• All Operating Metrics Up and Expenses Down, Great Start at HOMB

    ソース: Nasdaq GlobeNewswire / 18 4 2024 08:15:01   America/New_York

    CONWAY, Ark., April 18, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

    Quarterly Highlights

    MetricQ1 2024Q4 2023Q3 2023Q2 2023Q1 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%
    ROA1.78%1.55%1.78%1.90%1.84%
    ROA, as adjusted (non-GAAP)(1)1.76%1.66%1.72%1.85%1.95%
    NIM4.13%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
    ROE10.64%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 assets0.48%0.42%0.42%0.28%0.33%
    Common equity tier 1 capital14.3%14.2%14.0%13.6%13.2%
    Leverage12.3%12.4%12.4%11.9%11.4%
    Tier 1 capital14.3%14.2%14.0%13.6%13.2%
    Total risk-based capital17.9%17.8%17.6%17.3%16.8%
    Allowance for credit losses to total loans2.00%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)11.7911.6310.9010.8710.71

    (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 of
    March 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 Townsell
    Director of Investor Relations
    Home 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 

     

     


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