Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of
Centennial Bank, released record quarterly earnings today.
Highlights of the First Quarter of
2021:
Metric |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Q2 2020 |
Q1 2020 |
Net Income |
$91.6 million |
$81.8 million |
$69.3 million |
$62.8 million |
$ |
507,000 |
|
Total Revenue (net) |
$193.4 million |
$181.9 million |
$176.1 million |
$173.7 million |
$162.7 million |
Income (loss) before income taxes |
$120.5 million |
$107.7 million |
$90.4 million |
$82.1 million |
($2.4 million) |
Pre-tax net income, excluding provision for credit losses (PPNR)
(non-GAAP)(1) |
$120.5 million |
$107.7 million |
$104.4 million |
$102.7 million |
$92.2 million |
Pre-tax net income to total revenue (net) |
|
62.32 |
% |
|
59.19 |
% |
|
51.32 |
% |
|
47.25 |
% |
|
-1.49 |
% |
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total
revenue (net)) (non-GAAP)(1) |
|
62.32 |
% |
|
59.19 |
% |
|
59.28 |
% |
|
59.15 |
% |
|
56.67 |
% |
ROA |
|
2.22 |
% |
|
1.97 |
% |
|
1.66 |
% |
|
1.55 |
% |
|
0.01 |
% |
ROA (pre-tax net income, excluding provision for credit losses)
(non-GAAP)(1) |
|
2.92 |
% |
|
2.60 |
% |
|
2.50 |
% |
|
2.53 |
% |
|
2.45 |
% |
ROA, excluding provision for credit losses |
|
2.22 |
% |
|
1.97 |
% |
|
1.91 |
% |
|
1.92 |
% |
|
1.87 |
% |
(non-GAAP)(1) |
NIM |
|
4.02 |
% |
|
4.00 |
% |
|
3.92 |
% |
|
4.11 |
% |
|
4.22 |
% |
NIM, excluding PPP loans (non-GAAP)(1) |
|
3.87 |
% |
|
3.97 |
% |
|
3.98 |
% |
|
4.16 |
% |
|
4.22 |
% |
Purchase Accounting Accretion |
$5.5 million |
$5.7 million |
$7.0 million |
$7.0 million |
$7.6 million |
ROE |
|
14.15 |
% |
|
12.72 |
% |
|
10.97 |
% |
|
10.27 |
% |
|
0.08 |
% |
ROTCE (non-GAAP)(1) |
|
22.90 |
% |
|
20.96 |
% |
|
18.29 |
% |
|
17.40 |
% |
|
0.14 |
% |
Diluted Earnings Per Share |
$ |
0.55 |
|
$ |
0.50 |
|
$ |
0.42 |
|
$ |
0.38 |
|
$ |
0.00 |
|
Non-Performing Assets to Total Assets |
|
0.38 |
% |
|
0.48 |
% |
|
0.47 |
% |
|
0.39 |
% |
|
0.44 |
% |
Common Equity Tier 1 Capital |
|
14.30 |
% |
|
13.40 |
% |
|
12.60 |
% |
|
12.00 |
% |
|
11.50 |
% |
Leverage |
|
11.10 |
% |
|
10.80 |
% |
|
10.40 |
% |
|
10.30 |
% |
|
10.80 |
% |
Tier 1 Capital |
|
14.90 |
% |
|
14.00 |
% |
|
13.20 |
% |
|
12.60 |
% |
|
12.10 |
% |
Total Risk-Based Capital |
|
18.80 |
% |
|
17.80 |
% |
|
16.90 |
% |
|
16.20 |
% |
|
15.70 |
% |
Allowance for Credit Losses to Total Loans |
|
2.25 |
% |
|
2.19 |
% |
|
2.12 |
% |
|
1.99 |
% |
|
2.01 |
% |
Allowance for Credit Losses to Total Loans, excluding PPP loans
(non-GAAP)(1) |
|
2.40 |
% |
|
2.33 |
% |
|
2.29 |
% |
|
2.15 |
% |
|
2.01 |
% |
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
“Approximately $11 billion in loans at a yield
of 5.56% including accretion, PPP income, and event income; a
36.60% efficiency ratio; a ‘never give up’ approach to charge-offs;
starting to reap the benefits of investments; along with a record
$91.6 million in net income is paying off handsomely for HOMB
shareholders,” said John Allison, Chairman.
“Great results come down to customer service and
extreme discipline. We communicate with our customers and we helped
them through the PPP process and that results in a long-term
trusting partnership,” said Tracy French, Centennial Bank President
and Chief Executive Officer.
Operating Highlights
Net income and earnings per share were quarterly
records for the Company. Net income increased $9.8 million, or
11.99%, to $91.6 million for the three-month period ended
March 31, 2021, from $81.8 million for the three-month period
ended December 31, 2020. Earnings per share increased $0.05
per share, or 10.00%, to $0.55 per share for the three-month period
ended March 31, 2021, from $0.50 per share for the three-month
period ended December 31, 2020.
During the first quarter of 2021, the Company
did not record any credit loss expense. The Company’s provisioning
model is closely tied to unemployment rate projections which have
continued to improve since the fourth quarter of 2020. The Company
determined that an additional provision for credit losses on loans
was not necessary as the current level of the allowance for credit
losses was considered adequate as of March 31, 2021. In addition,
the Company determined that the current level of the unfunded
commitment reserve was adequate and no additional provision for
unfunded commitments was necessary.
Our net interest margin was 4.02% for the
three-month period ended March 31, 2021 compared to 4.00% for
the three-month period ended December 31, 2020. The yield on
loans was 5.56% and 5.33% for the three months ended March 31,
2021 and December 31, 2020, respectively, as average loans
decreased from $11.46 billion to $11.02 billion. Additionally, the
rate on interest bearing deposits decreased to 0.33% as of
March 31, 2021 from 0.44% as of December 31, 2020, with
average balances of $9.55 billion and $9.59 billion,
respectively.
As of March 31, 2021, we had $667.3 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 March 31, 2021 was 3.87%.(1) The PPP loans had a
12-basis point accretive impact to the yield on loans, and the PPP
loans were accretive to the net interest margin by 16 basis points.
This was primarily due to approximately $313.8 million of the
Company’s PPP loans being forgiven during the first quarter of 2021
as well as the acceleration of deferred fees for the loans that
were forgiven. The $313.8 million of PPP loans forgiven during the
first quarter of 2021 were partially offset by $289.4 million in
new PPP loans originated during the first quarter of 2021. The
deferred fee income increased from $6.9 million to $10.4 million
for the three-month periods ended December 31, 2020 and March 31,
2021, respectively. (1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
The effects of the COVID-19 pandemic continued
to create a significant amount of excess liquidity in the market.
As a result of this excess liquidity, we had an increase of $581.4
million of average interest-bearing cash balances in the first
quarter of 2021 compared to the fourth quarter of 2020. This excess
liquidity diluted the net interest margin by 16 basis points.
Purchase accounting accretion on acquired loans
was $5.5 million and $5.7 million and average purchase accounting
loan discounts were $43.9 million and $49.6 million for the
three-month periods ended March 31, 2021 and December 31,
2020, respectively. Net amortization of time deposit premiums was
$30,000 per quarter and net average remaining time deposit premiums
were $115,000 and $146,000 for the three-month periods ended
March 31, 2021 and December 31, 2020, respectively.
Net interest income on a fully taxable
equivalent basis increased $142,000, or 0.09%, to $149.9 million
for the three-month period ended March 31, 2021, from $149.8
million for the three-month period ended December 31, 2020.
This increase in net interest income for the three-month period
ended March 31, 2021 was the result of a $3.0 million decrease
in interest expense, which was partially offset by a $2.8 million
decrease in interest income. The $3.0 million decrease in interest
expense was primarily the result of a $2.9 million decrease in
interest expense on deposits and a $42,000 decrease in interest
expense on FHLB borrowings. The $2.8 million decrease in interest
income was primarily the result of a $2.5 million decrease in loan
interest income, and a $465,000 net decrease in investment
income.
The Company reported $45.3 million of
non-interest income for the first quarter of 2021. The most
important components of the first quarter non-interest income were
$8.6 million from dividends from FHLB, FRB, FNBB and other, $8.2
million from mortgage lending income, $7.6 million from other
service charges and fees, a $5.8 million adjustment for the
increase in fair market value of marketable securities, $5.0
million from service charges on deposit accounts, and $8.0 million
from other income. Included in the $8.6 million in dividends from
FHLB, FRB, FNBB and other was $8.1 million in special dividends
from equity investments. The Company is still currently involved in
these investments; however, past performance does not guarantee
future performance. The $8.0 million in other income includes a
$5.1 million recovery on historic losses.
Mortgage lending income was $8.2 million for the
three-month period ended March 31, 2021, compared to $10.1
million for the three-month period ended December 31, 2020.
The housing market continues to benefit from the current low
interest rate environment; however, the decrease in mortgage
lending income from the fourth quarter of 2020 is the result of
normal seasonal fluctuations and harsher winter weather in several
of our markets.
Non-interest expense for the first quarter of
2021 was $72.9 million. The most important components of the first
quarter non-interest expense were $42.1 million from salaries and
employee benefits, $15.7 million in other expense and $9.2 million
in occupancy and equipment expenses. For the first quarter of 2021,
our efficiency ratio was 36.60%.
Financial Condition
Total loans receivable were $10.78 billion at
March 31, 2021 compared to $11.22 billion at December 31,
2020. Total deposits were $13.51 billion at March 31, 2021
compared to $12.73 billion at December 31, 2020. Total assets
were $17.24 billion at March 31, 2021 compared to $16.40
billion at December 31, 2020.
During the first quarter 2021, the Company
experienced approximately $442.2 million in loan decline.
Centennial CFG experienced $17.6 million of organic loan decline
and had loans of $1.52 billion at March 31, 2021. Our legacy
footprint experienced $400.2 million in organic loan decline and
$24.4 million in PPP loan decline during the quarter.
Non-performing loans to total loans was 0.59% as
of March 31, 2021 compared to 0.66% as of December 31,
2020. Non-performing assets to total assets decreased from 0.48% as
of December 31, 2020 to 0.38% as of March 31, 2021. For
the first quarter of 2021, net charge-offs were $2.5 million
compared to net charge-offs of $2.8 million for the fourth quarter
of 2020.
Non-performing loans at March 31, 2021 were
$23.0 million, $35.1 million, $516,000, $2.0 million and $2.8
million in the Arkansas, Florida, Alabama, Shore Premier Finance
and Centennial CFG markets, respectively, for a total of $63.4
million. Non-performing assets at March 31, 2021 were $24.9
million, $36.1 million, $550,000, $2.0 million and $2.8 million 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 $242.9 million at March 31, 2021, or 2.25% of total
loans, compared to the allowance for credit losses of $245.5
million, or 2.19% of total loans, at December 31, 2020. The
Company’s allowance for credit losses on loans to total loans,
excluding PPP loans (non-GAAP), was 2.40%(1) at March 31,
2021. As of March 31, 2021 and December 31, 2020, the
Company’s allowance for credit losses on loans was 383.47% and
331.10% of its total non-performing loans, respectively.
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
Stockholders’ equity was $2.65 billion at
March 31, 2021 compared to $2.61 billion at December 31,
2020, an increase of approximately $39.4 million. The increase in
stockholders’ equity was primarily associated with the $68.4
million increase in retained earnings which was partially offset by
a $24.7 million decrease in accumulated other comprehensive income.
Book value per common share was $16.02 at March 31, 2021
compared to $15.78 at December 31, 2020. Tangible book value
per common share (non-GAAP) was $9.95(1) at March 31, 2021
compared to $9.70(1) at December 31, 2020, an increase of
10.45% 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 76 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,
April 15, 2021. We encourage all participants to pre-register for
the conference call using the following link:
https://dpregister.com/sreg/10153260/e502592c38. 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: 10153260, which will be available until April 22, 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; pre-tax, pre-provision, profit
percentage; diluted earnings per common share, as adjusted; return
on average assets, as adjusted; return on average assets excluding
intangible amortization; return on average assets (pre-tax net
income, excluding provision for credit losses); return on average
assets, excluding provision for credit losses; return on average
common equity, as adjusted; return on average tangible common
equity; return on average tangible common equity excluding
intangible amortization; 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; 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, 2020, filed with the SEC on February 26,
2021.
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)
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Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
(In thousands) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
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|
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|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
218,814 |
|
|
$ |
242,173 |
|
|
$ |
144,197 |
|
|
$ |
185,047 |
|
|
$ |
147,200 |
|
Interest-bearing deposits with
other banks |
|
|
2,259,734 |
|
|
|
1,021,615 |
|
|
|
899,140 |
|
|
|
1,030,609 |
|
|
|
424,235 |
|
Cash and cash equivalents |
|
|
2,478,548 |
|
|
|
1,263,788 |
|
|
|
1,043,337 |
|
|
|
1,215,656 |
|
|
|
571,435 |
|
Investment securities -
available-for-sale, net of allowance for credit losses |
|
|
2,539,123 |
|
|
|
2,473,781 |
|
|
|
2,361,900 |
|
|
|
2,238,005 |
|
|
|
2,098,000 |
|
Loans receivable |
|
|
10,778,493 |
|
|
|
11,220,721 |
|
|
|
11,691,470 |
|
|
|
11,955,743 |
|
|
|
11,384,982 |
|
Allowance for credit
losses |
|
|
(242,932 |
) |
|
|
(245,473 |
) |
|
|
(248,224 |
) |
|
|
(238,340 |
) |
|
|
(228,923 |
) |
Loans receivable, net |
|
|
10,535,561 |
|
|
|
10,975,248 |
|
|
|
11,443,246 |
|
|
|
11,717,403 |
|
|
|
11,156,059 |
|
Bank premises and equipment,
net |
|
|
278,620 |
|
|
|
278,614 |
|
|
|
280,364 |
|
|
|
279,498 |
|
|
|
281,795 |
|
Foreclosed assets held for
sale |
|
|
3,004 |
|
|
|
4,420 |
|
|
|
4,322 |
|
|
|
6,292 |
|
|
|
8,204 |
|
Cash value of life
insurance |
|
|
103,599 |
|
|
|
103,519 |
|
|
|
102,989 |
|
|
|
102,443 |
|
|
|
103,120 |
|
Accrued interest
receivable |
|
|
55,495 |
|
|
|
60,528 |
|
|
|
72,599 |
|
|
|
80,274 |
|
|
|
50,295 |
|
Deferred tax asset, net |
|
|
77,145 |
|
|
|
70,249 |
|
|
|
75,167 |
|
|
|
74,333 |
|
|
|
77,110 |
|
Goodwill |
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
Core deposit and other
intangibles |
|
|
29,307 |
|
|
|
30,728 |
|
|
|
32,149 |
|
|
|
33,569 |
|
|
|
35,055 |
|
Other assets |
|
|
166,814 |
|
|
|
164,904 |
|
|
|
160,660 |
|
|
|
174,908 |
|
|
|
177,634 |
|
Total assets |
|
$ |
17,240,241 |
|
|
$ |
16,398,804 |
|
|
$ |
16,549,758 |
|
|
$ |
16,895,406 |
|
|
$ |
15,531,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
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|
|
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|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and non-interest-bearing |
|
$ |
3,859,722 |
|
|
$ |
3,266,753 |
|
|
$ |
3,207,967 |
|
|
$ |
3,413,727 |
|
|
$ |
2,425,036 |
|
Savings and interest-bearing transaction accounts |
|
|
8,477,208 |
|
|
|
8,212,240 |
|
|
|
8,011,200 |
|
|
|
7,970,979 |
|
|
|
7,149,644 |
|
Time deposits |
|
|
1,175,664 |
|
|
|
1,246,797 |
|
|
|
1,718,299 |
|
|
|
1,793,230 |
|
|
|
1,940,234 |
|
Total deposits |
|
|
13,512,594 |
|
|
|
12,725,790 |
|
|
|
12,937,466 |
|
|
|
13,177,936 |
|
|
|
11,514,914 |
|
Federal funds purchased |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Securities sold under agreements
to repurchase |
|
|
162,929 |
|
|
|
168,931 |
|
|
|
158,447 |
|
|
|
162,858 |
|
|
|
126,884 |
|
FHLB and other borrowed
funds |
|
|
400,000 |
|
|
|
400,000 |
|
|
|
403,428 |
|
|
|
531,432 |
|
|
|
951,436 |
|
Accrued interest payable and
other liabilities |
|
|
148,999 |
|
|
|
127,999 |
|
|
|
139,485 |
|
|
|
161,095 |
|
|
|
138,479 |
|
Subordinated debentures |
|
|
370,515 |
|
|
|
370,326 |
|
|
|
370,133 |
|
|
|
369,939 |
|
|
|
369,748 |
|
Total liabilities |
|
|
14,595,037 |
|
|
|
13,793,046 |
|
|
|
14,008,959 |
|
|
|
14,403,260 |
|
|
|
13,101,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
1,651 |
|
|
|
1,651 |
|
|
|
1,652 |
|
|
|
1,652 |
|
|
|
1,651 |
|
Capital surplus |
|
|
1,516,286 |
|
|
|
1,520,617 |
|
|
|
1,520,103 |
|
|
|
1,518,631 |
|
|
|
1,516,151 |
|
Retained earnings |
|
|
1,107,818 |
|
|
|
1,039,370 |
|
|
|
980,699 |
|
|
|
932,856 |
|
|
|
891,498 |
|
Accumulated other comprehensive
income |
|
|
19,449 |
|
|
|
44,120 |
|
|
|
38,345 |
|
|
|
39,007 |
|
|
|
20,971 |
|
Total stockholders' equity |
|
|
2,645,204 |
|
|
|
2,605,758 |
|
|
|
2,540,799 |
|
|
|
2,492,146 |
|
|
|
2,430,271 |
|
Total liabilities and stockholders' equity |
|
$ |
17,240,241 |
|
|
$ |
16,398,804 |
|
|
$ |
16,549,758 |
|
|
$ |
16,895,406 |
|
|
$ |
15,531,732 |
|
Home BancShares,
Inc.Consolidated Statements of
Income(Unaudited)
|
|
Quarter Ended |
|
|
Three Months Ended |
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
(In thousands) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
150,917 |
|
|
$ |
153,407 |
|
|
$ |
154,787 |
|
|
$ |
158,996 |
|
|
$ |
158,148 |
|
|
$ |
150,917 |
|
|
$ |
158,148 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
6,253 |
|
|
|
6,900 |
|
|
|
7,227 |
|
|
|
8,693 |
|
|
|
9,776 |
|
|
|
6,253 |
|
|
|
9,776 |
|
Tax-exempt |
|
|
5,071 |
|
|
|
4,979 |
|
|
|
4,367 |
|
|
|
3,698 |
|
|
|
3,114 |
|
|
|
5,071 |
|
|
|
3,114 |
|
Deposits - other banks |
|
|
410 |
|
|
|
270 |
|
|
|
252 |
|
|
|
211 |
|
|
|
1,116 |
|
|
|
410 |
|
|
|
1,116 |
|
Federal funds sold |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21 |
|
|
|
- |
|
|
|
21 |
|
Total interest income |
|
|
162,651 |
|
|
|
165,556 |
|
|
|
166,633 |
|
|
|
171,598 |
|
|
|
172,175 |
|
|
|
162,651 |
|
|
|
172,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
7,705 |
|
|
|
10,596 |
|
|
|
13,200 |
|
|
|
15,116 |
|
|
|
24,198 |
|
|
|
7,705 |
|
|
|
24,198 |
|
Federal funds purchased |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13 |
|
|
|
- |
|
|
|
13 |
|
FHLB borrowed funds |
|
|
1,875 |
|
|
|
1,917 |
|
|
|
2,235 |
|
|
|
2,656 |
|
|
|
2,698 |
|
|
|
1,875 |
|
|
|
2,698 |
|
Securities sold under agreements to repurchase |
|
|
190 |
|
|
|
208 |
|
|
|
237 |
|
|
|
260 |
|
|
|
462 |
|
|
|
190 |
|
|
|
462 |
|
Subordinated debentures |
|
|
4,793 |
|
|
|
4,810 |
|
|
|
4,823 |
|
|
|
4,899 |
|
|
|
5,079 |
|
|
|
4,793 |
|
|
|
5,079 |
|
Total interest expense |
|
|
14,563 |
|
|
|
17,531 |
|
|
|
20,495 |
|
|
|
22,931 |
|
|
|
32,450 |
|
|
|
14,563 |
|
|
|
32,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
148,088 |
|
|
|
148,025 |
|
|
|
146,138 |
|
|
|
148,667 |
|
|
|
139,725 |
|
|
|
148,088 |
|
|
|
139,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
- |
|
|
|
- |
|
|
|
14,000 |
|
|
|
20,655 |
|
|
|
94,598 |
|
|
|
- |
|
|
|
94,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for credit losses |
|
|
148,088 |
|
|
|
148,025 |
|
|
|
132,138 |
|
|
|
128,012 |
|
|
|
45,127 |
|
|
|
148,088 |
|
|
|
45,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
5,002 |
|
|
|
5,544 |
|
|
|
4,910 |
|
|
|
4,296 |
|
|
|
6,631 |
|
|
|
5,002 |
|
|
|
6,631 |
|
Other service charges and fees |
|
|
7,608 |
|
|
|
8,425 |
|
|
|
8,539 |
|
|
|
7,666 |
|
|
|
6,056 |
|
|
|
7,608 |
|
|
|
6,056 |
|
Trust fees |
|
|
522 |
|
|
|
420 |
|
|
|
378 |
|
|
|
397 |
|
|
|
438 |
|
|
|
522 |
|
|
|
438 |
|
Mortgage lending income |
|
|
8,167 |
|
|
|
10,071 |
|
|
|
10,177 |
|
|
|
6,196 |
|
|
|
2,621 |
|
|
|
8,167 |
|
|
|
2,621 |
|
Insurance commissions |
|
|
492 |
|
|
|
366 |
|
|
|
271 |
|
|
|
533 |
|
|
|
678 |
|
|
|
492 |
|
|
|
678 |
|
Increase in cash value of life insurance |
|
|
502 |
|
|
|
534 |
|
|
|
548 |
|
|
|
558 |
|
|
|
560 |
|
|
|
502 |
|
|
|
560 |
|
Dividends from FHLB, FRB, FNBB & other |
|
|
8,609 |
|
|
|
967 |
|
|
|
3,433 |
|
|
|
230 |
|
|
|
7,842 |
|
|
|
8,609 |
|
|
|
7,842 |
|
Gain on SBA loans |
|
|
- |
|
|
|
304 |
|
|
|
- |
|
|
|
- |
|
|
|
341 |
|
|
|
- |
|
|
|
341 |
|
(Loss) gain on branches, equipment and other assets, net |
|
|
(29 |
) |
|
|
217 |
|
|
|
(27 |
) |
|
|
54 |
|
|
|
82 |
|
|
|
(29 |
) |
|
|
82 |
|
Gain on OREO, net |
|
|
401 |
|
|
|
150 |
|
|
|
470 |
|
|
|
235 |
|
|
|
277 |
|
|
|
401 |
|
|
|
277 |
|
Gain on securities, net |
|
|
219 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
219 |
|
|
|
- |
|
Fair value adjustment for marketable securities |
|
|
5,782 |
|
|
|
4,271 |
|
|
|
(1,350 |
) |
|
|
919 |
|
|
|
(5,818 |
) |
|
|
5,782 |
|
|
|
(5,818 |
) |
Other income |
|
|
8,001 |
|
|
|
2,616 |
|
|
|
2,602 |
|
|
|
3,939 |
|
|
|
3,219 |
|
|
|
8,001 |
|
|
|
3,219 |
|
Total non-interest income |
|
|
45,276 |
|
|
|
33,885 |
|
|
|
29,951 |
|
|
|
25,023 |
|
|
|
22,927 |
|
|
|
45,276 |
|
|
|
22,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
42,059 |
|
|
|
43,022 |
|
|
|
41,511 |
|
|
|
40,088 |
|
|
|
39,329 |
|
|
|
42,059 |
|
|
|
39,329 |
|
Occupancy and equipment |
|
|
9,237 |
|
|
|
9,801 |
|
|
|
9,566 |
|
|
|
10,172 |
|
|
|
8,873 |
|
|
|
9,237 |
|
|
|
8,873 |
|
Data processing expense |
|
|
5,870 |
|
|
|
5,171 |
|
|
|
4,921 |
|
|
|
4,614 |
|
|
|
4,326 |
|
|
|
5,870 |
|
|
|
4,326 |
|
Other operating expenses |
|
|
15,700 |
|
|
|
16,247 |
|
|
|
15,714 |
|
|
|
16,084 |
|
|
|
17,946 |
|
|
|
15,700 |
|
|
|
17,946 |
|
Total non-interest expense |
|
|
72,866 |
|
|
|
74,241 |
|
|
|
71,712 |
|
|
|
70,958 |
|
|
|
70,474 |
|
|
|
72,866 |
|
|
|
70,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
|
120,498 |
|
|
|
107,669 |
|
|
|
90,377 |
|
|
|
82,077 |
|
|
|
(2,420 |
) |
|
|
120,498 |
|
|
|
(2,420 |
) |
Income tax expense (benefit) |
|
|
28,896 |
|
|
|
25,875 |
|
|
|
21,057 |
|
|
|
19,250 |
|
|
|
(2,927 |
) |
|
|
28,896 |
|
|
|
(2,927 |
) |
Net income |
|
$ |
91,602 |
|
|
$ |
81,794 |
|
|
$ |
69,320 |
|
|
$ |
62,827 |
|
|
$ |
507 |
|
|
$ |
91,602 |
|
|
$ |
507 |
|
Home BancShares,
Inc.Selected Financial
Information(Unaudited)
|
|
Quarter Ended |
|
|
Three Months Ended |
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
(Dollars and shares in thousands, except per share
data) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share |
|
$ |
0.55 |
|
|
$ |
0.50 |
|
|
$ |
0.42 |
|
|
$ |
0.38 |
|
|
$ |
- |
|
|
$ |
0.55 |
|
|
$ |
- |
|
Diluted earnings per common
share, as adjusted, excluding fair value adjustment for marketable
securities, special dividend from equity investment, gain on
securities, recoveries on historic losses, provision for credit
losses, branch write-off expense, outsourced special project
expense & merger and acquisition expenses (non-GAAP)(1) |
|
|
0.47 |
|
|
|
0.48 |
|
|
|
0.47 |
|
|
|
0.47 |
|
|
|
0.43 |
|
|
|
0.47 |
|
|
|
0.43 |
|
Basic earnings per common
share |
|
|
0.55 |
|
|
|
0.50 |
|
|
|
0.42 |
|
|
|
0.38 |
|
|
|
- |
|
|
|
0.55 |
|
|
|
- |
|
Dividends per share -
common |
|
|
0.14 |
|
|
|
0.14 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.14 |
|
|
|
0.13 |
|
Book value per common
share |
|
|
16.02 |
|
|
|
15.78 |
|
|
|
15.38 |
|
|
|
15.09 |
|
|
|
14.72 |
|
|
|
16.02 |
|
|
|
14.72 |
|
Tangible book value per common
share (non-GAAP)(1) |
|
|
9.95 |
|
|
|
9.70 |
|
|
|
9.30 |
|
|
|
8.99 |
|
|
|
8.61 |
|
|
|
9.95 |
|
|
|
8.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
|
165,257 |
|
|
|
165,119 |
|
|
|
165,200 |
|
|
|
165,163 |
|
|
|
166,014 |
|
|
|
165,257 |
|
|
|
166,014 |
|
Average diluted shares
outstanding |
|
|
165,446 |
|
|
|
165,119 |
|
|
|
165,200 |
|
|
|
165,163 |
|
|
|
166,014 |
|
|
|
165,446 |
|
|
|
166,014 |
|
End of period common shares
outstanding |
|
|
165,141 |
|
|
|
165,095 |
|
|
|
165,163 |
|
|
|
165,206 |
|
|
|
165,148 |
|
|
|
165,141 |
|
|
|
165,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
2.22 |
% |
|
|
1.97 |
% |
|
|
1.66 |
% |
|
|
1.55 |
% |
|
|
0.01 |
% |
|
|
2.22 |
% |
|
|
0.01 |
% |
Return on average assets
excluding fair value adjustment for marketable securities, special
dividend from equity investment, gain on securities, recoveries on
historic losses, provision for credit losses, branch write-off
expense, outsourced special project expense & merger and
acquisition expenses: (ROA, as adjusted) (non-GAAP)(1) |
|
|
1.88 |
% |
|
|
1.90 |
% |
|
|
1.88 |
% |
|
|
1.93 |
% |
|
|
1.88 |
% |
|
|
1.88 |
% |
|
|
1.88 |
% |
Return on average assets
excluding intangible amortization (non-GAAP)(1) |
|
|
2.39 |
% |
|
|
2.13 |
% |
|
|
1.80 |
% |
|
|
1.68 |
% |
|
|
0.05 |
% |
|
|
2.39 |
% |
|
|
0.05 |
% |
Return on average common
equity |
|
|
14.15 |
% |
|
|
12.72 |
% |
|
|
10.97 |
% |
|
|
10.27 |
% |
|
|
0.08 |
% |
|
|
14.15 |
% |
|
|
0.08 |
% |
Return on average common
equity excluding fair value adjustment for marketable securities,
special dividend from equity investment, gain on securities,
recoveries on historic losses, provision for credit losses, branch
write-off expense, outsourced special project expense & merger
and acquisition expenses: (ROE, as adjusted) (non-GAAP)(1) |
|
|
11.96 |
% |
|
|
12.23 |
% |
|
|
12.39 |
% |
|
|
12.77 |
% |
|
|
11.48 |
% |
|
|
11.96 |
% |
|
|
11.48 |
% |
Return on average tangible
common equity (non-GAAP)(1) |
|
|
22.90 |
% |
|
|
20.96 |
% |
|
|
18.29 |
% |
|
|
17.40 |
% |
|
|
0.14 |
% |
|
|
22.90 |
% |
|
|
0.14 |
% |
Return on average tangible
common equity excluding intangible amortization (non-GAAP)(1) |
|
|
23.16 |
% |
|
|
21.22 |
% |
|
|
18.56 |
% |
|
|
17.70 |
% |
|
|
0.44 |
% |
|
|
23.16 |
% |
|
|
0.44 |
% |
Return on average tangible
common equity excluding fair value adjustment for marketable
securities, special dividend from equity investment, gain on
securities, recoveries on historic losses, provision for credit
losses, branch write-off expense, outsourced special project
expense & merger and acquisition expenses: (ROTCE, as adjusted)
(non-GAAP)(1) |
|
|
19.35 |
% |
|
|
20.15 |
% |
|
|
20.66 |
% |
|
|
21.63 |
% |
|
|
19.22 |
% |
|
|
19.35 |
% |
|
|
19.22 |
% |
(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 |
|
|
Three Months Ended |
|
(Dollars and shares in
thousands, |
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
except per share data) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
36.60 |
% |
|
|
39.64 |
% |
|
|
39.56 |
% |
|
|
39.67 |
% |
|
|
42.08 |
% |
|
|
36.60 |
% |
|
|
42.08 |
% |
Efficiency ratio, as adjusted
(non-GAAP)(1) |
|
|
40.67 |
% |
|
|
40.67 |
% |
|
|
40.08 |
% |
|
|
39.38 |
% |
|
|
41.37 |
% |
|
|
40.67 |
% |
|
|
41.37 |
% |
Net interest margin - FTE |
|
|
4.02 |
% |
|
|
4.00 |
% |
|
|
3.92 |
% |
|
|
4.11 |
% |
|
|
4.22 |
% |
|
|
4.02 |
% |
|
|
4.22 |
% |
Net interest margin - FTE,
excluding PPP loans (non-GAAP)(1) |
|
|
3.87 |
% |
|
|
3.97 |
% |
|
|
3.98 |
% |
|
|
4.16 |
% |
|
|
4.22 |
% |
|
|
3.87 |
% |
|
|
4.22 |
% |
Fully taxable equivalent
adjustment |
|
$ |
1,857 |
|
|
$ |
1,778 |
|
|
$ |
1,576 |
|
|
$ |
1,434 |
|
|
$ |
1,227 |
|
|
$ |
1,857 |
|
|
$ |
1,227 |
|
Total revenue (net) |
|
|
193,364 |
|
|
|
181,910 |
|
|
|
176,089 |
|
|
|
173,690 |
|
|
|
162,652 |
|
|
|
193,364 |
|
|
|
162,652 |
|
Pre-tax net income, excluding
provision for credit losses (PPNR) (non-GAAP)(1) |
|
|
120,498 |
|
|
|
107,669 |
|
|
|
104,377 |
|
|
|
102,732 |
|
|
|
92,178 |
|
|
|
120,498 |
|
|
|
92,178 |
|
Pre-tax net income to total
revenue (net) |
|
|
62.32 |
% |
|
|
59.19 |
% |
|
|
51.32 |
% |
|
|
47.25 |
% |
|
|
-1.49 |
% |
|
|
62.32 |
% |
|
|
-1.49 |
% |
P5NR (Pre-tax, pre-provision,
profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) |
|
|
62.32 |
% |
|
|
59.19 |
% |
|
|
59.28 |
% |
|
|
59.15 |
% |
|
|
56.67 |
% |
|
|
62.32 |
% |
|
|
56.67 |
% |
Net income, excluding
provision for credit losses |
|
|
91,602 |
|
|
|
81,794 |
|
|
|
79,661 |
|
|
|
78,084 |
|
|
|
70,382 |
|
|
|
91,602 |
|
|
|
70,382 |
|
Return on average assets
(pre-tax net income, excluding provision for credit losses)
(non-GAAP)(1) |
|
|
2.92 |
% |
|
|
2.60 |
% |
|
|
2.50 |
% |
|
|
2.53 |
% |
|
|
2.45 |
% |
|
|
2.92 |
% |
|
|
2.45 |
% |
Return on average assets,
excluding provision for credit losses (non-GAAP)(1) |
|
|
2.22 |
% |
|
|
1.97 |
% |
|
|
1.91 |
% |
|
|
1.92 |
% |
|
|
1.87 |
% |
|
|
2.22 |
% |
|
|
1.87 |
% |
Total purchase accounting
accretion |
|
|
5,485 |
|
|
|
5,736 |
|
|
|
6,957 |
|
|
|
7,036 |
|
|
|
7,647 |
|
|
|
5,485 |
|
|
|
7,647 |
|
Average purchase accounting
loan discounts |
|
|
43,940 |
|
|
|
49,563 |
|
|
|
55,835 |
|
|
|
62,822 |
|
|
|
69,365 |
|
|
|
43,940 |
|
|
|
69,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,046 |
|
|
$ |
1,076 |
|
|
$ |
902 |
|
|
$ |
795 |
|
|
$ |
1,226 |
|
|
$ |
1,046 |
|
|
$ |
1,226 |
|
Merger and acquisition
expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
711 |
|
|
|
- |
|
|
|
711 |
|
Amortization of
intangibles |
|
|
1,421 |
|
|
|
1,421 |
|
|
|
1,420 |
|
|
|
1,486 |
|
|
|
1,517 |
|
|
|
1,421 |
|
|
|
1,517 |
|
Electronic banking
expense |
|
|
2,238 |
|
|
|
2,282 |
|
|
|
2,426 |
|
|
|
2,054 |
|
|
|
1,715 |
|
|
|
2,238 |
|
|
|
1,715 |
|
Directors' fees |
|
|
383 |
|
|
|
359 |
|
|
|
429 |
|
|
|
412 |
|
|
|
424 |
|
|
|
383 |
|
|
|
424 |
|
Due from bank service
charges |
|
|
249 |
|
|
|
254 |
|
|
|
259 |
|
|
|
239 |
|
|
|
223 |
|
|
|
249 |
|
|
|
223 |
|
FDIC and state assessment |
|
|
1,363 |
|
|
|
1,493 |
|
|
|
1,607 |
|
|
|
1,846 |
|
|
|
1,548 |
|
|
|
1,363 |
|
|
|
1,548 |
|
Insurance |
|
|
781 |
|
|
|
795 |
|
|
|
766 |
|
|
|
711 |
|
|
|
746 |
|
|
|
781 |
|
|
|
746 |
|
Legal and accounting |
|
|
846 |
|
|
|
790 |
|
|
|
1,235 |
|
|
|
1,278 |
|
|
|
919 |
|
|
|
846 |
|
|
|
919 |
|
Other professional fees |
|
|
1,613 |
|
|
|
1,528 |
|
|
|
1,661 |
|
|
|
1,735 |
|
|
|
3,226 |
|
|
|
1,613 |
|
|
|
3,226 |
|
Operating supplies |
|
|
487 |
|
|
|
440 |
|
|
|
460 |
|
|
|
553 |
|
|
|
535 |
|
|
|
487 |
|
|
|
535 |
|
Postage |
|
|
338 |
|
|
|
315 |
|
|
|
328 |
|
|
|
313 |
|
|
|
327 |
|
|
|
338 |
|
|
|
327 |
|
Telephone |
|
|
346 |
|
|
|
347 |
|
|
|
321 |
|
|
|
310 |
|
|
|
324 |
|
|
|
346 |
|
|
|
324 |
|
Other expense |
|
|
4,589 |
|
|
|
5,147 |
|
|
|
3,900 |
|
|
|
4,352 |
|
|
|
4,505 |
|
|
|
4,589 |
|
|
|
4,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other operating expenses |
|
$ |
15,700 |
|
|
$ |
16,247 |
|
|
$ |
15,714 |
|
|
$ |
16,084 |
|
|
$ |
17,946 |
|
|
$ |
15,700 |
|
|
$ |
17,946 |
|
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
Home BancShares,
Inc.Selected Financial
Information(Unaudited)
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
(Dollars in thousands) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
|
79.77 |
% |
|
|
88.17 |
% |
|
|
90.37 |
% |
|
|
90.73 |
% |
|
|
98.87 |
% |
Common equity to assets |
|
|
15.34 |
% |
|
|
15.89 |
% |
|
|
15.35 |
% |
|
|
14.75 |
% |
|
|
15.65 |
% |
Tangible common equity to
tangible assets (non-GAAP)(1) |
|
|
10.12 |
% |
|
|
10.41 |
% |
|
|
9.88 |
% |
|
|
9.35 |
% |
|
|
9.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS
RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,289,142 |
|
|
$ |
4,429,060 |
|
|
$ |
4,342,141 |
|
|
$ |
4,325,795 |
|
|
$ |
4,357,007 |
|
Construction/land development |
|
|
1,612,973 |
|
|
|
1,562,298 |
|
|
|
1,748,928 |
|
|
|
1,818,151 |
|
|
|
1,892,394 |
|
Agricultural |
|
|
113,382 |
|
|
|
114,431 |
|
|
|
89,476 |
|
|
|
105,554 |
|
|
|
89,630 |
|
Residential real estate
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,437,546 |
|
|
|
1,536,257 |
|
|
|
1,665,628 |
|
|
|
1,730,716 |
|
|
|
1,775,610 |
|
Multifamily residential |
|
|
377,661 |
|
|
|
536,538 |
|
|
|
491,380 |
|
|
|
482,635 |
|
|
|
411,960 |
|
Total real estate |
|
|
7,830,704 |
|
|
|
8,178,584 |
|
|
|
8,337,553 |
|
|
|
8,462,851 |
|
|
|
8,526,601 |
|
Consumer |
|
|
839,819 |
|
|
|
864,690 |
|
|
|
883,568 |
|
|
|
851,344 |
|
|
|
852,174 |
|
Commercial and industrial |
|
|
1,794,787 |
|
|
|
1,896,442 |
|
|
|
2,161,818 |
|
|
|
2,228,816 |
|
|
|
1,759,752 |
|
Agricultural |
|
|
65,017 |
|
|
|
66,869 |
|
|
|
85,365 |
|
|
|
80,023 |
|
|
|
64,582 |
|
Other |
|
|
248,166 |
|
|
|
214,136 |
|
|
|
223,166 |
|
|
|
332,709 |
|
|
|
181,873 |
|
Loans receivable |
|
$ |
10,778,493 |
|
|
$ |
11,220,721 |
|
|
$ |
11,691,470 |
|
|
$ |
11,955,743 |
|
|
$ |
11,384,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paycheck Protection Program (PPP)
loans (included in total loans receivable) |
|
|
667,316 |
|
|
|
691,747 |
|
|
|
848,745 |
|
|
|
848,628 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
245,473 |
|
|
$ |
248,224 |
|
|
$ |
238,340 |
|
|
$ |
228,923 |
|
|
$ |
102,122 |
|
Impact of adopting ASC 326 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
43,988 |
|
Allowance for credit losses on
acquired loans |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
357 |
|
Loans charged off |
|
|
3,047 |
|
|
|
3,040 |
|
|
|
4,599 |
|
|
|
2,582 |
|
|
|
4,265 |
|
Recoveries of loans previously
charged off |
|
|
506 |
|
|
|
289 |
|
|
|
483 |
|
|
|
558 |
|
|
|
740 |
|
Net loans charged off |
|
|
2,541 |
|
|
|
2,751 |
|
|
|
4,116 |
|
|
|
2,024 |
|
|
|
3,525 |
|
Provision for credit losses on loans |
|
|
- |
|
|
|
- |
|
|
|
14,000 |
|
|
|
11,441 |
|
|
|
85,981 |
|
Balance, end of period |
|
$ |
242,932 |
|
|
$ |
245,473 |
|
|
$ |
248,224 |
|
|
$ |
238,340 |
|
|
$ |
228,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average total
loans |
|
|
0.09 |
% |
|
|
0.10 |
% |
|
|
0.14 |
% |
|
|
0.07 |
% |
|
|
0.13 |
% |
Allowance for credit losses to
total loans |
|
|
2.25 |
% |
|
|
2.19 |
% |
|
|
2.12 |
% |
|
|
1.99 |
% |
|
|
2.01 |
% |
Allowance for credit losses to
total loans, excluding PPP loans |
|
|
2.40 |
% |
|
|
2.33 |
% |
|
|
2.29 |
% |
|
|
2.15 |
% |
|
|
2.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
59,142 |
|
|
$ |
64,528 |
|
|
$ |
65,148 |
|
|
$ |
52,074 |
|
|
$ |
52,131 |
|
Loans past due 90 days or more |
|
|
4,209 |
|
|
|
9,610 |
|
|
|
8,635 |
|
|
|
7,824 |
|
|
|
7,760 |
|
Total non-performing loans |
|
|
63,351 |
|
|
|
74,138 |
|
|
|
73,783 |
|
|
|
59,898 |
|
|
|
59,891 |
|
Other non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
3,004 |
|
|
|
4,420 |
|
|
|
4,322 |
|
|
|
6,292 |
|
|
|
8,204 |
|
Other non-performing assets |
|
|
- |
|
|
|
- |
|
|
|
247 |
|
|
|
247 |
|
|
|
447 |
|
Total other non-performing assets |
|
|
3,004 |
|
|
|
4,420 |
|
|
|
4,569 |
|
|
|
6,539 |
|
|
|
8,651 |
|
Total non-performing assets |
|
$ |
66,355 |
|
|
$ |
78,558 |
|
|
$ |
78,352 |
|
|
$ |
66,437 |
|
|
$ |
68,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses for
loans to non-performing loans |
|
|
383.47 |
% |
|
|
331.10 |
% |
|
|
336.42 |
% |
|
|
397.91 |
% |
|
|
382.23 |
% |
Non-performing loans to total
loans |
|
|
0.59 |
% |
|
|
0.66 |
% |
|
|
0.63 |
% |
|
|
0.50 |
% |
|
|
0.53 |
% |
Non-performing assets to total
assets |
|
|
0.38 |
% |
|
|
0.48 |
% |
|
|
0.47 |
% |
|
|
0.39 |
% |
|
|
0.44 |
% |
(1) Calculation of this metric and the
reconciliation to GAAP is included in the schedules accompanying
this release.
Home BancShares,
Inc.Consolidated Net Interest
Margin(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, 2021 |
|
|
December 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 |
|
$ |
1,610,463 |
|
|
$ |
410 |
|
|
|
0.10 |
% |
|
$ |
1,029,047 |
|
|
$ |
270 |
|
|
|
0.10 |
% |
Federal funds sold |
|
|
119 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
5 |
|
|
|
- |
|
|
|
0.00 |
% |
Investment securities - taxable |
|
|
1,637,061 |
|
|
|
6,253 |
|
|
|
1.55 |
% |
|
|
1,615,214 |
|
|
|
6,900 |
|
|
|
1.70 |
% |
Investment securities - non-taxable - FTE |
|
|
848,158 |
|
|
|
6,732 |
|
|
|
3.22 |
% |
|
|
798,402 |
|
|
|
6,550 |
|
|
|
3.26 |
% |
Loans receivable - FTE |
|
|
11,023,139 |
|
|
|
151,113 |
|
|
|
5.56 |
% |
|
|
11,457,713 |
|
|
|
153,614 |
|
|
|
5.33 |
% |
Total interest-earning assets |
|
|
15,118,940 |
|
|
|
164,508 |
|
|
|
4.41 |
% |
|
|
14,900,381 |
|
|
|
167,334 |
|
|
|
4.47 |
% |
Non-earning assets |
|
|
1,599,950 |
|
|
|
|
|
|
|
|
|
|
|
1,592,685 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
16,718,890 |
|
|
|
|
|
|
|
|
|
|
$ |
16,493,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
8,338,791 |
|
|
$ |
4,716 |
|
|
|
0.23 |
% |
|
$ |
8,109,111 |
|
|
$ |
5,813 |
|
|
|
0.29 |
% |
Time deposits |
|
|
1,209,431 |
|
|
|
2,989 |
|
|
|
1.00 |
% |
|
|
1,483,049 |
|
|
|
4,783 |
|
|
|
1.28 |
% |
Total interest-bearing deposits |
|
|
9,548,222 |
|
|
|
7,705 |
|
|
|
0.33 |
% |
|
|
9,592,160 |
|
|
|
10,596 |
|
|
|
0.44 |
% |
Federal funds purchased |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
Securities sold under agreement
to repurchase |
|
|
159,697 |
|
|
|
190 |
|
|
|
0.48 |
% |
|
|
156,198 |
|
|
|
208 |
|
|
|
0.53 |
% |
FHLB borrowed funds |
|
|
400,000 |
|
|
|
1,875 |
|
|
|
1.90 |
% |
|
|
400,001 |
|
|
|
1,917 |
|
|
|
1.91 |
% |
Subordinated debentures |
|
|
370,421 |
|
|
|
4,793 |
|
|
|
5.25 |
% |
|
|
370,232 |
|
|
|
4,810 |
|
|
|
5.17 |
% |
Total interest-bearing liabilities |
|
|
10,478,340 |
|
|
|
14,563 |
|
|
|
0.56 |
% |
|
|
10,518,591 |
|
|
|
17,531 |
|
|
|
0.66 |
% |
Non-interest bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
3,480,050 |
|
|
|
|
|
|
|
|
|
|
|
3,279,708 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
134,882 |
|
|
|
|
|
|
|
|
|
|
|
137,516 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
14,093,272 |
|
|
|
|
|
|
|
|
|
|
|
13,935,815 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
2,625,618 |
|
|
|
|
|
|
|
|
|
|
|
2,557,251 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
16,718,890 |
|
|
|
|
|
|
|
|
|
|
$ |
16,493,066 |
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
|
3.85 |
% |
|
|
|
|
|
|
|
|
|
|
3.81 |
% |
Net interest income and margin -
FTE |
|
|
|
|
|
$ |
149,945 |
|
|
|
4.02 |
% |
|
|
|
|
|
$ |
149,803 |
|
|
|
4.00 |
% |
Home BancShares,
Inc.Consolidated Net Interest
Margin(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, 2021 |
|
|
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 |
|
$ |
1,610,463 |
|
|
$ |
410 |
|
|
|
0.10 |
% |
|
$ |
331,038 |
|
|
$ |
1,116 |
|
|
|
1.36 |
% |
Federal funds sold |
|
|
119 |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
5,218 |
|
|
|
21 |
|
|
|
1.62 |
% |
Investment securities - taxable |
|
|
1,637,061 |
|
|
|
6,253 |
|
|
|
1.55 |
% |
|
|
1,710,288 |
|
|
|
9,776 |
|
|
|
2.30 |
% |
Investment securities - non-taxable - FTE |
|
|
848,158 |
|
|
|
6,732 |
|
|
|
3.22 |
% |
|
|
374,198 |
|
|
|
4,090 |
|
|
|
4.40 |
% |
Loans receivable - FTE |
|
|
11,023,139 |
|
|
|
151,113 |
|
|
|
5.56 |
% |
|
|
11,007,958 |
|
|
|
158,399 |
|
|
|
5.79 |
% |
Total interest-earning assets |
|
|
15,118,940 |
|
|
|
164,508 |
|
|
|
4.41 |
% |
|
|
13,428,700 |
|
|
|
173,402 |
|
|
|
5.19 |
% |
Non-earning assets |
|
|
1,599,950 |
|
|
|
|
|
|
|
|
|
|
|
1,704,775 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
16,718,890 |
|
|
|
|
|
|
|
|
|
|
$ |
15,133,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
8,338,791 |
|
|
$ |
4,716 |
|
|
|
0.23 |
% |
|
$ |
7,041,303 |
|
|
$ |
15,803 |
|
|
|
0.90 |
% |
Time deposits |
|
|
1,209,431 |
|
|
|
2,989 |
|
|
|
1.00 |
% |
|
|
1,943,721 |
|
|
|
8,395 |
|
|
|
1.74 |
% |
Total interest-bearing deposits |
|
|
9,548,222 |
|
|
|
7,705 |
|
|
|
0.33 |
% |
|
|
8,985,024 |
|
|
|
24,198 |
|
|
|
1.08 |
% |
Federal funds purchased |
|
|
- |
|
|
|
- |
|
|
|
0.00 |
% |
|
|
6,264 |
|
|
|
13 |
|
|
|
0.83 |
% |
Securities sold under agreement
to repurchase |
|
|
159,697 |
|
|
|
190 |
|
|
|
0.48 |
% |
|
|
138,180 |
|
|
|
462 |
|
|
|
1.34 |
% |
FHLB borrowed funds |
|
|
400,000 |
|
|
|
1,875 |
|
|
|
1.90 |
% |
|
|
623,525 |
|
|
|
2,698 |
|
|
|
1.74 |
% |
Subordinated debentures |
|
|
370,421 |
|
|
|
4,793 |
|
|
|
5.25 |
% |
|
|
369,652 |
|
|
|
5,079 |
|
|
|
5.53 |
% |
Total interest-bearing liabilities |
|
|
10,478,340 |
|
|
|
14,563 |
|
|
|
0.56 |
% |
|
|
10,122,645 |
|
|
|
32,450 |
|
|
|
1.29 |
% |
Non-interest bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
3,480,050 |
|
|
|
|
|
|
|
|
|
|
|
2,410,583 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
134,882 |
|
|
|
|
|
|
|
|
|
|
|
119,143 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
14,093,272 |
|
|
|
|
|
|
|
|
|
|
|
12,652,371 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
2,625,618 |
|
|
|
|
|
|
|
|
|
|
|
2,481,104 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
16,718,890 |
|
|
|
|
|
|
|
|
|
|
$ |
15,133,475 |
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
|
3.85 |
% |
|
|
|
|
|
|
|
|
|
|
3.90 |
% |
Net interest income and margin -
FTE |
|
|
|
|
|
$ |
149,945 |
|
|
|
4.02 |
% |
|
|
|
|
|
$ |
140,952 |
|
|
|
4.22 |
% |
Home BancShares,
Inc.Non-GAAP
Reconciliations(Unaudited)
|
|
Quarter Ended |
|
|
Three Months Ended |
|
(Dollars and shares in
thousands, |
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
|
|
|
Mar. 31, |
|
except per share data) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2021 |
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
91,602 |
|
|
$ |
81,794 |
|
|
$ |
69,320 |
|
|
$ |
62,827 |
|
|
$ |
507 |
|
|
$ |
91,602 |
|
|
|
|
$ |
507 |
|
Pre-tax adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
|
(5,782 |
) |
|
|
(4,271 |
) |
|
|
1,350 |
|
|
|
(919 |
) |
|
|
5,818 |
|
|
|
(5,782 |
) |
|
|
|
|
5,818 |
|
Special dividend from equity investment |
|
|
(8,073 |
) |
|
|
- |
|
|
|
(3,181 |
) |
|
|
- |
|
|
|
(7,004 |
) |
|
|
(8,073 |
) |
|
|
|
|
(7,004 |
) |
Gain on securities |
|
|
(219 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(219 |
) |
|
|
|
|
- |
|
Recoveries on historic losses |
|
|
(5,107 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,107 |
) |
|
|
|
|
- |
|
Provision for credit losses |
|
|
- |
|
|
|
- |
|
|
|
14,000 |
|
|
|
20,655 |
|
|
|
94,598 |
|
|
|
- |
|
|
|
|
|
94,598 |
|
Branch write-off expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
981 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
Outsourced special project expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,092 |
|
|
|
- |
|
|
|
|
|
1,092 |
|
Merger and acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
711 |
|
|
|
- |
|
|
|
|
|
711 |
|
Total pre-tax adjustments |
|
|
(19,181 |
) |
|
|
(4,271 |
) |
|
|
12,169 |
|
|
|
20,717 |
|
|
|
95,215 |
|
|
|
(19,181 |
) |
|
|
|
|
95,215 |
|
Tax-effect of adjustments |
|
|
(5,013 |
) |
|
|
(1,116 |
) |
|
|
3,181 |
|
|
|
5,414 |
|
|
|
24,884 |
|
|
|
(5,013 |
) |
|
|
|
|
24,884 |
|
Total adjustments after-tax
(B) |
|
|
(14,168 |
) |
|
|
(3,155 |
) |
|
|
8,988 |
|
|
|
15,303 |
|
|
|
70,331 |
|
|
|
(14,168 |
) |
|
|
|
|
70,331 |
|
Earnings, as adjusted (C) |
|
$ |
77,434 |
|
|
$ |
78,639 |
|
|
$ |
78,308 |
|
|
$ |
78,130 |
|
|
$ |
70,838 |
|
|
$ |
77,434 |
|
|
|
|
$ |
70,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
|
165,446 |
|
|
|
165,119 |
|
|
|
165,200 |
|
|
|
165,163 |
|
|
|
166,014 |
|
|
|
165,446 |
|
|
|
|
|
166,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share:
(A/D) |
|
$ |
0.55 |
|
|
$ |
0.50 |
|
|
$ |
0.42 |
|
|
$ |
0.38 |
|
|
$ |
- |
|
|
$ |
0.55 |
|
|
|
|
$ |
- |
|
Adjustments after-tax: (B/D) |
|
|
(0.08 |
) |
|
|
(0.02 |
) |
|
|
0.05 |
|
|
|
0.09 |
|
|
|
0.43 |
|
|
|
(0.08 |
) |
|
|
|
|
0.43 |
|
Diluted earnings per common
share, as adjusted, excluding fair value adjustment for marketable
securities, special dividend from equity investment, gain on
securities, recoveries on historic losses, provision for credit
losses, branch write-off expense, outsourced special project
expense & merger and acquisition expenses: (C/D) |
|
$ |
0.47 |
|
|
$ |
0.48 |
|
|
$ |
0.47 |
|
|
$ |
0.47 |
|
|
$ |
0.43 |
|
|
$ |
0.47 |
|
|
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets:
(A/G) |
|
|
2.22 |
% |
|
|
1.97 |
% |
|
|
1.66 |
% |
|
|
1.55 |
% |
|
|
0.01 |
% |
|
|
2.22 |
% |
|
|
|
|
0.01 |
% |
Return on average assets
excluding fair value adjustment for marketable securities, special
dividend from equity investment, gain on securities, recoveries on
historic losses, provision for credit losses, branch write-off
expense, outsourced special project expense & merger and
acquisition expenses: (ROA, as adjusted) ((A+F)/G) |
|
|
1.88 |
% |
|
|
1.90 |
% |
|
|
1.88 |
% |
|
|
1.93 |
% |
|
|
1.88 |
% |
|
|
1.88 |
% |
|
|
|
|
1.88 |
% |
Return on average assets (pre-tax
net income, excluding provision for credit losses): (B/G) |
|
|
2.92 |
% |
|
|
2.60 |
% |
|
|
2.50 |
% |
|
|
2.53 |
% |
|
|
2.45 |
% |
|
|
2.92 |
% |
|
|
|
|
2.45 |
% |
Return on average assets,
excluding provision for credit losses: (C/G) |
|
|
2.22 |
% |
|
|
1.97 |
% |
|
|
1.91 |
% |
|
|
1.92 |
% |
|
|
1.87 |
% |
|
|
2.22 |
% |
|
|
|
|
1.87 |
% |
Return on average assets
excluding intangible amortization: ((A+E)/(G-H)) |
|
|
2.39 |
% |
|
|
2.13 |
% |
|
|
1.80 |
% |
|
|
1.68 |
% |
|
|
0.05 |
% |
|
|
2.39 |
% |
|
|
|
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
91,602 |
|
|
$ |
81,794 |
|
|
$ |
69,320 |
|
|
$ |
62,827 |
|
|
$ |
507 |
|
|
$ |
91,602 |
|
|
|
|
$ |
507 |
|
Pre-tax net income, excluding
provision for credit losses (B) |
|
|
120,498 |
|
|
|
107,669 |
|
|
|
104,377 |
|
|
|
102,732 |
|
|
|
92,178 |
|
|
|
120,498 |
|
|
|
|
|
92,178 |
|
Net income, excluding provision
for credit losses (C) |
|
|
91,602 |
|
|
|
81,794 |
|
|
|
79,661 |
|
|
|
78,084 |
|
|
|
70,382 |
|
|
|
91,602 |
|
|
|
|
|
70,382 |
|
Amortization of intangibles
(D) |
|
|
1,421 |
|
|
|
1,421 |
|
|
|
1,420 |
|
|
|
1,486 |
|
|
|
1,517 |
|
|
|
1,421 |
|
|
|
|
|
1,517 |
|
Amortization of intangibles
after-tax (E) |
|
|
1,049 |
|
|
|
1,049 |
|
|
|
1,049 |
|
|
|
1,098 |
|
|
|
1,121 |
|
|
|
1,049 |
|
|
|
|
|
1,121 |
|
Adjustments after-tax (F) |
|
|
(14,168 |
) |
|
|
(3,155 |
) |
|
|
8,988 |
|
|
|
15,303 |
|
|
|
70,331 |
|
|
|
(14,168 |
) |
|
|
|
|
70,331 |
|
Average assets (G) |
|
|
16,718,890 |
|
|
|
16,493,066 |
|
|
|
16,594,495 |
|
|
|
16,319,206 |
|
|
|
15,133,475 |
|
|
|
16,718,890 |
|
|
|
|
|
15,133,475 |
|
Average goodwill, core deposits
& other intangible assets (H) |
|
|
1,003,011 |
|
|
|
1,004,432 |
|
|
|
1,005,864 |
|
|
|
1,007,307 |
|
|
|
999,004 |
|
|
|
1,003,011 |
|
|
|
|
|
999,004 |
|
Home BancShares,
Inc.Non-GAAP
Reconciliations(Unaudited)
|
|
Quarter Ended |
|
|
Three Months Ended |
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
(Dollars and shares in thousands, except per share
data) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average common equity:
(A/D) |
|
|
14.15 |
% |
|
|
12.72 |
% |
|
|
10.97 |
% |
|
|
10.27 |
% |
|
|
0.08 |
% |
|
|
14.15 |
% |
|
|
0.08 |
% |
Return on average common equity
excluding fair value adjustment for marketable securities, special
dividend from equity investment, gain on securities, recoveries on
historic losses, provision for credit losses, branch write-off
expense, outsourced special project expense & merger and
acquisition expenses: (ROE, as adjusted) ((A+C)/D) |
|
|
11.96 |
% |
|
|
12.23 |
% |
|
|
12.39 |
% |
|
|
12.77 |
% |
|
|
11.48 |
% |
|
|
11.96 |
% |
|
|
11.48 |
% |
Return on average tangible common
equity: (A/(D-E)) |
|
|
22.90 |
% |
|
|
20.96 |
% |
|
|
18.29 |
% |
|
|
17.40 |
% |
|
|
0.14 |
% |
|
|
22.90 |
% |
|
|
0.14 |
% |
Return on average tangible common
equity excluding intangible amortization: (B/(D-E)) |
|
|
23.16 |
% |
|
|
21.22 |
% |
|
|
18.56 |
% |
|
|
17.70 |
% |
|
|
0.44 |
% |
|
|
23.16 |
% |
|
|
0.44 |
% |
Return on average tangible common
equity excluding fair value adjustment for marketable securities,
special dividend from equity investment, gain on securities,
recoveries on historic losses, provision for credit losses, branch
write-off expense, outsourced special project expense & merger
and acquisition expenses: (ROTCE, as adjusted) ((A+C)/(D-E)) |
|
|
19.35 |
% |
|
|
20.15 |
% |
|
|
20.66 |
% |
|
|
21.63 |
% |
|
|
19.22 |
% |
|
|
19.35 |
% |
|
|
19.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
91,602 |
|
|
$ |
81,794 |
|
|
$ |
69,320 |
|
|
$ |
62,827 |
|
|
$ |
507 |
|
|
$ |
91,602 |
|
|
$ |
507 |
|
Earnings excluding intangible
amortization (B) |
|
|
92,651 |
|
|
|
82,843 |
|
|
|
70,369 |
|
|
|
63,925 |
|
|
|
1,628 |
|
|
|
92,651 |
|
|
|
1,628 |
|
Adjustments after-tax (C) |
|
|
(14,168 |
) |
|
|
(3,155 |
) |
|
|
8,988 |
|
|
|
15,303 |
|
|
|
70,331 |
|
|
|
(14,168 |
) |
|
|
70,331 |
|
Average common equity (D) |
|
|
2,625,618 |
|
|
|
2,557,251 |
|
|
|
2,513,792 |
|
|
|
2,459,941 |
|
|
|
2,481,104 |
|
|
|
2,625,618 |
|
|
|
2,481,104 |
|
Average goodwill, core deposits
& other intangible assets (E) |
|
|
1,003,011 |
|
|
|
1,004,432 |
|
|
|
1,005,864 |
|
|
|
1,007,307 |
|
|
|
999,004 |
|
|
|
1,003,011 |
|
|
|
999,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
((C-E)/(A+B+D)) |
|
|
36.60 |
% |
|
|
39.64 |
% |
|
|
39.56 |
% |
|
|
39.67 |
% |
|
|
42.08 |
% |
|
|
36.60 |
% |
|
|
42.08 |
% |
Efficiency ratio, as adjusted:
((C-E-G)/(A+B+D-F)) |
|
|
40.67 |
% |
|
|
40.67 |
% |
|
|
40.08 |
% |
|
|
39.38 |
% |
|
|
41.37 |
% |
|
|
40.67 |
% |
|
|
41.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (A) |
|
$ |
148,088 |
|
|
$ |
148,025 |
|
|
$ |
146,138 |
|
|
$ |
148,667 |
|
|
$ |
139,725 |
|
|
$ |
148,088 |
|
|
$ |
139,725 |
|
Non-interest income (B) |
|
|
45,276 |
|
|
|
33,885 |
|
|
|
29,951 |
|
|
|
25,023 |
|
|
|
22,927 |
|
|
|
45,276 |
|
|
|
22,927 |
|
Non-interest expense (C) |
|
|
72,866 |
|
|
|
74,241 |
|
|
|
71,712 |
|
|
|
70,958 |
|
|
|
70,474 |
|
|
|
72,866 |
|
|
|
70,474 |
|
Fully taxable equivalent
adjustment (D) |
|
|
1,857 |
|
|
|
1,778 |
|
|
|
1,576 |
|
|
|
1,434 |
|
|
|
1,227 |
|
|
|
1,857 |
|
|
|
1,227 |
|
Amortization of intangibles
(E) |
|
|
1,421 |
|
|
|
1,421 |
|
|
|
1,420 |
|
|
|
1,486 |
|
|
|
1,517 |
|
|
|
1,421 |
|
|
|
1,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
$ |
5,782 |
|
|
$ |
4,271 |
|
|
$ |
(1,350 |
) |
|
$ |
919 |
|
|
$ |
(5,818 |
) |
|
$ |
5,782 |
|
|
$ |
(5,818 |
) |
Gain (loss) on OREO |
|
|
401 |
|
|
|
150 |
|
|
|
470 |
|
|
|
235 |
|
|
|
277 |
|
|
|
401 |
|
|
|
277 |
|
Gain (loss) on branches, equipment and other assets, net |
|
|
(29 |
) |
|
|
217 |
|
|
|
(27 |
) |
|
|
54 |
|
|
|
82 |
|
|
|
(29 |
) |
|
|
82 |
|
Special dividend from equity investment |
|
|
8,073 |
|
|
|
- |
|
|
|
3,181 |
|
|
|
- |
|
|
|
7,004 |
|
|
|
8,073 |
|
|
|
7,004 |
|
Gain (loss) on securities |
|
|
219 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
219 |
|
|
|
- |
|
Recoveries on historic losses |
|
|
5,107 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,107 |
|
|
|
- |
|
Total non-interest income adjustments (F) |
|
$ |
19,553 |
|
|
$ |
4,638 |
|
|
$ |
2,274 |
|
|
$ |
1,208 |
|
|
$ |
1,545 |
|
|
$ |
19,553 |
|
|
$ |
1,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch write-off expense |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
981 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
FDIC Small Bank Assessment Credit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Merger Expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
711 |
|
|
|
- |
|
|
|
711 |
|
Hurricane damage expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outsourced special project expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,092 |
|
|
|
- |
|
|
|
1,092 |
|
Total non-interest expense adjustments (G) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
981 |
|
|
$ |
1,803 |
|
|
$ |
- |
|
|
$ |
1,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED NET INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin: A/C |
|
|
4.02 |
% |
|
|
4.00 |
% |
|
|
3.92 |
% |
|
|
4.11 |
% |
|
|
4.22 |
% |
|
|
4.02 |
% |
|
|
4.22 |
% |
Net interest margin, excluding
PPP loans: B/D |
|
|
3.87 |
% |
|
|
3.97 |
% |
|
|
3.98 |
% |
|
|
4.16 |
% |
|
|
4.22 |
% |
|
|
3.87 |
% |
|
|
4.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - FTE
(A) |
|
$ |
149,945 |
|
|
$ |
149,803 |
|
|
$ |
147,714 |
|
|
$ |
150,101 |
|
|
$ |
140,952 |
|
|
$ |
149,945 |
|
|
$ |
140,952 |
|
PPP loan interest & discount
accretion income |
|
|
11,878 |
|
|
|
8,841 |
|
|
|
5,943 |
|
|
|
4,450 |
|
|
|
- |
|
|
|
11,878 |
|
|
|
- |
|
Net interest income - FTE,
excluding PPP loans (B) |
|
$ |
138,067 |
|
|
$ |
140,962 |
|
|
$ |
141,771 |
|
|
$ |
145,651 |
|
|
$ |
140,952 |
|
|
$ |
138,067 |
|
|
$ |
140,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets
(C) |
|
$ |
15,118,940 |
|
|
$ |
14,900,381 |
|
|
$ |
14,975,146 |
|
|
$ |
14,678,465 |
|
|
$ |
13,428,700 |
|
|
$ |
15,118,940 |
|
|
$ |
13,428,700 |
|
Average PPP loans |
|
|
633,790 |
|
|
|
775,861 |
|
|
|
821,977 |
|
|
|
585,946 |
|
|
|
- |
|
|
|
633,790 |
|
|
|
- |
|
Average interest-earning assets,
excluding PPP loans (D) |
|
$ |
14,485,150 |
|
|
$ |
14,124,520 |
|
|
$ |
14,153,169 |
|
|
$ |
14,092,519 |
|
|
$ |
13,428,700 |
|
|
$ |
14,485,150 |
|
|
$ |
13,428,700 |
|
Home BancShares,
Inc.Non-GAAP
Reconciliations(Unaudited)
|
|
Quarter Ended |
|
|
Three Months Ended |
|
(Dollars and shares in
thousands, |
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
Mar. 31, |
|
|
|
|
Mar. 31, |
|
except per share data) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2021 |
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net income |
|
$ |
120,498 |
|
|
$ |
107,669 |
|
|
$ |
90,377 |
|
|
$ |
82,077 |
|
|
$ |
(2,420 |
) |
|
$ |
120,498 |
|
|
|
|
$ |
(2,420 |
) |
Provision for credit losses |
|
|
- |
|
|
|
- |
|
|
|
14,000 |
|
|
|
20,655 |
|
|
|
94,598 |
|
|
|
- |
|
|
|
|
|
94,598 |
|
Pre-tax net income, excluding
provision for credit losses (PPNR) (A) |
|
$ |
120,498 |
|
|
$ |
107,669 |
|
|
$ |
104,377 |
|
|
$ |
102,732 |
|
|
$ |
92,178 |
|
|
$ |
120,498 |
|
|
|
|
$ |
92,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue (net) (B) |
|
|
193,364 |
|
|
|
181,910 |
|
|
|
176,089 |
|
|
|
173,690 |
|
|
|
162,652 |
|
|
|
193,364 |
|
|
|
|
|
162,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net income to total
revenue (net) |
|
|
62.32 |
% |
|
|
59.19 |
% |
|
|
51.32 |
% |
|
|
47.25 |
% |
|
|
-1.49 |
% |
|
|
62.32 |
% |
|
|
|
|
-1.49 |
% |
P5NR (Pre-tax, pre-provision,
profit percentage) (PPNR to total revenue (net)) |
|
|
62.32 |
% |
|
|
59.19 |
% |
|
|
59.28 |
% |
|
|
59.15 |
% |
|
|
56.67 |
% |
|
|
62.32 |
% |
|
|
|
|
56.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sep. 30, |
|
|
Jun. 30, |
|
|
Mar. 31, |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PERCOMMON
SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share:
(A/B) |
|
$ |
16.02 |
|
|
$ |
15.78 |
|
|
$ |
15.38 |
|
|
$ |
15.09 |
|
|
$ |
14.72 |
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common
share: ((A-C-D)/B) |
|
|
9.95 |
|
|
|
9.70 |
|
|
|
9.30 |
|
|
|
8.99 |
|
|
|
8.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
(A) |
|
$ |
2,645,204 |
|
|
$ |
2,605,758 |
|
|
$ |
2,540,799 |
|
|
$ |
2,492,146 |
|
|
$ |
2,430,271 |
|
|
|
|
|
|
|
|
|
|
|
End of period common shares
outstanding (B) |
|
|
165,141 |
|
|
|
165,095 |
|
|
|
165,163 |
|
|
|
165,206 |
|
|
|
165,148 |
|
|
|
|
|
|
|
|
|
|
|
Goodwill (C) |
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
|
|
|
|
|
|
|
|
Core deposit and other
intangibles (D) |
|
|
29,307 |
|
|
|
30,728 |
|
|
|
32,149 |
|
|
|
33,569 |
|
|
|
35,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITYTO TANGIBLE
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets: (B/A) |
|
|
15.34 |
% |
|
|
15.89 |
% |
|
|
15.35 |
% |
|
|
14.75 |
% |
|
|
15.65 |
% |
|
|
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets: ((B-C-D)/(A-C-D)) |
|
|
10.12 |
% |
|
|
10.41 |
% |
|
|
9.88 |
% |
|
|
9.35 |
% |
|
|
9.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (A) |
|
$ |
17,240,241 |
|
|
$ |
16,398,804 |
|
|
$ |
16,549,758 |
|
|
$ |
16,895,406 |
|
|
$ |
15,531,732 |
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
(B) |
|
|
2,645,204 |
|
|
|
2,605,758 |
|
|
|
2,540,799 |
|
|
|
2,492,146 |
|
|
|
2,430,271 |
|
|
|
|
|
|
|
|
|
|
|
Goodwill (C) |
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
|
|
|
|
|
|
|
|
|
Core deposit and other
intangibles (D) |
|
|
29,307 |
|
|
|
30,728 |
|
|
|
32,149 |
|
|
|
33,569 |
|
|
|
35,055 |
|
|
|
|
|
|
|
|
|
|
|
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