Happy at HOMB: Third Quarter 2021 Beats on Net Income and EPS With New Nine-Month Record on Both, While Tacking on September Loan Growth

10/21, 2:15 PM (Source: GlobeNewswire)

CONWAY, Ark., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Third Quarter of 2021:

MetricQ3 2021Q2 2021Q1 2021Q4 2020Q3 2020
Net Income$75.0 million$79.1 million$91.6 million$81.8 million$69.3 million
Total Revenue (net)$173.8 million$172.4 million$193.4 million$181.9 million$176.1 million
Income (loss) before income taxes$98.2 million$104.1 million$120.5 million$107.7 million$90.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)$98.2 million$99.4 million$120.5 million$107.7 million$104.4 million
Pre-tax net income to total revenue (net)56.50%60.42%62.32%59.19%51.32%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)56.50%57.66%62.32%59.19%59.28%
ROA1.68%1.81%2.22%1.97%1.66%
NIM3.60%3.61%4.02%4.00%3.92%
NIM, excluding PPP loans (non-GAAP)(1)3.43%3.54%3.87%3.97%3.98%
Purchase Accounting Accretion$4.9 million$5.8 million$5.5 million$5.7 million$7.0 million
ROE10.97%11.92%14.15%12.72%10.97%
ROTCE (non-GAAP)(1)17.39%19.12%22.90%20.96%18.29%
Diluted Earnings Per Share$0.46$0.48$0.55$0.50$0.42
Non-Performing Assets to Total Assets0.29%0.35%0.38%0.48%0.47%
Common Equity Tier 1 Capital15.2%15.0%14.3%13.4%12.6%
Leverage11.0%10.9%11.1%10.8%10.4%
Tier 1 Capital15.8%15.6%14.9%14.0%13.2%
Total Risk-Based Capital19.6%19.5%18.8%17.8%16.9%
Allowance for Credit Losses to Total Loans2.41%2.36%2.25%2.19%2.12%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1)2.47%2.47%2.40%2.33%2.28%

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

“We had a great third quarter and a great first nine months as our company is continuing on to another $300 million plus year for the fourth year in a row. On the Happy HOMB front, there may not have been a better deal done in the last several years, unless it was an MOE or a complete franchise overlap that eliminated almost all of the branches. As a well-known analyst said, ‘HOMB threaded the needle perfectly on this deal.’ The market reaction has been favorable and a nod to the work we put into the structure of a triple accretive deal,” said John Allison, Chairman.

“September saw the first quality loan growth we have seen in some time. Loans recorded an increase of $55 million ex-PPP for the month - couple that with a $250 million increase in unfunded commitments for the quarter, and we are optimistic that quality loans will continue to build. I am personally excited about our partnership with Happy State Bank and am looking forward to working with their team in 2022 and beyond. I could not be happier with this deal as it works for both Happy and HOMB employees and shareholders,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

Net income for the three-month period ended September 30, 2021 was $75.0 million, or $0.46 earnings per share. Net income for the nine-month period ended September 30, 2021 was $245.7 million, or $1.49 earnings per share, both of which are records for the Company.

During the third quarter of 2021, the Company did not record any credit loss expense. The Company’s provisioning model is closely tied to unemployment rate projections which have continued to improve since the fourth quarter of 2020. The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of September 30, 2021. In addition, the Company determined that the current level of the unfunded commitment reserve was adequate and no additional provision for unfunded commitments was necessary.

Our net interest margin was 3.60% for the three-month period ended September 30, 2021 compared to 3.61% for the three-month period ended June 30, 2021. The yield on loans was 5.64% and 5.40% for the three months ended September 30, 2021 and June 30, 2021, respectively, as average loans decreased from $10.54 billion to $10.04 billion. Additionally, the rate on interest bearing deposits decreased to 0.23% as of September 30, 2021 from 0.26% as of June 30, 2021, with average balances of $9.86 billion and $9.81 billion, respectively.

As of September 30, 2021, we had $241.5 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended September 30, 2021 was 3.43%.(1) The PPP loans were accretive to the net interest margin by 17 basis points for the three-month period ended September 30, 2021 compared to 7 basis points for the three-month period ended June 30, 2021. This was primarily due to approximately $232.4 million of the Company’s PPP loans being forgiven during the third quarter of 2021 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income increased from $6.3 million to $9.3 million for the three-month periods ended June 30, 2021 and September 30, 2021, respectively.

The effects of the COVID-19 pandemic continued to create a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $337.7 million of average interest-bearing cash balances in the third quarter of 2021 compared to the second quarter of 2021. This excess liquidity diluted the net interest margin by 8 basis points for the three-month period ended September 30, 2021.

During the third quarter of 2021, there was $3.5 million of event interest income compared to event interest income of $942,000 for the second quarter of 2021. This increased the net interest margin by 6 basis points.

Purchase accounting accretion on acquired loans was $4.9 million and $5.8 million and average purchase accounting loan discounts were $36.5 million and $38.6 million for the three-month periods ended September 30, 2021 and June 30, 2021, respectively. The reduction in accretion income reduced the net interest margin by 2 basis points for the three-month period ended September 30, 2021.

Net interest income on a fully taxable equivalent basis was $146.4 million for the three-month period ended September 30, 2021 and $143.0 million for the three-month period ended June 30, 2021. This increase in net interest income for the three-month period ended September 30, 2021 was the result of a $2.6 million increase in interest income and a $780,000 decrease in interest expense. The $2.6 million increase in interest income was primarily the result of a $1.2 million net increase in investment income, a $911,000 increase in loan interest income, and a $410,000 increase in interest-bearing balances due from banks. The $780,000 decrease in interest expense was primarily the result of a decrease in interest expense on deposits.

The Company reported $29.2 million of non-interest income for the third quarter of 2021. The most important components of the second quarter non-interest income were $8.1 million from other service charges and fees, $5.9 million in mortgage lending income, $5.9 million from service charges on deposit accounts, $4.3 million from other income and $2.7 million from dividends from FHLB, FRB, FNBB and other. Included in the $2.7 million in dividends from FHLB, FRB, FNBB and other were $2.2 million in special dividends from equity investments. The Company is still currently involved in these investments; however, past performance does not guarantee future performance.

Non-interest expense for the third quarter of 2021 was $75.6 million. The most important components of the second quarter non-interest expense were $42.5 million from salaries and employee benefits, $16.8 million in other expense, $9.3 million in occupancy and equipment expenses and $6.0 million in data processing expenses. Also included within non-interest expense was $1.0 million in merger and acquisition expenses, the majority of which is non-deductible for tax purposes. For the third quarter of 2021, our efficiency ratio was 42.26%.

Financial Condition

Total loans receivable were $9.90 billion at September 30, 2021 compared to $10.20 billion at June 30, 2021. Total deposits were $14.00 billion at September 30, 2021 compared to $13.89 billion at June 30, 2021. Total assets were $17.77 billion at September 30, 2021 compared to $17.63 billion at June 30, 2021.

During the third quarter 2021, the Company experienced approximately $298.1 million in loan decline. Centennial CFG experienced $76.1 million of organic loan growth and had loans of $1.64 billion at September 30, 2021. Our legacy footprint experienced $141.8 million in organic loan decline and $232.4 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.51% as of September 30, 2021 compared to 0.58% as of June 30, 2021. Non-performing assets to total assets decreased from 0.35% as of June 30, 2021 to 0.29% as of September 30, 2021. Net charge-offs were $1.8 million and $2.5 million for the three months ended September 30, 2021 and June 30, 2021, respectively.

Non-performing loans at September 30, 2021 were $15.5 million, $25.2 million, $523,000, $1.9 million and $7.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $50.9 million. Non-performing assets at September 30, 2021 were $16.1 million, $25.8 million, $523,000, $1.9 million and $7.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $52.1 million.

The Company’s allowance for credit losses on loans was $238.7 million at September 30, 2021, or 2.41% of total loans, compared to the allowance for credit losses of $240.5 million, or 2.36% of total loans, at June 30, 2021. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.47%(1) at both September 30, 2021 and June 30, 2021. As of September 30, 2021 and June 30, 2021, the Company’s allowance for credit losses on loans was 468.77% and 407.99% of its total non-performing loans, respectively.

Stockholders’ equity was $2.74 billion at September 30, 2021 compared to $2.70 billion at June 30, 2021, an increase of approximately $39.9 million. The increase in stockholders’ equity was primarily associated with the $52.0 million increase in retained earnings, which was partially offset by a $3.1 million decrease in accumulated other comprehensive income and net stock repurchases and share-based compensation activity of $9.0 million. Book value per common share was $16.68 at September 30, 2021 compared to $16.39 at June 30, 2021. Tangible book value per common share (non-GAAP) was $10.59(1) at September 30, 2021 compared to $10.31(1) at June 30, 2021, an increase of 10.77% on an annualized basis.   

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

Branches

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

Acquisition

The Company’s previously announced acquisition of Happy Bancshares, Inc. (“Happy”) and its bank subsidiary, Happy State Bank, is currently expected to close during the first quarter of 2022 and is subject to the approval of the shareholders of each company, regulatory approvals and other customary closing conditions.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, October 21, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10160407/ed8432fe7e. Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-877-508-9586 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10160407, which will be available until October 28, 2021 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under “Investor Relations” for 12 months.

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, South Alabama and New York City. The Company’s common stock is traded through the NASDAQ Global Select Market under the symbol “HOMB.” The company was founded in 1998 and is headquartered in Conway, Arkansas. Visit www.homebancshares.com or www.my100bank.com for more information.

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); pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets excluding excess liquidity; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; 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 (including the effect of the PPP loans) 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, as well as statements about the benefits of the business combination transaction involving Home and Happy. 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 of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following:  economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment; 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 possibility that the proposed acquisition of Happy does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the possibility that such transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, ongoing or future effects of the COVID-19 pandemic, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Home and Happy operate; the ability to promptly and effectively integrate the businesses of Home and Happy; the reaction to the transaction of the companies’ customers, employees and counterparties; diversion of management time on acquisition-related issues; the effect of any future mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including as a result of one or more of the factors described above as they would relate to such transaction; the ability to identify, enter into and/or close additional acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

Additional Important Information and Where to Find It

This press release may be deemed to be solicitation material in respect of the proposed transaction by Home and Happy. In connection with the proposed acquisition, Home intends to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (the “Registration Statement”) to register the shares of Home common stock to be issued to shareholders of Happy in connection with the transaction. The Registration Statement will include a joint proxy statement of Home and Happy and a prospectus of Home (the “Joint Proxy Statement/Prospectus”), as well as other relevant materials regarding the proposed merger transaction involving Home and Happy. The definitive Joint Proxy Statement/Prospectus will be mailed to shareholders of Home and Happy. INVESTORS AND SECURITY HOLDERS OF HOME AND HAPPY ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER TRANSACTION. Investors and security holders may obtain free copies of these documents, once they are filed, and other documents filed with the SEC on the SEC’s website at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by Home at Home’s website at http://www.homebancshares.com, Investor Relations, or by contacting Donna Townsell, by telephone at (501) 328-4625.

Participants in Solicitation

Home and Happy and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Home and Happy in connection with the merger transaction. Information about the directors and executive officers of Home and their ownership of Home common stock is set forth in the proxy statement for Home’s 2021 Annual Meeting of Shareholders, as filed with the SEC on Schedule 14A on March 2, 2021. Information about the directors and executive officers of Happy and their ownership of Happy common stock will be set forth in the Joint Proxy Statement/Prospectus to be included in the Registration Statement. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Joint Proxy Statement/Prospectus regarding the merger transaction. Free copies of this document may be obtained as described in the preceding paragraph when it becomes available.

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)

                 
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 
(In thousands) 2021 2021 2021 2020 2020 
                 
ASSETS                
                 
Cash and due from banks $146,378 $182,226 $218,814 $242,173 $144,197 
Interest-bearing deposits with other banks  3,133,878  2,759,027  2,259,734  1,021,615  899,140 
Cash and cash equivalents  3,280,256  2,941,253  2,478,548  1,263,788  1,043,337 
Investment securities - available-for-sale, net of
allowance for credit losses
  3,150,608  3,053,712  2,539,123  2,473,781  2,361,900 
Loans receivable  9,901,100  10,199,175  10,778,493  11,220,721  11,691,470 
Allowance for credit losses  (238,673) (240,451) (242,932) (245,473) (248,224)
Loans receivable, net  9,662,427  9,958,724  10,535,561  10,975,248  11,443,246 
Bank premises and equipment, net  276,972  278,502  278,620  278,614  280,364 
Foreclosed assets held for sale  1,171  1,969  3,004  4,420  4,322 
Cash value of life insurance  104,638  104,132  103,599  103,519  102,989 
Accrued interest receivable  48,577  48,725  55,495  60,528  72,599 
Deferred tax asset, net  69,724  72,273  77,145  70,249  75,167 
Goodwill  973,025  973,025  973,025  973,025  973,025 
Core deposit and other intangibles  26,466  27,886  29,307  30,728  32,149 
Other assets  171,192  166,991  166,814  164,904  160,660 
Total assets $17,765,056 $17,627,192 $17,240,241 $16,398,804 $16,549,758 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
                 
Liabilities                
Deposits:                
Demand and non-interest-bearing $4,139,149 $4,076,570 $3,859,722 $3,266,753 $3,207,967 
Savings and interest-bearing transaction accounts  8,813,326  8,744,900  8,477,208  8,212,240  8,011,200 
Time deposits  1,050,896  1,069,871  1,175,664  1,246,797  1,718,299 
Total deposits  14,003,371  13,891,341  13,512,594  12,725,790  12,937,466 
Securities sold under agreements to repurchase  141,002  150,540  162,929  168,931  158,447 
FHLB and other borrowed funds  400,000  400,000  400,000  400,000  403,428 
Accrued interest payable and other liabilities  113,721  118,415  148,999  127,999  139,485 
Subordinated debentures  370,900  370,707  370,515  370,326  370,133 
Total liabilities  15,028,994  14,931,003  14,595,037  13,793,046  14,008,959 
                 
Stockholders' equity                
Common stock  1,640  1,645  1,651  1,651  1,652 
Capital surplus  1,492,588  1,501,615  1,516,286  1,520,617  1,520,103 
Retained earnings  1,215,831  1,163,810  1,107,818  1,039,370  980,699 
Accumulated other comprehensive income  26,003  29,119  19,449  44,120  38,345 
Total stockholders' equity  2,736,062  2,696,189  2,645,204  2,605,758  2,540,799 
Total liabilities and stockholders' equity $17,765,056 $17,627,192 $17,240,241 $16,398,804 $16,549,758 

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

  Quarter EndedNine Months Ended 
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,  Sep. 30, Sep. 30, 
(In thousands) 2021 2021 2021 2020 2020  2021 2020 
                        
Interest income                       
Loans $142,609 $141,684 $150,917 $153,407 $154,787  $435,210 $471,931 
Investment securities                       
Taxable  8,495  7,185  6,253  6,900  7,227   21,933  25,696 
Tax-exempt  4,839  4,905  5,071  4,979  4,367   14,815  11,179 
Deposits - other banks  1,117  707  410  270  252   2,234  1,579 
Federal funds sold  -  -  -  -  -   -  21 
Total interest income  157,060  154,481  162,651  165,556  166,633   474,192  510,406 
                        
Interest expense                       
Interest on deposits  5,642  6,434  7,705  10,596  13,200   19,781  52,514 
Federal funds purchased  -  -  -  -  -   -  13 
FHLB borrowed funds  1,917  1,896  1,875  1,917  2,235   5,688  7,589 
Securities sold under agreements to repurchase  102  107  190  208  237   399  959 
Subordinated debentures  4,788  4,792  4,793  4,810  4,823   14,373  14,801 
Total interest expense  12,449  13,229  14,563  17,531  20,495   40,241  75,876 
                        
Net interest income  144,611  141,252  148,088  148,025  146,138   433,951  434,530 
                        
Provision for credit losses  -  -  -  -  14,000   -  112,264 
Provision for credit loss - unfunded commitments  -  (4,752) -  -  -   (4,752) 16,989 
Total credit loss expense  -  (4,752) -  -  14,000   (4,752) 129,253 
                        
Net interest income after provision for credit
losses
  144,611  146,004  148,088  148,025  132,138   438,703  305,277 
                        
Non-interest income                       
Service charges on deposit accounts  5,941  5,116  5,002  5,544  4,910   16,059  15,837 
Other service charges and fees  8,051  9,659  7,608  8,425  8,539   25,318  22,261 
Trust fees  479  444  522  420  378   1,445  1,213 
Mortgage lending income  5,948  6,202  8,167  10,071  10,177   20,317  18,994 
Insurance commissions  586  478  492  366  271   1,556  1,482 
Increase in cash value of life insurance  509  537  502  534  548   1,548  1,666 
Dividends from FHLB, FRB, FNBB & other  2,661  2,646  8,609  967  3,433   13,916  11,505 
Gain on SBA loans  439  1,149  -  304  -   1,588  341 
(Loss) gain on branches, equipment and
other assets, net
  (34) (23) (29) 217  (27)  (86) 109 
Gain on OREO, net  246  619  401  150  470   1,266  982 
Gain on securities, net  -  -  219  -  -   219  - 
Fair value adjustment for marketable securities  61  1,250  5,782  4,271  (1,350)  7,093  (6,249)
Other income  4,322  3,043  8,001  2,616  2,602   15,366  9,760 
Total non-interest income  29,209  31,120  45,276  33,885  29,951   105,605  77,901 
                        
Non-interest expense                       
Salaries and employee benefits  42,469  42,462  42,059  43,022  41,511   126,990  120,928 
Occupancy and equipment  9,305  9,042  9,237  9,801  9,566   27,584  28,611 
Data processing expense  6,024  5,893  5,870  5,171  4,921   17,787  13,861 
Merger and acquisition expenses  1,006  -  -  -  -   1,006  711 
Other operating expenses  16,815  15,585  15,700  16,247  15,714   48,100  49,033 
Total non-interest expense  75,619  72,982  72,866  74,241  71,712   221,467  213,144 
                        
Income (loss) before income taxes  98,201  104,142  120,498  107,669  90,377   322,841  170,034 
Income tax expense (benefit)  23,209  25,072  28,896  25,875  21,057   77,177  37,380 
Net income $74,992 $79,070 $91,602 $81,794 $69,320  $245,664 $132,654 

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

  Quarter Ended  Nine Months Ended 
(Dollars and shares in thousands, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,  Sep. 30, Sep. 30, 
except per share data) 2021 2021 2021 2020 2020  2021 2020 
                        
PER SHARE DATA                       
                        
Diluted earnings per common share $0.46 $0.48 $0.55 $0.50 $0.42  $1.49 $0.80 
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses (non-GAAP)(1)  0.45  0.46  0.47  0.48  0.41   1.38  0.80 
Basic earnings per common share  0.46  0.48  0.55  0.50  0.42   1.49  0.80 
Dividends per share - common  0.14  0.14  0.14  0.14  0.13   0.42  0.39 
Book value per common share  16.68  16.39  16.02  15.78  15.38   16.68  15.38 
Tangible book value per common share (non-GAAP)(1)  10.59  10.31  9.95  9.70  9.30   10.59  9.30 
                        
STOCK INFORMATION                       
                        
Average common shares outstanding  164,126  164,781  165,257  165,119  165,200   164,717  165,458 
Average diluted shares outstanding  164,603  165,226  165,446  165,119  165,200   165,050  165,458 
End of period common shares outstanding  164,008  164,488  165,141  165,095  165,163   164,008  165,163 
                        
ANNUALIZED PERFORMANCE METRICS                       
                        
Return on average assets  1.68% 1.81% 2.22% 1.97% 1.66%  1.90% 1.11%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special
project expense & merger and acquisition expenses: (ROA, as adjusted) (non-GAAP)(1)
  1.67% 1.75% 1.88% 1.90% 1.63%  1.76% 1.10%
Return on average assets excluding intangible amortization (non-GAAP)(1)  1.81% 1.95% 2.39% 2.13% 1.80%  2.04% 1.21%
Return on average assets excluding excess liquidity (non-GAAP)(1)  1.98% 2.09% 2.42% 2.07% 1.74%  2.17% 1.14%
Return on average common equity  10.97% 11.92% 14.15% 12.72% 10.97%  12.32% 7.13%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries
on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROE, as adjusted) (non-GAAP)(1)
  10.87% 11.54% 11.95% 12.23% 10.76%  11.44% 7.08%
Return on average tangible common equity
(non-GAAP)(1)
  17.39% 19.12% 22.90% 20.96% 18.29%  19.74% 11.96%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  17.64% 19.38% 23.16% 21.22% 18.56%  19.99% 12.26%
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted)
(non-GAAP)(1)
  17.23% 18.50% 19.33% 20.15% 17.93%  18.33% 11.89%

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

  Quarter Ended  Nine Months Ended 
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,  Sep. 30, Sep. 30, 
(Dollars in thousands) 2021 2021 2021 2020 2020  2021 2020 
                        
                        
Efficiency ratio  42.26% 41.09% 36.60% 39.64% 39.56%  39.86% 40.40%
Efficiency ratio, as adjusted (non-GAAP)(1)  42.29% 42.07% 40.68% 40.67% 40.08%  41.67% 40.25%
Net interest margin - FTE  3.60% 3.61% 4.02% 4.00% 3.92%  3.74% 4.08%
Net interest margin - FTE, excluding PPP loans
(non-GAAP)(1)
  3.43% 3.54% 3.87% 3.97% 3.98%  3.61% 4.12%
Fully taxable equivalent adjustment $1,748 $1,774 $1,821 $1,778 $1,576  $5,343 $4,237 
Total revenue (net)  173,820  172,372  193,364  181,910  176,089   539,556  512,431 
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  98,201  99,390  120,498  107,669  104,377   318,089  299,287 
Pre-tax net income to total revenue (net)  56.50% 60.42% 62.32% 59.19% 51.32%  59.83% 33.18%
P5NR (Pre-tax, pre-provision, profit percentage)
(PPNR to total revenue (net)) (non-GAAP)(1)
  56.50% 57.66% 62.32% 59.19% 59.28%  58.95% 58.41%
Total purchase accounting accretion  4,868  5,797  5,485  5,736  6,957   16,150  21,640 
Average purchase accounting loan discounts  36,456  38,568  43,940  49,563  55,835   38,587  62,662 
                        
                        
OTHER OPERATING EXPENSES                       
                        
Advertising $1,204 $1,194 $1,046 $1,076 $902  $3,444 $2,923 
Amortization of intangibles  1,421  1,421  1,421  1,421  1,420   4,263  4,423 
Electronic banking expense  2,521  2,616  2,238  2,282  2,426   7,375  6,195 
Directors' fees  395  414  383  359  429   1,192  1,265 
Due from bank service charges  265  273  249  254  259   787  721 
FDIC and state assessment  1,648  1,108  1,363  1,493  1,607   4,119  5,001 
Insurance  749  787  781  795  766   2,317  2,223 
Legal and accounting  1,050  1,058  846  790  1,235   2,954  3,432 
Other professional fees  1,787  1,796  1,613  1,528  1,661   5,196  6,622 
Operating supplies  474  465  487  440  460   1,426  1,548 
Postage  301  292  338  315  328   931  968 
Telephone  371  365  346  347  321   1,082  955 
Other expense  4,629  3,796  4,589  5,147  3,900   13,014  12,757 
                        
Total other operating expenses $16,815 $15,585 $15,700 $16,247 $15,714  $48,100 $49,033 

(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)

  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 
(Dollars in thousands) 2021 2021 2021 2020 2020 
                 
BALANCE SHEET RATIOS                
                 
Total loans to total deposits  70.71% 73.42% 79.77% 88.17% 90.37%
Common equity to assets  15.40% 15.30% 15.34% 15.89% 15.35%
Tangible common equity to tangible assets (non-GAAP)(1)  10.36% 10.20% 10.12% 10.41% 9.88%
                 
LOANS RECEIVABLE                
                 
Real estate                
Commercial real estate loans                
Non-farm/non-residential $4,005,841 $4,144,375 $4,289,142 $4,429,060 $4,342,141 
Construction/land development  1,742,687  1,541,482  1,612,973  1,562,298  1,748,928 
Agricultural  138,881  126,293  113,382  114,431  89,476 
Residential real estate loans                
Residential 1-4 family  1,273,988  1,316,485  1,437,546  1,536,257  1,665,628 
Multifamily residential  274,131  332,256  377,661  536,538  491,380 
Total real estate  7,435,528  7,460,891  7,830,704  8,178,584  8,337,553 
Consumer  814,732  824,938  839,819  864,690  883,568 
Commercial and industrial  1,414,079  1,612,826  1,794,787  1,896,442  2,161,818 
Agricultural  68,272  69,152  65,017  66,869  85,365 
Other  168,489  231,368  248,166  214,136  223,166 
Loans receivable $9,901,100 $10,199,175 $10,778,493 $11,220,721 $11,691,470 
                 
Paycheck Protection Program (PPP) loans (net of discounts)
(included in total loans receivable)
  241,476  473,894  646,382  675,225  825,362 
                 
ALLOWANCE FOR CREDIT LOSSES                
                 
Balance, beginning of period $240,451 $242,932 $245,473 $248,224 $238,340 
Loans charged off  2,469  3,023  3,047  3,040  4,599 
Recoveries of loans previously charged off  691  542  506  289  483 
Net loans charged off  1,778  2,481  2,541  2,751  4,116 
Provision for credit losses - loans  -  -  -  -  14,000 
Balance, end of period $238,673 $240,451 $242,932 $245,473 $248,224 
                 
Net charge-offs to average total loans  0.07% 0.09% 0.09% 0.10% 0.14%
Allowance for credit losses to total loans  2.41% 2.36% 2.25% 2.19% 2.12%
Allowance for credit losses to total loans, excluding PPP loans  2.47% 2.47% 2.40% 2.33% 2.28%
                 
NON-PERFORMING ASSETS                
                 
Non-performing loans                
Non-accrual loans $47,604 $55,269 $59,142 $64,528 $65,148 
Loans past due 90 days or more  3,311  3,667  4,209  9,610  8,635 
Total non-performing loans  50,915  58,936  63,351  74,138  73,783 
Other non-performing assets                
Foreclosed assets held for sale, net  1,171  1,969  3,004  4,420  4,322 
Other non-performing assets  -  -  -  -  247 
Total other non-performing assets  1,171  1,969  3,004  4,420  4,569 
Total non-performing assets $52,086 $60,905 $66,355 $78,558 $78,352 
                 
Allowance for credit losses for loans to non-performing loans  468.77% 407.99% 383.47% 331.10% 336.42%
Non-performing loans to total loans  0.51% 0.58% 0.59% 0.66% 0.63%
Non-performing assets to total assets  0.29% 0.35% 0.38% 0.48% 0.47%

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

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

  Three Months Ended 
  September 30, 2021 June 30, 2021 
  Average Income/ Yield/ Average Income/ Yield/ 
(Dollars in thousands) Balance Expense Rate Balance Expense Rate 
                    
ASSETS                   
Earning assets                   
Interest-bearing balances due from banks $2,914,785 $1,117  0.15%$2,577,101 $707  0.11%
Federal funds sold  82  -  0.00% 51  -  0.00%
Investment securities - taxable  2,289,680  8,495  1.47% 1,909,485  7,185  1.51%
Investment securities - non-taxable - FTE  862,586  6,416  2.95% 864,416  6,494  3.01%
Loans receivable - FTE  10,043,393  142,780  5.64% 10,541,466  141,869  5.40%
Total interest-earning assets  16,110,526  158,808  3.91% 15,892,519  156,255  3.94%
Non-earning assets  1,584,700        1,598,840       
Total assets $17,695,226       $17,491,359       
                    
LIABILITIES AND SHAREHOLDERS' EQUITY                   
Liabilities                   
Interest-bearing liabilities                   
Savings and interest-bearing transaction
accounts
 $8,794,657 $3,613  0.16%$8,684,726 $3,960  0.18%
Time deposits  1,063,500  2,029  0.76% 1,123,287  2,474  0.88%
Total interest-bearing deposits  9,858,157  5,642  0.23% 9,808,013  6,434  0.26%
Securities sold under agreement to repurchase  143,937  102  0.28% 157,570  107  0.27%
FHLB borrowed funds  400,000  1,917  1.90% 400,000  1,896  1.90%
Subordinated debentures  370,805  4,788  5.12% 370,613  4,792  5.19%
Total interest-bearing liabilities  10,772,899  12,449  0.46% 10,736,196  13,229  0.49%
Non-interest bearing liabilities                   
Non-interest bearing deposits  4,091,174        3,966,968       
Other liabilities  120,200        128,048       
Total liabilities  14,984,273        14,831,212       
Shareholders' equity  2,710,953        2,660,147       
Total liabilities and shareholders' equity $17,695,226       $17,491,359       
Net interest spread        3.45%       3.45%
Net interest income and margin - FTE    $146,359  3.60%   $143,026  3.61%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

  Nine Months Ended 
  September 30, 2021  September 30, 2020 
  Average Income/ Yield/  Average Income/ Yield/ 
(Dollars in thousands) Balance Expense Rate  Balance Expense Rate 
                     
ASSETS                    
Earning assets                    
Interest-bearing balances due from banks $2,372,227 $2,234  0.13% $671,231 $1,579  0.31%
Federal funds sold  83  -  0.00%  1,775  21  1.58%
Investment securities - taxable  1,947,799  21,933  1.51%  1,665,900  25,696  2.06%
Investment securities - non-taxable - FTE  858,440  19,610  3.05%  503,253  14,712  3.90%
Loans receivable - FTE  10,532,411  435,758  5.53%  11,519,706  472,635  5.48%
Total interest-earning assets  15,710,960  479,535  4.08%  14,361,865  514,643  4.79%
Non-earning assets  1,594,442         1,655,973       
Total assets $17,305,402        $16,017,838       
                     
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Liabilities                    
Interest-bearing liabilities                    
Savings and interest-bearing transaction
accounts
 $8,607,728 $12,289  0.19% $7,544,763 $30,272  0.54%
Time deposits  1,131,538  7,492  0.89%  1,847,833  22,242  1.61%
Total interest-bearing deposits  9,739,266  19,781  0.27%  9,392,596  52,514  0.75%
Federal funds purchased  -  -  0.00%  2,080  13  0.83%
Securities sold under agreement to repurchase  153,677  399  0.35%  150,020  959  0.85%
FHLB borrowed funds  400,000  5,688  1.90%  579,805  7,589  1.75%
Subordinated debentures  370,615  14,373  5.19%  369,846  14,801  5.35%
Total interest-bearing liabilities  10,663,558  40,241  0.50%  10,494,347  75,876  0.97%
Non-interest bearing liabilities                    
Non-interest bearing deposits  3,848,302         2,904,159       
Other liabilities  127,656         134,281       
Total liabilities  14,639,516         13,532,787       
Shareholders' equity  2,665,886         2,485,051       
Total liabilities and shareholders' equity $17,305,402        $16,017,838       
Net interest spread        3.58%        3.82%
Net interest income and margin - FTE    $439,294  3.74%    $438,767  4.08%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

  Quarter Ended Nine Months Ended 
(Dollars and shares in thousands, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, Sep. 30, 
except per share data) 2021 2021 2021 2020 2020 2021 2020 
                       
EARNINGS, AS ADJUSTED                      
                       
GAAP net income available to common shareholders (A) $74,992 $79,070 $91,602 $81,794 $69,320 $245,664 $132,654 
Pre-tax adjustments                      
Fair value adjustment for marketable securities  (61) (1,250) (5,782) (4,271) 1,350  (7,093) 6,249 
Special dividend from equity investment  (2,227) (2,200) (8,073) -  (3,181) (12,500) (10,185)
Gain on securities  -  -  (219) -  -  (219) - 
Recoveries on historic losses  -  -  (5,107) -  -  (5,107) - 
Branch write-off expense  -  -  -  -  -  -  981 
Outsourced special project expense  -  -  -  -  -  -  1,092 
Merger and acquisition expenses  1,006  -  -  -  -  1,006  711 
Total pre-tax adjustments  (1,282) (3,450) (19,181) (4,271) (1,831) (23,913) (1,152)
Tax-effect of adjustments  (587) (888) (4,937) (1,116) (479) (6,412) (301)
Total adjustments after-tax (B)  (695) (2,562) (14,244) (3,155) (1,352) (17,501) (851)
Earnings, as adjusted (C) $74,297 $76,508 $77,358 $78,639 $67,968 $228,163 $131,803 
                       
Average diluted shares outstanding (D)  164,603  165,226  165,446  165,119  165,200  165,050  165,458 
                       
GAAP diluted earnings per share: (A/D) $0.46 $0.48 $0.55 $0.50 $0.42 $1.49 $0.80 
Adjustments after-tax: (B/D)  (0.01) (0.02) (0.08) (0.02) (0.01) (0.11) - 
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition
expenses: (C/D)
 $0.45 $0.46 $0.47 $0.48 $0.41 $1.38 $0.80 
                       
ANNUALIZED RETURN ON AVERAGE ASSETS                      
                       
Return on average assets: (A/G)  1.68% 1.81% 2.22% 1.97% 1.66% 1.90% 1.11%
Return on average assets excluding fair value adjustment for marketable
securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROA, as adjusted) ((A+F)/G)
  1.67% 1.75% 1.88% 1.90% 1.63% 1.76% 1.10%
Return on average assets excluding intangible amortization: ((A+E)/(G-H))  1.81% 1.95% 2.39% 2.13% 1.80% 2.04% 1.21%
Return on average assets excluding excess liquidity: (A/(G-I))  1.98% 2.09% 2.42% 2.07% 1.74% 2.17% 1.14%
                       
GAAP net income available to common shareholders (A) $74,992 $79,070 $91,602 $81,794 $69,320 $245,664 $132,654 
Amortization of intangibles (D)  1,421  1,421  1,421  1,421  1,420  4,263  4,423 
Amortization of intangibles after-tax (E)  1,055  1,055  1,055  1,049  1,049  3,165  3,268 
Adjustments after-tax (F)  (695) (2,562) (14,244) (3,155) (1,352) (17,501) (851)
Average assets (G)  17,695,226  17,491,359  16,718,890  16,493,066  16,594,495  17,305,402  16,017,838 
Average goodwill, core deposits & other intangible assets (H)  1,000,175  1,001,598  1,003,011  1,004,432  1,005,864  1,001,585  1,004,065 
                       
Average interest bearing cash balance  2,914,785  2,577,101  1,610,463  1,029,047  926,754  2,372,227  671,231 
Average historical interest bearing cash balance  225,000  225,000  225,000  225,000  225,000  225,000  225,000 
Average excess cash balance (I)  2,689,785  2,352,101  1,385,463  804,047  701,754  2,147,227  446,231 

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

  Quarter Ended Nine Months Ended 
  Sep. 30, Jun. 30, Mar. 31, Dec. 31,  Sep. 30, Sep. 30, Sep. 30, 
(Dollars in thousands) 2021 2021 2021 2020  2020 2021 2020 
                        
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                       
                        
Return on average common equity: (A/D)  10.97% 11.92% 14.15% 12.72%  10.97% 12.32% 7.13%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense
& merger and acquisition expenses: (ROE, as adjusted)
((A+C)/D)
  10.87% 11.54% 11.95% 12.23%  10.76% 11.44% 7.08%
Return on average tangible common equity: (A/(D-E))  17.39% 19.12% 22.90% 20.96%  18.29% 19.74% 11.96%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))  17.64% 19.38% 23.16% 21.22%  18.56% 19.99% 12.26%
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted) ((A+C)/(D-E))  17.23% 18.50% 19.33% 20.15%  17.93% 18.33% 11.89%
                        
GAAP net income available to common shareholders (A) $74,992 $79,070 $91,602 $81,794  $69,320 $245,664 $132,654 
Earnings excluding intangible amortization (B)  76,047  80,125  92,657  82,843   70,369  248,829  135,922 
Adjustments after-tax (C)  (695) (2,562) (14,244) (3,155)  (1,352) (17,501) (851)
Average common equity (D)  2,710,953  2,660,147  2,625,618  2,557,251   2,513,792  2,665,886  2,485,051 
Average goodwill, core deposits & other intangible assets (E)  1,000,175  1,001,598  1,003,011  1,004,432   1,005,864  1,001,585  1,004,065 
                        
EFFICIENCY RATIO & P5NR                       
                        
Efficiency ratio: ((D-F)/(B+C+E))  42.26% 41.09% 36.60% 39.64%  39.56% 39.86% 40.40%
Efficiency ratio, as adjusted: ((D-F-H)/(B+C+E-G))  42.29% 42.07% 40.68% 40.67%  40.08% 41.67% 40.25%
Pre-tax net income to total revenue (net) (A/(B+C))  56.50% 60.42% 62.32% 59.19%  51.32% 59.83% 33.18%
Pre-tax, pre-provision, net income (PPNR) (B+C-D) $98,201 $99,390 $120,498 $107,669  $104,377 $318,089 $299,287 
P5NR (Pre-tax, pre-provision, profit
percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)
  56.50% 57.66% 62.32% 59.19%  59.28% 58.95% 58.41%
                        
Pre-tax net income (A) $98,201 $104,142 $120,498 $107,669  $90,377 $322,841 $170,034 
Net interest income (B)  144,611  141,252  148,088  148,025   146,138  433,951  434,530 
Non-interest income (C)  29,209  31,120  45,276  33,885   29,951  105,605  77,901 
Non-interest expense (D)  75,619  72,982  72,866  74,241   71,712  221,467  213,144 
Fully taxable equivalent adjustment (E)  1,748  1,774  1,821  1,778   1,576  5,343  4,237 
Amortization of intangibles (F)  1,421  1,421  1,421  1,421   1,420  4,263  4,423 
                        
Adjustments:                       
Non-interest income:                       
Fair value adjustment for marketable securities $61 $1,250 $5,782 $4,271  $(1,350)$7,093 $(6,249)
Gain (loss) on OREO  246  619  401  150   470  1,266  982 
Gain (loss) on branches, equipment and other assets, net  (34) (23) (29) 217   (27) (86) 109 
Special dividend from equity investment  2,227  2,200  8,073  -   3,181  12,500  10,185 
Gain (loss) on securities  -  -  219  -   -  219  - 
Recoveries on historic losses  -  -  5,107  -   -  5,107  - 
Total non-interest income adjustments (G) $2,500 $4,046 $19,553 $4,638  $2,274 $26,099 $5,027 
                        
Non-interest expense:                       
Branch write-off expense $- $- $- $-  $- $- $981 
Merger and acquisition expenses  1,006  -  -  -   -  1,006  711 
Outsourced special project expense  -  -  -  -   -  -  1,092 
Total non-interest expense adjustments (H) $1,006 $- $- $-  $- $1,006 $2,784 

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

  Quarter Ended  Nine Months Ended 
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,  Sep. 30, Sep. 30, 
(Dollars in thousands) 2021 2021 2021 2020 2020  2021 2020 
                        
ANNUALIZED NET INTEREST MARGIN                       
                        
Net interest margin: (A/C)  3.60% 3.61% 4.02% 4.00% 3.92%  3.74% 4.08%
Net interest margin, excluding PPP loans:
(B/D)
  3.43% 3.54% 3.87% 3.97% 3.98%  3.61% 4.12%
                        
Net interest income - FTE (A) $146,359 $143,062 $149,945 $149,803 $147,714  $439,294 $438,767 
PPP loan interest & discount accretion
income
  10,162  7,802  11,878  8,841  5,943   29,842  10,393 
Net interest income - FTE, excluding
PPP loans (B)
 $136,197 $135,260 $138,067 $140,962 $141,771  $409,452 $428,374 
                        
Average interest-earning assets (C) $16,110,526 $15,892,519 $15,118,940 $14,900,381 $14,975,146  $15,710,960 $14,361,865 
Average PPP loans  371,523  581,371  633,790  775,861  821,977   525,941  470,595 
Average interest-earning assets, excluding
PPP loans (D)
 $15,739,003 $15,311,148 $14,485,150 $14,124,520 $14,153,169  $15,185,019 $13,891,270 
                        
                        
  Quarter Ended        
  Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,        
  2021 2021 2021 2020 2020        
                        
TANGIBLE BOOK VALUE PER
COMMON SHARE
                       
                        
Book value per common share: (A/B) $16.68 $16.39 $16.02 $15.78 $15.38        
Tangible book value per common share:
((A-C-D)/B)
  10.59  10.31  9.95  9.70  9.30        
                        
Total stockholders' equity (A) $2,736,062 $2,696,189 $2,645,204 $2,605,758 $2,540,799        
End of period common shares outstanding
(B)
  164,008  164,488  165,141  165,095  165,163        
Goodwill (C)  973,025  973,025  973,025  973,025  973,025        
Core deposit and other intangibles (D)  26,466  27,886  29,307  30,728  32,149        
                        
                        
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
                       
                        
Equity to assets: (B/A)  15.40% 15.30% 15.34% 15.89% 15.35%       
Tangible common equity to tangible assets:
((B-C-D)/(A-C-D))
  10.36% 10.20% 10.12% 10.41% 9.88%       
                        
Total assets (A) $17,765,056 $17,627,192 $17,240,241 $16,398,804 $16,549,758        
Total stockholders' equity (B)  2,736,062  2,696,189  2,645,204  2,605,758  2,540,799        
Goodwill (C)  973,025  973,025  973,025  973,025  973,025        
Core deposit and other intangibles (D)  26,466  27,886  29,307  30,728  32,149        

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