HOMETRUST BANCSHARES, INC. (NASDAQ:HTBI) Files An 8-K Other EventsItem 8.01 Other Events
On December 22, 2017 the Tax Cuts and Jobs Act (the "Act") was signed into law, which includes comprehensive changes to the Internal Revenue Code. Included in the Act is a reduction of the corporate tax rate from 35% to 21%, which will require net deferred tax assets to be revalued at the lower rate. The rate reduction is effective January 1, 2018. Based on information available at this time, HomeTrust Bancshares, Inc. (the "Company") estimates the value of net deferred tax assets will be reduced by approximately $17.7 million, which will be recorded as additional income tax expense for the quarter ended December 31, 2017. The Company's revaluation of its net deferred tax assets are subject to further refinement as additional information becomes available.
About HOMETRUST BANCSHARES, INC. (NASDAQ:HTBI)
HomeTrust Bancshares, Inc. is a bank holding company of HomeTrust Bank (the Bank). The Bank’s principal business consists of attracting deposits from the public and investing those funds, along with borrowed funds, in loans secured primarily by first and second mortgages on one- to four-family residences, including home equity loans, construction and land/lot loans, commercial real estate loans, construction and development loans, commercial and industrial loans, indirect automobile, and municipal leases. Municipal leases are secured primarily by a ground lease for a firehouse or an equipment lease for fire trucks and firefighting equipment to fire departments located throughout North and South Carolina. The Company purchases investment securities consisting primarily of securities issued by the United States Government agencies and government-sponsored enterprises, as well as certificates of deposit insured by the Federal Deposit Insurance Corporation (FDIC).
