HomeTrust Bank’s holding company reported a net income that rose 49 percent and matched analyst expectations, according to a filing with the Securities and Exchange Commission.

The first quarter profit of HomeTrust Bancshares Inc. was $3.8 million, up from $2.6 million for the same period a year ago, according to the Oct. 28 filing, which can be found here.

HomeTrust also reported basic and diluted earnings per share increasing to 22 cents for the three months ended Sept. 30 compared to 14 cents per share for the same period a year ago. The 22 cents matched the average analyst estimate.

“Our performance this quarter continues to demonstrate our ability to execute our strategic plan as evidenced by increased loan growth, continued improvements in our credit quality metrics, and improved operating efficiencies, ” said Dana Stonestreet, CEO of HomeTrust, said in a prepared statement on Friday.

Organic net loan growth, which excludes loans acquired through purchases of home equity lines of credit, was $24.0 million, or 5.7 percent annualized. Excluding the one-to-four family residential loan portfolio, the company’s first quarter loan growth was $32.3 million.

HomeTrust’s one-to-four family residential loan portfolio continues to decline as a result of increasing customer demand for 30-year fixed rate loans, a trend the company expects to continue during this low rate environment.

HomeTrust, headquartered in Asheville, North Carolina, operates through HomeTrust Bank. The bank is a federally chartered mutual savings bank with 20 retail offices located throughout North Carolina.

The company’s stock fell 15 cents in the first hour of trading following the release, from an opening value of $18.71 per share to $18.56 per share.