• HOMB’s Safe Harbor for Uninsured Deposits, Strong Asset Quality and Profitability Among Shining Stars in the Second Quarter of 2023

    Source: Nasdaq GlobeNewswire / 20 Jul 2023 07:15:01   America/Chicago

    CONWAY, Ark., July 20, 2023 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

    Highlights of the Second Quarter of 2023:

    MetricQ2 2023Q1 2023Q4 2022Q3 2022Q2 2022
    Net income$105.3 million$103.0 million$115.7 million$108.7 million$16.0 million
    Total revenue (net)$257.2 million$248.8 million$272.3 million$256.3 million$243.3 million
    Income before income taxes$136.9 million$132.9 million$148.4 million$142.0 million$19.3 million
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)$140.9 million$134.1 million$153.4 million$142.0 million$77.9 million
    Pre-tax net income to total revenue (net)53.23%53.43%54.50%55.39%7.92%
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)54.78%53.91%56.34%55.39%32.00%
    ROA1.90%1.84%1.98%1.81%0.26%
    NIM4.28%4.37%4.21%4.05%3.64%
    Purchase accounting accretion$2.7 million$3.2 million$3.5 million$4.6 million$5.2 million
    ROE11.63%11.70%13.29%12.25%1.78%
    ROTCE (non-GAAP)(1)19.39%19.75%22.96%20.93%2.96%
    Diluted earnings per share$0.52$0.51$0.57$0.53$0.08
    Non-performing assets to total assets0.28%0.33%0.27%0.27%0.25%
    Common equity tier 1 capital13.6%13.2%12.9%13.0%12.8%
    Leverage11.9%11.4%10.9%10.4%9.8%
    Tier 1 capital13.6%13.2%12.9%13.0%12.9%
    Total risk-based capital17.3%16.8%16.5%16.7%16.6%
    Allowance for credit losses to total loans2.01%2.00%2.01%2.09%2.11%

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

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

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

    Liquidity and Funding Sources 

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

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

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

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


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

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


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

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

    Operating Highlights

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

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

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

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

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

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

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

    Financial Condition

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

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

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

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

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

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

    Branches

    The Company currently has 76 branches in Arkansas, 78 branches in Florida, 63 branches in Texas, 5 branches in Alabama and one branch in New York City.

    Conference Call

    Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 20, 2023. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/803091970. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=7b6f0651&confId=52560. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

    Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 094402. A replay of the call will be available by calling 1-866-813-9403, Passcode: 607184, which will be available until July 27, 2023, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

    About Home BancShares

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    (2) The Company estimated this ranking based on available industry data.

    Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

    General

    This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023.

    FOR MORE INFORMATION CONTACT:
    Donna Townsell
    Director of Investor Relations
    Home BancShares, Inc.
    (501) 328-4625


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


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


    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                   
      Quarter Ended Six Months Ended
    (Dollars and shares in thousands, except per share data) Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Jun. 30, 2023 Jun. 30, 2022
    PER SHARE DATA              
    Diluted earnings per common share $0.52  $0.51  $0.57  $0.53  $0.08  $1.02  $0.44 
    Diluted earnings per common share, as adjusted (non-GAAP)(1)   0.51   0.54   0.53   0.54   0.47   1.04   0.86 
    Basic earnings per common share  0.52   0.51   0.57   0.53   0.08   1.03   0.44 
    Dividends per share - common  0.18   0.18   0.165   0.165   0.165   0.36   0.33 
    Book value per common share  18.04   17.87   17.33   16.94   17.04   18.04   17.04 
    Tangible book value per common share (non-GAAP)(1)  10.87   10.71   10.17   9.82   9.92   10.87   9.92 
                   
    STOCK INFORMATION              
    Average common shares outstanding  202,793   203,456   203,924   204,829   205,683   203,122   184,851 
    Average diluted shares outstanding  202,923   203,625   204,179   205,135   206,015   203,274   185,223 
    End of period common shares outstanding  202,573   203,168   203,434   204,219   205,291   202,573   205,291 
                   
    ANNUALIZED PERFORMANCE METRICS              
                   
    Return on average assets (ROA)  1.90%  1.84%  1.98%  1.81%  0.26%  1.87%  0.75%
    Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)  1.85%  1.95%  1.84%  1.83%  1.57%  1.90%  1.48%
    Return on average assets excluding intangible amortization (non-GAAP)(1)  2.07%  2.00%  2.15%  1.97%  0.31%  2.03%  0.83%
    Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)  2.02%  2.12%  2.00%  1.99%  1.70%  2.07%  1.60%
    Return on average common equity (ROE)  11.63%  11.70%  13.29%  12.25%  1.78%  11.66%  5.14%
    Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)  11.33%  12.38%  12.35%  12.39%  10.83%  11.85%  10.08%
    Return on average tangible common equity (ROTCE) (non-GAAP)(1)  19.39%  19.75%  22.96%  20.93%  2.96%  19.57%  8.32%
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)  18.90%  20.90%  21.33%  21.16%  17.94%  19.88%  16.31%
    Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  19.74%  20.11%  23.33%  21.29%  3.30%  19.92%  8.62%
    Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)  19.24%  21.26%  21.70%  21.52%  18.29%  20.23%  16.61%
                   
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.


    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                   
      Quarter Ended Six Months Ended
    (Dollars in thousands) Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Jun. 30, 2023 Jun. 30, 2022
    Efficiency ratio  44.00%  44.80%  42.44%  43.24%  66.31%  44.39%  58.26%
    Efficiency ratio, as adjusted (non-GAAP)(1)  44.83%  43.42%  43.07%  42.97%  46.02%  44.12%  46.53%
    Net interest margin - FTE (NIM)  4.28%  4.37%  4.21%  4.05%  3.64%  4.33%  3.46%
    Fully taxable equivalent adjustment $1,494  $1,628  $2,017  $2,437  $2,471  $3,122  $4,209 
    Total revenue (net)  257,152   248,759   272,326   256,305   243,339   505,911   405,156 
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  140,870   134,115   153,423   141,959   77,857   274,985   162,778 
    PPNR, as adjusted (non-GAAP)(1)  137,308   142,062   142,567   143,522   126,683   279,370   207,054 
    Pre-tax net income to total revenue (net)  53.23%  53.43%  54.50%  55.39%  7.92%  53.33%  25.72%
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)  51.85%  56.63%  50.52%  56.00%  52.06%  54.20%  51.10%
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)  54.78%  53.91%  56.34%  55.39%  32.00%  54.35%  40.18%
    P5NR, as adjusted (non-GAAP)(1)  53.40%  57.11%  52.35%  56.00%  52.06%  55.22%  51.10%
    Total purchase accounting accretion $2,660  $3,172  $3,497  $4,578  $5,177  $5,832  $8,266 
    Average purchase accounting loan discounts  32,546   35,482   38,552   42,050   46,258   34,022   35,814 
                   
    OTHER OPERATING EXPENSES              
                   
    Hurricane expense $  $  $176  $  $  $  $ 
    Advertising  2,098   2,231   2,567   2,024   2,117   4,329   3,383 
    Amortization of intangibles  2,478   2,477   2,478   2,477   2,477   4,955   3,898 
    Electronic banking expense  3,675   3,330   3,914   3,828   3,352   7,005   5,890 
    Directors' fees  538   460   358   354   375   998   779 
    Due from bank service charges  286   273   273   316   396   559   666 
    FDIC and state assessment  3,220   3,500   2,224   2,146   2,390   6,720   4,058 
    Insurance  927   889   1,003   959   973   1,816   1,743 
    Legal and accounting  1,436   1,088   5,962   1,581   1,061   2,524   1,858 
    Other professional fees  2,774   2,284   2,552   2,466   2,254   5,058   3,863 
    Operating supplies  763   738   690   681   995   1,501   1,749 
    Postage  586   501   602   614   556   1,087   862 
    Telephone  573   528   576   593   384   1,101   721 
    Other expense  8,320   7,935   7,333   7,137   9,276   16,255   13,435 
    Total other operating expenses $27,674  $26,234  $30,708  $25,176  $26,606  $53,908  $42,905 
                   
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.


    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
               
    (Dollars in thousands) Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022
    BALANCE SHEET RATIOS          
    Total loans to total deposits  83.43%  82.47%  80.33%  74.58%  71.11%
    Common equity to assets  16.51%  16.12%  15.41%  14.94%  14.43%
    Tangible common equity to tangible assets (non-GAAP)(1)  10.65%  10.33%  9.66%  9.24%  8.94%
    LOANS RECEIVABLE          
    Real estate          
    Commercial real estate loans          
    Non-farm/non-residential $5,480,738  $5,524,125  $5,632,063  $5,156,438  $5,092,539 
    Construction/land development  2,201,514   2,160,514   2,135,266   2,232,906   2,595,384 
    Agricultural  340,067   342,814   346,811   330,748   329,106 
    Residential real estate loans          
    Residential 1-4 family  1,790,218   1,748,231   1,748,551   1,704,850   1,708,221 
    Multifamily residential  455,754   637,633   578,052   525,110   389,633 
    Total real estate  10,268,291   10,413,317   10,440,743   9,950,052   10,114,883 
    Consumer  1,156,273   1,173,325   1,149,896   1,120,250   1,106,343 
    Commercial and industrial  2,288,646   2,368,428   2,349,263   2,268,750   2,187,771 
    Agricultural  297,743   250,851   285,235   313,693   324,630 
    Other  170,019   180,713   184,343   176,566   190,246 
    Loans receivable $14,180,972  $14,386,634  $14,409,480  $13,829,311  $13,923,873 
    ALLOWANCE FOR CREDIT LOSSES          
    Balance, beginning of period $287,169  $289,669  $289,203  $294,267  $234,768 
    Allowance for credit losses on PCD loans - Happy acquisition              16,816 
    Loans charged off  4,726   4,288   5,379   6,313   3,265 
    Recoveries of loans previously charged off  940   588   845   1,249   778 
    Net loans charged off  3,786   3,700   4,534   5,064   2,487 
    Provision for credit losses - Happy acquisition              45,170 
    Provision for credit losses - loans  2,300   1,200   5,000       
    Balance, end of period $285,683  $287,169  $289,669  $289,203  $294,267 
    Net charge-offs to average total loans  0.11%  0.10%  0.13%  0.15%  0.07%
    Allowance for credit losses to total loans  2.01%  2.00%  2.01%  2.09%  2.11%
    NON-PERFORMING ASSETS          
    Non-performing loans          
    Non-accrual loans $49,627  $65,401  $51,011  $56,796  $44,170 
    Loans past due 90 days or more  10,869   8,567   9,845   4,898   16,432 
    Total non-performing loans  60,496   73,968   60,856   61,694   60,602 
    Other non-performing assets          
    Foreclosed assets held for sale, net  725   425   546   365   373 
    Other non-performing assets  64   74   74   104   104 
    Total other non-performing assets  789   499   620   469   477 
    Total non-performing assets $61,285  $74,467  $61,476  $62,163  $61,079 
    Allowance for credit losses for loans to non-performing loans  472.23%  388.23%  475.99%  468.77%  485.57%
    Non-performing loans to total loans  0.43%  0.51%  0.42%  0.45%  0.44%
    Non-performing assets to total assets  0.28%  0.33%  0.27%  0.27%  0.25%
               
               
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.


    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                 
      Three Months Ended
      June 30, 2023 March 31, 2023
    (Dollars in thousands) Average
    Balance
     Income/
    Expense
     Yield/
    Rate
     Average
    Balance
     Income/
    Expense
     Yield/
    Rate
    ASSETS            
    Earning assets            
    Interest-bearing balances due from banks $320,039 $3,729 4.67% $426,051 $4,685 4.46%
    Federal funds sold  5,350  68 5.10%  474  6 5.13%
    Investment securities - taxable  3,718,320  34,751 3.75%  3,867,737  35,288 3.70%
    Investment securities - non-taxable - FTE  1,280,781  9,332 2.92%  1,289,564  9,482 2.98%
    Loans receivable - FTE  14,259,647  243,246 6.84%  14,474,072  237,106 6.64%
    Total interest-earning assets  19,584,137  291,126 5.96%  20,057,898  286,567 5.79%
    Non-earning assets  2,643,267      2,637,957    
    Total assets $22,227,404     $22,695,855    
                 
    LIABILITIES AND SHAREHOLDERS' EQUITY            
    Liabilities            
    Interest-bearing liabilities            
    Savings and interest-bearing transaction accounts $11,242,988 $62,637 2.23% $11,579,329 $54,857 1.92%
    Time deposits  1,174,925  7,510 2.56%  1,072,094  4,305 1.63%
    Total interest-bearing deposits  12,417,913  70,147 2.27%  12,651,423  59,162 1.90%
    Federal funds purchased  123  2 6.52%     %
    Securities sold under agreement to repurchase  143,969  1,121 3.12%  134,934  868 2.61%
    FHLB borrowed funds  679,445  6,596 3.89%  651,111  6,190 3.86%
    Subordinated debentures  440,201  4,123 3.76%  440,346  4,124 3.80%
    Total interest-bearing liabilities  13,681,651  81,989 2.40%  13,877,814  70,344 2.06%
    Non-interest bearing liabilities            
    Non-interest bearing deposits  4,717,623      5,043,219    
    Other liabilities  197,936      205,230    
    Total liabilities  18,597,210      19,126,263    
    Shareholders' equity  3,630,194      3,569,592    
    Total liabilities and shareholders' equity $22,227,404     $22,695,855    
    Net interest spread     3.56%     3.73%
    Net interest income and margin - FTE   $209,137 4.28%   $216,223 4.37%


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



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


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


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

    Primary Logo

Share on,