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HomeTrust Bancshares, Inc. (NYSE:HTBI), a federally chartered savings institution with a market capitalization of $593 million and a "GOOD" financial health rating according to InvestingPro, announced the approval of a new non-qualified deferred compensation plan for its directors and eligible senior management, effective today. This strategic move follows the freezing of the company’s previous plan to new deferrals as of December 31, 2024.
The newly adopted plan, approved by the Compensation and Human Capital Committee of the Board of Directors on Sunday, allows participants to delay the receipt of current compensation to a future date under the terms outlined in the plan. The accounts established under this plan will mimic investment returns as if the funds were invested in various investment options provided by the plan’s administering committee, with the participants selecting their preferred investment avenues.
This initiative is designed to align with Section 409A of the Internal Revenue Code, offering participants the advantage of deferring taxes on their compensation until the funds are distributed according to the plan’s guidelines. The company has included the full text of the new plan as Exhibit 10.1 in its SEC filing, offering complete transparency on the arrangement’s details. The bank’s strong financial position, with a P/E ratio of 10.6 and consistent dividend growth of 9% year-over-year, supports its ability to maintain competitive compensation packages.
The implementation of this new deferred compensation plan reflects HomeTrust Bancshares’ commitment to providing competitive compensation arrangements for its leadership, while also adhering to tax compliance and financial planning best practices. InvestingPro analysis reveals the company has raised its dividend for seven consecutive years, with analysts maintaining a positive outlook for the upcoming period. This information is based on a press release statement filed with the SEC. For detailed financial metrics and additional insights, including more than 30 company-specific tips, visit InvestingPro.
In other recent news, HomeTrust Bancshares, Inc. reported an increase in net income for the fourth quarter ending December 31, 2024, reaching $14.2 million, up from $13.1 million in the previous quarter. The company’s diluted earnings per share also rose to $0.83 from $0.76. For the full year, HomeTrust Bancshares achieved a net income of $54.8 million, an improvement from $50.0 million the prior year. The company declared a quarterly cash dividend of $0.12 per common share, which is a 9.09% increase from the previous dividend. Additionally, HomeTrust Bancshares announced plans to transfer its stock listing from NASDAQ to the New York Stock Exchange, effective February 24, 2025. In terms of executive compensation, the company updated its incentive plan for senior leadership, linking rewards to financial performance metrics. Investors are advised to watch for the upcoming release of the company’s fourth-quarter earnings results on January 23, 2025, which is expected to provide further insights into its financial standing.
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