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HOMB’s Balance Sheet Continues to Weather the Storm
ソース: Nasdaq GlobeNewswire / 20 4 2023 07:15:01 America/Chicago
CONWAY, Ark., April 20, 2023 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.
Highlights of the First Quarter of 2023:
Metric Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Net income $103.0 million $115.7 million $108.7 million $16.0 million $64.9 million Total revenue (net) $248.8 million $272.3 million $256.3 million $243.3 million $161.8 million Income before income taxes $132.9 million $148.4 million $142.0 million $19.3 million $84.9 million Pre-tax, pre-provision, net income (PPNR)
(non-GAAP)(1)$134.1 million $153.4 million $142.0 million $77.9 million $84.9 million Pre-tax net income to total revenue (net) 53.43% 54.50% 55.39% 7.92% 52.48% P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 53.91% 56.34% 55.39% 32.00% 52.48% ROA 1.84% 1.98% 1.81% 0.26% 1.43% NIM 4.37% 4.21% 4.05% 3.64% 3.21% Purchase accounting accretion $3.2 million $3.5 million $4.6 million $5.2 million $3.1 million ROE 11.70% 13.29% 12.25% 1.78% 9.58% ROTCE (non-GAAP)(1) 19.75% 22.96% 20.93% 2.96% 15.03% Diluted earnings per share $0.51 $0.57 $0.53 $0.08 $0.40 Non-performing assets to total assets 0.33% 0.27% 0.27% 0.25% 0.25% Common equity tier 1 capital 13.2% 12.9% 13.0% 12.8% 14.9% Leverage 11.4% 10.9% 10.4% 9.8% 10.8% Tier 1 capital 13.2% 12.9% 13.0% 12.9% 15.5% Total risk-based capital 16.8% 16.5% 16.7% 16.6% 21.6% Allowance for credit losses to total loans 2.00% 2.01% 2.09% 2.11% 2.34% (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
“The strength of Home BancShares’ liquidity and availability provides more than 100% coverage for all uninsured and uncollateralized depositors as of March 31, 2023,” stated John Allison, Chairman and CEO of HOMB. “The strong liquidity of HOMB would have allowed HOMB to pay all uninsured and uncollateralized deposits in excess of the FDIC limits of $250,000 and still have $1.7 billion remaining,” Allison continued.
“We are very proud of the fortress balance sheet we have built at Home BancShares. Home BancShares with its wholly-owned subsidiary Centennial Bank is one of the strongest financial institutions in America. There are only a handful of banks in the country that can make that statement. Our strength and liquidity have put HOMB in an enviable position,” Allison added.
“As the banking environment continues to be volatile, our ability to pay uninsured and uncollateralized deposits at Centennial Bank and deliver strong earnings for our shareholders is nothing less than remarkable,” said Tracy French, President and CEO of Centennial Bank.
Liquidity and Funding Sources
At March 31, 2023, the Company held $2.74 billion in net available internal liquidity. This balance consisted of $2.15 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $407.2 million in cash with the Federal Reserve Bank (FRB) and $185.9 million in other liquid cash accounts.
Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $4.18 billion in net available external liquidity as of March 31, 2023. This included $5.20 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.80 billion has been drawn upon in the ordinary course of business, resulting in $3.40 billion in net available liquidity with the FHLB as of March 31, 2023. The $1.80 billion consisted of $650.0 million in outstanding FHLB advances and $1.15 billion used for pledging purposes. The Company also had access to approximately $677.7 million in liquidity with the FRB as of March 31, 2023. This consisted of $71.8 million available from the Discount Window and $605.9 million available through the Bank Term Funding Program (BTFP). As of March 31, 2023, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB), and $45.0 million from other various external sources.
Overall, the Company had $6.92 billion net available liquidity as of March 31, 2023, which consisted of $2.74 billion of net available internal liquidity and $4.18 billion in net available external liquidity. Details on the Company’s available liquidity as of March 31, 2023 is available below.
(in thousands) Total Available Amount Used Net Availability Internal Sources Unpledged investment securities (market value) $ 2,150,186 $ — $ 2,150,186 Cash at FRB 407,210 — 407,210 Other liquid cash accounts 185,943 — 185,943 Total Internal Liquidity 2,743,339 — 2,743,339 External Sources FHLB 5,201,603 1,798,490 3,403,113 FRB Discount Window 71,755 — 71,755 BTFP (par value) 605,896 — 605,896 FNBB 55,000 — 55,000 Other 45,000 — 45,000 Total External Liquidity 5,979,254 1,798,490 4,180,764 Total Available Liquidity $ 8,722,593 $ 1,798,490 $ 6,924,103 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, 2023, the Company held approximately $7.89 billion in uninsured deposits of which $2.68 billion were collateralized deposits, for a net position of $5.21 billion. This represents approximately 29.9% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.71 billion.
(in thousands) As of
March 31, 2023Uninsured Deposits $ 7,892,121 Collateralized Deposits 2,683,804 Net Uninsured Position $ 5,208,317 Total Available Liquidity $ 6,924,103 Net Uninsured Position 5,208,317 Net Available Liquidity in Excess of Uninsured Deposits $ 1,715,786 In the event the Company’s $5.21 billion net position of uninsured deposits had been called by depositors during the first quarter of 2023, the Company estimates that interest expense would have increased by approximately $64.2 million for the period ended March 31, 2023, assuming the event occurred on January 1, 2023. The outflow of deposits could have been funded through available sources of liquidity. In this event, the Company estimates that it would still have achieved return on average assets (ROA) of 1.21% for the period ended March 31, 2023.
Subsequent to the end of the quarter, the Company made the decision to pledge additional investment securities with a market value of $761.5 million in order to increase the Company’s BTFP borrowing capacity by $825.5 million, which represents the par value of the pledged investment securities. This increased the net available liquidity exceeding uninsured deposits by $64.0 million.
Operating Highlights
Net income for the three-month period ended March 31, 2023 was $103.0 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), was $108.9 million(1), or $0.54 per share(1) for the three months ended March 31, 2023.
Our net interest margin was 4.37% for the three-month period ended March 31, 2023, compared to 4.21% for the three-month period ended December 31, 2022. The yield on loans was 6.64% and 6.23% for the three months ended March 31, 2023 and December 31, 2022, respectively, as average loans increased from $14.11 billion to $14.47 billion. Additionally, the rate on interest bearing deposits increased to 1.90% as of March 31, 2023, from 1.45% as of December 31, 2022, while average interest-bearing balances decreased from $12.85 billion to $12.65 billion.
During the first quarter of 2023, there was $2.1 million of event interest income compared to event interest income of $871,000 for the fourth quarter of 2022.
Purchase accounting accretion on acquired loans was $3.2 million and $3.5 million and average purchase accounting loan discounts were $35.5 million and $38.6 million for the three-month periods ended March 31, 2023 and December 31, 2022, respectively.
Net interest income on a fully taxable equivalent basis was $216.2 million for the three-month period ended March 31, 2023, and $217.7 million for the three-month period ended December 31, 2022. This reduction in net interest income for the three-month period ended March 31, 2023, was the result of a $13.1 million increase in interest expense, partially offset by an $11.7 million increase in interest income. The $13.1 million increase in interest expense was due to a $12.1 million increase in interest expense on deposits and an $802,000 increase in interest expense on FHLB borrowed funds. The increase in interest expense on deposits and FHLB borrowed funds is a result of the rising interest rate environment. The $11.7 million increase in interest income was primarily the result of a $15.6 million increase in loan interest income and a $1.5 million increase in investment income, partially offset by a $5.4 million decrease in income from interest-bearing balances due from banks. The increase in interest income is a result of the rising interest rate environment as well as an increase in average loan balances during the quarter.
The Company reported $34.2 million of non-interest income for the first quarter of 2023. The most important components of first quarter non-interest income were $11.9 million from other income, $11.9 million from other service charges and fees, $9.8 million from service charges on deposit accounts, $4.9 million from trust fees, $2.8 million from dividends from FHLB, FRB, FNBB and other, $2.6 million in mortgage lending income and a $1.1 million increase in cash value of life insurance, partially offset by an $11.4 million fair value adjustment for marketable securities. The $11.9 million in other income includes $3.5 million in recoveries on historic losses.
Non-interest expense for the first quarter of 2023 was $114.6 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $26.2 million in other operating expense, $15.0 million in occupancy and equipment expenses and $9.0 million in data processing expenses. For the first quarter of 2023, our efficiency ratio was 44.80%; and our efficiency ratio, as adjusted (non-GAAP), was 43.42%(1).
Financial Condition
Total loans receivable were $14.39 billion at March 31, 2023, compared to $14.41 billion at December 31, 2022. Total deposits were $17.45 billion at March 31, 2023, compared to $17.94 billion at December 31, 2022. Total assets were $22.52 billion at March 31, 2023, compared to $22.88 billion at December 31, 2022.
During the first quarter of 2023, the Company experienced approximately $22.8 million in loan decline. Centennial CFG experienced $94.6 million of organic loan decline and had loans of $2.18 billion at March 31, 2023. Our remaining footprint experienced $73.9 million in organic loan growth and $2.1 million in PPP loan decline during the quarter.
Non-performing loans to total loans was 0.51% and 0.42% at March 31, 2023 and December 31, 2022, respectively. Non-performing assets to total assets was 0.33% and 0.27% at March 31, 2023 and December 31, 2022, respectively. Net charge-offs were $3.7 million and $4.5 million for the three months ended March 31, 2023 and December 31, 2022, respectively.
Non-performing loans at March 31, 2023 were $11.2 million, $20.0 million, $26.9 million, $390,000, $2.1 million and $13.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.0 million. Non-performing assets at March 31, 2023 were $11.2 million, $20.2 million, $27.2 million, $390,000, $2.1 million and $13.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.5 million.
The Company’s allowance for credit losses on loans was $287.2 million at March 31, 2023, or 2.00% of total loans, compared to the allowance for credit losses on loans of $289.7 million, or 2.01% of total loans, at December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company’s allowance for credit losses on loans was 388.23% and 475.99% of its total non-performing loans, respectively.
Stockholders’ equity was $3.63 billion at March 31, 2023, compared to $3.53 billion at December 31, 2022, an increase of approximately $104.5 million. The increase in stockholders’ equity is primarily associated with the $66.3 million increase in retained earnings and the $49.2 million decrease in accumulated other comprehensive loss, which were partially offset by $13.5 million in stock repurchases. Book value per common share was $17.87 at March 31, 2023, compared to $17.33 at December 31, 2022. Tangible book value per common share (non-GAAP) was $10.71(1) at March 31, 2023, compared to $10.17(1) at December 31, 2022.
Office Loan Portfolio Detail
The following charts and graphs provide additional information related to our loan portfolio secured by commercial office space, which represents an aggregate outstanding principal balance of $1.03 billion, or 7.1% of our total loans receivable as of December 31, 2022.
Branches
The Company currently has 76 branches in Arkansas, 78 branches in Florida, 63 branches in Texas, 5 branches in Alabama and one branch in New York City.
Conference Call
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 20, 2023. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/775702912. 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=a2c2eedd&confId=48539. 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: 716837. A replay of the call will be available by calling 1-866-813-9403, Passcode: 964704, which will be available until April 27, 2023, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.
About Home BancShares
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
General
This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023.
FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625Home BancShares, Inc. Consolidated End of Period Balance Sheets (Unaudited) (In thousands) Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 ASSETS Cash and due from banks $ 250,841 $ 263,893 $ 268,929 $ 287,451 $ 173,134 Interest-bearing deposits with other banks 437,213 460,897 1,311,492 2,528,925 3,446,324 Cash and cash equivalents 688,054 724,790 1,580,421 2,816,376 3,619,458 Federal funds sold — — 2,700 — — Investment securities - available-for sale, net of allowance for credit losses 3,772,138 4,041,590 4,085,102 3,791,509 2,957,322 Investment securities - held-to-maturity, net of allowance for credit losses 1,286,373 1,287,705 1,251,007 1,366,781 499,265 Total investment securities 5,058,511 5,329,295 5,336,109 5,158,290 3,456,587 Loans receivable 14,386,634 14,409,480 13,829,311 13,923,873 10,052,714 Allowance for credit losses (287,169 ) (289,669 ) (289,203 ) (294,267 ) (234,768 ) Loans receivable, net 14,099,465 14,119,811 13,540,108 13,629,606 9,817,946 Bank premises and equipment, net 402,094 405,073 411,479 415,056 274,503 Foreclosed assets held for sale 425 546 365 373 1,144 Cash value of life insurance 214,792 213,693 212,619 211,811 105,623 Accrued interest receivable 102,740 103,199 88,671 80,274 46,934 Deferred tax asset, net 193,334 209,321 228,979 208,585 116,605 Goodwill 1,398,253 1,398,253 1,394,353 1,398,400 973,025 Core deposit intangible 55,978 58,455 60,932 63,410 23,624 Other assets 304,609 321,152 300,634 270,987 182,546 Total assets $ 22,518,255 $ 22,883,588 $ 23,157,370 $ 24,253,168 $ 18,617,995 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and non-interest-bearing $ 4,945,729 $ 5,164,997 $ 5,540,539 $ 6,036,583 $ 4,311,400 Savings and interest-bearing transaction accounts 11,392,566 11,730,552 11,968,519 12,424,192 9,461,393 Time deposits 1,107,171 1,043,234 1,033,266 1,119,297 808,141 Total deposits 17,445,466 17,938,783 18,542,324 19,580,072 14,580,934 Securities sold under agreements to repurchase 138,742 131,146 121,555 118,573 151,151 FHLB and other borrowed funds 650,000 650,000 400,000 400,000 400,000 Accrued interest payable and other liabilities 212,887 196,877 192,908 197,503 131,339 Subordinated debentures 440,275 440,420 440,568 458,455 667,868 Total liabilities 18,887,370 19,357,226 19,697,355 20,754,603 15,931,292 Stockholders' equity Common stock 2,032 2,034 2,042 2,053 1,638 Capital surplus 2,375,754 2,386,699 2,404,388 2,426,271 1,485,524 Retained earnings 1,509,400 1,443,087 1,361,040 1,286,146 1,304,098 Accumulated other comprehensive loss (256,301 ) (305,458 ) (307,455 ) (215,905 ) (104,557 ) Total stockholders' equity 3,630,885 3,526,362 3,460,015 3,498,565 2,686,703 Total liabilities and stockholders' equity $ 22,518,255 $ 22,883,588 $ 23,157,370 $ 24,253,168 $ 18,617,995 Home BancShares, Inc. Consolidated Statements of Income (Unaudited) Quarter Ended Three Months Ended (In thousands) Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2022 Interest income: Loans $ 236,997 $ 221,280 $ 195,841 $ 181,779 $ 129,442 $ 236,997 $ 129,442 Investment securities Taxable 35,288 33,639 28,273 20,941 9,080 35,288 9,080 Tax-exempt 7,963 7,855 8,069 7,725 4,707 7,963 4,707 Deposits - other banks 4,685 10,109 10,763 6,565 1,673 4,685 1,673 Federal funds sold 6 12 9 3 1 6 1 Total interest income 284,939 272,895 242,955 217,013 144,903 284,939 144,903 Interest expense: Interest on deposits 59,162 47,019 23,347 10,729 4,894 59,162 4,894 Federal funds purchased — — — 2 — — — FHLB borrowed funds 6,190 5,388 1,917 1,896 1,875 6,190 1,875 Securities sold under agreements to repurchase 868 701 434 187 108 868 108 Subordinated debentures 4,124 4,121 4,153 5,441 6,878 4,124 6,878 Total interest expense 70,344 57,229 29,851 18,255 13,755 70,344 13,755 Net interest income 214,595 215,666 213,104 198,758 131,148 214,595 131,148 Provision for credit losses on loans 1,200 5,000 — 45,170 — 1,200 — Provision for credit losses on unfunded commitments — — — 11,410 — — — Provision for credit losses on investment securities — — — 2,005 — — — Total credit loss expense 1,200 5,000 — 58,585 — 1,200 — Net interest income after credit loss expense 213,395 210,666 213,104 140,173 131,148 213,395 131,148 Non-interest income: Service charges on deposit accounts 9,842 10,134 10,756 10,084 6,140 9,842 6,140 Other service charges and fees 11,875 10,363 13,951 12,541 7,733 11,875 7,733 Trust fees 4,864 3,981 3,980 4,320 574 4,864 574 Mortgage lending income 2,571 3,566 4,179 5,996 3,916 2,571 3,916 Insurance commissions 526 453 601 658 480 526 480 Increase in cash value of life insurance 1,104 1,079 1,089 1,140 492 1,104 492 Dividends from FHLB, FRB, FNBB & other 2,794 2,814 1,741 3,945 698 2,794 698 Gain on SBA loans 139 30 58 — 95 139 95 Gain (loss) on branches, equipment and other assets, net 7 10 (13 ) 2 16 7 16 Gain on OREO, net — 13 — 9 478 — 478 Fair value adjustment for marketable securities (11,408 ) 1,032 (2,628 ) (1,801 ) 2,125 (11,408 ) 2,125 Other income 11,850 23,185 9,487 7,687 7,922 11,850 7,922 Total non-interest income 34,164 56,660 43,201 44,581 30,669 34,164 30,669 Non-interest expense: Salaries and employee benefits 64,490 64,249 65,290 65,795 43,551 64,490 43,551 Occupancy and equipment 14,952 14,884 15,133 14,256 9,144 14,952 9,144 Data processing expense 8,968 9,062 8,747 10,094 7,039 8,968 7,039 Merger and acquisition expenses — — — 48,731 863 — 863 Other operating expenses 26,234 30,708 25,176 26,606 16,299 26,234 16,299 Total non-interest expense 114,644 118,903 114,346 165,482 76,896 114,644 76,896 Income before income taxes 132,915 148,423 141,959 19,272 84,921 132,915 84,921 Income tax expense 29,953 32,736 33,254 3,294 20,029 29,953 20,029 Net income $ 102,962 $ 115,687 $ 108,705 $ 15,978 $ 64,892 $ 102,962 $ 64,892 Home BancShares, Inc. Selected Financial Information (Unaudited) Quarter Ended Three Months Ended (Dollars and shares in thousands, except per share data) Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2022 PER SHARE DATA Diluted earnings per common share $ 0.51 $ 0.57 $ 0.53 $ 0.08 $ 0.40 $ 0.51 $ 0.40 Diluted earnings per common share, as adjusted (non-GAAP)(1) 0.54 0.53 0.54 0.47 0.37 0.54 0.37 Basic earnings per common share 0.51 0.57 0.53 0.08 0.40 0.51 0.40 Dividends per share - common 0.180 0.165 0.165 0.165 0.165 0.18 0.165 Book value per common share 17.87 17.33 16.94 17.04 16.41 17.87 16.41 Tangible book value per common share (non-GAAP)(1) 10.71 10.17 9.82 9.92 10.32 10.71 10.32 STOCK INFORMATION Average common shares outstanding 203,456 203,924 204,829 205,683 163,787 203,456 163,787 Average diluted shares outstanding 203,625 204,179 205,135 206,015 164,196 203,625 164,196 End of period common shares outstanding 203,168 203,434 204,219 205,291 163,758 203,168 163,758 ANNUALIZED PERFORMANCE METRICS Return on average assets (ROA) 1.84 % 1.98 % 1.81 % 0.26 % 1.43 % 1.84 % 1.43 % Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1) 1.95 % 1.84 % 1.83 % 1.57 % 1.36 % 1.95 % 1.36 % Return on average assets excluding intangible amortization (non-GAAP)(1) 2.00 % 2.15 % 1.97 % 0.31 % 1.54 % 2.00 % 1.54 % Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1) 2.12 % 2.00 % 1.99 % 1.70 % 1.46 % 2.12 % 1.46 % Return on average common equity (ROE) 11.70 % 13.29 % 12.25 % 1.78 % 9.58 % 11.70 % 9.58 % Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1) 12.38 % 12.35 % 12.39 % 10.83 % 9.09 % 12.38 % 9.09 % Return on average tangible common equity (ROTCE) (non-GAAP)(1) 19.75 % 22.96 % 20.93 % 2.96 % 15.03 % 19.75 % 15.03 % Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1) 20.90 % 21.33 % 21.16 % 17.94 % 14.26 % 20.90 % 14.26 % Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) 20.11 % 23.33 % 21.29 % 3.30 % 15.28 % 20.11 % 15.28 % Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1) 21.26 % 21.70 % 21.52 % 18.29 % 14.50 % 21.26 % 14.50 % (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, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2022 Efficiency ratio 44.80 % 42.44 % 43.24 % 66.31 % 46.15 % 44.80 % 46.15 % Efficiency ratio, as adjusted (non-GAAP)(1) 43.42 % 43.07 % 42.97 % 46.02 % 47.33 % 43.42 % 47.33 % Net interest margin - FTE (NIM) 4.37 % 4.21 % 4.05 % 3.64 % 3.21 % 4.37 % 3.21 % Fully taxable equivalent adjustment $ 1,628 $ 2,017 $ 2,437 $ 2,471 $ 1,738 $ 1,628 $ 1,738 Total revenue (net) 248,759 272,326 256,305 243,339 161,817 248,759 161,817 Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) 134,115 153,423 141,959 77,857 84,921 134,115 84,921 PPNR, as adjusted (non-GAAP)(1) 142,062 142,567 143,522 126,683 80,371 142,062 80,371 Pre-tax net income to total revenue (net) 53.43 % 54.50 % 55.39 % 7.92 % 52.48 % 53.43 % 52.48 % Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 56.63 % 50.52 % 56.00 % 52.06 % 49.67 % 56.63 % 49.67 % P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 53.91 % 56.34 % 55.39 % 32.00 % 52.48 % 53.91 % 52.48 % P5NR, as adjusted (non-GAAP)(1) 57.11 % 52.35 % 56.00 % 52.06 % 49.67 % 57.11 % 49.67 % Total purchase accounting accretion $ 3,172 $ 3,497 $ 4,578 $ 5,177 $ 3,089 $ 3,172 $ 3,089 Average purchase accounting loan discounts 35,482 38,552 42,050 46,258 25,359 35,482 25,359 OTHER OPERATING EXPENSES Hurricane expense $ — $ 176 $ — $ — $ — $ — $ — Advertising 2,231 2,567 2,024 2,117 1,266 2,231 1,266 Amortization of intangibles 2,477 2,478 2,477 2,477 1,421 2,477 1,421 Electronic banking expense 3,330 3,914 3,828 3,352 2,538 3,330 2,538 Directors' fees 460 358 354 375 404 460 404 Due from bank service charges 273 273 316 396 270 273 270 FDIC and state assessment 3,500 2,224 2,146 2,390 1,668 3,500 1,668 Insurance 889 1,003 959 973 770 889 770 Legal and accounting 1,088 5,962 1,581 1,061 797 1,088 797 Other professional fees 2,284 2,552 2,466 2,254 1,609 2,284 1,609 Operating supplies 738 690 681 995 754 738 754 Postage 501 602 614 556 306 501 306 Telephone 528 576 593 384 337 528 337 Other expense 7,935 7,333 7,137 9,276 4,159 7,935 4,159 Total other operating expenses $ 26,234 $ 30,708 $ 25,176 $ 26,606 $ 16,299 $ 26,234 $ 16,299 (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, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 BALANCE SHEET RATIOS Total loans to total deposits 82.47 % 80.33 % 74.58 % 71.11 % 68.94 % Common equity to assets 16.12 % 15.41 % 14.94 % 14.43 % 14.43 % Tangible common equity to tangible assets (non-GAAP)(1) 10.33 % 9.66 % 9.24 % 8.94 % 9.59 % LOANS RECEIVABLE Real estate Commercial real estate loans Non-farm/non-residential $ 5,524,125 $ 5,632,063 $ 5,156,438 $ 5,092,539 $ 3,810,383 Construction/land development 2,160,514 2,135,266 2,232,906 2,595,384 1,856,096 Agricultural 342,814 346,811 330,748 329,106 142,920 Residential real estate loans Residential 1-4 family 1,748,231 1,748,551 1,704,850 1,708,221 1,223,890 Multifamily residential 637,633 578,052 525,110 389,633 248,650 Total real estate 10,413,317 10,440,743 9,950,052 10,114,883 7,281,939 Consumer 1,173,325 1,149,896 1,120,250 1,106,343 1,059,342 Commercial and industrial 2,368,428 2,349,263 2,268,750 2,187,771 1,510,205 Agricultural 250,851 285,235 313,693 324,630 48,095 Other 180,713 184,343 176,566 190,246 153,133 Loans receivable $ 14,386,634 $ 14,409,480 $ 13,829,311 $ 13,923,873 $ 10,052,714 ALLOWANCE FOR CREDIT LOSSES Balance, beginning of period $ 289,669 $ 289,203 $ 294,267 $ 234,768 $ 236,714 Allowance for credit losses on PCD loans - Happy acquisition — — — 16,816 — Loans charged off 4,288 5,379 6,313 3,265 2,310 Recoveries of loans previously charged off 588 845 1,249 778 364 Net loans charged off 3,700 4,534 5,064 2,487 1,946 Provision for credit losses - Happy acquisition — — — 45,170 — Provision for credit losses - loans 1,200 5,000 — — — Balance, end of period $ 287,169 $ 289,669 $ 289,203 $ 294,267 $ 234,768 Net charge-offs to average total loans 0.10 % 0.13 % 0.15 % 0.07 % 0.08 % Allowance for credit losses to total loans 2.00 % 2.01 % 2.09 % 2.11 % 2.34 % NON-PERFORMING ASSETS Non-performing loans Non-accrual loans $ 65,401 $ 51,011 $ 56,796 $ 44,170 $ 44,629 Loans past due 90 days or more 8,567 9,845 4,898 16,432 46 Total non-performing loans 73,968 60,856 61,694 60,602 44,675 Other non-performing assets Foreclosed assets held for sale, net 425 546 365 373 1,144 Other non-performing assets 74 74 104 104 — Total other non-performing assets 499 620 469 477 1,144 Total non-performing assets $ 74,467 $ 61,476 $ 62,163 $ 61,079 $ 45,819 Allowance for credit losses for loans to non-performing loans 388.23 % 475.99 % 468.77 % 485.57 % 525.50 % Non-performing loans to total loans 0.51 % 0.42 % 0.45 % 0.44 % 0.44 % Non-performing assets to total assets 0.33 % 0.27 % 0.27 % 0.25 % 0.25 % (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended March 31, 2023 December 31, 2022 (Dollars in thousands) Average
BalanceIncome/
ExpenseYield/
RateAverage
BalanceIncome/
ExpenseYield/
RateASSETS Earning assets Interest-bearing balances due from banks $ 426,051 $ 4,685 4.46 % $ 1,094,144 $ 10,109 3.67 % Federal funds sold 474 6 5.13 % 1,300 12 3.66 % Investment securities - taxable 3,867,737 35,288 3.70 % 4,002,678 33,639 3.33 % Investment securities - non-taxable - FTE 1,289,564 9,482 2.98 % 1,294,096 9,653 2.96 % Loans receivable - FTE 14,474,072 237,106 6.64 % 14,109,329 221,499 6.23 % Total interest-earning assets 20,057,898 286,567 5.79 % 20,501,547 274,912 5.32 % Non-earning assets 2,637,957 2,685,458 Total assets $ 22,695,855 $ 23,187,005 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 11,579,329 $ 54,857 1.92 % $ 11,818,158 $ 45,029 1.51 % Time deposits 1,072,094 4,305 1.63 % 1,027,765 1,990 0.77 % Total interest-bearing deposits 12,651,423 59,162 1.90 % 12,845,923 47,019 1.45 % Federal funds purchased — — — % — — — % Securities sold under agreement to repurchase 134,934 868 2.61 % 128,798 701 2.16 % FHLB borrowed funds 651,111 6,190 3.86 % 692,935 5,388 3.08 % Subordinated debentures 440,346 4,124 3.80 % 440,492 4,121 3.71 % Total interest-bearing liabilities 13,877,814 70,344 2.06 % 14,108,148 57,229 1.61 % Non-interest bearing liabilities Non-interest bearing deposits 5,043,219 5,423,821 Other liabilities 205,230 201,031 Total liabilities 19,126,263 19,733,000 Shareholders' equity 3,569,592 3,454,005 Total liabilities and shareholders' equity $ 22,695,855 $ 23,187,005 Net interest spread 3.73 % 3.71 % Net interest income and margin - FTE $ 216,223 4.37 % $ 217,683 4.21 % Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended March 31, 2023 March 31, 2022 (Dollars in thousands) Average
BalanceIncome/
ExpenseYield/
RateAverage
BalanceIncome/
ExpenseYield/
RateASSETS Earning assets Interest-bearing balances due from banks $ 426,051 $ 4,685 4.46 % $ 3,497,894 $ 1,673 0.19 % Federal funds sold 474 6 5.13 % 1,751 1 0.23 % Investment securities - taxable 3,867,737 35,288 3.70 % 2,486,401 9,080 1.48 % Investment securities - non-taxable - FTE 1,289,564 9,482 2.98 % 850,722 6,284 3.00 % Loans receivable - FTE 14,474,072 237,106 6.64 % 9,937,993 129,603 5.29 % Total interest-earning assets 20,057,898 286,567 5.79 % 16,774,761 146,641 3.55 % Non-earning assets 2,637,957 1,618,314 Total assets $ 22,695,855 $ 18,393,075 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 11,579,329 $ 54,857 1.92 % $ 9,363,793 $ 3,873 0.17 % Time deposits 1,072,094 4,305 1.63 % 854,593 1,021 0.48 % Total interest-bearing deposits 12,651,423 59,162 1.90 % 10,218,386 4,894 0.19 % Federal funds purchased — — — % — — — % Securities sold under agreement to repurchase 134,934 868 2.61 % 137,565 108 0.32 % FHLB borrowed funds 651,111 6,190 3.86 % 400,000 1,875 1.90 % Subordinated debentures 440,346 4,124 3.80 % 611,888 6,878 4.56 % Total interest-bearing liabilities 13,877,814 70,344 2.06 % 11,367,839 13,755 0.49 % Non-interest bearing liabilities Non-interest bearing deposits 5,043,219 4,155,894 Other liabilities 205,230 121,362 Total liabilities 19,126,263 15,645,095 Shareholders' equity 3,569,592 2,747,980 Total liabilities and shareholders' equity $ 22,695,855 $ 18,393,075 Net interest spread 3.73 % 3.06 % Net interest income and margin - FTE $ 216,223 4.37 % $ 132,886 3.21 % Non-GAAP Reconciliations (Unaudited) Quarter Ended Three Months Ended (Dollars and shares in thousands, except per share data) Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2022 EARNINGS, AS ADJUSTED GAAP net income available to common shareholders (A) $ 102,962 $ 115,687 $ 108,705 $ 15,978 $ 64,892 $ 102,962 $ 64,892 Pre-tax adjustments Merger and acquisition expenses — — — 48,731 863 — 863 Initial provision for credit losses - acquisition — — — 58,585 — — — Fair value adjustment for marketable securities 11,408 (1,032 ) 2,628 1,801 (2,125 ) 11,408 (2,125 ) Special dividend from equity investment — — — (1,434 ) — — — TRUPS redemption fees — — — 2,081 — — — Special lawsuit settlement, net of expense — (10,000 ) — — — — — Recoveries on historic losses (3,461 ) — (1,065 ) (2,353 ) (3,288 ) (3,461 ) (3,288 ) Hurricane expense — 176 — — — — — Total pre-tax adjustments 7,947 (10,856 ) 1,563 107,411 (4,550 ) 7,947 (4,550 ) Tax-effect of adjustments 1,961 (2,679 ) 393 26,396 (1,220 ) 1,961 (1,220 ) Total adjustments after-tax (B) 5,986 (8,177 ) 1,170 81,015 (3,330 ) 5,986 (3,330 ) Earnings, as adjusted (C) $ 108,948 $ 107,510 $ 109,875 $ 96,993 $ 61,562 $ 108,948 $ 61,562 Average diluted shares outstanding (D) 203,625 204,179 205,135 206,015 164,196 203,625 164,196 GAAP diluted earnings per share: (A/D) $ 0.51 $ 0.57 $ 0.53 $ 0.08 $ 0.40 $ 0.51 $ 0.40 Adjustments after-tax: (B/D) 0.03 (0.04 ) 0.01 0.39 (0.03 ) 0.03 (0.03 ) Diluted earnings per common share, as adjusted: (C/D) $ 0.54 $ 0.53 $ 0.54 $ 0.47 $ 0.37 $ 0.54 $ 0.37 ANNUALIZED RETURN ON AVERAGE ASSETS Return on average assets: (A/E) 1.84 % 1.98 % 1.81 % 0.26 % 1.43 % 1.84 % 1.43 % Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E) 1.95 % 1.84 % 1.83 % 1.57 % 1.36 % 1.95 % 1.36 % Return on average assets excluding intangible amortization: ((A+C)/(E-F)) 2.00 % 2.15 % 1.97 % 0.31 % 1.54 % 2.00 % 1.54 % Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F)) 2.12 % 2.00 % 1.99 % 1.70 % 1.46 % 2.12 % 1.46 % GAAP net income available to common shareholders (A) $ 102,962 $ 115,687 $ 108,705 $ 15,978 $ 64,892 $ 102,962 $ 64,892 Amortization of intangibles (B) 2,477 2,478 2,477 2,477 1,421 2,477 1,421 Amortization of intangibles after-tax (C) 1,866 1,867 1,854 1,854 1,049 1,866 1,049 Adjustments after-tax (D) 5,986 (8,177 ) 1,170 81,015 (3,330 ) 5,986 (3,330 ) Average assets (E) 22,695,855 23,187,005 23,778,769 24,788,365 18,393,075 22,695,855 18,393,075 Average goodwill & core deposit intangible (F) 1,455,423 1,454,639 1,459,034 1,423,466 997,338 1,455,423 997,338 Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Three Months Ended (Dollars in thousands) Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2022 ANNUALIZED RETURN ON AVERAGE COMMON EQUITY Return on average common equity: (A/D) 11.70 % 13.29 % 12.25 % 1.78 % 9.58 % 11.70 % 9.58 % Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D) 12.38 % 12.35 % 12.39 % 10.83 % 9.09 % 12.38 % 9.09 % Return on average tangible common equity: (A/(D-E)) 19.75 % 22.96 % 20.93 % 2.96 % 15.03 % 19.75 % 15.03 % Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E)) 20.90 % 21.33 % 21.16 % 17.94 % 14.26 % 20.90 % 14.26 % Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 20.11 % 23.33 % 21.29 % 3.30 % 15.28 % 20.11 % 15.28 % Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E)) 21.26 % 21.70 % 21.52 % 18.29 % 14.50 % 21.26 % 14.50 % GAAP net income available to common shareholders (A) $ 102,962 $ 115,687 $ 108,705 $ 15,978 $ 64,892 $ 102,962 $ 64,892 Earnings excluding intangible amortization (B) 104,828 117,554 110,559 17,832 65,941 104,828 65,941 Adjustments after-tax (C) 5,986 (8,177 ) 1,170 81,015 (3,330 ) 5,986 (3,330 ) Average common equity (D) 3,569,592 3,454,005 3,519,296 3,591,758 2,747,980 3,569,592 2,747,980 Average goodwill & core deposits intangible (E) 1,455,423 1,454,639 1,459,034 1,423,466 997,338 1,455,423 997,338 EFFICIENCY RATIO & P5NR Efficiency ratio: ((D-H)/(B+C+E)) 44.80 % 42.44 % 43.24 % 66.31 % 46.15 % 44.80 % 46.15 % Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I)) 43.42 % 43.07 % 42.97 % 46.02 % 47.33 % 43.42 % 47.33 % Pre-tax net income to total revenue (net) (A/(B+C)) 53.43 % 54.50 % 55.39 % 7.92 % 52.48 % 53.43 % 52.48 % Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C)) 56.63 % 50.52 % 56.00 % 52.06 % 49.67 % 56.63 % 49.67 % Pre-tax, pre-provision, net income (PPNR) (B+C-D) $ 134,115 $ 153,423 $ 141,959 $ 77,857 $ 84,921 $ 134,115 $ 84,921 Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G) $ 142,062 $ 142,567 $ 143,522 $ 126,683 $ 80,371 $ 142,062 $ 80,371 P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C) 53.91 % 56.34 % 55.39 % 32.00 % 52.48 % 53.91 % 52.48 % P5NR, as adjusted (B+C-D+F-G)/(B+C) 57.11 % 52.35 % 56.00 % 52.06 % 49.67 % 57.11 % 49.67 % Pre-tax net income (A) $ 132,915 $ 148,423 $ 141,959 $ 19,272 $ 84,921 $ 132,915 $ 84,921 Net interest income (B) 214,595 215,666 213,104 198,758 131,148 214,595 131,148 Non-interest income (C) 34,164 56,660 43,201 44,581 30,669 34,164 30,669 Non-interest expense (D) 114,644 118,903 114,346 165,482 76,896 114,644 76,896 Fully taxable equivalent adjustment (E) 1,628 2,017 2,437 2,471 1,738 1,628 1,738 Total pre-tax adjustments (F) 7,947 (10,856 ) 1,563 107,411 (4,550 ) 7,947 (4,550 ) Initial provision for credit losses - acquisition (G) — — — 58,585 — — — Amortization of intangibles (H) 2,477 2,478 2,477 2,477 1,421 2,477 1,421 Adjustments: Non-interest income: Fair value adjustment for marketable securities $ (11,408 ) $ 1,032 $ (2,628 ) $ (1,801 ) $ 2,125 $ (11,408 ) $ 2,125 Gain on OREO — 13 — 9 478 — 478 Gain (loss) on branches, equipment and other assets, net 7 10 (13 ) 2 16 7 16 Special dividend from equity investment — — — 1,434 — — — Lawsuit settlement - special lawsuit — 15,000 — — — — — Recoveries on historic losses 3,461 — 1,065 2,353 3,288 3,461 3,288 Total non-interest income adjustments (I) $ (7,940 ) $ 16,055 $ (1,576 ) $ 1,997 $ 5,907 $ (7,940 ) $ 5,907 Non-interest expense: Merger and acquisition expenses — — — 48,731 863 — 863 Hurricane expense — 176 — — — — — Legal expense - special lawsuit — 5,000 — — — — — TRUPS redemption fees — — — 2,081 — — — Total non-interest expense adjustments (J) $ — $ 5,176 $ — $ 50,812 $ 863 $ — $ 863 Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 TANGIBLE BOOK VALUE PER COMMON SHARE Book value per common share: (A/B) $ 17.87 $ 17.33 $ 16.94 $ 17.04 $ 16.41 Tangible book value per common share: ((A-C-D)/B) 10.71 10.17 9.82 9.92 10.32 Total stockholders' equity (A) $ 3,630,885 $ 3,526,362 $ 3,460,015 $ 3,498,565 $ 2,686,703 End of period common shares outstanding (B) 203,168 203,434 204,219 205,291 163,758 Goodwill (C) 1,398,253 1,398,253 1,394,353 1,398,400 973,025 Core deposit and other intangibles (D) 55,978 58,455 60,932 63,410 23,624 TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Equity to assets: (B/A) 16.12 % 15.41 % 14.94 % 14.43 % 14.43 % Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 10.33 % 9.66 % 9.24 % 8.94 % 9.59 % Total assets (A) $ 22,518,255 $ 22,883,588 $ 23,157,370 $ 24,253,168 $ 18,617,995 Total stockholders' equity (B) 3,630,885 3,526,362 3,460,015 3,498,565 2,686,703 Goodwill (C) 1,398,253 1,398,253 1,394,353 1,398,400 973,025 Core deposit and other intangibles (D) 55,978 58,455 60,932 63,410 23,624 Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/86c8a78c-9af1-4dba-a738-1fb994ca2bfb
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdbfd6bb-6e7e-4a2b-9431-f2807c2d1414
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4611681-223d-4b99-ad25-232e2356c6a9
Centennial Bank Office Portfolio Geography
Centennial Bank Office Portfolio Geography
Centennial Bank Office Portfolio Stratifications
Centennial Bank Office Portfolio Stratifications
Centennial Bank Office Portfolio Stratifications - Part 2
Centennial Bank Office Portfolio Stratifications - Part 2