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HOMB Beats Analyst Expectations Despite Glooming Uncertainty and West Texas Headwinds

CONWAY, Ark., Oct. 20, 2022 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Third Quarter of 2022:

Metric Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021
Net income $108.7 million $16.0 million $64.9 million $73.4 million $75.0 million
Net income, as adjusted (non-GAAP)(1) $109.9 million $97.0 million $61.6 million $74.0 million $74.3 million
Total revenue (net) $256.3 million $243.3 million $161.8 million $171.0 million $173.8 million
Income before income taxes $142.0 million $19.3 million $84.9 million $93.9 million $98.2 million
Pre-tax, pre-provision, net income (PPNR)

(non-GAAP)(1)
$142.0 million $77.9 million $84.9 million $93.9 million $98.2 million
PPNR, as adjusted (non-GAAP)(1) $143.5 million $126.7 million $80.4 million $94.7 million $96.9 million
Pre-tax net income to total revenue (net)   55.39%     7.92%     52.48%     54.94%     56.50%  
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)   56.00%     52.06%     49.67%     55.40%     55.76%  
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)   55.39%     32.00%     52.48%     54.94%     56.50%  
P5NR, as adjusted (non-GAAP)(1)   56.00%     52.06%     49.67%     55.40%     55.76%  
ROA   1.81%     0.26%     1.43%     1.62%     1.68%  
ROA, as adjusted (non-GAAP)(1)   1.83%     1.57%     1.36%     1.64%     1.67%  
NIM   4.05%     3.64%     3.21%     3.42%     3.60%  
Purchase accounting accretion $4.6 million $5.2 million $3.1 million $4.0 million $4.9 million
ROE   12.25%     1.78%     9.58%     10.63%     10.97%  
ROE, as adjusted (non-GAAP)(1)   12.39%     10.83%     9.09%     10.72%     10.87%  
ROTCE (non-GAAP)(1)   20.93%     2.96%     15.03%     16.73%     17.39%  
ROTCE, as adjusted (non-GAAP)(1)   21.16%     17.94%     14.26%     16.87%     17.23%  
Diluted earnings per share $0.53   $0.08   $0.40   $0.45   $0.46  
Diluted earnings per share, as adjusted (non-GAAP)(1) $0.54   $0.47   $0.37   $0.45   $0.45  
Non-performing assets to total assets   0.27%     0.25%     0.25%     0.29%     0.29%  
Common equity tier 1 capital   13.0%     12.8%     14.9%     15.4%     15.1%  
Leverage   10.4%     9.8%     10.8%     11.1%     11.0%  
Tier 1 capital   13.0%     12.9%     15.5%     16.0%     15.7%  
Total risk-based capital   16.7%     16.6%     21.6%     19.8%     19.6%  
Allowance for credit losses to total loans   2.09%     2.11%     2.34%     2.41%     2.41%  

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

“Despite the distraction out of West Texas and changes in the economy, HOMB reported record net income for the quarter of $108.7 million along with record total net revenue of $256.3 million, and our net interest margin is back where we like it at 4.05%. We continue to keep the Company positioned to weather the storm, when and if it hits,” said John Allison, Chairman.

“While reviewing the results of the quarter, I circled eighteen different numbers on the final results page and many of the circles were some of the best numbers we have ever had. I want to thank our team for the outstanding effort that led to this great quarter. I also want to send a special thanks to the West Texas Happy team for fighting the battle with the competition the way they have,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

Net income for the three-month period ended September 30, 2022 was $108.7 million, or $0.53 earnings per share. Net income for the nine-month period ended September 30, 2022 was $189.6 million, or $0.99 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 $109.9 million(1), or $0.54 per share(1), and $268.4 million(1), or $1.40 per share(1), for the three-month and nine-month periods ended September 30, 2022, respectively.

Our net interest margin was 4.05% for the three-month period ended September 30, 2022, compared to 3.64% for the three-month period ended June 30, 2022. The yield on loans was 5.63% and 5.27% for the three months ended September 30, 2022 and June 30, 2022, respectively, as average loans decreased from $13.84 billion to $13.82 billion. Additionally, the rate on interest bearing deposits increased to 0.70% as of September 30, 2022, from 0.31% as of June 30, 2022, while average balances decreased from $13.80 billion to $13.31 billion.

During the third quarter of 2022, there was $943,000 of event interest income compared to event interest income of $602,000 for the second quarter of 2022.

Purchase accounting accretion on acquired loans was $4.6 million and $5.2 million and average purchase accounting loan discounts were $42.1 million and $46.3 million for the three-month periods ended September 30, 2022 and June 30, 2022, respectively. The reduction in accretion income lowered the net interest margin by 2 basis points for the three-month period ended September 30, 2022.

Net interest income on a fully taxable equivalent basis was $215.5 million for the three-month period ended September 30, 2022, and $201.2 million for the three-month period ended June 30, 2022. This increase in net interest income for the three-month period ended September 30, 2022, was the result of a $25.9 million increase in interest income, partially offset by an $11.6 million increase in interest expense. The $25.9 million increase in interest income was primarily the result of a $14.1 million increase in loan interest income, a $7.6 million increase in investment income and a $4.2 million increase in income from deposits with other banks resulting from the rising interest rate environment. The $11.6 million increase in interest expense was due to a $12.6 million increase in interest expense on deposits, which was partially offset by a $1.3 decrease in interest expense on subordinated debentures. The increase in interest expense on deposits is a result of the rising rate environment.

The Company reported $43.2 million of non-interest income for the third quarter of 2022. The most important components of the third quarter non-interest income were $14.0 million from other service charges and fees, $10.8 million from service charges on deposit accounts, $9.5 million from other income, $4.2 million in mortgage lending income, $4.0 million from trust fees, $1.7 million from dividends from FHLB, FRB, FNBB and other, a $1.1 million increase in cash value of life insurance, and $601,000 from insurance commissions. These amounts were partially offset by a $2.6 million loss from the fair value adjustment for marketable securities. The $9.5 million in other income includes $1.1 million in recoveries on historic losses of loans acquired that were written off prior to acquisition.

Non-interest expense for the third quarter of 2022 was $114.3 million. The most important components of the third quarter non-interest expense were $65.3 million from salaries and employee benefits, $25.2 million in other expense, $15.1 million in occupancy and equipment expenses and $8.7 million in data processing expenses. There were no merger and acquisition expenses during the third quarter of 2022. For the third quarter of 2022, our efficiency ratio was 43.24%; and, our efficiency ratio, as adjusted (non-GAAP) was 42.97%(1).

Financial Condition

Total loans receivable were $13.83 billion at September 30, 2022, compared to $13.92 billion at June 30, 2022. Total deposits were $18.54 billion at September 30, 2022, compared to $19.58 billion at June 30, 2022. Total assets were $23.16 billion at September 30, 2022, compared to $24.25 billion at June 30, 2022.

During the third quarter of 2022, the Company experienced approximately $94.6 million in loan decline. Centennial CFG experienced $342.0 million of organic loan decline and had loans of $2.08 billion at September 30, 2022. Our remaining footprint experienced $273.8 million in organic loan growth and $26.4 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.45% and 0.44% at September 30, 2022 and June 30, 2022, respectively. Non-performing assets to total assets was 0.27% and 0.25% at September 30, 2022 and June 30, 2022, respectively. Net charge-offs were $5.1 million and $2.5 million for the three months ended September 30, 2022 and June 30, 2022, respectively.

Non-performing loans at September 30, 2022, were $10.2 million, $24.8 million, $13.7 million, $204,000, $1.4 million and $11.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $61.7 million. Non-performing assets at September 30, 2022, were $10.2 million, $25.0 million, $14.0 million, $204,000, $1.4 million and $11.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $62.2 million.

The Company’s allowance for credit losses on loans was $289.2 million at September 30, 2022, or 2.09% of total loans, compared to the allowance for credit losses on loans of $294.3 million, or 2.11% of total loans, at June 30, 2022. As of September 30, 2022 and June 30, 2022, the Company’s allowance for credit losses on loans was 468.77% and 485.57% of its total non-performing loans, respectively.

Stockholders’ equity was $3.46 billion at September 30, 2022, compared to $3.50 billion at June 30, 2022, a decrease of approximately $38.6 million. The decrease in stockholders’ equity is primarily associated with the $91.6 million increase in accumulated other comprehensive loss and net stock repurchases of $24.3 million, which were partially offset by a $74.9 million increase in retained earnings and share-based compensation of $2.4 million. Book value per common share was $16.94 at September 30, 2022, compared to $17.04 at June 30, 2022. Tangible book value per common share (non-GAAP) was $9.82(1) at September 30, 2022, compared to $9.92(1) at June 30, 2022.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 62 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, October 20, 2022. 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/384737075. 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=d3582338&confId=42282. 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: 824264. A replay of the call will be available by calling 1-866-813-9403, Passcode: 090248, which will be available until October 27, 2022, 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 assets excluding excess liquidity; return on average assets, as adjusted, excluding excess liquidity; 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 risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, 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, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, 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 Townsell

Director of Investor Relations

Home BancShares, Inc.

(501) 328-4625

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
                     
(In thousands)   Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021
ASSETS                    
Cash and due from banks   $ 268,929     $ 287,451     $ 173,134     $ 119,908     $ 146,378  
Interest-bearing deposits with other banks     1,311,492       2,528,925       3,446,324       3,530,407       3,133,878  
Cash and cash equivalents     1,580,421       2,816,376       3,619,458       3,650,315       3,280,256  
Federal funds sold     2,700                          
Investment securities – available-for sale, net of allowance for credit losses     4,085,102       3,791,509       2,957,322       3,119,807       3,150,608  
Investment securities – held-to-maturity, net of allowance for credit losses     1,251,007       1,366,781       499,265              
Total investment securities     5,336,109       5,158,290       3,456,587       3,119,807       3,150,608  
Loans receivable     13,829,311       13,923,873       10,052,714       9,836,089       9,901,100  
Allowance for credit losses     (289,203 )     (294,267 )     (234,768 )     (236,714 )     (238,673 )
Loans receivable, net     13,540,108       13,629,606       9,817,946       9,599,375       9,662,427  
Bank premises and equipment, net     411,479       415,056       274,503       275,760       276,972  
Foreclosed assets held for sale     365       373       1,144       1,630       1,171  
Cash value of life insurance     212,619       211,811       105,623       105,135       104,638  
Accrued interest receivable     88,671       80,274       46,934       46,736       48,577  
Deferred tax asset, net     228,979       208,585       116,605       78,290       69,724  
Goodwill     1,394,353       1,398,400       973,025       973,025       973,025  
Core deposit and other intangibles     60,932       63,410       23,624       25,045       26,466  
Other assets     300,634       270,987       182,546       177,020       171,192  
Total assets   $ 23,157,370     $ 24,253,168     $ 18,617,995     $ 18,052,138     $ 17,765,056  
                     
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                     
Deposits:                    
Demand and non-interest-bearing   $ 5,540,539     $ 6,036,583     $ 4,311,400     $ 4,127,878     $ 4,139,149  
Savings and interest-bearing transaction accounts     11,968,519       12,424,192       9,461,393       9,251,805       8,813,326  
Time deposits     1,033,266       1,119,297       808,141       880,887       1,050,896  
Total deposits     18,542,324       19,580,072       14,580,934       14,260,570       14,003,371  
Securities sold under agreements to repurchase     121,555       118,573       151,151       140,886       141,002  
FHLB and other borrowed funds     400,000       400,000       400,000       400,000       400,000  
Accrued interest payable and other liabilities     192,908       197,503       131,339       113,868       113,721  
Subordinated debentures     440,568       458,455       667,868       371,093       370,900  
Total liabilities     19,697,355       20,754,603       15,931,292       15,286,417       15,028,994  
                     
Stockholders’ equity                    
Common stock     2,042       2,053       1,638       1,637       1,640  
Capital surplus     2,404,388       2,426,271       1,485,524       1,487,373       1,492,588  
Retained earnings     1,361,040       1,286,146       1,304,098       1,266,249       1,215,831  
Accumulated other comprehensive (loss) income     (307,455 )     (215,905 )     (104,557 )     10,462       26,003  
Total stockholders’ equity     3,460,015       3,498,565       2,686,703       2,765,721       2,736,062  
Total liabilities and stockholders’ equity   $ 23,157,370     $ 24,253,168     $ 18,617,995     $ 18,052,138     $ 17,765,056  
                     
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(In thousands)   Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Sep. 30, 2022   Sep. 30, 2021
Interest income:                            
Loans   $ 195,841     $ 181,779     $ 129,442   $ 136,750     $ 142,609     $ 507,062     $ 435,210  
Investment securities                            
Taxable     28,273       20,941       9,080     8,121       8,495       58,294       21,933  
Tax-exempt     8,069       7,725       4,707     4,827       4,839       20,501       14,815  
Deposits – other banks     10,763       6,565       1,673     1,281       1,117       19,001       2,234  
Federal funds sold     9       3       1                 13        
Total interest income     242,955       217,013       144,903     150,979       157,060       604,871       474,192  
Interest expense:                            
Interest on deposits     23,347       10,729       4,894     5,155       5,642       38,970       19,781  
Federal funds purchased           2                       2        
FHLB borrowed funds     1,917       1,896       1,875     1,916       1,917       5,688       5,688  
Securities sold under agreements to repurchase     434       187       108     98       102       729       399  
Subordinated debentures     4,153       5,441       6,878     4,790       4,788       16,472       14,373  
Total interest expense     29,851       18,255       13,755     11,959       12,449       61,861       40,241  
Net interest income     213,104       198,758       131,148     139,020       144,611       543,010       433,951  
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)           58,585                       58,585       (4,752 )
Net interest income after credit loss expense (benefit)     213,104       140,173       131,148     139,020       144,611       484,425       438,703  
Non-interest income:                            
Service charges on deposit accounts     10,756       10,084       6,140     6,217       5,941       26,980       16,059  
Other service charges and fees     13,951       12,541       7,733     11,133       8,051       34,225       25,318  
Trust fees     3,980       4,320       574     515       479       8,874       1,445  
Mortgage lending income     4,179       5,996       3,916     5,359       5,948       14,091       20,317  
Insurance commissions     601       658       480     387       586       1,739       1,556  
Increase in cash value of life insurance     1,089       1,140       492     501       509       2,721       1,548  
Dividends from FHLB, FRB, FNBB & other     1,741       3,945       698     919       2,661       6,384       13,916  
Gain on SBA loans     58             95     792       439       153       1,588  
(Loss) gain on branches, equipment and other assets, net     (13 )     2       16     (19 )     (34 )     5       (86 )
Gain on OREO, net           9       478     737       246       487       1,266  
Gain on securities, net                                       219  
Fair value adjustment for marketable securities     (2,628 )     (1,801 )     2,125     85       61       (2,304 )     7,093  
Other income     9,487       7,687       7,922     5,338       4,322       25,096       15,366  
Total non-interest income     43,201       44,581       30,669     31,964       29,209       118,451       105,605  
Non-interest expense:                            
Salaries and employee benefits     65,290       65,795       43,551     43,765       42,469       174,636       126,990  
Occupancy and equipment     15,133       14,256       9,144     9,047       9,305       38,533       27,584  
Data processing expense     8,747       10,094       7,039     6,493       6,024       25,880       17,787  
Merger and acquisition expenses           48,731       863     880       1,006       49,594       1,006  
Other operating expenses     25,176       26,606       16,299     16,865       16,815       68,081       48,100  
Total non-interest expense     114,346       165,482       76,896     77,050       75,619       356,724       221,467  
Income before income taxes     141,959       19,272       84,921     93,934       98,201       246,152       322,841  
Income tax expense     33,254       3,294       20,029     20,577       23,209       56,577       77,177  
Net income   $ 108,705     $ 15,978     $ 64,892   $ 73,357     $ 74,992     $ 189,575     $ 245,664  
                             
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars and shares in thousands, except per share data)   Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Sep. 30, 2022   Sep. 30, 2021
PER SHARE DATA                            
Diluted earnings per common share   $ 0.53     $ 0.08     $ 0.40     $ 0.45     $ 0.46     $ 0.99     $ 1.49  
Diluted earnings per common share, as adjusted (non-GAAP)(1)     0.54       0.47       0.37       0.45       0.45       1.40       1.38  
Basic earnings per common share     0.53       0.08       0.40       0.45       0.46       0.99       1.49  
Dividends per share – common     0.165       0.165       0.165       0.14       0.14       0.495       0.42  
Book value per common share     16.94       17.04       16.41       16.90       16.68       16.94       16.68  
Tangible book value per common share (non-GAAP)(1)     9.82       9.92       10.32       10.80       10.59       9.82       10.59  
                             
STOCK INFORMATION                            
                             
Average common shares outstanding     204,829       205,683       163,787       163,859       164,126       191,584       164,717  
Average diluted shares outstanding     205,135       206,015       164,196       164,306       164,603       191,941       165,050  
End of period common shares outstanding     204,219       205,291       163,758       163,699       164,008       204,219       164,008  
                             
ANNUALIZED PERFORMANCE METRICS                            
                             
Return on average assets (ROA)     1.81%       0.26%       1.43%       1.62%       1.68%       1.13%       1.90%  
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)     1.83%       1.57%       1.36%       1.64%       1.67%       1.61%       1.76%  
Return on average assets excluding intangible amortization (non-GAAP)(1)     1.97%       0.31%       1.54%       1.75%       1.81%       1.23%       2.04%  
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)     1.99%       1.70%       1.46%       1.76%       1.79%       1.74%       1.90%  
Return on average assets excluding excess liquidity (non-GAAP)(1)     1.96%       0.29%       1.74%       1.96%       1.98%       1.29%       2.17%  
Return on average assets, as adjusted, excluding excess liquidity (non-GAAP)(1)     1.98%       1.79%       1.65%       1.97%       1.96%       1.83%       2.01%  
Return on average common equity (ROE)     12.25%       1.78%       9.58%       10.63%       10.97%       7.71%       12.32%  
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)     12.39%       10.83%       9.09%       10.72%       10.87%       10.91%       11.44%  
Return on average tangible common equity (ROTCE) (non-GAAP)(1)     20.93%       2.96%       15.03%       16.73%       17.39%       12.71%       19.74%  
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)     21.16%       17.94%       14.26%       16.87%       17.23%       18.00%       18.33%  
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     21.29%       3.30%       15.28%       16.97%       17.64%       13.03%       19.99%  
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)     21.52%       18.29%       14.50%       17.11%       17.47%       18.32%       18.58%  
                             
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars in thousands)   Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Sep. 30, 2022   Sep. 30, 2021
Efficiency ratio     43.24%       66.31%       46.15%       43.79%       42.26%       52.44%       39.86%  
Efficiency ratio, as adjusted (non-GAAP)(1)     42.97%       46.02%       47.33%       43.48%       42.29%       45.13%       41.67%  
Net interest margin – FTE (NIM)     4.05%       3.64%       3.21%       3.42%       3.60%       3.67%       3.74%  
Fully taxable equivalent adjustment   $ 2,437     $ 2,471     $ 1,738     $ 1,736     $ 1,748     $ 6,646     $ 5,343  
Total revenue (net)     256,305       243,339       161,817       170,984       173,820       661,461       539,556  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     141,959       77,857       84,921       93,934       98,201       304,737       318,089  
PPNR, as adjusted (non-GAAP)(1)     143,522       126,683       80,371       94,729       96,919       350,576       294,176  
Pre-tax net income to total revenue (net)     55.39%       7.92%       52.48%       54.94%       56.50%       37.21%       59.83%  
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)     56.00%       52.06%       49.67%       55.40%       55.76%       53.00%       55.40%  
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     55.39%       32.00%       52.48%       54.94%       56.50%       46.07%       58.95%  
P5NR, as adjusted (non-GAAP)(1)     56.00%       52.06%       49.67%       55.40%       55.76%       53.00%       54.52%  
Total purchase accounting accretion   $ 4,578     $ 5,177     $ 3,089     $ 4,001     $ 4,868     $ 12,844     $ 16,150  
Average purchase accounting loan discounts     42,050       46,258       25,359       28,882       33,320       37,889       38,587  
                             
OTHER OPERATING EXPENSES                            
                             
Advertising   $ 2,024     $ 2,117     $ 1,266     $ 1,411     $ 1,204     $ 5,407     $ 3,444  
Amortization of intangibles     2,477       2,477       1,421       1,420       1,421       6,375       4,262  
Electronic banking expense     3,828       3,352       2,538       2,442       2,521       9,718       7,375  
Directors’ fees     354       375       404       422       395       1,133       1,192  
Due from bank service charges     316       396       270       257       265       982       787  
FDIC and state assessment     2,146       2,390       1,668       1,353       1,648       6,204       4,119  
Insurance     959       973       770       801       749       2,702       2,317  
Legal and accounting     1,581       1,061       797       749       1,050       3,439       2,954  
Other professional fees     2,466       2,254       1,609       1,754       1,787       6,329       5,196  
Operating supplies     681       995       754       489       474       2,430       1,426  
Postage     614       556       306       352       301       1,476       931  
Telephone     593       384       337       343       371       1,314       1,082  
Other expense     7,137       9,276       4,159       5,072       4,629       20,572       13,015  
Total other operating expenses   $ 25,176     $ 26,606     $ 16,299     $ 16,865     $ 16,815     $ 68,081     $ 48,100  
                             
(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)   Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021
BALANCE SHEET RATIOS                    
Total loans to total deposits     74.58%       71.11%       68.94%       68.97%       70.71%  
Common equity to assets     14.94%       14.43%       14.43%       15.32%       15.40%  
Tangible common equity to tangible assets (non-GAAP)(1)     9.24%       8.94%       9.59%       10.36%       10.36%  
LOANS RECEIVABLE                    
Real estate                    
Commercial real estate loans                    
Non-farm/non-residential   $ 5,156,438     $ 5,092,539     $ 3,810,383     $ 3,889,284     $ 4,005,841  
Construction/land development     2,232,906       2,595,384       1,856,096       1,850,050       1,742,687  
Agricultural     330,748       329,106       142,920       130,674       138,881  
Residential real estate loans                    
Residential 1-4 family     1,704,850       1,708,221       1,223,890       1,274,953       1,273,988  
Multifamily residential     525,110       389,633       248,650       280,837       274,131  
Total real estate     9,950,052       10,114,883       7,281,939       7,425,798       7,435,528  
Consumer     1,120,250       1,106,343       1,059,342       825,519       814,732  
Commercial and industrial     2,268,750       2,187,771       1,510,205       1,386,747       1,414,079  
Agricultural     313,693       324,630       48,095       43,920       68,272  
Other     176,566       190,246       153,133       154,105       168,489  
Loans receivable   $ 13,829,311     $ 13,923,873     $ 10,052,714     $ 9,836,089     $ 9,901,100  
Paycheck Protection Program (PPP) loans (net of discounts) (included in total loans receivable)     10,771       37,204       59,609       112,814       241,476  
ALLOWANCE FOR CREDIT LOSSES                    
Balance, beginning of period   $ 294,267     $ 234,768     $ 236,714     $ 238,673     $ 240,451  
Allowance for credit losses on PCD loans – Happy acquisition           16,816                    
Loans charged off     6,313       3,265       2,310       3,125       2,469  
Recoveries of loans previously charged off     1,249       778       364       1,166       691  
Net loans charged off     5,064       2,487       1,946       1,959       1,778  
Provision for credit losses – Happy acquisition           45,170                    
Balance, end of period   $ 289,203     $ 294,267     $ 234,768     $ 236,714     $ 238,673  
Net charge-offs to average total loans     0.15%       0.07%       0.08%       0.08%       0.07%  
Allowance for credit losses to total loans     2.09%       2.11%       2.34%       2.41%       2.41%  
NON-PERFORMING ASSETS                    
Non-performing loans                    
Non-accrual loans   $ 56,796     $ 44,170     $ 44,629     $ 47,158     $ 47,604  
Loans past due 90 days or more     4,898       16,432       46       3,035       3,311  
Total non-performing loans     61,694       60,602       44,675       50,193       50,915  
Other non-performing assets                    
Foreclosed assets held for sale, net     365       373       1,144       1,630       1,171  
Other non-performing assets     104       104                    
Total other non-performing assets     469       477       1,144       1,630       1,171  
Total non-performing assets   $ 62,163     $ 61,079     $ 45,819     $ 51,823     $ 52,086  
Allowance for credit losses for loans to non-performing loans     468.77%       485.57%       525.50%       471.61%       468.77%  
Non-performing loans to total loans     0.45%       0.44%       0.44%       0.51%       0.51%  
Non-performing assets to total assets     0.27%       0.25%       0.25%       0.29%       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
    September 30, 2022   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   $ 1,965,136   $ 10,763   2.17 %   $ 3,252,674   $ 6,565   0.81 %
Federal funds sold     1,176     9   3.04 %     1,857     3   0.65 %
Investment securities – taxable     4,008,230     28,273   2.80 %     3,817,209     20,941   2.20 %
Investment securities – non-taxable – FTE     1,292,702     10,370   3.18 %     1,270,602     10,055   3.17 %
Loans receivable – FTE     13,822,459     195,977   5.63 %     13,838,687     181,920   5.27 %
Total interest-earning assets     21,089,703     245,392   4.62 %     22,181,029     219,484   3.97 %
Non-earning assets     2,689,066             2,607,336        
Total assets   $ 23,778,769           $ 24,788,365        
LIABILITIES AND SHAREHOLDERS’ EQUITY                      
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 12,233,755   $ 22,388   0.73 %   $ 12,632,612   $ 9,770   0.31 %
Time deposits     1,078,112     959   0.35 %     1,170,860     959   0.33 %
Total interest-bearing deposits     13,311,867     23,347   0.70 %     13,803,472     10,729   0.31 %
Federal funds purchased     14       %     869     2   0.92 %
Securities sold under agreement to repurchase     126,770     434   1.36 %     123,011     187   0.61 %
FHLB borrowed funds     400,012     1,917   1.90 %     400,000     1,896   1.90 %
Subordinated debentures     442,312     4,153   3.73 %     568,187     5,441   3.84 %
Total interest-bearing liabilities     14,280,975     29,851   0.83 %     14,895,539     18,255   0.49 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     5,779,082             6,138,497        
Other liabilities     199,416             162,571        
Total liabilities     20,259,473             21,196,607        
Shareholders’ equity     3,519,296             3,591,758        
Total liabilities and shareholders’ equity   $ 23,778,769           $ 24,788,365        
Net interest spread           3.79 %           3.48 %
Net interest income and margin – FTE       $ 215,541   4.05 %       $ 201,229   3.64 %
                         
                         
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Nine Months Ended
    September 30, 2022   September 30, 2021
(Dollars in thousands)   Average

Balance
  Income/

Expense
  Yield/

Rate
  Average

Balance
  Income/

Expense
  Yield/

Rate
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 2,899,620   $ 19,001   0.88 %   $ 2,372,227   $ 2,234   0.13 %
Federal funds sold     1,593     13   1.09 %     83       %
Investment securities – taxable     3,442,854     58,294   2.26 %     1,947,799     21,933   1.51 %
Investment securities – non-taxable – FTE     1,139,628     26,709   3.13 %     858,440     19,610   3.05 %
Loans receivable – FTE     12,547,275     507,500   5.41 %     10,532,411     435,758   5.53 %
Total interest-earning assets     20,030,970     611,517   4.08 %     15,710,960     479,535   4.08 %
Non-earning assets     2,308,827             1,594,442        
Total assets   $ 22,339,797           $ 17,305,402        
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,420,566   $ 36,031   0.42 %   $ 8,607,728   $ 12,289   0.19 %
Time deposits     1,035,340     2,939   0.38 %     1,131,538     7,492   0.89 %
Total interest-bearing deposits     12,455,906     38,970   0.42 %     9,739,266     19,781   0.27 %
Federal funds purchased     294     2   0.91 %           %
Securities sold under agreement to repurchase     129,076     729   0.76 %     153,677     399   0.35 %
FHLB borrowed funds     400,004     5,688   1.90 %     400,000     5,688   1.90 %
Subordinated debentures     540,175     16,472   4.08 %     370,615     14,373   5.19 %
Total interest-bearing liabilities     13,525,455     61,861   0.61 %     10,663,558     40,241   0.50 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     5,363,770             3,848,302        
Other liabilities     161,402             127,656        
Total liabilities     19,050,627             14,639,516        
Shareholders’ equity     3,289,170             2,665,886        
Total liabilities and shareholders’ equity   $ 22,339,797           $ 17,305,402        
Net interest spread           3.47 %           3.58 %
Net interest income and margin – FTE       $ 549,656   3.67 %       $ 439,294   3.74 %
                         
                         
 
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars and shares in thousands, except per share data)   Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Sep. 30, 2022   Sep. 30, 2021
EARNINGS, AS ADJUSTED                            
GAAP net income available to common shareholders (A)   $ 108,705     $ 15,978     $ 64,892     $ 73,357     $ 74,992     $ 189,575     $ 245,664  
Pre-tax adjustments                            
Merger and acquisition expenses           48,731       863       880       1,006       49,594       1,006  
Initial provision for credit losses – acquisition           58,585                         58,585        
Fair value adjustment for marketable securities     2,628       1,801       (2,125 )     (85 )     (61 )     2,304       (7,093 )
Special dividend from equity investment           (1,434 )                 (2,227 )     (1,434 )     (12,500 )
TRUPS redemption fees           2,081                         2,081        
Recoveries on historic losses     (1,065 )     (2,353 )     (3,288 )                 (6,706 )     (5,107 )
Gain on securities                                         (219 )
Total pre-tax adjustments     1,563       107,411       (4,550 )     795       (1,282 )     104,424       (23,913 )
Tax-effect of adjustments     393       26,396       (1,220 )     188       (587 )     25,569       (6,412 )
Total adjustments after-tax (B)     1,170       81,015       (3,330 )     607       (695 )     78,855       (17,501 )
Earnings, as adjusted (C)   $ 109,875     $ 96,993     $ 61,562     $ 73,964     $ 74,297     $ 268,430     $ 228,163  
                             
Average diluted shares outstanding (D)     205,135       206,015       164,196       164,306       164,603       191,941       165,050  
                             
GAAP diluted earnings per share: (A/D)   $ 0.53     $ 0.08     $ 0.40     $ 0.45     $ 0.46     $ 0.99     $ 1.49  
Adjustments after-tax: (B/D)     0.01       0.39       (0.03 )     0.00       (0.01 )     0.41       (0.11 )
Diluted earnings per common share, as adjusted: (C/D)   $ 0.54     $ 0.47     $ 0.37     $ 0.45     $ 0.45     $ 1.40     $ 1.38  
                             
ANNUALIZED RETURN ON AVERAGE ASSETS                            
                             
Return on average assets: (A/E)     1.81%       0.26%       1.43%       1.62%       1.68%       1.13%       1.90%  
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)     1.83%       1.57%       1.36%       1.64%       1.67%       1.61%       1.76%  
Return on average assets excluding intangible amortization: ((A+C)/(E-F))     1.97%       0.31%       1.54%       1.75%       1.81%       1.23%       2.04%  
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))     1.99%       1.70%       1.46%       1.76%       1.79%       1.74%       1.90%  
Return on average assets excluding excess liquidity: (A/(E-G))     1.96%       0.29%       1.74%       1.96%       1.98%       1.29%       2.17%  
Return on average assets, as adjusted, excluding excess liquidity: ((A+D)/(E-G))     1.98%       1.79%       1.65%       1.97%       1.96%       1.83%       2.01%  
                             
GAAP net income available to common shareholders (A)   $ 108,705     $ 15,978     $ 64,892     $ 73,357     $ 74,992     $ 189,575     $ 245,664  
Amortization of intangibles (B)     2,477       2,477       1,421       1,420       1,421       6,375       4,262  
Amortization of intangibles after-tax (C)     1,854       1,854       1,049       1,054       1,055       4,757       3,164  
Adjustments after-tax (D)     1,170       81,015       (3,330 )     607       (695 )     78,855       (17,501 )
Average assets (E)     23,778,769       24,788,365       18,393,075       17,914,727       17,695,226       22,339,797       17,305,402  
Average goodwill, core deposits & other intangible assets (F)     1,459,034       1,423,466       997,338       998,760       1,000,175       1,294,971       1,001,585  
                             
Average interest bearing cash balance     1,965,136       3,252,674       3,497,894       3,261,846       2,914,785       2,899,620       2,372,227  
Average historical interest bearing cash balance     225,000       225,000       225,000       225,000       225,000       225,000       225,000  
Average excess cash balance (G)     1,740,136       3,027,674       3,272,894       3,036,846       2,689,785       2,674,620       2,147,227  
                             
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars in thousands)   Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Sep. 30, 2022   Sep. 30, 2021
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
Return on average common equity: (A/D)     12.25%       1.78%       9.58%       10.63%       10.97%       7.71%       12.32%  
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)     12.39%       10.83%       9.09%       10.72%       10.87%       10.91%       11.44%  
Return on average tangible common equity: (A/(D-E))     20.93%       2.96%       15.03%       16.73%       17.39%       12.71%       19.74%  
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))     21.16%       17.94%       14.26%       16.87%       17.23%       18.00%       18.33%  
Return on average tangible common equity excluding intangible amortization: (B/(D-E))     21.29%       3.30%       15.28%       16.97%       17.64%       13.03%       19.99%  
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))     21.52%       18.29%       14.50%       17.11%       17.47%       18.32%       18.58%  
                             
GAAP net income available to common shareholders (A)   $ 108,705     $ 15,978     $ 64,892     $ 73,357     $ 74,992     $ 189,575     $ 245,664  
Earnings excluding intangible amortization (B)     110,559       17,832       65,941       74,411       76,047       194,332       248,828  
Adjustments after-tax (C)     1,170       81,015       (3,330 )     607       (695 )     78,855       (17,501 )
Average common equity (D)     3,519,296       3,591,758       2,747,980       2,738,305       2,710,953       3,289,170       2,665,886  
Average goodwill, core deposits & other intangible assets (E)     1,459,034       1,423,466       997,338       998,760       1,000,175       1,294,971       1,001,585  
                             
EFFICIENCY RATIO & P5NR                            
                             
Efficiency ratio: ((D-H)/(B+C+E))     43.24%       66.31%       46.15%       43.79%       42.26%       52.44%       39.86%  
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))     42.97%       46.02%       47.33%       43.48%       42.29%       45.13%       41.67%  
Pre-tax net income to total revenue (net) (A/(B+C))     55.39%       7.92%       52.48%       54.94%       56.50%       37.21%       59.83%  
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))     56.00%       52.06%       49.67%       55.40%       55.76%       53.00%       55.40%  
Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 141,959     $ 77,857     $ 84,921     $ 93,934     $ 98,201     $ 304,737     $ 318,089  
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)   $ 143,522     $ 126,683     $ 80,371     $ 94,729     $ 96,919     $ 350,576     $ 294,176  
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)     55.39%       32.00%       52.48%       54.94%       56.50%       46.07%       58.95%  
P5NR, as adjusted (B+C-D+F-G)/(B+C)     56.00%       52.06%       49.67%       55.40%       55.76%       53.00%       54.52%  
                             
Pre-tax net income (A)   $ 141,959     $ 19,272     $ 84,921     $ 93,934     $ 98,201     $ 246,152     $ 322,841  
Net interest income (B)     213,104       198,758       131,148       139,020       144,611       543,010       433,951  
Non-interest income (C)     43,201       44,581       30,669       31,964       29,209       118,451       105,605  
Non-interest expense (D)     114,346       165,482       76,896       77,050       75,619       356,724       221,467  
Fully taxable equivalent adjustment (E)     2,437       2,471       1,738       1,736       1,748       6,646       5,343  
Total pre-tax adjustments (F)     1,563       107,411       (4,550 )     795       (1,282 )     104,424       (23,913 )
Initial provision for credit losses – acquisition (G)           58,585                         58,585        
Amortization of intangibles (H)     2,477       2,477       1,421       1,420       1,421       6,375       4,262  
                             
Adjustments:                            
Non-interest income:                            
Fair value adjustment for marketable securities   $ (2,628 )   $ (1,801 )   $ 2,125     $ 85     $ 61     $ (2,304 )   $ 7,093  
Gain on OREO           9       478       737       246       487       1,266  
(Loss) gain on branches, equipment and other assets, net     (13 )     2       16       (19 )     (34 )     5       (86 )
Special dividend from equity investment           1,434                   2,227       1,434       12,500  
Gain on securities                                         219  
Recoveries on historic losses     1,065       2,353       3,288                   6,706       5,107  
Total non-interest income adjustments (I)   $ (1,576 )   $ 1,997     $ 5,907     $ 803     $ 2,500     $ 6,328     $ 26,099  
                             
Non-interest expense:                            
Merger and acquisition expenses           48,731       863       880       1,006       49,594       1,006  
TRUPS redemption fees           2,081                         2,081        
Total non-interest expense adjustments (J)   $     $ 50,812     $ 863     $ 880     $ 1,006     $ 51,675     $ 1,006  
                             
                             
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                     
    Quarter Ended
    Sep. 30, 2022   Jun. 30, 2022   Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021
TANGIBLE BOOK VALUE PER COMMON SHARE                    
Book value per common share: (A/B)   $ 16.94     $ 17.04     $ 16.41     $ 16.90     $ 16.68  
Tangible book value per common share: ((A-C-D)/B)     9.82       9.92       10.32       10.80       10.59  
                     
Total stockholders’ equity (A)   $ 3,460,015     $ 3,498,565     $ 2,686,703     $ 2,765,721     $ 2,736,062  
End of period common shares outstanding (B)     204,219       205,291       163,758       163,699       164,008  
Goodwill (C)     1,394,353       1,398,400       973,025       973,025       973,025  
Core deposit and other intangibles (D)     60,932       63,410       23,624       25,045       26,466  
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
Equity to assets: (B/A)     14.94%       14.43%       14.43%       15.32%       15.40%  
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     9.24%       8.94%       9.59%       10.36%       10.36%  
                     
Total assets (A)   $ 23,157,370     $ 24,253,168     $ 18,617,995     $ 18,052,138     $ 17,765,056  
Total stockholders’ equity (B)     3,460,015       3,498,565       2,686,703       2,765,721       2,736,062  
Goodwill (C)     1,394,353       1,398,400       973,025       973,025       973,025  
Core deposit and other intangibles (D)     60,932       63,410       23,624       25,045       26,466  
                     

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