HomeTrust Bancshares’ CEO Sees 69 Percent Compensation Increase Despite Lower Earnings

10/8/18

HomeTrust Bancshares Inc.’s chief executive officer saw a 69.5 percent increase in total compensation in the company’s 2018 fiscal year due to an increase in stock awards, among other factors, according to a Securities and Exchange Commission Filing.

Dana Stonestreet’s total compensation for the fiscal year, which ended June 30, totaled $2.49 million, up from $1.47 million the year prior.

Stonestreet has served as CEO of the Asheville-based company since 2013. He has worked for the company since 1989.

Stonestreet’s salary for the 2018 fiscal year was $505,000, up 4.5 percent from his fiscal year 2017 base salary of $483,117. Stonestreet was awarded $624,000 in stock awards, after not receiving any for the previous two fiscal years.

Stonestreet’s non-equity incentive plan compensation was $358,872, up 11 percent from fiscal year 2017. All other compensation fell 51 percent, totaling $25,033.

Senior Executive Vice President C. Hunter Westbrook was the only executive whose total compensation fell for the 2018 fiscal year. Westbrook saw his total compensation decrease 25.2 percent from $1.13 million for the fiscal year 2017 to $846,945 this year.

Westbrook assumed his position as senior executive vice president and chief operating officer on Sept. 25, 2018, after previously serving as chief banking officer of HomeTrust Bank.

HomeTrust Bancshares serves as the holding company of HomeTrust Bank, with branches in North Carolina, Virginia, South Carolina and Tennessee.

The company reported earnings of $8.2 million for the 2018 fiscal year, down 30.5 percent from the year prior. Earnings per share fell from 65 cents last year to 44 cents for the fiscal year 2018.

HomeTrust’s annual meeting will be Monday, Nov. 26, at 10 a.m. Eastern time, at the Renaissance Hotel in Asheville, located at 31 Woodfin Street.

The company’s shares were trading at $28.70 on Friday, up 13 percent since the start of the calendar year 2018.

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