Home BancShares, Inc. (NASDAQ:HOMB), parent company of Centennial
Bank, today announced net income for the year ended December 31,
2017 of $135.1 million. Diluted earnings per share for the
year ended 2017 was $0.89 per share. For the fourth quarter
of 2017, the Company recorded a profit of $23.3 million.
Diluted earnings per share for the fourth quarter of 2017 was $0.13
per share.
In addition to merger expenses and acquisition gain
from the 2017 acquisitions, the Company’s annual earnings were
significantly impacted by Hurricane Irma and the recently enacted
“Tax Cuts and Jobs Act” (the “TCJA”). Excluding the $36.9
million one-time TCJA charge, $33.4 million of hurricane expense,
and $25.7 million of merger expenses associated with the 2017
acquisitions offset by $3.8 million of one-time non-taxable gain on
acquisition, 2017 annual after-tax earnings excluding
non-fundamental items were $204.8 million, an increase of 15.7%
from 2016 annual after-tax earnings excluding non-fundamental items
of $177.0 million.
Excluding the $36.9 million one-time TCJA charge,
after-tax earnings excluding non-fundamental items for the fourth
quarter of 2017 were $60.2 million, an increase of 30.6% from the
fourth quarter 2016 after-tax earnings excluding non-fundamental
items of $46.1 million.
“Looking back on the last year, we were active in
growing and navigating the Company as we crossed over the $10
billion threshold,” said John Allison, Home’s Chairman. “Home
added $3.46 billion in total assets through the completion of three
acquisitions and issued $300 million of subordinated debt in an
underwritten public offering. While we experienced challenges
through the year that largely impacted our earnings, including
Hurricane Irma and the tax reform bill, we achieved milestone
earnings excluding non-fundamental items of over $200 million for
2017 and over $60 million for the fourth quarter. In 2018, we
are well-positioned to continue to execute on opportunities to grow
our Company with the focus of improving overall shareholder
value.”
Tracy French, Centennial Bank President and Chief
Executive Officer added, “We have been hard at work in 2017
managing the growth associated with our 2017 acquisitions.
Once we convert the Stonegate core operating systems on February 9,
2018, the Company will be well-positioned to realize the
anticipated cost savings, thereby rewarding our shareholders.
Our team is focused on this important task and is working to
recognize these enhancements as quickly as possible.”
“Excluding the impact of the tax rate change, we
are proud to report outstanding fourth quarter of 2017 earnings of
$60.2 million, or $0.35 diluted earnings per share,” said Randy
Sims, Home BancShares, Inc. President and Chief Executive
Officer. “The Company was also able to maintain a sub-40 core
efficiency ratio, reporting 37.35% for the fourth quarter of 2017,
despite adding over $3 billion in assets through its 2017
acquisitions. With these excellent results, our shareholders
can remain confident that our strong metrics will continue to
provide them with solid returns.”
Operating Highlights
Accretion yield increased approximately $5.2
million from $7.2 million for the third quarter of 2017 to $12.4
million for fourth quarter of 2017. Each quarter we perform
credit impairment tests on the credit impaired loans acquired in
our acquisitions. During our fourth quarter 2017 impairment
testing, several pools were determined to have a projected credit
improvement. This projected credit improvement combined with
the added accretion income from the acquisition of Stonegate Bank
(“Stonegate”) offset by the expected decline in accretion income
from the maturing and reduction of pay-offs in the previously
acquired loan portfolios, resulted in a net increase of recognized
accretion income when compared to the third quarter of 2017.
The net increase of recognized accretion income when compared
to the third quarter of 2017 is primarily due to $5.4 million of
accretion income added during the fourth quarter of 2017 as a
result of the Stonegate acquisition offset by a slight decline in
legacy accretion income during the fourth quarter of
2017.
Net interest margin, on a fully taxable equivalent
basis, was 4.47% for the quarter just ended compared to 4.75% for
the same quarter in 2016 and compared to 4.40% for the third
quarter of 2017. The net interest margin, excluding accretion
yield, decreased when comparing the third quarter of 2017 to the
fourth quarter of 2017 at 4.07% and 4.01%, respectively.
During the fourth quarter of 2017, the Company
recorded a provision for loan loss of $4.9 million compared to $1.7
million in the fourth quarter of 2016. The Company was able
to reduce fourth quarter 2016 provision for loan losses as a result
of a significant loan recovery from a borrower which was
charged-off in 2010. The Company estimates that the fourth
quarter 2016 provision for loan losses was reduced by $4.5 million
as a result of this loan recovery. For the fourth quarter of
2017, net charge-offs were $6.3 million compared to net recoveries
of $1.9 million for the fourth quarter of 2016.
The Company reported $27.3 million of non-interest
income for the fourth quarter of 2017, compared to $23.8 million
for the fourth quarter of 2016. The most important components
of the fourth quarter non-interest income were $10.1 million from
other service charges and fees, $6.6 million from service charges
on deposits accounts, $3.6 million from mortgage lending income,
$2.9 million from other income and $1.2 million gain on securities,
net.
Non-interest expense for the fourth quarter of 2017
was $63.2 million compared to $47.5 million for the fourth quarter
of 2016, an increase of $15.7 million. This increase is
primarily the result of an increase in the costs associated with
asset growth from the three acquisitions during 2017 combined with
approximately $723,000 of growth in quarterly non-interest expense
related to the Centennial Commercial Finance Group (“Centennial
CFG”). For the fourth quarter of 2017, our core efficiency
ratio was 37.35% which increased from the 35.97% reported for
fourth quarter of 2016.
Financial Condition
Total loans receivable were $10.33 billion at
December 31, 2017 compared to $7.39 billion at December 31,
2016. Total deposits were $10.39 billion at December 31, 2017
compared to $6.94 billion at December 31, 2016. Total assets
were $14.45 billion at December 31, 2017 compared to $9.81 billion
at December 31, 2016.
During 2017, the Company acquired $2.82 billion of
loans, net of purchase accounting discounts. As of December 31,
2017, the Company produced approximately $125.2 million of organic
loan growth since December 31, 2016. Centennial CFG produced
$295.5 million of net organic loan growth during 2017 while the
legacy and Stonegate footprints experienced significant net payoffs
during 2017, resulting in a decline of $153.9 million and $16.5
million, respectively.
From September 30, 2017 to December 31, 2017, the
Company experienced organic loan growth of approximately $45.0
million. During the fourth quarter of 2017, Centennial CFG
produced $181.8 million of organic loan growth, while the legacy
and Stonegate footprints experienced significant net payoffs
resulting in a decline of $113.2 million and $23.6 million,
respectively. Centennial CFG had loans of $1.40 billion at
December 31, 2017.
Non-performing loans at December 31, 2017 were
$15.5 million, $28.2 million, $929,000 and zero in the Arkansas,
Florida, Alabama and Centennial CFG markets, respectively, for a
total of $44.7 million. Non-performing loans as a percent of
total loans were 0.43% as of December 31, 2017 compared to 0.85% as
of December 31, 2016. Non-performing assets at December 31,
2017 were $25.6 million, $36.4 million, $1.6 million and zero in
the Arkansas, Florida and Alabama and Centennial CFG markets,
respectively, for a total of $63.6 million. Non-performing
assets as a percent of total assets were 0.44% as of December 31,
2017 compared to 0.81% as of December 31, 2016.
The Company’s allowance for loan losses was $110.3
million at December 31, 2017, or 1.07% of total loans, compared to
$80.0 million, or 1.08% of total loans, at December 31, 2016.
These changes are 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 December 31, 2017 and
2016, the Company’s allowance for loan losses was 247% and 127% of
its total non-performing loans, respectively.
Stockholders’ equity was $2.20 billion at December
31, 2017 compared to $1.33 billion at December 31, 2016, an
increase of $876.8 million. The increase in stockholders’
equity is primarily associated with the $77.5 million and $742.3
million of common stock issued to the Giant Holdings, Inc. (“GHI”)
and Stonegate shareholders, respectively, plus the $74.7 million
increase in retained earnings offset by $3.8 million of
comprehensive loss and the repurchase of $20.8 million of our
common stock during 2017. Book value per common share was
$12.70 at December 31, 2017 compared to $9.45 at December 31, 2016
for an annualized increase of 34.4%.
Branches
During the fourth quarter of 2017, the Company
closed a branch location in Daphne, Alabama and a branch location
in Naples, Florida. The Company currently has 76 branches in
Arkansas, 89 branches in Florida, 5 branches in Alabama and one
branch in New York City.
Conference Call
Management will conduct a conference call to review
this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 18,
2018. We encourage all participants to pre-register for the
conference call using the following link:
http://dpregister.com/10115147. 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: 10115147, which will be available until
January 28, 2018 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.
GeneralThis 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.”
Home BancShares,
Inc. |
|
Consolidated End of
Period Balance Sheets |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dec.
31, |
|
Sep.
30, |
|
Jun.
30, |
|
Mar.
31, |
|
Dec.
31, |
|
|
(In
thousands) |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
166,915 |
|
$ |
197,953 |
|
$ |
147,041 |
|
$ |
163,662 |
|
$ |
123,758 |
|
|
Interest-bearing
deposits with other banks |
|
|
469,018 |
|
|
354,367 |
|
|
313,447 |
|
|
253,427 |
|
|
92,891 |
|
|
Cash and
cash equivalents |
|
|
635,933 |
|
|
552,320 |
|
|
460,488 |
|
|
417,089 |
|
|
216,649 |
|
|
Federal funds sold |
|
|
24,109 |
|
|
4,545 |
|
|
- |
|
|
1,700 |
|
|
1,550 |
|
|
Investment securities -
available-for-sale |
|
|
1,663,517 |
|
|
1,575,685 |
|
|
1,400,431 |
|
|
1,250,590 |
|
|
1,072,920 |
|
|
Investment securities -
held-to-maturity |
|
|
224,756 |
|
|
234,945 |
|
|
254,161 |
|
|
276,599 |
|
|
284,176 |
|
|
Loans receivable |
|
|
10,331,188 |
|
|
10,286,193 |
|
|
7,834,475 |
|
|
7,849,645 |
|
|
7,387,699 |
|
|
Allowance for loan
losses |
|
|
(110,266 |
) |
|
(111,620 |
) |
|
(80,138 |
) |
|
(80,311 |
) |
|
(80,002 |
) |
|
Loans
receivable, net |
|
|
10,220,922 |
|
|
10,174,573 |
|
|
7,754,337 |
|
|
7,769,334 |
|
|
7,307,697 |
|
|
Bank premises and
equipment, net |
|
|
237,439 |
|
|
239,990 |
|
|
207,071 |
|
|
212,813 |
|
|
205,301 |
|
|
Foreclosed assets held
for sale |
|
|
18,867 |
|
|
21,701 |
|
|
18,789 |
|
|
17,315 |
|
|
15,951 |
|
|
Cash value of life
insurance |
|
|
146,866 |
|
|
146,158 |
|
|
97,684 |
|
|
97,223 |
|
|
86,491 |
|
|
Accrued interest
receivable |
|
|
45,708 |
|
|
41,071 |
|
|
32,445 |
|
|
32,413 |
|
|
30,838 |
|
|
Deferred tax asset,
net |
|
|
76,564 |
|
|
121,787 |
|
|
68,368 |
|
|
67,063 |
|
|
61,298 |
|
|
Goodwill |
|
|
927,949 |
|
|
929,129 |
|
|
420,941 |
|
|
420,941 |
|
|
377,983 |
|
|
Core deposit and other
intangibles |
|
|
49,351 |
|
|
50,982 |
|
|
21,019 |
|
|
21,885 |
|
|
18,311 |
|
|
Other assets |
|
|
177,779 |
|
|
163,081 |
|
|
136,494 |
|
|
132,503 |
|
|
129,300 |
|
|
Total assets |
|
$ |
14,449,760 |
|
$ |
14,255,967 |
|
$ |
10,872,228 |
|
$ |
10,717,468 |
|
$ |
9,808,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
and non-interest-bearing |
|
$ |
2,385,252 |
|
$ |
2,555,465 |
|
$ |
1,957,677 |
|
$ |
1,862,996 |
|
$ |
1,695,184 |
|
|
Savings
and interest-bearing transaction accounts |
|
|
6,476,819 |
|
|
6,341,883 |
|
|
4,335,456 |
|
|
4,274,194 |
|
|
3,963,241 |
|
|
Time
deposits |
|
|
1,526,431 |
|
|
1,551,422 |
|
|
1,474,255 |
|
|
1,430,017 |
|
|
1,284,002 |
|
|
Total
deposits |
|
|
10,388,502 |
|
|
10,448,770 |
|
|
7,767,388 |
|
|
7,567,207 |
|
|
6,942,427 |
|
|
Federal funds
purchased |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Securities sold under
agreements to repurchase |
|
|
147,789 |
|
|
149,531 |
|
|
133,741 |
|
|
123,793 |
|
|
121,290 |
|
|
FHLB and other borrowed
funds |
|
|
1,299,188 |
|
|
1,044,333 |
|
|
1,099,478 |
|
|
1,455,040 |
|
|
1,305,198 |
|
|
Accrued interest
payable and other liabilities |
|
|
41,959 |
|
|
38,782 |
|
|
37,751 |
|
|
69,125 |
|
|
51,234 |
|
|
Subordinated
debentures |
|
|
368,031 |
|
|
367,835 |
|
|
357,838 |
|
|
60,735 |
|
|
60,826 |
|
|
Total liabilities |
|
|
12,245,469 |
|
|
12,049,251 |
|
|
9,396,196 |
|
|
9,275,900 |
|
|
8,480,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
1,736 |
|
|
1,737 |
|
|
1,431 |
|
|
1,434 |
|
|
1,405 |
|
|
Capital surplus |
|
|
1,675,318 |
|
|
1,674,642 |
|
|
940,821 |
|
|
948,982 |
|
|
869,737 |
|
|
Retained earnings |
|
|
530,658 |
|
|
526,448 |
|
|
527,338 |
|
|
490,142 |
|
|
455,948 |
|
|
Accumulated other
comprehensive (loss) income |
|
|
(3,421 |
) |
|
3,889 |
|
|
6,442 |
|
|
1,010 |
|
|
400 |
|
|
Total stockholders'
equity |
|
|
2,204,291 |
|
|
2,206,716 |
|
|
1,476,032 |
|
|
1,441,568 |
|
|
1,327,490 |
|
|
Total liabilities and stockholders'
equity |
|
$ |
14,449,760 |
|
$ |
14,255,967 |
|
$ |
10,872,228 |
|
$ |
10,717,468 |
|
$ |
9,808,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
|
Consolidated Statements
of Income |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
Year
Ended |
|
|
|
Dec.
31, |
|
|
Sep.
30, |
|
|
Jun.
30, |
|
|
Mar.
31, |
|
|
Dec.
31, |
|
|
|
Dec.
31, |
|
|
Dec.
31, |
|
|
(In
thousands) |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
147,426 |
|
$ |
113,269 |
|
$ |
112,732 |
|
$ |
105,762 |
|
$ |
103,113 |
|
|
$ |
479,189 |
|
$ |
403,394 |
|
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
7,793 |
|
|
7,071 |
|
|
6,434 |
|
|
5,478 |
|
|
5,068 |
|
|
|
26,776 |
|
|
21,246 |
|
|
Tax-exempt |
|
|
3,025 |
|
|
3,032 |
|
|
2,966 |
|
|
2,944 |
|
|
3,059 |
|
|
|
11,967 |
|
|
11,417 |
|
|
Deposits
- other banks |
|
|
736 |
|
|
538 |
|
|
727 |
|
|
308 |
|
|
146 |
|
|
|
2,309 |
|
|
471 |
|
|
Federal
funds sold |
|
|
1 |
|
|
3 |
|
|
4 |
|
|
2 |
|
|
2 |
|
|
|
10 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income |
|
|
158,981 |
|
|
123,913 |
|
|
122,863 |
|
|
114,494 |
|
|
111,388 |
|
|
|
520,251 |
|
|
436,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on deposits |
|
|
12,946 |
|
|
8,535 |
|
|
6,810 |
|
|
5,486 |
|
|
4,398 |
|
|
|
33,777 |
|
|
15,926 |
|
|
Federal
funds purchased |
|
|
1 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
1 |
|
|
2 |
|
|
FHLB
borrowed funds |
|
|
3,806 |
|
|
3,408 |
|
|
3,710 |
|
|
3,589 |
|
|
3,201 |
|
|
|
14,513 |
|
|
12,484 |
|
|
Securities sold under agreements to repurchase |
|
|
325 |
|
|
232 |
|
|
196 |
|
|
165 |
|
|
153 |
|
|
|
918 |
|
|
574 |
|
|
Subordinated debentures |
|
|
4,934 |
|
|
4,969 |
|
|
4,795 |
|
|
439 |
|
|
429 |
|
|
|
15,137 |
|
|
1,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
expense |
|
|
22,012 |
|
|
17,144 |
|
|
15,511 |
|
|
9,679 |
|
|
8,181 |
|
|
|
64,346 |
|
|
30,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
136,969 |
|
|
106,769 |
|
|
107,352 |
|
|
104,815 |
|
|
103,207 |
|
|
|
455,905 |
|
|
405,958 |
|
|
Provision
for loan losses |
|
|
4,926 |
|
|
35,023 |
|
|
387 |
|
|
3,914 |
|
|
1,703 |
|
|
|
44,250 |
|
|
18,608 |
|
|
Net interest
income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan
losses |
|
|
132,043 |
|
|
71,746 |
|
|
106,965 |
|
|
100,901 |
|
|
101,504 |
|
|
|
411,655 |
|
|
387,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
6,566 |
|
|
6,408 |
|
|
5,966 |
|
|
5,982 |
|
|
6,442 |
|
|
|
24,922 |
|
|
25,049 |
|
|
Other
service charges and fees |
|
|
10,144 |
|
|
8,490 |
|
|
8,576 |
|
|
8,917 |
|
|
7,611 |
|
|
|
36,127 |
|
|
30,200 |
|
|
Trust
fees |
|
|
548 |
|
|
365 |
|
|
309 |
|
|
456 |
|
|
329 |
|
|
|
1,678 |
|
|
1,457 |
|
|
Mortgage
lending income |
|
|
3,573 |
|
|
3,172 |
|
|
3,750 |
|
|
2,791 |
|
|
4,123 |
|
|
|
13,286 |
|
|
14,399 |
|
|
Insurance
commissions |
|
|
466 |
|
|
472 |
|
|
465 |
|
|
545 |
|
|
488 |
|
|
|
1,948 |
|
|
2,296 |
|
|
Increase
in cash value of life insurance |
|
|
738 |
|
|
478 |
|
|
463 |
|
|
310 |
|
|
320 |
|
|
|
1,989 |
|
|
1,412 |
|
|
Dividends
from FHLB, FRB, Bankers' Bank & other |
|
|
1,030 |
|
|
834 |
|
|
472 |
|
|
1,149 |
|
|
944 |
|
|
|
3,485 |
|
|
3,091 |
|
|
Gain on
acquisitions |
|
|
- |
|
|
- |
|
|
- |
|
|
3,807 |
|
|
- |
|
|
|
3,807 |
|
|
- |
|
|
Gain
(loss) on SBA loans |
|
|
- |
|
|
163 |
|
|
387 |
|
|
188 |
|
|
645 |
|
|
|
738 |
|
|
1,088 |
|
|
Gain
(loss) on branches, equipment and other assets, net |
|
|
2 |
|
|
(1,337 |
) |
|
431 |
|
|
(56 |
) |
|
(1 |
) |
|
|
(960 |
) |
|
700 |
|
|
Gain
(loss) on OREO, net |
|
|
176 |
|
|
335 |
|
|
393 |
|
|
121 |
|
|
159 |
|
|
|
1,025 |
|
|
(554 |
) |
|
Gain
(loss) on securities, net |
|
|
1,193 |
|
|
136 |
|
|
380 |
|
|
423 |
|
|
644 |
|
|
|
2,132 |
|
|
669 |
|
|
FDIC
indemnification accretion/(amortization), net |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
(772 |
) |
|
Other
income |
|
|
2,856 |
|
|
1,941 |
|
|
2,825 |
|
|
1,837 |
|
|
2,124 |
|
|
|
9,459 |
|
|
8,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income |
|
|
27,292 |
|
|
21,457 |
|
|
24,417 |
|
|
26,470 |
|
|
23,828 |
|
|
|
99,636 |
|
|
87,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
35,404 |
|
|
28,510 |
|
|
28,034 |
|
|
27,421 |
|
|
26,944 |
|
|
|
119,369 |
|
|
101,962 |
|
|
Occupancy
and equipment |
|
|
9,009 |
|
|
7,887 |
|
|
7,034 |
|
|
6,681 |
|
|
6,281 |
|
|
|
30,611 |
|
|
26,129 |
|
|
Data
processing expense |
|
|
3,559 |
|
|
2,853 |
|
|
2,863 |
|
|
2,723 |
|
|
2,278 |
|
|
|
11,998 |
|
|
10,499 |
|
|
Other
operating expenses |
|
|
15,246 |
|
|
31,596 |
|
|
13,072 |
|
|
18,316 |
|
|
11,991 |
|
|
|
78,230 |
|
|
53,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense |
|
|
63,218 |
|
|
70,846 |
|
|
51,003 |
|
|
55,141 |
|
|
47,494 |
|
|
|
240,208 |
|
|
191,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes |
|
|
96,117 |
|
|
22,357 |
|
|
80,379 |
|
|
72,230 |
|
|
77,838 |
|
|
|
271,083 |
|
|
282,646 |
|
|
Income
tax expense |
|
|
72,808 |
|
|
7,536 |
|
|
30,282 |
|
|
25,374 |
|
|
29,248 |
|
|
|
136,000 |
|
|
105,500 |
|
|
Net
income |
|
$ |
23,309 |
|
$ |
14,821 |
|
$ |
50,097 |
|
$ |
46,856 |
|
$ |
48,590 |
|
|
$ |
135,083 |
|
$ |
177,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
|
Selected Financial
Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
Year
Ended |
|
|
|
Dec.
31, |
|
Sep.
30, |
|
Jun.
30, |
|
Mar.
31, |
|
Dec.
31, |
|
|
Dec.
31, |
|
Dec.
31, |
|
|
(Dollars and shares in thousands,
except per share data) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
$ |
0.13 |
|
$ |
0.10 |
|
$ |
0.35 |
|
$ |
0.33 |
|
$ |
0.35 |
|
|
$ |
0.89 |
|
$ |
1.26 |
|
|
Diluted earnings per
common share excluding gain on acquisitions, merger
expenses, FDIC loss share buy-out expense, reduced provision
for loan losses as a result of a significant loan recovery,
hurricane expenses & effect of tax rate change
(non-GAAP)(1) |
|
0.35 |
|
|
0.32 |
|
|
0.35 |
|
|
0.33 |
|
|
0.33 |
|
|
|
1.35 |
|
|
1.26 |
|
|
Basic earnings per
common share |
|
0.13 |
|
|
0.10 |
|
|
0.35 |
|
|
0.33 |
|
|
0.35 |
|
|
|
0.90 |
|
|
1.26 |
|
|
Dividends per share -
common |
|
0.1100 |
|
|
0.1100 |
|
|
0.0900 |
|
|
0.0900 |
|
|
0.0900 |
|
|
|
0.4000 |
|
|
0.3425 |
|
|
Book value per common
share |
|
12.70 |
|
|
12.71 |
|
|
10.32 |
|
|
10.05 |
|
|
9.45 |
|
|
|
12.70 |
|
|
9.45 |
|
|
Tangible book value per
common share (non-GAAP)(1) |
|
7.07 |
|
|
7.06 |
|
|
7.23 |
|
|
6.96 |
|
|
6.63 |
|
|
|
7.07 |
|
|
6.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
173,641 |
|
|
144,238 |
|
|
143,282 |
|
|
141,785 |
|
|
140,465 |
|
|
|
150,806 |
|
|
140,418 |
|
|
Average diluted shares
outstanding |
|
174,349 |
|
|
144,987 |
|
|
144,116 |
|
|
142,492 |
|
|
140,781 |
|
|
|
151,528 |
|
|
140,713 |
|
|
End of period common
shares outstanding |
|
173,633 |
|
|
173,666 |
|
|
143,071 |
|
|
143,442 |
|
|
140,472 |
|
|
|
173,633 |
|
|
140,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
0.66% |
|
|
0.54% |
|
|
1.86% |
|
|
1.86% |
|
|
1.98% |
|
|
|
1.17% |
|
|
1.85% |
|
|
Return on average
assets excluding gain on acquisitions, merger expenses, FDIC
loss share buy-out expense, reduced provision for loan
losses as a result of a significant loan recovery, hurricane
expenses & effect of tax rate change (non-GAAP)(1) |
|
1.69% |
|
|
1.70% |
|
|
1.88% |
|
|
1.88% |
|
|
1.88% |
|
|
|
1.78% |
|
|
1.85% |
|
|
Return on average
assets excluding intangible amortization (non-GAAP)(1) |
|
0.73% |
|
|
0.59% |
|
|
1.96% |
|
|
1.96% |
|
|
2.08% |
|
|
|
1.26% |
|
|
1.95% |
|
|
Return on average
assets excluding intangible amortization, provision for loan
losses, gain on acquisitions, merger expenses, FDIC loss
share buy-out expense, hurricane expenses and income taxes
(Core ROA) (non-GAAP)(1) |
|
3.10% |
|
|
2.94% |
|
|
3.19% |
|
|
3.31% |
|
|
3.23% |
|
|
|
3.13% |
|
|
3.32% |
|
|
Return on average
common equity |
|
4.17% |
|
|
3.88% |
|
|
13.83% |
|
|
13.85% |
|
|
14.79% |
|
|
|
8.23% |
|
|
14.08% |
|
|
Return on average
tangible common equity excluding intangible amortization
(non-GAAP)(1) |
|
7.78% |
|
|
5.80% |
|
|
20.09% |
|
|
20.08% |
|
|
21.45% |
|
|
|
12.92% |
|
|
20.82% |
|
|
Efficiency ratio |
|
37.05% |
|
|
53.77% |
|
|
37.48% |
|
|
40.76% |
|
|
36.19% |
|
|
|
41.89% |
|
|
37.65% |
|
|
Core efficiency ratio
(non-GAAP)(1) |
|
37.35% |
|
|
39.12% |
|
|
37.29% |
|
|
36.96% |
|
|
35.97% |
|
|
|
37.66% |
|
|
36.55% |
|
|
Net interest margin -
FTE |
|
4.47% |
|
|
4.40% |
|
|
4.50% |
|
|
4.70% |
|
|
4.75% |
|
|
|
4.51% |
|
|
4.81% |
|
|
Fully taxable
equivalent adjustment |
$ |
1,983 |
|
$ |
1,846 |
|
$ |
2,016 |
|
$ |
2,011 |
|
$ |
2,108 |
|
|
$ |
7,856 |
|
$ |
7,924 |
|
|
Total revenue |
|
186,273 |
|
|
145,370 |
|
|
147,280 |
|
|
140,964 |
|
|
135,216 |
|
|
|
619,887 |
|
|
523,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
$ |
898 |
|
$ |
795 |
|
$ |
812 |
|
$ |
698 |
|
$ |
910 |
|
|
$ |
3,203 |
|
$ |
3,332 |
|
|
Merger and acquisition
expenses |
|
- |
|
|
18,227 |
|
|
789 |
|
|
6,727 |
|
|
433 |
|
|
|
25,743 |
|
|
433 |
|
|
FDIC loss share buy-out
expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
3,849 |
|
|
Amortization of
intangibles |
|
1,631 |
|
|
906 |
|
|
866 |
|
|
804 |
|
|
762 |
|
|
|
4,207 |
|
|
3,132 |
|
|
Electronic banking
expense |
|
1,777 |
|
|
1,712 |
|
|
1,654 |
|
|
1,519 |
|
|
1,621 |
|
|
|
6,662 |
|
|
5,742 |
|
|
Directors' fees |
|
313 |
|
|
309 |
|
|
324 |
|
|
313 |
|
|
294 |
|
|
|
1,259 |
|
|
1,150 |
|
|
Due from bank service
charges |
|
254 |
|
|
472 |
|
|
456 |
|
|
420 |
|
|
393 |
|
|
|
1,602 |
|
|
1,354 |
|
|
FDIC and state
assessment |
|
1,476 |
|
|
1,293 |
|
|
1,182 |
|
|
1,288 |
|
|
1,097 |
|
|
|
5,239 |
|
|
5,491 |
|
|
Insurance |
|
814 |
|
|
577 |
|
|
543 |
|
|
578 |
|
|
563 |
|
|
|
2,512 |
|
|
2,193 |
|
|
Legal and
accounting |
|
1,194 |
|
|
698 |
|
|
474 |
|
|
627 |
|
|
442 |
|
|
|
2,993 |
|
|
2,206 |
|
|
Other professional
fees |
|
1,537 |
|
|
1,436 |
|
|
1,233 |
|
|
1,153 |
|
|
943 |
|
|
|
5,359 |
|
|
4,049 |
|
|
Operating supplies |
|
602 |
|
|
432 |
|
|
477 |
|
|
467 |
|
|
466 |
|
|
|
1,978 |
|
|
1,758 |
|
|
Postage |
|
323 |
|
|
280 |
|
|
295 |
|
|
286 |
|
|
269 |
|
|
|
1,184 |
|
|
1,084 |
|
|
Telephone |
|
347 |
|
|
305 |
|
|
398 |
|
|
324 |
|
|
360 |
|
|
|
1,374 |
|
|
1,751 |
|
|
Other expense |
|
4,080 |
|
|
4,154 |
|
|
3,569 |
|
|
3,112 |
|
|
3,438 |
|
|
|
14,915 |
|
|
15,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other operating expenses |
$ |
15,246 |
|
$ |
31,596 |
|
$ |
13,072 |
|
$ |
18,316 |
|
$ |
11,991 |
|
|
$ |
78,230 |
|
$ |
53,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec.
31, |
Sep.
30, |
Jun.
30, |
Mar.
31, |
Dec.
31, |
|
|
|
(Dollars in
thousands) |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
|
99.45% |
|
|
98.44% |
|
|
100.86% |
|
|
103.73% |
|
|
106.41% |
|
|
|
Common equity to
assets |
|
|
15.25% |
|
|
15.48% |
|
|
13.58% |
|
|
13.45% |
|
|
13.53% |
|
|
|
Tangible common equity
to tangible assets (non-GAAP)(1) |
|
|
9.11% |
|
|
9.24% |
|
|
9.91% |
|
|
9.72% |
|
|
9.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,600,117 |
|
$ |
4,532,402 |
|
$ |
3,368,663 |
|
$ |
3,462,773 |
|
$ |
3,153,121 |
|
|
|
Construction/land development |
|
|
1,700,491 |
|
|
1,648,923 |
|
|
1,315,309 |
|
|
1,217,519 |
|
|
1,135,843 |
|
|
|
Agricultural |
|
|
82,229 |
|
|
88,295 |
|
|
78,260 |
|
|
79,940 |
|
|
77,736 |
|
|
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,970,311 |
|
|
1,968,688 |
|
|
1,513,888 |
|
|
1,493,133 |
|
|
1,356,136 |
|
|
|
Multifamily residential |
|
|
441,303 |
|
|
497,910 |
|
|
398,781 |
|
|
404,815 |
|
|
340,926 |
|
|
|
Total real estate |
|
|
8,794,451 |
|
|
8,736,218 |
|
|
6,674,901 |
|
|
6,658,180 |
|
|
6,063,762 |
|
|
|
Consumer |
|
|
46,148 |
|
|
51,515 |
|
|
38,424 |
|
|
41,893 |
|
|
41,745 |
|
|
|
Commercial and
industrial |
|
|
1,297,397 |
|
|
1,296,485 |
|
|
994,827 |
|
|
1,013,403 |
|
|
1,123,213 |
|
|
|
Agricultural |
|
|
49,815 |
|
|
57,489 |
|
|
69,697 |
|
|
69,307 |
|
|
74,673 |
|
|
|
Other |
|
|
143,377 |
|
|
144,486 |
|
|
56,626 |
|
|
66,862 |
|
|
84,306 |
|
|
|
Loans
receivable |
|
$ |
10,331,188 |
|
$ |
10,286,193 |
|
$ |
7,834,475 |
|
$ |
7,849,645 |
|
$ |
7,387,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount for credit
losses on purchased loans |
|
$ |
146,557 |
|
$ |
158,001 |
|
$ |
95,627 |
|
$ |
104,464 |
|
$ |
100,148 |
|
|
|
Purchased loans, net of
discount for credit losses on purchased loans |
|
|
3,464,990 |
|
|
3,653,079 |
|
|
1,355,922 |
|
|
1,375,210 |
|
|
1,125,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
111,620 |
|
$ |
80,138 |
|
$ |
80,311 |
|
$ |
80,002 |
|
$ |
76,370 |
|
|
|
Loans charged off |
|
|
6,936 |
|
|
4,424 |
|
|
1,405 |
|
|
4,706 |
|
|
4,836 |
|
|
|
Recoveries of loans
previously charged off |
|
|
656 |
|
|
883 |
|
|
845 |
|
|
1,101 |
|
|
6,765 |
|
|
|
Net loans
(recovered)/charged off |
|
|
6,280 |
|
|
3,541 |
|
|
560 |
|
|
3,605 |
|
|
(1,929 |
) |
|
|
Provision for loan
losses |
|
|
4,926 |
|
|
35,023 |
|
|
387 |
|
|
3,914 |
|
|
1,703 |
|
|
|
Balance, end of
period |
|
$ |
110,266 |
|
$ |
111,620 |
|
$ |
80,138 |
|
$ |
80,311 |
|
$ |
80,002 |
|
|
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Net (recoveries)
charge-offs to average total loans |
|
|
0.24% |
|
|
0.18% |
|
|
0.03% |
|
|
0.19% |
|
|
-0.11% |
|
|
|
Allowance for loan
losses to total loans |
|
|
1.07% |
|
|
1.09% |
|
|
1.02% |
|
|
1.02% |
|
|
1.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
34,032 |
|
$ |
34,794 |
|
$ |
32,426 |
|
$ |
43,810 |
|
$ |
47,182 |
|
|
|
Loans
past due 90 days or more |
|
|
10,665 |
|
|
29,183 |
|
|
14,442 |
|
|
15,388 |
|
|
15,942 |
|
|
|
Total
non-performing loans |
|
|
44,697 |
|
|
63,977 |
|
|
46,868 |
|
|
59,198 |
|
|
63,124 |
|
|
|
Other non-performing
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
18,867 |
|
|
21,701 |
|
|
18,789 |
|
|
17,315 |
|
|
15,951 |
|
|
|
Other
non-performing assets |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
|
Total
other non-performing assets |
|
|
18,870 |
|
|
21,704 |
|
|
18,792 |
|
|
17,318 |
|
|
15,954 |
|
|
|
Total
non-performing assets |
|
$ |
63,567 |
|
$ |
85,681 |
|
$ |
65,660 |
|
$ |
76,516 |
|
$ |
79,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses for loans to non-performing loans |
|
|
246.70% |
|
|
174.47% |
|
|
170.99% |
|
|
135.67% |
|
|
126.74% |
|
|
|
Non-performing loans to
total loans |
|
|
0.43% |
|
|
0.62% |
|
|
0.60% |
|
|
0.75% |
|
|
0.85% |
|
|
|
Non-performing assets
to total assets |
|
|
0.44% |
|
|
0.60% |
|
|
0.60% |
|
|
0.71% |
|
|
0.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
December 31,
2017 |
|
September 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 |
|
$ |
225,889 |
|
$ |
736 |
|
1.29 |
% |
|
$ |
180,368 |
|
$ |
538 |
|
1.18 |
% |
Federal
funds sold |
|
|
21,580 |
|
|
1 |
|
0.02 |
% |
|
|
878 |
|
|
3 |
|
1.36 |
% |
Investment securities - taxable |
|
|
1,504,433 |
|
|
7,793 |
|
2.06 |
% |
|
|
1,326,117 |
|
|
7,071 |
|
2.12 |
% |
Investment securities - non-taxable - FTE |
|
|
352,690 |
|
|
4,905 |
|
5.52 |
% |
|
|
348,920 |
|
|
4,908 |
|
5.58 |
% |
Loans
receivable - FTE |
|
|
10,234,713 |
|
|
147,529 |
|
5.72 |
% |
|
|
7,938,716 |
|
|
113,239 |
|
5.66 |
% |
Total
interest-earning assets |
|
|
12,339,305 |
|
|
160,964 |
|
5.18 |
% |
|
|
9,794,999 |
|
|
125,759 |
|
5.09 |
% |
Non-earning assets |
|
|
1,774,631 |
|
|
|
|
|
|
|
|
1,058,560 |
|
|
|
|
|
|
Total
assets |
|
$ |
14,113,936 |
|
|
|
|
|
|
|
$ |
10,853,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
and interest-bearing transaction accounts |
|
$ |
6,329,858 |
|
$ |
9,732 |
|
0.61 |
% |
|
$ |
4,512,785 |
|
$ |
5,755 |
|
0.51 |
% |
Time
deposits |
|
|
1,532,201 |
|
|
3,214 |
|
0.83 |
% |
|
|
1,444,662 |
|
|
2,780 |
|
0.76 |
% |
Total
interest-bearing deposits |
|
|
7,862,059 |
|
|
12,946 |
|
0.65 |
% |
|
|
5,957,447 |
|
|
8,535 |
|
0.57 |
% |
Federal
funds purchased |
|
|
304 |
|
|
1 |
|
1.31 |
% |
|
|
- |
|
|
- |
|
0.00 |
% |
Securities sold under agreement to repurchase |
|
|
149,849 |
|
|
325 |
|
0.86 |
% |
|
|
135,855 |
|
|
232 |
|
0.68 |
% |
FHLB
borrowed funds |
|
|
1,005,989 |
|
|
3,806 |
|
1.50 |
% |
|
|
920,754 |
|
|
3,408 |
|
1.47 |
% |
Subordinated debentures |
|
|
367,935 |
|
|
4,934 |
|
5.32 |
% |
|
|
358,347 |
|
|
4,969 |
|
5.50 |
% |
Total
interest-bearing liabilities |
|
|
9,386,136 |
|
|
22,012 |
|
0.93 |
% |
|
|
7,372,403 |
|
|
17,144 |
|
0.92 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,473,853 |
|
|
|
|
1,924,933 |
|
|
Other
liabilities |
|
|
35,398 |
|
|
|
|
42,394 |
|
|
Total
liabilities |
|
|
11,895,387 |
|
|
|
|
9,339,730 |
|
|
Shareholders'
equity |
|
|
2,218,549 |
|
|
|
|
1,513,829 |
|
|
Total
liabilities and shareholders' equity |
|
$ |
14,113,936 |
|
|
|
$ |
10,853,559 |
|
|
Net interest
spread |
|
|
|
4.25 |
% |
|
|
|
|
4.17 |
% |
Net interest income and
margin - FTE |
|
|
|
$ |
138,952 |
|
4.47 |
% |
|
|
|
$ |
108,615 |
|
4.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
|
Consolidated Net
Interest Margin |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
|
December 31,
2017 |
|
December 31,
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 |
|
$ |
220,231 |
|
$ |
2,309 |
|
1.05 |
% |
|
$ |
117,022 |
|
$ |
471 |
|
0.40 |
% |
|
Federal
funds sold |
|
|
6,308 |
|
|
10 |
|
0.16 |
% |
|
|
1,764 |
|
|
9 |
|
0.51 |
% |
|
Investment securities - taxable |
|
|
1,300,384 |
|
|
26,776 |
|
2.06 |
% |
|
|
1,161,428 |
|
|
21,246 |
|
1.83 |
% |
|
Investment securities - non-taxable - FTE |
|
|
348,865 |
|
|
19,411 |
|
5.56 |
% |
|
|
337,318 |
|
|
18,598 |
|
5.51 |
% |
|
Loans
receivable - FTE |
|
|
8,403,154 |
|
|
479,601 |
|
5.71 |
% |
|
|
6,986,759 |
|
|
404,137 |
|
5.78 |
% |
|
Total
interest-earning assets |
|
|
10,278,942 |
|
|
528,107 |
|
5.14 |
% |
|
|
8,604,291 |
|
|
444,461 |
|
5.17 |
% |
|
Non-earning assets |
|
|
1,220,163 |
|
|
|
|
|
|
|
|
964,562 |
|
|
|
|
|
|
|
Total
assets |
|
$ |
11,499,105 |
|
|
|
|
|
|
|
$ |
9,568,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
and interest-bearing transaction accounts |
|
$ |
4,823,626 |
|
$ |
23,176 |
|
0.48 |
% |
|
$ |
3,717,880 |
|
$ |
8,978 |
|
0.24 |
% |
|
Time
deposits |
|
|
1,444,828 |
|
|
10,601 |
|
0.73 |
% |
|
|
1,362,680 |
|
|
6,948 |
|
0.51 |
% |
|
Total
interest-bearing deposits |
|
|
6,268,454 |
|
|
33,777 |
|
0.54 |
% |
|
|
5,080,560 |
|
|
15,926 |
|
0.31 |
% |
|
Federal
funds purchased |
|
|
77 |
|
|
1 |
|
1.30 |
% |
|
|
255 |
|
|
2 |
|
0.78 |
% |
|
Securities sold under agreement to repurchase |
|
|
134,689 |
|
|
918 |
|
0.68 |
% |
|
|
120,576 |
|
|
574 |
|
0.48 |
% |
|
FHLB
borrowed funds |
|
|
1,117,817 |
|
|
14,513 |
|
1.30 |
% |
|
|
1,376,364 |
|
|
12,484 |
|
0.91 |
% |
|
Subordinated debentures |
|
|
285,733 |
|
|
15,137 |
|
5.30 |
% |
|
|
60,826 |
|
|
1,593 |
|
2.62 |
% |
|
Total
interest-bearing liabilities |
|
|
7,806,770 |
|
|
64,346 |
|
0.82 |
% |
|
|
6,638,581 |
|
|
30,579 |
|
0.46 |
% |
|
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,005,632 |
|
|
|
|
|
1,619,128 |
|
|
|
|
Other
liabilities |
|
|
45,425 |
|
|
|
|
|
53,218 |
|
|
|
|
Total
liabilities |
|
|
9,857,827 |
|
|
|
|
|
8,310,927 |
|
|
|
|
Shareholders'
equity |
|
|
1,641,278 |
|
|
|
|
|
1,257,926 |
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
11,499,105 |
|
|
|
|
$ |
9,568,853 |
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
4.32 |
% |
|
|
|
|
|
|
|
4.71 |
% |
|
Net interest income and
margin - FTE |
|
|
$ |
463,761 |
|
4.51 |
% |
|
|
$ |
413,882 |
|
4.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
|
Non-GAAP
Reconciliations |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
|
Year
Ended |
|
|
(Dollars and shares in
thousands, |
|
Dec.
31, |
|
Sep.
30, |
|
Jun.
30, |
|
Mar.
31, |
|
Dec.
31, |
|
|
Dec.
31, |
|
Dec.
31, |
|
|
except per share
data) |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS EXCLUDING NON-FUNDAMENTAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
23,309 |
|
$ |
14,821 |
|
$ |
50,097 |
|
$ |
46,856 |
|
$ |
48,590 |
|
|
$ |
135,083 |
|
$ |
177,146 |
|
|
Non-fundamental
items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
acquisitions |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,807 |
) |
|
- |
|
|
|
(3,807 |
) |
|
- |
|
|
Merger
and acquisition expenses |
|
|
- |
|
|
18,227 |
|
|
789 |
|
|
6,727 |
|
|
433 |
|
|
|
25,743 |
|
|
433 |
|
|
FDIC loss
share buy-out expense |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
3,849 |
|
|
Reduced
provision for loan losses as a result of a significant loan
recovery |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4,457 |
) |
|
|
- |
|
|
(4,457 |
) |
|
Hurricane
expenses(2) |
|
|
- |
|
|
33,445 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
33,445 |
|
|
- |
|
|
Effect of
tax rate change |
|
|
36,935 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
36,935 |
|
|
- |
|
|
Total
non-fundamental items |
|
|
36,935 |
|
|
51,672 |
|
|
789 |
|
|
2,920 |
|
|
(4,024 |
) |
|
|
92,316 |
|
|
(175 |
) |
|
Tax-effect of non-fundamental items(3) |
|
|
- |
|
|
20,045 |
|
|
199 |
|
|
2,382 |
|
|
(1,578 |
) |
|
|
22,626 |
|
|
(69 |
) |
|
Non-fundamental items after-tax (B) |
|
|
36,935 |
|
|
31,627 |
|
|
590 |
|
|
538 |
|
|
(2,446 |
) |
|
|
69,690 |
|
|
(106 |
) |
|
Earnings excluding
non-fundamental items (C) |
|
$ |
60,244 |
|
$ |
46,448 |
|
$ |
50,687 |
|
$ |
47,394 |
|
$ |
46,144 |
|
|
$ |
204,773 |
|
$ |
177,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
|
174,349 |
|
|
144,987 |
|
|
144,116 |
|
|
142,492 |
|
|
140,781 |
|
|
|
151,528 |
|
|
140,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share: A/D |
|
$ |
0.13 |
|
$ |
0.10 |
|
$ |
0.35 |
|
$ |
0.33 |
|
$ |
0.35 |
|
|
$ |
0.89 |
|
$ |
1.26 |
|
|
Non-fundamental items
after-tax: B/D |
|
|
0.22 |
|
|
0.22 |
|
|
- |
|
|
- |
|
|
(0.02 |
) |
|
|
0.46 |
|
|
- |
|
|
Diluted earnings per
common share excluding gain on acquisitions, merger
expenses, FDIC loss share buy-out expense, reduced provision
for loan losses as a result of a significant loan recovery,
hurricane expenses & effect of tax rate change: C/D |
|
$ |
0.35 |
|
$ |
0.32 |
|
$ |
0.35 |
|
$ |
0.33 |
|
$ |
0.33 |
|
|
$ |
1.35 |
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets: A/H |
|
|
0.66 |
% |
|
0.54 |
% |
|
1.86 |
% |
|
1.86 |
% |
|
1.98 |
% |
|
|
1.17 |
% |
|
1.85 |
% |
|
Return on average
assets excluding gain on acquisitions, merger expenses, FDIC
loss share buy-out expense, reduced provision for loan
losses as a result of a significant loan recovery, hurricane
expenses & effect of tax rate change: (A+F)/H |
|
|
1.69 |
% |
|
1.70 |
% |
|
1.88 |
% |
|
1.88 |
% |
|
1.88 |
% |
|
|
1.78 |
% |
|
1.85 |
% |
|
Return on average
assets excluding intangible amortization:
(A+C)/(H-I) |
|
|
0.73 |
% |
|
0.59 |
% |
|
1.96 |
% |
|
1.96 |
% |
|
2.08 |
% |
|
|
1.26 |
% |
|
1.95 |
% |
|
Return on average
assets excluding intangible amortization, provision for loan
losses, gain on acquisitions, merger expenses, FDIC loss
share buy-out expense, hurricane expenses and income taxes
(Core ROA): (A+B+D+E+G)/(H-I) |
|
|
3.10 |
% |
|
2.94 |
% |
|
3.19 |
% |
|
3.31 |
% |
|
3.23 |
% |
|
|
3.13 |
% |
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
23,309 |
|
$ |
14,821 |
|
$ |
50,097 |
|
$ |
46,856 |
|
$ |
48,590 |
|
|
$ |
135,083 |
|
$ |
177,146 |
|
|
Amortization of
intangibles (B) |
|
|
1,631 |
|
|
906 |
|
|
866 |
|
|
804 |
|
|
762 |
|
|
|
4,207 |
|
|
3,132 |
|
|
Amortization of
intangibles after-tax (C) |
|
|
991 |
|
|
551 |
|
|
526 |
|
|
489 |
|
|
463 |
|
|
|
2,557 |
|
|
1,903 |
|
|
Provision for
loan losses excluding hurricane provision (D) |
|
|
4,926 |
|
|
2,134 |
|
|
387 |
|
|
3,914 |
|
|
1,703 |
|
|
|
11,361 |
|
|
18,608 |
|
|
Total
non-fundamental items (E) |
|
|
36,935 |
|
|
51,672 |
|
|
789 |
|
|
2,920 |
|
|
(4,024 |
) |
|
|
92,316 |
|
|
(175 |
) |
|
Non-fundamental
items after-tax (F) |
|
|
36,935 |
|
|
31,627 |
|
|
590 |
|
|
538 |
|
|
(2,446 |
) |
|
|
69,690 |
|
|
(106 |
) |
|
Income tax
expense excluding effect of tax rate change (G) |
|
|
35,873 |
|
|
7,536 |
|
|
30,282 |
|
|
25,374 |
|
|
29,248 |
|
|
|
99,065 |
|
|
105,500 |
|
|
Average assets
(H) |
|
|
14,113,936 |
|
|
10,853,559 |
|
|
10,793,770 |
|
|
10,198,844 |
|
|
9,777,148 |
|
|
|
11,499,105 |
|
|
9,568,853 |
|
|
Average goodwill,
core deposits & other intangible assets (I) |
|
|
979,209 |
|
|
462,799 |
|
|
442,380 |
|
|
415,699 |
|
|
396,662 |
|
|
|
576,258 |
|
|
397,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity: A/C |
|
|
4.17 |
% |
|
3.88 |
% |
|
13.83 |
% |
|
13.85 |
% |
|
14.79 |
% |
|
|
8.23 |
% |
|
14.08 |
% |
|
Return on average
tangible common equity excluding intangible amortization:
(A+B)/(C-D) |
|
|
7.78 |
% |
|
5.80 |
% |
|
20.09 |
% |
|
20.08 |
% |
|
21.45 |
% |
|
|
12.92 |
% |
|
20.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
23,309 |
|
$ |
14,821 |
|
$ |
50,097 |
|
$ |
46,856 |
|
$ |
48,590 |
|
|
$ |
135,083 |
|
$ |
177,146 |
|
|
Amortization of
intangibles after-tax (B) |
|
|
991 |
|
|
551 |
|
|
526 |
|
|
489 |
|
|
463 |
|
|
|
2,557 |
|
|
1,903 |
|
|
Average common equity
(C) |
|
|
2,218,549 |
|
|
1,513,829 |
|
|
1,453,099 |
|
|
1,371,730 |
|
|
1,306,571 |
|
|
|
1,641,278 |
|
|
1,257,926 |
|
|
Average goodwill, core
deposits & other intangible assets (D) |
|
|
979,209 |
|
|
462,799 |
|
|
442,380 |
|
|
415,699 |
|
|
396,662 |
|
|
|
576,258 |
|
|
397,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
Year
Ended |
|
|
|
(Dollars and shares in
thousands, |
|
Dec.
31, |
|
Sep.
30, |
|
Jun.
30, |
|
Mar.
31, |
|
Dec.
31, |
|
|
Dec.
31, |
|
Dec.
31, |
|
|
|
except per share
data) |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
((C-E)/(A+B+D)) |
|
|
37.05 |
% |
|
53.77 |
% |
|
37.48 |
% |
|
40.76 |
% |
|
36.19 |
% |
|
|
41.89 |
% |
|
37.65 |
% |
|
|
Core efficiency
ratio: ((C-E-G)/(A+B+D-F)) |
|
|
37.35 |
% |
|
39.12 |
% |
|
37.29 |
% |
|
36.96 |
% |
|
35.97 |
% |
|
|
37.66 |
% |
|
36.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (A) |
|
$ |
136,969 |
|
$ |
106,769 |
|
$ |
107,352 |
|
$ |
104,815 |
|
$ |
103,207 |
|
|
$ |
455,905 |
|
$ |
405,958 |
|
|
|
Non-interest income (B) |
|
|
27,292 |
|
|
21,457 |
|
|
24,417 |
|
|
26,470 |
|
|
23,828 |
|
|
|
99,636 |
|
|
87,051 |
|
|
|
Non-interest expense (C) |
|
|
63,218 |
|
|
70,846 |
|
|
51,003 |
|
|
55,141 |
|
|
47,494 |
|
|
|
240,208 |
|
|
191,755 |
|
|
|
Fully
taxable equivalent adjustment (D) |
|
|
1,983 |
|
|
1,846 |
|
|
2,016 |
|
|
2,011 |
|
|
2,108 |
|
|
|
7,856 |
|
|
7,924 |
|
|
|
Amortization of intangibles (E) |
|
|
1,631 |
|
|
906 |
|
|
866 |
|
|
804 |
|
|
762 |
|
|
|
4,207 |
|
|
3,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-core
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
acquisition |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
3,807 |
|
$ |
- |
|
|
$ |
3,807 |
|
$ |
- |
|
|
|
Gain
(loss) on OREO |
|
|
176 |
|
|
335 |
|
|
393 |
|
|
121 |
|
|
159 |
|
|
|
1,025 |
|
|
(554 |
) |
|
|
Gain
(loss) on SBA loans |
|
|
- |
|
|
163 |
|
|
387 |
|
|
188 |
|
|
645 |
|
|
|
738 |
|
|
1,088 |
|
|
|
Gain
(loss) on branches, equipment and other assets, net |
|
|
2 |
|
|
(1,337 |
) |
|
431 |
|
|
(56 |
) |
|
(1 |
) |
|
|
(960 |
) |
|
700 |
|
|
|
Gain
(loss) on securities |
|
|
1,193 |
|
|
136 |
|
|
380 |
|
|
423 |
|
|
644 |
|
|
|
2,132 |
|
|
669 |
|
|
|
Recoveries on historic losses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
925 |
|
|
|
Total
non-core non-interest income (F) |
|
$ |
1,371 |
|
$ |
(703 |
) |
$ |
1,591 |
|
$ |
4,483 |
|
$ |
1,447 |
|
|
$ |
6,742 |
|
$ |
2,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger Expenses |
|
$ |
- |
|
$ |
18,227 |
|
$ |
789 |
|
$ |
6,727 |
|
$ |
433 |
|
|
$ |
25,743 |
|
$ |
433 |
|
|
|
FDIC loss share buy-out |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
3,849 |
|
|
|
Hurricane damage expense |
|
|
- |
|
|
556 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
556 |
|
|
- |
|
|
|
Vacant properties write-downs |
|
|
- |
|
|
- |
|
|
47 |
|
|
- |
|
|
369 |
|
|
|
47 |
|
|
2,283 |
|
|
|
Total
non-core non-interest expense (G) |
|
$ |
- |
|
$ |
18,783 |
|
$ |
836 |
|
$ |
6,727 |
|
$ |
802 |
|
|
$ |
26,346 |
|
$ |
6,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED NET INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin: A/C |
|
|
4.47 |
% |
|
4.40 |
% |
|
4.50 |
% |
|
4.70 |
% |
|
4.75 |
% |
|
|
4.51 |
% |
|
4.81 |
% |
|
|
Net interest
margin (non-GAAP): B/D |
|
|
4.01 |
% |
|
4.07 |
% |
|
4.11 |
% |
|
4.32 |
% |
|
4.31 |
% |
|
|
4.12 |
% |
|
4.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income - FTE (A) |
|
$ |
138,952 |
|
$ |
108,615 |
|
$ |
109,368 |
|
$ |
106,826 |
|
$ |
105,315 |
|
|
$ |
463,761 |
|
$ |
413,882 |
|
|
|
Total purchase
accounting accretion |
|
|
12,397 |
|
|
7,174 |
|
|
8,497 |
|
|
7,652 |
|
|
8,659 |
|
|
|
35,720 |
|
|
42,343 |
|
|
|
Net interest
income - FTE (non-GAAP) (B) |
|
$ |
126,555 |
|
$ |
101,441 |
|
$ |
100,871 |
|
$ |
99,174 |
|
$ |
96,656 |
|
|
$ |
428,041 |
|
$ |
371,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets (C) |
|
$ |
12,339,305 |
|
$ |
9,794,999 |
|
$ |
9,737,949 |
|
$ |
9,214,498 |
|
$ |
8,824,468 |
|
|
$ |
10,278,942 |
|
$ |
8,604,291 |
|
|
|
Average purchase
accounting loan discounts |
|
|
178,027 |
|
|
97,978 |
|
|
104,384 |
|
|
102,906 |
|
|
104,783 |
|
|
|
120,160 |
|
|
127,210 |
|
|
|
Average
interest-earning assets (non-GAAP) (D) |
|
$ |
12,517,332 |
|
$ |
9,892,977 |
|
$ |
9,842,333 |
|
$ |
9,317,404 |
|
$ |
8,929,251 |
|
|
$ |
10,399,102 |
|
$ |
8,731,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
Dec.
31, |
|
|
Sep.
30, |
|
|
Jun.
30, |
|
|
Mar.
31, |
|
|
Dec.
31, |
|
(Dollars in
thousands) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share: A/B |
$ |
12.70 |
|
$ |
12.71 |
|
$ |
10.32 |
|
$ |
10.05 |
|
$ |
9.45 |
|
Tangible book
value per common share: (A-C-D)/B |
|
7.07 |
|
|
7.06 |
|
|
7.23 |
|
|
6.96 |
|
|
6.63 |
|
|
|
|
|
|
|
Total
stockholders' equity (A) |
$ |
2,204,291 |
|
$ |
2,206,716 |
|
$ |
1,476,032 |
|
$ |
1,441,568 |
|
$ |
1,327,490 |
|
End of period
common shares outstanding (B) |
|
173,633 |
|
|
173,666 |
|
|
143,071 |
|
|
143,442 |
|
|
140,472 |
|
Goodwill
(C) |
$ |
927,949 |
|
$ |
929,129 |
|
$ |
420,941 |
|
$ |
420,941 |
|
$ |
377,983 |
|
Core deposit and
other intangibles (D) |
|
49,351 |
|
|
50,982 |
|
|
21,019 |
|
|
21,885 |
|
|
18,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Equity to assets:
B/A |
|
15.25 |
% |
|
15.48 |
% |
|
13.58 |
% |
|
13.45 |
% |
|
13.53 |
% |
Tangible common
equity to tangible assets: (B-C-D)/(A-C-D) |
|
9.11 |
% |
|
9.24 |
% |
|
9.91 |
% |
|
9.72 |
% |
|
9.89 |
% |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total assets
(A) |
$ |
14,449,760 |
|
$ |
14,255,967 |
|
$ |
10,872,228 |
|
$ |
10,717,468 |
|
$ |
9,808,465 |
|
Total
stockholders' equity (B) |
|
2,204,291 |
|
|
2,206,716 |
|
|
1,476,032 |
|
|
1,441,568 |
|
|
1,327,490 |
|
Goodwill
(C) |
|
927,949 |
|
|
929,129 |
|
|
420,941 |
|
|
420,941 |
|
|
377,983 |
|
Core deposit and
other intangibles (D) |
|
49,351 |
|
|
50,982 |
|
|
21,019 |
|
|
21,885 |
|
|
18,311 |
|
|
|
|
|
|
|
FOR MORE INFORMATION CONTACT:
Jennifer C. Floyd Chief Accounting Officer
& Investor Relations Officer Home BancShares,
Inc. (501) 339-2929
Home BancShares (NASDAQ:HOMB)
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