Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of
Centennial Bank, released record quarterly earnings today.
Highlights of the Fourth Quarter of
2020:
Metric |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Q1 2020 |
Q4 2019 |
Net Income |
$81.8 million |
$69.3 million |
$62.8 million |
$507,000 |
$73.3 million |
Total Revenue (net) |
$181.9 million |
$176.1 million |
$173.7 million |
$162.7 million |
$167.8 million |
Income (loss) before income taxes |
$107.7 million |
$90.4 million |
$82.1 million |
($2.4 million) |
$96.5 million |
Pre-tax net income, excluding provision for credit losses and
unfunded commitment expense (PPNR) (non-GAAP)(1) |
$107.7 million |
$104.4 million |
$102.7 million |
$92.2 million |
$96.5 million |
Pre-tax net income to total revenue (net) |
59.19% |
51.32% |
47.25% |
-1.49 |
57.49% |
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total
revenue (net)) (non-GAAP)(1) |
59.19% |
59.28% |
59.15% |
56.67% |
57.49% |
ROA |
1.97% |
1.66% |
1.55% |
0.01% |
1.94% |
ROA (pre-tax net income, excluding provision for credit losses and
unfunded commitment expense) (non-GAAP)(1) |
2.60% |
2.50% |
2.53% |
2.45% |
2.56% |
ROA, excluding provision for credit losses and unfunded commitment
expense (non-GAAP)(1) |
1.97% |
1.91% |
1.92% |
1.87% |
1.94% |
NIM |
4.00% |
3.92% |
4.11% |
4.22% |
4.24% |
NIM, excluding PPP loans (non-GAAP)(1) |
3.97% |
3.98% |
4.16% |
4.22% |
4.24% |
Purchase Accounting Accretion |
$5.7 million |
$7.0 million |
$7.0 million |
$7.6 million |
$9.1 million |
ROE |
12.72% |
10.97% |
10.27% |
0.08% |
11.71% |
ROTCE (non-GAAP)(1) |
20.96% |
18.29% |
17.40% |
0.14% |
19.55% |
Diluted Earnings Per Share |
$0.50 |
$0.42 |
$0.38 |
$0.00 |
$0.44 |
Non-Performing Assets to Total Assets |
0.48% |
0.47% |
0.39% |
0.44% |
0.43% |
Common Equity Tier 1 Capital |
13.4% |
12.6% |
12.0% |
11.5% |
12.4% |
Leverage |
10.8% |
10.4% |
10.3% |
10.8% |
11.3% |
Tier 1 Capital |
14.0% |
13.2% |
12.6% |
12.1% |
13.0% |
Total Risk-Based Capital |
17.8% |
16.9% |
16.2% |
15.7% |
16.4% |
Allowance for Credit Losses to Total Loans |
2.19% |
2.12% |
1.99% |
2.01% |
0.94% |
Allowance for Credit Losses to Total Loans, excluding PPP loans
(non-GAAP)(1) |
2.33% |
2.29% |
2.15% |
2.01% |
0.94% |
|
|
|
|
|
|
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
“While 2020 was dark in many ways, the lights
were definitely on at Home BancShares,” stated John Allison. “Q1
was an anomaly with the implementation of CECL, but it was followed
up with record numbers in quarters two, three and four, and for
that, I couldn’t be more pleased,” Allison continued. “Fifty cents
earnings per share is a record I’m particularly proud of,” added
Allison.
“Our talented team of bankers delivered record
net income for the quarter of $81.8 million and our income before
income taxes came in strong at $107.7 million,” said Tracy French.
“During one of the hardest years for business and the economy, I’m
proud of how our bankers worked to assist their customers in their
time of need while still churning out impressive best in class
numbers throughout the year,” continued French.
Operating Highlights
Net income and earnings per share were quarterly
records for the Company. Net income increased $12.5 million, or
17.99%, to $81.8 million for the three-month period ended
December 31, 2020, from $69.3 million for the three-month
period ended September 30, 2020. Earnings per share increased $0.08
per share, or 19.05%, to $0.50 per share for the three-month period
ended December 31, 2020, from $0.42 per share for the three-month
period ended September 30, 2020.
During the fourth quarter of 2020, the Company
did not record any credit loss expense. The Company’s provisioning
model is closely tied to unemployment rate projections which
continued to improve through the end of 2020.
Our net interest margin was 4.00% for the
three-month period ended December 31, 2020 compared to 3.92%
for the three-month period ended September 30, 2020. The yield on
loans was 5.33% and 5.24% for the three months ended
December 31, 2020 and September 30, 2020, respectively, as
average loans decreased from $11.76 billion to $11.46 billion.
Additionally, the rate on interest bearing deposits decreased to
0.44% as of December 31, 2020 from 0.54% as of September 30,
2020, with average balances of $9.59 billion and $9.68 billion,
respectively.
As of December 31, 2020, we had $691.7
million of Paycheck Protection Program (PPP) loans outstanding.
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 December 31, 2020 was 3.97%(1). The PPP
loans had a 6-basis point accretive impact to the yield on loans,
and the PPP loans were accretive to the net interest margin by 3
basis points. This was primarily due to approximately $157.0
million of the Company’s PPP loans being forgiven during the fourth
quarter of 2020 as well as the acceleration of deferred fees for
the loans that were forgiven. The deferred fee income increased
from $3.8 million to $6.9 million for the three-month periods ended
September 30, 2020 and December 31, 2020, respectively.
______________________________(1) Calculation of this metric and
the reconciliation to GAAP are included in the schedules
accompanying this release.
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 $102.3 million of average
interest-bearing cash balances in the fourth quarter of 2020
compared to the third quarter of 2020. This excess liquidity
diluted the net interest margin by 3 basis points.
Purchase accounting accretion on acquired loans
was $5.7 million and $7.0 million and average purchase accounting
loan discounts were $49.6 million and $55.8 million for the
three-month periods ended December 31, 2020 and September 30,
2020, respectively. Net amortization of time deposit premiums was
$30,000 per quarter and net average remaining time deposit premiums
were $146,000 and $176,000 for the three-month periods ended
December 31, 2020 and September 30, 2020, respectively.
Net interest income on a fully taxable
equivalent basis increased $2.1 million, or 1.4%, to $149.8 million
for the three-month period ended December 31, 2020, from
$147.7 million for the three-month period ended September 30, 2020.
This increase in net interest income for the three-month period
ended December 31, 2020 was the result of a $3.0 million
decrease in interest expense, which was partially offset by a
$875,000 decrease in interest income. The $3.0 million decrease in
interest expense was primarily the result of a $2.6 million
decrease in interest expense on deposits and a $318,000 decrease in
interest expense on FHLB borrowings. The $875,000 decrease in
interest income was primarily the result of a $1.4 million decrease
in loan interest income, which was partially offset by a $492,000
net increase in investment income.
The Company reported $33.9 million of
non-interest income for the fourth quarter of 2020. The most
important components of the fourth quarter non-interest income were
$10.1 million from mortgage lending income, $8.4 million from other
service charges and fees, $5.5 million from service charges on
deposit accounts, and $2.6 million from other income. Non-interest
income for the fourth quarter of 2020 included a $4.3 million
adjustment for the increase in fair market value of marketable
securities.
Mortgage lending income was $10.1 million for
the three-month period ended December 31, 2020, compared to
$10.2 million for the three-month period ended September 30, 2020,
as the Company experienced a significant increase in secondary
market loan sales in 2020. The housing market continues to benefit
from the current low interest rate environment.
Non-interest expense for the fourth quarter of
2020 was $74.2 million. The most important components of the fourth
quarter non-interest expense were $43.0 million from salaries and
employee benefits, $16.2 million in other expense and $9.8 million
in occupancy and equipment expenses. For the fourth quarter of
2020, our efficiency ratio was
39.64%.______________________________(1) Calculation of this metric
and the reconciliation to GAAP are included in the schedules
accompanying this release.
Financial Condition
Total loans receivable were $11.22 billion at
December 31, 2020 compared to $11.69 billion at September 30,
2020. Total deposits were $12.73 billion at December 31, 2020
compared to $12.94 billion at September 30, 2020. Total assets were
$16.40 billion at December 31, 2020 compared to $16.55 billion
at September 30, 2020.
During the fourth quarter 2020, the Company
experienced approximately $470.7 million in organic loan decline.
Centennial CFG experienced $149.0 million of organic loan decline
and had loans of $1.54 billion at December 31, 2020. Our
legacy footprint experienced $157.0 million in PPP loan decline and
$164.7 million in organic loan decline during the quarter.
Non-performing loans to total loans was 0.66% as of
December 31, 2020 compared to 0.63% as of September 30, 2020.
Non-performing assets to total assets increased slightly from 0.47%
as of September 30, 2020 to 0.48% as of December 31, 2020. For
the fourth quarter of 2020, net charge-offs were $2.8 million
compared to net charge-offs of $4.1 million for the third quarter
of 2020.
Non-performing loans at December 31, 2020 were
$24.1 million, $43.1 million, $530,000, $3.6 million and $2.8
million in the Arkansas, Florida, Alabama, Shore Premier Finance
and Centennial CFG markets, respectively, for a total of $74.1
million. Non-performing assets at December 31, 2020 were $25.6
million, $46.0 million, $564,000, $3.6 million and $2.8 million in
the Arkansas, Florida, Alabama, Shore Premier Finance and
Centennial CFG markets, respectively, for a total of $78.6
million.
The Company’s allowance for credit losses on loans
was $245.5 million at December 31, 2020, or 2.19% of total
loans, compared to the allowance for loan losses of $248.2 million,
or 2.12% of total loans, at September 30, 2020. The Company’s
allowance for credit losses on loans to total loans, excluding PPP
loans (non-GAAP), was 2.33%(1) at December 31, 2020. As of
December 31, 2020 and September 30, 2020, the Company’s
allowance for credit losses on loans and allowance for loan losses
was 331.10% and 336.42% of its total non-performing loans,
respectively.
Stockholders’ equity was $2.61 billion at
December 31, 2020 compared to $2.54 billion at September 30,
2020, an increase of approximately $65.0 million. The increase in
stockholders’ equity is primarily associated with the $58.7 million
increase in retained earnings. Book value per common share was
$15.78 at December 31, 2020 compared to $15.38 at September
30, 2020. Tangible book value per common share (non-GAAP) was
$9.70(1) at December 31, 2020 compared to $9.30(1) at
September 30, 2020, an increase of 17.11% 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,
January 21, 2021. We encourage all participants to pre-register for
the conference call using the following link:
https://dpregister.com/sreg/10150658/df97bab01e. 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: 10150658, which will be available until January 28, 2021
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, excluding
provision for credit losses and unfunded commitment expense;
pre-tax, pre-provision, profit percentage; 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; 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,
real estate values and unemployment; disruptions, uncertainties and
related effects on our business and operations as a result of the
ongoing coronavirus (COVID-19) pandemic and measures that have been
or may be implemented or imposed in response to the pandemic,
including the impact on, among other things, credit quality and
liquidity; the ability to identify, complete and successfully
integrate new acquisitions; legislative and regulatory changes and
risks and expenses associated with current and future legislation
and regulations, including those in response to the COVID-19
pandemic; technological changes and cybersecurity risks; the
effects of changes in accounting policies and practices, including
from the adoption of the current expected credit loss (CECL) model
on January 1, 2020; changes in governmental monetary and fiscal
policies; political instability; competition from other financial
institutions; potential claims, expenses and other adverse effects
related to current or future litigation, regulatory examinations or
other government actions; 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 September 30, 2020, filed with the SEC on November 5,
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)
|
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
(In thousands) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
242,173 |
|
$ |
144,197 |
|
$ |
185,047 |
|
$ |
147,200 |
|
$ |
168,914 |
|
Interest-bearing deposits with
other banks |
|
|
1,021,615 |
|
|
899,140 |
|
|
1,030,609 |
|
|
424,235 |
|
|
321,687 |
|
Cash and cash equivalents |
|
|
1,263,788 |
|
|
1,043,337 |
|
|
1,215,656 |
|
|
571,435 |
|
|
490,601 |
|
Investment securities -
available-for-sale, net of allowance for credit losses |
|
|
2,473,781 |
|
|
2,361,900 |
|
|
2,238,005 |
|
|
2,098,000 |
|
|
2,083,838 |
|
Loans receivable |
|
|
11,220,721 |
|
|
11,691,470 |
|
|
11,955,743 |
|
|
11,384,982 |
|
|
10,869,710 |
|
Allowance for credit
losses |
|
|
(245,473 |
) |
|
(248,224 |
) |
|
(238,340 |
) |
|
(228,923 |
) |
|
(102,122 |
) |
Loans receivable, net |
|
|
10,975,248 |
|
|
11,443,246 |
|
|
11,717,403 |
|
|
11,156,059 |
|
|
10,767,588 |
|
Bank premises and equipment,
net |
|
|
278,614 |
|
|
280,364 |
|
|
279,498 |
|
|
281,795 |
|
|
280,103 |
|
Foreclosed assets held for
sale |
|
|
4,420 |
|
|
4,322 |
|
|
6,292 |
|
|
8,204 |
|
|
9,143 |
|
Cash value of life
insurance |
|
|
103,519 |
|
|
102,989 |
|
|
102,443 |
|
|
103,120 |
|
|
102,562 |
|
Accrued interest
receivable |
|
|
60,528 |
|
|
72,599 |
|
|
80,274 |
|
|
50,295 |
|
|
45,086 |
|
Deferred tax asset, net |
|
|
70,249 |
|
|
75,167 |
|
|
74,333 |
|
|
77,110 |
|
|
44,301 |
|
Goodwill |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
958,408 |
|
Core deposit and other
intangibles |
|
|
30,728 |
|
|
32,149 |
|
|
33,569 |
|
|
35,055 |
|
|
36,572 |
|
Other assets |
|
|
164,904 |
|
|
160,660 |
|
|
174,908 |
|
|
177,634 |
|
|
213,845 |
|
Total assets |
|
$ |
16,398,804 |
|
$ |
16,549,758 |
|
$ |
16,895,406 |
|
$ |
15,531,732 |
|
$ |
15,032,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and non-interest-bearing |
|
$ |
3,266,753 |
|
$ |
3,207,967 |
|
$ |
3,413,727 |
|
$ |
2,425,036 |
|
$ |
2,367,091 |
|
Savings and interest-bearing transaction accounts |
|
|
8,212,240 |
|
|
8,011,200 |
|
|
7,970,979 |
|
|
7,149,644 |
|
|
6,933,964 |
|
Time deposits |
|
|
1,246,797 |
|
|
1,718,299 |
|
|
1,793,230 |
|
|
1,940,234 |
|
|
1,977,328 |
|
Total deposits |
|
|
12,725,790 |
|
|
12,937,466 |
|
|
13,177,936 |
|
|
11,514,914 |
|
|
11,278,383 |
|
Federal funds purchased |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5,000 |
|
Securities sold under agreements
to repurchase |
|
|
168,931 |
|
|
158,447 |
|
|
162,858 |
|
|
126,884 |
|
|
143,727 |
|
FHLB and other borrowed
funds |
|
|
400,000 |
|
|
403,428 |
|
|
531,432 |
|
|
951,436 |
|
|
621,439 |
|
Accrued interest payable and
other liabilities |
|
|
127,999 |
|
|
139,485 |
|
|
161,095 |
|
|
138,479 |
|
|
102,410 |
|
Subordinated debentures |
|
|
370,326 |
|
|
370,133 |
|
|
369,939 |
|
|
369,748 |
|
|
369,557 |
|
Total liabilities |
|
|
13,793,046 |
|
|
14,008,959 |
|
|
14,403,260 |
|
|
13,101,461 |
|
|
12,520,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
1,651 |
|
|
1,652 |
|
|
1,652 |
|
|
1,651 |
|
|
1,664 |
|
Capital surplus |
|
|
1,520,617 |
|
|
1,520,103 |
|
|
1,518,631 |
|
|
1,516,151 |
|
|
1,537,091 |
|
Retained earnings |
|
|
1,039,370 |
|
|
980,699 |
|
|
932,856 |
|
|
891,498 |
|
|
956,555 |
|
Accumulated other comprehensive
(loss) income |
|
|
44,120 |
|
|
38,345 |
|
|
39,007 |
|
|
20,971 |
|
|
16,221 |
|
Total stockholders' equity |
|
|
2,605,758 |
|
|
2,540,799 |
|
|
2,492,146 |
|
|
2,430,271 |
|
|
2,511,531 |
|
Total liabilities and stockholders' equity |
|
$ |
16,398,804 |
|
$ |
16,549,758 |
|
$ |
16,895,406 |
|
$ |
15,531,732 |
|
$ |
15,032,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
153,407 |
|
$ |
154,787 |
|
$ |
158,996 |
|
$ |
158,148 |
|
$ |
161,211 |
|
$ |
625,338 |
|
$ |
658,345 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
6,900 |
|
|
7,227 |
|
|
8,693 |
|
|
9,776 |
|
|
9,707 |
|
|
32,596 |
|
|
41,406 |
|
Tax-exempt |
|
|
4,979 |
|
|
4,367 |
|
|
3,698 |
|
|
3,114 |
|
|
3,260 |
|
|
16,158 |
|
|
13,015 |
|
Deposits - other banks |
|
|
270 |
|
|
252 |
|
|
211 |
|
|
1,116 |
|
|
949 |
|
|
1,849 |
|
|
5,188 |
|
Federal funds sold |
|
|
- |
|
|
- |
|
|
- |
|
|
21 |
|
|
5 |
|
|
21 |
|
|
34 |
|
Total interest income |
|
|
165,556 |
|
|
166,633 |
|
|
171,598 |
|
|
172,175 |
|
|
175,132 |
|
|
675,962 |
|
|
717,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
10,596 |
|
|
13,200 |
|
|
15,116 |
|
|
24,198 |
|
|
26,823 |
|
|
63,110 |
|
|
114,104 |
|
Federal funds purchased |
|
|
- |
|
|
- |
|
|
- |
|
|
13 |
|
|
33 |
|
|
13 |
|
|
54 |
|
FHLB borrowed funds |
|
|
1,917 |
|
|
2,235 |
|
|
2,656 |
|
|
2,698 |
|
|
2,686 |
|
|
9,506 |
|
|
17,209 |
|
Securities sold under agreements to repurchase |
|
|
208 |
|
|
237 |
|
|
260 |
|
|
462 |
|
|
652 |
|
|
1,167 |
|
|
2,544 |
|
Subordinated debentures |
|
|
4,810 |
|
|
4,823 |
|
|
4,899 |
|
|
5,079 |
|
|
5,155 |
|
|
19,611 |
|
|
20,860 |
|
Total interest expense |
|
|
17,531 |
|
|
20,495 |
|
|
22,931 |
|
|
32,450 |
|
|
35,349 |
|
|
93,407 |
|
|
154,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
148,025 |
|
|
146,138 |
|
|
148,667 |
|
|
139,725 |
|
|
139,783 |
|
|
582,555 |
|
|
563,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit loss - loans |
|
|
- |
|
|
14,000 |
|
|
11,441 |
|
|
76,672 |
|
|
- |
|
|
102,113 |
|
|
1,325 |
|
Provision for credit loss - acquired loans |
|
|
- |
|
|
- |
|
|
- |
|
|
9,309 |
|
|
- |
|
|
9,309 |
|
|
- |
|
Provision for credit loss - investment securities |
|
|
- |
|
|
- |
|
|
- |
|
|
842 |
|
|
- |
|
|
842 |
|
|
- |
|
Total credit loss expense |
|
|
- |
|
|
14,000 |
|
|
11,441 |
|
|
86,823 |
|
|
- |
|
|
112,264 |
|
|
1,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for credit losses |
|
|
148,025 |
|
|
132,138 |
|
|
137,226 |
|
|
52,902 |
|
|
139,783 |
|
|
470,291 |
|
|
561,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
5,544 |
|
|
4,910 |
|
|
4,296 |
|
|
6,631 |
|
|
6,778 |
|
|
21,381 |
|
|
25,930 |
|
Other service charges and fees |
|
|
8,425 |
|
|
8,539 |
|
|
7,666 |
|
|
6,056 |
|
|
10,636 |
|
|
30,686 |
|
|
34,086 |
|
Trust fees |
|
|
420 |
|
|
378 |
|
|
397 |
|
|
438 |
|
|
390 |
|
|
1,633 |
|
|
1,566 |
|
Mortgage lending income |
|
|
10,071 |
|
|
10,177 |
|
|
6,196 |
|
|
2,621 |
|
|
3,801 |
|
|
29,065 |
|
|
14,303 |
|
Insurance commissions |
|
|
366 |
|
|
271 |
|
|
533 |
|
|
678 |
|
|
551 |
|
|
1,848 |
|
|
2,278 |
|
Increase in cash value of life insurance |
|
|
534 |
|
|
548 |
|
|
558 |
|
|
560 |
|
|
562 |
|
|
2,200 |
|
|
2,752 |
|
Dividends from FHLB, FRB, FNBB & other |
|
|
967 |
|
|
3,433 |
|
|
230 |
|
|
7,842 |
|
|
1,952 |
|
|
12,472 |
|
|
7,707 |
|
Gain on SBA loans |
|
|
304 |
|
|
- |
|
|
- |
|
|
341 |
|
|
686 |
|
|
645 |
|
|
1,573 |
|
Gain (loss) on branches, equipment and other assets, net |
|
|
217 |
|
|
(27 |
) |
|
54 |
|
|
82 |
|
|
35 |
|
|
326 |
|
|
(3 |
) |
Gain on OREO, net |
|
|
150 |
|
|
470 |
|
|
235 |
|
|
277 |
|
|
159 |
|
|
1,132 |
|
|
757 |
|
Loss on securities, net |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2 |
) |
|
- |
|
|
(2 |
) |
Fair value adjustment for marketable securities |
|
|
4,271 |
|
|
(1,350 |
) |
|
919 |
|
|
(5,818 |
) |
|
- |
|
|
(1,978 |
) |
|
- |
|
Other income |
|
|
2,616 |
|
|
2,602 |
|
|
3,939 |
|
|
3,219 |
|
|
2,481 |
|
|
12,376 |
|
|
8,569 |
|
Total non-interest income |
|
|
33,885 |
|
|
29,951 |
|
|
25,023 |
|
|
22,927 |
|
|
28,029 |
|
|
111,786 |
|
|
99,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
43,022 |
|
|
41,511 |
|
|
40,088 |
|
|
39,329 |
|
|
38,446 |
|
|
163,950 |
|
|
154,177 |
|
Occupancy and equipment |
|
|
9,801 |
|
|
9,566 |
|
|
10,172 |
|
|
8,873 |
|
|
8,729 |
|
|
38,412 |
|
|
35,452 |
|
Data processing expense |
|
|
5,171 |
|
|
4,921 |
|
|
4,614 |
|
|
4,326 |
|
|
4,294 |
|
|
19,032 |
|
|
16,161 |
|
Other operating expenses |
|
|
16,247 |
|
|
15,714 |
|
|
25,298 |
|
|
25,721 |
|
|
19,873 |
|
|
82,980 |
|
|
69,997 |
|
Total non-interest expense |
|
|
74,241 |
|
|
71,712 |
|
|
80,172 |
|
|
78,249 |
|
|
71,342 |
|
|
304,374 |
|
|
275,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
|
107,669 |
|
|
90,377 |
|
|
82,077 |
|
|
(2,420 |
) |
|
96,470 |
|
|
277,703 |
|
|
385,621 |
|
Income tax expense (benefit) |
|
|
25,875 |
|
|
21,057 |
|
|
19,250 |
|
|
(2,927 |
) |
|
23,208 |
|
|
63,255 |
|
|
96,082 |
|
Net income |
|
$ |
81,794 |
|
$ |
69,320 |
|
$ |
62,827 |
|
$ |
507 |
|
$ |
73,262 |
|
$ |
214,448 |
|
$ |
289,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share |
|
$ |
0.50 |
|
$ |
0.42 |
|
$ |
0.38 |
|
$ |
- |
|
$ |
0.44 |
|
$ |
1.30 |
|
$ |
1.73 |
|
Diluted earnings per common
share, as adjusted, excluding fair value adjustment for
marketable securities, special dividend from equity
investment, provision for credit losses, branch write-off
expense, unfunded commitment expense, outsourced special
project expense, merger and acquisition expenses, FDIC Small
Bank Assessment Credit, hurricane expense and BOLI redemption
tax (non-GAAP)(1) |
|
|
0.48 |
|
|
0.47 |
|
|
0.47 |
|
|
0.43 |
|
|
0.44 |
|
|
1.85 |
|
|
1.74 |
|
Basic earnings per common
share |
|
|
0.50 |
|
|
0.42 |
|
|
0.38 |
|
|
- |
|
|
0.44 |
|
|
1.30 |
|
|
1.73 |
|
Dividends per share -
common |
|
|
0.1400 |
|
|
0.1300 |
|
|
0.1300 |
|
|
0.1300 |
|
|
0.1300 |
|
|
0.5300 |
|
|
0.5100 |
|
Book value per common
share |
|
|
15.78 |
|
|
15.38 |
|
|
15.09 |
|
|
14.72 |
|
|
15.10 |
|
|
15.78 |
|
|
15.10 |
|
Tangible book value per common
share (non-GAAP)(1) |
|
|
9.70 |
|
|
9.30 |
|
|
8.99 |
|
|
8.61 |
|
|
9.12 |
|
|
9.70 |
|
|
9.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
|
165,119 |
|
|
165,200 |
|
|
165,163 |
|
|
166,014 |
|
|
166,696 |
|
|
165,373 |
|
|
167,804 |
|
Average diluted shares
outstanding |
|
|
165,119 |
|
|
165,200 |
|
|
165,163 |
|
|
166,014 |
|
|
166,696 |
|
|
165,373 |
|
|
167,804 |
|
End of period common shares
outstanding |
|
|
165,095 |
|
|
165,163 |
|
|
165,206 |
|
|
165,148 |
|
|
166,373 |
|
|
165,095 |
|
|
166,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.97 |
% |
|
1.66 |
% |
|
1.55 |
% |
|
0.01 |
% |
|
1.94 |
% |
|
1.33 |
% |
|
1.93 |
% |
Return on average assets
excluding fair value adjustment for marketable securities,
special dividend from equity investment, provision for credit
losses, branch write-off expense, unfunded commitment expense,
outsourced special project expense, merger and acquisition
expenses, FDIC Small Bank Assessment Credit, hurricane expense
and BOLI redemption tax: (ROA, as adjusted) (non-GAAP)(1) |
|
|
1.90 |
% |
|
1.88 |
% |
|
1.93 |
% |
|
1.88 |
% |
|
1.94 |
% |
|
1.90 |
% |
|
1.94 |
% |
Return on average assets
excluding intangible amortization (non-GAAP)(1) |
|
|
2.13 |
% |
|
1.80 |
% |
|
1.68 |
% |
|
0.05 |
% |
|
2.12 |
% |
|
1.45 |
% |
|
2.10 |
% |
Return on average common
equity |
|
|
12.72 |
% |
|
10.97 |
% |
|
10.27 |
% |
|
0.08 |
% |
|
11.71 |
% |
|
8.57 |
% |
|
12.01 |
% |
Return on average common
equity excluding fair value adjustment for marketable
securities, special dividend from equity investment, provision
for credit losses, branch write-off expense, unfunded
commitment expense, outsourced special project expense, merger
and acquisition expenses, FDIC Small Bank Assessment Credit,
hurricane expense and BOLI redemption tax: (ROE, as adjusted)
(non-GAAP)(1) |
|
|
12.23 |
% |
|
12.39 |
% |
|
12.77 |
% |
|
11.48 |
% |
|
11.68 |
% |
|
12.22 |
% |
|
12.11 |
% |
Return on average tangible
common equity (non-GAAP)(1) |
|
|
20.96 |
% |
|
18.29 |
% |
|
17.40 |
% |
|
0.14 |
% |
|
19.55 |
% |
|
14.31 |
% |
|
20.49 |
% |
Return on average tangible
common equity excluding intangible amortization
(non-GAAP)(1) |
|
|
21.22 |
% |
|
18.56 |
% |
|
17.70 |
% |
|
0.44 |
% |
|
19.86 |
% |
|
14.59 |
% |
|
20.83 |
% |
Return on average tangible
common equity excluding fair value adjustment for marketable
securities, special dividend from equity investment, provision
for credit losses, branch write-off expense, unfunded
commitment expense, outsourced special project expense, merger
and acquisition expenses, FDIC Small Bank Assessment Credit,
hurricane expense and BOLI redemption tax: (ROTCE, as
adjusted) (non-GAAP)(1) |
|
|
20.15 |
% |
|
20.66 |
% |
|
21.63 |
% |
|
19.22 |
% |
|
19.51 |
% |
|
20.41 |
% |
|
20.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
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) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
39.64 |
% |
|
39.56 |
% |
|
44.93 |
% |
|
46.82 |
% |
|
41.26 |
% |
|
42.63 |
% |
|
40.34 |
% |
Efficiency ratio, as adjusted
(non-GAAP)(1) |
|
|
40.67 |
% |
|
40.08 |
% |
|
39.38 |
% |
|
41.37 |
% |
|
41.14 |
% |
|
40.36 |
% |
|
40.55 |
% |
Net interest margin - FTE |
|
|
4.00 |
% |
|
3.92 |
% |
|
4.11 |
% |
|
4.22 |
% |
|
4.24 |
% |
|
4.02 |
% |
|
4.29 |
% |
Net interest margin - FTE,
excluding PPP loans (non-GAAP)(1) |
|
|
3.97 |
% |
|
3.98 |
% |
|
4.16 |
% |
|
4.22 |
% |
|
4.24 |
% |
|
4.04 |
% |
|
4.29 |
% |
Fully taxable equivalent
adjustment |
|
$ |
1,778 |
|
$ |
1,576 |
|
$ |
1,434 |
|
$ |
1,227 |
|
$ |
1,322 |
|
$ |
6,015 |
|
$ |
5,255 |
|
Total revenue (net) |
|
|
181,910 |
|
|
176,089 |
|
|
173,690 |
|
|
162,652 |
|
|
167,812 |
|
|
694,341 |
|
|
662,733 |
|
Pre-tax net income, excluding
provision for credit losses and unfunded commitment expense (PPNR)
(non-GAAP)(1) |
|
|
107,669 |
|
|
104,377 |
|
|
102,732 |
|
|
92,178 |
|
|
96,470 |
|
|
406,956 |
|
|
386,946 |
|
Pre-tax net income to total
revenue (net) |
|
|
59.19 |
% |
|
51.32 |
% |
|
47.25 |
% |
|
-1.49 |
% |
|
57.49 |
% |
|
40.00 |
% |
|
58.19 |
% |
P5NR (Pre-tax, pre-provision,
profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) |
|
|
59.19 |
% |
|
59.28 |
% |
|
59.15 |
% |
|
56.67 |
% |
|
57.49 |
% |
|
58.61 |
% |
|
58.39 |
% |
Net income, excluding
provision for credit losses and unfunded commitment
expense |
|
|
81,794 |
|
|
79,661 |
|
|
78,084 |
|
|
70,382 |
|
|
73,262 |
|
|
309,921 |
|
|
290,522 |
|
Return on average assets
(pre-tax net income, excluding provision for credit losses and
unfunded commitment expense) (non-GAAP)(1) |
|
|
2.60 |
% |
|
2.50 |
% |
|
2.53 |
% |
|
2.45 |
% |
|
2.56 |
% |
|
2.52 |
% |
|
2.57 |
% |
Return on average assets,
excluding provision for credit losses and unfunded commitment
expense (non-GAAP)(1) |
|
|
1.97 |
% |
|
1.91 |
% |
|
1.92 |
% |
|
1.87 |
% |
|
1.94 |
% |
|
1.92 |
% |
|
1.93 |
% |
Total purchase accounting
accretion |
|
|
5,736 |
|
|
6,957 |
|
|
7,036 |
|
|
7,647 |
|
|
9,133 |
|
|
27,376 |
|
|
35,890 |
|
Average purchase accounting
loan discounts |
|
|
49,563 |
|
|
55,835 |
|
|
62,822 |
|
|
69,365 |
|
|
91,869 |
|
|
59,406 |
|
|
114,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,076 |
|
$ |
902 |
|
$ |
795 |
|
$ |
1,226 |
|
$ |
1,340 |
|
$ |
3,999 |
|
$ |
4,687 |
|
Merger and acquisition
expenses |
|
|
- |
|
|
- |
|
|
- |
|
|
711 |
|
|
- |
|
|
711 |
|
|
- |
|
Amortization of
intangibles |
|
|
1,421 |
|
|
1,420 |
|
|
1,486 |
|
|
1,517 |
|
|
1,565 |
|
|
5,844 |
|
|
6,324 |
|
Electronic banking
expense |
|
|
2,282 |
|
|
2,426 |
|
|
2,054 |
|
|
1,715 |
|
|
1,870 |
|
|
8,477 |
|
|
7,525 |
|
Directors' fees |
|
|
359 |
|
|
429 |
|
|
412 |
|
|
424 |
|
|
396 |
|
|
1,624 |
|
|
1,602 |
|
Due from bank service
charges |
|
|
254 |
|
|
259 |
|
|
239 |
|
|
223 |
|
|
289 |
|
|
975 |
|
|
1,081 |
|
FDIC and state assessment |
|
|
1,493 |
|
|
1,607 |
|
|
1,846 |
|
|
1,548 |
|
|
1,635 |
|
|
6,494 |
|
|
4,468 |
|
Hurricane expense |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
897 |
|
Insurance |
|
|
795 |
|
|
766 |
|
|
711 |
|
|
746 |
|
|
790 |
|
|
3,018 |
|
|
2,846 |
|
Legal and accounting |
|
|
790 |
|
|
1,235 |
|
|
1,278 |
|
|
919 |
|
|
1,633 |
|
|
4,222 |
|
|
5,017 |
|
Other professional fees |
|
|
1,528 |
|
|
1,661 |
|
|
1,735 |
|
|
3,226 |
|
|
3,189 |
|
|
8,150 |
|
|
10,213 |
|
Operating supplies |
|
|
440 |
|
|
460 |
|
|
553 |
|
|
535 |
|
|
469 |
|
|
1,988 |
|
|
2,021 |
|
Postage |
|
|
315 |
|
|
328 |
|
|
313 |
|
|
327 |
|
|
327 |
|
|
1,283 |
|
|
1,266 |
|
Telephone |
|
|
347 |
|
|
321 |
|
|
310 |
|
|
324 |
|
|
312 |
|
|
1,302 |
|
|
1,210 |
|
Unfunded commitments |
|
|
- |
|
|
- |
|
|
9,214 |
|
|
7,775 |
|
|
- |
|
|
16,989 |
|
|
- |
|
Other expense |
|
|
5,147 |
|
|
3,900 |
|
|
4,352 |
|
|
4,505 |
|
|
6,058 |
|
|
17,904 |
|
|
20,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other operating expenses |
|
$ |
16,247 |
|
$ |
15,714 |
|
$ |
25,298 |
|
$ |
25,721 |
|
$ |
19,873 |
|
$ |
82,980 |
|
$ |
69,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
|
88.17 |
% |
|
90.37 |
% |
|
90.73 |
% |
|
98.87 |
% |
|
96.38 |
% |
Common equity to assets |
|
|
15.89 |
% |
|
15.35 |
% |
|
14.75 |
% |
|
15.65 |
% |
|
16.71 |
% |
Tangible common equity to
tangible assets (non-GAAP)(1) |
|
|
10.41 |
% |
|
9.88 |
% |
|
9.35 |
% |
|
9.79 |
% |
|
10.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS
RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,429,060 |
|
$ |
4,342,141 |
|
$ |
4,325,795 |
|
$ |
4,357,007 |
|
$ |
4,412,769 |
|
Construction/land development |
|
|
1,562,298 |
|
|
1,748,928 |
|
|
1,818,151 |
|
|
1,892,394 |
|
|
1,776,689 |
|
Agricultural |
|
|
114,431 |
|
|
89,476 |
|
|
105,554 |
|
|
89,630 |
|
|
88,400 |
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,536,257 |
|
|
1,665,628 |
|
|
1,730,716 |
|
|
1,775,610 |
|
|
1,819,221 |
|
Multifamily residential |
|
|
536,538 |
|
|
491,380 |
|
|
482,635 |
|
|
411,960 |
|
|
488,278 |
|
Total real estate |
|
|
8,178,584 |
|
|
8,337,553 |
|
|
8,462,851 |
|
|
8,526,601 |
|
|
8,585,357 |
|
Consumer |
|
|
864,690 |
|
|
883,568 |
|
|
851,344 |
|
|
852,174 |
|
|
511,909 |
|
Commercial and industrial |
|
|
1,896,442 |
|
|
2,161,818 |
|
|
2,228,816 |
|
|
1,759,752 |
|
|
1,528,003 |
|
Agricultural |
|
|
66,869 |
|
|
85,365 |
|
|
80,023 |
|
|
64,582 |
|
|
63,644 |
|
Other |
|
|
214,136 |
|
|
223,166 |
|
|
332,709 |
|
|
181,873 |
|
|
180,797 |
|
Loans receivable |
|
$ |
11,220,721 |
|
$ |
11,691,470 |
|
$ |
11,955,743 |
|
$ |
11,384,982 |
|
$ |
10,869,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paycheck Protection Program (PPP)
loans (included in total loans receivable) |
|
|
691,747 |
|
|
848,745 |
|
|
848,628 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
248,224 |
|
$ |
238,340 |
|
$ |
228,923 |
|
$ |
102,122 |
|
$ |
104,304 |
|
Impact of adopting ASC 326 |
|
|
- |
|
|
- |
|
|
- |
|
|
43,988 |
|
|
- |
|
Allowance for credit losses on
acquired loans |
|
|
- |
|
|
- |
|
|
- |
|
|
357 |
|
|
- |
|
Loans charged off |
|
|
3,040 |
|
|
4,599 |
|
|
2,582 |
|
|
4,265 |
|
|
2,631 |
|
Recoveries of loans previously
charged off |
|
|
289 |
|
|
483 |
|
|
558 |
|
|
740 |
|
|
449 |
|
Net loans (recovered)/charged off |
|
|
2,751 |
|
|
4,116 |
|
|
2,024 |
|
|
3,525 |
|
|
2,182 |
|
Provision for credit loss - loans |
|
|
- |
|
|
14,000 |
|
|
11,441 |
|
|
76,672 |
|
|
- |
|
Provision for credit loss - acquired loans |
|
|
- |
|
|
- |
|
|
- |
|
|
9,309 |
|
|
- |
|
Total credit loss expense
excluding provision for credit loss - investment securities |
|
|
- |
|
|
14,000 |
|
|
11,441 |
|
|
85,981 |
|
|
- |
|
Balance, end of period |
|
$ |
245,473 |
|
$ |
248,224 |
|
$ |
238,340 |
|
$ |
228,923 |
|
$ |
102,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (recoveries) charge-offs to
average total loans |
|
|
0.10 |
% |
|
0.14 |
% |
|
0.07 |
% |
|
0.13 |
% |
|
0.08 |
% |
Allowance for credit losses to
total loans |
|
|
2.19 |
% |
|
2.12 |
% |
|
1.99 |
% |
|
2.01 |
% |
|
0.94 |
% |
Allowance for credit losses to
total loans, excluding PPP loans |
|
|
2.33 |
% |
|
2.29 |
% |
|
2.15 |
% |
|
2.01 |
% |
|
0.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
64,528 |
|
$ |
65,148 |
|
$ |
52,074 |
|
$ |
52,131 |
|
$ |
47,607 |
|
Loans past due 90 days or more |
|
|
9,610 |
|
|
8,635 |
|
|
7,824 |
|
|
7,760 |
|
|
7,238 |
|
Total non-performing loans |
|
|
74,138 |
|
|
73,783 |
|
|
59,898 |
|
|
59,891 |
|
|
54,845 |
|
Other non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
4,420 |
|
|
4,322 |
|
|
6,292 |
|
|
8,204 |
|
|
9,143 |
|
Other non-performing assets |
|
|
- |
|
|
247 |
|
|
247 |
|
|
447 |
|
|
447 |
|
Total other non-performing assets |
|
|
4,420 |
|
|
4,569 |
|
|
6,539 |
|
|
8,651 |
|
|
9,590 |
|
Total non-performing assets |
|
$ |
78,558 |
|
$ |
78,352 |
|
$ |
66,437 |
|
$ |
68,542 |
|
$ |
64,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses for
loans to non-performing loans |
|
|
331.10 |
% |
|
336.42 |
% |
|
397.91 |
% |
|
382.23 |
% |
|
186.20 |
% |
Non-performing loans to total
loans |
|
|
0.66 |
% |
|
0.63 |
% |
|
0.50 |
% |
|
0.53 |
% |
|
0.50 |
% |
Non-performing assets to total
assets |
|
|
0.48 |
% |
|
0.47 |
% |
|
0.39 |
% |
|
0.44 |
% |
|
0.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2020 |
|
|
September 30, 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 |
|
$ |
1,029,047 |
|
$ |
270 |
|
0.10 |
% |
|
$ |
926,754 |
|
$ |
252 |
|
0.11 |
% |
Federal funds sold |
|
|
5 |
|
|
- |
|
0.00 |
% |
|
|
124 |
|
|
- |
|
0.00 |
% |
Investment securities - taxable |
|
|
1,615,214 |
|
|
6,900 |
|
1.70 |
% |
|
|
1,618,058 |
|
|
7,227 |
|
1.78 |
% |
Investment securities - non-taxable - FTE |
|
|
798,402 |
|
|
6,550 |
|
3.26 |
% |
|
|
672,067 |
|
|
5,731 |
|
3.39 |
% |
Loans receivable - FTE |
|
|
11,457,713 |
|
|
153,614 |
|
5.33 |
% |
|
|
11,758,143 |
|
|
154,999 |
|
5.24 |
% |
Total interest-earning assets |
|
|
14,900,381 |
|
|
167,334 |
|
4.47 |
% |
|
|
14,975,146 |
|
|
168,209 |
|
4.47 |
% |
Non-earning assets |
|
|
1,592,685 |
|
|
|
|
|
|
|
|
1,619,349 |
|
|
|
|
|
|
Total assets |
|
$ |
16,493,066 |
|
|
|
|
|
|
|
$ |
16,594,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
8,109,111 |
|
$ |
5,813 |
|
0.29 |
% |
|
$ |
7,937,412 |
|
$ |
6,651 |
|
0.33 |
% |
Time deposits |
|
|
1,483,049 |
|
|
4,783 |
|
1.28 |
% |
|
|
1,745,279 |
|
|
6,549 |
|
1.49 |
% |
Total interest-bearing deposits |
|
|
9,592,160 |
|
|
10,596 |
|
0.44 |
% |
|
|
9,682,691 |
|
|
13,200 |
|
0.54 |
% |
Federal funds purchased |
|
|
- |
|
|
- |
|
0.00 |
% |
|
|
- |
|
|
- |
|
0.00 |
% |
Securities sold under agreement to repurchase |
|
|
156,198 |
|
|
208 |
|
0.53 |
% |
|
|
157,172 |
|
|
237 |
|
0.60 |
% |
FHLB borrowed funds |
|
|
400,001 |
|
|
1,917 |
|
1.91 |
% |
|
|
464,799 |
|
|
2,235 |
|
1.91 |
% |
Subordinated debentures |
|
|
370,232 |
|
|
4,810 |
|
5.17 |
% |
|
|
370,038 |
|
|
4,823 |
|
5.19 |
% |
Total interest-bearing liabilities |
|
|
10,518,591 |
|
|
17,531 |
|
0.66 |
% |
|
|
10,674,700 |
|
|
20,495 |
|
0.76 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
3,279,708 |
|
|
|
|
|
|
|
|
3,259,501 |
|
|
|
|
|
|
Other liabilities |
|
|
137,516 |
|
|
|
|
|
|
|
|
146,502 |
|
|
|
|
|
|
Total liabilities |
|
|
13,935,815 |
|
|
|
|
|
|
|
|
14,080,703 |
|
|
|
|
|
|
Shareholders' equity |
|
|
2,557,251 |
|
|
|
|
|
|
|
|
2,513,792 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
16,493,066 |
|
|
|
|
|
|
|
$ |
16,594,495 |
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
3.81 |
% |
|
|
|
|
|
|
|
3.71 |
% |
Net interest income and margin -
FTE |
|
|
|
|
$ |
149,803 |
|
4.00 |
% |
|
|
|
|
$ |
147,714 |
|
3.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc.Consolidated Net Interest
Margin(Unaudited)
|
|
Year Ended |
|
|
|
December 31, 2020 |
|
|
December 31, 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 |
|
$ |
921,189 |
|
$ |
1,849 |
|
0.20 |
% |
|
$ |
254,548 |
|
$ |
5,188 |
|
2.04 |
% |
Federal funds sold |
|
|
1,330 |
|
|
21 |
|
1.58 |
% |
|
|
1,421 |
|
|
34 |
|
2.39 |
% |
Investment securities - taxable |
|
|
1,653,159 |
|
|
32,596 |
|
1.97 |
% |
|
|
1,663,512 |
|
|
41,406 |
|
2.49 |
% |
Investment securities - non-taxable - FTE |
|
|
577,444 |
|
|
21,263 |
|
3.68 |
% |
|
|
379,232 |
|
|
17,026 |
|
4.49 |
% |
Loans receivable - FTE |
|
|
11,504,123 |
|
|
626,249 |
|
5.44 |
% |
|
|
10,961,599 |
|
|
659,589 |
|
6.02 |
% |
Total interest-earning assets |
|
|
14,657,245 |
|
|
681,978 |
|
4.65 |
% |
|
|
13,260,312 |
|
|
723,243 |
|
5.45 |
% |
Non-earning assets |
|
|
1,480,049 |
|
|
|
|
|
|
|
|
1,768,188 |
|
|
|
|
|
|
Total assets |
|
$ |
16,137,294 |
|
|
|
|
|
|
|
$ |
15,028,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
7,686,621 |
|
$ |
36,085 |
|
0.47 |
% |
|
$ |
6,674,493 |
|
$ |
77,194 |
|
1.16 |
% |
Time deposits |
|
|
1,756,138 |
|
|
27,026 |
|
1.54 |
% |
|
|
1,972,040 |
|
|
36,910 |
|
1.87 |
% |
Total interest-bearing deposits |
|
|
9,442,759 |
|
|
63,111 |
|
0.67 |
% |
|
|
8,646,533 |
|
|
114,104 |
|
1.32 |
% |
Federal funds purchased |
|
|
1,557 |
|
|
13 |
|
0.83 |
% |
|
|
2,895 |
|
|
54 |
|
1.87 |
% |
Securities sold under agreement to repurchase |
|
|
151,573 |
|
|
1,167 |
|
0.77 |
% |
|
|
149,665 |
|
|
2,544 |
|
1.70 |
% |
FHLB borrowed funds |
|
|
534,608 |
|
|
9,506 |
|
1.78 |
% |
|
|
848,969 |
|
|
17,209 |
|
2.03 |
% |
Subordinated debentures |
|
|
369,943 |
|
|
19,611 |
|
5.30 |
% |
|
|
369,175 |
|
|
20,860 |
|
5.65 |
% |
Total interest-bearing liabilities |
|
|
10,500,440 |
|
|
93,408 |
|
0.89 |
% |
|
|
10,017,237 |
|
|
154,771 |
|
1.55 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
2,998,560 |
|
|
|
|
|
|
|
|
2,489,254 |
|
|
|
|
|
|
Other liabilities |
|
|
135,094 |
|
|
|
|
|
|
|
|
111,156 |
|
|
|
|
|
|
Total liabilities |
|
|
13,634,094 |
|
|
|
|
|
|
|
|
12,617,647 |
|
|
|
|
|
|
Shareholders' equity |
|
|
2,503,200 |
|
|
|
|
|
|
|
|
2,410,853 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
16,137,294 |
|
|
|
|
|
|
|
$ |
15,028,500 |
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
3.76 |
% |
|
|
|
|
|
|
|
3.90 |
% |
Net interest income and margin -
FTE |
|
|
|
|
$ |
588,570 |
|
4.02 |
% |
|
|
|
|
$ |
568,472 |
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
81,794 |
|
$ |
69,320 |
|
$ |
62,827 |
|
$ |
507 |
|
$ |
73,262 |
|
$ |
214,448 |
|
$ |
289,539 |
|
Pre-tax adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
|
(4,271 |
) |
|
1,350 |
|
|
(919 |
) |
|
5,818 |
|
|
- |
|
|
1,978 |
|
|
- |
|
Special dividend from equity investment |
|
|
- |
|
|
(3,181 |
) |
|
- |
|
|
(7,004 |
) |
|
(861 |
) |
|
(10,185 |
) |
|
(2,995 |
) |
Provision for credit losses |
|
|
- |
|
|
14,000 |
|
|
11,441 |
|
|
86,823 |
|
|
- |
|
|
112,264 |
|
|
1,325 |
|
Branch write-off expense |
|
|
- |
|
|
- |
|
|
981 |
|
|
- |
|
|
- |
|
|
981 |
|
|
- |
|
Unfunded commitment expense |
|
|
- |
|
|
- |
|
|
9,214 |
|
|
7,775 |
|
|
- |
|
|
16,989 |
|
|
- |
|
Outsourced special project expense |
|
|
- |
|
|
- |
|
|
- |
|
|
1,092 |
|
|
631 |
|
|
1,092 |
|
|
1,531 |
|
Merger and acquisition expenses |
|
|
- |
|
|
- |
|
|
- |
|
|
711 |
|
|
- |
|
|
711 |
|
|
- |
|
FDIC Small Bank Assessment Credit |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,291 |
) |
Hurricane expenses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
897 |
|
Total pre-tax adjustments |
|
|
(4,271 |
) |
|
12,169 |
|
|
20,717 |
|
|
95,215 |
|
|
(230 |
) |
|
123,830 |
|
|
(1,533 |
) |
Tax-effect of adjustments |
|
|
(1,116 |
) |
|
3,181 |
|
|
5,414 |
|
|
24,884 |
|
|
(59 |
) |
|
32,363 |
|
|
(396 |
) |
Adjustments after-tax |
|
|
(3,155 |
) |
|
8,988 |
|
|
15,303 |
|
|
70,331 |
|
|
(171 |
) |
|
91,467 |
|
|
(1,137 |
) |
BOLI redemption tax |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,667 |
|
Total adjustments after-tax
(B) |
|
|
(3,155 |
) |
|
8,988 |
|
|
15,303 |
|
|
70,331 |
|
|
(171 |
) |
|
91,467 |
|
|
2,530 |
|
Earnings, as adjusted (C) |
|
$ |
78,639 |
|
$ |
78,308 |
|
$ |
78,130 |
|
$ |
70,838 |
|
$ |
73,091 |
|
$ |
305,915 |
|
$ |
292,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
|
165,119 |
|
|
165,200 |
|
|
165,163 |
|
|
166,014 |
|
|
166,696 |
|
|
165,373 |
|
|
167,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share:
(A/D) |
|
$ |
0.50 |
|
$ |
0.42 |
|
$ |
0.38 |
|
$ |
- |
|
$ |
0.44 |
|
$ |
1.30 |
|
$ |
1.73 |
|
Adjustments after-tax: (B/D) |
|
|
(0.02 |
) |
|
0.05 |
|
|
0.09 |
|
|
0.43 |
|
|
- |
|
|
0.55 |
|
|
0.01 |
|
Diluted earnings per common
share, as adjusted, excluding fair value adjustment for
marketable securities, special dividend from equity
investment, provision for credit losses, branch write-off
expense, unfunded commitment expense, outsourced special
project expense, merger and acquisition expenses, FDIC Small
Bank Assessment Credit, hurricane expense and BOLI redemption
tax: (C/D) |
|
$ |
0.48 |
|
$ |
0.47 |
|
$ |
0.47 |
|
$ |
0.43 |
|
$ |
0.44 |
|
$ |
1.85 |
|
$ |
1.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets:
(A/G) |
|
|
1.97 |
% |
|
1.66 |
% |
|
1.55 |
% |
|
0.01 |
% |
|
1.94 |
% |
|
1.33 |
% |
|
1.93 |
% |
Return on average assets
excluding fair value adjustment for marketable securities,
special dividend from equity investment, provision for credit
losses, branch write-off expense, unfunded commitment expense,
outsourced special project expense, merger and acquisition
expenses, FDIC Small Bank Assessment Credit, hurricane
expense and BOLI redemption tax: (ROA, as adjusted)
((A+F)/G) |
|
|
1.90 |
% |
|
1.88 |
% |
|
1.93 |
% |
|
1.88 |
% |
|
1.94 |
% |
|
1.90 |
% |
|
1.94 |
% |
Return on average assets (pre-tax
net income, excluding provision for credit losses and unfunded
commitment expense): (B/G) |
|
|
2.60 |
% |
|
2.50 |
% |
|
2.53 |
% |
|
2.45 |
% |
|
2.56 |
% |
|
2.52 |
% |
|
2.57 |
% |
Return on average assets,
excluding provision for credit losses and unfunded commitment
expense: (C/G) |
|
|
1.97 |
% |
|
1.91 |
% |
|
1.92 |
% |
|
1.87 |
% |
|
1.94 |
% |
|
1.92 |
% |
|
1.93 |
% |
Return on average assets
excluding intangible amortization: ((A+E)/(G-H)) |
|
|
2.13 |
% |
|
1.80 |
% |
|
1.68 |
% |
|
0.05 |
% |
|
2.12 |
% |
|
1.45 |
% |
|
2.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
81,794 |
|
$ |
69,320 |
|
$ |
62,827 |
|
$ |
507 |
|
$ |
73,262 |
|
$ |
214,448 |
|
$ |
289,539 |
|
Pre-tax net income, excluding
provision for credit losses and unfunded commitment expense
(B) |
|
$ |
107,669 |
|
$ |
104,377 |
|
$ |
102,732 |
|
$ |
92,178 |
|
$ |
96,470 |
|
$ |
406,956 |
|
$ |
386,946 |
|
Net income, excluding provision
for credit losses and unfunded commitment expense (C) |
|
$ |
81,794 |
|
$ |
79,661 |
|
$ |
78,084 |
|
$ |
70,382 |
|
$ |
73,262 |
|
$ |
309,921 |
|
$ |
290,522 |
|
Amortization of intangibles
(D) |
|
|
1,421 |
|
|
1,420 |
|
|
1,486 |
|
|
1,517 |
|
|
1,565 |
|
|
5,844 |
|
|
6,324 |
|
Amortization of intangibles
after-tax (E) |
|
|
1,049 |
|
|
1,049 |
|
|
1,098 |
|
|
1,121 |
|
|
1,161 |
|
|
4,317 |
|
|
4,691 |
|
Adjustments after-tax (F) |
|
|
(3,155 |
) |
|
8,988 |
|
|
15,303 |
|
|
70,331 |
|
|
(171 |
) |
|
91,467 |
|
|
2,530 |
|
Average assets (G) |
|
|
16,493,066 |
|
|
16,594,495 |
|
|
16,319,206 |
|
|
15,133,475 |
|
|
14,944,368 |
|
|
16,137,294 |
|
|
15,028,500 |
|
Average goodwill, core deposits
& other intangible assets (H) |
|
|
1,004,432 |
|
|
1,005,864 |
|
|
1,007,307 |
|
|
999,004 |
|
|
995,721 |
|
|
1,004,157 |
|
|
998,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares,
Inc.Non-GAAP
Reconciliations(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) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average common equity:
(A/D) |
|
|
12.72 |
% |
|
10.97 |
% |
|
10.27 |
% |
|
0.08 |
% |
|
11.71 |
% |
|
|
8.57 |
% |
|
12.01 |
% |
Return on average common equity
excluding fair value adjustment for marketable securities,
special dividend from equity investment, provision for credit
losses, branch write-off expense, unfunded commitment expense,
outsourced special project expense, merger and acquisition
expenses, FDIC Small Bank Assessment Credit, hurricane expense
and BOLI redemption tax: (ROE, as adjusted) ((A+C)/D) |
|
|
12.23 |
% |
|
12.39 |
% |
|
12.77 |
% |
|
11.48 |
% |
|
11.68 |
% |
|
|
12.22 |
% |
|
12.11 |
% |
Return on average tangible common
equity: (A/(D-E)) |
|
|
20.96 |
% |
|
18.29 |
% |
|
17.40 |
% |
|
0.14 |
% |
|
19.55 |
% |
|
|
14.31 |
% |
|
20.49 |
% |
Return on average tangible common
equity excluding intangible amortization: (B/(D-E)) |
|
|
21.22 |
% |
|
18.56 |
% |
|
17.70 |
% |
|
0.44 |
% |
|
19.86 |
% |
|
|
14.59 |
% |
|
20.83 |
% |
Return on average tangible common
equity excluding fair value adjustment for marketable
securities, special dividend from equity investment, provision
for credit losses, branch write-off expense, unfunded
commitment expense, outsourced special project expense, merger
and acquisition expenses, FDIC Small Bank Assessment Credit,
hurricane expense and BOLI redemption tax: (ROTCE, as
adjusted) ((A+C)/(D-E)) |
|
|
20.15 |
% |
|
20.66 |
% |
|
21.63 |
% |
|
19.22 |
% |
|
19.51 |
% |
|
|
20.41 |
% |
|
20.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
81,794 |
|
$ |
69,320 |
|
$ |
62,827 |
|
$ |
507 |
|
$ |
73,262 |
|
|
$ |
214,448 |
|
$ |
289,539 |
|
Earnings excluding intangible
amortization (B) |
|
|
82,843 |
|
|
70,369 |
|
|
63,925 |
|
|
1,628 |
|
|
74,423 |
|
|
|
218,765 |
|
|
294,230 |
|
Adjustments after-tax (C) |
|
|
(3,155 |
) |
|
8,988 |
|
|
15,303 |
|
|
70,331 |
|
|
(171 |
) |
|
|
91,467 |
|
|
2,530 |
|
Average common equity (D) |
|
|
2,557,251 |
|
|
2,513,792 |
|
|
2,459,941 |
|
|
2,481,104 |
|
|
2,482,406 |
|
|
|
2,503,200 |
|
|
2,410,853 |
|
Average goodwill, core deposits
& other intangible assets (E) |
|
|
1,004,432 |
|
|
1,005,864 |
|
|
1,007,307 |
|
|
999,004 |
|
|
995,721 |
|
|
|
1,004,157 |
|
|
998,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
((C-E)/(A+B+D)) |
|
|
39.64 |
% |
|
39.56 |
% |
|
44.93 |
% |
|
46.82 |
% |
|
41.26 |
% |
|
|
42.63 |
% |
|
40.34 |
% |
Efficiency ratio, as adjusted:
((C-E-G)/(A+B+D-F)) |
|
|
40.67 |
% |
|
40.08 |
% |
|
39.38 |
% |
|
41.37 |
% |
|
41.14 |
% |
|
|
40.36 |
% |
|
40.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (A) |
|
$ |
148,025 |
|
$ |
146,138 |
|
$ |
148,667 |
|
$ |
139,725 |
|
$ |
139,783 |
|
|
$ |
582,555 |
|
$ |
563,217 |
|
Non-interest income (B) |
|
|
33,885 |
|
|
29,951 |
|
|
25,023 |
|
|
22,927 |
|
|
28,029 |
|
|
|
111,786 |
|
|
99,516 |
|
Non-interest expense (C) |
|
|
74,241 |
|
|
71,712 |
|
|
80,172 |
|
|
78,249 |
|
|
71,342 |
|
|
|
304,374 |
|
|
275,787 |
|
Fully taxable equivalent
adjustment (D) |
|
|
1,778 |
|
|
1,576 |
|
|
1,434 |
|
|
1,227 |
|
|
1,322 |
|
|
|
6,015 |
|
|
5,255 |
|
Amortization of intangibles
(E) |
|
|
1,421 |
|
|
1,420 |
|
|
1,486 |
|
|
1,517 |
|
|
1,565 |
|
|
|
5,844 |
|
|
6,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
$ |
4,271 |
|
$ |
(1,350 |
) |
$ |
919 |
|
$ |
(5,818 |
) |
$ |
- |
|
|
$ |
(1,978 |
) |
$ |
- |
|
Gain (loss) on OREO |
|
|
150 |
|
|
470 |
|
|
235 |
|
|
277 |
|
|
159 |
|
|
|
1,132 |
|
|
757 |
|
Gain (loss) on branches, equipment and other assets, net |
|
|
217 |
|
|
(27 |
) |
|
54 |
|
|
82 |
|
|
35 |
|
|
|
326 |
|
|
(3 |
) |
Special dividend from equity investment |
|
|
- |
|
|
3,181 |
|
|
- |
|
|
7,004 |
|
|
861 |
|
|
|
10,185 |
|
|
2,995 |
|
Gain (loss) on securities |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2 |
) |
|
|
- |
|
|
(2 |
) |
Total non-interest income adjustments (F) |
|
$ |
4,638 |
|
$ |
2,274 |
|
$ |
1,208 |
|
$ |
1,545 |
|
$ |
1,053 |
|
|
$ |
9,665 |
|
$ |
3,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,531 |
|
Total non-interest expense adjustments (G) |
|
$ |
- |
|
$ |
- |
|
$ |
10,195 |
|
$ |
9,578 |
|
$ |
631 |
|
|
$ |
19,773 |
|
$ |
137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED NET INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin: A/C |
|
|
4.00 |
% |
|
3.92 |
% |
|
4.11 |
% |
|
4.22 |
% |
|
4.24 |
% |
|
|
4.02 |
% |
|
4.29 |
% |
Net interest margin, excluding
PPP loans (non-GAAP): B/D |
|
|
3.97 |
% |
|
3.98 |
% |
|
4.16 |
% |
|
4.22 |
% |
|
4.24 |
% |
|
|
4.04 |
% |
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - FTE
(A) |
|
$ |
149,803 |
|
$ |
147,714 |
|
$ |
150,101 |
|
$ |
140,952 |
|
$ |
141,105 |
|
|
$ |
588,570 |
|
$ |
568,472 |
|
PPP loan interest & discount
accretion income |
|
|
8,841 |
|
|
5,943 |
|
|
4,450 |
|
|
- |
|
|
- |
|
|
|
19,234 |
|
|
- |
|
Net interest income - FTE,
excluding PPP loans (non-GAAP) (B) |
|
$ |
140,962 |
|
$ |
141,771 |
|
$ |
145,651 |
|
$ |
140,952 |
|
$ |
141,105 |
|
|
$ |
569,336 |
|
$ |
568,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets
(C) |
|
$ |
14,900,381 |
|
$ |
14,975,146 |
|
$ |
14,678,465 |
|
$ |
13,428,700 |
|
$ |
13,188,508 |
|
|
$ |
14,657,245 |
|
$ |
13,260,312 |
|
Average PPP loans |
|
|
775,861 |
|
|
821,977 |
|
|
585,946 |
|
|
- |
|
|
- |
|
|
|
547,328 |
|
|
- |
|
Average interest-earning assets,
excluding PPP loans (non-GAAP) (D) |
|
$ |
14,124,520 |
|
$ |
14,153,169 |
|
$ |
14,092,519 |
|
$ |
13,428,700 |
|
$ |
13,188,508 |
|
|
$ |
14,109,917 |
|
$ |
13,260,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net income |
|
$ |
107,669 |
|
$ |
90,377 |
|
$ |
82,077 |
|
$ |
(2,420 |
) |
$ |
96,470 |
|
$ |
277,703 |
|
$ |
385,621 |
|
Provision for credit losses |
|
|
- |
|
|
14,000 |
|
|
11,441 |
|
|
86,823 |
|
|
- |
|
|
112,264 |
|
|
1,325 |
|
Unfunded commitment expense |
|
|
- |
|
|
- |
|
|
9,214 |
|
|
7,775 |
|
|
- |
|
|
16,989 |
|
|
- |
|
Pre-tax net income, excluding
provision for credit losses and unfunded commitment expense (PPNR)
(A) |
|
$ |
107,669 |
|
$ |
104,377 |
|
$ |
102,732 |
|
$ |
92,178 |
|
$ |
96,470 |
|
$ |
406,956 |
|
$ |
386,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue (net) (B) |
|
|
181,910 |
|
|
176,089 |
|
|
173,690 |
|
|
162,652 |
|
|
167,812 |
|
|
694,341 |
|
|
662,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net income to total
revenue (net) |
|
|
59.19 |
% |
|
51.32 |
% |
|
47.25 |
% |
|
-1.49 |
% |
|
57.49 |
% |
|
40.00 |
% |
|
58.19 |
% |
P5NR (Pre-tax, pre-provision,
profit percentage) (PPNR to total revenue (net)) |
|
|
59.19 |
% |
|
59.28 |
% |
|
59.15 |
% |
|
56.67 |
% |
|
57.49 |
% |
|
58.61 |
% |
|
58.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
|
|
|
|
|
|
(Dollars in thousands) |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
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|
|
|
TANGIBLE BOOK VALUE PERCOMMON
SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share:
(A/B) |
|
$ |
15.78 |
|
$ |
15.38 |
|
$ |
15.09 |
|
$ |
14.72 |
|
$ |
15.10 |
|
|
|
|
|
|
|
Tangible book value per common
share: ((A-C-D)/B) |
|
|
9.70 |
|
|
9.30 |
|
|
8.99 |
|
|
8.61 |
|
|
9.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
(A) |
|
$ |
2,605,758 |
|
$ |
2,540,799 |
|
$ |
2,492,146 |
|
$ |
2,430,271 |
|
$ |
2,511,531 |
|
|
|
|
|
|
|
End of period common shares
outstanding (B) |
|
|
165,095 |
|
|
165,163 |
|
|
165,206 |
|
|
165,148 |
|
|
166,373 |
|
|
|
|
|
|
|
Goodwill (C) |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
958,408 |
|
|
|
|
|
|
|
Core deposit and other
intangibles (D) |
|
|
30,728 |
|
|
32,149 |
|
|
33,569 |
|
|
35,055 |
|
|
36,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITYTO TANGIBLE
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets: (B/A) |
|
|
15.89 |
% |
|
15.35 |
% |
|
14.75 |
% |
|
15.65 |
% |
|
16.71 |
% |
|
|
|
|
|
|
Tangible common equity to
tangible assets: ((B-C-D)/(A-C-D)) |
|
|
10.41 |
% |
|
9.88 |
% |
|
9.35 |
% |
|
9.79 |
% |
|
10.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (A) |
|
$ |
16,398,804 |
|
$ |
16,549,758 |
|
$ |
16,895,406 |
|
$ |
15,531,732 |
|
$ |
15,032,047 |
|
|
|
|
|
|
|
Total stockholders' equity
(B) |
|
|
2,605,758 |
|
|
2,540,799 |
|
|
2,492,146 |
|
|
2,430,271 |
|
|
2,511,531 |
|
|
|
|
|
|
|
Goodwill (C) |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
958,408 |
|
|
|
|
|
|
|
Core deposit and other
intangibles (D) |
|
|
30,728 |
|
|
32,149 |
|
|
33,569 |
|
|
35,055 |
|
|
36,572 |
|
|
|
|
|
|
|
Home BancShares (NASDAQ:HOMB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Home BancShares (NASDAQ:HOMB)
Historical Stock Chart
From Jul 2023 to Jul 2024