HOMB Home BancShares Inc

Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released second quarter earnings today, that reveal a solid foundation of earnings and asset quality during the first full quarter of the pandemic.

Highlights of the Second Quarter of 2020:

Metric	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019
Net Income	$62.8 million	$507,000	$73.3 million	$72.8 million	$72.2 million
Total Revenue (net)	$173.7 million	$162.7 million	$167.8 million	$167.7 million	$164.1 million
Income (loss) before income taxes	$82.1 million	($2.4 million)	$96.5 million	$100.0 million	$95.1 million
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (non-GAAP)(1)	$102.7 million	$92.2 million	$96.5 million	$100.0 million	$96.4 million
ROA	1.55%	0.01%	1.94%	1.93%	1.92%
ROA (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1)	2.53%	2.45%	2.56%	2.65%	2.56%
ROA, excluding provision for credit losses and unfunded commitment expense(non-GAAP) (1)	1.92%	1.87%	1.94%	1.93%	1.94%
NIM	4.11%	4.22%	4.24%	4.32%	4.28%
NIM, excluding PPP loans (non-GAAP) (1)	4.16%	4.22%	4.24%	4.32%	4.28%
Purchase Accounting Accretion	$7.0 million	$7.6 million	$9.1 million	$8.5 million	$9.2 million
ROE	10.27%	0.08%	11.71%	11.84%	12.18%
ROTCE (non-GAAP)(1)	17.40%	0.14%	19.55%	20.04%	21.01%
Diluted Earnings Per Share	$0.38	$0.00	$0.44	$0.44	$0.43
Non-Performing Assets to Total Assets	0.39%	0.44%	0.43%	0.45%	0.51%
Common Equity Tier 1 Capital	12.0%	11.5%	12.4%	12.2%	11.6%
Leverage	10.3%	10.8%	11.3%	10.9%	10.5%
Tier 1 Capital	12.6%	12.1%	13.0%	12.8%	12.2%
Total Risk-Based Capital	16.2%	15.7%	16.4%	16.2%	15.5%
Allowance for Credit Losses to Total Loans	1.99%	2.01%	0.94%	0.97%	0.96%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP) (1)	2.15%	2.01%	0.94%	0.97%	0.96%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“To say that during a full quarter of a pandemic that HOMB was able to meet EPS targets, set a record for revenue and maintain a solid net interest margin brings about an enormous sense of pride that I have in this team of bankers,” said John Allison, Chairman. “Our outlook for future dividends remains strong, which is also an important component to our solid performance,” Allison continued.

“While we realize this is a marathon and not a sprint, to have best in class asset quality and loan reserves, excluding PPP loans, of 2.15% brings about a strong sense of comfort,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

During the second quarter of 2020, we recorded $11.4 million of total credit loss expense which was primarily due to the COVID-19 pandemic. Our CECL provisioning model is significantly tied to projected unemployment rates which have remained elevated during the second quarter of 2020.

Our net interest margin was 4.11% for the three-month period ended June 30, 2020 compared to 4.22% for the three-month period ended March 31, 2020. The yield on loans was 5.43% and 5.79% for the three months ended June 30, 2020 and March 31, 2020, respectively, as average loans increased from $11.01 billion to $11.79 billion. Additionally, the rate on interest bearing deposits decreased to 0.64% as of June 30, 2020 from 1.08% as of March 31, 2020, with average balances of $9.51 billion and $8.99 billion, respectively.

The Company participated in the Paycheck Protection Program (PPP) during the second quarter of 2020. As of June 30, 2020, we had $848.6 million of PPP loans. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended June 30, 2020 was 4.16%(1). The PPP loans had a 13-basis point dilutive impact to the yield on loans. The PPP loans were dilutive to the net interest margin by 5 basis points.

The COVID-19 pandemic has created a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $416.8 million of average interest-bearing cash balances in the second quarter of 2020 compared to the first quarter of 2020. This excess liquidity diluted the net interest margin by 12 basis points.

During the second quarter of 2020, event interest income was $1.5 million compared to event interest income of $558,000 for the quarter ended March 31, 2020. The higher event income during Q2 increased the net interest margin by 3 basis points.

Purchase accounting accretion on acquired loans was $7.0 million and $7.6 million and average purchase accounting loan discounts were $62.8 million and $69.4 million for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $206,000 and $236,000 for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. The $600,000 reduction in accretion income decreased the net interest margin by 2 basis points for the second quarter of 2020.

The net interest margin experienced 16 basis points of noise for the three-months ended June 30, 2020, compared to the three months ended March 31, 2020 resulting from a 5 basis point decline for PPP loans, a 12 basis point decline for excess liquidity, a 2 basis point decline for less accretion income and an offsetting 3 basis point improvement from event interest income. When adjusting for these items, our net interest margin was actually 5 basis points higher for the second quarter of 2020 compared to the first quarter of 2020.

Net interest income for the second quarter of 2020 was a record for the Company. Net interest income on a fully taxable equivalent basis increased $9.1 million, or 6.5%, to $150.1 million for the three-month period ended June 30, 2020, from $141.0 million for the three-month period ended March 31, 2020. This increase in net interest income for the three-month period ended June 30, 2020 was the result of a $9.5 million decrease in interest expense, which was partially offset by a $370,000 decrease in interest income. The $9.5 million decrease in interest expense was primarily the result of a $9.1 million decrease in interest expense on deposits. This decrease was the result of an $8.0 million decrease in interest expense on savings and interest-bearing transaction accounts and a $1.1 million decrease in interest expense on time deposits. The $370,000 decrease in interest income was primarily the result of a $905,000 decrease in income on deposits with other banks and a $283,000 net decrease in investment income which were partially offset by an $839,000 increase in loan interest income.

Non-performing loans to total loans was 0.50% as of June 30, 2020 compared to 0.53% as of March 31, 2020. Non-performing assets to total assets decreased from 0.44% as of March 31, 2020 to 0.39% as of June 30, 2020. For the second quarter of 2020, net charge-offs were $2.0 million compared to net charge-offs of $3.5 million for the first quarter of 2020.

The Company reported $25.0 million of non-interest income for the second quarter of 2020. The most important components of the second quarter non-interest income were $7.7 million from other service charges and fees, $6.2 million from mortgage lending income, $4.3 million from service charges on deposits accounts and $3.9 million from other income. Non-interest income for the second quarter of 2020 included a $919,000 adjustment for the increase in fair market value of marketable securities.

Non-interest expense for the second quarter of 2020 was $80.2 million. The most important components of the second quarter non-interest expense were $40.1 million from salaries and employee benefits, $25.3 million in other expense and $10.2 million in occupancy and equipment expenses. For the second quarter of 2020, our efficiency ratio was 44.93% compared to 46.82% for the first quarter of 2020. Non-interest expense for the second quarter of 2020 also included $9.2 million unfunded commitments expense.____________________(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

Financial Condition

Total loans receivable were $11.96 billion at June 30, 2020 compared to $11.38 billion at March 31, 2020. Total deposits were $13.18 billion at June 30, 2020 compared to $11.51 billion at March 31, 2020. Total assets were $16.90 billion at June 30, 2020 compared to $15.53 billion at March 31, 2020.

During the second quarter 2020, the Company experienced approximately $570.8 million in organic loan growth. Centennial CFG experienced $6.6 million of organic loan decline and had loans of $1.76 billion at June 30, 2020. Our legacy footprint experienced $577.2 million in organic loan growth during the quarter, driven by the origination of $848.6 million in PPP loans.  Non-performing loans at June 30, 2020 were $16.3 million, $38.3 million, $499,000, $4.8 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $59.9 million. Non-performing assets at June 30, 2020 were $18.9 million, $42.2 million, $533,000, $4.8 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $66.4 million.

The Company’s allowance for credit losses on loans was $238.3 million at June 30, 2020, or 1.99% of total loans, compared to the allowance for loan losses of $228.9 million, or 2.01% of total loans, at March 31, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.15% at June 30, 2020(1). As of June 30, 2020 and March 31, 2020, the Company’s allowance for credit losses on loans and allowance for loan losses was 397.9% and 382.2% of its total non-performing loans, respectively. The increase in the allowance for credit losses at June 30, 2020 is primarily attributable to the ongoing effects of the COVID-19 pandemic.

Stockholders’ equity was $2.49 billion at June 30, 2020 compared to $2.43 billion at March 31, 2020, an increase of approximately $61.9 million. The increase in stockholders’ equity is primarily associated with the $41.4 million increase in retained earnings and the $18.0 million increase in accumulated other comprehensive income. Book value per common share was $15.09 at June 30, 2020 compared to $14.72 at March 31, 2020. Tangible book value per common share (non-GAAP) was $8.99(1) at June 30, 2020 compared to $8.61 at March 31, 2020, an increase of 17.75% on an annualized basis.   ____________________(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

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, July 16, 2020. We encourage all participants to pre-register for the conference call using the following link:  http://dpregister.com/10145186. 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: 10145186, which will be available until July 23, 2020 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under “Investor Relations” for 12 months.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax net income, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense); return on average assets, excluding provision for credit losses and unfunded commitment expense;  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; net interest margin, excluding PPP loans; yield on loans, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; 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 (including the effect of the PPP loans) that management believes are not indicative of the Company’s primary business operating results. 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, disruptions and uncertainties in our business and operations as a result of the ongoing coronavirus pandemic, 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, 2019, filed with the SEC on February 26, 2020, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 8, 2020.

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)
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(In thousands)		2020			2020			2019			2019			2019
ASSETS
Cash and due from banks	$	185,047		$	147,200		$	168,914		$	171,492		$	183,745
Interest-bearing deposits with other banks		1,030,609			424,235			321,687			270,804			373,557
Cash and cash equivalents		1,215,656			571,435			490,601			442,296			557,302
Federal funds sold		-			-			-			1,650			1,075
Investment securities - available-for-sale, net of allowance for credit losses		2,238,005			2,098,000			2,083,838			2,087,508			2,053,939
Loans receivable		11,955,743			11,384,982			10,869,710			10,771,946			11,053,129
Allowance for credit losses		(238,340	)		(228,923	)		(102,122	)		(104,304	)		(106,066	)
Loans receivable, net		11,717,403			11,156,059			10,767,588			10,667,642			10,947,063
Bank premises and equipment, net		279,498			281,795			280,103			277,966			278,821
Foreclosed assets held for sale		6,292			8,204			9,143			8,639			13,734
Cash value of life insurance		102,443			103,120			102,562			102,003			149,708
Accrued interest receivable		80,274			50,295			45,086			47,557			48,992
Deferred tax asset, net		74,333			77,110			44,301			53,436			58,517
Goodwill		973,025			973,025			958,408			958,408			958,408
Core deposit and other intangibles		33,569			35,055			36,572			38,136			39,723
Other assets		174,908			177,634			213,845			216,694			180,293
Total assets	$	16,895,406		$	15,531,732		$	15,032,047		$	14,901,935		$	15,287,575
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing	$	3,413,727		$	2,425,036		$	2,367,091		$	2,394,207		$	2,575,696
Savings and interest-bearing transaction accounts		7,970,979			7,149,644			6,933,964			6,620,616			6,774,162
Time deposits		1,793,230			1,940,234			1,977,328			2,032,547			1,997,458
Total deposits		13,177,936			11,514,914			11,278,383			11,047,370			11,347,316
Federal funds purchased		-			-			5,000			50,000			-
Securities sold under agreements to repurchase		162,858			126,884			143,727			157,038			142,541
FHLB and other borrowed funds		531,432			951,436			621,439			691,443			899,447
Accrued interest payable and other liabilities		161,095			138,479			102,410			117,332			107,695
Subordinated debentures		369,939			369,748			369,557			369,363			369,170
Total liabilities		14,403,260			13,101,461			12,520,516			12,432,546			12,866,169
Stockholders' equity
Common stock		1,652			1,651			1,664			1,669			1,675
Capital surplus		1,518,631			1,516,151			1,537,091			1,542,858			1,550,999
Retained earnings		932,856			891,498			956,555			904,980			853,964
Accumulated other comprehensive (loss) income		39,007			20,971			16,221			19,882			14,768
Total stockholders' equity		2,492,146			2,430,271			2,511,531			2,469,389			2,421,406
Total liabilities and stockholders' equity	$	16,895,406		$	15,531,732		$	15,032,047		$	14,901,935		$	15,287,575

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
	Quarter Ended																Six Months Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,				Jun. 30,			Jun. 30,
(In thousands)		2020			2020			2019			2019			2019				2020			2019
Interest income
Loans	$	158,996		$	158,148		$	161,211		$	167,470		$	165,816			$	317,144		$	329,664
Investment securities
Taxable		8,693			9,776			9,707			10,343			10,650				18,469			21,356
Tax-exempt		3,698			3,114			3,260			3,193			3,183				6,812			6,562
Deposits - other banks		211			1,116			949			1,068			1,628				1,327			3,171
Federal funds sold		-			21			5			8			10				21			21
Total interest income		171,598			172,175			175,132			182,082			181,287				343,773			360,774
Interest expense
Interest on deposits		15,116			24,198			26,823			29,566			29,709				39,314			57,715
Federal funds purchased		-			13			33			21			-				13			-
FHLB borrowed funds		2,656			2,698			2,686			3,683			4,722				5,354			10,840
Securities sold under agreements to repurchase		260			462			652			628			630				722			1,264
Subordinated debentures		4,899			5,079			5,155			5,207			5,239				9,978			10,498
Total interest expense		22,931			32,450			35,349			39,105			40,300				55,381			80,317
Net interest income		148,667			139,725			139,783			142,977			140,987				288,392			280,457
Provision for credit loss - loans		11,441			76,672			-			-			1,325				88,113			1,325
Provision for credit loss - acquired loans		-			9,309			-			-			-				9,309			-
Provision for credit loss - investment securities		-			842			-			-			-				842			-
Total credit loss expense		11,441			86,823			-			-			1,325				98,264			1,325
Net interest income after
provision for credit losses		137,226			52,902			139,783			142,977			139,662				190,128			279,132
Non-interest income
Service charges on deposit accounts		4,296			6,631			6,778			6,492			6,259				10,927			12,660
Other service charges and fees		7,666			6,056			10,636			8,710			8,177				13,722			14,740
Trust fees		397			438			390			382			391				835			794
Mortgage lending income		6,196			2,621			3,801			4,610			3,457				8,817			5,892
Insurance commissions		533			678			551			603			515				1,211			1,124
Increase in cash value of life insurance		558			560			562			714			740				1,118			1,476
Dividends from FHLB, FRB, FNBB & other		230			7,842			1,952			1,101			1,149				8,072			4,654
Gain (loss) on SBA loans		-			341			686			291			355				341			596
Gain (loss) on branches, equipment and other assets, net		54			82			35			12			(129	)			136			(50	)
Gain (loss) on OREO, net		235			277			159			334			58				512			264
Gain (loss) on securities, net		-			-			(2	)		-			-				-			-
Fair value adjustment for marketable securities		919			(5,818	)		-			-			-				(4,899	)		-
Other income		3,939			3,219			2,481			1,500			2,094				7,158			4,588
Total non-interest income		25,023			22,927			28,029			24,749			23,066				47,950			46,738
Non-interest expense
Salaries and employee benefits		40,088			39,329			38,446			39,919			37,976				79,417			75,812
Occupancy and equipment		10,172			8,873			8,729			9,047			8,853				19,045			17,676
Data processing expense		4,614			4,326			4,294			4,059			3,838				8,940			7,808
Other operating expenses		25,298			25,721			19,873			14,739			16,957				51,019			35,385
Total non-interest expense		80,172			78,249			71,342			67,764			67,624				158,421			136,681
Income (loss) before income taxes		82,077			(2,420	)		96,470			99,962			95,104				79,657			189,189
Income tax expense (benefit)		19,250			(2,927	)		23,208			27,199			22,940				16,323			45,675
Net income	$	62,827		$	507		$	73,262		$	72,763		$	72,164			$	63,334		$	143,514

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
	Quarter Ended															Six Months Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,			Jun. 30,
(Dollars and shares in thousands, except per share data)		2020			2020			2019			2019			2019			2020			2019
PER SHARE DATA
Diluted earnings per common share	$	0.38		$	-		$	0.44		$	0.44		$	0.43		$	0.38		$	0.85
Diluted earnings per common share, as adjusted, excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax (non-GAAP)(1)		0.47			0.43			0.44			0.44			0.44			0.90			0.86
Basic earnings per common share		0.38			-			0.44			0.44			0.43			0.38			0.85
Dividends per share - common		0.1300			0.1300			0.1300			0.1300			0.1300			0.2600			0.2500
Book value per common share		15.09			14.72			15.10			14.80			14.46			15.09			14.46
Tangible book value per common share (non-GAAP)(1)		8.99			8.61			9.12			8.83			8.50			8.99			8.50
STOCK INFORMATION
Average common shares outstanding		165,163			166,014			166,696			167,178			167,791			165,588			168,686
Average diluted shares outstanding		165,163			166,014			166,696			167,178			167,791			165,588			168,686
End of period common shares outstanding		165,206			165,148			166,373			166,860			167,466			165,206			167,466
ANNUALIZED PERFORMANCE METRICS
Return on average assets		1.55	%		0.01	%		1.94	%		1.93	%		1.92	%		0.81	%		1.92	%
Return on average assets excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROA, as adjusted) (non-GAAP)(1)		1.93	%		1.88	%		1.94	%		1.96	%		1.95	%		1.90	%		1.93	%
Return on average assets excluding intangible amortization (non-GAAP)(1)		1.68	%		0.05	%		2.12	%		2.10	%		2.09	%		0.90	%		2.09	%
Return on average common equity		10.27	%		0.08	%		11.71	%		11.84	%		12.18	%		5.16	%		12.26	%
Return on average common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROE, as adjusted) (non-GAAP)(1)		12.77	%		11.48	%		11.68	%		12.08	%		12.39	%		12.13	%		12.36	%
Return on average tangible common equity (non-GAAP)(1)		17.40	%		0.14	%		19.55	%		20.04	%		21.01	%		8.68	%		21.26	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)		17.70	%		0.44	%		19.86	%		20.36	%		21.35	%		8.98	%		21.61	%
Return on average tangible common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROTCE, as adjusted) (non-GAAP)(1)		21.63	%		19.22	%		19.51	%		20.45	%		21.37	%		20.42	%		21.45	%
(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)
	Quarter Ended																Six Months Ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,				Jun. 30,			Jun. 30,
(Dollars and shares in thousands, except per share data)	2020			2020			2019			2019			2019				2020			2019
Efficiency ratio		44.93	%		46.82	%		41.26	%		39.16	%		39.93	%			45.85	%		40.47	%
Efficiency ratio, as adjusted (non-GAAP)(1)		39.38	%		41.37	%		41.14	%		40.60	%		39.92	%			40.34	%		40.21	%
Net interest margin - FTE		4.11	%		4.22	%		4.24	%		4.32	%		4.28	%			4.17	%		4.29	%
Net interest margin - FTE, excluding PPP loans (non-GAAP)(1)		4.16	%		4.22	%		4.24	%		4.32	%		4.28	%			4.19	%		4.29	%
Fully taxable equivalent adjustment		1,434		$	1,227		$	1,322		$	1,247		$	1,319			$	2,661		$	2,686
Total revenue (net)		173,690			162,652			167,812			167,726			164,053				336,342			327,195
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense		102,732			92,178			96,470			99,962			96,429				194,910			190,514
Net income, excluding provision for credit losses and unfunded commitment expense		78,084			70,382			73,262			72,763			73,147				148,466			144,497
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1)		2.53	%		2.45	%		2.56	%		2.65	%		2.56	%			2.49	%		2.55	%
Return on average assets, excluding provision for credit losses and unfunded commitment expense (non-GAAP)(1)		1.92	%		1.87	%		1.94	%		1.93	%		1.94	%			1.90	%		1.93	%
Total purchase accounting accretion		7,036			7,647			9,133			8,462			9,240				14,683			18,295
Average purchase accounting loan discounts		62,822			69,365			91,869			112,623			122,197				66,105			126,871
OTHER OPERATING EXPENSES
Advertising		795		$	1,226		$	1,340		$	1,201		$	1,095			$	2,021		$	2,146
Merger and acquisition expenses		-			711			-			-			-				711			-
Amortization of intangibles		1,486			1,517			1,565			1,587			1,587				3,003			3,173
Electronic banking expense		2,054			1,715			1,870			1,901			1,851				3,769			3,754
Directors' fees		412			424			396			380			392				836			826
Due from bank service charges		239			223			289			272			282				462			520
FDIC and state assessment		1,846			1,548			1,635			(532	)		1,655				3,394			3,365
Hurricane expense		-			-			-			-			-				-			897
Insurance		711			746			790			698			661				1,457			1,358
Legal and accounting		1,278			919			1,633			1,414			989				2,197			1,970
Other professional fees		1,735			3,226			3,189			1,906			2,306				4,961			5,118
Operating supplies		553			535			469			511			505				1,088			1,041
Postage		313			327			327			320			293				640			619
Telephone		310			324			312			289			306				634			609
Unfunded commitments		9,214			7,775			-			-			-				16,989			-
Other expense		4,352			4,505			6,058			4,792			5,035				8,857			9,989
Total other operating expenses	$	25,298		$	25,721		$	19,873		$	14,739		$	16,957			$	51,019		$	35,385
(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)
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(Dollars in thousands)		2020			2020			2019			2019			2019
BALANCE SHEET RATIOS
Total loans to total deposits		90.73	%		98.87	%		96.38	%		97.51	%		97.41	%
Common equity to assets		14.75	%		15.65	%		16.71	%		16.57	%		15.84	%
Tangible common equity to tangible assets (non-GAAP)(1)		9.35	%		9.79	%		10.80	%		10.59	%		9.96	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	4,325,795		$	4,357,007		$	4,412,769		$	4,375,970		$	4,495,558
Construction/land development		1,818,151			1,892,394			1,776,689			1,827,454			1,930,838
Agricultural		105,554			89,630			88,400			87,087			85,045
Residential real estate loans
Residential 1-4 family		1,730,716			1,775,610			1,819,221			1,808,099			1,852,784
Multifamily residential		482,635			411,960			488,278			498,079			523,789
Total real estate		8,462,851			8,526,601			8,585,357			8,596,689			8,888,014
Consumer		851,344			852,174			511,909			469,741			455,554
Commercial and industrial		2,228,816			1,759,752			1,528,003			1,479,724			1,515,357
Agricultural		80,023			64,582			63,644			90,343			80,621
Other		332,709			181,873			180,797			135,449			113,583
Loans receivable	$	11,955,743		$	11,384,982		$	10,869,710		$	10,771,946		$	11,053,129
Paycheck Protection Program (PPP) loans (included in total loans receivable)		848,628			-			-			-			-
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	228,923		$	102,122		$	104,304		$	106,066		$	106,357
Impact of adopting ASC 326		-			43,988			-			-			-
Allowance for credit losses on acquired loans		-			357			-			-			-
Loans charged off		2,582			4,265			2,631			2,302			2,279
Recoveries of loans previously charged off		558			740			449			540			663
Net loans (recovered)/charged off		2,024			3,525			2,182			1,762			1,616
Provision for credit loss - loans		11,441			76,672			-			-			1,325
Provision for credit loss - acquired loans		-			9,309			-			-			-
Total credit loss expense excluding provision for credit loss - investment securities		11,441			85,981			-			-			1,325
Balance, end of period	$	238,340		$	228,923		$	102,122		$	104,304		$	106,066
Net (recoveries) charge-offs to average total loans		0.07	%		0.13	%		0.08	%		0.06	%		0.06	%
Allowance for credit losses to total loans		1.99	%		2.01	%		0.94	%		0.97	%		0.96	%
Allowance for credit losses to total loans, excluding PPP loans		2.15	%		2.01	%		0.94	%		0.97	%		0.96	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	52,074		$	52,131		$	47,607		$	48,640		$	52,841
Loans past due 90 days or more		7,824			7,760			7,238			9,964			9,961
Total non-performing loans		59,898			59,891			54,845			58,604			62,802
Other non-performing assets
Foreclosed assets held for sale, net		6,292			8,204			9,143			8,639			13,734
Other non-performing assets		247			447			447			447			947
Total other non-performing assets		6,539			8,651			9,590			9,086			14,681
Total non-performing assets	$	66,437		$	68,542		$	64,435		$	67,690		$	77,483
Allowance for credit losses for loans to non-performing loans		397.91	%		382.23	%		186.20	%		177.98	%		168.89	%
Non-performing loans to total loans		0.50	%		0.53	%		0.50	%		0.54	%		0.57	%
Non-performing assets to total assets		0.39	%		0.44	%		0.43	%		0.45	%		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
	June 30, 2020										March 31, 2020
	Average			Income/			Yield/				Average			Income/			Yield/
(Dollars in thousands)	Balance			Expense			Rate				Balance			Expense			Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	753,093		$	211		0.11	%			$	331,038		$	1,116		1.36	%
Federal funds sold		-			-		0.00	%				5,218			21		1.62	%
Investment securities - taxable		1,673,334			8,693		2.09	%				1,710,288			9,776		2.30	%
Investment securities - non-taxable - FTE		461,640			4,890		4.26	%				374,198			4,090		4.40	%
Loans receivable - FTE		11,790,398			159,238		5.43	%				11,007,958			158,399		5.79	%
Total interest-earning assets		14,678,465			173,032		4.74	%				13,428,700			173,402		5.19	%
Non-earning assets		1,640,741										1,704,775
Total assets	$	16,319,206									$	15,133,475
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	7,651,259		$	7,818		0.41	%			$	7,041,303		$	15,803		0.90	%
Time deposits		1,855,626			7,298		1.58	%				1,943,721			8,395		1.74	%
Total interest-bearing deposits		9,506,885			15,116		0.64	%				8,985,024			24,198		1.08	%
Federal funds purchased		-			-		0.00	%				6,264			13		0.83	%
Securities sold under agreement to repurchase		154,628			260		0.68	%				138,180			462		1.34	%
FHLB borrowed funds		652,354			2,656		1.64	%				623,525			2,698		1.74	%
Subordinated debentures		369,846			4,899		5.33	%				369,652			5,079		5.53	%
Total interest-bearing liabilities		10,683,713			22,931		0.86	%				10,122,645			32,450		1.29	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,038,490										2,410,583
Other liabilities		137,062										119,143
Total liabilities		13,859,265										12,652,371
Shareholders' equity		2,459,941										2,481,104
Total liabilities and shareholders' equity	$	16,319,206									$	15,133,475
Net interest spread							3.88	%									3.90	%
Net interest income and margin - FTE				$	150,101		4.11	%						$	140,952		4.22	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Six Months Ended
	June 30, 2020										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	$	542,066		$	1,327		0.49	%			$	285,688		$	3,171		2.24	%
Federal funds sold		2,609			21		1.62	%				1,544			21		2.74	%
Investment securities - taxable		1,690,083			18,469		2.20	%				1,618,369			21,356		2.66	%
Investment securities - non-taxable - FTE		417,919			8,981		4.32	%				385,064			8,602		4.50	%
Loans receivable - FTE		11,399,178			317,636		5.60	%				11,018,616			330,310		6.05	%
Total interest-earning assets		14,051,855			346,434		4.96	%				13,309,281			363,460		5.51	%
Non-earning assets		1,674,486										1,779,908
Total assets	$	15,726,341									$	15,089,189
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	7,346,281		$	23,621		0.65	%			$	6,637,512		$	40,174		1.22	%
Time deposits		1,899,673			15,693		1.66	%				1,923,457			17,541		1.84	%
Total interest-bearing deposits		9,245,954			39,314		0.86	%				8,560,969			57,715		1.36	%
Federal funds purchased		3,132			13		0.83	%				-			-		0.00	%
Securities sold under agreement to repurchase		146,404			722		0.99	%				147,623			1,264		1.73	%
FHLB borrowed funds		637,940			5,354		1.69	%				1,045,370			10,840		2.09	%
Subordinated debentures		369,749			9,978		5.43	%				368,981			10,498		5.74	%
Total interest-bearing liabilities		10,403,179			55,381		1.07	%				10,122,943			80,317		1.60	%
Non-interest bearing liabilities
Non-interest bearing deposits		2,724,537										2,496,604
Other liabilities		128,102										108,866
Total liabilities		13,255,818										12,728,413
Shareholders' equity		2,470,523										2,360,776
Total liabilities and shareholders' equity	$	15,726,341									$	15,089,189
Net interest spread							3.89	%									3.91	%
Net interest income and margin - FTE				$	291,053		4.17	%						$	283,143		4.29	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
	Quarter Ended																Six Months Ended
(Dollars and shares in thousands,		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,				Jun. 30,			Jun. 30,
except per share data)		2020			2020			2019			2019			2019				2020			2019
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	62,827		$	507		$	73,262		$	72,763		$	72,164			$	63,334		$	143,514
Pre-tax adjustments
Branch write-off expense		981			-			-			-			-				981			-
Unfunded commitment expense		9,214			7,775			-			-			-				16,989			-
Provision for credit losses		11,441			86,823			-			-			1,325				98,264			1,325
Fair value adjustment for marketable securities		(919	)		5,818			-			-			-				4,899			-
Outsourced special project expense		-			1,092			631			-			-				1,092			900
Merger and acquisition expenses		-			711			-			-			-				711			-
Special dividend from equity investment		-			(7,004	)		(861	)		-			-				(7,004	)		(2,134	)
FDIC Small Bank Assessment Credit		-			-			-			(2,291	)		-				-			-
Hurricane expenses		-			-			-			-			-				-			897
Total pre-tax adjustments		20,717			95,215			(230	)		(2,291	)		1,325				115,932			988
Tax-effect of adjustments		5,414			24,884			(59	)		(592	)		342				30,299			249
Adjustments after-tax		15,303			70,331			(171	)		(1,699	)		983				85,633			739
Florida tax savings		-			-			-			(497	)		252				-			497
BOLI redemption tax		-			-			-			3,667			-				-			-
Total adjustments after-tax (B)		15,303			70,331			(171	)		1,471			1,235				85,633			1,236
Earnings, as adjusted (C)	$	78,130		$	70,838		$	73,091		$	74,234		$	73,399			$	148,967		$	144,750
Average diluted shares outstanding (D)		165,163			166,014			166,696			167,178			167,791				165,588			168,686
GAAP diluted earnings per share: (A/D)	$	0.38		$	-		$	0.44		$	0.44		$	0.43			$	0.38		$	0.85
Adjustments after-tax: (B/D)		0.09			0.43			-			-			0.01				0.52			0.01
Diluted earnings per common share, as adjusted, excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (C/D)	$	0.47		$	0.43		$	0.44		$	0.44		$	0.44			$	0.90		$	0.86
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/G)		1.55	%		0.01	%		1.94	%		1.93	%		1.92	%			0.81	%		1.92	%
Return on average assets excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROA, as adjusted) ((A+F)/G)		1.93	%		1.88	%		1.94	%		1.96	%		1.95	%			1.90	%		1.93	%
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense): (B/G)		2.53	%		2.45	%		2.56	%		2.65	%		2.56	%			2.49	%		2.55	%
Return on average assets, excluding provision for credit losses and unfunded commitment expense: (C/G)		1.92	%		1.87	%		1.94	%		1.93	%		1.94	%			1.90	%		1.93	%
Return on average assets excluding intangible amortization: ((A+E)/(G-H))		1.68	%		0.05	%		2.12	%		2.10	%		2.09	%			0.90	%		2.09	%
GAAP net income available to common shareholders (A)	$	62,827		$	507		$	73,262		$	72,763		$	72,164			$	63,334		$	143,514
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (B)	$	102,732		$	92,178		$	96,470		$	99,962		$	96,429			$	194,910		$	190,514
Net income, excluding provision for credit losses and unfunded commitment expense (C)	$	78,084		$	70,382		$	73,262		$	72,763		$	73,147			$	148,466		$	144,497
Amortization of intangibles (D)		1,486			1,517			1,565			1,587			1,587				3,003			3,173
Amortization of intangibles after-tax (E)		1,098			1,121			1,161			1,177			1,177				2,218			2,354
Adjustments after-tax (F)		15,303			70,331			(171	)		1,471			1,235				85,633			1,236
Average assets (G)		16,319,206			15,133,475			14,944,368			14,993,232			15,098,600				15,726,341			15,089,189
Average goodwill, core deposits & other intangible assets (H)		1,007,307			999,004			995,721			997,309			998,898				1,003,156			999,692

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
	Quarter Ended																Six Months Ended
(Dollars and shares in thousands,		Jun. 30,			Mar. 31,			Dec. 31			Sep. 30,			Jun. 30,				Jun. 30,			Jun. 30,
except per share data)		2020			2020			2019			2019			2019				2020			2019
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		10.27	%		0.08	%		11.71	%		11.84	%		12.18	%			5.16	%		12.26	%
Return on average common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROE, as adjusted) ((A+C)/D)		12.77	%		11.48	%		11.68	%		12.08	%		12.39	%			12.13	%		12.36	%
Return on average tangible common equity: (A/(D-E))		17.40	%		0.14	%		19.55	%		20.04	%		21.01	%			8.68	%		21.26	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		17.70	%		0.44	%		19.86	%		20.36	%		21.35	%			8.98	%		21.61	%
Return on average tangible common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROTCE, as adjusted) ((A+C)/(D-E))		21.63	%		19.22	%		19.51	%		20.45	%		21.37	%			20.42	%		21.45	%
GAAP net income available to common shareholders (A)	$	62,827		$	507		$	73,262		$	72,763		$	72,164			$	63,334		$	143,514
Earnings excluding intangible amortization (B)		63,925			1,628			74,423			73,940			73,341				65,553			145,868
Adjustments after-tax (C)		15,303			70,331			(171	)		1,471			1,235				85,633			1,236
Average common equity (D)		2,459,941			2,481,104			2,482,406			2,437,820			2,376,718				2,470,523			2,360,776
Average goodwill, core deposits & other intangible assets (E)		1,007,307			999,004			995,721			997,309			998,898				1,003,156			999,692
EFFICIENCY RATIO
Efficiency ratio: ((C-E)/(A+B+D))		44.93	%		46.82	%		41.26	%		39.16	%		39.93	%			45.85	%		40.47	%
Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F))		39.38	%		41.37	%		41.14	%		40.60	%		39.92	%			40.34	%		40.21	%
Net interest income (A)	$	148,667		$	139,725		$	139,783		$	142,977		$	140,987			$	288,392		$	280,457
Non-interest income (B)		25,023			22,927			28,029			24,749			23,066				47,950			46,738
Non-interest expense (C)		80,172			78,249			71,342			67,764			67,624				158,421			136,681
Fully taxable equivalent adjustment (D)		1,434			1,227			1,322			1,247			1,319				2,661			2,686
Amortization of intangibles (E)		1,486			1,517			1,565			1,587			1,587				3,003			3,173
Adjustments:
Non-interest income:
Special dividend from equity investment	$	-		$	7,004		$	861		$	-		$	-			$	7,004		$	2,134
Fair value adjustment for marketable securities		919			(5,818	)		-			-			-				(4,899	)		-
Gain (loss) on OREO		235			277			159			334			58				512			264
Gain (loss) on branches, equipment and other assets, net		54			82			35			12			(129	)			136			(50	)
Gain (loss) on securities		-			-			(2	)		-			-				-			-
Total non-interest income adjustments (F)	$	1,208		$	1,545		$	1,053		$	346		$	(71	)		$	2,753		$	2,348
Non-interest expense:
Branch write-off expense	$	981		$	-		$	-		$	-		$	-			$	981		$	-
Unfunded commitment expense		9,214			7,775			-			-			-				16,989			-
FDIC Small Bank Assessment Credit		-			-			-			(2,291	)		-				-			-
Merger Expenses		-			711			-			-			-				711			-
Hurricane damage expense		-			-			-			-			-				-			897
Outsourced special project expense		-			1,092			631			-			-				1,092			900
Total non-interest expense adjustments (G)	$	10,195		$	9,578		$	631		$	(2,291	)	$	-			$	19,773		$	1,797
ANNUALIZED NET INTEREST MARGIN
Net interest margin: A/C		4.11	%		4.22	%		4.24	%		4.32	%		4.28	%			4.17	%		4.29	%
Net interest margin, excluding PPP loans (non-GAAP): B/D		4.16	%		4.22	%		4.24	%		4.32	%		4.28	%			4.19	%		4.29	%
Net interest income - FTE (A)	$	150,101		$	140,952		$	141,105		$	144,224		$	142,306			$	291,053		$	283,143
PPP loan interest & discount accretion income		4,450			-			-			-			-				4,450			-
Net interest income - FTE, excluding PPP loans (non-GAAP) (B)	$	145,651		$	140,952		$	141,105		$	144,224		$	142,306			$	286,603		$	283,143
Average interest-earning assets (C)	$	14,678,465		$	13,428,700		$	13,188,508		$	13,235,774		$	13,321,663			$	14,051,855		$	13,309,281
Average PPP loans		585,946			-			-			-			-				292,973			-
Average interest-earning assets, excluding PPP loans (non-GAAP) (D)	$	14,092,519		$	13,428,700		$	13,188,508		$	13,235,774		$	13,321,663			$	13,758,882		$	13,309,281

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
	Quarter Ended															Six Months Ended
(Dollars and shares in thousands,		Jun. 30,			Mar. 31,			Dec. 31			Sep. 30,			Jun. 30,			Jun. 30,			Jun. 30,
except per share data)		2020			2020			2019			2019			2019			2020			2019
Pre-tax net income	$	82,077		$	(2,420	)	$	96,470		$	99,962		$	95,104		$	79,657		$	189,189
Provision for credit losses		11,441			86,823			-			-			1,325			98,264			1,325
Unfunded commitment expense		9,214			7,775			-			-			-			16,989			-
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense	$	102,732		$	92,178		$	96,470		$	99,962		$	96,429		$	194,910		$	190,514
	Quarter Ended
		Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(Dollars in thousands)		2020			2020			2019			2019			2019
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	15.09		$	14.72		$	15.10		$	14.80		$	14.46
Tangible book value per common share: ((A-C-D)/B)		8.99			8.61			9.12			8.83			8.50
Total stockholders' equity (A)	$	2,492,146		$	2,430,271		$	2,511,531		$	2,469,389		$	2,421,406
End of period common shares outstanding (B)		165,206			165,148			166,373			166,860			167,466
Goodwill (C)		973,025			973,025			958,408			958,408			958,408
Core deposit and other intangibles (D)		33,569			35,055			36,572			38,136			39,723
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		14.75	%		15.65	%		16.71	%		16.57	%		15.84	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		9.35	%		9.79	%		10.80	%		10.59	%		9.96	%
Total assets (A)	$	16,895,406		$	15,531,732		$	15,032,047		$	14,901,935		$	15,287,575
Total stockholders' equity (B)		2,492,146			2,430,271			2,511,531			2,469,389			2,421,406
Goodwill (C)		973,025			973,025			958,408			958,408			958,408
Core deposit and other intangibles (D)		33,569			35,055			36,572			38,136			39,723