As of September 30, 2008, HomeTrust’s total assets were $1.4 billion, an increase of $62 million or 18% on an annualized basis compared to June 30, 2008. HomeTrust’s loan portfolio was $1.2 billion, up $24 million or 8% annualized for the quarter. Retail deposits at September 30, 2008 totaled $801 million, up $21 million or 11%. In addition, strong profitability increased the bank’s total capital and net worth to $143 million.
HomeTrust Bank’s capital ratio of more than 10% continues to significantly exceed industry regulatory standards. The independent rating agency of Bauer Financial gave HomeTrust Bank its highest 5-star safety rating as of the most recent quarter-end.
On a year-to-date basis, HomeTrust Bank’s total assets increased $170 million or 18% annualized since December 31, 2007. HomeTrust’s loan portfolio grew $132 million, or 16% annualized, while retail deposits grew $51 million, or 9%.
“HomeTrust Bank has a long history and track record of sound financial performance,” stated F. Ed Broadwell, Jr., Chairman and Chief Executive Officer of HomeTrust Bank. “During this difficult cycle for the financial services industry, HomeTrust Bank has maintained a disciplined and conservative management philosophy centered on providing home loans and small business loans that are stable and affordable within our communities. This approach has protected our bank – and more importantly, our customers – from the recent subprime-mortgage crisis. Given our strong financial position, we will continue to lend money to our friends, neighbors and businesses in our local communities based on the sound underwriting principles that we have always used.”
“Conservative and responsive risk management practices continue to serve us well as our loan portfolio is stable, our delinquencies are well below industry averages, and our credit quality is very strong,” stated Dana L. Stonestreet, President and Chief Operating Officer of HomeTrust Bank. “Despite the current economic environment, we are pleased to deliver this level of performance, growth, financial soundness, and stability, all of which provide a strong foundation to meet the financial needs of families and businesses in Western North Carolina. We have served this community for over 80 years, while many banks have come and gone. And, we will be here proudly serving our neighbors for generations to come.”
About HomeTrust Bank
HomeTrust Bank is an FDIC-insured, mutually owned bank with an 82-year history of serving families and businesses in Western North Carolina. HomeTrust Bank offers a variety of home loans, consumer loans, Better-Than-Free checking accounts, Online Banking, and a broad range of investment options to help families build a secure financial future. The Bank also offers a full array of financial products designed especially for businesses.
HomeTrust Bank, along with Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank and Rutherford County Bank, comprise the HomeTrust Banking Partnership. By combining their resources in Partnership, each member institution has expanded their ability to provide new products and services, more convenient locations, and greater support for their local communities while preserving their hometown banking traditions.
Together, the HomeTrust Banking Partnership has assets of over $1.4 billion and is the largest mutual bank headquartered in North Carolina and the 2nd largest in the Southeast.
HomeTrust Bank has offices in Buncombe, Henderson, and Haywood Counties. Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank and Rutherford County Bank have offices in Polk, Cleveland, Rockingham and Rutherford Counties, respectively.
