Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of
Centennial Bank, today announced reaching $300.4 million in net
income for the year of 2018, an increase of $165.3 million or
122.4%, compared to $135.1 million for the year of 2017.
Additionally, the Company ranked #1 on the Forbes “Best Banks
in America” list for the second consecutive year.
Highlights of the Fourth Quarter of
2018:
Performance Metric |
Q4 2018 |
Q4 2017 |
Q4 2018, As Adjusted(non-GAAP)(1) |
Net Income |
$71.0 million |
$23.3 million |
$75.8 million |
Total Revenue |
$201.3 million |
$186.3 million |
$201.3 million |
Diluted Earnings Per Share |
$0.41 |
$0.13 |
$0.44 |
ROA |
1.90% |
0.66% |
2.03% |
ROE |
12.05% |
4.17% |
12.86% |
ROTCE (non-GAAP)(1) |
21.08% |
7.46% |
22.50% |
Organic Loan Growth |
$239.1 million |
$45.0 million |
$239.1 million |
(1)
Calculation of this metric and the reconciliation to GAAP are
included in the schedules accompanying this release. |
|
“2017 was a great year for HOMB; however, 2018
was even better,” said John Allison, Chairman. “Even though bank
stocks have underperformed as a sector for the second consecutive
year, we didn’t. We saw our earnings, as adjusted (non-GAAP), grow
from a record $204.8 million in 2017 to a record $305.2 million in
2018 and were recognized again by Forbes as the Best Bank in
America for the second year in a row,” Allison continued.
“Reaching a record $1.14 billion in loan
originations this quarter indicates that loan demand is still out
there,” said Tracy French, Centennial Bank President and Chief
Executive Officer. “I am pleased with our $239.1 million in loan
growth for the fourth quarter,” French added.
“I am proud once again and for the 31st time to
report record quarterly earnings, as adjusted (non-GAAP), when
compared to the same quarter of previous year,” said Randy Sims,
Home BancShares, Inc. Chief Executive Officer. “This has been a
special year and we anticipate continuing our record pace in 2019,”
added Sims.
Operating Highlights
Net interest margin, on a fully taxable
equivalent basis, was 4.30% for the quarter just ended compared to
4.47% for the same quarter in 2017. Net interest margin
for the fourth quarter of 2018 includes accretion income of $9.4
million and average purchase accounting loan discounts of $141.2
million, compared to accretion income of $12.4 million and average
purchase accounting loan discounts of $178.0 million for the fourth
quarter of 2017.
During the fourth quarter of 2018, the Company
did not record a provision for loan loss compared to $4.9 million
recorded in the fourth quarter of 2017. The Company continues
to see strong asset quality including a decline in net
charge-offs. Non-performing loans to total loans was 0.58% as
of December 31, 2018 compared to 0.43% as of December 31, 2017.
Non-performing assets to total assets also increased from 0.44% as
of December 31, 2017 to 0.51% as of December 31, 2018. For
the fourth quarter of 2018, net charge-offs were $1.4 million
compared to net charge-offs of $6.3 million for the fourth quarter
of 2017.
The Company reported $23.5 million of
non-interest income for the fourth quarter of 2018, compared to
$27.3 million for the fourth quarter of 2017. Excluding
securities gains during the fourth quarter of 2017, non-interest
income decreased $2.6 million from $26.1 million for the fourth
quarter of 2017 to $23.5 million for the fourth quarter of 2018.
The most important components of the fourth quarter non-interest
income were $7.6 million from other service charges and fees, $7.0
million from service charges on deposits accounts, $2.6 million
from mortgage lending income, $2.7 million from other income and
$2.0 million from dividends from the FHLB, FRB, FNBB & other
equity investments. The Company exceeded $10 billion in
assets during the first quarter of 2017 and became subject to the
Durbin Amendment to the Dodd-Frank Act interchange fee restrictions
beginning in the third quarter of 2018. The Durbin Amendment
negatively impacted debit card and ATM fees beginning in the second
half of 2018. The Company estimates quarterly interchange fees are
approximately $3.0 million dollars lower as a result of the Durbin
Amendment.
Non-interest expense for the fourth quarter of
2018 was $71.3 million compared to $63.2 million for the fourth
quarter of 2017. Excluding $6.5 million in merger and
hurricane expenses during the fourth quarter of 2018, non-interest
expense increased $1.6 million from $63.2 million for the fourth
quarter of 2017 to $64.8 million for the fourth quarter of
2018. For the fourth quarter of 2018, our efficiency ratio
increased to 42.18% from the 37.05% reported for the fourth quarter
of 2017.
Financial Condition
Total loans receivable were $11.07 billion at
December 31, 2018 compared to $10.33 billion at December 31,
2017. Total deposits were $10.90 billion at December 31, 2018
compared to $10.39 billion at December 31, 2017. Total assets
were $15.30 billion at December 31, 2018 compared to $14.45 billion
at December 31, 2017.
During the fourth quarter 2018 the Company
experienced approximately $239.1 million in organic loan
growth. Centennial CFG experienced $86.6 million of organic
loan growth and had loans of $1.56 billion at December 31,
2018. Our legacy footprint produced approximately $152.5
million in organic loan growth during the quarter.
Non-performing loans at December 31, 2018 were
$17.4 million, $43.3 million, $179,000, $3.4 million and zero in
the Arkansas, Florida, Alabama, Shore Premier and Centennial CFG
markets, respectively, for a total of $64.2 million.
Non-performing assets at December 31, 2018 were $24.0 million,
$50.2 million, $306,000, $3.4 million and zero in the Arkansas,
Florida, Alabama, Shore Premier and Centennial CFG markets,
respectively, for a total of $78.0 million.
The Company’s allowance for loan losses was
$108.8 million at December 31, 2018, or 0.98% of total loans,
compared to $110.3 million, or 1.07% of total loans, at December
31, 2017. As of December 31, 2018, and December 31, 2017, the
Company’s allowance for loan losses was 169% and 247% of its total
non-performing loans, respectively.
Stockholders’ equity was $2.35 billion at
December 31, 2018 compared to $2.20 billion at December 31, 2017,
an increase of $145.6 million. The increase in stockholders’ equity
is primarily associated with the $221.5 million increase in
retained earnings and the issuance of $28.2 million in stock as a
part of the acquisition of Shore Premier Finance, partially offset
by $10.4 million of comprehensive loss and the repurchase of $104.3
million of our common stock during 2018, which includes the
repurchase during the 4th quarter of 2018 of the shares issued as
part of the acquisition of the Shore Premier Finance. Book value
per common share was $13.76 at December 31, 2018 compared to $12.70
at December 31, 2017. Tangible book value per common share
(non-GAAP) was $7.90 at December 31, 2018 compared to $7.07 at
December 31, 2017, an increase of 11.7%.
Branches
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,
January 17, 2019. We encourage all participants to
pre-register for the conference call using the following
link: http://dpregister.com/10127084. 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: 10127084, which will be available until
January 24, 2019 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 net
income (earnings), as adjusted; diluted earnings per common share,
as adjusted; return on average assets, as adjusted; return on
average common equity, as adjusted; return on average tangible
common equity; return on average tangible common equity, as
adjusted; efficiency ratio, as adjusted and tangible book value per
common share--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 TownsellDirector of Investor RelationsHome BancShares,
Inc.(501) 328-4625
|
Home BancShares,
Inc. |
Consolidated End of
Period Balance Sheets |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec.
31, |
|
Sep.
30, |
|
Jun.
30, |
|
Mar.
31, |
|
Dec.
31, |
(In thousands) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
175,024 |
|
|
$ |
208,681 |
|
|
$ |
197,658 |
|
|
$ |
185,479 |
|
|
$ |
166,915 |
|
Interest-bearing
deposits with other banks |
|
|
482,915 |
|
|
|
323,376 |
|
|
|
298,085 |
|
|
|
325,122 |
|
|
|
469,018 |
|
Cash and
cash equivalents |
|
|
657,939 |
|
|
|
532,057 |
|
|
|
495,743 |
|
|
|
510,601 |
|
|
|
635,933 |
|
Federal funds sold |
|
|
325 |
|
|
|
500 |
|
|
|
500 |
|
|
|
1,825 |
|
|
|
24,109 |
|
Investment securities -
available-for-sale |
|
|
1,785,862 |
|
|
|
1,744,430 |
|
|
|
1,718,704 |
|
|
|
1,693,018 |
|
|
|
1,663,517 |
|
Investment securities -
held-to-maturity |
|
|
192,776 |
|
|
|
199,266 |
|
|
|
204,401 |
|
|
|
213,731 |
|
|
|
224,756 |
|
Loans
receivable |
|
|
11,071,879 |
|
|
|
10,832,815 |
|
|
|
10,897,970 |
|
|
|
10,325,736 |
|
|
|
10,331,188 |
|
Allowance for loan
losses |
|
|
(108,791 |
) |
|
|
(110,191 |
) |
|
|
(111,516 |
) |
|
|
(110,212 |
) |
|
|
(110,266 |
) |
Loans receivable,
net |
|
|
10,963,088 |
|
|
|
10,722,624 |
|
|
|
10,786,454 |
|
|
|
10,215,524 |
|
|
|
10,220,922 |
|
Bank premises and
equipment, net |
|
|
233,261 |
|
|
|
233,652 |
|
|
|
234,634 |
|
|
|
235,607 |
|
|
|
237,439 |
|
Foreclosed assets held
for sale |
|
|
13,236 |
|
|
|
13,507 |
|
|
|
17,853 |
|
|
|
20,134 |
|
|
|
18,867 |
|
Cash value of life
insurance |
|
|
148,621 |
|
|
|
148,014 |
|
|
|
147,281 |
|
|
|
147,424 |
|
|
|
146,866 |
|
Accrued interest
receivable |
|
|
48,945 |
|
|
|
48,909 |
|
|
|
45,682 |
|
|
|
45,361 |
|
|
|
45,708 |
|
Deferred tax asset,
net |
|
|
73,275 |
|
|
|
79,548 |
|
|
|
78,435 |
|
|
|
78,328 |
|
|
|
76,564 |
|
Goodwill |
|
|
958,408 |
|
|
|
958,408 |
|
|
|
956,418 |
|
|
|
927,949 |
|
|
|
927,949 |
|
Core deposit and other
intangibles |
|
|
42,896 |
|
|
|
44,484 |
|
|
|
46,101 |
|
|
|
47,726 |
|
|
|
49,351 |
|
Other assets |
|
|
183,806 |
|
|
|
187,339 |
|
|
|
191,914 |
|
|
|
186,001 |
|
|
|
177,779 |
|
Total assets |
|
$ |
15,302,438 |
|
|
$ |
14,912,738 |
|
|
$ |
14,924,120 |
|
|
$ |
14,323,229 |
|
|
$ |
14,449,760 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand
and non-interest-bearing |
|
$ |
2,401,232 |
|
|
$ |
2,482,857 |
|
|
$ |
2,523,553 |
|
|
$ |
2,473,602 |
|
|
$ |
2,385,252 |
|
Savings
and interest-bearing transaction accounts |
|
|
6,624,407 |
|
|
|
6,420,951 |
|
|
|
6,573,902 |
|
|
|
6,437,408 |
|
|
|
6,476,819 |
|
Time
deposits |
|
|
1,874,139 |
|
|
|
1,720,930 |
|
|
|
1,638,578 |
|
|
|
1,485,605 |
|
|
|
1,526,431 |
|
Total
deposits |
|
|
10,899,778 |
|
|
|
10,624,738 |
|
|
|
10,736,033 |
|
|
|
10,396,615 |
|
|
|
10,388,502 |
|
Federal funds
purchased |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Securities sold under
agreements to repurchase |
|
|
143,679 |
|
|
|
142,146 |
|
|
|
139,750 |
|
|
|
150,315 |
|
|
|
147,789 |
|
FHLB and other borrowed
funds |
|
|
1,472,393 |
|
|
|
1,363,851 |
|
|
|
1,309,950 |
|
|
|
1,115,061 |
|
|
|
1,299,188 |
|
Accrued interest
payable and other liabilities |
|
|
67,912 |
|
|
|
72,381 |
|
|
|
55,971 |
|
|
|
54,845 |
|
|
|
41,959 |
|
Subordinated
debentures |
|
|
368,790 |
|
|
|
368,596 |
|
|
|
368,403 |
|
|
|
368,212 |
|
|
|
368,031 |
|
Total liabilities |
|
|
12,952,552 |
|
|
|
12,571,712 |
|
|
|
12,610,107 |
|
|
|
12,085,048 |
|
|
|
12,245,469 |
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
Common stock |
|
|
1,707 |
|
|
|
1,741 |
|
|
|
1,745 |
|
|
|
1,736 |
|
|
|
1,736 |
|
Capital surplus |
|
|
1,609,810 |
|
|
|
1,668,106 |
|
|
|
1,693,337 |
|
|
|
1,671,141 |
|
|
|
1,675,318 |
|
Retained earnings |
|
|
752,184 |
|
|
|
701,900 |
|
|
|
642,540 |
|
|
|
585,586 |
|
|
|
530,658 |
|
Accumulated other
comprehensive (loss) income |
|
|
(13,815 |
) |
|
|
(30,721 |
) |
|
|
(23,609 |
) |
|
|
(20,282 |
) |
|
|
(3,421 |
) |
Total stockholders'
equity |
|
|
2,349,886 |
|
|
|
2,341,026 |
|
|
|
2,314,013 |
|
|
|
2,238,181 |
|
|
|
2,204,291 |
|
Total liabilities and stockholders'
equity |
|
$ |
15,302,438 |
|
|
$ |
14,912,738 |
|
|
$ |
14,924,120 |
|
|
$ |
14,323,229 |
|
|
$ |
14,449,760 |
|
|
|
|
|
|
|
|
|
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) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
163,201 |
|
|
$ |
166,334 |
|
|
$ |
152,996 |
|
|
$ |
148,065 |
|
|
$ |
147,426 |
|
|
$ |
630,596 |
|
|
$ |
479,189 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
9,873 |
|
|
|
9,011 |
|
|
|
8,979 |
|
|
|
8,970 |
|
|
|
7,793 |
|
|
|
36,833 |
|
|
|
26,776 |
|
Tax-exempt |
|
|
3,456 |
|
|
|
3,427 |
|
|
|
3,368 |
|
|
|
3,006 |
|
|
|
3,025 |
|
|
|
13,257 |
|
|
|
11,967 |
|
Deposits
- other banks |
|
|
1,241 |
|
|
|
1,273 |
|
|
|
1,206 |
|
|
|
929 |
|
|
|
736 |
|
|
|
4,649 |
|
|
|
2,309 |
|
Federal
funds sold |
|
|
9 |
|
|
|
6 |
|
|
|
12 |
|
|
|
6 |
|
|
|
1 |
|
|
|
33 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income |
|
|
177,780 |
|
|
|
180,051 |
|
|
|
166,561 |
|
|
|
160,976 |
|
|
|
158,981 |
|
|
|
685,368 |
|
|
|
520,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on deposits |
|
|
25,207 |
|
|
|
21,412 |
|
|
|
18,164 |
|
|
|
14,806 |
|
|
|
12,946 |
|
|
|
79,589 |
|
|
|
33,777 |
|
Federal
funds purchased |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
FHLB
borrowed funds |
|
|
6,474 |
|
|
|
7,055 |
|
|
|
4,245 |
|
|
|
4,580 |
|
|
|
3,806 |
|
|
|
22,354 |
|
|
|
14,513 |
|
Securities sold under agreements to repurchase |
|
|
602 |
|
|
|
472 |
|
|
|
372 |
|
|
|
376 |
|
|
|
325 |
|
|
|
1,822 |
|
|
|
918 |
|
Subordinated debentures |
|
|
5,215 |
|
|
|
5,202 |
|
|
|
5,168 |
|
|
|
5,004 |
|
|
|
4,934 |
|
|
|
20,589 |
|
|
|
15,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
expense |
|
|
37,498 |
|
|
|
34,141 |
|
|
|
27,949 |
|
|
|
24,767 |
|
|
|
22,012 |
|
|
|
124,355 |
|
|
|
64,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
140,282 |
|
|
|
145,910 |
|
|
|
138,612 |
|
|
|
136,209 |
|
|
|
136,969 |
|
|
|
561,013 |
|
|
|
455,905 |
|
Provision
for loan losses |
|
|
- |
|
|
|
- |
|
|
|
2,722 |
|
|
|
1,600 |
|
|
|
4,926 |
|
|
|
4,322 |
|
|
|
44,250 |
|
Net interest
income after provision for loan
losses |
|
|
140,282 |
|
|
|
145,910 |
|
|
|
135,890 |
|
|
|
134,609 |
|
|
|
132,043 |
|
|
|
556,691 |
|
|
|
411,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
7,004 |
|
|
|
6,992 |
|
|
|
6,780 |
|
|
|
6,075 |
|
|
|
6,566 |
|
|
|
26,851 |
|
|
|
24,922 |
|
Other
service charges and fees |
|
|
7,598 |
|
|
|
9,041 |
|
|
|
9,797 |
|
|
|
10,155 |
|
|
|
10,144 |
|
|
|
36,591 |
|
|
|
36,127 |
|
Trust
fees |
|
|
290 |
|
|
|
437 |
|
|
|
379 |
|
|
|
446 |
|
|
|
548 |
|
|
|
1,552 |
|
|
|
1,678 |
|
Mortgage
lending income |
|
|
2,554 |
|
|
|
3,691 |
|
|
|
3,477 |
|
|
|
2,657 |
|
|
|
3,573 |
|
|
|
12,379 |
|
|
|
13,286 |
|
Insurance
commissions |
|
|
442 |
|
|
|
463 |
|
|
|
526 |
|
|
|
679 |
|
|
|
466 |
|
|
|
2,110 |
|
|
|
1,948 |
|
Increase
in cash value of life insurance |
|
|
737 |
|
|
|
735 |
|
|
|
730 |
|
|
|
654 |
|
|
|
738 |
|
|
|
2,856 |
|
|
|
1,989 |
|
Dividends
from FHLB, FRB, FNBB & other |
|
|
1,992 |
|
|
|
1,288 |
|
|
|
1,600 |
|
|
|
877 |
|
|
|
1,030 |
|
|
|
5,757 |
|
|
|
3,485 |
|
Gain on
acquisitions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,807 |
|
Gain
(loss) on SBA loans |
|
|
75 |
|
|
|
47 |
|
|
|
262 |
|
|
|
182 |
|
|
|
- |
|
|
|
566 |
|
|
|
738 |
|
Gain
(loss) on branches, equipment and other assets, net |
|
|
(25 |
) |
|
|
(102 |
) |
|
|
- |
|
|
|
7 |
|
|
|
2 |
|
|
|
(120 |
) |
|
|
(960 |
) |
Gain
(loss) on OREO, net |
|
|
114 |
|
|
|
836 |
|
|
|
1,046 |
|
|
|
405 |
|
|
|
176 |
|
|
|
2,401 |
|
|
|
1,025 |
|
Gain
(loss) on securities, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,193 |
|
|
|
- |
|
|
|
2,132 |
|
Other
income |
|
|
2,726 |
|
|
|
2,419 |
|
|
|
3,076 |
|
|
|
3,668 |
|
|
|
2,856 |
|
|
|
11,889 |
|
|
|
9,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income |
|
|
23,507 |
|
|
|
25,847 |
|
|
|
27,673 |
|
|
|
25,805 |
|
|
|
27,292 |
|
|
|
102,832 |
|
|
|
99,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
36,230 |
|
|
|
37,825 |
|
|
|
34,476 |
|
|
|
35,014 |
|
|
|
35,404 |
|
|
|
143,545 |
|
|
|
119,369 |
|
Occupancy
and equipment |
|
|
8,310 |
|
|
|
8,148 |
|
|
|
8,519 |
|
|
|
8,983 |
|
|
|
9,009 |
|
|
|
33,960 |
|
|
|
30,055 |
|
Data
processing expense |
|
|
3,642 |
|
|
|
3,461 |
|
|
|
3,339 |
|
|
|
3,986 |
|
|
|
3,559 |
|
|
|
14,428 |
|
|
|
11,998 |
|
Other
operating expenses |
|
|
23,090 |
|
|
|
16,689 |
|
|
|
16,894 |
|
|
|
15,397 |
|
|
|
15,246 |
|
|
|
72,070 |
|
|
|
78,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense |
|
|
71,272 |
|
|
|
66,123 |
|
|
|
63,228 |
|
|
|
63,380 |
|
|
|
63,218 |
|
|
|
264,003 |
|
|
|
240,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes |
|
|
92,517 |
|
|
|
105,634 |
|
|
|
100,335 |
|
|
|
97,034 |
|
|
|
96,117 |
|
|
|
395,520 |
|
|
|
271,083 |
|
Income
tax expense |
|
|
21,487 |
|
|
|
25,350 |
|
|
|
24,310 |
|
|
|
23,970 |
|
|
|
72,808 |
|
|
|
95,117 |
|
|
|
136,000 |
|
Net
income |
|
$ |
71,030 |
|
|
$ |
80,284 |
|
|
$ |
76,025 |
|
|
$ |
73,064 |
|
|
$ |
23,309 |
|
|
$ |
300,403 |
|
|
$ |
135,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
|
$ |
0.41 |
|
|
$ |
0.46 |
|
|
$ |
0.44 |
|
|
$ |
0.42 |
|
|
$ |
0.13 |
|
|
$ |
1.73 |
|
|
$ |
0.89 |
|
Diluted earnings per
common share, as adjusted, 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) |
|
|
0.44 |
|
|
|
0.46 |
|
|
|
0.44 |
|
|
|
0.42 |
|
|
|
0.35 |
|
|
|
1.75 |
|
|
|
1.35 |
|
Basic earnings per
common share |
|
|
0.41 |
|
|
|
0.46 |
|
|
|
0.44 |
|
|
|
0.42 |
|
|
|
0.13 |
|
|
|
1.73 |
|
|
|
0.90 |
|
Dividends per share -
common |
|
|
0.1200 |
|
|
|
0.1200 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
|
|
0.4600 |
|
|
|
0.4000 |
|
Book value per common
share |
|
|
13.76 |
|
|
|
13.44 |
|
|
|
13.26 |
|
|
|
12.89 |
|
|
|
12.70 |
|
|
|
13.76 |
|
|
|
12.70 |
|
Tangible book value per
common share (non-GAAP)(1) |
|
|
7.90 |
|
|
|
7.68 |
|
|
|
7.52 |
|
|
|
7.27 |
|
|
|
7.07 |
|
|
|
7.90 |
|
|
|
7.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
|
173,023 |
|
|
|
174,440 |
|
|
|
173,403 |
|
|
|
173,761 |
|
|
|
173,641 |
|
|
|
173,657 |
|
|
|
150,806 |
|
Average diluted shares
outstanding |
|
|
173,311 |
|
|
|
174,867 |
|
|
|
173,936 |
|
|
|
174,383 |
|
|
|
174,349 |
|
|
|
174,124 |
|
|
|
151,528 |
|
End of period common
shares outstanding |
|
|
170,720 |
|
|
|
174,135 |
|
|
|
174,511 |
|
|
|
173,603 |
|
|
|
173,633 |
|
|
|
170,720 |
|
|
|
173,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
|
1.90 |
% |
|
|
2.14 |
% |
|
|
2.13 |
% |
|
|
2.08 |
% |
|
|
0.66 |
% |
|
|
2.06 |
% |
|
|
1.17 |
% |
Return on average
assets excluding gain on acquisitions, merger expenses, hurricane
expenses & effect of tax rate change (ROA, as adjusted)
(non-GAAP)(1) |
|
|
2.03 |
% |
|
|
2.14 |
% |
|
|
2.13 |
% |
|
|
2.08 |
% |
|
|
1.69 |
% |
|
|
2.10 |
% |
|
|
1.78 |
% |
Return on average
assets excluding intangible amortization (non-GAAP)(1) |
|
|
2.07 |
% |
|
|
2.33 |
% |
|
|
2.32 |
% |
|
|
2.27 |
% |
|
|
0.73 |
% |
|
|
2.25 |
% |
|
|
1.26 |
% |
Return on average
assets, excluding intangible amortization, provision for loan
losses, gain on acquisitions, merger expenses, hurricane
expenses and income taxes (ROA, as fully adjusted)
(non-GAAP)(1) |
|
|
2.88 |
% |
|
|
3.07 |
% |
|
|
3.15 |
% |
|
|
3.07 |
% |
|
|
3.10 |
% |
|
|
3.04 |
% |
|
|
3.13 |
% |
Return on average
common equity |
|
|
12.05 |
% |
|
|
13.74 |
% |
|
|
13.54 |
% |
|
|
13.38 |
% |
|
|
4.17 |
% |
|
|
13.17 |
% |
|
|
8.23 |
% |
Return on average
common equity excluding gain on acquisitions, merger expenses,
hurricane expenses & effect of tax rate change: (ROE, as
adjusted) (non-GAAP)(1) |
|
|
12.86 |
% |
|
|
13.74 |
% |
|
|
13.54 |
% |
|
|
13.38 |
% |
|
|
10.77 |
% |
|
|
13.38 |
% |
|
|
12.48 |
% |
Return on average
tangible common equity (non-GAAP)(1) |
|
|
21.08 |
% |
|
|
24.20 |
% |
|
|
23.90 |
% |
|
|
23.94 |
% |
|
|
7.46 |
% |
|
|
23.25 |
% |
|
|
12.68 |
% |
Return on average
tangible common equity excluding gain on acquisitions, merger
expenses, hurricane expenses & effect of tax rate change:
(ROTCE, as adjusted) (non-GAAP)(1) |
|
|
22.50 |
% |
|
|
24.20 |
% |
|
|
23.90 |
% |
|
|
23.94 |
% |
|
|
19.29 |
% |
|
|
23.62 |
% |
|
|
19.23 |
% |
Efficiency ratio |
|
|
42.18 |
% |
|
|
37.23 |
% |
|
|
36.74 |
% |
|
|
37.83 |
% |
|
|
37.05 |
% |
|
|
38.48 |
% |
|
|
41.89 |
% |
Efficiency ratio, as
adjusted (non-GAAP)(1) |
|
|
38.30 |
% |
|
|
37.40 |
% |
|
|
37.03 |
% |
|
|
37.97 |
% |
|
|
37.35 |
% |
|
|
37.67 |
% |
|
|
37.66 |
% |
Net interest margin -
FTE |
|
|
4.30 |
% |
|
|
4.46 |
% |
|
|
4.47 |
% |
|
|
4.46 |
% |
|
|
4.47 |
% |
|
|
4.42 |
% |
|
|
4.51 |
% |
Fully taxable
equivalent adjustment |
|
$ |
1,412 |
|
|
$ |
1,489 |
|
|
$ |
1,403 |
|
|
$ |
1,209 |
|
|
$ |
1,983 |
|
|
$ |
5,513 |
|
|
$ |
7,856 |
|
Total revenue |
|
|
201,287 |
|
|
|
205,898 |
|
|
|
194,234 |
|
|
|
186,781 |
|
|
|
186,273 |
|
|
|
788,200 |
|
|
|
619,887 |
|
Total purchase
accounting accretion |
|
|
9,432 |
|
|
|
10,744 |
|
|
|
10,669 |
|
|
|
10,608 |
|
|
|
12,397 |
|
|
|
41,455 |
|
|
|
35,716 |
|
Average purchase
accounting loan discounts |
|
|
141,244 |
|
|
|
151,377 |
|
|
|
153,624 |
|
|
|
164,122 |
|
|
|
178,027 |
|
|
|
152,948 |
|
|
|
120,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,214 |
|
|
$ |
1,154 |
|
|
$ |
1,142 |
|
|
$ |
962 |
|
|
$ |
898 |
|
|
$ |
4,472 |
|
|
$ |
3,203 |
|
Merger and acquisition
expenses |
|
|
6,013 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,013 |
|
|
|
25,743 |
|
Amortization of
intangibles |
|
|
1,587 |
|
|
|
1,617 |
|
|
|
1,624 |
|
|
|
1,626 |
|
|
|
1,631 |
|
|
|
6,454 |
|
|
|
4,207 |
|
Electronic banking
expense |
|
|
1,969 |
|
|
|
1,947 |
|
|
|
1,828 |
|
|
|
1,878 |
|
|
|
1,777 |
|
|
|
7,622 |
|
|
|
6,662 |
|
Directors' fees |
|
|
319 |
|
|
|
314 |
|
|
|
318 |
|
|
|
330 |
|
|
|
313 |
|
|
|
1,281 |
|
|
|
1,259 |
|
Due from bank service
charges |
|
|
289 |
|
|
|
253 |
|
|
|
242 |
|
|
|
219 |
|
|
|
254 |
|
|
|
1,003 |
|
|
|
1,602 |
|
FDIC and state
assessment |
|
|
1,869 |
|
|
|
2,293 |
|
|
|
2,788 |
|
|
|
1,608 |
|
|
|
1,476 |
|
|
|
8,558 |
|
|
|
5,239 |
|
Hurricane expense |
|
|
470 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
470 |
|
|
|
556 |
|
Insurance |
|
|
737 |
|
|
|
762 |
|
|
|
714 |
|
|
|
887 |
|
|
|
814 |
|
|
|
3,100 |
|
|
|
2,512 |
|
Legal and
accounting |
|
|
1,151 |
|
|
|
761 |
|
|
|
858 |
|
|
|
778 |
|
|
|
1,194 |
|
|
|
3,548 |
|
|
|
2,993 |
|
Other professional
fees |
|
|
1,465 |
|
|
|
1,748 |
|
|
|
1,601 |
|
|
|
1,639 |
|
|
|
1,537 |
|
|
|
6,453 |
|
|
|
5,359 |
|
Operating supplies |
|
|
510 |
|
|
|
510 |
|
|
|
602 |
|
|
|
600 |
|
|
|
602 |
|
|
|
2,222 |
|
|
|
1,978 |
|
Postage |
|
|
325 |
|
|
|
311 |
|
|
|
323 |
|
|
|
344 |
|
|
|
323 |
|
|
|
1,303 |
|
|
|
1,184 |
|
Telephone |
|
|
324 |
|
|
|
337 |
|
|
|
371 |
|
|
|
373 |
|
|
|
347 |
|
|
|
1,405 |
|
|
|
1,374 |
|
Other expense |
|
|
4,848 |
|
|
|
4,682 |
|
|
|
4,483 |
|
|
|
4,153 |
|
|
|
4,080 |
|
|
|
18,166 |
|
|
|
14,915 |
|
|
|
|
|
|
|
|
|
|
|
Total other
operating expenses |
|
$ |
23,090 |
|
|
$ |
16,689 |
|
|
$ |
16,894 |
|
|
$ |
15,397 |
|
|
$ |
15,246 |
|
|
$ |
72,070 |
|
|
$ |
78,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release. |
|
|
Home BancShares,
Inc. |
Selected Financial
Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
Sep. 30, |
|
June. 30, |
|
Mar. 31, |
|
Dec. 31, |
(Dollars in thousands) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
|
101.58 |
% |
|
|
101.96 |
% |
|
|
101.51 |
% |
|
|
99.32 |
% |
|
|
99.45 |
% |
Common equity to
assets |
|
|
15.36 |
% |
|
|
15.70 |
% |
|
|
15.51 |
% |
|
|
15.63 |
% |
|
|
15.25 |
% |
Tangible common equity
to tangible assets (non-GAAP)(1) |
|
|
9.43 |
% |
|
|
9.62 |
% |
|
|
9.42 |
% |
|
|
9.46 |
% |
|
|
9.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,806,684 |
|
|
$ |
4,685,827 |
|
|
$ |
4,734,315 |
|
|
$ |
4,658,209 |
|
|
$ |
4,600,117 |
|
Construction/land development |
|
|
1,546,035 |
|
|
|
1,550,910 |
|
|
|
1,662,199 |
|
|
|
1,641,834 |
|
|
|
1,700,491 |
|
Agricultural |
|
|
76,433 |
|
|
|
72,930 |
|
|
|
77,053 |
|
|
|
81,151 |
|
|
|
82,229 |
|
Residential real estate loans |
|
|
|
|
|
Residential 1-4 family |
|
|
1,975,586 |
|
|
|
1,982,666 |
|
|
|
1,960,841 |
|
|
|
1,915,346 |
|
|
|
1,970,311 |
|
Multifamily residential |
|
|
560,475 |
|
|
|
608,608 |
|
|
|
540,526 |
|
|
|
464,194 |
|
|
|
441,303 |
|
Total real estate |
|
|
8,965,213 |
|
|
|
8,900,941 |
|
|
|
8,974,934 |
|
|
|
8,760,734 |
|
|
|
8,794,451 |
|
Consumer |
|
|
443,105 |
|
|
|
428,192 |
|
|
|
417,499 |
|
|
|
40,842 |
|
|
|
46,148 |
|
Commercial and
industrial |
|
|
1,476,331 |
|
|
|
1,303,841 |
|
|
|
1,287,637 |
|
|
|
1,324,173 |
|
|
|
1,297,397 |
|
Agricultural |
|
|
48,562 |
|
|
|
58,644 |
|
|
|
55,768 |
|
|
|
50,770 |
|
|
|
49,815 |
|
Other |
|
|
138,668 |
|
|
|
141,197 |
|
|
|
162,132 |
|
|
|
149,217 |
|
|
|
143,377 |
|
Loans
receivable |
|
$ |
11,071,879 |
|
|
$ |
10,832,815 |
|
|
$ |
10,897,970 |
|
|
$ |
10,325,736 |
|
|
$ |
10,331,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount for credit
losses on purchased loans |
|
$ |
113,648 |
|
|
$ |
120,849 |
|
|
$ |
129,903 |
|
|
$ |
137,404 |
|
|
$ |
146,557 |
|
Purchased loans, net of
discount for credit losses on purchased loans |
|
|
2,900,284 |
|
|
|
3,081,695 |
|
|
|
3,522,753 |
|
|
|
3,232,004 |
|
|
|
3,464,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
110,191 |
|
|
$ |
111,516 |
|
|
$ |
110,212 |
|
|
$ |
110,266 |
|
|
$ |
111,620 |
|
Loans charged off |
|
|
1,814 |
|
|
|
2,501 |
|
|
|
2,132 |
|
|
|
2,540 |
|
|
|
6,936 |
|
Recoveries of loans
previously charged off |
|
|
414 |
|
|
|
1,176 |
|
|
|
714 |
|
|
|
886 |
|
|
|
656 |
|
Net loans
(recovered)/charged off |
|
|
1,400 |
|
|
|
1,325 |
|
|
|
1,418 |
|
|
|
1,654 |
|
|
|
6,280 |
|
Provision for loan
losses |
|
|
- |
|
|
|
- |
|
|
|
2,722 |
|
|
|
1,600 |
|
|
|
4,926 |
|
Balance, end of
period |
|
$ |
108,791 |
|
|
$ |
110,191 |
|
|
$ |
111,516 |
|
|
$ |
110,212 |
|
|
$ |
110,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (recoveries)
charge-offs to average total loans |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.06 |
% |
|
|
0.24 |
% |
Allowance for loan
losses to total loans |
|
|
0.98 |
% |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
|
1.07 |
% |
|
|
1.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Non-performing
loans |
|
|
|
|
|
Non-accrual loans |
|
$ |
47,083 |
|
|
$ |
36,198 |
|
|
$ |
37,082 |
|
|
$ |
36,266 |
|
|
$ |
34,032 |
|
Loans
past due 90 days or more |
|
|
17,159 |
|
|
|
20,267 |
|
|
|
19,696 |
|
|
|
13,223 |
|
|
|
10,665 |
|
Total
non-performing loans |
|
|
64,242 |
|
|
|
56,465 |
|
|
|
56,778 |
|
|
|
49,489 |
|
|
|
44,697 |
|
Other non-performing
assets |
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
13,236 |
|
|
|
13,507 |
|
|
|
17,853 |
|
|
|
20,134 |
|
|
|
18,867 |
|
Other
non-performing assets |
|
|
497 |
|
|
|
405 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Total
other non-performing assets |
|
|
13,733 |
|
|
|
13,912 |
|
|
|
17,856 |
|
|
|
20,137 |
|
|
|
18,870 |
|
Total
non-performing assets |
|
$ |
77,975 |
|
|
$ |
70,377 |
|
|
$ |
74,634 |
|
|
$ |
69,626 |
|
|
$ |
63,567 |
|
|
|
|
|
|
|
Allowance for loan
losses for loans to non-performing loans |
|
|
169.35 |
% |
|
|
195.15 |
% |
|
|
196.41 |
% |
|
|
222.70 |
% |
|
|
246.70 |
% |
Non-performing loans to
total loans |
|
|
0.58 |
% |
|
|
0.52 |
% |
|
|
0.52 |
% |
|
|
0.48 |
% |
|
|
0.43 |
% |
Non-performing assets
to total assets |
|
|
0.51 |
% |
|
|
0.47 |
% |
|
|
0.50 |
% |
|
|
0.49 |
% |
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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,
2018 |
|
September 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 |
|
$ |
244,551 |
|
$ |
1,241 |
|
2.01 |
% |
|
$ |
281,115 |
|
$ |
1,273 |
|
1.80 |
% |
Federal funds
sold |
|
|
741 |
|
|
9 |
|
4.82 |
% |
|
|
524 |
|
|
6 |
|
4.54 |
% |
Investment
securities - taxable |
|
|
1,553,467 |
|
|
9,873 |
|
2.52 |
% |
|
|
1,526,455 |
|
|
9,011 |
|
2.34 |
% |
Investment
securities - non-taxable - FTE |
|
|
400,742 |
|
|
4,453 |
|
4.41 |
% |
|
|
402,355 |
|
|
4,507 |
|
4.44 |
% |
Loans receivable
- FTE |
|
|
10,884,911 |
|
|
163,616 |
|
5.96 |
% |
|
|
10,909,646 |
|
|
166,743 |
|
6.06 |
% |
Total
interest-earning assets |
|
|
13,084,412 |
|
|
179,192 |
|
5.43 |
% |
|
|
13,120,095 |
|
|
181,540 |
|
5.49 |
% |
Non-earning
assets |
|
|
1,754,567 |
|
|
|
|
1,760,836 |
|
|
Total
assets |
|
$ |
14,838,979 |
|
|
|
$ |
14,880,931 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
Savings
and interest-bearing transaction accounts |
|
$ |
6,405,419 |
|
$ |
17,873 |
|
1.11 |
% |
|
$ |
6,406,711 |
|
$ |
15,596 |
|
0.97 |
% |
Time
deposits |
|
|
1,794,358 |
|
|
7,334 |
|
1.62 |
% |
|
|
1,661,129 |
|
|
5,816 |
|
1.39 |
% |
Total
interest-bearing deposits |
|
|
8,199,777 |
|
|
25,207 |
|
1.22 |
% |
|
|
8,067,840 |
|
|
21,412 |
|
1.05 |
% |
Federal funds
purchased |
|
|
- |
|
|
- |
|
0.00 |
% |
|
|
- |
|
|
- |
|
0.00 |
% |
Securities sold
under agreement to repurchase |
|
|
147,895 |
|
|
602 |
|
1.61 |
% |
|
|
148,791 |
|
|
472 |
|
1.26 |
% |
FHLB borrowed
funds |
|
|
1,242,985 |
|
|
6,474 |
|
2.07 |
% |
|
|
1,398,738 |
|
|
7,055 |
|
2.00 |
% |
Subordinated
debentures |
|
|
368,695 |
|
|
5,215 |
|
5.61 |
% |
|
|
368,501 |
|
|
5,202 |
|
5.60 |
% |
Total
interest-bearing liabilities |
|
|
9,959,352 |
|
|
37,498 |
|
1.49 |
% |
|
|
9,983,870 |
|
|
34,141 |
|
1.36 |
% |
Non-interest
bearing liabilities |
|
|
|
|
|
|
|
|
Non-interest
bearing deposits |
|
|
2,464,003 |
|
|
|
|
2,512,690 |
|
|
Other
liabilities |
|
|
76,822 |
|
|
|
|
66,441 |
|
|
Total
liabilities |
|
|
12,500,177 |
|
|
|
|
12,563,001 |
|
|
Shareholders'
equity |
|
|
2,338,802 |
|
|
|
|
2,317,930 |
|
|
Total
liabilities and shareholders' equity |
|
$ |
14,838,979 |
|
|
|
$ |
14,880,931 |
|
|
Net interest
spread |
|
|
|
|
3.94 |
% |
|
|
|
|
4.13 |
% |
Net interest income and
margin - FTE |
|
|
|
$ |
141,694 |
|
4.30 |
% |
|
|
|
$ |
147,399 |
|
4.46 |
% |
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Consolidated Net
Interest Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
December 31,
2018 |
|
December 31,
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 |
|
$ |
265,071 |
|
$ |
4,649 |
|
1.75 |
% |
|
$ |
220,231 |
|
$ |
2,309 |
|
1.05 |
% |
Federal funds
sold |
|
|
2,876 |
|
|
33 |
|
1.15 |
% |
|
|
6,308 |
|
|
10 |
|
0.16 |
% |
Investment
securities - taxable |
|
|
1,542,188 |
|
|
36,833 |
|
2.39 |
% |
|
|
1,300,384 |
|
|
26,776 |
|
2.06 |
% |
Investment
securities - non-taxable - FTE |
|
|
386,790 |
|
|
17,434 |
|
4.51 |
% |
|
|
348,865 |
|
|
19,411 |
|
5.56 |
% |
Loans receivable
- FTE |
|
|
10,618,796 |
|
|
631,932 |
|
5.95 |
% |
|
|
8,403,154 |
|
|
479,601 |
|
5.71 |
% |
Total
interest-earning assets |
|
|
12,815,721 |
|
|
690,881 |
|
5.39 |
% |
|
|
10,278,942 |
|
|
528,107 |
|
5.14 |
% |
Non-earning
assets |
|
|
1,751,492 |
|
|
|
|
1,220,163 |
|
|
Total
assets |
|
$ |
14,567,213 |
|
|
|
$ |
11,499,105 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
Savings and
interest-bearing transaction accounts |
|
$ |
6,418,186 |
|
$ |
58,199 |
|
0.91 |
% |
|
$ |
4,823,626 |
|
$ |
23,176 |
|
0.48 |
% |
Time
deposits |
|
|
1,645,986 |
|
|
21,390 |
|
1.30 |
% |
|
|
1,444,828 |
|
|
10,601 |
|
0.73 |
% |
Total
interest-bearing deposits |
|
|
8,064,172 |
|
|
79,589 |
|
0.99 |
% |
|
|
6,268,454 |
|
|
33,777 |
|
0.54 |
% |
Federal funds
purchased |
|
|
31 |
|
|
1 |
|
3.23 |
% |
|
|
77 |
|
|
1 |
|
1.30 |
% |
Securities sold
under agreement to repurchase |
|
|
148,327 |
|
|
1,822 |
|
1.23 |
% |
|
|
134,689 |
|
|
918 |
|
0.68 |
% |
FHLB borrowed
funds |
|
|
1,180,897 |
|
|
22,354 |
|
1.89 |
% |
|
|
1,117,817 |
|
|
14,513 |
|
1.30 |
% |
Subordinated
debentures |
|
|
368,409 |
|
|
20,589 |
|
5.59 |
% |
|
|
285,733 |
|
|
15,137 |
|
5.30 |
% |
Total
interest-bearing liabilities |
|
|
9,761,836 |
|
|
124,355 |
|
1.27 |
% |
|
|
7,806,770 |
|
|
64,346 |
|
0.82 |
% |
Non-interest
bearing liabilities |
|
|
|
|
|
|
|
|
Non-interest
bearing deposits |
|
|
2,464,024 |
|
|
|
|
2,005,632 |
|
|
Other
liabilities |
|
|
60,298 |
|
|
|
|
45,425 |
|
|
Total
liabilities |
|
|
12,286,158 |
|
|
|
|
9,857,827 |
|
|
Shareholders'
equity |
|
|
2,281,055 |
|
|
|
|
1,641,278 |
|
|
Total
liabilities and shareholders' equity |
|
$ |
14,567,213 |
|
|
|
$ |
11,499,105 |
|
|
Net interest
spread |
|
|
|
|
4.12 |
% |
|
|
|
|
4.32 |
% |
Net interest income and
margin - FTE |
|
|
|
$ |
566,526 |
|
4.42 |
% |
|
|
|
$ |
463,761 |
|
4.51 |
% |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
71,030 |
|
|
$ |
80,284 |
|
|
$ |
76,025 |
|
|
$ |
73,064 |
|
|
$ |
23,309 |
|
|
$ |
300,403 |
|
|
$ |
135,083 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
Gain on
acquisitions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,807 |
) |
Merger
and acquisition expenses |
|
|
6,013 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,013 |
|
|
|
25,743 |
|
Hurricane
expenses(1) |
|
|
470 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
470 |
|
|
|
33,445 |
|
Effect of
tax rate change |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,935 |
|
|
|
- |
|
|
|
36,935 |
|
Total
adjustments |
|
|
6,483 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,935 |
|
|
|
6,483 |
|
|
|
92,316 |
|
Tax-effect of adjustments(2) |
|
|
1,694 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,694 |
|
|
|
22,626 |
|
Adjustments after-tax (B) |
|
|
4,789 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,935 |
|
|
|
4,789 |
|
|
|
69,690 |
|
Earnings, as adjusted
(C) |
|
$ |
75,819 |
|
|
$ |
80,284 |
|
|
$ |
76,025 |
|
|
$ |
73,064 |
|
|
$ |
60,244 |
|
|
$ |
305,192 |
|
|
$ |
204,773 |
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
|
173,311 |
|
|
|
174,867 |
|
|
|
173,936 |
|
|
|
174,383 |
|
|
|
174,349 |
|
|
|
174,124 |
|
|
|
151,528 |
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share: A/D |
|
$ |
0.41 |
|
|
$ |
0.46 |
|
|
$ |
0.44 |
|
|
$ |
0.42 |
|
|
$ |
0.13 |
|
|
$ |
1.73 |
|
|
$ |
0.89 |
|
Adjustments after-tax:
B/D |
|
|
0.03 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.22 |
|
|
|
0.02 |
|
|
|
0.46 |
|
Diluted earnings per
common share excluding gain on acquisitions, merger expenses,
hurricane expenses & effect of tax rate change: C/D |
|
$ |
0.44 |
|
|
$ |
0.46 |
|
|
$ |
0.44 |
|
|
$ |
0.42 |
|
|
$ |
0.35 |
|
|
$ |
1.75 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets: A/H |
|
|
1.90 |
% |
|
|
2.14 |
% |
|
|
2.13 |
% |
|
|
2.08 |
% |
|
|
0.66 |
% |
|
|
2.06 |
% |
|
|
1.17 |
% |
Return on average
assets excluding gain on acquisitions, merger expenses, hurricane
expenses & effect of tax rate change: (ROA, as adjusted)
(A+F)/H |
|
|
2.03 |
% |
|
|
2.14 |
% |
|
|
2.13 |
% |
|
|
2.08 |
% |
|
|
1.69 |
% |
|
|
2.10 |
% |
|
|
1.78 |
% |
Return on average
assets excluding intangible amortization: (A+C)/(H-I) |
|
|
2.07 |
% |
|
|
2.33 |
% |
|
|
2.32 |
% |
|
|
2.27 |
% |
|
|
0.73 |
% |
|
|
2.25 |
% |
|
|
1.26 |
% |
Return on average
assets excluding intangible amortization, provision for loan
losses, gain on acquisitions, merger expenses, hurricane expenses
and income taxes (ROA, as fully adjusted): (A+B+D+E+G)/(H-I) |
|
|
2.88 |
% |
|
|
3.07 |
% |
|
|
3.15 |
% |
|
|
3.07 |
% |
|
|
3.10 |
% |
|
|
3.04 |
% |
|
|
3.13 |
% |
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
71,030 |
|
|
$ |
80,284 |
|
|
$ |
76,025 |
|
|
$ |
73,064 |
|
|
$ |
23,309 |
|
|
$ |
300,403 |
|
|
$ |
135,083 |
|
Amortization of
intangibles (B) |
|
|
1,587 |
|
|
|
1,617 |
|
|
|
1,624 |
|
|
|
1,626 |
|
|
|
1,631 |
|
|
|
6,454 |
|
|
|
4,207 |
|
Amortization of
intangibles after-tax (C) |
|
|
1,172 |
|
|
|
1,194 |
|
|
|
1,200 |
|
|
|
1,201 |
|
|
|
991 |
|
|
|
4,767 |
|
|
|
2,557 |
|
Provision for loan
losses excluding hurricane provision (D) |
|
|
- |
|
|
|
- |
|
|
|
2,722 |
|
|
|
1,600 |
|
|
|
4,926 |
|
|
|
4,322 |
|
|
|
11,361 |
|
Total adjustments
(E) |
|
|
6,483 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,935 |
|
|
|
6,483 |
|
|
|
92,316 |
|
Adjustments after-tax
(F) |
|
|
4,789 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,935 |
|
|
|
4,789 |
|
|
|
69,690 |
|
Income tax expense
excluding effect of tax rate change (G) |
|
|
21,487 |
|
|
|
25,350 |
|
|
|
24,310 |
|
|
|
23,970 |
|
|
|
35,873 |
|
|
|
95,117 |
|
|
|
99,065 |
|
Average assets (H) |
|
|
14,838,979 |
|
|
|
14,880,931 |
|
|
|
14,304,483 |
|
|
|
14,234,369 |
|
|
|
14,113,936 |
|
|
|
14,567,213 |
|
|
|
11,499,105 |
|
Average goodwill, core
deposits & other intangible assets (I) |
|
|
1,002,070 |
|
|
|
1,001,843 |
|
|
|
975,345 |
|
|
|
976,451 |
|
|
|
979,209 |
|
|
|
989,033 |
|
|
|
576,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Hurricane expenses for 2018 include $470 of damage
expense related to Hurricane Michael and expenses for 2017 include
$32,889 of provision for loan losses and $556 of damage expense
related to Hurricane Irma. |
(2) Effective tax rate of 26.135% for 2018 and 39.225%
for 2017, 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) |
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity: A/C |
|
|
12.05 |
% |
|
|
13.74 |
% |
|
|
13.54 |
% |
|
|
13.38 |
% |
|
|
4.17 |
% |
|
|
13.17 |
% |
|
|
8.23 |
% |
Return on average
common equity excluding gain on acquisitions, merger expenses,
hurricane expenses & effect of tax rate change: (ROE, as
adjusted) (A+B)/C |
|
|
12.86 |
% |
|
|
13.74 |
% |
|
|
13.54 |
% |
|
|
13.38 |
% |
|
|
10.77 |
% |
|
|
13.38 |
% |
|
|
12.48 |
% |
Return on average
tangible common equity: A/(C-D) |
|
|
21.08 |
% |
|
|
24.20 |
% |
|
|
23.90 |
% |
|
|
23.94 |
% |
|
|
7.46 |
% |
|
|
23.25 |
% |
|
|
12.68 |
% |
Return on average
tangible common equity excluding gain on acquisitions, merger
expenses, hurricane expenses & effect of tax rate change:
(ROTCE, as adjusted) (A+B)/(C-D) |
|
|
22.50 |
% |
|
|
24.20 |
% |
|
|
23.90 |
% |
|
|
23.94 |
% |
|
|
19.29 |
% |
|
|
23.62 |
% |
|
|
19.23 |
% |
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
71,030 |
|
|
$ |
80,284 |
|
|
$ |
76,025 |
|
|
$ |
73,064 |
|
|
$ |
23,309 |
|
|
$ |
300,403 |
|
|
$ |
135,083 |
|
Adjustments after-tax
(B) |
|
|
4,789 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,935 |
|
|
|
4,789 |
|
|
|
69,690 |
|
Average common equity
(C) |
|
|
2,338,802 |
|
|
|
2,317,930 |
|
|
|
2,251,412 |
|
|
|
2,214,302 |
|
|
|
2,218,549 |
|
|
|
2,281,055 |
|
|
|
1,641,278 |
|
Average goodwill, core
deposits & other intangible assets (D) |
|
|
1,002,070 |
|
|
|
1,001,843 |
|
|
|
975,345 |
|
|
|
976,451 |
|
|
|
979,209 |
|
|
|
989,033 |
|
|
|
576,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
((C-E)/(A+B+D)) |
|
|
42.18 |
% |
|
|
37.23 |
% |
|
|
36.74 |
% |
|
|
37.83 |
% |
|
|
37.05 |
% |
|
|
38.48 |
% |
|
|
41.89 |
% |
Efficiency ratio, as
adjusted: ((C-E-G)/(A+B+D-F)) |
|
|
38.30 |
% |
|
|
37.40 |
% |
|
|
37.03 |
% |
|
|
37.97 |
% |
|
|
37.35 |
% |
|
|
37.67 |
% |
|
|
37.66 |
% |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
interest income (A) |
|
$ |
140,282 |
|
|
$ |
145,910 |
|
|
$ |
138,612 |
|
|
$ |
136,209 |
|
|
$ |
136,969 |
|
|
$ |
561,013 |
|
|
$ |
455,905 |
|
Non-interest income (B) |
|
|
23,507 |
|
|
|
25,847 |
|
|
|
27,673 |
|
|
|
25,805 |
|
|
|
27,292 |
|
|
|
102,832 |
|
|
|
99,636 |
|
Non-interest expense (C) |
|
|
71,272 |
|
|
|
66,123 |
|
|
|
63,228 |
|
|
|
63,380 |
|
|
|
63,218 |
|
|
|
264,003 |
|
|
|
240,208 |
|
Fully
taxable equivalent adjustment (D) |
|
|
1,412 |
|
|
|
1,489 |
|
|
|
1,403 |
|
|
|
1,209 |
|
|
|
1,983 |
|
|
|
5,513 |
|
|
|
7,856 |
|
Amortization of intangibles (E) |
|
|
1,587 |
|
|
|
1,617 |
|
|
|
1,624 |
|
|
|
1,626 |
|
|
|
1,631 |
|
|
|
6,454 |
|
|
|
4,207 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
Gain on
acquisition |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,807 |
|
Gain
(loss) on OREO |
|
|
114 |
|
|
|
836 |
|
|
|
1,046 |
|
|
|
405 |
|
|
|
176 |
|
|
|
2,401 |
|
|
|
1,025 |
|
Gain
(loss) on SBA loans |
|
|
75 |
|
|
|
47 |
|
|
|
262 |
|
|
|
182 |
|
|
|
- |
|
|
|
566 |
|
|
|
738 |
|
Gain
(loss) on branches, equipment and other assets, net |
|
|
(25 |
) |
|
|
(102 |
) |
|
|
- |
|
|
|
7 |
|
|
|
2 |
|
|
|
(120 |
) |
|
|
(960 |
) |
Gain
(loss) on securities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,193 |
|
|
|
- |
|
|
|
2,132 |
|
Recoveries on historic losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
non-interest income adjustments (F) |
|
$ |
164 |
|
|
$ |
781 |
|
|
$ |
1,308 |
|
|
$ |
594 |
|
|
$ |
1,371 |
|
|
$ |
2,847 |
|
|
$ |
6,742 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
Merger
Expenses |
|
$ |
6,013 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,013 |
|
|
$ |
25,743 |
|
Hurricane
damage expense |
|
|
470 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
470 |
|
|
|
556 |
|
Vacant
properties write-downs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47 |
|
Total
non-interest expense adjustments (G) |
|
$ |
6,483 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,483 |
|
|
$ |
26,346 |
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Dec.
31, |
Sep.
30, |
Jun.
30, |
Mar.
31, |
Dec.
31, |
(Dollars
in thousands) |
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share: A/B |
|
$ |
13.76 |
|
|
$ |
13.44 |
|
|
$ |
13.26 |
|
|
$ |
12.89 |
|
|
$ |
12.70 |
|
Tangible book value per
common share: (A-C-D)/B |
|
|
7.90 |
|
|
|
7.68 |
|
|
|
7.52 |
|
|
|
7.27 |
|
|
|
7.07 |
|
|
|
|
|
|
|
|
Total stockholders'
equity (A) |
|
$ |
2,349,886 |
|
|
$ |
2,341,026 |
|
|
$ |
2,314,013 |
|
|
$ |
2,238,181 |
|
|
$ |
2,204,291 |
|
End of period common
shares outstanding (B) |
|
|
170,720 |
|
|
|
174,135 |
|
|
|
174,511 |
|
|
|
173,603 |
|
|
|
173,633 |
|
Goodwill (C) |
|
$ |
958,408 |
|
|
$ |
958,408 |
|
|
$ |
956,418 |
|
|
$ |
927,949 |
|
|
$ |
927,949 |
|
Core deposit and other
intangibles (D) |
|
|
42,896 |
|
|
|
44,484 |
|
|
|
46,101 |
|
|
|
47,726 |
|
|
|
49,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets:
B/A |
|
|
15.36 |
% |
|
|
15.70 |
% |
|
|
15.51 |
% |
|
|
15.63 |
% |
|
|
15.25 |
% |
Tangible common equity
to tangible assets: (B-C-D)/(A-C-D) |
|
|
9.43 |
% |
|
|
9.62 |
% |
|
|
9.42 |
% |
|
|
9.46 |
% |
|
|
9.11 |
% |
|
|
|
|
|
|
|
|
- |
|
Total assets (A) |
|
$ |
15,302,438 |
|
|
$ |
14,912,738 |
|
|
$ |
14,924,120 |
|
|
$ |
14,323,229 |
|
|
$ |
14,449,760 |
|
Total stockholders'
equity (B) |
|
|
2,349,886 |
|
|
|
2,341,026 |
|
|
|
2,314,013 |
|
|
|
2,238,181 |
|
|
|
2,204,291 |
|
Goodwill (C) |
|
|
958,408 |
|
|
|
958,408 |
|
|
|
956,418 |
|
|
|
927,949 |
|
|
|
927,949 |
|
Core deposit and other
intangibles (D) |
|
|
42,896 |
|
|
|
44,484 |
|
|
|
46,101 |
|
|
|
47,726 |
|
|
|
49,351 |
|
|
|
|
|
|
|
|
Home BancShares (NASDAQ:HOMB)
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Home BancShares (NASDAQ:HOMB)
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