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Back of Napkin

HomeTrust Bancshares, Inc. HTB

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HomeTrust's five-year earnings growth of 32% a year is measured from a fiscal 2021 that carried $22.7 million of penalties for prepaying its own borrowings, and once those come out the rate falls to about 12%, below the ten-year figure instead of above it.

At 1.37 times tangible book you are buying a converted thrift that has already collected the one-time gain from becoming a commercial bank, and three weeks ago management agreed to issue 35% of the company for a Virginia bank that came off an OCC consent order in November.

Key data

Sector / industryFinancials / Regional Banks
FYE / countryDec / US
Price · 52w range$46.25 · $38.30 to $52.50
Market cap · daily volume$777.2M · about $6M
Filing anchorQ2-CY2026 10-Q filed Aug 6, 2026; merger 8-K Aug 17, 2026
Price / tangible book1.37x on $33.67 per share
TTMRevenue $216.6M · net income $65.0M · diluted EPS $3.81
Trailing P/E12.1x
Balance sheetAssets $4.4B · loans $3.6B · deposits $3.6B · tangible equity 12.8% of tangible assets
Returned to holdersDividend 1.3% · $30.0M repurchased in the first half at $43.62
PendingAll-stock acquisition of Blue Ridge Bankshares, $448.1M, closing early Q1 2027

HTB · price with moving averages

Daily · 6MWeekly · 3Y
$18$27$36$45$54 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

HomeTrust gathers deposits through 27 branches across western North Carolina, upstate South Carolina, east Tennessee, southwest Virginia and metro Atlanta, and lends the money out. Commercial real estate is half the book. The rest is the set of specialty lines the bank built after converting from a mutual thrift in 2012: equipment finance concentrated in over-the-road trucking, SBA lending, municipal leases and indirect auto. Those lines are why a $4.4 billion bank runs a 4.41% margin, and they are also why the charge-offs, when they arrive, arrive from trucks.

The funding is the weaker half. Deposits cost 2.25% and loans equal 100% of deposits, so every incremental loan needs an incremental deposit bought at the market rate. There is no moat here beyond the ordinary stickiness of a branch account in a small Carolina town, which is worth something and is not worth much.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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