Quarterly Report (10-q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)


☑			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2022


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition period from ______ to ______

Commission File Number: 001-41093

HOME BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)


Arkansas						71-0682831
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

719 Harkrider, Suite 100 ,Conway, Arkansas						72032
(Address of principal executive offices)						(Zip Code)

(501) 339-2929
(Registrant's telephone number, including area code)

Not Applicable
Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

HOMB

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large Accelerated Filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Common Stock Issued and Outstanding: 203,971,240 shares as of November 3, 2022.

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HOME BANCSHARES, INC. FORM 10-Q September 30, 2022

INDEX

		Page No.
Part I:	Financial Information

Item 1:	Financial Statements

	Consolidated Balance Sheets – September 30, 2022 (Unaudited) and December 31, 2021	4

	Consolidated Statements of Income (Unaudited) – Three and nine months ended September 30, 2022 and 2021	5

	Consolidated Statements of Comprehensive (Loss) Income (Unaudited) – Three and nine months ended September 30, 2022 and 2021	6

	Consolidated Statements of Stockholders’ Equity (Unaudited) – Three and nine months ended September 30, 2022 and 2021	7-8

	Consolidated Statements of Cash Flows (Unaudited) – Nine months ended September 30, 2022 and 2021	9

	Condensed Notes to Consolidated Financial Statements (Unaudited)	10-55

	Report of Independent Registered Public Accounting Firm	56

Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57-96

Item 3:	Quantitative and Qualitative Disclosures About Market Risk	97-98

Item 4:	Controls and Procedures	98

Part II:	Other Information

Item 1:	Legal Proceedings	98

Item 1A:	Risk Factors	98

Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	99

Item 3:	Defaults Upon Senior Securities	99

Item 4:	Mine Safety Disclosures	99

Item 5:	Other Information	99

Item 6:	Exhibits	100-101

Signatures		102

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of our statements contained in this document, including matters discussed under the caption “Management's Discussion and Analysis of Financial Condition and Results of Operation,” are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to future events or our future financial performance and include statements about the competitiveness of the banking industry, potential regulatory obligations, our entrance and expansion into other markets, including through prospective or potential acquisitions, our other business strategies and other statements that are not historical facts. Forward-looking statements are not guarantees of performance or results. When we use words like “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. These forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors, including, but not limited to, the following:

•the effects of future local, regional, national and international economic conditions, including inflation or a decrease in commercial real estate and residential housing values;

•changes in the level of nonperforming assets and charge-offs, and credit risk generally;

•the risks of changes in interest rates or the level and composition of deposits, loan demand and the values of loan collateral, securities and interest-sensitive assets and liabilities;

•disruptions, uncertainties and related effects on credit quality, liquidity, other aspects of our business and our operations as a result of the ongoing COVID-19 pandemic and measures that have been or may be implemented or imposed in response to the pandemic;

•the effect of any mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including our ability to successfully integrate our recent acquisition of Happy Bancshares, Inc. and its bank subsidiary, as well as any other businesses that we may acquire;

•the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected;

•the possibility that an acquisition 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 reaction to a proposed acquisition transaction of the respective companies’ customers, employees and counterparties;

•diversion of management time on acquisition-related issues;

•the ability to enter into and/or close additional acquisitions;

•the availability of and access to capital on terms acceptable to us;

•increased regulatory requirements and supervision that apply as a result of our exceeding $10 billion in total assets;

•legislation and regulation affecting the financial services industry as a whole, and the Company and its subsidiaries in particular;

•changes in governmental monetary and fiscal policies;

•the effects of terrorism and efforts to combat it;

•political instability, war, military conflicts (including the ongoing military conflict between Russia and Ukraine) and other major domestic or international events;

•adverse weather events, including hurricanes, and other natural disasters;

•the ability to keep pace with technological changes, including changes regarding cybersecurity;

•an increase in the incidence or severity of fraud, illegal payments, cybersecurity breaches or other illegal acts impacting our bank subsidiary, our vendors or our customers;

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•the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating regionally, nationally and internationally, together with competitors offering banking products and services by mail, telephone and the Internet;

•potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions;

•the effect of changes in accounting policies and practices and auditing requirements, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters;

•higher defaults on our loan portfolio than we expect; and

•the failure of assumptions underlying the establishment of our allowance for credit losses or changes in our estimate of the adequacy of the allowance for credit losses.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this Cautionary Note. Our actual results may differ significantly from those we discuss in these forward-looking statements. For other factors, risks and uncertainties that could cause our actual results to differ materially from estimates and projections contained in these forward-looking statements, see the “Risk Factors” section of our Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022.

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PART I: FINANCIAL INFORMATION

Item 1: Financial Statements

Home BancShares, Inc.

Consolidated Balance Sheets


(In thousands, except share data)	September 30, 2022		December 31, 2021
	(Unaudited)
Assets
Cash and due from banks	$	268,929	$	119,908
Interest-bearing deposits with other banks	1,311,492		3,530,407
Cash and cash equivalents	1,580,421		3,650,315
Fed funds sold	2,700		—
Investment securities – available-for-sale, net of allowance for credit losses	4,085,102		3,119,807
Investment securities — held-to-maturity, net of allowance for credit losses	1,251,007		—
Total investment securities	5,336,109		3,119,807
Loans receivable	13,829,311		9,836,089
Allowance for credit losses	(289,203)		(236,714)
Loans receivable, net	13,540,108		9,599,375
Bank premises and equipment, net	411,479		275,760
Foreclosed assets held for sale	365		1,630
Cash value of life insurance	212,619		105,135
Accrued interest receivable	88,671		46,736
Deferred tax asset, net	228,979		78,290
Goodwill	1,394,353		973,025
Core deposit intangibles	60,932		25,045
Other assets	300,634		177,020
Total assets	$	23,157,370	$	18,052,138
Liabilities and Stockholders’ Equity
Deposits:
Demand and non-interest-bearing	$	5,540,539	$	4,127,878
Savings and interest-bearing transaction accounts	11,968,519		9,251,805
Time deposits	1,033,266		880,887
Total deposits	18,542,324		14,260,570
Securities sold under agreements to repurchase	121,555		140,886
FHLB and other borrowed funds	400,000		400,000
Accrued interest payable and other liabilities	192,908		113,868
Subordinated debentures	440,568		371,093
Total liabilities	19,697,355		15,286,417
Stockholders’ equity:
Common stock, par value $0.01; shares authorized 300,000,000 in 2022 and 2021; shares issued and outstanding 204,219,052 in 2022 and 163,699,282 in 2021	2,042		1,637
Capital surplus	2,404,388		1,487,373
Retained earnings	1,361,040		1,266,249
Accumulated other comprehensive (loss) income	(307,455)		10,462
Total stockholders’ equity	3,460,015		2,765,721
Total liabilities and stockholders’ equity	$	23,157,370	$	18,052,138

See Condensed Notes to Consolidated Financial Statements.

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Home BancShares, Inc.

Consolidated Statements of Income


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2022		2021		2022		2021
	(Unaudited)
Interest income:
Loans	$	195,841	$	142,609	$	507,062	$	435,210
Investment securities
Taxable	28,273		8,495		58,294		21,933
Tax-exempt	8,069		4,839		20,501		14,815
Deposits – other banks	10,763		1,117		19,001		2,234
Federal funds sold	9		—		13		—
Total interest income	242,955		157,060		604,871		474,192
Interest expense:
Interest on deposits	23,347		5,642		38,970		19,781
Federal funds purchased	—		—		2		—
FHLB and other borrowed funds	1,917		1,917		5,688		5,688
Securities sold under agreements to repurchase	434		102		729		399
Subordinated debentures	4,153		4,788		16,472		14,373
Total interest expense	29,851		12,449		61,861		40,241
Net interest income	213,104		144,611		543,010		433,951
Provision for credit losses on acquired loans	—		—		45,170		—
Provision for credit losses on acquired unfunded commitments	—		—		11,410		—
Provision for credit losses on unfunded commitments	—		—		—		(4,752)
Provision for credit losses on acquired held-to-maturity investment securities	—		—		2,005		—
Total credit loss expense (benefit)	—		—		58,585		(4,752)
Net interest income after credit loss expense (benefit)	213,104		144,611		484,425		438,703
Non-interest income:
Service charges on deposit accounts	10,756		5,941		26,980		16,059
Other service charges and fees	13,951		8,051		34,225		25,318
Trust fees	3,980		479		8,874		1,445
Mortgage lending income	4,179		5,948		14,091		20,317
Insurance commissions	601		586		1,739		1,556
Increase in cash value of life insurance	1,089		509		2,721		1,548
Dividends from FHLB, FRB, FNBB & other	1,741		2,661		6,384		13,916
Gain on sale of SBA loans	58		439		153		1,588
(Loss) gain on sale of branches, equipment and other assets, net	(13)		(34)		5		(86)
Gain on OREO, net	—		246		487		1,266
Gain on securities, net	—		—		—		219
Fair value adjustment for marketable securities	(2,628)		61		(2,304)		7,093
Other income	9,487		4,322		25,096		15,366
Total non-interest income	43,201		29,209		118,451		105,605
Non-interest expense:
Salaries and employee benefits	65,290		42,469		174,636		126,990
Occupancy and equipment	15,133		9,305		38,533		27,584
Data processing expense	8,747		6,024		25,880		17,787
Merger and acquisition expenses	—		1,006		49,594		1,006
Other operating expenses	25,176		16,815		68,081		48,100
Total non-interest expense	114,346		75,619		356,724		221,467
Income before income taxes	141,959		98,201		246,152		322,841
Income tax expense	33,254		23,209		56,577		77,177
Net income	$	108,705	$	74,992	$	189,575	$	245,664
Basic earnings per share	$	0.53	$	0.46	$	0.99	$	1.49
Diluted earnings per share	$	0.53	$	0.46	$	0.99	$	1.49

See Condensed Notes to Consolidated Financial Statements.

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Home BancShares, Inc.

Consolidated Statements of Comprehensive (Loss) Income


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
	(Unaudited)
Net income	$	108,705	$	74,992	$	189,575	$	245,664
Net unrealized loss on available-for-sale securities	(122,307)		(4,218)		(424,910)		(24,527)
Other comprehensive loss before tax effect	(122,307)		(4,218)		(424,910)		(24,527)
Tax effect on other comprehensive loss	30,757		1,102		106,993		6,410
Other comprehensive loss	(91,550)		(3,116)		(317,917)		(18,117)
Comprehensive income (loss)	$	17,155	$	71,876	$	(128,342)	$	227,547

See Condensed Notes to Consolidated Financial Statements.

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Home BancShares, Inc.

Consolidated Statements of Stockholders’ Equity


Three and Nine Months Ended September 30, 2022
(In thousands, except share data)	Common Stock		Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balances at January 1, 2022	$	1,637	$	1,487,373	$	1,266,249	$	10,462	$	2,765,721
Comprehensive income:
Net income	—		—		64,892		—		64,892
Other comprehensive loss	—		—		—		(115,019)		(115,019)
Net issuance of 15,909 shares of common stock from exercise of stock options	1		129		—		—		130
Repurchase of 180,000 shares of common stock	(2)		(4,087)		—		—		(4,089)
Share-based compensation net issuance of 222,717 shares of restricted common stock	2		2,109		—		—		2,111
Cash dividends – Common Stock, $0.165 per share	—		—		(27,043)		—		(27,043)
Balances at March 31, 2022 (unaudited)	$	1,638	$	1,485,524	$	1,304,098	$	(104,557)	$	2,686,703
Comprehensive income:
Net Income	—		—		15,978		—		15,978
Other comprehensive loss	—		—		—		(111,348)		(111,348)
Net issuance of 1,500 shares of common stock from exercise of stock options	—		26		—		—		26
Issuance of 42,425,352 shares of common stock including approximately $2.5 million in certain stock award settlements and stock issuance costs - Happy Bancshares acquisition	424		960,866		—		—		961,290
Repurchase of 1,032,732 shares of common stock	(10)		(22,482)		—		—		(22,492)
Share-based compensation net issuance of 138,499 shares of restricted common stock	1		2,337		—		—		2,338
Cash dividends – Common Stock, $0.165 per share	—		—		(33,930)		—		(33,930)
Balances at June 30, 2022 (unaudited)	$	2,053	$	2,426,271	$	1,286,146	$	(215,905)	$	3,498,565
Comprehensive income:
Net Income	—		—		108,705		—		108,705
Other comprehensive loss	—		—		—		(91,550)		(91,550)
Net issuance of 1,574 shares of common stock from exercise of stock options	—		—		—		—		—
Repurchase of 1,045,799 shares of common stock	(10)		(24,278)		—		—		(24,288)
Share-based compensation net forfeiture of 27,250 shares of restricted stock	(1)		2,395		—		—		2,394
Cash dividends – Common Stock, $0.165 per share	—		—		(33,811)		—		(33,811)
Balances at September 30, 2022 (unaudited)	$	2,042	$	2,404,388	$	1,361,040	$	(307,455)	$	3,460,015

See Condensed Notes to Consolidated Financial Statements.

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Home BancShares, Inc.

Consolidated Statements of Stockholders’ Equity


For the Three and Nine Months Ended September 30, 2021
(In thousands, except share data)	Common Stock		Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balances at January 1, 2021	$	1,651	$	1,520,617	$	1,039,370	$	44,120	$	2,605,758
Comprehensive income:
Net income	—		—		91,602		—		91,602
Other comprehensive loss	—		—		—		(24,671)		(24,671)
Net issuance of 161,434 shares of common stock from exercise of stock options	1		2,321		—		—		2,322
Repurchase of 330,000 shares of common stock	(3)		(8,767)		—		—		(8,770)
Share-based compensation net issuance of 214,684 shares of restricted common stock	2		2,115		—		—		2,117
Cash dividends – Common Stock, $0.14 per share	—		—		(23,154)		—		(23,154)
Balances at March 31, 2021 (unaudited)	$	1,651	$	1,516,286	$	1,107,818	$	19,449	$	2,645,204
Comprehensive income:
Net income	—		—		79,070		—		79,070
Other comprehensive income	—		—		—		9,670		9,670
Net issuance of 3,628 shares of common stock from exercise of stock options	—		—		—		—		—
Repurchase of 635,000 shares of common stock	(6)		(16,947)		—		—		(16,953)
Share-based compensation net issuance of 21,500 shares of restricted common stock	—		2,276		—		—		2,276
Cash dividends – Common Stock, $0.14 per share	—		—		(23,078)		—		(23,078)
Balances at June 30, 2021 (unaudited)	$	1,645	$	1,501,615	$	1,163,810	$	29,119	$	2,696,189
Comprehensive income:
Net income	—		—		74,992		—		74,992
Other comprehensive loss	—		—		—		(3,116)		(3,116)
Repurchase of 476,500 shares of common stock	(5)		(11,274)		—		—		(11,279)
Share-based compensation net forfeiture of 4,000 shares of restricted stock	—		2,247		—		—		2,247
Cash dividends – Common Stock, $0.14 per share	—		—		(22,971)		—		(22,971)
Balances at September 30, 2021 (unaudited)	$	1,640	$	1,492,588	$	1,215,831	$	26,003	$	2,736,062

See Condensed Notes to Consolidated Financial Statements.

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Home BancShares, Inc.

Consolidated Statements of Cash Flows


	Nine Months Ended September 30,
(In thousands)	2022		2021
	(Unaudited)
Operating Activities
Net income	$	189,575	$	245,664
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization	23,546		14,457
Decrease (increase) in value of equity securities	2,304		(7,093)
Amortization of securities, net	17,324		21,018
Accretion of purchased loans	(12,844)		(16,150)
Share-based compensation	6,843		6,640
Gain on assets	(645)		(2,987)
Provision for credit losses - acquired loans & unfunded commitments	56,580		—
Provision for credit losses - unfunded commitments	—		(4,752)
Provision for credit losses - acquired held-to-maturity investment securities	2,005		—
Deferred income tax effect	(9,671)		6,936
Increase in cash value of life insurance	(2,721)		(1,548)
Originations of mortgage loans held for sale	(432,589)		(599,787)
Proceeds from sales of mortgage loans held for sale	418,576		632,721
Changes in assets and liabilities:
Accrued interest receivable	(9,945)		11,951
Other assets	(2,170)		3,891
Accrued interest payable and other liabilities	22,999		(9,526)
Net cash provided by operating activities	269,167		301,435
Investing Activities
Net increase in federal funds sold	(2,700)		—
Net (increase) decrease in loans, excluding purchased loans	(84,995)		1,278,846
Purchases of investment securities – available-for-sale	(1,200,812)		(1,227,507)
Purchases of investment securities - held-to-maturity	(636,474)		—
Proceeds from maturities of investment securities – available-for-sale	458,291		487,242
Proceeds from maturities of investment securities – held-to-maturity	500,479		—
Proceeds from sales of investment securities – available-for-sale	—		18,112
Purchases of equity securities	(49,975)		(10,460)
Proceeds from sales of equity securities	13,778		15,354
Purchase of other investments	(38,224)		(7,970)
Proceeds from foreclosed assets held for sale	2,231		6,572
Proceeds from sale of SBA loans	3,745		16,722
Purchases of premises and equipment, net	(4,158)		(8,065)
Return of investment on cash value of life insurance	277		418
Purchase of marine loan portfolio	(242,617)		—
Net cash received - market acquisition	858,943		—
Net cash (used in) provided by investing activities	(422,211)		569,264
Financing Activities
Net (decrease) increase in deposits	(1,573,517)		1,277,581
Net decrease in securities sold under agreements to repurchase	(19,331)		(27,929)

Net decrease in FHLB and other borrowed funds	(78,330)		—
Retirement of subordinated debentures	(300,000)		—
Proceeds from issuance of subordinated debentures	296,324		—
Redemption of trust preferred securities	(96,499)		—
Proceeds from exercise of stock options	156		2,322
Repurchase of common stock	(50,869)		(37,002)

Dividends paid on common stock	(94,784)		(69,203)
Net cash (used in) provided by financing activities	(1,916,850)		1,145,769
Net change in cash and cash equivalents	(2,069,894)		2,016,468
Cash and cash equivalents – beginning of year	3,650,315		1,263,788
Cash and cash equivalents – end of period	$	1,580,421	$	3,280,256

See Condensed Notes to Consolidated Financial Statements.

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Home BancShares, Inc.

Condensed Notes to Consolidated Financial Statements

(Unaudited)

1. Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations

Home BancShares, Inc. (the “Company” or “HBI”) is a bank holding company headquartered in Conway, Arkansas. The Company is primarily engaged in providing a full range of banking services to individual and corporate customers through its wholly-owned community bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida, South Alabama, Texas and New York City. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities.

A summary of the significant accounting policies of the Company follows:

Operating Segments

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed, and financial performance is evaluated on a company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired, and liabilities assumed in business combinations. In connection with the determination of the allowance for credit losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties.

Principles of Consolidation

The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity.

Interim financial information

The accompanying unaudited consolidated financial statements as of September 30, 2022 and 2021 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

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The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Form 10-K, filed with the Securities and Exchange Commission.

Loans Receivable and Allowance for Credit Losses

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans.

The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, gross domestic product, national retail sales index, housing price indices and rental vacancy rate index.

The allowance for credit losses is measured based on call report segment as these types of loans exhibit similar risk characteristics. The identified loan segments are as follows:

•1-4 family construction

•All other construction

•1-4 family revolving home equity lines of credit (“HELOC”) & junior liens

•1-4 family senior liens

•Multifamily

•Owner occupied commercial real estate

•Non-owner occupied commercial real estate

•Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other

•Consumer auto

•Other consumer

•Other consumer - SPF

The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. For loans that are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation if a specific reserve is not recorded.

Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies:

•Management has a reasonable expectation at the reporting date that troubled debt restructuring will be executed with an individual borrower.

•The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

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Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factors") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system; and (ix) economic conditions.

Loans considered impaired, according to ASC 326, are loans for which, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for credit losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for credit losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion the collection of interest is doubtful or generally when loans are 90 days or more past due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest.

Acquisition Accounting and Acquired Loans

The Company accounts for its acquisitions under FASB ASC Topic 805, Business Combinations, which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with ASC 326, the Company records both a discount or premium and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows.

Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for impairment. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses.

For further discussion of the Company’s acquisitions, see Note 2 to the Condensed Notes to Consolidated Financial Statements.

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

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Revenue Recognition

Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows:

•Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.

•Other service charges and fees – These represent credit card interchange fees and Centennial Commercial Finance Group (“Centennial CFG”) loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310.

•Trust fees - The Company enters into contracts with its customers to manage assets for investment, and/or transact on their accounts. The Company generally satisfies its performance obligations as services are rendered. The management fees are percentage based, flat, percentage of income or a fixed percentage calculated upon the average balance of assets depending upon account type. Fees are collected on a monthly or annual basis.

Earnings per Share

Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the following periods:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Net income	$	108,705	$	74,992	$	189,575	$	245,664
Average shares outstanding	204,829		164,126		191,584		164,717
Effect of common stock options	306		477		357		333
Average diluted shares outstanding	205,135		164,603		191,941		165,050
Basic earnings per share	$	0.53	$	0.46	$	0.99	$	1.49
Diluted earnings per share	$	0.53	$	0.46	$	0.99	$	1.49

2. Business Combinations

Acquisition of Happy Bancshares, Inc.

On April 1, 2022, the Company completed the acquisition of Happy Bancshares, Inc. (“Happy”), and merged Happy State Bank into Centennial Bank. The Company issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. In addition, the holders of certain Happy stock-based awards received approximately $3.7 million in cash in cancellation of such awards, for a total transaction value of approximately $962.5 million. The acquisition added new markets for expansion and brought complementary businesses together to drive synergies and growth.

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Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $6.69 billion in total assets, $3.65 billion in loans and $5.86 billion in customer deposits. Happy formerly operated its banking business from 62 locations in Texas.

The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the acquisition. The Company will continue to review the estimated fair values of loans, deposits and intangible assets, and to evaluate the assumed tax positions and contingencies.

The Company has determined that the acquisition of the net assets of Happy constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a preliminary breakdown of the assets acquired and liabilities assumed as of the acquisition date as adjusted during the measurement period:

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	Happy Bancshares, Inc.
	Acquired from Happy		Fair Value Adjustments		As Recorded by HBI
	(Dollars in thousands)
Assets
Cash and due from banks	$	112,999	$	(87)	$	112,912
Interest-bearing deposits with other banks	746,031		—		746,031
Cash and cash equivalents	859,030		(87)		858,943
Investment securities - available-for-sale, net of allowance for credit losses	1,773,540		8,485		1,782,025

Total investment securities	1,773,540		8,485		1,782,025
Loans receivable	3,657,009		(4,389)		3,652,620
Allowance for credit losses	(42,224)		25,408		(16,816)
Loans receivable, net	3,614,785		21,019		3,635,804
Bank premises and equipment, net	153,642		(6,977)		146,665
Foreclosed assets held for sale	193		(77)		116
Cash value of life insurance	105,049		3		105,052
Accrued interest receivable	31,575		—		31,575
Deferred tax asset, net	32,908		1,117		34,025
Goodwill	130,428		(130,428)		—
Core deposit and other intangibles	10,672		31,591		42,263
Other assets	43,330		7,233		50,563
Total assets acquired	$	6,755,152	$	(68,121)	$	6,687,031
Liabilities
Deposits
Demand and non-interest-bearing	$	1,932,756	$	60	$	1,932,816
Savings and interest-bearing transaction accounts	3,519,652		—		3,519,652
Time deposits	401,899		903		402,802
Total deposits	5,854,307		963		5,855,270

FHLB and other borrowed funds	74,212		4,118		78,330
Accrued interest payable and other liabilities	50,889		(6,258)		44,631
Subordinated debentures	159,965		7,625		167,590
Total liabilities assumed	$	6,139,373	$	6,448	$	6,145,821
Equity
Total equity assumed	615,779		(615,779)		—
Total liabilities and equity assumed	$	6,755,152	$	(609,331)	$	6,145,821
Net assets acquired					541,210
Purchase price					962,538
Goodwill					$	421,328

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The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above:

Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets was deemed a reasonable estimate of fair value based on the short-term nature of these assets.

Investment securities – Investment securities were acquired from Happy with an approximately $8.5 million adjustment to fair value based upon quoted market prices. Otherwise the book value was deemed to approximate fair value.

Loans – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, whether or not the loan was amortizing and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. See Note 5 to the Condensed Notes to Consolidated Financial Statements, for additional information related to purchased financial assets with credit deterioration.

Bank premises and equipment – Bank premises and equipment were acquired from Happy with a $7.0 million adjustment to fair value. This represents the difference between current appraisals completed in connection with the acquisition and book value acquired.

Foreclosed assets held for sale – These assets are presented at the estimated fair values that management expects to receive when the properties are sold, net of related costs of disposal.

Cash value of life insurance – Bank owned life insurance is carried at its current cash surrender value, which is the most reasonable estimate of fair value.

Accrued interest receivable – The carrying amount of these assets was deemed a reasonable estimate of the fair value.

Core deposit intangible and other intangibles – This core deposit intangible asset represents the value of the relationships that Happy had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, and the net maintenance cost attributable to customer deposits.

Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition, equal the amount payable on demand at the acquisition date. The $963,000 fair value adjustment applied for time deposits was because the weighted-average interest rate of Happy’s certificates of deposits were estimated to be below the current market rates.

FHLB borrowed funds – The fair value of FHLB borrowed funds is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities.

Accrued interest payable and other liabilities – The fair value adjustment results from certain liabilities whose value was estimated to be more or less than book value, such as certain accounts payable and other miscellaneous liabilities. The carrying amount of accrued interest and the remainder of other liabilities was deemed to be a reasonable estimate of fair value.

Subordinated debentures – The fair value of subordinated debentures is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities.

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During the third quarter of 2022, we continued to analyze the valuations assigned to the acquired assets and assumed liabilities and received updated information resulting in the revised fair values displayed below. We updated our estimated fair values of these items within our Consolidated Balance Sheet with a corresponding adjustment to goodwill. The changes are gross of taxes and reflected in the following table:


Acquired Asset or Liability	Balance Sheet Line Item	Provisional Estimate	Revised Estimate	Increase (Decrease)
		(In thousands)
Cash and due from banks	Cash and due from banks	112,867	112,912	45
Loans receivable	Loans receivable	3,652,706	3,652,620	(86)
Bank premises and equipment, net	Bank premises and equipment, net	142,067	146,665	4,598
Deferred tax asset, net	Deferred tax asset, net	35,414	34,025	(1,389)
Equity method investments & other receivables	Other assets	49,752	50,563	811
Goodwill	Goodwill	425,375	421,328	(4,047)
Demand and non-interest bearing deposits	Demand and non-interest bearing deposits	1,932,756	1,932,816	60
Accrued expense	Accrued interest payable and other liabilities	44,759	44,631	(128)

All measurement period adjustments made during third quarter of 2022 have been deemed insignificant individually and in the aggregate. The Company will finalize its valuation of the Happy acquisition within the measurement period (no later than April 1, 2023).

The impact to the income statement resulting from the changes to the estimated fair values was insignificant. We continue to analyze the assumptions and related valuation results associated with the acquired assets and assumed liabilities, and accordingly, the valuations of these assets and liabilities are not final as of September 30, 2022. However, the valuations will be finalized no later than April 1, 2023. As the valuations remain provision and subject to updates, the purchase accounting accretion/amortization are also subject to adjustments.

The unaudited pro-forma combined consolidated financial information presents how the combined financial information of HBI and Happy might have appeared had the businesses actually been combined. The following schedule represents the unaudited pro forma combined financial information as of the three and nine-month periods ended September 30, 2022 and 2021, assuming the acquisition was completed as of January 1, 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands, except per share data)
Total interest income	$	242,955	$	211,405	$	662,273	$	629,548
Total non-interest income	43,201		43,792		131,352		145,277
Net income available to all shareholders	108,705		90,846		291,262		220,499

Basic earnings per common share	$	0.53	$	0.44	$	1.42	$	1.06
Diluted earnings per common share	$	0.53	$	0.44	$	1.41	$	1.06

The unaudited pro-forma consolidated financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined at the beginning of the period presented and had the impact of possible significant revenue enhancements and expense efficiencies from in-market cost savings, among other factors, been considered and, accordingly, does not attempt to predict or suggest future results. Pro-forma results include Happy merger expenses of $49.6 million, provision for credit losses on acquired loans of $45.2 million, provision for credit losses on acquired unfunded commitments of $11.4 million and provision for credit losses on acquired investment securities of $2.0 million for the nine months ended September 30, 2022 and 2021, respectively. The pro-forma financial information also does not necessarily reflect what the historical results of the combined company would have been had the companies been combined during this period.

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Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans purchased as part of the Happy acquisition with credit deterioration at acquisition:


	April 1, 2022
	(In thousands)
Purchased Loans with Credit Deterioration:
Par value	$	165,028
Allowance for credit losses at acquisition	(16,816)
Premium on acquired loans	684
Purchase price	$	148,896

3. Investment Securities

The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity are as follows:


	September 30, 2022
	Available-for-Sale
	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
	(In thousands)
U.S. government-sponsored enterprises	$	702,009	$	—	$	702,009	$	3,024	$	(23,029)	$	682,004
Residential mortgage-backed securities	1,805,461		—		1,805,461		299		(207,313)		1,598,447
Commercial mortgage-backed securities	361,251		—		361,251		—		(21,023)		340,228
State and political subdivisions	1,033,621		(842)		1,032,779		709		(133,334)		900,154
Other securities	594,369		—		594,369		—		(30,100)		564,269
Total	$	4,496,711	$	(842)	$	4,495,869	$	4,032	$	(414,799)	$	4,085,102


	September 30, 2022
	Held-to-Maturity
	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
	(In thousands)
U.S. government-sponsored enterprises	$	42,950	$	—	$	42,950	$	—	$	(3,092)	$	39,858
Residential mortgage-backed securities	42,920		—		42,920		—		(612)		42,308
Commercial mortgage-backed securities	55,610		—		55,610		—		(923)		54,687
State and political subdivisions	1,111,532		(2,005)		1,109,527		19		(145,241)		964,305

Total	$	1,253,012	$	(2,005)	$	1,251,007	$	19	$	(149,868)	$	1,101,158

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	December 31, 2021
	Available-for-Sale
	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Estimated Fair Value
	(In thousands)
U.S. government-sponsored enterprises	$	433,829	$	—	$	433,829	$	2,375	$	(3,225)	$	432,979
Residential mortgage-backed securities	1,175,185		—		1,175,185		4,085		(18,551)		1,160,719
Commercial mortgage-backed securities	372,702		—		372,702		6,521		(1,968)		377,255
State and political subdivisions	973,318		(842)		972,476		26,296		(1,794)		996,978
Other securities	151,449		—		151,449		1,781		(1,354)		151,876
Total	$	3,106,483	$	(842)	$	3,105,641	$	41,058	$	(26,892)	$	3,119,807

On April 1, 2022, the Company completed the acquisition of Happy. Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $1.78 billion in investments, net of purchase accounting adjustments. The Company classified approximately $1.12 billion of investments acquired from Happy as held-to-maturity at the acquisition date.

Assets, principally investment securities, having a carrying value of approximately $2.27 billion and $1.15 billion at September 30, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, as collateral for repurchase agreements, and for other purposes required or permitted by law. Investment securities pledged as collateral for repurchase agreements totaled approximately $121.6 million and $140.9 million at September 30, 2022 and December 31, 2021, respectively.

The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at September 30, 2022, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(In thousands)
Due in one year or less	$	267,369	$	266,669	$	—	$	—
Due after one year through five years	178,033		166,906		4,770		4,531
Due after five years through ten years	473,289		434,042		215,931		193,346
Due after ten years	1,405,700		1,273,224		933,781		806,286
Mortgage - backed securities: Residential	1,805,461		1,598,447		42,920		42,308
Mortgage - backed securities: Commercial	361,251		340,228		55,610		54,687
Other	5,608		5,586		—		—
Total	$	4,496,711	$	4,085,102	$	1,253,012	$	1,101,158

During the three and nine months ended September 30, 2022, no available-for-sale securities were sold.

During the three months ended September 30, 2021, no available-for-sale securities were sold. There were no realized gains or losses recorded on sales for the three months ended September 30, 2021. During the nine months ended September 30, 2021, $17.9 million in available-for-sale securities were sold. The gross realized gains on the sales totaled $219,000 for the nine months ended September 30, 2021.

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The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of September 30, 2022 and December 31, 2021.


	September 30, 2022
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises	$	325,781	$	(5,292)	$	117,320	$	(17,737)	$	443,101	$	(23,029)
Residential mortgage-backed securities	881,787		(60,886)		659,272		(146,427)		1,541,059		(207,313)
Commercial mortgage-backed securities	250,331		(11,866)		74,932		(9,157)		325,263		(21,023)
State and political subdivisions	726,799		(104,506)		109,019		(28,828)		835,818		(133,334)
Other securities	388,583		(24,884)		41,184		(5,216)		429,767		(30,100)
Total	$	2,573,281	$	(207,434)	$	1,001,727	$	(207,365)	$	3,575,008	$	(414,799)
Held-to-maturity:
U.S. government-sponsored enterprises	39,858		(3,092)		—		—		39,858		(3,092)
State and political subdivisions	957,918		(145,241)		—		—		957,918		(145,241)
Residential mortgage-backed securities	14,973		(612)		—		—		14,973		(612)
Commercial mortgage-backed securities	16,513		(923)		—		—		16,513		(923)
Total	$	1,029,262	$	(149,868)	$	—	$	—	$	1,029,262	$	(149,868)


	December 31, 2021
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. government-sponsored enterprises	$	120,730	$	(1,356)	$	78,124	$	(1,869)	$	198,854	$	(3,225)
Residential mortgage-backed securities	854,807		(15,246)		104,897		(3,305)		959,704		(18,551)
Commercial mortgage-backed securities	100,702		(1,251)		28,711		(717)		129,413		(1,968)
State and political subdivisions	136,135		(1,282)		18,647		(512)		154,782		(1,794)
Other securities	75,744		(1,316)		2,703		(38)		78,447		(1,354)
Total	$	1,288,118	$	(20,451)	$	233,082	$	(6,441)	$	1,521,200	$	(26,892)

The Company evaluates all securities quarterly to determine if any debt securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. The Company first assesses whether it intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet this criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

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The Company recorded a $2.0 million provision for credit losses on the held-to-maturity investment securities during the second quarter of 2022 as a result of the investment securities acquired as part of the Happy acquisition. Of the Company's held-to-maturity securities, $1.11 billion, or 88.7% are municipal securities. To estimate the necessary loss provision, the Company utilized historical default and recovery rates of the municipal bond sector and applied these rates using a pooling method. The remainder of investments classified as held-to-maturity are U.S government-sponsored enterprises and mortgage-backed securities all of which are guaranteed by the U.S. government. Due to the inherent low risk in these U.S. government guaranteed securities, no provision for credit loss was established on this portion of the portfolio.

At September 30, 2022, the Company determined that the allowance for credit losses of $842,000, resulting from economic uncertainty, was adequate for the available-for-sale investment portfolio, and the allowance for credit losses for the held-to-maturity portfolio was considered adequate. No additional provision for credit losses was considered necessary for the portfolio.


Available-for-Sale Investment Securities
	September 30, 2022		December 31, 2021
	(In thousands)
Allowance for credit losses:
Beginning balance	$	842	$	842
Provision for credit loss	—		—
Balance, September 30	$	842	$	842
Provision for credit loss			—
Balance, December 31, 2021			$	842


Held-to-Maturity Investment Securities
	September 30, 2022				December 31, 2021
	State and Political Subdivisions		Other Securities		State and Political Subdivisions		Other Securities
Allowance for credit losses:	(In thousands)
Beginning balance	$	—	$	—	$	—	$	—
Provision for credit loss - acquired securities	(2,005)		—		—		—
Securities charged-off	—		—		—		—
Recoveries	—		—		—		—
Balance, September 30, 2022	$	(2,005)	$	—	$	—	$	—

For the nine months ended September 30, 2022, the Company had available-for-sale investment securities with approximately $207.4 million in unrealized losses, which have been in continuous loss positions for more than twelve months. The Company’s assessments indicated that the cause of the market depreciation was primarily due to the change in interest rates and not the issuer’s financial condition or downgrades by rating agencies. In addition, approximately 31.7% of the principal balance from the Company’s investment portfolio will mature or are expected to pay down within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity.

As of September 30, 2022, the Company's available-for-sale securities portfolio consisted of 1,659 investment securities, 1,439 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $414.8 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $23.0 million on 63 securities. The residential mortgage-backed securities portfolio contained $207.3 million of unrealized losses on 592 securities, and the commercial mortgage-backed securities portfolio contained $21.0 million of unrealized losses on 151 securities. The state and political subdivisions portfolio contained $133.3 million of unrealized losses on 533 securities. In addition, the other securities portfolio contained $30.1 million of unrealized losses on 100 securities. The unrealized losses on the Company's investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company has determined that an additional provision for credit losses is not necessary as of September 30, 2022.

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As of September 30, 2022, the Company's held-to-maturity securities portfolio consisted of 501 investment securities, 487 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $149.9 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $3.1 million on 5 securities. The state and political subdivisions portfolio contained $145.2 million of unrealized losses on 477 securities. The residential mortgage-backed securities portfolio contained 612,000 of unrealized losses on 3 securities, and the commercial mortgage-backed securities portfolio contained 923,000 of unrealized losses on 2 securities. The unrealized losses on the Company's investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, the Company has determined that an additional provision for credit losses is not necessary as of September 30, 2022.

The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of September 30, 2022:


	State and Political Subdivisions		Other Securities		Total
	(In thousands)
Aaa/AAA	$	233,398	$	42,950	$	276,348
Aa/AA	846,155		—		846,155
A	30,381		—		30,381
Baa/BBB	—		—		—
Not rated	1,598		—		1,598
Agency Backed	—		98,530		98,530
Total	$	1,111,532	$	141,480	$	1,253,012

Income earned on securities for the three and nine months ended September 30, 2022 and 2021, is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Taxable
Available-for-sale	$	21,873	$	8,495	$	45,110	$	21,933
Held-to-maturity	6,400		—		13,184		—
Non-taxable
Available-for-sale	5,002		4,839		14,461		14,815
Held-to-maturity	3,067		—		6,040		—
Total	$	36,342	$	13,334	$	78,795	$	36,748

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4. Loans Receivable

The various categories of loans receivable are summarized as follows:


	September 30, 2022		December 31, 2021
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	5,156,438	$	3,889,284
Construction/land development	2,232,906		1,850,050
Agricultural	330,748		130,674
Residential real estate loans
Residential 1-4 family	1,704,850		1,274,953
Multifamily residential	525,110		280,837
Total real estate	9,950,052		7,425,798
Consumer	1,120,250		825,519
Commercial and industrial	2,268,750		1,386,747
Agricultural	313,693		43,920
Other	176,566		154,105
Total loans receivable	13,829,311		9,836,089
Allowance for credit losses	(289,203)		(236,714)
Loans receivable, net	$	13,540,108	$	9,599,375

During the three months ended September 30, 2022, the Company sold $826,524 of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $58,000. During the nine months ended September 30, 2022, the Company sold $3.6 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $153,000. During the three months ended September 30, 2021, the Company sold $3.9 million guaranteed portions of certain SBA loans, which resulted in a gain of $439,000. During the nine months ended September 30, 2021, the Company sold $15.0 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $1.6 million.

Mortgage loans held for sale of approximately $86.7 million and $72.7 million at September 30, 2022 and December 31, 2021, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. These commitments are derivative instruments and their fair values at September 30, 2022 and December 31, 2021 were not material.

Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for impairment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. The Company held approximately $146.0 million and $448,000 in PCD loans, as of September 30, 2022 and December 31, 2021, respectively. This balance, as of September 30, 2022, consisted of $145.5 million resulting from the acquisition of Happy and $422,000 from the acquisition of LH-Finance.

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A description of our accounting policies for loans, impaired loans and non-accrual loans are set forth in our 2021 Form 10-K filed with the SEC on February 24, 2022.

5. Allowance for Credit Losses, Credit Quality and Other

The Company uses the discounted cash flow (“DCF”) method to estimate expected losses for all of the Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers.

Management qualitatively adjusts model results for risk factors ("Q-Factors") that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factors and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system; and (ix) economic conditions.

Each year management evaluates the performance of the selected models used in the CECL calculation through backtesting. Based on the results of the testing, management determines if the various models produced accurate results compared to the actual losses incurred for the current economic environment. Management then determines if changes to the input assumptions and economic factors would produce a stronger overall calculation that is more responsive to changes in economic conditions. The Company continues to use regression analysis to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default for the changes in the economic factors for the loss driver segments. Based on this analysis during the second quarter of 2022, management determined the previously selected economic factors for the various loss driver segments were appropriate and no changes were necessary. The identified loss drivers by segment are included below as of both September 30, 2022 and December 31, 2021.



Loss Driver Segment	Call Report Segment(s)	Modeled Economic Factors
1-4 Family Construction	1a1	National Unemployment (%) & Housing Price Index (%)
All Other Construction	1a2	National Unemployment (%) & Gross Domestic Product (%)
1-4 Family Revolving HELOC & Junior Liens	1c1	National Unemployment (%) & Housing Price Index – CoreLogic (%)
1-4 Family Revolving HELOC & Junior Liens	1c2b	National Unemployment (%) & Gross Domestic Product (%)
1-4 Family Senior Liens	1c2a	National Unemployment (%) & Gross Domestic Product (%)
Multifamily	1d	Rental Vacancy Rate (%) & Housing Price Index – Case-Schiller (%)
Owner Occupied CRE	1e1	National Unemployment (%) & Gross Domestic Product (%)
Non-Owner Occupied CRE	1e2,1b,8	National Unemployment (%) & Gross Domestic Product (%)
Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other	4a, 3, 9a, 9b1, 9b2, 10, Other	National Unemployment (%) & National Retail Sales (%)
Consumer Auto	6c	National Unemployment (%) & National Retail Sales (%)
Other Consumer	6b, 6d	National Unemployment (%) & National Retail Sales (%)
Other Consumer - SPF	6d	National Unemployment (%)

For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.

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The combination of adjustments for credit expectations (default and loss) and time expectations prepayment, curtailment, and time to recovery produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis.

Construction/Land Development and Other Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30 year period with balloon payments due at the end of one to five years. These loans are generally underwritten by assessing cash flow (debt service coverage), primary and secondary source of repayment, the financial strength of any guarantor, the strength of the tenant (if any), the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. Generally, we will loan up to 85% of the value of improved property, 65% of the value of raw land and 75% of the value of land to be acquired and developed. A first lien on the property and assignment of lease is required if the collateral is rental property, with second lien positions considered on a case-by-case basis.

Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to many factors including the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio.

Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one to seven years Commercial loan applications must be supported by current financial information on the borrower and, where appropriate, by adequate collateral. Commercial loans are generally underwritten by addressing cash flow (debt service coverage), primary and secondary sources of repayment, the financial strength of any guarantor, the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. The loan to value ratio depends on the type of collateral. Generally, accounts receivable are financed at between 50% and 80% of accounts receivable less than 60 days past due. Inventory financing will range between 50% and 80% (with no work in process) depending on the borrower and nature of inventory. We require a first lien position for those loans.

Consumer & Other Loans. Our consumer & other loans are primarily composed of loans to finance USCG registered high-end sail and power boats. The performance of consumer & other loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual-specific characteristics.

Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit loss on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company uses the DCF method to estimate expected losses for all of the Company’s off-balance sheet credit exposures through the use of the existing DCF models for the Company’s loan portfolio pools. The off-balance sheet credit exposures exhibit similar risk characteristics as loans currently in the Company’s loan portfolio.

ASC 326 requires that both a discount and an allowance for credit losses be recorded on loans during an acquisition. The Company completed the acquisition of Happy on April 1, 2022. As a result, the Company recorded $4.4 million in net loan discounts and a $16.8 million increase in the allowance for credit losses related to PCD loans. In addition, the Company recorded a $45.2 million provision for credit losses on acquired loans for the CECL "double count" and an $11.4 million provision for credit losses on acquired unfunded commitments.

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The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2022:


	Three Months Ended September 30, 2022
	Construction/ Land Development		Other Commercial Real Estate		Residential Real Estate		Commercial & Industrial		Consumer & Other		Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	36,689	$	115,195	$	51,146	$	68,309	$	22,928	$	294,267

Loans charged off	(11)		—		(48)		(4,536)		(1,718)		(6,313)
Recoveries of loans previously charged off	8		778		45		189		229		1,249
Net loans recovered (charged off)	(3)		778		(3)		(4,347)		(1,489)		(5,064)

Provision for credit losses	(1,999)		(23,560)		(1,322)		25,459		1,422		—
Balance, September 30	$	34,687

Boards:

Quotes:

HOMB