|
|
$
|
23,116
|
|
|
June 30, 2020
|
||||||||||||||
|
PCI
|
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
||||||||
Balance at beginning of period
|
$
|
201
|
|
|
$
|
6,419
|
|
|
$
|
14,809
|
|
|
$
|
21,429
|
|
Provision for (recovery of) loan losses
|
(19
|
)
|
|
(137
|
)
|
|
8,656
|
|
|
8,500
|
|
||||
Charge-offs
|
—
|
|
|
(855
|
)
|
|
(2,961
|
)
|
|
(3,816
|
)
|
||||
Recoveries
|
—
|
|
|
1,479
|
|
|
480
|
|
|
1,959
|
|
||||
Balance at end of period
|
$
|
182
|
|
|
$
|
6,906
|
|
|
$
|
20,984
|
|
|
$
|
28,072
|
|
|
June 30, 2019
|
||||||||||||||
|
PCI
|
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
||||||||
Balance at beginning of period
|
$
|
483
|
|
|
$
|
7,527
|
|
|
$
|
13,050
|
|
|
$
|
21,060
|
|
Provision for (recovery of) loan losses
|
(282
|
)
|
|
(1,244
|
)
|
|
7,226
|
|
|
5,700
|
|
||||
Charge-offs
|
—
|
|
|
(1,136
|
)
|
|
(6,273
|
)
|
|
(7,409
|
)
|
||||
Recoveries
|
—
|
|
|
1,272
|
|
|
806
|
|
|
2,078
|
|
||||
Balance at end of period
|
$
|
201
|
|
|
$
|
6,419
|
|
|
$
|
14,809
|
|
|
$
|
21,429
|
|
|
June 30, 2018
|
||||||||||||||
|
PCI
|
|
Retail
Consumer
|
|
Commercial
|
|
Total
|
||||||||
Balance at beginning of period
|
$
|
727
|
|
|
$
|
8,585
|
|
|
$
|
11,839
|
|
|
$
|
21,151
|
|
Provision for (recovery of) loan losses
|
228
|
|
|
(906
|
)
|
|
678
|
|
|
—
|
|
||||
Charge-offs
|
(472
|
)
|
|
(1,142
|
)
|
|
(1,033
|
)
|
|
(2,647
|
)
|
||||
Recoveries
|
—
|
|
|
990
|
|
|
1,566
|
|
|
2,556
|
|
||||
Balance at end of period
|
$
|
483
|
|
|
$
|
7,527
|
|
|
$
|
13,050
|
|
|
$
|
21,060
|
|
|
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, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
One-to-four family
|
$
|
17
|
|
|
$
|
52
|
|
|
$
|
2,400
|
|
|
$
|
2,469
|
|
|
$
|
4,473
|
|
|
$
|
4,304
|
|
|
$
|
464,916
|
|
|
$
|
473,693
|
|
HELOCs - originated
|
—
|
|
|
—
|
|
|
1,344
|
|
|
1,344
|
|
|
—
|
|
|
—
|
|
|
137,447
|
|
|
137,447
|
|
||||||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
430
|
|
|
430
|
|
|
—
|
|
|
—
|
|
|
71,781
|
|
|
71,781
|
|
||||||||
Construction and land/lots
|
33
|
|
|
—
|
|
|
1,409
|
|
|
1,442
|
|
|
345
|
|
|
296
|
|
|
81,218
|
|
|
81,859
|
|
||||||||
Indirect auto finance
|
—
|
|
|
—
|
|
|
1,136
|
|
|
1,136
|
|
|
—
|
|
|
10
|
|
|
132,293
|
|
|
132,303
|
|
||||||||
Consumer
|
—
|
|
|
—
|
|
|
135
|
|
|
135
|
|
|
—
|
|
|
—
|
|
|
10,259
|
|
|
10,259
|
|
||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
113
|
|
|
961
|
|
|
10,731
|
|
|
11,805
|
|
|
5,822
|
|
|
7,924
|
|
|
1,039,160
|
|
|
1,052,906
|
|
||||||||
Construction and development
|
4
|
|
|
5
|
|
|
3,599
|
|
|
3,608
|
|
|
590
|
|
|
299
|
|
|
215,045
|
|
|
215,934
|
|
||||||||
Commercial and industrial
|
15
|
|
|
31
|
|
|
2,153
|
|
|
2,199
|
|
|
1,562
|
|
|
852
|
|
|
152,411
|
|
|
154,825
|
|
||||||||
Equipment finance
|
—
|
|
|
209
|
|
|
2,598
|
|
|
2,807
|
|
|
—
|
|
|
801
|
|
|
228,438
|
|
|
229,239
|
|
||||||||
Municipal leases
|
—
|
|
|
—
|
|
|
697
|
|
|
697
|
|
|
—
|
|
|
—
|
|
|
127,987
|
|
|
127,987
|
|
||||||||
Paycheck Protection Program
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,697
|
|
|
80,697
|
|
||||||||
Total
|
$
|
182
|
|
|
$
|
1,258
|
|
|
$
|
26,632
|
|
|
$
|
28,072
|
|
|
$
|
12,792
|
|
|
$
|
14,486
|
|
|
$
|
2,741,652
|
|
|
$
|
2,768,930
|
|
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
One-to-four family
|
$
|
62
|
|
|
$
|
74
|
|
|
$
|
2,375
|
|
|
$
|
2,511
|
|
|
$
|
5,868
|
|
|
$
|
5,318
|
|
|
$
|
649,405
|
|
|
$
|
660,591
|
|
HELOCs - originated
|
—
|
|
|
7
|
|
|
1,023
|
|
|
1,030
|
|
|
225
|
|
|
7
|
|
|
139,203
|
|
|
139,435
|
|
||||||||
HELOCs - purchased
|
—
|
|
|
—
|
|
|
518
|
|
|
518
|
|
|
—
|
|
|
—
|
|
|
116,972
|
|
|
116,972
|
|
||||||||
Construction and land/lots
|
—
|
|
|
—
|
|
|
1,265
|
|
|
1,265
|
|
|
372
|
|
|
323
|
|
|
79,907
|
|
|
80,602
|
|
||||||||
Indirect auto finance
|
—
|
|
|
—
|
|
|
927
|
|
|
927
|
|
|
—
|
|
|
—
|
|
|
153,448
|
|
|
153,448
|
|
||||||||
Consumer
|
—
|
|
|
4
|
|
|
226
|
|
|
230
|
|
|
—
|
|
|
4
|
|
|
11,412
|
|
|
11,416
|
|
||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
118
|
|
|
28
|
|
|
7,890
|
|
|
8,036
|
|
|
7,706
|
|
|
8,692
|
|
|
910,863
|
|
|
927,261
|
|
||||||||
Construction and development
|
4
|
|
|
5
|
|
|
3,187
|
|
|
3,196
|
|
|
941
|
|
|
1,397
|
|
|
208,578
|
|
|
210,916
|
|
||||||||
Commercial and industrial
|
17
|
|
|
2
|
|
|
1,957
|
|
|
1,976
|
|
|
1,669
|
|
|
2
|
|
|
158,800
|
|
|
160,471
|
|
||||||||
Equipment finance
|
—
|
|
|
—
|
|
|
1,305
|
|
|
1,305
|
|
|
—
|
|
|
—
|
|
|
132,058
|
|
|
132,058
|
|
||||||||
Municipal leases
|
—
|
|
|
—
|
|
|
435
|
|
|
435
|
|
|
—
|
|
|
—
|
|
|
112,016
|
|
|
112,016
|
|
||||||||
Total
|
$
|
201
|
|
|
$
|
120
|
|
|
$
|
21,108
|
|
|
$
|
21,429
|
|
|
$
|
16,781
|
|
|
$
|
15,743
|
|
|
$
|
2,672,662
|
|
|
$
|
2,705,186
|
|
|
Total Impaired Loans
|
||||||||||||||||||
|
Unpaid Principal Balance
|
|
Recorded Investment
|
|
Related
Recorded
Allowance
|
||||||||||||||
|
|
With a
Recorded
Allowance
|
|
With No
Recorded
Allowance
|
|
Total
|
|
||||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
16,560
|
|
|
$
|
10,805
|
|
|
$
|
3,374
|
|
|
$
|
14,179
|
|
|
$
|
412
|
|
HELOCs - originated
|
2,087
|
|
|
1,585
|
|
|
53
|
|
|
1,638
|
|
|
43
|
|
|||||
HELOCs - purchased
|
662
|
|
|
662
|
|
|
—
|
|
|
662
|
|
|
3
|
|
|||||
Construction and land/lots
|
1,585
|
|
|
749
|
|
|
296
|
|
|
1,045
|
|
|
13
|
|
|||||
Indirect auto finance
|
1,075
|
|
|
486
|
|
|
241
|
|
|
727
|
|
|
5
|
|
|||||
Consumer
|
297
|
|
|
38
|
|
|
27
|
|
|
65
|
|
|
2
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
10,401
|
|
|
8,062
|
|
|
1,068
|
|
|
9,130
|
|
|
976
|
|
|||||
Construction and development
|
1,785
|
|
|
818
|
|
|
80
|
|
|
898
|
|
|
11
|
|
|||||
Commercial and industrial
|
9,782
|
|
|
1,058
|
|
|
26
|
|
|
1,084
|
|
|
34
|
|
|||||
Equipment finance
|
2,631
|
|
|
303
|
|
|
498
|
|
|
801
|
|
|
209
|
|
|||||
Total impaired loans
|
$
|
46,865
|
|
|
$
|
24,566
|
|
|
$
|
5,663
|
|
|
$
|
30,229
|
|
|
$
|
1,708
|
|
June 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family
|
$
|
18,302
|
|
|
$
|
12,461
|
|
|
$
|
3,152
|
|
|
$
|
15,613
|
|
|
$
|
472
|
|
HELOCs - originated
|
2,410
|
|
|
564
|
|
|
1,219
|
|
|
1,783
|
|
|
46
|
|
|||||
HELOCs - purchased
|
666
|
|
|
—
|
|
|
666
|
|
|
666
|
|
|
—
|
|
|||||
Construction and land/lots
|
1,917
|
|
|
957
|
|
|
323
|
|
|
1,280
|
|
|
26
|
|
|||||
Indirect auto finance
|
601
|
|
|
353
|
|
|
137
|
|
|
490
|
|
|
2
|
|
|||||
Consumer
|
379
|
|
|
7
|
|
|
41
|
|
|
48
|
|
|
6
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
10,127
|
|
|
6,434
|
|
|
3,404
|
|
|
9,838
|
|
|
36
|
|
|||||
Construction and development
|
2,574
|
|
|
940
|
|
|
791
|
|
|
1,731
|
|
|
7
|
|
|||||
Commercial and industrial
|
10,173
|
|
|
354
|
|
|
768
|
|
|
1,122
|
|
|
6
|
|
|||||
Equipment finance
|
462
|
|
|
—
|
|
|
384
|
|
|
384
|
|
|
—
|
|
|||||
Total impaired loans
|
$
|
47,611
|
|
|
$
|
22,070
|
|
|
$
|
10,885
|
|
|
$
|
32,955
|
|
|
$
|
601
|
|
|
Year Ended
|
||||||||||||||||||||||
|
June 30, 2020
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||||||||||||
|
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
|
$
|
14,796
|
|
|
$
|
687
|
|
|
$
|
17,319
|
|
|
$
|
950
|
|
|
$
|
23,257
|
|
|
$
|
1,170
|
|
HELOCs - originated
|
1,698
|
|
|
99
|
|
|
1,005
|
|
|
63
|
|
|
2,304
|
|
|
104
|
|
||||||
HELOCs - purchased
|
533
|
|
|
41
|
|
|
320
|
|
|
13
|
|
|
189
|
|
|
15
|
|
||||||
Construction and land/lots
|
1,149
|
|
|
83
|
|
|
1,441
|
|
|
94
|
|
|
1,575
|
|
|
109
|
|
||||||
Indirect auto finance
|
547
|
|
|
53
|
|
|
373
|
|
|
29
|
|
|
256
|
|
|
23
|
|
||||||
Consumer
|
194
|
|
|
7
|
|
|
1,328
|
|
|
67
|
|
|
43
|
|
|
17
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
8,661
|
|
|
336
|
|
|
5,026
|
|
|
466
|
|
|
6,496
|
|
|
209
|
|
||||||
Construction and development
|
1,218
|
|
|
54
|
|
|
1,779
|
|
|
65
|
|
|
2,703
|
|
|
56
|
|
||||||
Commercial and industrial
|
868
|
|
|
236
|
|
|
315
|
|
|
249
|
|
|
1,205
|
|
|
60
|
|
||||||
Equipment finance
|
652
|
|
|
29
|
|
|
192
|
|
|
37
|
|
|
—
|
|
|
—
|
|
||||||
Municipal leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
||||||
Total loans
|
$
|
30,316
|
|
|
$
|
1,625
|
|
|
$
|
29,098
|
|
|
$
|
2,033
|
|
|
$
|
38,103
|
|
|
$
|
1,763
|
|
|
Year Ended June 30, 2020
|
|
Year Ended June 30, 2019
|
||||
Accretable yield, beginning of period
|
$
|
5,259
|
|
|
$
|
5,734
|
|
Reclass from nonaccretable yield (1)
|
458
|
|
|
576
|
|
||
Other changes, net (2)
|
(316
|
)
|
|
1,018
|
|
||
Interest income
|
(1,496
|
)
|
|
(2,069
|
)
|
||
Accretable yield, end of period
|
$
|
3,905
|
|
|
$
|
5,259
|
|
(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, 2020
|
|
June 30, 2019
|
||||
Carrying value of PCI loans
|
$
|
12,792
|
|
|
$
|
16,750
|
|
Unpaid principal balance of PCI loans
|
$
|
15,581
|
|
|
$
|
20,141
|
|
|
Year Ended June 30, 2020
|
|
Year Ended June 30, 2019
|
|
Year Ended June 30, 2018
|
|||||||||||||||||||||||||||
|
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
|
|
Number of Loans
|
|
Pre Modification Outstanding Recorded Investment
|
|
Post Modification Outstanding Recorded Investment
|
|||||||||||||||
Below market interest rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One-to-four family
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
85
|
|
|
$
|
84
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
1
|
|
|
$
|
88
|
|
|
$
|
86
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
||
Total
|
1
|
|
|
$
|
88
|
|
|
$
|
86
|
|
|
1
|
|
|
$
|
85
|
|
|
$
|
84
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Extended payment terms:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One-to-four family
|
2
|
|
|
$
|
70
|
|
|
$
|
61
|
|
|
1
|
|
|
$
|
34
|
|
|
$
|
34
|
|
|
4
|
|
|
$
|
514
|
|
|
$
|
502
|
|
Construction and land/lots
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
36
|
|
|
32
|
|
||||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
34
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
1
|
|
|
826
|
|
|
826
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
||||
Total
|
3
|
|
|
$
|
896
|
|
|
$
|
887
|
|
|
3
|
|
|
$
|
68
|
|
|
$
|
67
|
|
|
5
|
|
|
$
|
550
|
|
|
$
|
534
|
|
Other TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One-to-four family
|
5
|
|
|
$
|
511
|
|
|
$
|
502
|
|
|
18
|
|
|
$
|
1,452
|
|
|
$
|
1,433
|
|
|
25
|
|
|
$
|
3,646
|
|
|
$
|
3,747
|
|
HELOCs - originated
|
1
|
|
|
27
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Construction and land/lots
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
29
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Indirect auto finance
|
3
|
|
|
63
|
|
|
49
|
|
|
1
|
|
|
33
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
1
|
|
|
30
|
|
|
21
|
|
|
3
|
|
|
5,440
|
|
|
5,427
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Construction and development
|
1
|
|
|
182
|
|
|
79
|
|
|
1
|
|
|
182
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
11
|
|
|
$
|
813
|
|
|
$
|
678
|
|
|
25
|
|
|
$
|
7,138
|
|
|
$
|
7,098
|
|
|
26
|
|
|
$
|
3,648
|
|
|
$
|
3,749
|
|
Total
|
15
|
|
|
$
|
1,797
|
|
|
$
|
1,651
|
|
|
29
|
|
|
$
|
7,291
|
|
|
$
|
7,249
|
|
|
31
|
|
|
$
|
4,198
|
|
|
$
|
4,283
|
|
|
Year Ended June 30, 2020
|
|
Year Ended June 30, 2019
|
|
Year Ended June 30, 2018
|
|||||||||||||||
|
Number of
Loans
|
|
Recorded
Investment
|
|
Number of
Loans
|
|
Recorded
Investment
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||||||||
Other TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Retail consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
One-to-four family
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
72
|
|
|
5
|
|
|
$
|
277
|
|
Consumer
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Construction and development
|
1
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total Other TDRs
|
1
|
|
|
$
|
79
|
|
|
2
|
|
|
$
|
74
|
|
|
5
|
|
|
$
|
277
|
|
Total
|
1
|
|
|
$
|
79
|
|
|
2
|
|
|
$
|
74
|
|
|
5
|
|
|
$
|
277
|
|
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Land
|
$
|
20,785
|
|
|
$
|
19,730
|
|
Land held under capital lease(1)
|
—
|
|
|
2,052
|
|
||
Office buildings
|
59,333
|
|
|
58,952
|
|
||
Furniture, fixtures and equipment
|
15,724
|
|
|
15,918
|
|
||
Total
|
95,842
|
|
|
96,652
|
|
||
Less accumulated depreciation
|
(37,380
|
)
|
|
(35,601
|
)
|
||
Premises and equipment, net
|
$
|
58,462
|
|
|
$
|
61,051
|
|
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Loans
|
$
|
11,360
|
|
|
$
|
9,433
|
|
Securities available for sale
|
710
|
|
|
690
|
|
||
Other
|
242
|
|
|
410
|
|
||
Total
|
$
|
12,312
|
|
|
$
|
10,533
|
|
|
Year Ended
|
||||||
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Balance at beginning of period
|
$
|
2,929
|
|
|
$
|
3,684
|
|
Transfers from loans
|
46
|
|
|
731
|
|
||
Sales, net of gain/loss
|
(2,432
|
)
|
|
(1,191
|
)
|
||
Writedowns
|
(206
|
)
|
|
(295
|
)
|
||
Balance at end of period
|
$
|
337
|
|
|
$
|
2,929
|
|
2021
|
$
|
734
|
|
2022
|
251
|
|
|
2023
|
90
|
|
|
2024
|
3
|
|
|
2025
|
—
|
|
|
Total
|
$
|
1,078
|
|
|
|
|
Weighted Average
Interest Rates
|
||||||||||
|
June 30,
|
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||
Noninterest-bearing accounts
|
$
|
429,901
|
|
|
$
|
294,322
|
|
|
—
|
%
|
|
—
|
%
|
NOW accounts
|
582,299
|
|
|
452,295
|
|
|
0.10
|
%
|
|
0.15
|
%
|
||
Money market accounts
|
836,738
|
|
|
691,172
|
|
|
0.46
|
%
|
|
0.89
|
%
|
||
Savings accounts
|
197,676
|
|
|
177,278
|
|
|
0.07
|
%
|
|
0.12
|
%
|
||
Certificates of deposit
|
739,142
|
|
|
712,190
|
|
|
1.45
|
%
|
|
1.99
|
%
|
||
Total
|
$
|
2,785,756
|
|
|
$
|
2,327,257
|
|
|
0.54
|
%
|
|
0.91
|
%
|
2021
|
$
|
598,777
|
|
2022
|
97,507
|
|
|
2023
|
26,833
|
|
|
2024
|
11,207
|
|
|
2025
|
4,818
|
|
|
Thereafter
|
—
|
|
|
Total
|
$
|
739,142
|
|
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
NOW accounts
|
$
|
1,627
|
|
|
$
|
1,251
|
|
|
$
|
970
|
|
Money market accounts
|
6,910
|
|
|
5,102
|
|
|
2,442
|
|
|||
Savings accounts
|
195
|
|
|
245
|
|
|
295
|
|
|||
Certificates of deposit
|
14,105
|
|
|
9,159
|
|
|
3,051
|
|
|||
Total
|
$
|
22,837
|
|
|
$
|
15,757
|
|
|
$
|
6,758
|
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
||||||||||
|
Balance
|
|
Weighted Average
Rate
|
|
Balance
|
|
Weighted Average
Rate
|
||||||
FHLB Advances
|
$
|
475,000
|
|
|
1.39
|
%
|
|
$
|
680,000
|
|
|
2.10
|
%
|
Maturity Date
|
|
Interest Rate
|
|
Call Date
|
|
Outstanding Amount
|
||
3/6/2028
|
|
1.73%
|
|
9/8/2020
|
|
$
|
100,000
|
|
3/22/2028
|
|
1.82%
|
|
9/22/2020
|
|
50,000
|
|
|
6/5/2028
|
|
1.87%
|
|
9/8/2020
|
|
50,000
|
|
|
9/13/2028
|
|
1.76%
|
|
9/14/2020
|
|
25,000
|
|
|
11/24/2028
|
|
2.07%
|
|
8/26/2020
|
|
25,000
|
|
|
11/24/2028
|
|
1.79%
|
|
8/26/2020
|
|
25,000
|
|
|
7/23/2029
|
|
0.99%
|
|
7/23/2020
|
|
50,000
|
|
|
8/8/2029
|
|
0.92%
|
|
8/10/2020
|
|
50,000
|
|
|
2/27/2030
|
|
0.63%
|
|
2/26/2021
|
|
50,000
|
|
|
3/4/2030
|
|
0.72%
|
|
3/4/2022
|
|
50,000
|
|
|
|
|
|
|
|
|
$
|
475,000
|
|
Supplemental Balance Sheet Information:
|
June 30, 2020
|
||
ROU assets
|
$
|
4,601
|
|
Lease liabilities
|
4,590
|
|
|
Weighted-average remaining lease terms
|
5.02
|
|
|
Weighted-average discount rate
|
2.97
|
%
|
Fiscal year ending June 30:
|
|
||
2021
|
$
|
1,242
|
|
2022
|
1,115
|
|
|
2023
|
1,063
|
|
|
2022
|
593
|
|
|
2023
|
287
|
|
|
Thereafter
|
676
|
|
|
Total of future minimum payments
|
$
|
4,976
|
|
|
Year Ended June 30, 2020
|
||
Operating lease cost (included in occupancy expense)
|
$
|
1,821
|
|
Sublease income (included in other, net noninterest income)
|
(242
|
)
|
|
Total operating lease expense, net
|
1,579
|
|
Fiscal year ending June 30:
|
|
||
2021
|
$
|
134
|
|
2022
|
134
|
|
|
2023
|
134
|
|
|
2023
|
145
|
|
|
2024
|
146
|
|
|
Thereafter
|
1,848
|
|
|
Total minimum lease payments
|
2,541
|
|
|
Less: amount representing interest
|
(698
|
)
|
|
Present value of net minimum lease payments
|
$
|
1,843
|
|
ROU assets - noncash additions (operating leases)
|
$
|
5,296
|
|
ROU assets - noncash addition (finance lease)
|
2,052
|
|
|
Cash paid for amounts included in the measurement of lease liabilities (operating leases)
|
2,142
|
|
|
Cash paid for amounts included in the measurement of lease liabilities (finance leases)
|
134
|
|
Fiscal year ending June 30:
|
|
||
2021
|
$
|
4,732
|
|
2022
|
3,643
|
|
|
2023
|
2,061
|
|
|
2024
|
649
|
|
|
2025
|
104
|
|
|
Thereafter
|
—
|
|
|
Total of future minimum payments
|
$
|
11,189
|
|
|
June 30, 2020
|
||
Lease receivables
|
$
|
44,927
|
|
Fiscal year ending June 30:
|
|
||
2021
|
$
|
11,453
|
|
2022
|
11,054
|
|
|
2023
|
10,697
|
|
|
2024
|
8,813
|
|
|
2025
|
4,848
|
|
|
Thereafter
|
2,667
|
|
|
Total minimum payments
|
49,532
|
|
|
Less: amount representing interest
|
(4,605
|
)
|
|
Total
|
$
|
44,927
|
|
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
80
|
|
|
$
|
755
|
|
|
$
|
291
|
|
State
|
748
|
|
|
690
|
|
|
324
|
|
|||
Total current expense (benefit)
|
828
|
|
|
1,445
|
|
|
615
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
5,184
|
|
|
5,404
|
|
|
7,909
|
|
|||
State
|
12
|
|
|
267
|
|
|
625
|
|
|||
Adjustment due to the Tax Act
|
—
|
|
|
(325
|
)
|
|
17,587
|
|
|||
Total deferred expense
|
5,196
|
|
|
5,346
|
|
|
26,121
|
|
|||
Total income tax expense
|
$
|
6,024
|
|
|
$
|
6,791
|
|
|
$
|
26,736
|
|
|
Year Ended June 30,
|
|||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
$
|
|
Rate
|
|
$
|
|
Rate
|
|
$
|
|
Rate
|
|||||||||
Tax at federal income tax rate
|
$
|
6,049
|
|
|
21
|
%
|
|
$
|
7,127
|
|
|
21
|
%
|
|
$
|
9,617
|
|
|
28
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tax exempt income
|
(872
|
)
|
|
(3
|
)%
|
|
(855
|
)
|
|
(2
|
)%
|
|
(1,075
|
)
|
|
(3
|
)%
|
|||
Change in valuation allowance for deferred tax assets, allocated to income tax expense
|
—
|
|
|
—
|
%
|
|
(325
|
)
|
|
(1
|
)%
|
|
87
|
|
|
—
|
%
|
|||
State tax, net of federal benefit
|
600
|
|
|
2
|
%
|
|
756
|
|
|
2
|
%
|
|
688
|
|
|
2
|
%
|
|||
Change in deferred tax assets due to the Tax Act
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
17,587
|
|
|
50
|
%
|
|||
Other
|
247
|
|
|
1
|
%
|
|
88
|
|
|
—
|
%
|
|
(168
|
)
|
|
(1
|
)%
|
|||
Total
|
$
|
6,024
|
|
|
21
|
%
|
|
$
|
6,791
|
|
|
20
|
%
|
|
$
|
26,736
|
|
|
76
|
%
|
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Deferred tax assets:
|
|
|
|
||||
Alternative minimum tax credit
|
$
|
—
|
|
|
$
|
4,799
|
|
Allowance for loan losses
|
6,456
|
|
|
4,685
|
|
||
Deferred compensation and post-retirement benefits
|
8,637
|
|
|
8,988
|
|
||
Accrued vacation and sick leave
|
18
|
|
|
18
|
|
||
Impairments on real estate owned
|
198
|
|
|
461
|
|
||
Other than temporary impairment on investments
|
2,207
|
|
|
2,232
|
|
||
Net operating loss carryforward
|
4,513
|
|
|
5,092
|
|
||
Discount from business combination
|
2,192
|
|
|
2,373
|
|
||
Stock compensation plans
|
2,279
|
|
|
2,162
|
|
||
Other
|
1,256
|
|
|
1,140
|
|
||
Total gross deferred tax assets
|
27,756
|
|
|
31,950
|
|
||
Deferred tax (liabilities):
|
|
|
|
|
|
||
Depreciable basis of fixed assets
|
(6,017
|
)
|
|
(1,089
|
)
|
||
Deferred loan fees
|
(603
|
)
|
|
(520
|
)
|
||
FHLB stock, book basis in excess of tax
|
(89
|
)
|
|
(89
|
)
|
||
Unrealized gain on securities available for sale
|
(602
|
)
|
|
(219
|
)
|
||
Other
|
(4,111
|
)
|
|
(3,510
|
)
|
||
Total gross deferred tax liabilities
|
(11,422
|
)
|
|
(5,427
|
)
|
||
Net deferred tax assets
|
$
|
16,334
|
|
|
$
|
26,523
|
|
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Unallocated ESOP shares
|
634,800
|
|
|
687,700
|
|
||
Allocated ESOP shares
|
370,300
|
|
|
317,400
|
|
||
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
|
$
|
10,157
|
|
|
$
|
17,289
|
|
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Net cash surrender value of life insurance, related to deferred compensation
|
$
|
7,463
|
|
|
$
|
7,413
|
|
Deferred compensation liability, included in other liabilities
|
$
|
771
|
|
|
$
|
956
|
|
|
June 30,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
22,783
|
|
|
$
|
27,146
|
|
|
$
|
8,235
|
|
Allocation of earnings to participating securities
|
(194
|
)
|
|
(189
|
)
|
|
(60
|
)
|
|||
Numerator for basic EPS - Net income available to common stockholders
|
$
|
22,589
|
|
|
$
|
26,957
|
|
|
$
|
8,175
|
|
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Dilutive effect to participating securities
|
6
|
|
|
7
|
|
|
2
|
|
|||
Numerator for diluted EPS
|
$
|
22,595
|
|
|
$
|
26,964
|
|
|
$
|
8,177
|
|
Denominator:
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding - basic
|
16,729,056
|
|
|
17,692,493
|
|
|
18,028,854
|
|
|||
Effect of dilutive shares
|
563,183
|
|
|
700,691
|
|
|
697,577
|
|
|||
Weighted-average common shares outstanding - diluted
|
17,292,239
|
|
|
18,393,184
|
|
|
18,726,431
|
|
|||
Net income per share - basic
|
$
|
1.34
|
|
|
$
|
1.52
|
|
|
$
|
0.45
|
|
Net income per share - diluted
|
$
|
1.30
|
|
|
$
|
1.46
|
|
|
$
|
0.44
|
|
|
Options
|
|
Weighted-
average
exercise price
|
|
Remaining
contractual life
(years)
|
|
Aggregate
Intrinsic
Value
|
||||||
Options outstanding at June 30, 2017
|
1,470,043
|
|
|
15.22
|
|
|
5.8
|
|
|
$
|
13,533
|
|
|
Granted
|
360,400
|
|
|
26.01
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
44,200
|
|
|
14.72
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
24,700
|
|
|
14.43
|
|
|
—
|
|
|
—
|
|
||
Expired
|
43,273
|
|
|
23.82
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at June 30, 2018
|
1,718,270
|
|
|
$
|
17.29
|
|
|
5.9
|
|
|
$
|
18,664
|
|
Exercisable at June 30, 2018
|
1,223,470
|
|
|
$
|
14.51
|
|
|
|
|
|
|||
Granted
|
40,500
|
|
|
27.51
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
80,311
|
|
|
14.62
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
20,300
|
|
|
23.30
|
|
|
—
|
|
|
—
|
|
||
Expired
|
945
|
|
|
23.82
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at June 30, 2019
|
1,657,214
|
|
|
$
|
17.59
|
|
|
5.0
|
|
|
$
|
12,909
|
|
Exercisable at June 30, 2019
|
1,279,614
|
|
|
$
|
15.39
|
|
|
|
|
|
|||
Granted
|
66,000
|
|
|
25.46
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
106,914
|
|
|
14.41
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
800
|
|
|
17.35
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at June 30, 2020
|
1,615,500
|
|
|
$
|
18.12
|
|
|
4.4
|
|
|
$
|
1,711
|
|
Exercisable at June 30, 2020
|
1,298,000
|
|
|
$
|
16.27
|
|
|
3.5
|
|
|
$
|
1,701
|
|
Non-vested at June 30, 2020
|
317,500
|
|
|
$
|
25.67
|
|
|
7.9
|
|
|
$
|
105
|
|
|
Restricted
stock awards
|
|
Weighted-
average grant
date fair value
|
|
Aggregate
Intrinsic
Value
|
|||||
Non-vested at June 30, 2017
|
185,630
|
|
|
$
|
17.46
|
|
|
$
|
3,419
|
|
Granted
|
55,200
|
|
|
25.89
|
|
|
—
|
|
||
Vested
|
100,820
|
|
|
15.14
|
|
|
—
|
|
||
Forfeited
|
6,600
|
|
|
14.37
|
|
|
—
|
|
||
Non-vested at June 30, 2018
|
133,410
|
|
|
$
|
22.85
|
|
|
$
|
3,755
|
|
Granted
|
34,000
|
|
|
27.51
|
|
|
—
|
|
||
Vested
|
39,310
|
|
|
21.64
|
|
|
—
|
|
||
Forfeited
|
4,300
|
|
|
19.08
|
|
|
—
|
|
||
Non-vested at June 30, 2019
|
123,800
|
|
|
$
|
24.65
|
|
|
$
|
2,258
|
|
Granted
|
67,556
|
|
|
26.39
|
|
|
—
|
|
||
Vested
|
38,925
|
|
|
23.02
|
|
|
—
|
|
||
Forfeited
|
8,385
|
|
|
24.88
|
|
|
—
|
|
||
Non-vested at June 30, 2020
|
144,046
|
|
|
$
|
25.89
|
|
|
$
|
2,305
|
|
|
|
|
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, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier I Capital (to Risk-weighted Assets)
|
$
|
374,437
|
|
|
11.26
|
%
|
|
$
|
149,614
|
|
|
4.50
|
%
|
|
$
|
216,109
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
374,437
|
|
|
10.26
|
%
|
|
$
|
146,047
|
|
|
4.00
|
%
|
|
$
|
182,559
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
374,437
|
|
|
11.26
|
%
|
|
$
|
199,485
|
|
|
6.00
|
%
|
|
$
|
265,980
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
402,964
|
|
|
12.12
|
%
|
|
$
|
265,980
|
|
|
8.00
|
%
|
|
$
|
332,476
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital (to Risk-weighted Assets)
|
$
|
374,729
|
|
|
12.20
|
%
|
|
$
|
138,226
|
|
|
4.50
|
%
|
|
$
|
199,659
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
374,729
|
|
|
10.89
|
%
|
|
$
|
137,649
|
|
|
4.00
|
%
|
|
$
|
172,062
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
374,729
|
|
|
12.20
|
%
|
|
$
|
184,301
|
|
|
6.00
|
%
|
|
$
|
245,734
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
396,613
|
|
|
12.91
|
%
|
|
$
|
245,734
|
|
|
8.00
|
%
|
|
$
|
307,168
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
HomeTrust Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
As of June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital (to Risk-weighted Assets)
|
$
|
362,841
|
|
|
10.91
|
%
|
|
$
|
149,608
|
|
|
4.50
|
%
|
|
$
|
216,100
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
362,841
|
|
|
9.94
|
%
|
|
$
|
146,010
|
|
|
4.00
|
%
|
|
$
|
182,512
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
362,841
|
|
|
10.91
|
%
|
|
$
|
199,477
|
|
|
6.00
|
%
|
|
$
|
265,969
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
391,368
|
|
|
11.77
|
%
|
|
$
|
265,969
|
|
|
8.00
|
%
|
|
$
|
332,461
|
|
|
10.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier I Capital (to Risk-weighted Assets)
|
$
|
355,759
|
|
|
11.59
|
%
|
|
$
|
138,153
|
|
|
4.50
|
%
|
|
$
|
199,555
|
|
|
6.50
|
%
|
Tier I Capital (to Total Adjusted Assets)
|
$
|
355,759
|
|
|
10.34
|
%
|
|
$
|
137,590
|
|
|
4.00
|
%
|
|
$
|
171,988
|
|
|
5.00
|
%
|
Tier I Capital (to Risk-weighted Assets)
|
$
|
355,759
|
|
|
11.59
|
%
|
|
$
|
184,204
|
|
|
6.00
|
%
|
|
$
|
245,606
|
|
|
8.00
|
%
|
Total Risk-based Capital (to Risk-weighted Assets)
|
$
|
377,639
|
|
|
12.30
|
%
|
|
$
|
245,606
|
|
|
8.00
|
%
|
|
$
|
307,007
|
|
|
10.00
|
%
|
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Total stockholders' equity under US GAAP
|
$
|
408,263
|
|
|
$
|
408,896
|
|
Accumulated other comprehensive income, net of tax
|
(2,017
|
)
|
|
(733
|
)
|
||
Investment in nonincludable subsidiary
|
(815
|
)
|
|
(780
|
)
|
||
Disallowed deferred tax assets
|
(4,526
|
)
|
|
(5,092
|
)
|
||
Disallowed goodwill and other disallowed intangible assets
|
(26,468
|
)
|
|
(27,562
|
)
|
||
Tier I Capital and CET1
|
374,437
|
|
|
374,729
|
|
||
Allowable portion of allowance for loan losses and loan commitments
|
28,527
|
|
|
21,884
|
|
||
Total Risk-based Capital
|
$
|
402,964
|
|
|
$
|
396,613
|
|
|
June 30,
2020 |
|
June 30,
2019 |
||||
Assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
3,888
|
|
|
$
|
8,481
|
|
Certificates of deposit in other banks
|
—
|
|
|
746
|
|
||
Total loans
|
—
|
|
|
1,243
|
|
||
Allowance for loan losses
|
—
|
|
|
(4
|
)
|
||
Net loans
|
—
|
|
|
1,239
|
|
||
REO
|
143
|
|
|
621
|
|
||
Investment in bank subsidiary
|
396,667
|
|
|
389,926
|
|
||
ESOP loan receivable
|
6,918
|
|
|
7,412
|
|
||
Other assets
|
731
|
|
|
510
|
|
||
Total Assets
|
$
|
408,347
|
|
|
$
|
408,935
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
||||
Other liabilities
|
84
|
|
|
39
|
|
||
Stockholders’ Equity
|
408,263
|
|
|
408,896
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
408,347
|
|
|
$
|
408,935
|
|
|
June 30,
2020 |
|
June 30,
2019 |
|
June 30,
2018 |
||||||
Income:
|
|
|
|
|
|
||||||
Interest income
|
$
|
217
|
|
|
$
|
329
|
|
|
$
|
456
|
|
Other income
|
1
|
|
|
54
|
|
|
44
|
|
|||
Equity earnings in Bank subsidiary
|
23,522
|
|
|
27,287
|
|
|
8,427
|
|
|||
Total income
|
23,740
|
|
|
27,670
|
|
|
8,927
|
|
|||
Expense:
|
|
|
|
|
|
||||||
Management fee expense
|
399
|
|
|
407
|
|
|
385
|
|
|||
REO expense
|
5
|
|
|
11
|
|
|
34
|
|
|||
Loss on sale and impairment of REO
|
249
|
|
|
114
|
|
|
158
|
|
|||
Recovery of loan losses
|
(4
|
)
|
|
(259
|
)
|
|
(131
|
)
|
|||
Other expense
|
258
|
|
|
251
|
|
|
246
|
|
|||
Total expense
|
907
|
|
|
524
|
|
|
692
|
|
|||
Income Before Income Taxes
|
22,833
|
|
|
27,146
|
|
|
8,235
|
|
|||
Income Tax Expense
|
50
|
|
|
—
|
|
|
—
|
|
|||
Net Income
|
$
|
22,783
|
|
|
$
|
27,146
|
|
|
$
|
8,235
|
|
|
June 30,
2020 |
|
June 30,
2019 |
|
June 30,
2018 |
||||||
Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
22,783
|
|
|
$
|
27,146
|
|
|
$
|
8,235
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Recovery of loan losses
|
(4
|
)
|
|
(259
|
)
|
|
(131
|
)
|
|||
Loss on sale and impairment of REO
|
249
|
|
|
114
|
|
|
158
|
|
|||
Decrease (increase) in other assets
|
(221
|
)
|
|
52
|
|
|
291
|
|
|||
Equity in undistributed income of Bank
|
(23,522
|
)
|
|
(27,287
|
)
|
|
(8,427
|
)
|
|||
ESOP compensation expense
|
1,195
|
|
|
1,422
|
|
|
1,367
|
|
|||
Restricted stock and stock option expense
|
1,822
|
|
|
1,601
|
|
|
3,027
|
|
|||
Decrease (increase) in other liabilities
|
45
|
|
|
—
|
|
|
(48
|
)
|
|||
Net cash provided by operating activities
|
2,347
|
|
|
2,789
|
|
|
4,472
|
|
|||
Investing Activities:
|
|
|
|
|
|
||||||
Maturities of certificates of deposit in other banks
|
746
|
|
|
248
|
|
|
6,217
|
|
|||
Repayment of loans
|
1,243
|
|
|
2,796
|
|
|
1,514
|
|
|||
Increase in investment in Bank subsidiary
|
(1,380
|
)
|
|
(1,556
|
)
|
|
(1,367
|
)
|
|||
Dividend from subsidiary
|
19,445
|
|
|
13,454
|
|
|
—
|
|
|||
ESOP principal payments received
|
494
|
|
|
484
|
|
|
472
|
|
|||
Proceeds from sale of REO
|
229
|
|
|
70
|
|
|
499
|
|
|||
Net cash provided by investing activities
|
20,777
|
|
|
15,496
|
|
|
7,335
|
|
|||
Financing Activities:
|
|
|
|
|
|
||||||
Common stock repurchased
|
(24,484
|
)
|
|
(30,638
|
)
|
|
—
|
|
|||
Cash dividends paid
|
(4,552
|
)
|
|
(3,176
|
)
|
|
—
|
|
|||
Retired stock
|
(222
|
)
|
|
(205
|
)
|
|
(494
|
)
|
|||
Exercised stock options
|
1,541
|
|
|
1,173
|
|
|
651
|
|
|||
Net cash provided by (used in) financing activities
|
(27,717
|
)
|
|
(32,846
|
)
|
|
157
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(4,593
|
)
|
|
(14,561
|
)
|
|
11,964
|
|
|||
Cash and Cash Equivalents at Beginning of Period
|
8,481
|
|
|
23,042
|
|
|
11,078
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
3,888
|
|
|
$
|
8,481
|
|
|
$
|
23,042
|
|
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.
|
|
June 30, 2020
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
U.S government agencies
|
$
|
4,173
|
|
|
$
|
—
|
|
|
$
|
4,173
|
|
|
$
|
—
|
|
Residential MBS of U.S. government agencies and GSE
|
48,355
|
|
|
—
|
|
|
48,355
|
|
|
—
|
|
||||
Municipal bonds
|
16,631
|
|
|
—
|
|
|
16,631
|
|
|
—
|
|
||||
Corporate bonds
|
58,378
|
|
|
—
|
|
|
58,378
|
|
|
—
|
|
||||
Total
|
$
|
127,537
|
|
|
$
|
—
|
|
|
$
|
127,537
|
|
|
$
|
—
|
|
|
June 30, 2019
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
U.S government agencies
|
$
|
15,210
|
|
|
$
|
—
|
|
|
$
|
15,210
|
|
|
$
|
—
|
|
Residential MBS of U.S. government agencies and GSE
|
75,180
|
|
|
—
|
|
|
75,180
|
|
|
—
|
|
||||
Municipal bonds
|
25,312
|
|
|
—
|
|
|
25,312
|
|
|
—
|
|
||||
Corporate bonds
|
6,084
|
|
|
—
|
|
|
6,084
|
|
|
—
|
|
||||
Total
|
$
|
121,786
|
|
|
$
|
—
|
|
|
$
|
121,786
|
|
|
$
|
—
|
|
|
June 30, 2020
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
$
|
9,168
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,168
|
|
REO
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||
Total
|
$
|
9,265
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,265
|
|
|
June 30, 2019
|
||||||||||||||
Description
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
$
|
9,071
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,071
|
|
REO
|
1,804
|
|
|
—
|
|
|
—
|
|
|
1,804
|
|
||||
Total
|
$
|
10,875
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,875
|
|
|
Fair Value at June 30, 2020
|
|
Valuation
Techniques
|
|
Unobservable
Input
|
|
Range
|
|
Weighted
Average
|
||
Nonrecurring measurements:
|
|
|
|
|
|
|
|
|
|
||
Impaired loans, net
|
$
|
9,168
|
|
|
Discounted appraisals and discounted cash flows
|
|
Collateral discounts: Discount spread:
|
|
0% - 63% 2% - 3%
|
|
27%
|
REO
|
$
|
97
|
|
|
Discounted Appraisals
|
|
Collateral discounts
|
|
8%
|
|
8%
|
|
June 30, 2020
|
||||||||||||||||||
|
Carrying
Value
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and interest-bearing deposits
|
$
|
121,622
|
|
|
$
|
121,622
|
|
|
$
|
121,622
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
304,967
|
|
|
304,967
|
|
|
304,967
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit in other banks
|
55,689
|
|
|
55,689
|
|
|
—
|
|
|
55,689
|
|
|
—
|
|
|||||
Securities available for sale
|
127,537
|
|
|
127,537
|
|
|
—
|
|
|
127,537
|
|
|
—
|
|
|||||
Loans, net
|
2,741,047
|
|
|
2,692,265
|
|
|
—
|
|
|
—
|
|
|
2,692,265
|
|
|||||
Loans held for sale
|
77,177
|
|
|
78,129
|
|
|
—
|
|
|
—
|
|
|
78,129
|
|
|||||
FHLB stock
|
23,309
|
|
|
23,309
|
|
|
23,309
|
|
|
—
|
|
|
—
|
|
|||||
FRB stock
|
7,368
|
|
|
7,368
|
|
|
7,368
|
|
|
—
|
|
|
—
|
|
|||||
SBIC investments
|
8,269
|
|
|
8,269
|
|
|
—
|
|
|
—
|
|
|
8,269
|
|
|||||
Accrued interest receivable
|
12,312
|
|
|
12,312
|
|
|
208
|
|
|
744
|
|
|
11,360
|
|
|||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing and NOW deposits
|
1,012,200
|
|
|
1,012,200
|
|
|
—
|
|
|
1,012,200
|
|
|
—
|
|
|||||
Money market accounts
|
836,738
|
|
|
836,738
|
|
|
—
|
|
|
836,738
|
|
|
—
|
|
|||||
Savings accounts
|
197,676
|
|
|
197,676
|
|
|
—
|
|
|
197,676
|
|
|
—
|
|
|||||
Certificates of deposit
|
739,142
|
|
|
745,078
|
|
|
—
|
|
|
745,078
|
|
|
—
|
|
|||||
Borrowings
|
475,000
|
|
|
511,529
|
|
|
—
|
|
|
511,529
|
|
|
—
|
|
|||||
Accrued interest payable
|
1,087
|
|
|
1,087
|
|
|
—
|
|
|
1,087
|
|
|
—
|
|
|
June 30, 2019
|
||||||||||||||||||
|
Carrying
Value
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and interest-bearing deposits
|
$
|
71,043
|
|
|
$
|
71,043
|
|
|
$
|
71,043
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
241,446
|
|
|
241,446
|
|
|
241,446
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit in other banks
|
52,005
|
|
|
52,005
|
|
|
—
|
|
|
52,005
|
|
|
—
|
|
|||||
Securities available for sale
|
121,786
|
|
|
121,786
|
|
|
—
|
|
|
121,786
|
|
|
—
|
|
|||||
Loans, net
|
2,683,761
|
|
|
2,604,827
|
|
|
—
|
|
|
—
|
|
|
2,604,827
|
|
|||||
Loans held for sale
|
18,175
|
|
|
18,591
|
|
|
—
|
|
|
—
|
|
|
18,591
|
|
|||||
FHLB stock
|
31,969
|
|
|
31,969
|
|
|
31,969
|
|
|
—
|
|
|
—
|
|
|||||
FRB stock
|
7,335
|
|
|
7,335
|
|
|
7,335
|
|
|
—
|
|
|
—
|
|
|||||
SBIC investments
|
6,074
|
|
|
6,074
|
|
|
—
|
|
|
—
|
|
|
6,074
|
|
|||||
Accrued interest receivable
|
10,533
|
|
|
10,533
|
|
|
350
|
|
|
750
|
|
|
9,433
|
|
|||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing and NOW deposits
|
746,617
|
|
|
746,617
|
|
|
—
|
|
|
746,617
|
|
|
—
|
|
|||||
Money market accounts
|
691,172
|
|
|
691,172
|
|
|
—
|
|
|
691,172
|
|
|
—
|
|
|||||
Savings accounts
|
177,278
|
|
|
177,278
|
|
|
—
|
|
|
177,278
|
|
|
—
|
|
|||||
Certificates of deposit
|
712,190
|
|
|
712,485
|
|
|
—
|
|
|
712,485
|
|
|
—
|
|
|||||
Borrowings
|
680,000
|
|
|
688,418
|
|
|
—
|
|
|
688,418
|
|
|
—
|
|
|||||
Accrued interest payable
|
2,252
|
|
|
2,252
|
|
|
—
|
|
|
2,252
|
|
|
—
|
|
22.
|
Revenue
|
|
|
Year Ended June 30,
|
||||||||||
|
|
2020
|
|
2019
|
|
2018
|
||||||
In-scope of Topic 606:
|
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
|
$
|
3,772
|
|
|
$
|
3,978
|
|
|
$
|
3,674
|
|
Fees, interchange, and other service charges
|
|
6,332
|
|
|
6,377
|
|
|
5,576
|
|
|||
Other
|
|
470
|
|
|
775
|
|
|
909
|
|
|||
Noninterest income (in-scope of Topic 606)
|
|
10,574
|
|
|
11,130
|
|
|
10,159
|
|
|||
Noninterest income (out-of-scope of Topic 606)
|
|
19,758
|
|
|
11,810
|
|
|
8,813
|
|
|||
Total noninterest income
|
|
$
|
30,332
|
|
|
$
|
22,940
|
|
|
$
|
18,972
|
|
|
Three months ended
|
||||||||||||||
|
June 30,
2020 |
|
March 31, 2020
|
|
December 31, 2019
|
|
September 30, 2019
|
||||||||
Interest and dividend income
|
$
|
31,074
|
|
|
$
|
33,037
|
|
|
$
|
35,896
|
|
|
$
|
36,247
|
|
Interest expense
|
6,386
|
|
|
7,728
|
|
|
8,862
|
|
|
9,174
|
|
||||
Net interest income
|
24,688
|
|
|
25,309
|
|
|
27,034
|
|
|
27,073
|
|
||||
Provision for loan losses
|
2,700
|
|
|
5,400
|
|
|
400
|
|
|
—
|
|
||||
Net interest income after provision for loan losses
|
21,988
|
|
|
19,909
|
|
|
26,634
|
|
|
27,073
|
|
||||
Noninterest income
|
7,223
|
|
|
6,375
|
|
|
9,074
|
|
|
7,660
|
|
||||
Noninterest expense
|
24,652
|
|
|
24,903
|
|
|
24,041
|
|
|
23,533
|
|
||||
Net income before income taxes
|
4,559
|
|
|
1,381
|
|
|
11,667
|
|
|
11,200
|
|
||||
Income tax expense
|
964
|
|
|
188
|
|
|
2,476
|
|
|
2,396
|
|
||||
Net income
|
$
|
3,595
|
|
|
$
|
1,193
|
|
|
$
|
9,191
|
|
|
$
|
8,804
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.22
|
|
|
$
|
0.07
|
|
|
$
|
0.54
|
|
|
$
|
0.51
|
|
Diluted
|
$
|
0.22
|
|
|
$
|
0.07
|
|
|
$
|
0.52
|
|
|
$
|
0.49
|
|
|
Three months ended
|
||||||||||||||
|
June 30,
2019 |
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||
Interest and dividend income
|
$
|
35,820
|
|
|
$
|
34,714
|
|
|
$
|
34,400
|
|
|
$
|
32,280
|
|
Interest expense
|
8,931
|
|
|
8,145
|
|
|
7,299
|
|
|
6,008
|
|
||||
Net interest income
|
26,889
|
|
|
26,569
|
|
|
27,101
|
|
|
26,272
|
|
||||
Provision for loan losses
|
200
|
|
|
5,500
|
|
|
—
|
|
|
—
|
|
||||
Net interest income after provision for loan losses
|
26,689
|
|
|
21,069
|
|
|
27,101
|
|
|
26,272
|
|
||||
Noninterest income
|
6,846
|
|
|
5,396
|
|
|
5,085
|
|
|
5,613
|
|
||||
Noninterest expense
|
23,415
|
|
|
22,978
|
|
|
21,858
|
|
|
21,883
|
|
||||
Net income before income taxes
|
10,120
|
|
|
3,487
|
|
|
10,328
|
|
|
10,002
|
|
||||
Income tax expense
|
2,107
|
|
|
185
|
|
|
2,287
|
|
|
2,212
|
|
||||
Net income
|
$
|
8,013
|
|
|
$
|
3,302
|
|
|
$
|
8,041
|
|
|
$
|
7,790
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.45
|
|
|
$
|
0.19
|
|
|
$
|
0.45
|
|
|
$
|
0.43
|
|
Diluted
|
$
|
0.44
|
|
|
$
|
0.18
|
|
|
$
|
0.43
|
|
|
$
|
0.41
|
|
Plan Category
|
Number of securities to be issued upon exercise of outstanding options, warrants, and rights
|
|
Weighted-average exercise price of outstanding options, warrants, and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
|
||||
|
(a)
|
|
(b)
|
|
(c)
|
|
||||
Equity compensation plans approved by security holders
|
1,615,500
|
|
|
$
|
18.12
|
|
|
236,344
|
|
(1)
|
Regulation S-K Exhibit Number
|
Document
|
Reference to Prior Filing or Exhibit Number Attached Hereto
|
|
|
|
2.1
|
(a)
|
|
2.2
|
(b)
|
|
2.3
|
(c)
|
|
3.1
|
(d)
|
|
3.2
|
(e)
|
|
3.3
|
(f)
|
|
4.1
|
(e)
|
|
4.2
|
(o)
|
|
4.3
|
(t)
|
|
4.4
|
4.4
|
|
10.1
|
(s)
|
|
10.2
|
(g)
|
|
10.3
|
(g)
|
|
10.3A
|
(u)
|
|
10.4
|
(g)
|
|
10.5
|
(g)
|
|
10.6
|
(d)
|
|
10.7
|
(d)
|
|
10.7A
|
(d)
|
|
10.7B
|
(d)
|
|
10.7C
|
(d)
|
|
10.7D
|
(d)
|
|
10.7E
|
(d)
|
|
10.7F
|
(d)
|
10.7G
|
(d)
|
|
10.7H
|
(d)
|
|
10.7I
|
(i)
|
|
10.8
|
(d)
|
|
10.8A
|
(d)
|
|
10.8B
|
(d)
|
|
10.8C
|
(d)
|
|
10.8D
|
(d)
|
|
10.8E
|
(d)
|
|
10.8F
|
(d)
|
|
10.8G
|
(d)
|
|
10.9
|
(d)
|
|
10.10
|
(d)
|
|
10.11
|
(d)
|
|
10.12
|
(r)
|
|
10.13
|
(j)
|
|
10.14
|
(k)
|
|
10.15
|
(k)
|
|
10.16
|
(k)
|
|
10.17
|
(k)
|
|
10.18
|
(k)
|
|
10.19
|
Reserved
|
|
10.20
|
Reserved
|
|
10.21
|
(n)
|
|
10.22
|
(n)
|
|
10.23
|
(n)
|
|
10.24
|
(n)
|
|
10.25
|
(n)
|
|
10.26
|
(n)
|
|
10.27
|
(p)
|
|
10.28
|
(p)
|
|
10.29
|
(g)
|
|
10.30
|
(v)
|
|
10.31
|
(w)
|
|
10.32
|
(x)
|
|
21.0
|
21.0
|
|
23.0
|
23.0
|
|
31.1
|
31.1
|
|
31.2
|
31.2
|
|
32.0
|
32.0
|
101
|
The following materials from HomeTrust Bancshares’ Annual Report on Form 10-K for the year ended June 30, 2020, 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 Current Report on Form 8-K filed on June 10, 2014 (File No. 001-35593).
|
(c)
|
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.
|
(d)
|
Filed as an exhibit to HomeTrust Bancshares’s Registration Statement on Form S-1 (File No. 333-178817) filed on December 29, 2011.
|
(e)
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Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 25, 2012 (File No. 001-35593).
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(f)
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Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on May 1, 2018 (File No. 001-35593).
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(g)
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Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 11, 2018 (File No. 001-35593).
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(h)
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Reserved
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(i)
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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.
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(j)
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Attached as Appendix A to HomeTrust Bancshares’s definitive proxy statement filed on December 5, 2012 (File No. 001-35593).
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(k)
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Filed as an exhibit to HomeTrust Bancshares’s Registration Statement on Form S-8 (File No. 333-186666) filed on February 13, 2013.
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(l)
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Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on June 3, 2014 (File No. 001-35593).
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(m)
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Filed as an exhibit to Jefferson Bancshares's, Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2008 (File No. 000-50347).
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(n)
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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).
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(o)
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Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on August 31, 2015 (File No. 001-35593).
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(p)
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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).
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(q)
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Reserved
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(r)
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Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2016 (File No. 001-35593).
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(s)
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Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (File No. 001-35593).
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(t)
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Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on August 21, 2018 (File No. 001-35593).
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(u)
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Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 25, 2018 (File No. 001-35593.
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(v)
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Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (File No. 001-35593).
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(w)
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Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (File No. 001-35593).
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(x)
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Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended December 31, 2018 (File No. 001-35593.
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HOMETRUST BANCSHARES, INC.
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Date: September 11, 2020
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By:
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/s/ Dana L. Stonestreet
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Dana L. Stonestreet
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Chairman of the Board,
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President, and Chief Executive Officer
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Signature
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Title
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Date
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/s/ Dana L. Stonestreet
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Chairman of the Board, President and Chief Executive Officer
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September 11, 2020
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Dana L. Stonestreet
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(Principal Executive Officer)
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/s/ Tony J. VunCannon
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Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer
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September 11, 2020
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Tony J. VunCannon
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(Principal Financial and Accounting Officer)
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/s/ Sidney A. Biesecker
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Director
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September 11, 2020
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Sidney A. Biesecker
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/s/ J. Steven Goforth
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Director
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September 11, 2020
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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 11, 2020
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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 11, 2020
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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 11, 2020
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Craig C. Koontz
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/s/ Rebekah Lowe
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Director
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September 11, 2020
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Rebekah Lowe
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/s/ F.K. McFarland, III
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Director
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September 11, 2020
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F.K. McFarland, III
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/s/ John A. Switzer
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Director
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September 11, 2020
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John A. Switzer
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/s/ Richard T. Williams
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Director
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September 11, 2020
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Richard T. Williams
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•
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60,000,000 shares of common stock, $0.01 par value per share; and
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•
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10,000,000 shares of preferred stock, $0.01 value per share.
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•
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an 80% shareholder vote requirement for certain business combinations not approved by disinterested directors, for amendments to some provisions of the articles of incorporation and for any amendment of the bylaws by shareholders;
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•
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the election of directors to staggered terms of three years;
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•
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provisions requiring advance notice of shareholder proposals and director nominations;
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•
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a requirement that the calling of a special meeting by shareholders requires the written request of shareholders entitled to vote at least a majority of all votes entitled to vote at the meeting; and
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•
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the removal of directors only for cause and by a vote of a majority of the outstanding shares of common stock.
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1.
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I have reviewed this annual report on Form 10-K of HomeTrust Bancshares, Inc.;
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2.
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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;
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3.
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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;
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4.
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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:
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a)
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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;
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b)
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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;
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c)
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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
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d)
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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
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5.
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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):
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a)
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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
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b)
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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.
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1.
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I have reviewed this annual report on Form 10-K of HomeTrust Bancshares, Inc.;
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2.
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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;
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3.
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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;
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4.
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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:
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a)
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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;
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b)
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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;
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c)
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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
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d)
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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
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5.
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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):
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a)
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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
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b)
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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.
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Date: September 11, 2020
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/s/ Dana L. Stonestreet
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Chairman of the Board, President and
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Chief Executive Officer
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Date: September 11, 2020
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/s/ Tony J. VunCannon
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Tony J. VunCannon
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Executive Vice President, Chief Financial
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Officer, Corporate Secretary and Treasurer
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