HomeTrust Bancshares, Inc 8-K/A, filed Mar 30, 2023

HomeTrust Bancshares, Inc. (HTB)

8-K/A 2023-03-30 For: 2023-02-12

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Added on April 07, 2026

About this 8-K/A

HomeTrust Bancshares, Inc filed this 8-K/A on March 30, 2023, reporting on events of February 12, 2023.

Items reported

Item 9.01: Financial statements and exhibits

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☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	HTBI	The NASDAQ Stock Market LLC


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.			☐


Exhibit No.						Description
23.1						Consent of Crowe LLP
99.1						Audited consolidated financial statements of Quantum as of December 31, 2021 and 2020 and for the years then ended, and the related notes related thereto and the related Independent Auditor’s Report
99.2						Unaudited consolidated financial statements of Quantum as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021, and the related notes thereto
99.3						Unaudited pro forma combined condensed consolidated balance sheet of the Company as of September 30, 2022 and unaudited pro forma combined condensed consolidated statements of income for the three months ended September 30, 2022 and the year ended June 30, 2022, and the notes related thereto
104.0						Cover Page Interactive Data File (embedded within the Inline XBRL document)


		HOMETRUST BANCSHARES, INC.


Date: March 30, 2023	By:	/s/ Tony J. VunCannon
		Tony J. VunCannon
		Executive Vice President, Chief Financial Officer, Corporate Secretary and Treasurer


Registrant's telephone number, including area code: (828) 259-3939


	HomeTrust		Quantum		Pro Forma Adjustments (See Note 3)			Pro Forma Combined
Assets
Cash	$	18,026	$	625	$	—		$	18,651
Interest-bearing deposits	76,133		57,930		(33,037)		(1)	101,026
Cash and cash equivalents	94,159		58,555		(33,037)			119,677
Commercial paper, net	85,296		—		—			85,296
Certificates of deposit in other banks	27,535		—		—			27,535
Debt securities available for sale, at fair value	161,741		11,153		—			172,894
FHLB and FRB stock	9,404		1,116		—			10,520
SBIC investments, at cost	12,235		—		—			12,235
Loans held for sale	76,252		—		—			76,252
Total loans, net of deferred loan fees and costs	2,867,783		576,243		(10,852)		(2)	3,433,174
Allowance for credit losses – loans	(38,301)		(5,971)		725		(3)	(43,547)
Loans, net	2,829,482		570,272		(10,127)			3,389,627
Premises and equipment, net	68,705		4,529		4,668		(4)	77,902
Accrued interest receivable	9,667		1,724		—			11,391
Deferred income taxes, net	11,838		—		1,274		(5)	13,112
Bank owned life insurance ("BOLI")	95,837		8,984		—			104,821
Goodwill	25,638		—		8,043		(6)	33,681
Core deposit intangibles, net	58		—		12,210		(7)	12,268
Other assets	47,339		2,780		569		(8)	50,688
Total assets	$	3,555,186	$	659,113	$	(16,400)		$	4,197,899
Liabilities and stockholders' equity
Liabilities
Deposits	$	3,102,668	$	588,131	$	183	(9)	$	3,690,982
Junior subordinated debentures	—		11,341		(1,408)		(10)	9,933
Borrowings	—		9,950		—			9,950
Other liabilities	56,296		1,217		5,667		(11)	63,180
Total liabilities	3,158,964		610,639		4,442			3,774,045
Stockholders' equity
Preferred stock	—		—		—			—
Common stock	156		574		(560)		(12)	170
Additional paid in capital	127,153		6,811		28,959		(13)	162,923
Retained earnings	278,120		42,095		(50,247)		(14)	269,968
Unearned Employee Stock Ownership Plan shares	(5,158)		—		—			(5,158)
Accumulated other comprehensive loss	(4,049)		(1,006)		1,006		(15)	(4,049)
Total stockholders' equity	396,222		48,474		(20,842)			423,854
Total liabilities and stockholders' equity	$	3,555,186	$	659,113	$	(16,400)		$	4,197,899


Pro forma purchase price allocation
Common share consideration
Shares of Quantum	574,157
Exchange ratio	2.3942
HomeTrust shares to be issued	1,374,647
Price per share of HomeTrust common stock on February 10, 2023	$	27.45
Consideration for common stock	$	37,734
Cash consideration(1)	17,168
Total pro forma purchase price consideration	$	54,902


Pro forma goodwill
Fair value assets acquired
Cash and cash equivalents	$	47,769
Debt securities available for sale	10,608
FHLB and FRB stock	1,125
Loans	561,933
Premises and equipment	9,083
Accrued interest receivable	1,706
BOLI	9,066
Core deposit intangible	12,210
Other assets	3,296
Total assets acquired	$	656,796
Fair value of liabilities assumed
Deposits	$	570,602
Junior subordinated debentures	9,933
Other borrowings	24,728
Deferred income taxes, net	1,341
Other liabilities	3,333
Total liabilities assumed	$	609,937
Net assets acquired	$	46,859
Pro forma goodwill	$	8,043


	HomeTrust		Quantum		Pro Forma Adjustments (See Note 3)			Pro Forma Combined
Interest and dividend income
Loans	$	33,245	$	8,403	$	1,463	(16)	$	43,111
Commercial paper	1,116		—		—			1,116
Debt securities available for sale	678		50		64		(17)	792
Other investments and interest-bearing deposits	888		386		—			1,274
Total interest and dividend income	35,927		8,839		1,527			46,293
Interest expense
Deposits	1,395		515		(65)		(18)	1,845
Junior subordinated debentures	—		112		25		(19)	137
Borrowings	12		122		—			134
Total interest expense	1,407		749		(40)			2,116
Net interest income	34,520		8,090		1,567			44,177
Provision for credit losses	3,987		—		5,270		(20)	9,257
Net interest income after provision for credit losses	30,533		8,090		(3,703)			34,920
Noninterest income
Service charges and fees on deposit accounts	2,338		98		—			2,436
Loan income and fees	570		(6)		(6)		(21)	558
Gain on sale of loans held for sale	1,586		358		—			1,944
BOLI income	527		68		—			595
Operating lease income	1,585		—		—			1,585
Other	804		13		—			817
Total noninterest income	7,410		531		(6)			7,935
Noninterest expense
Salaries and employee benefits	14,815		2,325		—			17,140
Occupancy expense, net	2,408		208		24		(22)	2,640
Computer services	2,763		544		—			3,307
Telephone, postage, and supplies	603		69		—			672
Marketing and advertising	590		73		—			663
Deposit insurance premiums	542		48		—			590
Core deposit intangible amortization	34		—		859		(23)	893
Merger-related expenses	474		309		5,317		(24)	6,100
Other	3,872		268		—			4,140
Total noninterest expense	26,101		3,844		6,200			36,145
Net income before income taxes	11,842		4,777		(9,909)			6,710
Income tax expense	2,643		—		(2,279)		(25)	364
Net income	$	9,199	$	4,777	$	(7,630)		$	6,346
Per share data(1)
Net income per common share


	HomeTrust		Quantum		Pro Forma Adjustments (See Note 3)			Pro Forma Combined
Interest and dividend income
Loans	$	109,603	$	29,839	$	4,748	(16)	$	144,190
Commercial paper	1,721		—		—			1,721
Debt securities available for sale	1,802		145		257		(17)	2,204
Other investments and interest-bearing deposits	2,988		324		—			3,312
Total interest and dividend income	116,114		30,308		5,005			151,427
Interest expense
Deposits	5,260		796		(183)		(18)	5,873
Junior subordinated debentures	—		259		100		(19)	359
Borrowings	80		450		—			530
Total interest expense	5,340		1,505		(83)			6,762
Net interest income	110,774		28,803		5,088			144,665
Provision (benefit) for credit losses	(592)		(315)		5,270		(20)	4,363
Net interest income after provision (benefit) for credit losses	111,366		29,118		(182)			140,302
Noninterest income
Service charges and fees on deposit accounts	9,462		394		—			9,856
Loan income and fees	3,185		38		(24)		(21)	3,199
Gain on sale of loans held for sale	12,876		4,630		—			17,506
BOLI income	2,000		270		—			2,270
Operating lease income	6,392		—		—			6,392
Gain from sale of debt securities available for sale	1,895		40		—			1,935
Other	3,386		64		—			3,450
Total noninterest income	39,196		5,436		(24)			44,608
Noninterest expense
Salaries and employee benefits	59,591		9,512		—			69,103
Occupancy expense, net	9,692		867		97		(22)	10,656
Computer services	9,761		1,965		—			11,726
Telephone, postage, and supplies	2,754		254		—			3,008
Marketing and advertising	2,583		341		—			2,924
Deposit insurance premiums	1,712		180		—			1,892
REO related expense, net	588		4		—			592
Core deposit intangible amortization	250		—		3,438		(23)	3,688
Officer transition agreement expense	1,795		—		—			1,795
Merger-related expenses	—		—		6,100		(24)	6,100
Other	16,458		2,098		—			18,556
Total noninterest expense	105,184		15,221		9,635			130,040
Net income before income taxes	45,378		19,333		(9,841)			54,870
Income tax expense	9,725		130		(2,263)		(25)	7,592