Home BancShares, Inc. (NASDAQ:HOMB), parent company of Centennial
Bank, today announced a quarterly profit of $14.8 million for the
third quarter of 2017 compared to $43.6 million, for the same
quarter in 2016. Diluted earnings per share for the third
quarter of 2017 was $0.10 per share compared to $0.31 per share for
the same period in 2016.
The Company’s third quarter earnings were
significantly impacted by Hurricane Irma which made initial
landfall in the Florida Keys and a second landfall just south of
Naples, Florida, as a Category 4 hurricane on September 10, 2017.
While the total impact of this hurricane on Home BancShares’s
financial condition and results of operation may not be known for
some time, the Company has included in third quarter earnings,
certain charges, including the establishment of reserves, related
to the hurricane. Based on initial assessments of the
potential credit impact and damage, the Company has accrued $33.4
million of pre-tax hurricane expenses. The $33.4 million of
hurricane expenses include the following items: $32.9 million to
establish a storm-related provision for loan losses and a $556,000
charge related to direct expenses incurred through September 30,
2017.
Excluding the previously mentioned impact of
Hurricane Irma and the $18.2 million of merger expenses associated
with the Stonegate acquisition, third quarter 2017 after-tax
non-fundamental earnings were $46.4 million, an increase of 1.1%,
from third quarter 2016 after-tax non-fundamental earnings.
“We are pleased with the successful completion
of our substantial acquisition of Stonegate Bank during the third
quarter of 2017,” said John Allison, Chairman. “Throughout
the remainder of the year, we will remain extremely focused on
gaining efficiencies from our merger, while strategically investing
for growth and building a quality franchise. Despite the challenges
that came with the recent hurricane and completing a major
acquisition, we achieved diluted earnings per share excluding
merger and hurricane expenses of $0.32 per share for the third
quarter of 2017.”
“A significant portion of Home BancShares’s
South Florida market area and customer base have been adversely
impacted by Hurricane Irma,” stated Tracy French, Centennial Bank
President and Chief Executive Officer. “Our sincere sympathy
goes out to all affected by this storm. Home BancShares has
been deeply impacted by the storm with many of our customers and
employees losing homes and several of our banking facilities
damaged or destroyed. Immediately after the storms passed, we
secured our people and their families, ensured a safe working
environment for our associates and focused our entire organization
on serving our customers’ needs. Home BancShares is working
diligently to assist our customers and communities in the
rebuilding process. We are proud of our associates in the
outstanding teamwork and care they have shown during this
challenging time.”
Randy Sims, President and CEO of Home
BancShares, remarked, “The actions the Company has demonstrated so
far this year, especially surrounding the recent hurricane, reflect
critical elements of our mission statement and community banking
philosophy: a strong sense of community, exceptional customer
service, shareholder focus, and high performing growth.”
Operating Highlights
Accretion yield decreased approximately $1.3
million from $8.5 million for the second quarter of 2017 to $7.2
million for third quarter of 2017. Each quarter we perform
credit impairment tests on the loans acquired in our
acquisitions. During our third quarter 2017 impairment
testing, several pools were determined to have a material projected
credit improvement. This projected credit improvement offset
by the expected decline in accretion income from the maturing and
reduction of pay-offs in the acquired loan portfolios, resulted in
a net decline of recognized accretion income when compared to the
second quarter of 2017. The net decline of recognized
accretion income when compared to the second quarter of 2017 is
primarily due to pay-off accretion decreasing from $2.6 million to
$1.7 million.
Net interest margin, on a fully taxable
equivalent basis, was 4.40% for the quarter just ended compared to
4.86% for the same quarter in 2016 and compared to 4.50% for the
second quarter of 2017. The net interest margin, excluding
accretion yield, decreased when comparing the second quarter of
2017 to the third quarter of 2017 at 4.11% and 4.07%,
respectively. The decrease in net interest margin is
primarily the result of reduced net interest income.
During the third quarter of 2017, the Company
recorded a provision for loan loss of $35.0 million compared to
$5.5 million in the third quarter of 2016. Of the $35.0
million provision for loan loss, $32.9 million is from the
previously mentioned storm-related provision for loan losses.
The Company reported $21.5 million of
non-interest income for the third quarter of 2017, compared to
$22.0 million for the third quarter of 2016. The most
important components of the third quarter non-interest income were
$8.5 million from other service charges and fees, $6.4 million from
service charges on deposits accounts, $3.2 million from mortgage
lending income, $1.9 million from other income and $1.3 million
loss on branches, equipment, and other assets, net.
Non-interest expense for the third quarter of
2017 was $70.8 million compared to $51.0 million for the third
quarter of 2016. Non-interest expense excluding merger
expenses and FDIC loss share buy-out expense for the third quarter
of 2017 was $52.6 million compared to $47.2 million for the third
quarter of 2016, an increase of $5.4 million. This increase
excluding merger expenses and FDIC loss share buy-out expense is
primarily the result of an increase in the costs associated with
asset growth from the acquisitions in the first quarter of 2017
combined with approximately $1.1 million of growth in non-interest
expense related to the Centennial Commercial Finance Group
(“Centennial CFG”) and $556,000 of hurricane damage expense when
compared to the third quarter of 2016. For the third quarter
of 2017, our core efficiency ratio was 39.12% which has increased
from the 36.51% reported for third quarter of 2016.
Financial Condition
Total loans receivable were $10.29 billion at
September 30, 2017 compared to $7.39 billion at December 31,
2016. Total deposits were $10.45 billion at September 30,
2017 compared to $6.94 billion at December 31, 2016. Total
assets were $14.26 billion at September 30, 2017 compared to $9.81
billion at December 31, 2016.
During the first nine months of 2017, the
Company acquired $2.82 billion of loans, net of purchase accounting
discounts. From December 31, 2016 to September 30, 2017, the
Company produced approximately $73.8 million of organic loan
growth. Centennial CFG produced $113.7 million of net organic
loan growth during the first nine months of 2017 while the legacy
footprint experienced significant net payoffs during the first nine
months of 2017, resulting in a decline of $39.9 million.
During the third quarter of 2017, the Company
acquired $2.37 billion of loans, net of purchase accounting
discounts. From June 30, 2017 to September 30, 2017, the
Company experienced organic growth in loans receivable of
approximately $73.2 million. During the third quarter of
2017, Centennial CFG produced $73.4 million of organic loan growth,
while the legacy footprint remained relatively unchanged.
Centennial CFG had loans of $1.22 billion at September 30,
2017.
Non-performing loans at September 30, 2017 were
$24.3 million, $39.6 million, $83,000 and zero in the Arkansas,
Florida, Alabama and Centennial CFG markets, respectively, for a
total of $64.0 million. Non-performing loans as a percent of
total loans were 0.62% as of September 30, 2017 compared to 0.85%
as of December 31, 2016. Non-performing assets at September
30, 2017 were $36.4 million, $48.6 million, $724,000 and zero in
the Arkansas, Florida and Alabama and Centennial CFG markets,
respectively, for a total of $85.7 million. Non-performing
assets as a percent of total assets were 0.60% as of September 30,
2017 compared to 0.81% as of December 31, 2016.
The Company’s allowance for loan losses was
$111.6 million at September 30, 2017, or 1.09% of total loans,
compared to $80.0 million, or 1.08% of total loans, at December 31,
2016. This increase is primarily the result of the $32.9
million storm-related provision for loan loss recorded during the
third quarter of 2017 offset by acquiring $2.82 billion of loans
during 2017 which do not have an associated allowance for loan
losses as a result of purchase accounting. As of September
30, 2017 and December 31, 2016, the Company’s allowance for loan
losses was 174% and 127% of its total non-performing loans,
respectively.
During the third quarter of 2017, the Company
acquired $2.53 billion of deposits, net of purchase accounting
discounts. From June 30, 2017 to September 30, 2017, the
Company experienced organic growth in deposits of approximately
$155.7 million.
Stockholders’ equity was $2.21 billion at
September 30, 2017 compared to $1.33 billion at December 31, 2016,
an increase of $879.2 million. The increase in stockholders’
equity is primarily associated with the $77.5 million and $742.3
million of common stock issued to the GHI and Stonegate
shareholders, respectively, plus the $70.5 million increase in
retained earnings combined with $3.5 million of comprehensive
income offset by the repurchase of $19.5 million of our common
stock during the first nine months of 2017. The annualized
improvement in stockholders’ equity for the first nine months of
2017 excluding the $819.8 million of common stock issued to both
the GHI and Stonegate shareholders was 6.0%. Book value per
common share was $12.71 at September 30, 2017 compared to $9.45 at
December 31, 2016 for an annualized increase of 46.1%.
Tangible book value per common share was $7.06 at September
30, 2017 compared to $6.63 at December 31, 2016 for an annualized
increase of 8.7%. Due to the short time period between the
completion of the Stonegate acquisition and September 30, 2017, the
purchase price allocation and certain fair value measurements
remain preliminary. The Company will continue to review the
estimated fair values of loans, deposits, property and equipment,
intangible assets, and other assets and liabilities, and to
evaluate the assumed tax positions and contingencies.
Branches
During the fourth quarter of 2017, the Company
has plans to close a branch location in Daphne, Alabama. The
Company currently has 76 branches in Arkansas, 89 branches in
Florida, 6 branches in Alabama and one branch in New York
City. As a result of Hurricane Irma, our Naples, Florida
branch location will remain closed until further notice.
Conference Call
Management will conduct a conference call to
review this information at 1:00 p.m. CT (2:00 ET) on Thursday,
October 19, 2017. We encourage all participants to
pre-register for the conference call using the following
link: http://dpregister.com/10112266. Callers who
pre-register will be given dial-in instructions and a unique PIN to
gain immediate access to the live call. Participants may
pre-register now, or at any time prior to the call, and will
immediately receive simple instructions via email. The Home
BancShares conference call will also be automatically scheduled as
an event in your Outlook calendar.
Those without internet access or unable to
pre-register may dial in and listen to the live call by calling
1-877-508-9586 and asking for the Home BancShares conference
call. A replay of the call will be available by calling
1-877-344-7529, Passcode: 10112266, which will be available until
October 26, 2017 at 10:59 p.m. CT (11:59 ET). Internet access
to the call will be available live or in recorded version on the
Company's website at www.homebancshares.com under “Investor
Relations” for 12 months.
Non-GAAP Financial Measures
This press release contains financial
information determined by methods other than in accordance with
generally accepted accounting principles (GAAP). The Company’s
management uses these non-GAAP financial measures, including
earnings excluding non-fundamental items, return on average assets
excluding intangible amortization, return on average assets
excluding non-fundamental items, return on average common equity
excluding intangible amortization, core efficiency ratio, non-GAAP
net interest margin, tangible book value per common share, and the
tangible common equity to tangible assets ratio, to provide
meaningful supplemental information regarding our performance.
These measures typically adjust GAAP performance measures to
include the tax benefit associated with revenue items that are
tax-exempt, as well as adjust income available to common
shareholders for certain significant non-fundamental items or
non-recurring transactions. Since the presentation of these
GAAP performance measures and their impact differ between
companies, management believes presentations of these non-GAAP
financial measures provide useful supplemental information that is
essential to a proper understanding of the operating results of the
Company’s core business. These non-GAAP disclosures should not be
viewed as a substitute for operating results determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. Where non-GAAP financial measures are used, the
comparable GAAP financial measure, as well as the reconciliation to
the comparable GAAP financial measure, can be found in the tables
of this release.
General
This release contains forward-looking statements
regarding the Company's plans, expectations, goals and outlook for
the future. Statements in this press release that are not
historical facts should be considered forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements of this type speak only as of
the date of this news release. By nature, forward-looking
statements involve inherent risk and uncertainties. Various factors
could cause actual results to differ materially from those
contemplated by the forward-looking statements. These factors
include, but are not limited to, the following: the effects of
future local, regional, national and international economic
conditions, including inflation or a decrease in commercial real
estate and residential housing values; changes in the level of
nonperforming assets and charge-offs, and credit risk generally;
the risks of changes in interest rates or the level and composition
of deposits, loan demand and the values of loan collateral,
securities and interest-sensitive assets and liabilities; the
effect of any mergers, acquisitions or other transactions to which
we or our bank subsidiary may from time to time be a party,
including our ability to successfully integrate any businesses that
we acquire; the risk that expected cost savings and other benefits
from acquisitions may not be fully realized or may take longer to
realize than expected; the possibility that an acquisition does not
close when expected or at all because required regulatory,
shareholder or other approvals and other conditions to closing are
not received or satisfied on a timely basis or at all; the reaction
to a proposed acquisition transaction of the respective companies’
customers, employees and counterparties; diversion of management
time on acquisition-related issues; the ability to enter into
and/or close additional acquisitions; the availability of and
access to capital on terms acceptable to us; increased regulatory
requirements and supervision that will apply as a result of our
exceeding $10 billion in total assets; legislation and regulation
affecting the financial services industry as a whole, and the
Company and its subsidiaries in particular, including the effects
resulting from the reforms enacted by the Dodd-Frank Wall Street
Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the
adoption of regulations by regulatory bodies under the Dodd-Frank
Act; governmental monetary and fiscal policies, as well as
legislative and regulatory changes, including as a result of
initiatives of the newly elected administration of President Donald
J. Trump; the effects of terrorism and efforts to combat it;
political instability; the ability to keep pace with technological
changes, including changes regarding cybersecurity; an increase in
the incidence or severity of fraud, illegal payments, security
breaches or other illegal acts impacting our bank subsidiary or our
customers; the effects of competition from other commercial banks,
thrifts, mortgage banking firms, consumer finance companies, credit
unions, securities brokerage firms, insurance companies, money
market and other mutual funds and other financial institutions
operating in our market area and elsewhere, including institutions
operating regionally, nationally and internationally, together with
competitors offering banking products and services by mail,
telephone and the Internet; the effect of changes in accounting
policies and practices and auditing requirements, as may be adopted
by the regulatory agencies, as well as the Public Company
Accounting Oversight Board, the Financial Accounting Standards
Board, and other accounting standard setters; higher defaults on
our loan portfolio than we expect; and the failure of assumptions
underlying the establishment of our allowance for loan losses or
changes in our estimate of the adequacy of the allowance for loan
losses. Additional information on factors that might affect
Home BancShares, Inc.'s financial results is included in its Annual
Report on Form 10-K for the year ended December 31, 2016 filed with
the Securities and Exchange Commission (the “SEC”) on February 28,
2017.
Home BancShares, Inc. is a bank holding company,
headquartered in Conway, Arkansas. Its wholly-owned subsidiary,
Centennial Bank, provides a broad range of commercial and retail
banking plus related financial services to businesses, real estate
developers, investors, individuals and municipalities. Centennial
Bank has branch locations in Arkansas, Florida, South Alabama and
New York City. The Company’s common stock is traded through the
NASDAQ Global Select Market under the symbol “HOMB.”
FOR MORE INFORMATION CONTACT:
Jennifer C. FloydChief Accounting Officer &Investor
Relations OfficerHome BancShares, Inc.(501) 339-2929
Home BancShares,
Inc. |
|
Consolidated End of
Period Balance Sheets |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Sep.
30, |
Jun.
30, |
Mar.
31, |
Dec.
31, |
Sep.
30, |
|
(In
thousands) |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
197,953 |
|
|
$ |
147,041 |
|
|
$ |
163,662 |
|
|
$ |
123,758 |
|
|
$ |
123,126 |
|
|
Interest-bearing
deposits with other banks |
|
|
354,367 |
|
|
|
313,447 |
|
|
|
253,427 |
|
|
|
92,891 |
|
|
|
173,034 |
|
|
Cash and cash
equivalents |
|
|
552,320 |
|
|
|
460,488 |
|
|
|
417,089 |
|
|
|
216,649 |
|
|
|
296,160 |
|
|
Federal funds
sold |
|
|
4,545 |
|
|
|
- |
|
|
|
1,700 |
|
|
|
1,550 |
|
|
|
1,850 |
|
|
Investment
securities - available-for-sale |
|
|
1,575,685 |
|
|
|
1,400,431 |
|
|
|
1,250,590 |
|
|
|
1,072,920 |
|
|
|
1,233,269 |
|
|
Investment
securities - held-to-maturity |
|
|
234,945 |
|
|
|
254,161 |
|
|
|
276,599 |
|
|
|
284,176 |
|
|
|
275,544 |
|
|
Loans
receivable |
|
|
10,286,193 |
|
|
|
7,834,475 |
|
|
|
7,849,645 |
|
|
|
7,387,699 |
|
|
|
7,112,291 |
|
|
Allowance for
loan losses |
|
|
(111,620 |
) |
|
|
(80,138 |
) |
|
|
(80,311 |
) |
|
|
(80,002 |
) |
|
|
(76,370 |
) |
|
Loans
receivable, net |
|
|
10,174,573 |
|
|
|
7,754,337 |
|
|
|
7,769,334 |
|
|
|
7,307,697 |
|
|
|
7,035,921 |
|
|
Bank premises and
equipment, net |
|
|
239,990 |
|
|
|
207,071 |
|
|
|
212,813 |
|
|
|
205,301 |
|
|
|
208,137 |
|
|
Foreclosed assets
held for sale |
|
|
21,701 |
|
|
|
18,789 |
|
|
|
17,315 |
|
|
|
15,951 |
|
|
|
17,053 |
|
|
Cash value of
life insurance |
|
|
146,158 |
|
|
|
97,684 |
|
|
|
97,223 |
|
|
|
86,491 |
|
|
|
86,230 |
|
|
Accrued interest
receivable |
|
|
41,071 |
|
|
|
32,445 |
|
|
|
32,413 |
|
|
|
30,838 |
|
|
|
29,398 |
|
|
Deferred tax
asset, net |
|
|
121,787 |
|
|
|
68,368 |
|
|
|
67,063 |
|
|
|
61,298 |
|
|
|
56,435 |
|
|
Goodwill |
|
|
929,129 |
|
|
|
420,941 |
|
|
|
420,941 |
|
|
|
377,983 |
|
|
|
377,983 |
|
|
Core deposit and
other intangibles |
|
|
50,982 |
|
|
|
21,019 |
|
|
|
21,885 |
|
|
|
18,311 |
|
|
|
19,073 |
|
|
Other
assets |
|
|
163,081 |
|
|
|
136,494 |
|
|
|
132,503 |
|
|
|
129,300 |
|
|
|
127,185 |
|
|
Total assets |
|
$ |
14,255,967 |
|
|
$ |
10,872,228 |
|
|
$ |
10,717,468 |
|
|
$ |
9,808,465 |
|
|
$ |
9,764,238 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Demand and
non-interest-bearing |
|
$ |
2,555,465 |
|
|
$ |
1,957,677 |
|
|
$ |
1,862,996 |
|
|
$ |
1,695,184 |
|
|
$ |
1,717,467 |
|
|
Savings and
interest-bearing transaction accounts |
|
|
6,341,883 |
|
|
|
4,335,456 |
|
|
|
4,274,194 |
|
|
|
3,963,241 |
|
|
|
3,792,229 |
|
|
Time
deposits |
|
|
1,551,422 |
|
|
|
1,474,255 |
|
|
|
1,430,017 |
|
|
|
1,284,002 |
|
|
|
1,330,597 |
|
|
Total deposits |
|
|
10,448,770 |
|
|
|
7,767,388 |
|
|
|
7,567,207 |
|
|
|
6,942,427 |
|
|
|
6,840,293 |
|
|
Federal funds
purchased |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Securities sold
under agreements to repurchase |
|
|
149,531 |
|
|
|
133,741 |
|
|
|
123,793 |
|
|
|
121,290 |
|
|
|
109,350 |
|
|
FHLB and other
borrowed funds |
|
|
1,044,333 |
|
|
|
1,099,478 |
|
|
|
1,455,040 |
|
|
|
1,305,198 |
|
|
|
1,420,369 |
|
|
Accrued interest
payable and other liabilities |
|
|
38,782 |
|
|
|
37,751 |
|
|
|
69,125 |
|
|
|
51,234 |
|
|
|
37,382 |
|
|
Subordinated
debentures |
|
|
367,835 |
|
|
|
357,838 |
|
|
|
60,735 |
|
|
|
60,826 |
|
|
|
60,826 |
|
|
Total liabilities |
|
|
12,049,251 |
|
|
|
9,396,196 |
|
|
|
9,275,900 |
|
|
|
8,480,975 |
|
|
|
8,468,220 |
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
Common
stock |
|
|
1,737 |
|
|
|
1,431 |
|
|
|
1,434 |
|
|
|
1,405 |
|
|
|
1,405 |
|
|
Capital
surplus |
|
|
1,674,642 |
|
|
|
940,821 |
|
|
|
948,982 |
|
|
|
869,737 |
|
|
|
866,310 |
|
|
Retained
earnings |
|
|
526,448 |
|
|
|
527,338 |
|
|
|
490,142 |
|
|
|
455,948 |
|
|
|
419,999 |
|
|
Accumulated other
comprehensive income |
|
|
3,889 |
|
|
|
6,442 |
|
|
|
1,010 |
|
|
|
400 |
|
|
|
8,304 |
|
|
Total stockholders'
equity |
|
|
2,206,716 |
|
|
|
1,476,032 |
|
|
|
1,441,568 |
|
|
|
1,327,490 |
|
|
|
1,296,018 |
|
|
Total liabilities and stockholders'
equity |
|
$ |
14,255,967 |
|
|
$ |
10,872,228 |
|
|
$ |
10,717,468 |
|
|
$ |
9,808,465 |
|
|
$ |
9,764,238 |
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
|
Consolidated Statements
of Income |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
Nine Months
Ended |
|
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
|
Sep. 30, |
|
|
|
Sep. 30, |
|
|
(In
thousands) |
|
|
2017 |
|
|
|
2017 |
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
113,269 |
|
|
$ |
112,732 |
|
$ |
105,762 |
|
|
$ |
103,113 |
|
|
$ |
102,953 |
|
|
|
$ |
331,763 |
|
|
$ |
300,281 |
|
|
Investment
securities |
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
7,071 |
|
|
|
6,434 |
|
|
5,478 |
|
|
|
5,068 |
|
|
|
5,583 |
|
|
|
|
18,983 |
|
|
|
16,178 |
|
|
Tax-exempt |
|
|
3,032 |
|
|
|
2,966 |
|
|
2,944 |
|
|
|
3,059 |
|
|
|
2,720 |
|
|
|
|
8,942 |
|
|
|
8,358 |
|
|
Deposits - other
banks |
|
|
538 |
|
|
|
727 |
|
|
308 |
|
|
|
146 |
|
|
|
117 |
|
|
|
|
1,573 |
|
|
|
325 |
|
|
Federal funds
sold |
|
|
3 |
|
|
|
4 |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
9 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income |
|
|
123,913 |
|
|
|
122,863 |
|
|
114,494 |
|
|
|
111,388 |
|
|
|
111,375 |
|
|
|
|
361,270 |
|
|
|
325,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
|
8,535 |
|
|
|
6,810 |
|
|
5,486 |
|
|
|
4,398 |
|
|
|
4,040 |
|
|
|
|
20,831 |
|
|
|
11,528 |
|
|
Federal funds
purchased |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
2 |
|
|
FHLB borrowed
funds |
|
|
3,408 |
|
|
|
3,710 |
|
|
3,589 |
|
|
|
3,201 |
|
|
|
3,139 |
|
|
|
|
10,707 |
|
|
|
9,283 |
|
|
Securities sold
under agreements to repurchase |
|
|
232 |
|
|
|
196 |
|
|
165 |
|
|
|
153 |
|
|
|
142 |
|
|
|
|
593 |
|
|
|
421 |
|
|
Subordinated
debentures |
|
|
4,969 |
|
|
|
4,795 |
|
|
439 |
|
|
|
429 |
|
|
|
401 |
|
|
|
|
10,203 |
|
|
|
1,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
expense |
|
|
17,144 |
|
|
|
15,511 |
|
|
9,679 |
|
|
|
8,181 |
|
|
|
7,722 |
|
|
|
|
42,334 |
|
|
|
22,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
106,769 |
|
|
|
107,352 |
|
|
104,815 |
|
|
|
103,207 |
|
|
|
103,653 |
|
|
|
|
318,936 |
|
|
|
302,751 |
|
|
Provision for
loan losses |
|
|
35,023 |
|
|
|
387 |
|
|
3,914 |
|
|
|
1,703 |
|
|
|
5,536 |
|
|
|
|
39,324 |
|
|
|
16,905 |
|
|
Net interest income
after |
|
|
|
|
|
|
|
|
|
|
provision for loan
losses |
|
|
71,746 |
|
|
|
106,965 |
|
|
100,901 |
|
|
|
101,504 |
|
|
|
98,117 |
|
|
|
|
279,612 |
|
|
|
285,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
Service charges
on deposit accounts |
|
|
6,408 |
|
|
|
5,966 |
|
|
5,982 |
|
|
|
6,442 |
|
|
|
6,527 |
|
|
|
|
18,356 |
|
|
|
18,607 |
|
|
Other service
charges and fees |
|
|
8,490 |
|
|
|
8,576 |
|
|
8,917 |
|
|
|
7,611 |
|
|
|
7,504 |
|
|
|
|
25,983 |
|
|
|
22,589 |
|
|
Trust
fees |
|
|
365 |
|
|
|
309 |
|
|
456 |
|
|
|
329 |
|
|
|
365 |
|
|
|
|
1,130 |
|
|
|
1,128 |
|
|
Mortgage lending
income |
|
|
3,172 |
|
|
|
3,750 |
|
|
2,791 |
|
|
|
4,123 |
|
|
|
3,932 |
|
|
|
|
9,713 |
|
|
|
10,276 |
|
|
Insurance
commissions |
|
|
472 |
|
|
|
465 |
|
|
545 |
|
|
|
488 |
|
|
|
534 |
|
|
|
|
1,482 |
|
|
|
1,808 |
|
|
Increase in cash
value of life insurance |
|
|
478 |
|
|
|
463 |
|
|
310 |
|
|
|
320 |
|
|
|
344 |
|
|
|
|
1,251 |
|
|
|
1,092 |
|
|
Dividends from
FHLB, FRB, Bankers' Bank & other |
|
|
834 |
|
|
|
472 |
|
|
1,149 |
|
|
|
944 |
|
|
|
808 |
|
|
|
|
2,455 |
|
|
|
2,147 |
|
|
Gain on acquisitions |
|
|
- |
|
|
|
- |
|
|
3,807 |
|
|
|
- |
|
|
|
- |
|
|
|
|
3,807 |
|
|
|
- |
|
|
Gain (loss) on
SBA loans |
|
|
163 |
|
|
|
387 |
|
|
188 |
|
|
|
645 |
|
|
|
364 |
|
|
|
|
738 |
|
|
|
443 |
|
|
Gain (loss) on
branches, equipment and other assets, net |
|
|
(1,337 |
) |
|
|
431 |
|
|
(56 |
) |
|
|
(1 |
) |
|
|
(86 |
) |
|
|
|
(962 |
) |
|
|
701 |
|
|
Gain (loss) on OREO, net |
|
|
335 |
|
|
|
393 |
|
|
121 |
|
|
|
159 |
|
|
|
132 |
|
|
|
|
849 |
|
|
|
(713 |
) |
|
Gain (loss) on securities, net |
|
|
136 |
|
|
|
380 |
|
|
423 |
|
|
|
644 |
|
|
|
- |
|
|
|
|
939 |
|
|
|
25 |
|
|
FDIC indemnification accretion/(amortization), net |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(772 |
) |
|
Other
income |
|
|
1,941 |
|
|
|
2,825 |
|
|
1,837 |
|
|
|
2,124 |
|
|
|
1,590 |
|
|
|
|
6,603 |
|
|
|
5,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest income |
|
|
21,457 |
|
|
|
24,417 |
|
|
26,470 |
|
|
|
23,828 |
|
|
|
22,014 |
|
|
|
|
72,344 |
|
|
|
63,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits |
|
|
28,510 |
|
|
|
28,034 |
|
|
27,421 |
|
|
|
26,944 |
|
|
|
25,623 |
|
|
|
|
83,965 |
|
|
|
75,018 |
|
|
Occupancy and
equipment |
|
|
7,887 |
|
|
|
7,034 |
|
|
6,681 |
|
|
|
6,281 |
|
|
|
6,668 |
|
|
|
|
21,602 |
|
|
|
19,848 |
|
|
Data processing
expense |
|
|
2,853 |
|
|
|
2,863 |
|
|
2,723 |
|
|
|
2,278 |
|
|
|
2,791 |
|
|
|
|
8,439 |
|
|
|
8,221 |
|
|
Other operating
expenses |
|
|
31,596 |
|
|
|
13,072 |
|
|
18,316 |
|
|
|
11,991 |
|
|
|
15,944 |
|
|
|
|
62,984 |
|
|
|
41,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
|
|
70,846 |
|
|
|
51,003 |
|
|
55,141 |
|
|
|
47,494 |
|
|
|
51,026 |
|
|
|
|
176,990 |
|
|
|
144,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
22,357 |
|
|
|
80,379 |
|
|
72,230 |
|
|
|
77,838 |
|
|
|
69,105 |
|
|
|
|
174,966 |
|
|
|
204,808 |
|
|
Income tax
expense |
|
|
7,536 |
|
|
|
30,282 |
|
|
25,374 |
|
|
|
29,248 |
|
|
|
25,485 |
|
|
|
|
63,192 |
|
|
|
76,252 |
|
|
Net
income |
|
$ |
14,821 |
|
|
$ |
50,097 |
|
$ |
46,856 |
|
|
$ |
48,590 |
|
|
$ |
43,620 |
|
|
|
$ |
111,774 |
|
|
$ |
128,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
|
Selected Financial
Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
Nine Months
Ended |
|
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
|
Sep. 30, |
|
|
|
Sep. 30, |
|
|
(Dollars and shares in thousands,
except per share data) |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
|
$ |
0.10 |
|
|
$ |
0.35 |
|
|
$ |
0.33 |
|
|
$ |
0.35 |
|
|
$ |
0.31 |
|
|
|
$ |
0.78 |
|
|
$ |
0.91 |
|
|
Diluted earnings per
common share excluding gain on acquisitions, merger
expenses, reduced provision for loan losses as a result of a
significant loan recovery & FDIC loss share buy-out
expense (non-GAAP)(1) |
|
|
0.32 |
|
|
|
0.35 |
|
|
|
0.33 |
|
|
|
0.33 |
|
|
|
0.33 |
|
|
|
|
1.00 |
|
|
|
0.93 |
|
|
Basic earnings per
common share |
|
|
0.10 |
|
|
|
0.35 |
|
|
|
0.33 |
|
|
|
0.35 |
|
|
|
0.31 |
|
|
|
|
0.78 |
|
|
|
0.92 |
|
|
Dividends per share -
common |
|
|
0.1100 |
|
|
|
0.0900 |
|
|
|
0.0900 |
|
|
|
0.0900 |
|
|
|
0.0900 |
|
|
|
|
0.2900 |
|
|
|
0.2525 |
|
|
Book value per common
share |
|
|
12.71 |
|
|
|
10.32 |
|
|
|
10.05 |
|
|
|
9.45 |
|
|
|
9.22 |
|
|
|
|
12.71 |
|
|
|
9.22 |
|
|
Tangible book value per
common share (non-GAAP)(1) |
|
|
7.06 |
|
|
|
7.23 |
|
|
|
6.96 |
|
|
|
6.63 |
|
|
|
6.40 |
|
|
|
|
7.06 |
|
|
|
6.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
|
144,238 |
|
|
|
143,282 |
|
|
|
141,785 |
|
|
|
140,465 |
|
|
|
140,436 |
|
|
|
|
143,111 |
|
|
|
140,403 |
|
|
Average diluted shares
outstanding |
|
|
144,987 |
|
|
|
144,116 |
|
|
|
142,492 |
|
|
|
140,781 |
|
|
|
140,703 |
|
|
|
|
143,839 |
|
|
|
140,685 |
|
|
End of period common
shares outstanding |
|
|
173,666 |
|
|
|
143,071 |
|
|
|
143,442 |
|
|
|
140,472 |
|
|
|
140,490 |
|
|
|
|
173,666 |
|
|
|
140,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
|
0.54 |
% |
|
|
1.86 |
% |
|
|
1.86 |
% |
|
|
1.98 |
% |
|
|
1.81 |
% |
|
|
|
1.41 |
% |
|
|
1.81 |
% |
|
Return on average
assets excluding merger expenses, gain on acquisitions,
reduced provision for loan losses as a result of a
significant loan recovery, loss on FDIC loss share buyout and
hurricane expenses (non-GAAP)(1) |
|
|
1.70 |
% |
|
|
1.88 |
% |
|
|
1.88 |
% |
|
|
1.88 |
% |
|
|
1.90 |
% |
|
|
|
1.82 |
% |
|
|
1.84 |
% |
|
Return on average
assets excluding intangible amortization (non-GAAP)(1) |
|
|
0.59 |
% |
|
|
1.96 |
% |
|
|
1.96 |
% |
|
|
2.08 |
% |
|
|
1.91 |
% |
|
|
|
1.49 |
% |
|
|
1.91 |
% |
|
Return on average
assets excluding intangible amortization, provision for loan
losses, merger expenses, gain on acquisitions, reduced
provision for loan losses as a result of a significant loan
recovery, loss on FDIC loss share buyout and income taxes
(Core ROA) (non-GAAP)(1) |
|
|
2.94 |
% |
|
|
3.19 |
% |
|
|
3.31 |
% |
|
|
3.23 |
% |
|
|
3.43 |
% |
|
|
|
3.14 |
% |
|
|
3.35 |
% |
|
Return on average
common equity |
|
|
3.88 |
% |
|
|
13.83 |
% |
|
|
13.85 |
% |
|
|
14.79 |
% |
|
|
13.62 |
% |
|
|
|
10.33 |
% |
|
|
13.83 |
% |
|
Return on average
tangible common equity excluding intangible amortization
(non-GAAP)(1) |
|
|
5.80 |
% |
|
|
20.09 |
% |
|
|
20.08 |
% |
|
|
21.45 |
% |
|
|
20.01 |
% |
|
|
|
15.06 |
% |
|
|
20.59 |
% |
|
Efficiency ratio |
|
|
53.77 |
% |
|
|
37.48 |
% |
|
|
40.76 |
% |
|
|
36.19 |
% |
|
|
39.41 |
% |
|
|
|
43.92 |
% |
|
|
38.16 |
% |
|
Core efficiency ratio
(non-GAAP)(1) |
|
|
39.12 |
% |
|
|
37.29 |
% |
|
|
36.96 |
% |
|
|
35.97 |
% |
|
|
36.51 |
% |
|
|
|
37.79 |
% |
|
|
36.75 |
% |
|
Net interest margin -
FTE |
|
|
4.40 |
% |
|
|
4.50 |
% |
|
|
4.70 |
% |
|
|
4.75 |
% |
|
|
4.86 |
% |
|
|
|
4.53 |
% |
|
|
4.83 |
% |
|
Fully taxable
equivalent adjustment |
|
$ |
1,846 |
|
|
$ |
2,016 |
|
|
$ |
2,011 |
|
|
$ |
2,108 |
|
|
$ |
1,869 |
|
|
|
$ |
5,873 |
|
|
$ |
5,816 |
|
|
Total revenue |
|
|
145,370 |
|
|
|
147,280 |
|
|
|
140,964 |
|
|
|
135,216 |
|
|
|
133,389 |
|
|
|
|
433,614 |
|
|
|
388,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
795 |
|
|
$ |
812 |
|
|
$ |
698 |
|
|
$ |
910 |
|
|
$ |
866 |
|
|
|
$ |
2,305 |
|
|
$ |
2,422 |
|
|
Merger and acquisition
expenses |
|
|
18,227 |
|
|
|
789 |
|
|
|
6,727 |
|
|
|
433 |
|
|
|
- |
|
|
|
|
25,743 |
|
|
|
- |
|
|
FDIC loss share buy-out
expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,849 |
|
|
|
|
- |
|
|
|
3,849 |
|
|
Amortization of
intangibles |
|
|
906 |
|
|
|
866 |
|
|
|
804 |
|
|
|
762 |
|
|
|
762 |
|
|
|
|
2,576 |
|
|
|
2,370 |
|
|
Electronic banking
expense |
|
|
1,712 |
|
|
|
1,654 |
|
|
|
1,519 |
|
|
|
1,621 |
|
|
|
1,428 |
|
|
|
|
4,885 |
|
|
|
4,121 |
|
|
Directors' fees |
|
|
309 |
|
|
|
324 |
|
|
|
313 |
|
|
|
294 |
|
|
|
292 |
|
|
|
|
946 |
|
|
|
856 |
|
|
Due from bank service
charges |
|
|
472 |
|
|
|
456 |
|
|
|
420 |
|
|
|
393 |
|
|
|
319 |
|
|
|
|
1,348 |
|
|
|
961 |
|
|
FDIC and state
assessment |
|
|
1,293 |
|
|
|
1,182 |
|
|
|
1,288 |
|
|
|
1,097 |
|
|
|
1,502 |
|
|
|
|
3,763 |
|
|
|
4,394 |
|
|
Insurance |
|
|
577 |
|
|
|
543 |
|
|
|
578 |
|
|
|
563 |
|
|
|
553 |
|
|
|
|
1,698 |
|
|
|
1,630 |
|
|
Legal and
accounting |
|
|
698 |
|
|
|
474 |
|
|
|
627 |
|
|
|
442 |
|
|
|
583 |
|
|
|
|
1,799 |
|
|
|
1,764 |
|
|
Other professional
fees |
|
|
1,436 |
|
|
|
1,233 |
|
|
|
1,153 |
|
|
|
943 |
|
|
|
1,137 |
|
|
|
|
3,822 |
|
|
|
3,106 |
|
|
Operating supplies |
|
|
432 |
|
|
|
477 |
|
|
|
467 |
|
|
|
466 |
|
|
|
437 |
|
|
|
|
1,376 |
|
|
|
1,292 |
|
|
Postage |
|
|
280 |
|
|
|
295 |
|
|
|
286 |
|
|
|
269 |
|
|
|
269 |
|
|
|
|
861 |
|
|
|
815 |
|
|
Telephone |
|
|
305 |
|
|
|
398 |
|
|
|
324 |
|
|
|
360 |
|
|
|
449 |
|
|
|
|
1,027 |
|
|
|
1,391 |
|
|
Other expense |
|
|
4,154 |
|
|
|
3,569 |
|
|
|
3,112 |
|
|
|
3,438 |
|
|
|
3,498 |
|
|
|
|
10,835 |
|
|
|
12,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
operating expenses |
|
$ |
31,596 |
|
|
$ |
13,072 |
|
|
$ |
18,316 |
|
|
$ |
11,991 |
|
|
$ |
15,944 |
|
|
|
$ |
62,984 |
|
|
$ |
41,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of this metric and the
reconciliation to GAAP is included in the schedules accompanying
this release. |
|
Home BancShares,
Inc. |
|
|
Selected Financial
Information |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
(Dollars in
thousands) |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
|
98.44 |
% |
|
|
100.86 |
% |
|
|
103.73 |
% |
|
|
106.41 |
% |
|
|
103.98 |
% |
|
|
Common equity to
assets |
|
|
15.48 |
% |
|
|
13.58 |
% |
|
|
13.45 |
% |
|
|
13.53 |
% |
|
|
13.27 |
% |
|
|
Tangible common equity
to tangible assets (non-GAAP)(1) |
|
|
9.24 |
% |
|
|
9.91 |
% |
|
|
9.72 |
% |
|
|
9.89 |
% |
|
|
9.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
|
|
|
Commercial real
estate loans |
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,532,402 |
|
|
$ |
3,368,663 |
|
|
$ |
3,462,773 |
|
|
$ |
3,153,121 |
|
|
$ |
2,954,618 |
|
|
|
Construction/land development |
|
|
1,648,923 |
|
|
|
1,315,309 |
|
|
|
1,217,519 |
|
|
|
1,135,843 |
|
|
|
1,065,204 |
|
|
|
Agricultural |
|
|
88,295 |
|
|
|
78,260 |
|
|
|
79,940 |
|
|
|
77,736 |
|
|
|
77,556 |
|
|
|
Residential real
estate loans |
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,968,688 |
|
|
|
1,513,888 |
|
|
|
1,493,133 |
|
|
|
1,356,136 |
|
|
|
1,264,384 |
|
|
|
Multifamily residential |
|
|
497,910 |
|
|
|
398,781 |
|
|
|
404,815 |
|
|
|
340,926 |
|
|
|
328,089 |
|
|
|
Total real estate |
|
|
8,736,218 |
|
|
|
6,674,901 |
|
|
|
6,658,180 |
|
|
|
6,063,762 |
|
|
|
5,689,851 |
|
|
|
Consumer |
|
|
51,515 |
|
|
|
38,424 |
|
|
|
41,893 |
|
|
|
41,745 |
|
|
|
42,487 |
|
|
|
Commercial and
industrial |
|
|
1,296,485 |
|
|
|
994,827 |
|
|
|
1,013,403 |
|
|
|
1,123,213 |
|
|
|
1,225,043 |
|
|
|
Agricultural |
|
|
57,489 |
|
|
|
69,697 |
|
|
|
69,307 |
|
|
|
74,673 |
|
|
|
73,413 |
|
|
|
Other |
|
|
144,486 |
|
|
|
56,626 |
|
|
|
66,862 |
|
|
|
84,306 |
|
|
|
81,497 |
|
|
|
Loans
receivable |
|
$ |
10,286,193 |
|
|
$ |
7,834,475 |
|
|
$ |
7,849,645 |
|
|
$ |
7,387,699 |
|
|
$ |
7,112,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount for credit
losses on purchased loans |
|
$ |
158,001 |
|
|
$ |
95,627 |
|
|
$ |
104,464 |
|
|
$ |
100,148 |
|
|
$ |
108,017 |
|
|
|
Purchased loans, net of
discount for credit losses on purchased loans |
|
|
3,653,079 |
|
|
|
1,355,922 |
|
|
|
1,375,210 |
|
|
|
1,125,599 |
|
|
|
1,368,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
80,138 |
|
|
$ |
80,311 |
|
|
$ |
80,002 |
|
|
$ |
76,370 |
|
|
$ |
74,341 |
|
|
|
Loans charged off |
|
|
4,424 |
|
|
|
1,405 |
|
|
|
4,706 |
|
|
|
4,836 |
|
|
|
4,351 |
|
|
|
Recoveries of loans
previously charged off |
|
|
883 |
|
|
|
845 |
|
|
|
1,101 |
|
|
|
6,765 |
|
|
|
844 |
|
|
|
Net loans
(recovered)/charged off |
|
|
3,541 |
|
|
|
560 |
|
|
|
3,605 |
|
|
|
(1,929 |
) |
|
|
3,507 |
|
|
|
Provision for loan
losses |
|
|
35,023 |
|
|
|
387 |
|
|
|
3,914 |
|
|
|
1,703 |
|
|
|
5,536 |
|
|
|
Balance, end of
period |
|
$ |
111,620 |
|
|
$ |
80,138 |
|
|
$ |
80,311 |
|
|
$ |
80,002 |
|
|
$ |
76,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (recoveries)
charge-offs to average total loans |
|
|
0.18 |
% |
|
|
0.03 |
% |
|
|
0.19 |
% |
|
|
-0.11 |
% |
|
|
0.20 |
% |
|
|
Allowance for loan
losses to total loans |
|
|
1.09 |
% |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
|
1.08 |
% |
|
|
1.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
loans |
|
|
|
|
|
|
|
|
Non-accrual
loans |
|
$ |
34,794 |
|
|
$ |
32,426 |
|
|
$ |
43,810 |
|
|
$ |
47,182 |
|
|
$ |
39,353 |
|
|
|
Loans past due
90 days or more |
|
|
29,183 |
|
|
|
14,442 |
|
|
|
15,388 |
|
|
|
15,942 |
|
|
|
20,737 |
|
|
|
Total non-performing loans |
|
|
63,977 |
|
|
|
46,868 |
|
|
|
59,198 |
|
|
|
63,124 |
|
|
|
60,090 |
|
|
|
Other non-performing
assets |
|
|
|
|
|
|
|
|
Foreclosed
assets held for sale, net |
|
|
21,701 |
|
|
|
18,789 |
|
|
|
17,315 |
|
|
|
15,951 |
|
|
|
17,053 |
|
|
|
Other
non-performing assets |
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
- |
|
|
|
Total other non-performing assets |
|
|
21,704 |
|
|
|
18,792 |
|
|
|
17,318 |
|
|
|
15,954 |
|
|
|
17,053 |
|
|
|
Total non-performing assets |
|
$ |
85,681 |
|
|
$ |
65,660 |
|
|
$ |
76,516 |
|
|
$ |
79,078 |
|
|
$ |
77,143 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses for loans to non-performing loans |
|
|
174.47 |
% |
|
|
170.99 |
% |
|
|
135.67 |
% |
|
|
126.74 |
% |
|
|
127.09 |
% |
|
|
Non-performing loans to
total loans |
|
|
0.62 |
% |
|
|
0.60 |
% |
|
|
0.75 |
% |
|
|
0.85 |
% |
|
|
0.84 |
% |
|
|
Non-performing assets
to total assets |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.71 |
% |
|
|
0.81 |
% |
|
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of this metric and the reconciliation
to GAAP is included in the schedules accompanying this
release. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Consolidated Net
Interest Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
September 30,
2017 |
|
June 30,
2017 |
|
|
Average |
|
|
|
Income/ |
|
|
|
Yield/ |
|
|
Average |
|
|
|
Income/ |
|
|
|
Yield/ |
|
(Dollars in
thousands) |
|
Balance |
|
|
|
Expense |
|
|
|
Rate |
|
|
Balance |
|
|
|
Expense |
|
|
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
balances due from banks |
|
$ |
180,368 |
|
|
$ |
538 |
|
|
|
1.18 |
% |
|
$ |
303,997 |
|
|
$ |
727 |
|
|
|
0.96 |
% |
Federal funds
sold |
|
|
878 |
|
|
|
3 |
|
|
|
1.36 |
% |
|
|
1,427 |
|
|
|
4 |
|
|
|
1.12 |
% |
Investment
securities - taxable |
|
|
1,326,117 |
|
|
|
7,071 |
|
|
|
2.12 |
% |
|
|
1,256,202 |
|
|
|
6,434 |
|
|
|
2.05 |
% |
Investment
securities - non-taxable - FTE |
|
|
348,920 |
|
|
|
4,908 |
|
|
|
5.58 |
% |
|
|
346,708 |
|
|
|
4,812 |
|
|
|
5.57 |
% |
Loans receivable
- FTE |
|
|
7,938,716 |
|
|
|
113,239 |
|
|
|
5.66 |
% |
|
|
7,829,615 |
|
|
|
112,902 |
|
|
|
5.78 |
% |
Total interest-earning assets |
|
|
9,794,999 |
|
|
|
125,759 |
|
|
|
5.09 |
% |
|
|
9,737,949 |
|
|
|
124,879 |
|
|
|
5.14 |
% |
Non-earning
assets |
|
|
1,058,560 |
|
|
|
|
|
|
|
|
|
|
|
1,055,821 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
10,853,559 |
|
|
|
|
|
|
|
|
|
|
$ |
10,793,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
4,512,785 |
|
|
$ |
5,755 |
|
|
|
0.51 |
% |
|
$ |
4,292,389 |
|
|
$ |
4,313 |
|
|
|
0.40 |
% |
Time deposits |
|
|
1,444,662 |
|
|
|
2,780 |
|
|
|
0.76 |
% |
|
|
1,443,228 |
|
|
|
2,497 |
|
|
|
0.69 |
% |
Total interest-bearing deposits |
|
|
5,957,447 |
|
|
|
8,535 |
|
|
|
0.57 |
% |
|
|
5,735,617 |
|
|
|
6,810 |
|
|
|
0.48 |
% |
Federal funds
purchased |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
Securities sold
under agreement to repurchase |
|
|
135,855 |
|
|
|
232 |
|
|
|
0.68 |
% |
|
|
128,661 |
|
|
|
196 |
|
|
|
0.61 |
% |
FHLB borrowed
funds |
|
|
920,754 |
|
|
|
3,408 |
|
|
|
1.47 |
% |
|
|
1,177,510 |
|
|
|
3,710 |
|
|
|
1.26 |
% |
Subordinated
debentures |
|
|
358,347 |
|
|
|
4,969 |
|
|
|
5.50 |
% |
|
|
351,659 |
|
|
|
4,795 |
|
|
|
5.47 |
% |
Total interest-bearing liabilities |
|
|
7,372,403 |
|
|
|
17,144 |
|
|
|
0.92 |
% |
|
|
7,393,447 |
|
|
|
15,511 |
|
|
|
0.84 |
% |
Non-interest
bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
1,924,933 |
|
|
|
|
1,899,865 |
|
|
Other liabilities |
|
|
42,394 |
|
|
|
|
|
|
|
|
|
|
|
47,359 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
9,339,730 |
|
|
|
|
|
|
|
|
|
|
|
9,340,671 |
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
1,513,829 |
|
|
|
|
|
|
|
|
|
|
|
1,453,099 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
10,853,559 |
|
|
|
|
|
|
$ |
10,793,770 |
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
|
|
4.17 |
% |
|
|
|
|
|
|
|
|
|
4.30 |
% |
Net interest
income and margin - FTE |
|
|
|
|
$ |
108,615 |
|
|
|
4.40 |
% |
|
|
|
|
$ |
109,368 |
|
|
|
4.50 |
% |
Home BancShares,
Inc. |
|
Consolidated Net
Interest Margin |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
|
|
September 30,
2017 |
|
September 30,
2016 |
|
|
|
Average |
|
|
|
Income/ |
|
|
|
Yield/ |
|
|
|
Average |
|
|
|
Income/ |
|
|
|
Yield/ |
|
|
(Dollars in
thousands) |
|
Balance |
|
|
|
Expense |
|
|
|
Rate |
|
|
|
Balance |
|
|
|
Expense |
|
|
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Earning
assets |
|
|
|
|
|
|
|
|
|
Interest-bearing
balances due from banks |
|
$ |
218,324 |
|
|
$ |
1,573 |
|
|
|
0.96 |
% |
|
$ |
110,893 |
|
|
$ |
325 |
|
|
|
0.39 |
% |
|
Federal funds
sold |
|
|
1,161 |
|
|
|
9 |
|
|
|
1.04 |
% |
|
|
1,895 |
|
|
|
7 |
|
|
|
0.49 |
% |
|
Investment
securities - taxable |
|
|
1,231,619 |
|
|
|
18,983 |
|
|
|
2.06 |
% |
|
|
1,174,998 |
|
|
|
16,178 |
|
|
|
1.84 |
% |
|
Investment
securities - non-taxable - FTE |
|
|
347,578 |
|
|
|
14,506 |
|
|
|
5.58 |
% |
|
|
333,336 |
|
|
|
13,616 |
|
|
|
5.46 |
% |
|
Loans receivable
- FTE |
|
|
7,785,925 |
|
|
|
332,072 |
|
|
|
5.70 |
% |
|
|
6,909,240 |
|
|
|
300,839 |
|
|
|
5.82 |
% |
|
Total interest-earning assets |
|
|
9,584,607 |
|
|
|
367,143 |
|
|
|
5.12 |
% |
|
|
8,530,362 |
|
|
|
330,965 |
|
|
|
5.18 |
% |
|
Non-earning
assets |
|
|
1,033,310 |
|
|
|
|
|
|
|
|
|
|
|
968,553 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
10,617,917 |
|
|
|
|
|
|
|
|
|
|
$ |
9,498,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
4,316,032 |
|
|
$ |
13,445 |
|
|
|
0.42 |
% |
|
$ |
3,664,401 |
|
|
$ |
6,426 |
|
|
|
0.23 |
% |
|
Time deposits |
|
|
1,415,383 |
|
|
|
7,386 |
|
|
|
0.70 |
% |
|
|
1,382,657 |
|
|
|
5,102 |
|
|
|
0.49 |
% |
|
Total interest-bearing deposits |
|
|
5,731,415 |
|
|
|
20,831 |
|
|
|
0.49 |
% |
|
|
5,047,058 |
|
|
|
11,528 |
|
|
|
0.31 |
% |
|
Federal funds
purchased |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
312 |
|
|
|
2 |
|
|
|
0.86 |
% |
|
Securities sold
under agreement to repurchase |
|
|
129,580 |
|
|
|
593 |
|
|
|
0.61 |
% |
|
|
120,966 |
|
|
|
421 |
|
|
|
0.46 |
% |
|
FHLB borrowed
funds |
|
|
1,155,503 |
|
|
|
10,707 |
|
|
|
1.24 |
% |
|
|
1,376,145 |
|
|
|
9,283 |
|
|
|
0.90 |
% |
|
Subordinated
debentures |
|
|
258,032 |
|
|
|
10,203 |
|
|
|
5.29 |
% |
|
|
60,826 |
|
|
|
1,164 |
|
|
|
2.56 |
% |
|
Total interest-bearing liabilities |
|
|
7,274,530 |
|
|
|
42,334 |
|
|
|
0.78 |
% |
|
|
6,605,307 |
|
|
|
22,398 |
|
|
|
0.45 |
% |
|
Non-interest
bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
1,847,843 |
|
|
|
|
|
|
|
|
|
|
|
1,596,603 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
48,804 |
|
|
|
|
|
|
|
|
|
|
|
55,411 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
9,171,177 |
|
|
|
|
|
|
|
|
|
|
|
8,257,321 |
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
1,446,740 |
|
|
|
|
|
|
|
|
|
|
|
1,241,594 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
10,617,917 |
|
|
|
|
|
|
|
|
|
|
$ |
9,498,915 |
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
|
|
4.34 |
% |
|
|
|
|
|
|
|
|
|
4.73 |
% |
|
Net interest
income and margin - FTE |
|
|
|
|
$ |
324,809 |
|
|
|
4.53 |
% |
|
|
|
|
$ |
308,567 |
|
|
|
4.83 |
% |
|
Home BancShares,
Inc. |
|
Non-GAAP
Reconciliations |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
Nine Months
Ended |
|
(Dollars and shares in
thousands, |
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
|
Sep. 30, |
|
|
|
Sep. 30, |
|
|
except per share
data) |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS EXCLUDING NON-FUNDAMENTAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
14,821 |
|
|
$ |
50,097 |
|
|
$ |
46,856 |
|
|
$ |
48,590 |
|
|
$ |
43,620 |
|
|
|
$ |
111,774 |
|
|
$ |
128,556 |
|
|
Non-fundamental
items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
acquisitions |
|
|
- |
|
|
|
- |
|
|
|
(3,807 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
(3,807 |
) |
|
|
- |
|
|
Merger
and acquisition expenses |
|
|
18,227 |
|
|
|
789 |
|
|
|
6,727 |
|
|
|
433 |
|
|
|
- |
|
|
|
|
25,743 |
|
|
|
- |
|
|
FDIC loss
share buy-out expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,849 |
|
|
|
|
- |
|
|
|
3,849 |
|
|
Reduced
provision for loan losses as a result of a significant loan
recovery |
|
|
- |
|
|
|
- |
|
|
|
|
(4,457 |
) |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
Hurricane
expenses(2) |
|
|
33,445 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
33,445 |
|
|
|
- |
|
|
Total
non-fundamental items |
|
|
51,672 |
|
|
|
789 |
|
|
|
2,920 |
|
|
|
(4,024 |
) |
|
|
3,849 |
|
|
|
|
55,381 |
|
|
|
3,849 |
|
|
Tax-effect of non-fundamental items(3) |
|
|
20,045 |
|
|
|
199 |
|
|
|
2,382 |
|
|
|
(1,578 |
) |
|
|
1,510 |
|
|
|
|
22,626 |
|
|
|
1,510 |
|
|
Non-fundamental items after-tax (B) |
|
|
31,627 |
|
|
|
590 |
|
|
|
538 |
|
|
|
(2,446 |
) |
|
|
2,339 |
|
|
|
|
32,755 |
|
|
|
2,339 |
|
|
Earnings excluding
non-fundamental items (C) |
|
$ |
46,448 |
|
|
$ |
50,687 |
|
|
$ |
47,394 |
|
|
$ |
46,144 |
|
|
$ |
45,959 |
|
|
|
$ |
144,529 |
|
|
$ |
130,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
|
144,987 |
|
|
|
144,116 |
|
|
|
142,492 |
|
|
|
140,781 |
|
|
|
140,703 |
|
|
|
|
143,839 |
|
|
|
140,685 |
|
|
|
|
|
GAAP diluted earnings
per share: A/D |
|
$ |
0.10 |
|
|
$ |
0.35 |
|
|
$ |
0.33 |
|
|
$ |
0.35 |
|
|
$ |
0.31 |
|
|
|
$ |
0.78 |
|
|
$ |
0.91 |
|
|
Non-fundamental items
after-tax: B/D |
|
|
0.22 |
|
|
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
0.02 |
|
|
|
|
0.22 |
|
|
|
0.02 |
|
|
Diluted earnings per
common share excluding gain on acquisitions, merger
expenses, reduced provision for loan losses as a result of a
significant loan recovery, FDIC loss share buy-out expense
& hurricane expenses: C/D |
|
$ |
0.32 |
|
|
$ |
0.35 |
|
|
$ |
0.33 |
|
|
$ |
0.33 |
|
|
$ |
0.33 |
|
|
|
$ |
1.00 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets: A/H |
|
|
0.54 |
% |
|
|
1.86 |
% |
|
|
1.86 |
% |
|
|
1.98 |
% |
|
|
1.81 |
% |
|
|
|
1.41 |
% |
|
|
1.81 |
% |
|
Return on average
assets excluding merger expenses, gain on acquisitions,
reduced provision for loan losses as a result of a
significant loan recovery, loss on FDIC loss share buyout and
hurricane expenses: (A+F)/H |
|
|
1.70 |
% |
|
|
1.88 |
% |
|
|
1.88 |
% |
|
|
1.88 |
% |
|
|
1.90 |
% |
|
|
|
1.82 |
% |
|
|
1.84 |
% |
|
Return on average
assets excluding intangible amortization:
(A+C)/(H-I) |
|
|
0.59 |
% |
|
|
1.96 |
% |
|
|
1.96 |
% |
|
|
2.08 |
% |
|
|
1.91 |
% |
|
|
|
1.49 |
% |
|
|
1.91 |
% |
|
Return on average
assets excluding intangible amortization, provision for loan
losses, merger expenses, gain on acquisitions, reduced
provision for loan losses as a result of a significant loan
recovery, loss on FDIC loss share buyout, hurricane expenses
and income taxes (Core ROA): (A+B+D+E+G)/(H-I) |
|
|
2.94 |
% |
|
|
3.19 |
% |
|
|
3.31 |
% |
|
|
3.23 |
% |
|
|
3.43 |
% |
|
|
|
3.14 |
% |
|
|
3.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
14,821 |
|
|
$ |
50,097 |
|
|
$ |
46,856 |
|
|
$ |
48,590 |
|
|
$ |
43,620 |
|
|
|
$ |
111,774 |
|
|
$ |
128,556 |
|
|
Amortization of
intangibles (B) |
|
|
906 |
|
|
|
866 |
|
|
|
804 |
|
|
|
762 |
|
|
|
762 |
|
|
|
|
2,576 |
|
|
|
2,370 |
|
|
Amortization of
intangibles after-tax (C) |
|
|
551 |
|
|
|
526 |
|
|
|
489 |
|
|
|
463 |
|
|
|
463 |
|
|
|
|
1,566 |
|
|
|
1,440 |
|
|
Provision for
loan losses excluding hurricane provision (D) |
|
|
2,134 |
|
|
|
387 |
|
|
|
3,914 |
|
|
|
1,703 |
|
|
|
5,536 |
|
|
|
|
6,435 |
|
|
|
16,905 |
|
|
Total
non-fundamental items (E) |
|
|
51,672 |
|
|
|
789 |
|
|
|
2,920 |
|
|
|
(4,024 |
) |
|
|
3,849 |
|
|
|
|
55,381 |
|
|
|
3,849 |
|
|
Non-fundamental
items after-tax (F) |
|
|
31,627 |
|
|
|
590 |
|
|
|
538 |
|
|
|
(2,446 |
) |
|
|
2,339 |
|
|
|
|
32,755 |
|
|
|
2,339 |
|
|
Income tax
expense (G) |
|
|
7,536 |
|
|
|
30,282 |
|
|
|
25,374 |
|
|
|
29,248 |
|
|
|
25,485 |
|
|
|
|
63,192 |
|
|
|
76,252 |
|
|
Average assets
(H) |
|
|
10,853,559 |
|
|
|
10,793,770 |
|
|
|
10,198,844 |
|
|
|
9,777,148 |
|
|
|
9,602,363 |
|
|
|
|
10,617,917 |
|
|
|
9,498,915 |
|
|
Average goodwill,
core deposits & other intangible assets (I) |
|
|
462,799 |
|
|
|
442,380 |
|
|
|
415,699 |
|
|
|
396,662 |
|
|
|
397,429 |
|
|
|
|
440,465 |
|
|
|
398,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity: A/C |
|
|
3.88 |
% |
|
|
13.83 |
% |
|
|
13.85 |
% |
|
|
14.79 |
% |
|
|
13.62 |
% |
|
|
|
10.33 |
% |
|
|
13.83 |
% |
|
Return on average
tangible common equity excluding intangible amortization:
(A+B)/(C-D) |
|
|
5.80 |
% |
|
|
20.09 |
% |
|
|
20.08 |
% |
|
|
21.45 |
% |
|
|
20.01 |
% |
|
|
|
15.06 |
% |
|
|
20.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
14,821 |
|
|
$ |
50,097 |
|
|
$ |
46,856 |
|
|
$ |
48,590 |
|
|
$ |
43,620 |
|
|
|
$ |
111,774 |
|
|
$ |
128,556 |
|
|
Amortization of
intangibles after-tax (B) |
|
|
551 |
|
|
|
526 |
|
|
|
489 |
|
|
|
463 |
|
|
|
463 |
|
|
|
|
1,566 |
|
|
|
1,440 |
|
|
Average common
equity (C) |
|
|
1,513,829 |
|
|
|
1,453,099 |
|
|
|
1,371,730 |
|
|
|
1,306,571 |
|
|
|
1,274,077 |
|
|
|
|
1,446,740 |
|
|
|
1,241,594 |
|
|
Average goodwill,
core deposits & other intangible assets (D) |
|
|
462,799 |
|
|
|
442,380 |
|
|
|
415,699 |
|
|
|
396,662 |
|
|
|
397,429 |
|
|
|
|
440,465 |
|
|
|
398,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Hurricane expenses includes $32,889 of
provision for loan losses and $556 of damage expense related to
Hurricane Irma. |
|
(3) Effective tax rate of 39.225%, adjusted for
non-taxable gain on acquisition and non-deductible merger-related
costs. |
|
Home BancShares,
Inc. |
|
|
Non-GAAP
Reconciliations |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
Nine Months
Ended |
|
|
(Dollars and shares in
thousands, |
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
|
Sep. 30, |
|
|
|
Sep. 30, |
|
|
|
except per share
data) |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio: ((C-E)/(A+B+D)) |
|
|
53.77 |
% |
|
|
37.48 |
% |
|
|
40.76 |
% |
|
|
36.19 |
% |
|
|
39.41 |
% |
|
|
|
43.92 |
% |
|
|
38.16 |
% |
|
|
Core efficiency
ratio: ((C-E-G)/(A+B+D-F)) |
|
|
39.12 |
% |
|
|
37.29 |
% |
|
|
36.96 |
% |
|
|
35.97 |
% |
|
|
36.51 |
% |
|
|
|
37.79 |
% |
|
|
36.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (A) |
|
$ |
106,769 |
|
|
$ |
107,352 |
|
|
$ |
104,815 |
|
|
$ |
103,207 |
|
|
$ |
103,653 |
|
|
|
$ |
318,936 |
|
|
$ |
302,751 |
|
|
|
Non-interest income (B) |
|
|
21,457 |
|
|
|
24,417 |
|
|
|
26,470 |
|
|
|
23,828 |
|
|
|
22,014 |
|
|
|
|
72,344 |
|
|
|
63,223 |
|
|
|
Non-interest expense (C) |
|
|
70,846 |
|
|
|
51,003 |
|
|
|
55,141 |
|
|
|
47,494 |
|
|
|
51,026 |
|
|
|
|
176,990 |
|
|
|
144,261 |
|
|
|
Fully taxable equivalent adjustment (D) |
|
|
1,846 |
|
|
|
2,016 |
|
|
|
2,011 |
|
|
|
2,108 |
|
|
|
1,869 |
|
|
|
|
5,873 |
|
|
|
5,816 |
|
|
|
Amortization of intangibles (E) |
|
|
906 |
|
|
|
866 |
|
|
|
804 |
|
|
|
762 |
|
|
|
762 |
|
|
|
|
2,576 |
|
|
|
2,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fundamental items: |
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
Gain on acquisition |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,807 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
$ |
3,807 |
|
|
$ |
- |
|
|
|
Gain (loss) on OREO |
|
|
335 |
|
|
|
393 |
|
|
|
121 |
|
|
|
159 |
|
|
|
132 |
|
|
|
|
849 |
|
|
|
(713 |
) |
|
|
Gain (loss) on SBA loans |
|
|
163 |
|
|
|
387 |
|
|
|
188 |
|
|
|
645 |
|
|
|
364 |
|
|
|
|
738 |
|
|
|
443 |
|
|
|
Gain (loss) on branches, equipment and other assets,
net |
|
|
(1,337 |
) |
|
|
431 |
|
|
|
(56 |
) |
|
|
(1 |
) |
|
|
(86 |
) |
|
|
|
(962 |
) |
|
|
701 |
|
|
|
Gain (loss) on securities |
|
|
136 |
|
|
|
380 |
|
|
|
423 |
|
|
|
644 |
|
|
|
- |
|
|
|
|
939 |
|
|
|
25 |
|
|
|
Recoveries on historic losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
925 |
|
|
|
Total
non-fundamental non-interest income (F) |
|
$ |
(703 |
) |
|
$ |
1,591 |
|
|
$ |
4,483 |
|
|
$ |
1,447 |
|
|
$ |
410 |
|
|
|
$ |
5,371 |
|
|
$ |
1,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Merger Expenses |
|
$ |
18,227 |
|
|
$ |
789 |
|
|
$ |
6,727 |
|
|
$ |
433 |
|
|
$ |
- |
|
|
|
$ |
25,743 |
|
|
$ |
- |
|
|
|
FDIC loss share buy-out |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,849 |
|
|
|
|
- |
|
|
|
3,849 |
|
|
|
Hurricane damage expense |
|
|
556 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
556 |
|
|
|
- |
|
|
|
Vacant properties write-downs |
|
|
- |
|
|
|
47 |
|
|
|
- |
|
|
|
369 |
|
|
|
- |
|
|
|
|
47 |
|
|
|
1,914 |
|
|
|
Total
non-fundamental non-interest expense (G) |
|
$ |
18,783 |
|
|
$ |
836 |
|
|
$ |
6,727 |
|
|
$ |
802 |
|
|
$ |
3,849 |
|
|
|
$ |
26,346 |
|
|
$ |
5,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED NET INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin: A/C |
|
|
4.40 |
% |
|
|
4.50 |
% |
|
|
4.70 |
% |
|
|
4.75 |
% |
|
|
4.86 |
% |
|
|
|
4.53 |
% |
|
|
4.83 |
% |
|
|
Net interest
margin (non-GAAP): B/D |
|
|
4.07 |
% |
|
|
4.11 |
% |
|
|
4.32 |
% |
|
|
4.31 |
% |
|
|
4.25 |
% |
|
|
|
4.16 |
% |
|
|
4.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income - FTE (A) |
|
$ |
108,615 |
|
|
$ |
109,368 |
|
|
$ |
106,826 |
|
|
$ |
105,315 |
|
|
$ |
105,522 |
|
|
|
$ |
324,809 |
|
|
$ |
308,567 |
|
|
|
Total purchase
accounting accretion |
|
|
7,174 |
|
|
|
8,497 |
|
|
|
7,652 |
|
|
|
8,659 |
|
|
|
11,937 |
|
|
|
|
23,319 |
|
|
|
33,684 |
|
|
|
Net interest
income - FTE (non-GAAP) (B) |
|
$ |
101,441 |
|
|
$ |
100,871 |
|
|
$ |
99,174 |
|
|
$ |
96,656 |
|
|
$ |
93,585 |
|
|
|
$ |
301,490 |
|
|
$ |
274,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets (C) |
|
$ |
9,794,999 |
|
|
$ |
9,737,949 |
|
|
$ |
9,214,498 |
|
|
$ |
8,824,468 |
|
|
$ |
8,646,026 |
|
|
|
$ |
9,584,607 |
|
|
$ |
8,530,362 |
|
|
|
Average purchase
accounting loan discounts |
|
|
97,978 |
|
|
|
104,384 |
|
|
|
102,906 |
|
|
|
104,783 |
|
|
|
115,766 |
|
|
|
|
97,158 |
|
|
|
131,506 |
|
|
|
Average
interest-earning assets (non-GAAP) (D) |
|
$ |
9,892,977 |
|
|
$ |
9,842,333 |
|
|
$ |
9,317,404 |
|
|
$ |
8,929,251 |
|
|
$ |
8,761,792 |
|
|
|
$ |
9,681,765 |
|
|
$ |
8,661,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
(Dollars in
thousands) |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share: A/B |
|
$ |
12.71 |
|
|
$ |
10.32 |
|
|
$ |
10.05 |
|
|
$ |
9.45 |
|
|
$ |
9.22 |
|
Tangible book
value per common share: (A-C-D)/B |
|
|
7.06 |
|
|
|
7.23 |
|
|
|
6.96 |
|
|
|
6.63 |
|
|
|
6.40 |
|
|
|
|
|
|
|
|
Total
stockholders' equity (A) |
|
$ |
2,206,716 |
|
|
$ |
1,476,032 |
|
|
$ |
1,441,568 |
|
|
$ |
1,327,490 |
|
|
$ |
1,296,018 |
|
End of period
common shares outstanding (B) |
|
|
173,666 |
|
|
|
143,071 |
|
|
|
143,442 |
|
|
|
140,472 |
|
|
|
140,490 |
|
Goodwill
(C) |
|
$ |
929,129 |
|
|
$ |
420,941 |
|
|
$ |
420,941 |
|
|
$ |
377,983 |
|
|
$ |
377,983 |
|
Core deposit and
other intangibles (D) |
|
|
50,982 |
|
|
|
21,019 |
|
|
|
21,885 |
|
|
|
18,311 |
|
|
|
19,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets:
B/A |
|
|
15.48 |
% |
|
|
13.58 |
% |
|
|
13.45 |
% |
|
|
13.53 |
% |
|
|
13.27 |
% |
Tangible common
equity to tangible assets: (B-C-D)/(A-C-D) |
|
|
9.24 |
% |
|
|
9.91 |
% |
|
|
9.72 |
% |
|
|
9.89 |
% |
|
|
9.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(A) |
|
$ |
14,255,967 |
|
|
$ |
10,872,228 |
|
|
$ |
10,717,468 |
|
|
$ |
9,808,465 |
|
|
$ |
9,764,238 |
|
Total
stockholders' equity (B) |
|
|
2,206,716 |
|
|
|
1,476,032 |
|
|
|
1,441,568 |
|
|
|
1,327,490 |
|
|
|
1,296,018 |
|
Goodwill
(C) |
|
|
929,129 |
|
|
|
420,941 |
|
|
|
420,941 |
|
|
|
377,983 |
|
|
|
377,983 |
|
Core deposit and
other intangibles (D) |
|
|
50,982 |
|
|
|
21,019 |
|
|
|
21,885 |
|
|
|
18,311 |
|
|
|
19,073 |
|
|
|
|
|
|
|
|
Home BancShares (NASDAQ:HOMB)
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From Jun 2024 to Jul 2024
Home BancShares (NASDAQ:HOMB)
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From Jul 2023 to Jul 2024