Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of
Centennial Bank, released fourth quarter earnings today revealing
four consecutive quarters of increased profitability.
Highlights of the Fourth Quarter of
2019:
Metric |
Q4 2019 |
Q3 2019 |
Q2 2019 |
Q1 2019 |
Q4 2018 |
Net Income |
$73.3 million |
$72.8 million |
$72.2 million |
$71.4 million |
$71.0 million |
Total Revenue (net) |
$167.8 million |
$167.7 million |
$164.1 million |
$163.1 million |
$163.8 million |
ROA |
1.94% |
1.93% |
1.92% |
1.92% |
1.90% |
NIM |
4.24% |
4.32% |
4.28% |
4.30% |
4.30% |
Purchase Accounting Accretion |
$9.1 million |
$8.5 million |
$9.2 million |
$9.1 million |
$9.4 million |
ROE |
11.71% |
11.84% |
12.18% |
12.34% |
12.05% |
ROTCE (non-GAAP)(1) |
19.55% |
20.04% |
21.01% |
21.53% |
21.08% |
Diluted Earnings Per Share |
$0.44 |
$0.44 |
$0.43 |
$0.42 |
$0.41 |
Non-Performing Assets to Total Assets |
0.43% |
0.45% |
0.51% |
0.52% |
0.51% |
(1) Calculation of
this metric and the reconciliation to GAAP are included in the
schedules accompanying this release. |
|
“I am very pleased with our fourth quarter
results as well as our performance for all of 2019,” said John
Allison, Chairman. “Increasing our profitability during a year of
fluctuating interest rates is certainly an accomplishment to be
proud of,” continued Allison.
“Our steady increase in two key banking metrics:
diluted earnings per share and return on assets, showcase the solid
foundation of Home BancShares,” said Tracy French, Centennial Bank
President and Chief Executive Officer.
Operating Highlights
Our net interest margin was 4.24% for the
three-month period ended December 31, 2019 compared to 4.32% for
the three-month period ended September 30, 2019. The yield on loans
was 5.90% and 6.08% for the three months ended December 31, 2019
and September 30, 2019, respectively, as average loans decreased
from $10.94 billion to $10.87 billion. Additionally, the rate on
interest bearing deposits decreased to 1.21% as of December 31,
2019 from 1.36% as of September 30, 2019, with average balances of
$8.82 billion and $8.64 billion, respectively.
From the third quarter of 2019 to the fourth
quarter of 2019, we experienced a $468,000 increase in investment
premium amortization primarily 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
December 31, 2019 by 1.4 basis points.
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. During the fourth quarter of 2019, event interest income
was $549,000 which increased the net interest margin by 1.7 basis
points. The lower event interest income from the third
quarter of 2019 to the fourth quarter of 2019 resulted in a 6.7
basis point decline for the margin.
For the three months ended December 31, 2019 and
September 30, 2019, we recognized $9.1 million and $8.5 million,
respectively, in total net accretion for acquired loans and
deposits. The $671,000 increase in accretion income increased the
net interest margin by 2.0 basis points for the fourth quarter of
2019.
Purchase accounting accretion on acquired loans
was $9.1 million and $8.4 million and average purchase accounting
loan discounts were $91.9 million and $112.6 million for the
three-month periods ended December 31, 2019 and September 30, 2019,
respectively. Net amortization of time deposit premiums was $30,000
per quarter and net average remaining CD premiums were $266,000 and
$297,000 for the three-month periods ended December 31, 2019 and
September 30, 2019, respectively.
Net interest income on a fully taxable
equivalent basis decreased $3.1 million, or 2.16%, to $141.1
million for the three-month period ended December 31, 2019, from
$144.2 million for the three-month period ended September 30, 2019.
This decrease in net interest income for the three-month period
ended December 31, 2019 was the result of a $6.9 million decrease
in interest income which was partially offset by a $3.8 million
decrease in interest expense. The $6.9 million decrease in interest
income was primarily the result of a $6.3 million decrease in loan
interest income, a $490,000 decrease in investment income and a
$119,000 decrease in income on deposits with other banks. The $3.8
million decrease in interest expense was primarily the result of a
$2.7 million decrease in interest expense on deposits. This
decrease was the result of a $2.2 million decrease in interest
expense on savings and interest-bearing transaction accounts and a
$534,000 decrease in interest expense on time deposits.
During the fourth quarter of 2019, no provision
for loan loss was recorded. The Company continued to see strong
asset quality. Non-performing loans to total loans was 0.50% as of
December 31, 2019 compared to 0.54% as of September 30, 2019, an
improvement of 7.26%. Non-performing assets to total assets
improved by 5.63% from 0.45% as of September 30, 2019 to 0.43% as
of December 31, 2019. For the fourth quarter of 2019, net
charge-offs were $2.2 million compared to net charge-offs of $1.8
million for the third quarter of 2019.
The Company reported $28.0 million of
non-interest income for the fourth quarter of 2019, compared to
$24.7 million for the third quarter of 2019. The most important
components of the fourth quarter non-interest income were $10.6
million from other service charges and fees, $6.8 million from
service charges on deposits accounts, $3.8 million from mortgage
lending income, $2.5 million from other income and $2.0 million
from dividends from FHLB, FRB, FNBB & other equity investments.
Non-interest income for the fourth quarter of 2019 includes
$861,000 in dividends related to a special dividend from an equity
investment.
Non-interest expense for the fourth quarter of
2019 was $71.3 million compared to $67.8 million for the third
quarter of 2019. The most important components of the fourth
quarter non-interest expense were $38.4 million from salaries and
employee benefits, $19.9 million in other expense and $8.7 million
in occupancy and equipment expenses. For the fourth quarter of
2019, our efficiency ratio was 41.26%.
Non-interest expense for the fourth quarter of
2019 included $631,000 in other professional fees related to an
outsourced special project, and non-interest expense for the third
quarter of 2019 included a $2.3 million FDIC small bank assessment
credit.
Financial Condition
Total loans receivable were $10.87 billion at
December 31, 2019 compared to $11.07 billion at December 31, 2018.
Total deposits were $11.28 billion at December 31, 2019 compared to
$10.90 billion at December 31, 2018. Total assets were $15.03
billion at December 31, 2019 compared to $15.30 billion at December
31, 2018.
During the fourth quarter 2019, the Company
experienced approximately $97.8 million in organic loan growth.
Centennial CFG experienced $99.4 million of organic loan growth and
had loans of $1.60 billion at December 31, 2019. Our legacy
footprint experienced $1.7 million in organic loan decline during
the quarter.
Non-performing loans at December 31, 2019 were
$17.9 million, $34.7 million, $429,000, $1.8 million and zero in
the Arkansas, Florida, Alabama, Shore Premier Finance and
Centennial CFG markets, respectively, for a total of $54.8 million.
Non-performing assets at December 31, 2019 were $22.9 million,
$39.2 million, $463,000, $1.8 million and zero in the Arkansas,
Florida, Alabama, Shore Premier Finance and Centennial CFG markets,
respectively, for a total of $64.4 million.
The Company’s allowance for loan losses was
$102.1 million at December 31, 2019, or 0.94% of total loans,
compared to $108.8 million, or 0.98% of total loans, at December
31, 2018. As of December 31, 2019, and December 31, 2018, the
Company’s allowance for loan losses was 186.2% and 169.4% of its
total non-performing loans, respectively.
Stockholders’ equity was $2.51 billion at
December 31, 2019 compared to $2.35 billion at December 31, 2018,
an increase of approximately $161.6 million. The increase in
stockholders’ equity is primarily associated with the $204.4
million increase in retained earnings and the $30.0 million
increase in accumulated other comprehensive income which were
partially offset by the repurchase of $84.9 million of our common
stock during 2019. Book value per common share was $15.10 at
December 31, 2019 compared to $13.76 at December 31, 2018.
Tangible book value per common share (non-GAAP) was $9.12 at
December 31, 2019 compared to $7.90 at December 31, 2018, an
increase of 15.4%.
Branches
The Company currently has 77 branches in
Arkansas, 78 branches in Florida, 5 branches in Alabama and one
branch in New York City.
Conference Call
Management will conduct a conference call to
review this information at 1:00 p.m. CT (2:00 ET) on Thursday,
January 16, 2020. We encourage all participants to
pre-register for the conference call using the following
link: http://dpregister.com/10137496. 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: 10137496, which will be available until
January 23, 2020 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 may contain 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, legislative
and regulatory changes and risks associated with current and future
regulations, 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) |
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
(In thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
168,914 |
|
|
$ |
171,492 |
|
|
$ |
183,745 |
|
|
$ |
141,027 |
|
|
$ |
175,024 |
|
Interest-bearing deposits with other banks |
|
|
321,687 |
|
|
|
270,804 |
|
|
|
373,557 |
|
|
|
421,443 |
|
|
|
482,915 |
|
Cash and cash equivalents |
|
|
490,601 |
|
|
|
442,296 |
|
|
|
557,302 |
|
|
|
562,470 |
|
|
|
657,939 |
|
Federal funds sold |
|
|
- |
|
|
|
1,650 |
|
|
|
1,075 |
|
|
|
1,700 |
|
|
|
325 |
|
Investment securities - available-for-sale |
|
|
2,083,838 |
|
|
|
2,087,508 |
|
|
|
2,053,939 |
|
|
|
2,013,123 |
|
|
|
1,785,862 |
|
Investment securities - held-to-maturity |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
192,776 |
|
Loans receivable |
|
|
10,869,710 |
|
|
|
10,771,946 |
|
|
|
11,053,129 |
|
|
|
10,978,935 |
|
|
|
11,071,879 |
|
Allowance for loan losses |
|
|
(102,122 |
) |
|
|
(104,304 |
) |
|
|
(106,066 |
) |
|
|
(106,357 |
) |
|
|
(108,791 |
) |
Loans receivable, net |
|
|
10,767,588 |
|
|
|
10,667,642 |
|
|
|
10,947,063 |
|
|
|
10,872,578 |
|
|
|
10,963,088 |
|
Bank premises and equipment, net |
|
|
280,103 |
|
|
|
277,966 |
|
|
|
278,821 |
|
|
|
279,012 |
|
|
|
233,261 |
|
Foreclosed assets held for sale |
|
|
9,143 |
|
|
|
8,639 |
|
|
|
13,734 |
|
|
|
14,466 |
|
|
|
13,236 |
|
Cash value of life insurance |
|
|
102,562 |
|
|
|
102,003 |
|
|
|
149,708 |
|
|
|
149,353 |
|
|
|
148,621 |
|
Accrued interest receivable |
|
|
45,086 |
|
|
|
47,557 |
|
|
|
48,992 |
|
|
|
50,288 |
|
|
|
48,945 |
|
Deferred tax asset, net |
|
|
44,301 |
|
|
|
53,436 |
|
|
|
58,517 |
|
|
|
64,061 |
|
|
|
73,275 |
|
Goodwill |
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
Core deposit and other intangibles |
|
|
36,572 |
|
|
|
38,136 |
|
|
|
39,723 |
|
|
|
41,310 |
|
|
|
42,896 |
|
Other assets |
|
|
213,845 |
|
|
|
216,694 |
|
|
|
180,293 |
|
|
|
172,732 |
|
|
|
183,806 |
|
Total assets |
|
$ |
15,032,047 |
|
|
$ |
14,901,935 |
|
|
$ |
15,287,575 |
|
|
$ |
15,179,501 |
|
|
$ |
15,302,438 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand and non-interest-bearing |
|
$ |
2,367,091 |
|
|
$ |
2,394,207 |
|
|
$ |
2,575,696 |
|
|
$ |
2,519,175 |
|
|
$ |
2,401,232 |
|
Savings and interest-bearing transaction accounts |
|
|
6,933,964 |
|
|
|
6,620,616 |
|
|
|
6,774,162 |
|
|
|
6,650,181 |
|
|
|
6,624,407 |
|
Time deposits |
|
|
1,977,328 |
|
|
|
2,032,547 |
|
|
|
1,997,458 |
|
|
|
1,898,096 |
|
|
|
1,874,139 |
|
Total deposits |
|
|
11,278,383 |
|
|
|
11,047,370 |
|
|
|
11,347,316 |
|
|
|
11,067,452 |
|
|
|
10,899,778 |
|
Federal funds purchased |
|
|
5,000 |
|
|
|
50,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Securities sold under agreements to repurchase |
|
|
143,727 |
|
|
|
157,038 |
|
|
|
142,541 |
|
|
|
152,239 |
|
|
|
143,679 |
|
FHLB and other borrowed funds |
|
|
621,439 |
|
|
|
691,443 |
|
|
|
899,447 |
|
|
|
1,105,175 |
|
|
|
1,472,393 |
|
Accrued interest payable and other liabilities |
|
|
102,410 |
|
|
|
117,332 |
|
|
|
107,695 |
|
|
|
124,172 |
|
|
|
67,912 |
|
Subordinated debentures |
|
|
369,557 |
|
|
|
369,363 |
|
|
|
369,170 |
|
|
|
368,979 |
|
|
|
368,790 |
|
Total liabilities |
|
|
12,520,516 |
|
|
|
12,432,546 |
|
|
|
12,866,169 |
|
|
|
12,818,017 |
|
|
|
12,952,552 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Common stock |
|
|
1,664 |
|
|
|
1,669 |
|
|
|
1,675 |
|
|
|
1,682 |
|
|
|
1,707 |
|
Capital surplus |
|
|
1,537,091 |
|
|
|
1,542,858 |
|
|
|
1,550,999 |
|
|
|
1,560,994 |
|
|
|
1,609,810 |
|
Retained earnings |
|
|
956,555 |
|
|
|
904,980 |
|
|
|
853,964 |
|
|
|
803,629 |
|
|
|
752,184 |
|
Accumulated other comprehensive (loss) income |
|
|
16,221 |
|
|
|
19,882 |
|
|
|
14,768 |
|
|
|
(4,821 |
) |
|
|
(13,815 |
) |
Total stockholders' equity |
|
|
2,511,531 |
|
|
|
2,469,389 |
|
|
|
2,421,406 |
|
|
|
2,361,484 |
|
|
|
2,349,886 |
|
Total liabilities and stockholders'
equity |
|
$ |
15,032,047 |
|
|
$ |
14,901,935 |
|
|
$ |
15,287,575 |
|
|
$ |
15,179,501 |
|
|
$ |
15,302,438 |
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Consolidated Statements of Income |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
(In thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
2019 |
|
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
Loans |
|
$ |
161,211 |
|
|
$ |
167,470 |
|
$ |
165,816 |
|
|
$ |
163,848 |
|
$ |
163,201 |
|
|
$ |
658,345 |
|
|
$ |
630,596 |
|
Investment securities |
|
|
|
|
|
|
|
|
Taxable |
|
|
9,707 |
|
|
|
10,343 |
|
|
10,650 |
|
|
|
10,706 |
|
|
9,873 |
|
|
|
41,406 |
|
|
|
36,833 |
|
Tax-exempt |
|
|
3,260 |
|
|
|
3,193 |
|
|
3,183 |
|
|
|
3,379 |
|
|
3,456 |
|
|
|
13,015 |
|
|
|
13,257 |
|
Deposits - other banks |
|
|
949 |
|
|
|
1,068 |
|
|
1,628 |
|
|
|
1,543 |
|
|
1,241 |
|
|
|
5,188 |
|
|
|
4,649 |
|
Federal funds sold |
|
|
5 |
|
|
|
8 |
|
|
10 |
|
|
|
11 |
|
|
9 |
|
|
|
34 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
|
175,132 |
|
|
|
182,082 |
|
|
181,287 |
|
|
|
179,487 |
|
|
177,780 |
|
|
|
717,988 |
|
|
|
685,368 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
26,823 |
|
|
|
29,566 |
|
|
29,709 |
|
|
|
28,006 |
|
|
25,207 |
|
|
|
114,104 |
|
|
|
79,589 |
|
Federal funds purchased |
|
|
33 |
|
|
|
21 |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
54 |
|
|
|
1 |
|
FHLB borrowed funds |
|
|
2,686 |
|
|
|
3,683 |
|
|
4,722 |
|
|
|
6,118 |
|
|
6,474 |
|
|
|
17,209 |
|
|
|
22,354 |
|
Securities sold under agreements to repurchase |
|
|
652 |
|
|
|
628 |
|
|
630 |
|
|
|
634 |
|
|
602 |
|
|
|
2,544 |
|
|
|
1,822 |
|
Subordinated debentures |
|
|
5,155 |
|
|
|
5,207 |
|
|
5,239 |
|
|
|
5,259 |
|
|
5,215 |
|
|
|
20,860 |
|
|
|
20,589 |
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
|
35,349 |
|
|
|
39,105 |
|
|
40,300 |
|
|
|
40,017 |
|
|
37,498 |
|
|
|
154,771 |
|
|
|
124,355 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
139,783 |
|
|
|
142,977 |
|
|
140,987 |
|
|
|
139,470 |
|
|
140,282 |
|
|
|
563,217 |
|
|
|
561,013 |
|
Provision for loan losses |
|
|
- |
|
|
|
- |
|
|
1,325 |
|
|
|
- |
|
|
- |
|
|
|
1,325 |
|
|
|
4,322 |
|
Net interest income after |
|
|
|
|
|
|
|
|
provision for loan losses |
|
|
139,783 |
|
|
|
142,977 |
|
|
139,662 |
|
|
|
139,470 |
|
|
140,282 |
|
|
|
561,892 |
|
|
|
556,691 |
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
6,778 |
|
|
|
6,492 |
|
|
6,259 |
|
|
|
6,401 |
|
|
7,004 |
|
|
|
25,930 |
|
|
|
26,851 |
|
Other service charges and fees |
|
|
10,636 |
|
|
|
8,710 |
|
|
8,177 |
|
|
|
6,563 |
|
|
7,598 |
|
|
|
34,086 |
|
|
|
36,591 |
|
Trust fees |
|
|
390 |
|
|
|
382 |
|
|
391 |
|
|
|
403 |
|
|
290 |
|
|
|
1,566 |
|
|
|
1,552 |
|
Mortgage lending income |
|
|
3,801 |
|
|
|
4,610 |
|
|
3,457 |
|
|
|
2,435 |
|
|
2,554 |
|
|
|
14,303 |
|
|
|
12,379 |
|
Insurance commissions |
|
|
551 |
|
|
|
603 |
|
|
515 |
|
|
|
609 |
|
|
442 |
|
|
|
2,278 |
|
|
|
2,110 |
|
Increase in cash value of life insurance |
|
|
562 |
|
|
|
714 |
|
|
740 |
|
|
|
736 |
|
|
737 |
|
|
|
2,752 |
|
|
|
2,856 |
|
Dividends from FHLB, FRB, FNBB & other |
|
|
1,952 |
|
|
|
1,101 |
|
|
1,149 |
|
|
|
3,505 |
|
|
1,992 |
|
|
|
7,707 |
|
|
|
5,757 |
|
Gain (loss) on SBA loans |
|
|
686 |
|
|
|
291 |
|
|
355 |
|
|
|
241 |
|
|
75 |
|
|
|
1,573 |
|
|
|
566 |
|
Gain (loss) on branches, equipment and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other assets, net |
|
|
35 |
|
|
|
12 |
|
|
(129 |
) |
|
|
79 |
|
|
(25 |
) |
|
|
(3 |
) |
|
|
(120 |
) |
Gain (loss) on OREO, net |
|
|
159 |
|
|
|
334 |
|
|
58 |
|
|
|
206 |
|
|
114 |
|
|
|
757 |
|
|
|
2,401 |
|
Gain (loss) on securities, net |
|
|
(2 |
) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
Other income |
|
|
2,481 |
|
|
|
1,500 |
|
|
2,094 |
|
|
|
2,494 |
|
|
2,726 |
|
|
|
8,569 |
|
|
|
11,889 |
|
|
|
|
|
|
|
|
|
|
Total non-interest income |
|
|
28,029 |
|
|
|
24,749 |
|
|
23,066 |
|
|
|
23,672 |
|
|
23,507 |
|
|
|
99,516 |
|
|
|
102,832 |
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
38,446 |
|
|
|
39,919 |
|
|
37,976 |
|
|
|
37,836 |
|
|
36,230 |
|
|
|
154,177 |
|
|
|
143,545 |
|
Occupancy and equipment |
|
|
8,729 |
|
|
|
9,047 |
|
|
8,853 |
|
|
|
8,823 |
|
|
8,310 |
|
|
|
35,452 |
|
|
|
33,960 |
|
Data processing expense |
|
|
4,294 |
|
|
|
4,059 |
|
|
3,838 |
|
|
|
3,970 |
|
|
3,642 |
|
|
|
16,161 |
|
|
|
14,428 |
|
Other operating expenses |
|
|
19,873 |
|
|
|
14,739 |
|
|
16,957 |
|
|
|
18,428 |
|
|
23,090 |
|
|
|
69,997 |
|
|
|
72,070 |
|
|
|
|
|
|
|
|
|
|
Total non-interest expense |
|
|
71,342 |
|
|
|
67,764 |
|
|
67,624 |
|
|
|
69,057 |
|
|
71,272 |
|
|
|
275,787 |
|
|
|
264,003 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
96,470 |
|
|
|
99,962 |
|
|
95,104 |
|
|
|
94,085 |
|
|
92,517 |
|
|
|
385,621 |
|
|
|
395,520 |
|
Income tax expense |
|
|
23,208 |
|
|
|
27,199 |
|
|
22,940 |
|
|
|
22,735 |
|
|
21,487 |
|
|
|
96,082 |
|
|
|
95,117 |
|
Net income |
|
$ |
73,262 |
|
|
$ |
72,763 |
|
$ |
72,164 |
|
|
$ |
71,350 |
|
$ |
71,030 |
|
|
$ |
289,539 |
|
|
$ |
300,403 |
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Selected Financial Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
(Dollars and shares in thousands, except per share
data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.41 |
|
|
$ |
1.73 |
|
|
$ |
1.73 |
|
Diluted earnings per common share, as adjusted, excluding special
dividend from equity investment, outsourced special project
expense, FDIC Small Bank Assessment Credit, Florida tax savings,
BOLI redemption tax, merger expenses & hurricane expenses
(non-GAAP)(1) |
|
|
0.44 |
|
|
|
0.44 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
0.44 |
|
|
|
1.73 |
|
|
|
1.75 |
|
Basic earnings per common share |
|
|
0.44 |
|
|
|
0.44 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
0.41 |
|
|
|
1.73 |
|
|
|
1.73 |
|
Dividends per share - common |
|
|
0.1300 |
|
|
|
0.1300 |
|
|
|
0.1300 |
|
|
|
0.1200 |
|
|
|
0.1200 |
|
|
|
0.5100 |
|
|
|
0.4600 |
|
Book value per common share |
|
|
15.10 |
|
|
|
14.80 |
|
|
|
14.46 |
|
|
|
14.04 |
|
|
|
13.76 |
|
|
|
15.10 |
|
|
|
13.76 |
|
Tangible book value per common share (non-GAAP)(1) |
|
|
9.12 |
|
|
|
8.83 |
|
|
|
8.50 |
|
|
|
8.10 |
|
|
|
7.90 |
|
|
|
9.12 |
|
|
|
7.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
166,696 |
|
|
|
167,178 |
|
|
|
167,791 |
|
|
|
169,592 |
|
|
|
173,023 |
|
|
|
167,804 |
|
|
|
173,657 |
|
Average diluted shares outstanding |
|
|
166,696 |
|
|
|
167,178 |
|
|
|
167,791 |
|
|
|
169,592 |
|
|
|
173,311 |
|
|
|
167,804 |
|
|
|
174,124 |
|
End of period common shares outstanding |
|
|
166,373 |
|
|
|
166,860 |
|
|
|
167,466 |
|
|
|
168,173 |
|
|
|
170,720 |
|
|
|
166,373 |
|
|
|
170,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.94 |
% |
|
|
1.93 |
% |
|
|
1.92 |
% |
|
|
1.92 |
% |
|
|
1.90 |
% |
|
|
1.93 |
% |
|
|
2.06 |
% |
Return on average assets excluding special dividend from equity
investment, outsourced special project expense, FDIC Small Bank
Assessment Credit, Florida tax savings, BOLI redemption tax, merger
expenses & hurricane expenses (ROA, as adjusted)
(non-GAAP)(1) |
|
|
1.94 |
% |
|
|
1.96 |
% |
|
|
1.92 |
% |
|
|
1.92 |
% |
|
|
2.03 |
% |
|
|
1.94 |
% |
|
|
2.10 |
% |
Return on average assets excluding intangible amortization
(non-GAAP)(1) |
|
|
2.12 |
% |
|
|
2.10 |
% |
|
|
2.09 |
% |
|
|
2.09 |
% |
|
|
2.07 |
% |
|
|
2.10 |
% |
|
|
2.25 |
% |
Return on average common equity |
|
|
11.71 |
% |
|
|
11.84 |
% |
|
|
12.18 |
% |
|
|
12.34 |
% |
|
|
12.05 |
% |
|
|
12.01 |
% |
|
|
13.17 |
% |
Return on average common equity excluding special dividend from
equity investment, outsourced special project expense, FDIC Small
Bank Assessment Credit, Florida tax savings, BOLI redemption tax,
merger expenses & hurricane expenses: (ROE, as adjusted)
(non-GAAP)(1) |
|
|
11.68 |
% |
|
|
12.08 |
% |
|
|
12.22 |
% |
|
|
12.34 |
% |
|
|
12.86 |
% |
|
|
12.07 |
% |
|
|
13.38 |
% |
Return on average tangible common equity (non-GAAP)(1) |
|
|
19.55 |
% |
|
|
20.04 |
% |
|
|
21.01 |
% |
|
|
21.53 |
% |
|
|
21.08 |
% |
|
|
20.49 |
% |
|
|
23.25 |
% |
Return on average tangible common equity excluding intangible
amortization (non-GAAP)(1) |
|
|
19.86 |
% |
|
|
20.36 |
% |
|
|
21.35 |
% |
|
|
21.88 |
% |
|
|
21.43 |
% |
|
|
20.83 |
% |
|
|
23.62 |
% |
Return on average tangible common equity excluding special dividend
from equity investment, outsourced special project expense, FDIC
Small Bank Assessment Credit, Florida tax savings, BOLI redemption
tax, merger expenses & hurricane expenses: (ROTCE, as adjusted)
(non-GAAP)(1) |
|
|
19.51 |
% |
|
|
20.45 |
% |
|
|
21.08 |
% |
|
|
21.53 |
% |
|
|
22.50 |
% |
|
|
20.60 |
% |
|
|
23.62 |
% |
Efficiency ratio |
|
|
41.26 |
% |
|
|
39.16 |
% |
|
|
39.93 |
% |
|
|
41.01 |
% |
|
|
42.18 |
% |
|
|
40.34 |
% |
|
|
38.48 |
% |
Efficiency ratio, as adjusted (non-GAAP)(1) |
|
|
41.14 |
% |
|
|
40.60 |
% |
|
|
39.92 |
% |
|
|
40.52 |
% |
|
|
38.28 |
% |
|
|
40.55 |
% |
|
|
37.64 |
% |
Net interest margin - FTE |
|
|
4.24 |
% |
|
|
4.32 |
% |
|
|
4.28 |
% |
|
|
4.30 |
% |
|
|
4.30 |
% |
|
|
4.29 |
% |
|
|
4.42 |
% |
Fully taxable equivalent adjustment |
|
$ |
1,322 |
|
|
$ |
1,247 |
|
|
$ |
1,319 |
|
|
$ |
1,367 |
|
|
$ |
1,412 |
|
|
$ |
5,255 |
|
|
$ |
5,513 |
|
Total revenue (net) |
|
|
167,812 |
|
|
|
167,726 |
|
|
|
164,053 |
|
|
|
163,142 |
|
|
|
163,789 |
|
|
|
662,733 |
|
|
|
663,845 |
|
Total purchase accounting accretion |
|
|
9,133 |
|
|
|
8,462 |
|
|
|
9,240 |
|
|
|
9,055 |
|
|
|
9,432 |
|
|
|
35,890 |
|
|
|
41,455 |
|
Average purchase accounting loan discounts |
|
|
91,869 |
|
|
|
112,623 |
|
|
|
122,197 |
|
|
|
131,596 |
|
|
|
141,244 |
|
|
|
114,521 |
|
|
|
152,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,340 |
|
|
$ |
1,201 |
|
|
$ |
1,095 |
|
|
$ |
1,051 |
|
|
$ |
1,214 |
|
|
$ |
4,687 |
|
|
$ |
4,472 |
|
Merger and acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,013 |
|
|
|
- |
|
|
|
6,013 |
|
Amortization of intangibles |
|
|
1,565 |
|
|
|
1,587 |
|
|
|
1,587 |
|
|
|
1,586 |
|
|
|
1,587 |
|
|
|
6,325 |
|
|
|
6,455 |
|
Electronic banking expense |
|
|
1,870 |
|
|
|
1,901 |
|
|
|
1,851 |
|
|
|
1,903 |
|
|
|
1,969 |
|
|
|
7,525 |
|
|
|
7,622 |
|
Directors' fees |
|
|
396 |
|
|
|
380 |
|
|
|
392 |
|
|
|
434 |
|
|
|
319 |
|
|
|
1,602 |
|
|
|
1,281 |
|
Due from bank service charges |
|
|
289 |
|
|
|
272 |
|
|
|
282 |
|
|
|
238 |
|
|
|
289 |
|
|
|
1,081 |
|
|
|
1,003 |
|
FDIC and state assessment |
|
|
1,635 |
|
|
|
(532 |
) |
|
|
1,655 |
|
|
|
1,710 |
|
|
|
1,869 |
|
|
|
4,468 |
|
|
|
8,558 |
|
Hurricane expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
897 |
|
|
|
470 |
|
|
|
897 |
|
|
|
470 |
|
Insurance |
|
|
790 |
|
|
|
698 |
|
|
|
661 |
|
|
|
697 |
|
|
|
737 |
|
|
|
2,846 |
|
|
|
3,100 |
|
Legal and accounting |
|
|
1,633 |
|
|
|
1,414 |
|
|
|
989 |
|
|
|
981 |
|
|
|
1,151 |
|
|
|
5,017 |
|
|
|
3,548 |
|
Other professional fees |
|
|
3,189 |
|
|
|
1,906 |
|
|
|
2,306 |
|
|
|
2,812 |
|
|
|
1,465 |
|
|
|
10,213 |
|
|
|
6,453 |
|
Operating supplies |
|
|
469 |
|
|
|
511 |
|
|
|
505 |
|
|
|
536 |
|
|
|
510 |
|
|
|
2,021 |
|
|
|
2,222 |
|
Postage |
|
|
327 |
|
|
|
320 |
|
|
|
293 |
|
|
|
326 |
|
|
|
325 |
|
|
|
1,266 |
|
|
|
1,303 |
|
Telephone |
|
|
312 |
|
|
|
289 |
|
|
|
306 |
|
|
|
303 |
|
|
|
324 |
|
|
|
1,210 |
|
|
|
1,405 |
|
Other expense |
|
|
6,058 |
|
|
|
4,792 |
|
|
|
5,035 |
|
|
|
4,954 |
|
|
|
4,848 |
|
|
|
20,839 |
|
|
|
18,165 |
|
|
|
|
|
|
|
|
|
Total other operating expenses |
|
$ |
19,873 |
|
|
$ |
14,739 |
|
|
$ |
16,957 |
|
|
$ |
18,428 |
|
|
$ |
23,090 |
|
|
$ |
69,997 |
|
|
$ |
72,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
this metric and the reconciliation to GAAP are included in the
schedules accompanying this release. |
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Selected Financial Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
(Dollars in thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Total loans to total deposits |
|
|
96.38 |
% |
|
|
97.51 |
% |
|
|
97.41 |
% |
|
|
99.20 |
% |
|
|
101.58 |
% |
Common equity to assets |
|
|
16.71 |
% |
|
|
16.57 |
% |
|
|
15.84 |
% |
|
|
15.56 |
% |
|
|
15.36 |
% |
Tangible common equity to tangible assets (non-GAAP)(1) |
|
|
10.80 |
% |
|
|
10.59 |
% |
|
|
9.96 |
% |
|
|
9.60 |
% |
|
|
9.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,412,769 |
|
|
$ |
4,375,970 |
|
|
$ |
4,495,558 |
|
|
$ |
4,623,174 |
|
|
$ |
4,806,684 |
|
Construction/land development |
|
|
1,776,689 |
|
|
|
1,827,454 |
|
|
|
1,930,838 |
|
|
|
1,649,303 |
|
|
|
1,546,035 |
|
Agricultural |
|
|
88,400 |
|
|
|
87,087 |
|
|
|
85,045 |
|
|
|
76,092 |
|
|
|
76,433 |
|
Residential real estate loans |
|
|
|
|
|
Residential 1-4 family |
|
|
1,819,221 |
|
|
|
1,808,099 |
|
|
|
1,852,784 |
|
|
|
1,947,119 |
|
|
|
1,975,586 |
|
Multifamily residential |
|
|
488,278 |
|
|
|
498,079 |
|
|
|
523,789 |
|
|
|
538,098 |
|
|
|
560,475 |
|
Total real estate |
|
|
8,585,357 |
|
|
|
8,596,689 |
|
|
|
8,888,014 |
|
|
|
8,833,786 |
|
|
|
8,965,213 |
|
Consumer |
|
|
511,909 |
|
|
|
469,741 |
|
|
|
455,554 |
|
|
|
448,093 |
|
|
|
443,105 |
|
Commercial and industrial |
|
|
1,528,003 |
|
|
|
1,479,724 |
|
|
|
1,515,357 |
|
|
|
1,505,773 |
|
|
|
1,476,331 |
|
Agricultural |
|
|
63,644 |
|
|
|
90,343 |
|
|
|
80,621 |
|
|
|
58,966 |
|
|
|
48,562 |
|
Other |
|
|
180,797 |
|
|
|
135,449 |
|
|
|
113,583 |
|
|
|
132,317 |
|
|
|
138,668 |
|
Loans receivable |
|
$ |
10,869,710 |
|
|
$ |
10,771,946 |
|
|
$ |
11,053,129 |
|
|
$ |
10,978,935 |
|
|
$ |
11,071,879 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Discount for credit losses on purchased loans |
|
$ |
58,719 |
|
|
$ |
89,615 |
|
|
$ |
98,672 |
|
|
$ |
106,617 |
|
|
$ |
113,648 |
|
Purchased loans, net of discount for credit losses on purchased
loans |
|
|
1,985,241 |
|
|
|
2,227,386 |
|
|
|
2,469,579 |
|
|
|
2,712,315 |
|
|
|
2,900,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
104,304 |
|
|
$ |
106,066 |
|
|
$ |
106,357 |
|
|
$ |
108,791 |
|
|
$ |
110,191 |
|
Loans charged off |
|
|
2,631 |
|
|
|
2,302 |
|
|
|
2,279 |
|
|
|
3,391 |
|
|
|
1,814 |
|
Recoveries of loans previously charged off |
|
|
449 |
|
|
|
540 |
|
|
|
663 |
|
|
|
957 |
|
|
|
414 |
|
Net loans (recovered)/charged off |
|
|
2,182 |
|
|
|
1,762 |
|
|
|
1,616 |
|
|
|
2,434 |
|
|
|
1,400 |
|
Provision for loan losses |
|
|
- |
|
|
|
- |
|
|
|
1,325 |
|
|
|
- |
|
|
|
- |
|
Balance, end of period |
|
$ |
102,122 |
|
|
$ |
104,304 |
|
|
$ |
106,066 |
|
|
$ |
106,357 |
|
|
$ |
108,791 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net (recoveries) charge-offs to average total loans |
|
|
0.08 |
% |
|
|
0.06 |
% |
|
|
0.06 |
% |
|
|
0.09 |
% |
|
|
0.05 |
% |
Allowance for loan losses to total loans |
|
|
0.94 |
% |
|
|
0.97 |
% |
|
|
0.96 |
% |
|
|
0.97 |
% |
|
|
0.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
Non-accrual loans |
|
$ |
47,607 |
|
|
$ |
48,640 |
|
|
$ |
52,841 |
|
|
$ |
49,616 |
|
|
$ |
47,083 |
|
Loans past due 90 days or more |
|
|
7,238 |
|
|
|
9,964 |
|
|
|
9,961 |
|
|
|
14,577 |
|
|
|
17,159 |
|
Total non-performing loans |
|
|
54,845 |
|
|
|
58,604 |
|
|
|
62,802 |
|
|
|
64,193 |
|
|
|
64,242 |
|
Other non-performing assets |
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
9,143 |
|
|
|
8,639 |
|
|
|
13,734 |
|
|
|
14,466 |
|
|
|
13,236 |
|
Other non-performing assets |
|
|
447 |
|
|
|
447 |
|
|
|
947 |
|
|
|
947 |
|
|
|
497 |
|
Total other non-performing assets |
|
|
9,590 |
|
|
|
9,086 |
|
|
|
14,681 |
|
|
|
15,413 |
|
|
|
13,733 |
|
Total non-performing assets |
|
$ |
64,435 |
|
|
$ |
67,690 |
|
|
$ |
77,483 |
|
|
$ |
79,606 |
|
|
$ |
77,975 |
|
|
|
|
|
|
|
Allowance for loan losses for loans to non-performing loans |
|
|
186.20 |
% |
|
|
177.98 |
% |
|
|
168.89 |
% |
|
|
165.68 |
% |
|
|
169.35 |
% |
Non-performing loans to total loans |
|
|
0.50 |
% |
|
|
0.54 |
% |
|
|
0.57 |
% |
|
|
0.58 |
% |
|
|
0.58 |
% |
Non-performing assets to total assets |
|
|
0.43 |
% |
|
|
0.45 |
% |
|
|
0.51 |
% |
|
|
0.52 |
% |
|
|
0.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of
this metric and the reconciliation to GAAP is included in the
schedules accompanying this release. |
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Consolidated Net Interest Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
December 31, 2019 |
|
September 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 |
|
$ |
234,159 |
|
$ |
949 |
|
1.61 |
% |
|
$ |
213,671 |
|
$ |
1,068 |
|
1.98 |
% |
Federal funds sold |
|
|
1,158 |
|
|
5 |
|
1.71 |
% |
|
|
1,442 |
|
|
8 |
|
2.20 |
% |
Investment securities - taxable |
|
|
1,710,192 |
|
|
9,707 |
|
2.25 |
% |
|
|
1,705,647 |
|
|
10,343 |
|
2.41 |
% |
Investment securities - non-taxable - FTE |
|
|
376,613 |
|
|
4,285 |
|
4.51 |
% |
|
|
370,376 |
|
|
4,139 |
|
4.43 |
% |
Loans receivable - FTE |
|
|
10,866,386 |
|
|
161,508 |
|
5.90 |
% |
|
|
10,944,638 |
|
|
167,771 |
|
6.08 |
% |
Total interest-earning assets |
|
|
13,188,508 |
|
|
176,454 |
|
5.31 |
% |
|
|
13,235,774 |
|
|
183,329 |
|
5.50 |
% |
Non-earning assets |
|
|
1,755,860 |
|
|
|
|
1,757,458 |
|
|
Total assets |
|
$ |
14,944,368 |
|
|
|
$ |
14,993,232 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
6,792,252 |
|
$ |
17,406 |
|
1.02 |
% |
|
$ |
6,629,491 |
|
$ |
19,615 |
|
1.17 |
% |
Time deposits |
|
|
2,025,032 |
|
|
9,417 |
|
1.84 |
% |
|
|
2,014,630 |
|
|
9,951 |
|
1.96 |
% |
Total interest-bearing deposits |
|
|
8,817,284 |
|
|
26,823 |
|
1.21 |
% |
|
|
8,644,121 |
|
|
29,566 |
|
1.36 |
% |
Federal funds purchased |
|
|
6,684 |
|
|
33 |
|
1.96 |
% |
|
|
4,801 |
|
|
21 |
|
1.74 |
% |
Securities sold under agreement to repurchase |
|
|
159,719 |
|
|
652 |
|
1.62 |
% |
|
|
143,628 |
|
|
628 |
|
1.73 |
% |
FHLB borrowed funds |
|
|
562,963 |
|
|
2,686 |
|
1.89 |
% |
|
|
748,577 |
|
|
3,683 |
|
1.95 |
% |
Subordinated debentures |
|
|
369,462 |
|
|
5,155 |
|
5.54 |
% |
|
|
369,269 |
|
|
5,207 |
|
5.59 |
% |
Total interest-bearing liabilities |
|
|
9,916,112 |
|
|
35,349 |
|
1.41 |
% |
|
|
9,910,396 |
|
|
39,105 |
|
1.57 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,433,384 |
|
|
|
|
2,530,664 |
|
|
Other liabilities |
|
|
112,466 |
|
|
|
|
114,352 |
|
|
Total liabilities |
|
|
12,461,962 |
|
|
|
|
12,555,412 |
|
|
Shareholders' equity |
|
|
2,482,406 |
|
|
|
|
2,437,820 |
|
|
Total liabilities and shareholders' equity |
|
$ |
14,944,368 |
|
|
|
$ |
14,993,232 |
|
|
Net interest spread |
|
|
|
3.90 |
% |
|
|
|
|
3.93 |
% |
Net interest income and margin - FTE |
|
|
$ |
141,105 |
|
4.24 |
% |
|
|
|
$ |
144,224 |
|
4.32 |
% |
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Consolidated Net Interest Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
December 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 |
|
$ |
254,548 |
|
$ |
5,188 |
|
2.04 |
% |
|
$ |
265,071 |
|
$ |
4,649 |
|
1.75 |
% |
Federal funds sold |
|
|
1,421 |
|
|
34 |
|
2.39 |
% |
|
|
2,876 |
|
|
33 |
|
1.15 |
% |
Investment securities - taxable |
|
|
1,663,512 |
|
|
41,406 |
|
2.49 |
% |
|
|
1,542,188 |
|
|
36,833 |
|
2.39 |
% |
Investment securities - non-taxable - FTE |
|
|
379,232 |
|
|
17,026 |
|
4.49 |
% |
|
|
386,790 |
|
|
17,434 |
|
4.51 |
% |
Loans receivable - FTE |
|
|
10,961,599 |
|
|
659,589 |
|
6.02 |
% |
|
|
10,618,796 |
|
|
631,932 |
|
5.95 |
% |
Total interest-earning assets |
|
|
13,260,312 |
|
|
723,243 |
|
5.45 |
% |
|
|
12,815,721 |
|
|
690,881 |
|
5.39 |
% |
Non-earning assets |
|
|
1,768,188 |
|
|
|
|
1,751,492 |
|
|
Total assets |
|
$ |
15,028,500 |
|
|
|
$ |
14,567,213 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
6,674,493 |
|
$ |
77,194 |
|
1.16 |
% |
|
$ |
6,418,186 |
|
$ |
58,199 |
|
0.91 |
% |
Time deposits |
|
|
1,972,040 |
|
|
36,910 |
|
1.87 |
% |
|
|
1,645,986 |
|
|
21,390 |
|
1.30 |
% |
Total interest-bearing deposits |
|
|
8,646,533 |
|
|
114,104 |
|
1.32 |
% |
|
|
8,064,172 |
|
|
79,589 |
|
0.99 |
% |
Federal funds purchased |
|
|
2,895 |
|
|
54 |
|
1.87 |
% |
|
|
31 |
|
|
1 |
|
3.23 |
% |
Securities sold under agreement to repurchase |
|
|
149,665 |
|
|
2,544 |
|
1.70 |
% |
|
|
148,327 |
|
|
1,822 |
|
1.23 |
% |
FHLB borrowed funds |
|
|
848,969 |
|
|
17,209 |
|
2.03 |
% |
|
|
1,180,897 |
|
|
22,354 |
|
1.89 |
% |
Subordinated debentures |
|
|
369,175 |
|
|
20,860 |
|
5.65 |
% |
|
|
368,409 |
|
|
20,589 |
|
5.59 |
% |
Total interest-bearing liabilities |
|
|
10,017,237 |
|
|
154,771 |
|
1.55 |
% |
|
|
9,761,836 |
|
|
124,355 |
|
1.27 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,489,254 |
|
|
|
|
2,464,024 |
|
|
Other liabilities |
|
|
111,156 |
|
|
|
|
60,298 |
|
|
Total liabilities |
|
|
12,617,647 |
|
|
|
|
12,286,158 |
|
|
Shareholders' equity |
|
|
2,410,853 |
|
|
|
|
2,281,055 |
|
|
Total liabilities and shareholders' equity |
|
$ |
15,028,500 |
|
|
|
$ |
14,567,213 |
|
|
Net interest spread |
|
|
|
3.90 |
% |
|
|
|
|
4.12 |
% |
Net interest income and margin - FTE |
|
|
$ |
568,472 |
|
4.29 |
% |
|
|
|
$ |
566,526 |
|
4.42 |
% |
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Non-GAAP Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
Year Ended |
(Dollars and shares in thousands, |
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
except per share data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to common shareholders (A) |
|
$ |
73,262 |
|
|
$ |
72,763 |
|
|
$ |
72,164 |
|
|
$ |
71,350 |
|
|
$ |
71,030 |
|
|
$ |
289,539 |
|
|
$ |
300,403 |
|
Pre-tax adjustments |
|
|
|
|
|
|
|
|
FDIC Small Bank Assessment Credit |
|
|
- |
|
|
|
(2,291 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,291 |
) |
|
|
- |
|
Special dividend from equity investment |
|
|
(861 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,134 |
) |
|
|
- |
|
|
|
(2,995 |
) |
|
|
- |
|
Merger and acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,013 |
|
|
|
- |
|
|
|
6,013 |
|
Hurricane expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
897 |
|
|
|
470 |
|
|
|
897 |
|
|
|
470 |
|
Outsourced special project expense |
|
|
631 |
|
|
|
- |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
|
|
1,531 |
|
|
|
- |
|
Total pre-tax adjustments |
|
|
(230 |
) |
|
|
(2,291 |
) |
|
|
- |
|
|
|
(337 |
) |
|
|
6,483 |
|
|
|
(2,858 |
) |
|
|
6,483 |
|
Tax-effect of adjustments |
|
|
(59 |
) |
|
|
(592 |
) |
|
|
- |
|
|
|
(87 |
) |
|
|
1,694 |
|
|
|
(738 |
) |
|
|
1,694 |
|
Adjustments after-tax |
|
|
(171 |
) |
|
|
(1,699 |
) |
|
|
- |
|
|
|
(250 |
) |
|
|
4,789 |
|
- |
|
(2,120 |
) |
|
|
4,789 |
|
Florida tax savings |
|
|
- |
|
|
|
(497 |
) |
|
|
252 |
|
|
|
245 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
BOLI redemption tax |
|
|
- |
|
|
|
3,667 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,667 |
|
|
|
- |
|
Total adjustments after-tax (B) |
|
|
(171 |
) |
|
|
1,471 |
|
|
|
252 |
|
|
|
(5 |
) |
|
|
4,789 |
|
- |
|
1,547 |
|
|
|
4,789 |
|
Earnings, as adjusted (C) |
|
$ |
73,091 |
|
|
$ |
74,234 |
|
|
$ |
72,416 |
|
|
$ |
71,345 |
|
|
$ |
75,819 |
|
|
$ |
291,086 |
|
|
$ |
305,192 |
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding (D) |
|
|
166,696 |
|
|
|
167,178 |
|
|
|
167,791 |
|
|
|
169,592 |
|
|
|
173,311 |
|
|
|
167,804 |
|
|
|
174,124 |
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share: (A/D) |
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.41 |
|
|
$ |
1.73 |
|
|
$ |
1.73 |
|
Adjustments after-tax: (B/D) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.03 |
|
|
|
- |
|
|
|
0.02 |
|
Diluted earnings per common share excluding special dividend from
equity investment, outsourced special project expense, FDIC Small
Bank Assessment Credit, Florida tax savings, BOLI redemption tax,
merger expenses & hurricane expenses: (C/D) |
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.44 |
|
|
$ |
1.73 |
|
|
$ |
1.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets: (A/E) |
|
|
1.94 |
% |
|
|
1.93 |
% |
|
|
1.92 |
% |
|
|
1.92 |
% |
|
|
1.90 |
% |
|
|
1.93 |
% |
|
|
2.06 |
% |
Return on average assets excluding special dividend from equity
investment, outsourced special project expense, FDIC Small Bank
Assessment Credit, Florida tax savings, BOLI redemption tax, merger
expenses & hurricane expenses: (ROA, as adjusted)
((A+D)/E) |
|
|
1.94 |
% |
|
|
1.96 |
% |
|
|
1.92 |
% |
|
|
1.92 |
% |
|
|
2.03 |
% |
|
|
1.94 |
% |
|
|
2.10 |
% |
Return on average assets excluding intangible amortization:
((A+C)/(E-F)) |
|
|
2.12 |
% |
|
|
2.10 |
% |
|
|
2.09 |
% |
|
|
2.09 |
% |
|
|
2.07 |
% |
|
|
2.10 |
% |
|
|
2.25 |
% |
|
|
|
|
|
|
|
|
|
GAAP net income available to common shareholders (A) |
|
$ |
73,262 |
|
|
$ |
72,763 |
|
|
$ |
72,164 |
|
|
$ |
71,350 |
|
|
$ |
71,030 |
|
|
$ |
289,539 |
|
|
$ |
300,403 |
|
Amortization of intangibles (B) |
|
|
1,565 |
|
|
|
1,587 |
|
|
|
1,587 |
|
|
|
1,586 |
|
|
|
1,587 |
|
|
|
6,325 |
|
|
|
6,455 |
|
Amortization of intangibles after-tax (C) |
|
|
1,161 |
|
|
|
1,177 |
|
|
|
1,177 |
|
|
|
1,177 |
|
|
|
1,172 |
|
|
|
4,692 |
|
|
|
4,768 |
|
Adjustments after-tax (D) |
|
|
(171 |
) |
|
|
1,471 |
|
|
|
252 |
|
|
|
(5 |
) |
|
|
4,789 |
|
|
|
1,547 |
|
|
|
4,789 |
|
Average assets (E) |
|
|
14,944,368 |
|
|
|
14,993,232 |
|
|
|
15,098,600 |
|
|
|
15,079,672 |
|
|
|
14,838,979 |
|
|
|
15,028,500 |
|
|
|
14,567,213 |
|
Average goodwill, core deposits & other intangible assets
(F) |
|
|
995,721 |
|
|
|
997,309 |
|
|
|
998,898 |
|
|
|
1,000,494 |
|
|
|
1,002,070 |
|
|
|
998,090 |
|
|
|
989,033 |
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Non-GAAP Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
Year Ended |
(Dollars and shares in thousands, |
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
|
|
Dec. 31, |
|
except per share data) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average common equity: (A/D) |
|
|
11.71 |
% |
|
|
11.84 |
% |
|
|
12.18 |
% |
|
|
12.34 |
% |
|
|
12.05 |
% |
|
|
12.01 |
% |
|
|
13.17 |
% |
Return on average common equity excluding special dividend from
equity investment, outsourced special project expense, FDIC Small
Bank Assessment Credit, Florida tax savings, BOLI redemption tax,
merger expenses & hurricane expenses: (ROE, as adjusted)
((A+C)/D) |
|
|
11.68 |
% |
|
|
12.08 |
% |
|
|
12.22 |
% |
|
|
12.34 |
% |
|
|
12.86 |
% |
|
|
12.07 |
% |
|
|
13.38 |
% |
Return on average tangible common equity: (A/(D-E)) |
|
|
19.55 |
% |
|
|
20.04 |
% |
|
|
21.01 |
% |
|
|
21.53 |
% |
|
|
21.08 |
% |
|
|
20.49 |
% |
|
|
23.25 |
% |
Return on average tangible common equity excluding intangible
amortization: (B/(D-E)) |
|
|
19.86 |
% |
|
|
20.36 |
% |
|
|
21.35 |
% |
|
|
21.88 |
% |
|
|
21.43 |
% |
|
|
20.83 |
% |
|
|
23.62 |
% |
Return on average tangible common equity excluding special dividend
from equity investment, outsourced special project expense, FDIC
Small Bank Assessment Credit, Florida tax savings, BOLI redemption
tax, merger expenses & hurricane expenses: (ROTCE, as adjusted)
((A+C)/(D-E)) |
|
|
19.51 |
% |
|
|
20.45 |
% |
|
|
21.08 |
% |
|
|
21.53 |
% |
|
|
22.50 |
% |
|
|
20.60 |
% |
|
|
23.62 |
% |
|
|
|
|
|
|
|
|
GAAP net income available to common shareholders (A) |
|
$ |
73,262 |
|
|
$ |
72,763 |
|
|
$ |
72,164 |
|
|
$ |
71,350 |
|
|
$ |
71,030 |
|
|
$ |
289,539 |
|
|
$ |
300,403 |
|
Earnings excluding intangible amortization (B) |
|
|
74,423 |
|
|
|
73,940 |
|
|
|
73,341 |
|
|
|
72,527 |
|
|
|
72,202 |
|
|
|
294,231 |
|
|
|
305,171 |
|
Adjustments after-tax (C) |
|
|
(171 |
) |
|
|
1,471 |
|
|
|
252 |
|
|
|
(5 |
) |
|
|
4,789 |
|
|
|
1,547 |
|
|
|
4,789 |
|
Average common equity (D) |
|
|
2,482,406 |
|
|
|
2,437,820 |
|
|
|
2,376,718 |
|
|
|
2,344,657 |
|
|
|
2,338,802 |
|
|
|
2,410,853 |
|
|
|
2,281,055 |
|
Average goodwill, core deposits & other intangible assets
(E) |
|
|
995,721 |
|
|
|
997,309 |
|
|
|
998,898 |
|
|
|
1,000,494 |
|
|
|
1,002,070 |
|
|
|
998,090 |
|
|
|
989,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio: ((C-E)/(A+B+D)) |
|
|
41.26 |
% |
|
|
39.16 |
% |
|
|
39.93 |
% |
|
|
41.01 |
% |
|
|
42.18 |
% |
|
|
40.34 |
% |
|
|
38.48 |
% |
Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F)) |
|
|
41.14 |
% |
|
|
40.60 |
% |
|
|
39.92 |
% |
|
|
40.52 |
% |
|
|
38.28 |
% |
|
|
40.55 |
% |
|
|
37.64 |
% |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
Net interest income (A) |
|
$ |
139,783 |
|
|
$ |
142,977 |
|
|
$ |
140,987 |
|
|
$ |
139,470 |
|
|
$ |
140,282 |
|
|
$ |
563,217 |
|
|
$ |
561,013 |
|
Non-interest income (B) |
|
|
28,029 |
|
|
|
24,749 |
|
|
|
23,066 |
|
|
|
23,672 |
|
|
|
23,507 |
|
|
|
99,516 |
|
|
|
102,832 |
|
Non-interest expense (C) |
|
|
71,342 |
|
|
|
67,764 |
|
|
|
67,624 |
|
|
|
69,057 |
|
|
|
71,272 |
|
|
|
275,787 |
|
|
|
264,003 |
|
Fully taxable equivalent adjustment (D) |
|
|
1,322 |
|
|
|
1,247 |
|
|
|
1,319 |
|
|
|
1,367 |
|
|
|
1,412 |
|
|
|
5,255 |
|
|
|
5,513 |
|
Amortization of intangibles (E) |
|
|
1,565 |
|
|
|
1,587 |
|
|
|
1,587 |
|
|
|
1,586 |
|
|
|
1,587 |
|
|
|
6,325 |
|
|
|
6,455 |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
Special dividend from equity investment |
|
$ |
861 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,134 |
|
|
$ |
- |
|
|
$ |
2,995 |
|
|
$ |
- |
|
Gain (loss) on OREO |
|
|
159 |
|
|
|
334 |
|
|
|
58 |
|
|
|
206 |
|
|
|
114 |
|
|
|
757 |
|
|
|
2,401 |
|
Gain (loss) on branches, equipment and other assets, net |
|
|
35 |
|
|
|
12 |
|
|
|
(129 |
) |
|
|
79 |
|
|
|
(25 |
) |
|
|
(3 |
) |
|
|
(120 |
) |
Gain (loss) on securities |
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
Total non-interest income adjustments (F) |
|
$ |
1,053 |
|
|
$ |
346 |
|
|
$ |
(71 |
) |
|
$ |
2,419 |
|
|
$ |
89 |
|
|
$ |
3,747 |
|
|
$ |
2,281 |
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
FDIC Small Bank Assessment Credit |
|
$ |
- |
|
|
$ |
(2,291 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(2,291 |
) |
|
$ |
- |
|
Merger Expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,013 |
|
|
|
- |
|
|
|
6,013 |
|
Hurricane damage expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
897 |
|
|
|
470 |
|
|
|
897 |
|
|
|
470 |
|
Outsourced special project expense |
|
|
631 |
|
|
|
- |
|
|
|
- |
|
|
|
900 |
|
|
|
- |
|
|
|
1,531 |
|
|
|
- |
|
Total non-interest expense adjustments (G) |
|
$ |
631 |
|
|
$ |
(2,291 |
) |
|
$ |
- |
|
|
$ |
1,797 |
|
|
$ |
6,483 |
|
|
$ |
137 |
|
|
$ |
6,483 |
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
Non-GAAP Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Dec. 31, |
|
|
|
Sep. 30, |
|
|
|
Jun. 30, |
|
|
|
Mar. 31, |
|
|
|
Dec. 31, |
|
(Dollars in thousands) |
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
Book value per common share: (A/B) |
|
$ |
15.10 |
|
|
$ |
14.80 |
|
|
$ |
14.46 |
|
|
$ |
14.04 |
|
|
$ |
13.76 |
|
Tangible book value per common share: ((A-C-D)/B) |
|
|
9.12 |
|
|
|
8.83 |
|
|
|
8.50 |
|
|
|
8.10 |
|
|
|
7.90 |
|
|
|
|
|
|
|
Total stockholders' equity (A) |
|
$ |
2,511,531 |
|
|
$ |
2,469,389 |
|
|
$ |
2,421,406 |
|
|
$ |
2,361,484 |
|
|
$ |
2,349,886 |
|
End of period common shares outstanding (B) |
|
|
166,373 |
|
|
|
166,860 |
|
|
|
167,466 |
|
|
|
168,173 |
|
|
|
170,720 |
|
Goodwill (C) |
|
$ |
958,408 |
|
|
$ |
958,408 |
|
|
$ |
958,408 |
|
|
$ |
958,408 |
|
|
$ |
958,408 |
|
Core deposit and other intangibles (D) |
|
|
36,572 |
|
|
|
38,136 |
|
|
|
39,723 |
|
|
|
41,310 |
|
|
|
42,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Equity to assets: (B/A) |
|
|
16.71 |
% |
|
|
16.57 |
% |
|
|
15.84 |
% |
|
|
15.56 |
% |
|
|
15.36 |
% |
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) |
|
|
10.80 |
% |
|
|
10.59 |
% |
|
|
9.96 |
% |
|
|
9.60 |
% |
|
|
9.43 |
% |
|
|
|
|
|
|
Total assets (A) |
|
$ |
15,032,047 |
|
|
$ |
14,901,935 |
|
|
$ |
15,287,575 |
|
|
$ |
15,179,501 |
|
|
$ |
15,302,438 |
|
Total stockholders' equity (B) |
|
|
2,511,531 |
|
|
|
2,469,389 |
|
|
|
2,421,406 |
|
|
|
2,361,484 |
|
|
|
2,349,886 |
|
Goodwill (C) |
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
|
|
958,408 |
|
Core deposit and other intangibles (D) |
|
|
36,572 |
|
|
|
38,136 |
|
|
|
39,723 |
|
|
|
41,310 |
|
|
|
42,896 |
|
|
|
|
|
|
|
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