-
Home BancShares Ends 2021 with Record Annual Profits and a Fortress Balance Sheet
ソース: Nasdaq GlobeNewswire / 20 1 2022 08:15:02 America/New_York
CONWAY, Ark., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.
Highlights of the Fourth Quarter of 2021:
Metric Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Net Income $73.4 million $75.0 million $79.1 million $91.6 million $81.8 million Total Revenue (net) $171.0 million $173.8 million $172.4 million $193.4 million $181.9 million Income before income taxes $93.9 million $98.2 million $104.1 million $120.5 million $107.7 million Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $93.9 million $98.2 million $99.4 million $120.5 million $107.7 million Pre-tax net income to total revenue (net) 54.94 % 56.50 % 60.42 % 62.32 % 59.19 % P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 54.94 % 56.50 % 57.66 % 62.32 % 59.19 % ROA 1.62 % 1.68 % 1.81 % 2.22 % 1.97 % NIM 3.42 % 3.60 % 3.61 % 4.02 % 4.00 % NIM, excluding PPP loans (non-GAAP)(1) 3.32 % 3.43 % 3.54 % 3.86 % 3.97 % Purchase Accounting Accretion $4.0 million $4.9 million $5.8 million $5.5 million $5.7 million ROE 10.63 % 10.97 % 11.92 % 14.15 % 12.72 % ROTCE (non-GAAP)(1) 16.73 % 17.39 % 19.12 % 22.90 % 20.96 % Diluted Earnings Per Share $0.45 $0.46 $0.48 $0.55 $0.50 Non-Performing Assets to Total Assets 0.29 % 0.29 % 0.35 % 0.38 % 0.48 % Common Equity Tier 1 Capital 15.4 % 15.2 % 15.0 % 14.3 % 13.4 % Leverage 11.1 % 11.0 % 10.9 % 11.1 % 10.8 % Tier 1 Capital 16.0 % 15.8 % 15.6 % 14.9 % 14.0 % Total Risk-Based Capital 19.8 % 19.6 % 19.5 % 18.8 % 17.8 % Allowance for Credit Losses to Total Loans 2.41 % 2.41 % 2.36 % 2.25 % 2.19 % Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1) 2.43 % 2.47 % 2.47 % 2.40 % 2.33 % (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. “The year 2021 delivered numerous exceptional results for HOMB including several record setting metrics. As we end 2021 with record profits and peer leading asset quality, combined with our recent sub-debt note issuance, HOMB is starting out 2022 with a fortress balance sheet and poised to pivot in any direction where opportunities arise,” said John Allison, Chairman.
“A strong fourth quarter assisted HOMB in reaching records for both net income and earnings per share for the year ended December 31, 2021. The fourth quarter also saw continued strong asset quality as the Company determined an additional provision for credit loss was not necessary. Another year where our solid offense and defense have played well for us,” said Tracy French, Centennial Bank President and Chief Executive Officer.
Operating Highlights
Net income for the three-month period ended December 31, 2021 was $73.4 million, or $0.45 earnings per share. Net income for the year ended December 31, 2021 was $319.0 million, or $1.94 earnings per share. Net income and earnings per share for the year ended December 31, 2021 were both records for the Company.
During the fourth quarter of 2021, the Company did not record any credit loss expense. The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of December 31, 2021. In addition, the Company determined that the current level of the unfunded commitment reserve was adequate and no additional provision for unfunded commitments was necessary.
Our net interest margin was 3.42% for the three-month period ended December 31, 2021 compared to 3.60% for the three-month period ended September 30, 2021. The yield on loans was 5.48% and 5.64% for the three months ended December 31, 2021 and September 30, 2021, respectively, as average loans decreased from $10.04 billion to $9.91 billion. Additionally, the rate on interest bearing deposits decreased to 0.20% as of December 31, 2021 from 0.23% as of September 30, 2021, with average balances of $10.00 billion and $9.86 billion, respectively.
As of December 31, 2021, we had $112.8 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended December 31, 2021 was 3.32%(1). The PPP loans were accretive to the net interest margin by 10 basis points for the three-month period ended December 31, 2021 compared to 17 basis points for the three-month period ended September 30, 2021. This was primarily due to approximately $128.7 million of the Company’s PPP loans being forgiven during the fourth quarter of 2021 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income decreased from $9.3 million to $5.4 million for the three-month periods ended September 30, 2021 and December 31, 2021, respectively.
The effects of the COVID-19 pandemic continued to create a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $347.1 million of average interest-bearing cash balances in the fourth quarter of 2021 compared to the third quarter of 2021. This excess liquidity diluted the net interest margin by 7 basis points for the three-month period ended December 31, 2021.
During the fourth quarter of 2021, there was $1.2 million of event interest income compared to event interest income of $3.5 million for the third quarter of 2021. The reduction in event income led to a 6 basis point decrease to the net interest margin.
Purchase accounting accretion on acquired loans was $4.0 million and $4.9 million and average purchase accounting loan discounts were $34.6 million and $36.5 million for the three-month periods ended December 31, 2021 and September 30, 2021, respectively. The reduction in accretion income reduced the net interest margin by 2 basis points for the three-month period ended December 31, 2021.
Net interest income on a fully taxable equivalent basis was $140.8 million for the three-month period ended December 31, 2021 and $146.4 million for the three-month period ended September 30, 2021. This decrease in net interest income for the three-month period ended December 31, 2021 was the result of a $6.1 million decrease in interest income which was partially offset by a $490,000 decrease in interest expense. The $6.1 million decrease in interest income was primarily the result of a $5.9 million decrease in loan interest income and a $382,000 net decrease in investment income, which was partially offset by a $164,000 increase in interest-bearing balances due from banks. The $490,000 decrease in interest expense was primarily the result of a decrease in interest expense on deposits.
The Company reported $32.0 million of non-interest income for the fourth quarter of 2021. The most important components of the fourth quarter non-interest income were $11.1 million from other service charges and fees, $6.2 million from service charges on deposit accounts, $5.4 million in mortgage lending income, $5.3 million from other income, $919,000 million from dividends from FHLB, FRB, FNBB and other, $792,000 from gain on sales of SBA loans and $737,000 from gain on OREO.
Non-interest expense for the fourth quarter of 2021 was $77.1 million. The most important components of the fourth quarter non-interest expense were $43.8 million from salaries and employee benefits, $16.9 million in other expense, $9.0 million in occupancy and equipment expenses and $6.5 million in data processing expenses. Also included within non-interest expense was $880,000 in merger and acquisition expenses. For the fourth quarter of 2021, our efficiency ratio was 43.79%.
Financial Condition
Total loans receivable were $9.84 billion at December 31, 2021 compared to $9.90 billion at September 30, 2021. Total deposits were $14.26 billion at December 31, 2021 compared to $14.00 billion at September 30, 2021. Total assets were $18.05 billion at December 31, 2021 compared to $17.77 billion at September 30, 2021.
During the fourth quarter 2021, the Company experienced approximately $65.0 million in loan decline. Centennial CFG experienced $285.7 million of organic loan growth and had loans of $1.92 billion at December 31, 2021. Our legacy footprint experienced $222.0 million in organic loan decline and $128.7 million in PPP loan decline during the quarter.
Non-performing loans to total loans was 0.51% as of September 30, 2021 and December 31, 2021. Non-performing assets to total assets was 0.29% as of September 30, 2021 and December 31, 2021. Net charge-offs were $2.0 million and $1.8 million for the three months ended December 31, 2021 and September 30, 2021, respectively.
Non-performing loans at December 31, 2021 were $13.9 million, $26.8 million, $470,000, $1.5 million and $7.5 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $50.2 million. Non-performing assets at December 31, 2021 were $14.4 million, $27.9 million, $470,000, $1.5 million and $7.5 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $51.8 million.
The Company’s allowance for credit losses on loans was $236.7 million at December 31, 2021, or 2.41% of total loans, compared to the allowance for credit losses of $238.7 million, or 2.41% of total loans, at September 30, 2021. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.43%(1) and 2.47%(1) for the three months ended December 31, 2021 and September 30, 2021, respectively. As of December 31, 2021 and September 30, 2021, the Company’s allowance for credit losses on loans was 471.61% and 468.77% of its total non-performing loans, respectively.
Stockholders’ equity was $2.77 billion at December 31, 2021 compared to $2.74 billion at September 30, 2021, an increase of approximately $29.7 million. The increase in stockholders’ equity was primarily associated with the $50.4 million increase in retained earnings, which was partially offset by a $15.5 million decrease in accumulated other comprehensive income and net stock repurchases and share-based compensation activity of $5.2 million. Book value per common share was $16.90 at December 31, 2021 compared to $16.68 at September 30, 2021. Tangible book value per common share (non-GAAP) was $10.80(1) at December 31, 2021 compared to $10.59(1) at September 30, 2021, an increase of 7.86% on an annualized basis.
__________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.Branches
The Company currently has 76 branches in Arkansas, 78 branches in Florida, 5 branches in Alabama and one branch in New York City.
Acquisition
The Company’s previously announced acquisition of Happy Bancshares, Inc. (“Happy”) and its bank subsidiary, Happy State Bank, is currently expected to close during the first quarter of 2022, subject to Federal Reserve Board approval. The Company received approval for the merger from the Arkansas State Banking Board and the Arkansas State Bank Commissioner as well as the approval of the shareholders of each company in December of 2021.
Conference Call
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 20, 2022. We encourage all participants to pre-register for the conference call using the following link: https://events.q4inc.com/attendee/357760552. Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.
Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-844-200-6205, Passcode: 865838. A replay of the call will be available by calling 1-866-813-9403, Passcode: 153312, which will be available until February 3, 2022 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 under “Investor Relations” for 12 months.
About Home BancShares
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama and New York City. The Company’s common stock is traded through the 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.
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets excluding excess liquidity; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions (including the effect of the PPP loans) that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
General
This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, as well as statements about the benefits of the business combination transaction involving Home and Happy. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment; disruptions, uncertainties and related effects on our business and operations as a result of the ongoing coronavirus (COVID-19) pandemic and measures that have been or may be implemented or imposed in response to the pandemic, including the impact on, among other things, credit quality and liquidity; the possibility that the proposed acquisition of Happy does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the possibility that such transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, ongoing or future effects of the COVID-19 pandemic, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Home and Happy operate; the ability to promptly and effectively integrate the businesses of Home and Happy; the reaction to the transaction of the companies’ customers, employees and counterparties; diversion of management time on acquisition-related issues; the effect of any future mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including as a result of one or more of the factors described above as they would relate to such transaction; the ability to identify, enter into and/or close additional acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.
Additional Important Information and Where to Find It
In connection with the proposed acquisition of Happy, the Company has filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the shares of the Company’s common stock to be issued to shareholders of Happy in connection with the transaction. The Registration Statement includes a Joint Proxy Statement of the Company and Happy and a Prospectus of the Company, as well as other relevant materials regarding the proposed merger transaction involving the Company and Happy. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND HAPPY ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER TRANSACTION. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC on the SEC’s website at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by the Company at the Company’s website at http://www.homebancshares.com, Investor Relations, or by contacting Donna Townsell, by telephone at (501) 328-4625.
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) Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020ASSETS Cash and due from banks $ 119,908 $ 146,378 $ 182,226 $ 218,814 $ 242,173 Interest-bearing deposits with other banks 3,530,407 3,133,878 2,759,027 2,259,734 1,021,615 Cash and cash equivalents 3,650,315 3,280,256 2,941,253 2,478,548 1,263,788 Investment securities - available-for sale, net of allowance for credit losses 3,119,807 3,150,608 3,053,712 2,539,123 2,473,781 Loans receivable 9,836,089 9,901,100 10,199,175 10,778,493 11,220,721 Allowance for credit losses (236,714 ) (238,673 ) (240,451 ) (242,932 ) (245,473 ) Loans receivable, net 9,599,375 9,662,427 9,958,724 10,535,561 10,975,248 Bank premises and equipment, net 275,760 276,972 278,502 278,620 278,614 Foreclosed assets held for sale 1,630 1,171 1,969 3,004 4,420 Cash value of life insurance 105,135 104,638 104,132 103,599 103,519 Accrued interest receivable 46,736 48,577 48,725 55,495 60,528 Deferred tax asset, net 78,290 69,724 72,273 77,145 70,249 Goodwill 973,025 973,025 973,025 973,025 973,025 Core deposit and other intangibles 25,045 26,466 27,886 29,307 30,728 Other assets 177,020 171,192 166,991 166,814 164,904 Total assets $ 18,052,138 $ 17,765,056 $ 17,627,192 $ 17,240,241 $ 16,398,804 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and non-interest-bearing $ 4,127,878 $ 4,139,149 $ 4,076,570 $ 3,859,722 $ 3,266,753 Savings and interest-bearing transaction accounts 9,251,805 8,813,326 8,744,900 8,477,208 8,212,240 Time deposits 880,887 1,050,896 1,069,871 1,175,664 1,246,797 Total deposits 14,260,570 14,003,371 13,891,341 13,512,594 12,725,790 Securities sold under agreements to repurchase 140,886 141,002 150,540 162,929 168,931 FHLB and other borrowed funds 400,000 400,000 400,000 400,000 400,000 Accrued interest payable and other liabilities 113,868 113,721 118,415 148,999 127,999 Subordinated debentures 371,093 370,900 370,707 370,515 370,326 Total liabilities 15,286,417 15,028,994 14,931,003 14,595,037 13,793,046 Stockholders' equity Common stock 1,637 1,640 1,645 1,651 1,651 Capital surplus 1,487,373 1,492,588 1,501,615 1,516,286 1,520,617 Retained earnings 1,266,249 1,215,831 1,163,810 1,107,818 1,039,370 Accumulated other comprehensive income 10,462 26,003 29,119 19,449 44,120 Total stockholders' equity 2,765,721 2,736,062 2,696,189 2,645,204 2,605,758 Total liabilities and stockholders' equity $ 18,052,138 $ 17,765,056 $ 17,627,192 $ 17,240,241 $ 16,398,804
Home BancShares, Inc. Consolidated Statements of Income (Unaudited) Quarter Ended Year Ended (In thousands) Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 Interest income Loans $ 136,750 $ 142,609 $ 141,684 $ 150,917 $ 153,407 $ 571,960 $ 625,338 Investment securities Taxable 8,121 8,495 7,185 6,253 6,900 30,054 32,596 Tax-exempt 4,827 4,839 4,905 5,071 4,979 19,642 16,158 Deposits - other banks 1,281 1,117 707 410 270 3,515 1,849 Federal funds sold - - - - - - 21 Total interest income 150,979 157,060 154,481 162,651 165,556 625,171 675,962 Interest expense Interest on deposits 5,155 5,642 6,434 7,705 10,596 24,936 63,110 Federal funds purchased - - - - - - 13 FHLB borrowed funds 1,916 1,917 1,896 1,875 1,917 7,604 9,506 Securities sold under agreements to repurchase 98 102 107 190 208 497 1,167 Subordinated debentures 4,790 4,788 4,792 4,793 4,810 19,163 19,611 Total interest expense 11,959 12,449 13,229 14,563 17,531 52,200 93,407 Net interest income 139,020 144,611 141,252 148,088 148,025 572,971 582,555 Provision for credit losses - - - - - - 112,264 Provision for credit loss - unfunded commitments - - (4,752 ) - - (4,752 ) 16,989 Total credit loss expense - - (4,752 ) - - (4,752 ) 129,253 Net interest income after provision for credit losses 139,020 144,611 146,004 148,088 148,025 577,723 453,302 Non-interest income Service charges on deposit accounts 6,217 5,941 5,116 5,002 5,544 22,276 21,381 Other service charges and fees 11,133 8,051 9,659 7,608 8,425 36,451 30,686 Trust fees 515 479 444 522 420 1,960 1,633 Mortgage lending income 5,359 5,948 6,202 8,167 10,071 25,676 29,065 Insurance commissions 387 586 478 492 366 1,943 1,848 Increase in cash value of life insurance 501 509 537 502 534 2,049 2,200 Dividends from FHLB, FRB, FNBB & other 919 2,661 2,646 8,609 967 14,835 12,472 Gain on SBA loans 792 439 1,149 - 304 2,380 645 (Loss) gain on branches, equipment and other assets, net (19 ) (34 ) (23 ) (29 ) 217 (105 ) 326 Gain on OREO, net 737 246 619 401 150 2,003 1,132 Gain on securities, net - - - 219 - 219 - Fair value adjustment for marketable securities 85 61 1,250 5,782 4,271 7,178 (1,978 ) Other income 5,338 4,322 3,043 8,001 2,616 20,704 12,376 Total non-interest income 31,964 29,209 31,120 45,276 33,885 137,569 111,786 Non-interest expense Salaries and employee benefits 43,765 42,469 42,462 42,059 43,022 170,755 163,950 Occupancy and equipment 9,047 9,305 9,042 9,237 9,801 36,631 38,412 Data processing expense 6,493 6,024 5,893 5,870 5,171 24,280 19,032 Merger and acquisition expenses 880 1,006 - - - 1,886 711 Other operating expenses 16,865 16,815 15,585 15,700 16,247 64,965 65,280 Total non-interest expense 77,050 75,619 72,982 72,866 74,241 298,517 287,385 Income before income taxes 93,934 98,201 104,142 120,498 107,669 416,775 277,703 Income tax expense 20,577 23,209 25,072 28,896 25,875 97,754 63,255 Net income $ 73,357 $ 74,992 $ 79,070 $ 91,602 $ 81,794 $ 319,021 $ 214,448
Home BancShares, Inc. Selected Financial Information (Unaudited) Quarter Ended Year Ended (Dollars and shares in thousands, except per share data) Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020Dec. 31,
2021Dec. 31,
2020PER SHARE DATA Diluted earnings per common share $ 0.45 $ 0.46 $ 0.48 $ 0.55 $ 0.50 $ 1.94 $ 1.30 Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses (non-GAAP)(1) 0.45 0.45 0.46 0.47 0.48 1.83 1.27 Basic earnings per common share 0.45 0.46 0.48 0.55 0.50 1.94 1.30 Dividends per share - common 0.14 0.14 0.14 0.14 0.14 0.56 0.53 Book value per common share 16.90 16.68 16.39 16.02 15.78 16.90 15.78 Tangible book value per common share (non-GAAP)(1) 10.80 10.59 10.31 9.95 9.70 10.80 9.70 STOCK INFORMATION Average common shares outstanding 163,859 164,126 164,781 165,257 165,119 164,501 165,373 Average diluted shares outstanding 164,306 164,603 165,226 165,446 165,119 164,858 165,373 End of period common shares outstanding 163,699 164,008 164,488 165,141 165,095 163,699 165,095 ANNUALIZED PERFORMANCE METRICS Return on average assets (ROA) 1.62 % 1.68 % 1.81 % 2.22 % 1.97 % 1.83 % 1.33 % Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROA, as adjusted) (non-GAAP)(1) 1.64 % 1.67 % 1.75 % 1.88 % 1.90 % 1.73 % 1.30 % Return on average assets excluding intangible amortization (non-GAAP)(1) 1.75 % 1.81 % 1.95 % 2.39 % 2.13 % 1.96 % 1.45 % Return on average assets excluding excess liquidity (non-GAAP)(1) 1.96 % 1.98 % 2.09 % 2.42 % 2.07 % 2.11 % 1.37 % Return on average common equity (ROE) 10.63 % 10.97 % 11.92 % 14.15 % 12.72 % 11.89 % 8.57 % Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROE, as adjusted) (non-GAAP)(1) 10.72 % 10.87 % 11.54 % 11.95 % 12.23 % 11.26 % 8.41 % Return on average tangible common equity (ROTCE) (non-GAAP)(1) 16.73 % 17.39 % 19.12 % 22.90 % 20.96 % 18.95 % 14.31 % Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) 16.97 % 17.64 % 19.38 % 23.16 % 21.22 % 19.20 % 14.59 % Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted) (non-GAAP)(1) 16.87 % 17.23 % 18.50 % 19.33 % 20.15 % 17.95 % 14.04 % (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 Year Ended (Dollars in thousands) Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020Dec. 31,
2021Dec. 31,
2020Efficiency ratio 43.79 % 42.26 % 41.09 % 36.60 % 39.64 % 40.81 % 40.20 % Efficiency ratio, as adjusted (non-GAAP)(1) 43.48 % 42.29 % 42.07 % 40.68 % 40.67 % 42.12 % 40.36 % Net interest margin - FTE (NIM) 3.42 % 3.60 % 3.61 % 4.02 % 4.00 % 3.66 % 4.06 % Net interest margin - FTE, excluding PPP loans (non-GAAP)(1) 3.32 % 3.43 % 3.54 % 3.86 % 3.97 % 3.53 % 4.08 % Fully taxable equivalent adjustment $ 1,736 $ 1,748 $ 1,774 $ 1,821 $ 1,778 $ 7,079 $ 6,015 Total revenue (net) 170,984 173,820 172,372 193,364 181,910 710,540 694,341 Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) 93,934 98,201 99,390 120,498 107,669 412,023 406,956 Pre-tax net income to total revenue (net) 54.94 % 56.50 % 60.42 % 62.32 % 59.19 % 58.66 % 40.00 % P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 54.94 % 56.50 % 57.66 % 62.32 % 59.19 % 57.99 % 58.61 % Total purchase accounting accretion $ 4,001 $ 4,868 $ 5,797 $ 5,485 $ 5,736 $ 20,151 $ 27,376 Average purchase accounting loan discounts 34,641 36,456 38,568 43,940 49,563 36,178 59,406 OTHER OPERATING EXPENSES Advertising $ 1,411 $ 1,204 $ 1,194 $ 1,046 $ 1,076 $ 4,855 $ 3,999 Amortization of intangibles 1,420 1,421 1,421 1,421 1,421 5,683 5,844 Electronic banking expense 2,442 2,521 2,616 2,238 2,282 9,817 8,477 Directors' fees 422 395 414 383 359 1,614 1,624 Due from bank service charges 257 265 273 249 254 1,044 975 FDIC and state assessment 1,353 1,648 1,108 1,363 1,493 5,472 6,494 Insurance 801 749 787 781 795 3,118 3,018 Legal and accounting 749 1,050 1,058 846 790 3,703 4,222 Other professional fees 1,754 1,787 1,796 1,613 1,528 6,950 8,150 Operating supplies 489 474 465 487 440 1,915 1,988 Postage 352 301 292 338 315 1,283 1,283 Telephone 343 371 365 346 347 1,425 1,302 Other expense 5,072 4,629 3,796 4,589 5,147 18,086 17,904 Total other operating expenses $ 16,865 $ 16,815 $ 15,585 $ 15,700 $ 16,247 $ 64,965 $ 65,280 (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) Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020BALANCE SHEET RATIOS Total loans to total deposits 68.97 % 70.71 % 73.42 % 79.77 % 88.17 % Common equity to assets 15.32 % 15.40 % 15.30 % 15.34 % 15.89 % Tangible common equity to tangible assets (non-GAAP)(1) 10.36 % 10.36 % 10.20 % 10.12 % 10.41 % . LOANS RECEIVABLE Real estate Commercial real estate loans Non-farm/non-residential $ 3,889,284 $ 4,005,841 $ 4,144,375 $ 4,289,142 $ 4,429,060 Construction/land development 1,850,050 1,742,687 1,541,482 1,612,973 1,562,298 Agricultural 130,674 138,881 126,293 113,382 114,431 Residential real estate loans Residential 1-4 family 1,274,953 1,273,988 1,316,485 1,437,546 1,536,257 Multifamily residential 280,837 274,131 332,256 377,661 536,538 Total real estate 7,425,798 7,435,528 7,460,891 7,830,704 8,178,584 Consumer 825,519 814,732 824,938 839,819 864,690 Commercial and industrial 1,386,747 1,414,079 1,612,826 1,794,787 1,896,442 Agricultural 43,920 68,272 69,152 65,017 66,869 Other 154,105 168,489 231,368 248,166 214,136 Loans receivable $ 9,836,089 $ 9,901,100 $ 10,199,175 $ 10,778,493 $ 11,220,721 Paycheck Protection Program (PPP) loans (net of discounts) (included in total loans receivable) 112,814 241,476 473,894 646,382 675,225 ALLOWANCE FOR CREDIT LOSSES Balance, beginning of period $ 238,673 $ 240,451 $ 242,932 $ 245,473 $ 248,224 Loans charged off 3,125 2,469 3,023 3,047 3,040 Recoveries of loans previously charged off 1,166 691 542 506 289 Net loans charged off 1,959 1,778 2,481 2,541 2,751 Provision for credit losses - loans - - - - - Balance, end of period $ 236,714 $ 238,673 $ 240,451 $ 242,932 $ 245,473 Net charge-offs to average total loans 0.08 % 0.07 % 0.09 % 0.09 % 0.10 % Allowance for credit losses to total loans 2.41 % 2.41 % 2.36 % 2.25 % 2.19 % Allowance for credit losses to total loans, excluding PPP loans 2.43 % 2.47 % 2.47 % 2.40 % 2.33 % NON-PERFORMING ASSETS Non-performing loans Non-accrual loans $ 47,158 $ 47,604 $ 55,269 $ 59,142 $ 64,528 Loans past due 90 days or more 3,035 3,311 3,667 4,209 9,610 Total non-performing loans 50,193 50,915 58,936 63,351 74,138 Other non-performing assets Foreclosed assets held for sale, net 1,630 1,171 1,969 3,004 4,420 Other non-performing assets - - - - - Total other non-performing assets 1,630 1,171 1,969 3,004 4,420 Total non-performing assets $ 51,823 $ 52,086 $ 60,905 $ 66,355 $ 78,558 Allowance for credit losses for loans to non-performing loans 471.61 % 468.77 % 407.99 % 383.47 % 331.10 % Non-performing loans to total loans 0.51 % 0.51 % 0.58 % 0.59 % 0.66 % Non-performing assets to total assets 0.29 % 0.29 % 0.35 % 0.38 % 0.48 % (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 December 31, 2021 September 30, 2021 (Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate ASSETS Earning assets Interest-bearing balances due from banks $ 3,261,846 $ 1,281 0.16 % $ 2,914,785 $ 1,117 0.15 % Federal funds sold 33 - 0.00 % 82 - 0.00 % Investment securities - taxable 2,278,440 8,121 1.41 % 2,289,680 8,495 1.47 % Investment securities - non-taxable - FTE 858,692 6,408 2.96 % 862,586 6,416 2.95 % Loans receivable - FTE 9,909,711 136,905 5.48 % 10,043,393 142,780 5.64 % Total interest-earning assets 16,308,722 152,715 3.72 % 16,110,526 158,808 3.91 % Non-earning assets 1,606,005 1,584,700 Total assets $ 17,914,727 $ 17,695,226 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 9,037,302 $ 3,667 0.16 % $ 8,794,657 $ 3,613 0.16 % Time deposits 958,309 1,488 0.62 % 1,063,500 2,029 0.76 % Total interest-bearing deposits 9,995,611 5,155 0.20 % 9,858,157 5,642 0.23 % Securities sold under agreement to repurchase 143,811 98 0.27 % 143,937 102 0.28 % FHLB borrowed funds 400,000 1,916 1.90 % 400,000 1,917 1.90 % Subordinated debentures 370,999 4,790 5.12 % 370,805 4,788 5.12 % Total interest-bearing liabilities 10,910,421 11,959 0.43 % 10,772,899 12,449 0.46 % Non-interest bearing liabilities Non-interest bearing deposits 4,149,978 4,091,174 Other liabilities 116,023 120,200 Total liabilities 15,176,422 14,984,273 Shareholders' equity 2,738,305 2,710,953 Total liabilities and shareholders' equity $ 17,914,727 $ 17,695,226 Net interest spread 3.29 % 3.45 % Net interest income and margin - FTE $ 140,756 3.42 % $ 146,359 3.60 %
Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Year Ended December 31, 2021 December 31, 2020 (Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate ASSETS Earning assets Interest-bearing balances due from banks $ 2,596,460 $ 3,515 0.14 % $ 761,174 $ 1,849 0.24 % Federal funds sold 71 - 0.00 % 1,330 21 1.58 % Investment securities - taxable 2,031,139 30,054 1.48 % 1,653,159 32,596 1.97 % Investment securities - non-taxable - FTE 858,503 26,017 3.03 % 577,444 21,262 3.68 % Loans receivable - FTE 10,375,457 572,664 5.52 % 11,504,123 626,249 5.44 % Total interest-earning assets 15,861,630 632,250 3.99 % 14,497,230 681,977 4.70 % Non-earning assets 1,597,355 1,640,064 Total assets $ 17,458,985 $ 16,137,294 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 8,716,004 $ 15,956 0.18 % $ 7,686,621 $ 36,084 0.47 % Time deposits 1,087,875 8,980 0.83 % 1,756,138 27,026 1.54 % Total interest-bearing deposits 9,803,879 24,936 0.25 % 9,442,759 63,110 0.67 % Federal funds purchased - - 0.00 % 1,557 13 0.83 % Securities sold under agreement to repurchase 151,190 497 0.33 % 151,573 1,167 0.77 % FHLB borrowed funds 400,000 7,604 1.90 % 534,608 9,506 1.78 % Subordinated debentures 370,712 19,163 5.17 % 369,943 19,611 5.30 % Total interest-bearing liabilities 10,725,781 52,200 0.49 % 10,500,440 93,407 0.89 % Non-interest bearing liabilities Non-interest bearing deposits 3,924,341 2,998,560 Other liabilities 124,724 135,094 Total liabilities 14,774,846 13,634,094 Shareholders' equity 2,684,139 2,503,200 Total liabilities and shareholders' equity $ 17,458,985 $ 16,137,294 Net interest spread 3.50 % 3.81 % Net interest income and margin - FTE $ 580,050 3.66 % $ 588,570 4.06 %
Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Year Ended (Dollars and shares in thousands, except per share data) Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020Dec. 31,
2021Dec. 31,
2020EARNINGS, AS ADJUSTED GAAP net income available to common shareholders (A) $ 73,357 $ 74,992 $ 79,070 $ 91,602 $ 81,794 $ 319,021 $ 214,448 Pre-tax adjustments Fair value adjustment for marketable securities (85 ) (61 ) (1,250 ) (5,782 ) (4,271 ) (7,178 ) 1,978 Special dividend from equity investment - (2,227 ) (2,200 ) (8,073 ) - (12,500 ) (10,185 ) Gain on securities - - - (219 ) - (219 ) - Recoveries on historic losses - - - (5,107 ) - (5,107 ) - Branch write-off expense - - - - - - 981 Outsourced special project expense - - - - - - 1,092 Merger and acquisition expenses 880 1,006 - - - 1,886 711 Total pre-tax adjustments 795 (1,282 ) (3,450 ) (19,181 ) (4,271 ) (23,118 ) (5,423 ) Tax-effect of adjustments 188 (587 ) (888 ) (4,937 ) (1,116 ) (6,225 ) (1,417 ) Total adjustments after-tax (B) 607 (695 ) (2,562 ) (14,244 ) (3,155 ) (16,893 ) (4,006 ) Earnings, as adjusted (C) $ 73,964 $ 74,297 $ 76,508 $ 77,358 $ 78,639 $ 302,128 $ 210,442 Average diluted shares outstanding (D) 164,306 164,603 165,226 165,446 165,119 164,858 165,373 GAAP diluted earnings per share: (A/D) $ 0.45 $ 0.46 $ 0.48 $ 0.55 $ 0.50 $ 1.94 $ 1.30 Adjustments after-tax: (B/D) 0.00 (0.01 ) (0.02 ) (0.08 ) (0.02 ) (0.11 ) (0.03 ) Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (C/D) $ 0.45 $ 0.45 $ 0.46 $ 0.47 $ 0.48 $ 1.83 $ 1.27 ANNUALIZED RETURN ON AVERAGE ASSETS Return on average assets: (A/G) 1.62 % 1.68 % 1.81 % 2.22 % 1.97 % 1.83 % 1.33 % Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROA, as adjusted) ((A+F)/G) 1.64 % 1.67 % 1.75 % 1.88 % 1.90 % 1.73 % 1.30 % Return on average assets excluding intangible amortization: ((A+E)/(G-H)) 1.75 % 1.81 % 1.95 % 2.39 % 2.13 % 1.96 % 1.45 % Return on average assets excluding excess liquidity: (A/(G-I)) 1.96 % 1.98 % 2.09 % 2.42 % 2.07 % 2.11 % 1.37 % GAAP net income available to common shareholders (A) $ 73,357 $ 74,992 $ 79,070 $ 91,602 $ 81,794 $ 319,021 $ 214,448 Amortization of intangibles (D) 1,420 1,421 1,421 1,421 1,421 5,683 5,844 Amortization of intangibles after-tax (E) 1,054 1,055 1,055 1,055 1,049 4,220 4,317 Adjustments after-tax (F) 607 (695 ) (2,562 ) (14,244 ) (3,155 ) (16,893 ) (4,006 ) Average assets (G) 17,914,727 17,695,226 17,491,359 16,718,890 16,493,066 17,458,985 16,137,294 Average goodwill, core deposits & other intangible assets (H) 998,760 1,000,175 1,001,598 1,003,011 1,004,432 1,000,872 1,004,157 Average interest bearing cash balance 3,261,846 2,914,785 2,577,101 1,610,463 1,029,047 2,596,460 761,174 Average historical interest bearing cash balance 225,000 225,000 225,000 225,000 225,000 225,000 225,000 Average excess cash balance (I) 3,036,846 2,689,785 2,352,101 1,385,463 804,047 2,371,460 536,174
Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Year Ended (Dollars in thousands) Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020Dec. 31,
2021Dec. 31,
2020ANNUALIZED RETURN ON AVERAGE COMMON EQUITY Return on average common equity: (A/D) 10.63 % 10.97 % 11.92 % 14.15 % 12.72 % 11.89 % 8.57 % Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROE, as adjusted) ((A+C)/D) 10.72 % 10.87 % 11.54 % 11.95 % 12.23 % 11.26 % 8.41 % Return on average tangible common equity: (A/(D-E)) 16.73 % 17.39 % 19.12 % 22.90 % 20.96 % 18.95 % 14.31 % Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 16.97 % 17.64 % 19.38 % 23.16 % 21.22 % 19.20 % 14.59 % Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted) ((A+C)/(D-E)) 16.87 % 17.23 % 18.50 % 19.33 % 20.15 % 17.95 % 14.04 % GAAP net income available to common shareholders (A) $ 73,357 $ 74,992 $ 79,070 $ 91,602 $ 81,794 $ 319,021 $ 214,448 Earnings excluding intangible amortization (B) 74,411 76,047 80,125 92,657 82,843 323,241 218,765 Adjustments after-tax (C) 607 (695 ) (2,562 ) (14,244 ) (3,155 ) (16,893 ) (4,006 ) Average common equity (D) 2,738,305 2,710,953 2,660,147 2,625,618 2,557,251 2,684,139 2,503,200 Average goodwill, core deposits & other intangible assets (E) 998,760 1,000,175 1,001,598 1,003,011 1,004,432 1,000,872 1,004,157 EFFICIENCY RATIO & P5NR Efficiency ratio: ((D-F)/(B+C+E)) 43.79 % 42.26 % 41.09 % 36.60 % 39.64 % 40.81 % 40.20 % Efficiency ratio, as adjusted: ((D-F-H)/(B+C+E-G)) 43.48 % 42.29 % 42.07 % 40.68 % 40.67 % 42.12 % 40.36 % Pre-tax net income to total revenue (net) (A/(B+C)) 54.94 % 56.50 % 60.42 % 62.32 % 59.19 % 58.66 % 40.00 % Pre-tax, pre-provision, net income (PPNR) (B+C-D) $ 93,934 $ 98,201 $ 99,390 $ 120,498 $ 107,669 $ 412,023 $ 406,956 P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C) 54.94 % 56.50 % 57.66 % 62.32 % 59.19 % 57.99 % 58.61 % Pre-tax net income (A) $ 93,934 $ 98,201 $ 104,142 $ 120,498 $ 107,669 $ 416,775 $ 277,703 Net interest income (B) 139,020 144,611 141,252 148,088 148,025 572,971 582,555 Non-interest income (C) 31,964 29,209 31,120 45,276 33,885 137,569 111,786 Non-interest expense (D) 77,050 75,619 72,982 72,866 74,241 298,517 287,385 Fully taxable equivalent adjustment (E) 1,736 1,748 1,774 1,821 1,778 7,079 6,015 Amortization of intangibles (F) 1,420 1,421 1,421 1,421 1,421 5,683 5,844 Adjustments: Non-interest income: Fair value adjustment for marketable securities $ 85 $ 61 $ 1,250 $ 5,782 $ 4,271 $ 7,178 $ (1,978 ) Gain on OREO 737 246 619 401 150 2,003 1,132 (Loss) gain on branches, equipment and other assets, net (19 ) (34 ) (23 ) (29 ) 217 (105 ) 326 Special dividend from equity investment - 2,227 2,200 8,073 - 12,500 10,185 Gain on securities - - - 219 - 219 - Recoveries on historic losses - - - 5,107 - 5,107 - Total non-interest income adjustments (G) $ 803 $ 2,500 $ 4,046 $ 19,553 $ 4,638 $ 26,902 $ 9,665 Non-interest expense: Branch write-off expense $ - $ - $ - $ - $ - $ - $ 981 Merger and acquisition expenses 880 1,006 - - - 1,886 711 Outsourced special project expense - - - - - - 1,092 Total non-interest expense adjustments (H) $ 880 $ 1,006 $ - $ - $ - $ 1,886 $ 2,784
Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Year Ended (Dollars in thousands) Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020Dec. 31,
2021Dec. 31,
2020ANNUALIZED NET INTEREST MARGIN Net interest margin: (A/C) 3.42 % 3.60 % 3.61 % 4.02 % 4.00 % 3.66 % 4.06 % Net interest margin, excluding PPP loans:(B/D) 3.32 % 3.43 % 3.54 % 3.86 % 3.97 % 3.53 % 4.08 % Net interest income - FTE (A) $ 140,756 $ 146,359 $ 143,026 $ 149,909 $ 149,803 $ 580,050 $ 588,570 PPP loan interest & discount accretion income 5,786 10,162 7,802 11,878 8,841 35,628 19,234 Net interest income - FTE, excluding PPP loans (B) $ 134,970 $ 136,197 $ 135,224 $ 138,031 $ 140,962 $ 544,422 $ 569,336 Average interest-earning assets (C) $ 16,308,722 $ 16,110,526 $ 15,892,519 $ 15,118,940 $ 14,900,381 $ 15,861,630 $ 14,497,230 Average PPP loans 162,969 371,523 581,371 633,790 775,861 434,710 547,328 Average interest-earning assets, excluding PPP loans (D) $ 16,145,753 $ 15,739,003 $ 15,311,148 $ 14,485,150 $ 14,124,520 $ 15,426,920 $ 13,949,902 Quarter Ended Dec. 31,
2021Sep. 30,
2021Jun. 30,
2021Mar. 31,
2021Dec. 31,
2020TANGIBLE BOOK VALUE PER COMMON SHARE Book value per common share: (A/B) $ 16.90 $ 16.68 $ 16.39 $ 16.02 $ 15.78 Tangible book value per common share: ((A-C-D)/B) 10.80 10.59 10.31 9.95 9.70 Total stockholders' equity (A) $ 2,765,721 $ 2,736,062 $ 2,696,189 $ 2,645,204 $ 2,605,758 End of period common shares outstanding (B) 163,699 164,008 164,488 165,141 165,095 Goodwill (C) 973,025 973,025 973,025 973,025 973,025 Core deposit and other intangibles (D) 25,045 26,466 27,886 29,307 30,728 TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Equity to assets: (B/A) 15.32 % 15.40 % 15.30 % 15.34 % 15.89 % Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 10.36 % 10.36 % 10.20 % 10.12 % 10.41 % Total assets (A) $ 18,052,138 $ 17,765,056 $ 17,627,192 $ 17,240,241 $ 16,398,804 Total stockholders' equity (B) 2,765,721 2,736,062 2,696,189 2,645,204 2,605,758 Goodwill (C) 973,025 973,025 973,025 973,025 973,025 Core deposit and other intangibles (D) 25,045 26,466 27,886 29,307 30,728 
