Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”),
parent company of Centennial Bank, released quarterly earnings
today.
Quarterly Highlights
Metric |
Q1 2024 |
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Net income |
$100.1 million |
$86.2 million |
$98.5 million |
$105.3 million |
$103.0 million |
Net income, as adjusted (non-GAAP)(1) |
$99.2 million |
$92.2 million |
$94.7 million |
$102.6 million |
$108.9 million |
Total revenue (net) |
$246.4 million |
$245.6 million |
$245.4 million |
$257.2 million |
$248.8 million |
Income before income taxes |
$130.4 million |
$112.8 million |
$129.3 million |
$136.9 million |
$132.9 million |
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) |
$134.9 million |
$118.4 million |
$130.6 million |
$140.9 million |
$134.1 million |
PPNR, as adjusted (non-GAAP)(1) |
$133.7 million |
$126.4 million |
$125.7 million |
$137.3 million |
$142.1 million |
Pre-tax net income to total revenue (net) |
52.92% |
45.92% |
52.70% |
53.23% |
53.43% |
Pre-tax net income, as adjusted, to total revenue (net)
(non-GAAP)(1) |
52.45% |
49.16% |
50.72% |
51.85% |
56.63% |
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to
total revenue (net)) (non-GAAP)(1) |
54.75% |
48.22% |
53.23% |
54.78% |
53.91% |
P5NR, as adjusted (non-GAAP)(1) |
54.28% |
51.46% |
51.25% |
53.40% |
57.11% |
ROA |
1.78% |
1.55% |
1.78% |
1.90% |
1.84% |
ROA, as adjusted (non-GAAP)(1) |
1.76% |
1.66% |
1.72% |
1.85% |
1.95% |
NIM |
4.13% |
4.17% |
4.19% |
4.28% |
4.37% |
Purchase accounting accretion |
$2.8 million |
$2.3 million |
$2.4 million |
$2.7 million |
$3.2 million |
ROE |
10.64% |
9.36% |
10.65% |
11.63% |
11.70% |
ROE, as adjusted (non-GAAP)(1) |
10.54% |
10.00% |
10.25% |
11.33% |
12.38% |
ROTCE (non-GAAP)(1) |
17.22% |
15.49% |
17.62% |
19.39% |
19.75% |
ROTCE, as adjusted (non-GAAP)(1) |
17.07% |
16.56% |
16.95% |
18.90% |
20.90% |
Diluted earnings per share |
$0.50 |
$0.43 |
$0.49 |
$0.52 |
$0.51 |
Diluted earnings per share, as adjusted (non-GAAP)(1) |
$0.49 |
$0.46 |
$0.47 |
$0.51 |
$0.54 |
Non-performing assets to total assets |
0.48% |
0.42% |
0.42% |
0.28% |
0.33% |
Common equity tier 1 capital |
14.3% |
14.2% |
14.0% |
13.6% |
13.2% |
Leverage |
12.3% |
12.4% |
12.4% |
11.9% |
11.4% |
Tier 1 capital |
14.3% |
14.2% |
14.0% |
13.6% |
13.2% |
Total risk-based capital |
17.9% |
17.8% |
17.6% |
17.3% |
16.8% |
Allowance for credit losses to total loans |
2.00% |
2.00% |
2.00% |
2.01% |
2.00% |
Book value per share |
$18.98 |
$18.81 |
$18.06 |
$18.04 |
$17.87 |
Tangible book value per share (non-GAAP)(1) |
11.79 |
11.63 |
10.90 |
10.87 |
10.71 |
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
“I’m always looking for improvement, but if the
next three quarters show positive trends such as this quarter did,
I think HOMB is poised for a great year. The period for January to
March resulted in increases in net interest income, revenue, EPS,
margin (when adjusting for excess liquidity), loans and deposits
along with strong liquidity while lowering our efficiency ratio. In
addition, we reduced non-interest expense by $3 million, quarter
over quarter. Any questions?” said John Allison, Chairman and CEO
of HOMB.
Liquidity and Funding
Sources
At March 31, 2024, the Company held $2.67
billion in net available internal liquidity. This balance consisted
of $1.58 billion in unpledged investment securities which could be
used for additional secured borrowing capacity, $924.1 million in
cash with the Federal Reserve Bank (FRB) and $160.7 million in
other liquid cash accounts.
Consistent with the Company’s practice of
maintaining access to significant external liquidity, the Company
had $3.11 billion in net available external liquidity as of
March 31, 2024. This included $4.75 billion in available
liquidity with the Federal Home Loan Bank (FHLB), of which $1.84
billion has been drawn upon in the ordinary course of business,
resulting in $2.91 billion in net available liquidity with the FHLB
as of March 31, 2024. The $1.84 billion consisted of $600.0
million in outstanding FHLB advances and $1.24 billion used for
pledging purposes. The Company also had access to approximately
$798.3 million in liquidity with the FRB as of March 31, 2024,
of which $700.0 million has been drawn upon in the ordinary course
of business, resulting in $98.3 million in net available liquidity
with the FRB as of March 31, 2024. As of March 31, 2024,
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 $5.77 billion in net
available liquidity as of March 31, 2024, which consisted of
$2.67 billion of net available internal liquidity and $3.11 billion
in net available external liquidity. Details on the Company’s
available liquidity as of March 31, 2024 is available
below.
(In
thousands) |
Total Available |
|
Amount Used |
|
Net Availability |
Internal
Sources |
|
|
|
|
|
Unpledged investment securities (market value) |
$ |
1,581,821 |
|
|
$ |
— |
|
|
$ |
1,581,821 |
|
Cash at FRB |
|
924,148 |
|
|
|
— |
|
|
|
924,148 |
|
Other liquid cash
accounts |
|
160,738 |
|
|
|
— |
|
|
|
160,738 |
|
Total Internal Liquidity |
|
2,666,707 |
|
|
|
— |
|
|
|
2,666,707 |
|
External
Sources |
|
|
|
|
|
FHLB |
|
4,746,613 |
|
|
|
1,837,367 |
|
|
|
2,909,246 |
|
FRB Discount Window |
|
98,307 |
|
|
|
— |
|
|
|
98,307 |
|
BTFP (par value) |
|
700,000 |
|
|
|
700,000 |
|
|
|
— |
|
FNBB |
|
55,000 |
|
|
|
— |
|
|
|
55,000 |
|
Other |
|
45,000 |
|
|
|
— |
|
|
|
45,000 |
|
Total External Liquidity |
|
5,644,920 |
|
|
|
2,537,367 |
|
|
|
3,107,553 |
|
Total Available Liquidity |
$ |
8,311,627 |
|
|
$ |
2,537,367 |
|
|
$ |
5,774,260 |
|
|
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 March 31,
2024, the Company held approximately $8.42 billion in uninsured
deposits of which $602.4 million were intercompany subsidiary
deposit balances and $3.03 billion were collateralized deposits,
for a net position of $4.79 billion. This represents approximately
28.4% of total deposits. In addition, net available liquidity
exceeded uninsured and uncollateralized deposits by $987.0
million.
(in
thousands) |
As ofMarch 31, 2024 |
Uninsured Deposits |
$ |
8,415,764 |
|
Intercompany Subsidiary and
Affiliate Balances |
|
602,351 |
|
Collateralized Deposits |
|
3,026,129 |
|
Net Uninsured Position |
$ |
4,787,284 |
|
|
|
Total Available Liquidity |
$ |
5,774,260 |
|
Net Uninsured Position |
|
4,787,284 |
|
Net Available
Liquidity in Excess of Uninsured Deposits |
$ |
986,976 |
|
|
In the event the Company’s $4.79 billion net
position of uninsured deposits had been called by depositors on the
first day of the first quarter of 2024 and the Company utilized
available funding, which remained outstanding during the entire
quarter, the Company estimates that interest expense would have
increased by approximately $71.7 million for the quarter ended
March 31, 2024. 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 1.27% for the
quarter ended March 31, 2024.
Operating Highlights
Net income for the three-month period ended
March 31, 2024 was $100.1 million, or $0.50 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 $99.2 million(1) and $0.49 per share(1),
respectively, for the three months ended March 31, 2024.
Our net interest margin was 4.13% for the
three-month period ended March 31, 2024, compared to 4.17% for
the three-month period ended December 31, 2023. During the
first quarter of 2024, the Company held excess liquidity of
approximately $500.0 million which was dilutive to the net interest
margin by 10 basis points. The yield on loans was 7.37% and 7.20%
for the three months ended March 31, 2024 and
December 31, 2023, respectively, as average loans increased
from $14.34 billion to $14.49 billion. Additionally, the rate on
interest bearing deposits increased to 2.93% as of March 31,
2024, from 2.80% as of December 31, 2023, while average
interest-bearing deposits increased from $12.48 billion to $12.72
billion.
During the first quarter of 2024, there was $1.1
million of event interest income compared to $120,000 of event
interest expense for the fourth quarter of 2023.
Purchase accounting accretion on acquired loans
was $2.8 million and $2.3 million and average purchase accounting
loan discounts were $24.8 million and $27.4 million for the
three-month periods ended March 31, 2024 and December 31,
2023, respectively.
Net interest income on a fully taxable
equivalent basis was $205.5 million for the three-month period
ended March 31, 2024, and $203.9 million for the three-month
period ended December 31, 2023. This increase in net interest
income for the three-month period ended March 31, 2024, was
the result of a $10.5 million increase in interest income,
partially offset by an $8.9 million increase in interest expense.
The $10.5 million increase in interest income was primarily the
result of a $6.2 million increase in income from interest-bearing
balances due from banks and a $5.3 million increase in loan
interest income, partially offset by a $1.0 million decrease in
investment income. The increase in interest income is a result of
the current high interest rate environment. The $8.9 million
increase in interest expense was due to a $4.6 million increase in
interest expense on deposits and a $4.4 million increase in
interest expense on FHLB and other borrowed funds. The increase in
interest expense is also a result of the current high interest rate
environment.
The Company reported $41.8 million of
non-interest income for the first quarter of 2024. The most
important components of first quarter non-interest income were
$10.2 million from other service charges and fees, $9.7 million
from service charges on deposit accounts, $7.4 million from other
income, $5.1 million from trust fees, $3.6 million in mortgage
lending income, $3.0 million from dividends from FHLB, FRB, FNBB
and other, $1.2 million from the increase in cash value of life
insurance and $1.0 million from the fair value adjustment for
marketable securities.
Non-interest expense for the first quarter of
2024 was $111.5 million. The most important components of
non-interest expense were $60.9 million from salaries and employee
benefits, $26.9 million in other operating expense, $14.6 million
in occupancy and equipment expenses and $9.1 million in data
processing expenses. For the first quarter of 2024, our efficiency
ratio was 44.22%, and our efficiency ratio, as adjusted (non-GAAP),
was 44.43%(1).
Financial Condition
Total loans receivable were $14.51 billion at
March 31, 2024, compared to $14.42 billion at
December 31, 2023. Total deposits were $16.87 billion at
March 31, 2024, compared to $16.79 billion at
December 31, 2023. Total assets were $22.84 billion at
March 31, 2024, compared to $22.66 billion at
December 31, 2023.
During the first quarter of 2024, the Company
experienced approximately $88.9 million in loan growth. Centennial
CFG experienced $81.5 million of organic loan growth and had loans
of $2.03 billion at March 31, 2024. Our remaining markets
experienced $7.4 million in organic loan growth during the
quarter.
Non-performing loans to total loans was 0.55%
and 0.44% at March 31, 2024 and December 31, 2023,
respectively. Non-performing assets to total assets were 0.48% and
0.42% at March 31, 2024 and December 31, 2023,
respectively. Net charge-offs were $3.4 million and $3.0 million
for the three months ended March 31, 2024 and
December 31, 2023, respectively.
Non-performing loans at March 31, 2024 were
$17.5 million, $10.6 million, $44.7 million, $408,000, $3.9 million
and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore
Premier Finance and Centennial CFG markets, respectively, for a
total of $80.0 million. Non-performing assets at March 31,
2024 were $17.9 million, $17.9 million, $45.0 million, $408,000,
$3.9 million and $25.5 million in the Arkansas, Florida, Texas,
Alabama, Shore Premier Finance and Centennial CFG markets,
respectively, for a total of $110.7 million.
The Company’s allowance for credit losses on
loans was $290.3 million at March 31, 2024, or 2.00% of total
loans, compared to the allowance for credit losses on loans of
$288.2 million, or 2.00% of total loans, at December 31, 2023.
As of March 31, 2024 and December 31, 2023, the Company’s
allowance for credit losses on loans was 362.94% and 449.66% of its
total non-performing loans, respectively.
Stockholders’ equity was $3.81 billion at
March 31, 2024, compared to $3.79 billion at December 31,
2023, an increase of approximately $20.3 million. The increase in
stockholders’ equity is primarily associated with the $63.9 million
increase in retained earnings, partially offset by the $24.0
million in stock repurchases and $22.4 million reduction in
accumulated other comprehensive income. Book value per common share
was $18.98 at March 31, 2024, compared to $18.81 at
December 31, 2023. Tangible book value per common share
(non-GAAP) was $11.79(1) at March 31, 2024, compared to
$11.63(1) at December 31, 2023.
Branches
The Company currently has 76 branches in
Arkansas, 78 branches in Florida, 58 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,
April 18, 2024. 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/645372014. 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=b0ede7ae&confId=62290.
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: 421224. A replay of the call will be
available by calling 1-866-813-9403, Passcode: 724868, which will
be available until April 25, 2024, at 10:59 p.m. CT (11:59 p.m.
ET). Internet access to the call will be available live or in
recorded version on the Company's website at
www.homebancshares.com.
About Home BancShares
Home BancShares, Inc. is a bank holding company,
headquartered in Conway, Arkansas. Its wholly-owned subsidiary,
Centennial Bank, provides a broad range of commercial and retail
banking plus related financial services to businesses, real estate
developers, investors, individuals and municipalities. Centennial
Bank has branch locations in Arkansas, Florida, Texas, South
Alabama and New York City. The Company’s common stock is traded
through the New York Stock Exchange under the symbol “HOMB.” The
Company was founded in 1998. Visit www.homebancshares.com or
www.my100bank.com for more information.
(1) Calculation of this metric and the
reconciliation to GAAP are included in the schedules accompanying
this release.
Non-GAAP Financial Measures
This press release contains financial
information determined by methods other than in accordance with
generally accepted accounting principles (GAAP). The Company’s
management uses these non-GAAP financial measures--including net
income (earnings), as adjusted; pre-tax, pre-provision, net income
(PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to
total revenue (net); pre-tax, pre-provision, profit percentage;
pre-tax, pre-provision, profit percentage, as adjusted; diluted
earnings per common share, as adjusted; return on average assets,
as adjusted; return on average assets excluding intangible
amortization; return on average assets, as adjusted, excluding
intangible amortization; return on average 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 contains forward-looking statements
regarding the Company’s plans, expectations, goals and outlook for
the future, including future financial results. 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 or phrases like “may,” “plan,”
“propose,” “contemplate,” “anticipate,” “believe,” “intend,”
“continue,” “expect,” “project,” “predict,” “estimate,” “could,”
“should,” “would,” “on track” 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 or other public
health crises, 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, 2023, filed with the SEC on February 26,
2024.
FOR MORE INFORMATION CONTACT:Donna TownsellDirector of Investor
RelationsHome BancShares, Inc.(501) 328-4625
Home
BancShares, Inc. |
Consolidated
End of Period Balance Sheets |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
205,262 |
|
|
$ |
226,363 |
|
|
$ |
229,474 |
|
|
$ |
275,656 |
|
|
$ |
250,841 |
|
Interest-bearing deposits with other banks |
|
|
969,996 |
|
|
|
773,850 |
|
|
|
258,605 |
|
|
|
335,535 |
|
|
|
437,213 |
|
Cash and cash equivalents |
|
|
1,175,258 |
|
|
|
1,000,213 |
|
|
|
488,079 |
|
|
|
611,191 |
|
|
|
688,054 |
|
Federal
funds sold |
|
|
5,200 |
|
|
|
5,100 |
|
|
|
3,925 |
|
|
|
1,550 |
|
|
|
— |
|
Investment
securities - available-for-sale, net of allowance for credit
losses |
|
|
3,400,884 |
|
|
|
3,507,841 |
|
|
|
3,472,173 |
|
|
|
3,645,013 |
|
|
|
3,772,138 |
|
Investment
securities - held-to-maturity, net of allowance for credit
losses |
|
|
1,280,586 |
|
|
|
1,281,982 |
|
|
|
1,283,475 |
|
|
|
1,285,150 |
|
|
|
1,286,373 |
|
Total investment securities |
|
|
4,681,470 |
|
|
|
4,789,823 |
|
|
|
4,755,648 |
|
|
|
4,930,163 |
|
|
|
5,058,511 |
|
Loans
receivable |
|
|
14,513,673 |
|
|
|
14,424,728 |
|
|
|
14,271,833 |
|
|
|
14,180,972 |
|
|
|
14,386,634 |
|
Allowance
for credit losses |
|
|
(290,294 |
) |
|
|
(288,234 |
) |
|
|
(285,562 |
) |
|
|
(285,683 |
) |
|
|
(287,169 |
) |
Loans receivable, net |
|
|
14,223,379 |
|
|
|
14,136,494 |
|
|
|
13,986,271 |
|
|
|
13,895,289 |
|
|
|
14,099,465 |
|
Bank
premises and equipment, net |
|
|
389,618 |
|
|
|
393,300 |
|
|
|
397,093 |
|
|
|
397,315 |
|
|
|
402,094 |
|
Foreclosed
assets held for sale |
|
|
30,650 |
|
|
|
30,486 |
|
|
|
691 |
|
|
|
725 |
|
|
|
425 |
|
Cash value
of life insurance |
|
|
215,424 |
|
|
|
214,516 |
|
|
|
213,351 |
|
|
|
213,090 |
|
|
|
214,792 |
|
Accrued
interest receivable |
|
|
119,029 |
|
|
|
118,966 |
|
|
|
110,946 |
|
|
|
101,066 |
|
|
|
102,740 |
|
Deferred tax
asset, net |
|
|
202,882 |
|
|
|
197,164 |
|
|
|
222,741 |
|
|
|
206,430 |
|
|
|
193,334 |
|
Goodwill |
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
Core deposit
intangible |
|
|
46,630 |
|
|
|
48,770 |
|
|
|
51,023 |
|
|
|
53,500 |
|
|
|
55,978 |
|
Other
assets |
|
|
347,928 |
|
|
|
323,573 |
|
|
|
322,617 |
|
|
|
317,857 |
|
|
|
304,609 |
|
Total assets |
|
$ |
22,835,721 |
|
|
$ |
22,656,658 |
|
|
$ |
21,950,638 |
|
|
$ |
22,126,429 |
|
|
$ |
22,518,255 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand and non-interest-bearing |
|
$ |
4,115,603 |
|
|
$ |
4,085,501 |
|
|
$ |
4,280,429 |
|
|
$ |
4,598,593 |
|
|
$ |
4,945,729 |
|
Savings and interest-bearing transaction accounts |
|
|
11,047,258 |
|
|
|
11,050,347 |
|
|
|
10,786,087 |
|
|
|
11,169,940 |
|
|
|
11,392,566 |
|
Time deposits |
|
|
1,703,269 |
|
|
|
1,651,863 |
|
|
|
1,452,229 |
|
|
|
1,228,358 |
|
|
|
1,107,171 |
|
Total deposits |
|
|
16,866,130 |
|
|
|
16,787,711 |
|
|
|
16,518,745 |
|
|
|
16,996,891 |
|
|
|
17,445,466 |
|
Securities
sold under agreements to repurchase |
|
|
176,107 |
|
|
|
142,085 |
|
|
|
160,120 |
|
|
|
160,349 |
|
|
|
138,742 |
|
FHLB and
other borrowed funds |
|
|
1,301,050 |
|
|
|
1,301,300 |
|
|
|
1,001,550 |
|
|
|
701,550 |
|
|
|
650,000 |
|
Accrued
interest payable and other liabilities |
|
|
241,345 |
|
|
|
194,653 |
|
|
|
175,367 |
|
|
|
173,426 |
|
|
|
212,887 |
|
Subordinated
debentures |
|
|
439,688 |
|
|
|
439,834 |
|
|
|
439,982 |
|
|
|
440,129 |
|
|
|
440,275 |
|
Total liabilities |
|
|
19,024,320 |
|
|
|
18,865,583 |
|
|
|
18,295,764 |
|
|
|
18,472,345 |
|
|
|
18,887,370 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
2,008 |
|
|
|
2,015 |
|
|
|
2,023 |
|
|
|
2,026 |
|
|
|
2,032 |
|
Capital
surplus |
|
|
2,326,824 |
|
|
|
2,348,023 |
|
|
|
2,363,210 |
|
|
|
2,366,560 |
|
|
|
2,375,754 |
|
Retained
earnings |
|
|
1,753,994 |
|
|
|
1,690,112 |
|
|
|
1,640,171 |
|
|
|
1,578,176 |
|
|
|
1,509,400 |
|
Accumulated
other comprehensive loss |
|
|
(271,425 |
) |
|
|
(249,075 |
) |
|
|
(350,530 |
) |
|
|
(292,678 |
) |
|
|
(256,301 |
) |
Total stockholders' equity |
|
|
3,811,401 |
|
|
|
3,791,075 |
|
|
|
3,654,874 |
|
|
|
3,654,084 |
|
|
|
3,630,885 |
|
Total liabilities and stockholders' equity |
|
$ |
22,835,721 |
|
|
$ |
22,656,658 |
|
|
$ |
21,950,638 |
|
|
$ |
22,126,429 |
|
|
$ |
22,518,255 |
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Consolidated
Statements of Income |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Three Months Ended |
(In thousands) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
265,294 |
|
|
$ |
260,003 |
|
|
$ |
249,464 |
|
|
$ |
243,152 |
|
|
$ |
236,997 |
|
|
$ |
265,294 |
|
|
$ |
236,997 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
33,229 |
|
|
|
34,016 |
|
|
|
34,520 |
|
|
|
34,751 |
|
|
|
35,288 |
|
|
|
33,229 |
|
|
|
35,288 |
|
Tax-exempt |
|
|
7,803 |
|
|
|
7,855 |
|
|
|
7,868 |
|
|
|
7,932 |
|
|
|
7,963 |
|
|
|
7,803 |
|
|
|
7,963 |
|
Deposits - other banks |
|
|
10,528 |
|
|
|
4,281 |
|
|
|
2,328 |
|
|
|
3,729 |
|
|
|
4,685 |
|
|
|
10,528 |
|
|
|
4,685 |
|
Federal funds sold |
|
|
61 |
|
|
|
65 |
|
|
|
82 |
|
|
|
68 |
|
|
|
6 |
|
|
|
61 |
|
|
|
6 |
|
Total
interest income |
|
|
316,915 |
|
|
|
306,220 |
|
|
|
294,262 |
|
|
|
289,632 |
|
|
|
284,939 |
|
|
|
316,915 |
|
|
|
284,939 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
92,548 |
|
|
|
87,971 |
|
|
|
78,698 |
|
|
|
70,147 |
|
|
|
59,162 |
|
|
|
92,548 |
|
|
|
59,162 |
|
Federal funds purchased |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
FHLB and other borrowed funds |
|
|
14,276 |
|
|
|
9,878 |
|
|
|
8,161 |
|
|
|
6,596 |
|
|
|
6,190 |
|
|
|
14,276 |
|
|
|
6,190 |
|
Securities sold under agreements to repurchase |
|
|
1,404 |
|
|
|
1,480 |
|
|
|
1,344 |
|
|
|
1,121 |
|
|
|
868 |
|
|
|
1,404 |
|
|
|
868 |
|
Subordinated debentures |
|
|
4,097 |
|
|
|
4,121 |
|
|
|
4,121 |
|
|
|
4,123 |
|
|
|
4,124 |
|
|
|
4,097 |
|
|
|
4,124 |
|
Total
interest expense |
|
|
112,325 |
|
|
|
103,450 |
|
|
|
92,325 |
|
|
|
81,989 |
|
|
|
70,344 |
|
|
|
112,325 |
|
|
|
70,344 |
|
Net
interest income |
|
|
204,590 |
|
|
|
202,770 |
|
|
|
201,937 |
|
|
|
207,643 |
|
|
|
214,595 |
|
|
|
204,590 |
|
|
|
214,595 |
|
Provision for credit losses on loans |
|
|
5,500 |
|
|
|
5,650 |
|
|
|
2,800 |
|
|
|
2,300 |
|
|
|
1,200 |
|
|
|
5,500 |
|
|
|
1,200 |
|
Recovery of credit losses on unfunded commitments |
|
|
(1,000 |
) |
|
|
— |
|
|
|
(1,500 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,000 |
) |
|
|
— |
|
Provision for credit losses on investment securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,683 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total credit
loss expense |
|
|
4,500 |
|
|
|
5,650 |
|
|
|
1,300 |
|
|
|
3,983 |
|
|
|
1,200 |
|
|
|
4,500 |
|
|
|
1,200 |
|
Net
interest income after credit loss expense |
|
|
200,090 |
|
|
|
197,120 |
|
|
|
200,637 |
|
|
|
203,660 |
|
|
|
213,395 |
|
|
|
200,090 |
|
|
|
213,395 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
9,686 |
|
|
|
10,072 |
|
|
|
10,062 |
|
|
|
9,231 |
|
|
|
9,842 |
|
|
|
9,686 |
|
|
|
9,842 |
|
Other service charges and fees |
|
|
10,189 |
|
|
|
10,422 |
|
|
|
10,128 |
|
|
|
11,763 |
|
|
|
11,875 |
|
|
|
10,189 |
|
|
|
11,875 |
|
Trust fees |
|
|
5,066 |
|
|
|
4,316 |
|
|
|
4,660 |
|
|
|
4,052 |
|
|
|
4,864 |
|
|
|
5,066 |
|
|
|
4,864 |
|
Mortgage lending income |
|
|
3,558 |
|
|
|
2,385 |
|
|
|
3,132 |
|
|
|
2,650 |
|
|
|
2,571 |
|
|
|
3,558 |
|
|
|
2,571 |
|
Insurance commissions |
|
|
508 |
|
|
|
480 |
|
|
|
562 |
|
|
|
518 |
|
|
|
526 |
|
|
|
508 |
|
|
|
526 |
|
Increase in cash value of life insurance |
|
|
1,195 |
|
|
|
1,170 |
|
|
|
1,170 |
|
|
|
1,211 |
|
|
|
1,104 |
|
|
|
1,195 |
|
|
|
1,104 |
|
Dividends from FHLB, FRB, FNBB & other |
|
|
3,007 |
|
|
|
3,010 |
|
|
|
2,916 |
|
|
|
2,922 |
|
|
|
2,794 |
|
|
|
3,007 |
|
|
|
2,794 |
|
Gain on SBA loans |
|
|
198 |
|
|
|
42 |
|
|
|
97 |
|
|
|
— |
|
|
|
139 |
|
|
|
198 |
|
|
|
139 |
|
(Loss) gain on branches, equipment and other assets, net |
|
|
(8 |
) |
|
|
583 |
|
|
|
— |
|
|
|
917 |
|
|
|
7 |
|
|
|
(8 |
) |
|
|
7 |
|
Gain on OREO, net |
|
|
17 |
|
|
|
13 |
|
|
|
— |
|
|
|
319 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Fair value adjustment for marketable securities |
|
|
1,003 |
|
|
|
5,024 |
|
|
|
4,507 |
|
|
|
783 |
|
|
|
(11,408 |
) |
|
|
1,003 |
|
|
|
(11,408 |
) |
Other income |
|
|
7,380 |
|
|
|
5,331 |
|
|
|
6,179 |
|
|
|
15,143 |
|
|
|
11,850 |
|
|
|
7,380 |
|
|
|
11,850 |
|
Total
non-interest income |
|
|
41,799 |
|
|
|
42,848 |
|
|
|
43,413 |
|
|
|
49,509 |
|
|
|
34,164 |
|
|
|
41,799 |
|
|
|
34,164 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
60,910 |
|
|
|
63,430 |
|
|
|
64,512 |
|
|
|
64,534 |
|
|
|
64,490 |
|
|
|
60,910 |
|
|
|
64,490 |
|
Occupancy and equipment |
|
|
14,551 |
|
|
|
14,965 |
|
|
|
15,463 |
|
|
|
14,923 |
|
|
|
14,952 |
|
|
|
14,551 |
|
|
|
14,952 |
|
Data processing expense |
|
|
9,147 |
|
|
|
9,107 |
|
|
|
9,103 |
|
|
|
9,151 |
|
|
|
8,968 |
|
|
|
9,147 |
|
|
|
8,968 |
|
Other operating expenses |
|
|
26,888 |
|
|
|
39,673 |
|
|
|
25,684 |
|
|
|
27,674 |
|
|
|
26,234 |
|
|
|
26,888 |
|
|
|
26,234 |
|
Total
non-interest expense |
|
|
111,496 |
|
|
|
127,175 |
|
|
|
114,762 |
|
|
|
116,282 |
|
|
|
114,644 |
|
|
|
111,496 |
|
|
|
114,644 |
|
Income before income taxes |
|
|
130,393 |
|
|
|
112,793 |
|
|
|
129,288 |
|
|
|
136,887 |
|
|
|
132,915 |
|
|
|
130,393 |
|
|
|
132,915 |
|
Income tax expense |
|
|
30,284 |
|
|
|
26,550 |
|
|
|
30,835 |
|
|
|
31,616 |
|
|
|
29,953 |
|
|
|
30,284 |
|
|
|
29,953 |
|
Net
income |
|
$ |
100,109 |
|
|
$ |
86,243 |
|
|
$ |
98,453 |
|
|
$ |
105,271 |
|
|
$ |
102,962 |
|
|
$ |
100,109 |
|
|
$ |
102,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Selected
Financial Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Three Months Ended |
(Dollars and shares in thousands, except per share
data) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
0.50 |
|
|
$ |
0.43 |
|
|
$ |
0.49 |
|
|
$ |
0.52 |
|
|
$ |
0.51 |
|
|
$ |
0.50 |
|
|
$ |
0.51 |
|
Diluted
earnings per common share, as adjusted (non-GAAP)(1) |
|
|
0.49 |
|
|
|
0.46 |
|
|
|
0.47 |
|
|
|
0.51 |
|
|
|
0.54 |
|
|
|
0.49 |
|
|
|
0.54 |
|
Basic
earnings per common share |
|
|
0.50 |
|
|
|
0.43 |
|
|
|
0.49 |
|
|
|
0.52 |
|
|
|
0.51 |
|
|
|
0.50 |
|
|
|
0.51 |
|
Dividends
per share - common |
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
Book value
per common share |
|
|
18.98 |
|
|
|
18.81 |
|
|
|
18.06 |
|
|
|
18.04 |
|
|
|
17.87 |
|
|
|
18.98 |
|
|
|
17.87 |
|
Tangible
book value per common share (non-GAAP)(1) |
|
|
11.79 |
|
|
|
11.63 |
|
|
|
10.90 |
|
|
|
10.87 |
|
|
|
10.71 |
|
|
|
11.79 |
|
|
|
10.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCK INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
common shares outstanding |
|
|
201,210 |
|
|
|
201,756 |
|
|
|
202,526 |
|
|
|
202,793 |
|
|
|
203,456 |
|
|
|
201,210 |
|
|
|
203,456 |
|
Average
diluted shares outstanding |
|
|
201,390 |
|
|
|
201,891 |
|
|
|
202,650 |
|
|
|
202,923 |
|
|
|
203,625 |
|
|
|
201,390 |
|
|
|
203,625 |
|
End of
period common shares outstanding |
|
|
200,797 |
|
|
|
201,526 |
|
|
|
202,323 |
|
|
|
202,573 |
|
|
|
203,168 |
|
|
|
200,797 |
|
|
|
203,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED PERFORMANCE METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets (ROA) |
|
|
1.78 |
% |
|
|
1.55 |
% |
|
|
1.78 |
% |
|
|
1.90 |
% |
|
|
1.84 |
% |
|
|
1.78 |
% |
|
|
1.84 |
% |
Return on
average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1) |
|
|
1.76 |
% |
|
|
1.66 |
% |
|
|
1.72 |
% |
|
|
1.85 |
% |
|
|
1.95 |
% |
|
|
1.76 |
% |
|
|
1.95 |
% |
Return on
average assets excluding intangible amortization (non-GAAP)(1) |
|
|
1.93 |
% |
|
|
1.69 |
% |
|
|
1.95 |
% |
|
|
2.07 |
% |
|
|
2.00 |
% |
|
|
1.93 |
% |
|
|
2.00 |
% |
Return on
average assets, as adjusted, excluding intangible amortization
(non-GAAP)(1) |
|
|
1.91 |
% |
|
|
1.81 |
% |
|
|
1.87 |
% |
|
|
2.02 |
% |
|
|
2.12 |
% |
|
|
1.91 |
% |
|
|
2.12 |
% |
Return on
average common equity (ROE) |
|
|
10.64 |
% |
|
|
9.36 |
% |
|
|
10.65 |
% |
|
|
11.63 |
% |
|
|
11.70 |
% |
|
|
10.64 |
% |
|
|
11.70 |
% |
Return on
average common equity, as adjusted: (ROE, as adjusted)
(non-GAAP)(1) |
|
|
10.54 |
% |
|
|
10.00 |
% |
|
|
10.25 |
% |
|
|
11.33 |
% |
|
|
12.38 |
% |
|
|
10.54 |
% |
|
|
12.38 |
% |
Return on
average tangible common equity (ROTCE) (non-GAAP)(1) |
|
|
17.22 |
% |
|
|
15.49 |
% |
|
|
17.62 |
% |
|
|
19.39 |
% |
|
|
19.75 |
% |
|
|
17.22 |
% |
|
|
19.75 |
% |
Return on
average tangible common equity, as adjusted: (ROTCE, as adjusted)
(non-GAAP)(1) |
|
|
17.07 |
% |
|
|
16.56 |
% |
|
|
16.95 |
% |
|
|
18.90 |
% |
|
|
20.90 |
% |
|
|
17.07 |
% |
|
|
20.90 |
% |
Return on
average tangible common equity excluding intangible amortization
(non-GAAP)(1) |
|
|
17.50 |
% |
|
|
15.80 |
% |
|
|
17.95 |
% |
|
|
19.74 |
% |
|
|
20.11 |
% |
|
|
17.50 |
% |
|
|
20.11 |
% |
Return on
average tangible common equity, as adjusted, excluding intangible
amortization (non-GAAP)(1) |
|
|
17.34 |
% |
|
|
16.87 |
% |
|
|
17.29 |
% |
|
|
19.24 |
% |
|
|
21.26 |
% |
|
|
17.34 |
% |
|
|
21.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Three Months Ended |
(Dollars in thousands) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
44.22 |
% |
|
|
50.64 |
% |
|
|
45.53 |
% |
|
|
44.00 |
% |
|
|
44.80 |
% |
|
|
44.22 |
% |
|
|
44.80 |
% |
Efficiency
ratio, as adjusted (non-GAAP)(1) |
|
|
44.43 |
% |
|
|
46.43 |
% |
|
|
46.44 |
% |
|
|
44.83 |
% |
|
|
43.42 |
% |
|
|
44.43 |
% |
|
|
43.42 |
% |
Net interest
margin - FTE (NIM) |
|
|
4.13 |
% |
|
|
4.17 |
% |
|
|
4.19 |
% |
|
|
4.28 |
% |
|
|
4.37 |
% |
|
|
4.13 |
% |
|
|
4.37 |
% |
Fully
taxable equivalent adjustment |
|
$ |
892 |
|
|
$ |
1,091 |
|
|
$ |
1,293 |
|
|
$ |
1,494 |
|
|
$ |
1,628 |
|
|
$ |
892 |
|
|
$ |
1,628 |
|
Total
revenue (net) |
|
|
246,389 |
|
|
|
245,618 |
|
|
|
245,350 |
|
|
|
257,152 |
|
|
|
248,759 |
|
|
|
246,389 |
|
|
|
248,759 |
|
Pre-tax,
pre-provision, net income (PPNR) (non-GAAP)(1) |
|
|
134,893 |
|
|
|
118,443 |
|
|
|
130,588 |
|
|
|
140,870 |
|
|
|
134,115 |
|
|
|
134,893 |
|
|
|
134,115 |
|
PPNR, as
adjusted (non-GAAP)(1) |
|
|
133,728 |
|
|
|
126,402 |
|
|
|
125,743 |
|
|
|
137,308 |
|
|
|
142,062 |
|
|
|
133,728 |
|
|
|
142,062 |
|
Pre-tax net
income to total revenue (net) |
|
|
52.92 |
% |
|
|
45.92 |
% |
|
|
52.70 |
% |
|
|
53.23 |
% |
|
|
53.43 |
% |
|
|
52.92 |
% |
|
|
53.43 |
% |
Pre-tax net
income, as adjusted, to total revenue (net) (non-GAAP)(1) |
|
|
52.45 |
% |
|
|
49.16 |
% |
|
|
50.72 |
% |
|
|
51.85 |
% |
|
|
56.63 |
% |
|
|
52.45 |
% |
|
|
56.63 |
% |
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total
revenue (net)) (non-GAAP)(1) |
|
|
54.75 |
% |
|
|
48.22 |
% |
|
|
53.23 |
% |
|
|
54.78 |
% |
|
|
53.91 |
% |
|
|
54.75 |
% |
|
|
53.91 |
% |
P5NR, as
adjusted (non-GAAP)(1) |
|
|
54.28 |
% |
|
|
51.46 |
% |
|
|
51.25 |
% |
|
|
53.40 |
% |
|
|
57.11 |
% |
|
|
54.28 |
% |
|
|
57.11 |
% |
Total
purchase accounting accretion |
|
$ |
2,772 |
|
|
$ |
2,324 |
|
|
$ |
2,431 |
|
|
$ |
2,660 |
|
|
$ |
3,172 |
|
|
$ |
2,772 |
|
|
$ |
3,172 |
|
Average
purchase accounting loan discounts |
|
|
24,820 |
|
|
|
27,397 |
|
|
|
29,915 |
|
|
|
32,546 |
|
|
|
35,482 |
|
|
|
24,820 |
|
|
|
35,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising |
|
$ |
1,654 |
|
|
$ |
2,226 |
|
|
$ |
2,295 |
|
|
$ |
2,098 |
|
|
$ |
2,231 |
|
|
$ |
1,654 |
|
|
$ |
2,231 |
|
Amortization
of intangibles |
|
|
2,140 |
|
|
|
2,253 |
|
|
|
2,477 |
|
|
|
2,478 |
|
|
|
2,477 |
|
|
|
2,140 |
|
|
|
2,477 |
|
Electronic
banking expense |
|
|
3,156 |
|
|
|
3,599 |
|
|
|
3,709 |
|
|
|
3,675 |
|
|
|
3,330 |
|
|
|
3,156 |
|
|
|
3,330 |
|
Directors'
fees |
|
|
498 |
|
|
|
399 |
|
|
|
417 |
|
|
|
538 |
|
|
|
460 |
|
|
|
498 |
|
|
|
460 |
|
Due from
bank service charges |
|
|
276 |
|
|
|
274 |
|
|
|
282 |
|
|
|
286 |
|
|
|
273 |
|
|
|
276 |
|
|
|
273 |
|
FDIC and
state assessment |
|
|
3,318 |
|
|
|
16,016 |
|
|
|
2,794 |
|
|
|
3,220 |
|
|
|
3,500 |
|
|
|
3,318 |
|
|
|
3,500 |
|
Insurance |
|
|
903 |
|
|
|
873 |
|
|
|
878 |
|
|
|
927 |
|
|
|
889 |
|
|
|
903 |
|
|
|
889 |
|
Legal and
accounting |
|
|
2,081 |
|
|
|
1,192 |
|
|
|
1,514 |
|
|
|
1,436 |
|
|
|
1,088 |
|
|
|
2,081 |
|
|
|
1,088 |
|
Other
professional fees |
|
|
2,236 |
|
|
|
1,640 |
|
|
|
2,117 |
|
|
|
2,774 |
|
|
|
2,284 |
|
|
|
2,236 |
|
|
|
2,284 |
|
Operating
supplies |
|
|
683 |
|
|
|
777 |
|
|
|
860 |
|
|
|
763 |
|
|
|
738 |
|
|
|
683 |
|
|
|
738 |
|
Postage |
|
|
523 |
|
|
|
503 |
|
|
|
491 |
|
|
|
586 |
|
|
|
501 |
|
|
|
523 |
|
|
|
501 |
|
Telephone |
|
|
470 |
|
|
|
515 |
|
|
|
544 |
|
|
|
573 |
|
|
|
528 |
|
|
|
470 |
|
|
|
528 |
|
Other
expense |
|
|
8,950 |
|
|
|
9,406 |
|
|
|
7,306 |
|
|
|
8,320 |
|
|
|
7,935 |
|
|
|
8,950 |
|
|
|
7,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
operating expenses |
|
$ |
26,888 |
|
|
$ |
39,673 |
|
|
$ |
25,684 |
|
|
$ |
27,674 |
|
|
$ |
26,234 |
|
|
$ |
26,888 |
|
|
$ |
26,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
BALANCE SHEET RATIOS |
|
|
|
|
|
|
|
|
|
|
Total loans to total deposits |
|
|
86.05 |
% |
|
|
85.92 |
% |
|
|
86.40 |
% |
|
|
83.43 |
% |
|
|
82.47 |
% |
Common
equity to assets |
|
|
16.69 |
% |
|
|
16.73 |
% |
|
|
16.65 |
% |
|
|
16.51 |
% |
|
|
16.12 |
% |
Tangible
common equity to tangible assets (non-GAAP)(1) |
|
|
11.06 |
% |
|
|
11.05 |
% |
|
|
10.76 |
% |
|
|
10.65 |
% |
|
|
10.33 |
% |
LOANS RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
Real
estate |
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
|
|
|
|
|
|
|
|
|
Non-farm/non-residential |
|
$ |
5,616,965 |
|
|
$ |
5,549,954 |
|
|
$ |
5,614,259 |
|
|
$ |
5,480,738 |
|
|
$ |
5,524,125 |
|
Construction/land development |
|
|
2,330,555 |
|
|
|
2,293,047 |
|
|
|
2,154,030 |
|
|
|
2,201,514 |
|
|
|
2,160,514 |
|
Agricultural |
|
|
337,618 |
|
|
|
325,156 |
|
|
|
336,160 |
|
|
|
340,067 |
|
|
|
342,814 |
|
Residential real estate loans |
|
|
|
|
|
|
|
|
|
|
Residential 1-4 family |
|
|
1,899,974 |
|
|
|
1,844,260 |
|
|
|
1,808,248 |
|
|
|
1,790,218 |
|
|
|
1,748,231 |
|
Multifamily residential |
|
|
415,926 |
|
|
|
435,736 |
|
|
|
444,239 |
|
|
|
455,754 |
|
|
|
637,633 |
|
Total real
estate |
|
|
10,601,038 |
|
|
|
10,448,153 |
|
|
|
10,356,936 |
|
|
|
10,268,291 |
|
|
|
10,413,317 |
|
Consumer |
|
|
1,163,228 |
|
|
|
1,153,690 |
|
|
|
1,153,461 |
|
|
|
1,156,273 |
|
|
|
1,173,325 |
|
Commercial
and industrial |
|
|
2,284,775 |
|
|
|
2,324,991 |
|
|
|
2,195,678 |
|
|
|
2,288,646 |
|
|
|
2,368,428 |
|
Agricultural |
|
|
278,609 |
|
|
|
307,327 |
|
|
|
332,608 |
|
|
|
297,743 |
|
|
|
250,851 |
|
Other |
|
|
186,023 |
|
|
|
190,567 |
|
|
|
233,150 |
|
|
|
170,019 |
|
|
|
180,713 |
|
Loans receivable |
|
$ |
14,513,673 |
|
|
$ |
14,424,728 |
|
|
$ |
14,271,833 |
|
|
$ |
14,180,972 |
|
|
$ |
14,386,634 |
|
ALLOWANCE FOR CREDIT LOSSES |
|
|
|
|
|
|
|
|
|
|
Balance,
beginning of period |
|
$ |
288,234 |
|
|
$ |
285,562 |
|
|
$ |
285,683 |
|
|
$ |
287,169 |
|
|
$ |
289,669 |
|
Loans
charged off |
|
|
3,978 |
|
|
|
3,592 |
|
|
|
3,449 |
|
|
|
4,726 |
|
|
|
4,288 |
|
Recoveries
of loans previously charged off |
|
|
538 |
|
|
|
614 |
|
|
|
528 |
|
|
|
940 |
|
|
|
588 |
|
Net loans charged off |
|
|
3,440 |
|
|
|
2,978 |
|
|
|
2,921 |
|
|
|
3,786 |
|
|
|
3,700 |
|
Provision
for credit losses - loans |
|
|
5,500 |
|
|
|
5,650 |
|
|
|
2,800 |
|
|
|
2,300 |
|
|
|
1,200 |
|
Balance, end
of period |
|
$ |
290,294 |
|
|
$ |
288,234 |
|
|
$ |
285,562 |
|
|
$ |
285,683 |
|
|
$ |
287,169 |
|
Net
charge-offs to average total loans |
|
|
0.10 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.11 |
% |
|
|
0.10 |
% |
Allowance
for credit losses to total loans |
|
|
2.00 |
% |
|
|
2.00 |
% |
|
|
2.00 |
% |
|
|
2.01 |
% |
|
|
2.00 |
% |
NON-PERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
67,055 |
|
|
$ |
59,971 |
|
|
$ |
84,184 |
|
|
$ |
49,627 |
|
|
$ |
65,401 |
|
Loans past due 90 days or more |
|
|
12,928 |
|
|
|
4,130 |
|
|
|
6,674 |
|
|
|
10,869 |
|
|
|
8,567 |
|
Total non-performing loans |
|
|
79,983 |
|
|
|
64,101 |
|
|
|
90,858 |
|
|
|
60,496 |
|
|
|
73,968 |
|
Other
non-performing assets |
|
|
|
|
|
|
|
|
|
|
Foreclosed assets held for sale, net |
|
|
30,650 |
|
|
|
30,486 |
|
|
|
691 |
|
|
|
725 |
|
|
|
425 |
|
Other non-performing assets |
|
|
63 |
|
|
|
785 |
|
|
|
64 |
|
|
|
64 |
|
|
|
74 |
|
Total other non-performing assets |
|
|
30,713 |
|
|
|
31,271 |
|
|
|
755 |
|
|
|
789 |
|
|
|
499 |
|
Total non-performing assets |
|
$ |
110,696 |
|
|
$ |
95,372 |
|
|
$ |
91,613 |
|
|
$ |
61,285 |
|
|
$ |
74,467 |
|
Allowance
for credit losses for loans to non-performing loans |
|
|
362.94 |
% |
|
|
449.66 |
% |
|
|
314.29 |
% |
|
|
472.23 |
% |
|
|
388.23 |
% |
Non-performing loans to total loans |
|
|
0.55 |
% |
|
|
0.44 |
% |
|
|
0.64 |
% |
|
|
0.43 |
% |
|
|
0.51 |
% |
Non-performing assets to total assets |
|
|
0.48 |
% |
|
|
0.42 |
% |
|
|
0.42 |
% |
|
|
0.28 |
% |
|
|
0.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
March 31, 2024 |
|
December 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 |
|
$ |
801,456 |
|
|
$ |
10,528 |
|
|
|
5.28 |
% |
|
$ |
337,821 |
|
|
$ |
4,281 |
|
|
|
5.03 |
% |
Federal funds sold |
|
|
5,012 |
|
|
|
61 |
|
|
|
4.90 |
% |
|
|
4,716 |
|
|
|
65 |
|
|
|
5.47 |
% |
Investment securities - taxable |
|
|
3,473,511 |
|
|
|
33,229 |
|
|
|
3.85 |
% |
|
|
3,444,715 |
|
|
|
34,016 |
|
|
|
3.92 |
% |
Investment securities - non-taxable - FTE |
|
|
1,257,861 |
|
|
|
8,642 |
|
|
|
2.76 |
% |
|
|
1,263,567 |
|
|
|
8,880 |
|
|
|
2.79 |
% |
Loans receivable - FTE |
|
|
14,487,494 |
|
|
|
265,347 |
|
|
|
7.37 |
% |
|
|
14,336,613 |
|
|
|
260,069 |
|
|
|
7.20 |
% |
Total interest-earning assets |
|
|
20,025,334 |
|
|
|
317,807 |
|
|
|
6.38 |
% |
|
|
19,387,432 |
|
|
|
307,311 |
|
|
|
6.29 |
% |
Non-earning assets |
|
|
2,657,925 |
|
|
|
|
|
|
|
2,669,008 |
|
|
|
|
|
Total assets |
|
$ |
22,683,259 |
|
|
|
|
|
|
$ |
22,056,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
11,038,910 |
|
|
$ |
75,597 |
|
|
|
2.75 |
% |
|
$ |
10,912,668 |
|
|
$ |
73,026 |
|
|
|
2.65 |
% |
Time
deposits |
|
|
1,685,193 |
|
|
|
16,951 |
|
|
|
4.05 |
% |
|
|
1,564,682 |
|
|
|
14,945 |
|
|
|
3.79 |
% |
Total
interest-bearing deposits |
|
|
12,724,103 |
|
|
|
92,548 |
|
|
|
2.93 |
% |
|
|
12,477,350 |
|
|
|
87,971 |
|
|
|
2.80 |
% |
Securities sold under agreement to repurchase |
|
|
172,024 |
|
|
|
1,404 |
|
|
|
3.28 |
% |
|
|
162,102 |
|
|
|
1,480 |
|
|
|
3.62 |
% |
FHLB borrowed funds |
|
|
1,301,091 |
|
|
|
14,276 |
|
|
|
4.41 |
% |
|
|
905,689 |
|
|
|
9,878 |
|
|
|
4.33 |
% |
Subordinated debentures |
|
|
439,760 |
|
|
|
4,097 |
|
|
|
3.75 |
% |
|
|
439,906 |
|
|
|
4,121 |
|
|
|
3.72 |
% |
Total
interest-bearing liabilities |
|
|
14,636,978 |
|
|
|
112,325 |
|
|
|
3.09 |
% |
|
|
13,985,047 |
|
|
|
103,450 |
|
|
|
2.93 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
4,017,659 |
|
|
|
|
|
|
|
4,212,665 |
|
|
|
|
|
Other liabilities |
|
|
244,970 |
|
|
|
|
|
|
|
202,008 |
|
|
|
|
|
Total liabilities |
|
|
18,899,607 |
|
|
|
|
|
|
|
18,399,720 |
|
|
|
|
|
Shareholders' equity |
|
|
3,783,652 |
|
|
|
|
|
|
|
3,656,720 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
22,683,259 |
|
|
|
|
|
|
$ |
22,056,440 |
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
3.29 |
% |
|
|
|
|
|
|
3.36 |
% |
Net interest
income and margin - FTE |
|
|
|
$ |
205,482 |
|
|
|
4.13 |
% |
|
|
|
$ |
203,861 |
|
|
|
4.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Consolidated
Net Interest Margin |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, 2024 |
|
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 |
|
$ |
801,456 |
|
|
$ |
10,528 |
|
|
|
5.28 |
% |
|
$ |
426,051 |
|
|
$ |
4,685 |
|
|
|
4.46 |
% |
Federal funds sold |
|
|
5,012 |
|
|
|
61 |
|
|
|
4.90 |
% |
|
|
474 |
|
|
|
6 |
|
|
|
5.13 |
% |
Investment securities - taxable |
|
|
3,473,511 |
|
|
|
33,229 |
|
|
|
3.85 |
% |
|
|
3,867,737 |
|
|
|
35,288 |
|
|
|
3.70 |
% |
Investment securities - non-taxable - FTE |
|
|
1,257,861 |
|
|
|
8,642 |
|
|
|
2.76 |
% |
|
|
1,289,564 |
|
|
|
9,482 |
|
|
|
2.98 |
% |
Loans receivable - FTE |
|
|
14,487,494 |
|
|
|
265,347 |
|
|
|
7.37 |
% |
|
|
14,474,072 |
|
|
|
237,106 |
|
|
|
6.64 |
% |
Total interest-earning assets |
|
|
20,025,334 |
|
|
|
317,807 |
|
|
|
6.38 |
% |
|
|
20,057,898 |
|
|
|
286,567 |
|
|
|
5.79 |
% |
Non-earning assets |
|
|
2,657,925 |
|
|
|
|
|
|
|
2,637,957 |
|
|
|
|
|
Total assets |
|
$ |
22,683,259 |
|
|
|
|
|
|
$ |
22,695,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-bearing transaction accounts |
|
$ |
11,038,910 |
|
|
$ |
75,597 |
|
|
|
2.75 |
% |
|
$ |
11,579,329 |
|
|
$ |
54,857 |
|
|
|
1.92 |
% |
Time deposits |
|
|
1,685,193 |
|
|
|
16,951 |
|
|
|
4.05 |
% |
|
|
1,072,094 |
|
|
|
4,305 |
|
|
|
1.63 |
% |
Total
interest-bearing deposits |
|
|
12,724,103 |
|
|
|
92,548 |
|
|
|
2.93 |
% |
|
|
12,651,423 |
|
|
|
59,162 |
|
|
|
1.90 |
% |
Securities sold under agreement to repurchase |
|
172,024 |
|
|
|
1,404 |
|
|
|
3.28 |
% |
|
|
134,934 |
|
|
|
868 |
|
|
|
2.61 |
% |
FHLB borrowed funds |
|
|
1,301,091 |
|
|
|
14,276 |
|
|
|
4.41 |
% |
|
|
651,111 |
|
|
|
6,190 |
|
|
|
3.86 |
% |
Subordinated debentures |
|
|
439,760 |
|
|
|
4,097 |
|
|
|
3.75 |
% |
|
|
440,346 |
|
|
|
4,124 |
|
|
|
3.80 |
% |
Total
interest-bearing liabilities |
|
|
14,636,978 |
|
|
|
112,325 |
|
|
|
3.09 |
% |
|
|
13,877,814 |
|
|
|
70,344 |
|
|
|
2.06 |
% |
Non-interest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
|
4,017,659 |
|
|
|
|
|
|
|
5,043,219 |
|
|
|
|
|
Other liabilities |
|
|
244,970 |
|
|
|
|
|
|
|
205,230 |
|
|
|
|
|
Total liabilities |
|
|
18,899,607 |
|
|
|
|
|
|
|
19,126,263 |
|
|
|
|
|
Shareholders' equity |
|
|
3,783,652 |
|
|
|
|
|
|
|
3,569,592 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
22,683,259 |
|
|
|
|
|
|
$ |
22,695,855 |
|
|
|
|
|
Net interest
spread |
|
|
|
|
|
|
3.29 |
% |
|
|
|
|
|
|
3.73 |
% |
Net interest income and margin - FTE |
|
|
|
$ |
205,482 |
|
|
|
4.13 |
% |
|
|
|
$ |
216,223 |
|
|
|
4.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Three Months Ended |
(Dollars and shares in thousands, except per share
data) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
EARNINGS, AS ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income available to common shareholders (A) |
|
$ |
100,109 |
|
|
$ |
86,243 |
|
|
$ |
98,453 |
|
|
$ |
105,271 |
|
|
$ |
102,962 |
|
|
$ |
100,109 |
|
|
$ |
102,962 |
|
Pre-tax
adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FDIC special assessment |
|
|
— |
|
|
|
12,983 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
BOLI death benefits |
|
|
(162 |
) |
|
|
— |
|
|
|
(338 |
) |
|
|
(2,779 |
) |
|
|
— |
|
|
|
(162 |
) |
|
|
— |
|
Fair value adjustment for marketable securities |
|
|
(1,003 |
) |
|
|
(5,024 |
) |
|
|
(4,507 |
) |
|
|
(783 |
) |
|
|
11,408 |
|
|
|
(1,003 |
) |
|
|
11,408 |
|
Recoveries on historic losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,461 |
) |
|
|
— |
|
|
|
(3,461 |
) |
Total
pre-tax adjustments |
|
|
(1,165 |
) |
|
|
7,959 |
|
|
|
(4,845 |
) |
|
|
(3,562 |
) |
|
|
7,947 |
|
|
|
(1,165 |
) |
|
|
7,947 |
|
Tax-effect
of adjustments |
|
|
(251 |
) |
|
|
1,989 |
|
|
|
(1,112 |
) |
|
|
(879 |
) |
|
|
1,961 |
|
|
|
(251 |
) |
|
|
1,961 |
|
Total
adjustments after-tax (B) |
|
|
(914 |
) |
|
|
5,970 |
|
|
|
(3,733 |
) |
|
|
(2,683 |
) |
|
|
5,986 |
|
|
|
(914 |
) |
|
|
5,986 |
|
Earnings, as
adjusted (C) |
|
$ |
99,195 |
|
|
$ |
92,213 |
|
|
$ |
94,720 |
|
|
$ |
102,588 |
|
|
$ |
108,948 |
|
|
$ |
99,195 |
|
|
$ |
108,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares outstanding (D) |
|
|
201,390 |
|
|
|
201,891 |
|
|
|
202,650 |
|
|
|
202,923 |
|
|
|
203,625 |
|
|
|
201,390 |
|
|
|
203,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted
earnings per share: (A/D) |
|
$ |
0.50 |
|
|
$ |
0.43 |
|
|
$ |
0.49 |
|
|
$ |
0.52 |
|
|
$ |
0.51 |
|
|
$ |
0.50 |
|
|
$ |
0.51 |
|
Adjustments
after-tax: (B/D) |
|
|
(0.01 |
) |
|
|
0.03 |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
0.03 |
|
|
|
(0.01 |
) |
|
|
0.03 |
|
Diluted earnings per common share, as adjusted: (C/D) |
|
$ |
0.49 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
|
$ |
0.51 |
|
|
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets: (A/E) |
|
|
1.78 |
% |
|
|
1.55 |
% |
|
|
1.78 |
% |
|
|
1.90 |
% |
|
|
1.84 |
% |
|
|
1.78 |
% |
|
|
1.84 |
% |
Return on
average assets, as adjusted: (ROA, as adjusted) ((A+D)/E) |
|
|
1.76 |
% |
|
|
1.66 |
% |
|
|
1.72 |
% |
|
|
1.85 |
% |
|
|
1.95 |
% |
|
|
1.76 |
% |
|
|
1.95 |
% |
Return on
average assets excluding intangible amortization:
((A+C)/(E-F)) |
|
|
1.93 |
% |
|
|
1.69 |
% |
|
|
1.95 |
% |
|
|
2.07 |
% |
|
|
2.00 |
% |
|
|
1.93 |
% |
|
|
2.00 |
% |
Return on
average assets, as adjusted, excluding intangible amortization:
((A+C+D)/(E-F)) |
|
|
1.91 |
% |
|
|
1.81 |
% |
|
|
1.87 |
% |
|
|
2.02 |
% |
|
|
2.12 |
% |
|
|
1.91 |
% |
|
|
2.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income available to common shareholders (A) |
|
$ |
100,109 |
|
|
$ |
86,243 |
|
|
$ |
98,453 |
|
|
$ |
105,271 |
|
|
$ |
102,962 |
|
|
$ |
100,109 |
|
|
$ |
102,962 |
|
Amortization
of intangibles (B) |
|
|
2,140 |
|
|
|
2,253 |
|
|
|
2,477 |
|
|
|
2,478 |
|
|
|
2,477 |
|
|
|
2,140 |
|
|
|
2,477 |
|
Amortization
of intangibles after-tax (C) |
|
|
1,605 |
|
|
|
1,690 |
|
|
|
1,866 |
|
|
|
1,866 |
|
|
|
1,866 |
|
|
|
1,605 |
|
|
|
1,866 |
|
Adjustments
after-tax (D) |
|
|
(914 |
) |
|
|
5,970 |
|
|
|
(3,733 |
) |
|
|
(2,683 |
) |
|
|
5,986 |
|
|
|
(914 |
) |
|
|
5,986 |
|
Average
assets (E) |
|
|
22,683,259 |
|
|
|
22,056,440 |
|
|
|
21,902,434 |
|
|
|
22,227,404 |
|
|
|
22,695,855 |
|
|
|
22,683,259 |
|
|
|
22,695,855 |
|
Average
goodwill & core deposit intangible (F) |
|
|
1,445,902 |
|
|
|
1,448,061 |
|
|
|
1,450,478 |
|
|
|
1,452,951 |
|
|
|
1,455,423 |
|
|
|
1,445,902 |
|
|
|
1,455,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
BancShares, Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Three Months Ended |
(Dollars in thousands) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average common equity: (A/D) |
|
|
10.64 |
% |
|
|
9.36 |
% |
|
|
10.65 |
% |
|
|
11.63 |
% |
|
|
11.70 |
% |
|
|
10.64 |
% |
|
|
11.70 |
% |
Return on
average common equity, as adjusted: (ROE, as adjusted)
((A+C)/D) |
|
|
10.54 |
% |
|
|
10.00 |
% |
|
|
10.25 |
% |
|
|
11.33 |
% |
|
|
12.38 |
% |
|
|
10.54 |
% |
|
|
12.38 |
% |
Return on
average tangible common equity: (A/(D-E)) |
|
|
17.22 |
% |
|
|
15.49 |
% |
|
|
17.62 |
% |
|
|
19.39 |
% |
|
|
19.75 |
% |
|
|
17.22 |
% |
|
|
19.75 |
% |
Return on
average tangible common equity, as adjusted: (ROTCE, as adjusted)
((A+C)/(D-E)) |
|
|
17.07 |
% |
|
|
16.56 |
% |
|
|
16.95 |
% |
|
|
18.90 |
% |
|
|
20.90 |
% |
|
|
17.07 |
% |
|
|
20.90 |
% |
Return on
average tangible common equity excluding intangible amortization:
(B/(D-E)) |
|
|
17.50 |
% |
|
|
15.80 |
% |
|
|
17.95 |
% |
|
|
19.74 |
% |
|
|
20.11 |
% |
|
|
17.50 |
% |
|
|
20.11 |
% |
Return on
average tangible common equity, as adjusted, excluding intangible
amortization: ((B+C)/(D-E)) |
|
|
17.34 |
% |
|
|
16.87 |
% |
|
|
17.29 |
% |
|
|
19.24 |
% |
|
|
21.26 |
% |
|
|
17.34 |
% |
|
|
21.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income available to common shareholders (A) |
|
$ |
100,109 |
|
|
$ |
86,243 |
|
|
$ |
98,453 |
|
|
$ |
105,271 |
|
|
$ |
102,962 |
|
|
$ |
100,109 |
|
|
$ |
102,962 |
|
Earnings
excluding intangible amortization (B) |
|
|
101,714 |
|
|
|
87,933 |
|
|
|
100,319 |
|
|
|
107,137 |
|
|
|
104,828 |
|
|
|
101,714 |
|
|
|
104,828 |
|
Adjustments
after-tax (C) |
|
|
(914 |
) |
|
|
5,970 |
|
|
|
(3,733 |
) |
|
|
(2,683 |
) |
|
|
5,986 |
|
|
|
(914 |
) |
|
|
5,986 |
|
Average
common equity (D) |
|
|
3,783,652 |
|
|
|
3,656,720 |
|
|
|
3,667,339 |
|
|
|
3,630,194 |
|
|
|
3,569,592 |
|
|
|
3,783,652 |
|
|
|
3,569,592 |
|
Average
goodwill & core deposits intangible (E) |
|
|
1,445,902 |
|
|
|
1,448,061 |
|
|
|
1,450,478 |
|
|
|
1,452,951 |
|
|
|
1,455,423 |
|
|
|
1,445,902 |
|
|
|
1,455,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO & P5NR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio: ((D-G)/(B+C+E)) |
|
|
44.22 |
% |
|
|
50.64 |
% |
|
|
45.53 |
% |
|
|
44.00 |
% |
|
|
44.80 |
% |
|
|
44.22 |
% |
|
|
44.80 |
% |
Efficiency
ratio, as adjusted: ((D-G-I)/(B+C+E-H)) |
|
|
44.43 |
% |
|
|
46.43 |
% |
|
|
46.44 |
% |
|
|
44.83 |
% |
|
|
43.42 |
% |
|
|
44.43 |
% |
|
|
43.42 |
% |
Pre-tax net
income to total revenue (net) (A/(B+C)) |
|
|
52.92 |
% |
|
|
45.92 |
% |
|
|
52.70 |
% |
|
|
53.23 |
% |
|
|
53.43 |
% |
|
|
52.92 |
% |
|
|
53.43 |
% |
Pre-tax net
income, as adjusted, to total revenue (net) ((A+F)/(B+C)) |
|
|
52.45 |
% |
|
|
49.16 |
% |
|
|
50.72 |
% |
|
|
51.85 |
% |
|
|
56.63 |
% |
|
|
52.45 |
% |
|
|
56.63 |
% |
Pre-tax,
pre-provision, net income (PPNR) (B+C-D) |
|
$ |
134,893 |
|
|
$ |
118,443 |
|
|
$ |
130,588 |
|
|
$ |
140,870 |
|
|
$ |
134,115 |
|
|
$ |
134,893 |
|
|
$ |
134,115 |
|
Pre-tax,
pre-provision, net income, as adjusted (B+C-D+F) |
|
$ |
133,728 |
|
|
$ |
126,402 |
|
|
$ |
125,743 |
|
|
$ |
137,308 |
|
|
$ |
142,062 |
|
|
$ |
133,728 |
|
|
$ |
142,062 |
|
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total
revenue (net) (B+C-D)/(B+C) |
|
|
54.75 |
% |
|
|
48.22 |
% |
|
|
53.23 |
% |
|
|
54.78 |
% |
|
|
53.91 |
% |
|
|
54.75 |
% |
|
|
53.91 |
% |
P5NR, as
adjusted (B+C-D+F)/(B+C) |
|
|
54.28 |
% |
|
|
51.46 |
% |
|
|
51.25 |
% |
|
|
53.40 |
% |
|
|
57.11 |
% |
|
|
54.28 |
% |
|
|
57.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net
income (A) |
|
$ |
130,393 |
|
|
$ |
112,793 |
|
|
$ |
129,288 |
|
|
$ |
136,887 |
|
|
$ |
132,915 |
|
|
$ |
130,393 |
|
|
$ |
132,915 |
|
Net interest
income (B) |
|
|
204,590 |
|
|
|
202,770 |
|
|
|
201,937 |
|
|
|
207,643 |
|
|
|
214,595 |
|
|
|
204,590 |
|
|
|
214,595 |
|
Non-interest
income (C) |
|
|
41,799 |
|
|
|
42,848 |
|
|
|
43,413 |
|
|
|
49,509 |
|
|
|
34,164 |
|
|
|
41,799 |
|
|
|
34,164 |
|
Non-interest
expense (D) |
|
|
111,496 |
|
|
|
127,175 |
|
|
|
114,762 |
|
|
|
116,282 |
|
|
|
114,644 |
|
|
|
111,496 |
|
|
|
114,644 |
|
Fully
taxable equivalent adjustment (E) |
|
|
892 |
|
|
|
1,091 |
|
|
|
1,293 |
|
|
|
1,494 |
|
|
|
1,628 |
|
|
|
892 |
|
|
|
1,628 |
|
Total
pre-tax adjustments (F) |
|
|
(1,165 |
) |
|
|
7,959 |
|
|
|
(4,845 |
) |
|
|
(3,562 |
) |
|
|
7,947 |
|
|
|
(1,165 |
) |
|
|
7,947 |
|
Amortization
of intangibles (G) |
|
|
2,140 |
|
|
|
2,253 |
|
|
|
2,477 |
|
|
|
2,478 |
|
|
|
2,477 |
|
|
|
2,140 |
|
|
|
2,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for marketable securities |
|
$ |
1,003 |
|
|
$ |
5,024 |
|
|
$ |
4,507 |
|
|
$ |
783 |
|
|
$ |
(11,408 |
) |
|
$ |
1,003 |
|
|
$ |
(11,408 |
) |
Gain on OREO |
|
|
17 |
|
|
|
13 |
|
|
|
— |
|
|
|
319 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
(Loss) gain on branches, equipment and other assets, net |
|
|
(8 |
) |
|
|
583 |
|
|
|
— |
|
|
|
917 |
|
|
|
7 |
|
|
|
(8 |
) |
|
|
7 |
|
BOLI death benefits |
|
|
162 |
|
|
|
— |
|
|
|
338 |
|
|
|
2,779 |
|
|
|
— |
|
|
|
162 |
|
|
|
— |
|
Recoveries on historic losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,461 |
|
|
|
— |
|
|
|
3,461 |
|
Total non-interest income adjustments (H) |
|
$ |
1,174 |
|
|
$ |
5,620 |
|
|
$ |
4,845 |
|
|
$ |
4,798 |
|
|
$ |
(7,940 |
) |
|
$ |
1,174 |
|
|
$ |
(7,940 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FDIC special assessment |
|
|
— |
|
|
|
12,983 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-interest expense adjustments (I) |
|
$ |
— |
|
|
$ |
12,983 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Home
BancShares, Inc. |
Non-GAAP
Reconciliations |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
Book value per common share: (A/B) |
|
$ |
18.98 |
|
|
$ |
18.81 |
|
|
$ |
18.06 |
|
|
$ |
18.04 |
|
|
$ |
17.87 |
|
Tangible
book value per common share: ((A-C-D)/B) |
|
|
11.79 |
|
|
|
11.63 |
|
|
|
10.90 |
|
|
|
10.87 |
|
|
|
10.71 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity (A) |
|
$ |
3,811,401 |
|
|
$ |
3,791,075 |
|
|
$ |
3,654,874 |
|
|
$ |
3,654,084 |
|
|
$ |
3,630,885 |
|
End of
period common shares outstanding (B) |
|
|
200,797 |
|
|
|
201,526 |
|
|
|
202,323 |
|
|
|
202,573 |
|
|
|
203,168 |
|
Goodwill
(C) |
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
Core deposit
and other intangibles (D) |
|
|
46,630 |
|
|
|
48,770 |
|
|
|
51,023 |
|
|
|
53,500 |
|
|
|
55,978 |
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
Equity to
assets: (B/A) |
|
|
16.69 |
% |
|
|
16.73 |
% |
|
|
16.65 |
% |
|
|
16.51 |
% |
|
|
16.12 |
% |
Tangible
common equity to tangible assets: ((B-C-D)/(A-C-D)) |
|
|
11.06 |
% |
|
|
11.05 |
% |
|
|
10.76 |
% |
|
|
10.65 |
% |
|
|
10.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total assets
(A) |
|
$ |
22,835,721 |
|
|
$ |
22,656,658 |
|
|
$ |
21,950,638 |
|
|
$ |
22,126,429 |
|
|
$ |
22,518,255 |
|
Total
stockholders' equity (B) |
|
|
3,811,401 |
|
|
|
3,791,075 |
|
|
|
3,654,874 |
|
|
|
3,654,084 |
|
|
|
3,630,885 |
|
Goodwill
(C) |
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
|
|
1,398,253 |
|
Core deposit
and other intangibles (D) |
|
|
46,630 |
|
|
|
48,770 |
|
|
|
51,023 |
|
|
|
53,500 |
|
|
|
55,978 |
|
Home BancShares (NYSE:HOMB)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Home BancShares (NYSE:HOMB)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024