ASHEVILLE, N.C., Oct. 22, 2025 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (NYSE: HTB) ("Company"), the holding company of HomeTrust Bank ("Bank"), today announced preliminary net income for the third quarter of the year ending December 31, 2025 and an increase in its quarterly cash dividend.
For the quarter ended September 30, 2025 compared to the quarter ended June 30, 2025:
-- net income was $16.5 million compared to $17.2 million;
-- diluted earnings per share ("EPS") were $0.95 compared to $1.00;
-- annualized return on assets ("ROA") was 1.48% compared to 1.58%;
-- annualized return on equity ("ROE") was 11.10% compared to 11.97%;
-- net interest margin was 4.31% compared to 4.32%;
-- provision for credit losses was $2.0 million compared to $1.3 million;
-- gain on the sale of our two Knoxville, Tennessee branches was $0 compared
to $1.4 million;
-- quarterly cash dividends continued at $0.12 per share totaling $2.1
million for each period; and
-- 78,412 shares of Company common stock were repurchased during the prior
quarter at an average price of $35.74 compared to none in the current
quarter.
For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:
-- net income was $48.2 million compared to $40.6 million;
-- diluted EPS were $2.79 compared to $2.37;
-- annualized ROA was 1.46% compared to 1.22%;
-- annualized ROE was 11.20% compared to 10.39%;
-- net interest margin was 4.27% compared to 4.06%;
-- provision for credit losses was $4.9 million compared to $8.4 million;
-- gain on the sale of our two Knoxville, Tennessee branches was $1.4
million compared to $0;
-- tax-free death benefit proceeds from life insurance were $0 compared to
$1.1 million;
-- cash dividends of $0.36 per share totaling $6.2 million compared to $0.33
per share totaling $5.6 million; and
-- 93,212 shares of Company common stock were repurchased during the nine
months at an average price of $35.41 compared to 23,483 shares
repurchased at an average price of $27.48 in the same period last year.
The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.13 per common share, reflecting a $0.01, or 8.3%, increase over the previous quarter's dividend. This is the seventh increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on November 28, 2025 to shareholders of record as of the close of business on November 14, 2025.
"We are pleased to report another quarter of strong financial performance," said Hunter Westbrook, President and Chief Executive Officer. "Our quarterly earnings per share have grown 25% year-over-year, driven by a top quartile net interest margin of 4.31% and continued expense discipline. These results reflect the strength of our core banking model and focus on delivering consistent, high-quality growth. With a solid capital position and further improvement in the slope of the yield curve, we are well-positioned to accelerate loan growth in future quarters.
"This quarter marked the one-year anniversary of Hurricane Helene. The resilience shown by our employees, customers and communities has been truly inspiring. Their perseverance reinforces our long-term commitment to sustainable growth and meaningful impact in the markets we serve."
WEBSITE: WWW.HTB.COM
Comparison of Results of Operations for the Three Months Ended September 30, 2025 and June 30, 2025
Net Income. Net income totaled $16.5 million, or $0.95 per diluted share, for the three months ended September 30, 2025 compared to $17.2 million, or $1.00 per diluted share, for the three months ended June 30, 2025, a decrease of $719,000, or 4.2%. Results for the three months ended September 30, 2025 were positively impacted by a $1.2 million increase in net interest income, offset by a $712,000 increase in the provision for credit losses and a $1.4 million decrease in noninterest income due to a $1.4 million gain on the sale of two branch locations in the prior quarter, with no similar activity in the current quarter. Details of the changes in the various components of net income are further discussed below.
Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.
Three Months Ended
September 30, 2025 June 30, 2025
---------------------------------- ----------------------------------
Average Interest Average Interest
Balance Earned / Yield / Balance Earned / Yield /
(Dollars in thousands) Outstanding Paid Rate Outstanding Paid Rate
Assets
Interest-earning assets
Loans receivable(1) $3,876,200 $ 61,749 6.32% $3,804,502 $ 60,440 6.37%
Debt securities
available for
sale 146,374 1,662 4.50 149,611 1,658 4.45
Other
interest-earning
assets(2) 152,130 1,984 5.17 149,175 1,543 4.15
--------- ------- ---- --------- ------- ----
Total
interest-earning
assets 4,174,704 65,395 6.21 4,103,288 63,641 6.22
------- ---- ------- ----
Other assets 256,449 263,603
--------- ---------
Total assets $4,431,153 $4,366,891
========= =========
Liabilities and equity
Interest-bearing
liabilities
Interest-bearing
checking accounts $ 544,229 $ 1,081 0.79% $ 563,817 $ 1,251 0.89%
Money market
accounts 1,330,856 9,276 2.77 1,329,973 9,004 2.72
Savings accounts 176,660 31 0.07 182,340 37 0.08
Certificate
accounts 932,361 9,086 3.87 868,321 8,564 3.96
--------- ------- ---- --------- ------- ----
Total
interest-bearing
deposits 2,984,106 19,474 2.59 2,944,451 18,856 2.57
Junior subordinated
debt 10,179 207 8.07 10,154 206 8.14
Borrowings 28,716 325 4.49 31,154 350 4.51
--------- ------- ---- --------- ------- ----
Total
interest-bearing
liabilities 3,023,001 20,006 2.63 2,985,759 19,412 2.61
------- ---- ------- ----
Noninterest-bearing
deposits 757,828 744,585
Other liabilities 60,692 59,973
--------- ---------
Total liabilities 3,841,521 3,790,317
Stockholders' equity 589,632 576,574
--------- ---------
Total liabilities
and stockholders'
equity $4,431,153 $4,366,891
Net earning assets $1,151,703 $1,117,529
========= =========
Average
interest-earning
assets to average
interest-bearing
liabilities 138.10% 137.43%
Non-tax-equivalent
-------- --------
Net interest income $ 45,389 $ 44,229
======= =======
Interest rate
spread 3.58% 3.61%
Net interest
margin(3) 4.31% 4.32%
Tax-equivalent(4)
-------- --------
Net interest income $ 45,829 $ 44,660
======= =======
Interest rate
spread 3.63% 3.65%
Net interest
margin(3) 4.36% 4.37%
(1) Average loans receivable balances include loans held for sale and nonaccruing loans.
(2) Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
(3) Net interest income divided by average interest-earning assets.
(4) Tax-equivalent results include adjustments to interest income of $440 and $431 for the three months ended September 30, 2025 and June 30, 2025, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the three months ended September 30, 2025 increased $1.8 million when compared to the three months ended June 30, 2025. Regarding the components of this income, loan interest income increased $1.3 million, or 2.2%, primarily due to an overall increase in average loan balances and an additional day in the current quarter, and interest income on other interest-bearing assets increased $441,000, or 28.5%, mainly due to a $421,000, or 154.8%, increase in SBIC investment income where significant investment appreciation was recognized in the current quarter. Accretion income on acquired loans of $352,000 and $1.0 million was recognized during the same periods, respectively, and was included in interest income on loans.
Total interest expense for the three months ended September 30, 2025 increased $594,000, or 3.1%, compared to the three months ended June 30, 2025. The change was primarily the result of an increase in the average balance of certificate accounts.
The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:
Increase / (Decrease)
Due to
---------------------------
Total
Increase /
(Dollars in thousands) Volume Rate (Decrease)
----------------- -------- ---------------
Interest-earning assets
Loans receivable $ 1,810 $ (501) $ 1,309
Debt securities
available for sale (18) 22 4
Other
interest-earning
assets 52 389 441
--------- ------ --------
Total
interest-earning
assets 1,844 (90) 1,754
--------- ------ --------
Interest-bearing
liabilities
Interest-bearing
checking accounts (32) (138) (170)
Money market accounts 107 165 272
Savings accounts (1) (5) (6)
Certificate accounts 730 (208) 522
Junior subordinated
debt 3 (2) 1
Borrowings (24) (1) (25)
--------- ------ --------
Total
interest-bearing
liabilities 783 (189) 594
--------- ------ --------
Increase in net
interest income $ 1,160
========
Provision for Credit Losses. The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses ("ACL") at an appropriate level under the current expected credit losses model.
The following table presents a breakdown of the components of the provision for credit losses:
Three Months Ended
-------------------
June
September 30,
(Dollars in thousands) 30, 2025 2025 $ Change % Change
---------- ------- ---------- ----------
Provision for credit
losses
Loans $ 1,755 $1,385 $ 370 27%
Off-balance-sheet
credit exposure 260 (82) 342 417
Total provision for
credit losses $ 2,015 $1,303 $ 712 55%
========= ===== ====== =====
For the quarter ended September 30, 2025, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.8 million during the quarter:
-- $0.6 million benefit driven by changes in the loan mix.
-- $0.2 million provision due to changes in the projected economic forecast,
specifically the national unemployment rate, and changes in qualitative
adjustments.
-- $0.6 million decrease in specific reserves on individually evaluated
loans.
For the quarter ended June 30, 2025, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.0 million during the quarter:
-- $0.3 million benefit driven by changes in the loan mix.
-- $1.6 million benefit due to changes in qualitative adjustments, partially
offset by a slight worsening of the projected economic forecast,
specifically the national unemployment rate. Of note, we released the
$2.2 million qualitative allocation previously established for the
potential impact of Hurricane Helene upon our loan portfolio which had
been established in the quarter ended September 30, 2024. Any residual
impact of the Hurricane was believed to have been reflected elsewhere
within the ACL calculation.
-- $1.3 million increase in specific reserves on individually evaluated
loans.
For the quarters ended September 30, 2025 and June 30, 2025, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix, projected economic forecast and qualitative allocations as outlined above.
Noninterest Income. Noninterest income for the three months ended September 30, 2025 decreased $1.4 million, or 13.8%, when compared to the quarter ended June 30, 2025. Changes in the components of noninterest income are discussed below:
Three Months Ended
-------------------
June
September 30,
(Dollars in thousands) 30, 2025 2025 $ Change % Change
---------- ------- -------- ----------
Noninterest income
Service charges and
fees on deposit
accounts $ 2,527 $ 2,502 $ 25 1%
Loan income and fees 577 548 29 5
Gain on sale of
loans held for
sale 1,725 2,109 (384) (18)
Bank owned life
insurance ("BOLI")
income 882 852 30 4
Operating lease
income 1,777 1,876 (99) (5)
Gain on sale of
branches -- 1,448 (1,448) (100)
Gain on sale of
premises and
equipment -- 28 (28) (100)
Other 1,263 794 469 59
--------- ------ ------ ------
Total noninterest
income $ 8,751 $10,157 $(1,406) (14)%
========= ====== ====== ======
-- Gain on sale of loans held for sale: The decrease was primarily driven by
a reduction in the sales volume of HELOCs originated for sale, partially
offset by increased sales volume of residential mortgage and SBA
commercial loans. There were $45.3 million of HELOCs originated for sale
which were sold during the current quarter with gains of $243,000
compared to $108.8 million sold with gains of $954,000 in the prior
quarter. There were $33.3 million of residential mortgage loans sold for
gains of $764,000 during the current quarter compared to $30.3 million
sold with gains of $558,000 in the prior quarter. There were $9.8 million
in sales of the guaranteed portion of SBA commercial loans with gains of
$595,000 for the current quarter compared to $7.3 million sold and gains
of $570,000 for the prior quarter. Our hedging of mandatory commitments
on the residential mortgage loan pipeline resulted in a net gain of
$123,000 for the current quarter compared to a net gain of $27,000 for
the prior quarter.
-- Gain on sale of branches: On May 23, 2025, we completed the previously
announced sale of our two Knoxville, Tennessee branches, recognizing a
gain of $1.4 million. The gain was primarily the result of a premium
received on the deposits assumed by the purchasing institution, partially
offset by expenses associated with the transaction. No similar activity
occurred during the current quarter.
-- Other: The increase was driven by $290,000 in additional investment
services income quarter-over-quarter.
Noninterest Expense. Noninterest expense for the three months ended September 30, 2025 remained stable, when compared to the three months ended June 30, 2025. Changes in the components of noninterest expense are discussed below:
Three Months Ended
-------------------
June
September 30,
(Dollars in thousands) 30, 2025 2025 $ Change % Change
---------- ------- ---------- ----------
Noninterest expense
Salaries and
employee benefits $ 18,508 $18,208 $ 300 2%
Occupancy expense,
net 2,563 2,375 188 8
Computer services 2,562 2,488 74 3
Operating lease
depreciation
expense 1,770 1,789 (19) (1)
Telephone, postage
and supplies 539 561 (22) (4)
Marketing and
advertising 471 442 29 7
Deposit insurance
premiums 468 473 (5) (1)
Core deposit
intangible
amortization 410 411 (1) --
Other 3,975 4,508 (533) (12)
--------- ------ --- ---- -----
Total noninterest
expense $ 31,266 $31,255 $ 11 --%
========= ====== === ==== =====
-- Other: The change was driven by a $96,000 decline in losses recognized on
the sale of repossessed assets in addition to small decreases across
several other expense categories.
Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2025 and June 30, 2025 were 20.9% and 21.2%, respectively.
Comparison of Results of Operations for the Nine Months Ended September 30, 2025 and September 30, 2024
Net Income. Net income totaled $48.2 million, or $2.79 per diluted share, for the nine months ended September 30, 2025 compared to $40.6 million, or $2.37 per diluted share, for the nine months ended September 30, 2024, an increase of $7.6 million, or 18.8%. The results for the nine months ended September 30, 2025 were positively impacted by a $6.2 million increase in net interest income, a decrease of $3.5 million in the provision for credit losses, and a $1.7 million increase in noninterest income, partially offset by a $2.0 million increase in noninterest expense. Details of the changes in the various components of net income are further discussed below.
Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.
Nine Months Ended
September 30, 2025 September 30, 2024
---------------------------------- ----------------------------------
Average Interest Average Interest
Balance Earned / Yield / Balance Earned / Yield /
(Dollars in thousands) Outstanding Paid Rate Outstanding Paid Rate
Assets
Interest-earning assets
Loans receivable(1) $3,827,840 $180,802 6.32% $3,883,040 $185,418 6.38%
Debt securities
available for sale 149,525 5,107 4.57 133,779 4,424 4.42
Other
interest-earning
assets(2) 168,984 6,762 5.35 138,956 5,576 5.36
--------- ------- ---- --------- ------- ----
Total
interest-earning
assets 4,146,349 192,671 6.21 4,155,775 195,418 6.28
------- ---- ------- ----
Other assets 262,029 276,516
--------- ---------
Total assets $4,408,378 $4,432,291
========= =========
Liabilities and equity
Interest-bearing
liabilities
Interest-bearing
checking accounts $ 560,348 $ 3,656 0.87% $ 574,954 $ 4,149 0.96%
Money market
accounts 1,335,414 27,457 2.75 1,305,217 29,813 3.05
Savings accounts 180,760 106 0.08 187,447 124 0.09
Certificate accounts 917,394 27,474 4.00 934,702 30,778 4.40
--------- ------- ---- --------- ------- ----
Total
interest-bearing
deposits 2,993,916 58,693 2.62 3,002,320 64,864 2.89
Junior subordinated
debt 10,155 618 8.14 10,054 705 9.37
Borrowings 24,117 835 4.63 76,823 3,550 6.17
--------- ------- ---- --------- ------- ----
Total
interest-bearing
liabilities 3,028,188 60,146 2.66 3,089,197 69,119 2.99
------- ---- ------- ----
Noninterest-bearing
deposits 740,785 766,110
Other liabilities 63,791 55,217
--------- ---------
Total liabilities 3,832,764 3,910,524
Stockholders' equity 575,614 521,767
--------- ---------
Total liabilities
and stockholders'
equity $4,408,378 $4,432,291
Net earning assets $1,118,161 $1,066,578
========= =========
Average
interest-earning
assets to average
interest-bearing
liabilities 136.93% 134.53%
Non-tax-equivalent
-------- --------
Net interest income $132,525 $126,299
======= =======
Interest rate spread 3.55% 3.29%
Net interest
margin(3) 4.27% 4.06%
Tax-equivalent(4)
-------- --------
Net interest income $133,814 $127,371
======= =======
Interest rate spread 3.59% 3.33%
Net interest
margin(3) 4.31% 4.09%
(1) Average loans receivable balances include loans held for sale and nonaccruing loans.
(2) Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
(3) Net interest income divided by average interest-earning assets.
(4) Tax-equivalent results include adjustments to interest income of $1,289 and $1,072 for the nine months ended September 30, 2025 and September 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.
Total interest and dividend income for the nine months ended September 30, 2025 decreased $2.7 million, or 1.4%, compared to the nine months ended September 30, 2024, which was driven by a $4.6 million, or 2.5%, decrease in interest income on loans, partially offset by increases of $1.2 million, or 21.3%, on other interest-bearing assets and $683,000, or 15.4%, on debt securities available for sale. Accretion income on acquired loans of $1.7 million and $2.0 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall decrease in average yield on interest-earning assets was mainly the result of both a reduction in interest rates and a decline in the average balance of the loan portfolio where we continue to be focused on prudent loan growth.
Total interest expense for the nine months ended September 30, 2025 decreased $9.0 million, or 13.0%, compared to the nine months ended September 30, 2024. The change was primarily the result of a decrease in the average balance of borrowings in addition to the cost of funds across all funding sources.
The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:
Increase / (Decrease)
Due to
---------------------------
Total
Increase /
(Dollars in thousands) Volume Rate (Decrease)
---------------- --------- ---------------
Interest-earning assets
Loans receivable $ (2,802) $ (1,814) $ (4,616)
Debt securities
available for sale 516 167 683
Other
interest-earning
assets 1,199 (13) 1,186
-------- ------- --------
Total
interest-earning
assets (1,087) (1,660) (2,747)
-------- ------- --------
Interest-bearing
liabilities
Interest-bearing
checking accounts (109) (384) (493)
Money market accounts 664 (3,020) (2,356)
Savings accounts (5) (13) (18)
Certificate accounts (595) (2,709) (3,304)
Junior subordinated
debt 7 (94) (87)
Borrowings (2,436) (279) (2,715)
-------- ------- --------
Total
interest-bearing
liabilities (2,474) (6,499) (8,973)
-------- ------- --------
Increase in net
interest income $ 6,226
========
Provision for Credit Losses. The following table presents a breakdown of the components of the provision for credit losses:
Nine Months Ended
-------------------------
September September 30,
(Dollars in thousands) 30, 2025 2024 $ Change % Change
---------- ------------- -------- --------
Provision for credit
losses
Loans $ 3,940 $ 8,435 $(4,495) (53)%
Off-balance-sheet
credit exposure 918 (35) 953 2,723
Total provision for
credit losses $ 4,858 $ 8,400 $(3,542) (42)%
========= ===== ====== ========
For the nine months ended September 30, 2025, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $6.1 million during the period.
-- $1.5 million benefit driven by changes in the loan mix.
-- $1.5 million benefit due to changes in qualitative adjustments, partially
offset by a slight worsening of the projected economic forecast,
specifically the national unemployment rate. Of note, we released the
$2.2 million qualitative allocation previously established for the
potential impact of Hurricane Helene upon our loan portfolio which had
been established in the quarter ended September 30, 2024. Any residual
impact of the Hurricane is believed to have now been reflected elsewhere
within the ACL calculation.
-- $0.8 million increase in specific reserves on individually evaluated
loans.
For the nine months ended September 30, 2024, the "loans" portion of the provision for credit losses was the result of net charge-offs of $8.9 million during the period, partially offset by a $0.4 million benefit due to changes in the loan mix.
For the nine months ended September 30, 2025 and September 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.
Noninterest Income. Noninterest income for the nine months ended September 30, 2025 increased $1.7 million, or 6.9%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:
Nine Months Ended
-----------------------
September September
(Dollars in thousands) 30, 2025 30, 2024 $ Change % Change
---------- ----------- ---------- ----------
Noninterest income
Service charges and
fees on deposit
accounts $ 7,273 $ 6,839 $ 434 6%
Loan income and fees 1,846 2,009 (163) (8)
Gain on sale of
loans held for
sale 5,742 5,185 557 11
BOLI income 2,576 3,470 (894) (26)
Operating lease
income 5,032 5,087 (55) (1)
Gain on sale of
branches 1,448 -- 1,448 100
Gain (loss) on sale
of premises and
equipment 28 (9) 37 411
Other 2,990 2,625 365 14
--------- ------ ----- ----- ---
Total noninterest
income $ 26,935 $25,206 $ 1,729 7%
========= ====== ===== =====
-- Gain on sale of loans held for sale: The increase was primarily driven by
growth in the volume of HELOCs and residential mortgage loans sold during
the period, partially offset by a reduction in the sale of the guaranteed
portion of SBA commercial loans. During the nine months ended September
30, 2025, there were $243.5 million of HELOCs sold with gains of $2.3
million compared to $95.4 million sold with gains of $887,000 for the
corresponding period in the prior year. There were $82.4 million of
residential mortgage loans originated for sale which were sold with gains
of $1.8 million compared to $58.3 million sold with gains of $1.1 million
for the corresponding period in the prior year. There were $21.6 million
of sales of the guaranteed portion of SBA commercial loans with gains of
$1.5 million compared to $38.5 million sold and gains of $3.1 million for
the corresponding period in the prior year. Our hedging of mandatory
commitments on the residential mortgage loan pipeline resulted in a net
gain of $163,000 for the nine months ended September 30, 2025 versus
$15,000 for the nine months ended September 30, 2024.
-- BOLI income: The decrease was due to $1.1 million in tax-free gains on
death benefit proceeds in excess of the cash surrender value of the
policies recognized in the prior period, partially offset by higher
yielding policies as a result of restructuring the portfolio at the end
of the calendar year ended December 31, 2023.
-- Gain on sale of branches: As discussed earlier, during the current period
we completed the previously announced sale of our two Knoxville,
Tennessee branches, recognizing a gain of $1.4 million in the current
period, with no similar activity occurring in the prior period.
-- Other: The change was driven by $109,000 in additional investment
services income period-over-period in addition to smaller increases
across several other income categories.
Noninterest Expense. Noninterest expense for the nine months ended September 30, 2025 increased $2.0 million, or 2.2%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:
Nine Months Ended
-----------------------
September September
(Dollars in thousands) 30, 2025 30, 2024 $ Change % Change
---------- ----------- -------- ----------
Noninterest expense
Salaries and
employee benefits $ 54,415 $ 50,666 $ 3,749 7%
Occupancy expense,
net 7,449 7,292 157 2
Computer services 7,855 9,396 (1,541) (16)
Operating lease
depreciation
expense 5,427 5,667 (240) (4)
Telephone, postage
and supplies 1,646 1,712 (66) (4)
Marketing and
advertising 1,365 1,659 (294) (18)
Deposit insurance
premiums 1,452 1,674 (222) (13)
Core deposit
intangible
amortization 1,336 1,896 (560) (30)
Other 12,537 11,526 1,011 9
--------- ------- ------ ----- ---
Total noninterest
expense $ 93,482 $ 91,488 $ 1,994 2%
========= ======= ====== =====
-- Salaries and employee benefits: The increase was primarily the result of
increases in both pay and incentive compensation.
-- Computer services: At the end of the prior calendar year, we finalized
the multiyear renewal of our largest core processing contract. The
decrease in expense period-over-period is a reflection of the improved
vendor pricing negotiated through this effort.
-- Marketing and advertising: The decrease was the result of a reduction in
spending in the nine months ended September 30, 2025 when compared to the
same period of the prior year, as we re-evaluated our marketing strategy
for future periods.
-- Deposit insurance premiums: The decrease period-over-period was the
result of higher regulatory capital ratios.
-- Core deposit intangible amortization: The intangible recorded associated
with the Quantum merger is being amortized on an accelerated basis, so
the rate of amortization slowed year-over-year.
-- Other: The change period-over-period was driven by increases of $377,000
in community association banking deposit line of business referral fees,
$331,000 in losses on the sale of repossessed equipment, and $233,000 in
consulting fees.
Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rate was 21.1% and 21.3% for the nine months ended September 30, 2025 and September 30, 2024, respectively.
Balance Sheet Review
Total assets decreased by $3.3 million to $4.6 billion and total liabilities decreased by $47.4 million to $4.0 billion, respectively, at September 30, 2025 as compared to December 31, 2024. These changes can be traced to the use of the proceeds from both loan sales and maturities of debt securities and certificates of deposit to partially offset a $81.0 million decline in deposits. The decrease in deposits was mainly the result of a $68.8 million reduction in brokered deposits and $34.3 million of deposits which were assumed by the purchaser of our two Knoxville, Tennessee branches. Borrowings increased by $42.0 million to provide additional liquidity.
Stockholders' equity increased $44.1 million to $595.8 million at September 30, 2025 as compared to December 31, 2024. Activity within stockholders' equity included $48.2 million in net income and $3.9 million in share-based compensation and stock option exercises, partially offset by $6.2 million in cash dividends declared and $3.3 million in stock repurchases. In addition, accumulated other comprehensive income improved by $2.0 million due to a reduction in the unrealized loss on available for sale securities due to changes in market interest rates.
As of September 30, 2025, the Bank was considered "well capitalized" in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.
Asset Quality
The ACL on loans was $43.1 million, or 1.18% of total loans, at September 30, 2025 compared to $45.3 million, or 1.24% of total loans, at December 31, 2024. The drivers of this change are discussed in the "Comparison of Results of Operations for the Nine Months Ended September 30, 2025 and September 30, 2024 -- Provision for Credit Losses" section above.
Net loan charge-offs totaled $6.1 million for the nine months ended September 30, 2025 compared to $8.9 million for the same period last year. Annualized net charge-offs as a percentage of average loans were 0.21% for the nine months ended September 30, 2025 as compared to 0.31% for the nine months ended September 30, 2024.
Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $2.6 million, or 8.6%, to $33.1 million, or 0.72% of total assets, at September 30, 2025 compared to $30.5 million, or 0.67% of total assets, at June 30, 2025. SBA loans made up the largest portion of nonperforming assets at $11.9 million and $9.4 million, respectively, at these same dates of which $6.6 million and $4.8 million, respectively, was fully guaranteed. Of the remaining nonperforming assets, HELOCs totaled $5.9 million and $3.3 million, respectively, and equipment finance loans (concentrated in the transportation sector) making up $5.5 million and $5.9 million, respectively, both at these same dates. The ratio of nonperforming loans to total loans was 0.89% at September 30, 2025 compared to 0.81% at June 30, 2025.
Nonperforming assets increased by $4.4 million, or 15.2%, to $33.1 million, or 0.72% of total assets, at September 30, 2025 compared to $28.8 million, or 0.63% of total assets, at December 31, 2024. The ratio of nonperforming loans to total loans was 0.89% at September 30, 2025 compared to 0.76% at December 31, 2024.
Classified assets increased by $7.8 million, or 16.4%, to $56.6 million, or 1.23% of total assets, as of September 30, 2025 when compared to the balance of $48.8 million, or 1.07% of total assets, at June 30, 2025. Similarly, classified assets increased by $7.9 million, or 16.1%, to $56.6 million, or 1.23% of total assets, as of September 30, 2025 when compared to the balance of $48.8 million, or 1.06% of total assets, at December 31, 2024. SBA loans made up the largest portion of classified assets at $20.0 million and $17.1 million, respectively, as of September 30, 2025 and June 30, 2025 of which $12.7 million and $9.9 million, respectively, was fully guaranteed. The remaining population of classified assets at September 30, 2025 included $8.8 million of equipment finance loans (concentrated in the transportation sector), $7.7 million of non-owner occupied CRE loans, $7.5 million of HELOCs, and $6.7 million of 1-4 family residential real estate loans.
Lastly, in an effort to assist customers in their post-Hurricane Helene recovery and clean-up efforts, at the end of the prior calendar year we granted payment deferrals of up to six months to provide short-term relief to impacted customers. The outstanding balance of these deferrals declined from $136.0 million at December 31, 2024 to $318,000 at September 30, 2025. To date, $27,000 in charge-offs have been recognized which were directly related to Hurricane Helene.
About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. (NYSE: HTB), headquartered in Asheville, North Carolina, is the holding company for HomeTrust Bank, a state-chartered community bank operating over 30 locations across North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia. With total assets of $4.6 billion as of September 30, 2025, the Company's goal is to continue to be recognized as a high-performing, regional community bank, while our strategy to reach that goal is to be a best place to work. As a reflection of these efforts, the Company has been named one of Bank Director's "Best U.S. Banks," one of Forbes' "America's Best Banks", one of S&P Global's "Top 50 Community Banks", and named to the 2025 KBW Honor Roll. In addition, the Company has been recognized as one of American Banker's "Best Banks to Work For", received a "Most Loved Workplace" certification by Best Practices Institute, named as one of Best Companies Group's "America's Best Workplaces", as well as being named a "Best Place to Work" in all five states in which the Company operates.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company's beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, natural disasters, including the lingering effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission - which are available on the Company's website at www.htb.com and on the SEC's website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management's beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Consolidated Balance Sheets (Unaudited)
December
September June 30, March 31, 31, September 30,
(Dollars in thousands) 30, 2025 2025 2025 2024(1) 2024
----------- ----------- ----------- ----------- -------------
Assets
Cash $ 15,435 $ 16,662 $ 14,303 $ 18,778 $ 18,980
Interest-bearing
deposits 300,395 280,547 285,522 260,441 274,497
--------- --------- --------- --------- ---------
Cash and cash
equivalents 315,830 297,209 299,825 279,219 293,477
Certificates of
deposit in other
banks 20,833 23,319 25,806 28,538 29,290
Debt securities
available for sale,
at fair value 145,682 143,942 150,577 152,011 140,552
FHLB and FRB stock 14,325 15,263 13,602 13,630 18,384
SBIC investments, at
cost 18,346 17,720 17,746 15,117 15,489
Loans held for sale,
at fair value 7,907 1,106 2,175 4,144 2,968
Loans held for sale,
at the lower of
cost or fair value 189,047 169,835 151,164 202,018 189,722
Total loans, net of
deferred loan fees
and costs 3,643,619 3,671,951 3,648,609 3,648,299 3,698,892
Allowance for credit
losses -- loans (43,086) (44,139) (44,742) (45,285) (48,131)
--------- --------- --------- --------- ---------
Loans, net 3,600,533 3,627,812 3,603,867 3,603,014 3,650,761
--------- --------- --------- --------- ---------
Premises and
equipment held for
sale, at the lower
of cost or fair
value 616 616 8,240 616 616
Premises and
equipment, net 62,437 62,706 62,347 69,872 69,603
Accrued interest
receivable 17,077 16,554 18,269 18,336 17,523
Deferred income
taxes, net 9,789 9,968 9,288 10,735 10,100
BOLI 93,474 92,576 91,715 90,868 90,021
Goodwill 34,111 34,111 34,111 34,111 34,111
Core deposit
intangibles, net 5,259 5,670 6,080 6,595 7,162
Other assets 56,871 59,646 63,248 66,606 67,514
--------- --------- --------- --------- ---------
Total assets $4,592,137 $4,578,053 $4,558,060 $4,595,430 $4,637,293
========= ========= ========= ========= =========
Liabilities and
stockholders' equity
Liabilities
Deposits $3,698,227 $3,666,178 $3,736,360 $3,779,203 $3,761,588
Junior subordinated
debt 10,195 10,170 10,145 10,120 10,096
Borrowings 230,000 265,000 177,000 188,000 260,013
Other liabilities 57,882 57,431 69,106 66,349 65,592
--------- --------- --------- --------- ---------
Total liabilities 3,996,304 3,998,779 3,992,611 4,043,672 4,097,289
--------- --------- --------- --------- ---------
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(2) 175 175 176 175 175
Additional paid in
capital 176,289 174,900 176,682 176,693 175,495
Retained earnings 422,615 408,178 393,026 380,541 368,383
Unearned Employee
Stock Ownership
Plan ("ESOP")
shares (3,571) (3,703) (3,835) (3,966) (4,099)
Accumulated other
comprehensive
income (loss) 325 (276) (600) (1,685) 50
--------- --------- --------- --------- ---------
Total stockholders'
equity 595,833 579,274 565,449 551,758 540,004
--------- --------- --------- --------- ---------
Total liabilities
and stockholders'
equity $4,592,137 $4,578,053 $4,558,060 $4,595,430 $4,637,293
========= ========= ========= ========= =========
(1) Derived from audited financial statements.
(2) Shares of common stock issued and outstanding were 17,520,425 at September 30, 2025; 17,492,143 at June 30, 2025; 17,552,626 at March 31, 2025; 17,527,709 at December 31, 2024; and 17,514,922 at September 30, 2024.
Consolidated Statements of Income (Unaudited)
Three Months Ended Nine Months Ended
-------------------
June
September 30, September September
(Dollars in thousands) 30, 2025 2025 30, 2025 30, 2024
---------- ------- ---------- -----------
Interest and dividend
income
Loans $ 61,749 $60,440 $ 180,802 $185,418
Debt securities
available for sale 1,662 1,658 5,107 4,424
Other investments
and
interest-bearing
deposits 1,984 1,543 6,762 5,576
--------- ------ --------- -------
Total interest and
dividend income 65,395 63,641 192,671 195,418
--------- ------ --------- -------
Interest expense
Deposits 19,474 18,856 58,693 64,864
Junior subordinated
debt 207 206 618 705
Borrowings 325 350 835 3,550
--------- ------ --------- -------
Total interest
expense 20,006 19,412 60,146 69,119
--------- ------ --------- -------
Net interest income 45,389 44,229 132,525 126,299
Provision for credit
losses 2,015 1,303 4,858 8,400
--------- ------ --------- -------
Net interest income
after provision for
credit losses 43,374 42,926 127,667 117,899
--------- ------ --------- -------
Noninterest income
Service charges and
fees on deposit
accounts 2,527 2,502 7,273 6,839
Loan income and fees 577 548 1,846 2,009
Gain on sale of
loans held for
sale 1,725 2,109 5,742 5,185
BOLI income 882 852 2,576 3,470
Operating lease
income 1,777 1,876 5,032 5,087
Gain on sale of
branches -- 1,448 1,448 --
Gain (loss) on sale
of premises and
equipment -- 28 28 (9)
Other 1,263 794 2,990 2,625
--------- ------ --------- -------
Total noninterest
income 8,751 10,157 26,935 25,206
--------- ------ --------- -------
Noninterest expense
Salaries and
employee benefits 18,508 18,208 54,415 50,666
Occupancy expense,
net 2,563 2,375 7,449 7,292
Computer services 2,562 2,488 7,855 9,396
Operating lease
depreciation
expense 1,770 1,789 5,427 5,667
Telephone, postage
and supplies 539 561 1,646 1,712
Marketing and
advertising 471 442 1,365 1,659
Deposit insurance
premiums 468 473 1,452 1,674
Core deposit
intangible
amortization 410 411 1,336 1,896
Other 3,975 4,508 12,537 11,526
--------- ------ --------- -------
Total noninterest
expense 31,266 31,255 93,482 91,488
--------- ------ --------- -------
Income before income
taxes 20,859 21,828 61,120 51,617
Income tax expense 4,368 4,618 12,880 11,020
--------- ------ --------- -------
Net income $ 16,491 $17,210 $ 48,240 $ 40,597
========= ====== ========= =======
Per Share Data
Three Months Ended Nine Months Ended
------------------------ ------------------------
September June 30, September September
30, 2025 2025 30, 2025 30, 2024
----------- ----------- ----------- -----------
Net income
per common
share(1)
Basic $ 0.96 $ 1.01 $ 2.81 $ 2.38
Diluted $ 0.95 $ 1.00 $ 2.79 $ 2.37
Average
shares
outstanding
Basic 16,998,549 17,006,141 17,005,206 16,891,619
Diluted 17,130,030 17,106,448 17,117,605 16,938,328
Book value
per share at
end of
period $ 34.01 $ 33.12 $ 34.01 $ 30.83
Tangible book
value per
share at end
of
period(2) $ 31.83 $ 30.92 $ 31.83 $ 28.57
Cash
dividends
declared per
common
share $ 0.12 $ 0.12 $ 0.36 $ 0.33
Total shares
outstanding
at end of
period 17,520,425 17,492,143 17,520,425 17,514,922
(1) Basic and diluted net income per common share have been prepared in accordance with the two-class method.
(2) See Non-GAAP reconciliations below for adjustments.
Selected Financial Ratios and Other Data
Three Months Ended Nine Months Ended
----------------------- --------------------------
September June 30, September September
30, 2025 2025 30, 2025 30, 2024
----------- ---------- ------------ ------------
Performance
ratios(1)
Return on assets
(ratio of net
income to
average total
assets) 1.48% 1.58% 1.46% 1.22%
Return on equity
(ratio of net
income to
average
equity) 11.10 11.97 11.20 10.39
Yield on earning
assets 6.21 6.22 6.21 6.28
Rate paid on
interest-bearing
liabilities 2.63 2.61 2.66 2.99
Average interest
rate spread 3.58 3.61 3.55 3.29
Net interest
margin(2) 4.31 4.32 4.27 4.06 Average interest-earning assets to average interest-bearing liabilities 138.10 137.43 136.93 134.53 Noninterest expense to average total assets 2.80 2.87 2.84 2.76 Efficiency ratio 57.75 57.47 58.62 60.39 Efficiency ratio -- adjusted(3) 57.28 58.59 58.69 60.41
(1) Ratios are annualized where appropriate.
(2) Net interest income divided by average interest-earning assets.
(3) See Non-GAAP reconciliations below for adjustments.
At or For the Three Months Ended
-------------------------------------------------------------
September June 30, March 31, December September
30, 2025 2025 2025 31, 2024 30, 2024
Asset quality
ratios
Nonperforming
assets to
total
assets(1) 0.72% 0.67% 0.61% 0.63% 0.64%
Nonperforming
loans to total
loans(1) 0.89 0.81 0.74 0.76 0.78
Total
classified
assets to
total assets 1.23 1.07 0.85 1.06 0.99
Allowance for
credit losses
to
nonperforming
loans(1) 132.26 147.98 165.96 163.68 166.51
Allowance for
credit losses
to total
loans 1.18 1.20 1.23 1.24 1.30
Net
charge-offs
to average
loans
(annualized) 0.29 0.21 0.14 0.19 0.42
Capital ratios
Equity to total
assets at end
of period 12.98% 12.65% 12.41% 12.01% 11.64%
Tangible equity
to total
tangible
assets(2) 12.25 11.91 11.65 11.25 10.88
Average equity
to average
assets 13.31 13.20 12.66 12.28 12.02
(1) Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At September 30, 2025, $4.6 million, or 14.1%, of nonaccruing loans were current on their loan payments as of that date.
(2) See Non-GAAP reconciliations below for adjustments.
Loans
September June 30, March 31, December September 30,
(Dollars in thousands) 30, 2025 2025 2025 31, 2024 2024
----------- ----------- ----------- ----------- -------------
Commercial real estate
Construction and
land development $ 268,953 $ 267,494 $ 247,539 $ 274,356 $ 300,905
Commercial real
estate -- owner
occupied 540,807 561,623 570,150 545,490 544,689
Commercial real
estate -- non-owner
occupied 861,244 877,440 867,711 866,094 881,340
Multifamily 115,403 113,416 118,094 120,425 114,155
--------- --------- --------- --------- ---------
Total commercial
real estate 1,786,407 1,819,973 1,803,494 1,806,365 1,841,089
Commercial
Commercial and
industrial 399,155 367,359 349,085 316,159 286,809
Equipment finance 340,322 360,499 380,166 406,400 443,033
Municipal leases 164,967 168,623 163,554 165,984 158,560
Total commercial 904,444 896,481 892,805 888,543 888,402
Residential real estate
Construction and
land development 51,110 53,020 56,858 53,683 63,016
One-to-four family 636,857 640,287 631,537 630,391 627,845
HELOCs 216,122 205,918 199,747 195,288 194,909
--------- --------- --------- --------- ---------
Total residential
real estate 904,089 899,225 888,142 879,362 885,770
Consumer 48,679 56,272 64,168 74,029 83,631
--------- --------- --------- --------- ---------
Total loans, net of
deferred loan fees and
costs 3,643,619 3,671,951 3,648,609 3,648,299 3,698,892
Allowance for credit
losses -- loans (43,086) (44,139) (44,742) (45,285) (48,131)
--------- --------- --------- --------- ---------
Loans, net $3,600,533 $3,627,812 $3,603,867 $3,603,014 $3,650,761
========= ========= ========= ========= =========
Deposits
September June 30, March 31, December September
(Dollars in thousands) 30, 2025 2025 2025 31, 2024 30, 2024
---------- ---------- ---------- ---------- ----------
Core deposits
Noninterest-bearing
accounts $ 689,352 $ 698,843 $ 721,814 $ 680,926 $ 684,501
NOW accounts 537,954 561,524 573,745 575,238 534,517
Money market
accounts 1,343,008 1,323,762 1,357,961 1,341,995 1,345,289
Savings accounts 172,883 179,980 184,396 181,317 179,762
--------- --------- --------- --------- ---------
Total core deposits 2,743,197 2,764,109 2,837,916 2,779,476 2,744,069
Certificates of deposit 955,030 902,069 898,444 999,727 1,017,519
--------- --------- --------- --------- ---------
Total $3,698,227 $3,666,178 $3,736,360 $3,779,203 $3,761,588
========= ========= ========= ========= =========
Non-GAAP Reconciliations
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States ("GAAP"), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Set forth below is a reconciliation to GAAP of the Company's efficiency ratio:
Three Months Ended Nine Months Ended
------------------- -----------------------
June
September 30, September September
(Dollars in thousands) 30, 2025 2025 30, 2025 30, 2024
---------- ------- ---------- -----------
Noninterest expense $ 31,266 $31,255 $ 93,482 $ 91,488
Net interest income $ 45,389 $44,229 $ 132,525 $126,299
Plus: tax-equivalent
adjustment 440 431 1,289 1,072
Plus: noninterest income 8,751 10,157 26,935 25,206
Less: BOLI death benefit
proceeds in excess of
cash surrender value -- -- -- 1,143
Less: gain on sale of
branches -- 1,448 1,448 --
Less: gain (loss) on
sale of premises and
equipment -- 28 28 (9)
--------- ------ --------- -------
Net interest income
plus noninterest
income -- adjusted $ 54,580 $53,341 $ 159,273 $151,443
========= ====== ========= =======
Efficiency ratio 57.75% 57.47% 58.62% 60.39%
Efficiency ratio --
adjusted 57.28% 58.59% 58.69% 60.41%
Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:
As of
(Dollars in thousands, September June 30, March 31, December September
except per share data) 30, 2025 2025 2025 31, 2024 30, 2024
----------- ----------- ----------- ----------- -----------
Total stockholders'
equity $ 595,833 $ 579,274 $ 565,449 $ 551,758 $ 540,004
Less: goodwill, core
deposit intangibles,
net of taxes 38,160 38,477 38,793 39,189 39,626
---------- ---------- ---------- ---------- ----------
Tangible book value $ 557,673 $ 540,797 $ 526,656 $ 512,569 $ 500,378
========== ========== ========== ========== ==========
Common shares
outstanding 17,520,425 17,492,143 17,552,626 17,527,709 17,514,922
Book value per share $ 34.01 $ 33.12 $ 32.21 $ 31.48 $ 30.83
Tangible book value per
share $ 31.83 $ 30.92 $ 30.00 $ 29.24 $ 28.57
Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:
As of
September June 30, March 31, December September
(Dollars in thousands) 30, 2025 2025 2025 31, 2024 30, 2024
---------- ---------- ---------- ---------- ----------
Tangible equity(1) $ 557,673 $ 540,797 $ 526,656 $ 512,569 $ 500,378
--------- --------- --------- --------- ---------
Total assets 4,592,137 4,578,053 4,558,060 4,595,430 4,637,293
Less: goodwill, core
deposit intangibles,
net of taxes 38,160 38,477 38,793 39,189 39,626
--------- --------- --------- --------- ---------
Total tangible assets $4,553,977 $4,539,576 $4,519,267 $4,556,241 $4,597,667
========= ========= ========= ========= =========
Tangible
equity to
tangible
assets 12.25% 11.91% 11.65% 11.25% 10.88%
(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.
Contact: C. Hunter Westbrook -- President and Chief Executive Officer Tony J. VunCannon -- Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer 828-259-3939
(END) Dow Jones Newswires
October 22, 2025 08:45 ET (12:45 GMT)