HomeTrust Bancshares Inc (HTBI) has reported a 21.80 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.98 million, or $0.17 a share in the quarter, compared with $2.45 million, or $0.14 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $3 million, or $0.17 a share compared with $2.45 million or $0.14 a share, a year ago.
Revenue during the quarter grew 4.44 percent to $24.18 million from $23.16 million in the previous year period. Net interest income for the quarter rose 1.32 percent over the prior year period to $20.42 million. Non-interest income for the quarter rose 25.36 percent over the last year period to $3.77 million.
Net interest margin contracted 1 basis points to 3.33 percent in the quarter from 3.34 percent in the last year period. Efficiency ratio for the quarter improved to 83.97 percent from 85.69 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“I'm very pleased with our second quarter results. Our strong organic loan growth was led by almost $150 million in commercial loan originations during the quarter, a 57% increase over the same quarter last year. These originations are from across our footprint and continue to adhere to our high standards of lending," said Dana Stonestreet, chairman, president, and chief executive officer. "In addition, we are excited to expand our franchise in East Tennessee through the acquisition of TriSummit Bancorp, Inc. which was completed on January 1, 2017. We expect this in-market acquisition to contribute to our organic loan growth and, along with cost savings, will further drive growth in our earnings and shareholder value," said Stonestreet.
Liabilities outpace assets growth
Total assets stood at $2,774.24 million as on Dec. 31, 2016, up 1.67 percent compared with $2,728.55 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,004.18 million as on Dec. 31, 2016, up 26.90 percent from $2,367.36 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,934.62 million as on Dec. 31, 2016, up 12.10 percent compared with $1,725.79 million on Dec. 31, 2015. Deposits stood at $1,786.16 million as on Dec. 31, 2016, down 2.39 percent compared with $1,829.99 million on Dec. 31, 2015.
Investments stood at $181.05 million as on Dec. 31, 2016, down 21.02 percent or $48.18 million from year-ago. Shareholders equity stood at $367.78 million as on Dec. 31, 2016, up 1.82 percent or $6.58 million from year-ago.
Return on assets moved up 7 basis points to 0.43 percent in the quarter from 0.36 percent in the last year period. At the same time, return on equity increased 56 basis points to 3.26 percent in the quarter from 2.70 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.78 percent in the quarter, down from 1.14 percent in the last year period.
Equity to assets ratio was 13.26 percent for the quarter, up from 13.24 percent for the previous year quarter. Average equity to average assets ratio was 13.23 percent for the quarter, down from 13.25 percent for the previous year quarter. Book value per share was $20.43 for the quarter, up 5.09 percent or $0.99 compared to $19.44 for the same period last year.
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