CONWAY, Ark., Oct. 18, 2018 (GLOBE NEWSWIRE) --
Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of
Centennial Bank, today announced a quarterly profit of $80.3
million for the third quarter of 2018 compared to $14.8 million, a
443% increase for the same quarter in 2017. Diluted earnings
per share for the third quarter of 2018 was $0.46 per share
compared to $0.10 per share, for the same period in 2017.
Highlights of the Third Quarter of
2018:
Performance Metric |
Q3 |
Q2 |
Net Income |
$80.3 million |
$76.0 million |
Total Revenue |
$205.9 million |
$194.2 million |
Diluted Earnings Per Share |
$0.46 |
$0.44 |
ROA |
2.14% |
2.13% |
ROTCE |
24.56% |
24.27% |
Margin |
4.46% |
4.47% |
Loan Origination |
$987 million |
$958 million |
The Company’s third quarter 2017 earnings
included a hurricane reserve as a result of Hurricane Irma, which
made initial landfall in the Florida Keys as a Category 4 hurricane
on September 10, 2017. The Company accrued $33.4 million of
pre-tax hurricane expenses in the third quarter of 2017.
Excluding the previously mentioned impact of Hurricane Irma, the
$18.2 million of merger expenses associated with the Stonegate
acquisition and $20.0 million tax-effect of the adjustments, third
quarter 2017 earnings, as adjusted (non-GAAP), were $46.4
million. As a result, the third quarter 2018 earnings of
$80.3 million represent an increase of $33.8 million or 72.8%
compared to the third quarter 2017 earnings, as adjusted.
“I am very proud to report that in our first
quarter of swimming upstream with Durbin and HOMB $2.00 expenses,
HOMB was still able to report record quarterly net income of $80.3
million and record quarterly loan originations of $987 million,”
said John Allison, Chairman.
“Our first full quarter with Shore Premier
Finance did not create the drag on margin as much as we
anticipated, with 4.46% compared to 4.47% in the second quarter,
mostly due to the strong contribution by Centennial CFG this
quarter,” said Tracy French, Centennial Bank President and Chief
Executive Officer, added.
“We are once again proud to report our most
profitable quarter in the Company’s history,” said Randy Sims, Home
BancShares, Inc. Chief Executive Officer. “We continue to
control expenses and are pleased to report another strong
efficiency ratio of 37.23%.”
Operating Highlights
Net interest margin, on a fully taxable
equivalent basis, was 4.46% for the quarter just ended compared to
4.40% for the same quarter in 2017. Net interest margin
for the third quarter of 2018 includes accretion income of $10.7
million and average purchase accounting loan discounts of $151.4
million, compared to accretion income of $7.2 million and average
purchase accounting loan discounts of $98.0 million for the third
quarter of 2017. Accretion yield remained consistent at $10.7
million for both the second and third quarters of 2018.
During the third quarter of 2018, the Company
did not record a provision for loan loss compared to $1.6 million,
excluding the $33.4 million of hurricane expense, recorded in the
third quarter of 2017. The Company continues to see
improvement in asset quality. Non-performing loans to total
loans was 0.52% as of September 30, 2018 compared to 0.62% as of
September 30, 2017, an improvement of 16.2%. Non-performing assets
to total assets also improved from 0.60% as of September 30, 2017
to 0.47% as of September 30, 2018, an improvement of 21.5%.
For the third quarter of 2018, net charge-offs were $1.3 million
compared to net charge-offs of $3.5 million for the third quarter
of 2017.
The Company reported $25.8 million of
non-interest income for the third quarter of 2018, compared to
$21.5 million for the third quarter of 2017. The most
important components of the third quarter non-interest income were
$9.0 million from other service charges and fees, $7.0 million from
service charges on deposits accounts, $3.7 million from mortgage
lending income, $2.4 million from other income and $1.3 million
from dividends from the FHLB, FRB, FNBB & other equity
investments.
Non-interest expense for the third quarter of
2018 was $66.1 million compared to $70.8 million for the third
quarter of 2017. Excluding $18.2 million in merger expenses
during the third quarter of 2017, non-interest expense increased
$13.5 million from $52.6 million for the third quarter of 2017 to
$66.1 million for the third quarter of 2018. This increase
excluding merger expenses is primarily the result of $9.3 million
growth in salaries and employee benefits expense and $3.3 million
growth in other operating expense resulting from the acquisition of
Stonegate Bank in the third quarter of 2017. For the third
quarter of 2018, our efficiency ratio improved to 37.23% from the
53.77% reported for the third quarter of 2017.
Financial Condition
Total loans receivable were $10.83 billion at
September 30, 2018 compared to $10.33 billion at December 31,
2017. Total deposits were $10.62 billion at September 30,
2018 compared to $10.39 billion at December 31, 2017. Total
assets were $14.91 billion at September 30, 2018 compared to $14.45
billion at December 31, 2017.
During the third quarter 2018 the Company
experienced approximately $67.5 million in organic loan
decline. Centennial CFG experienced $175.1 million of organic
loan decline and had loans of $1.47 billion at September 30,
2018. Our legacy footprint produced approximately $107.6
million in organic loan growth during the quarter.
Non-performing loans at September 30, 2018 were
$14.5 million, $40.0 million, $133,000, $1.8 million and zero in
the Arkansas, Florida, Alabama, Shore Premier and Centennial CFG
markets, respectively, for a total of $56.5 million.
Non-performing assets at September 30, 2018 were $21.1 million,
$46.7 million, $774,000, $1.8 million and zero in the Arkansas,
Florida, Alabama, Shore Premier and Centennial CFG markets,
respectively, for a total of $70.4 million.
The Company’s allowance for loan losses was
$110.2 million at September 30, 2018, or 1.02% of total loans,
compared to $110.3 million, or 1.07% of total loans, at December
31, 2017. As of September 30, 2018, and December 31, 2017, the
Company’s allowance for loan losses was 195% and 247% of its total
non-performing loans, respectively.
Stockholders’ equity was $2.34 billion at
September 30, 2018 compared to $2.20 billion at December 31, 2017,
an increase of $136.7 million. The increase in stockholders’ equity
is primarily associated with the $171.2 million increase in
retained earnings offset by $27.3 million of comprehensive loss and
the repurchase of $43.2 million of our common stock during the
first nine months of 2018. Book value per common share was $13.44
at September 30, 2018 compared to $12.70 at December 31, 2017.
Tangible book value per common share (non-GAAP) was $7.68 at
September 30, 2018 compared to $7.07 at December 31, 2017, an
annualized increase of 11.5%.
Branches
During the fourth quarter of 2018, the Company
plans to open a loan production office in Dallas, Texas. The
Company currently has 77 branches in Arkansas, 76 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,
October 18, 2018. We encourage all participants to
pre-register for the conference call using the following
link: http://dpregister.com/10123959. 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: 10123959, which will be available until
October 25, 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, as adjusted; return on average assets excluding
intangible amortization; return on average assets, as adjusted;
return on average common equity excluding intangible amortization;
efficiency ratio, as adjusted; 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 items or 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 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: economic
conditions, credit quality, interest rates, loan demand, the
ability to successfully integrate new acquisitions, increased
regulatory requirements as a result of our exceeding $10 billion in
total assets, legislative and regulatory changes, technological
changes and cybersecurity risks, competition from other financial
institutions, changes in the assumptions used in making the
forward-looking statements, and other factors described in reports
we file with the Securities and Exchange Commission (the “SEC”),
including those factors set forth in our Annual Report on Form 10-K
for the year ended December 31, 2017 filed with the SEC on February
27, 2018.
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:
Donna Townsell
Director of Investor
Relations
Home BancShares, Inc.
(501) 328-4625
|
Home BancShares, Inc. |
Consolidated End of Period Balance
Sheets |
(Unaudited) |
|
|
|
|
|
|
|
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
(In thousands) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
208,681 |
|
$ |
197,658 |
|
$ |
185,479 |
|
$ |
166,915 |
|
$ |
197,953 |
|
Interest-bearing
deposits with other banks |
|
323,376 |
|
|
298,085 |
|
|
325,122 |
|
|
469,018 |
|
|
354,367 |
|
Cash and cash
equivalents |
|
532,057 |
|
|
495,743 |
|
|
510,601 |
|
|
635,933 |
|
|
552,320 |
|
Federal funds
sold |
|
500 |
|
|
500 |
|
|
1,825 |
|
|
24,109 |
|
|
4,545 |
|
Investment
securities - available-for-sale |
|
1,744,430 |
|
|
1,718,704 |
|
|
1,693,018 |
|
|
1,663,517 |
|
|
1,575,685 |
|
Investment
securities - held-to-maturity |
|
199,266 |
|
|
204,401 |
|
|
213,731 |
|
|
224,756 |
|
|
234,945 |
|
Loans
receivable |
|
10,832,815 |
|
|
10,897,970 |
|
|
10,325,736 |
|
|
10,331,188 |
|
|
10,286,193 |
|
Allowance for
loan losses |
|
(110,191 |
) |
|
(111,516 |
) |
|
(110,212 |
) |
|
(110,266 |
) |
|
(111,620 |
) |
Loans
receivable, net |
|
10,722,624 |
|
|
10,786,454 |
|
|
10,215,524 |
|
|
10,220,922 |
|
|
10,174,573 |
|
Bank premises and
equipment, net |
|
233,652 |
|
|
234,634 |
|
|
235,607 |
|
|
237,439 |
|
|
239,990 |
|
Foreclosed assets
held for sale |
|
13,507 |
|
|
17,853 |
|
|
20,134 |
|
|
18,867 |
|
|
21,701 |
|
Cash value of
life insurance |
|
148,014 |
|
|
147,281 |
|
|
147,424 |
|
|
146,866 |
|
|
146,158 |
|
Accrued interest
receivable |
|
48,909 |
|
|
45,682 |
|
|
45,361 |
|
|
45,708 |
|
|
41,071 |
|
Deferred tax
asset, net |
|
79,548 |
|
|
78,435 |
|
|
78,328 |
|
|
76,564 |
|
|
121,787 |
|
Goodwill |
|
958,408 |
|
|
956,418 |
|
|
927,949 |
|
|
927,949 |
|
|
929,129 |
|
Core deposit and
other intangibles |
|
44,484 |
|
|
46,101 |
|
|
47,726 |
|
|
49,351 |
|
|
50,982 |
|
Other assets |
|
187,339 |
|
|
191,914 |
|
|
186,001 |
|
|
177,779 |
|
|
163,081 |
|
Total
assets |
$ |
14,912,738 |
|
$ |
14,924,120 |
|
$ |
14,323,229 |
|
$ |
14,449,760 |
|
$ |
14,255,967 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand and
non-interest-bearing |
$ |
2,482,857 |
|
$ |
2,523,553 |
|
$ |
2,473,602 |
|
$ |
2,385,252 |
|
$ |
2,555,465 |
|
Savings and
interest-bearing transaction accounts |
|
6,420,951 |
|
|
6,573,902 |
|
|
6,437,408 |
|
|
6,476,819 |
|
|
6,341,883 |
|
Time
deposits |
|
1,720,930 |
|
|
1,638,578 |
|
|
1,485,605 |
|
|
1,526,431 |
|
|
1,551,422 |
|
Total
deposits |
|
10,624,738 |
|
|
10,736,033 |
|
|
10,396,615 |
|
|
10,388,502 |
|
|
10,448,770 |
|
Federal funds
purchased |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Securities sold
under agreements to repurchase |
|
142,146 |
|
|
139,750 |
|
|
150,315 |
|
|
147,789 |
|
|
149,531 |
|
FHLB and other
borrowed funds |
|
1,363,851 |
|
|
1,309,950 |
|
|
1,115,061 |
|
|
1,299,188 |
|
|
1,044,333 |
|
Accrued interest
payable and other liabilities |
|
72,381 |
|
|
55,971 |
|
|
54,845 |
|
|
41,959 |
|
|
38,782 |
|
Subordinated
debentures |
|
368,596 |
|
|
368,403 |
|
|
368,212 |
|
|
368,031 |
|
|
367,835 |
|
Total
liabilities |
|
12,571,712 |
|
|
12,610,107 |
|
|
12,085,048 |
|
|
12,245,469 |
|
|
12,049,251 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Common stock |
|
1,741 |
|
|
1,745 |
|
|
1,736 |
|
|
1,736 |
|
|
1,737 |
|
Capital
surplus |
|
1,668,106 |
|
|
1,693,337 |
|
|
1,671,141 |
|
|
1,675,318 |
|
|
1,674,642 |
|
Retained
earnings |
|
701,900 |
|
|
642,540 |
|
|
585,586 |
|
|
530,658 |
|
|
526,448 |
|
Accumulated other
comprehensive (loss) income |
|
(30,721 |
) |
|
(23,609 |
) |
|
(20,282 |
) |
|
(3,421 |
) |
|
3,889 |
|
Total
stockholders' equity |
|
2,341,026 |
|
|
2,314,013 |
|
|
2,238,181 |
|
|
2,204,291 |
|
|
2,206,716 |
|
Total
liabilities and stockholders' equity |
$ |
14,912,738 |
|
$ |
14,924,120 |
|
$ |
14,323,229 |
|
$ |
14,449,760 |
|
$ |
14,255,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2018 |
|
|
2018 |
|
2018 |
|
2017 |
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
Loans |
$ |
166,334 |
|
$ |
152,996 |
$ |
148,065 |
$ |
147,426 |
$ |
113,269 |
|
|
$ |
467,395 |
|
$ |
331,763 |
|
Investment
securities |
|
|
|
|
|
|
|
|
Taxable |
|
9,011 |
|
|
8,979 |
|
8,970 |
|
7,793 |
|
7,071 |
|
|
|
26,960 |
|
|
18,983 |
|
Tax-exempt |
|
3,427 |
|
|
3,368 |
|
3,006 |
|
3,025 |
|
3,032 |
|
|
|
9,801 |
|
|
8,942 |
|
Deposits - other
banks |
|
1,273 |
|
|
1,206 |
|
929 |
|
736 |
|
538 |
|
|
|
3,408 |
|
|
1,573 |
|
Federal funds
sold |
|
6 |
|
|
12 |
|
6 |
|
1 |
|
3 |
|
|
|
24 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
Total interest
income |
|
180,051 |
|
|
166,561 |
|
160,976 |
|
158,981 |
|
123,913 |
|
|
|
507,588 |
|
|
361,270 |
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
Interest on
deposits |
|
21,412 |
|
|
18,164 |
|
14,806 |
|
12,946 |
|
8,535 |
|
|
|
54,382 |
|
|
20,831 |
|
Federal funds
purchased |
|
- |
|
|
- |
|
1 |
|
1 |
|
- |
|
|
|
1 |
|
|
- |
|
FHLB borrowed
funds |
|
7,055 |
|
|
4,245 |
|
4,580 |
|
3,806 |
|
3,408 |
|
|
|
15,880 |
|
|
10,707 |
|
Securities sold
under agreements to repurchase |
|
472 |
|
|
372 |
|
376 |
|
325 |
|
232 |
|
|
|
1,220 |
|
|
593 |
|
Subordinated
debentures |
|
5,202 |
|
|
5,168 |
|
5,004 |
|
4,934 |
|
4,969 |
|
|
|
15,374 |
|
|
10,203 |
|
|
|
|
|
|
|
|
|
|
Total interest
expense |
|
34,141 |
|
|
27,949 |
|
24,767 |
|
22,012 |
|
17,144 |
|
|
|
86,857 |
|
|
42,334 |
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
145,910 |
|
|
138,612 |
|
136,209 |
|
136,969 |
|
106,769 |
|
|
|
420,731 |
|
|
318,936 |
|
Provision for
loan losses |
|
- |
|
|
2,722 |
|
1,600 |
|
4,926 |
|
35,023 |
|
|
|
4,322 |
|
|
39,324 |
|
Net
interest income after |
|
|
|
|
|
|
|
|
provision for loan losses |
|
145,910 |
|
|
135,890 |
|
134,609 |
|
132,043 |
|
71,746 |
|
|
|
416,409 |
|
|
279,612 |
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
Service charges
on deposit accounts |
|
6,992 |
|
|
6,780 |
|
6,075 |
|
6,566 |
|
6,408 |
|
|
|
19,847 |
|
|
18,356 |
|
Other service
charges and fees |
|
9,041 |
|
|
9,797 |
|
10,155 |
|
10,144 |
|
8,490 |
|
|
|
28,993 |
|
|
25,983 |
|
Trust fees |
|
437 |
|
|
379 |
|
446 |
|
548 |
|
365 |
|
|
|
1,262 |
|
|
1,130 |
|
Mortgage lending
income |
|
3,691 |
|
|
3,477 |
|
2,657 |
|
3,573 |
|
3,172 |
|
|
|
9,825 |
|
|
9,713 |
|
Insurance
commissions |
|
463 |
|
|
526 |
|
679 |
|
466 |
|
472 |
|
|
|
1,668 |
|
|
1,482 |
|
Increase in cash
value of life insurance |
|
735 |
|
|
730 |
|
654 |
|
738 |
|
478 |
|
|
|
2,119 |
|
|
1,251 |
|
Dividends from
FHLB, FRB, FNBB & other |
|
1,288 |
|
|
1,600 |
|
877 |
|
1,030 |
|
834 |
|
|
|
3,765 |
|
|
2,455 |
|
Gain on
acquisitions |
|
- |
|
|
- |
|
- |
|
- |
|
- |
|
|
|
- |
|
|
3,807 |
|
Gain (loss) on
SBA loans |
|
47 |
|
|
262 |
|
182 |
|
- |
|
163 |
|
|
|
491 |
|
|
738 |
|
Gain (loss) on
branches, equipment and other assets, net |
|
(102 |
) |
|
- |
|
7 |
|
2 |
|
(1,337 |
) |
|
|
(95 |
) |
|
(962 |
) |
Gain (loss) on
OREO, net |
|
836 |
|
|
1,046 |
|
405 |
|
176 |
|
335 |
|
|
|
2,287 |
|
|
849 |
|
Gain (loss) on
securities, net |
|
- |
|
|
- |
|
- |
|
1,193 |
|
136 |
|
|
|
- |
|
|
939 |
|
Other
income |
|
2,419 |
|
|
3,076 |
|
3,668 |
|
2,856 |
|
1,941 |
|
|
|
9,163 |
|
|
6,603 |
|
|
|
|
|
|
|
|
|
|
Total
non-interest income |
|
25,847 |
|
|
27,673 |
|
25,805 |
|
27,292 |
|
21,457 |
|
|
|
79,325 |
|
|
72,344 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
Salaries and
employee benefits |
|
37,825 |
|
|
34,476 |
|
35,014 |
|
35,404 |
|
28,510 |
|
|
|
107,315 |
|
|
83,965 |
|
Occupancy and
equipment |
|
8,148 |
|
|
8,519 |
|
8,983 |
|
9,009 |
|
7,887 |
|
|
|
25,650 |
|
|
21,602 |
|
Data processing
expense |
|
3,461 |
|
|
3,339 |
|
3,986 |
|
3,559 |
|
2,853 |
|
|
|
10,786 |
|
|
8,439 |
|
Other operating
expenses |
|
16,689 |
|
|
16,894 |
|
15,397 |
|
15,246 |
|
31,596 |
|
|
|
48,980 |
|
|
62,984 |
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
|
66,123 |
|
|
63,228 |
|
63,380 |
|
63,218 |
|
70,846 |
|
|
|
192,731 |
|
|
176,990 |
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
105,634 |
|
|
100,335 |
|
97,034 |
|
96,117 |
|
22,357 |
|
|
|
303,003 |
|
|
174,966 |
|
Income tax
expense |
|
25,350 |
|
|
24,310 |
|
23,970 |
|
72,808 |
|
7,536 |
|
|
|
73,630 |
|
|
63,192 |
|
Net
income |
$ |
80,284 |
|
$ |
76,025 |
$ |
73,064 |
$ |
23,309 |
$ |
14,821 |
|
|
$ |
229,373 |
|
$ |
111,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
$ |
0.46 |
|
$ |
0.44 |
|
$ |
0.42 |
|
$ |
0.13 |
|
$ |
0.10 |
|
|
$ |
1.32 |
|
$ |
0.78 |
|
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) |
|
0.46 |
|
|
0.44 |
|
|
0.42 |
|
|
0.35 |
|
|
0.32 |
|
|
|
1.32 |
|
|
1.00 |
|
Basic earnings per
common share |
|
0.46 |
|
|
0.44 |
|
|
0.42 |
|
|
0.13 |
|
|
0.10 |
|
|
|
1.32 |
|
|
0.78 |
|
Dividends per share -
common |
|
0.1200 |
|
|
0.1100 |
|
|
0.1100 |
|
|
0.1100 |
|
|
0.1100 |
|
|
|
0.3400 |
|
|
0.2900 |
|
Book value per common
share |
|
13.44 |
|
|
13.26 |
|
|
12.89 |
|
|
12.70 |
|
|
12.71 |
|
|
|
13.44 |
|
|
12.71 |
|
Tangible book value per
common share (non-GAAP)(1) |
|
7.68 |
|
|
7.52 |
|
|
7.27 |
|
|
7.07 |
|
|
7.06 |
|
|
|
7.68 |
|
|
7.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
174,440 |
|
|
173,403 |
|
|
173,761 |
|
|
173,641 |
|
|
144,238 |
|
|
|
173,870 |
|
|
143,111 |
|
Average diluted shares
outstanding |
|
174,867 |
|
|
173,936 |
|
|
174,383 |
|
|
174,349 |
|
|
144,987 |
|
|
|
174,394 |
|
|
143,839 |
|
End of period common
shares outstanding |
|
174,135 |
|
|
174,511 |
|
|
173,603 |
|
|
173,633 |
|
|
173,666 |
|
|
|
174,135 |
|
|
173,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
2.14 |
% |
|
2.13 |
% |
|
2.08 |
% |
|
0.66 |
% |
|
0.54 |
% |
|
|
2.12 |
% |
|
1.41 |
% |
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) |
|
2.14 |
% |
|
2.13 |
% |
|
2.08 |
% |
|
1.69 |
% |
|
1.70 |
% |
|
|
2.12 |
% |
|
1.82 |
% |
Return on average
assets excluding intangible amortization
(non-GAAP)(1) |
|
2.33 |
% |
|
2.32 |
% |
|
2.27 |
% |
|
0.73 |
% |
|
0.59 |
% |
|
|
2.31 |
% |
|
1.49 |
% |
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 (ROA, as
adjusted) (non-GAAP)(1) |
|
3.07 |
% |
|
3.15 |
% |
|
3.07 |
% |
|
3.10 |
% |
|
2.94 |
% |
|
|
3.09 |
% |
|
3.14 |
% |
Return on average
common equity |
|
13.74 |
% |
|
13.54 |
% |
|
13.38 |
% |
|
4.17 |
% |
|
3.88 |
% |
|
|
13.56 |
% |
|
10.33 |
% |
Return on average
tangible common equity excluding intangible amortization
(non-GAAP)(1) |
|
24.56 |
% |
|
24.27 |
% |
|
24.33 |
% |
|
7.78 |
% |
|
5.80 |
% |
|
|
24.39 |
% |
|
15.06 |
% |
Efficiency ratio |
|
37.23 |
% |
|
36.74 |
% |
|
37.83 |
% |
|
37.05 |
% |
|
53.77 |
% |
|
|
37.26 |
% |
|
43.92 |
% |
Efficiency ratio, as
adjusted (non-GAAP)(1) |
|
37.40 |
% |
|
37.03 |
% |
|
37.97 |
% |
|
37.35 |
% |
|
39.12 |
% |
|
|
37.46 |
% |
|
37.79 |
% |
Net interest margin -
FTE |
|
4.46 |
% |
|
4.47 |
% |
|
4.46 |
% |
|
4.47 |
% |
|
4.40 |
% |
|
|
4.46 |
% |
|
4.53 |
% |
Fully taxable
equivalent adjustment |
$ |
1,489 |
|
$ |
1,403 |
|
$ |
1,209 |
|
$ |
1,983 |
|
$ |
1,846 |
|
|
$ |
4,101 |
|
$ |
5,873 |
|
Total revenue |
|
205,898 |
|
|
194,234 |
|
|
186,781 |
|
|
186,273 |
|
|
145,370 |
|
|
|
586,913 |
|
|
433,614 |
|
Total purchase
accounting accretion |
|
10,744 |
|
|
10,669 |
|
|
10,608 |
|
|
12,397 |
|
|
7,174 |
|
|
|
32,021 |
|
|
23,319 |
|
Average purchase
accounting loan discounts |
|
151,377 |
|
|
153,624 |
|
|
164,122 |
|
|
178,027 |
|
|
97,978 |
|
|
|
156,855 |
|
|
97,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
$ |
1,154 |
|
$ |
1,142 |
|
$ |
962 |
|
$ |
898 |
|
$ |
795 |
|
|
$ |
3,258 |
|
$ |
2,305 |
|
Merger and acquisition
expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
18,227 |
|
|
|
- |
|
|
25,743 |
|
Amortization of
intangibles |
|
1,617 |
|
|
1,624 |
|
|
1,626 |
|
|
1,631 |
|
|
906 |
|
|
|
4,867 |
|
|
2,576 |
|
Electronic banking
expense |
|
1,947 |
|
|
1,828 |
|
|
1,878 |
|
|
1,777 |
|
|
1,712 |
|
|
|
5,653 |
|
|
4,885 |
|
Directors' fees |
|
314 |
|
|
318 |
|
|
330 |
|
|
313 |
|
|
309 |
|
|
|
962 |
|
|
946 |
|
Due from bank service
charges |
|
253 |
|
|
242 |
|
|
219 |
|
|
254 |
|
|
472 |
|
|
|
714 |
|
|
1,348 |
|
FDIC and state
assessment |
|
2,293 |
|
|
2,788 |
|
|
1,608 |
|
|
1,476 |
|
|
1,293 |
|
|
|
6,689 |
|
|
3,763 |
|
Insurance |
|
762 |
|
|
714 |
|
|
887 |
|
|
814 |
|
|
577 |
|
|
|
2,363 |
|
|
1,698 |
|
Legal and
accounting |
|
761 |
|
|
858 |
|
|
778 |
|
|
1,194 |
|
|
698 |
|
|
|
2,397 |
|
|
1,799 |
|
Other professional
fees |
|
1,748 |
|
|
1,601 |
|
|
1,639 |
|
|
1,537 |
|
|
1,436 |
|
|
|
4,988 |
|
|
3,822 |
|
Operating supplies |
|
510 |
|
|
602 |
|
|
600 |
|
|
602 |
|
|
432 |
|
|
|
1,712 |
|
|
1,376 |
|
Postage |
|
311 |
|
|
323 |
|
|
344 |
|
|
323 |
|
|
280 |
|
|
|
978 |
|
|
861 |
|
Telephone |
|
337 |
|
|
371 |
|
|
373 |
|
|
347 |
|
|
305 |
|
|
|
1,081 |
|
|
1,027 |
|
Other expense |
|
4,682 |
|
|
4,483 |
|
|
4,153 |
|
|
4,080 |
|
|
4,154 |
|
|
|
13,318 |
|
|
10,835 |
|
|
|
|
|
|
|
|
|
|
Total other
operating expenses |
$ |
16,689 |
|
$ |
16,894 |
|
$ |
15,397 |
|
$ |
15,246 |
|
$ |
31,596 |
|
|
$ |
48,980 |
|
$ |
62,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
June. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
(Dollars in thousands) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
101.96 |
% |
|
101.51 |
% |
|
99.32 |
% |
|
99.45 |
% |
|
98.44 |
% |
Common equity to
assets |
|
15.70 |
% |
|
15.51 |
% |
|
15.63 |
% |
|
15.25 |
% |
|
15.48 |
% |
Tangible common equity
to tangible assets (non-GAAP)(1) |
|
9.62 |
% |
|
9.42 |
% |
|
9.46 |
% |
|
9.11 |
% |
|
9.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
Commercial real
estate loans |
|
|
|
|
|
Non-farm/non-residential |
$ |
4,685,827 |
|
$ |
4,734,315 |
|
$ |
4,658,209 |
|
$ |
4,600,117 |
|
$ |
4,532,402 |
|
Construction/land development |
|
1,550,910 |
|
|
1,662,199 |
|
|
1,641,834 |
|
|
1,700,491 |
|
|
1,648,923 |
|
Agricultural |
|
72,930 |
|
|
77,053 |
|
|
81,151 |
|
|
82,229 |
|
|
88,295 |
|
Residential real
estate loans |
|
|
|
|
|
Residential 1-4 family |
|
1,982,666 |
|
|
1,960,841 |
|
|
1,915,346 |
|
|
1,970,311 |
|
|
1,968,688 |
|
Multifamily residential |
|
608,608 |
|
|
540,526 |
|
|
464,194 |
|
|
441,303 |
|
|
497,910 |
|
Total real estate |
|
8,900,941 |
|
|
8,974,934 |
|
|
8,760,734 |
|
|
8,794,451 |
|
|
8,736,218 |
|
Consumer |
|
428,192 |
|
|
417,499 |
|
|
40,842 |
|
|
46,148 |
|
|
51,515 |
|
Commercial and
industrial |
|
1,303,841 |
|
|
1,287,637 |
|
|
1,324,173 |
|
|
1,297,397 |
|
|
1,296,485 |
|
Agricultural |
|
58,644 |
|
|
55,768 |
|
|
50,770 |
|
|
49,815 |
|
|
57,489 |
|
Other |
|
141,197 |
|
|
162,132 |
|
|
149,217 |
|
|
143,377 |
|
|
144,486 |
|
Loans
receivable |
$ |
10,832,815 |
|
$ |
10,897,970 |
|
$ |
10,325,736 |
|
$ |
10,331,188 |
|
$ |
10,286,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount for credit
losses on purchased loans |
$ |
120,849 |
|
$ |
129,903 |
|
$ |
137,404 |
|
$ |
146,557 |
|
$ |
158,001 |
|
Purchased loans, net of
discount for credit losses on purchased loans |
|
3,081,695 |
|
|
3,522,753 |
|
|
3,232,004 |
|
|
3,464,990 |
|
|
3,653,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
$ |
111,516 |
|
$ |
110,212 |
|
$ |
110,266 |
|
$ |
111,620 |
|
$ |
80,138 |
|
Loans charged off |
|
2,501 |
|
|
2,132 |
|
|
2,540 |
|
|
6,936 |
|
|
4,424 |
|
Recoveries of loans
previously charged off |
|
1,176 |
|
|
714 |
|
|
886 |
|
|
656 |
|
|
883 |
|
Net loans
(recovered)/charged off |
|
1,325 |
|
|
1,418 |
|
|
1,654 |
|
|
6,280 |
|
|
3,541 |
|
Provision for loan
losses |
|
- |
|
|
2,722 |
|
|
1,600 |
|
|
4,926 |
|
|
35,023 |
|
Balance, end of
period |
$ |
110,191 |
|
$ |
111,516 |
|
$ |
110,212 |
|
$ |
110,266 |
|
$ |
111,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (recoveries)
charge-offs to average total loans |
|
0.05 |
% |
|
0.05 |
% |
|
0.06 |
% |
|
0.24 |
% |
|
0.18 |
% |
Allowance for loan
losses to total loans |
|
1.02 |
% |
|
1.02 |
% |
|
1.07 |
% |
|
1.07 |
% |
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Non-performing
loans |
|
|
|
|
|
Non-accrual
loans |
$ |
36,198 |
|
$ |
37,082 |
|
$ |
36,266 |
|
$ |
34,032 |
|
$ |
34,794 |
|
Loans past due
90 days or more |
|
20,267 |
|
|
19,696 |
|
|
13,223 |
|
|
10,665 |
|
|
29,183 |
|
Total
non-performing loans |
|
56,465 |
|
|
56,778 |
|
|
49,489 |
|
|
44,697 |
|
|
63,977 |
|
Other non-performing
assets |
|
|
|
|
|
Foreclosed
assets held for sale, net |
|
13,507 |
|
|
17,853 |
|
|
20,134 |
|
|
18,867 |
|
|
21,701 |
|
Other
non-performing assets |
|
405 |
|
|
3 |
|
|
3 |
|
|
3 |
|
|
3 |
|
Total
other non-performing assets |
|
13,912 |
|
|
17,856 |
|
|
20,137 |
|
|
18,870 |
|
|
21,704 |
|
Total
non-performing assets |
$ |
70,377 |
|
$ |
74,634 |
|
$ |
69,626 |
|
$ |
63,567 |
|
$ |
85,681 |
|
|
|
|
|
|
|
Allowance for loan
losses for loans to non-performing loans |
|
195.15 |
% |
|
196.41 |
% |
|
222.70 |
% |
|
246.70 |
% |
|
174.47 |
% |
Non-performing loans to
total loans |
|
0.52 |
% |
|
0.52 |
% |
|
0.48 |
% |
|
0.43 |
% |
|
0.62 |
% |
Non-performing assets
to total assets |
|
0.47 |
% |
|
0.50 |
% |
|
0.49 |
% |
|
0.44 |
% |
|
0.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2018
|
|
|
|
June 30, 2018
|
|
|
|
Average |
|
Income/ |
Yield/ |
|
|
|
Average |
|
Income/ |
Yield/ |
|
(Dollars in thousands) |
|
Balance |
|
Expense |
Rate |
|
|
|
Balance |
|
Expense |
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
balances due from banks |
$ |
281,115 |
$ |
1,273 |
1.80 |
% |
|
$ |
288,643 |
$ |
1,206 |
1.68 |
% |
Federal funds
sold |
|
524 |
|
6 |
4.54 |
% |
|
|
679 |
|
12 |
7.09 |
% |
Investment
securities - taxable |
|
1,526,455 |
|
9,011 |
2.34 |
% |
|
|
1,528,613 |
|
8,979 |
2.36 |
% |
Investment
securities - non-taxable - FTE |
|
402,355 |
|
4,507 |
4.44 |
% |
|
|
398,067 |
|
4,476 |
4.51 |
% |
Loans receivable
- FTE |
|
10,909,646 |
|
166,743 |
6.06 |
% |
|
|
10,345,846 |
|
153,291 |
5.94 |
% |
Total
interest-earning assets |
|
13,120,095 |
|
181,540 |
5.49 |
% |
|
|
12,561,848 |
|
167,964 |
5.36 |
% |
Non-earning
assets |
|
1,760,836 |
|
|
|
|
1,742,635 |
|
|
Total
assets |
$ |
14,880,931 |
|
|
|
$ |
14,304,483 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
Savings
and interest-bearing transaction accounts |
$ |
6,406,711 |
$ |
15,596 |
0.97 |
% |
|
$ |
6,451,204 |
$ |
13,489 |
0.84 |
% |
Time
deposits |
|
1,661,129 |
|
5,816 |
1.39 |
% |
|
|
1,611,353 |
|
4,675 |
1.16 |
% |
Total interest-bearing deposits |
|
8,067,840 |
|
21,412 |
1.05 |
% |
|
|
8,062,557 |
|
18,164 |
0.90 |
% |
Federal funds
purchased |
|
- |
|
- |
0.00 |
% |
|
|
46 |
|
- |
0.00 |
% |
Securities sold
under agreement to repurchase |
|
148,791 |
|
472 |
1.26 |
% |
|
|
143,952 |
|
372 |
1.04 |
% |
FHLB borrowed
funds |
|
1,398,738 |
|
7,055 |
2.00 |
% |
|
|
928,357 |
|
4,245 |
1.83 |
% |
Subordinated
debentures |
|
368,501 |
|
5,202 |
5.60 |
% |
|
|
368,309 |
|
5,168 |
5.63 |
% |
Total interest-bearing liabilities |
|
9,983,870 |
|
34,141 |
1.36 |
% |
|
|
9,503,221 |
|
27,949 |
1.18 |
% |
Non-interest
bearing liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
2,512,690 |
|
|
|
|
2,496,701 |
|
|
Other
liabilities |
|
66,441 |
|
|
|
|
53,149 |
|
|
Total liabilities |
|
12,563,001 |
|
|
|
|
12,053,071 |
|
|
Shareholders'
equity |
|
2,317,930 |
|
|
|
|
2,251,412 |
|
|
Total
liabilities and shareholders' equity |
$ |
14,880,931 |
|
|
|
$ |
14,304,483 |
|
|
Net interest
spread |
|
|
4.13 |
% |
|
|
|
|
4.18 |
% |
Net interest
income and margin - FTE |
|
$ |
147,399 |
4.46 |
% |
|
|
$ |
140,015 |
4.47 |
% |
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Consolidated Net Interest
Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 2018 |
|
|
|
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 |
$ |
271,987 |
$ |
3,408 |
1.68 |
% |
|
$ |
218,324 |
$ |
1,573 |
0.96 |
% |
Federal funds
sold |
|
3,595 |
|
24 |
0.89 |
% |
|
|
1,161 |
|
9 |
1.04 |
% |
Investment
securities - taxable |
|
1,538,387 |
|
26,960 |
2.34 |
% |
|
|
1,231,619 |
|
18,983 |
2.06 |
% |
Investment
securities - non-taxable - FTE |
|
382,088 |
|
12,981 |
4.54 |
% |
|
|
347,578 |
|
14,506 |
5.58 |
% |
Loans receivable
- FTE |
|
10,529,117 |
|
468,316 |
5.95 |
% |
|
|
7,785,925 |
|
332,072 |
5.70 |
% |
Total
interest-earning assets |
|
12,725,174 |
|
511,689 |
5.38 |
% |
|
|
9,584,607 |
|
367,143 |
5.12 |
% |
Non-earning
assets |
|
1,750,456 |
|
|
|
|
1,033,310 |
|
|
Total
assets |
$ |
14,475,630 |
|
|
|
$ |
10,617,917 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
Savings
and interest-bearing transaction accounts |
$ |
6,422,489 |
$ |
40,327 |
0.84 |
% |
|
$ |
4,316,032 |
$ |
13,445 |
0.42 |
% |
Time
deposits |
|
1,595,985 |
|
14,055 |
1.18 |
% |
|
|
1,415,383 |
|
7,386 |
0.70 |
% |
Total interest-bearing deposits |
|
8,018,474 |
|
54,382 |
0.91 |
% |
|
|
5,731,415 |
|
20,831 |
0.49 |
% |
Federal funds
purchased |
|
41 |
|
1 |
3.26 |
% |
|
|
- |
|
- |
0.00 |
% |
Securities sold
under agreement to repurchase |
|
148,472 |
|
1,220 |
1.10 |
% |
|
|
129,580 |
|
593 |
0.61 |
% |
FHLB borrowed
funds |
|
1,159,973 |
|
15,880 |
1.83 |
% |
|
|
1,155,503 |
|
10,707 |
1.24 |
% |
Subordinated
debentures |
|
368,313 |
|
15,374 |
5.58 |
% |
|
|
258,032 |
|
10,203 |
5.29 |
% |
Total
interest-bearing liabilities |
|
9,695,273 |
|
86,857 |
1.20 |
% |
|
|
7,274,530 |
|
42,334 |
0.78 |
% |
Non-interest
bearing liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
2,464,032 |
|
|
|
|
1,847,843 |
|
|
Other
liabilities |
|
54,731 |
|
|
|
|
48,804 |
|
|
Total liabilities |
|
12,214,036 |
|
|
|
|
9,171,177 |
|
|
Shareholders'
equity |
|
2,261,594 |
|
|
|
|
1,446,740 |
|
|
Total
liabilities and shareholders' equity |
$ |
14,475,630 |
|
|
|
$ |
10,617,917 |
|
|
Net interest
spread |
|
|
4.18 |
% |
|
|
|
4.34 |
% |
Net interest
income and margin - FTE |
|
$ |
424,832 |
4.46 |
% |
|
|
$ |
324,809 |
4.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
$ |
23,309 |
|
$ |
14,821 |
|
$ |
229,373 |
|
$ |
111,774 |
|
Adjustments |
|
|
|
|
|
|
|
Gain on
acquisitions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,807 |
) |
Merger
and acquisition expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
18,227 |
|
|
- |
|
|
25,743 |
|
Hurricane
expenses(1) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
33,445 |
|
|
- |
|
|
33,445 |
|
Effect of
tax rate change |
|
- |
|
|
- |
|
|
- |
|
|
36,935 |
|
|
- |
|
|
- |
|
|
- |
|
Total adjustments |
|
- |
|
|
- |
|
|
- |
|
|
36,935 |
|
|
51,672 |
|
|
- |
|
|
55,381 |
|
Tax-effect of
adjustments(2) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
20,045 |
|
|
- |
|
|
22,626 |
|
Adjustments after-tax
(B) |
|
- |
|
|
- |
|
|
- |
|
|
36,935 |
|
|
31,627 |
|
|
- |
|
|
32,755 |
|
Earnings, as adjusted
(C) |
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
$ |
60,244 |
|
$ |
46,448 |
|
$ |
229,373 |
|
$ |
144,529 |
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
174,867 |
|
|
173,936 |
|
|
174,383 |
|
|
174,349 |
|
|
144,987 |
|
|
174,394 |
|
|
143,839 |
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share: A/D |
$ |
0.46 |
|
$ |
0.44 |
|
$ |
0.42 |
|
$ |
0.13 |
|
$ |
0.10 |
|
$ |
1.32 |
|
$ |
0.78 |
|
Adjustments after-tax:
B/D |
|
- |
|
|
- |
|
|
- |
|
|
0.22 |
|
|
0.22 |
|
|
- |
|
|
0.22 |
|
Diluted earnings per
common share excluding gain on acquisitions, merger expenses,
hurricane expenses & effect of tax rate change: C/D |
$ |
0.46 |
|
$ |
0.44 |
|
$ |
0.42 |
|
$ |
0.35 |
|
$ |
0.32 |
|
$ |
1.32 |
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets: A/H |
|
2.14 |
% |
|
2.13 |
% |
|
2.08 |
% |
|
0.66 |
% |
|
0.54 |
% |
|
2.12 |
% |
|
1.41 |
% |
Return on average
assets excluding gain on acquisitions, merger expenses, hurricane
expenses & effect of tax rate change: (A+F)/H |
|
2.14 |
% |
|
2.13 |
% |
|
2.08 |
% |
|
1.69 |
% |
|
1.70 |
% |
|
2.12 |
% |
|
1.82 |
% |
Return on average
assets excluding intangible amortization: (A+C)/(H-I) |
|
2.33 |
% |
|
2.32 |
% |
|
2.27 |
% |
|
0.73 |
% |
|
0.59 |
% |
|
2.31 |
% |
|
1.49 |
% |
Return on average
assets excluding intangible amortization, provision for loan
losses, gain on acquisitions, merger expenses, hurricane expenses
and income taxes (ROA, as adjusted): (A+B+D+E+G)/(H-I) |
|
3.07 |
% |
|
3.15 |
% |
|
3.07 |
% |
|
3.10 |
% |
|
2.94 |
% |
|
3.09 |
% |
|
3.14 |
% |
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
$ |
23,309 |
|
$ |
14,821 |
|
$ |
229,373 |
|
$ |
111,774 |
|
Amortization of
intangibles (B) |
|
1,617 |
|
|
1,624 |
|
|
1,626 |
|
|
1,631 |
|
|
906 |
|
|
4,867 |
|
|
2,576 |
|
Amortization of
intangibles after-tax (C) |
|
1,194 |
|
|
1,200 |
|
|
1,201 |
|
|
991 |
|
|
551 |
|
|
3,595 |
|
|
1,566 |
|
Provision for loan
losses excluding hurricane provision (D) |
|
- |
|
|
2,722 |
|
|
1,600 |
|
|
4,926 |
|
|
2,134 |
|
|
4,322 |
|
|
6,435 |
|
Total adjustments
(E) |
|
- |
|
|
- |
|
|
- |
|
|
36,935 |
|
|
51,672 |
|
|
- |
|
|
55,381 |
|
Adjustments after-tax
(F) |
|
- |
|
|
- |
|
|
- |
|
|
36,935 |
|
|
31,627 |
|
|
- |
|
|
32,755 |
|
Income tax expense
excluding effect of tax rate change (G) |
|
25,350 |
|
|
24,310 |
|
|
23,970 |
|
|
35,873 |
|
|
7,536 |
|
|
73,630 |
|
|
63,192 |
|
Average assets (H) |
|
14,880,931 |
|
|
14,304,483 |
|
|
14,234,369 |
|
|
14,113,936 |
|
|
10,853,559 |
|
|
14,475,630 |
|
|
10,617,917 |
|
Average goodwill, core
deposits & other intangible assets (I) |
|
1,001,843 |
|
|
975,345 |
|
|
976,451 |
|
|
979,209 |
|
|
462,799 |
|
|
984,639 |
|
|
440,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Hurricane expenses include $32,889 of provision for
loan losses and $556 of damage expense related to Hurricane
Irma. |
(2) 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) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity: A/C |
|
13.74 |
% |
|
13.54 |
% |
|
13.38 |
% |
|
4.17 |
% |
|
3.88 |
% |
|
|
13.56 |
% |
|
10.33 |
% |
Return on average
tangible common equity excluding intangible amortization:
(A+B)/(C-D) |
|
24.56 |
% |
|
24.27 |
% |
|
24.33 |
% |
|
7.78 |
% |
|
5.80 |
% |
|
|
24.39 |
% |
|
15.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
$ |
23,309 |
|
$ |
14,821 |
|
|
$ |
229,373 |
|
$ |
111,774 |
|
Amortization of
intangibles after-tax (B) |
|
1,194 |
|
|
1,200 |
|
|
1,201 |
|
|
991 |
|
|
551 |
|
|
|
3,595 |
|
|
1,566 |
|
Average common equity
(C) |
|
2,317,930 |
|
|
2,251,412 |
|
|
2,214,302 |
|
|
2,218,549 |
|
|
1,513,829 |
|
|
|
2,261,594 |
|
|
1,446,740 |
|
Average goodwill, core
deposits & other intangible assets (D) |
|
1,001,843 |
|
|
975,345 |
|
|
976,451 |
|
|
979,209 |
|
|
462,799 |
|
|
|
984,639 |
|
|
440,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio: ((C-E)/(A+B+D)) |
|
37.23 |
% |
|
36.74 |
% |
|
37.83 |
% |
|
37.05 |
% |
|
53.77 |
% |
|
|
37.26 |
% |
|
43.92 |
% |
Efficiency ratio,
as adjusted: ((C-E-G)/(A+B+D-F)) |
|
37.40 |
% |
|
37.03 |
% |
|
37.97 |
% |
|
37.35 |
% |
|
39.12 |
% |
|
|
37.46 |
% |
|
37.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (A) |
$ |
145,910 |
|
$ |
138,612 |
|
$ |
136,209 |
|
$ |
136,969 |
|
$ |
106,769 |
|
|
$ |
420,731 |
|
$ |
318,936 |
|
Non-interest
income (B) |
|
25,847 |
|
|
27,673 |
|
|
25,805 |
|
|
27,292 |
|
|
21,457 |
|
|
|
79,325 |
|
|
72,344 |
|
Non-interest
expense (C) |
|
66,123 |
|
|
63,228 |
|
|
63,380 |
|
|
63,218 |
|
|
70,846 |
|
|
|
192,731 |
|
|
176,990 |
|
Fully taxable
equivalent adjustment (D) |
|
1,489 |
|
|
1,403 |
|
|
1,209 |
|
|
1,983 |
|
|
1,846 |
|
|
|
4,101 |
|
|
5,873 |
|
Amortization of
intangibles (E) |
|
1,617 |
|
|
1,624 |
|
|
1,626 |
|
|
1,631 |
|
|
906 |
|
|
|
4,867 |
|
|
2,576 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
Gain on acquisition |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
$ |
3,807 |
|
Gain (loss) on OREO |
|
836 |
|
|
1,046 |
|
|
405 |
|
|
176 |
|
|
335 |
|
|
|
2,287 |
|
|
849 |
|
Gain (loss) on SBA loans |
|
47 |
|
|
262 |
|
|
182 |
|
|
- |
|
|
163 |
|
|
|
491 |
|
|
738 |
|
Gain (loss) on branches, equipment and other
assets, net |
|
(102 |
) |
|
- |
|
|
7 |
|
|
2 |
|
|
(1,337 |
) |
|
|
(95 |
) |
|
(962 |
) |
Gain (loss) on securities |
|
- |
|
|
- |
|
|
- |
|
|
1,193 |
|
|
136 |
|
|
|
- |
|
|
939 |
|
Recoveries on historic losses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Total non-interest income adjustments (F) |
$ |
781 |
|
$ |
1,308 |
|
$ |
594 |
|
$ |
1,371 |
|
$ |
(703 |
) |
|
$ |
2,683 |
|
$ |
5,371 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
Merger Expenses |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
18,227 |
|
|
$ |
- |
|
$ |
25,743 |
|
Hurricane damage expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
556 |
|
|
|
- |
|
|
556 |
|
Vacant properties write-downs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
47 |
|
Total non-interest expense adjustments (G) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
18,783 |
|
|
$ |
- |
|
$ |
26,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Non-GAAP Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
(Dollars in thousands) |
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share: A/B |
$ |
13.44 |
|
$ |
13.26 |
|
$ |
12.89 |
|
$ |
12.70 |
|
$ |
12.71 |
|
Tangible book
value per common share: (A-C-D)/B |
|
7.68 |
|
|
7.52 |
|
|
7.27 |
|
|
7.07 |
|
|
7.06 |
|
|
|
|
|
|
|
Total
stockholders' equity (A) |
$ |
2,341,026 |
|
$ |
2,314,013 |
|
$ |
2,238,181 |
|
$ |
2,204,291 |
|
$ |
2,206,716 |
|
End of period
common shares outstanding (B) |
|
174,135 |
|
|
174,511 |
|
|
173,603 |
|
|
173,633 |
|
|
173,666 |
|
Goodwill (C) |
$ |
958,408 |
|
$ |
956,418 |
|
$ |
927,949 |
|
$ |
927,949 |
|
$ |
929,129 |
|
Core deposit and
other intangibles (D) |
|
44,484 |
|
|
46,101 |
|
|
47,726 |
|
|
49,351 |
|
|
50,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Equity to assets:
B/A |
|
15.70 |
% |
|
15.51 |
% |
|
15.63 |
% |
|
15.25 |
% |
|
15.48 |
% |
Tangible common
equity to tangible assets: (B-C-D)/(A-C-D) |
|
9.62 |
% |
|
9.42 |
% |
|
9.46 |
% |
|
9.11 |
% |
|
9.24 |
% |
|
|
|
|
|
|
|
|
|
|
Total assets
(A) |
$ |
14,912,738 |
|
$ |
14,924,120 |
|
$ |
14,323,229 |
|
$ |
14,449,760 |
|
$ |
14,255,967 |
|
Total
stockholders' equity (B) |
|
2,341,026 |
|
|
2,314,013 |
|
|
2,238,181 |
|
|
2,204,291 |
|
|
2,206,716 |
|
Goodwill (C) |
|
958,408 |
|
|
956,418 |
|
|
927,949 |
|
|
927,949 |
|
|
929,129 |
|
Core deposit and
other intangibles (D) |
|
44,484 |
|
|
46,101 |
|
|
47,726 |
|
|
49,351 |
|
|
50,982 |
|
|
|
|
|
|
|
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Home BancShares (NASDAQ:HOMB)
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