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