Maryland | 45-5055422 | |
(State or other jurisdiction of incorporation of organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $.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 Number | |||
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Item 3. | |||
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Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5 | |||
Item 6. | |||
Term | Definition | |
AFS | Available-For-Sale | |
ASC | Accounting Standard Codification | |
ASU | Accounting Standard Update | |
BOLI | Bank Owned Life Insurance | |
CD | Certificates of Deposit | |
CET1 | Common Equity Tier 1 | |
CPI | Consumer Price Index | |
EPS | Earnings Per Share | |
ESOP | Employee Stock Ownership Plan | |
FASB | Financial Accounting Standards Board | |
FDIC | Federal Deposit Insurance Corporation | |
FHLB | 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 | |
MBS | Mortgage-Backed Security | |
NCCOB | North Carolina Office of the Commissioner of Banks | |
PCI | Purchase Credit Impaired | |
REO | Real Estate Owned | |
ROU | Right of Use | |
SEC | Securities and Exchange Commission | |
SBA | Small Business Administration | |
SBIC | Small Business Investment Companies | |
TDR | Troubled Debt Restructuring |
(Unaudited) | |||||||
September 30, 2019 | June 30, 2019 (1) | ||||||
Assets | |||||||
Cash | $ | 52,082 | $ | 40,909 | |||
Interest-bearing deposits | 65,011 | 30,134 | |||||
Cash and cash equivalents | 117,093 | 71,043 | |||||
Commercial paper | 254,302 | 241,446 | |||||
Certificates of deposit in other banks | 50,117 | 52,005 | |||||
Debt securities available for sale, at fair value | 165,714 | 121,786 | |||||
Other investments, at cost | 45,900 | 45,378 | |||||
Loans held for sale | 289,319 | 18,175 | |||||
Total loans, net of deferred loan costs | 2,508,730 | 2,705,190 | |||||
Allowance for loan losses | (21,314 | ) | (21,429 | ) | |||
Net loans | 2,487,416 | 2,683,761 | |||||
Premises and equipment, net | 58,509 | 61,051 | |||||
Accrued interest receivable | 10,434 | 10,533 | |||||
REO | 2,582 | 2,929 | |||||
Deferred income taxes | 24,257 | 26,523 | |||||
BOLI | 90,499 | 90,254 | |||||
Goodwill | 25,638 | 25,638 | |||||
Core deposit intangibles | 2,088 | 2,499 | |||||
Other assets | 31,441 | 23,157 | |||||
Total Assets | $ | 3,655,309 | $ | 3,476,178 | |||
Liabilities and Stockholders' Equity | |||||||
Liabilities | |||||||
Deposits | $ | 2,494,194 | $ | 2,327,257 | |||
Borrowings | 685,000 | 680,000 | |||||
Other liabilities | 63,047 | 60,025 | |||||
Total liabilities | 3,242,241 | 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, 17,818,145 shares issued and outstanding at September 30, 2019; 17,984,105 at June 30, 2019 | 178 | 180 | |||||
Additional paid in capital | 186,359 | 190,315 | |||||
Retained earnings | 232,315 | 224,545 | |||||
Unearned ESOP shares | (6,744 | ) | (6,877 | ) | |||
Accumulated other comprehensive income | 960 | 733 | |||||
Total stockholders' equity | 413,068 | 408,896 | |||||
Total Liabilities and Stockholders' Equity | $ | 3,655,309 | $ | 3,476,178 |
(Unaudited) | |||||||
Three Months Ended | |||||||
September 30, | |||||||
2019 | 2018 | ||||||
Interest and Dividend Income | |||||||
Loans | $ | 32,266 | $ | 28,728 | |||
Securities available for sale | 896 | 856 | |||||
Commercial paper and interest-bearing deposits in other banks | 2,253 | 1,857 | |||||
Other investments | 832 | 839 | |||||
Total interest and dividend income | 36,247 | 32,280 | |||||
Interest Expense | |||||||
Deposits | 5,853 | 2,750 | |||||
Borrowings | 3,321 | 3,258 | |||||
Total interest expense | 9,174 | 6,008 | |||||
Net Interest Income | 27,073 | 26,272 | |||||
Provision for Loan Losses | — | — | |||||
Net Interest Income after Provision for Loan Losses | 27,073 | 26,272 | |||||
Noninterest Income | |||||||
Service charges and fees on deposit accounts | 2,443 | 2,401 | |||||
Loan income and fees | 882 | 328 | |||||
Gain on sale of loans held for sale | 2,299 | 1,670 | |||||
BOLI income | 697 | 536 | |||||
Other, net | 1,339 | 678 | |||||
Total noninterest income | 7,660 | 5,613 | |||||
Noninterest Expense | |||||||
Salaries and employee benefits | 13,912 | 12,685 | |||||
Net occupancy expense | 2,342 | 2,326 | |||||
Computer services | 2,024 | 1,849 | |||||
Telephone, postage, and supplies | 802 | 769 | |||||
Marketing and advertising | 679 | 417 | |||||
Deposit insurance premiums | — | 304 | |||||
Loss (gain) on sale and impairment of REO | (19 | ) | 179 | ||||
REO expense | 258 | 175 | |||||
Core deposit intangible amortization | 411 | 565 | |||||
Other | 3,124 | 2,614 | |||||
Total noninterest expense | 23,533 | 21,883 | |||||
Income Before Income Taxes | 11,200 | 10,002 | |||||
Income Tax Expense | 2,396 | 2,212 | |||||
Net Income | $ | 8,804 | $ | 7,790 | |||
Per Share Data: | |||||||
Net income per common share: | |||||||
Basic | $ | 0.51 | $ | 0.43 | |||
Diluted | $ | 0.49 | $ | 0.41 | |||
Average shares outstanding: | |||||||
Basic | 17,097,647 | 18,125,637 | |||||
Diluted | 17,753,657 | 18,880,476 |
(Unaudited) | |||||||
Three Months Ended | |||||||
September 30, | |||||||
2019 | 2018 | ||||||
Net Income | $ | 8,804 | $ | 7,790 | |||
Other Comprehensive Income (Loss) | |||||||
Unrealized holding gains (losses) on securities available for sale | |||||||
Gains (losses) arising during the period | 295 | (378 | ) | ||||
Deferred income tax benefit (expense) | (68 | ) | 87 | ||||
Total other comprehensive income (loss) | $ | 227 | $ | (291 | ) | ||
Comprehensive Income | $ | 9,031 | $ | 7,499 |
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Common Stock | Additional Paid In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Total Stockholders' Equity | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance at June 30, 2019 | 17,984,105 | $ | 180 | $ | 190,315 | $ | 224,545 | $ | (6,877 | ) | $ | 733 | $ | 408,896 | ||||||||||||
Net income | — | — | — | 8,804 | — | — | 8,804 | |||||||||||||||||||
Cash dividends declared on common stock, $0.06/common share | — | — | — | (1,034 | ) | — | — | (1,034 | ) | |||||||||||||||||
Stock repurchased | (189,160 | ) | (2 | ) | (4,798 | ) | — | — | — | (4,800 | ) | |||||||||||||||
Forfeited restricted stock | (3,200 | ) | — | — | — | — | — | — | ||||||||||||||||||
Granted restricted stock | 13,000 | — | — | — | — | — | — | |||||||||||||||||||
Exercised stock options | 13,400 | — | 194 | — | — | — | 194 | |||||||||||||||||||
Stock option expense | — | — | 198 | — | — | — | 198 | |||||||||||||||||||
Restricted stock expense | — | — | 245 | — | — | — | 245 | |||||||||||||||||||
ESOP shares allocated | — | — | 205 | — | 133 | — | 338 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 227 | 227 | |||||||||||||||||||
Balance at September 30, 2019 | 17,818,145 | $ | 178 | $ | 186,359 | $ | 232,315 | $ | (6,744 | ) | $ | 960 | $ | 413,068 |
Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||
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, 2018 | 19,041,668 | $ | 191 | $ | 217,480 | $ | 200,575 | $ | (7,406 | ) | $ | (1,598 | ) | $ | 409,242 | |||||||||||
Net income | — | — | — | 7,790 | — | — | 7,790 | |||||||||||||||||||
Stock repurchased | (128,300 | ) | (1 | ) | (3,723 | ) | — | — | — | (3,724 | ) | |||||||||||||||
Forfeited restricted stock | (2,000 | ) | — | — | — | — | — | — | ||||||||||||||||||
Retired stock | (588 | ) | — | — | — | — | — | — | ||||||||||||||||||
Exercised stock options | 28,500 | — | 410 | — | — | — | 410 | |||||||||||||||||||
Stock option expense | — | — | 185 | — | — | — | 185 | |||||||||||||||||||
Restricted stock expense | — | — | 199 | — | — | — | 199 | |||||||||||||||||||
ESOP shares allocated | — | — | 252 | — | 132 | — | 384 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (291 | ) | (291 | ) | |||||||||||||||||
Balance at September 30, 2018 | 18,939,280 | $ | 190 | $ | 214,803 | $ | 208,365 | $ | (7,274 | ) | $ | (1,889 | ) | $ | 414,195 |
(Unaudited) | |||||||
Three Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Operating Activities: | |||||||
Net income | $ | 8,804 | $ | 7,790 | |||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||
Provision for loan losses | — | — | |||||
Depreciation | 1,223 | 935 | |||||
Deferred income tax expense | 2,198 | 1,710 | |||||
Net amortization and accretion | (1,705 | ) | (1,497 | ) | |||
Loss (gain) on sale and impairment of REO | (19 | ) | 179 | ||||
Gain on sale of loans held for sale | (2,299 | ) | (1,670 | ) | |||
Origination of loans held for sale | (77,778 | ) | (43,134 | ) | |||
Proceeds from sales of loans held for sale | 62,122 | 45,698 | |||||
Decrease in deferred loan fees, net | (250 | ) | (54 | ) | |||
Increase (decrease) in accrued interest receivable and other assets | 419 | (935 | ) | ||||
Amortization of core deposit intangibles | 411 | 565 | |||||
BOLI income | (697 | ) | (536 | ) | |||
ESOP compensation expense | 338 | 384 | |||||
Restricted stock and stock option expense | 443 | 384 | |||||
Decrease in other liabilities | (2,274 | ) | (1,953 | ) | |||
Net cash provided by (used for) operating activities | (9,064 | ) | 7,866 | ||||
Investing Activities: | |||||||
Purchase of securities available for sale | (49,375 | ) | — | ||||
Proceeds from maturities of securities available for sale | 1,900 | 1,215 | |||||
Net purchases of commercial paper | (11,159 | ) | (7,712 | ) | |||
Purchase of certificates of deposit in other banks | (5,130 | ) | (3,237 | ) | |||
Maturities of certificates of deposit in other banks | 7,018 | 11,790 | |||||
Principal repayments of mortgage-backed securities | 3,748 | 4,404 | |||||
Net purchases of other investments | (522 | ) | (2,065 | ) | |||
Net increase in loans | (56,538 | ) | (66,912 | ) | |||
Purchase of BOLI | (25 | ) | (25 | ) | |||
Proceeds from redemption of BOLI | 477 | 7 | |||||
Purchase of premises and equipment | (383 | ) | (1,079 | ) | |||
Purchase of operating lease equipment | (1,606 | ) | — | ||||
Proceeds from sale of REO | 412 | 293 | |||||
Net cash used in investing activities | (111,183 | ) | (63,321 | ) | |||
Financing Activities: | |||||||
Net increase in deposits | 166,937 | 6,791 | |||||
Net increase in other borrowings | 5,000 | 40,000 | |||||
Common stock repurchased | (4,800 | ) | (3,724 | ) | |||
Cash dividends paid | (1,034 | ) | — | ||||
Exercised stock options | 194 | 410 | |||||
Net cash provided by financing activities | 166,297 | 43,477 | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | 46,050 | (11,978 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 71,043 | 70,746 | |||||
Cash and Cash Equivalents at End of Period | $ | 117,093 | $ | 58,768 |
(Unaudited) | |||||||
Supplemental Disclosures: | Three Months Ended September 30, | ||||||
2019 | 2018 | ||||||
Cash paid during the period for: | |||||||
Interest | $ | 9,011 | $ | 5,618 | |||
Income taxes | 5 | — | |||||
Noncash transactions: | |||||||
Unrealized gain (loss) in value of securities available for sale, net of income taxes | 227 | (291 | ) | ||||
Transfer of loans to REO | 46 | 74 | |||||
Transfer of loans held for sale to total loans | 3,614 | 5,794 | |||||
Transfer of one-to-four family loans to held for sale | 256,803 | — | |||||
Transfer of land from property and equipment to other assets for new finance lease accounting | 2,052 | — | |||||
New ROU asset and lease liabilities from adoption of new lease accounting | 5,296 | — |
1. | Summary of Significant Accounting Policies |
2. | Recent Accounting Pronouncements |
3. | Debt Securities |
September 30, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
U.S. Government Agencies | $ | 14,113 | $ | 153 | $ | (5 | ) | $ | 14,261 | ||||||
Residential MBS of U.S. Government Agencies and GSEs | 72,477 | 757 | (141 | ) | 73,093 | ||||||||||
Municipal Bonds | 23,885 | 495 | (3 | ) | 24,377 | ||||||||||
Corporate Bonds | 53,992 | 47 | (56 | ) | 53,983 | ||||||||||
Total | $ | 164,467 | $ | 1,452 | $ | (205 | ) | $ | 165,714 |
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 | ||||||||||
Total | $ | 120,834 | $ | 1,174 | $ | (222 | ) | $ | 121,786 |
September 30, 2019 | |||||||
Amortized Cost | Estimated Fair Value | ||||||
Due within one year | $ | 23,625 | $ | 23,615 | |||
Due after one year through five years | 59,316 | 59,616 | |||||
Due after five years through ten years | 5,513 | 5,826 | |||||
Due after ten years | 3,536 | 3,564 | |||||
Mortgage-backed securities | 72,477 | 73,093 | |||||
Total | $ | 164,467 | $ | 165,714 |
September 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 | $ | — | $ | — | $ | 5,995 | $ | (5 | ) | $ | 5,995 | $ | (5 | ) | |||||||||
Residential MBS of U.S. Government Agencies and GSEs | 9,771 | (30 | ) | 16,113 | (111 | ) | 25,884 | (141 | ) | ||||||||||||||
Municipal Bonds | 3,706 | (3 | ) | 427 | — | 4,133 | (3 | ) | |||||||||||||||
Corporate Bonds | 47,708 | (56 | ) | — | — | 47,708 | (56 | ) | |||||||||||||||
Total | $ | 61,185 | $ | (89 | ) | $ | 22,535 | $ | (116 | ) | $ | 83,720 | $ | (205 | ) |
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 | ) |
4. | Other Investments |
September 30, 2019 | June 30, 2019 | ||||||
FHLB of Atlanta stock | $ | 32,181 | $ | 31,969 | |||
FRB stock | 7,345 | 7,335 | |||||
SBIC investments | 6,374 | 6,074 | |||||
Total | $ | 45,900 | $ | 45,378 |
5. | Loans |
September 30, 2019 | June 30, 2019 | ||||||
Retail consumer loans: | |||||||
One-to-four family | $ | 396,649 | $ | 660,591 | |||
HELOCs - originated | 141,129 | 139,435 | |||||
HELOCs - purchased | 104,324 | 116,972 | |||||
Construction and land/lots | 85,319 | 80,602 | |||||
Indirect auto finance | 147,808 | 153,448 | |||||
Consumer | 11,400 | 11,416 | |||||
Total retail consumer loans | 886,629 | 1,162,464 | |||||
Commercial loans: | |||||||
Commercial real estate | 990,787 | 927,261 | |||||
Construction and development | 203,494 | 210,916 | |||||
Commercial and industrial | 158,706 | 160,471 | |||||
Equipment finance | 154,479 | 132,058 | |||||
Municipal finance | 114,382 | 112,016 | |||||
Total commercial loans | 1,621,848 | 1,542,722 | |||||
Total loans | 2,508,477 | 2,705,186 | |||||
Deferred loan costs, net | 253 | 4 | |||||
Total loans, net of deferred loan costs | 2,508,730 | 2,705,190 | |||||
Allowance for loan losses | (21,314 | ) | (21,429 | ) | |||
Loans, net | $ | 2,487,416 | $ | 2,683,761 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||
Retail consumer loans: | |||||||||||||||||||||||
One-to-four family | $ | 381,231 | $ | 2,108 | $ | 7,466 | $ | 368 | $ | 15 | $ | 391,188 | |||||||||||
HELOCs - originated | 138,744 | 547 | 1,504 | 100 | 9 | 140,904 | |||||||||||||||||
HELOCs - purchased | 103,848 | — | 476 | — | — | 104,324 | |||||||||||||||||
Construction and land/lots | 84,789 | 5 | 159 | — | — | 84,953 | |||||||||||||||||
Indirect auto finance | 146,967 | — | 841 | — | — | 147,808 | |||||||||||||||||
Consumer | 11,351 | — | 43 | 1 | 5 | 11,400 | |||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Commercial real estate | 963,018 | 9,599 | 11,315 | — | — | 983,932 | |||||||||||||||||
Construction and development | 200,758 | 652 | 1,387 | 1 | — | 202,798 | |||||||||||||||||
Commercial and industrial | 156,047 | 718 | 283 | — | — | 157,048 | |||||||||||||||||
Equipment finance | 153,457 | — | 1,022 | — | — | 154,479 | |||||||||||||||||
Municipal finance | 114,099 | 283 | — | — | — | 114,382 | |||||||||||||||||
Total loans | $ | 2,454,309 | $ | 13,912 | $ | 24,496 | $ | 470 | $ | 29 | $ | 2,493,216 |
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 finance | 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 | ||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||
Retail consumer loans: | |||||||||||||||||||||||
One-to-four family | $ | 3,981 | $ | 214 | $ | 1,266 | $ | — | $ | — | $ | 5,461 | |||||||||||
HELOCs - originated | 225 | — | — | — | — | 225 | |||||||||||||||||
Construction and land/lots | 140 | — | 226 | — | — | 366 | |||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Commercial real estate | 3,703 | 1,881 | 1,271 | — | — | 6,855 | |||||||||||||||||
Construction and development | 342 | — | 354 | — | — | 696 | |||||||||||||||||
Commercial and industrial | 1,655 | — | — | — | 3 | 1,658 | |||||||||||||||||
Total loans | $ | 10,046 | $ | 2,095 | $ | 3,117 | $ | — | $ | 3 | $ | 15,261 |
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 | |||||||||||||||
September 30, 2019 | |||||||||||||||||||
Retail consumer loans: | |||||||||||||||||||
One-to-four family | $ | 2,511 | $ | 1,883 | $ | 4,394 | $ | 392,255 | $ | 396,649 | |||||||||
HELOCs - originated | 437 | 204 | 641 | 140,488 | 141,129 | ||||||||||||||
HELOCs - purchased | 108 | 298 | 406 | 103,918 | 104,324 | ||||||||||||||
Construction and land/lots | — | 6 | 6 | 85,313 | 85,319 | ||||||||||||||
Indirect auto finance | 566 | 110 | 676 | 147,132 | 147,808 | ||||||||||||||
Consumer | 5 | 12 | 17 | 11,383 | 11,400 | ||||||||||||||
Commercial loans: | |||||||||||||||||||
Commercial real estate | 1,000 | 2,664 | 3,664 | 987,123 | 990,787 | ||||||||||||||
Construction and development | — | 1,170 | 1,170 | 202,324 | 203,494 | ||||||||||||||
Commercial and industrial | 95 | 118 | 213 | 158,493 | 158,706 | ||||||||||||||
Equipment finance | 1,012 | 629 | 1,641 | 152,838 | 154,479 | ||||||||||||||
Municipal finance | — | — | — | 114,382 | 114,382 | ||||||||||||||
Total loans | $ | 5,734 | $ | 7,094 | $ | 12,828 | $ | 2,495,649 | $ | 2,508,477 |
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 finance | — | — | — | 112,016 | 112,016 | ||||||||||||||
Total loans | $ | 5,579 | $ | 4,488 | $ | 10,067 | $ | 2,695,119 | $ | 2,705,186 |
September 30, 2019 | June 30, 2019 | ||||||||||||||
Nonaccruing | 90 Days + & still accruing | Nonaccruing | 90 Days + & still accruing | ||||||||||||
Retail consumer loans: | |||||||||||||||
One-to-four family | $ | 3,348 | $ | — | $ | 3,223 | $ | — | |||||||
HELOCs - originated | 584 | — | 372 | — | |||||||||||
HELOCs - purchased | 476 | — | 666 | — | |||||||||||
Construction and land/lots | 6 | — | 6 | — | |||||||||||
Indirect auto finance | 317 | — | 463 | — | |||||||||||
Consumer | 24 | — | 21 | — | |||||||||||
Commercial loans: | |||||||||||||||
Commercial real estate | 3,398 | — | 3,559 | — | |||||||||||
Construction and development | 1,387 | — | 1,357 | — | |||||||||||
Commercial and industrial | 319 | — | 307 | — | |||||||||||
Equipment finance | 1,022 | — | 384 | — | |||||||||||
Total loans | $ | 10,881 | $ | — | $ | 10,358 | $ | — |
September 30, 2019 | June 30, 2019 | ||||||
Performing TDRs included in impaired loans | $ | 24,590 | $ | 23,116 |
Three Months Ended September 30, 2019 | Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||
PCI | Retail Consumer | Commercial | Total | PCI | Retail Consumer | Commercial | Total | ||||||||||||||||||||||||
Balance at beginning of period | $ | 201 | $ | 6,419 | $ | 14,809 | $ | 21,429 | $ | 483 | $ | 7,527 | $ | 13,050 | $ | 21,060 | |||||||||||||||
Provision for (recovery of) loan losses | (7 | ) | (448 | ) | 455 | — | (188 | ) | (64 | ) | 252 | — | |||||||||||||||||||
Charge-offs | — | (395 | ) | (35 | ) | (430 | ) | — | (416 | ) | (2 | ) | (418 | ) | |||||||||||||||||
Recoveries | — | 152 | 163 | 315 | — | 205 | 85 | 290 | |||||||||||||||||||||||
Balance at end of period | $ | 194 | $ | 5,728 | $ | 15,392 | $ | 21,314 | $ | 295 | $ | 7,252 | $ | 13,385 | $ | 20,932 |
Allowance for Loan Losses | Total Loans Receivable | ||||||||||||||||||||||||||||||
PCI | Loans individually evaluated for impairment | Loans collectively evaluated | Total | PCI | Loans individually evaluated for impairment | Loans collectively evaluated | Total | ||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||
Retail consumer loans: | |||||||||||||||||||||||||||||||
One-to-four family | $ | 60 | $ | 70 | $ | 1,547 | $ | 1,677 | $ | 5,461 | $ | 5,452 | $ | 385,736 | $ | 396,649 | |||||||||||||||
HELOCs - originated | — | 9 | 1,108 | 1,117 | 225 | 9 | 140,895 | 141,129 | |||||||||||||||||||||||
HELOCs - purchased | — | — | 471 | 471 | — | — | 104,324 | 104,324 | |||||||||||||||||||||||
Construction and land/lots | — | — | 1,357 | 1,357 | 366 | 315 | 84,638 | 85,319 | |||||||||||||||||||||||
Indirect auto finance | — | — | 1,028 | 1,028 | — | 11 | 147,797 | 147,808 | |||||||||||||||||||||||
Consumer | — | 5 | 133 | 138 | — | 5 | 11,395 | 11,400 | |||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||
Commercial real estate | 113 | 38 | 8,223 | 8,374 | 6,855 | 8,305 | 975,627 | 990,787 | |||||||||||||||||||||||
Construction and development | 4 | 5 | 3,148 | 3,157 | 696 | 1,275 | 201,523 | 203,494 | |||||||||||||||||||||||
Commercial and industrial | 17 | — | 1,941 | 1,958 | 1,658 | — | 157,048 | 158,706 | |||||||||||||||||||||||
Equipment finance | — | 67 | 1,517 | 1,584 | — | 1,022 | 153,457 | 154,479 | |||||||||||||||||||||||
Municipal finance | — | — | 453 | 453 | — | — | 114,382 | 114,382 | |||||||||||||||||||||||
Total | $ | 194 | $ | 194 | $ | 20,926 | $ | 21,314 | $ | 15,261 | $ | 16,394 | $ | 2,476,822 | $ | 2,508,477 | |||||||||||||||
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 | 1,060 | 1,067 | 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 | 189 | 193 | — | 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 finance | — | — | 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 With a Recorded Allowance | Recorded Investment With No Recorded Allowance | Total | Related Recorded Allowance | |||||||||||||||
September 30, 2019 | |||||||||||||||||||
Retail consumer loans: | |||||||||||||||||||
One-to-four family | $ | 17,678 | $ | 12,747 | $ | 2,315 | $ | 15,062 | $ | 496 | |||||||||
HELOCs - originated | 2,611 | 675 | 1,288 | 1,963 | 12 | ||||||||||||||
HELOCs - purchased | 476 | 476 | — | 476 | 2 | ||||||||||||||
Construction and land/lots | 1,692 | 795 | 315 | 1,110 | 27 | ||||||||||||||
Indirect auto finance | 585 | 191 | 216 | 407 | 2 | ||||||||||||||
Consumer | 295 | 11 | 35 | 46 | 7 | ||||||||||||||
Commercial loans: | |||||||||||||||||||
Commercial real estate | 9,674 | 6,620 | 2,771 | 9,391 | 45 | ||||||||||||||
Construction and development | 2,482 | 846 | 794 | 1,640 | 8 | ||||||||||||||
Commercial and industrial | 8,985 | 345 | — | 345 | 4 | ||||||||||||||
Equipment finance | 1,022 | 393 | 629 | 1,022 | 67 | ||||||||||||||
Total impaired loans | $ | 45,500 | $ | 23,099 | $ | 8,363 | $ | 31,462 | $ | 670 | |||||||||
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 |
Three Months Ended | |||||||||||||||
September 30, 2019 | September 30, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Retail consumer loans: | |||||||||||||||
One-to-four family | $ | 15,338 | $ | 206 | $ | 19,280 | $ | 290 | |||||||
HELOCs - originated | 1,873 | 29 | 1,319 | 18 | |||||||||||
HELOCs - purchased | 571 | 3 | 186 | 3 | |||||||||||
Construction and land/lots | 1,195 | 24 | 1,593 | 39 | |||||||||||
Indirect auto finance | 448 | 5 | 327 | 4 | |||||||||||
Consumer | 47 | 3 | 806 | 27 | |||||||||||
Commercial loans: | |||||||||||||||
Commercial real estate | 9,614 | 77 | 4,754 | 93 | |||||||||||
Construction and development | 1,686 | 14 | 1,940 | 29 | |||||||||||
Commercial and industrial | 734 | 10 | 219 | 17 | |||||||||||
Equipment finance | 703 | 8 | — | — | |||||||||||
Total loans | $ | 32,209 | $ | 379 | $ | 30,424 | $ | 520 |
Three Months Ended | |||||||
September 30, 2019 | September 30, 2018 | ||||||
Accretable yield, beginning of period | $ | 5,259 | $ | 5,734 | |||
Reclass from nonaccretable yield (1) | 115 | 10 | |||||
Other changes, net (2) | (14 | ) | 137 | ||||
Interest income | (444 | ) | (429 | ) | |||
Accretable yield, end of period | $ | 4,916 | $ | 5,452 |
(1) | Represents changes attributable to expected loss assumptions. |
(2) | Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, and changes in interest rates. |
Three Months Ended September 30, 2019 | Three Months Ended September 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 | ||||||||||||||||
Extended payment terms: | |||||||||||||||||||||
Retail consumer: | |||||||||||||||||||||
One-to-four family | 1 | $ | 14 | $ | 14 | — | $ | — | $ | — | |||||||||||
Total | 1 | $ | 14 | $ | 14 | — | $ | — | $ | — | |||||||||||
Other TDRs: | |||||||||||||||||||||
Retail consumer: | |||||||||||||||||||||
One-to-four family | 3 | $ | 35 | $ | 34 | 5 | $ | 244 | $ | 243 | |||||||||||
Indirect auto finance | 4 | 68 | 65 | 1 | 33 | 32 | |||||||||||||||
Consumer | — | — | — | 1 | 2 | 2 | |||||||||||||||
Total | 7 | $ | 103 | $ | 99 | 7 | $ | 279 | $ | 277 | |||||||||||
Total | 8 | $ | 117 | $ | 113 | 7 | $ | 279 | $ | 277 |
Three Months Ended September 30, 2019 | Three Months Ended September 30, 2018 | ||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||
Other TDRs: | |||||||||||||
Retail consumer: | |||||||||||||
One-to-four family | 2 | $ | 122 | — | $ | — | |||||||
Consumer | 1 | 2 | — | — | |||||||||
Total | 3 | $ | 124 | — | $ | — | |||||||
Total | 3 | $ | 124 | — | $ | — |
6. | Real Estate Owned |
Three Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Balance at beginning of period | $ | 2,929 | $ | 3,684 | |||
Transfers from loans | 46 | 74 | |||||
Sales, net of gain or loss | (381 | ) | (344 | ) | |||
Writedowns | (12 | ) | (128 | ) | |||
Balance at end of period | $ | 2,582 | $ | 3,286 |
7. | Net Income per Share |
Three Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Numerator: | |||||||
Net income | $ | 8,804 | $ | 7,790 | |||
Allocation of earnings to participating securities | (68 | ) | (55 | ) | |||
Numerator for basic EPS - Net income available to common stockholders | $ | 8,736 | $ | 7,735 | |||
Effect of dilutive securities: | |||||||
Dilutive effect to participating securities | 8 | 2 | |||||
Numerator for diluted EPS | $ | 8,744 | $ | 7,737 | |||
Denominator: | |||||||
Weighted-average common shares outstanding - basic | 17,097,647 | 18,125,637 | |||||
Effect of dilutive shares | 656,010 | 754,839 | |||||
Weighted-average common shares outstanding - diluted | 17,753,657 | 18,880,476 | |||||
Net income per share - basic | $ | 0.51 | $ | 0.43 | |||
Net income per share - diluted | $ | 0.49 | $ | 0.41 |
8. | Equity Incentive Plan |
Three Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Share based compensation expense | $ | 443 | $ | 384 | |||
Tax benefit | $ | 104 | $ | 88 |
Options | Weighted- average exercise price | Remaining contractual life (years) | Aggregate Intrinsic Value | ||||||||||
Options outstanding at June 30, 2018 | 1,718,270 | $ | 17.29 | 5.9 | $ | 18,664 | |||||||
Exercised | 28,500 | 14.41 | — | — | |||||||||
Forfeited | 4,000 | 14.37 | — | — | |||||||||
Options outstanding at September 30, 2018 | 1,685,770 | $ | 17.34 | 5.7 | $ | 19,902 | |||||||
Exercisable at September 30, 2018 | 1,198,970 | $ | 14.51 | 4.5 | $ | 17,553 | |||||||
Non-vested at September 30, 2018 | 486,800 | $ | 24.32 | 6.5 | $ | 2,349 | |||||||
Options outstanding at June 30, 2019 | 1,657,214 | $ | 17.59 | 5.0 | $ | 12,909 | |||||||
Granted | 25,000 | 25.37 | — | — | |||||||||
Exercised | 13,400 | 14.50 | — | — | |||||||||
Forfeited | 800 | 17.35 | — | — | |||||||||
Options outstanding at September 30, 2019 | 1,668,014 | $ | 17.73 | 4.9 | $ | 13,969 | |||||||
Exercisable at September 30, 2019 | 1,266,214 | $ | 15.40 | 3.8 | $ | 13,509 | |||||||
Non-vested at September 30, 2019 | 401,800 | $ | 25.07 | 8.1 | $ | 460 |
September 30, | September 30, | ||||||
2019 | 2018 | ||||||
Weighted-average volatility | 17.84 | % | — | % | |||
Expected dividend yield | 0.95 | % | — | % | |||
Risk-free interest rate | 1.55 | % | — | % | |||
Expected life (years) | 6.5 | — | |||||
Weighted-average fair value of options granted | $ | 4.67 | $ | — |
Restricted stock awards | Weighted- average grant date fair value | Aggregate Intrinsic Value | ||||||||
Non-vested at June 30, 2018 | 133,410 | $ | 22.85 | $ | 3,755 | |||||
Vested | 2,800 | 16.27 | — | |||||||
Forfeited | 2,000 | 14.37 | — | |||||||
Non-vested at September 30, 2018 | 128,610 | $ | 23.13 | $ | 3,749 | |||||
Non-vested at June 30, 2019 | 123,800 | $ | 24.65 | $ | 2,258 | |||||
Granted | 13,000 | 25.37 | — | |||||||
Vested | 400 | 19.02 | — | |||||||
Forfeited | 3,200 | 20.62 | — | |||||||
Non-vested at September 30, 2019 | 133,200 | $ | 24.83 | $ | 2,256 |
9. | Commitments and Contingencies |
10. | Fair Value of Financial Instruments |
Level 1: | Valuation is based upon quoted prices for identical instruments traded in active markets. |
Level 2: | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. |
Level 3: | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. |
September 30, 2019 | |||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
U.S Government Agencies | $ | 14,261 | $ | — | $ | 14,261 | $ | — | |||||||
Residential MBS of U.S. Government Agencies and GSEs | 73,093 | — | 73,093 | — | |||||||||||
Municipal Bonds | 24,377 | — | 24,377 | — | |||||||||||
Corporate Bonds | 53,983 | — | 53,983 | — | |||||||||||
Total | $ | 165,714 | $ | — | $ | 165,714 | $ | — |
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 GSEs | 75,180 | — | 75,180 | — | |||||||||||
Municipal Bonds | 25,312 | — | 25,312 | — | |||||||||||
Corporate Bonds | 6,084 | — | 6,084 | — | |||||||||||
Total | $ | 121,786 | $ | — | $ | 121,786 | $ | — |
September 30, 2019 | |||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Impaired loans | $ | 995 | $ | — | $ | — | $ | 995 | |||||||
REO | 80 | — | — | 80 | |||||||||||
Total | $ | 1,075 | $ | — | $ | — | $ | 1,075 |
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 September 30, 2019 | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||
Nonrecurring measurements: | |||||||||||
Impaired loans, net | $ | 995 | Discounted appraisals and discounted cash flows | Collateral discounts and discount spread | 0% - 28% 0% - 3% | 5% | |||||
REO | $ | 80 | Discounted appraisals | Collateral discounts | 8% - 15% | 12% |
September 30, 2019 | |||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||||
Cash and interest-bearing deposits | $ | 117,093 | $ | 117,093 | $ | 117,093 | $ | — | $ | — | |||||||||
Commercial paper | 254,302 | 254,302 | 254,302 | — | — | ||||||||||||||
Certificates of deposit in other banks | 50,117 | 50,117 | — | 50,117 | — | ||||||||||||||
Securities available for sale | 165,714 | 165,714 | — | 165,714 | — | ||||||||||||||
Loans, net | 2,487,416 | 2,427,833 | — | — | 2,427,833 | ||||||||||||||
Loans held for sale | 289,319 | 291,481 | — | — | 291,481 | ||||||||||||||
FHLB stock | 32,181 | 32,181 | 32,181 | — | — | ||||||||||||||
FRB stock | 7,345 | 7,345 | 7,345 | — | — | ||||||||||||||
SBIC investments | 6,374 | 6,374 | — | — | 6,374 | ||||||||||||||
Accrued interest receivable | 10,434 | 10,434 | — | 1,292 | 9,142 | ||||||||||||||
Liabilities: | |||||||||||||||||||
Noninterest-bearing and NOW deposits | 776,994 | 776,994 | — | 776,994 | — | ||||||||||||||
Money market accounts | 769,000 | 769,000 | — | 769,000 | — | ||||||||||||||
Savings accounts | 169,872 | 169,872 | — | 169,872 | — | ||||||||||||||
Certificates of deposit | 778,328 | 779,555 | — | 779,555 | — | ||||||||||||||
Borrowings | 685,000 | 698,451 | — | 698,451 | — | ||||||||||||||
Accrued interest payable | 2,416 | 2,416 | — | 2,416 | — |
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 | — |
11. | Leases |
Supplemental Balance Sheet Information: | September 30, 2019 | ||
ROU assets | $ | 5,105 | |
Lease liabilities | 5,102 | ||
Weighted-average remaining lease terms | 5.45 | ||
Weighted-average discount rate | 3.13 | % |
Fiscal year ending June 30: | |||
Remaining 2020 | $ | 1,003 | |
2021 | 1,123 | ||
2022 | 1,026 | ||
2023 | 989 | ||
2022 | 522 | ||
Thereafter | 896 | ||
Total of future minimum payments | $ | 5,559 |
Operating lease cost (included in occupancy expense) | $ | 473 | |
Sublease income (included in other, net noninterest income) | (64 | ) | |
Total operating lease expense, net | 409 |
Fiscal year ending June 30: | |||
Remaining 2020 | $ | 100 | |
2021 | 134 | ||
2022 | 134 | ||
2023 | 134 | ||
2023 | 145 | ||
Thereafter | 1,993 | ||
Total minimum lease payments | 2,640 | ||
Less: amount representing interest | (770 | ) | |
Present value of net minimum lease payments | $ | 1,870 |
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) | 558 | ||
Cash paid for amounts included in the measurement of lease liabilities (finance leases) | 33 |
Fiscal year ending June 30: | |||
Remaining 2020 | $ | 1,823 | |
2021 | 5,423 | ||
2022 | 2,540 | ||
2023 | 1,746 | ||
2022 | 663 | ||
Thereafter | — | ||
Total of future minimum payments | $ | 12,195 |
September 30, 2019 | |||
Lease receivables | $ | 25,145 |
Fiscal year ending June 30: | |||
Remaining 2020 | $ | 5,240 | |
2021 | 6,927 | ||
2022 | 6,093 | ||
2023 | 5,494 | ||
2024 | 3,244 | ||
Thereafter | 994 | ||
Total minimum payments | 27,992 | ||
Less: amount representing interest | (2,847 | ) | |
Total | $ | 25,145 |
As of | ||||||||||||
September 30, | June 30, | September 30, | ||||||||||
(Dollars in thousands, except per share data) | 2019 | 2019 | 2018 | |||||||||
Total stockholders' equity | $ | 413,068 | $ | 408,896 | $ | 414,195 | ||||||
Less: goodwill, core deposit intangibles, net of taxes | 27,246 | 27,562 | 28,690 | |||||||||
Tangible book value (1) | $ | 385,822 | $ | 381,334 | $ | 385,505 | ||||||
Common shares outstanding | 17,818,145 | 17,984,105 | 18,939,280 | |||||||||
Tangible book value per share | $ | 21.65 | $ | 21.20 | $ | 20.35 | ||||||
Book value per share | $ | 23.18 | $ | 22.74 | $ | 21.87 |
As of | ||||||||||||
September 30, | June 30, | September 30, | ||||||||||
(Dollars in thousands) | 2019 | 2019 | 2018 | |||||||||
Tangible book value (1) | $ | 385,822 | $ | 381,334 | $ | 385,505 | ||||||
Total assets | 3,655,309 | 3,476,178 | 3,353,959 | |||||||||
Less: goodwill, core deposit intangibles, net of taxes | 27,246 | 27,562 | 28,690 | |||||||||
Total tangible assets(2) | $ | 3,628,063 | $ | 3,448,616 | $ | 3,325,269 | ||||||
Tangible equity to tangible assets | 10.63 | % | 11.06 | % | 11.59 | % |
(1) | 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) | September 30, | June 30, | September 30, | ||||||||
2019 | 2019 | 2018 | |||||||||
Total gross loans receivable (GAAP) | $ | 2,508,477 | $ | 2,705,186 | $ | 2,587,816 | |||||
Less: acquired loans | 206,937 | 214,046 | 253,695 | ||||||||
Adjusted gross loans (non-GAAP) | $ | 2,301,540 | $ | 2,491,140 | $ | 2,334,121 | |||||
Allowance for loan losses (GAAP) | $ | 21,314 | $ | 21,429 | $ | 20,932 | |||||
Less: allowance for loan losses on acquired loans | 194 | 201 | 295 | ||||||||
Adjusted allowance for loan losses (non-GAAP) | $ | 21,120 | $ | 21,228 | $ | 20,637 | |||||
Adjusted allowance for loan losses / Adjusted gross loans (non-GAAP) | 0.92 | % | 0.85 | % | 0.88 | % |
As of | Percent of total | |||||||||||||||||||
September 30, | June 30, | Change | September 30, | June 30, | ||||||||||||||||
(Dollars in thousands) | 2019 | 2019 | $ | % | 2019 | 2019 | ||||||||||||||
Retail consumer loans: | ||||||||||||||||||||
One-to-four family | $ | 396,649 | $ | 660,591 | $ | (263,942 | ) | (40.0 | )% | 15.8 | % | 24.4 | % | |||||||
HELOCs - originated | 141,129 | 139,435 | 1,694 | 1.2 | 5.6 | 5.2 | ||||||||||||||
HELOCs - purchased | 104,324 | 116,972 | (12,648 | ) | (10.8 | ) | 4.2 | 4.3 | ||||||||||||
Construction and land/lots | 85,319 | 80,602 | 4,717 | 5.9 | 3.4 | 3.0 | ||||||||||||||
Indirect auto finance | 147,808 | 153,448 | (5,640 | ) | (3.7 | ) | 5.9 | 5.7 | ||||||||||||
Consumer | 11,400 | 11,416 | (16 | ) | (0.1 | ) | 0.5 | 0.4 | ||||||||||||
Total retail consumer loans | 886,629 | 1,162,464 | (275,835 | ) | (23.7 | ) | 35.3 | 43.0 | ||||||||||||
Commercial loans: | ||||||||||||||||||||
Commercial real estate | 990,787 | 927,261 | 63,526 | 6.9 | 39.5 | 34.3 | ||||||||||||||
Construction and development | 203,494 | 210,916 | (7,422 | ) | (3.5 | ) | 8.1 | 7.8 | ||||||||||||
Commercial and industrial | 158,706 | 160,471 | (1,765 | ) | (1.1 | ) | 6.3 | 5.9 | ||||||||||||
Equipment finance | 154,479 | 132,058 | 22,421 | 17.0 | 6.2 | 4.9 | ||||||||||||||
Municipal leases | 114,382 | 112,016 | 2,366 | 2.1 | 4.6 | 4.1 | ||||||||||||||
Total commercial loans | 1,621,848 | 1,542,722 | 79,126 | 5.1 | 64.7 | 57.0 | ||||||||||||||
Total loans | $ | 2,508,477 | $ | 2,705,186 | $ | (196,709 | ) | (7.3 | )% | 100.0 | % | 100.0 | % |
As of | Percent of total | |||||||||||||||||||
September 30, | June 30, | Change | September 30, | June 30, | ||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ | % | 2019 | 2018 | ||||||||||||||
Core deposits: | ||||||||||||||||||||
Noninterest-bearing accounts | $ | 327,371 | $ | 294,322 | $ | 33,049 | 11.2 | % | 13.1 | % | 12.6 | % | ||||||||
NOW accounts | 449,623 | 452,295 | (2,672 | ) | (0.6 | )% | 18.0 | % | 19.4 | % | ||||||||||
Money market accounts | 769,000 | 691,172 | 77,828 | 11.3 | % | 30.8 | % | 29.7 | % | |||||||||||
Savings accounts | 169,872 | 177,278 | (7,406 | ) | (4.2 | )% | 6.8 | % | 7.6 | % | ||||||||||
Core deposits | 1,715,866 | 1,615,067 | 100,799 | 6.2 | % | 68.8 | % | 69.4 | % | |||||||||||
Certificates of deposit | 778,328 | 712,190 | 66,138 | 9.3 | % | 31.2 | % | 30.6 | % | |||||||||||
Total | $ | 2,494,194 | $ | 2,327,257 | $ | 166,937 | 7.2 | % | 100.0 | % | 100.0 | % |
For the Three Months Ended September 30, | |||||||||||||||||||||
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) | |||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans receivable(1) | $ | 2,749,635 | $ | 32,551 | 4.74 | % | $ | 2,557,970 | $ | 29,010 | 4.54 | % | |||||||||
Commercial paper and deposits in other banks | 363,123 | 2,253 | 2.48 | % | 321,217 | 1,856 | 2.31 | % | |||||||||||||
Securities available for sale | 138,709 | 896 | 2.58 | % | 154,249 | 856 | 2.22 | % | |||||||||||||
Other interest-earning assets(3) | 45,710 | 832 | 7.28 | % | 42,520 | 839 | 7.89 | % | |||||||||||||
Total interest-earning assets | 3,297,177 | 36,532 | 4.43 | % | 3,075,956 | 32,561 | 4.23 | % | |||||||||||||
Other assets | 264,375 | 245,855 | |||||||||||||||||||
Total assets | $ | 3,561,552 | $ | 3,321,811 | |||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing checking accounts | 441,524 | 319 | 0.29 | % | 459,895 | 270 | 0.23 | % | |||||||||||||
Money market accounts | 718,981 | 1,761 | 0.98 | % | 677,329 | 957 | 0.57 | % | |||||||||||||
Savings accounts | 172,393 | 52 | 0.12 | % | 208,289 | 68 | 0.13 | % | |||||||||||||
Certificate accounts | 744,956 | 3,721 | 2.00 | % | 530,507 | 1,455 | 1.10 | % | |||||||||||||
Total interest-bearing deposits | 2,077,854 | 5,853 | 1.13 | % | 1,876,020 | 2,750 | 0.59 | % | |||||||||||||
Borrowings | 683,413 | 3,321 | 1.94 | % | 645,859 | 3,258 | 2.02 | % | |||||||||||||
Total interest-bearing liabilities | 2,761,267 | 9,174 | 1.33 | % | 2,521,879 | 6,008 | 0.95 | % | |||||||||||||
Noninterest-bearing deposits | 326,105 | 323,781 | |||||||||||||||||||
Other liabilities | 63,101 | 63,282 | |||||||||||||||||||
Total liabilities | 3,150,473 | 2,908,942 | |||||||||||||||||||
Stockholders' equity | 411,079 | 412,868 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,561,552 | $ | 3,321,811 | |||||||||||||||||
Net earning assets | $ | 535,910 | $ | 554,077 | |||||||||||||||||
Average interest-earning assets to | |||||||||||||||||||||
average interest-bearing liabilities | 119.41 | % | 121.97 | % | |||||||||||||||||
Tax-equivalent: | |||||||||||||||||||||
Net interest income | $ | 27,358 | $ | 26,553 | |||||||||||||||||
Interest rate spread | 3.10 | % | 3.28 | % | |||||||||||||||||
Net interest margin(4) | 3.32 | % | 3.45 | % | |||||||||||||||||
Non-tax-equivalent: | |||||||||||||||||||||
Net interest income | $ | 27,073 | $ | 26,272 | |||||||||||||||||
Interest rate spread | 3.07 | % | 3.25 | % | |||||||||||||||||
Net interest margin(4) | 3.28 | % | 3.42 | % |
Three Months Ended September 30, 2019 | |||||||||||
Compared to | |||||||||||
Three Months Ended September 30, 2018 | |||||||||||
Increase/ (decrease) due to | Total increase/(decrease) | ||||||||||
(Dollars in thousands) | Volume | Rate | |||||||||
Interest-earning assets: | |||||||||||
Loans receivable(1) | $ | 2,173 | $ | 1,368 | $ | 3,541 | |||||
Commercial paper and deposits in other banks | 243 | 154 | 397 | ||||||||
Securities available for sale | (86 | ) | 126 | 40 | |||||||
Other interest-earning assets | 62 | (69 | ) | (7 | ) | ||||||
Total interest-earning assets | 2,392 | 1,579 | 3,971 | ||||||||
Interest-bearing liabilities: | |||||||||||
Interest-bearing checking accounts | $ | (11 | ) | $ | 60 | $ | 49 | ||||
Money market accounts | 59 | 745 | 804 | ||||||||
Savings accounts | (12 | ) | (4 | ) | (16 | ) | |||||
Certificate accounts | 589 | 1,677 | 2,266 | ||||||||
Borrowings | 189 | (126 | ) | 63 | |||||||
Total interest-bearing liabilities | 814 | 2,352 | 3,166 | ||||||||
Net increase (decrease) in tax equivalent interest income | $ | 1,578 | $ | (773 | ) | $ | 805 |
Undisbursed portion of construction loans | $ | 165,382 | |
Commitments to make loans | 89,664 | ||
Unused lines of credit | 372,329 | ||
Unused letters of credit | 8,162 | ||
Total loan commitments | $ | 635,537 |
Regulatory Requirements | ||||||||||||||||||||
Actual | Minimum for Capital Adequacy Purposes | Minimum to Be Well Capitalized | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
HomeTrust Bancshares, Inc. | ||||||||||||||||||||
As of September 30, 2019 | ||||||||||||||||||||
Common Equity Tier I Capital to Risk-Weighted Assets | $ | 379,503 | 11.81 | % | $ | 144,574 | 4.50 | % | $ | 208,829 | 6.50 | % | ||||||||
Tier I Capital (to Total Adjusted Assets) | $ | 379,503 | 10.76 | % | $ | 141,114 | 4.00 | % | $ | 176,392 | 5.00 | % | ||||||||
Tier I Capital (to Risk-weighted Assets) | $ | 379,503 | 11.81 | % | $ | 192,765 | 6.00 | % | $ | 257,020 | 8.00 | % | ||||||||
Total Risk-based Capital (to Risk-weighted Assets) | $ | 401,272 | 12.49 | % | $ | 257,020 | 8.00 | % | $ | 321,275 | 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 September 30, 2019 | ||||||||||||||||||||
Common Equity Tier I Capital to Risk-Weighted Assets | $ | 357,897 | 11.14 | % | $ | 144,515 | 4.50 | % | $ | 208,744 | 6.50 | % | ||||||||
Tier I Capital (to Total Adjusted Assets) | $ | 357,897 | 10.16 | % | $ | 140,964 | 4.00 | % | $ | 176,205 | 5.00 | % | ||||||||
Tier I Capital (to Risk-weighted Assets) | $ | 357,897 | 11.14 | % | $ | 192,687 | 6.00 | % | $ | 256,916 | 8.00 | % | ||||||||
Total Risk-based Capital (to Risk-weighted Assets) | $ | 379,663 | 11.82 | % | $ | 256,916 | 8.00 | % | $ | 321,145 | 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 | % |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and use of Proceeds |
Period | Total Number Of Shares Purchased | Average Price Paid per Share | Total Number Of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans | ||||||||
July 1 - July 31, 2019 | — | $ | — | — | 224,971 | |||||||
August 1 - August 30, 2019 | 107,860 | 25.09 | 107,860 | 117,111 | ||||||||
September 1 - September 30, 2019 | 81,300 | 25.76 | 81,300 | 35,811 | ||||||||
Total | 189,160 | $ | 25.38 | 189,160 | 35,811 |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Regulation S-K Exhibit Number | Document | Reference to Prior Filing or Exhibit Number Attached Hereto |
3.1 | (b) | |
3.2 | (c) | |
3.3 | (p) | |
4.1 | (c) | |
4.2 | (l) | |
4.3 | (o) | |
10.1 | 10.1 | |
10.2 | (q) | |
10.3 | (q) | |
10.3A | (s) | |
10.4 | (q) | |
10.5 | (q) | |
10.6 | (b) | |
10.7 | (b) | |
10.7A | (b) | |
10.7B | (b) | |
10.7C | (b) | |
10.7D | (b) | |
10.7E | (b) | |
10.7F | (b) | |
10.7G | (b) | |
10.7H | (b) | |
10.7I | (f) | |
10.8 | (b) | |
10.8A | (b) | |
10.8B | (b) | |
10.8C | (b) |
10.8D | (b) | |
10.8E | (b) | |
10.8F | (b) | |
10.8G | (b) | |
10.9 | (b) | |
10.10 | (b) | |
10.11 | (b) | |
10.12 | (g) | |
10.13 | (h) | |
10.14 | (h) | |
10.15 | (h) | |
10.16 | (h) | |
10.17 | (h) | |
10.18 | Reserved | |
10.19 | Reserved | |
10.20 | (k) | |
10.21 | (k) | |
10.22 | (k) | |
10.23 | (k) | |
10.24 | (k) | |
10.25 | (k) | |
10.26 | (m) | |
10.27 | (i) | |
10.28 | (q) | |
10.29 | (r) | |
10.30 | (u) | |
31.1 | 31.1 | |
31.2 | 31.2 | |
32 | 32.0 | |
101 | The following materials from HomeTrust Bancshares' Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, 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) | Reserved |
(b) | Filed as an exhibit to HomeTrust Bancshares's Registration Statement on Form S-1 (File No. 333-178817) filed on December 29, 2011. |
(c) | Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on September 25, 2012 (File No. 001-35593). |
(d) | Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on November 27, 2013 (File No. 001-35593). |
(e) | Filed as an exhibit to HomeTrust Bancshares's Annual Report on Form 10-K for the fiscal year ended June 30, 2012 (File No. 001-35593). |
(f) | 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. |
(g) | Attached as Appendix A to HomeTrust Bancshares's definitive proxy statement filed on December 5, 2012 (File No. 001-35593). |
(h) | Filed as an exhibit to HomeTrust Bancshares's Registration Statement on Form S-8 (File No. 333-186666) filed on February 13, 2013. |
(i) | 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). |
(j) | Filed as an exhibit to Jefferson Bancshares, Inc.'s Quarterly Report on Form 10-Q for the quarter ended December 31, 2008 (File No. 000-50347). |
(k) | 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). |
(l) | Reserved. |
(m) | 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). |
(n) | Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on January 29, 2016 (File No. 001-35593). |
(o) | Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on August 21, 2018 (File No. 001-35593). |
(p) | Filed as an exhibit to HomeTrust Bancshares's Current Report on Form 8-K filed on May 1, 2018 (File No. 001-35593). |
(q) | Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 11, 2018 (File No. 001-35593). |
(r) | 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). |
(s) | Filed as an exhibit to HomeTrust Bancshares’s Current Report on Form 8-K filed on September 25, 2018 (File No. 001-35593. |
(t) | Filed as an exhibit to HomeTrust Bancshares's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 001-35593). |
(u) | 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). |
HomeTrust Bancshares, Inc. | ||
Date: November 8, 2019 | By: | /s/ Dana L. Stonestreet |
Dana L. Stonestreet | ||
Chairman, President and CEO | ||
(Duly Authorized Officer) | ||
Date: November 8, 2019 | By: | /s/ Tony J. VunCannon |
Tony J. VunCannon | ||
Executive Vice President, CFO, Corporate Secretary and Treasurer | ||
(Principal Financial and Accounting Officer) | ||
▪ | Focus executives on building a strong foundation for success and sustainability over the long term. |
▪ | Recognize and reward achievement of the Bank’s annual business goals. |
▪ | Focus executives’ attention on key business metrics. |
▪ | Motivate and reward superior performance. |
▪ | Attract and retain talent needed for the Bank’s success. |
▪ | Be competitive with the market. |
▪ | Encourage teamwork and collaboration. |
▪ | Ensure incentives are appropriately risk-balanced. |
▪ | Recognize the accomplishment of key business goals that are critical to long-term success of the organization that are less quantifiable and/or more subjective in nature by utilizing a discretionary component. |
▪ | Assure alignment of the executive’s behavior, consistent with our culture, core values, and code of conduct. |
▪ | CEO participation is determined by the Compensation Committee. |
▪ | The CEO recommends the other executive officers for approval by the Compensation Committee. |
▪ | Other participants are added by CEO. |
▪ | New hires must be employed prior to April 1 of the Program year to be eligible to participate in the Program for the performance period. Employees hired after that date must wait until the next fiscal year to be eligible for an award under the Program. Eligibility begins the first full month worked. Participants receive a prorated award using full months worked during the Program year. |
▪ | Awards under the Program shall be limited to individuals employed on a full-time basis by HomeTrust on the date of payment, except in the case of disability, death, or retirement. |
▪ | Participants on a performance improvement plan or with an unsatisfactory performance rating at the time of payment or who have given notice of resignation at the time of payment are not eligible to receive an award. |
▪ | Threshold - is the minimum level of performance in which the Bank would consider it reasonable to provide an award. If performance is below Threshold, the payout for that goal is zero. Performance at Threshold allows for payment equal to 50% of the participant’s targeted annual incentive award opportunity. |
▪ | Target - is the level of performance that the Bank considers “good” performance. Goals at this level are challenging but considered reasonably obtainable. Performance at Target allows for payment equal to 100% of the participant’s targeted annual incentive award opportunity. |
▪ | Stretch - is the level of performance the Bank considers outstanding performance. Goals at this level are challenging and considered a best case scenario. Performance at Stretch allows for payment equal to 150% of the participant’s targeted annual incentive award opportunity, which is the highest amount to be paid under the Program. |
Schedule A: 2020 Award Percentages and Performance Measures Weighting | ||||||||
Participant | Title | Target % | Corporate Weighting | Unit/Function Weighting | ||||
Dana Stonestreet | CEO | 55% | 80% | 20% | ||||
Hunter Westbrook | COO | 40% | 75% | 25% | ||||
Tony VunCannon | CFO | 30% | 75% | 25% | ||||
Marty Caywood | CIO | 30% | 75% | 25% | ||||
Keith Houghton | CCO | 30% | 75% | 25% | ||||
Parrish Little | CRO | 30% | 75% | 25% | ||||
Paula Labian | CHRO | 30% | 75% | 25% |
Schedule B: Bank Goals, Weightings and Definitions | ||||
Performance Measure | CEO | SOC | ||
Net Income | 50% | 45% | ||
Efficiency Ratio | 10% | 10% | ||
Total Loans (Excluding Purchased HELOCs) | 10% | 10% | ||
Non-brokered Deposits | 10% | 10% | ||
Functional Team | 20% | 25% | ||
100% | 100% |
Schedule C: Example Payout Calculation | |||||||||||
2020 POTENTIAL BASED ON TARGET | Performance Goals | ||||||||||
Performance Measures | Incentive | Threshold | Target | Stretch | Actual | ||||||
at Target | Weight | 50% | 100% | 150% | Performance | Payout | |||||
Corporate | |||||||||||
Net Income | $ | 33,750 | 45% | TBD | TBD | TBD | Target | $ | 33,750 | ||
Efficiency Ratio | $ | 7,500 | 10% | TBD | TBD | TBD | Target | $ | 7,500 | ||
Total Loans | $ | 7,500 | 10% | TBD | TBD | TBD | Target | $ | 7,500 | ||
Non-brokered Deposits | $ | 7,500 | 10% | TBD | TBD | TBD | Target | $ | 7,500 | ||
Corporate Goal Achievement | $ | 56,250 | 75% | $ | 56,250 | ||||||
Unit/Function | |||||||||||
Goal 1 | $ | 7,500 | 10% | Goal 1 | $ | 7,500 | |||||
Goal 2 | $ | 7,500 | 10% | Goal 2 | $ | 7,500 | |||||
Goal 3 | $ | 3,750 | 5% | Goal 3 | $ | 3,750 | |||||
Team/Individual Achievement | $ | 18,750 | 25% | Target | $ | 18,750 | |||||
Grand Total | $ | 75,000 | 100% | $ | 75,000 |
1. | I have reviewed this quarterly report on Form 10-Q of HomeTrust Bancshares, Inc. (the "Company"); |
2. | Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluations; and |
(d) | disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and |
5. | The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting. |
November 8, 2019 | By: | /s/ Dana L. Stonestreet |
Dana L. Stonestreet | ||
Chairman, President, and CEO |
1. | I have reviewed this quarterly report on Form 10-Q of HomeTrust Bancshares, Inc. (the "Company"); |
2. | Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluations; and |
(d) | disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and |
5. | The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting. |
November 8, 2019 | By: | /s/ Tony J. VunCannon |
Tony J. VunCannon | ||
Executive Vice President, CFO, and Treasurer |
November 8, 2019 | By: | /s/ Dana L. Stonestreet |
Dana L. Stonestreet | ||
Chairman, President, and CEO | ||
November 8, 2019 | By: | /s/ Tony J. VunCannon |
Tony J. VunCannon | ||
Executive Vice President, CFO, and Treasurer | ||
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Equity Incentive Plan Equity Incentive Plan - Share Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based compensation expense | $ 443 | $ 384 |
Share-based compensation expense, tax related benefit | $ 104 | $ 88 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
|
Other Commitments | |||
Unused commitments to extend credit | $ 89,664 | $ 93,432 | |
Variable rate commitments | 23,396 | $ 34,631 | |
Fixed rate commitments | 66,268 | $ 58,801 | |
Remaining borrowing capacity | 372,329 | 353,663 | |
Required cash reserve | 126 | 2,633 | |
Letters of credit outstanding | $ 8,162 | 9,460 | |
Minimum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 2.25% | 2.69% | |
Loan Commitments Terms | 3 years | ||
Maximum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 8.75% | 8.59% | |
Loan Commitments Terms | 30 years | ||
Construction and development | |||
Other Commitments | |||
Unused commitments to extend credit | $ 165,382 | $ 181,477 |
Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities.
The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019:
The following table presents components of operating lease expense for the three months ended September 30, 2019:
As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019:
Supplemental lease cash flow information for the three months ended September 30, 2019:
As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $11,252 with a residual value of $6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $568 and depreciation expense totaled $350. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019:
As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $319. The following table presents components of finance lease net investment included within equipment finance class of financing receivables:
The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019:
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Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities.
The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019:
The following table presents components of operating lease expense for the three months ended September 30, 2019:
As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019:
Supplemental lease cash flow information for the three months ended September 30, 2019:
As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $11,252 with a residual value of $6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $568 and depreciation expense totaled $350. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019:
As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $319. The following table presents components of finance lease net investment included within equipment finance class of financing receivables:
The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019:
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Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities.
The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019:
The following table presents components of operating lease expense for the three months ended September 30, 2019:
As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019:
Supplemental lease cash flow information for the three months ended September 30, 2019:
As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $11,252 with a residual value of $6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $568 and depreciation expense totaled $350. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019:
As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $319. The following table presents components of finance lease net investment included within equipment finance class of financing receivables:
The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019:
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Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities.
The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019:
The following table presents components of operating lease expense for the three months ended September 30, 2019:
As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019:
Supplemental lease cash flow information for the three months ended September 30, 2019:
As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $11,252 with a residual value of $6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $568 and depreciation expense totaled $350. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019:
As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $319. The following table presents components of finance lease net investment included within equipment finance class of financing receivables:
The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019:
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Debt Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities | Debt Securities Securities available for sale consist of the following at the dates indicated:
Debt securities available for sale by contractual maturity at September 30, 2019 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.
The Company had no sales of securities available for sale during the three months ended September 30, 2019 and 2018. There were no gross realized gains or losses for the three months ended September 30, 2019 and 2018. Securities available for sale with costs totaling $93,499 and $94,337 and market values of $94,208 and $94,876 at September 30, 2019 and June 30, 2019, respectively, were pledged as collateral to secure various public deposits and other borrowings. The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2019 and June 30, 2019 were as follows:
The total number of securities with unrealized losses at September 30, 2019, and June 30, 2019 were 91 and 100, respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates subsequent to the purchase dates of the securities. The Company had no other-than-temporary impairment losses during the three months ended September 30, 2019. |
Net Income per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Share | Net Income per Share The following is a reconciliation of the numerator and denominator of basic and diluted net income per share of common stock as of the dates indicated:
Potential dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. There were 470,800 stock options that were anti-dilutive for the three months ended September 30, 2019, respectively. There were 420,700 stock options that were anti-dilutive for the three months ended September 30, 2018. |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
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Sep. 30, 2019 |
Sep. 30, 2018 |
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Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 8,804 | $ 7,790 |
Other Comprehensive Income (Loss) | ||
Gains (losses) arising during the period | 295 | (378) |
Deferred income tax benefit (expense) | (68) | 87 |
Total other comprehensive income (loss) | 227 | (291) |
Comprehensive Income | $ 9,031 | $ 7,499 |
Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans consist of the following at the dates indicated:
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Financing Receivable Credit Quality Indicators | The Company's total non-purchased and purchased performing loans by segment, class, and risk grade at the dates indicated follows:
The Company's total purchased credit impaired ("PCI") loans by segment, class, and risk grade at the dates indicated follows:
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Past Due Financing Receivables | The Company's total loans by segment, class, and delinquency status at the dates indicated follows:
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Schedule of Past Due Loans Still Accruing and Nonaccruing Interest | The Company's recorded investment in loans, by segment and class, that are not accruing interest or are 90 days or more past due and still accruing interest at the dates indicated follows:
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Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans | The Company's loans that were performing under the payment terms of TDRs that were excluded from nonaccruing loans above at the dates indicated follows:
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Allowance for Credit Losses on Financing Receivables | An analysis of the allowance for loan losses by segment for the periods shown is as follows:
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Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class | The Company's ending balances of loans and the related allowance, by segment and class, at the dates indicated follows:
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Schedule of Impaired Loans and Related Allowance by Segment and Class | The Company's impaired loans and the related allowance, by segment and class, excluding PCI loans, at the dates indicated follows:
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Schedule of Average Recorded Investment in Loans, Unpaid Principal Balance and Interest Income Recognized | The Company's average recorded investment in impaired loans and interest income recognized on impaired loans for the three months ended September 30, 2019 and 2018 follows:
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Impaired Financing Receivable | A summary of changes in the accretable yield for PCI loans for the three months ended September 30, 2019 and 2018 follows:
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Troubled Debt Restructurings on Financing Receivables | For the three months ended September 30, 2019 and 2018, the following tables present a breakdown of the types of concessions made on TDRs by loan class:
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Schedule of Trouble Debt Restructurings With Payment Default | The following tables present loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three months ended September 30, 2019 and 2018:
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents financial assets measured at fair value on a recurring basis at the dates indicated:
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Fair Value Measurements, Nonrecurring | The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated:
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Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements during the period ended September 30, 2019 is shown in the table below:
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Fair Value, by Balance Sheet Grouping | The stated carrying value and estimated fair value amounts of financial instruments as of September 30, 2019 and June 30, 2019, are summarized below:
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Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Sep. 30, 2019 |
Nov. 06, 2019 |
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Document and Entity Information: | ||
Entity Registrant Name | HomeTrust Bancshares, Inc. | |
Entity Central Index Key | 0001538263 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,744,534 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases (ASC 842)." The guidance in this ASU requires most leases to be recognized on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The amendments in this ASU were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, "Codification Improvements to Topic 842, Leases" and ASU 2018-11 "Leases (Topic 842): Targeted Improvements." ASU 2018-10 made 16 narrow-scope amendments to ASC 842. The amendments in ASU 2018-11 are intended to provide entities with relief from the costs of implementing certain aspects of the the new lease accounting standard. Specifically, an entity can elect not to recast the comparative periods presented when transitioning to ASC 842 and provides a lessor with the option to not separate lease and nonlease components when certain conditions are met. This ASU also provides a new transition method in addition to the existing transition method contained in ASU No. 2016-02 to allow entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. These amendments have the same effective date as ASU 2016-02. The Company adopted this ASU on July 1, 2019. The adoption increased other assets and liabilities by approximately $5.3 million as a result of ROU assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements. The adoption of this ASU did not have an effect on the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders' Equity. However, additional disclosures required by this ASU have been included in “Note 1 - Summary of Significant Accounting Policies” and "Note 11 - Leases" to the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company has selected a third-party vendor to provide ongoing support under the new methodology. The Bank's project team is currently evaluating our current expected loss methodology of our loan and investment portfolios to identify the necessary modifications in accordance with this standard and expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the Bank is also in the process of compiling historical data that will be used to calculate expected credit losses on its loan portfolio and intends to run parallel models during the latter part of fiscal year 2020 to ensure it is fully compliant with the ASU at the adoption date. A valuation adjustment to our allowance for loan losses or investment portfolio that is identified in this process will be reflected as a one-time adjustment in equity rather than earnings. Once adopted, the Company expects its allowance for loan losses to increase, however, until its evaluation is complete the magnitude of the increase will be unknown. In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." This ASU improves the transparency and understandability of disclosures in the financial statements regarding the entities risk management activities and reduces the complexity of hedge accounting. The amendments in this ASU permit hedge accounting for hedging relationships involving nonfinancial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and early adoption is permitted. The Company adopted this ASU on July 1, 2019. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The adoption of ASU No. 2018-13 is not expected to have a material impact on the Company's Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses." This update clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The effective date and transition requirements for this ASU are the same as ASU 2016-13. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In December 2018, the FASB issued ASU 2018-20, "Leases (Topic 842): Narrow-Scope Improvements for Lessors." The amendments in this update permit lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. A lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures. For certain lessor costs, the lessor must exclude from variable payments, and therefore revenue, lessor costs paid by lessees directly to third parties from variable payments. In addition, the lessor must account for costs excluded from the consideration of a contract that are paid by the lessor and reimbursed by the lessee as variable payments. A lessor will record those reimbursed costs as revenue. The amendments in this ASU related to recognizing variable payments for contracts with lease and nonlease components require lessors to allocate (rather than recognize as currently required) certain variable payments to the lease and nonlease components when the changes in facts and circumstances on which the variable payment is based occur. After the allocation, the amount of variable payments allocated to the lease components will be recognized as income in profit or loss in accordance with Topic 842, while the amount of variable payments allocated to nonlease components will be recognized in accordance with other Topics, such as Topic 606. The effective date and transition requirements for this ASU are the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In March 2019, the FASB issued ASU 2019-01, "Leases (Topic 842): Codification Improvements." The amendments in this update include the following items: i) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; ii) requiring cash received from lessors from sales-type and direct financing leases to be presented in the cash flow statement within investing activities; and iii) clarifying interim disclosure requirements. The effective date and transition requirements for the first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the third item of this ASU is the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. The items within this ASU are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the amendments to Financial Instruments (ASU 2016-01) are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the amendments to Financial Instruments-Credit Losses (ASU 2016-13) are the same as ASU 2016-13 noted above. The effective date and transition requirements for the amendments to Derivatives and Hedging (ASU 2017-12) are the same as ASU 2017-12 noted above.The adoption of ASU No. 2019-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. In May 2019, the FASB issued ASU 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief." The amendments in this update allow companies to irrevocably elect, upon the adoption of ASU 2016-13, the fair value option for financial instruments that i) were previously recorded at amortized cost and ii) are within the scope of the credit losses guidance in ASC 326-20, iii) are eligible for the fair value option under ASC 825-10, and iv) are not held-to-maturity debt securities. The effective date and transition requirements for this ASU is the same as ASU 2016-13. The adoption of ASU No. 2019-05 is not expected to have a material impact on the Company's Consolidated Financial Statements. In July 2019, the FASB issued ASU 2019-07, "Codification Updates to SEC Sections." This ASU amends certain paragraphs in the ASC to reflect the issuance of SEC final rules on Disclosure Update and Simplification and Investment Company Reporting Modernization and other miscellaneous updates. The amendments became effective upon issuance. The adoption did not have a material effect on the Company's Consolidated Financial Statements. |
Leases - Schedule of Lease Cost (Details) $ in Thousands |
3 Months Ended |
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Sep. 30, 2019
USD ($)
| |
Leases [Abstract] | |
Operating lease cost (included in occupancy expense) | $ 473 |
Total operating lease expense, net | (64) |
Total operating lease expense, net | $ 409 |
Loans - Schedule of Troubled Debt Restructurings With Payment Default (Details) $ in Thousands |
3 Months Ended | |
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Sep. 30, 2019
USD ($)
loan
|
Sep. 30, 2018
USD ($)
loan
|
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Financing Receivable, Modifications | ||
Number of loans | loan | 3 | 0 |
Recorded investment | $ | $ 124 | $ 0 |
Other TDR | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 3 | 0 |
Recorded investment | $ | $ 124 | $ 0 |
Retail Consumer Loans | Other TDR | One to four family loans | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 2 | 0 |
Recorded investment | $ | $ 122 | $ 0 |
Retail Consumer Loans | Other TDR | Consumer loans | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 1 | 0 |
Recorded investment | $ | $ 2 | $ 0 |
Summary of Significant Accounting Policies |
3 Months Ended |
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Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The consolidated financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation ("HomeTrust"), and its wholly-owned subsidiary, HomeTrust Bank (the "Bank"). As used throughout this report, the term the "Company" refers to HomeTrust and the Bank, its consolidated subsidiary, unless the context otherwise requires. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2019 ("2019 Form 10-K") filed with the SEC on September 13, 2019. The results of operations for the three months ended September 30, 2019 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for loan losses, (ii) the valuation of goodwill and other intangible assets, and (iii) the valuation of or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our 2019 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders' equity or net income. Leases On July 1, 2019, the Company adopted ASU 2016-02, Leases (“Topic 842”), and subsequent related ASUs. The new leasing standard modifies the accounting, presentation, and disclosures for both lessees and lessors. The Company elected the modified retrospective transition option which allows for application of the Topic 842 guidance at the adoption date. Therefore, comparative prior period financial information was not adjusted and will continue to be reported under the previous accounting guidance of ASC 840, Leases (“ASC 840”). No cumulative-effect adjustment to retained earnings as of July 1, 2019 was necessary as a result of adopting the new standard. The Company elected the “package of practical expedients” permitted under the transition guidance which allows the Company not to reassess its prior conclusions regarding lease identification, lease classification of existing leases, and treatment of initial direct costs on existing leases. Any lease arrangements and significant modifications entered into subsequent to the adoption date are accounted for in accordance with the new standard. Lessee Topic 842 Accounting The new leasing standard requires recognition of operating leases on the consolidated balance sheets as ROU assets and lease liabilities. ROU assets represent our right to use underlying assets for the lease terms and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments for operating leases and the implicit rate in the lease for our one finance lease. For operating leases, the Company recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months as of July 1, 2019. The ROU assets were adjusted per Topic 842 transition guidance for existing lease-related balances of accrued and prepaid rent, and unamortized lease incentives provided by lessors. As a result, the Company recognized ROU assets of approximately $5.3 million in other assets and corresponding lease liabilities of approximately $5.3 million in other liabilities as of July 1, 2019. The July 1, 2019 incremental borrowing rates determined on a collateralized basis for the remaining lease terms were utilized when determining the present value of lease payments at the date of initial adoption. For our finance lease, the Company leases land for one of its retail locations. Upon adoption of Topic 842, the Company reclassed $2.1 million from land to ROU assets in other assets. In addition, the corresponding liability of $1.9 million, which was disclosed separately on the balance sheet was reclassed to other liabilities. The Company elected the lessee practical expedient to not separate lease and non-lease components. The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in net occupancy expense. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Finance lease cost is recognized as a single lease cost using the effective interest method and is recorded in net occupancy expense. Lessee Accounting Prior to Adoption of Topic 842 Prior to the adoption of ASC 842, the Company applied the guidance of ASC 840. Under ASC 840, operating lease arrangements were off-balance sheet and ROU assets and lease liabilities were not recognized. Operating lease rent expense was recognized on a straight-line basis over the lease term and recorded in net occupancy expense. Common area maintenance, property taxes, and other operating expenses related to leased premises were also recognized in net occupancy expenses, consistent with similar costs for owned locations. Lessor Topic 842 Prior to the adoption of Topic 842, we determined the lease classification at commencement date. Leases not classified as sales-type or direct financing leases are classified as operating leases. The primary accounting criteria we use for lease classification are (i) review to determine if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, ii) review to determine if the lease grants the lessee a purchase option that the lessee is reasonably certain to exercise, (iii) determine if the lease term is for a major part of the remaining economic life of the underlying asset and (iv) determine if the present value of the sum of the lease payments and any residual value guarantees equals or exceeds substantially all of the fair value of the underlying asset. We do not lease equipment of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company elected a lessor accounting policy to exclude from revenue and expenses sales taxes and other similar taxes assessed by a governmental authority on lease revenue-producing transactions and collected by the lessor from a lessee. Operating Leases - Assets leased under an operating lease are carried at cost less accumulated depreciation. These assets are depreciated to their estimated residual value using the straight-line method over the lesser of the lease term or estimated useful life of the asset. Assets received at the end of the lease, which are intended to be sold, are marked to the lower of cost or fair value less selling costs with the adjustment recorded in other noninterest income. At the inception of each operating lease, we record a residual value for the leased equipment based on our estimate of the future value of the equipment at the end of the lease term or end of the equipment’s estimated useful life as indicated by industry data. Operating leases have higher risk because a smaller percentage of the equipment's value is covered by contractual cash flows over the term of the lease. If the market value of leased equipment under operating leases decreases at a rate greater than we projected, whether due to rapid technological or economic obsolescence, unusual wear and tear on the equipment, excessive use of the equipment, recession or other adverse economic conditions, or other factors, it could adversely affect the current values or the residual values of such equipment. The Company seeks to mitigate these risks by maintaining relatively young fleet of leased assets with wide operator bases, which can facilitate attractive lease and utilization rates. The Company manages and evaluates residual values by performing periodic reviews of estimated residual values and monitoring levels of residual realizations. A change in estimated operating lease residual values would result in a change in future depreciation expense. Any impairments are recognized at the time a change is identified. Rental revenue on operating leases is recognized on a straight-line basis over the lease term and is included in other noninterest income. Finance Leases - The Company’s finance leases are classified as direct financing lease under ASC 842. The Company’s finance lease activity primarily relates to leasing of new equipment with the equipment purchase price equal to fair value and therefore there is no selling profit or loss at lease commencement. When there is no selling profit or loss, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. A lease receivable is recorded for finance leases at present value discounted using the rate implicit in the lease. The lease receivable includes lease payments not yet paid and the guarantee of the residual value by the lessee or unrelated third party, as applicable. Interest income is recognized over the lease term at a constant periodic discount rate on the remaining balance of the lease net investment using the rate implicit in the lease. After the commencement date, lease payments collected are applied to reduce net investment and recognize interest income. The recognition of interest income is suspended, and an account is placed on non-accrual status when, in the opinion of management, full collection of all principal and interest due is doubtful. All future interest income accruals, as well as amortization of deferred fees, costs, and purchase premiums or discounts are suspended. Subsequent lease payments received are applied to the outstanding net investment balance until such time as the account is collected, charged-off or returned to accrual status. Finance leases that are nonaccrual do not accrue interest income; however, payments designated by the borrower as interest payments may be recorded as interest income. To qualify for this treatment, the remaining recorded investment in the lease must be deemed fully collectible. The recognition of interest income on finance leases is suspended, and all previously accrued but uncollected revenue is reversed, when lease payments are contractually delinquent for 90 days or more. Accounts, including accounts that have been modified, are returned to accrual status when, in the opinion of management, collection of remaining lease receivables are reasonably assured, and there is a sustained period of repayment performance, generally for a minimum of six months. Certain finance leases also have residual values at the inception of the lease which are based on our estimate of the future value of the equipment at the end of the lease term or end of the equipment’s estimated useful life as indicated by industry data. Finance leases bear the least risk because contractual payments usually cover approximately 90% of the equipment's cost at the inception of the lease. A change in estimated finance lease residual values during the lease term may impact the loss allowance as a decrease in the residual value may cause an impairment to be recorded on the finance lease. Lessor Accounting Prior to Adoption of Topic 842 Lessor accounting was not fundamentally changed by Topic 842 and remains similar to the prior accounting model, with updates to align with certain changes to the lessee model (e.g., certain definitions, such as initial direct costs, have been updated) and the new revenue recognition standard. The new rules did not have a significant impact on our classification of leases as finance or operating. The new lease guidance has a narrower definition of initial direct costs that may be capitalized and allocated internal costs and professional fees to negotiate and arrange the lease agreement that would have been incurred regardless of lease execution no longer qualify as initial direct cost. |
Real Estate Owned (Tables) |
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Owned [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | The activity within REO for the periods shown is as follows:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities, Lessee | The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities.
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Lessee, Operating Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019:
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Lease, Cost | The following table presents components of operating lease expense for the three months ended September 30, 2019:
Supplemental lease cash flow information for the three months ended September 30, 2019:
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Finance Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019:
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Lessor, Operating Lease, Payments to be Received, Maturity | The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019:
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Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table presents components of finance lease net investment included within equipment finance class of financing receivables:
The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019:
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Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Jun. 30, 2019 |
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Debt Securities, Available-for-sale [Line Items] | ||
Fair Value off-balance sheet risks, amount, liability | $ 627,375 | $ 628,572 |
Leases - Supplemental Cash Flow Information (Details) $ in Thousands |
3 Months Ended |
---|---|
Sep. 30, 2019
USD ($)
| |
Leases [Abstract] | |
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) | 558 |
Cash paid for amounts included in the measurement of lease liabilities (finance leases) | $ 33 |
Debt Securities - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||
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Sep. 30, 2019
USD ($)
security
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Sep. 30, 2018
USD ($)
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Jun. 30, 2018
USD ($)
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Jun. 30, 2019
USD ($)
security
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Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 165,714,000 | $ 121,786,000 | ||
Proceeds from sale of securities available for sale | 0 | $ 0 | ||
Gross realized gain (loss) | 0 | $ 0 | ||
Securities available for sale pledged as collateral market value | $ 94,208,000 | $ 94,876,000 | ||
Number of securities with unrealized losses | security | 91 | 100 | ||
Other than temporary impairment losses | $ 0 | $ 0 | ||
Collateral Pledged | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 93,499,000 | $ 94,337,000 |
Other Investments |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | Other Investments Other investments, at cost consist of the following at the dates indicated:
As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the FRB. No ready market exists for these securities so carrying value approximates their fair value based on the redemption provisions of the FHLB of Atlanta and the FRB, respectively. SBIC investments are equity securities without a readily determinable fair value. |
Equity Incentive Plan |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plan | Equity Incentive Plan The Company provides stock-based awards through the 2013 Omnibus Incentive Plan, which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, emeritus directors, officers, employees and advisory directors. The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 2,962,400, including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units. Shares of common stock issued under the 2013 Omnibus Incentive Plan may be authorized but unissued shares or, in the case of restricted stock awards, may be repurchased shares. The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three months ended September 30, 2019 and 2018, respectively:
The table below presents stock option activity for the three months ended September 30, 2019 and 2018:
Assumptions used in estimating the fair value of options granted during the three months ended September 30, 2019 and 2018 are presented below:
At September 30, 2019, the Company had $2,052 of unrecognized compensation expense related to 401,800 stock options originally scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.7 years at September 30, 2019. At September 30, 2018, the Company had $2,585 of unrecognized compensation expense related to 486,800 stock options originally scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 2.1 years at September 30, 2018. The table below presents restricted stock award activity for the three months ended September 30, 2019 and 2018:
The table above includes performance-based restrictive stock units totaling 10,375 which were granted during the year ended June 30, 2019. These stock units are scheduled to vest over 3.0 years assuming certain performance metrics are met. At September 30, 2019, unrecognized compensation expense was $2,579 related to 133,200 shares of restricted stock originally scheduled to vest over three-, five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.7 years at September 30, 2019. At September 30, 2018, unrecognized compensation expense was $2,337 related to 128,610 shares of restricted stock originally scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.9 years at September 30, 2018. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2019 ("2019 Form 10-K") filed with the SEC on September 13, 2019. The results of operations for the three months ended September 30, 2019 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2020. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for loan losses, (ii) the valuation of goodwill and other intangible assets, and (iii) the valuation of or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our 2019 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods. |
Recent Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, "Leases (ASC 842)." The guidance in this ASU requires most leases to be recognized on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The amendments in this ASU were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, "Codification Improvements to Topic 842, Leases" and ASU 2018-11 "Leases (Topic 842): Targeted Improvements." ASU 2018-10 made 16 narrow-scope amendments to ASC 842. The amendments in ASU 2018-11 are intended to provide entities with relief from the costs of implementing certain aspects of the the new lease accounting standard. Specifically, an entity can elect not to recast the comparative periods presented when transitioning to ASC 842 and provides a lessor with the option to not separate lease and nonlease components when certain conditions are met. This ASU also provides a new transition method in addition to the existing transition method contained in ASU No. 2016-02 to allow entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. These amendments have the same effective date as ASU 2016-02. The Company adopted this ASU on July 1, 2019. The adoption increased other assets and liabilities by approximately $5.3 million as a result of ROU assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements. The adoption of this ASU did not have an effect on the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders' Equity. However, additional disclosures required by this ASU have been included in “Note 1 - Summary of Significant Accounting Policies” and "Note 11 - Leases" to the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company has selected a third-party vendor to provide ongoing support under the new methodology. The Bank's project team is currently evaluating our current expected loss methodology of our loan and investment portfolios to identify the necessary modifications in accordance with this standard and expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the Bank is also in the process of compiling historical data that will be used to calculate expected credit losses on its loan portfolio and intends to run parallel models during the latter part of fiscal year 2020 to ensure it is fully compliant with the ASU at the adoption date. A valuation adjustment to our allowance for loan losses or investment portfolio that is identified in this process will be reflected as a one-time adjustment in equity rather than earnings. Once adopted, the Company expects its allowance for loan losses to increase, however, until its evaluation is complete the magnitude of the increase will be unknown. In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." This ASU improves the transparency and understandability of disclosures in the financial statements regarding the entities risk management activities and reduces the complexity of hedge accounting. The amendments in this ASU permit hedge accounting for hedging relationships involving nonfinancial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and early adoption is permitted. The Company adopted this ASU on July 1, 2019. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The adoption of ASU No. 2018-13 is not expected to have a material impact on the Company's Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses." This update clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The effective date and transition requirements for this ASU are the same as ASU 2016-13. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In December 2018, the FASB issued ASU 2018-20, "Leases (Topic 842): Narrow-Scope Improvements for Lessors." The amendments in this update permit lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. A lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures. For certain lessor costs, the lessor must exclude from variable payments, and therefore revenue, lessor costs paid by lessees directly to third parties from variable payments. In addition, the lessor must account for costs excluded from the consideration of a contract that are paid by the lessor and reimbursed by the lessee as variable payments. A lessor will record those reimbursed costs as revenue. The amendments in this ASU related to recognizing variable payments for contracts with lease and nonlease components require lessors to allocate (rather than recognize as currently required) certain variable payments to the lease and nonlease components when the changes in facts and circumstances on which the variable payment is based occur. After the allocation, the amount of variable payments allocated to the lease components will be recognized as income in profit or loss in accordance with Topic 842, while the amount of variable payments allocated to nonlease components will be recognized in accordance with other Topics, such as Topic 606. The effective date and transition requirements for this ASU are the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In March 2019, the FASB issued ASU 2019-01, "Leases (Topic 842): Codification Improvements." The amendments in this update include the following items: i) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; ii) requiring cash received from lessors from sales-type and direct financing leases to be presented in the cash flow statement within investing activities; and iii) clarifying interim disclosure requirements. The effective date and transition requirements for the first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the third item of this ASU is the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. The items within this ASU are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the amendments to Financial Instruments (ASU 2016-01) are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the amendments to Financial Instruments-Credit Losses (ASU 2016-13) are the same as ASU 2016-13 noted above. The effective date and transition requirements for the amendments to Derivatives and Hedging (ASU 2017-12) are the same as ASU 2017-12 noted above.The adoption of ASU No. 2019-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. In May 2019, the FASB issued ASU 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief." The amendments in this update allow companies to irrevocably elect, upon the adoption of ASU 2016-13, the fair value option for financial instruments that i) were previously recorded at amortized cost and ii) are within the scope of the credit losses guidance in ASC 326-20, iii) are eligible for the fair value option under ASC 825-10, and iv) are not held-to-maturity debt securities. The effective date and transition requirements for this ASU is the same as ASU 2016-13. The adoption of ASU No. 2019-05 is not expected to have a material impact on the Company's Consolidated Financial Statements. In July 2019, the FASB issued ASU 2019-07, "Codification Updates to SEC Sections." This ASU amends certain paragraphs in the ASC to reflect the issuance of SEC final rules on Disclosure Update and Simplification and Investment Company Reporting Modernization and other miscellaneous updates. The amendments became effective upon issuance. The adoption did not have a material effect on the Company's Consolidated Financial Statements. |
Recent Accounting Pronouncements - Narrative (Details) - Accounting Standards Update 2016-02 $ in Millions |
Jul. 01, 2019
USD ($)
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in other assets | $ 5.3 |
Increase in Other liabilities | $ 5.3 |
Other Investments (Tables) |
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Other investments, at cost consist of the following at the dates indicated:
As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the FRB. No ready market exists for these securities so carrying value approximates their fair value based on the redemption provisions of the FHLB of Atlanta and the FRB, respectively. SBIC investments are equity securities without a readily determinable fair value. |
Equity Incentive Plan (Tables) |
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three months ended September 30, 2019 and 2018, respectively:
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Equity Incentive Plan Stock Option Activity | The table below presents stock option activity for the three months ended September 30, 2019 and 2018:
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Schedule of Nonvested Restricted Stock Units Activity | The table below presents restricted stock award activity for the three months ended September 30, 2019 and 2018:
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