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Section 1: 10-Q (10-Q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X]            QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

[  ]            TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _______ to ________

Commission file number:     001-35593

HOMETRUST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Maryland
 
          45-5055422
(State or other jurisdiction of incorporation of organization)
 
(IRS Employer Identification No.)

10 Woodfin Street, Asheville, North Carolina 28801
(Address of principal executive offices; Zip Code)

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

None
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer [  ]      
 
(Do not check if a smaller reporting company)        
 
Accelerated filer [X]
 
 
Non-accelerated filer   [  ]
Smaller reporting company [  ]
 
 
Emerging growth company [X]
 
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.
[ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [  ] No [X]
APPLICABLE ONLY TO CORPORATE ISSUERS
There were 19,037,268 shares of common stock, par value of $.01 per share, issued and outstanding as of May 7, 2018.




HOMETRUST BANCSHARES, INC. AND SUBSIDIARIES
10-Q
TABLE OF CONTENTS
 
 
 
Page
Number
 
 
 
 
Item 1. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2. 
 
 
 
 
Item 3. 
 
 
 
 
Item 4. 
 
 
 
 
 
 
 
 
 
Item 1. 
 
 
 
 
Item 1A. 
 
 
 
 
Item 2. 
 
 
 
 
Item 3. 
 
 
 
 
Item 4. 
 
 
 
 
Item 5 
 
 
 
 
Item 6. 
 
 
 
 
 
 
 
 

1



PART I.  FINANCIAL INFORMATION
Item 1.    Financial Statements
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
 
(Unaudited)
 
 
 
March 31, 2018
 
June 30,
2017
Assets
 
 
 
Cash
$
38,100

 
$
41,982

Interest-bearing deposits
41,296

 
45,003

Cash and cash equivalents
79,396

 
86,985

Commercial paper
239,435

 
149,863

Certificates of deposit in other financial institutions
84,218

 
132,274

Securities available for sale, at fair value
160,971

 
199,667

Other investments, at cost
36,783

 
39,355

Loans held for sale
6,071

 
5,607

Total loans, net of deferred loan fees
2,445,755

 
2,351,470

Allowance for loan losses
(21,472
)
 
(21,151
)
Net loans
2,424,283

 
2,330,319

Premises and equipment, net
62,725

 
63,648

Accrued interest receivable
9,216

 
8,758

Real estate owned ("REO")
5,053

 
6,318

Deferred income taxes
34,311

 
57,387

Bank owned life insurance ("BOLI")
87,532

 
85,981

Goodwill
25,638

 
25,638

Core deposit intangibles
5,131

 
7,173

Other assets
10,100

 
7,560

Total Assets
$
3,270,863

 
$
3,206,533

Liabilities and Stockholders' Equity
 

 
 

Liabilities
 

 
 

Deposits
$
2,180,324

 
$
2,048,451

Borrowings
625,000

 
696,500

Capital lease obligations
1,920

 
1,937

Other liabilities
62,066

 
61,998

Total liabilities
2,869,310

 
2,808,886

Stockholders' Equity
 

 
 

Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or
outstanding

 

Common stock, $0.01 par value, 60,000,000 shares authorized, 19,034,868 shares
    issued and outstanding at March 31, 2018; 18,967,875 at June 30, 2017
190

 
190

Additional paid in capital
216,712

 
213,459

Retained earnings
193,368

 
191,660

Unearned Employee Stock Ownership Plan ("ESOP") shares
(7,538
)
 
(7,935
)
Accumulated other comprehensive income (loss)
(1,179
)
 
273

Total stockholders' equity
401,553

 
397,647

Total Liabilities and Stockholders' Equity
$
3,270,863

 
$
3,206,533

The accompanying notes are an integral part of these consolidated financial statements.

2



HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Dollars in thousands, except per share data)
 
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2018
 
2017
 
2018
 
2017
Interest and Dividend Income
 
 
 
 
 
 
 
Loans
$
26,355

 
$
24,747

 
$
77,745

 
$
65,098

Securities available for sale
916

 
1,243

 
2,791

 
2,986

Certificates of deposit and other interest-bearing deposits
1,498

 
868

 
3,970

 
2,850

Other investments
496

 
433

 
1,503

 
1,211

Total interest and dividend income
29,265

 
27,291

 
86,009

 
72,145

Interest Expense
 

 
 

 
 

 
 

Deposits
1,622

 
1,215

 
4,509

 
3,355

Borrowings
2,414

 
1,004

 
6,460

 
2,166

Total interest expense
4,036

 
2,219

 
10,969

 
5,521

Net Interest Income
25,229

 
25,072

 
75,040

 
66,624

Provision for Loan Losses

 

 

 

Net Interest Income after Provision for Loan Losses
25,229

 
25,072

 
75,040

 
66,624

Noninterest Income
 

 
 

 
 

 
 

Service charges and fees on deposit accounts
2,202

 
1,869

 
6,426

 
5,670

Loan income and fees
1,410

 
781

 
3,873

 
2,694

BOLI income
536

 
511

 
1,616

 
1,576

Gain from sale of premises and equipment

 

 
164

 
385

Other, net
778

 
528

 
2,211

 
1,547

Total noninterest income
4,926

 
3,689

 
14,290

 
11,872

Noninterest Expense
 

 
 

 
 

 
 

Salaries and employee benefits
11,927

 
12,191

 
36,252

 
34,721

Net occupancy expense
2,389

 
2,463

 
7,211

 
6,538

Marketing and advertising
334

 
374

 
1,106

 
1,263

Telephone, postage, and supplies
748

 
728

 
2,181

 
1,914

Deposit insurance premiums
413

 
404

 
1,246

 
885

Computer services
1,600

 
1,721

 
4,740

 
4,796

Loss (gain) on sale and impairment of REO
194

 
(181
)
 
152

 
288

REO expense
311

 
447

 
757

 
969

Core deposit intangible amortization
642

 
797

 
2,042

 
2,065

Merger-related expenses

 
7,401

 

 
7,736

Other
2,763

 
2,467

 
7,890

 
7,248

Total noninterest expense
21,321

 
28,812

 
63,577

 
68,423

Income (Loss) Before Income Taxes
8,834

 
(51
)
 
25,753

 
10,073

Income Tax Expense (Benefit)
2,707

 
(325
)
 
24,725

 
2,992

Net Income
$
6,127

 
$
274

 
$
1,028

 
$
7,081

Per Share Data:
 

 
 

 
 

 
 

Net income per common share:
 

 
 

 
 

 
 

Basic
$
0.34

 
$
0.01

 
$
0.06

 
$
0.40

Diluted
$
0.32

 
$
0.01

 
$
0.06

 
$
0.40

Average shares outstanding:
 

 
 

 
 

 
 

Basic
18,052,000

 
17,808,920

 
17,997,997

 
17,194,466

Diluted
18,761,586

 
18,396,154

 
18,688,486

 
17,728,783

The accompanying notes are an integral part of these consolidated financial statements.

3



HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income (Loss)
(Dollars in thousands)
 
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2018
 
2017
 
2018
 
2017
Net Income
$
6,127

 
$
274

 
$
1,028

 
$
7,081

Other Comprehensive Loss
 

 
 

 
 

 
 

  Unrealized holding losses on securities available for sale
 

 
 

 
 

 
 

Losses arising during the period
(1,216
)
 
(11
)
 
(2,074
)
 
(3,552
)
Deferred income tax benefit
365

 
4

 
622

 
1,208

Total other comprehensive loss
$
(851
)
 
$
(7
)
 
$
(1,452
)
 
$
(2,344
)
Comprehensive Income (Loss)
$
5,276

 
$
267

 
$
(424
)
 
$
4,737

The accompanying notes are an integral part of these consolidated financial statements.

4



HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders' Equity
(Dollars in thousands)
 
Common Stock
 
Additional
Paid In
Capital
 
Retained
Earnings
 
Unearned
ESOP
Shares
 
Accumulated
Other
Comprehensive
Income (loss)
 
Total
Stockholders'
Equity
 
Shares
 
Amount
Balance at June 30, 2016
17,998,750

 
$
180

 
$
186,104

 
$
179,813

 
$
(8,464
)
 
$
2,343

 
$
359,976

Net income

 

 

 
7,081

 

 

 
7,081

Forfeited restricted stock
(1,000
)
 

 

 

 

 

 

Retired stock
(22,794
)
 

 
(569
)
 

 

 

 
(569
)
Shares issued for TriSummit Bancorp, Inc. merger
765,277

 
7

 
20,036

 

 

 

 
20,043

Granted restricted stock
47,500

 

 

 

 

 

 

Exercised stock options
159,443

 
2

 
2,452

 

 

 

 
2,454

Stock option expense

 

 
2,075

 

 

 

 
2,075

Restricted stock expense

 

 
1,169

 

 

 

 
1,169

ESOP shares allocated

 

 
464

 

 
397

 

 
861

Other comprehensive loss

 

 

 

 

 
(2,344
)
 
(2,344
)
Balance at March 31, 2017
18,947,176

 
$
189

 
$
211,731

 
$
186,894

 
$
(8,067
)
 
$
(1
)
 
$
390,746

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2017
18,967,875

 
$
190

 
$
213,459

 
$
191,660

 
$
(7,935
)
 
$
273

 
$
397,647

Net income

 

 

 
1,028

 

 

 
1,028

Cumulative-effect adjustment on the change in accounting for share-based payments

 

 

 
680

 

 

 
680

Forfeited restricted stock
(6,600
)
 

 

 

 

 

 

Retired stock
(19,007
)
 

 
(494
)
 

 

 

 
(494
)
Shares issued for TriSummit Bancorp, Inc. merger

 

 

 

 

 

 

Granted restricted stock
55,200

 

 

 

 

 

 

Exercised stock options
37,400

 

 
553

 

 

 

 
553

Stock option expense

 

 
1,517

 

 

 

 
1,517

Restricted stock expense

 

 
1,066

 

 

 

 
1,066

ESOP shares allocated

 

 
611

 

 
397

 

 
1,008

Other comprehensive loss

 

 

 

 

 
(1,452
)
 
(1,452
)
Balance at March 31, 2018
19,034,868

 
$
190

 
$
216,712

 
$
193,368

 
$
(7,538
)
 
$
(1,179
)
 
$
401,553

The accompanying notes are an integral part of these consolidated financial statements.

5



HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Dollars in thousands)
 
(Unaudited)
 
Nine Months Ended March 31,
 
2018
 
2017
Operating Activities:
 
 
 
Net income
$
1,028

 
$
7,081

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation
2,842

 
2,741

Deferred income tax expense
24,403

 
2,814

Net amortization and accretion
(4,141
)
 
(5,241
)
Gain from sale of premises and equipment
(164
)
 
(385
)
Loss on sale and impairment of REO
152

 
288

Gain on sale of loans held for sale
(2,398
)
 
(1,999
)
Origination of loans held for sale
(93,958
)
 
(103,923
)
Proceeds from sales of loans held for sale
95,892

 
107,377

Increase (decrease) in deferred loan fees, net
123

 
(965
)
Increase in accrued interest receivable and other assets
(2,998
)
 
(2,433
)
Amortization of core deposit intangibles
2,042

 
2,065

BOLI income
(1,616
)
 
(1,576
)
ESOP compensation expense
1,008

 
861

Restricted stock and stock option expense
2,583

 
3,244

Decrease (increase) in other liabilities
68

 
(948
)
Net cash provided by operating activities
24,866

 
9,001

Investing Activities:
 

 
 

Purchase of securities available for sale

 
(15,091
)
Proceeds from maturities of securities available for sale
19,680

 
23,645

Proceeds from sale of securities available for sale

 
16,341

Net maturities (purchases) of commercial paper
(87,096
)
 
61,362

Purchase of certificates of deposit in other banks
(13,217
)
 
(31,431
)
Maturities of certificates of deposit in other banks
61,273

 
54,547

Principal repayments of mortgage-backed securities
16,112

 
18,287

Net redemptions (purchases) of other investments
2,572

 
(3,169
)
Net increase in loans
(92,774
)
 
(187,031
)
Purchase of BOLI
(81
)
 
(175
)
Proceeds from redemption of BOLI
146

 

Purchase of premises and equipment
(2,678
)
 
(2,270
)
Capital improvements to REO
(18
)
 
(11
)
Proceeds from sale of premises and equipment
923

 
395

Proceeds from sale of REO
2,288

 
2,834

Acquisition costs related to United Financial of North Carolina Inc.

 
(200
)
Acquisition costs related to TriSummit Bancorp, Inc.

 
(10,585
)
Net cash used in investing activities
(92,870
)
 
(72,552
)
Financing Activities:
 

 
 

Net increase in deposits
131,873

 
1,829

Net increase (decrease) in other borrowings
(71,500
)
 
87,531

Retired stock
(494
)
 
(569
)
Exercised stock options
553

 
2,454

Decrease in capital lease obligations
(17
)
 
(16
)
Net cash provided by financing activities
60,415

 
91,229

Net Decrease in Cash and Cash Equivalents
(7,589
)
 
27,678

Cash and Cash Equivalents at Beginning of Period
86,985

 
52,596

Cash and Cash Equivalents at End of Period
$
79,396

 
$
80,274


6



HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(Dollars in thousands)
 
(Unaudited)
Supplemental Disclosures:
Nine Months Ended March 31,
 
2018
 
2017
Cash paid during the period for:
 
 
 
Interest
$
10,674

 
$
6,216

Income taxes
477

 
203

Noncash transactions:
 

 
 

Unrealized loss in value of securities available for sale, net of income taxes
(1,452
)
 
(2,344
)
Transfers of loans to REO
1,157

 
1,923

Cumulative-effect adjustment on the change in accounting for share-based payments

680

 

Payable related to the acquisition of United Financial Inc. of North Carolina

 
225

The accompanying notes are an integral part of these consolidated financial statements.

7


HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
1.
Summary of Significant Accounting Policies
The consolidated financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation ("HomeTrust"), and its wholly-owned subsidiary, HomeTrust Bank (the "Bank"). As used throughout this report, the term the "Company" refers to HomeTrust and the Bank, its consolidated subsidiary, unless the context otherwise requires.
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2017 ("2017 Form 10-K") filed with the SEC on September 12, 2017. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2018.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for loan losses, (ii) business combinations and acquired loans, (iii) the valuation of REO, (iv) the valuation of goodwill and other intangible assets, and (v) the valuation of or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our 2017 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods.
Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders' equity or net income.
2.
Recent Accounting Pronouncements
In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606)”, which defers the effective date of Accounting Standard Update ("ASU") No. 2014-09 one year. ASU No. 2014-09 created Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides clarifying guidance in certain narrow areas and adds some practical expedients, but does not change the core revenue recognition principle in Topic 606. These ASUs are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. With respect to noninterest income, the Company is finalizing our review of all revenue streams and underlying revenue contracts within the scope of the guidance as well as updating processes and procedures during the final quarter of fiscal 2018 to ensure it is fully compliant with these amendments at the adoption date. To date, the Company has not yet identified any significant changes in the timing of revenue recognition when considering the amended accounting guidance; however, the Company’s implementation efforts are ongoing and such assessments may change prior to the July 1, 2018 implementation date.
In January 2016, the FASB issued ASU 2016-01, "Financial Instruments (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." The ASU amends the guidance in GAAP on the classification and measurement of financial instruments. The ASU includes the following changes: i) equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) requires the use of exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or the

8

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

accompanying notes to the financial statements; (iv) allows an equity investment that does not have readily determinable fair values, to be measured at cost minus impairment (if any), plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (v) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, and requires a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements; and (vii) clarifies that a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated in combination with the organization’s other deferred tax assets. Exit price is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's Consolidated Financial Statements. Management is in the planning stages of developing processes and procedures to comply with the disclosures requirements of this ASU, which could impact the disclosures the Company makes related to fair value of its financial instruments.
In February 2016, the FASB issued ASU 2016-02, "Leases (Accounting Standards Codification ("ASC") 842)." The guidance in this ASU requires most leases to be recognized on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and the timing of adoption. The Company will compile an inventory of all leased assets to determine the impact of ASU 2016-02 on its financial condition and results of operations. Once adopted, we expect to report higher assets and liabilities on our Consolidated Balance Sheets as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements, which currently are not reflected in our Consolidated Balance Sheets. We do not expect the guidance to have a material impact on the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders' Equity.
In March 2016, the FASB issued ASU 2016-09, "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The ASU changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. We have elected to account for forfeitures of stock-based awards as they occur. The Company has adopted the amendments in this ASU and appropriate disclosures have been included in this Note. At the adoption of this ASU, we had a cumulative adjustment to retained earnings of $680,000. In accordance with the transition guidance outlined in this ASU, the adoption had no effect on net income or shareholder's equity in any previously issued periods. Going forward, we expect this ASU to create some volatility in our reported income tax expense related to the excess tax benefits for employee stock-based transactions, however, the actual amounts recognized will be dependent on the amount of employee stock-based transactions and the stock price at the time of exercise or vesting.
In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of identifying required changes to the loan loss estimation models and processes and evaluating the impact of this new guidance. Once adopted, we expect our allowance for loan losses to increase, however, until our evaluation is complete the magnitude of the increase will be unknown.
In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The ASU amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows and is intended to reduce the diversity in practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for all entities beginning after December 15, 2017, including interim periods within those fiscal years. The Company completed its evaluation of the ASU and does not expect a material impact upon adoption of the ASU on its Consolidated Financial Statements.
In January 2017, FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The ASU removes the requirement to compare the implied fair value of goodwill with its carrying value as required in Step 2 of the goodwill impairment test. Under the ASU, registrants would perform their goodwill impairment test and recognize an impairment charge for any amount the carrying value exceeds the reporting unit's fair value, but limited by the amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for all entities after January 1, 2017. The Company did early adopt this ASU and adoption did not have a material effect on the Company's Consolidated Financial Statements.
In March 2017, FASB issued ASU 2017-08, "Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." The ASU requires entities to amortize the premium on certain purchased callable debt securities to the

9

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

earliest call date, which more closely aligns the amortization period of premiums and discounts to expectations incorporated in the market prices. Entities will no longer recognize a loss in earnings upon the debtor's exercise of a call on a purchased debt security held at a premium. The ASU does not require any accounting change for debt securities held at a discount, therefore the discount will continue to be amortized as an adjustment of yield over the contractual life of the investment. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted for all entities. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's Consolidated Financial Statements.
In May 2017, the FASB issued ASU 2017-09, "Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting." This ASU provides clarity on the guidance related to stock compensation when there have been changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718. The ASU provides the three following criteria must be met in order to not account for the effect of the modification of terms or conditions: the fair value, the vesting conditions and the classification as an equity or liability instrument of the modified award is the same as the original award immediately before the original award is modified. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2017-09 is not expected to have a material impact on the Company's Consolidated Financial Statements.
In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." This ASU improves the transparency and understandability of disclosures in the financial statements regarding the entities risk management activities and reduces the complexity of hedge accounting. The amendments in this ASU permit hedge accounting for hedging relationships involving nonfinancial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and early adoption is permitted. The adoption of ASU No. 2017-12 is not expected to have a material impact on the Company's Consolidated Financial Statements.
In February 2018, FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the revaluation of the Company’s net deferred tax assets (“DTA”) to the new corporate federal income tax rate of 21% as a result of the Tax Cuts and Jobs Act (‘Tax Act”). The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted for all entities. The affected amount for the Company was immaterial and will not have an effect on the Company's Consolidated Financial Statements.
In February 2018, FASB issued ASU No. 2018-03, "Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10): Recognition an Measurement of Financial Assets and Financial Liabilities." The amendments represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. Specifically, these amendments sought to make targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments as well as a number of consequential amendments to ASC 321, Investments—Equity Securities. Transition guidance varies based on the public entities year end. For public companies with fiscal years beginning between June 15, 2018 and December 15, 2018, the amendments are required to be adopted along with ASU 2016-01. Early adoption is permitted. The adoption of ASU No. 2018-03 is not expected to have a material impact on the Company's Consolidated Financial Statements.
In March 2018, FASB issued ASU No. 2018-05, Income Taxes (Topic 740). This ASU was issued to provide guidance on the income tax accounting implications of the Tax Act and allows for entities to report provisional amounts for specific income tax effects of the Act for which the accounting under Topic 740 was not yet complete, but a reasonable estimate could be determined. A measurement period of one-year is allowed to complete the accounting effects under Topic 740 and revise any previous estimates reported. Any provisional amounts or subsequent adjustments included in an entity’s financial statements during the measurement period should be included in income from continuing operations as an adjustment to tax expense in the reporting period the amounts are determined. The Company adopted this ASU with the provisional adjustments as reported in the Consolidated Financial Statements on Form 10-Q as of December 31, 2017. As of March 31, 2018, the Company did not incur any adjustments to the provisional recognition.
3.
Business Combinations
All business combinations are accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged are recorded at acquisition date fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available.
United Financial of North Carolina, Inc.

On December 31, 2016, the Bank acquired United Financial of North Carolina, Inc. ("United Financial"), a municipal lease company headquartered in Fletcher, North Carolina that specializes in providing financing for fire departments and municipalities to purchase fire trucks and related equipment as well as to construct fire stations and other municipal buildings across the Carolinas and other southeastern states. United Financial underwrites and originates municipal leases and then sells them to HomeTrust and other financial institutions. Since January 1, 2017, United Financial has conducted business under the name United Financial, a division of HomeTrust Bank.


10

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

The total consideration paid by the Bank in the United Financial acquisition approximates $425. Per the merger agreement, a cash payment of $200 was paid on the acquisition date with an additional $225 due in the third quarter of fiscal 2018; all of which was allocated to goodwill.

TriSummit Bancorp. Inc.

On January 1, 2017, HomeTrust completed its acquisition of TriSummit Bancorp, Inc., (“TriSummit”) pursuant to an Agreement and Plan of Merger, dated as of September 20, 2016, under which TriSummit merged with and into HomeTrust (the “Merger”) with HomeTrust as the surviving corporation in the Merger. Immediately following the Merger, TriSummit's wholly owned subsidiary bank, TriSummit Bank, merged with and into the Bank (together with the Merger, the “TriSummit Merger”).

Pursuant to the Merger Agreement, each share of the common stock of TriSummit and each share of Series A Preferred Stock of TriSummit issued and outstanding immediately prior to the Merger (on an as converted basis to a share of TriSummit common stock) was converted into the right to receive $4.40 in cash and .2099 shares of HomeTrust common stock, with cash paid in lieu of fractional share interests. At the Merger date, 50% of outstanding options granted by TriSummit were canceled. The remaining options were assumed by HomeTrust and converted into options to purchase 86,185 shares of HomeTrust Common Stock. In addition, TriSummit’s $7,222 Series B, Series C and Series D TARP preferred stock (all held by private shareholders) was redeemed in connection with the closing of the merger.
The total consideration paid by HomeTrust in the TriSummit Merger approximates $36,126. The total number of HomeTrust shares issued was 765,277 shares. HomeTrust paid aggregate cash consideration of approximately $16,083.

11

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

The following table presents the consideration paid by the Company in the acquisition of TriSummit and the assets acquired and liabilities assumed as of January 1, 2017:
 
As Recorded by TriSummit
 
Fair Value and Other Merger Related Adjustments
 
As Recorded by the Company
Consideration Paid:
 
 
 
 
 
Cash paid including cash in lieu of fractional shares
 
 
 
 
$
16,083

Fair value of HomeTrust common stock at $25.90 per share
 
 
 
 
20,043

Total consideration
 
 
 
 
$
36,126

Assets:
 
 
 
 
 
Cash and cash equivalents
$
5,498

 
$

 
$
5,498

Certificates of deposit in other banks
250

 

 
250

Investment securities
58,728

 
(203
)
 
58,525

Other investments, at cost
2,614

 

 
2,614

Loans, net
261,926

 
(3,867
)
 
258,059

Premises and equipment, net
12,841

 
(2,419
)
 
10,422

REO
1,633

 
(122
)
 
1,511

Deferred income tax
2,653

 
4,462

 
7,115

Bank owned life insurance
3,762

 

 
3,762

Core deposit intangibles
1,285

 
1,575

 
2,860

Other assets
1,453

 
(105
)
 
1,348

Total assets acquired
$
352,643

 
$
(679
)
 
$
351,964

 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Deposits
$
279,647

 
$
587

 
280,234

Borrowings
47,453

 
16

 
47,469

Other liabilities
675

 

 
675

Total liabilities assumed
$
327,775

 
$
603

 
$
328,378

Net identifiable assets acquired over liabilities assumed
$
24,868

 
$
(1,282
)
 
$
23,586

Goodwill

 
 
 
$
12,540

The carrying amount of acquired loans from TriSummit as of January1, 2017 consisted of purchased performing loans and Purchased Credit Impaired ("PCI") loans as detailed in the following table:
 
Purchased
Performing
 
PCI
 
Total
Loans
Retail Consumer Loans:
 
 
 
 
 
One-to-four family
$
75,179

 
$
3,753

 
$
78,932

Home equity line of credit ("HELOCs")
6,479

 
2

 
6,481

Construction and land/lots
15,591

 

 
15,591

Consumer
1,686

 
17

 
1,703

Commercial:
 
 
 

 


Commercial real estate
107,880

 
3,494

 
111,374

Construction and development
15,253

 
142

 
15,395

Commercial and industrial
28,295

 
288

 
28,583

Total
$
250,363

 
$
7,696

 
$
258,059



12

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

The following table presents the performing loans receivable purchased from TriSummit at January 1, 2017, the acquisition date:
Contractually required principal payments receivable
$
255,852

Adjustment for credit, interest rate, and liquidity
5,489

Balance of purchased loans receivable
$
250,363

The following table presents the PCI loans acquired from TriSummit at January 1, 2017, the acquisition date:
Contractually required principal and interest payments receivable
$
11,474

Amounts not expected to be collected - nonaccretable difference
2,490

Estimated payments expected to be received
8,984

Accretable yield
1,288

Fair value of PCI loans
$
7,696

4.
Securities Available for Sale
Securities available for sale consist of the following at the dates indicated:
 
March 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
U.S. Government Agencies
$
48,006

 
$
12

 
$
(487
)
 
$
47,531

Residential Mortgage-backed Securities of U.S. Government
 

 
 

 
 

 
 

Agencies and Government-Sponsored Enterprises
76,390

 
92

 
(1,222
)
 
75,260

Municipal Bonds
32,006

 
186

 
(156
)
 
32,036

Corporate Bonds
6,191

 
27

 
(137
)
 
6,081

Equity Securities
63

 

 

 
63

Total
$
162,656

 
$
317

 
$
(2,002
)
 
$
160,971

 
June 30, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
U.S. Government Agencies
$
65,947

 
$
184

 
$
(301
)
 
$
65,830

Residential Mortgage-backed Securities of U.S. Government
 

 
 

 
 

 
 

Agencies and Government-Sponsored Enterprises
92,841

 
411

 
(281
)
 
92,971

Municipal Bonds
34,135

 
403

 
(28
)
 
34,510

Corporate Bonds
6,267

 
114

 
(88
)
 
6,293

Equity Securities
63

 

 

 
63

Total
$
199,253

 
$
1,112

 
$
(698
)
 
$
199,667

Debt securities available for sale by contractual maturity at the dates indicated are shown below. Mortgage-backed securities are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.
 
March 31, 2018
 
Amortized
Cost
 
Estimated
Fair Value
Due within one year
$
21,551

 
$
21,409

Due after one year through five years
46,584

 
46,062

Due after five years through ten years
8,691

 
8,807

Due after ten years
9,377

 
9,370

Mortgage-backed securities
76,390

 
75,260

Total
$
162,593

 
$
160,908


13

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

The Company had no sales of securities available for sale during the three and nine months ended March 31, 2018. Proceeds from sales of securities available for sale were $16,341 in the three and nine months ended March 31, 2017. There were no gross realized gains or losses for the three and nine months ended March 31, 2018 and 2017, respectively.

Securities available for sale with costs totaling $143,712 and $156,592 and market values of $142,340 and $154,264 at March 31, 2018 and June 30, 2017, respectively, were pledged as collateral to secure various public deposits and other borrowings.
The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2018 and June 30, 2017 were as follows:
 
March 31, 2018
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Government Agencies
$
8,331

 
$
(58
)
 
$
35,567

 
$
(429
)
 
$
43,898

 
$
(487
)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
43,585

 
(712
)
 
19,479

 
(510
)
 
63,064

 
(1,222
)
Municipal Bonds
16,882

 
(140
)
 
1,054

 
(16
)
 
17,936

 
(156
)
Corporate Bonds

 

 
3,619

 
(137
)
 
3,619

 
(137
)
Total
$
68,798

 
$
(910
)
 
$
59,719

 
$
(1,092
)
 
$
128,517

 
$
(2,002
)
 
June 30, 2017
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Government Agencies
$
46,767

 
$
(222
)
 
$
6,921

 
$
(79
)
 
$
53,688

 
$
(301
)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
42,921

 
(240
)
 
3,970

 
(41
)
 
46,891

 
(281
)
Municipal Bonds
9,153

 
(28
)
 

 

 
9,153

 
(28
)
Corporate Bonds
3,734

 
(88
)
 

 

 
3,734

 
(88
)
Total
$
102,575

 
$
(578
)
 
$
10,891

 
$
(120
)
 
$
113,466

 
$
(698
)
The total number of securities with unrealized losses at March 31, 2018, and June 30, 2017 were 205 and 136, respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates. The Company had no other-than-temporary impairment losses during the nine months ended March 31, 2018 or the year ended June 30, 2017.
As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the Federal Reserve Bank of Richmond ("FRB"). No ready market exists for these securities so carrying value approximates their fair value based on the redemption provisions of the FHLB of Atlanta and the FRB, respectively.


14

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

5.
Loans
Loans consist of the following at the dates indicated:
 
March 31, 2018
 
June 30, 2017
Retail consumer loans:
 
 
 
One-to-four family
$
670,036

 
$
684,089

HELOCs - originated
143,049

 
157,068

HELOCs - purchased
165,680

 
162,407

Construction and land/lots
68,121

 
50,136

Indirect auto finance
160,664

 
140,879

Consumer
11,317

 
7,900

Total retail consumer loans
1,218,867

 
1,202,479

Commercial loans:
 
 
 
Commercial real estate
810,332

 
730,408

Construction and development
184,179

 
197,966

Commercial and industrial
132,337

 
120,387

Municipal leases
101,108

 
101,175

Total commercial loans
1,227,956

 
1,149,936

Total loans
2,446,823

 
2,352,415

Deferred loan fees, net
(1,068
)
 
(945
)
Total loans, net of deferred loan fees
2,445,755

 
2,351,470

Allowance for loan losses
(21,472
)
 
(21,151
)
Loans, net
$
2,424,283

 
$
2,330,319

All qualifying one-to-four family first mortgage loans, HELOCs, commercial real estate loans, and FHLB Stock are pledged as collateral by a blanket pledge to secure any outstanding FHLB advances.
The Company's total non-purchased and purchased performing loans by segment, class, and risk grade at the dates indicated follow:
 
Pass
 
Special
Mention
 
Substandard
 
Doubtful
 
Loss
 
Total
March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
642,998

 
$
5,628

 
$
13,087

 
$
901

 
$
12

 
$
662,626

HELOCs - originated
139,824

 
639

 
2,169

 
154

 
6

 
142,792

HELOCs - purchased
165,491

 

 
189

 

 

 
165,680

Construction and land/lots
66,914

 
409

 
289

 
54

 

 
67,666

Indirect auto finance
160,203

 

 
461

 

 

 
160,664

Consumer
11,276

 
9

 
21

 
3

 
6

 
11,315

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 
Commercial real estate
784,617

 
7,161

 
7,283

 

 

 
799,061

Construction and development
178,771

 
600

 
2,371

 

 

 
181,742

Commercial and industrial
126,888

 
1,596

 
1,696

 

 
3

 
130,183

Municipal leases
100,701

 
309

 
98

 

 

 
101,108

Total loans
$
2,377,683

 
$
16,351

 
$
27,664

 
$
1,112

 
$
27

 
$
2,422,837


15

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)

 
Pass
 
Special
Mention
 
Substandard
 
Doubtful
 
Loss
 
Total
June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
655,424

 
$
4,715

 
$
14,769

 
$
1,101

 
$
11

 
$
676,020

HELOCs - originated
153,676

 
809

 
2,100

 
188

 
7

 
156,780

HELOCs - purchased
162,215

 

 
192

 

 

 
162,407

Construction and land/lots
48,728

 
479

 
341

 
60

 

 
49,608

Indirect auto finance
140,780

 

 
97

 
1

 
1

 
140,879

Consumer
7,828

 
12

 
34

 

 
8

 
7,882

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 

Commercial real estate
700,060

 
5,847

 
7,118

 

 

 
713,025

Construction and development
192,025

 
992

 
2,320

 

 

 
195,337

Commercial and industrial
113,923

 
883

 
2,954

 

 
1

 
117,761

Municipal leases
99,811

 
1,258

 
106

 

 

 
101,175

Total loans
$
2,274,470

 
$
14,995

 
$
30,031

 
$
1,350

 
$
28

 
$
2,320,874

The Company's total PCI loans by segment, class, and risk grade at the dates indicated follow:
 
Pass
 
Special
Mention
 
Substandard
 
Doubtful
 
Loss
 
Total
March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
2,806

 
$
1,113

 
$
3,491

 
$

 
$

 
$
7,410

HELOCs - originated
257

 

 

 

 

 
257

Construction and land/lots
455

 

 

 

 

 
455

Consumer
2

 

 

 

 

 
2

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 

Commercial real estate
5,613

 
2,860

 
2,798

 

 

 
11,271

Construction and development
570

 

 
1,867

 

 

 
2,437

Commercial and industrial
2,027

 
5

 
122

 

 

 
2,154

Total loans
$
11,730

 
$
3,978

 
$
8,278

 
$

 
$

 
$
23,986

 
Pass
 
Special
Mention
 
Substandard
 
Doubtful
 
Loss
 
Total
June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
3,115

 
$
1,129

 
$
3,615

 
$
210

 
$

 
$
8,069

HELOCs - originated
258

 

 
30

 

 

 
288

Construction and land/lots
487

 

 
41

 

 

 
528

Consumer
4

 
14

 

 

 

 
18

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 

Commercial real estate
8,909

 
2,299

 
6,175

 

 

 
17,383

Construction and development
338

 

 
2,291

 

 

 
2,629

Commercial and industrial
2,460

 
44

 
122

 

 

 
2,626

Total loans
$
15,571

 
$
3,486

 
$
12,274

 
$
210

 
$

 
$
31,541


16

HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)


The Company's total loans by segment, class, and delinquency status at the dates indicated follows:
 
Past Due
 
 
 
Total
 
30-89 Days
 
90 Days+
 
Total
 
Current
 
Loans
March 31, 2018
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
One-to-four family
$
3,019

 
$
2,683

 
$
5,702

 
$
664,334

 
$
670,036

HELOCs - originated
233

 
431

 
664

 
142,385

 
143,049

HELOCs - purchased

 

 

 
165,680

 
165,680

Construction and land/lots
32

 
68

 
100

 
68,021

 
68,121

Indirect auto finance
385

 
48

 
433

 
160,231

 
160,664

Consumer
12

 
3

 
15

 
11,302

 
11,317

Commercial loans:
 
 
 
 
 
 
 
 
 
Commercial real estate
1,413

 
2,375

 
3,788

 
806,544

 
810,332

Construction and development
352

 
2,020

 
2,372

 
181,807

 
184,179

Commercial and industrial
20

 
400

 
420

 
131,917

 
132,337

Municipal leases

 

 

 
101,108

 
101,108

Total loans
$
5,466

 
$
8,028

 
$
13,494

 
$
2,433,329

 
$
2,446,823

The table above includes PCI loans of $1,422 30-89 days past due and $1,541 90 days or more past due as of March 31, 2018.
 
Past Due
 
 
 
Total
 
30-89 Days
 
90 Days+
 
Total
 
Current
 
Loans
June 30, 2017
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
One-to-four family
$
3,496

 
$
3,990

 
$
7,486

 
$
676,603

 
$
684,089

HELOCs - originated
1,037

 
274

 
1,311

 
155,757

 
157,068

HELOCs - purchased