Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of
Centennial Bank, released first quarter earnings today that
included a net interest margin that remained flat from the fourth
quarter of 2018 at 4.30%.
Highlights of the First Quarter of
2019:
Centennial Community Banking |
|
Centennial CFG |
|
|
|
|
|
|
|
Performance Metric |
Q1 2019 |
Q4 2018 |
|
Performance Metric |
Q1 2019 |
Q4 2018 |
Net Income |
$58.1 million |
$57.7 million |
|
Net Income |
$12.0 million |
$12.2 million |
Total Revenue |
$166.9 million |
$165.9 million |
|
Total Revenue |
$31.1 million |
$30.6 million |
ROA |
1.80% |
1.77% |
|
ROA |
3.08% |
3.33% |
Net Interest Margin |
4.20% |
4.18% |
|
Net Interest Margin |
5.34% |
5.50% |
Purchase Accounting Accretion |
$8.3 million |
$8.6 million |
|
Purchase Accounting Accretion |
$33,000 |
$33,000 |
Shore Premier Finance |
|
Consolidated |
|
|
|
|
|
|
|
Performance Metric |
Q1 2019 |
Q4 2018 |
|
Performance Metric |
Q1 2019 |
Q4 2018 |
Net Income |
$1.3 million |
$1.1 million |
|
Net Income |
$71.4 million |
$71.0 million |
Total Revenue |
$5.2 million |
$4.8 million |
|
Total Revenue |
$203.2 million |
$201.3 million |
ROA |
1.15% |
1.06% |
|
ROA |
1.92% |
1.90% |
Net Interest Margin |
3.04% |
3.29% |
|
Net Interest Margin |
4.30% |
4.30% |
Purchase Accounting Accretion |
$741,000 |
$812,000 |
|
Purchase Accounting Accretion |
$9.1 million |
$9.4 million |
|
|
|
|
ROTCE (non-GAAP)(1) |
21.53% |
21.08% |
|
|
|
|
Diluted Earnings Per Share |
$0.42 |
$0.41 |
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
“Considering all the noise in the market the
last two quarters, we are proud to maintain our net interest margin
at 4.30% and to meet the earnings per share target of $0.42,” said
John Allison, Chairman. “We think stability and good asset quality
are important and outweigh the need for fast growth,” Allison
continued.
“Centennial Community Banking saw improvement in
its net interest margin for the 1st quarter with 4.20%, up from
4.18% in the fourth quarter of 2018. Our core banking footprint
remained steady during the recent chaos in the economy,” said Tracy
French, Centennial Bank President and Chief Executive Officer.
“With an increase in return on average assets,
return on tangible common equity and meeting our EPS target, Home
BancShares delivered another good solid quarter for our
shareholders,” said Randy Sims, Home BancShares, Inc. Chief
Executive Officer.
Operating Highlights
Our net interest margin was 4.30% for the
three-month period ended March 31, 2019 and December 31, 2018. The
yield on loans was 6.03% and 5.96% for the three months ended March
31, 2019 and December 31, 2018, respectively, as average loans
increased from $10.88 billion to $11.04 billion. The rate on
subordinated debentures increased from 5.61% as of December 31,
2018 to 5.78% as of March 31, 2019. Since the interest
expense on our subordinated debentures is on the 30/360 accrual
method, the increase was primarily due to having two less days in
the first quarter of 2019 compared to the fourth quarter of 2018,
plus the increase in the floating rates on our trust preferred
securities. Additionally, the rate on interest bearing
deposits increased to 1.34% as of March 31, 2019 from 1.22% as of
December 31, 2018, with average balances of $8.50 billion and $8.20
billion, respectively. The net interest margin for the
quarter ended March 31, 2019 remained flat when compared to the
quarter ended December 31, 2018 as the result of an increase in
average interest earning assets and yield on interest earning
assets, which was offset by an increase in interest bearing
liabilities and yield on interest bearing liabilities.
For the three months ended March 31, 2019 and
December 31, 2018, we recognized $9.1 million and $9.4 million,
respectively, in total net accretion for acquired loans and
deposits. Purchase accounting accretion on acquired loans was
$9.0 million and $9.4 million and average purchase accounting loan
discounts were $131.6 million and $141.2 million for the
three-month periods ended March 31, 2019 and December 31, 2018,
respectively. Net accretion of time deposit premiums was
$30,198 and $48,777 and net average remaining CD premiums were
$357,000 and $396,000 for the three-month periods ended March 31,
2019 and December 31, 2018, respectively.
Net interest income on a fully taxable
equivalent basis decreased $857,000, or 0.60%, to $140.8 million
for the three-month period ended March 31, 2019, from $141.7
million for the three-month period ended December 31, 2018.
This decrease in net interest income for the three-month period
ended March 31, 2019 was the result of a $2.5 million increase in
interest expense on interest bearing liabilities, which was
partially offset by a $1.7 million increase in interest
income. The $2.5 million increase in interest expense was
primarily the result of a $2.8 million increase in interest expense
on interest bearing deposits repricing in a higher interest rate
environment, combined with a 3.7% increase in average
interest-bearing deposits. The repricing of our interest-bearing
liabilities in a higher interest rate environment resulted in an
approximately $2.6 million increase in interest expense. The higher
level of our interest-bearing liabilities resulted in an increase
in interest expense of approximately $578,000. These
increases were partially offset by a decrease of approximately
$648,000 in interest expense due to there being two less days in
the first quarter of 2019 compared to the fourth quarter of 2018.
The $1.7 million increase in interest income was primarily the
result of a 1.6% increase in interest earning assets. The higher
level of earning assets resulted in an increase in interest income
of approximately $2.6 million and a $2.7 million increase in
earning asset yields. These increases were partially offset
by a decrease of approximately $3.6 million in interest income due
to there being two less days in the first quarter of 2019 compared
to the fourth quarter of 2018.
Centennial CFG net interest margin was 5.34% for
the quarter just ended compared to 5.50% for the quarter ended
December 31, 2018. Centennial CFG net interest margin for the first
quarter of 2019 includes average interest earning assets of $1.55
billion and net interest income of $20.4 million, compared to
average interest earning assets of $1.46 billion and net interest
income of $20.2 million for the quarter ended December 31, 2018.
During 2018, Centennial CFG recognized $7.2 million of interest
income from payoff events including minimum interest, default
interest, acceleration of deferred origination fees and
acceleration of other discounts. Centennial CFG interest
income events of approximately $1.0 million, $2.1 million, $4.0
million and $100,000 were recognized during the first, second,
third and fourth quarters of 2018, respectively. These
interest income events impacted the Company’s net interest margin
by 3, 6, 12 and 0 basis points for the first, second, third and
fourth quarters of 2018, respectively. During the first
quarter of 2019, Centennial CFG had no interest income events as a
result of payoffs.
Centennial Community Banking (excluding
Centennial CFG and Shore Premier Finance) net interest margin was
4.20% for the quarter just ended compared to 4.18% for the quarter
ended December 31, 2018. The net interest margin for the first
quarter of 2019 includes average interest earning assets of $11.31
billion and net interest income of $117.2 million, compared to
average interest earning assets of $11.23 billion and net interest
income of $118.2 million for the fourth quarter of 2018.
The acquisition of Shore Premier Finance is
dilutive to our consolidated net interest margin by 3 basis
points.
During the first quarter of 2019 and the fourth
quarter of 2018, the Company did not record a provision for loan
loss. The Company continues to see strong asset
quality. Non-performing loans to total loans was 0.58% as of
March 31, 2019 and December 31, 2018, and non-performing assets to
total assets was 0.52% as of March 31, 2019 compared to 0.51% as of
December 31, 2018. For the first quarter of 2019, net charge-offs
were $2.4 million compared to net charge-offs of $1.4 million for
the fourth quarter of 2018.
The Company reported $23.7 million of
non-interest income for the first quarter of 2019, compared to
$23.5 million for the fourth quarter of 2018. The most important
components of the first quarter non-interest income were $6.6
million from other service charges and fees, $6.4 million from
service charges on deposits accounts, $2.4 million from mortgage
lending income, $2.5 million from other income and $3.5 million
from dividends from the FHLB, FRB, FNBB & other equity
investments. During the first quarter of 2019, the Company
received a $2.1 million special dividend from an equity investment.
This special dividend was related to a significant income
realization event generated in the first quarter of 2019 from one
of the underlying assets in the equity investment. 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 first quarter of
2019 was $69.1 million compared to $71.3 million for the fourth
quarter of 2018. During the first quarter of 2019, the
company incurred $900,000 in expense related to an outsourced
special project. The Company also incurred $897,000 in hurricane
expense associated with Hurricane Michael which made landfall in
Mexico Beach, Florida on October 10, 2018. For the first quarter of
2019, our efficiency ratio was 41.01% compared to 42.18% reported
for the fourth quarter of 2018.
Financial Condition
Total loans receivable were $10.98 billion at
March 31, 2019 compared to $11.07 billion at December 31,
2018. Total deposits were $11.07 billion at March 31, 2019
compared to $10.90 billion at December 31, 2018. Total assets
were $15.18 billion at March 31, 2019 compared to $15.30 billion at
December 31, 2018.
During the first quarter 2019, the Company
experienced approximately $92.9 million in organic loan
decline. Centennial Community Banking experienced
approximately $76.3 million in organic loan decline. Centennial CFG
experienced $25.1 million of organic loan decline and had loans of
$1.52 billion at March 31, 2019. Additionally, Shore
Premier Finance experienced $8.5 million of loan growth and had
loans of $436.2 million at March 31, 2019.
Non-performing loans at March 31, 2019 were
$17.7 million, $40.0 million, $3.0 million, $3.5 million and zero
in the Arkansas, Florida, Alabama, Shore Premier Finance and
Centennial CFG markets, respectively, for a total of $64.2
million. Non-performing assets at March 31, 2019 were $24.9
million, $48.2 million, $3.0 million, $3.5 million and zero in the
Arkansas, Florida, Alabama, Shore Premier Finance and Centennial
CFG markets, respectively, for a total of $79.6 million.
The Company’s allowance for loan losses was
$106.4 million at March 31, 2019, or 0.97% of total loans, compared
to $108.8 million, or 0.98% of total loans, at December 31, 2018.
As of March 31, 2019, and December 31, 2018, the Company’s
allowance for loan losses was 165.7% and 169.4% of its total
non-performing loans, respectively.
Stockholders’ equity was $2.36 billion at March
31, 2019 compared to $2.35 billion at December 31, 2018, an
increase of $11.6 million. The increase in stockholders’ equity is
primarily associated with the $51.0 million increase in retained
earnings, $9.5 million decrease in comprehensive loss and the
repurchase of $51.7 million of our common stock during the first
quarter of 2019. Book value per common share was $14.04 at
March 31, 2019 compared to $13.76 at December 31, 2018.
Tangible book value per common share (non-GAAP) was $8.10 at
March 31, 2019 compared to $7.90 at December 31, 2018, an
annualized increase of 10.3%.
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,
April 18, 2019. We encourage all participants to pre-register
for the conference call using the following link:
http://dpregister.com/10129659. 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: 10129659, which will be available until
April 25, 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, 2018 filed with the SEC on February
26, 2019.
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) |
|
|
|
|
|
|
|
|
|
Mar.
31, |
|
|
|
Dec.
31, |
|
|
|
Sep.
30, |
|
|
|
Jun.
30, |
|
|
|
Mar.
31, |
|
(In
thousands) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
141,027 |
|
|
$ |
175,024 |
|
|
$ |
208,681 |
|
|
$ |
197,658 |
|
|
$ |
185,479 |
|
Interest-bearing
deposits with other banks |
|
|
421,443 |
|
|
|
482,915 |
|
|
|
323,376 |
|
|
|
298,085 |
|
|
|
325,122 |
|
Cash and
cash equivalents |
|
|
562,470 |
|
|
|
657,939 |
|
|
|
532,057 |
|
|
|
495,743 |
|
|
|
510,601 |
|
Federal funds sold |
|
|
1,700 |
|
|
|
325 |
|
|
|
500 |
|
|
|
500 |
|
|
|
1,825 |
|
Investment securities -
available-for-sale |
|
|
2,013,123 |
|
|
|
1,785,862 |
|
|
|
1,744,430 |
|
|
|
1,718,704 |
|
|
|
1,693,018 |
|
Investment securities -
held-to-maturity |
|
|
- |
|
|
|
192,776 |
|
|
|
199,266 |
|
|
|
204,401 |
|
|
|
213,731 |
|
Loans receivable |
|
|
10,978,935 |
|
|
|
11,071,879 |
|
|
|
10,832,815 |
|
|
|
10,897,970 |
|
|
|
10,325,736 |
|
Allowance for loan
losses |
|
|
(106,357 |
) |
|
|
(108,791 |
) |
|
|
(110,191 |
) |
|
|
(111,516 |
) |
|
|
(110,212 |
) |
Loans
receivable, net |
|
|
10,872,578 |
|
|
|
10,963,088 |
|
|
|
10,722,624 |
|
|
|
10,786,454 |
|
|
|
10,215,524 |
|
Bank premises and
equipment, net |
|
|
279,012 |
|
|
|
233,261 |
|
|
|
233,652 |
|
|
|
234,634 |
|
|
|
235,607 |
|
Foreclosed assets held
for sale |
|
|
14,466 |
|
|
|
13,236 |
|
|
|
13,507 |
|
|
|
17,853 |
|
|
|
20,134 |
|
Cash value of life
insurance |
|
|
149,353 |
|
|
|
148,621 |
|
|
|
148,014 |
|
|
|
147,281 |
|
|
|
147,424 |
|
Accrued interest
receivable |
|
|
50,288 |
|
|
|
48,945 |
|
|
|
48,909 |
|
|
|
45,682 |
|
|
|
45,361 |
|
Deferred tax asset,
net |
|
|
64,061 |
|
|
|
73,275 |
|
|
|
79,548 |
|
|
|
78,435 |
|
|
|
78,328 |
|
Goodwill |
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
|
|
956,418 |
|
|
|
927,949 |
|
Core deposit and other
intangibles |
|
|
41,310 |
|
|
|
42,896 |
|
|
|
44,484 |
|
|
|
46,101 |
|
|
|
47,726 |
|
Other assets |
|
|
172,732 |
|
|
|
183,806 |
|
|
|
187,339 |
|
|
|
191,914 |
|
|
|
186,001 |
|
Total assets |
|
$ |
15,179,501 |
|
|
$ |
15,302,438 |
|
|
$ |
14,912,738 |
|
|
$ |
14,924,120 |
|
|
$ |
14,323,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand
and non-interest-bearing |
|
$ |
2,519,175 |
|
|
$ |
2,401,232 |
|
|
$ |
2,482,857 |
|
|
$ |
2,523,553 |
|
|
$ |
2,473,602 |
|
Savings
and interest-bearing transaction accounts |
|
|
6,650,181 |
|
|
|
6,624,407 |
|
|
|
6,420,951 |
|
|
|
6,573,902 |
|
|
|
6,437,408 |
|
Time
deposits |
|
|
1,898,096 |
|
|
|
1,874,139 |
|
|
|
1,720,930 |
|
|
|
1,638,578 |
|
|
|
1,485,605 |
|
Total
deposits |
|
|
11,067,452 |
|
|
|
10,899,778 |
|
|
|
10,624,738 |
|
|
|
10,736,033 |
|
|
|
10,396,615 |
|
Securities sold under
agreements to repurchase |
|
|
152,239 |
|
|
|
143,679 |
|
|
|
142,146 |
|
|
|
139,750 |
|
|
|
150,315 |
|
FHLB and other borrowed
funds |
|
|
1,105,175 |
|
|
|
1,472,393 |
|
|
|
1,363,851 |
|
|
|
1,309,950 |
|
|
|
1,115,061 |
|
Accrued interest
payable and other liabilities |
|
|
124,172 |
|
|
|
67,912 |
|
|
|
72,381 |
|
|
|
55,971 |
|
|
|
54,845 |
|
Subordinated
debentures |
|
|
368,979 |
|
|
|
368,790 |
|
|
|
368,596 |
|
|
|
368,403 |
|
|
|
368,212 |
|
Total liabilities |
|
|
12,818,017 |
|
|
|
12,952,552 |
|
|
|
12,571,712 |
|
|
|
12,610,107 |
|
|
|
12,085,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
Common stock |
|
|
1,682 |
|
|
|
1,707 |
|
|
|
1,741 |
|
|
|
1,745 |
|
|
|
1,736 |
|
Capital surplus |
|
|
1,560,904 |
|
|
|
1,609,810 |
|
|
|
1,668,106 |
|
|
|
1,693,337 |
|
|
|
1,671,141 |
|
Retained earnings |
|
|
803,170 |
|
|
|
752,184 |
|
|
|
701,900 |
|
|
|
642,540 |
|
|
|
585,586 |
|
Accumulated other
comprehensive (loss) income |
|
|
(4,272 |
) |
|
|
(13,815 |
) |
|
|
(30,721 |
) |
|
|
(23,609 |
) |
|
|
(20,282 |
) |
Total stockholders'
equity |
|
|
2,361,484 |
|
|
|
2,349,886 |
|
|
|
2,341,026 |
|
|
|
2,314,013 |
|
|
|
2,238,181 |
|
Total liabilities and stockholders'
equity |
|
$ |
15,179,501 |
|
|
$ |
15,302,438 |
|
|
$ |
14,912,738 |
|
|
$ |
14,924,120 |
|
|
$ |
14,323,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
|
Consolidated Statements
of Income |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Three Months Ended |
|
|
|
|
Mar.
31, |
|
|
Dec.
31, |
|
|
|
Sep.
30, |
|
|
|
Jun.
30, |
|
|
Mar.
31, |
|
|
|
Mar.
31, |
|
|
Mar.
31, |
|
(In thousands) |
|
|
2019 |
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
163,848 |
|
$ |
163,201 |
|
|
$ |
166,334 |
|
|
$ |
152,996 |
|
$ |
148,065 |
|
|
$ |
163,848 |
|
$ |
148,065 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
10,706 |
|
|
9,873 |
|
|
|
9,011 |
|
|
|
8,979 |
|
|
8,970 |
|
|
|
10,706 |
|
|
8,970 |
|
Tax-exempt |
|
|
3,379 |
|
|
3,456 |
|
|
|
3,427 |
|
|
|
3,368 |
|
|
3,006 |
|
|
|
3,379 |
|
|
3,006 |
|
Deposits
- other banks |
|
|
1,543 |
|
|
1,241 |
|
|
|
1,273 |
|
|
|
1,206 |
|
|
929 |
|
|
|
1,543 |
|
|
929 |
|
Federal
funds sold |
|
|
11 |
|
|
9 |
|
|
|
6 |
|
|
|
12 |
|
|
6 |
|
|
|
11 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income |
|
|
179,487 |
|
|
177,780 |
|
|
|
180,051 |
|
|
|
166,561 |
|
|
160,976 |
|
|
|
179,487 |
|
|
160,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on deposits |
|
|
28,006 |
|
|
25,207 |
|
|
|
21,412 |
|
|
|
18,164 |
|
|
14,806 |
|
|
|
28,006 |
|
|
14,806 |
|
Federal
funds purchased |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
|
|
|
- |
|
|
1 |
|
FHLB
borrowed funds |
|
|
6,118 |
|
|
6,474 |
|
|
|
7,055 |
|
|
|
4,245 |
|
|
4,580 |
|
|
|
6,118 |
|
|
4,580 |
|
Securities sold under agreements to repurchase |
|
|
634 |
|
|
602 |
|
|
|
472 |
|
|
|
372 |
|
|
376 |
|
|
|
634 |
|
|
376 |
|
Subordinated debentures |
|
|
5,259 |
|
|
5,215 |
|
|
|
5,202 |
|
|
|
5,168 |
|
|
5,004 |
|
|
|
5,259 |
|
|
5,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
expense |
|
|
40,017 |
|
|
37,498 |
|
|
|
34,141 |
|
|
|
27,949 |
|
|
24,767 |
|
|
|
40,017 |
|
|
24,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
139,470 |
|
|
140,282 |
|
|
|
145,910 |
|
|
|
138,612 |
|
|
136,209 |
|
|
|
139,470 |
|
|
136,209 |
|
Provision
for loan losses |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
2,722 |
|
|
1,600 |
|
|
|
- |
|
|
1,600 |
|
Net interest
income after provision for loan
losses |
|
|
139,470 |
|
|
140,282 |
|
|
|
145,910 |
|
|
|
135,890 |
|
|
134,609 |
|
|
|
139,470 |
|
|
134,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
6,401 |
|
|
7,004 |
|
|
|
6,992 |
|
|
|
6,780 |
|
|
6,075 |
|
|
|
6,401 |
|
|
6,075 |
|
Other
service charges and fees |
|
|
6,563 |
|
|
7,598 |
|
|
|
9,041 |
|
|
|
9,797 |
|
|
10,155 |
|
|
|
6,563 |
|
|
10,155 |
|
Trust
fees |
|
|
403 |
|
|
290 |
|
|
|
437 |
|
|
|
379 |
|
|
446 |
|
|
|
403 |
|
|
446 |
|
Mortgage
lending income |
|
|
2,435 |
|
|
2,554 |
|
|
|
3,691 |
|
|
|
3,477 |
|
|
2,657 |
|
|
|
2,435 |
|
|
2,657 |
|
Insurance
commissions |
|
|
609 |
|
|
442 |
|
|
|
463 |
|
|
|
526 |
|
|
679 |
|
|
|
609 |
|
|
679 |
|
Increase
in cash value of life insurance |
|
|
736 |
|
|
737 |
|
|
|
735 |
|
|
|
730 |
|
|
654 |
|
|
|
736 |
|
|
654 |
|
Dividends
from FHLB, FRB, FNBB & other |
|
|
3,505 |
|
|
1,992 |
|
|
|
1,288 |
|
|
|
1,600 |
|
|
877 |
|
|
|
3,505 |
|
|
877 |
|
Gain
(loss) on SBA loans |
|
|
241 |
|
|
75 |
|
|
|
47 |
|
|
|
262 |
|
|
182 |
|
|
|
241 |
|
|
182 |
|
Gain
(loss) on branches, equipment and other assets, net |
|
|
79 |
|
|
(25 |
) |
|
|
(102 |
) |
|
|
- |
|
|
7 |
|
|
|
79 |
|
|
7 |
|
Gain
(loss) on OREO, net |
|
|
206 |
|
|
114 |
|
|
|
836 |
|
|
|
1,046 |
|
|
405 |
|
|
|
206 |
|
|
405 |
|
Other
income |
|
|
2,494 |
|
|
2,726 |
|
|
|
2,419 |
|
|
|
3,076 |
|
|
3,668 |
|
|
|
2,494 |
|
|
3,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income |
|
|
23,672 |
|
|
23,507 |
|
|
|
25,847 |
|
|
|
27,673 |
|
|
25,805 |
|
|
|
23,672 |
|
|
25,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
37,836 |
|
|
36,230 |
|
|
|
37,825 |
|
|
|
34,476 |
|
|
35,014 |
|
|
|
37,836 |
|
|
35,014 |
|
Occupancy
and equipment |
|
|
8,823 |
|
|
8,310 |
|
|
|
8,148 |
|
|
|
8,519 |
|
|
8,983 |
|
|
|
8,823 |
|
|
8,983 |
|
Data
processing expense |
|
|
3,970 |
|
|
3,642 |
|
|
|
3,461 |
|
|
|
3,339 |
|
|
3,986 |
|
|
|
3,970 |
|
|
3,986 |
|
Other
operating expenses |
|
|
18,428 |
|
|
23,090 |
|
|
|
16,689 |
|
|
|
16,894 |
|
|
15,397 |
|
|
|
18,428 |
|
|
15,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense |
|
|
69,057 |
|
|
71,272 |
|
|
|
66,123 |
|
|
|
63,228 |
|
|
63,380 |
|
|
|
69,057 |
|
|
63,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes |
|
|
94,085 |
|
|
92,517 |
|
|
|
105,634 |
|
|
|
100,335 |
|
|
97,034 |
|
|
|
94,085 |
|
|
97,034 |
|
Income
tax expense |
|
|
22,735 |
|
|
21,487 |
|
|
|
25,350 |
|
|
|
24,310 |
|
|
23,970 |
|
|
|
22,735 |
|
|
23,970 |
|
Net
income |
|
$ |
71,350 |
|
$ |
71,030 |
|
|
$ |
80,284 |
|
|
$ |
76,025 |
|
$ |
73,064 |
|
|
$ |
71,350 |
|
$ |
73,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Selected Financial
Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Three Months Ended |
|
(Dollars and
shares in thousands, |
|
|
Mar.
31, |
|
|
|
Dec.
31, |
|
|
|
Sep.
30, |
|
|
|
Jun.
30, |
|
|
|
Mar.
31, |
|
|
|
Mar.
31, |
|
|
|
Mar.
31, |
|
except per share data) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
|
$ |
0.42 |
|
|
$ |
0.41 |
|
|
$ |
0.46 |
|
|
$ |
0.44 |
|
|
$ |
0.42 |
|
|
$ |
0.42 |
|
|
$ |
0.42 |
|
Diluted earnings per
common share, as adjusted, excluding special dividend from equity
investment, merger expenses, hurricane expenses & outsourced
special project expense (non-GAAP)(1) |
|
|
0.42 |
|
|
|
0.44 |
|
|
|
0.46 |
|
|
|
0.44 |
|
|
|
0.42 |
|
|
|
0.42 |
|
|
|
0.42 |
|
Basic earnings per
common share |
|
|
0.42 |
|
|
|
0.41 |
|
|
|
0.46 |
|
|
|
0.44 |
|
|
|
0.42 |
|
|
|
0.42 |
|
|
|
0.42 |
|
Dividends per share -
common |
|
|
0.1200 |
|
|
|
0.1200 |
|
|
|
0.1200 |
|
|
|
0.1100 |
|
|
|
0.1100 |
|
|
|
0.1200 |
|
|
|
0.1100 |
|
Book value per common
share |
|
|
14.04 |
|
|
|
13.76 |
|
|
|
13.44 |
|
|
|
13.26 |
|
|
|
12.89 |
|
|
|
14.04 |
|
|
|
12.89 |
|
Tangible book value per
common share (non-GAAP)(1) |
|
|
8.10 |
|
|
|
7.90 |
|
|
|
7.68 |
|
|
|
7.52 |
|
|
|
7.27 |
|
|
|
8.10 |
|
|
|
7.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
|
169,592 |
|
|
|
173,023 |
|
|
|
174,440 |
|
|
|
173,403 |
|
|
|
173,761 |
|
|
|
169,592 |
|
|
|
173,761 |
|
Average diluted shares
outstanding |
|
|
169,592 |
|
|
|
173,311 |
|
|
|
174,867 |
|
|
|
173,936 |
|
|
|
174,383 |
|
|
|
169,592 |
|
|
|
174,383 |
|
End of period common
shares outstanding |
|
|
168,173 |
|
|
|
170,720 |
|
|
|
174,135 |
|
|
|
174,511 |
|
|
|
173,603 |
|
|
|
168,173 |
|
|
|
173,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
|
1.92 |
% |
|
|
1.90 |
% |
|
|
2.14 |
% |
|
|
2.13 |
% |
|
|
2.08 |
% |
|
|
1.92 |
% |
|
|
2.08 |
% |
Return on average
assets excluding special dividend from equity investment, merger
expenses, hurricane expenses & outsourced special project
expense (ROA, as adjusted) (non-GAAP)(1) |
|
|
1.91 |
% |
|
|
2.03 |
% |
|
|
2.14 |
% |
|
|
2.13 |
% |
|
|
2.08 |
% |
|
|
1.91 |
% |
|
|
2.08 |
% |
Return on average
assets excluding intangible amortization (non-GAAP)(1) |
|
|
2.09 |
% |
|
|
2.07 |
% |
|
|
2.33 |
% |
|
|
2.32 |
% |
|
|
2.27 |
% |
|
|
2.09 |
% |
|
|
2.27 |
% |
Return on average
common equity |
|
|
12.34 |
% |
|
|
12.05 |
% |
|
|
13.74 |
% |
|
|
13.54 |
% |
|
|
13.38 |
% |
|
|
12.34 |
% |
|
|
13.38 |
% |
Return on average
common equity excluding special dividend from equity investment,
merger expenses, hurricane expenses & outsourced special
project expense: (ROE, as adjusted) (non-GAAP)(1) |
|
|
12.30 |
% |
|
|
12.86 |
% |
|
|
13.74 |
% |
|
|
13.54 |
% |
|
|
13.38 |
% |
|
|
12.30 |
% |
|
|
13.38 |
% |
Return on average
tangible common equity (non-GAAP)(1) |
|
|
21.53 |
% |
|
|
21.08 |
% |
|
|
24.20 |
% |
|
|
23.90 |
% |
|
|
23.94 |
% |
|
|
21.53 |
% |
|
|
23.94 |
% |
Return on average
tangible common equity excluding special dividend from equity
investment, merger expenses, hurricane expenses & outsourced
special project expense: (ROTCE, as adjusted) (non-GAAP)(1) |
|
|
21.45 |
% |
|
|
22.50 |
% |
|
|
24.20 |
% |
|
|
23.90 |
% |
|
|
23.94 |
% |
|
|
21.45 |
% |
|
|
23.94 |
% |
Efficiency ratio |
|
|
41.01 |
% |
|
|
42.18 |
% |
|
|
37.23 |
% |
|
|
36.74 |
% |
|
|
37.83 |
% |
|
|
41.01 |
% |
|
|
37.83 |
% |
Efficiency ratio, as
adjusted (non-GAAP)(1) |
|
|
40.58 |
% |
|
|
38.30 |
% |
|
|
37.40 |
% |
|
|
37.03 |
% |
|
|
37.97 |
% |
|
|
40.58 |
% |
|
|
37.97 |
% |
Net interest margin -
FTE |
|
|
4.30 |
% |
|
|
4.30 |
% |
|
|
4.46 |
% |
|
|
4.47 |
% |
|
|
4.46 |
% |
|
|
4.30 |
% |
|
|
4.46 |
% |
Fully taxable
equivalent adjustment |
|
$ |
1,367 |
|
|
$ |
1,412 |
|
|
$ |
1,489 |
|
|
$ |
1,403 |
|
|
$ |
1,209 |
|
|
$ |
1,367 |
|
|
$ |
1,209 |
|
Total revenue |
|
|
203,159 |
|
|
|
201,287 |
|
|
|
205,898 |
|
|
|
194,234 |
|
|
|
186,781 |
|
|
|
203,159 |
|
|
|
186,781 |
|
Total purchase
accounting accretion |
|
|
9,055 |
|
|
|
9,432 |
|
|
|
10,744 |
|
|
|
10,669 |
|
|
|
10,608 |
|
|
|
9,055 |
|
|
|
10,608 |
|
Average purchase
accounting loan discounts |
|
|
131,596 |
|
|
|
141,244 |
|
|
|
151,377 |
|
|
|
153,624 |
|
|
|
164,122 |
|
|
|
131,596 |
|
|
|
164,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,051 |
|
|
$ |
1,214 |
|
|
$ |
1,154 |
|
|
$ |
1,142 |
|
|
$ |
962 |
|
|
$ |
1,051 |
|
|
$ |
962 |
|
Merger and acquisition
expenses |
|
|
- |
|
|
|
6,013 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of
intangibles |
|
|
1,587 |
|
|
|
1,587 |
|
|
|
1,617 |
|
|
|
1,624 |
|
|
|
1,626 |
|
|
|
1,587 |
|
|
|
1,626 |
|
Electronic banking
expense |
|
|
1,903 |
|
|
|
1,969 |
|
|
|
1,947 |
|
|
|
1,828 |
|
|
|
1,878 |
|
|
|
1,903 |
|
|
|
1,878 |
|
Directors' fees |
|
|
434 |
|
|
|
319 |
|
|
|
314 |
|
|
|
318 |
|
|
|
330 |
|
|
|
434 |
|
|
|
330 |
|
Due from bank service
charges |
|
|
238 |
|
|
|
289 |
|
|
|
253 |
|
|
|
242 |
|
|
|
219 |
|
|
|
238 |
|
|
|
219 |
|
FDIC and state
assessment |
|
|
1,710 |
|
|
|
1,869 |
|
|
|
2,293 |
|
|
|
2,788 |
|
|
|
1,608 |
|
|
|
1,710 |
|
|
|
1,608 |
|
Hurricane expense |
|
|
897 |
|
|
|
470 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
897 |
|
|
|
- |
|
Insurance |
|
|
697 |
|
|
|
737 |
|
|
|
762 |
|
|
|
714 |
|
|
|
887 |
|
|
|
697 |
|
|
|
887 |
|
Legal and
accounting |
|
|
981 |
|
|
|
1,151 |
|
|
|
761 |
|
|
|
858 |
|
|
|
778 |
|
|
|
981 |
|
|
|
778 |
|
Other professional
fees |
|
|
2,812 |
|
|
|
1,465 |
|
|
|
1,748 |
|
|
|
1,601 |
|
|
|
1,639 |
|
|
|
2,812 |
|
|
|
1,639 |
|
Operating supplies |
|
|
536 |
|
|
|
510 |
|
|
|
510 |
|
|
|
602 |
|
|
|
600 |
|
|
|
536 |
|
|
|
600 |
|
Postage |
|
|
326 |
|
|
|
325 |
|
|
|
311 |
|
|
|
323 |
|
|
|
344 |
|
|
|
326 |
|
|
|
344 |
|
Telephone |
|
|
303 |
|
|
|
324 |
|
|
|
337 |
|
|
|
371 |
|
|
|
373 |
|
|
|
303 |
|
|
|
373 |
|
Other expense |
|
|
4,953 |
|
|
|
4,848 |
|
|
|
4,682 |
|
|
|
4,483 |
|
|
|
4,153 |
|
|
|
4,953 |
|
|
|
4,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other operating expenses |
|
$ |
18,428 |
|
|
$ |
23,090 |
|
|
$ |
16,689 |
|
|
$ |
16,894 |
|
|
$ |
15,397 |
|
|
$ |
18,428 |
|
|
$ |
15,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
Mar.
31, |
|
|
|
Dec.
31, |
|
|
|
Sep.
30, |
|
|
|
June.
30, |
|
|
|
Mar.
31, |
|
(Dollars in thousands) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
|
99.20 |
% |
|
|
101.58 |
% |
|
|
101.96 |
% |
|
|
101.51 |
% |
|
|
99.32 |
% |
Common equity to
assets |
|
|
15.56 |
% |
|
|
15.36 |
% |
|
|
15.70 |
% |
|
|
15.51 |
% |
|
|
15.63 |
% |
Tangible common equity
to tangible assets (non-GAAP)(1) |
|
|
9.60 |
% |
|
|
9.43 |
% |
|
|
9.62 |
% |
|
|
9.42 |
% |
|
|
9.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,623,174 |
|
|
$ |
4,806,684 |
|
|
$ |
4,685,827 |
|
|
$ |
4,734,315 |
|
|
$ |
4,658,209 |
|
Construction/land development |
|
|
1,649,303 |
|
|
|
1,546,035 |
|
|
|
1,550,910 |
|
|
|
1,662,199 |
|
|
|
1,641,834 |
|
Agricultural |
|
|
76,092 |
|
|
|
76,433 |
|
|
|
72,930 |
|
|
|
77,053 |
|
|
|
81,151 |
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,947,119 |
|
|
|
1,975,586 |
|
|
|
1,982,666 |
|
|
|
1,960,841 |
|
|
|
1,915,346 |
|
Multifamily residential |
|
|
538,098 |
|
|
|
560,475 |
|
|
|
608,608 |
|
|
|
540,526 |
|
|
|
464,194 |
|
Total real estate |
|
|
8,833,786 |
|
|
|
8,965,213 |
|
|
|
8,900,941 |
|
|
|
8,974,934 |
|
|
|
8,760,734 |
|
Consumer |
|
|
448,093 |
|
|
|
443,105 |
|
|
|
428,192 |
|
|
|
417,499 |
|
|
|
40,842 |
|
Commercial and
industrial |
|
|
1,505,773 |
|
|
|
1,476,331 |
|
|
|
1,303,841 |
|
|
|
1,287,637 |
|
|
|
1,324,173 |
|
Agricultural |
|
|
58,966 |
|
|
|
48,562 |
|
|
|
58,644 |
|
|
|
55,768 |
|
|
|
50,770 |
|
Other |
|
|
132,317 |
|
|
|
138,668 |
|
|
|
141,197 |
|
|
|
162,132 |
|
|
|
149,217 |
|
Loans
receivable |
|
$ |
10,978,935 |
|
|
$ |
11,071,879 |
|
|
$ |
10,832,815 |
|
|
$ |
10,897,970 |
|
|
$ |
10,325,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount for credit
losses on purchased loans |
|
$ |
106,617 |
|
|
$ |
113,648 |
|
|
$ |
120,849 |
|
|
$ |
129,903 |
|
|
$ |
137,404 |
|
Purchased loans, net of
discount for credit losses on purchased loans |
|
|
2,712,315 |
|
|
|
2,900,284 |
|
|
|
3,081,695 |
|
|
|
3,522,753 |
|
|
|
3,232,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
108,791 |
|
|
$ |
110,191 |
|
|
$ |
111,516 |
|
|
$ |
110,212 |
|
|
$ |
110,266 |
|
Loans charged off |
|
|
3,391 |
|
|
|
1,814 |
|
|
|
2,501 |
|
|
|
2,132 |
|
|
|
2,540 |
|
Recoveries of loans
previously charged off |
|
|
957 |
|
|
|
414 |
|
|
|
1,176 |
|
|
|
714 |
|
|
|
886 |
|
Net loans
(recovered)/charged off |
|
|
2,434 |
|
|
|
1,400 |
|
|
|
1,325 |
|
|
|
1,418 |
|
|
|
1,654 |
|
Provision for loan
losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,722 |
|
|
|
1,600 |
|
Balance, end of
period |
|
$ |
106,357 |
|
|
$ |
108,791 |
|
|
$ |
110,191 |
|
|
$ |
111,516 |
|
|
$ |
110,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (recoveries)
charge-offs to average total loans |
|
|
0.09 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.06 |
% |
Allowance for loan
losses to total loans |
|
|
0.97 |
% |
|
|
0.98 |
% |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
|
1.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
49,616 |
|
|
$ |
47,083 |
|
|
$ |
36,198 |
|
|
$ |
37,082 |
|
|
$ |
36,266 |
|
Loans
past due 90 days or more |
|
|
14,577 |
|
|
|
17,159 |
|
|
|
20,267 |
|
|
|
19,696 |
|
|
|
13,223 |
|
Total
non-performing loans |
|
|
64,193 |
|
|
|
64,242 |
|
|
|
56,465 |
|
|
|
56,778 |
|
|
|
49,489 |
|
Other non-performing
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
14,466 |
|
|
|
13,236 |
|
|
|
13,507 |
|
|
|
17,853 |
|
|
|
20,134 |
|
Other
non-performing assets |
|
|
947 |
|
|
|
497 |
|
|
|
405 |
|
|
|
3 |
|
|
|
3 |
|
Total
other non-performing assets |
|
|
15,413 |
|
|
|
13,733 |
|
|
|
13,912 |
|
|
|
17,856 |
|
|
|
20,137 |
|
Total
non-performing assets |
|
$ |
79,606 |
|
|
$ |
77,975 |
|
|
$ |
70,377 |
|
|
$ |
74,634 |
|
|
$ |
69,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses for loans to non-performing loans |
|
|
165.68 |
% |
|
|
169.35 |
% |
|
|
195.15 |
% |
|
|
196.41 |
% |
|
|
222.70 |
% |
Non-performing loans to
total loans |
|
|
0.58 |
% |
|
|
0.58 |
% |
|
|
0.52 |
% |
|
|
0.52 |
% |
|
|
0.48 |
% |
Non-performing assets
to total assets |
|
|
0.52 |
% |
|
|
0.51 |
% |
|
|
0.47 |
% |
|
|
0.50 |
% |
|
|
0.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
March 31, 2019 |
|
December 31, 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 |
|
$ |
272,410 |
|
$ |
1,543 |
|
2.30% |
|
$ |
244,551 |
|
$ |
1,241 |
|
2.01% |
|
Federal
funds sold |
|
|
1,491 |
|
|
11 |
|
2.99% |
|
|
741 |
|
|
9 |
|
4.82% |
|
Investment securities - taxable |
|
|
1,595,605 |
|
|
10,706 |
|
2.72% |
|
|
1,553,467 |
|
|
9,873 |
|
2.52% |
|
Investment securities - non-taxable - FTE |
|
|
390,754 |
|
|
4,424 |
|
4.59% |
|
|
400,742 |
|
|
4,453 |
|
4.41% |
|
Loans
receivable - FTE |
|
|
11,036,503 |
|
|
164,170 |
|
6.03% |
|
|
10,884,911 |
|
|
163,616 |
|
5.96% |
|
Total
interest-earning assets |
|
|
13,296,763 |
|
|
180,854 |
|
5.52% |
|
|
13,084,412 |
|
|
179,192 |
|
5.43% |
|
Non-earning assets |
|
|
1,782,909 |
|
|
|
|
|
|
|
1,754,567 |
|
|
|
|
|
|
Total
assets |
|
$ |
15,079,672 |
|
|
|
|
|
|
$ |
14,838,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
and interest-bearing transaction accounts |
|
$ |
6,596,895 |
|
$ |
19,537 |
|
1.20% |
|
$ |
6,405,419 |
|
$ |
17,873 |
|
1.11% |
|
Time
deposits |
|
|
1,903,373 |
|
|
8,469 |
|
1.80% |
|
|
1,794,358 |
|
|
7,334 |
|
1.62% |
|
Total
interest-bearing deposits |
|
|
8,500,268 |
|
|
28,006 |
|
1.34% |
|
|
8,199,777 |
|
|
25,207 |
|
1.22% |
|
Securities sold under agreement to repurchase |
|
|
150,803 |
|
|
634 |
|
1.71% |
|
|
147,895 |
|
|
602 |
|
1.61% |
|
FHLB
borrowed funds |
|
|
1,159,629 |
|
|
6,118 |
|
2.14% |
|
|
1,242,985 |
|
|
6,474 |
|
2.07% |
|
Subordinated debentures |
|
|
368,884 |
|
|
5,259 |
|
5.78% |
|
|
368,695 |
|
|
5,215 |
|
5.61% |
|
Total
interest-bearing liabilities |
|
|
10,179,584 |
|
|
40,017 |
|
1.59% |
|
|
9,959,352 |
|
|
37,498 |
|
1.49% |
|
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,439,520 |
|
|
|
|
|
|
|
2,464,003 |
|
|
|
|
|
|
Other
liabilities |
|
|
115,911 |
|
|
|
|
|
|
|
76,822 |
|
|
|
|
|
|
Total
liabilities |
|
|
12,735,015 |
|
|
|
|
|
|
|
12,500,177 |
|
|
|
|
|
|
Shareholders'
equity |
|
|
2,344,657 |
|
|
|
|
|
|
|
2,338,802 |
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
15,079,672 |
|
|
|
|
|
|
$ |
14,838,979 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
3.93% |
|
|
|
|
|
|
|
3.94% |
|
Net interest income and
margin - FTE |
|
|
|
|
$ |
140,837 |
|
4.30% |
|
|
|
|
$ |
141,694 |
|
4.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Consolidated Net
Interest Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31,
2019 |
|
March 31,
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 |
|
$ |
272,410 |
|
$ |
1,543 |
|
2.30% |
|
$ |
245,815 |
|
$ |
929 |
|
1.53% |
|
Federal
funds sold |
|
|
1,491 |
|
|
11 |
|
2.99% |
|
|
9,682 |
|
|
6 |
|
0.25% |
|
Investment securities - taxable |
|
|
1,595,605 |
|
|
10,706 |
|
2.72% |
|
|
1,560,464 |
|
|
8,970 |
|
2.33% |
|
Investment securities - non-taxable - FTE |
|
|
390,754 |
|
|
4,424 |
|
4.59% |
|
|
345,217 |
|
|
3,997 |
|
4.70% |
|
Loans
receivable - FTE |
|
|
11,036,503 |
|
|
164,170 |
|
6.03% |
|
|
10,325,439 |
|
|
148,283 |
|
5.82% |
|
Total
interest-earning assets |
|
|
13,296,763 |
|
|
180,854 |
|
5.52% |
|
|
12,486,617 |
|
|
162,185 |
|
5.27% |
|
Non-earning assets |
|
|
1,782,909 |
|
|
|
|
|
|
|
1,747,752 |
|
|
|
|
|
|
Total
assets |
|
$ |
15,079,672 |
|
|
|
|
|
|
$ |
14,234,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
and interest-bearing transaction accounts |
|
$ |
6,596,895 |
|
$ |
19,537 |
|
1.20% |
|
$ |
6,409,585 |
|
$ |
11,242 |
|
0.71% |
|
Time
deposits |
|
|
1,903,373 |
|
|
8,469 |
|
1.80% |
|
|
1,513,854 |
|
|
3,564 |
|
0.95% |
|
Total
interest-bearing deposits |
|
|
8,500,268 |
|
|
28,006 |
|
1.34% |
|
|
7,923,439 |
|
|
14,806 |
|
0.76% |
|
Federal
funds purchased |
|
|
- |
|
|
- |
|
0.00% |
|
|
78 |
|
|
1 |
|
5.20% |
|
Securities sold under agreement to repurchase |
|
|
150,803 |
|
|
634 |
|
1.71% |
|
|
152,716 |
|
|
376 |
|
1.00% |
|
FHLB
borrowed funds |
|
|
1,159,629 |
|
|
6,118 |
|
2.14% |
|
|
1,150,091 |
|
|
4,580 |
|
1.62% |
|
Subordinated debentures |
|
|
368,884 |
|
|
5,259 |
|
5.78% |
|
|
368,124 |
|
|
5,004 |
|
5.51% |
|
Total
interest-bearing liabilities |
|
|
10,179,584 |
|
|
40,017 |
|
1.59% |
|
|
9,594,448 |
|
|
24,767 |
|
1.05% |
|
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,439,520 |
|
|
|
|
|
|
|
2,381,259 |
|
|
|
|
|
|
Other
liabilities |
|
|
115,911 |
|
|
|
|
|
|
|
44,360 |
|
|
|
|
|
|
Total
liabilities |
|
|
12,735,015 |
|
|
|
|
|
|
|
12,020,067 |
|
|
|
|
|
|
Shareholders'
equity |
|
|
2,344,657 |
|
|
|
|
|
|
|
2,214,302 |
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
15,079,672 |
|
|
|
|
|
|
$ |
14,234,369 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
3.93% |
|
|
|
|
|
|
|
4.22% |
|
Net interest income and
margin - FTE |
|
|
|
|
$ |
140,837 |
|
4.30% |
|
|
|
|
$ |
137,418 |
|
4.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Three Months Ended |
|
(Dollars and
shares in thousands, |
|
|
Mar.
31, |
|
|
Dec.
31, |
|
|
Sep.
30, |
|
|
Jun.
30, |
|
|
Mar.
31, |
|
|
|
Mar.
31, |
|
|
Mar.
31, |
|
except per share data) |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
71,350 |
|
$ |
71,030 |
|
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
|
$ |
71,350 |
|
$ |
73,064 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
dividend from equity investment |
|
|
(2,134 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(2,134 |
) |
|
- |
|
Merger
and acquisition expenses |
|
|
- |
|
|
6,013 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Hurricane
expenses |
|
|
897 |
|
|
470 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
897 |
|
|
- |
|
Outsourced special project expense |
|
|
900 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
900 |
|
|
- |
|
Total
adjustments |
|
|
(337 |
) |
|
6,483 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(337 |
) |
|
- |
|
Tax-effect of adjustments |
|
|
(88 |
) |
|
1,694 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(88 |
) |
|
- |
|
Adjustments after-tax (B) |
|
|
(249 |
) |
|
4,789 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(249 |
) |
|
- |
|
Earnings, as adjusted
(C) |
|
$ |
71,101 |
|
$ |
75,819 |
|
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
|
$ |
71,101 |
|
$ |
73,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
|
169,592 |
|
|
173,311 |
|
|
174,867 |
|
|
173,936 |
|
|
174,383 |
|
|
|
169,592 |
|
|
174,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings
per share: (A/D) |
|
$ |
0.42 |
|
$ |
0.41 |
|
$ |
0.46 |
|
$ |
0.44 |
|
$ |
0.42 |
|
|
$ |
0.42 |
|
$ |
0.42 |
|
Adjustments after-tax:
(B/D) |
|
|
- |
|
|
0.03 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Diluted earnings per
common share excluding special dividend from equity investment,
merger expenses, hurricane expenses & outsourced special
project expense: (C/D) |
|
$ |
0.42 |
|
$ |
0.44 |
|
$ |
0.46 |
|
$ |
0.44 |
|
$ |
0.42 |
|
|
$ |
0.42 |
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets: (A/F) |
|
|
1.92 |
% |
|
1.90 |
% |
|
2.14 |
% |
|
2.13 |
% |
|
2.08 |
% |
|
|
1.92 |
% |
|
2.08 |
% |
Return on average
assets excluding special dividend from equity investment, merger
expenses, hurricane expenses & outsourced special project
expense: (ROA, as adjusted) ((A+E)/F) |
|
|
1.91 |
% |
|
2.03 |
% |
|
2.14 |
% |
|
2.13 |
% |
|
2.08 |
% |
|
|
1.91 |
% |
|
2.08 |
% |
Return on average
assets excluding intangible amortization: ((A+C)/(F-G)) |
|
|
2.09 |
% |
|
2.07 |
% |
|
2.33 |
% |
|
2.32 |
% |
|
2.27 |
% |
|
|
2.09 |
% |
|
2.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
71,350 |
|
$ |
71,030 |
|
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
|
$ |
71,350 |
|
$ |
73,064 |
|
Amortization of
intangibles (B) |
|
|
1,587 |
|
|
1,587 |
|
|
1,617 |
|
|
1,624 |
|
|
1,626 |
|
|
|
1,587 |
|
|
1,626 |
|
Amortization of
intangibles after-tax (C) |
|
|
1,172 |
|
|
1,172 |
|
|
1,194 |
|
|
1,200 |
|
|
1,201 |
|
|
|
1,172 |
|
|
1,201 |
|
Total adjustments
(D) |
|
|
(337 |
) |
|
6,483 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(337 |
) |
|
- |
|
Adjustments after-tax
(E) |
|
|
(249 |
) |
|
4,789 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(249 |
) |
|
- |
|
Average assets (F) |
|
|
15,079,672 |
|
|
14,838,979 |
|
|
14,880,931 |
|
|
14,304,483 |
|
|
14,234,369 |
|
|
|
15,079,672 |
|
|
14,234,369 |
|
Average goodwill, core
deposits & other intangible assets (G) |
|
|
1,000,494 |
|
|
1,002,070 |
|
|
1,001,843 |
|
|
975,345 |
|
|
976,451 |
|
|
|
1,000,494 |
|
|
976,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Three Months Ended |
|
(Dollars and
shares in thousands, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
|
Mar. 31, |
|
|
Mar. 31, |
|
except per share data) |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity: (A/C) |
|
|
12.34 |
% |
|
12.05 |
% |
|
13.74 |
% |
|
13.54 |
% |
|
13.38 |
% |
|
|
12.34 |
% |
|
13.38 |
% |
Return on average
common equity excluding special dividend from equity investment,
merger expenses, hurricane expenses & outsourced special
project expense: (ROE, as adjusted) ((A+B)/C) |
|
|
12.30 |
% |
|
12.86 |
% |
|
13.74 |
% |
|
13.54 |
% |
|
13.38 |
% |
|
|
12.30 |
% |
|
13.38 |
% |
Return on average
tangible common equity: (A/(C-D)) |
|
|
21.53 |
% |
|
21.08 |
% |
|
24.20 |
% |
|
23.90 |
% |
|
23.94 |
% |
|
|
21.53 |
% |
|
23.94 |
% |
Return on average
tangible common equity excluding special dividend from equity
investment, merger expenses, hurricane expenses & outsourced
special project expense: (ROTCE, as adjusted) ((A+B)/(C-D)) |
|
|
21.45 |
% |
|
22.50 |
% |
|
24.20 |
% |
|
23.90 |
% |
|
23.94 |
% |
|
|
21.45 |
% |
|
23.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
available to common shareholders (A) |
|
$ |
71,350 |
|
$ |
71,030 |
|
$ |
80,284 |
|
$ |
76,025 |
|
$ |
73,064 |
|
|
$ |
71,350 |
|
$ |
73,064 |
|
Adjustments after-tax
(B) |
|
|
(249 |
) |
|
4,789 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(249 |
) |
|
- |
|
Average common equity
(C) |
|
|
2,344,657 |
|
|
2,338,802 |
|
|
2,317,930 |
|
|
2,251,412 |
|
|
2,214,302 |
|
|
|
2,344,657 |
|
|
2,214,302 |
|
Average goodwill, core
deposits & other intangible assets (D) |
|
|
1,000,494 |
|
|
1,002,070 |
|
|
1,001,843 |
|
|
975,345 |
|
|
976,451 |
|
|
|
1,000,494 |
|
|
976,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
((C-E)/(A+B+D)) |
|
|
41.01 |
% |
|
42.18 |
% |
|
37.23 |
% |
|
36.74 |
% |
|
37.83 |
% |
|
|
41.01 |
% |
|
37.83 |
% |
Efficiency ratio, as
adjusted: ((C-E-G)/(A+B+D-F)) |
|
|
40.58 |
% |
|
38.30 |
% |
|
37.40 |
% |
|
37.03 |
% |
|
37.97 |
% |
|
|
40.58 |
% |
|
37.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (A) |
|
$ |
139,470 |
|
$ |
140,282 |
|
$ |
145,910 |
|
$ |
138,612 |
|
$ |
136,209 |
|
|
$ |
139,470 |
|
$ |
136,209 |
|
Non-interest income (B) |
|
|
23,672 |
|
|
23,507 |
|
|
25,847 |
|
|
27,673 |
|
|
25,805 |
|
|
|
23,672 |
|
|
25,805 |
|
Non-interest expense (C) |
|
|
69,057 |
|
|
71,272 |
|
|
66,123 |
|
|
63,228 |
|
|
63,380 |
|
|
|
69,057 |
|
|
63,380 |
|
Fully
taxable equivalent adjustment (D) |
|
|
1,367 |
|
|
1,412 |
|
|
1,489 |
|
|
1,403 |
|
|
1,209 |
|
|
|
1,367 |
|
|
1,209 |
|
Amortization of intangibles (E) |
|
|
1,587 |
|
|
1,587 |
|
|
1,617 |
|
|
1,624 |
|
|
1,626 |
|
|
|
1,587 |
|
|
1,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
dividend from equity investment |
|
$ |
2,134 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
2,134 |
|
$ |
- |
|
Gain
(loss) on OREO |
|
|
206 |
|
|
114 |
|
|
836 |
|
|
1,046 |
|
|
405 |
|
|
|
206 |
|
|
405 |
|
Gain
(loss) on SBA loans |
|
|
241 |
|
|
75 |
|
|
47 |
|
|
262 |
|
|
182 |
|
|
|
241 |
|
|
182 |
|
Gain
(loss) on branches, equipment and other assets, net |
|
|
79 |
|
|
(25 |
) |
|
(102 |
) |
|
- |
|
|
7 |
|
|
|
79 |
|
|
7 |
|
Total non-interest income adjustments (F) |
|
$ |
2,660 |
|
$ |
164 |
|
$ |
781 |
|
$ |
1,308 |
|
$ |
594 |
|
|
$ |
2,660 |
|
$ |
594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger
Expenses |
|
$ |
- |
|
$ |
6,013 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
$ |
- |
|
Hurricane
damage expense |
|
|
897 |
|
|
470 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
897 |
|
|
- |
|
Outsourced special project expense |
|
|
900 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
900 |
|
|
- |
|
Total non-interest expense adjustments (G) |
|
$ |
1,797 |
|
$ |
6,483 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
1,797 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
(Dollars in thousands) |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share: (A/B) |
|
$ |
14.04 |
|
|
$ |
13.76 |
|
|
$ |
13.44 |
|
|
$ |
13.26 |
|
|
$ |
12.89 |
|
Tangible book value per
common share: ((A-C-D)/B) |
|
|
8.10 |
|
|
|
7.90 |
|
|
|
7.68 |
|
|
|
7.52 |
|
|
|
7.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity (A) |
|
$ |
2,361,484 |
|
|
$ |
2,349,886 |
|
|
$ |
2,341,026 |
|
|
$ |
2,314,013 |
|
|
$ |
2,238,181 |
|
End of period common
shares outstanding (B) |
|
|
168,173 |
|
|
|
170,720 |
|
|
|
174,135 |
|
|
|
174,511 |
|
|
|
173,603 |
|
Goodwill (C) |
|
$ |
958,408 |
|
|
$ |
958,408 |
|
|
$ |
958,408 |
|
|
$ |
956,418 |
|
|
$ |
927,949 |
|
Core deposit and other
intangibles (D) |
|
|
41,310 |
|
|
|
42,896 |
|
|
|
44,484 |
|
|
|
46,101 |
|
|
|
47,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets:
(B/A) |
|
|
15.56 |
% |
|
|
15.36 |
% |
|
|
15.70 |
% |
|
|
15.51 |
% |
|
|
15.63 |
% |
Tangible common equity
to tangible assets: ((B-C-D)/(A-C-D)) |
|
|
9.60 |
% |
|
|
9.43 |
% |
|
|
9.62 |
% |
|
|
9.42 |
% |
|
|
9.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (A) |
|
$ |
15,179,501 |
|
|
$ |
15,302,438 |
|
|
$ |
14,912,738 |
|
|
$ |
14,924,120 |
|
|
$ |
14,323,229 |
|
Total stockholders'
equity (B) |
|
|
2,361,484 |
|
|
|
2,349,886 |
|
|
|
2,341,026 |
|
|
|
2,314,013 |
|
|
|
2,238,181 |
|
Goodwill (C) |
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
|
|
956,418 |
|
|
|
927,949 |
|
Core deposit and other
intangibles (D) |
|
|
41,310 |
|
|
|
42,896 |
|
|
|
44,484 |
|
|
|
46,101 |
|
|
|
47,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares (NASDAQ:HOMB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Home BancShares (NASDAQ:HOMB)
Historical Stock Chart
From Jul 2023 to Jul 2024