HomeTrust Bancshares, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
HTB$46.98+0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001538263-26-000103
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001538263-26-000123
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 162 previous paragraphs and 188 current paragraphs.
91 unchanged; 51 reworded; 40 added; 18 removed; 2 previous and 6 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (40)
Current report
•specific to our proposed acquisition of Blue Ridge:
Current report
•the timing and completion of the merger is dependent on the satisfaction of customary closing conditions, and various other factors that cannot be predicted with precision at this point;
Current report
•the occurrence of any event, change or other circumstances that could give rise to the right of HomeTrust, Blue Ridge or both to terminate the merger agreement;
Current report
•completion of the merger is subject to bank regulatory approvals and such approvals may not be obtained in a timely manner or at all or may be subject to conditions which may cause additional significant expense or delay the consummation of the merger;
Current report
•potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger;
Current report
•the diversion of attention and time by the respective management teams of HomeTrust and Blue Ridge from ongoing business operations and opportunities on merger-related matters;
Current report
•the outcome of any legal proceedings related to the merger which may be instituted against HomeTrust or Blue Ridge;
Current report
•unanticipated challenges or delays in the integration of Blue Ridge’s business into HomeTrust’s business and/or the conversion of Blue Ridge’s operating systems and customer data onto HomeTrust’s may significantly increase the expense associated with the merger; and
Current report
•other factors that may affect future results of Blue Ridge and HomeTrust.
Current report
Proposed Merger with Blue Ridge Bankshares, Inc.
Current report
On August 16, 2026, the Company, Blue Ridge Bankshares, Inc., a Virginia corporation ("Blue Ridge"), and Kinloch Merger Sub, Inc., a Virginia corporation and wholly owned subsidiary of the Company (“Merger Sub”), entered into an Agreement and Plan of Merger (the “merger agreement”). Pursuant to the terms and conditions set forth in the merger agreement, Merger Sub will merge with and into Blue Ridge (the “merger”), with Blue Ridge continuing as the surviving corporation, and immediately following the merger, Blue Ridge will merge with and into the Company (the “second step merger”), with the Company continuing as the surviving corporation.
Current report
Immediately following the second step merger, Blue Ridge Bank, National Association, the wholly owned bank subsidiary of Blue Ridge, will merge with and into HomeTrust Bank, the wholly owned bank subsidiary of the Company, with HomeTrust Bank as the surviving bank.
Current report
Subject to the terms and conditions of the merger agreement, at the effective time of the merger (“effective time”), each share of Blue Ridge common stock issued and outstanding immediately prior to the effective time, subject to limited exceptions, will be converted into the right to receive 0.086 of a share of Company common stock, plus cash in lieu of any fractional shares.
Current report
The transaction has been approved by the boards of directors of both companies, and all required regulatory applications have been filed. The transaction is expected to close early in the first quarter of 2027, subject to all regulatory and shareholder approvals and the satisfaction of customary closing conditions.
Current report
The total value of the transaction will fluctuate based on the Company's stock price prior to closing. Upon completion of the transaction, Blue Ridge shareholders are expected to own approximately 35% of the Company. The combined company will continue to trade on the NYSE under the ticker symbol "HTB."
Current report
•net income was $18.0 million compared to $15.6 million;
Current report
•diluted EPS were $1.11 compared to $0.94;
Current report
•annualized ROE was 12.06% compared to 10.44%;
Current report
•net interest margin was 4.46% compared to 4.41%;
Current report
•provision for credit losses was $805,000 compared to $920,000;
Current report
•gain on the sale of fixed assets was $21,000 compared to $1.1 million;
Current report
•merger-related expense was $904,000 compared to $0;
Current report
•utilization of purchased renewable energy income tax credits resulted in a $1.9 million federal income tax benefit compared to $0;
Current report
•quarterly cash dividends continued at $0.15 per share totaling $2.4 million for each period; and
Current report
For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025:
Current report
•net income was $50.4 million compared to $48.2 million;
Current report
•diluted EPS were $3.04 compared to $2.79;
Current report
•annualized ROE was 11.28% compared to 11.20%;
Current report
•net interest margin was 4.39% compared to 4.27%;
Current report
•provision for credit losses was $2.1 million compared to $4.9 million;
Current report
•merger-related expense was $904,000 compared to $0;
Current report
•utilization of purchased renewable energy income tax credits resulted in a $1.9 million federal income tax benefit compared to $0;
Current report
For the quarter ended September 30, 2026, the "loans" portion of the provision for credit losses was primarily the result of the following, offset by net charge-offs of $1.1 million during the quarter:
Current report
•Merger-related expense: The current quarter includes costs incurred related to professional fees and due diligence performed associated with the Company's pending acquisition of Blue Ridge. No such costs were incurred in the prior quarter.
Current report
•$0.6 million benefit driven by changes in the loan mix.
Current report
•$0.1 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
Current report
•$1.5 million benefit driven by changes in the loan mix.
Current report
•Loan income and fees: The increase was the result of an additional $907,000 in prepayment penalty fees, partially offset by declines of $274,000 and $156,000 in loan commitment and interest rate swap fees, respectively.
Current report
Income taxes receivable. The balance of income taxes receivable increased $15.7 million, or 273.3%, to $21.4 million at September 30, 2026 compared to $5.7 million at December 31, 2025, due to the purchase of renewable energy income tax credits in the current year to be collected in future periods.
Current report
Junior subordinated debt. The balance of junior subordinated debt declined from $10.2 million at December 31, 2025 to $0 at September 30, 2026 as the debt was redeemed during the current year.
Removed paragraphs (18)
Previous report
•net income was $15.6 million compared to $16.8 million;
Previous report
•diluted EPS were $0.94 compared to $0.99;
Previous report
•annualized ROA was 1.46% compared to 1.55%;
Previous report
•annualized ROE was 10.44% compared to 11.35%;
Previous report
•net interest margin was 4.41% compared to 4.31%;
Previous report
•provision for credit losses was $920,000 compared to $370,000;
Previous report
•gain on the sale of real estate was $1.1 million compared to $377,000;
Previous report
•quarterly cash dividends increased $0.02 per share, or 15.4%, to $0.15 per share totaling $2.4 million compared to $0.13 per share totaling $2.2 million; and
Previous report
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025:
Previous report
•net income was $32.4 million compared to $31.7 million;
Previous report
•diluted EPS were $1.93 compared to $1.84;
Previous report
•annualized ROE was 10.89% compared to 11.26%;
Previous report
•net interest margin was 4.36% compared to 4.25%;
Previous report
•provision for credit losses was $1.3 million compared to $2.8 million;
Previous report
•Other: The decrease was primarily driven by a $108,000 reduction in investment services income quarter-over-quarter.
Previous report
•$0.2 million benefit driven by changes in the loan mix.
Previous report
•$0.3 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
Previous report
•$0.9 million benefit driven by changes in the loan mix.
Reworded paragraphs (51)
Previous wording
•annualized ROA was 1.51% compared to 1.46%;
Current wording
•annualized ROA was 1.65% compared to 1.46%;
Previous wording
•loss on the redemption of junior subordinated debt securities was $1.1 million compared to $0;
Current wording
•loss on the redemption of junior subordinated debt securities was $0 compared to $1.1 million;
Previous wording
•153,606 shares of Company common stock were repurchased during the current quarter at an average price of $46.31 compared to 533,240 shares repurchased at an average price of $42.85 in the prior quarter.
Current wording
•923,897 shares of Company common stock were repurchased during the current quarter at an average price of $48.03 compared to 153,606 shares repurchased at an average price of $46.31 in the prior quarter.
Previous wording
•cash dividends were $0.28 per share totaling $4.6 million compared to $0.24 per share totaling $4.1 million; and
Current wording
•cash dividends were $0.43 per share totaling $7.1 million compared to $0.36 per share totaling $6.2 million; and
Previous wording
•686,846 shares of Company common stock were repurchased at an average price of $43.62 compared to 93,212 shares of Company common stock repurchased at an average price of $35.41 in the same period last year.
Current wording
•1,610,743 shares of Company common stock were repurchased at an average price of $46.15 compared to 93,212 shares of Company common stock repurchased at an average price of $35.41 in the same period last year.
Previous wording
Net Income. Net income totaled $15.6 million, or $0.94 per diluted share, for the three months ended June 30, 2026 compared to $16.8 million, or $0.99 per diluted share, for the three months ended March 31, 2026, a decrease of $1.2 million, or 6.8%. The results for the three months ended June 30, 2026 compared to the three months ended March 31, 2026 were negatively impacted by a $784,000 decrease in noninterest income and a $1.0 million increase in noninterest expense due to a $1.1 million loss resulting from the redemption of junior subordinated debt securities, partially offset by a $1.0 million increase in net interest income. Details of the changes in the various components of net income are further discussed below.
Current wording
Net Income. Net income totaled $18.0 million, or $1.11 per diluted share, for the three months ended September 30, 2026 compared to $15.6 million, or $0.94 per diluted share, for the three months ended June 30, 2026, an increase of $2.4 million, or 14.9%. The results for the three months ended September 30, 2026 compared to the three months ended June 30, 2026 were positively impacted by a $1.2 million increase in net interest income and a $1.4 million decrease in income tax expense as a result of the Company's utilization of purchased renewable energy income tax credits. Details of the changes in the various components of net income are further discussed below.
Previous wording
(4)Tax-equivalent results include adjustments to interest income of $458 and $435 for the three months ended June 30, 2026 and March 31, 2026, respectively, calculated based on a combined federal and state tax rate of 23%.
Current wording
(4)Tax-equivalent results include adjustments to interest income of $439 and $458 for the three months ended September 30, 2026 and June 30, 2026, respectively, calculated based on a combined federal and state tax rate of 23%.
Previous wording
Total interest and dividend income for the three months ended June 30, 2026 decreased $324,000, or 0.5%, when compared to the three months ended March 31, 2026. A decline of $605,000 in accretion income was the primary driver of this change, partially offset by the impact of an additional day in the current quarter.
Current wording
Total interest and dividend income for the three months ended September 30, 2026 increased $1.7 million, or 2.8%, when compared to the three months ended June 30, 2026. An increase of $1.0 million in accretion income was the primary driver of this change, in addition to the impact of an additional day in the current quarter.
Previous wording
Total interest expense for the three months ended June 30, 2026 decreased $1.3 million, or 7.6%, when compared to the three months ended March 31, 2026. A decline of $1.3 million, or 7.5%, in deposit interest expense drove this change, the result of a decline in both the average balance of and rate paid on certificate accounts, specifically brokered deposits.
Current wording
Total interest expense for the three months ended September 30, 2026 increased $547,000, or 3.4%, when compared to the three months ended June 30, 2026. An increase of $729,000, or 4.7%, in deposit interest expense drove this change, the result of increases in both the average balances of and rates paid on money market and certificate accounts, partially offset by a decrease in interest expense associated with the redemption of junior subordinated debt securities during the prior quarter.
Previous wording
Noninterest Income. Noninterest income for the three months ended June 30, 2026 decreased $784,000, or 7.8%, when compared to the quarter ended March 31, 2026. Changes in the components of noninterest income are discussed below:
Current wording
Noninterest Income. Noninterest income for the three months ended September 30, 2026 decreased $178,000, or 1.9%, when compared to the quarter ended June 30, 2026. Changes in the components of noninterest income are discussed below:
Previous wording
•Loan income and fees: The decrease was primarily the result of $251,000 less in prepayment penalties, partially offset by a $68,000 increase in other servicing fees.
Current wording
•Loan income and fees: The increase was primarily the result of an increase of $771,000 in prepayment penalty fees, partially offset by a $61,000 decrease in other loan servicing fees.
Previous wording
•Gain on sale of loans held for sale: The decrease was primarily driven by a drop in the sales volume of HELOC loans originated for sale, partially offset by an increase in the sales volume of residential mortgage loans. There were $17.2 million of HELOCs originated for sale which were sold during the current quarter with gains of $93,000 compared to $103.0 million sold with gains of $934,000 in the prior quarter. There were $39.9 million of residential mortgage loans sold for gains of $481,000 during the current quarter compared to $23.3 million sold with gains of $431,000 in the prior quarter. There were $15.3 million in sales of the guaranteed portion of SBA commercial loans with gains of $1.3 million for the current quarter compared to $16.4 million sold and gains of $1.2 million for the prior quarter. Lastly, our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $4,000 for the current quarter compared to $68,000 for the prior quarter.
Current wording
•Gain on sale of loans held for sale: The decrease was primarily driven by a drop in the sales volume of the guaranteed portion of SBA commercial loans and residential mortgage loans originated for sale, partially offset by an increase in the sales volume of HELOC loans. There were $60.9 million of HELOCs originated for sale which were sold during the current quarter with gains of $329,000 compared to $17.2 million sold with gains of $93,000 in the prior quarter. There were $12.9 million in sales of the guaranteed portion of SBA commercial loans with gains of $925,000 during the current quarter compared to $15.3 million sold and gains of $1.3 million for the prior quarter. There were $26.5 million of residential mortgage loans sold for gains of $399,000 during the current quarter compared to $39.9 million sold with gains of $481,000 in the prior quarter. Lastly, our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net loss of $61,000 for the current quarter compared to a net gain of $4,000 for the prior quarter.
Previous wording
•Operating lease income: The decrease was the result of a $402,000 increase in losses upon contract termination in addition to a $83,000 decrease in contract earnings.
Current wording
•Operating lease income: The increase was the result of net gains of $274,000 upon contract termination versus net losses of $387,000 in the prior quarter, partially offset by a $337,000 decrease in contract earnings.
Previous wording
•Gain on sale of premises and equipment: In both periods presented, gains were recognized on the sale of excess real estate.
Current wording
•Gain on sale of premises and equipment: In both periods presented, gains were recognized on the sale of excess real estate and other equipment.
Previous wording
Noninterest Expense. Noninterest expense for the three months ended June 30, 2026 increased $1.0 million, or 3.0%, when compared to the three months ended March 31, 2026. Changes in the components of noninterest expense are discussed below:
Current wording
Noninterest Expense. Noninterest expense for the three months ended September 30, 2026 increased $158,000, or 0.5%, when compared to the three months ended June 30, 2026. Changes in the components of noninterest expense are discussed below:
Previous wording
•Loss on redemption of junior subordinated debt securities: We previously established a fair value mark (discount) on the junior subordinated debt securities assumed through our merger with Quantum Capital Corp. and had been accreting the discount into interest expense. Associated with our redemption of the debt instruments in the current quarter, we wrote-off the remaining discount as an expense.
Current wording
•Loss on redemption of junior subordinated debt securities: We previously established a fair value mark (discount) on the junior subordinated debt securities assumed through our merger with Quantum Capital Corp. and had been accreting the discount into interest expense. Associated with our redemption of the debt instruments last quarter, we wrote-off the remaining discount as an expense.
Previous wording
Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended June 30, 2026 and March 31, 2026 were 20.4% and 20.1%, respectively.
Current wording
Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, income tax credits, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2026 and June 30, 2026 were 12.7% and 20.4%, respectively, with the quarter-over-quarter decrease driven by the recognition of a $1.9 million benefit associated with the Company's utilization of purchased income tax credits.
Previous wording
Comparison of Results of Operations for the Six Months Ended June 30,2026 and June 30, 2025
Current wording
Comparison of Results of Operations for the Nine Months Ended September 30,2026 and September 30, 2025
Previous wording
Net Income. Net income totaled $32.4 million, or $1.93 per diluted share, for the six months ended June 30, 2026 compared to $31.7 million, or $1.84 per diluted share, for the six months ended June 30, 2025, an increase of $653,000, or 2.1%. The results for the six months ended June 30, 2026 compared to the prior year were positively impacted by a $2.5 million increase in net interest income, a $1.6 million decrease in the provision for credit losses, and a $1.1 million increase in noninterest income, partially offset by a $4.7 million increase in noninterest expense. Details of the changes in the various components of net income are further discussed below.
Current wording
Net Income. Net income totaled $50.4 million, or $3.04 per diluted share, for the nine months ended September 30, 2026 compared to $48.2 million, or $2.79 per diluted share, for the nine months ended September 30, 2025, an increase of $2.2 million, or 4.4%. The results for the nine months ended September 30, 2026 compared to the prior year were positively impacted by a $3.5 million increase in net interest income, a $2.8 million decrease in the provision for credit losses, and a $1.4 million increase in noninterest income, partially offset by a $7.6 million increase in noninterest expense. In addition, income tax expense declined by $2.0 million primarily as a result of the Company's utilization of purchased income tax credits. Details of the changes in the various components of net income are further discussed below.
Previous wording
(4)Tax-equivalent results include adjustments to interest income of $892 and $849 for the six months ended June 30, 2026 and 2025, respectively, calculated based on combined federal and state tax rates of 23% and 24% for the same periods, respectively.
Current wording
(4)Tax-equivalent results include adjustments to interest income of $1,332 and $1,289 for the nine months ended September 30, 2026 and 2025, respectively, calculated based on combined federal and state tax rates of 23% and 24% for the same periods, respectively.
Previous wording
Total interest and dividend income for the six months ended June 30, 2026 decreased $4.6 million, or 3.6%, when compared to the six months ended June 30, 2025. A decline of $3.8 million, or 3.2%, in interest income drove this change, primarily due to the impact of decreases in the federal funds rate upon loan yields. Accretion income on acquired loans of $1.1 million and $1.3 million was recognized during the same periods, respectively, and was included in loan interest income.
Current wording
Total interest and dividend income for the nine months ended September 30, 2026 decreased $7.1 million, or 3.7%, when compared to the nine months ended September 30, 2025. A decline of $6.2 million, or 3.5%, in loan interest income drove this change, primarily due to runoff in the equipment finance portfolio and a decline in the average balance of HELOC loans held for sale. Accretion income on acquired loans of $2.4 million and $1.7 million was recognized during the same periods, respectively, and was included in loan interest income.
Previous wording
Total interest expense for the six months ended June 30, 2026 decreased $7.1 million, or 17.6%, when compared to the six months ended June 30, 2025. A decline of $6.8 million, or 17.3%, in deposit interest expense drove this change, the result of a decline in the average balance of certificate accounts, specifically brokered deposits, in addition to a decline in the average cost of funds across funding categories.
Current wording
Total interest expense for the nine months ended September 30, 2026 decreased $10.6 million, or 17.7%, when compared to the nine months ended September 30, 2025. A decline of $10.0 million, or 17.0%, in deposit interest expense drove this change, primarily the result of a decline in the average balance of certificate accounts, specifically brokered deposits, in addition to a decline in the average cost of funds across funding categories.
Previous wording
For the six months ended June 30, 2026, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $3.7 million during the period:
Current wording
For the nine months ended September 30, 2026, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $4.7 million during the period:
Previous wording
For the six months June 30,2025, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $3.3 million during the period:
Current wording
For the nine months September 30,2025, the "loans" portion of the provision for credit losses was the result of the following, offset by net charge-offs of $6.1 million during the period:
Previous wording
•$1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024.
Current wording
•$1.5 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024.
Previous wording
•$1.4 million increase in specific reserves on individually evaluated loans.
Current wording
•$0.8 million increase in specific reserves on individually evaluated loans.
Previous wording
For the six months ended June 30, 2026 and June 30, 2025, the amounts recorded for off-balance sheet credit exposure were the result of changes in the balance of loan commitments, loan mix, projected economic forecast and qualitative allocations as outlined above.
Current wording
For the nine months ended September 30, 2026 and September 30, 2025, the amounts recorded for off-balance sheet credit exposure were the result of changes in the balance of loan commitments, loan mix, projected economic forecast and qualitative allocations as outlined above.
Previous wording
Noninterest Income. Noninterest income for the six months ended June 30, 2026 increased $1.1 million, or 6.0%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:
Current wording
Noninterest Income. Noninterest income for the nine months ended September 30, 2026 increased $1.4 million, or 5.2%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:
Previous wording
•Gain on sale of loans held for sale: The increase was primarily driven by an increase in the sales volume of the guaranteed portion of SBA commercial loans, partially offset by a reduction in the sales volume of HELOC loans. During the six months ended June 30, 2026, there were $31.7 million of sales of the guaranteed portion of SBA commercial loans with gains of $2.5 million compared to $11.9 million sold with gains of $936,000 for the corresponding period in the prior year. There were $63.2 million of residential mortgage loans sold during the current period for gains of $912,000 compared to $49.1 million sold with gains of $1.0 million for the corresponding period in the prior year. There were $120.2 million of HELOCs originated for sale which were sold during the current period with gains of $1.0 million compared to $198.2 million sold with gains of $2.0 million for the corresponding period in the prior year. Lastly, our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $72,000 for the six months ended June 30, 2026 compared to $40,000 for the six months ended June 30, 2025.
Current wording
•Gain on sale of loans held for sale: The increase was primarily driven by an increase in the sales volume of the guaranteed portion of SBA commercial loans, partially offset by a reduction in the sales volume of HELOC loans originated for sale. During the nine months ended September 30, 2026, there were $44.5 million of sales of the guaranteed portion of SBA commercial loans with gains of $3.4 million compared to $21.6 million sold with gains of $1.5 million for the corresponding period in the prior year. There were $89.7 million of residential mortgage loans originated for sale sold during the current period for gains of $1.3 million compared to $82.4 million sold with gains of $1.8 million for the corresponding period in the prior year. There were $181.2 million of HELOC loans originated for sale which were sold during the current period with gains of $1.4 million compared to $243.5 million sold with gains of $2.3 million for the corresponding period in the prior year. Lastly, our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $11,000 for the nine months ended September 30, 2026 compared to $163,000 for the nine months ended September 30, 2025.
Previous wording
•Gain on sale of branches: During the prior year we completed the sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million, with no similar activity occurring in the current year.
Current wording
•Gain on sale of branches: During the prior year period we completed the sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million, with no similar activity occurring in the current year period.
Previous wording
•Gain on sale of premises and equipment: In both periods presented, gains were recognized on the sale of excess parcels of real estate.
Current wording
•Gain on sale of premises and equipment: In both periods presented, gains were recognized on the sale of excess parcels of real estate and other equipment.
Previous wording
Noninterest Expense. Noninterest expense for the six months ended June 30, 2026 increased $4.7 million, or 7.6%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:
Current wording
Noninterest Expense. Noninterest expense for the nine months ended September 30, 2026 increased $7.6 million, or 8.1%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:
Previous wording
•Salaries and employee benefits: The increase was primarily the result of increases in both pay and incentive compensation.
Current wording
•Salaries and employee benefits: The increase was primarily the result of new hires and increases in pay, incentive compensation and medical premiums.
Previous wording
•Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
Current wording
•Core deposit intangible amortization: The intangible recorded in association with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
Previous wording
Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the six months ended June 30, 2026 and 2025 were 20.3% and 21.1%, respectively.
Current wording
Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, income tax credits, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the nine months ended September 30, 2026 and 2025 were 17.7% and 21.1%, respectively, with the year-over-year decrease primarily driven by the recognition of a $1.9 million benefit associated with the Company's utilization of purchased income tax credits.
Previous wording
General. Total assets decreased by $105.4 million to $4.4 billion and total liabilities decreased by $105.3 million to $3.8 billion at June 30,2026 as compared to December 31, 2025. These changes can be traced to the use of existing liquidity and the proceeds from loan sales to offset a $103.2 million decline in deposits. The decrease in deposits was the result of a $134.6 million reduction in brokered deposits, partially offset by an increase of $31.5 million in all other deposit categories.
Current wording
General. Total assets decreased by $123.9 million to $4.4 billion and total liabilities decreased by $93.3 million to $3.9 billion at September 30,2026 as compared to December 31, 2025. These changes can be traced to the use of existing liquidity and the proceeds from loan sales to fund $50.2 million in loan growth, offset a $126.4 million decline in deposits and fund $75.0 million in stock repurchases. The decrease in deposits was the result of a $145.6 million reduction in brokered deposits, partially offset by an increase of $19.2 million in all other deposit categories.
Previous wording
Cash and Cash Equivalents. Total cash and cash equivalents decreased $52.1 million, or 16.1%, to $272.5 million at June 30, 2026 from $324.7 million at December 31, 2025.
Current wording
Cash and Cash Equivalents. Total cash and cash equivalents decreased $78.2 million, or 24.1%, to $246.5 million at September 30, 2026 from $324.7 million at December 31, 2025.
Previous wording
Certificates of Deposit in Other Banks. Total certificates of deposit in other banks decreased $7.2 million, or 38.3%, to $11.6 million at June 30, 2026 compared to December 31, 2025.
Current wording
Certificates of Deposit in Other Banks. Total certificates of deposit in other banks decreased $10.1 million, or 53.8%, to $8.7 million at September 30, 2026 compared to December 31, 2025.
Previous wording
Debt Securities Available for Sale. Debt securities available for sale increased $3.3 million, or 2.3%, to $145.9 million at June 30, 2026 from $142.5 million at December 31, 2025. Outside of fluctuations in value, the changes between periods were the result of $26.7 million in purchases, partially offset by $22.5 million in proceeds from the maturity, call and paydown of securities. All purchases were MBS and consistent with the composition of the existing securities held in the portfolio.
Current wording
Debt Securities Available for Sale. Debt securities available for sale decreased $3.8 million, or 2.7%, to $138.7 million at September 30, 2026 from $142.5 million at December 31, 2025. Outside of fluctuations in value, the changes between periods were the result of $31.4 million in purchases, partially offset by $30.8 million in proceeds from the maturity, call and paydown of securities. All purchases were MBS and consistent with the composition of the existing securities held in the portfolio.
Previous wording
Loans Held for Sale. Loans held for sale decreased $84.8 million, or 41.2%, to $120.9 million at June 30, 2026 from $205.7 million at December 31, 2025. This was driven by a decrease of $81.1 million, or 49.8%, in HELOCs held for sale due to loan sales during the current period.
Current wording
Loans Held for Sale. Loans held for sale decreased $104.2 million, or 50.7%, to $101.5 million at September 30, 2026 from $205.7 million at December 31, 2025. This was driven by a decrease of $106.1 million, or 65.2%, in HELOC loans held for sale due to loan sales during the current period.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
•expected revenues, cost savings, synergies and other benefits from our merger and acquisition activities, including our proposed acquisition of Blue Ridge Bankshares, Inc. ("Blue Ridge"), might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred;
Current report — wording carried from elsewhere
•annualized ROA was 1.55% compared to 1.46%;
Current report — wording carried from elsewhere
•gain on the sale of our two Knoxville, Tennessee branches was $0 compared to $1.4 million;
Current report — wording carried from elsewhere
•Operating lease depreciation expense: The decrease was due to a decline in the population of operating lease contracts (assets being depreciated) quarter-over-quarter.
Current report — wording carried from elsewhere
•Marketing and advertising: The increase was associated with the launch of online deposit account opening.
Current report — wording carried from elsewhere
•Merger-related expense: See explanation in the "Comparison of Results of Operations for the Three Months Ended September 30, 2026 and June 30, 2026 – Noninterest Expense" section above.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
For the quarter ended March 31, 2026, the "loans" portion of the provision for credit losses was primarily the result of the following, offset by net charge-offs of $1.8 million during the quarter:
Previous report — wording carried elsewhere
•$0.6 million decrease in specific reserves on individually evaluated loans.