Item 8.01 Other Events.
Due to circumstances related to the coronavirus ("COVID-19") pandemic, HomeTrust
Bancshares, Inc. (the "Company") is filing this Current Report on Form 8-K to
utilize an extension for the filing of the Annual Report on Form 11-K of the
HomeTrust Bank KSOP Plan (the "Plan") for the plan year ended December 31, 2019
(the "Form 11-K"). The Company is relying on the Securities and Exchange
Commission's "Order under Section 36 of the Securities Exchange Act of 1934
Modifying Exemptions from the Reporting and Proxy Delivery Requirements for
Public Companies" dated March 25, 2020 (Release No. 34-88465). It is expected
that the Form 11-K will be filed no later than August 13, 2020, which is the
45th day following June 29, 2020, the original due date of the Form 11-K.
The Company has experienced disruptions to its internal operations as a result
of the COVID-19 pandemic. Many of its employees, including human resources
personnel, have been working remotely. Since March 1, 2020, all human resources
personnel have been diverted to addressing the pandemic and focused on impacts
to the Company's employees, revisions to the Company's employee benefit plans to
comply with the Coronavirus Aid, Relief and Economic Security ("CARES") Act and
supporting the Company's business lines in developing safe protocols for
employees and customers while conducting essential business. These protocols
have continued to evolve as the states in which the Company operates modify
pandemic-related restrictions on business activities.
The Plan's third-party administrator (the "TPA") has likewise experienced
disruptions to its business and operations as a result of the COVID-19 pandemic.
Many of the standard reports the Company receives from the TPA in the areas of
year-end compliance, employer discretionary contributions and audit testing were
delayed. Standard reports that the Plan's independent registered public
accounting firm receives from the TPA also have been delayed and many are still
outstanding, delaying the completion of the audit for the plan year ended
December 31, 2019. In the course of reviewing the TPA's reports on employer
discretionary contributions, errors in the crediting of these contributions were
recently identified. Although these errors are not believed to be material and
corrections are in process, they will further delay the completion of the Form
11-K.
The Company included a risk factor regarding the impact of COVID-19 on its
business under Part II, Item 1A of its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020, which risk factor is incorporated herein by
reference.
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