HomeTrust Bancshares Inc. beat earnings estimates with first quarter net income of $8.8 million, the company announced Tuesday. The average analyst estimate for the first quarter of fiscal 2020 was $7.54 million, according to Bloomberg data.

Net earnings increased 13 percent from $7.8 million in the first quarter of fiscal 2019. Diluted earnings for per share for the first quarter increased 19.5 percent to 49 cents per share. Analysts estimated that earnings would be about 42 cents per share.

HomeTrust Bancshares is the holding company for HomeTrust Bank, the second largest community bank headquartered in North Carolina. The bank has 42 locations, including North Carolina, East Tennessee and Southwest Virginia.

Return on assets, return on equity and total deposits all increased in the first quarter compared to fiscal 2019, the company said in a press release.

“We have continued the methodical execution of our plan to layer in outstanding markets, complimentary lines of business and seasoned revenue producers in all lines of business,” Chief Executive Officer Dana Stonestreet said in a statement. “The cumulative impact of this strategy continues to increase revenue, earnings and shareholder value.”

HomeTrust Bancshares stock was trading at $26.46 per share on Tuesday, up 24 cents.