Home BancShares, Inc. (NASDAQ GS: HOMB) (“Home” or the “Company”),
parent company of Centennial Bank, released quarterly earnings
today.
Highlights of the Third Quarter of
2021:
Metric |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
Q3 2020 |
Net Income |
$75.0 million |
$79.1 million |
$91.6 million |
$81.8 million |
$69.3 million |
Total Revenue (net) |
$173.8 million |
$172.4 million |
$193.4 million |
$181.9 million |
$176.1 million |
Income (loss) before income taxes |
$98.2 million |
$104.1 million |
$120.5 million |
$107.7 million |
$90.4 million |
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) |
$98.2 million |
$99.4 million |
$120.5 million |
$107.7 million |
$104.4 million |
Pre-tax net income to total revenue (net) |
56.50% |
60.42% |
62.32% |
59.19% |
51.32% |
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total
revenue (net)) (non-GAAP)(1) |
56.50% |
57.66% |
62.32% |
59.19% |
59.28% |
ROA |
1.68% |
1.81% |
2.22% |
1.97% |
1.66% |
NIM |
3.60% |
3.61% |
4.02% |
4.00% |
3.92% |
NIM, excluding PPP loans (non-GAAP)(1) |
3.43% |
3.54% |
3.87% |
3.97% |
3.98% |
Purchase Accounting Accretion |
$4.9 million |
$5.8 million |
$5.5 million |
$5.7 million |
$7.0 million |
ROE |
10.97% |
11.92% |
14.15% |
12.72% |
10.97% |
ROTCE (non-GAAP)(1) |
17.39% |
19.12% |
22.90% |
20.96% |
18.29% |
Diluted Earnings Per Share |
$0.46 |
$0.48 |
$0.55 |
$0.50 |
$0.42 |
Non-Performing Assets to Total Assets |
0.29% |
0.35% |
0.38% |
0.48% |
0.47% |
Common Equity Tier 1 Capital |
15.2% |
15.0% |
14.3% |
13.4% |
12.6% |
Leverage |
11.0% |
10.9% |
11.1% |
10.8% |
10.4% |
Tier 1 Capital |
15.8% |
15.6% |
14.9% |
14.0% |
13.2% |
Total Risk-Based Capital |
19.6% |
19.5% |
18.8% |
17.8% |
16.9% |
Allowance for Credit Losses to Total Loans |
2.41% |
2.36% |
2.25% |
2.19% |
2.12% |
Allowance for Credit Losses to Total Loans, excluding PPP loans
(non-GAAP)(1) |
2.47% |
2.47% |
2.40% |
2.33% |
2.28% |
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
“We had a great third quarter and a great first
nine months as our company is continuing on to another $300 million
plus year for the fourth year in a row. On the Happy HOMB front,
there may not have been a better deal done in the last several
years, unless it was an MOE or a complete franchise overlap that
eliminated almost all of the branches. As a well-known analyst
said, ‘HOMB threaded the needle perfectly on this deal.’ The market
reaction has been favorable and a nod to the work we put into the
structure of a triple accretive deal,” said John Allison,
Chairman.
“September saw the first quality loan growth we
have seen in some time. Loans recorded an increase of $55 million
ex-PPP for the month - couple that with a $250 million increase in
unfunded commitments for the quarter, and we are optimistic that
quality loans will continue to build. I am personally excited about
our partnership with Happy State Bank and am looking forward to
working with their team in 2022 and beyond. I could not be happier
with this deal as it works for both Happy and HOMB employees and
shareholders,” said Tracy French, Centennial Bank President and
Chief Executive Officer.
Operating Highlights
Net income for the three-month period ended
September 30, 2021 was $75.0 million, or $0.46 earnings per
share. Net income for the nine-month period ended
September 30, 2021 was $245.7 million, or $1.49 earnings per
share, both of which are records for the Company.
During the third 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 September 30, 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 3.60% for the
three-month period ended September 30, 2021 compared to 3.61%
for the three-month period ended June 30, 2021. The yield on
loans was 5.64% and 5.40% for the three months ended
September 30, 2021 and June 30, 2021, respectively, as
average loans decreased from $10.54 billion to $10.04 billion.
Additionally, the rate on interest bearing deposits decreased to
0.23% as of September 30, 2021 from 0.26% as of June 30,
2021, with average balances of $9.86 billion and $9.81 billion,
respectively.
As of September 30, 2021, we had $241.5
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 September 30, 2021 was 3.43%.(1) The
PPP loans were accretive to the net interest margin by 17 basis
points for the three-month period ended September 30, 2021
compared to 7 basis points for the three-month period ended
June 30, 2021. This was primarily due to approximately $232.4
million of the Company’s PPP loans being forgiven during the third
quarter of 2021 as well as the acceleration of deferred fees for
the loans that were forgiven. The deferred fee income increased
from $6.3 million to $9.3 million for the three-month periods ended
June 30, 2021 and September 30, 2021, respectively.
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 $337.7
million of average interest-bearing cash balances in the third
quarter of 2021 compared to the second quarter of 2021. This excess
liquidity diluted the net interest margin by 8 basis points for the
three-month period ended September 30, 2021.
During the third quarter of 2021, there was $3.5
million of event interest income compared to event interest income
of $942,000 for the second quarter of 2021. This increased the net
interest margin by 6 basis points.
Purchase accounting accretion on acquired loans
was $4.9 million and $5.8 million and average purchase accounting
loan discounts were $36.5 million and $38.6 million for the
three-month periods ended September 30, 2021 and June 30,
2021, respectively. The reduction in accretion income reduced the
net interest margin by 2 basis points for the three-month period
ended September 30, 2021.
Net interest income on a fully taxable
equivalent basis was $146.4 million for the three-month period
ended September 30, 2021 and $143.0 million for the
three-month period ended June 30, 2021. This increase in net
interest income for the three-month period ended September 30,
2021 was the result of a $2.6 million increase in interest income
and a $780,000 decrease in interest expense. The $2.6 million
increase in interest income was primarily the result of a $1.2
million net increase in investment income, a $911,000 increase in
loan interest income, and a $410,000 increase in interest-bearing
balances due from banks. The $780,000 decrease in interest expense
was primarily the result of a decrease in interest expense on
deposits.
The Company reported $29.2 million of
non-interest income for the third quarter of 2021. The most
important components of the second quarter non-interest income were
$8.1 million from other service charges and fees, $5.9 million in
mortgage lending income, $5.9 million from service charges on
deposit accounts, $4.3 million from other income and $2.7 million
from dividends from FHLB, FRB, FNBB and other. Included in the $2.7
million in dividends from FHLB, FRB, FNBB and other were $2.2
million in special dividends from equity investments. The Company
is still currently involved in these investments; however, past
performance does not guarantee future performance.
Non-interest expense for the third quarter of
2021 was $75.6 million. The most important components of the second
quarter non-interest expense were $42.5 million from salaries and
employee benefits, $16.8 million in other expense, $9.3 million in
occupancy and equipment expenses and $6.0 million in data
processing expenses. Also included within non-interest expense was
$1.0 million in merger and acquisition expenses, the majority of
which is non-deductible for tax purposes. For the third quarter of
2021, our efficiency ratio was 42.26%.
Financial Condition
Total loans receivable were $9.90 billion at
September 30, 2021 compared to $10.20 billion at June 30,
2021. Total deposits were $14.00 billion at September 30, 2021
compared to $13.89 billion at June 30, 2021. Total assets were
$17.77 billion at September 30, 2021 compared to $17.63
billion at June 30, 2021.
During the third quarter 2021, the Company
experienced approximately $298.1 million in loan decline.
Centennial CFG experienced $76.1 million of organic loan growth and
had loans of $1.64 billion at September 30, 2021. Our legacy
footprint experienced $141.8 million in organic loan decline and
$232.4 million in PPP loan decline during the quarter.
Non-performing loans to total loans was 0.51% as
of September 30, 2021 compared to 0.58% as of June 30,
2021. Non-performing assets to total assets decreased from 0.35% as
of June 30, 2021 to 0.29% as of September 30, 2021. Net
charge-offs were $1.8 million and $2.5 million for the three months
ended September 30, 2021 and June 30, 2021, respectively.
Non-performing loans at September 30, 2021
were $15.5 million, $25.2 million, $523,000, $1.9 million and $7.8
million in the Arkansas, Florida, Alabama, Shore Premier Finance
and Centennial CFG markets, respectively, for a total of $50.9
million. Non-performing assets at September 30, 2021 were
$16.1 million, $25.8 million, $523,000, $1.9 million and $7.8
million in the Arkansas, Florida, Alabama, Shore Premier Finance
and Centennial CFG markets, respectively, for a total of $52.1
million.
The Company’s allowance for credit losses on
loans was $238.7 million at September 30, 2021, or 2.41% of
total loans, compared to the allowance for credit losses of $240.5
million, or 2.36% of total loans, at June 30, 2021. The
Company’s allowance for credit losses on loans to total loans,
excluding PPP loans (non-GAAP), was 2.47%(1) at both
September 30, 2021 and June 30, 2021. As of September 30,
2021 and June 30, 2021, the Company’s allowance for credit
losses on loans was 468.77% and 407.99% of its total non-performing
loans, respectively.
Stockholders’ equity was $2.74 billion at
September 30, 2021 compared to $2.70 billion at June 30,
2021, an increase of approximately $39.9 million. The increase in
stockholders’ equity was primarily associated with the $52.0
million increase in retained earnings, which was partially offset
by a $3.1 million decrease in accumulated other comprehensive
income and net stock repurchases and share-based compensation
activity of $9.0 million. Book value per common share was $16.68 at
September 30, 2021 compared to $16.39 at June 30, 2021.
Tangible book value per common share (non-GAAP) was $10.59(1) at
September 30, 2021 compared to $10.31(1) at June 30,
2021, an increase of 10.77% 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.
Acquisition
The Company’s previously announced acquisition
of Happy Bancshares, Inc. (“Happy”) and its bank subsidiary, Happy
State Bank, is currently expected to close during the first quarter
of 2022 and is subject to the approval of the shareholders of each
company, regulatory approvals and other customary closing
conditions.
Conference Call
Management will conduct a conference call to
review this information at 1:00 p.m. CT (2:00 ET) on Thursday,
October 21, 2021. We encourage all participants to pre-register for
the conference call using the following link:
https://dpregister.com/sreg/10160407/ed8432fe7e. 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: 10160407, which will be available until October 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.
About Home BancShares
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.” The company
was founded in 1998 and is headquartered in Conway, Arkansas. Visit
www.homebancshares.com or www.my100bank.com for more
information.
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, pre-provision, net income
(PPNR); 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 excluding excess liquidity;
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, as well as statements about the benefits of
the business combination transaction involving Home and Happy.
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
possibility that the proposed acquisition of Happy does not close
when expected or at all because required regulatory, shareholder or
other approvals and other conditions to closing are not received or
satisfied on a timely basis or at all; the possibility that such
transaction may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; the risk
that the benefits from the transaction may not be fully realized or
may take longer to realize than expected, including as a result of
changes in general economic and market conditions, ongoing or
future effects of the COVID-19 pandemic, interest and exchange
rates, monetary policy, laws and regulations and their enforcement,
and the degree of competition in the geographic and business areas
in which Home and Happy operate; the ability to promptly and
effectively integrate the businesses of Home and Happy; the
reaction to the transaction of the companies’ customers, employees
and counterparties; diversion of management time on
acquisition-related issues; the effect of any future mergers,
acquisitions or other transactions to which we or our bank
subsidiary may from time to time be a party, including as a result
of one or more of the factors described above as they would relate
to such transaction; the ability to identify, enter into and/or
close additional 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.
Additional Important Information and
Where to Find It
This press release may be deemed to be
solicitation material in respect of the proposed transaction by
Home and Happy. In connection with the proposed acquisition, Home
intends to file with the Securities and Exchange Commission (the
“SEC”) a Registration Statement on Form S-4 (the “Registration
Statement”) to register the shares of Home common stock to be
issued to shareholders of Happy in connection with the transaction.
The Registration Statement will include a joint proxy statement of
Home and Happy and a prospectus of Home (the “Joint Proxy
Statement/Prospectus”), as well as other relevant materials
regarding the proposed merger transaction involving Home and Happy.
The definitive Joint Proxy Statement/Prospectus will be mailed to
shareholders of Home and Happy. INVESTORS AND SECURITY HOLDERS OF
HOME AND HAPPY ARE ADVISED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER
DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR
INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE
PROPOSED MERGER TRANSACTION. Investors and security holders may
obtain free copies of these documents, once they are filed, and
other documents filed with the SEC on the SEC’s website at
http://www.sec.gov. Investors and security holders may also obtain
free copies of the documents filed with the SEC by Home at Home’s
website at http://www.homebancshares.com, Investor Relations, or by
contacting Donna Townsell, by telephone at (501) 328-4625.
Participants in Solicitation
Home and Happy and certain of their directors
and executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of Home and Happy in
connection with the merger transaction. Information about the
directors and executive officers of Home and their ownership of
Home common stock is set forth in the proxy statement for Home’s
2021 Annual Meeting of Shareholders, as filed with the SEC on
Schedule 14A on March 2, 2021. Information about the directors and
executive officers of Happy and their ownership of Happy common
stock will be set forth in the Joint Proxy Statement/Prospectus to
be included in the Registration Statement. Additional information
regarding the interests of those participants and other persons who
may be deemed participants in the transaction may be obtained by
reading the Joint Proxy Statement/Prospectus regarding the merger
transaction. Free copies of this document may be obtained as
described in the preceding paragraph when it becomes available.
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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Sep. 30, |
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Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(In thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
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ASSETS |
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|
|
|
Cash and due from banks |
|
$ |
146,378 |
|
$ |
182,226 |
|
$ |
218,814 |
|
$ |
242,173 |
|
$ |
144,197 |
|
Interest-bearing deposits with
other banks |
|
|
3,133,878 |
|
|
2,759,027 |
|
|
2,259,734 |
|
|
1,021,615 |
|
|
899,140 |
|
Cash and cash equivalents |
|
|
3,280,256 |
|
|
2,941,253 |
|
|
2,478,548 |
|
|
1,263,788 |
|
|
1,043,337 |
|
Investment securities -
available-for-sale, net of allowance for credit losses |
|
|
3,150,608 |
|
|
3,053,712 |
|
|
2,539,123 |
|
|
2,473,781 |
|
|
2,361,900 |
|
Loans receivable |
|
|
9,901,100 |
|
|
10,199,175 |
|
|
10,778,493 |
|
|
11,220,721 |
|
|
11,691,470 |
|
Allowance for credit
losses |
|
|
(238,673 |
) |
|
(240,451 |
) |
|
(242,932 |
) |
|
(245,473 |
) |
|
(248,224 |
) |
Loans receivable, net |
|
|
9,662,427 |
|
|
9,958,724 |
|
|
10,535,561 |
|
|
10,975,248 |
|
|
11,443,246 |
|
Bank premises and equipment,
net |
|
|
276,972 |
|
|
278,502 |
|
|
278,620 |
|
|
278,614 |
|
|
280,364 |
|
Foreclosed assets held for
sale |
|
|
1,171 |
|
|
1,969 |
|
|
3,004 |
|
|
4,420 |
|
|
4,322 |
|
Cash value of life
insurance |
|
|
104,638 |
|
|
104,132 |
|
|
103,599 |
|
|
103,519 |
|
|
102,989 |
|
Accrued interest
receivable |
|
|
48,577 |
|
|
48,725 |
|
|
55,495 |
|
|
60,528 |
|
|
72,599 |
|
Deferred tax asset, net |
|
|
69,724 |
|
|
72,273 |
|
|
77,145 |
|
|
70,249 |
|
|
75,167 |
|
Goodwill |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
Core deposit and other
intangibles |
|
|
26,466 |
|
|
27,886 |
|
|
29,307 |
|
|
30,728 |
|
|
32,149 |
|
Other assets |
|
|
171,192 |
|
|
166,991 |
|
|
166,814 |
|
|
164,904 |
|
|
160,660 |
|
Total assets |
|
$ |
17,765,056 |
|
$ |
17,627,192 |
|
$ |
17,240,241 |
|
$ |
16,398,804 |
|
$ |
16,549,758 |
|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Liabilities |
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Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and non-interest-bearing |
|
$ |
4,139,149 |
|
$ |
4,076,570 |
|
$ |
3,859,722 |
|
$ |
3,266,753 |
|
$ |
3,207,967 |
|
Savings and interest-bearing transaction accounts |
|
|
8,813,326 |
|
|
8,744,900 |
|
|
8,477,208 |
|
|
8,212,240 |
|
|
8,011,200 |
|
Time deposits |
|
|
1,050,896 |
|
|
1,069,871 |
|
|
1,175,664 |
|
|
1,246,797 |
|
|
1,718,299 |
|
Total deposits |
|
|
14,003,371 |
|
|
13,891,341 |
|
|
13,512,594 |
|
|
12,725,790 |
|
|
12,937,466 |
|
Securities sold under agreements
to repurchase |
|
|
141,002 |
|
|
150,540 |
|
|
162,929 |
|
|
168,931 |
|
|
158,447 |
|
FHLB and other borrowed
funds |
|
|
400,000 |
|
|
400,000 |
|
|
400,000 |
|
|
400,000 |
|
|
403,428 |
|
Accrued interest payable and
other liabilities |
|
|
113,721 |
|
|
118,415 |
|
|
148,999 |
|
|
127,999 |
|
|
139,485 |
|
Subordinated debentures |
|
|
370,900 |
|
|
370,707 |
|
|
370,515 |
|
|
370,326 |
|
|
370,133 |
|
Total liabilities |
|
|
15,028,994 |
|
|
14,931,003 |
|
|
14,595,037 |
|
|
13,793,046 |
|
|
14,008,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
1,640 |
|
|
1,645 |
|
|
1,651 |
|
|
1,651 |
|
|
1,652 |
|
Capital surplus |
|
|
1,492,588 |
|
|
1,501,615 |
|
|
1,516,286 |
|
|
1,520,617 |
|
|
1,520,103 |
|
Retained earnings |
|
|
1,215,831 |
|
|
1,163,810 |
|
|
1,107,818 |
|
|
1,039,370 |
|
|
980,699 |
|
Accumulated other comprehensive
income |
|
|
26,003 |
|
|
29,119 |
|
|
19,449 |
|
|
44,120 |
|
|
38,345 |
|
Total stockholders' equity |
|
|
2,736,062 |
|
|
2,696,189 |
|
|
2,645,204 |
|
|
2,605,758 |
|
|
2,540,799 |
|
Total liabilities and stockholders' equity |
|
$ |
17,765,056 |
|
$ |
17,627,192 |
|
$ |
17,240,241 |
|
$ |
16,398,804 |
|
$ |
16,549,758 |
|
Home BancShares,
Inc.Consolidated Statements of
Income(Unaudited)
|
|
Quarter Ended |
Nine Months Ended |
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
|
Sep. 30, |
|
Sep. 30, |
|
(In thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
142,609 |
|
$ |
141,684 |
|
$ |
150,917 |
|
$ |
153,407 |
|
$ |
154,787 |
|
|
$ |
435,210 |
|
$ |
471,931 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
8,495 |
|
|
7,185 |
|
|
6,253 |
|
|
6,900 |
|
|
7,227 |
|
|
|
21,933 |
|
|
25,696 |
|
Tax-exempt |
|
|
4,839 |
|
|
4,905 |
|
|
5,071 |
|
|
4,979 |
|
|
4,367 |
|
|
|
14,815 |
|
|
11,179 |
|
Deposits - other banks |
|
|
1,117 |
|
|
707 |
|
|
410 |
|
|
270 |
|
|
252 |
|
|
|
2,234 |
|
|
1,579 |
|
Federal funds sold |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
21 |
|
Total interest income |
|
|
157,060 |
|
|
154,481 |
|
|
162,651 |
|
|
165,556 |
|
|
166,633 |
|
|
|
474,192 |
|
|
510,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
5,642 |
|
|
6,434 |
|
|
7,705 |
|
|
10,596 |
|
|
13,200 |
|
|
|
19,781 |
|
|
52,514 |
|
Federal funds purchased |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
13 |
|
FHLB borrowed funds |
|
|
1,917 |
|
|
1,896 |
|
|
1,875 |
|
|
1,917 |
|
|
2,235 |
|
|
|
5,688 |
|
|
7,589 |
|
Securities sold under agreements to repurchase |
|
|
102 |
|
|
107 |
|
|
190 |
|
|
208 |
|
|
237 |
|
|
|
399 |
|
|
959 |
|
Subordinated debentures |
|
|
4,788 |
|
|
4,792 |
|
|
4,793 |
|
|
4,810 |
|
|
4,823 |
|
|
|
14,373 |
|
|
14,801 |
|
Total interest expense |
|
|
12,449 |
|
|
13,229 |
|
|
14,563 |
|
|
17,531 |
|
|
20,495 |
|
|
|
40,241 |
|
|
75,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
144,611 |
|
|
141,252 |
|
|
148,088 |
|
|
148,025 |
|
|
146,138 |
|
|
|
433,951 |
|
|
434,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
14,000 |
|
|
|
- |
|
|
112,264 |
|
Provision for credit loss - unfunded commitments |
|
|
- |
|
|
(4,752 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
(4,752 |
) |
|
16,989 |
|
Total credit loss expense |
|
|
- |
|
|
(4,752 |
) |
|
- |
|
|
- |
|
|
14,000 |
|
|
|
(4,752 |
) |
|
129,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after
provision for credit losses |
|
|
144,611 |
|
|
146,004 |
|
|
148,088 |
|
|
148,025 |
|
|
132,138 |
|
|
|
438,703 |
|
|
305,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
5,941 |
|
|
5,116 |
|
|
5,002 |
|
|
5,544 |
|
|
4,910 |
|
|
|
16,059 |
|
|
15,837 |
|
Other service charges and fees |
|
|
8,051 |
|
|
9,659 |
|
|
7,608 |
|
|
8,425 |
|
|
8,539 |
|
|
|
25,318 |
|
|
22,261 |
|
Trust fees |
|
|
479 |
|
|
444 |
|
|
522 |
|
|
420 |
|
|
378 |
|
|
|
1,445 |
|
|
1,213 |
|
Mortgage lending income |
|
|
5,948 |
|
|
6,202 |
|
|
8,167 |
|
|
10,071 |
|
|
10,177 |
|
|
|
20,317 |
|
|
18,994 |
|
Insurance commissions |
|
|
586 |
|
|
478 |
|
|
492 |
|
|
366 |
|
|
271 |
|
|
|
1,556 |
|
|
1,482 |
|
Increase in cash value of life insurance |
|
|
509 |
|
|
537 |
|
|
502 |
|
|
534 |
|
|
548 |
|
|
|
1,548 |
|
|
1,666 |
|
Dividends from FHLB, FRB, FNBB & other |
|
|
2,661 |
|
|
2,646 |
|
|
8,609 |
|
|
967 |
|
|
3,433 |
|
|
|
13,916 |
|
|
11,505 |
|
Gain on SBA loans |
|
|
439 |
|
|
1,149 |
|
|
- |
|
|
304 |
|
|
- |
|
|
|
1,588 |
|
|
341 |
|
(Loss) gain on branches, equipment and other assets, net |
|
|
(34 |
) |
|
(23 |
) |
|
(29 |
) |
|
217 |
|
|
(27 |
) |
|
|
(86 |
) |
|
109 |
|
Gain on OREO, net |
|
|
246 |
|
|
619 |
|
|
401 |
|
|
150 |
|
|
470 |
|
|
|
1,266 |
|
|
982 |
|
Gain on securities, net |
|
|
- |
|
|
- |
|
|
219 |
|
|
- |
|
|
- |
|
|
|
219 |
|
|
- |
|
Fair value adjustment for marketable securities |
|
|
61 |
|
|
1,250 |
|
|
5,782 |
|
|
4,271 |
|
|
(1,350 |
) |
|
|
7,093 |
|
|
(6,249 |
) |
Other income |
|
|
4,322 |
|
|
3,043 |
|
|
8,001 |
|
|
2,616 |
|
|
2,602 |
|
|
|
15,366 |
|
|
9,760 |
|
Total non-interest income |
|
|
29,209 |
|
|
31,120 |
|
|
45,276 |
|
|
33,885 |
|
|
29,951 |
|
|
|
105,605 |
|
|
77,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
42,469 |
|
|
42,462 |
|
|
42,059 |
|
|
43,022 |
|
|
41,511 |
|
|
|
126,990 |
|
|
120,928 |
|
Occupancy and equipment |
|
|
9,305 |
|
|
9,042 |
|
|
9,237 |
|
|
9,801 |
|
|
9,566 |
|
|
|
27,584 |
|
|
28,611 |
|
Data processing expense |
|
|
6,024 |
|
|
5,893 |
|
|
5,870 |
|
|
5,171 |
|
|
4,921 |
|
|
|
17,787 |
|
|
13,861 |
|
Merger and acquisition expenses |
|
|
1,006 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
1,006 |
|
|
711 |
|
Other operating expenses |
|
|
16,815 |
|
|
15,585 |
|
|
15,700 |
|
|
16,247 |
|
|
15,714 |
|
|
|
48,100 |
|
|
49,033 |
|
Total non-interest expense |
|
|
75,619 |
|
|
72,982 |
|
|
72,866 |
|
|
74,241 |
|
|
71,712 |
|
|
|
221,467 |
|
|
213,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
|
98,201 |
|
|
104,142 |
|
|
120,498 |
|
|
107,669 |
|
|
90,377 |
|
|
|
322,841 |
|
|
170,034 |
|
Income tax expense (benefit) |
|
|
23,209 |
|
|
25,072 |
|
|
28,896 |
|
|
25,875 |
|
|
21,057 |
|
|
|
77,177 |
|
|
37,380 |
|
Net income |
|
$ |
74,992 |
|
$ |
79,070 |
|
$ |
91,602 |
|
$ |
81,794 |
|
$ |
69,320 |
|
|
$ |
245,664 |
|
$ |
132,654 |
|
Home BancShares,
Inc.Selected Financial
Information(Unaudited)
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
(Dollars and shares in
thousands, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
|
Sep. 30, |
|
Sep. 30, |
|
except per share data) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common
share |
|
$ |
0.46 |
|
$ |
0.48 |
|
$ |
0.55 |
|
$ |
0.50 |
|
$ |
0.42 |
|
|
$ |
1.49 |
|
$ |
0.80 |
|
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, branch write-off expense, outsourced
special project expense & merger and acquisition expenses
(non-GAAP)(1) |
|
|
0.45 |
|
|
0.46 |
|
|
0.47 |
|
|
0.48 |
|
|
0.41 |
|
|
|
1.38 |
|
|
0.80 |
|
Basic earnings per common
share |
|
|
0.46 |
|
|
0.48 |
|
|
0.55 |
|
|
0.50 |
|
|
0.42 |
|
|
|
1.49 |
|
|
0.80 |
|
Dividends per share -
common |
|
|
0.14 |
|
|
0.14 |
|
|
0.14 |
|
|
0.14 |
|
|
0.13 |
|
|
|
0.42 |
|
|
0.39 |
|
Book value per common
share |
|
|
16.68 |
|
|
16.39 |
|
|
16.02 |
|
|
15.78 |
|
|
15.38 |
|
|
|
16.68 |
|
|
15.38 |
|
Tangible book value per common
share (non-GAAP)(1) |
|
|
10.59 |
|
|
10.31 |
|
|
9.95 |
|
|
9.70 |
|
|
9.30 |
|
|
|
10.59 |
|
|
9.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
|
164,126 |
|
|
164,781 |
|
|
165,257 |
|
|
165,119 |
|
|
165,200 |
|
|
|
164,717 |
|
|
165,458 |
|
Average diluted shares
outstanding |
|
|
164,603 |
|
|
165,226 |
|
|
165,446 |
|
|
165,119 |
|
|
165,200 |
|
|
|
165,050 |
|
|
165,458 |
|
End of period common shares
outstanding |
|
|
164,008 |
|
|
164,488 |
|
|
165,141 |
|
|
165,095 |
|
|
165,163 |
|
|
|
164,008 |
|
|
165,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.68 |
% |
|
1.81 |
% |
|
2.22 |
% |
|
1.97 |
% |
|
1.66 |
% |
|
|
1.90 |
% |
|
1.11 |
% |
Return on average assets
excluding fair value adjustment for marketable securities,
special dividend from equity investment, gain on securities,
recoveries on historic losses, branch write-off expense,
outsourced special project expense & merger and acquisition
expenses: (ROA, as adjusted) (non-GAAP)(1) |
|
|
1.67 |
% |
|
1.75 |
% |
|
1.88 |
% |
|
1.90 |
% |
|
1.63 |
% |
|
|
1.76 |
% |
|
1.10 |
% |
Return on average assets
excluding intangible amortization (non-GAAP)(1) |
|
|
1.81 |
% |
|
1.95 |
% |
|
2.39 |
% |
|
2.13 |
% |
|
1.80 |
% |
|
|
2.04 |
% |
|
1.21 |
% |
Return on average assets
excluding excess liquidity (non-GAAP)(1) |
|
|
1.98 |
% |
|
2.09 |
% |
|
2.42 |
% |
|
2.07 |
% |
|
1.74 |
% |
|
|
2.17 |
% |
|
1.14 |
% |
Return on average common
equity |
|
|
10.97 |
% |
|
11.92 |
% |
|
14.15 |
% |
|
12.72 |
% |
|
10.97 |
% |
|
|
12.32 |
% |
|
7.13 |
% |
Return on average common
equity excluding fair value adjustment for marketable
securities, special dividend from equity investment, gain on
securities, recoveries on historic losses, branch write-off
expense, outsourced special project expense & merger and
acquisition expenses: (ROE, as adjusted) (non-GAAP)(1) |
|
|
10.87 |
% |
|
11.54 |
% |
|
11.95 |
% |
|
12.23 |
% |
|
10.76 |
% |
|
|
11.44 |
% |
|
7.08 |
% |
Return on average tangible
common equity (non-GAAP)(1) |
|
|
17.39 |
% |
|
19.12 |
% |
|
22.90 |
% |
|
20.96 |
% |
|
18.29 |
% |
|
|
19.74 |
% |
|
11.96 |
% |
Return on average tangible
common equity excluding intangible amortization
(non-GAAP)(1) |
|
|
17.64 |
% |
|
19.38 |
% |
|
23.16 |
% |
|
21.22 |
% |
|
18.56 |
% |
|
|
19.99 |
% |
|
12.26 |
% |
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, branch write-off
expense, outsourced special project expense & merger
and acquisition expenses: (ROTCE, as adjusted)
(non-GAAP)(1) |
|
|
17.23 |
% |
|
18.50 |
% |
|
19.33 |
% |
|
20.15 |
% |
|
17.93 |
% |
|
|
18.33 |
% |
|
11.89 |
% |
(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 |
|
|
Nine Months Ended |
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
|
Sep. 30, |
|
Sep. 30, |
|
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
42.26 |
% |
|
41.09 |
% |
|
36.60 |
% |
|
39.64 |
% |
|
39.56 |
% |
|
|
39.86 |
% |
|
40.40 |
% |
Efficiency ratio, as adjusted
(non-GAAP)(1) |
|
|
42.29 |
% |
|
42.07 |
% |
|
40.68 |
% |
|
40.67 |
% |
|
40.08 |
% |
|
|
41.67 |
% |
|
40.25 |
% |
Net interest margin - FTE |
|
|
3.60 |
% |
|
3.61 |
% |
|
4.02 |
% |
|
4.00 |
% |
|
3.92 |
% |
|
|
3.74 |
% |
|
4.08 |
% |
Net interest margin - FTE,
excluding PPP loans (non-GAAP)(1) |
|
|
3.43 |
% |
|
3.54 |
% |
|
3.87 |
% |
|
3.97 |
% |
|
3.98 |
% |
|
|
3.61 |
% |
|
4.12 |
% |
Fully taxable equivalent
adjustment |
|
$ |
1,748 |
|
$ |
1,774 |
|
$ |
1,821 |
|
$ |
1,778 |
|
$ |
1,576 |
|
|
$ |
5,343 |
|
$ |
4,237 |
|
Total revenue (net) |
|
|
173,820 |
|
|
172,372 |
|
|
193,364 |
|
|
181,910 |
|
|
176,089 |
|
|
|
539,556 |
|
|
512,431 |
|
Pre-tax, pre-provision, net
income (PPNR) (non-GAAP)(1) |
|
|
98,201 |
|
|
99,390 |
|
|
120,498 |
|
|
107,669 |
|
|
104,377 |
|
|
|
318,089 |
|
|
299,287 |
|
Pre-tax net income to total
revenue (net) |
|
|
56.50 |
% |
|
60.42 |
% |
|
62.32 |
% |
|
59.19 |
% |
|
51.32 |
% |
|
|
59.83 |
% |
|
33.18 |
% |
P5NR (Pre-tax, pre-provision,
profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) |
|
|
56.50 |
% |
|
57.66 |
% |
|
62.32 |
% |
|
59.19 |
% |
|
59.28 |
% |
|
|
58.95 |
% |
|
58.41 |
% |
Total purchase accounting
accretion |
|
|
4,868 |
|
|
5,797 |
|
|
5,485 |
|
|
5,736 |
|
|
6,957 |
|
|
|
16,150 |
|
|
21,640 |
|
Average purchase accounting
loan discounts |
|
|
36,456 |
|
|
38,568 |
|
|
43,940 |
|
|
49,563 |
|
|
55,835 |
|
|
|
38,587 |
|
|
62,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,204 |
|
$ |
1,194 |
|
$ |
1,046 |
|
$ |
1,076 |
|
$ |
902 |
|
|
$ |
3,444 |
|
$ |
2,923 |
|
Amortization of
intangibles |
|
|
1,421 |
|
|
1,421 |
|
|
1,421 |
|
|
1,421 |
|
|
1,420 |
|
|
|
4,263 |
|
|
4,423 |
|
Electronic banking
expense |
|
|
2,521 |
|
|
2,616 |
|
|
2,238 |
|
|
2,282 |
|
|
2,426 |
|
|
|
7,375 |
|
|
6,195 |
|
Directors' fees |
|
|
395 |
|
|
414 |
|
|
383 |
|
|
359 |
|
|
429 |
|
|
|
1,192 |
|
|
1,265 |
|
Due from bank service
charges |
|
|
265 |
|
|
273 |
|
|
249 |
|
|
254 |
|
|
259 |
|
|
|
787 |
|
|
721 |
|
FDIC and state assessment |
|
|
1,648 |
|
|
1,108 |
|
|
1,363 |
|
|
1,493 |
|
|
1,607 |
|
|
|
4,119 |
|
|
5,001 |
|
Insurance |
|
|
749 |
|
|
787 |
|
|
781 |
|
|
795 |
|
|
766 |
|
|
|
2,317 |
|
|
2,223 |
|
Legal and accounting |
|
|
1,050 |
|
|
1,058 |
|
|
846 |
|
|
790 |
|
|
1,235 |
|
|
|
2,954 |
|
|
3,432 |
|
Other professional fees |
|
|
1,787 |
|
|
1,796 |
|
|
1,613 |
|
|
1,528 |
|
|
1,661 |
|
|
|
5,196 |
|
|
6,622 |
|
Operating supplies |
|
|
474 |
|
|
465 |
|
|
487 |
|
|
440 |
|
|
460 |
|
|
|
1,426 |
|
|
1,548 |
|
Postage |
|
|
301 |
|
|
292 |
|
|
338 |
|
|
315 |
|
|
328 |
|
|
|
931 |
|
|
968 |
|
Telephone |
|
|
371 |
|
|
365 |
|
|
346 |
|
|
347 |
|
|
321 |
|
|
|
1,082 |
|
|
955 |
|
Other expense |
|
|
4,629 |
|
|
3,796 |
|
|
4,589 |
|
|
5,147 |
|
|
3,900 |
|
|
|
13,014 |
|
|
12,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other operating expenses |
|
$ |
16,815 |
|
$ |
15,585 |
|
$ |
15,700 |
|
$ |
16,247 |
|
$ |
15,714 |
|
|
$ |
48,100 |
|
$ |
49,033 |
|
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
Home BancShares,
Inc.Selected Financial
Information(Unaudited)
|
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total
deposits |
|
|
70.71 |
% |
|
73.42 |
% |
|
79.77 |
% |
|
88.17 |
% |
|
90.37 |
% |
Common equity to assets |
|
|
15.40 |
% |
|
15.30 |
% |
|
15.34 |
% |
|
15.89 |
% |
|
15.35 |
% |
Tangible common equity to
tangible assets (non-GAAP)(1) |
|
|
10.36 |
% |
|
10.20 |
% |
|
10.12 |
% |
|
10.41 |
% |
|
9.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS
RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
4,005,841 |
|
$ |
4,144,375 |
|
$ |
4,289,142 |
|
$ |
4,429,060 |
|
$ |
4,342,141 |
|
Construction/land development |
|
|
1,742,687 |
|
|
1,541,482 |
|
|
1,612,973 |
|
|
1,562,298 |
|
|
1,748,928 |
|
Agricultural |
|
|
138,881 |
|
|
126,293 |
|
|
113,382 |
|
|
114,431 |
|
|
89,476 |
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,273,988 |
|
|
1,316,485 |
|
|
1,437,546 |
|
|
1,536,257 |
|
|
1,665,628 |
|
Multifamily residential |
|
|
274,131 |
|
|
332,256 |
|
|
377,661 |
|
|
536,538 |
|
|
491,380 |
|
Total real estate |
|
|
7,435,528 |
|
|
7,460,891 |
|
|
7,830,704 |
|
|
8,178,584 |
|
|
8,337,553 |
|
Consumer |
|
|
814,732 |
|
|
824,938 |
|
|
839,819 |
|
|
864,690 |
|
|
883,568 |
|
Commercial and industrial |
|
|
1,414,079 |
|
|
1,612,826 |
|
|
1,794,787 |
|
|
1,896,442 |
|
|
2,161,818 |
|
Agricultural |
|
|
68,272 |
|
|
69,152 |
|
|
65,017 |
|
|
66,869 |
|
|
85,365 |
|
Other |
|
|
168,489 |
|
|
231,368 |
|
|
248,166 |
|
|
214,136 |
|
|
223,166 |
|
Loans receivable |
|
$ |
9,901,100 |
|
$ |
10,199,175 |
|
$ |
10,778,493 |
|
$ |
11,220,721 |
|
$ |
11,691,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paycheck Protection Program (PPP)
loans (net of discounts) (included in total loans receivable) |
|
|
241,476 |
|
|
473,894 |
|
|
646,382 |
|
|
675,225 |
|
|
825,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
240,451 |
|
$ |
242,932 |
|
$ |
245,473 |
|
$ |
248,224 |
|
$ |
238,340 |
|
Loans charged off |
|
|
2,469 |
|
|
3,023 |
|
|
3,047 |
|
|
3,040 |
|
|
4,599 |
|
Recoveries of loans previously
charged off |
|
|
691 |
|
|
542 |
|
|
506 |
|
|
289 |
|
|
483 |
|
Net loans charged off |
|
|
1,778 |
|
|
2,481 |
|
|
2,541 |
|
|
2,751 |
|
|
4,116 |
|
Provision for credit losses -
loans |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
14,000 |
|
Balance, end of period |
|
$ |
238,673 |
|
$ |
240,451 |
|
$ |
242,932 |
|
$ |
245,473 |
|
$ |
248,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average total
loans |
|
|
0.07 |
% |
|
0.09 |
% |
|
0.09 |
% |
|
0.10 |
% |
|
0.14 |
% |
Allowance for credit losses to
total loans |
|
|
2.41 |
% |
|
2.36 |
% |
|
2.25 |
% |
|
2.19 |
% |
|
2.12 |
% |
Allowance for credit losses to
total loans, excluding PPP loans |
|
|
2.47 |
% |
|
2.47 |
% |
|
2.40 |
% |
|
2.33 |
% |
|
2.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
47,604 |
|
$ |
55,269 |
|
$ |
59,142 |
|
$ |
64,528 |
|
$ |
65,148 |
|
Loans past due 90 days or more |
|
|
3,311 |
|
|
3,667 |
|
|
4,209 |
|
|
9,610 |
|
|
8,635 |
|
Total non-performing loans |
|
|
50,915 |
|
|
58,936 |
|
|
63,351 |
|
|
74,138 |
|
|
73,783 |
|
Other non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
1,171 |
|
|
1,969 |
|
|
3,004 |
|
|
4,420 |
|
|
4,322 |
|
Other non-performing assets |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
247 |
|
Total other non-performing assets |
|
|
1,171 |
|
|
1,969 |
|
|
3,004 |
|
|
4,420 |
|
|
4,569 |
|
Total non-performing assets |
|
$ |
52,086 |
|
$ |
60,905 |
|
$ |
66,355 |
|
$ |
78,558 |
|
$ |
78,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses for
loans to non-performing loans |
|
|
468.77 |
% |
|
407.99 |
% |
|
383.47 |
% |
|
331.10 |
% |
|
336.42 |
% |
Non-performing loans to total
loans |
|
|
0.51 |
% |
|
0.58 |
% |
|
0.59 |
% |
|
0.66 |
% |
|
0.63 |
% |
Non-performing assets to total
assets |
|
|
0.29 |
% |
|
0.35 |
% |
|
0.38 |
% |
|
0.48 |
% |
|
0.47 |
% |
(1) Calculation of this metric and the
reconciliation to GAAP is included in the schedules accompanying
this release.
Home BancShares,
Inc.Consolidated Net Interest
Margin(Unaudited)
|
|
Three Months Ended |
|
|
|
September 30, 2021 |
|
June 30, 2021 |
|
|
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
(Dollars in thousands) |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances due from banks |
|
$ |
2,914,785 |
|
$ |
1,117 |
|
|
0.15 |
% |
$ |
2,577,101 |
|
$ |
707 |
|
|
0.11 |
% |
Federal funds sold |
|
|
82 |
|
|
- |
|
|
0.00 |
% |
|
51 |
|
|
- |
|
|
0.00 |
% |
Investment securities - taxable |
|
|
2,289,680 |
|
|
8,495 |
|
|
1.47 |
% |
|
1,909,485 |
|
|
7,185 |
|
|
1.51 |
% |
Investment securities - non-taxable - FTE |
|
|
862,586 |
|
|
6,416 |
|
|
2.95 |
% |
|
864,416 |
|
|
6,494 |
|
|
3.01 |
% |
Loans receivable - FTE |
|
|
10,043,393 |
|
|
142,780 |
|
|
5.64 |
% |
|
10,541,466 |
|
|
141,869 |
|
|
5.40 |
% |
Total interest-earning assets |
|
|
16,110,526 |
|
|
158,808 |
|
|
3.91 |
% |
|
15,892,519 |
|
|
156,255 |
|
|
3.94 |
% |
Non-earning assets |
|
|
1,584,700 |
|
|
|
|
|
|
|
|
1,598,840 |
|
|
|
|
|
|
|
Total assets |
|
$ |
17,695,226 |
|
|
|
|
|
|
|
$ |
17,491,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
8,794,657 |
|
$ |
3,613 |
|
|
0.16 |
% |
$ |
8,684,726 |
|
$ |
3,960 |
|
|
0.18 |
% |
Time deposits |
|
|
1,063,500 |
|
|
2,029 |
|
|
0.76 |
% |
|
1,123,287 |
|
|
2,474 |
|
|
0.88 |
% |
Total interest-bearing deposits |
|
|
9,858,157 |
|
|
5,642 |
|
|
0.23 |
% |
|
9,808,013 |
|
|
6,434 |
|
|
0.26 |
% |
Securities sold under agreement to repurchase |
|
|
143,937 |
|
|
102 |
|
|
0.28 |
% |
|
157,570 |
|
|
107 |
|
|
0.27 |
% |
FHLB borrowed funds |
|
|
400,000 |
|
|
1,917 |
|
|
1.90 |
% |
|
400,000 |
|
|
1,896 |
|
|
1.90 |
% |
Subordinated debentures |
|
|
370,805 |
|
|
4,788 |
|
|
5.12 |
% |
|
370,613 |
|
|
4,792 |
|
|
5.19 |
% |
Total interest-bearing liabilities |
|
|
10,772,899 |
|
|
12,449 |
|
|
0.46 |
% |
|
10,736,196 |
|
|
13,229 |
|
|
0.49 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
4,091,174 |
|
|
|
|
|
|
|
|
3,966,968 |
|
|
|
|
|
|
|
Other liabilities |
|
|
120,200 |
|
|
|
|
|
|
|
|
128,048 |
|
|
|
|
|
|
|
Total liabilities |
|
|
14,984,273 |
|
|
|
|
|
|
|
|
14,831,212 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
2,710,953 |
|
|
|
|
|
|
|
|
2,660,147 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
17,695,226 |
|
|
|
|
|
|
|
$ |
17,491,359 |
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
3.45 |
% |
|
|
|
|
|
|
|
3.45 |
% |
Net interest income and margin -
FTE |
|
|
|
|
$ |
146,359 |
|
|
3.60 |
% |
|
|
|
$ |
143,026 |
|
|
3.61 |
% |
Home BancShares,
Inc.Consolidated Net Interest
Margin(Unaudited)
|
|
Nine Months Ended |
|
|
|
September 30, 2021 |
|
|
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 |
|
$ |
2,372,227 |
|
$ |
2,234 |
|
|
0.13 |
% |
|
$ |
671,231 |
|
$ |
1,579 |
|
|
0.31 |
% |
Federal funds sold |
|
|
83 |
|
|
- |
|
|
0.00 |
% |
|
|
1,775 |
|
|
21 |
|
|
1.58 |
% |
Investment securities - taxable |
|
|
1,947,799 |
|
|
21,933 |
|
|
1.51 |
% |
|
|
1,665,900 |
|
|
25,696 |
|
|
2.06 |
% |
Investment securities - non-taxable - FTE |
|
|
858,440 |
|
|
19,610 |
|
|
3.05 |
% |
|
|
503,253 |
|
|
14,712 |
|
|
3.90 |
% |
Loans receivable - FTE |
|
|
10,532,411 |
|
|
435,758 |
|
|
5.53 |
% |
|
|
11,519,706 |
|
|
472,635 |
|
|
5.48 |
% |
Total interest-earning assets |
|
|
15,710,960 |
|
|
479,535 |
|
|
4.08 |
% |
|
|
14,361,865 |
|
|
514,643 |
|
|
4.79 |
% |
Non-earning assets |
|
|
1,594,442 |
|
|
|
|
|
|
|
|
|
1,655,973 |
|
|
|
|
|
|
|
Total assets |
|
$ |
17,305,402 |
|
|
|
|
|
|
|
|
$ |
16,017,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
8,607,728 |
|
$ |
12,289 |
|
|
0.19 |
% |
|
$ |
7,544,763 |
|
$ |
30,272 |
|
|
0.54 |
% |
Time deposits |
|
|
1,131,538 |
|
|
7,492 |
|
|
0.89 |
% |
|
|
1,847,833 |
|
|
22,242 |
|
|
1.61 |
% |
Total interest-bearing deposits |
|
|
9,739,266 |
|
|
19,781 |
|
|
0.27 |
% |
|
|
9,392,596 |
|
|
52,514 |
|
|
0.75 |
% |
Federal funds purchased |
|
|
- |
|
|
- |
|
|
0.00 |
% |
|
|
2,080 |
|
|
13 |
|
|
0.83 |
% |
Securities sold under agreement to repurchase |
|
|
153,677 |
|
|
399 |
|
|
0.35 |
% |
|
|
150,020 |
|
|
959 |
|
|
0.85 |
% |
FHLB borrowed funds |
|
|
400,000 |
|
|
5,688 |
|
|
1.90 |
% |
|
|
579,805 |
|
|
7,589 |
|
|
1.75 |
% |
Subordinated debentures |
|
|
370,615 |
|
|
14,373 |
|
|
5.19 |
% |
|
|
369,846 |
|
|
14,801 |
|
|
5.35 |
% |
Total interest-bearing liabilities |
|
|
10,663,558 |
|
|
40,241 |
|
|
0.50 |
% |
|
|
10,494,347 |
|
|
75,876 |
|
|
0.97 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
3,848,302 |
|
|
|
|
|
|
|
|
|
2,904,159 |
|
|
|
|
|
|
|
Other liabilities |
|
|
127,656 |
|
|
|
|
|
|
|
|
|
134,281 |
|
|
|
|
|
|
|
Total liabilities |
|
|
14,639,516 |
|
|
|
|
|
|
|
|
|
13,532,787 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
2,665,886 |
|
|
|
|
|
|
|
|
|
2,485,051 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
17,305,402 |
|
|
|
|
|
|
|
|
$ |
16,017,838 |
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
3.58 |
% |
|
|
|
|
|
|
|
|
3.82 |
% |
Net interest income and margin -
FTE |
|
|
|
|
$ |
439,294 |
|
|
3.74 |
% |
|
|
|
|
$ |
438,767 |
|
|
4.08 |
% |
Home BancShares,
Inc.Non-GAAP
Reconciliations(Unaudited)
|
|
Quarter Ended |
|
Nine Months Ended |
|
(Dollars and shares in
thousands, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
except per share data) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
74,992 |
|
$ |
79,070 |
|
$ |
91,602 |
|
$ |
81,794 |
|
$ |
69,320 |
|
$ |
245,664 |
|
$ |
132,654 |
|
Pre-tax adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
|
(61 |
) |
|
(1,250 |
) |
|
(5,782 |
) |
|
(4,271 |
) |
|
1,350 |
|
|
(7,093 |
) |
|
6,249 |
|
Special dividend from equity investment |
|
|
(2,227 |
) |
|
(2,200 |
) |
|
(8,073 |
) |
|
- |
|
|
(3,181 |
) |
|
(12,500 |
) |
|
(10,185 |
) |
Gain on securities |
|
|
- |
|
|
- |
|
|
(219 |
) |
|
- |
|
|
- |
|
|
(219 |
) |
|
- |
|
Recoveries on historic losses |
|
|
- |
|
|
- |
|
|
(5,107 |
) |
|
- |
|
|
- |
|
|
(5,107 |
) |
|
- |
|
Branch write-off expense |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
981 |
|
Outsourced special project expense |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,092 |
|
Merger and acquisition expenses |
|
|
1,006 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,006 |
|
|
711 |
|
Total pre-tax adjustments |
|
|
(1,282 |
) |
|
(3,450 |
) |
|
(19,181 |
) |
|
(4,271 |
) |
|
(1,831 |
) |
|
(23,913 |
) |
|
(1,152 |
) |
Tax-effect of adjustments |
|
|
(587 |
) |
|
(888 |
) |
|
(4,937 |
) |
|
(1,116 |
) |
|
(479 |
) |
|
(6,412 |
) |
|
(301 |
) |
Total adjustments after-tax
(B) |
|
|
(695 |
) |
|
(2,562 |
) |
|
(14,244 |
) |
|
(3,155 |
) |
|
(1,352 |
) |
|
(17,501 |
) |
|
(851 |
) |
Earnings, as adjusted (C) |
|
$ |
74,297 |
|
$ |
76,508 |
|
$ |
77,358 |
|
$ |
78,639 |
|
$ |
67,968 |
|
$ |
228,163 |
|
$ |
131,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares
outstanding (D) |
|
|
164,603 |
|
|
165,226 |
|
|
165,446 |
|
|
165,119 |
|
|
165,200 |
|
|
165,050 |
|
|
165,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share:
(A/D) |
|
$ |
0.46 |
|
$ |
0.48 |
|
$ |
0.55 |
|
$ |
0.50 |
|
$ |
0.42 |
|
$ |
1.49 |
|
$ |
0.80 |
|
Adjustments after-tax: (B/D) |
|
|
(0.01 |
) |
|
(0.02 |
) |
|
(0.08 |
) |
|
(0.02 |
) |
|
(0.01 |
) |
|
(0.11 |
) |
|
- |
|
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,
branch write-off expense, outsourced special project
expense & merger and acquisition expenses: (C/D) |
|
$ |
0.45 |
|
$ |
0.46 |
|
$ |
0.47 |
|
$ |
0.48 |
|
$ |
0.41 |
|
$ |
1.38 |
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets:
(A/G) |
|
|
1.68 |
% |
|
1.81 |
% |
|
2.22 |
% |
|
1.97 |
% |
|
1.66 |
% |
|
1.90 |
% |
|
1.11 |
% |
Return on average assets
excluding fair value adjustment for marketable securities,
special dividend from equity investment, gain on securities,
recoveries on historic losses, branch write-off expense,
outsourced special project expense & merger and
acquisition expenses: (ROA, as adjusted) ((A+F)/G) |
|
|
1.67 |
% |
|
1.75 |
% |
|
1.88 |
% |
|
1.90 |
% |
|
1.63 |
% |
|
1.76 |
% |
|
1.10 |
% |
Return on average assets
excluding intangible amortization: ((A+E)/(G-H)) |
|
|
1.81 |
% |
|
1.95 |
% |
|
2.39 |
% |
|
2.13 |
% |
|
1.80 |
% |
|
2.04 |
% |
|
1.21 |
% |
Return on average assets
excluding excess liquidity: (A/(G-I)) |
|
|
1.98 |
% |
|
2.09 |
% |
|
2.42 |
% |
|
2.07 |
% |
|
1.74 |
% |
|
2.17 |
% |
|
1.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
74,992 |
|
$ |
79,070 |
|
$ |
91,602 |
|
$ |
81,794 |
|
$ |
69,320 |
|
$ |
245,664 |
|
$ |
132,654 |
|
Amortization of intangibles
(D) |
|
|
1,421 |
|
|
1,421 |
|
|
1,421 |
|
|
1,421 |
|
|
1,420 |
|
|
4,263 |
|
|
4,423 |
|
Amortization of intangibles
after-tax (E) |
|
|
1,055 |
|
|
1,055 |
|
|
1,055 |
|
|
1,049 |
|
|
1,049 |
|
|
3,165 |
|
|
3,268 |
|
Adjustments after-tax (F) |
|
|
(695 |
) |
|
(2,562 |
) |
|
(14,244 |
) |
|
(3,155 |
) |
|
(1,352 |
) |
|
(17,501 |
) |
|
(851 |
) |
Average assets (G) |
|
|
17,695,226 |
|
|
17,491,359 |
|
|
16,718,890 |
|
|
16,493,066 |
|
|
16,594,495 |
|
|
17,305,402 |
|
|
16,017,838 |
|
Average goodwill, core deposits
& other intangible assets (H) |
|
|
1,000,175 |
|
|
1,001,598 |
|
|
1,003,011 |
|
|
1,004,432 |
|
|
1,005,864 |
|
|
1,001,585 |
|
|
1,004,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest bearing cash
balance |
|
|
2,914,785 |
|
|
2,577,101 |
|
|
1,610,463 |
|
|
1,029,047 |
|
|
926,754 |
|
|
2,372,227 |
|
|
671,231 |
|
Average historical interest
bearing cash balance |
|
|
225,000 |
|
|
225,000 |
|
|
225,000 |
|
|
225,000 |
|
|
225,000 |
|
|
225,000 |
|
|
225,000 |
|
Average excess cash balance
(I) |
|
|
2,689,785 |
|
|
2,352,101 |
|
|
1,385,463 |
|
|
804,047 |
|
|
701,754 |
|
|
2,147,227 |
|
|
446,231 |
|
Home BancShares,
Inc.Non-GAAP
Reconciliations(Unaudited)
|
|
Quarter Ended |
|
Nine Months Ended |
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
|
Sep. 30, |
|
Sep. 30, |
|
Sep. 30, |
|
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average common equity:
(A/D) |
|
|
10.97 |
% |
|
11.92 |
% |
|
14.15 |
% |
|
12.72 |
% |
|
|
10.97 |
% |
|
12.32 |
% |
|
7.13 |
% |
Return on average common equity
excluding fair value adjustment for marketable
securities, special dividend from equity investment, gain
on securities, recoveries on historic losses,
branch write-off expense, outsourced special project expense
& merger and acquisition expenses: (ROE, as adjusted)
((A+C)/D) |
|
|
10.87 |
% |
|
11.54 |
% |
|
11.95 |
% |
|
12.23 |
% |
|
|
10.76 |
% |
|
11.44 |
% |
|
7.08 |
% |
Return on average tangible common
equity: (A/(D-E)) |
|
|
17.39 |
% |
|
19.12 |
% |
|
22.90 |
% |
|
20.96 |
% |
|
|
18.29 |
% |
|
19.74 |
% |
|
11.96 |
% |
Return on average tangible common
equity excluding intangible amortization: (B/(D-E)) |
|
|
17.64 |
% |
|
19.38 |
% |
|
23.16 |
% |
|
21.22 |
% |
|
|
18.56 |
% |
|
19.99 |
% |
|
12.26 |
% |
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, branch write-off
expense, outsourced special project expense & merger
and acquisition expenses: (ROTCE, as adjusted)
((A+C)/(D-E)) |
|
|
17.23 |
% |
|
18.50 |
% |
|
19.33 |
% |
|
20.15 |
% |
|
|
17.93 |
% |
|
18.33 |
% |
|
11.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to
common shareholders (A) |
|
$ |
74,992 |
|
$ |
79,070 |
|
$ |
91,602 |
|
$ |
81,794 |
|
|
$ |
69,320 |
|
$ |
245,664 |
|
$ |
132,654 |
|
Earnings excluding intangible
amortization (B) |
|
|
76,047 |
|
|
80,125 |
|
|
92,657 |
|
|
82,843 |
|
|
|
70,369 |
|
|
248,829 |
|
|
135,922 |
|
Adjustments after-tax (C) |
|
|
(695 |
) |
|
(2,562 |
) |
|
(14,244 |
) |
|
(3,155 |
) |
|
|
(1,352 |
) |
|
(17,501 |
) |
|
(851 |
) |
Average common equity (D) |
|
|
2,710,953 |
|
|
2,660,147 |
|
|
2,625,618 |
|
|
2,557,251 |
|
|
|
2,513,792 |
|
|
2,665,886 |
|
|
2,485,051 |
|
Average goodwill, core deposits
& other intangible assets (E) |
|
|
1,000,175 |
|
|
1,001,598 |
|
|
1,003,011 |
|
|
1,004,432 |
|
|
|
1,005,864 |
|
|
1,001,585 |
|
|
1,004,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO & P5NR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
((D-F)/(B+C+E)) |
|
|
42.26 |
% |
|
41.09 |
% |
|
36.60 |
% |
|
39.64 |
% |
|
|
39.56 |
% |
|
39.86 |
% |
|
40.40 |
% |
Efficiency ratio, as adjusted:
((D-F-H)/(B+C+E-G)) |
|
|
42.29 |
% |
|
42.07 |
% |
|
40.68 |
% |
|
40.67 |
% |
|
|
40.08 |
% |
|
41.67 |
% |
|
40.25 |
% |
Pre-tax net income to total
revenue (net) (A/(B+C)) |
|
|
56.50 |
% |
|
60.42 |
% |
|
62.32 |
% |
|
59.19 |
% |
|
|
51.32 |
% |
|
59.83 |
% |
|
33.18 |
% |
Pre-tax, pre-provision, net
income (PPNR) (B+C-D) |
|
$ |
98,201 |
|
$ |
99,390 |
|
$ |
120,498 |
|
$ |
107,669 |
|
|
$ |
104,377 |
|
$ |
318,089 |
|
$ |
299,287 |
|
P5NR (Pre-tax, pre-provision,
profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C) |
|
|
56.50 |
% |
|
57.66 |
% |
|
62.32 |
% |
|
59.19 |
% |
|
|
59.28 |
% |
|
58.95 |
% |
|
58.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net income (A) |
|
$ |
98,201 |
|
$ |
104,142 |
|
$ |
120,498 |
|
$ |
107,669 |
|
|
$ |
90,377 |
|
$ |
322,841 |
|
$ |
170,034 |
|
Net interest income (B) |
|
|
144,611 |
|
|
141,252 |
|
|
148,088 |
|
|
148,025 |
|
|
|
146,138 |
|
|
433,951 |
|
|
434,530 |
|
Non-interest income (C) |
|
|
29,209 |
|
|
31,120 |
|
|
45,276 |
|
|
33,885 |
|
|
|
29,951 |
|
|
105,605 |
|
|
77,901 |
|
Non-interest expense (D) |
|
|
75,619 |
|
|
72,982 |
|
|
72,866 |
|
|
74,241 |
|
|
|
71,712 |
|
|
221,467 |
|
|
213,144 |
|
Fully taxable equivalent
adjustment (E) |
|
|
1,748 |
|
|
1,774 |
|
|
1,821 |
|
|
1,778 |
|
|
|
1,576 |
|
|
5,343 |
|
|
4,237 |
|
Amortization of intangibles
(F) |
|
|
1,421 |
|
|
1,421 |
|
|
1,421 |
|
|
1,421 |
|
|
|
1,420 |
|
|
4,263 |
|
|
4,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
$ |
61 |
|
$ |
1,250 |
|
$ |
5,782 |
|
$ |
4,271 |
|
|
$ |
(1,350 |
) |
$ |
7,093 |
|
$ |
(6,249 |
) |
Gain (loss) on OREO |
|
|
246 |
|
|
619 |
|
|
401 |
|
|
150 |
|
|
|
470 |
|
|
1,266 |
|
|
982 |
|
Gain (loss) on branches, equipment and other assets, net |
|
|
(34 |
) |
|
(23 |
) |
|
(29 |
) |
|
217 |
|
|
|
(27 |
) |
|
(86 |
) |
|
109 |
|
Special dividend from equity investment |
|
|
2,227 |
|
|
2,200 |
|
|
8,073 |
|
|
- |
|
|
|
3,181 |
|
|
12,500 |
|
|
10,185 |
|
Gain (loss) on securities |
|
|
- |
|
|
- |
|
|
219 |
|
|
- |
|
|
|
- |
|
|
219 |
|
|
- |
|
Recoveries on historic losses |
|
|
- |
|
|
- |
|
|
5,107 |
|
|
- |
|
|
|
- |
|
|
5,107 |
|
|
- |
|
Total non-interest income adjustments (G) |
|
$ |
2,500 |
|
$ |
4,046 |
|
$ |
19,553 |
|
$ |
4,638 |
|
|
$ |
2,274 |
|
$ |
26,099 |
|
$ |
5,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch write-off expense |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
$ |
- |
|
$ |
981 |
|
Merger and acquisition expenses |
|
|
1,006 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
1,006 |
|
|
711 |
|
Outsourced special project expense |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
1,092 |
|
Total non-interest expense adjustments (H) |
|
$ |
1,006 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
$ |
1,006 |
|
$ |
2,784 |
|
Home BancShares,
Inc.Non-GAAP
Reconciliations(Unaudited)
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
|
Sep. 30, |
|
Sep. 30, |
|
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED NET INTEREST MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin: (A/C) |
|
|
3.60 |
% |
|
3.61 |
% |
|
4.02 |
% |
|
4.00 |
% |
|
3.92 |
% |
|
|
3.74 |
% |
|
4.08 |
% |
Net interest margin, excluding
PPP loans: (B/D) |
|
|
3.43 |
% |
|
3.54 |
% |
|
3.87 |
% |
|
3.97 |
% |
|
3.98 |
% |
|
|
3.61 |
% |
|
4.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - FTE
(A) |
|
$ |
146,359 |
|
$ |
143,062 |
|
$ |
149,945 |
|
$ |
149,803 |
|
$ |
147,714 |
|
|
$ |
439,294 |
|
$ |
438,767 |
|
PPP loan interest & discount
accretion income |
|
|
10,162 |
|
|
7,802 |
|
|
11,878 |
|
|
8,841 |
|
|
5,943 |
|
|
|
29,842 |
|
|
10,393 |
|
Net interest income - FTE,
excluding PPP loans (B) |
|
$ |
136,197 |
|
$ |
135,260 |
|
$ |
138,067 |
|
$ |
140,962 |
|
$ |
141,771 |
|
|
$ |
409,452 |
|
$ |
428,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning assets
(C) |
|
$ |
16,110,526 |
|
$ |
15,892,519 |
|
$ |
15,118,940 |
|
$ |
14,900,381 |
|
$ |
14,975,146 |
|
|
$ |
15,710,960 |
|
$ |
14,361,865 |
|
Average PPP loans |
|
|
371,523 |
|
|
581,371 |
|
|
633,790 |
|
|
775,861 |
|
|
821,977 |
|
|
|
525,941 |
|
|
470,595 |
|
Average interest-earning assets,
excluding PPP loans (D) |
|
$ |
15,739,003 |
|
$ |
15,311,148 |
|
$ |
14,485,150 |
|
$ |
14,124,520 |
|
$ |
14,153,169 |
|
|
$ |
15,185,019 |
|
$ |
13,891,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
|
|
|
|
|
|
|
|
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PERCOMMON
SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share:
(A/B) |
|
$ |
16.68 |
|
$ |
16.39 |
|
$ |
16.02 |
|
$ |
15.78 |
|
$ |
15.38 |
|
|
|
|
|
|
|
|
Tangible book value per common
share: ((A-C-D)/B) |
|
|
10.59 |
|
|
10.31 |
|
|
9.95 |
|
|
9.70 |
|
|
9.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
(A) |
|
$ |
2,736,062 |
|
$ |
2,696,189 |
|
$ |
2,645,204 |
|
$ |
2,605,758 |
|
$ |
2,540,799 |
|
|
|
|
|
|
|
|
End of period common shares
outstanding (B) |
|
|
164,008 |
|
|
164,488 |
|
|
165,141 |
|
|
165,095 |
|
|
165,163 |
|
|
|
|
|
|
|
|
Goodwill (C) |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
|
|
|
|
|
|
Core deposit and other
intangibles (D) |
|
|
26,466 |
|
|
27,886 |
|
|
29,307 |
|
|
30,728 |
|
|
32,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITYTO TANGIBLE
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets: (B/A) |
|
|
15.40 |
% |
|
15.30 |
% |
|
15.34 |
% |
|
15.89 |
% |
|
15.35 |
% |
|
|
|
|
|
|
|
Tangible common equity to
tangible assets: ((B-C-D)/(A-C-D)) |
|
|
10.36 |
% |
|
10.20 |
% |
|
10.12 |
% |
|
10.41 |
% |
|
9.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (A) |
|
$ |
17,765,056 |
|
$ |
17,627,192 |
|
$ |
17,240,241 |
|
$ |
16,398,804 |
|
$ |
16,549,758 |
|
|
|
|
|
|
|
|
Total stockholders' equity
(B) |
|
|
2,736,062 |
|
|
2,696,189 |
|
|
2,645,204 |
|
|
2,605,758 |
|
|
2,540,799 |
|
|
|
|
|
|
|
|
Goodwill (C) |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
973,025 |
|
|
|
|
|
|
|
|
Core deposit and other
intangibles (D) |
|
|
26,466 |
|
|
27,886 |
|
|
29,307 |
|
|
30,728 |
|
|
32,149 |
|
|
|
|
|
|
|
|
Home BancShares (NASDAQ:HOMB)
Historical Stock Chart
From Jul 2024 to Aug 2024
Home BancShares (NASDAQ:HOMB)
Historical Stock Chart
From Aug 2023 to Aug 2024