HomeTrust Bancshares, Inc. reported preliminary net income of $14.5 million, or $0.84 per diluted share, for the first quarter ended March 31, 2025. This represents a 2.3% increase from the $14.2 million, or $0.83 per diluted share, reported in the prior quarter ended December 31, 2024. The improvement was primarily driven by a $3.0 million decrease in noninterest expense, which offset a $2.4 million increase in the provision for credit losses.
The company's net interest margin expanded to 4.18%, reflecting a focus on financial performance and effective management of funding costs. Total interest expense decreased by $2.3 million, or 9.9%, due to a decline in the average balance of certificate accounts, specifically brokered deposits, and a lower average cost of funds. Total interest and dividend income decreased by $2.6 million, or 3.9%, primarily from a $3.6 million drop in loan interest income.
Asset quality metrics showed improvement, with nonperforming assets decreasing by $753,000, or 2.6%, to $28.0 million, or 0.61% of total assets, at March 31, 2025. Classified assets also saw a significant reduction, falling by $10.0 million, or 20.5%, to $38.8 million. Net loan charge-offs decreased to $1.3 million for the quarter, down from $1.9 million in the previous quarter.
HomeTrust Bancshares announced its common stock listing transitioned to the New York Stock Exchange under the ticker 'HTB' during the quarter. Additionally, the company announced the planned sale of its two Knoxville, Tennessee branches, which is expected to tighten its geographic footprint and improve branch efficiencies. The Board of Directors declared a quarterly cash dividend of $0.12 per common share, payable on May 29, 2025.
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