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Mar 31, 2020
Hometrust Q3 2020 Earnings Report
Reported preliminary net income, approved quarterly cash dividend, and outlined response to the COVID-19 pandemic.
Key Takeaways
HomeTrust Bancshares, Inc. reported a net income of $1.2 million for the third quarter of fiscal 2020, a decrease compared to $3.3 million in the corresponding quarter of the previous year. Diluted earnings per share were $0.07, down from $0.18 year-over-year. The results were impacted by a significant increase in the provision for loan losses due to the Company's initial assessment of COVID-19.
Net income was $1.2 million, compared to $3.3 million in the prior year.
Diluted earnings per share was $0.07, compared to $0.18 in the prior year.
Noninterest income increased $1.0 million, or 18.1% to $6.4 million from $5.4 million.
635,800 shares were repurchased during the quarter at an average price of $20.45 per share.
Hometrust
Hometrust
Forward Guidance
Company is closely monitoring the effects of COVID-19 on our loan portfolio and will continue to monitor all the associated risks to minimize any potential losses.
Positive Outlook
- Offering a variety of relief options designed to support our customers and communities, including participating in the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”).
- Offering payment and financial relief programs for borrowers impacted by COVID-19.
- Loan payment deferrals for up to 90 days.
- Waived late fees.
- Suspension of foreclosure proceedings and repossessions.
Challenges Ahead
- The Company is closely monitoring the effects of COVID-19 on our loan portfolio.
- The Company will continue to monitor all the associated risks to minimize any potential losses.
- There is ongoing uncertainty surrounding the duration, impact and government response to the COVID-19 pandemic.
- Identified loan categories as potentially the most impacted by the COVID-19 pandemic: Lodging, Restaurants, Shopping centers, Other retail, and Equipment finance.
- Facing their own set of challenges relating to COVID-19.