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HomeTrust Bancshares , Inc. Home Trust Bancshares , Inc. Announces Financial Results for the First Quarter of Fiscal 2022 and an Increase in Quarterly Dividend ASHEVILLE , N.C. , October 27 , 2021 - Home Trust Bancshares , Inc. ( NASDAQ : HTBI ) ( " Company " ) , the holding company of HomeTrust Bank ( " Bank " ) , today announced preliminary net income for the first quarter of fiscal 2022 and an increase in its quarterly dividend . For the quarter ended September 30 , 2021 compared to the corresponding quarter in the previous year : net income was $ 10.5 million , compared to $ 5.8 million ; diluted earnings per share ( " EPS " ) was $ 0.65 , compared to $ 0.35 ; • annualized return on assets ( " ROA " ) was 1.20 % , compared to 0.62 % ; • annualized return on equity ( " ROE " ) was 10.62 % , compared to 5.74 % ; provision for credit losses was a net benefit of $ 1.5 million , compared to a provision of $ 950,000 ; • noninterest income increased $ 1.7 million , or 19.8 % to $ 10.4 million from $ 8.6 million ; . 376,435 shares of Company common stock were repurchased during the quarter at an average price of $ 27.71 per share ; organic net loan growth , which excludes U.S. Small Business Administration's ( " SBA " ) Paycheck Protection Program ( " PPP " ) loans and purchases of home equity lines of credit , was $ 9.7 million , or 1.5 % annualized compared to $ 10.4 million , or 1.6 % annualized ; and organic net commercial loan growth , which excludes SBA PPP loans , was $ 37.0 million , or 7.7 % annualized compared to $ 33.7 million , or 7.6 % annualized . In addition to the improvements in the provision for credit losses and noninterest income discussed above , earnings for the three months ended September 30 , 2021 was positively impacted by a $ 2.2 million , or 8.6 % increase in net interest income driven by lower borrowing costs . The Company also announced today that its Board of Directors declared a quarterly cash dividend of $ 0.09 per common share , reflecting a $ 0.01 , or 12.5 % increase over the previous quarter's dividend . This is the third increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on December 2 , 2021 to shareholders of record as of the close of business on November 18 , 2021 . " We are very pleased to report a 1.20 % annualized ROA and 10.62 % annualized ROE for the current quarter as our profitability improvement plan and balance sheet restructuring begins to positively impact our financial results , " said Dana Stonestreet , Chairman and Chief Executive Officer . " Our plan announced last quarter included branch closures , paying off our remaining long - term borrowings , and bringing our back - office SBA loan servicing process in - house . In July 2021 , we transitioned our SBA loan servicing process in - house and in September 2021 we successfully completed all nine previously announced branch closures . Our tax - equivalent net interest margin increased to 3.41 % from 3.00 % for the same quarterly period last year as interest expense decreased due to the early payoff of all of our longer - term borrowings . Again , we were able to release reserves this quarter with a $ 1.5 million benefit for credit losses resulting from some improvements in projected credit losses since last quarter . As all our diversified lines of business mature , we are well positioned to continue building a higher performing community bank , leading to greater shareholder value . In addition , for the second year in a row , HomeTrust Bank has been named Best Small Bank in North Carolina by Newsweek . I congratulate our teammates who have made this achievement possible . While we continue to focus on excellence in both customer- facing roles and customer support , we also offer enhanced digital capabilities to meet the needs of our customers for the future . " COVID - 19 Update Loan Programs . During the previous quarter ended June 30 , 2021 , the Company completed its origination participation in the SBA PPP as the program came to an end . As of September 30 , 2021 , PPP loans totaled $ 28.8 million , which included $ 611,000 in net deferred fees that will be accreted into interest income over the remaining life of the loans . If the loans are forgiven , these fees will be accelerated into income at that time . For the three months ended September 30 , 2021 , the Company earned $ 424,000 in fees through accretion , including some accelerated accretion resulting from loan forgiveness . The Company has worked with the SBA and its customers to forgive a total of $ 82.5 million in PPP loans during its participation in the program . 1