HomeTrust Bancshares, Inc., a Maryland corporation, was formed for the purpose
of becoming the savings and loan holding company for HomeTrust Bank in connection
with HomeTrust Bank’s conversion from mutual to stock form, which was
completed on July 10, 2012 (the “Conversion”). In connection with
the Conversion, HomeTrust Bancshares issued an aggregate of 21,160,000 shares
of common stock at an offering price of $10.00 per share for gross proceeds
of $211.6 million. HomeTrust Bancshares received $208.4 million in net proceeds
from the stock offering of which $104.2 million or 50% of the net proceeds were
contributed to HomeTrust Bank upon completion of the Conversion. On August 25,
2014, HomeTrust Bancshares converted from a savings and loan holding company
to a bank holding company and is subject to regulation by the Board of Governors
of the Federal Reserve System (“Federal Reserve”), as a result of
HomeTrust Bank converting from a federal savings bank to a national bank with
the title, “HomeTrust Bank, National Association.” HomeTrust Bank
is regulated by the OCC, its primary federal regulator, and by the Federal Deposit
Insurance Corporation (“FDIC”), the insurer of its deposits. HomeTrust
Bank is a member of the Federal Home Loan Bank of Atlanta (“FHLB”
or “FHLB of Atlanta”), which is one of the 12 regional banks in
the Federal Home Loan Bank System (“FHLB System”). Our headquarters
is located in Asheville, North Carolina.
The Bank was originally formed in 1926, in Clyde, North Carolina, as Clyde
Building & Loan Association (later Clyde Savings Bank). As we expanded our
geographic footprint and product offerings, our name changed to HomeTrust after
rebranding on July 22, 2003.
Between fiscal years 1996 and 2011, Home Trust Banks board of directors and
executive management created a unique partnership between six established banks
and one de novo bank, where hometown community banks could combine their financial
resources to achieve a shared vision. The original partnership banks included:
HomeTrust Bank, since 1926, Asheville, North Carolina
Tryon Federal Bank, since 1935, Tryon, North Carolina
Shelby Savings Bank, since 1905, Shelby, North Carolina
Home Savings Bank, since 1909, Eden, North Carolina
Industrial Federal Bank, since 1929, Lexington, North Carolina
Cherryville Federal Bank, since 1912, Cherryville, North Carolina
Rutherford County Bank, since 2007, Forest City, North Carolina (de novo bank)
Beginning in 2012, executive management implemented a strategic plan that would
complement our existing market areas and enhance our ability to achieve positive
growth. Between 2013 and 2015, we entered five attractive markets through various
acquisitions and new office openings, as well as expanded our product lines.
New locations and markets included:
BankGreenville Financial Corporation (“BankGreenville”) - one office
in Greenville, South Carolina (acquired in July 2013)
Jefferson Bancshares, Inc. (“Jefferson”) - 12 offices across East
Tennessee (acquired in May 2014)
Commercial loan production office ("LPO") in Roanoke, Virginia (opened
in July 2014)
Bank of Commerce - one office in Charlotte, North Carolina (acquired in July
2014)
Ten Bank of America Branch Offices - nine in southwest Virginia, one in Eden,
North Carolina (acquired in November 2014)
Commercial LPO in Raleigh, North Carolina (opened in November 2014)
By expanding our geographic footprint and hiring local experienced talent, we
have built a foundation that allows us to focus on organic growth, while maintaining
the community-focused, relationship style of exceptional customer service that
has differentiated our brand and characterized our success to date.
Our mission is to create stockholder value by building relationships with our
employees, customers, and communities. By building a platform that supports
growth and profitability, we are continuing our transition toward becoming a
high-performing community bank and delivering on our promise that "Its
Just Better Here."
Our principal business consists of attracting deposits from the general public
and investing those funds, along with borrowed funds, in loans secured primarily
by first and second mortgages on one-to-four family residences including home
equity loans, construction and land/lot loans, commercial real estate loans,
construction and development loans, commercial and industrial loans, indirect
automobile, and municipal leases. Municipal leases are secured primarily by
a ground lease for a firehouse or an equipment lease for fire trucks and firefighting
equipment to fire departments located throughout North and South Carolina. We
also purchase investment securities consisting primarily of securities issued
by United States Government agencies and government-sponsored enterprises, as
well as, certificates of deposit insured by the FDIC.
We offer a variety of deposit accounts for individuals, businesses and nonprofit
organizations. Deposits are our primary source of funds for our lending and
investing activities.
Residential real estate loans up to $750,000 may be approved at varying levels
by certain officers of the Bank. Our Chief Credit Officer may approve loans
up to $5.0 million. Loan relationships in excess of $5.0 million in total credit
exposure must be approved by our Senior Loan Committee. Loans outside our general
underwriting guidelines generally must be approved by the Chief Credit Officer,
Chief Banking Officer, a Senior Credit Officer, or Mortgage Fulfillment Manager
for residential loans. Certain other bank officers may approve loans outside
of our general underwriting guidelines on a limited basis and generally at a
lower amount. Lending authority is also granted to certain other bank officers
at lower amounts, generally up to $500,000 in total credit exposure for real
estate secured loan relationships, provided the loan does not have a Criticized
or Classified risk grade.
The Bank invests in various securities based on investment policies that have
been approved by our board of directors and adhere to federal bank regulations.
These securities include: United States Treasury obligations, securities of
various federal agencies, including mortgage-backed securities, callable agency
securities, certain certificates of deposit of insured banks and savings institutions,
certain bankers’ acceptances, repurchase agreements, investment grade
corporate bonds and commercial paper, federal funds, and limited types of equity
securities. See “How We Are Regulated - HomeTrust Bank” for a discussion
of additional restrictions on our investment activities.
Our chief executive officer and chief financial officer have the basic responsibility
for the management of our investment portfolio, subject to the direction and
guidance of the board of directors. These officers consider various factors
when making decisions, including the marketability, maturity, and tax consequences
of the proposed investment. The maturity structure of investments will be affected
by various market conditions, including the current and anticipated slope of
the yield curve, the level of interest rates, the trend of new deposit inflows,
and the anticipated demand for funds via deposit withdrawals and loan originations
and purchases.