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Consistent Performance, Patient Strategy Yield Solid Q2 Results: There’s No Place Like HOMB
ソース: Nasdaq GlobeNewswire / 17 7 2024 17:15:01 America/New_York
CONWAY, Ark., July 17, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.
Quarterly Highlights
Metric Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Net income $101.5 million $100.1 million $86.2 million $98.5 million $105.3 million Net income, as adjusted (non-GAAP)(1) $103.9 million $99.2 million $92.2 million $94.7 million $102.6 million Total revenue (net) $254.6 million $246.4 million $245.6 million $245.4 million $257.2 million Income before income taxes $133.4 million $130.4 million $112.8 million $129.3 million $136.9 million Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $141.4 million $134.9 million $118.4 million $130.6 million $140.9 million PPNR, as adjusted (non-GAAP)(1) $141.9 million $133.7 million $126.4 million $125.7 million $137.3 million Pre-tax net income to total revenue (net) 52.40% 52.92% 45.92% 52.70% 53.23% Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 52.59% 52.45% 49.16% 50.72% 51.85% P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 55.54% 54.75% 48.22% 53.23% 54.78% P5NR, as adjusted (non-GAAP)(1) 55.73% 54.28% 51.46% 51.25% 53.40% ROA 1.79% 1.78% 1.55% 1.78% 1.90% ROA, as adjusted (non-GAAP)(1) 1.83% 1.76% 1.66% 1.72% 1.85% NIM 4.27% 4.13% 4.17% 4.19% 4.28% Purchase accounting accretion $1.9 million $2.8 million $2.3 million $2.4 million $2.7 million ROE 10.73% 10.64% 9.36% 10.65% 11.63% ROE, as adjusted (non-GAAP)(1) 10.98% 10.54% 10.00% 10.25% 11.33% ROTCE (non-GAAP)(1) 17.29% 17.22% 15.49% 17.62% 19.39% ROTCE, as adjusted (non-GAAP)(1) 17.69% 17.07% 16.56% 16.95% 18.90% Diluted earnings per share $0.51 $0.50 $0.43 $0.49 $0.52 Diluted earnings per share, as adjusted
(non-GAAP)(1)$0.52 $0.49 $0.46 $0.47 $0.51 Non-performing assets to total assets 0.56% 0.48% 0.42% 0.42% 0.28% Common equity tier 1 capital 14.4% 14.3% 14.2% 14.0% 13.6% Leverage 12.3% 12.3% 12.4% 12.4% 11.9% Tier 1 capital 14.4% 14.3% 14.2% 14.0% 13.6% Total risk-based capital 18.0% 17.9% 17.8% 17.6% 17.3% Allowance for credit losses to total loans 2.00% 2.00% 2.00% 2.00% 2.01% Book value per share $19.30 $18.98 $18.81 $18.06 $18.04 Tangible book value per share (non-GAAP)(1) 12.08 11.79 11.63 10.90 10.87 (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
“Revenue is up and expenses are down. In the second quarter, HOMB saw profitable loan growth and a lower efficiency ratio, while overcoming the additional $2.3 million of FDIC special assessment. We hit record highs for book value per common share of $19.30 and tangible book value per common share of $12.08. It was a great quarter with adjusted earnings, quarter over quarter, exceeding a great year in 2023,” said John Allison, Chairman.
Liquidity and Funding Sources
At June 30, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.63 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $797.3 million in cash with the Federal Reserve Bank (FRB) and $247.8 million in other liquid cash accounts.
Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.15 billion in net available external liquidity as of June 30, 2024. This included $4.81 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.86 billion has been drawn upon in the ordinary course of business, resulting in $2.95 billion in net available liquidity with the FHLB as of June 30, 2024. The $1.86 billion consisted of $600.0 million in outstanding FHLB advances and $1.26 billion used for pledging purposes. The Company also had access to approximately $797.3 million in liquidity with the FRB as of June 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business from the Bank Term Funding Program (BTFP), resulting in $97.3 million in net available liquidity with the FRB as of June 30, 2024. As of June 30, 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 $5.82 billion in net available liquidity as of June 30, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of June 30, 2024 are available below.
(In thousands) Total Available Amount Used Net Availability Internal Sources Unpledged investment securities (market value) $ 1,627,007 $ — $ 1,627,007 Cash at FRB 797,300 — 797,300 Other liquid cash accounts 247,813 — 247,813 Total Internal Liquidity 2,672,120 — 2,672,120 External Sources FHLB 4,808,671 1,859,049 2,949,622 FRB Discount Window 97,296 — 97,296 BTFP (par value) 700,000 700,000 — FNBB 55,000 — 55,000 Other 45,000 — 45,000 Total External Liquidity 5,705,967 2,559,049 3,146,918 Total Available Liquidity $ 8,378,087 $ 2,559,049 $ 5,819,038
The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of June 30, 2024, the Company held approximately $8.33 billion in uninsured deposits of which $744.9 million were intercompany subsidiary deposit balances and $2.90 billion were collateralized deposits, for a net position of $4.69 billion. This represents approximately 27.6% of total deposits. As of June 30, 2024, net available liquidity exceeded uninsured and uncollateralized deposits by $1.13 billion.(in thousands) As of
June 30, 2024Uninsured Deposits $ 8,327,937 Intercompany Subsidiary and Affiliate Balances 744,882 Collateralized Deposits 2,896,015 Net Uninsured Position $ 4,687,040 Total Available Liquidity $ 5,819,038 Net Uninsured Position 4,687,040 Net Available Liquidity in Excess of Uninsured Deposits $ 1,131,998
In the event the Company’s $4.69 billion net position of uninsured deposits had been called by depositors on the first day of the second 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 $74.2 million for the quarter ended June 30, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, based on the Company’s profitability level for the quarter ended June 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.30% for the quarter ended June 30, 2024.Operating Highlights
Net income for the three-month period ended June 30, 2024 was $101.5 million, or $0.51 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 $103.9 million(1) and $0.52 per share(1), respectively, for the three months ended June 30, 2024.
Our net interest margin was 4.27% for the three-month period ended June 30, 2024, compared to 4.13% for the three-month period ended March 31, 2024. The yield on loans was 7.54% and 7.37% for the three months ended June 30, 2024 and March 31, 2024, respectively, as average loans increased from $14.49 billion to $14.65 billion. Additionally, the rate on interest bearing deposits increased to 3.00% as of June 30, 2024, from 2.93% as of March 31, 2024, while average interest-bearing deposits increased from $12.72 billion to $12.85 billion.
During the second quarter of 2024, there was $1.7 million of event interest income compared to $1.1 million of event interest expense for the first quarter of 2024.
Purchase accounting accretion on acquired loans was $1.9 million and $2.8 million and average purchase accounting loan discounts were $22.8 million and $24.8 million for the three-month periods ended June 30, 2024 and March 31, 2024, respectively.
Net interest income on a fully taxable equivalent basis was $214.5 million for the three-month period ended June 30, 2024, and $205.5 million for the three-month period ended March 31, 2024. This increase in net interest income for the three-month period ended June 30, 2024, was the result of a $12.1 million increase in interest income, partially offset by an $3.2 million increase in interest expense. The $12.1 million increase in interest income was primarily the result of a $9.1 million increase in loan interest income, a $2.0 million increase in income from interest-bearing balances due from banks and a $970,000 million increase in investment income. The increase in interest income is primarily the result the growth in interest-earning assets and the current high interest rate environment. The $3.2 million increase in interest expense was due to a $3.2 million increase in interest expense on deposits. The increase in interest expense is also a result of the growth of interest-bearing deposits and the current high interest rate environment.
The Company reported $42.8 million of non-interest income for the second quarter of 2024. The most important components of second quarter non-interest income were $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $6.7 million from other income, $4.7 million from trust fees, $4.3 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $2.1 million gain on branches, equipment and other assets and $1.3 million from the increase in cash value of life insurance. The $2.1 million gain on branches, equipment and other assets is from the sale of a building in our Texas region.
Non-interest expense for the second quarter of 2024 was $113.2 million. The most important components of non-interest expense were $60.4 million from salaries and employee benefits, $29.4 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.9 million in data processing expenses. Included within other operating expenses was $2.3 million in FDIC special assessment expense. This is the remaining portion of the assessment which was levied in order to recover the losses to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. For the second quarter of 2024, our efficiency ratio was 43.17%, and our efficiency ratio, as adjusted (non-GAAP), was 42.59%(1).
Financial Condition
Total loans receivable were $14.78 billion at June 30, 2024, compared to $14.51 billion at March 31, 2024. Total deposits were $16.96 billion at June 30, 2024, compared to $16.87 billion at March 31, 2024. Total assets were $22.92 billion at June 30, 2024, compared to $22.84 billion at March 31, 2024.
During the second quarter of 2024, the Company experienced approximately $267.8 million in loan growth. Centennial CFG experienced $56.4 million of organic loan growth and had loans of $2.09 billion at June 30, 2024. Our remaining markets experienced $211.4 million in organic loan growth during the quarter.
Non-performing loans to total loans were 0.58% and 0.55% at June 30, 2024 and March 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.48% at June 30, 2024 and March 31, 2024, respectively. Net charge-offs were $2.4 million and $3.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively.
Non-performing loans at June 30, 2024 were $16.2 million, $39.1 million, $24.7 million, $399,000, $3.1 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $86.3 million. Non-performing assets at June 30, 2024 were $16.3 million, $46.6 million, $35.8 million, $399,000, $3.1 million and $25.6 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $127.8 million.
The Company’s allowance for credit losses on loans was $295.9 million at June 30, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $290.3 million, or 2.00% of total loans, at March 31, 2024. As of June 30, 2024 and March 31, 2024, the Company’s allowance for credit losses on loans was 342.66% and 362.94% of its total non-performing loans, respectively.
Stockholders’ equity was $3.86 billion at June 30, 2024, compared to $3.81 billion at March 31, 2024, an increase of approximately $44.1 million. The increase in stockholders’ equity is primarily associated with the $65.4 million increase in retained earnings and $9.6 million reduction in accumulated other comprehensive income, partially offset by the $32.6 million in stock repurchases. Book value per common share was $19.30 at June 30, 2024, compared to $18.98 at March 31, 2024. Tangible book value per common share (non-GAAP) was $12.08(1) at June 30, 2024, compared to $11.79(1) at March 31, 2024.
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, July 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/329781550. 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=c8dcd669&confId=67018. 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: 667067. A replay of the call will be available by calling 1-866-813-9403, Passcode: 180861, which will be available until July 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; 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; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; 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) 328-4625Home BancShares, Inc. Consolidated End of Period Balance Sheets (Unaudited) (In thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 ASSETS Cash and due from banks $ 229,209 $ 205,262 $ 226,363 $ 229,474 $ 275,656 Interest-bearing deposits with other banks 829,507 969,996 773,850 258,605 335,535 Cash and cash equivalents 1,058,716 1,175,258 1,000,213 488,079 611,191 Federal funds sold — 5,200 5,100 3,925 1,550 Investment securities - available-for-sale, net of allowance for credit losses 3,344,539 3,400,884 3,507,841 3,472,173 3,645,013 Investment securities - held-to-maturity, net of allowance for credit losses 1,278,853 1,280,586 1,281,982 1,283,475 1,285,150 Total investment securities 4,623,392 4,681,470 4,789,823 4,755,648 4,930,163 Loans receivable 14,781,457 14,513,673 14,424,728 14,271,833 14,180,972 Allowance for credit losses (295,856 ) (290,294 ) (288,234 ) (285,562 ) (285,683 ) Loans receivable, net 14,485,601 14,223,379 14,136,494 13,986,271 13,895,289 Bank premises and equipment, net 383,691 389,618 393,300 397,093 397,315 Foreclosed assets held for sale 41,347 30,650 30,486 691 725 Cash value of life insurance 218,198 215,424 214,516 213,351 213,090 Accrued interest receivable 120,984 119,029 118,966 110,946 101,066 Deferred tax asset, net 195,041 202,882 197,164 222,741 206,430 Goodwill 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253 Core deposit intangible 44,490 46,630 48,770 51,023 53,500 Other assets 350,192 347,928 323,573 322,617 317,857 Total assets $ 22,919,905 $ 22,835,721 $ 22,656,658 $ 21,950,638 $ 22,126,429 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and non-interest-bearing $ 4,068,302 $ 4,115,603 $ 4,085,501 $ 4,280,429 $ 4,598,593 Savings and interest-bearing transaction accounts 11,150,516 11,047,258 11,050,347 10,786,087 11,169,940 Time deposits 1,736,985 1,703,269 1,651,863 1,452,229 1,228,358 Total deposits 16,955,803 16,866,130 16,787,711 16,518,745 16,996,891 Securities sold under agreements to repurchase 137,996 176,107 142,085 160,120 160,349 FHLB and other borrowed funds 1,301,050 1,301,050 1,301,300 1,001,550 701,550 Accrued interest payable and other liabilities 230,011 241,345 194,653 175,367 173,426 Subordinated debentures 439,542 439,688 439,834 439,982 440,129 Total liabilities 19,064,402 19,024,320 18,865,583 18,295,764 18,472,345 Stockholders' equity Common stock 1,997 2,008 2,015 2,023 2,026 Capital surplus 2,295,893 2,326,824 2,348,023 2,363,210 2,366,560 Retained earnings 1,819,412 1,753,994 1,690,112 1,640,171 1,578,176 Accumulated other comprehensive loss (261,799 ) (271,425 ) (249,075 ) (350,530 ) (292,678 ) Total stockholders' equity 3,855,503 3,811,401 3,791,075 3,654,874 3,654,084 Total liabilities and stockholders' equity $ 22,919,905 $ 22,835,721 $ 22,656,658 $ 21,950,638 $ 22,126,429 Home BancShares, Inc. Consolidated Statements of Income (Unaudited) Quarter Ended Six Months Ended (In thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023 Interest income: Loans $ 274,324 $ 265,294 $ 260,003 $ 249,464 $ 243,152 $ 539,618 $ 480,149 Investment securities Taxable 32,587 33,229 34,016 34,520 34,751 65,816 70,039 Tax-exempt 7,769 7,803 7,855 7,868 7,932 15,572 15,895 Deposits - other banks 12,564 10,528 4,281 2,328 3,729 23,092 8,414 Federal funds sold 59 61 65 82 68 120 74 Total interest income 327,303 316,915 306,220 294,262 289,632 644,218 574,571 Interest expense: Interest on deposits 95,741 92,548 87,971 78,698 70,147 188,289 129,309 Federal funds purchased — — — 1 2 — 2 FHLB and other borrowed funds 14,255 14,276 9,878 8,161 6,596 28,531 12,786 Securities sold under agreements to repurchase 1,363 1,404 1,480 1,344 1,121 2,767 1,989 Subordinated debentures 4,122 4,097 4,121 4,121 4,123 8,219 8,247 Total interest expense 115,481 112,325 103,450 92,325 81,989 227,806 152,333 Net interest income 211,822 204,590 202,770 201,937 207,643 416,412 422,238 Provision for credit losses on loans 8,000 5,500 5,650 2,800 2,300 13,500 3,500 Recovery of credit losses on unfunded commitments — (1,000 ) — (1,500 ) — (1,000 ) — Provision for credit losses on investment securities — — — — 1,683 — 1,683 Total credit loss expense 8,000 4,500 5,650 1,300 3,983 12,500 5,183 Net interest income after credit loss expense 203,822 200,090 197,120 200,637 203,660 403,912 417,055 Non-interest income: Service charges on deposit accounts 9,714 9,686 10,072 10,062 9,231 19,400 19,073 Other service charges and fees 10,679 10,189 10,422 10,128 11,763 20,868 23,638 Trust fees 4,722 5,066 4,316 4,660 4,052 9,788 8,916 Mortgage lending income 4,276 3,558 2,385 3,132 2,650 7,834 5,221 Insurance commissions 565 508 480 562 518 1,073 1,044 Increase in cash value of life insurance 1,279 1,195 1,170 1,170 1,211 2,474 2,315 Dividends from FHLB, FRB, FNBB & other 2,998 3,007 3,010 2,916 2,922 6,005 5,716 Gain on SBA loans 56 198 42 97 — 254 139 Gain (loss) on branches, equipment and other assets, net 2,052 (8 ) 583 — 917 2,044 924 Gain on OREO, net 49 17 13 — 319 66 319 Fair value adjustment for marketable securities (274 ) 1,003 5,024 4,507 783 729 (10,625 ) Other income 6,658 7,380 5,331 6,179 15,143 14,038 26,993 Total non-interest income 42,774 41,799 42,848 43,413 49,509 84,573 83,673 Non-interest expense: Salaries and employee benefits 60,427 60,910 63,430 64,512 64,534 121,337 129,024 Occupancy and equipment 14,408 14,551 14,965 15,463 14,923 28,959 29,875 Data processing expense 8,935 9,147 9,107 9,103 9,151 18,082 18,119 Other operating expenses 29,415 26,888 39,673 25,684 27,674 56,303 53,908 Total non-interest expense 113,185 111,496 127,175 114,762 116,282 224,681 230,926 Income before income taxes 133,411 130,393 112,793 129,288 136,887 263,804 269,802 Income tax expense 31,881 30,284 26,550 30,835 31,616 62,165 61,569 Net income $ 101,530 $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 201,639 $ 208,233 Home BancShares, Inc. Selected Financial Information (Unaudited) Quarter Ended Six Months Ended (Dollars and shares in thousands, except per share data) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023 PER SHARE DATA Diluted earnings per common share $ 0.51 $ 0.50 $ 0.43 $ 0.49 $ 0.52 $ 1.00 $ 1.02 Diluted earnings per common share, as adjusted (non-GAAP)(1) 0.52 0.49 0.46 0.47 0.51 1.01 1.04 Basic earnings per common share 0.51 0.50 0.43 0.49 0.52 1.00 1.03 Dividends per share - common 0.18 0.18 0.18 0.18 0.18 0.36 0.36 Book value per common share 19.30 18.98 18.81 18.06 18.04 19.30 18.04 Tangible book value per common share (non-GAAP)(1) 12.08 11.79 11.63 10.90 10.87 12.08 10.87 STOCK INFORMATION Average common shares outstanding 200,319 201,210 201,756 202,526 202,793 200,765 203,122 Average diluted shares outstanding 200,465 201,390 201,891 202,650 202,923 200,909 203,274 End of period common shares outstanding 199,746 200,797 201,526 202,323 202,573 199,746 202,573 ANNUALIZED PERFORMANCE METRICS Return on average assets (ROA) 1.79 % 1.78 % 1.55 % 1.78 % 1.90 % 1.78 % 1.87 % Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1) 1.83 % 1.76 % 1.66 % 1.72 % 1.85 % 1.79 % 1.90 % Return on average assets excluding intangible amortization (non-GAAP)(1) 1.94 % 1.93 % 1.69 % 1.95 % 2.07 % 1.93 % 2.03 % Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1) 1.98 % 1.91 % 1.81 % 1.87 % 2.02 % 1.94 % 2.07 % Return on average common equity (ROE) 10.73 % 10.64 % 9.36 % 10.65 % 11.63 % 10.69 % 11.66 % Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1) 10.98 % 10.54 % 10.00 % 10.25 % 11.33 % 10.76 % 11.85 % Return on average tangible common equity (ROTCE) (non-GAAP)(1) 17.29 % 17.22 % 15.49 % 17.62 % 19.39 % 17.26 % 19.57 % Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1) 17.69 % 17.07 % 16.56 % 16.95 % 18.90 % 17.38 % 19.88 % Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) 17.56 % 17.50 % 15.80 % 17.95 % 19.74 % 17.53 % 19.92 % Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1) 17.97 % 17.34 % 16.87 % 17.29 % 19.24 % 17.66 % 20.23 % (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc. Selected Financial Information (Unaudited) Quarter Ended Six Months Ended (Dollars in thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023 Efficiency ratio 43.17 % 44.22 % 50.64 % 45.53 % 44.00 % 43.69 % 44.39 % Efficiency ratio, as adjusted (non-GAAP)(1) 42.59 % 44.43 % 46.43 % 46.44 % 44.83 % 43.50 % 44.12 % Net interest margin - FTE (NIM) 4.27 % 4.13 % 4.17 % 4.19 % 4.28 % 4.20 % 4.33 % Fully taxable equivalent adjustment $ 2,628 $ 892 $ 1,091 $ 1,293 $ 1,494 $ 3,520 $ 3,122 Total revenue (net) 254,596 246,389 245,618 245,350 257,152 500,985 505,911 Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) 141,411 134,893 118,443 130,588 140,870 276,304 274,985 PPNR, as adjusted (non-GAAP)(1) 141,886 133,728 126,402 125,743 137,308 275,614 279,370 Pre-tax net income to total revenue (net) 52.40 % 52.92 % 45.92 % 52.70 % 53.23 % 52.66 % 53.33 % Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 52.59 % 52.45 % 49.16 % 50.72 % 51.85 % 52.52 % 54.20 % P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 55.54 % 54.75 % 48.22 % 53.23 % 54.78 % 55.15 % 54.35 % P5NR, as adjusted (non-GAAP)(1) 55.73 % 54.28 % 51.46 % 51.25 % 53.40 % 55.01 % 55.22 % Total purchase accounting accretion $ 1,873 $ 2,772 $ 2,324 $ 2,431 $ 2,660 $ 4,645 $ 5,832 Average purchase accounting loan discounts 22,788 24,820 27,397 29,915 32,546 23,813 34,022 OTHER OPERATING EXPENSES Advertising $ 1,692 $ 1,654 $ 2,226 $ 2,295 $ 2,098 $ 3,346 $ 4,329 Amortization of intangibles 2,140 2,140 2,253 2,477 2,478 4,280 4,955 Electronic banking expense 3,412 3,156 3,599 3,709 3,675 6,568 7,005 Directors' fees 423 498 399 417 538 921 998 Due from bank service charges 282 276 274 282 286 558 559 FDIC and state assessment 5,494 3,318 16,016 2,794 3,220 8,812 6,720 Insurance 905 903 873 878 927 1,808 1,816 Legal and accounting 2,617 2,081 1,192 1,514 1,436 4,698 2,524 Other professional fees 2,108 2,236 1,640 2,117 2,774 4,344 5,058 Operating supplies 613 683 777 860 763 1,296 1,501 Postage 497 523 503 491 586 1,020 1,087 Telephone 444 470 515 544 573 914 1,101 Other expense 8,788 8,950 9,406 7,306 8,320 17,738 16,255 Total other operating expenses $ 29,415 $ 26,888 $ 39,673 $ 25,684 $ 27,674 $ 56,303 $ 53,908 (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc. Selected Financial Information (Unaudited) (Dollars in thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 BALANCE SHEET RATIOS Total loans to total deposits 87.18 % 86.05 % 85.92 % 86.40 % 83.43 % Common equity to assets 16.82 % 16.69 % 16.73 % 16.65 % 16.51 % Tangible common equity to tangible assets (non-GAAP)(1) 11.23 % 11.06 % 11.05 % 10.76 % 10.65 % . LOANS RECEIVABLE Real estate Commercial real estate loans Non-farm/non-residential $ 5,599,925 $ 5,616,965 $ 5,549,954 $ 5,614,259 $ 5,480,738 Construction/land development 2,511,817 2,330,555 2,293,047 2,154,030 2,201,514 Agricultural 345,461 337,618 325,156 336,160 340,067 Residential real estate loans Residential 1-4 family 1,910,143 1,899,974 1,844,260 1,808,248 1,790,218 Multifamily residential 509,091 415,926 435,736 444,239 455,754 Total real estate 10,876,437 10,601,038 10,448,153 10,356,936 10,268,291 Consumer 1,189,386 1,163,228 1,153,690 1,153,461 1,156,273 Commercial and industrial 2,242,072 2,284,775 2,324,991 2,195,678 2,288,646 Agricultural 314,600 278,609 307,327 332,608 297,743 Other 158,962 186,023 190,567 233,150 170,019 Loans receivable $ 14,781,457 $ 14,513,673 $ 14,424,728 $ 14,271,833 $ 14,180,972 ALLOWANCE FOR CREDIT LOSSES Balance, beginning of period $ 290,294 $ 288,234 $ 285,562 $ 285,683 $ 287,169 Loans charged off 3,098 3,978 3,592 3,449 4,726 Recoveries of loans previously charged off 660 538 614 528 940 Net loans charged off 2,438 3,440 2,978 2,921 3,786 Provision for credit losses - loans 8,000 5,500 5,650 2,800 2,300 Balance, end of period $ 295,856 $ 290,294 $ 288,234 $ 285,562 $ 285,683 Net charge-offs to average total loans 0.07 % 0.10 % 0.08 % 0.08 % 0.11 % Allowance for credit losses to total loans 2.00 % 2.00 % 2.00 % 2.00 % 2.01 % NON-PERFORMING ASSETS Non-performing loans Non-accrual loans $ 78,090 $ 67,055 $ 59,971 $ 84,184 $ 49,627 Loans past due 90 days or more 8,251 12,928 4,130 6,674 10,869 Total non-performing loans 86,341 79,983 64,101 90,858 60,496 Other non-performing assets Foreclosed assets held for sale, net 41,347 30,650 30,486 691 725 Other non-performing assets 63 63 785 64 64 Total other non-performing assets 41,410 30,713 31,271 755 789 Total non-performing assets $ 127,751 $ 110,696 $ 95,372 $ 91,613 $ 61,285 Allowance for credit losses for loans to non-performing loans 342.66 % 362.94 % 449.66 % 314.29 % 472.23 % Non-performing loans to total loans 0.58 % 0.55 % 0.44 % 0.64 % 0.43 % Non-performing assets to total assets 0.56 % 0.48 % 0.42 % 0.42 % 0.28 % (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended June 30, 2024 March 31, 2024 (Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate ASSETS Earning assets Interest-bearing balances due from banks $ 929,916 $ 12,564 5.43 % $ 801,456 $ 10,528 5.28 % Federal funds sold 4,424 59 5.36 % 5,012 61 4.90 % Investment securities - taxable 3,445,769 32,587 3.80 % 3,473,511 33,229 3.85 % Investment securities - non-taxable - FTE 1,185,001 10,254 3.48 % 1,257,861 8,642 2.76 % Loans receivable - FTE 14,648,564 274,467 7.54 % 14,487,494 265,347 7.37 % Total interest-earning assets 20,213,674 329,931 6.56 % 20,025,334 317,807 6.38 % Non-earning assets 2,662,275 2,657,925 Total assets $ 22,875,949 $ 22,683,259 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 11,118,587 $ 77,928 2.82 % $ 11,038,910 $ 75,597 2.75 % Time deposits 1,732,610 17,813 4.14 % 1,685,193 16,951 4.05 % Total interest-bearing deposits 12,851,197 95,741 3.00 % 12,724,103 92,548 2.93 % Federal funds purchased 33 — — % — — — % Securities sold under agreement to repurchase 159,899 1,363 3.43 % 172,024 1,404 3.28 % FHLB borrowed funds 1,301,050 14,255 4.41 % 1,301,091 14,276 4.41 % Subordinated debentures 439,613 4,122 3.77 % 439,760 4,097 3.75 % Total interest-bearing liabilities 14,751,792 115,481 3.15 % 14,636,978 112,325 3.09 % Non-interest bearing liabilities Non-interest bearing deposits 4,083,916 4,017,659 Other liabilities 234,441 244,970 Total liabilities 19,070,149 18,899,607 Shareholders' equity 3,805,800 3,783,652 Total liabilities and shareholders' equity $ 22,875,949 $ 22,683,259 Net interest spread 3.41 % 3.29 % Net interest income and margin - FTE $ 214,450 4.27 % $ 205,482 4.13 % Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Six Months Ended June 30, 2024 June 30, 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 $ 865,686 $ 23,092 5.36 % $ 372,752 $ 8,414 4.55 % Federal funds sold 4,718 120 5.11 % 2,926 74 5.10 % Investment securities - taxable 3,459,639 65,816 3.83 % 3,791,872 70,039 3.72 % Investment securities - non-taxable - FTE 1,221,431 18,896 3.11 % 1,285,148 18,814 2.95 % Loans receivable - FTE 14,568,029 539,814 7.45 % 14,366,267 480,352 6.74 % Total interest-earning assets 20,119,503 647,738 6.47 % 19,818,965 577,693 5.88 % Non-earning assets 2,660,101 2,641,370 Total assets $ 22,779,604 $ 22,460,335 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 11,078,749 $ 153,525 2.79 % $ 11,410,230 $ 117,493 2.08 % Time deposits 1,708,902 34,764 4.09 % 1,123,793 11,816 2.12 % Total interest-bearing deposits 12,787,651 188,289 2.96 % 12,534,023 129,309 2.08 % Federal funds purchased 17 — — % 62 2 6.51 % Securities sold under agreement to repurchase 165,962 2,767 3.35 % 139,477 1,989 2.88 % FHLB borrowed funds 1,301,071 28,531 4.41 % 665,356 12,786 3.88 % Subordinated debentures 439,686 8,219 3.76 % 440,273 8,247 3.78 % Total interest-bearing liabilities 14,694,387 227,806 3.12 % 13,779,191 152,333 2.23 % Non-interest bearing liabilities Non-interest bearing deposits 4,050,787 4,879,521 Other liabilities 239,704 201,562 Total liabilities 18,984,878 18,860,274 Shareholders' equity 3,794,726 3,600,061 Total liabilities and shareholders' equity $ 22,779,604 $ 22,460,335 Net interest spread 3.35 % 3.65 % Net interest income and margin - FTE $ 419,932 4.20 % $ 425,360 4.33 % Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Six Months Ended (Dollars and shares in thousands, except per share data) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023 EARNINGS, AS ADJUSTED GAAP net income available to common shareholders (A) $ 101,530 $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 201,639 $ 208,233 Pre-tax adjustments FDIC special assessment 2,260 — 12,983 — — 2,260 — BOLI death benefits — (162 ) — (338 ) (2,779 ) (162 ) (2,779 ) Gain on sale of building (2,059 ) — — — — (2,059 ) — Fair value adjustment for marketable securities 274 (1,003 ) (5,024 ) (4,507 ) (783 ) (729 ) 10,625 Recoveries on historic losses — — — — — — (3,461 ) Total pre-tax adjustments 475 (1,165 ) 7,959 (4,845 ) (3,562 ) (690 ) 4,385 Tax-effect of adjustments 119 (251 ) 1,989 (1,112 ) (879 ) (132 ) 1,082 Deferred tax asset write-down 2,030 — — — — 2,030 — Total adjustments after-tax (B) 2,386 (914 ) 5,970 (3,733 ) (2,683 ) 1,472 3,303 Earnings, as adjusted (C) $ 103,916 $ 99,195 $ 92,213 $ 94,720 $ 102,588 $ 203,111 $ 211,536 Average diluted shares outstanding (D) 200,465 201,390 201,891 202,650 202,923 200,909 203,274 GAAP diluted earnings per share: (A/D) $ 0.51 $ 0.50 $ 0.43 $ 0.49 $ 0.52 $ 1.00 $ 1.02 Adjustments after-tax: (B/D) 0.01 (0.01 ) 0.03 (0.02 ) (0.01 ) 0.01 0.02 Diluted earnings per common share, as adjusted: (C/D) $ 0.52 $ 0.49 $ 0.46 $ 0.47 $ 0.51 $ 1.01 $ 1.04 ANNUALIZED RETURN ON AVERAGE ASSETS Return on average assets: (A/E) 1.79 % 1.78 % 1.55 % 1.78 % 1.90 % 1.78 % 1.87 % Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E) 1.83 % 1.76 % 1.66 % 1.72 % 1.85 % 1.79 % 1.90 % Return on average assets excluding intangible amortization: ((A+C)/(E-F)) 1.94 % 1.93 % 1.69 % 1.95 % 2.07 % 1.93 % 2.03 % Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F)) 1.98 % 1.91 % 1.81 % 1.87 % 2.02 % 1.94 % 2.07 % GAAP net income available to common shareholders (A) $ 101,530 $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 201,639 $ 208,233 Amortization of intangibles (B) 2,140 2,140 2,253 2,477 2,478 4,280 4,955 Amortization of intangibles after-tax (C) 1,605 1,605 1,690 1,866 1,866 3,210 3,732 Adjustments after-tax (D) 2,386 (914 ) 5,970 (3,733 ) (2,683 ) 1,472 3,303 Average assets (E) 22,875,949 22,683,259 22,056,440 21,902,434 22,227,404 22,779,604 22,460,335 Average goodwill & core deposit intangible (F) 1,443,778 1,445,902 1,448,061 1,450,478 1,452,951 1,444,840 1,454,180 Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Six Months Ended (Dollars in thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023 ANNUALIZED RETURN ON AVERAGE COMMON EQUITY Return on average common equity: (A/D) 10.73 % 10.64 % 9.36 % 10.65 % 11.63 % 10.69 % 11.66 % Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D) 10.98 % 10.54 % 10.00 % 10.25 % 11.33 % 10.76 % 11.85 % Return on average tangible common equity: (A/(D-E)) 17.29 % 17.22 % 15.49 % 17.62 % 19.39 % 17.26 % 19.57 % Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E)) 17.69 % 17.07 % 16.56 % 16.95 % 18.90 % 17.38 % 19.88 % Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 17.56 % 17.50 % 15.80 % 17.95 % 19.74 % 17.53 % 19.92 % Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E)) 17.97 % 17.34 % 16.87 % 17.29 % 19.24 % 17.66 % 20.23 % GAAP net income available to common shareholders (A) $ 101,530 $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 201,639 $ 208,233 Earnings excluding intangible amortization (B) 103,135 101,714 87,933 100,319 107,137 204,849 211,965 Adjustments after-tax (C) 2,386 (914 ) 5,970 (3,733 ) (2,683 ) 1,472 3,303 Average common equity (D) 3,805,800 3,783,652 3,656,720 3,667,339 3,630,194 3,794,726 3,600,061 Average goodwill & core deposits intangible (E) 1,443,778 1,445,902 1,448,061 1,450,478 1,452,951 1,444,840 1,454,180 EFFICIENCY RATIO & P5NR Efficiency ratio: ((D-G)/(B+C+E)) 43.17 % 44.22 % 50.64 % 45.53 % 44.00 % 43.69 % 44.39 % Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H)) 42.59 % 44.43 % 46.43 % 46.44 % 44.83 % 43.50 % 44.12 % Pre-tax net income to total revenue (net) (A/(B+C)) 52.40 % 52.92 % 45.92 % 52.70 % 53.23 % 52.66 % 53.33 % Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C)) 52.59 % 52.45 % 49.16 % 50.72 % 51.85 % 52.52 % 54.20 % Pre-tax, pre-provision, net income (PPNR) (B+C-D) $ 141,411 $ 134,893 $ 118,443 $ 130,588 $ 140,870 $ 276,304 $ 274,985 Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $ 141,886 $ 133,728 $ 126,402 $ 125,743 $ 137,308 $ 275,614 $ 279,370 P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C) 55.54 % 54.75 % 48.22 % 53.23 % 54.78 % 55.15 % 54.35 % P5NR, as adjusted (B+C-D+F)/(B+C) 55.73 % 54.28 % 51.46 % 51.25 % 53.40 % 55.01 % 55.22 % Pre-tax net income (A) $ 133,411 $ 130,393 $ 112,793 $ 129,288 $ 136,887 $ 263,804 $ 269,802 Net interest income (B) 211,822 204,590 202,770 201,937 207,643 416,412 422,238 Non-interest income (C) 42,774 41,799 42,848 43,413 49,509 84,573 83,673 Non-interest expense (D) 113,185 111,496 127,175 114,762 116,282 224,681 230,926 Fully taxable equivalent adjustment (E) 2,628 892 1,091 1,293 1,494 3,520 3,122 Total pre-tax adjustments (F) 475 (1,165 ) 7,959 (4,845 ) (3,562 ) (690 ) 4,385 Amortization of intangibles (G) 2,140 2,140 2,253 2,477 2,478 4,280 4,955 Adjustments: Non-interest income: Fair value adjustment for marketable securities $ (274 ) $ 1,003 $ 5,024 $ 4,507 $ 783 $ 729 $ (10,625 ) Gain on OREO 49 17 13 — 319 66 319 Gain (loss) on branches, equipment and other assets, net 2,052 (8 ) 583 — 917 2,044 924 BOLI death benefits — 162 — 338 2,779 162 2,779 Recoveries on historic losses — — — — — — 3,461 Total non-interest income adjustments (H) $ 1,827 $ 1,174 $ 5,620 $ 4,845 $ 4,798 $ 3,001 $ (3,142 ) Non-interest expense: FDIC special assessment 2,260 — 12,983 — — 2,260 — Total non-interest expense adjustments (I) $ 2,260 $ — $ 12,983 $ — $ — $ 2,260 $ — Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 TANGIBLE BOOK VALUE PER COMMON SHARE Book value per common share: (A/B) $ 19.30 $ 18.98 $ 18.81 $ 18.06 $ 18.04 Tangible book value per common share: ((A-C-D)/B) 12.08 11.79 11.63 10.90 10.87 Total stockholders' equity (A) $ 3,855,503 $ 3,811,401 $ 3,791,075 $ 3,654,874 $ 3,654,084 End of period common shares outstanding (B) 199,746 200,797 201,526 202,323 202,573 Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253 Core deposit and other intangibles (D) 44,490 46,630 48,770 51,023 53,500 TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Equity to assets: (B/A) 16.82 % 16.69 % 16.73 % 16.65 % 16.51 % Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 11.23 % 11.06 % 11.05 % 10.76 % 10.65 % Total assets (A) $ 22,919,905 $ 22,835,721 $ 22,656,658 $ 21,950,638 $ 22,126,429 Total stockholders' equity (B) 3,855,503 3,811,401 3,791,075 3,654,874 3,654,084 Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253 Core deposit and other intangibles (D) 44,490 46,630 48,770 51,023 53,500 
