HomeTrust Bancshares, Inc. (HTBI) has reported a 91.28 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $0.27 million, or $0.01 a share in the quarter, compared with $3.14 million, or $0.18 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5 million, or $0.27 a share compared with $3.13 million or $0.18 a share, a year ago. Revenue during the quarter grew 21.21 percent to $28.61 million from $23.60 million in the previous year period. Net interest income for the quarter rose 24 percent over the prior year period to $25.07 million. Non-interest income for the quarter rose 4.55 percent over the last year period to $3.54 million.
Net interest margin improved 26 basis points to 3.62 percent in the quarter from 3.36 percent in the last year period. Efficiency ratio for the quarter deteriorated to 100.18 percent from 82.08 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"Our third quarter began with the in-market acquisition of TriSummit and ended with the seamless integration of our two banks in the East Tennessee marketplace," said Dana Stonestreet, chairman, president, and chief executive officer. "As expected, the acquisition costs have reduced earnings for the quarter, but with all significant expenditures behind us and additional cost-saving measures already in place, we expect to finish the year with a strong fourth quarter. The cumulative impact of the foundation for growth we have built is driving year-to-date organic loan growth of 14% compared to 3.4% last year and driving the growth in checking accounts to $782 million or 38% of deposits. Combined with our highly accretive TriSummit acquisition, we are accelerating our path to higher levels of revenue, earnings per share, and shareholder value," said Stonestreet.
Return on assets moved down 42 basis points to 0.04 percent in the quarter from 0.46 percent in the last year period. At the same time, return on equity decreased 321 basis points to 0.28 percent in the quarter from 3.49 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.63 percent in the quarter, down from 1.01 percent in the last year period.
Equity to assets ratio was 12.34 percent for the quarter, down from 13 percent for the previous year quarter. Average equity to average assets ratio was 12.36 percent for the quarter, down from 13.19 percent for the previous year quarter. Book value per share was $20.62 for the quarter, up 4.56 percent or $0.90 compared to $19.72 for the same period last year.
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