HOMETRUST BANCSHARES, INC. (NASDAQ:HTBI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 27, 2017, the Compensation Committee of the Board of Directors of HomeTrust Bancshares, Inc. (the “Company”) approved, for the fiscal year ending June 30, 2018, targeted incentive award opportunities and performance measures and weightings under the Company’s Strategic Operating Committee Incentive Program (the “SOC Incentive Program”). For fiscal 2018, the targeted incentive award opportunities for the following executive officers (each of whom was a named executive officer in the Company’s last annual meeting proxy statement and is expected to be a named executive officer in the Company’s upcoming annual meeting proxy statement) were established: Dana L. Stonestreet, Chairman, President and Chief Executive Officer, 55% of annual base salary; C. Hunter Westbrook, Executive Vice President and Chief Banking Officer, 40% of annual base salary; Tony J. VunCannon, Executive Vice President, Chief Financial Officer and Treasurer, 30% of annual base salary; Howard L. Sellinger, Executive Vice President and Chief Information Officer, 30% of annual base salary; and Keith J. Houghton, Executive Vice President and Chief Credit Officer, 30% of annual base salary. For Mr. Stonestreet, the SOC Incentive Program performance measures and weightings will be as follows: net income (50% weighting); efficiency ratio (15% weighting); total loans, excluding purchased home equity lines of credit ("HELOCs") (15% weighting); and functional team goals (20% weighting). For each of the other participating named executive officers, the SOC Incentive Program performance measures and weightings will be as follows: net income (40% weighting); efficiency ratio (15% weighting); total loans, excluding HELOCs (15% weighting); and functional team goals (30% weighting). Awards will be “cash awards” under the Company’s 2013 Omnibus Incentive Plan (the “Omnibus Plan”), and will be funded and paid in accordance with the SOC Incentive Program if the Company has positive operating earnings for fiscal 2018.
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).
