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ASHEVILLE, N.C. - HomeTrust Bancshares, Inc. (NASDAQ: HTBI), the parent company of HomeTrust Bank, disclosed its preliminary financial results for the fourth quarter ending December 31, 2024, showing a rise in net income to $14.2 million, up from $13.1 million the previous quarter. The company also noted an increase in diluted earnings per share (EPS) to $0.83 from $0.76 over the same period. According to InvestingPro data, the bank currently trades at an attractive P/E ratio of 10.1, suggesting potential undervaluation compared to peers. The stock has shown strong momentum with a 30.8% return over the past year.
The bank's annualized return on assets (ROA) improved to 1.27% from 1.17%, while its return on equity (ROE) climbed to 10.32% from 9.76%. The net interest margin also saw a boost, reaching 4.09%, compared to 4.00% in the prior quarter. Additionally, the provision for credit losses was a benefit of $855,000, a significant shift from a $3.0 million provision in the previous quarter.
For the full year ended December 31, 2024, HomeTrust Bancshares reported a net income of $54.8 million, up from $50.0 million in the previous year. The diluted EPS for the year stood at $3.20, compared to $2.97 in 2023. The annual ROA was reported at 1.23%, slightly up from 1.17%, and the ROE was at 10.37%, slightly down from 10.62% the previous year. The net interest margin for the year was 4.05%, down from 4.22% in 2023. InvestingPro analysis reveals the company maintains a strong financial health score of 3.11 out of 4, labeled as "GREAT," with particularly robust growth and profitability metrics.
The company also declared a quarterly cash dividend of $0.12 per common share, which is a 9.09% increase from the previous dividend of $0.11 per share. The dividend is payable on February 27, 2025, to shareholders of record as of February 13, 2025. This marks the bank's seventh consecutive year of dividend increases, with an impressive dividend growth rate of 20% over the last twelve months. InvestingPro subscribers can access additional insights about the company's dividend sustainability and growth potential, along with over 30 financial metrics and key investment tips.
President and CEO Hunter Westbrook highlighted the bank's tenth consecutive quarter with a net interest margin at or above 4.00% and an 11% growth in tangible book value per share over the past year. He attributed the strong financial results to the bank's recognition as a great place to work and its efforts to enhance the customer experience through technological improvements.
The bank's balance sheet showed a decrease in total assets to $4.6 billion and a decrease in total liabilities to $4.0 billion at the end of 2024, compared to the previous year. Stockholders' equity increased to $551.8 million, up 10.4% from 2023.
This report is based on a press release statement from HomeTrust Bancshares, Inc.
In other recent news, HomeTrust Bancshares has announced several significant developments. The company has set the release date for its Q4 2024 earnings, providing investors an opportunity to assess the company's financial health and operational achievements. HomeTrust Bancshares reported a Q3 earnings increase, with net income rising to $13.1 million, up from the previous quarter's $12.4 million.
The company's merger with Quantum (NASDAQ:QMCO) Capital Corp significantly added to its assets, loans, and deposits. However, Raymond (NSE:RYMD) James has downgraded HomeTrust Bancshares' shares from Outperform to Market Perform, citing anticipated revenue challenges in the future. Keefe, Bruyette & Woods, on the other hand, revised its outlook on the company, raising the price target to $38.00, citing stable credit trends and a strong net interest margin.
HomeTrust Bancshares has also announced a change in its independent registered public accounting firm, dismissing Forvis Mazars, LLP, and selecting Crowe LLP as its new firm. This decision comes after a thorough selection process by the company's Audit Committee. These recent developments provide insights into the company's strategic direction and financial performance.
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