Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of
Centennial Bank, announced third quarter earnings today that once
again included a solid net interest margin at 4.32%, up from 4.28%
in the second quarter.
Highlights of the Third Quarter of
2019:
Metric |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Net Income |
$72.8 million |
$72.2 million |
$71.4 million |
$71.0 million |
$80.3 million |
Total Revenue (net) |
$167.7 million |
$164.1 million |
$163.1 million |
$163.8 million |
$171.8 million |
ROA |
|
1.93% |
|
|
1.92% |
|
|
1.92% |
|
|
1.90% |
|
|
2.14% |
|
NIM |
|
4.32% |
|
|
4.28% |
|
|
4.30% |
|
|
4.30% |
|
|
4.46% |
|
Purchase Accounting Accretion |
$8.5 million |
$9.2 million |
$9.1 million |
$9.4 million |
$10.7 million |
ROE |
|
11.84% |
|
|
12.18% |
|
|
12.34% |
|
|
12.05% |
|
|
13.74% |
|
ROTCE (non-GAAP)(1) |
|
20.04% |
|
|
21.01% |
|
|
21.53% |
|
|
21.08% |
|
|
24.20% |
|
Diluted Earnings Per Share |
$0.44 |
|
$0.43 |
|
$0.42 |
|
$0.41 |
|
$0.46 |
|
Non-Performing Assets to Total Assets |
|
0.45% |
|
|
0.51% |
|
|
0.52% |
|
|
0.51% |
|
|
0.47% |
|
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
“Book value per common share was $14.80 at
September 30, 2019 compared to $13.44 at September 30, 2018, an
annual increase of 10.1%, and tangible book value per common share
(non-GAAP) was $8.83 at September 30, 2019 compared to $7.68 at
September 30, 2018, an annual increase of 15.0%,” said John
Allison, Chairman. “We made the strategic decision to participate
in a stock repurchase program, although it is dilutive to tangible
book,” Allison continued. “If we had not bought back stock, our
year over year increase in tangible book value would have been
20.2%. These are numbers I am very proud of,” added Allison.
“Our Net Interest Margin has held the course in
2019, at 4.32% for the third quarter as compared to 4.28% in the
second quarter and 4.30% in the first quarter,” said Tracy French,
Centennial Bank President and Chief Executive Officer. “I think
this speaks to the discipline within this company and is a
performance metric we are very proud of,” French added.
“Asset quality has been another strong pillar
for Centennial Bank,” said Randy Sims, Home BancShares, Inc. Chief
Executive Officer. “Our non-performing assets to total assets was
0.45% in the third quarter as compared to 0.51% in the second
quarter, which is a very reassuring position,” Sims added.
Operating Highlights
Our net interest margin was 4.32% for the
three-month period ended September 30, 2019 compared to 4.28% for
the three-month period ended June 30, 2019. The yield on loans was
6.08% and 6.06% for the three months ended September 30, 2019 and
June 30, 2019, respectively, as average loans decreased from $11.00
billion to $10.94 billion. Additionally, the rate on interest
bearing deposits decreased to 1.36% as of September 30, 2019 from
1.38% as of June 30, 2019, with average balances of $8.64 billion
and $8.62 billion, respectively.
From the second quarter of 2019 to the third
quarter of 2019, we experienced a $373,000 increase in investment
premium amortization resulting from increased prepayment speeds on
investment securities due to the declining interest rate
environment. This increased investment premium amortization
negatively impacted the net interest margin for the quarter ended
September 30, 2019 by 1.1 basis points.
During 2018, the Company recognized $7.2 million
of interest income from large payoff events including minimum
interest, default interest, acceleration of deferred origination
fees and acceleration of other discounts. The Company’s 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. The first six months of 2019 do not
include any additional interest income for payoff events. However,
during the third quarter of 2019, we had several interest income
events primarily related to large payoffs. These events
totaled $2.8 million of interest income and increased the net
interest margin by 8.4 basis points for the third quarter of
2019.
For the three months ended September 30, 2019
and June 30, 2019, we recognized $8.5 million and $9.2 million,
respectively, in total net accretion for acquired loans and
deposits. The $778,000 decline in accretion income decreased the
net interest margin by 2.3 basis points for the third quarter of
2019.
Purchase accounting accretion on acquired loans
was $8.4 million and $9.2 million and average purchase accounting
loan discounts were $112.6 million and $122.2 million for the
three-month periods ended September 30, 2019 and June 30, 2019,
respectively. Net amortization of time deposit premiums was $30,000
per quarter and net average remaining CD premiums were $297,000 and
$327,000 for the three-month periods ended September 30, 2019 and
June 30, 2019, respectively.
Net interest income on a fully taxable
equivalent basis increased $1.9 million, or 1.35%, to $144.2
million for the three-month period ended September 30, 2019, from
$142.3 million for the three-month period ended June 30, 2019. This
increase in net interest income for the three-month period ended
September 30, 2019 was the result of a $723,000 increase in
interest income as well as a $1.2 million decrease in interest
expense. The $723,000 increase in interest income was primarily the
result of a $1.6 million increase in loan interest income which was
partially offset by a $560,000 decrease in income on deposits with
other banks and a $345,000 decrease in investment income primarily
due to increased investment premium amortization. The $1.2 million
decrease in interest expense was primarily the result of a $1.0
million decrease in interest expense on FHLB borrowed funds as a
result of the average balance of FHLB and other borrowings
decreasing by $183.8 million or 19.71%. Interest expense on
deposits decreased by $143,000 for the three-month period ended
September 30, 2019. This decrease was the result of a $1.0 million
decrease in interest expense on savings and interest-bearing
transaction accounts which was partially offset by an $879,000
increase in interest expense on time deposits.
During the third quarter of 2019, no provision
for loan loss was recorded. The Company continues to see strong
asset quality. Non-performing loans to total loans was 0.54% as of
September 30, 2019 compared to 0.57% as of June 30, 2019, an
improvement of 4.25%. Non-performing assets to total assets
improved by 10.38% from 0.51% as of June 30, 2019 to 0.45% as of
September 30, 2019. For the third quarter of 2019, net charge-offs
were $1.8 million compared to net charge-offs of $1.6 million for
the second quarter of 2019.
The Company reported $24.7 million of
non-interest income for the third quarter of 2019, compared to
$23.1 million for the second quarter of 2019. The most important
components of the third quarter non-interest income were $8.7
million from other service charges and fees, $6.5 million from
service charges on deposits accounts, $4.6 million from mortgage
lending income, $1.5 million from other income and $1.1 million
from dividends from FHLB, FRB, FNBB & other equity
investments.
Non-interest expense for the third quarter of
2019 was $67.8 million compared to $67.6 million for the second
quarter of 2019. The most important components of the third quarter
non-interest expense were $39.9 million from salaries and employee
benefits, $14.7 million in other expense and $9.0 million in
occupancy and equipment expenses. For the third quarter of 2019,
our efficiency ratio improved to 39.16% compared to 39.93% reported
for the second quarter of 2019.
Non-interest expense for the third quarter of
2019 included a $2.3 million FDIC small bank assessment credit.
Small banks (total consolidated assets of less than $10 billion)
were awarded FDIC assessment credits for the portion of their
assessments that contributed to the growth in the reserve ratio
from 1.15 percent to 1.35 percent, to be applied when the reserve
ratio is at least 1.38 percent. The assessment regulations provide
that after the reserve ratio reaches 1.38 percent the FDIC will
automatically apply small bank credits to reduce the banks’ regular
deposit insurance assessments. Centennial Bank was classified as a
small bank until January 1, 2018. During the third quarter, the
Company was notified that the Deposit Insurance Fund (DIF) reserve
ratio as of June 30, 2019 was 1.40 percent. As a result, the
Company recorded its FDIC small bank assessment credit in the
amount of $2.3 million during the third quarter of 2019.
During the third quarter of 2019, the State of
Florida reduced its corporate income tax rate from 5.50% to 4.458%
for the tax years January 1, 2019 through December 31, 2021.
Because of this reduction, our third quarter income taxes were
reduced by $763,000 of which $497,000 was related to the first six
months of 2019.
Also, during the third quarter of 2019, the
Company made a strategic decision to surrender $47.5 million of its
underperforming separate account bank owned life insurance
(“BOLI”). When a BOLI contract is surrendered, the gains within the
policy become taxable and a 10% IRS penalty is levied on the gain.
As a result of the BOLI decision, the Company recorded a $3.7
million tax expense related to this transaction.
Financial Condition
Total loans receivable were $10.77 billion at
September 30, 2019 compared to $11.07 billion at December 31, 2018.
Total deposits were $11.05 billion at September 30, 2019 compared
to $10.90 billion at December 31, 2018. Total assets were $14.90
billion at September 30, 2019 compared to $15.30 billion at
December 31, 2018.
During the third quarter 2019, the Company
experienced approximately $281.2 million in organic loan decline.
Centennial CFG experienced $170.9 million of organic loan decline
and had loans of $1.50 billion at September 30, 2019. Our legacy
footprint experienced $110.3 million in organic loan decline during
the quarter.
Non-performing loans at September 30, 2019 were
$19.2 million, $37.0 million, $494,000, $1.9 million and zero in
the Arkansas, Florida, Alabama, Shore Premier Finance and
Centennial CFG markets, respectively, for a total of $58.6 million.
Non-performing assets at September 30, 2019 were $23.1 million,
$42.2 million, $528,000, $1.9 million and zero in the Arkansas,
Florida, Alabama, Shore Premier Finance and Centennial CFG markets,
respectively, for a total of $67.7 million.
The Company’s allowance for loan losses was
$104.3 million at September 30, 2019, or 0.97% of total loans,
compared to $108.8 million, or 0.98% of total loans, at December
31, 2018. As of September 30, 2019, and December 31, 2018, the
Company’s allowance for loan losses was 178.0% and 169.4% of its
total non-performing loans, respectively.
Stockholders’ equity was $2.47 billion at
September 30, 2019 compared to $2.35 billion at December 31, 2018,
an increase of approximately $120.0 million. The increase in
stockholders’ equity is primarily associated with the $152.8
million increase in retained earnings and the $33.7 million
increase in comprehensive income which were partially offset by the
repurchase of $75.4 million of our common stock during 2019.
Book value per common share was $14.80 at September 30, 2019
compared to $13.76 at December 31, 2018. Tangible book value
per common share (non-GAAP) was $8.83 at September 30, 2019
compared to $7.90 at December 31, 2018, an annualized increase of
15.7%.
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,
October 17, 2019. We encourage all participants to
pre-register for the conference call using the following link:
http://dpregister.com/10134963. 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: 10134963, which will be available until
October 24, 2019 at 10:59 p.m. CT (11:59 p.m. 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, tangible book value per
common share and tangible common equity to tangible assets--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) |
|
|
|
|
|
|
|
|
|
Sep.
30, |
Jun.
30, |
Mar.
31, |
Dec.
31, |
Sep.
30, |
(In thousands) |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
|
$ |
171,492 |
|
$ |
183,745 |
|
$ |
141,027 |
|
$ |
175,024 |
|
$ |
208,681 |
|
Interest-bearing deposits with other banks |
|
|
270,804 |
|
|
373,557 |
|
|
421,443 |
|
|
482,915 |
|
|
323,376 |
|
Cash
and cash equivalents |
|
|
442,296 |
|
|
557,302 |
|
|
562,470 |
|
|
657,939 |
|
|
532,057 |
|
Federal
funds sold |
|
|
1,650 |
|
|
1,075 |
|
|
1,700 |
|
|
325 |
|
|
500 |
|
Investment
securities - available-for-sale |
|
|
2,087,508 |
|
|
2,053,939 |
|
|
2,013,123 |
|
|
1,785,862 |
|
|
1,744,430 |
|
Investment
securities - held-to-maturity |
|
|
- |
|
|
- |
|
|
- |
|
|
192,776 |
|
|
199,266 |
|
Loans
receivable |
|
|
10,771,946 |
|
|
11,053,129 |
|
|
10,978,935 |
|
|
11,071,879 |
|
|
10,832,815 |
|
Allowance
for loan losses |
|
|
(104,304 |
) |
|
(106,066 |
) |
|
(106,357 |
) |
|
(108,791 |
) |
|
(110,191 |
) |
Loans
receivable, net |
|
|
10,667,642 |
|
|
10,947,063 |
|
|
10,872,578 |
|
|
10,963,088 |
|
|
10,722,624 |
|
Bank
premises and equipment, net |
|
|
277,966 |
|
|
278,821 |
|
|
279,012 |
|
|
233,261 |
|
|
233,652 |
|
Foreclosed
assets held for sale |
|
|
8,639 |
|
|
13,734 |
|
|
14,466 |
|
|
13,236 |
|
|
13,507 |
|
Cash value
of life insurance |
|
|
102,003 |
|
|
149,708 |
|
|
149,353 |
|
|
148,621 |
|
|
148,014 |
|
Accrued
interest receivable |
|
|
47,557 |
|
|
48,992 |
|
|
50,288 |
|
|
48,945 |
|
|
48,909 |
|
Deferred tax
asset, net |
|
|
53,436 |
|
|
58,517 |
|
|
64,061 |
|
|
73,275 |
|
|
79,548 |
|
Goodwill |
|
|
958,408 |
|
|
958,408 |
|
|
958,408 |
|
|
958,408 |
|
|
958,408 |
|
Core deposit
and other intangibles |
|
|
38,136 |
|
|
39,723 |
|
|
41,310 |
|
|
42,896 |
|
|
44,484 |
|
Other
assets |
|
|
216,694 |
|
|
180,293 |
|
|
172,732 |
|
|
183,806 |
|
|
187,339 |
|
Total assets |
|
$ |
14,901,935 |
|
$ |
15,287,575 |
|
$ |
15,179,501 |
|
$ |
15,302,438 |
|
$ |
14,912,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand and non-interest-bearing |
|
$ |
2,394,207 |
|
$ |
2,575,696 |
|
$ |
2,519,175 |
|
$ |
2,401,232 |
|
$ |
2,482,857 |
|
Savings and interest-bearing transaction accounts |
|
|
6,620,616 |
|
|
6,774,162 |
|
|
6,650,181 |
|
|
6,624,407 |
|
|
6,420,951 |
|
Time
deposits |
|
|
2,032,547 |
|
|
1,997,458 |
|
|
1,898,096 |
|
|
1,874,139 |
|
|
1,720,930 |
|
Total deposits |
|
|
11,047,370 |
|
|
11,347,316 |
|
|
11,067,452 |
|
|
10,899,778 |
|
|
10,624,738 |
|
Federal
funds purchased |
|
|
50,000 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Securities
sold under agreements to repurchase |
|
|
157,038 |
|
|
142,541 |
|
|
152,239 |
|
|
143,679 |
|
|
142,146 |
|
FHLB and
other borrowed funds |
|
|
691,443 |
|
|
899,447 |
|
|
1,105,175 |
|
|
1,472,393 |
|
|
1,363,851 |
|
Accrued
interest payable and other liabilities |
|
|
117,332 |
|
|
107,695 |
|
|
124,172 |
|
|
67,912 |
|
|
72,381 |
|
Subordinated
debentures |
|
|
369,363 |
|
|
369,170 |
|
|
368,979 |
|
|
368,790 |
|
|
368,596 |
|
Total liabilities |
|
|
12,432,546 |
|
|
12,866,169 |
|
|
12,818,017 |
|
|
12,952,552 |
|
|
12,571,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common
stock |
|
|
1,669 |
|
|
1,675 |
|
|
1,682 |
|
|
1,707 |
|
|
1,741 |
|
Capital
surplus |
|
|
1,542,858 |
|
|
1,550,999 |
|
|
1,560,994 |
|
|
1,609,810 |
|
|
1,668,106 |
|
Retained
earnings |
|
|
904,980 |
|
|
853,964 |
|
|
803,629 |
|
|
752,184 |
|
|
701,900 |
|
Accumulated
other comprehensive (loss) income |
|
|
19,882 |
|
|
14,768 |
|
|
(4,821 |
) |
|
(13,815 |
) |
|
(30,721 |
) |
Total stockholders' equity |
|
|
2,469,389 |
|
|
2,421,406 |
|
|
2,361,484 |
|
|
2,349,886 |
|
|
2,341,026 |
|
Total liabilities and stockholders'
equity |
|
$ |
14,901,935 |
|
$ |
15,287,575 |
|
$ |
15,179,501 |
|
$ |
15,302,438 |
|
$ |
14,912,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Consolidated
Statements of Income |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
Sep.
30, |
Jun.
30, |
Mar.
31, |
Dec.
31, |
Sep.
30, |
|
Sep.
30, |
Sep.
30, |
(In thousands) |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
167,470 |
|
$ |
165,816 |
|
$ |
163,848 |
|
$ |
163,201 |
|
$ |
166,334 |
|
|
$ |
497,134 |
|
$ |
467,395 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
Taxable |
|
|
10,343 |
|
|
10,650 |
|
|
10,706 |
|
|
9,873 |
|
|
9,011 |
|
|
|
31,699 |
|
|
26,960 |
|
Tax-exempt |
|
|
3,193 |
|
|
3,183 |
|
|
3,379 |
|
|
3,456 |
|
|
3,427 |
|
|
|
9,755 |
|
|
9,801 |
|
Deposits - other banks |
|
|
1,068 |
|
|
1,628 |
|
|
1,543 |
|
|
1,241 |
|
|
1,273 |
|
|
|
4,239 |
|
|
3,408 |
|
Federal funds sold |
|
|
8 |
|
|
10 |
|
|
11 |
|
|
9 |
|
|
6 |
|
|
|
29 |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest income |
|
|
182,082 |
|
|
181,287 |
|
|
179,487 |
|
|
177,780 |
|
|
180,051 |
|
|
|
542,856 |
|
|
507,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
29,566 |
|
|
29,709 |
|
|
28,006 |
|
|
25,207 |
|
|
21,412 |
|
|
|
87,281 |
|
|
54,382 |
|
Federal funds purchased |
|
|
21 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
21 |
|
|
1 |
|
FHLB
borrowed funds |
|
|
3,683 |
|
|
4,722 |
|
|
6,118 |
|
|
6,474 |
|
|
7,055 |
|
|
|
14,523 |
|
|
15,880 |
|
Securities sold under agreements to repurchase |
|
|
628 |
|
|
630 |
|
|
634 |
|
|
602 |
|
|
472 |
|
|
|
1,892 |
|
|
1,220 |
|
Subordinated debentures |
|
|
5,207 |
|
|
5,239 |
|
|
5,259 |
|
|
5,215 |
|
|
5,202 |
|
|
|
15,705 |
|
|
15,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest expense |
|
|
39,105 |
|
|
40,300 |
|
|
40,017 |
|
|
37,498 |
|
|
34,141 |
|
|
|
119,422 |
|
|
86,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
|
142,977 |
|
|
140,987 |
|
|
139,470 |
|
|
140,282 |
|
|
145,910 |
|
|
|
423,434 |
|
|
420,731 |
|
Provision for loan losses |
|
|
- |
|
|
1,325 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
1,325 |
|
|
4,322 |
|
Net
interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
|
142,977 |
|
|
139,662 |
|
|
139,470 |
|
|
140,282 |
|
|
145,910 |
|
|
|
422,109 |
|
|
416,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
6,492 |
|
|
6,259 |
|
|
6,401 |
|
|
7,004 |
|
|
6,992 |
|
|
|
19,152 |
|
|
19,847 |
|
Other
service charges and fees |
|
|
8,710 |
|
|
8,177 |
|
|
6,563 |
|
|
7,598 |
|
|
9,041 |
|
|
|
23,450 |
|
|
28,993 |
|
Trust
fees |
|
|
382 |
|
|
391 |
|
|
403 |
|
|
290 |
|
|
437 |
|
|
|
1,176 |
|
|
1,262 |
|
Mortgage lending income |
|
|
4,610 |
|
|
3,457 |
|
|
2,435 |
|
|
2,554 |
|
|
3,691 |
|
|
|
10,502 |
|
|
9,825 |
|
Insurance commissions |
|
|
603 |
|
|
515 |
|
|
609 |
|
|
442 |
|
|
463 |
|
|
|
1,727 |
|
|
1,668 |
|
Increase in cash value of life insurance |
|
|
714 |
|
|
740 |
|
|
736 |
|
|
737 |
|
|
735 |
|
|
|
2,190 |
|
|
2,119 |
|
Dividends from FHLB, FRB, FNBB & other |
|
|
1,101 |
|
|
1,149 |
|
|
3,505 |
|
|
1,992 |
|
|
1,288 |
|
|
|
5,755 |
|
|
3,765 |
|
Gain
(loss) on SBA loans |
|
|
291 |
|
|
355 |
|
|
241 |
|
|
75 |
|
|
47 |
|
|
|
887 |
|
|
491 |
|
Gain
(loss) on branches, equipment and other assets, net |
|
|
12 |
|
|
(129 |
) |
|
79 |
|
|
(25 |
) |
|
(102 |
) |
|
|
(38 |
) |
|
(95 |
) |
Gain
(loss) on OREO, net |
|
|
334 |
|
|
58 |
|
|
206 |
|
|
114 |
|
|
836 |
|
|
|
598 |
|
|
2,287 |
|
Other
income |
|
|
1,500 |
|
|
2,094 |
|
|
2,494 |
|
|
2,726 |
|
|
2,419 |
|
|
|
6,088 |
|
|
9,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest income |
|
|
24,749 |
|
|
23,066 |
|
|
23,672 |
|
|
23,507 |
|
|
25,847 |
|
|
|
71,487 |
|
|
79,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
39,919 |
|
|
37,976 |
|
|
37,836 |
|
|
36,230 |
|
|
37,825 |
|
|
|
115,731 |
|
|
107,315 |
|
Occupancy and equipment |
|
|
9,047 |
|
|
8,853 |
|
|
8,823 |
|
|
8,310 |
|
|
8,148 |
|
|
|
26,723 |
|
|
25,650 |
|
Data
processing expense |
|
|
4,059 |
|
|
3,838 |
|
|
3,970 |
|
|
3,642 |
|
|
3,461 |
|
|
|
11,867 |
|
|
10,786 |
|
Other
operating expenses |
|
|
14,739 |
|
|
16,957 |
|
|
18,428 |
|
|
23,090 |
|
|
16,689 |
|
|
|
50,124 |
|
|
48,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
|
|
67,764 |
|
|
67,624 |
|
|
69,057 |
|
|
71,272 |
|
|
66,123 |
|
|
|
204,445 |
|
|
192,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
99,962 |
|
|
95,104 |
|
|
94,085 |
|
|
92,517 |
|
|
105,634 |
|
|
|
289,151 |
|
|
303,003 |
|
Income tax expense |
|
|
27,199 |
|
|
22,940 |
|
|
22,735 |
|
|
21,487 |
|
|
25,350 |
|
|
|
72,874 |
|
|
73,630 |
|
Net
income |
|
$ |
72,763 |
|
$ |
72,164 |
|
$ |
71,350 |
|
$ |
71,030 |
|
$ |
80,284 |
|
|
$ |
216,277 |
|
$ |
229,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Selected
Financial Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
|
Sep. 30, |
|
|
|
Sep. 30, |
|
|
(Dollars and shares in thousands, except per share
data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share |
|
$ |
0.44 |
|
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.41 |
|
|
$ |
0.46 |
|
|
|
$ |
1.29 |
|
|
$ |
1.32 |
|
|
Diluted
earnings per common share, as adjusted, excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FDIC Small Bank Assessment Credit, Florida tax savings, BOLI
redemption tax,special dividend from equity investment, merger
expenses, hurricane expenses & outsourced special project
expense (non-GAAP)(1) |
|
|
0.44 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
0.44 |
|
|
|
0.46 |
|
|
|
|
1.30 |
|
|
|
1.32 |
|
|
Basic
earnings per common share |
|
|
0.44 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
0.41 |
|
|
|
0.46 |
|
|
|
|
1.29 |
|
|
|
1.32 |
|
|
Dividends
per share - common |
|
|
0.1300 |
|
|
|
0.1300 |
|
|
|
0.1200 |
|
|
|
0.1200 |
|
|
|
0.1200 |
|
|
|
|
0.3800 |
|
|
|
0.3400 |
|
|
Book value
per common share |
|
|
14.80 |
|
|
|
14.46 |
|
|
|
14.04 |
|
|
|
13.76 |
|
|
|
13.44 |
|
|
|
|
14.80 |
|
|
|
13.44 |
|
|
Tangible
book value per common share (non-GAAP)(1) |
|
|
8.83 |
|
|
|
8.50 |
|
|
|
8.10 |
|
|
|
7.90 |
|
|
|
7.68 |
|
|
|
|
8.83 |
|
|
|
7.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
common shares outstanding |
|
|
167,178 |
|
|
|
167,791 |
|
|
|
169,592 |
|
|
|
173,023 |
|
|
|
174,440 |
|
|
|
|
168,178 |
|
|
|
173,870 |
|
|
Average
diluted shares outstanding |
|
|
167,178 |
|
|
|
167,791 |
|
|
|
169,592 |
|
|
|
173,311 |
|
|
|
174,867 |
|
|
|
|
168,178 |
|
|
|
174,394 |
|
|
End of
period common shares outstanding |
|
|
166,860 |
|
|
|
167,466 |
|
|
|
168,173 |
|
|
|
170,720 |
|
|
|
174,135 |
|
|
|
|
166,860 |
|
|
|
174,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.93 |
% |
|
|
1.92 |
% |
|
|
1.92 |
% |
|
|
1.90 |
% |
|
|
2.14 |
% |
|
|
|
1.92 |
% |
|
|
2.12 |
% |
|
Return on
average assets excluding FDIC Small Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assessment Credit, Florida tax savings, BOLI redemption tax,
special dividend from equity investment, merger expenses,
hurricane expenses & outsourced special project expense (ROA,
as adjusted) (non-GAAP)(1) |
|
|
1.96 |
% |
|
|
1.92 |
% |
|
|
1.92 |
% |
|
|
2.03 |
% |
|
|
2.14 |
% |
|
|
|
1.94 |
% |
|
|
2.12 |
% |
|
Return on
average assets excluding intangible |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization (non-GAAP)(1) |
|
|
2.10 |
% |
|
|
2.09 |
% |
|
|
2.09 |
% |
|
|
2.07 |
% |
|
|
2.33 |
% |
|
|
|
2.09 |
% |
|
|
2.31 |
% |
|
Return on
average common equity |
|
|
11.84 |
% |
|
|
12.18 |
% |
|
|
12.34 |
% |
|
|
12.05 |
% |
|
|
13.74 |
% |
|
|
|
12.12 |
% |
|
|
13.56 |
% |
|
Return on
average common equity excluding FDIC Small |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Assessment Credit, Florida tax savings, BOLI redemption tax,
special dividend from equity investment, merger expenses, hurricane
expenses & outsourced special project expense: (ROE, as
adjusted) (non-GAAP)(1) |
|
|
12.08 |
% |
|
|
12.22 |
% |
|
|
12.34 |
% |
|
|
12.86 |
% |
|
|
13.74 |
% |
|
|
|
12.21 |
% |
|
|
13.56 |
% |
|
Return on
average tangible common equity (non-GAAP)(1) |
|
|
20.04 |
% |
|
|
21.01 |
% |
|
|
21.53 |
% |
|
|
21.08 |
% |
|
|
24.20 |
% |
|
|
|
20.84 |
% |
|
|
24.02 |
% |
|
Return on
average tangible common equity excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible amortization (non-GAAP)(1) |
|
|
20.36 |
% |
|
|
21.35 |
% |
|
|
21.88 |
% |
|
|
21.43 |
% |
|
|
24.56 |
% |
|
|
|
21.18 |
% |
|
|
24.39 |
% |
|
Return on
average tangible common equity excluding FDIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Bank Assessment Credit, Florida tax savings, BOLI redemption
tax, special dividend from equity investment, merger expenses,
hurricane expenses & outsourced special project expense:
(ROTCE, as adjusted) (non-GAAP)(1) |
|
|
20.45 |
% |
|
|
21.08 |
% |
|
|
21.53 |
% |
|
|
22.50 |
% |
|
|
24.20 |
% |
|
|
|
21.00 |
% |
|
|
24.02 |
% |
|
Efficiency
ratio |
|
|
39.16 |
% |
|
|
39.93 |
% |
|
|
41.01 |
% |
|
|
42.18 |
% |
|
|
37.23 |
% |
|
|
|
40.03 |
% |
|
|
37.26 |
% |
|
Efficiency
ratio, as adjusted (non-GAAP)(1) |
|
|
40.60 |
% |
|
|
39.92 |
% |
|
|
40.52 |
% |
|
|
38.28 |
% |
|
|
37.39 |
% |
|
|
|
40.35 |
% |
|
|
37.43 |
% |
|
Net interest
margin - FTE |
|
|
4.32 |
% |
|
|
4.28 |
% |
|
|
4.30 |
% |
|
|
4.30 |
% |
|
|
4.46 |
% |
|
|
|
4.30 |
% |
|
|
4.46 |
% |
|
Fully
taxable equivalent adjustment |
|
$ |
1,247 |
|
|
$ |
1,319 |
|
|
$ |
1,367 |
|
|
$ |
1,412 |
|
|
$ |
1,489 |
|
|
|
$ |
3,933 |
|
|
$ |
4,101 |
|
|
Total
revenue (net) |
|
|
167,726 |
|
|
|
164,053 |
|
|
|
163,142 |
|
|
|
163,789 |
|
|
|
171,757 |
|
|
|
|
494,921 |
|
|
|
500,056 |
|
|
Total
purchase accounting accretion |
|
|
8,462 |
|
|
|
9,240 |
|
|
|
9,055 |
|
|
|
9,432 |
|
|
|
10,744 |
|
|
|
|
26,757 |
|
|
|
32,021 |
|
|
Average
purchase accounting loan discounts |
|
|
112,623 |
|
|
|
122,197 |
|
|
|
131,596 |
|
|
|
141,244 |
|
|
|
151,377 |
|
|
|
|
122,121 |
|
|
|
156,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,201 |
|
|
$ |
1,095 |
|
|
$ |
1,051 |
|
|
$ |
1,214 |
|
|
$ |
1,154 |
|
|
|
$ |
3,347 |
|
|
$ |
3,258 |
|
|
Merger and
acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,013 |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
Amortization
of intangibles |
|
|
1,587 |
|
|
|
1,587 |
|
|
|
1,586 |
|
|
|
1,587 |
|
|
|
1,617 |
|
|
|
|
4,760 |
|
|
|
4,867 |
|
|
Electronic
banking expense |
|
|
1,901 |
|
|
|
1,851 |
|
|
|
1,903 |
|
|
|
1,969 |
|
|
|
1,947 |
|
|
|
|
5,655 |
|
|
|
5,653 |
|
|
Directors'
fees |
|
|
380 |
|
|
|
392 |
|
|
|
434 |
|
|
|
319 |
|
|
|
314 |
|
|
|
|
1,206 |
|
|
|
962 |
|
|
Due from
bank service charges |
|
|
272 |
|
|
|
282 |
|
|
|
238 |
|
|
|
289 |
|
|
|
253 |
|
|
|
|
792 |
|
|
|
714 |
|
|
FDIC and
state assessment |
|
|
(532 |
) |
|
|
1,655 |
|
|
|
1,710 |
|
|
|
1,869 |
|
|
|
2,293 |
|
|
|
|
2,833 |
|
|
|
6,689 |
|
|
Hurricane
expense |
|
|
- |
|
|
|
- |
|
|
|
897 |
|
|
|
470 |
|
|
|
- |
|
|
|
|
897 |
|
|
|
- |
|
|
Insurance |
|
|
698 |
|
|
|
661 |
|
|
|
697 |
|
|
|
737 |
|
|
|
762 |
|
|
|
|
2,056 |
|
|
|
2,363 |
|
|
Legal and
accounting |
|
|
1,414 |
|
|
|
989 |
|
|
|
981 |
|
|
|
1,151 |
|
|
|
761 |
|
|
|
|
3,384 |
|
|
|
2,397 |
|
|
Other
professional fees |
|
|
1,906 |
|
|
|
2,306 |
|
|
|
2,812 |
|
|
|
1,465 |
|
|
|
1,748 |
|
|
|
|
7,024 |
|
|
|
4,988 |
|
|
Operating
supplies |
|
|
511 |
|
|
|
505 |
|
|
|
536 |
|
|
|
510 |
|
|
|
510 |
|
|
|
|
1,552 |
|
|
|
1,712 |
|
|
Postage |
|
|
320 |
|
|
|
293 |
|
|
|
326 |
|
|
|
325 |
|
|
|
311 |
|
|
|
|
939 |
|
|
|
978 |
|
|
Telephone |
|
|
289 |
|
|
|
306 |
|
|
|
303 |
|
|
|
324 |
|
|
|
337 |
|
|
|
|
898 |
|
|
|
1,081 |
|
|
Other
expense |
|
|
4,792 |
|
|
|
5,035 |
|
|
|
4,954 |
|
|
|
4,848 |
|
|
|
4,682 |
|
|
|
|
14,781 |
|
|
|
13,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other operating expenses |
|
$ |
14,739 |
|
|
$ |
16,957 |
|
|
$ |
18,428 |
|
|
$ |
23,090 |
|
|
$ |
16,689 |
|
|
|
$ |
50,124 |
|
|
$ |
48,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
(Dollars in thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
to total deposits |
|
|
97.51 |
% |
|
|
97.41 |
% |
|
|
99.20 |
% |
|
|
101.58 |
% |
|
|
101.96 |
% |
Common
equity to assets |
|
|
16.57 |
% |
|
|
15.84 |
% |
|
|
15.56 |
% |
|
|
15.36 |
% |
|
|
15.70 |
% |
Tangible
common equity to tangible assets (non-GAAP)(1) |
|
|
10.59 |
% |
|
|
9.96 |
% |
|
|
9.60 |
% |
|
|
9.43 |
% |
|
|
9.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate |
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,375,970 |
|
|
$ |
4,495,558 |
|
|
$ |
4,623,174 |
|
|
$ |
4,806,684 |
|
|
$ |
4,685,827 |
|
Construction/land development |
|
|
1,827,454 |
|
|
|
1,930,838 |
|
|
|
1,649,303 |
|
|
|
1,546,035 |
|
|
|
1,550,910 |
|
Agricultural |
|
|
87,087 |
|
|
|
85,045 |
|
|
|
76,092 |
|
|
|
76,433 |
|
|
|
72,930 |
|
Residential real estate loans |
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,808,099 |
|
|
|
1,852,784 |
|
|
|
1,947,119 |
|
|
|
1,975,586 |
|
|
|
1,982,666 |
|
Multifamily residential |
|
|
498,079 |
|
|
|
523,789 |
|
|
|
538,098 |
|
|
|
560,475 |
|
|
|
608,608 |
|
Total real
estate |
|
|
8,596,689 |
|
|
|
8,888,014 |
|
|
|
8,833,786 |
|
|
|
8,965,213 |
|
|
|
8,900,941 |
|
Consumer |
|
|
469,741 |
|
|
|
455,554 |
|
|
|
448,093 |
|
|
|
443,105 |
|
|
|
428,192 |
|
Commercial
and industrial |
|
|
1,479,724 |
|
|
|
1,515,357 |
|
|
|
1,505,773 |
|
|
|
1,476,331 |
|
|
|
1,303,841 |
|
Agricultural |
|
|
90,343 |
|
|
|
80,621 |
|
|
|
58,966 |
|
|
|
48,562 |
|
|
|
58,644 |
|
Other |
|
|
135,449 |
|
|
|
113,583 |
|
|
|
132,317 |
|
|
|
138,668 |
|
|
|
141,197 |
|
Loans receivable |
|
$ |
10,771,946 |
|
|
$ |
11,053,129 |
|
|
$ |
10,978,935 |
|
|
$ |
11,071,879 |
|
|
$ |
10,832,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount for
credit losses on purchased loans |
|
$ |
89,615 |
|
|
$ |
98,672 |
|
|
$ |
106,617 |
|
|
$ |
113,648 |
|
|
$ |
120,849 |
|
Purchased
loans, net of discount for credit losses on purchased loans |
|
|
2,227,386 |
|
|
|
2,469,579 |
|
|
|
2,712,315 |
|
|
|
2,900,284 |
|
|
|
3,081,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
beginning of period |
|
$ |
106,066 |
|
|
$ |
106,357 |
|
|
$ |
108,791 |
|
|
$ |
110,191 |
|
|
$ |
111,516 |
|
Loans
charged off |
|
|
2,302 |
|
|
|
2,279 |
|
|
|
3,391 |
|
|
|
1,814 |
|
|
|
2,501 |
|
Recoveries
of loans previously charged off |
|
|
540 |
|
|
|
663 |
|
|
|
957 |
|
|
|
414 |
|
|
|
1,176 |
|
Net
loans (recovered)/charged off |
|
|
1,762 |
|
|
|
1,616 |
|
|
|
2,434 |
|
|
|
1,400 |
|
|
|
1,325 |
|
Provision
for loan losses |
|
|
- |
|
|
|
1,325 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Balance, end
of period |
|
$ |
104,304 |
|
|
$ |
106,066 |
|
|
$ |
106,357 |
|
|
$ |
108,791 |
|
|
$ |
110,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(recoveries) charge-offs to average total loans |
|
|
0.06 |
% |
|
|
0.06 |
% |
|
|
0.09 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
Allowance
for loan losses to total loans |
|
|
0.97 |
% |
|
|
0.96 |
% |
|
|
0.97 |
% |
|
|
0.98 |
% |
|
|
1.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
Non-accrual loans |
|
$ |
48,640 |
|
|
$ |
52,841 |
|
|
$ |
49,616 |
|
|
$ |
47,083 |
|
|
$ |
36,198 |
|
Loans
past due 90 days or more |
|
|
9,964 |
|
|
|
9,961 |
|
|
|
14,577 |
|
|
|
17,159 |
|
|
|
20,267 |
|
Total non-performing loans |
|
|
58,604 |
|
|
|
62,802 |
|
|
|
64,193 |
|
|
|
64,242 |
|
|
|
56,465 |
|
Other
non-performing assets |
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
8,639 |
|
|
|
13,734 |
|
|
|
14,466 |
|
|
|
13,236 |
|
|
|
13,507 |
|
Other
non-performing assets |
|
|
447 |
|
|
|
947 |
|
|
|
947 |
|
|
|
497 |
|
|
|
405 |
|
Total other non-performing assets |
|
|
9,086 |
|
|
|
14,681 |
|
|
|
15,413 |
|
|
|
13,733 |
|
|
|
13,912 |
|
Total non-performing assets |
|
$ |
67,690 |
|
|
$ |
77,483 |
|
|
$ |
79,606 |
|
|
$ |
77,975 |
|
|
$ |
70,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses for loans to non-performing loans |
|
|
177.98 |
% |
|
|
168.89 |
% |
|
|
165.68 |
% |
|
|
169.35 |
% |
|
|
195.15 |
% |
Non-performing loans to total loans |
|
|
0.54 |
% |
|
|
0.57 |
% |
|
|
0.58 |
% |
|
|
0.58 |
% |
|
|
0.52 |
% |
Non-performing assets to total assets |
|
|
0.45 |
% |
|
|
0.51 |
% |
|
|
0.52 |
% |
|
|
0.51 |
% |
|
|
0.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
this metric and the reconciliation to GAAP is included in the
schedules accompanying this release. |
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Consolidated
Net Interest Margin |
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
September 30, 2019 |
|
June 30, 2019 |
|
|
|
Average |
|
|
Income/ |
|
Yield/ |
|
|
|
Average |
|
|
Income/ |
|
Yield/ |
(Dollars in thousands) |
|
|
Balance |
|
|
Expense |
|
Rate |
|
|
|
Balance |
|
|
Expense |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances due from banks |
|
$ |
213,671 |
|
$ |
1,068 |
|
1.98 |
% |
|
$ |
298,821 |
|
$ |
1,628 |
|
2.19 |
% |
Federal funds sold |
|
|
1,442 |
|
|
8 |
|
2.20 |
% |
|
|
1,596 |
|
|
10 |
|
2.51 |
% |
Investment securities - taxable |
|
|
1,705,647 |
|
|
10,343 |
|
2.41 |
% |
|
|
1,640,883 |
|
|
10,650 |
|
2.60 |
% |
Investment securities - non-taxable - FTE |
|
|
370,376 |
|
|
4,139 |
|
4.43 |
% |
|
|
379,437 |
|
|
4,177 |
|
4.42 |
% |
Loans
receivable - FTE |
|
|
10,944,638 |
|
|
167,771 |
|
6.08 |
% |
|
|
11,000,926 |
|
|
166,141 |
|
6.06 |
% |
Total interest-earning assets |
|
|
13,235,774 |
|
|
183,329 |
|
5.50 |
% |
|
|
13,321,663 |
|
|
182,606 |
|
5.50 |
% |
Non-earning assets |
|
|
1,757,458 |
|
|
|
|
|
|
|
|
1,776,937 |
|
|
|
|
|
|
Total assets |
|
$ |
14,993,232 |
|
|
|
|
|
|
|
$ |
15,098,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
6,629,491 |
|
$ |
19,614 |
|
1.17 |
% |
|
$ |
6,677,683 |
|
$ |
20,637 |
|
1.24 |
% |
Time deposits |
|
|
2,014,630 |
|
|
9,952 |
|
1.96 |
% |
|
|
1,943,320 |
|
|
9,072 |
|
1.87 |
% |
Total interest-bearing deposits |
|
|
8,644,121 |
|
|
29,566 |
|
1.36 |
% |
|
|
8,621,003 |
|
|
29,709 |
|
1.38 |
% |
Federal funds purchased |
|
|
4,801 |
|
|
21 |
|
1.74 |
% |
|
|
- |
|
|
- |
|
0.00 |
% |
Securities sold under agreement to repurchase |
|
|
143,628 |
|
|
628 |
|
1.73 |
% |
|
|
144,478 |
|
|
630 |
|
1.75 |
% |
FHLB
borrowed funds |
|
|
748,577 |
|
|
3,683 |
|
1.95 |
% |
|
|
932,365 |
|
|
4,722 |
|
2.03 |
% |
Subordinated debentures |
|
|
369,269 |
|
|
5,207 |
|
5.59 |
% |
|
|
369,076 |
|
|
5,239 |
|
5.69 |
% |
Total interest-bearing liabilities |
|
|
9,910,396 |
|
|
39,105 |
|
1.57 |
% |
|
|
10,066,922 |
|
|
40,300 |
|
1.61 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,530,664 |
|
|
|
|
|
|
|
|
2,553,060 |
|
|
|
|
|
|
Other liabilities |
|
|
114,352 |
|
|
|
|
|
|
|
|
101,900 |
|
|
|
|
|
|
Total liabilities |
|
|
12,555,412 |
|
|
|
|
|
|
|
|
12,721,882 |
|
|
|
|
|
|
Shareholders' equity |
|
|
2,437,820 |
|
|
|
|
|
|
|
|
2,376,718 |
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
14,993,232 |
|
|
|
|
|
|
|
$ |
15,098,600 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
|
3.93 |
% |
|
|
|
|
|
|
3.89 |
% |
Net interest
income and margin - FTE |
|
|
|
$ |
144,224 |
|
4.32 |
% |
|
|
|
$ |
142,306 |
|
4.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Consolidated
Net Interest Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, 2019 |
|
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 |
|
$ |
261,419 |
|
$ |
4,239 |
|
2.17 |
% |
|
$ |
271,987 |
|
$ |
3,408 |
|
1.68 |
% |
Federal funds sold |
|
|
1,510 |
|
|
29 |
|
2.57 |
% |
|
|
3,595 |
|
|
24 |
|
0.89 |
% |
Investment securities - taxable |
|
|
1,647,781 |
|
|
31,699 |
|
2.57 |
% |
|
|
1,538,387 |
|
|
26,960 |
|
2.34 |
% |
Investment securities - non-taxable - FTE |
|
|
380,115 |
|
|
12,741 |
|
4.48 |
% |
|
|
382,088 |
|
|
12,981 |
|
4.54 |
% |
Loans receivable - FTE |
|
|
10,993,686 |
|
|
498,081 |
|
6.06 |
% |
|
|
10,529,117 |
|
|
468,316 |
|
5.95 |
% |
Total interest-earning assets |
|
|
13,284,511 |
|
|
546,789 |
|
5.50 |
% |
|
|
12,725,174 |
|
|
511,689 |
|
5.38 |
% |
Non-earning assets |
|
|
1,772,341 |
|
|
|
|
|
|
|
|
1,750,456 |
|
|
|
|
|
|
Total assets |
|
$ |
15,056,852 |
|
|
|
|
|
|
|
$ |
14,475,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
6,634,809 |
|
$ |
59,788 |
|
1.20 |
% |
|
$ |
6,422,489 |
|
$ |
40,327 |
|
0.84 |
% |
Time deposits |
|
|
1,954,182 |
|
|
27,493 |
|
1.88 |
% |
|
|
1,595,985 |
|
|
14,055 |
|
1.18 |
% |
Total interest-bearing deposits |
|
|
8,588,991 |
|
|
87,281 |
|
1.36 |
% |
|
|
8,018,474 |
|
|
54,382 |
|
0.91 |
% |
Federal funds purchased |
|
|
1,618 |
|
|
21 |
|
1.74 |
% |
|
|
41 |
|
|
1 |
|
3.26 |
% |
Securities sold under agreement to repurchase |
|
|
146,277 |
|
|
1,892 |
|
1.73 |
% |
|
|
148,472 |
|
|
1,220 |
|
1.10 |
% |
FHLB
borrowed funds |
|
|
945,351 |
|
|
14,523 |
|
2.05 |
% |
|
|
1,159,973 |
|
|
15,880 |
|
1.83 |
% |
Subordinated debentures |
|
|
369,078 |
|
|
15,705 |
|
5.69 |
% |
|
|
368,313 |
|
|
15,374 |
|
5.58 |
% |
Total interest-bearing liabilities |
|
|
10,051,315 |
|
|
119,422 |
|
1.59 |
% |
|
|
9,695,273 |
|
|
86,857 |
|
1.20 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,508,082 |
|
|
|
|
|
|
|
|
2,464,032 |
|
|
|
|
|
|
Other liabilities |
|
|
110,715 |
|
|
|
|
|
|
|
|
54,731 |
|
|
|
|
|
|
Total liabilities |
|
|
12,670,112 |
|
|
|
|
|
|
|
|
12,214,036 |
|
|
|
|
|
|
Shareholders' equity |
|
|
2,386,740 |
|
|
|
|
|
|
|
|
2,261,594 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
15,056,852 |
|
|
|
|
|
|
|
$ |
14,475,630 |
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
3.91 |
% |
|
|
|
|
4.18 |
% |
Net interest
income and margin - FTE |
|
|
|
$ |
427,367 |
|
4.30 |
% |
|
|
|
$ |
424,832 |
|
4.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
(Dollars and shares in thousands, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
|
Sep. 30, |
|
|
Sep. 30, |
|
except per share data) |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income available to common shareholders (A) |
|
$ |
72,763 |
|
$ |
72,164 |
|
$ |
71,350 |
|
$ |
71,030 |
|
$ |
80,284 |
|
|
$ |
216,277 |
|
$ |
229,373 |
|
Pre-tax
adjustments |
|
|
|
|
|
|
|
|
FDIC Small Bank Assessment Credit |
|
|
(2,291 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(2,291 |
) |
|
- |
|
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
pre-tax adjustments |
|
|
(2,291 |
) |
|
- |
|
|
(337 |
) |
|
6,483 |
|
|
- |
|
|
|
(2,628 |
) |
|
- |
|
Tax-effect
of adjustments |
|
|
(592 |
) |
|
- |
|
|
(87 |
) |
|
1,694 |
|
|
- |
|
|
|
(679 |
) |
|
- |
|
Adjustments after-tax |
|
|
(1,699 |
) |
|
- |
|
|
(250 |
) |
|
4,789 |
|
|
- |
|
|
|
(1,949 |
) |
|
- |
|
Florida tax savings |
|
|
(497 |
) |
|
252 |
|
|
245 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
BOLI redemption tax |
|
|
3,667 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
3,667 |
|
|
- |
|
Total
adjustments after-tax (B) |
|
|
1,471 |
|
|
252 |
|
|
(5 |
) |
|
4,789 |
|
|
- |
|
|
|
1,718 |
|
|
- |
|
Earnings, as
adjusted (C) |
|
$ |
74,234 |
|
$ |
72,416 |
|
$ |
71,345 |
|
$ |
75,819 |
|
$ |
80,284 |
|
|
$ |
217,995 |
|
$ |
229,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding (D) |
|
|
167,178 |
|
|
167,791 |
|
|
169,592 |
|
|
173,311 |
|
|
174,867 |
|
|
|
168,178 |
|
|
174,394 |
|
|
|
|
|
|
|
|
|
|
GAAP diluted
earnings per share: (A/D) |
|
$ |
0.44 |
|
$ |
0.43 |
|
$ |
0.42 |
|
$ |
0.41 |
|
$ |
0.46 |
|
|
$ |
1.29 |
|
$ |
1.32 |
|
Adjustments
after-tax: (B/D) |
|
|
- |
|
|
- |
|
|
- |
|
|
0.03 |
|
|
- |
|
|
|
0.01 |
|
|
- |
|
Diluted
earnings per common share excluding FDIC Small Bank Assessment
Credit, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida tax savings, BOLI redemption tax, special dividend from
equity investment, merger expenses, hurricane expenses &
outsourced special project expense: (C/D) |
|
$ |
0.44 |
|
$ |
0.43 |
|
$ |
0.42 |
|
$ |
0.44 |
|
$ |
0.46 |
|
|
$ |
1.30 |
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets: (A/E) |
|
|
1.93 |
% |
|
1.92 |
% |
|
1.92 |
% |
|
1.90 |
% |
|
2.14 |
% |
|
|
1.92 |
% |
|
2.12 |
% |
Return on
average assets excluding FDIC Small Bank Assessment Credit, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida tax savings, BOLI redemption tax,special dividend from
equity investment, merger expenses, hurricane expenses &
outsourced special project expense: (ROA, as adjusted)
((A+D)/E) |
|
|
1.96 |
% |
|
1.92 |
% |
|
1.92 |
% |
|
2.03 |
% |
|
2.14 |
% |
|
|
1.94 |
% |
|
2.12 |
% |
Return on
average assets excluding intangible amortization:
((A+C)/(E-F)) |
|
|
2.10 |
% |
|
2.09 |
% |
|
2.09 |
% |
|
2.07 |
% |
|
2.33 |
% |
|
|
2.09 |
% |
|
2.31 |
% |
|
|
|
|
|
|
|
|
|
GAAP net
income available to common shareholders (A) |
|
$ |
72,763 |
|
$ |
72,164 |
|
$ |
71,350 |
|
$ |
71,030 |
|
$ |
80,284 |
|
|
$ |
216,277 |
|
$ |
229,373 |
|
Amortization
of intangibles (B) |
|
|
1,587 |
|
|
1,587 |
|
|
1,586 |
|
|
1,587 |
|
|
1,617 |
|
|
|
4,760 |
|
|
4,867 |
|
Amortization
of intangibles after-tax (C) |
|
|
1,177 |
|
|
1,177 |
|
|
1,177 |
|
|
1,172 |
|
|
1,194 |
|
|
|
3,531 |
|
|
3,595 |
|
Adjustments
after-tax (D) |
|
|
1,471 |
|
|
252 |
|
|
(5 |
) |
|
4,789 |
|
|
- |
|
|
|
1,718 |
|
|
- |
|
Average
assets (E) |
|
|
14,993,232 |
|
|
15,098,600 |
|
|
15,079,672 |
|
|
14,838,979 |
|
|
14,880,931 |
|
|
|
15,056,852 |
|
|
14,475,630 |
|
Average
goodwill, core deposits & other intangible assets (F) |
|
|
997,309 |
|
|
998,898 |
|
|
1,000,494 |
|
|
1,002,070 |
|
|
1,001,843 |
|
|
|
998,889 |
|
|
984,639 |
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
(Dollars and shares in thousands, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
|
Sep. 30, |
|
|
Sep. 30, |
|
except per share data) |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average common equity: (A/D) |
|
|
11.84 |
% |
|
12.18 |
% |
|
12.34 |
% |
|
12.05 |
% |
|
13.74 |
% |
|
|
12.12 |
% |
|
13.56 |
% |
Return on
average common equity excluding FDIC Small Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assessment Credit, Florida tax savings, BOLI redemption tax,
special dividend from equity investment, merger expenses, hurricane
expenses & outsourced special project expense: (ROE, as
adjusted) ((A+C)/D) |
|
|
12.08 |
% |
|
12.22 |
% |
|
12.34 |
% |
|
12.86 |
% |
|
13.74 |
% |
|
|
12.21 |
% |
|
13.56 |
% |
Return on
average tangible common equity: (A/(D-E)) |
|
|
20.04 |
% |
|
21.01 |
% |
|
21.53 |
% |
|
21.08 |
% |
|
24.20 |
% |
|
|
20.84 |
% |
|
24.02 |
% |
Return on average tangible common equity excluding
intangible |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization: (B/(D-E)) |
|
|
20.36 |
% |
|
21.35 |
% |
|
21.88 |
% |
|
21.43 |
% |
|
24.56 |
% |
|
|
21.18 |
% |
|
24.39 |
% |
Return on
average tangible common equity excluding FDIC Small |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Assessment Credit, Florida tax savings, BOLI redemption tax,
special dividend from equity investment, merger expenses, hurricane
expenses & outsourced special project expense: (ROTCE, as
adjusted) ((A+C)/(D-E)) |
|
|
20.45 |
% |
|
21.08 |
% |
|
21.53 |
% |
|
22.50 |
% |
|
24.20 |
% |
|
|
21.00 |
% |
|
24.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income available to common shareholders (A) |
|
$ |
72,763 |
|
$ |
72,164 |
|
$ |
71,350 |
|
$ |
71,030 |
|
$ |
80,284 |
|
|
$ |
216,277 |
|
$ |
229,373 |
|
Earnings
excluding intangible amortization (B) |
|
|
73,940 |
|
|
73,341 |
|
|
72,527 |
|
|
72,202 |
|
|
81,478 |
|
|
|
219,808 |
|
|
232,968 |
|
Adjustments
after-tax (C) |
|
|
1,471 |
|
|
252 |
|
|
(5 |
) |
|
4,789 |
|
|
- |
|
|
|
1,718 |
|
|
- |
|
Average
common equity (D) |
|
|
2,437,820 |
|
|
2,376,718 |
|
|
2,344,657 |
|
|
2,338,802 |
|
|
2,317,930 |
|
|
|
2,386,740 |
|
|
2,261,594 |
|
Average
goodwill, core deposits & other intangible assets (E) |
|
|
997,309 |
|
|
998,898 |
|
|
1,000,494 |
|
|
1,002,070 |
|
|
1,001,843 |
|
|
|
998,889 |
|
|
984,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio: ((C-E)/(A+B+D)) |
|
|
39.16 |
% |
|
39.93 |
% |
|
41.01 |
% |
|
42.18 |
% |
|
37.23 |
% |
|
|
40.03 |
% |
|
37.26 |
% |
Efficiency
ratio, as adjusted: ((C-E-G)/(A+B+D-F)) |
|
|
40.60 |
% |
|
39.92 |
% |
|
40.52 |
% |
|
38.28 |
% |
|
37.39 |
% |
|
|
40.35 |
% |
|
37.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (A) |
|
$ |
142,977 |
|
$ |
140,987 |
|
$ |
139,470 |
|
$ |
140,282 |
|
$ |
145,910 |
|
|
$ |
423,434 |
|
$ |
420,731 |
|
Non-interest
income (B) |
|
|
24,749 |
|
|
23,066 |
|
|
23,672 |
|
|
23,507 |
|
|
25,847 |
|
|
|
71,487 |
|
|
79,325 |
|
Non-interest
expense (C) |
|
|
67,764 |
|
|
67,624 |
|
|
69,057 |
|
|
71,272 |
|
|
66,123 |
|
|
|
204,445 |
|
|
192,731 |
|
Fully
taxable equivalent adjustment (D) |
|
|
1,247 |
|
|
1,319 |
|
|
1,367 |
|
|
1,412 |
|
|
1,489 |
|
|
|
3,933 |
|
|
4,101 |
|
Amortization
of intangibles (E) |
|
|
1,587 |
|
|
1,587 |
|
|
1,586 |
|
|
1,587 |
|
|
1,617 |
|
|
|
4,760 |
|
|
4,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special dividend from equity investment |
|
$ |
- |
|
$ |
- |
|
$ |
2,134 |
|
$ |
- |
|
$ |
- |
|
|
$ |
2,134 |
|
$ |
- |
|
Gain (loss) on OREO |
|
|
334 |
|
|
58 |
|
|
206 |
|
|
114 |
|
|
836 |
|
|
|
598 |
|
|
2,287 |
|
Gain (loss) on branches, equipment and other assets, net |
|
|
12 |
|
|
(129 |
) |
|
79 |
|
|
(25 |
) |
|
(102 |
) |
|
|
(38 |
) |
|
(95 |
) |
Total non-interest income adjustments (F) |
|
$ |
346 |
|
$ |
(71 |
) |
$ |
2,419 |
|
$ |
89 |
|
$ |
734 |
|
|
$ |
2,694 |
|
$ |
2,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FDIC Small Bank Assessment Credit |
|
$ |
(2,291 |
) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
(2,291 |
) |
$ |
- |
|
Merger Expenses |
|
|
- |
|
|
- |
|
|
- |
|
|
6,013 |
|
|
- |
|
|
|
- |
|
|
- |
|
Hurricane damage expense |
|
|
- |
|
|
- |
|
|
897 |
|
|
470 |
|
|
- |
|
|
|
897 |
|
|
- |
|
Outsourced special project expense |
|
|
- |
|
|
- |
|
|
900 |
|
|
- |
|
|
- |
|
|
|
900 |
|
|
- |
|
Total non-interest expense adjustments (G) |
|
$ |
(2,291 |
) |
$ |
- |
|
$ |
1,797 |
|
$ |
6,483 |
|
$ |
- |
|
|
$ |
(494 |
) |
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
(Dollars in thousands) |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
per common share: (A/B) |
|
$ |
14.80 |
|
$ |
14.46 |
|
$ |
14.04 |
|
$ |
13.76 |
|
$ |
13.44 |
|
Tangible
book value per common share: ((A-C-D)/B) |
|
|
8.83 |
|
|
8.50 |
|
|
8.10 |
|
|
7.90 |
|
|
7.68 |
|
|
|
|
|
|
|
|
Total
stockholders' equity (A) |
|
$ |
2,469,389 |
|
$ |
2,421,406 |
|
$ |
2,361,484 |
|
$ |
2,349,886 |
|
$ |
2,341,026 |
|
End of
period common shares outstanding (B) |
|
|
166,860 |
|
|
167,466 |
|
|
168,173 |
|
|
170,720 |
|
|
174,135 |
|
Goodwill
(C) |
|
$ |
958,408 |
|
$ |
958,408 |
|
$ |
958,408 |
|
$ |
958,408 |
|
$ |
958,408 |
|
Core deposit
and other intangibles (D) |
|
|
38,136 |
|
|
39,723 |
|
|
41,310 |
|
|
42,896 |
|
|
44,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
assets: (B/A) |
|
|
16.57 |
% |
|
15.84 |
% |
|
15.56 |
% |
|
15.36 |
% |
|
15.70 |
% |
Tangible
common equity to tangible assets: ((B-C-D)/(A-C-D)) |
|
|
10.59 |
% |
|
9.96 |
% |
|
9.60 |
% |
|
9.43 |
% |
|
9.62 |
% |
|
|
|
|
|
|
|
Total assets
(A) |
|
$ |
14,901,935 |
|
$ |
15,287,575 |
|
$ |
15,179,501 |
|
$ |
15,302,438 |
|
$ |
14,912,738 |
|
Total
stockholders' equity (B) |
|
|
2,469,389 |
|
|
2,421,406 |
|
|
2,361,484 |
|
|
2,349,886 |
|
|
2,341,026 |
|
Goodwill
(C) |
|
|
958,408 |
|
|
958,408 |
|
|
958,408 |
|
|
958,408 |
|
|
958,408 |
|
Core deposit
and other intangibles (D) |
|
|
38,136 |
|
|
39,723 |
|
|
41,310 |
|
|
42,896 |
|
|
44,484 |
|
|
|
|
|
|
|
|
Home BancShares (NASDAQ:HOMB)
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From Jun 2024 to Jul 2024
Home BancShares (NASDAQ:HOMB)
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From Jul 2023 to Jul 2024