Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”),
parent company of Centennial Bank, released quarterly earnings
today.
Highlights of the Fourth Quarter of
2022:
|
Metric |
Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
|
Net income |
$115.7 million |
$108.7 million |
$16.0 million |
$64.9 million |
$73.4 million |
|
Total revenue (net) |
$272.3 million |
$256.3 million |
$243.3 million |
$161.8 million |
$171.0 million |
|
Income before income taxes |
$148.4 million |
$142.0 million |
$19.3 million |
$84.9 million |
$93.9 million |
|
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) |
$153.4 million |
$142.0 million |
$77.9 million |
$84.9 million |
$93.9 million |
|
Pre-tax net income to total revenue (net) |
54.50% |
55.39% |
7.92% |
52.48% |
54.94% |
|
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to
total revenue (net)) (non-GAAP)(1) |
56.34% |
55.39% |
32.00% |
52.48% |
54.94% |
|
ROA |
1.98% |
1.81% |
0.26% |
1.43% |
1.62% |
|
NIM |
4.21% |
4.05% |
3.64% |
3.21% |
3.42% |
|
Purchase accounting accretion |
$3.5 million |
$4.6 million |
$5.2 million |
$3.1 million |
$4.0 million |
|
ROE |
13.29% |
12.25% |
1.78% |
9.58% |
10.63% |
|
ROTCE (non-GAAP)(1) |
22.96% |
20.93% |
2.96% |
15.03% |
16.73% |
|
Diluted earnings per share |
$0.57 |
$0.53 |
$0.08 |
$0.40 |
$0.45 |
|
Non-performing assets to total assets |
0.27% |
0.27% |
0.25% |
0.25% |
0.29% |
|
Common equity tier 1 capital |
12.9% |
13.0% |
12.8% |
14.9% |
15.4% |
|
Leverage |
10.9% |
10.4% |
9.8% |
10.8% |
11.1% |
|
Tier 1 capital |
12.9% |
13.0% |
12.9% |
15.5% |
16.0% |
|
Total risk-based capital |
16.5% |
16.7% |
16.6% |
21.6% |
19.8% |
|
Allowance for credit losses to total loans |
2.01% |
2.09% |
2.11% |
2.34% |
2.41% |
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
“It’s obvious all banks are not created equal.
HOMB continues to try and separate ourselves from the pack.
Financial strength is paramount, and I’m proud that Home BancShares
is able to provide strength to our customers, especially during
tough economic times. Despite the headwinds that arose out of West
Texas, HOMB was able to rely on the patience and strength of the
full franchise to deliver strong performance for the year,” said
John Allison, Chairman.
“As a result of the discipline, patience and
liquidity maintained by HOMB, we were able to profitably grow loans
by $580 million in the fourth quarter, increasing loan yield to
6.23% from 5.63%, which is impressive by any standard in a rising
rate environment,” said Tracy French, Centennial Bank President and
Chief Executive Officer.
Operating Highlights
Net income for the three-month period ended
December 31, 2022 was $115.7 million, or $0.57 earnings
per share. Net income for the year ended December 31, 2022 was
$305.3 million, or $1.57 earnings per share. When adjusting
for merger-related and other non-fundamental items, net income and
earnings per share on an as-adjusted basis (non-GAAP), were $107.5
million(1), or $0.53 per share(1), and $375.9 million(1), or $1.93
per share(1), for the three months and year ended December 31,
2022, respectively.
Our net interest margin was 4.21% for the
three-month period ended December 31, 2022, compared to 4.05%
for the three-month period ended September 30, 2022. The yield
on loans was 6.23% and 5.63% for the three months ended
December 31, 2022 and September 30, 2022, respectively,
as average loans increased from $13.82 billion to $14.11 billion.
Additionally, the rate on interest bearing deposits increased to
1.45% as of December 31, 2022, from 0.70% as of
September 30, 2022, while average balances decreased from
$13.31 billion to $12.85 billion.
During the fourth quarter of 2022, there was
$871,000 of event interest income compared to event interest income
of $943,000 for the third quarter of 2022.
Purchase accounting accretion on acquired loans
was $3.5 million and $4.6 million and average purchase accounting
loan discounts were $38.6 million and $42.1 million for the
three-month periods ended December 31, 2022 and
September 30, 2022, respectively. The reduction in accretion
income lowered the net interest margin by two basis points for the
three-month period ended December 31, 2022.
Net interest income on a fully taxable
equivalent basis was $217.7 million for the three-month period
ended December 31, 2022, and $215.5 million for the
three-month period ended September 30, 2022. This increase in
net interest income for the three-month period ended
December 31, 2022, was the result of a $29.5 million increase
in interest income, partially offset by a $27.4 million increase in
interest expense. The $29.5 million increase in interest income was
primarily the result of a $25.5 million increase in loan interest
income and a $4.6 million increase in investment income. The
increase in interest income is a result of the rising interest rate
environment as well as loan growth during the quarter. The $27.4
million increase in interest expense was due to a $23.7 million
increase in interest expense on deposits and a $3.5 million
increase in interest expense on FHLB borrowed funds. The increase
in interest expense on deposits and FHLB borrowed funds is a result
of the rising interest rate environment as well as an increase in
FHLB borrowed funds during the quarter.
The Company reported $56.7 million of
non-interest income for the fourth quarter of 2022. The most
important components of fourth quarter non-interest income were
$23.2 million from other income, $10.4 million from other service
charges and fees, $10.1 million from service charges on deposit
accounts, $4.0 million from trust fees, $3.6 million in mortgage
lending income, $2.8 million from dividends from FHLB, FRB, FNBB
and other, a $1.1 million increase in cash value of life insurance,
a $1.0 million loss from the fair value adjustment for marketable
securities, and $453,000 from insurance commissions. The $23.2
million in other income includes $15.0 million income from the
settlement of a lawsuit brought by the Company.
Non-interest expense for the fourth quarter of
2022 was $118.9 million. The most important components of the
fourth quarter non-interest expense were $64.2 million from
salaries and employee benefits, $30.7 million in other operating
expense, $14.9 million in occupancy and equipment expenses and $9.1
million in data processing expenses. Other operating expense
includes $5.0 million in legal expense from a lawsuit brought by
the Company. There were no merger and acquisition expenses during
the fourth quarter of 2022. For the fourth quarter of 2022, our
efficiency ratio was 42.44%; and, our efficiency ratio, as adjusted
(non-GAAP), was 43.07%(1).
Financial Condition
Total loans receivable were $14.41 billion at
December 31, 2022, compared to $13.83 billion at
September 30, 2022. Total deposits were $17.94 billion at
December 31, 2022, compared to $18.54 billion at
September 30, 2022. Total assets were $22.88 billion at
December 31, 2022, compared to $23.16 billion at
September 30, 2022.
During the fourth quarter of 2022, the Company
experienced approximately $580.2 million in loan growth. Centennial
CFG experienced $196.0 million of organic loan growth and had loans
of $2.27 billion at December 31, 2022. Our remaining footprint
experienced $387.6 million in organic loan growth and $3.4 million
in PPP loan decline during the quarter.
Non-performing loans to total loans was 0.42%
and 0.45% at December 31, 2022 and September 30, 2022,
respectively. Non-performing assets to total assets was 0.27% at
both December 31, 2022 and September 30, 2022. Net
charge-offs were $4.5 million and $5.1 million for the three months
ended December 31, 2022 and September 30, 2022,
respectively.
Non-performing loans at December 31, 2022,
were $8.4 million, $20.5 million, $22.2 million, $404,000, $2.3
million and $7.1 million in the Arkansas, Florida, Texas, Alabama,
Shore Premier Finance and Centennial CFG markets, respectively, for
a total of $60.9 million. Non-performing assets at
December 31, 2022, were $8.5 million, $20.8 million, $22.4
million, $404,000, $2.3 million and $7.1 million in the Arkansas,
Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG
markets, respectively, for a total of $61.5 million.
The Company’s allowance for credit losses on
loans was $289.7 million at December 31, 2022, or 2.01% of
total loans, compared to the allowance for credit losses on loans
of $289.2 million, or 2.09% of total loans, at September 30,
2022. As of December 31, 2022 and September 30, 2022, the
Company’s allowance for credit losses on loans was 475.99% and
468.77% of its total non-performing loans, respectively.
Stockholders’ equity was $3.53 billion at
December 31, 2022, compared to $3.46 billion at
September 30, 2022, an increase of approximately $66.3
million. The increase in stockholders’ equity is primarily
associated with the $82.0 million increase in retained earnings and
the $2.0 million decrease in accumulated other comprehensive
loss, which were partially offset by $20.0 million in stock
repurchases. Book value per common share was $17.33 at
December 31, 2022, compared to $16.94 at September 30,
2022. Tangible book value per common share (non-GAAP) was
$10.17(1) at December 31, 2022, compared to
$9.82(1) at September 30, 2022.
Branches
The Company currently has 76 branches in
Arkansas, 78 branches in Florida, 63 branches in Texas, 5 branches
in Alabama and one branch in New York City.
Conference Call
Management will conduct a conference call to
review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday,
January 19, 2023. We strongly encourage all participants to
pre-register for the conference call webcast or the live call using
one of the following links. First, participants can pre-register
for the conference call webcast using the following link:
https://events.q4inc.com/attendee/223948707. Participants who
pre-register will be given a unique webcast link to gain immediate
access to the conference call webcast. Second, participants can
pre-register for the live call using the following link:
https://www.netroadshow.com/events/login?show=863c0014&confId=45606.
Participants who pre-register will be given the phone number and
unique access codes 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
1-844-200-6205, Passcode: 794589. A replay of the call will be
available by calling 1-866-813-9403, Passcode: 384771, which will
be available until January 26, 2023, at 10:59 p.m. CT (11:59 p.m.
ET). Internet access to the call will be available live or in
recorded version on the Company's website at
www.homebancshares.com.
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, Texas, South
Alabama and New York City. The Company’s common stock is traded
through the New York Stock Exchange under the symbol “HOMB.” The
Company was founded in 1998. Visit www.homebancshares.com or
www.my100bank.com for more information.
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
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); PPNR, as adjusted; pre-tax net income, as adjusted, to
total revenue (net); pre-tax, pre-provision, profit percentage;
pre-tax, pre-provision, profit percentage, as adjusted; diluted
earnings per common share, as adjusted; return on average assets,
as adjusted; return on average assets excluding intangible
amortization; return on average assets, as adjusted, excluding
intangible amortization; return on average common equity, as
adjusted; return on average tangible common equity; return on
average tangible common equity, as adjusted; return on average
tangible common equity excluding intangible amortization; return on
average tangible common equity, as adjusted, excluding intangible
amortization; efficiency ratio, as adjusted; 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 that
management believes are not indicative of the Company’s primary
business operating results. Since the presentation of these GAAP
performance measures and their impact differ between companies,
management believes presentations of these non-GAAP financial
measures provide useful supplemental information that is essential
to a proper understanding of the operating results of the Company’s
business. These non-GAAP disclosures should not be viewed as a
substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Where non-GAAP
financial measures are used, the comparable GAAP financial measure,
as well as the reconciliation to the comparable GAAP financial
measure, can be found in the tables of this release.
General
This release may contain forward-looking
statements regarding the Company’s plans, expectations, goals and
outlook for the future. Statements in this press release that are
not historical facts should be considered forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are not guarantees
of future events, performance or results. When we use words like
“may,” “plan,” “propose,” “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. Forward-looking statements of this type
speak only as of the date of this news release. By nature,
forward-looking statements involve inherent risks 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, including the
ongoing impacts of inflation; 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 risk that the benefits from the acquisition of Happy
Bancshares, Inc. (“Happy”) 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 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; technological changes and
cybersecurity risks; the effects of changes in accounting policies
and practices; changes in governmental monetary and fiscal
policies; political instability, military conflicts and other major
domestic or international events; adverse weather events, including
hurricanes, and other natural disasters; 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,
2021, filed with the SEC on February 24, 2022.
FOR MORE INFORMATION CONTACT:Donna TownsellDirector of Investor
RelationsHome BancShares, Inc.(501) 328-4625
|
Home BancShares, Inc. |
|
Consolidated End of Period Balance
Sheets |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
263,893 |
|
|
$ |
268,929 |
|
|
$ |
287,451 |
|
|
$ |
173,134 |
|
|
$ |
119,908 |
|
|
Interest-bearing deposits with other banks |
|
|
460,897 |
|
|
|
1,311,492 |
|
|
|
2,528,925 |
|
|
|
3,446,324 |
|
|
|
3,530,407 |
|
|
Cash and cash equivalents |
|
|
724,790 |
|
|
|
1,580,421 |
|
|
|
2,816,376 |
|
|
|
3,619,458 |
|
|
|
3,650,315 |
|
|
Federal funds sold |
|
|
— |
|
|
|
2,700 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Investment securities - available-for sale, net of allowance for
credit losses |
|
|
4,041,590 |
|
|
|
4,085,102 |
|
|
|
3,791,509 |
|
|
|
2,957,322 |
|
|
|
3,119,807 |
|
|
Investment securities - held-to-maturity, net of allowance for
credit losses |
|
|
1,287,705 |
|
|
|
1,251,007 |
|
|
|
1,366,781 |
|
|
|
499,265 |
|
|
|
— |
|
|
Total investment securities |
|
|
5,329,295 |
|
|
|
5,336,109 |
|
|
|
5,158,290 |
|
|
|
3,456,587 |
|
|
|
3,119,807 |
|
|
Loans receivable |
|
|
14,409,480 |
|
|
|
13,829,311 |
|
|
|
13,923,873 |
|
|
|
10,052,714 |
|
|
|
9,836,089 |
|
|
Allowance for credit losses |
|
|
(289,669 |
) |
|
|
(289,203 |
) |
|
|
(294,267 |
) |
|
|
(234,768 |
) |
|
|
(236,714 |
) |
|
Loans receivable, net |
|
|
14,119,811 |
|
|
|
13,540,108 |
|
|
|
13,629,606 |
|
|
|
9,817,946 |
|
|
|
9,599,375 |
|
|
Bank premises and equipment, net |
|
|
405,073 |
|
|
|
411,479 |
|
|
|
415,056 |
|
|
|
274,503 |
|
|
|
275,760 |
|
|
Foreclosed assets held for sale |
|
|
546 |
|
|
|
365 |
|
|
|
373 |
|
|
|
1,144 |
|
|
|
1,630 |
|
|
Cash value of life insurance |
|
|
213,693 |
|
|
|
212,619 |
|
|
|
211,811 |
|
|
|
105,623 |
|
|
|
105,135 |
|
|
Accrued interest receivable |
|
|
103,199 |
|
|
|
88,671 |
|
|
|
80,274 |
|
|
|
46,934 |
|
|
|
46,736 |
|
|
Deferred tax asset, net |
|
|
209,321 |
|
|
|
228,979 |
|
|
|
208,585 |
|
|
|
116,605 |
|
|
|
78,290 |
|
|
Goodwill |
|
|
1,398,253 |
|
|
|
1,394,353 |
|
|
|
1,398,400 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
Core deposit intangible |
|
|
58,455 |
|
|
|
60,932 |
|
|
|
63,410 |
|
|
|
23,624 |
|
|
|
25,045 |
|
|
Other assets |
|
|
321,152 |
|
|
|
300,634 |
|
|
|
270,987 |
|
|
|
182,546 |
|
|
|
177,020 |
|
|
Total assets |
|
$ |
22,883,588 |
|
|
$ |
23,157,370 |
|
|
$ |
24,253,168 |
|
|
$ |
18,617,995 |
|
|
$ |
18,052,138 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Demand and non-interest-bearing |
|
$ |
5,164,997 |
|
|
$ |
5,540,539 |
|
|
$ |
6,036,583 |
|
|
$ |
4,311,400 |
|
|
$ |
4,127,878 |
|
|
Savings and interest-bearing transaction accounts |
|
|
11,730,552 |
|
|
|
11,968,519 |
|
|
|
12,424,192 |
|
|
|
9,461,393 |
|
|
|
9,251,805 |
|
|
Time deposits |
|
|
1,043,234 |
|
|
|
1,033,266 |
|
|
|
1,119,297 |
|
|
|
808,141 |
|
|
|
880,887 |
|
|
Total deposits |
|
|
17,938,783 |
|
|
|
18,542,324 |
|
|
|
19,580,072 |
|
|
|
14,580,934 |
|
|
|
14,260,570 |
|
|
Securities sold under agreements to repurchase |
|
|
131,146 |
|
|
|
121,555 |
|
|
|
118,573 |
|
|
|
151,151 |
|
|
|
140,886 |
|
|
FHLB and other borrowed funds |
|
|
650,000 |
|
|
|
400,000 |
|
|
|
400,000 |
|
|
|
400,000 |
|
|
|
400,000 |
|
|
Accrued interest payable and other liabilities |
|
|
196,877 |
|
|
|
192,908 |
|
|
|
197,503 |
|
|
|
131,339 |
|
|
|
113,868 |
|
|
Subordinated debentures |
|
|
440,420 |
|
|
|
440,568 |
|
|
|
458,455 |
|
|
|
667,868 |
|
|
|
371,093 |
|
|
Total liabilities |
|
|
19,357,226 |
|
|
|
19,697,355 |
|
|
|
20,754,603 |
|
|
|
15,931,292 |
|
|
|
15,286,417 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
2,034 |
|
|
|
2,042 |
|
|
|
2,053 |
|
|
|
1,638 |
|
|
|
1,637 |
|
|
Capital surplus |
|
|
2,386,699 |
|
|
|
2,404,388 |
|
|
|
2,426,271 |
|
|
|
1,485,524 |
|
|
|
1,487,373 |
|
|
Retained earnings |
|
|
1,443,087 |
|
|
|
1,361,040 |
|
|
|
1,286,146 |
|
|
|
1,304,098 |
|
|
|
1,266,249 |
|
|
Accumulated other comprehensive (loss) income |
|
|
(305,458 |
) |
|
|
(307,455 |
) |
|
|
(215,905 |
) |
|
|
(104,557 |
) |
|
|
10,462 |
|
|
Total stockholders' equity |
|
|
3,526,362 |
|
|
|
3,460,015 |
|
|
|
3,498,565 |
|
|
|
2,686,703 |
|
|
|
2,765,721 |
|
|
Total liabilities and stockholders' equity |
|
$ |
22,883,588 |
|
|
$ |
23,157,370 |
|
|
$ |
24,253,168 |
|
|
$ |
18,617,995 |
|
|
$ |
18,052,138 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
|
Consolidated Statements of Income |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
(In thousands) |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
221,280 |
|
|
$ |
195,841 |
|
|
$ |
181,779 |
|
|
$ |
129,442 |
|
|
$ |
136,750 |
|
|
$ |
728,342 |
|
|
$ |
571,960 |
|
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
33,639 |
|
|
|
28,273 |
|
|
|
20,941 |
|
|
|
9,080 |
|
|
|
8,121 |
|
|
|
91,933 |
|
|
|
30,054 |
|
|
Tax-exempt |
|
|
7,855 |
|
|
|
8,069 |
|
|
|
7,725 |
|
|
|
4,707 |
|
|
|
4,827 |
|
|
|
28,356 |
|
|
|
19,642 |
|
|
Deposits - other banks |
|
|
10,109 |
|
|
|
10,763 |
|
|
|
6,565 |
|
|
|
1,673 |
|
|
|
1,281 |
|
|
|
29,110 |
|
|
|
3,515 |
|
|
Federal funds sold |
|
|
12 |
|
|
|
9 |
|
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
Total interest income |
|
|
272,895 |
|
|
|
242,955 |
|
|
|
217,013 |
|
|
|
144,903 |
|
|
|
150,979 |
|
|
|
877,766 |
|
|
|
625,171 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
47,019 |
|
|
|
23,347 |
|
|
|
10,729 |
|
|
|
4,894 |
|
|
|
5,155 |
|
|
|
85,989 |
|
|
|
24,936 |
|
|
Federal funds purchased |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
FHLB borrowed funds |
|
|
5,388 |
|
|
|
1,917 |
|
|
|
1,896 |
|
|
|
1,875 |
|
|
|
1,916 |
|
|
|
11,076 |
|
|
|
7,604 |
|
|
Securities sold under agreements to repurchase |
|
|
701 |
|
|
|
434 |
|
|
|
187 |
|
|
|
108 |
|
|
|
98 |
|
|
|
1,430 |
|
|
|
497 |
|
|
Subordinated debentures |
|
|
4,121 |
|
|
|
4,153 |
|
|
|
5,441 |
|
|
|
6,878 |
|
|
|
4,790 |
|
|
|
20,593 |
|
|
|
19,163 |
|
|
Total interest expense |
|
|
57,229 |
|
|
|
29,851 |
|
|
|
18,255 |
|
|
|
13,755 |
|
|
|
11,959 |
|
|
|
119,090 |
|
|
|
52,200 |
|
|
Net interest income |
|
|
215,666 |
|
|
|
213,104 |
|
|
|
198,758 |
|
|
|
131,148 |
|
|
|
139,020 |
|
|
|
758,676 |
|
|
|
572,971 |
|
|
Provision for credit losses on loans |
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
|
Provision for credit losses on acquired loans |
|
|
— |
|
|
|
— |
|
|
|
45,170 |
|
|
|
— |
|
|
|
— |
|
|
|
45,170 |
|
|
|
— |
|
|
Provision for credit losses on acquired unfunded commitments |
|
|
— |
|
|
|
— |
|
|
|
11,410 |
|
|
|
— |
|
|
|
— |
|
|
|
11,410 |
|
|
|
— |
|
|
Provision for credit losses on unfunded commitments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,752 |
) |
|
Provision for credit losses on acquired investment securities |
|
|
— |
|
|
|
— |
|
|
|
2,005 |
|
|
|
— |
|
|
|
— |
|
|
|
2,005 |
|
|
|
— |
|
|
Total credit loss expense (benefit) |
|
|
5,000 |
|
|
|
— |
|
|
|
58,585 |
|
|
|
— |
|
|
|
— |
|
|
|
63,585 |
|
|
|
(4,752 |
) |
|
Net interest income after credit loss expense
(benefit) |
|
|
210,666 |
|
|
|
213,104 |
|
|
|
140,173 |
|
|
|
131,148 |
|
|
|
139,020 |
|
|
|
695,091 |
|
|
|
577,723 |
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
10,134 |
|
|
|
10,756 |
|
|
|
10,084 |
|
|
|
6,140 |
|
|
|
6,217 |
|
|
|
37,114 |
|
|
|
22,276 |
|
|
Other service charges and fees |
|
|
10,363 |
|
|
|
13,951 |
|
|
|
12,541 |
|
|
|
7,733 |
|
|
|
11,133 |
|
|
|
44,588 |
|
|
|
36,451 |
|
|
Trust fees |
|
|
3,981 |
|
|
|
3,980 |
|
|
|
4,320 |
|
|
|
574 |
|
|
|
515 |
|
|
|
12,855 |
|
|
|
1,960 |
|
|
Mortgage lending income |
|
|
3,566 |
|
|
|
4,179 |
|
|
|
5,996 |
|
|
|
3,916 |
|
|
|
5,359 |
|
|
|
17,657 |
|
|
|
25,676 |
|
|
Insurance commissions |
|
|
453 |
|
|
|
601 |
|
|
|
658 |
|
|
|
480 |
|
|
|
387 |
|
|
|
2,192 |
|
|
|
1,943 |
|
|
Increase in cash value of life insurance |
|
|
1,079 |
|
|
|
1,089 |
|
|
|
1,140 |
|
|
|
492 |
|
|
|
501 |
|
|
|
3,800 |
|
|
|
2,049 |
|
|
Dividends from FHLB, FRB, FNBB & other |
|
|
2,814 |
|
|
|
1,741 |
|
|
|
3,945 |
|
|
|
698 |
|
|
|
919 |
|
|
|
9,198 |
|
|
|
14,835 |
|
|
Gain on SBA loans |
|
|
30 |
|
|
|
58 |
|
|
|
— |
|
|
|
95 |
|
|
|
792 |
|
|
|
183 |
|
|
|
2,380 |
|
|
Gain (loss) on branches, equipment and other assets, net |
|
|
10 |
|
|
|
(13 |
) |
|
|
2 |
|
|
|
16 |
|
|
|
(19 |
) |
|
|
15 |
|
|
|
(105 |
) |
|
Gain on OREO, net |
|
|
13 |
|
|
|
— |
|
|
|
9 |
|
|
|
478 |
|
|
|
737 |
|
|
|
500 |
|
|
|
2,003 |
|
|
Gain on securities, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
Fair value adjustment for marketable securities |
|
|
1,032 |
|
|
|
(2,628 |
) |
|
|
(1,801 |
) |
|
|
2,125 |
|
|
|
85 |
|
|
|
(1,272 |
) |
|
|
7,178 |
|
|
Other income |
|
|
23,185 |
|
|
|
9,487 |
|
|
|
7,687 |
|
|
|
7,922 |
|
|
|
5,338 |
|
|
|
48,281 |
|
|
|
20,704 |
|
|
Total non-interest income |
|
|
56,660 |
|
|
|
43,201 |
|
|
|
44,581 |
|
|
|
30,669 |
|
|
|
31,964 |
|
|
|
175,111 |
|
|
|
137,569 |
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
64,249 |
|
|
|
65,290 |
|
|
|
65,795 |
|
|
|
43,551 |
|
|
|
43,765 |
|
|
|
238,885 |
|
|
|
170,755 |
|
|
Occupancy and equipment |
|
|
14,884 |
|
|
|
15,133 |
|
|
|
14,256 |
|
|
|
9,144 |
|
|
|
9,047 |
|
|
|
53,417 |
|
|
|
36,631 |
|
|
Data processing expense |
|
|
9,062 |
|
|
|
8,747 |
|
|
|
10,094 |
|
|
|
7,039 |
|
|
|
6,493 |
|
|
|
34,942 |
|
|
|
24,280 |
|
|
Merger and acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
48,731 |
|
|
|
863 |
|
|
|
880 |
|
|
|
49,594 |
|
|
|
1,886 |
|
|
Other operating expenses |
|
|
30,708 |
|
|
|
25,176 |
|
|
|
26,606 |
|
|
|
16,299 |
|
|
|
16,865 |
|
|
|
98,789 |
|
|
|
64,965 |
|
|
Total non-interest expense |
|
|
118,903 |
|
|
|
114,346 |
|
|
|
165,482 |
|
|
|
76,896 |
|
|
|
77,050 |
|
|
|
475,627 |
|
|
|
298,517 |
|
|
Income before income taxes |
|
|
148,423 |
|
|
|
141,959 |
|
|
|
19,272 |
|
|
|
84,921 |
|
|
|
93,934 |
|
|
|
394,575 |
|
|
|
416,775 |
|
|
Income tax expense |
|
|
32,736 |
|
|
|
33,254 |
|
|
|
3,294 |
|
|
|
20,029 |
|
|
|
20,577 |
|
|
|
89,313 |
|
|
|
97,754 |
|
|
Net income |
|
$ |
115,687 |
|
|
$ |
108,705 |
|
|
$ |
15,978 |
|
|
$ |
64,892 |
|
|
$ |
73,357 |
|
|
$ |
305,262 |
|
|
$ |
319,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
|
Selected Financial Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
(Dollars and shares in thousands, except per share
data) |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
0.57 |
|
|
$ |
0.53 |
|
|
$ |
0.08 |
|
|
$ |
0.40 |
|
|
$ |
0.45 |
|
|
$ |
1.57 |
|
|
$ |
1.94 |
|
|
Diluted earnings per common share, as adjusted (non-GAAP)(1) |
|
|
0.53 |
|
|
|
0.54 |
|
|
|
0.47 |
|
|
|
0.37 |
|
|
|
0.45 |
|
|
|
1.93 |
|
|
|
1.83 |
|
|
Basic earnings per common share |
|
|
0.57 |
|
|
|
0.53 |
|
|
|
0.08 |
|
|
|
0.40 |
|
|
|
0.45 |
|
|
|
1.57 |
|
|
|
1.94 |
|
|
Dividends per share - common |
|
|
0.165 |
|
|
|
0.165 |
|
|
|
0.165 |
|
|
|
0.165 |
|
|
|
0.14 |
|
|
|
0.66 |
|
|
|
0.56 |
|
|
Book value per common share |
|
|
17.33 |
|
|
|
16.94 |
|
|
|
17.04 |
|
|
|
16.41 |
|
|
|
16.90 |
|
|
|
17.33 |
|
|
|
16.90 |
|
|
Tangible book value per common share (non-GAAP)(1) |
|
|
10.17 |
|
|
|
9.82 |
|
|
|
9.92 |
|
|
|
10.32 |
|
|
|
10.80 |
|
|
|
10.17 |
|
|
|
10.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
203,924 |
|
|
|
204,829 |
|
|
|
205,683 |
|
|
|
163,787 |
|
|
|
163,859 |
|
|
|
194,694 |
|
|
|
164,501 |
|
|
Average diluted shares outstanding |
|
|
204,179 |
|
|
|
205,135 |
|
|
|
206,015 |
|
|
|
164,196 |
|
|
|
164,306 |
|
|
|
195,019 |
|
|
|
164,858 |
|
|
End of period common shares outstanding |
|
|
203,434 |
|
|
|
204,219 |
|
|
|
205,291 |
|
|
|
163,758 |
|
|
|
163,699 |
|
|
|
203,434 |
|
|
|
163,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROA) |
|
|
1.98 |
% |
|
|
1.81 |
% |
|
|
0.26 |
% |
|
|
1.43 |
% |
|
|
1.62 |
% |
|
|
1.35 |
% |
|
|
1.83 |
% |
|
Return on average assets, as adjusted: (ROA, as adjusted)
(non-GAAP)(1) |
|
|
1.84 |
% |
|
|
1.83 |
% |
|
|
1.57 |
% |
|
|
1.36 |
% |
|
|
1.64 |
% |
|
|
1.67 |
% |
|
|
1.73 |
% |
|
Return on average assets excluding intangible amortization
(non-GAAP)(1) |
|
|
2.15 |
% |
|
|
1.97 |
% |
|
|
0.31 |
% |
|
|
1.54 |
% |
|
|
1.75 |
% |
|
|
1.47 |
% |
|
|
1.96 |
% |
|
Return on average assets, as adjusted, excluding intangible
amortization (non-GAAP)(1) |
|
|
2.00 |
% |
|
|
1.99 |
% |
|
|
1.70 |
% |
|
|
1.46 |
% |
|
|
1.76 |
% |
|
|
1.80 |
% |
|
|
1.86 |
% |
|
Return on average common equity (ROE) |
|
|
13.29 |
% |
|
|
12.25 |
% |
|
|
1.78 |
% |
|
|
9.58 |
% |
|
|
10.63 |
% |
|
|
9.17 |
% |
|
|
11.89 |
% |
|
Return on average common equity, as adjusted: (ROE, as adjusted)
(non-GAAP)(1) |
|
|
12.35 |
% |
|
|
12.39 |
% |
|
|
10.83 |
% |
|
|
9.09 |
% |
|
|
10.72 |
% |
|
|
11.29 |
% |
|
|
11.26 |
% |
|
Return on average tangible common equity (ROTCE) (non-GAAP)(1) |
|
|
22.96 |
% |
|
|
20.93 |
% |
|
|
2.96 |
% |
|
|
15.03 |
% |
|
|
16.73 |
% |
|
|
15.30 |
% |
|
|
18.95 |
% |
|
Return on average tangible common equity, as adjusted: (ROTCE, as
adjusted) (non-GAAP)(1) |
|
|
21.33 |
% |
|
|
21.16 |
% |
|
|
17.94 |
% |
|
|
14.26 |
% |
|
|
16.87 |
% |
|
|
18.84 |
% |
|
|
17.95 |
% |
|
Return on average tangible common equity excluding intangible
amortization (non-GAAP)(1) |
|
|
23.33 |
% |
|
|
21.29 |
% |
|
|
3.30 |
% |
|
|
15.28 |
% |
|
|
16.97 |
% |
|
|
15.63 |
% |
|
|
19.20 |
% |
|
Return on average tangible common equity, as adjusted, excluding
intangible amortization (non-GAAP)(1) |
|
|
21.70 |
% |
|
|
21.52 |
% |
|
|
18.29 |
% |
|
|
14.50 |
% |
|
|
17.11 |
% |
|
|
19.17 |
% |
|
|
18.20 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculation of this metric and the reconciliation to GAAP are
included in the schedules accompanying this release. |
|
|
|
Home BancShares, Inc. |
|
Selected Financial Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
(Dollars in thousands) |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
|
Efficiency ratio |
|
|
42.44 |
% |
|
|
43.24 |
% |
|
|
66.31 |
% |
|
|
46.15 |
% |
|
|
43.79 |
% |
|
|
49.53 |
% |
|
|
40.81 |
% |
|
Efficiency ratio, as adjusted (non-GAAP)(1) |
|
|
43.07 |
% |
|
|
42.97 |
% |
|
|
46.02 |
% |
|
|
47.33 |
% |
|
|
43.48 |
% |
|
|
44.55 |
% |
|
|
42.12 |
% |
|
Net interest margin - FTE (NIM) |
|
|
4.21 |
% |
|
|
4.05 |
% |
|
|
3.64 |
% |
|
|
3.21 |
% |
|
|
3.42 |
% |
|
|
3.81 |
% |
|
|
3.66 |
% |
|
Fully taxable equivalent adjustment |
|
$ |
2,017 |
|
|
$ |
2,437 |
|
|
$ |
2,471 |
|
|
$ |
1,738 |
|
|
$ |
1,736 |
|
|
$ |
8,663 |
|
|
$ |
7,079 |
|
|
Total revenue (net) |
|
|
272,326 |
|
|
|
256,305 |
|
|
|
243,339 |
|
|
|
161,817 |
|
|
|
170,984 |
|
|
|
933,787 |
|
|
|
710,540 |
|
|
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) |
|
|
153,423 |
|
|
|
141,959 |
|
|
|
77,857 |
|
|
|
84,921 |
|
|
|
93,934 |
|
|
|
458,160 |
|
|
|
412,023 |
|
|
PPNR, as adjusted (non-GAAP)(1) |
|
|
142,567 |
|
|
|
143,522 |
|
|
|
126,683 |
|
|
|
80,371 |
|
|
|
94,729 |
|
|
|
493,143 |
|
|
|
388,905 |
|
|
Pre-tax net income to total revenue (net) |
|
|
54.50 |
% |
|
|
55.39 |
% |
|
|
7.92 |
% |
|
|
52.48 |
% |
|
|
54.94 |
% |
|
|
42.26 |
% |
|
|
58.66 |
% |
|
Pre-tax net income, as adjusted, to total revenue (net)
(non-GAAP)(1) |
|
|
50.52 |
% |
|
|
56.00 |
% |
|
|
52.06 |
% |
|
|
49.67 |
% |
|
|
55.40 |
% |
|
|
52.28 |
% |
|
|
55.40 |
% |
|
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to
total revenue (net)) (non-GAAP)(1) |
|
|
56.34 |
% |
|
|
55.39 |
% |
|
|
32.00 |
% |
|
|
52.48 |
% |
|
|
54.94 |
% |
|
|
49.06 |
% |
|
|
57.99 |
% |
|
P5NR, as adjusted (non-GAAP)(1) |
|
|
52.35 |
% |
|
|
56.00 |
% |
|
|
52.06 |
% |
|
|
49.67 |
% |
|
|
55.40 |
% |
|
|
52.81 |
% |
|
|
54.73 |
% |
|
Total purchase accounting accretion |
|
$ |
3,497 |
|
|
$ |
4,578 |
|
|
$ |
5,177 |
|
|
$ |
3,089 |
|
|
$ |
4,001 |
|
|
$ |
16,341 |
|
|
$ |
20,151 |
|
|
Average purchase accounting loan discounts |
|
|
38,552 |
|
|
|
42,050 |
|
|
|
46,258 |
|
|
|
25,359 |
|
|
|
28,882 |
|
|
|
38,055 |
|
|
|
36,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hurricane expense |
|
$ |
176 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
176 |
|
|
$ |
— |
|
|
Advertising |
|
|
2,567 |
|
|
|
2,024 |
|
|
|
2,117 |
|
|
|
1,266 |
|
|
|
1,411 |
|
|
|
7,974 |
|
|
|
4,855 |
|
|
Amortization of intangibles |
|
|
2,478 |
|
|
|
2,477 |
|
|
|
2,477 |
|
|
|
1,421 |
|
|
|
1,420 |
|
|
|
8,853 |
|
|
|
5,683 |
|
|
Electronic banking expense |
|
|
3,914 |
|
|
|
3,828 |
|
|
|
3,352 |
|
|
|
2,538 |
|
|
|
2,442 |
|
|
|
13,632 |
|
|
|
9,817 |
|
|
Directors' fees |
|
|
358 |
|
|
|
354 |
|
|
|
375 |
|
|
|
404 |
|
|
|
422 |
|
|
|
1,491 |
|
|
|
1,614 |
|
|
Due from bank service charges |
|
|
273 |
|
|
|
316 |
|
|
|
396 |
|
|
|
270 |
|
|
|
257 |
|
|
|
1,255 |
|
|
|
1,044 |
|
|
FDIC and state assessment |
|
|
2,224 |
|
|
|
2,146 |
|
|
|
2,390 |
|
|
|
1,668 |
|
|
|
1,353 |
|
|
|
8,428 |
|
|
|
5,472 |
|
|
Insurance |
|
|
1,003 |
|
|
|
959 |
|
|
|
973 |
|
|
|
770 |
|
|
|
801 |
|
|
|
3,705 |
|
|
|
3,118 |
|
|
Legal and accounting |
|
|
5,962 |
|
|
|
1,581 |
|
|
|
1,061 |
|
|
|
797 |
|
|
|
749 |
|
|
|
9,401 |
|
|
|
3,703 |
|
|
Other professional fees |
|
|
2,552 |
|
|
|
2,466 |
|
|
|
2,254 |
|
|
|
1,609 |
|
|
|
1,754 |
|
|
|
8,881 |
|
|
|
6,950 |
|
|
Operating supplies |
|
|
690 |
|
|
|
681 |
|
|
|
995 |
|
|
|
754 |
|
|
|
489 |
|
|
|
3,120 |
|
|
|
1,915 |
|
|
Postage |
|
|
602 |
|
|
|
614 |
|
|
|
556 |
|
|
|
306 |
|
|
|
352 |
|
|
|
2,078 |
|
|
|
1,283 |
|
|
Telephone |
|
|
576 |
|
|
|
593 |
|
|
|
384 |
|
|
|
337 |
|
|
|
343 |
|
|
|
1,890 |
|
|
|
1,425 |
|
|
Other expense |
|
|
7,333 |
|
|
|
7,137 |
|
|
|
9,276 |
|
|
|
4,159 |
|
|
|
5,072 |
|
|
|
27,905 |
|
|
|
18,086 |
|
|
Total other operating expenses |
|
$ |
30,708 |
|
|
$ |
25,176 |
|
|
$ |
26,606 |
|
|
$ |
16,299 |
|
|
$ |
16,865 |
|
|
$ |
98,789 |
|
|
$ |
64,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
| |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
| BALANCE SHEET
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Total loans to total deposits |
|
|
80.33 |
% |
|
|
74.58 |
% |
|
|
71.11 |
% |
|
|
68.94 |
% |
|
|
68.97 |
% |
| Common equity to assets |
|
|
15.41 |
% |
|
|
14.94 |
% |
|
|
14.43 |
% |
|
|
14.43 |
% |
|
|
15.32 |
% |
| Tangible common equity to
tangible assets (non-GAAP)(1) |
|
|
9.66 |
% |
|
|
9.24 |
% |
|
|
8.94 |
% |
|
|
9.59 |
% |
|
|
10.36 |
% |
| LOANS
RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
| Real estate |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
5,632,063 |
|
|
$ |
5,156,438 |
|
|
$ |
5,092,539 |
|
|
$ |
3,810,383 |
|
|
$ |
3,889,284 |
|
|
Construction/land development |
|
|
2,135,266 |
|
|
|
2,232,906 |
|
|
|
2,595,384 |
|
|
|
1,856,096 |
|
|
|
1,850,050 |
|
|
Agricultural |
|
|
346,811 |
|
|
|
330,748 |
|
|
|
329,106 |
|
|
|
142,920 |
|
|
|
130,674 |
|
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,748,551 |
|
|
|
1,704,850 |
|
|
|
1,708,221 |
|
|
|
1,223,890 |
|
|
|
1,274,953 |
|
|
Multifamily residential |
|
|
578,052 |
|
|
|
525,110 |
|
|
|
389,633 |
|
|
|
248,650 |
|
|
|
280,837 |
|
| Total real estate |
|
|
10,440,743 |
|
|
|
9,950,052 |
|
|
|
10,114,883 |
|
|
|
7,281,939 |
|
|
|
7,425,798 |
|
| Consumer |
|
|
1,149,896 |
|
|
|
1,120,250 |
|
|
|
1,106,343 |
|
|
|
1,059,342 |
|
|
|
825,519 |
|
| Commercial and industrial |
|
|
2,349,263 |
|
|
|
2,268,750 |
|
|
|
2,187,771 |
|
|
|
1,510,205 |
|
|
|
1,386,747 |
|
| Agricultural |
|
|
285,235 |
|
|
|
313,693 |
|
|
|
324,630 |
|
|
|
48,095 |
|
|
|
43,920 |
|
| Other |
|
|
184,343 |
|
|
|
176,566 |
|
|
|
190,246 |
|
|
|
153,133 |
|
|
|
154,105 |
|
|
Loans receivable |
|
$ |
14,409,480 |
|
|
$ |
13,829,311 |
|
|
$ |
13,923,873 |
|
|
$ |
10,052,714 |
|
|
$ |
9,836,089 |
|
| Paycheck Protection Program
(PPP) loans (net of discounts) (included in total loans
receivable) |
|
|
7,332 |
|
|
|
10,771 |
|
|
|
37,204 |
|
|
|
59,609 |
|
|
|
112,814 |
|
| ALLOWANCE FOR CREDIT
LOSSES |
|
|
|
|
|
|
|
|
|
|
| Balance, beginning of
period |
|
$ |
289,203 |
|
|
$ |
294,267 |
|
|
$ |
234,768 |
|
|
$ |
236,714 |
|
|
$ |
238,673 |
|
| Allowance for credit losses on
PCD loans - Happy acquisition |
|
|
— |
|
|
|
— |
|
|
|
16,816 |
|
|
|
— |
|
|
|
— |
|
| Loans charged off |
|
|
5,379 |
|
|
|
6,313 |
|
|
|
3,265 |
|
|
|
2,310 |
|
|
|
3,125 |
|
| Recoveries of loans previously
charged off |
|
|
845 |
|
|
|
1,249 |
|
|
|
778 |
|
|
|
364 |
|
|
|
1,166 |
|
| Net loans charged off |
|
|
4,534 |
|
|
|
5,064 |
|
|
|
2,487 |
|
|
|
1,946 |
|
|
|
1,959 |
|
| Provision for credit losses -
Happy acquisition |
|
|
— |
|
|
|
— |
|
|
|
45,170 |
|
|
|
— |
|
|
|
— |
|
| Provision for credit losses -
loans |
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance, end of period |
|
$ |
289,669 |
|
|
$ |
289,203 |
|
|
$ |
294,267 |
|
|
$ |
234,768 |
|
|
$ |
236,714 |
|
| Net charge-offs to average
total loans |
|
|
0.13 |
% |
|
|
0.15 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
| Allowance for credit losses to
total loans |
|
|
2.01 |
% |
|
|
2.09 |
% |
|
|
2.11 |
% |
|
|
2.34 |
% |
|
|
2.41 |
% |
| NON-PERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
| Non-performing loans |
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
51,011 |
|
|
$ |
56,796 |
|
|
$ |
44,170 |
|
|
$ |
44,629 |
|
|
$ |
47,158 |
|
|
Loans past due 90 days or more |
|
|
9,845 |
|
|
|
4,898 |
|
|
|
16,432 |
|
|
|
46 |
|
|
|
3,035 |
|
|
Total non-performing loans |
|
|
60,856 |
|
|
|
61,694 |
|
|
|
60,602 |
|
|
|
44,675 |
|
|
|
50,193 |
|
| Other non-performing
assets |
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
546 |
|
|
|
365 |
|
|
|
373 |
|
|
|
1,144 |
|
|
|
1,630 |
|
|
Other non-performing assets |
|
|
74 |
|
|
|
104 |
|
|
|
104 |
|
|
|
— |
|
|
|
— |
|
|
Total other non-performing assets |
|
|
620 |
|
|
|
469 |
|
|
|
477 |
|
|
|
1,144 |
|
|
|
1,630 |
|
|
Total non-performing assets |
|
$ |
61,476 |
|
|
$ |
62,163 |
|
|
$ |
61,079 |
|
|
$ |
45,819 |
|
|
$ |
51,823 |
|
| Allowance for credit losses
for loans to non-performing loans |
|
|
475.99 |
% |
|
|
468.77 |
% |
|
|
485.57 |
% |
|
|
525.50 |
% |
|
|
471.61 |
% |
| Non-performing loans to total
loans |
|
|
0.42 |
% |
|
|
0.45 |
% |
|
|
0.44 |
% |
|
|
0.44 |
% |
|
|
0.51 |
% |
| Non-performing assets to total
assets |
|
|
0.27 |
% |
|
|
0.27 |
% |
|
|
0.25 |
% |
|
|
0.25 |
% |
|
|
0.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| (1) Calculation
of this metric and the reconciliation to GAAP are included in the
schedules accompanying this release. |
| |
|
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
|
Consolidated Net Interest Margin |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, 2022 |
|
September 30, 2022 |
|
(Dollars in thousands) |
|
AverageBalance |
|
Income/Expense |
|
Yield/Rate |
|
AverageBalance |
|
Income/Expense |
|
Yield/Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances due from banks |
|
$ |
1,094,144 |
|
|
$ |
10,109 |
|
|
3.67 |
% |
|
$ |
1,965,136 |
|
|
$ |
10,763 |
|
|
2.17 |
% |
|
Federal funds sold |
|
|
1,300 |
|
|
|
12 |
|
|
3.66 |
% |
|
|
1,176 |
|
|
|
9 |
|
|
3.04 |
% |
|
Investment securities - taxable |
|
|
4,002,678 |
|
|
|
33,639 |
|
|
3.33 |
% |
|
|
4,008,230 |
|
|
|
28,273 |
|
|
2.80 |
% |
|
Investment securities - non-taxable - FTE |
|
|
1,294,096 |
|
|
|
9,653 |
|
|
2.96 |
% |
|
|
1,292,702 |
|
|
|
10,370 |
|
|
3.18 |
% |
|
Loans receivable - FTE |
|
|
14,109,329 |
|
|
|
221,499 |
|
|
6.23 |
% |
|
|
13,822,459 |
|
|
|
195,977 |
|
|
5.63 |
% |
|
Total interest-earning assets |
|
|
20,501,547 |
|
|
|
274,912 |
|
|
5.32 |
% |
|
|
21,089,703 |
|
|
|
245,392 |
|
|
4.62 |
% |
|
Non-earning assets |
|
|
2,685,458 |
|
|
|
|
|
|
|
2,689,066 |
|
|
|
|
|
|
Total assets |
|
$ |
23,187,005 |
|
|
|
|
|
|
$ |
23,778,769 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
11,818,158 |
|
|
$ |
45,029 |
|
|
1.51 |
% |
|
$ |
12,233,755 |
|
|
$ |
22,388 |
|
|
0.73 |
% |
|
Time deposits |
|
|
1,027,765 |
|
|
|
1,990 |
|
|
0.77 |
% |
|
|
1,078,112 |
|
|
|
959 |
|
|
0.35 |
% |
|
Total interest-bearing deposits |
|
|
12,845,923 |
|
|
|
47,019 |
|
|
1.45 |
% |
|
|
13,311,867 |
|
|
|
23,347 |
|
|
0.70 |
% |
|
Federal funds purchased |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
|
14 |
|
|
|
— |
|
|
— |
% |
|
Securities sold under agreement to repurchase |
|
|
128,798 |
|
|
|
701 |
|
|
2.16 |
% |
|
|
126,770 |
|
|
|
434 |
|
|
1.36 |
% |
|
FHLB borrowed funds |
|
|
692,935 |
|
|
|
5,388 |
|
|
3.08 |
% |
|
|
400,012 |
|
|
|
1,917 |
|
|
1.90 |
% |
|
Subordinated debentures |
|
|
440,492 |
|
|
|
4,121 |
|
|
3.71 |
% |
|
|
442,312 |
|
|
|
4,153 |
|
|
3.73 |
% |
|
Total interest-bearing liabilities |
|
|
14,108,148 |
|
|
|
57,229 |
|
|
1.61 |
% |
|
|
14,280,975 |
|
|
|
29,851 |
|
|
0.83 |
% |
|
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
5,423,821 |
|
|
|
|
|
|
|
5,779,082 |
|
|
|
|
|
|
Other liabilities |
|
|
201,031 |
|
|
|
|
|
|
|
199,416 |
|
|
|
|
|
|
Total liabilities |
|
|
19,733,000 |
|
|
|
|
|
|
|
20,259,473 |
|
|
|
|
|
|
Shareholders' equity |
|
|
3,454,005 |
|
|
|
|
|
|
|
3,519,296 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
23,187,005 |
|
|
|
|
|
|
$ |
23,778,769 |
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
3.71 |
% |
|
|
|
|
|
3.79 |
% |
|
Net interest income and margin - FTE |
|
|
|
$ |
217,683 |
|
|
4.21 |
% |
|
|
|
$ |
215,541 |
|
|
4.05 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Home
BancShares, Inc. |
| Consolidated
Net Interest Margin |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
| |
|
December 31, 2022 |
|
December 31, 2021 |
|
(Dollars in thousands) |
|
AverageBalance |
|
Income/Expense |
|
Yield/Rate |
|
AverageBalance |
|
Income/Expense |
|
Yield/Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| Earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing balances due from banks |
|
$ |
2,444,541 |
|
|
$ |
29,110 |
|
|
1.19 |
% |
|
$ |
2,596,460 |
|
|
$ |
3,515 |
|
|
0.14 |
% |
|
Federal funds sold |
|
|
1,519 |
|
|
|
25 |
|
|
1.65 |
% |
|
|
71 |
|
|
|
— |
|
|
— |
% |
|
Investment securities - taxable |
|
|
3,582,664 |
|
|
|
91,933 |
|
|
2.57 |
% |
|
|
2,031,139 |
|
|
|
30,054 |
|
|
1.48 |
% |
|
Investment securities - non-taxable - FTE |
|
|
1,178,561 |
|
|
|
36,363 |
|
|
3.09 |
% |
|
|
858,503 |
|
|
|
26,017 |
|
|
3.03 |
% |
|
Loans receivable - FTE |
|
|
12,940,998 |
|
|
|
728,998 |
|
|
5.63 |
% |
|
|
10,375,457 |
|
|
|
572,664 |
|
|
5.52 |
% |
|
Total interest-earning assets |
|
|
20,148,283 |
|
|
|
886,429 |
|
|
4.40 |
% |
|
|
15,861,630 |
|
|
|
632,250 |
|
|
3.99 |
% |
|
Non-earning assets |
|
|
2,405,057 |
|
|
|
|
|
|
|
1,597,355 |
|
|
|
|
|
|
Total assets |
|
$ |
22,553,340 |
|
|
|
|
|
|
$ |
17,458,985 |
|
|
|
|
|
| LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
11,520,781 |
|
|
$ |
81,061 |
|
|
0.70 |
% |
|
$ |
8,716,004 |
|
|
$ |
15,956 |
|
|
0.18 |
% |
|
Time deposits |
|
|
1,033,431 |
|
|
|
4,928 |
|
|
0.48 |
% |
|
|
1,087,875 |
|
|
|
8,980 |
|
|
0.83 |
% |
|
Total interest-bearing deposits |
|
|
12,554,212 |
|
|
|
85,989 |
|
|
0.68 |
% |
|
|
9,803,879 |
|
|
|
24,936 |
|
|
0.25 |
% |
|
Federal funds purchased |
|
|
220 |
|
|
|
2 |
|
|
0.91 |
% |
|
|
— |
|
|
|
— |
|
|
— |
% |
|
Securities sold under agreement to repurchase |
|
|
129,006 |
|
|
|
1,430 |
|
|
1.11 |
% |
|
|
151,190 |
|
|
|
497 |
|
|
0.33 |
% |
|
FHLB borrowed funds |
|
|
473,839 |
|
|
|
11,076 |
|
|
2.34 |
% |
|
|
400,000 |
|
|
|
7,604 |
|
|
1.90 |
% |
|
Subordinated debentures |
|
|
515,049 |
|
|
|
20,593 |
|
|
4.00 |
% |
|
|
370,712 |
|
|
|
19,163 |
|
|
5.17 |
% |
|
Total interest-bearing liabilities |
|
|
13,672,326 |
|
|
|
119,090 |
|
|
0.87 |
% |
|
|
10,725,781 |
|
|
|
52,200 |
|
|
0.49 |
% |
|
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
5,378,906 |
|
|
|
|
|
|
|
3,924,341 |
|
|
|
|
|
|
Other liabilities |
|
|
171,390 |
|
|
|
|
|
|
|
124,724 |
|
|
|
|
|
|
Total liabilities |
|
|
19,222,622 |
|
|
|
|
|
|
|
14,774,846 |
|
|
|
|
|
|
Shareholders' equity |
|
|
3,330,718 |
|
|
|
|
|
|
|
2,684,139 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
22,553,340 |
|
|
|
|
|
|
$ |
17,458,985 |
|
|
|
|
|
| Net interest
spread |
|
|
|
|
|
3.53 |
% |
|
|
|
|
|
3.50 |
% |
| Net interest
income and margin - FTE |
|
|
|
$ |
767,339 |
|
|
3.81 |
% |
|
|
|
$ |
580,050 |
|
|
3.66 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliations |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
(Dollars and shares in thousands, except per share
data) |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
|
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to common shareholders (A) |
|
$ |
115,687 |
|
|
$ |
108,705 |
|
|
$ |
15,978 |
|
|
$ |
64,892 |
|
|
$ |
73,357 |
|
|
$ |
305,262 |
|
|
$ |
319,021 |
|
|
Pre-tax adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
48,731 |
|
|
|
863 |
|
|
|
880 |
|
|
|
49,594 |
|
|
|
1,886 |
|
|
Initial provision for credit losses - acquisition |
|
|
— |
|
|
|
— |
|
|
|
58,585 |
|
|
|
— |
|
|
|
— |
|
|
|
58,585 |
|
|
|
— |
|
|
Fair value adjustment for marketable securities |
|
|
(1,032 |
) |
|
|
2,628 |
|
|
|
1,801 |
|
|
|
(2,125 |
) |
|
|
(85 |
) |
|
|
1,272 |
|
|
|
(7,178 |
) |
|
Special dividend from equity investment |
|
|
— |
|
|
|
— |
|
|
|
(1,434 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,434 |
) |
|
|
(12,500 |
) |
|
TRUPS redemption fees |
|
|
— |
|
|
|
— |
|
|
|
2,081 |
|
|
|
— |
|
|
|
— |
|
|
|
2,081 |
|
|
|
— |
|
|
Special lawsuit settlement, net of expense |
|
|
(10,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,000 |
) |
|
|
— |
|
|
Recoveries on historic losses |
|
|
— |
|
|
|
(1,065 |
) |
|
|
(2,353 |
) |
|
|
(3,288 |
) |
|
|
— |
|
|
|
(6,706 |
) |
|
|
(5,107 |
) |
|
Hurricane expense |
|
|
176 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176 |
|
|
|
— |
|
|
Gain on securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(219 |
) |
|
Total pre-tax adjustments |
|
|
(10,856 |
) |
|
|
1,563 |
|
|
|
107,411 |
|
|
|
(4,550 |
) |
|
|
795 |
|
|
|
93,568 |
|
|
|
(23,118 |
) |
|
Tax-effect of adjustments |
|
|
(2,679 |
) |
|
|
393 |
|
|
|
26,396 |
|
|
|
(1,220 |
) |
|
|
188 |
|
|
|
22,890 |
|
|
|
(6,225 |
) |
|
Total adjustments after-tax (B) |
|
|
(8,177 |
) |
|
|
1,170 |
|
|
|
81,015 |
|
|
|
(3,330 |
) |
|
|
607 |
|
|
|
70,678 |
|
|
|
(16,893 |
) |
|
Earnings, as adjusted (C) |
|
$ |
107,510 |
|
|
$ |
109,875 |
|
|
$ |
96,993 |
|
|
$ |
61,562 |
|
|
$ |
73,964 |
|
|
$ |
375,940 |
|
|
$ |
302,128 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding (D) |
|
|
204,179 |
|
|
|
205,135 |
|
|
|
206,015 |
|
|
|
164,196 |
|
|
|
164,306 |
|
|
|
195,019 |
|
|
|
164,858 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share: (A/D) |
|
$ |
0.57 |
|
|
$ |
0.53 |
|
|
$ |
0.08 |
|
|
$ |
0.40 |
|
|
$ |
0.45 |
|
|
$ |
1.57 |
|
|
$ |
1.94 |
|
|
Adjustments after-tax: (B/D) |
|
|
(0.04 |
) |
|
|
0.01 |
|
|
|
0.39 |
|
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
0.36 |
|
|
|
(0.11 |
) |
|
Diluted earnings per common share, as adjusted: (C/D) |
|
$ |
0.53 |
|
|
$ |
0.54 |
|
|
$ |
0.47 |
|
|
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
1.93 |
|
|
$ |
1.83 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets: (A/E) |
|
|
1.98 |
% |
|
|
1.81 |
% |
|
|
0.26 |
% |
|
|
1.43 |
% |
|
|
1.62 |
% |
|
|
1.35 |
% |
|
|
1.83 |
% |
|
Return on average assets, as adjusted: (ROA, as adjusted)
((A+D)/E) |
|
|
1.84 |
% |
|
|
1.83 |
% |
|
|
1.57 |
% |
|
|
1.36 |
% |
|
|
1.64 |
% |
|
|
1.67 |
% |
|
|
1.73 |
% |
|
Return on average assets excluding intangible amortization:
((A+C)/(E-F)) |
|
|
2.15 |
% |
|
|
1.97 |
% |
|
|
0.31 |
% |
|
|
1.54 |
% |
|
|
1.75 |
% |
|
|
1.47 |
% |
|
|
1.96 |
% |
|
Return on average assets, as adjusted, excluding intangible
amortization: ((A+C+D)/(E-F)) |
|
|
2.00 |
% |
|
|
1.99 |
% |
|
|
1.70 |
% |
|
|
1.46 |
% |
|
|
1.76 |
% |
|
|
1.80 |
% |
|
|
1.86 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to common shareholders (A) |
|
$ |
115,687 |
|
|
$ |
108,705 |
|
|
$ |
15,978 |
|
|
$ |
64,892 |
|
|
$ |
73,357 |
|
|
$ |
305,262 |
|
|
$ |
319,021 |
|
|
Amortization of intangibles (B) |
|
|
2,478 |
|
|
|
2,477 |
|
|
|
2,477 |
|
|
|
1,421 |
|
|
|
1,420 |
|
|
|
8,853 |
|
|
|
5,683 |
|
|
Amortization of intangibles after-tax (C) |
|
|
1,867 |
|
|
|
1,854 |
|
|
|
1,854 |
|
|
|
1,049 |
|
|
|
1,054 |
|
|
|
6,624 |
|
|
|
4,220 |
|
|
Adjustments after-tax (D) |
|
|
(8,177 |
) |
|
|
1,170 |
|
|
|
81,015 |
|
|
|
(3,330 |
) |
|
|
607 |
|
|
|
70,678 |
|
|
|
(16,893 |
) |
|
Average assets (E) |
|
|
23,187,005 |
|
|
|
23,778,769 |
|
|
|
24,788,365 |
|
|
|
18,393,075 |
|
|
|
17,914,727 |
|
|
|
22,553,340 |
|
|
|
17,458,985 |
|
|
Average goodwill, core deposits & other intangible assets
(F) |
|
|
1,454,639 |
|
|
|
1,459,034 |
|
|
|
1,423,466 |
|
|
|
997,338 |
|
|
|
998,760 |
|
|
|
1,335,216 |
|
|
|
1,000,872 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
|
Non-GAAP Reconciliations |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
(Dollars in thousands) |
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
|
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average common equity: (A/D) |
|
|
13.29 |
% |
|
|
12.25 |
% |
|
|
1.78 |
% |
|
|
9.58 |
% |
|
|
10.63 |
% |
|
|
9.17 |
% |
|
|
11.89 |
% |
|
Return on average common equity, as adjusted: (ROE, as adjusted)
((A+C)/D) |
|
|
12.35 |
% |
|
|
12.39 |
% |
|
|
10.83 |
% |
|
|
9.09 |
% |
|
|
10.72 |
% |
|
|
11.29 |
% |
|
|
11.26 |
% |
|
Return on average tangible common equity: (A/(D-E)) |
|
|
22.96 |
% |
|
|
20.93 |
% |
|
|
2.96 |
% |
|
|
15.03 |
% |
|
|
16.73 |
% |
|
|
15.30 |
% |
|
|
18.95 |
% |
|
Return on average tangible common equity, as adjusted: (ROTCE, as
adjusted) ((A+C)/(D-E)) |
|
|
21.33 |
% |
|
|
21.16 |
% |
|
|
17.94 |
% |
|
|
14.26 |
% |
|
|
16.87 |
% |
|
|
18.84 |
% |
|
|
17.95 |
% |
|
Return on average tangible common equity excluding intangible
amortization: (B/(D-E)) |
|
|
23.33 |
% |
|
|
21.29 |
% |
|
|
3.30 |
% |
|
|
15.28 |
% |
|
|
16.97 |
% |
|
|
15.63 |
% |
|
|
19.20 |
% |
|
Return on average tangible common equity, as adjusted, excluding
intangible amortization: ((B+C)/(D-E)) |
|
|
21.70 |
% |
|
|
21.52 |
% |
|
|
18.29 |
% |
|
|
14.50 |
% |
|
|
17.11 |
% |
|
|
19.17 |
% |
|
|
18.20 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to common shareholders (A) |
|
$ |
115,687 |
|
|
$ |
108,705 |
|
|
$ |
15,978 |
|
|
$ |
64,892 |
|
|
$ |
73,357 |
|
|
$ |
305,262 |
|
|
$ |
319,021 |
|
|
Earnings excluding intangible amortization (B) |
|
|
117,554 |
|
|
|
110,559 |
|
|
|
17,832 |
|
|
|
65,941 |
|
|
|
74,411 |
|
|
|
311,886 |
|
|
|
323,241 |
|
|
Adjustments after-tax (C) |
|
|
(8,177 |
) |
|
|
1,170 |
|
|
|
81,015 |
|
|
|
(3,330 |
) |
|
|
607 |
|
|
|
70,678 |
|
|
|
(16,893 |
) |
|
Average common equity (D) |
|
|
3,454,005 |
|
|
|
3,519,296 |
|
|
|
3,591,758 |
|
|
|
2,747,980 |
|
|
|
2,738,305 |
|
|
|
3,330,718 |
|
|
|
2,684,139 |
|
|
Average goodwill, core deposits & other intangible assets
(E) |
|
|
1,454,639 |
|
|
|
1,459,034 |
|
|
|
1,423,466 |
|
|
|
997,338 |
|
|
|
998,760 |
|
|
|
1,335,216 |
|
|
|
1,000,872 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO & P5NR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio: ((D-H)/(B+C+E)) |
|
|
42.44 |
% |
|
|
43.24 |
% |
|
|
66.31 |
% |
|
|
46.15 |
% |
|
|
43.79 |
% |
|
|
49.53 |
% |
|
|
40.81 |
% |
|
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I)) |
|
|
43.07 |
% |
|
|
42.97 |
% |
|
|
46.02 |
% |
|
|
47.33 |
% |
|
|
43.48 |
% |
|
|
44.55 |
% |
|
|
42.12 |
% |
|
Pre-tax net income to total revenue (net) (A/(B+C)) |
|
|
54.50 |
% |
|
|
55.39 |
% |
|
|
7.92 |
% |
|
|
52.48 |
% |
|
|
54.94 |
% |
|
|
42.26 |
% |
|
|
58.66 |
% |
|
Pre-tax net income, as adjusted, to total revenue (net)
((A+F)/(B+C)) |
|
|
50.52 |
% |
|
|
56.00 |
% |
|
|
52.06 |
% |
|
|
49.67 |
% |
|
|
55.40 |
% |
|
|
52.28 |
% |
|
|
55.40 |
% |
|
Pre-tax, pre-provision, net income (PPNR) (B+C-D) |
|
$ |
153,423 |
|
|
$ |
141,959 |
|
|
$ |
77,857 |
|
|
$ |
84,921 |
|
|
$ |
93,934 |
|
|
$ |
458,160 |
|
|
$ |
412,023 |
|
|
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G) |
|
$ |
142,567 |
|
|
$ |
143,522 |
|
|
$ |
126,683 |
|
|
$ |
80,371 |
|
|
$ |
94,729 |
|
|
$ |
493,143 |
|
|
$ |
388,905 |
|
|
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total
revenue (net)) (B+C-D)/(B+C) |
|
|
56.34 |
% |
|
|
55.39 |
% |
|
|
32.00 |
% |
|
|
52.48 |
% |
|
|
54.94 |
% |
|
|
49.06 |
% |
|
|
57.99 |
% |
|
P5NR, as adjusted (B+C-D+F-G)/(B+C) |
|
|
52.35 |
% |
|
|
56.00 |
% |
|
|
52.06 |
% |
|
|
49.67 |
% |
|
|
55.40 |
% |
|
|
52.81 |
% |
|
|
54.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net income (A) |
|
$ |
148,423 |
|
|
$ |
141,959 |
|
|
$ |
19,272 |
|
|
$ |
84,921 |
|
|
$ |
93,934 |
|
|
$ |
394,575 |
|
|
$ |
416,775 |
|
|
Net interest income (B) |
|
|
215,666 |
|
|
|
213,104 |
|
|
|
198,758 |
|
|
|
131,148 |
|
|
|
139,020 |
|
|
|
758,676 |
|
|
|
572,971 |
|
|
Non-interest income (C) |
|
|
56,660 |
|
|
|
43,201 |
|
|
|
44,581 |
|
|
|
30,669 |
|
|
|
31,964 |
|
|
|
175,111 |
|
|
|
137,569 |
|
|
Non-interest expense (D) |
|
|
118,903 |
|
|
|
114,346 |
|
|
|
165,482 |
|
|
|
76,896 |
|
|
|
77,050 |
|
|
|
475,627 |
|
|
|
298,517 |
|
|
Fully taxable equivalent adjustment (E) |
|
|
2,017 |
|
|
|
2,437 |
|
|
|
2,471 |
|
|
|
1,738 |
|
|
|
1,736 |
|
|
|
8,663 |
|
|
|
7,079 |
|
|
Total pre-tax adjustments (F) |
|
|
(10,856 |
) |
|
|
1,563 |
|
|
|
107,411 |
|
|
|
(4,550 |
) |
|
|
795 |
|
|
|
93,568 |
|
|
|
(23,118 |
) |
|
Initial provision for credit losses - acquisition (G) |
|
|
— |
|
|
|
— |
|
|
|
58,585 |
|
|
|
— |
|
|
|
— |
|
|
|
58,585 |
|
|
|
— |
|
|
Amortization of intangibles (H) |
|
|
2,478 |
|
|
|
2,477 |
|
|
|
2,477 |
|
|
|
1,421 |
|
|
|
1,420 |
|
|
|
8,853 |
|
|
|
5,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
$ |
1,032 |
|
|
$ |
(2,628 |
) |
|
$ |
(1,801 |
) |
|
$ |
2,125 |
|
|
$ |
85 |
|
|
$ |
(1,272 |
) |
|
$ |
7,178 |
|
|
Gain on OREO |
|
|
13 |
|
|
|
— |
|
|
|
9 |
|
|
|
478 |
|
|
|
737 |
|
|
|
500 |
|
|
|
2,003 |
|
|
Gain (loss) on branches, equipment and other assets, net |
|
|
10 |
|
|
|
(13 |
) |
|
|
2 |
|
|
|
16 |
|
|
|
(19 |
) |
|
|
15 |
|
|
|
(105 |
) |
|
Special dividend from equity investment |
|
|
— |
|
|
|
— |
|
|
|
1,434 |
|
|
|
— |
|
|
|
— |
|
|
|
1,434 |
|
|
|
12,500 |
|
|
Gain on securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
Lawsuit settlement - special lawsuit |
|
|
15,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,000 |
|
|
|
— |
|
|
Recoveries on historic losses |
|
|
— |
|
|
|
1,065 |
|
|
|
2,353 |
|
|
|
3,288 |
|
|
|
— |
|
|
|
6,706 |
|
|
|
5,107 |
|
|
Total non-interest income adjustments (I) |
|
$ |
16,055 |
|
|
$ |
(1,576 |
) |
|
$ |
1,997 |
|
|
$ |
5,907 |
|
|
$ |
803 |
|
|
$ |
22,383 |
|
|
$ |
26,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
48,731 |
|
|
|
863 |
|
|
|
880 |
|
|
|
49,594 |
|
|
|
1,886 |
|
|
Hurricane expense |
|
|
176 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176 |
|
|
|
— |
|
|
Legal expense - special lawsuit |
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
|
TRUPS redemption fees |
|
|
— |
|
|
|
— |
|
|
|
2,081 |
|
|
|
— |
|
|
|
— |
|
|
|
2,081 |
|
|
|
— |
|
|
Total non-interest expense adjustments (J) |
|
$ |
5,176 |
|
|
$ |
— |
|
|
$ |
50,812 |
|
|
$ |
863 |
|
|
$ |
880 |
|
|
$ |
56,851 |
|
|
$ |
1,886 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home BancShares, Inc. |
|
Non-GAAP Reconciliations |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
Dec. 31, 2022 |
|
Sep. 30, 2022 |
|
Jun. 30, 2022 |
|
Mar. 31, 2022 |
|
Dec. 31, 2021 |
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
Book value per common share: (A/B) |
|
$ |
17.33 |
|
|
$ |
16.94 |
|
|
$ |
17.04 |
|
|
$ |
16.41 |
|
|
$ |
16.90 |
|
|
Tangible book value per common share: ((A-C-D)/B) |
|
|
10.17 |
|
|
|
9.82 |
|
|
|
9.92 |
|
|
|
10.32 |
|
|
|
10.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity (A) |
|
$ |
3,526,362 |
|
|
$ |
3,460,015 |
|
|
$ |
3,498,565 |
|
|
$ |
2,686,703 |
|
|
$ |
2,765,721 |
|
|
End of period common shares outstanding (B) |
|
|
203,434 |
|
|
|
204,219 |
|
|
|
205,291 |
|
|
|
163,758 |
|
|
|
163,699 |
|
|
Goodwill (C) |
|
|
1,398,253 |
|
|
|
1,394,353 |
|
|
|
1,398,400 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
Core deposit and other intangibles (D) |
|
|
58,455 |
|
|
|
60,932 |
|
|
|
63,410 |
|
|
|
23,624 |
|
|
|
25,045 |
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Equity to assets: (B/A) |
|
|
15.41 |
% |
|
|
14.94 |
% |
|
|
14.43 |
% |
|
|
14.43 |
% |
|
|
15.32 |
% |
|
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) |
|
|
9.66 |
% |
|
|
9.24 |
% |
|
|
8.94 |
% |
|
|
9.59 |
% |
|
|
10.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (A) |
|
$ |
22,883,588 |
|
|
$ |
23,157,370 |
|
|
$ |
24,253,168 |
|
|
$ |
18,617,995 |
|
|
$ |
18,052,138 |
|
|
Total stockholders' equity (B) |
|
|
3,526,362 |
|
|
|
3,460,015 |
|
|
|
3,498,565 |
|
|
|
2,686,703 |
|
|
|
2,765,721 |
|
|
Goodwill (C) |
|
|
1,398,253 |
|
|
|
1,394,353 |
|
|
|
1,398,400 |
|
|
|
973,025 |
|
|
|
973,025 |
|
|
Core deposit and other intangibles (D) |
|
|
58,455 |
|
|
|
60,932 |
|
|
|
63,410 |
|
|
|
23,624 |
|
|
|
25,045 |
|
Home BancShares (NYSE:HOMB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Home BancShares (NYSE:HOMB)
Historical Stock Chart
From Apr 2023 to Apr 2024
