HOMB Home BancShares Inc

Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Second Quarter of 2023:

Metric	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Net income	$105.3 million	$103.0 million	$115.7 million	$108.7 million	$16.0 million
Total revenue (net)	$257.2 million	$248.8 million	$272.3 million	$256.3 million	$243.3 million
Income before income taxes	$136.9 million	$132.9 million	$148.4 million	$142.0 million	$19.3 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$140.9 million	$134.1 million	$153.4 million	$142.0 million	$77.9 million
Pre-tax net income to total revenue (net)	53.23%	53.43%	54.50%	55.39%	7.92%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	54.78%	53.91%	56.34%	55.39%	32.00%
ROA	1.90%	1.84%	1.98%	1.81%	0.26%
NIM	4.28%	4.37%	4.21%	4.05%	3.64%
Purchase accounting accretion	$2.7 million	$3.2 million	$3.5 million	$4.6 million	$5.2 million
ROE	11.63%	11.70%	13.29%	12.25%	1.78%
ROTCE (non-GAAP)(1)	19.39%	19.75%	22.96%	20.93%	2.96%
Diluted earnings per share	$0.52	$0.51	$0.57	$0.53	$0.08
Non-performing assets to total assets	0.28%	0.33%	0.27%	0.27%	0.25%
Common equity tier 1 capital	13.6%	13.2%	12.9%	13.0%	12.8%
Leverage	11.9%	11.4%	10.9%	10.4%	9.8%
Tier 1 capital	13.6%	13.2%	12.9%	13.0%	12.9%
Total risk-based capital	17.3%	16.8%	16.5%	16.7%	16.6%
Allowance for credit losses to total loans	2.01%	2.00%	2.01%	2.09%	2.11%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“The first six months of 2023 have been a challenging time for the banking industry; however, I am proud of the fortitude shown by Home BancShares. Our performance metrics, in the second quarter, were impressive, and I am the most proud of the fact that we can more than cover our uninsured and uncollateralized deposits. We have worked hard to protect all deposits (insured and uninsured), our shareholders, our customers and our employees. It is our committed goal to keep Home BancShares, Centennial Bank and Happy State Bank in this position,” said John Allison, Chairman and CEO of HOMB.

“Our asset quality continues to remain strong with improvements from the first quarter in nonperforming loans to total loans, nonperforming assets to total assets and non-accruals. Our disciplined underwriting is a core focus for Centennial Bank, and the proof is certainly in the pudding,” said Tracy French, President and CEO of Centennial Bank.

Liquidity and Funding Sources 

At June 30, 2023, the Company held $1.71 billion in net available internal liquidity. This balance consisted of $1.20 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $307.8 million in cash with the Federal Reserve Bank (FRB) and $205.4 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $4.90 billion in net available external liquidity as of June 30, 2023. This included $5.20 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.83 billion has been drawn upon in the ordinary course of business, resulting in $3.37 billion in net available liquidity with the FHLB as of June 30, 2023. The $1.83 billion consisted of $650.0 million in outstanding FHLB advances and $1.18 billion used for pledging purposes. The Company also had access to approximately $1.48 billion in liquidity with the FRB as of June 30, 2023, of which $50.0 million has been drawn upon in the ordinary course of business, resulting in $1.43 billion in net available liquidity with the FRB as of June 30, 2023. The $1.43 billion consisted of $77.4 million available from the Discount Window and $1.35 billion available through the Bank Term Funding Program (BTFP). As of June 30, 2023, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB), and $45.0 million from other various external sources.

Overall, the Company had $6.61 billion net available liquidity as of June 30, 2023, which consisted of $1.71 billion of net available internal liquidity and $4.90 billion in net available external liquidity. Details on the Company’s available liquidity as of June 30, 2023 is available below.

(in thousands)	Total Available			Amount Used			Net Availability
Internal Sources
Unpledged investment securities (market value)	$	1,196,466		$	—		$	1,196,466
Cash at FRB		307,765			—			307,765
Other liquid cash accounts		205,389			—			205,389
Total Internal Liquidity		1,709,620			—			1,709,620
External Sources
FHLB		5,201,184			1,827,490			3,373,694
FRB Discount Window		77,440			—			77,440
BTFP (par value)		1,403,388			50,000			1,353,388
FNBB		55,000			—			55,000
Other		45,000			—			45,000
Total External Liquidity		6,782,012			1,877,490			4,904,522
Total Available Liquidity	$	8,491,632		$	1,877,490		$	6,614,142

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of June 30, 2023, the Company held approximately $7.69 billion in uninsured deposits of which $2.76 billion were collateralized deposits, for a net position of $4.93 billion. This represents approximately 29.0% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $2.11 billion.

(in thousands)	As ofJune 30, 2023
Uninsured Deposits	$	7,688,248
Collateralized Deposits		2,761,675
Net Uninsured Position	$	4,926,573
Total Available Liquidity	$	6,614,142
Net Uninsured Position		4,926,573
Net Available Liquidity in Excess of Uninsured Deposits	$	1,687,569

In the event the Company’s $4.93 billion net position of uninsured deposits had been called by depositors on the first day of the second quarter of 2023 and remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $69.6 million for the period ended June 30, 2023. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, because of the high profitability levels of HOMB, the Company estimates that it would still have achieved return on average assets (ROA) of 1.26% for the period ended June 30, 2023.

For the first quarter, the Company ranked 8th in the top 200 exchange-traded banks in the country for ROA(2). The Company’s second quarter ROA of 1.90% is an impressive improvement from 1.84% for the first quarter and should retain a ranking in the top 10 for the second quarter.

Operating Highlights

Net income for the three-month period ended June 30, 2023 was $105.3 million, or $0.52 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $102.6 million(1), and $0.51 per share(1), respectively, for the three months ended June 30, 2023.

Our net interest margin was 4.28% for the three-month period ended June 30, 2023, compared to 4.37% for the three-month period ended March 31, 2023. The yield on loans was 6.84% and 6.64% for the three months ended June 30, 2023 and March 31, 2023, respectively, as average loans decreased from $14.47 billion to $14.26 billion. Additionally, the rate on interest bearing deposits increased to 2.27% as of June 30, 2023, from 1.90% as of March 31, 2023, while average interest-bearing balances decreased from $12.65 billion to $12.42 billion.

During the second quarter of 2023, there was $1.3 million of event interest income compared to event interest income of $2.1 million for the first quarter of 2023.

Purchase accounting accretion on acquired loans was $2.7 million and $3.2 million and average purchase accounting loan discounts were $32.5 million and $35.5 million for the three-month periods ended June 30, 2023 and March 31, 2023, respectively.

Net interest income on a fully taxable equivalent basis was $209.1 million for the three-month period ended June 30, 2023, and $216.2 million for the three-month period ended March 31, 2023. This reduction in net interest income for the three-month period ended June 30, 2023, was the result of an $11.6 million increase in interest expense, partially offset by an $4.6 million increase in interest income. The $11.6 million increase in interest expense was due to an $11.0 million increase in interest expense on deposits, a $406,000 increase in interest expense on FHLB borrowed funds and a $253,000 increase in interest expense on securities sold under agreement to repurchase. The increase in interest expense is a result of the rising interest rate environment. The $4.6 million increase in interest income was primarily the result of a $6.1 million increase in loan interest income, partially offset by a $1.0 million decrease in income from interest-bearing balances due from banks and a $687,000 decrease in investment income. The increase in interest income is also a result of the rising interest rate environment.

The Company reported $49.5 million of non-interest income for the second quarter of 2023. The most important components of second quarter non-interest income were $15.1 million from other income, $11.8 million from other service charges and fees, $9.2 million from service charges on deposit accounts, $4.1 million from trust fees, $2.9 million from dividends from FHLB, FRB, FNBB and other, $2.7 million in mortgage lending income and a $1.2 million increase in cash value of life insurance. The $15.1 million in other income includes $2.8 million in bank owned life insurance “BOLI” death benefit income.

Non-interest expense for the second quarter of 2023 was $116.3 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $27.7 million in other operating expense, $14.9 million in occupancy and equipment expenses and $9.2 million in data processing expenses. For the second quarter of 2023, our efficiency ratio was 44.00%, and our efficiency ratio, as adjusted (non-GAAP), was 44.83%(1).

Financial Condition

Total loans receivable were $14.18 billion at June 30, 2023, compared to $14.39 billion at March 31, 2023. Total deposits were $17.00 billion at June 30, 2023, compared to $17.45 billion at March 31, 2023. Total assets were $22.13 billion at June 30, 2023, compared to $22.52 billion at March 31, 2023.

During the second quarter of 2023, the Company experienced approximately $205.7 million in loan decline. Centennial CFG experienced $314.3 million of organic loan decline and had loans of $1.86 billion at June 30, 2023. Our remaining markets experienced $108.8 million in organic loan growth during the quarter.

Non-performing loans to total loans was 0.43% and 0.51% at June 30, 2023 and March 31, 2023, respectively. Non-performing assets to total assets was 0.28% and 0.33% at June 30, 2023 and March 31, 2023, respectively. Net charge-offs were $3.8 million and $3.7 million for the three months ended June 30, 2023 and March 31, 2023, respectively.

Non-performing loans at June 30, 2023 were $11.2 million, $19.7 million, $22.6 million, $382,000, $3.8 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $60.5 million. Non-performing assets at June 30, 2023 were $11.3 million, $20.0 million, $23.0 million, $382,000, $3.8 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $61.3 million.

The Company’s allowance for credit losses on loans was $285.7 million at June 30, 2023, or 2.01% of total loans, compared to the allowance for credit losses on loans of $287.2 million, or 2.00% of total loans, at March 31, 2023. As of June 30, 2023 and March 31, 2023, the Company’s allowance for credit losses on loans was 472.23% and 388.23% of its total non-performing loans, respectively.

Stockholders’ equity was $3.65 billion at June 30, 2023, compared to $3.63 billion at March 31, 2023, an increase of approximately $23.2 million. The increase in stockholders’ equity is primarily associated with the $68.8 million increase in retained earnings, partially offset by the $36.4 million increase in accumulated other comprehensive loss and $11.8 million in stock repurchases. Book value per common share was $18.04 at June 30, 2023, compared to $17.87 at March 31, 2023. Tangible book value per common share (non-GAAP) was $10.87(1) at June 30, 2023, compared to $10.71(1) at March 31, 2023.

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, July 20, 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/803091970. 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=7b6f0651&confId=52560. 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 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 1-833-470-1428, Passcode: 094402. A replay of the call will be available by calling 1-866-813-9403, Passcode: 607184, which will be available until July 27, 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.(2) The Company estimated this ranking based on available industry data.

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 that may result from any future outbreaks of the COVID-19 pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; 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; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; 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, 2022, filed with the SEC on February 24, 2023.

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)		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
ASSETS
Cash and due from banks		$	275,656			$	250,841			$	263,893			$	268,929			$	287,451
Interest-bearing deposits with other banks			335,535				437,213				460,897				1,311,492				2,528,925
Cash and cash equivalents			611,191				688,054				724,790				1,580,421				2,816,376
Federal funds sold			1,550				—				—				2,700				—
Investment securities - available-for-sale, net of allowance for credit losses			3,645,013				3,772,138				4,041,590				4,085,102				3,791,509
Investment securities - held-to-maturity, net of allowance for credit losses			1,285,150				1,286,373				1,287,705				1,251,007				1,366,781
Total investment securities			4,930,163				5,058,511				5,329,295				5,336,109				5,158,290
Loans receivable			14,180,972				14,386,634				14,409,480				13,829,311				13,923,873
Allowance for credit losses			(285,683	)			(287,169	)			(289,669	)			(289,203	)			(294,267	)
Loans receivable, net			13,895,289				14,099,465				14,119,811				13,540,108				13,629,606
Bank premises and equipment, net			397,315				402,094				405,073				411,479				415,056
Foreclosed assets held for sale			725				425				546				365				373
Cash value of life insurance			213,090				214,792				213,693				212,619				211,811
Accrued interest receivable			101,066				102,740				103,199				88,671				80,274
Deferred tax asset, net			206,430				193,334				209,321				228,979				208,585
Goodwill			1,398,253				1,398,253				1,398,253				1,394,353				1,398,400
Core deposit intangible			53,500				55,978				58,455				60,932				63,410
Other assets			317,857				304,609				321,152				300,634				270,987
Total assets		$	22,126,429			$	22,518,255			$	22,883,588			$	23,157,370			$	24,253,168
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,598,593			$	4,945,729			$	5,164,997			$	5,540,539			$	6,036,583
Savings and interest-bearing transaction accounts			11,169,940				11,392,566				11,730,552				11,968,519				12,424,192
Time deposits			1,228,358				1,107,171				1,043,234				1,033,266				1,119,297
Total deposits			16,996,891				17,445,466				17,938,783				18,542,324				19,580,072
Securities sold under agreements to repurchase			160,349				138,742				131,146				121,555				118,573
FHLB and other borrowed funds			701,550				650,000				650,000				400,000				400,000
Accrued interest payable and other liabilities			173,426				212,887				196,877				192,908				197,503
Subordinated debentures			440,129				440,275				440,420				440,568				458,455
Total liabilities			18,472,345				18,887,370				19,357,226				19,697,355				20,754,603
Stockholders' equity
Common stock			2,026				2,032				2,034				2,042				2,053
Capital surplus			2,366,560				2,375,754				2,386,699				2,404,388				2,426,271
Retained earnings			1,578,176				1,509,400				1,443,087				1,361,040				1,286,146
Accumulated other comprehensive loss			(292,678	)			(256,301	)			(305,458	)			(307,455	)			(215,905	)
Total stockholders' equity			3,654,084				3,630,885				3,526,362				3,460,015				3,498,565
Total liabilities and stockholders' equity		$	22,126,429			$	22,518,255			$	22,883,588			$	23,157,370			$	24,253,168

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																		Six Months Ended
(In thousands)		Jun. 30, 2023			Mar. 31, 2023				Dec. 31, 2022			Sep. 30, 2022				Jun. 30, 2022				Jun. 30, 2023				Jun. 30, 2022
Interest income:
Loans		$	243,152		$	236,997			$	221,280		$	195,841			$	181,779			$	480,149			$	311,221
Investment securities
Taxable			34,751			35,288				33,639			28,273				20,941				70,039				30,021
Tax-exempt			7,932			7,963				7,855			8,069				7,725				15,895				12,432
Deposits - other banks			3,729			4,685				10,109			10,763				6,565				8,414				8,238
Federal funds sold			68			6				12			9				3				74				4
Total interest income			289,632			284,939				272,895			242,955				217,013				574,571				361,916
Interest expense:
Interest on deposits			70,147			59,162				47,019			23,347				10,729				129,309				15,623
Federal funds purchased			2			—				—			—				2				2				2
FHLB borrowed funds			6,596			6,190				5,388			1,917				1,896				12,786				3,771
Securities sold under agreements to repurchase			1,121			868				701			434				187				1,989				295
Subordinated debentures			4,123			4,124				4,121			4,153				5,441				8,247				12,319
Total interest expense			81,989			70,344				57,229			29,851				18,255				152,333				32,010
Net interest income			207,643			214,595				215,666			213,104				198,758				422,238				329,906
Provision for credit losses on loans			2,300			1,200				5,000			—				45,170				3,500				45,170
Provision for credit losses on unfunded commitments			—			—				—			—				11,410				—				11,410
Provision for credit losses on investment securities			1,683			—				—			—				2,005				1,683				2,005
Total credit loss expense			3,983			1,200				5,000			—				58,585				5,183				58,585
Net interest income after credit loss expense			203,660			213,395				210,666			213,104				140,173				417,055				271,321
Non-interest income:
Service charges on deposit accounts			9,231			9,842				10,134			10,756				10,084				19,073				16,224
Other service charges and fees			11,763			11,875				10,363			13,951				12,541				23,638				20,274
Trust fees			4,052			4,864				3,981			3,980				4,320				8,916				4,894
Mortgage lending income			2,650			2,571				3,566			4,179				5,996				5,221				9,912
Insurance commissions			518			526				453			601				658				1,044				1,138
Increase in cash value of life insurance			1,211			1,104				1,079			1,089				1,140				2,315				1,632
Dividends from FHLB, FRB, FNBB & other			2,922			2,794				2,814			1,741				3,945				5,716				4,643
Gain on SBA loans			—			139				30			58				—				139				95
Gain (loss) on branches, equipment and other assets, net			917			7				10			(13	)			2				924				18
Gain on OREO, net			319			—				13			—				9				319				487
Fair value adjustment for marketable securities			783			(11,408	)			1,032			(2,628	)			(1,801	)			(10,625	)			324
Other income			15,143			11,850				23,185			9,487				7,687				26,993				15,609
Total non-interest income			49,509			34,164				56,660			43,201				44,581				83,673				75,250
Non-interest expense:
Salaries and employee benefits			64,534			64,490				64,249			65,290				65,795				129,024				109,346
Occupancy and equipment			14,923			14,952				14,884			15,133				14,256				29,875				23,400
Data processing expense			9,151			8,968				9,062			8,747				10,094				18,119				17,133
Merger and acquisition expenses			—			—				—			—				48,731				—				49,594
Other operating expenses			27,674			26,234				30,708			25,176				26,606				53,908				42,905
Total non-interest expense			116,282			114,644				118,903			114,346				165,482				230,926				242,378
Income before income taxes			136,887			132,915				148,423			141,959				19,272				269,802				104,193
Income tax expense			31,616			29,953				32,736			33,254				3,294				61,569				23,323
Net income		$	105,271		$	102,962			$	115,687		$	108,705			$	15,978			$	208,233			$	80,870

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Six Months Ended
(Dollars and shares in thousands, except per share data)		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Jun. 30, 2023				Jun. 30, 2022
PER SHARE DATA
Diluted earnings per common share		$	0.52			$	0.51			$	0.57			$	0.53			$	0.08			$	1.02			$	0.44
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.51				0.54				0.53				0.54				0.47				1.04				0.86
Basic earnings per common share			0.52				0.51				0.57				0.53				0.08				1.03				0.44
Dividends per share - common			0.18				0.18				0.165				0.165				0.165				0.36				0.33
Book value per common share			18.04				17.87				17.33				16.94				17.04				18.04				17.04
Tangible book value per common share (non-GAAP)(1)			10.87				10.71				10.17				9.82				9.92				10.87				9.92
STOCK INFORMATION
Average common shares outstanding			202,793				203,456				203,924				204,829				205,683				203,122				184,851
Average diluted shares outstanding			202,923				203,625				204,179				205,135				206,015				203,274				185,223
End of period common shares outstanding			202,573				203,168				203,434				204,219				205,291				202,573				205,291
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			1.90	%			1.84	%			1.98	%			1.81	%			0.26	%			1.87	%			0.75	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			1.85	%			1.95	%			1.84	%			1.83	%			1.57	%			1.90	%			1.48	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			2.07	%			2.00	%			2.15	%			1.97	%			0.31	%			2.03	%			0.83	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			2.02	%			2.12	%			2.00	%			1.99	%			1.70	%			2.07	%			1.60	%
Return on average common equity (ROE)			11.63	%			11.70	%			13.29	%			12.25	%			1.78	%			11.66	%			5.14	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			11.33	%			12.38	%			12.35	%			12.39	%			10.83	%			11.85	%			10.08	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			19.39	%			19.75	%			22.96	%			20.93	%			2.96	%			19.57	%			8.32	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			18.90	%			20.90	%			21.33	%			21.16	%			17.94	%			19.88	%			16.31	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			19.74	%			20.11	%			23.33	%			21.29	%			3.30	%			19.92	%			8.62	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			19.24	%			21.26	%			21.70	%			21.52	%			18.29	%			20.23	%			16.61	%
(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																				Six Months Ended
(Dollars in thousands)		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Jun. 30, 2023				Jun. 30, 2022
Efficiency ratio			44.00	%			44.80	%			42.44	%			43.24	%			66.31	%			44.39	%			58.26	%
Efficiency ratio, as adjusted (non-GAAP)(1)			44.83	%			43.42	%			43.07	%			42.97	%			46.02	%			44.12	%			46.53	%
Net interest margin - FTE (NIM)			4.28	%			4.37	%			4.21	%			4.05	%			3.64	%			4.33	%			3.46	%
Fully taxable equivalent adjustment		$	1,494			$	1,628			$	2,017			$	2,437			$	2,471			$	3,122			$	4,209
Total revenue (net)			257,152				248,759				272,326				256,305				243,339				505,911				405,156
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			140,870				134,115				153,423				141,959				77,857				274,985				162,778
PPNR, as adjusted (non-GAAP)(1)			137,308				142,062				142,567				143,522				126,683				279,370				207,054
Pre-tax net income to total revenue (net)			53.23	%			53.43	%			54.50	%			55.39	%			7.92	%			53.33	%			25.72	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			51.85	%			56.63	%			50.52	%			56.00	%			52.06	%			54.20	%			51.10	%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			54.78	%			53.91	%			56.34	%			55.39	%			32.00	%			54.35	%			40.18	%
P5NR, as adjusted (non-GAAP)(1)			53.40	%			57.11	%			52.35	%			56.00	%			52.06	%			55.22	%			51.10	%
Total purchase accounting accretion		$	2,660			$	3,172			$	3,497			$	4,578			$	5,177			$	5,832			$	8,266
Average purchase accounting loan discounts			32,546				35,482				38,552				42,050				46,258				34,022				35,814
OTHER OPERATING EXPENSES
Hurricane expense		$	—			$	—			$	176			$	—			$	—			$	—			$	—
Advertising			2,098				2,231				2,567				2,024				2,117				4,329				3,383
Amortization of intangibles			2,478				2,477				2,478				2,477				2,477				4,955				3,898
Electronic banking expense			3,675				3,330				3,914				3,828				3,352				7,005				5,890
Directors' fees			538				460				358				354				375				998				779
Due from bank service charges			286				273				273				316				396				559				666
FDIC and state assessment			3,220				3,500				2,224				2,146				2,390				6,720				4,058
Insurance			927				889				1,003				959				973				1,816				1,743
Legal and accounting			1,436				1,088				5,962				1,581				1,061				2,524				1,858
Other professional fees			2,774				2,284				2,552				2,466				2,254				5,058				3,863
Operating supplies			763				738				690				681				995				1,501				1,749
Postage			586				501				602				614				556				1,087				862
Telephone			573				528				576				593				384				1,101				721
Other expense			8,320				7,935				7,333				7,137				9,276				16,255				13,435
Total other operating expenses		$	27,674			$	26,234			$	30,708			$	25,176			$	26,606			$	53,908			$	42,905
(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)		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
BALANCE SHEET RATIOS
Total loans to total deposits			83.43	%			82.47	%			80.33	%			74.58	%			71.11	%
Common equity to assets			16.51	%			16.12	%			15.41	%			14.94	%			14.43	%
Tangible common equity to tangible assets (non-GAAP)(1)			10.65	%			10.33	%			9.66	%			9.24	%			8.94	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,480,738			$	5,524,125			$	5,632,063			$	5,156,438			$	5,092,539
Construction/land development			2,201,514				2,160,514				2,135,266				2,232,906				2,595,384
Agricultural			340,067				342,814				346,811				330,748				329,106
Residential real estate loans
Residential 1-4 family			1,790,218				1,748,231				1,748,551				1,704,850				1,708,221
Multifamily residential			455,754				637,633				578,052				525,110				389,633
Total real estate			10,268,291				10,413,317				10,440,743				9,950,052				10,114,883
Consumer			1,156,273				1,173,325				1,149,896				1,120,250				1,106,343
Commercial and industrial			2,288,646				2,368,428				2,349,263				2,268,750				2,187,771
Agricultural			297,743				250,851				285,235				313,693				324,630
Other			170,019				180,713				184,343				176,566				190,246
Loans receivable		$	14,180,972			$	14,386,634			$	14,409,480			$	13,829,311			$	13,923,873
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	287,169			$	289,669			$	289,203			$	294,267			$	234,768
Allowance for credit losses on PCD loans - Happy acquisition			—				—				—				—				16,816
Loans charged off			4,726				4,288				5,379				6,313				3,265
Recoveries of loans previously charged off			940				588				845				1,249				778
Net loans charged off			3,786				3,700				4,534				5,064				2,487
Provision for credit losses - Happy acquisition			—				—				—				—				45,170
Provision for credit losses - loans			2,300				1,200				5,000				—				—
Balance, end of period		$	285,683			$	287,169			$	289,669			$	289,203			$	294,267
Net charge-offs to average total loans			0.11	%			0.10	%			0.13	%			0.15	%			0.07	%
Allowance for credit losses to total loans			2.01	%			2.00	%			2.01	%			2.09	%			2.11	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	49,627			$	65,401			$	51,011			$	56,796			$	44,170
Loans past due 90 days or more			10,869				8,567				9,845				4,898				16,432
Total non-performing loans			60,496				73,968				60,856				61,694				60,602
Other non-performing assets
Foreclosed assets held for sale, net			725				425				546				365				373
Other non-performing assets			64				74				74				104				104
Total other non-performing assets			789				499				620				469				477
Total non-performing assets		$	61,285			$	74,467			$	61,476			$	62,163			$	61,079
Allowance for credit losses for loans to non-performing loans			472.23	%			388.23	%			475.99	%			468.77	%			485.57	%
Non-performing loans to total loans			0.43	%			0.51	%			0.42	%			0.45	%			0.44	%
Non-performing assets to total assets			0.28	%			0.33	%			0.27	%			0.27	%			0.25	%
(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
		June 30, 2023									March 31, 2023
(Dollars in thousands)		AverageBalance			Income/Expense			Yield/Rate			AverageBalance			Income/Expense			Yield/Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	320,039		$	3,729		4.67	%		$	426,051		$	4,685		4.46	%
Federal funds sold			5,350			68		5.10	%			474			6		5.13	%
Investment securities - taxable			3,718,320			34,751		3.75	%			3,867,737			35,288		3.70	%
Investment securities - non-taxable - FTE			1,280,781			9,332		2.92	%			1,289,564			9,482		2.98	%
Loans receivable - FTE			14,259,647			243,246		6.84	%			14,474,072			237,106		6.64	%
Total interest-earning assets			19,584,137			291,126		5.96	%			20,057,898			286,567		5.79	%
Non-earning assets			2,643,267									2,637,957
Total assets		$	22,227,404								$	22,695,855
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,242,988		$	62,637		2.23	%		$	11,579,329		$	54,857		1.92	%
Time deposits			1,174,925			7,510		2.56	%			1,072,094			4,305		1.63	%
Total interest-bearing deposits			12,417,913			70,147		2.27	%			12,651,423			59,162		1.90	%
Federal funds purchased			123			2		6.52	%			—			—		—	%
Securities sold under agreement to repurchase			143,969			1,121		3.12	%			134,934			868		2.61	%
FHLB borrowed funds			679,445			6,596		3.89	%			651,111			6,190		3.86	%
Subordinated debentures			440,201			4,123		3.76	%			440,346			4,124		3.80	%
Total interest-bearing liabilities			13,681,651			81,989		2.40	%			13,877,814			70,344		2.06	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,717,623									5,043,219
Other liabilities			197,936									205,230
Total liabilities			18,597,210									19,126,263
Shareholders' equity			3,630,194									3,569,592
Total liabilities and shareholders' equity		$	22,227,404								$	22,695,855
Net interest spread								3.56	%								3.73	%
Net interest income and margin - FTE					$	209,137		4.28	%					$	216,223		4.37	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Six Months Ended
		June 30, 2023									June 30, 2022
(Dollars in thousands)		Average Balance			Income/Expense			Yield/Rate			Average Balance			Income/Expense			Yield/Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	372,752		$	8,414		4.55	%		$	3,374,606		$	8,238		0.49	%
Federal funds sold			2,926			74		5.10	%			1,805			4		0.45	%
Investment securities - taxable			3,791,872			70,039		3.72	%			3,155,481			30,021		1.92	%
Investment securities - non-taxable - FTE			1,285,148			18,814		2.95	%			1,061,822			16,339		3.10	%
Loans receivable - FTE			14,366,267			480,352		6.74	%			11,899,115			311,523		5.28	%
Total interest-earning assets			19,818,965			577,693		5.88	%			19,492,829			366,125		3.79	%
Non-earning assets			2,641,370									2,115,558
Total assets		$	22,460,335								$	21,608,387
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,410,230		$	117,493		2.08	%		$	11,007,232		$	13,643		0.25	%
Time deposits			1,123,793			11,816		2.12	%			1,013,600			1,980		0.39	%
Total interest-bearing deposits			12,534,023			129,309		2.08	%			12,020,832			15,623		0.26	%
Federal funds purchased			62			2		6.51	%			437			2		0.92	%
Securities sold under agreement to repurchase			139,477			1,989		2.88	%			130,248			295		0.46	%
FHLB borrowed funds			665,356			12,786		3.88	%			400,000			3,771		1.90	%
Subordinated debentures			440,273			8,247		3.78	%			589,917			12,319		4.21	%
Total interest-bearing liabilities			13,779,191			152,333		2.23	%			13,141,434			32,010		0.49	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,879,521									5,152,673
Other liabilities			201,562									142,080
Total liabilities			18,860,274									18,436,187
Shareholders' equity			3,600,061									3,172,200
Total liabilities and shareholders' equity		$	22,460,335								$	21,608,387
Net interest spread								3.65	%								3.30	%
Net interest income and margin - FTE					$	425,360		4.33	%					$	334,115		3.46	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Six Months Ended
(Dollars and shares in thousands, except per share data)		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Jun. 30, 2023				Jun. 30, 2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	105,271			$	102,962			$	115,687			$	108,705			$	15,978			$	208,233			$	80,870
Pre-tax adjustments
BOLI death benefits			(2,779	)			—				—				—				—				(2,779	)			—
Merger and acquisition expenses			—				—				—				—				48,731				—				49,594
Initial provision for credit losses - acquisition			—				—				—				—				58,585				—				58,585
Fair value adjustment for marketable securities			(783	)			11,408				(1,032	)			2,628				1,801				10,625				(324	)
Special dividend from equity investment			—				—				—				—				(1,434	)			—				(1,434	)
TRUPS redemption fees			—				—				—				—				2,081				—				2,081
Special lawsuit settlement, net of expense			—				—				(10,000	)			—				—				—				—
Recoveries on historic losses			—				(3,461	)			—				(1,065	)			(2,353	)			(3,461	)			(5,641	)
Hurricane expense			—				—				176				—				—				—				—
Total pre-tax adjustments			(3,562	)			7,947				(10,856	)			1,563				107,411				4,385				102,861
Tax-effect of adjustments			(879	)			1,961				(2,679	)			393				26,396				1,082				25,176
Total adjustments after-tax (B)			(2,683	)			5,986				(8,177	)			1,170				81,015				3,303				77,685
Earnings, as adjusted (C)		$	102,588			$	108,948			$	107,510			$	109,875			$	96,993			$	211,536			$	158,555
Average diluted shares outstanding (D)			202,923				203,625				204,179				205,135				206,015				203,274				185,223
GAAP diluted earnings per share: (A/D)		$	0.52			$	0.51			$	0.57			$	0.53			$	0.08			$	1.02			$	0.44
Adjustments after-tax: (B/D)			(0.01	)			0.03				(0.04	)			0.01				0.39				0.02				0.42
Diluted earnings per common share, as adjusted: (C/D)		$	0.51			$	0.54			$	0.53			$	0.54			$	0.47			$	1.04			$	0.86
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)			1.90	%			1.84	%			1.98	%			1.81	%			0.26	%			1.87	%			0.75	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)			1.85	%			1.95	%			1.84	%			1.83	%			1.57	%			1.90	%			1.48	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))			2.07	%			2.00	%			2.15	%			1.97	%			0.31	%			2.03	%			0.83	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))			2.02	%			2.12	%			2.00	%			1.99	%			1.70	%			2.07	%			1.60	%
GAAP net income available to common shareholders (A)		$	105,271			$	102,962			$	115,687			$	108,705			$	15,978			$	208,233			$	80,870
Amortization of intangibles (B)			2,478				2,477				2,478				2,477				2,477				4,955				3,898
Amortization of intangibles after-tax (C)			1,866				1,866				1,866				1,854				1,854				3,732				2,903
Adjustments after-tax (D)			(2,683	)			5,986				(8,177	)			1,170				81,015				3,303				77,685
Average assets (E)			22,227,404				22,695,855				23,187,005				23,778,769				24,788,365				22,460,335				21,608,387
Average goodwill & core deposit intangible (F)			1,452,951				1,455,423				1,454,639				1,459,034				1,423,466				1,454,180				1,211,580

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Six Months Ended
(Dollars in thousands)		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Jun. 30, 2023				Jun. 30, 2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			11.63	%			11.70	%			13.29	%			12.25	%			1.78	%			11.66	%			5.14	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			11.33	%			12.38	%			12.35	%			12.39	%			10.83	%			11.85	%			10.08	%
Return on average tangible common equity: (A/(D-E))			19.39	%			19.75	%			22.96	%			20.93	%			2.96	%			19.57	%			8.32	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			18.90	%			20.90	%			21.33	%			21.16	%			17.94	%			19.88	%			16.31	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			19.74	%			20.11	%			23.33	%			21.29	%			3.30	%			19.92	%			8.62	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			19.24	%			21.26	%			21.70	%			21.52	%			18.29	%			20.23	%			16.61	%
GAAP net income available to common shareholders (A)		$	105,271			$	102,962			$	115,687			$	108,705			$	15,978			$	208,233			$	80,870
Earnings excluding intangible amortization (B)			107,137				104,828				117,553				110,559				17,832				211,965				83,773
Adjustments after-tax (C)			(2,683	)			5,986				(8,177	)			1,170				81,015				3,303				77,685
Average common equity (D)			3,630,194				3,569,592				3,454,005				3,519,296				3,591,758				3,600,061				3,172,200
Average goodwill & core deposits intangible (E)			1,452,951				1,455,423				1,454,639				1,459,034				1,423,466				1,454,180				1,211,580
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))			44.00	%			44.80	%			42.44	%			43.24	%			66.31	%			44.39	%			58.26	%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))			44.83	%			43.42	%			43.07	%			42.97	%			46.02	%			44.12	%			46.53	%
Pre-tax net income to total revenue (net) (A/(B+C))			53.23	%			53.43	%			54.50	%			55.39	%			7.92	%			53.33	%			25.72	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			51.85	%			56.63	%			50.52	%			56.00	%			52.06	%			54.20	%			51.10	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	140,870			$	134,115			$	153,423			$	141,959			$	77,857			$	274,985			$	162,778
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)		$	137,308			$	142,062			$	142,567			$	143,522			$	126,683			$	279,370			$	207,054
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)			54.78	%			53.91	%			56.34	%			55.39	%			32.00	%			54.35	%			40.18	%
P5NR, as adjusted (B+C-D+F-G)/(B+C)			53.40	%			57.11	%			52.35	%			56.00	%			52.06	%			55.22	%			51.10	%
Pre-tax net income (A)		$	136,887			$	132,915			$	148,423			$	141,959			$	19,272			$	269,802			$	104,193
Net interest income (B)			207,643				214,595				215,666				213,104				198,758				422,238				329,906
Non-interest income (C)			49,509				34,164				56,660				43,201				44,581				83,673				75,250
Non-interest expense (D)			116,282				114,644				118,903				114,346				165,482				230,926				242,378
Fully taxable equivalent adjustment (E)			1,494				1,628				2,017				2,437				2,471				3,122				4,209
Total pre-tax adjustments (F)			(3,562	)			7,947				(10,856	)			1,563				107,411				4,385				102,861
Initial provision for credit losses - acquisition (G)			—				—				—				—				58,585				—				58,585
Amortization of intangibles (H)			2,478				2,477				2,478				2,477				2,477				4,955				3,898
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	783			$	(11,408	)		$	1,032			$	(2,628	)		$	(1,801	)		$	(10,625	)		$	324
Gain on OREO			319				—				13				—				9				319				487
Gain (loss) on branches, equipment and other assets, net			917				7				10				(13	)			2				924				18
Special dividend from equity investment			—				—				—				—				1,434				—				1,434
BOLI death benefits			2,779				—				—				—				—				2,779				—
Lawsuit settlement - special lawsuit			—				—				15,000				—				—				—				—
Recoveries on historic losses			—				3,461				—				1,065				2,353				3,461				5,641
Total non-interest income adjustments (I)		$	4,798			$	(7,940	)		$	16,055			$	(1,576	)		$	1,997			$	(3,142	)		$	7,904
Non-interest expense:
Merger and acquisition expenses			—				—				—				—				48,731				—				49,594
Hurricane expense			—				—				176				—				—				—				—
Legal expense - special lawsuit			—				—				5,000				—				—				—				—
TRUPS redemption fees			—				—				—				—				2,081				—				2,081
Total non-interest expense adjustments (J)		$	—			$	—			$	5,176			$	—			$	50,812			$	—			$	51,675

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)		$	18.04			$	17.87			$	17.33			$	16.94			$	17.04
Tangible book value per common share: ((A-C-D)/B)			10.87				10.71				10.17				9.82				9.92
Total stockholders' equity (A)		$	3,654,084			$	3,630,885			$	3,526,362			$	3,460,015			$	3,498,565
End of period common shares outstanding (B)			202,573				203,168				203,434				204,219				205,291
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,394,353				1,398,400
Core deposit and other intangibles (D)			53,500				55,978				58,455				60,932				63,410
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)			16.51	%			16.12	%			15.41	%			14.94	%			14.43	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))			10.65	%			10.33	%			9.66	%			9.24	%			8.94	%
Total assets (A)		$	22,126,429			$	22,518,255			$	22,883,588			$	23,157,370			$	24,253,168
Total stockholders' equity (B)			3,654,084				3,630,885				3,526,362				3,460,015				3,498,565
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,394,353				1,398,400
Core deposit and other intangibles (D)			53,500				55,978				58,455				60,932				63,410