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Merger with Quantum (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table provides a summary of the assets acquired, liabilities assumed, associated preliminary fair value adjustments and provisional period adjustments by the Company as of the merger date. As provided for under US GAAP, management had up to 12 months following the date of merger to finalize the fair value adjustments. Management completed its evaluation in the first quarter of calendar year 2024, and the values in the table below are considered final.
| Quantum |  | Fair Value Adjustments |  | Provisional Period Adjustments |  | As Recorded by HomeTrust
Assets acquired |  |  |  |  |  |  |
Cash and cash equivalents | $ | 47,769 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,769 |
Debt securities available for sale | 10,608 |  |  | — |  |  | — |  |  | 10,608 |
FHLB and FRB stock | 1,125 |  |  | — |  |  | — |  |  | 1,125 |
Loans(1) | 567,140 |  |  | (5,207) |  |  | — |  |  | 561,933 |
Premises and equipment | 4,415 |  |  | 4,668 |  |  | — |  |  | 9,083 |
Accrued interest receivable | 1,706 |  |  | — |  |  | — |  |  | 1,706 |
BOLI | 9,066 |  |  | — |  |  | — |  |  | 9,066 |
Core deposit intangibles | — |  |  | 12,210 |  |  | — |  |  | 12,210 |
Other assets | 2,727 |  |  | 569 |  |  | (179) |  |  | 3,117 |
Total assets acquired | $ | 644,556 |  |  | $ | 12,240 |  |  | $ | (179) |  |  | $ | 656,617 |
Liabilities assumed |  |  |  |  |  |  |
Deposits | $ | 570,419 |  |  | $ | 183 |  |  | $ | — |  |  | $ | 570,602 |
Junior subordinated debt | 11,341 |  |  | (1,408) |  |  | — |  |  | 9,933 |
Other borrowings | 24,728 |  |  | — |  |  | — |  |  | 24,728 |
Deferred income taxes | — |  |  | 1,341 |  |  | 250 |  |  | 1,591 |
Other liabilities | 3,334 |  |  | — |  |  | — |  |  | 3,334 |
Total liabilities assumed | $ | 609,822 |  |  | $ | 116 |  |  | $ | 250 |  |  | $ | 610,188 |
Net assets acquired |  |  |  |  |  |  | $ | 46,429 |
Consideration paid |  |  |  |  |  |  |
Common stock consideration |  |  |  |  |  |  |
Shares of Quantum |  |  |  |  |  |  | 574,157 |
Exchange ratio |  |  |  |  |  |  | 2.3942 |
HomeTrust common stock issued |  |  |  |  |  |  | 1,374,647 |
Price per share of HomeTrust common stock on February 10, 2023 |  |  |  |  |  |  | $ | 27.45 |
HomeTrust common stock consideration |  |  |  |  |  |  | $ | 37,734 |
Cash consideration(2) |  |  |  |  |  |  | 17,168 |
Total consideration |  |  |  |  |  |  | $ | 54,902 |
Goodwill |  |  |  |  |  |  | $ | 8,473 |
(1)Adjustments to Quantum's total loans include the elimination of Quantum's existing allowance for loan losses of $5,972, the recognition of an ACL at close on PCD loans of $369, and adjustments to reflect the estimated credit fair value mark on the non-PCD loan portfolio of $2,932 and the estimated interest rate fair value adjustment on the loan portfolio as a whole (non-PCD and PCD) of $7,878. (2)As indicated in the Current Report on Form 8-K/A filed with the SEC on March 30, 2023, the amount of cash consideration paid at closing differs from the $57.54 per share, or $33,037, reported in the Current Report on Form 8-K filed on February 13, 2023, which announced the closing of the merger. Consistent with the merger agreement, between the execution of the merger agreement and the transaction closing date, Quantum's principal stockholders had the option to withdraw some or all of the amount of cash consideration to eventually be paid at closing in advance of the closing date. The amount of cash consideration paid at closing was reduced by the amount withdrawn during this time period.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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