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EX-32 - EXHIBIT 32 - HomeTrust Bancshares, Inc.htbi-2017x3x31x10qxex32.htm
EX-31.2 - EXHIBIT 31.2 - HomeTrust Bancshares, Inc.htbi-2017x3x31x10qxex312.htm
EX-31.1 - EXHIBIT 31.1 - HomeTrust Bancshares, Inc.htbi-2017x3x31x10qxex311.htm


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, 2017

[  ]            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 18,947,176 shares of common stock, par value of $.01 per share, issued and outstanding as of May 5, 2017.




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, 2017
 
June 30,
2016
Assets
 
 
 
Cash
$
36,978

 
$
29,947

Interest-bearing deposits
43,296

 
22,649

Cash and cash equivalents
80,274

 
52,596

Commercial paper
169,918

 
229,859

Certificates of deposit in other banks
138,646

 
161,512

Securities available for sale, at fair value
211,347

 
200,652

Other investments, at cost
35,269

 
29,486

Loans held for sale
4,328

 
5,783

Total loans, net of deferred loan fees
2,281,685

 
1,832,831

Allowance for loan losses
(21,097
)
 
(21,292
)
Net loans
2,260,588

 
1,811,539

Premises and equipment, net
64,172

 
54,231

Accrued interest receivable
8,849

 
7,405

Real estate owned ("REO")
6,279

 
5,956

Deferred income taxes
59,661

 
54,153

Bank owned life insurance
85,371

 
79,858

Goodwill
25,638

 
12,673

Core deposit intangibles
7,931

 
7,136

Other assets
7,175

 
4,838

Total Assets
$
3,165,446

 
$
2,717,677

Liabilities and Stockholders' Equity
 

 
 

Liabilities
 

 
 

Deposits
$
2,084,759

 
$
1,802,696

Borrowings
626,000

 
491,000

Capital lease obligations
1,942

 
1,958

Other liabilities
61,999

 
62,047

Total liabilities
2,774,700

 
2,357,701

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, 18,947,176 shares
    issued and outstanding at March 31, 2017; 17,998,750 at June 30, 2016
189

 
180

Additional paid in capital
211,731

 
186,104

Retained earnings
186,894

 
179,813

Unearned Employee Stock Ownership Plan ("ESOP") shares
(8,067
)
 
(8,464
)
Accumulated other comprehensive income (loss)
(1
)
 
2,343

Total stockholders' equity
390,746

 
359,976

Total Liabilities and Stockholders' Equity
$
3,165,446

 
$
2,717,677

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,
 
2017
 
2016
 
2017
 
2016
Interest and Dividend Income
 
 
 
 
 
 
 
Loans
$
24,747

 
$
19,440

 
$
65,098

 
$
58,408

Securities available for sale
1,243

 
986

 
2,986

 
3,223

Certificates of deposit and other interest-bearing deposits
868

 
1,010

 
2,850

 
2,691

Other investments
433

 
361

 
1,211

 
1,050

Total interest and dividend income
27,291

 
21,797

 
72,145

 
65,372

Interest Expense
 

 
 

 
 

 
 

Deposits
1,215

 
1,090

 
3,355

 
3,422

Other borrowings
1,004

 
487

 
2,166

 
1,009

Total interest expense
2,219

 
1,577

 
5,521

 
4,431

Net Interest Income
25,072

 
20,220

 
66,624

 
60,941

Provision for Loan Losses

 

 

 

Net Interest Income after Provision for Loan Losses
25,072

 
20,220

 
66,624

 
60,941

Noninterest Income
 

 
 

 
 

 
 

Service charges on deposit accounts
1,718

 
1,614

 
5,180

 
4,931

Mortgage banking income and fees
781

 
690

 
2,694

 
2,008

Gain from sale of premises and equipment

 
10

 
385

 
10

Other, net
1,039

 
1,070

 
3,123

 
2,809

Total noninterest income
3,538

 
3,384

 
11,382

 
9,758

Noninterest Expense
 

 
 

 
 

 
 

Salaries and employee benefits
12,191

 
10,255

 
34,721

 
31,987

Net occupancy expense
2,463

 
2,234

 
6,538

 
6,799

Marketing and advertising
374

 
528

 
1,263

 
1,512

Telephone, postage, and supplies
728

 
859

 
1,914

 
2,531

Deposit insurance premiums
404

 
459

 
885

 
1,507

Computer services
1,721

 
1,418

 
4,796

 
4,408

Loss (gain) on sale and impairment of REO
(181
)
 
172

 
288

 
310

REO expense
447

 
305

 
969

 
987

Core deposit intangible amortization
797

 
710

 
2,065

 
2,227

Merger-related expenses
7,401

 

 
7,736

 

Other
2,316

 
2,433

 
6,758

 
6,782

Total noninterest expense
28,661

 
19,373

 
67,933

 
59,050

Income (Loss) Before Income Taxes
(51
)
 
4,231

 
10,073

 
11,649

Income Tax Expense (Benefit)
(325
)
 
1,090

 
2,992

 
3,495

Net Income
$
274

 
$
3,141

 
$
7,081

 
$
8,154

Per Share Data:
 

 
 

 
 

 
 

Net income per common share:
 

 
 

 
 

 
 

Basic
$
0.01

 
$
0.18

 
$
0.40

 
$
0.46

Diluted
$
0.01

 
$
0.18

 
$
0.40

 
$
0.46

Average shares outstanding:
 

 
 

 
 

 
 

Basic
17,808,920

 
17,183,894

 
17,194,466

 
17,581,833

Diluted
18,484,285

 
17,369,871

 
17,829,580

 
17,762,375

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

3



HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
 
(Unaudited)
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
 
2017
 
2016
 
2017
 
2016
Net Income
$
274

 
$
3,141

 
$
7,081

 
$
8,154

Other Comprehensive Income (Loss)
 

 
 

 
 

 
 

  Unrealized holding gains (losses) on securities available for sale
 

 
 

 
 

 
 

Gains (losses) arising during the period
(11
)
 
1,959

 
(3,552
)
 
1,596

Deferred income tax benefit (expense)
4

 
(666
)
 
1,208

 
(543
)
Total other comprehensive income (loss)
$
(7
)
 
$
1,293

 
$
(2,344
)
 
$
1,053

Comprehensive Income
$
267

 
$
4,434

 
$
4,737

 
$
9,207

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, 2015
19,488,449

 
$
195

 
$
210,621

 
$
168,357

 
$
(8,993
)
 
$
870

 
$
371,050

Net income

 

 

 
8,154

 

 

 
8,154

Stock repurchased
(1,316,194
)
 
(13
)
 
(24,181
)
 

 

 

 
(24,194
)
Forfeited restricted stock
(2,250
)
 

 

 

 

 

 

Retired stock
(12,855
)
 

 
(223
)
 

 

 

 
(223
)
Granted restricted stock
34,500

 

 

 

 

 

 

Exercised stock options
2,200

 

 
32

 

 

 

 
32

Stock option expense

 

 
1,182

 

 

 

 
1,182

Restricted stock expense

 

 
1,052

 

 

 

 
1,052

ESOP shares allocated

 

 
340

 

 
397

 

 
737

Other comprehensive income

 

 

 

 

 
1,053

 
1,053

Balance at March 31, 2016
18,193,850

 
$
182

 
$
188,823

 
$
176,511

 
$
(8,596
)
 
$
1,923

 
$
358,843

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

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,
 
2017
 
2016
Operating Activities:
 
 
 
Net income
$
7,081

 
$
8,154

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

 
 

Depreciation
2,741

 
3,038

Deferred income tax expense
2,814

 
3,264

Net amortization and accretion
(5,241
)
 
(3,317
)
Gain from sale of premises and equipment
(385
)
 
(10
)
Loss on sale and impairment of REO
288

 
310

Gain on sale of loans held for sale
(1,999
)
 
(1,087
)
Origination of loans held for sale
(103,923
)
 
(59,394
)
Proceeds from sales of loans held for sale
107,377

 
63,818

Increase in deferred loan fees, net
(965
)
 
(299
)
Decrease (increase) in accrued interest receivable and other assets
(2,433
)
 
7,633

Amortization of core deposit intangibles
2,065

 
2,227

Earnings from bank owned life insurance
(1,751
)
 
(1,464
)
ESOP compensation expense
861

 
737

Restricted stock and stock option expense
3,244

 
2,234

Decrease in other liabilities
(948
)
 
(2,943
)
Net cash provided by operating activities
8,826

 
22,901

Investing Activities:
 

 
 

Purchase of securities available for sale
(15,091
)
 
(31,099
)
Proceeds from maturities of securities available for sale
23,645

 
52,260

Proceeds from sale of securities available for sale
16,341

 

Net maturities of commercial paper
61,362

 
(19,726
)
Purchase of certificates of deposit in other banks
(31,431
)
 
(26,782
)
Maturities of certificates of deposit in other banks
54,547

 
78,644

Principal repayments of mortgage-backed securities
18,287

 
18,276

Net purchases of other investments
(3,169
)
 
(1,452
)
Net increase in loans
(187,031
)
 
(127,886
)
Purchase of premises and equipment
(2,270
)
 
(1,499
)
Capital improvements to REO
(11
)
 

Proceeds from sale of premises and equipment
395

 
69

Proceeds from sale of REO
2,834

 
1,860

Acquisition of United Financial of North Carolina Inc.
(200
)
 

Acquisition of TriSummit Bancorp, Inc., net of cash paid
(10,585
)
 

Net cash used in investing activities
(72,377
)
 
(57,335
)
Financing Activities:
 

 
 

Net increase (decrease) in deposits
1,829

 
(40,147
)
Net increase in other borrowings
87,531

 
32,000

Common stock repurchased

 
(24,194
)
Retired stock
(569
)
 
(223
)
Exercised stock options
2,454

 
32

Decrease in capital lease obligations
(16
)
 
(16
)
Net cash provided by (used in) financing activities
91,229

 
(32,548
)
Net Increase (Decrease) in Cash and Cash Equivalents
27,678

 
(66,982
)
Cash and Cash Equivalents at Beginning of Period
52,596

 
116,160

Cash and Cash Equivalents at End of Period
$
80,274

 
$
49,178


6



HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(Dollars in thousands)
 
(Unaudited)
Supplemental Disclosures:
Nine Months Ended March 31,
 
2017
 
2016
Cash paid during the period for:
 
 
 
Interest
$
6,216

 
$
4,771

Income taxes
203

 
350

Noncash transactions:
 

 
 

Unrealized gain (loss) in value of securities available for sale, net of income taxes
(2,344
)
 
1,053

Transfers of loans to REO
1,923

 
1,846

Payable related to the acquisition of United Financial Inc. of North Carolina
225

 

Business Combinations:
 

 
 

Assets acquired
364,504

 

Liabilities assumed
328,378

 

Net assets acquired
36,126

 

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. Effective December 31, 2015, the Bank converted from a national association to a North Carolina state bank. See Management's Discussion and Analysis of Financial Condition and Results of Operations "Overview" for discussion of charter change.
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, 2016 ("2016 Form 10-K") filed with the SEC on September 13, 2016. The results of operations for the three and nine months ended March 31, 2017 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2017.
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 2016 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.
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. ASU No. 2015-14 is effective for interim and annual periods beginning after December 15, 2017; early adoption is permitted for interim and annual periods beginning after December 15, 2016. 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 in its preliminary stages of identifying and evaluating the revenue streams and underlying revenue contracts within the scope of the guidance. The Company is expecting to begin developing processes and procedures during 2017 to ensure it is fully compliant with these amendments. 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 January 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 accompanying notes to the financial statements; (iv) allows an equity investment that does not have readily determinable fair values, to be

8

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

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. This ASU is effective for interim and 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.
In February 2016, the FASB issued ASU 2016-02, "Leases (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. This ASU is effective for interim and 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. This ASU is effective for interim and annual periods beginning after December 15, 2016. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and the timing of adoption. Once adopted, we will elect to account for forfeitures of stock-based awards as they occur. We expect the adoption of this ASU will 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 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. This ASU is effective for interim and annual reporting 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. This ASU is effective for interim and annual reporting 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 is currently evaluating the impact of the pending adoption of the ASU on its Consolidated Financial Statements.
In December 2016, FASB issued ASU No. 2016-19, "Technical Corrections and Improvements" and ASU 2016-20, "Technical Corrections and Improvements to Topic 606: Revenue from Contracts with Customers." On November 10, 2010 FASB added a standing project that will facilitate the FASB Accounting Standards Codification ("Codification”) updates for technical corrections, clarifications, and improvements. These amendments are referred to as Technical Corrections and Improvements. Maintenance updates include non-substantive corrections to the Codification, such as editorial corrections, various link-related changes, and changes to source fragment information. These updates contain amendments that will affect a wide variety of Topics in the Codification. The amendments in these ASUs will apply to all reporting entities within the scope of the affected accounting guidance and generally fall into one of four categories: amendments related to differences between original guidance and the Codification, guidance clarification and reference corrections, simplification, and minor improvements. In summary, 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. Transition guidance varies based on the amendments in the ASUs. The amendments that require transition guidance are effective for fiscal years and interim reporting periods after December 15, 2016. Early adoption is permitted including adoption in an interim period. All other amendments are effective upon the issuance of these ASUs. Neither ASU 2016-19 nor ASU 2016-20 had a material impact on the Company's Consolidated Financial Statements.
In January 2017, FASB issued ASU 2017-03, "Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323)." The ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF)

9

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

meetings. The SEC guidance that specifically relates to our Consolidated Financial Statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with SAB Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The Company has adopted the amendments in this ASU and appropriate disclosures have been included in this Note for each recently issued accounting standard.
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. This ASU is effective for interim and annual reporting 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 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. This ASU is effective for interim and annual reporting 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.
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 for the purchase of fire trucks and related equipment as well as the construction of fire stations and other municipal buildings across the Carolinas and other southeastern states. United Financial underwrites and originates these municipal leases and then sells them to HomeTrust and other financial institutions. Beginning January 1, 2017, United Financial has conducted business under the name United Financial, a division of HomeTrust Bank.

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.

10

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 Purchase 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

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



11

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

The following table discloses the impact of the acquisition of TriSummit since the effective date of January 1, 2017 through March 31, 2017. In addition, the table presents certain pro forma information as if TriSummit had been acquired on July 1, 2015. Although, this pro forma information combines the historical results from each company, it is not indicative of what would have occurred had the acquisition taken place on the assumed date. Adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity while significant one-time merger-related expenses are not included. Furthermore, any projected cost savings or other anticipated benefits of the merger were not included.
 
Actual
 
Pro Forma
 
Pro Forma
 
Nine Months Ended
 
Nine Months Ended
 
Nine Months Ended
 
March 31, 2017
 
March 31, 2017
 
March 31, 2016
Total revenues*
$
78,006

 
$
78,817

 
$
81,187

Net income
7,081

 
12,097

 
9,991

* Net interest income plus noninterest income
4.
Securities Available for Sale
Securities available for sale consist of the following at the dates indicated:
 
March 31, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
U.S. Government Agencies
$
69,427

 
$
154

 
$
(356
)
 
$
69,225

Residential Mortgage-backed Securities of U.S. Government
 

 
 

 
 

 
 

Agencies and Government-Sponsored Enterprises
98,595

 
337

 
(379
)
 
98,553

Municipal Bonds
36,971

 
395

 
(83
)
 
37,283

Corporate Bonds
6,292

 
111

 
(180
)
 
6,223

Equity Securities
63

 

 

 
63

Total
$
211,348

 
$
997

 
$
(998
)
 
$
211,347

 
June 30, 2016
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
U.S. Government Agencies
$
77,356

 
$
624

 
$

 
$
77,980

Residential Mortgage-backed Securities of U.S. Government
 

 
 

 
 

 
 

Agencies and Government-Sponsored Enterprises
95,668

 
1,824

 
(84
)
 
97,408

Municipal Bonds
16,242

 
992

 

 
17,234

Corporate Bonds
7,773

 
194

 

 
7,967

Equity Securities
63

 

 

 
63

Total
$
197,102

 
$
3,634

 
$
(84
)
 
$
200,652


12

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

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, 2017
 
Amortized
Cost
 
Estimated
Fair Value
Due within one year
$
1,433

 
$
1,433

Due after one year through five years
78,560

 
78,446

Due after five years through ten years
21,747

 
21,858

Due after ten years
10,950

 
10,994

Mortgage-backed securities
98,595

 
98,553

Total
$
211,285

 
$
211,284

Proceeds from sales of securities available for sale were $16,341 for both the three and nine months ended March 31, 2017. The Company had no sales of securities available for sale during the three and nine months ended March 31, 2016. There were no gross realized gains or losses for the three and nine months ended March 31, 2017 and 2016, respectively.

Securities available for sale with costs totaling $162,016 and $151,359 with market values of $162,358 and $154,132 at March 31, 2017 and June 30, 2016, 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, 2017 and June 30, 2016 were as follows:
 
March 31, 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
$
59,086

 
$
(356
)
 
$

 
$

 
$
59,086

 
$
(356
)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
49,712

 
(320
)
 
3,855

 
(59
)
 
53,567

 
(379
)
Municipal Bonds
6,497

 
(83
)
 

 

 
6,497

 
(83
)
Corporate Bonds
3,663

 
(180
)
 

 

 
3,663

 
(180
)
Total
$
118,958

 
$
(939
)
 
$
3,855

 
$
(59
)
 
$
122,813

 
$
(998
)
 
June 30, 2016
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises
$
1,970

 
$
(20
)
 
$
6,040

 
$
(64
)
 
$
8,010

 
$
(84
)
Total
$
1,970

 
$
(20
)
 
$
6,040

 
$
(64
)
 
$
8,010

 
$
(84
)
The total number of securities with unrealized losses at March 31, 2017, and June 30, 2016 were 147 and 44, 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 three and nine months ended March 31, 2017 or the year ended June 30, 2016.
As a requirement for membership, the Bank invests in stock of the FHLB of Atlanta and the Federal Reserve Bank of Richmond ("FRB"). No ready market exists for this stock and the carrying value approximates its fair value based on the redemption provisions of the FHLB of Atlanta and the FRB.

13

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, 2017
 
June 30, 2016
Retail consumer loans:
 
 
 
One-to-four family
$
683,383

 
$
623,701

HELOCs - originated
160,083

 
163,293

HELOCs - purchased
160,829

 
144,377

Construction and land/lots
46,856

 
38,102

Indirect auto finance
132,959

 
108,478

Consumer
7,729

 
4,635

Total retail consumer loans
1,191,839

 
1,082,586

Commercial loans:
 

 
 

Commercial real estate
706,277

 
486,561

Construction and development
177,087

 
86,840

Commercial and industrial
105,299

 
73,289

Municipal leases
101,776

 
103,183

Total commercial loans
1,090,439

 
749,873

Total loans
2,282,278

 
1,832,459

Deferred loan costs (fees), net
(593
)
 
372

Total loans, net of deferred loan fees
2,281,685

 
1,832,831

Allowance for loan losses
(21,097
)
 
(21,292
)
Loans, net
$
2,260,588

 
$
1,811,539

All qualifying one-to-four family first mortgage loans and HELOCs, and our 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, 2017
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
649,469

 
$
7,407

 
$
16,597

 
$
1,318

 
$
6

 
$
674,797

HELOCs - originated
156,411

 
923

 
2,336

 
88

 
38

 
159,796

HELOCs - purchased
160,588

 

 
241

 

 

 
160,829

Construction and land/lots
44,890

 
582

 
720

 
130

 

 
46,322

Indirect auto finance
132,710

 
12

 
99

 
136

 
2

 
132,959

Consumer
7,527

 
18

 
154

 
2

 
8

 
7,709

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 
Commercial real estate
671,778

 
6,933

 
8,776

 

 

 
687,487

Construction and development
170,496

 
937

 
2,838

 

 

 
174,271

Commercial and industrial
97,769

 
1,508

 
3,182

 

 
3

 
102,462

Municipal leases
100,394

 
1,271

 
111

 

 

 
101,776

Total loans
$
2,192,032

 
$
19,591

 
$
35,054

 
$
1,674

 
$
57

 
$
2,248,408


14

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, 2016
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
587,440

 
$
7,800

 
$
20,129

 
$
1,283

 
$
11

 
$
616,663

HELOCs - originated
159,275

 
678

 
2,997

 
55

 
10

 
163,015

HELOCs - purchased
144,377

 

 

 

 

 
144,377

Construction and land/lots
36,298

 
542

 
679

 
9

 

 
37,528

Indirect auto finance
108,432

 
14

 
21

 
11

 

 
108,478

Consumer
4,390

 
1

 
224

 
2

 
9

 
4,626

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 

Commercial real estate
448,188

 
7,817

 
9,232

 
1

 

 
465,238

Construction and development
79,005

 
480

 
4,208

 

 

 
83,693

Commercial and industrial
63,299

 
1,032

 
5,361

 

 
2

 
69,694

Municipal leases
100,867

 
1,651

 
665

 

 

 
103,183

Total loans
$
1,731,571

 
$
20,015

 
$
43,516

 
$
1,361

 
$
32

 
$
1,796,495

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, 2017
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
3,272

 
$
1,569

 
$
3,539

 
$
206

 
$

 
$
8,586

HELOCs - originated
258

 

 
29

 

 

 
287

Construction and land/lots
493

 

 
41

 

 

 
534

Consumer
5

 
15

 

 

 

 
20

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 

Commercial real estate
9,608

 
5,228

 
3,954

 

 

 
18,790

Construction and development
390

 
431

 
1,995

 

 

 
2,816

Commercial and industrial
2,640

 
151

 
46

 

 

 
2,837

Total loans
$
16,666

 
$
7,394

 
$
9,604

 
$
206

 
$

 
$
33,870

 
Pass
 
Special
Mention
 
Substandard
 
Doubtful
 
Loss
 
Total
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
$
5,039

 
$
377

 
$
1,593

 
$
14

 
$
15

 
$
7,038

HELOCs - originated
258

 

 
20

 

 

 
278

Construction and land/lots
522

 

 
52

 

 

 
574

Consumer
8

 

 

 

 
1

 
9

Commercial loans:
 

 
 

 
 

 
 

 
 

 
 

Commercial real estate
12,594

 
4,266

 
4,463

 

 

 
21,323

Construction and development
1,136

 
292

 
1,719

 

 

 
3,147

Commercial and industrial
3,234

 
194

 
167

 

 

 
3,595

Total loans
$
22,791

 
$
5,129

 
$
8,014

 
$
14

 
$
16

 
$
35,964


15

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, 2017
 
 
 
 
 
 
 
 
 
Retail consumer loans:
 
 
 
 
 
 
 
 
 
One-to-four family
$
2,519

 
$
3,930

 
$
6,449

 
$
676,934

 
$
683,383

HELOCs - originated
446

 
330

 
776

 
159,307

 
160,083

HELOCs - purchased

 
48

 
48

 
160,781

 
160,829

Construction and land/lots
161

 
308

 
469

 
46,387

 
46,856

Indirect auto finance
38

 
25

 
63

 
132,896

 
132,959

Consumer
5

 
16

 
21

 
7,708

 
7,729

Commercial loans:
 
 
 
 
 
 
 
 
 
Commercial real estate
235

 
4,131

 
4,366

 
701,911

 
706,277

Construction and development

 
817

 
817

 
176,270

 
177,087

Commercial and industrial
90

 
1,080

 
1,170

 
104,129

 
105,299

Municipal leases
1,126

 
111

 
1,237

 
100,539

 
101,776

Total loans
$
4,620

 
$
10,796

 
$
15,416

 
$
2,266,862

 
$
2,282,278

The table above includes PCI loans of $211 30-89 days past due and $4,377 90 days or more past due as of March 31, 2017.
 
Past Due
 
 
 
Total
 
30-89 Days
 
90 Days+
 
Total