CONWAY, Ark., April 20, 2017 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ:HOMB), parent company of Centennial Bank, today announced a quarterly profit of $46.9 million for the first quarter of 2017 compared to $41.4 million, for the same quarter in 2016. Diluted earnings per share for the first quarter of 2017 was $0.33 per share compared to $0.29 per share (split adjusted) for 2016, representing an increase of $0.04 per share or 13.8% for the first quarter of 2017 when compared to the same quarter in the prior year. Excluding the $6.7 million of merger expenses associated with the recently completed acquisitions of Giant Holdings, Inc. (“GHI”) and The Bank of Commerce (“Commerce”) offset by $3.8 million of one-time non-taxable gain on acquisition associated with Commerce, diluted earnings per share for the first quarter of 2017 remained $0.33 per share.
“We were active on many fronts during the first quarter of 2017, and we delivered solid quarterly financial results in spite of the additional expenses associated with the recently closed acquisitions of GHI and Commerce,” said John Allison, Chairman. “We also look forward to the completion of the merger with Stonegate Bank in Pompano Beach, Florida later this year and the opportunity to welcome them to the Home BancShares family.”
Tracy French, Centennial Bank President and Chief Executive Officer, added, “We are pleased with the first quarter’s solid financial results. We are busy managing the growth momentum associated with our recently closed acquisitions of GHI on February 23, 2017 and Commerce on February 28, 2017. GHI completed its systems conversion on March 24, 2017; while Commerce is due to have its systems conversion on May 12, 2017.”
“We are pleased with reporting our twenty-fourth consecutive most profitable quarter in the Company’s history, when excluding the $4.5 million of reduced provision for loan losses as a result of a significant loan recovery offset by $433,000 of merger expenses associated with the GHI and Commerce acquisitions from the fourth quarter of 2016, record net interest income for the first quarter of 2017 and improvements in our non-performing assets,” said Randy Sims, Home BancShares, Inc. Chief Executive Officer. “Our team continues to do an excellent job of controlling expenses. We have been able to maintain a strong core efficiency ratio of 36.96%, even though we added nine branch locations with the GHI and Commerce transactions in the first quarter of 2017.”
Operating Highlights
Each quarter we perform credit impairment tests on the loans acquired in our acquisitions. During our first quarter 2017 impairment testing, several pools were determined to have a material projected credit improvement. This projected credit improvement offset by the expected decline in accretion income from the maturing and reduction of pay-offs in the acquired loan portfolios, resulted in a net decline of recognized accretion income when compared to the fourth quarter of 2016. Accretion yield decreased approximately $1.0 million from $8.6 million for the fourth quarter of 2016 to $7.6 million for first quarter of 2017.
Net interest margin, on a fully taxable equivalent basis, was 4.70% for the quarter just ended compared to 4.81% for the same quarter in 2016 and compared to 4.75% for the fourth quarter of 2016. The net interest margin, excluding accretion yield was slightly increased when comparing the fourth quarter of 2016 to the first quarter of 2017 at 4.31% and 4.32%, respectively.
During the first quarter of 2017, the Company recorded a provision for loan loss of $3.9 million compared to $5.7 million in the first quarter of 2016. For the first quarter of 2017, net charge-offs were $3.6 million compared to net charge-offs of $2.6 million for the first quarter of 2016.
The Company reported $26.5 million of non-interest income for the first quarter of 2017, compared to $19.4 million for the first quarter of 2016. The most important components of the first quarter non-interest income were $8.9 million from other service charges and fees, $6.0 million from service charges on deposits accounts, $3.8 million from gain on acquisitions, $2.8 million from mortgage lending income, $1.8 million from other income and $1.1 million from dividends from FHLB, FRB, Bankers’ Bank & other.
Non-interest expense for the first quarter of 2017 was $55.1 million compared to $45.6 million for the first quarter of 2016. Non-interest expense excluding merger expenses for the first quarter of 2017 was $48.4 million compared to $45.6 million for the first quarter of 2016, an increase of $2.8 million. This increase excluding merger expenses is primarily the result of $1.7 million growth in non-interest expense related to the Centennial Commercial Finance Group (“Centennial CFG”) combined with an increase in the costs associated with asset growth from the acquisitions in the first quarter of 2017. For the first quarter of 2017, our core efficiency ratio was 36.96% which is relatively unchanged from the 36.92% reported for first quarter of 2016.
Financial Condition
Total loans receivable were $7.85 billion at March 31, 2017 compared to $7.39 billion at December 31, 2016. Total deposits were $7.57 billion at March 31, 2017 compared to $6.94 billion at December 31, 2016. Total assets were $10.72 billion at March 31, 2017 compared to $9.81 billion at December 31, 2016.
During the first quarter of 2017, the Company acquired $446.3 million of loans, net of purchase accounting discounts. From December 31, 2016 to March 31, 2017, the Company produced organic loan growth of approximately $15.7 million in addition to the acquired loans. The legacy footprint produced $43.1 million of organic loan growth during the first quarter of 2017 while Centennial CFG experienced significant payoffs during the first quarter of 2017 resulting in a decline of $27.4 million. Centennial CFG had loans of $1.08 billion at March 31, 2017.
Non-performing loans at March 31, 2017 are $26.1 million, $33.0 million, $74,000 and zero in the Arkansas, Florida, Alabama and Centennial CFG markets, respectively, for a total of $59.2 million. Non-performing loans as a percent of total loans were 0.75% as of March 31, 2017 compared to 0.85% as of December 31, 2016. Non-performing assets at March 31, 2017 are $35.6 million, $39.8 million, $1.1 million and zero in the Arkansas, Florida and Alabama and Centennial CFG markets, respectively, for a total of $76.5 million. Non-performing assets as a percent of total assets were 0.71% as of March 31, 2017 compared to 0.81% as of December 31, 2016.
The Company’s allowance for loan losses was $80.3 million at March 31, 2017, or 1.02% of total loans, compared to $80.0 million, or 1.08% of total loans, at December 31, 2016. This decrease is primarily the result of acquiring $446.3 million of loans which do not have an associated allowance for loan losses as a result of purchase accounting. As of March 31, 2017 and December 31, 2016, the Company’s allowance for loan losses was 136% and 127% of its total non-performing loans, respectively.
Stockholders’ equity was $1.44 billion at March 31, 2017 compared to $1.33 billion at December 31, 2016, an increase of $114.1 million. Book value per common share was $10.05 at March 31, 2017 compared to $9.45 at December 31, 2016. Tangible book value per common share was $6.96 at March 31, 2017 compared to $6.63 at December 31, 2016 for an annualized increase of 20.2%.
Branches
In an effort to achieve efficiencies primarily from our acquisitions, during the first quarter, the Company closed one branch in Davie, Florida. During the second quarter the Company has plans to close one branch in Sarasota, Florida and two branches in Ft. Lauderdale, Florida. During the second quarter of 2017, the Company has plans to open a branch location in Clearwater, Florida and a loan production office in Los Angeles under the management of Centennial CFG. The Company currently has 76 branches in Arkansas, 68 branches in Florida, 6 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 ET) on Thursday, April 20, 2017. We encourage all participants to pre-register for the conference call using the following link: http://dpregister.com/10103407. 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 1-877-508-9586 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10103407, which will be available until April 27, 2017 at 10:59 p.m. CT (11:59 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.
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 earnings excluding non-fundamental items, return on average assets excluding intangible amortization, return on average assets excluding non-fundamental items, return on average common equity excluding intangible amortization, core efficiency ratio, non-GAAP net interest margin, tangible book value per common share, and the tangible common equity to tangible assets ratio, 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 non-fundamental items or non-recurring transactions. 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 core business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
General
This release contains forward-looking statements regarding the Company's plans, expectations, goals and outlook for the future. 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, including, but not limited to, economic conditions, credit quality, interest rates, loan demand, the ability to successfully integrate new acquisitions and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Home BancShares, Inc.'s financial results is included in its Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2017.
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 NASDAQ Global Select Market under the symbol “HOMB.”
Home BancShares, Inc. | |||||||||||||||
Consolidated End of Period Balance Sheets | |||||||||||||||
(Unaudited) | |||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | |||||||||||
(In thousands) | 2017 | 2016 | 2016 | 2016 | 2016 | ||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 163,662 | $ | 123,758 | $ | 123,126 | $ | 136,632 | $ | 115,206 | |||||
Interest-bearing deposits with other banks | 253,427 | 92,891 | 173,034 | 48,762 | 42,866 | ||||||||||
Cash and cash equivalents | 417,089 | 216,649 | 296,160 | 185,394 | 158,072 | ||||||||||
Federal funds sold | 1,700 | 1,550 | 1,850 | 525 | 7,050 | ||||||||||
Investment securities - available-for-sale | 1,250,590 | 1,072,920 | 1,233,269 | 1,221,778 | 1,207,773 | ||||||||||
Investment securities - held-to-maturity | 276,599 | 284,176 | 275,544 | 287,725 | 299,050 | ||||||||||
Loans receivable | 7,849,645 | 7,387,699 | 7,112,291 | 7,022,156 | 6,852,212 | ||||||||||
Allowance for loan losses | (80,311 | ) | (80,002 | ) | (76,370 | ) | (74,341 | ) | (72,306 | ) | |||||
Loans receivable, net | 7,769,334 | 7,307,697 | 7,035,921 | 6,947,815 | 6,779,906 | ||||||||||
Bank premises and equipment, net | 212,813 | 205,301 | 208,137 | 207,932 | 210,764 | ||||||||||
Foreclosed assets held for sale | 17,315 | 15,951 | 17,053 | 17,778 | 20,202 | ||||||||||
Cash value of life insurance | 97,223 | 86,491 | 86,230 | 85,889 | 85,538 | ||||||||||
Accrued interest receivable | 32,413 | 30,838 | 29,398 | 28,548 | 28,833 | ||||||||||
Deferred tax asset, net | 67,063 | 61,298 | 56,435 | 61,613 | 69,564 | ||||||||||
Goodwill | 420,941 | 377,983 | 377,983 | 377,983 | 377,983 | ||||||||||
Core deposit and other intangibles | 21,885 | 18,311 | 19,073 | 19,835 | 20,597 | ||||||||||
Other assets | 132,503 | 129,300 | 127,185 | 139,311 | 132,119 | ||||||||||
Total assets | $ | 10,717,468 | $ | 9,808,465 | $ | 9,764,238 | $ | 9,582,126 | $ | 9,397,451 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Deposits: | |||||||||||||||
Demand and non-interest-bearing | $ | 1,862,996 | $ | 1,695,184 | $ | 1,717,467 | $ | 1,645,472 | $ | 1,562,565 | |||||
Savings and interest-bearing transaction accounts | 4,274,194 | 3,963,241 | 3,792,229 | 3,678,546 | 3,602,868 | ||||||||||
Time deposits | 1,430,017 | 1,284,002 | 1,330,597 | 1,388,930 | 1,412,086 | ||||||||||
Total deposits | 7,567,207 | 6,942,427 | 6,840,293 | 6,712,948 | 6,577,519 | ||||||||||
Federal funds purchased | - | - | - | - | - | ||||||||||
Securities sold under agreements to repurchase | 123,793 | 121,290 | 109,350 | 111,072 | 121,906 | ||||||||||
FHLB and other borrowed funds | 1,455,040 | 1,305,198 | 1,420,369 | 1,380,889 | 1,336,233 | ||||||||||
Accrued interest payable and other liabilities | 69,125 | 51,234 | 37,382 | 51,476 | 73,185 | ||||||||||
Subordinated debentures | 60,735 | 60,826 | 60,826 | 60,826 | 60,826 | ||||||||||
Total liabilities | 9,275,900 | 8,480,975 | 8,468,220 | 8,317,211 | 8,169,669 | ||||||||||
Stockholders' equity | |||||||||||||||
Common stock | 1,434 | 1,405 | 1,405 | 1,404 | 702 | ||||||||||
Capital surplus | 948,982 | 869,737 | 866,310 | 863,560 | 862,827 | ||||||||||
Retained earnings | 490,142 | 455,948 | 419,999 | 389,014 | 357,788 | ||||||||||
Accumulated other comprehensive income | 1,010 | 400 | 8,304 | 10,937 | 6,465 | ||||||||||
Total stockholders' equity | 1,441,568 | 1,327,490 | 1,296,018 | 1,264,915 | 1,227,782 | ||||||||||
Total liabilities and stockholders' equity | $ | 10,717,468 | $ | 9,808,465 | $ | 9,764,238 | $ | 9,582,126 | $ | 9,397,451 |
Home BancShares, Inc. | ||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Quarter Ended | Three Months Ended | |||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Mar. 31, | Mar. 31, | ||||||||||||||||
(In thousands) | 2017 | 2016 | 2016 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||
Interest income | ||||||||||||||||||||||
Loans | $ | 105,762 | $ | 103,113 | $ | 102,953 | $ | 100,415 | $ | 96,913 | $ | 105,762 | $ | 96,913 | ||||||||
Investment securities | ||||||||||||||||||||||
Taxable | 5,478 | 5,068 | 5,583 | 5,145 | 5,450 | 5,478 | 5,450 | |||||||||||||||
Tax-exempt | 2,944 | 3,059 | 2,720 | 2,823 | 2,815 | 2,944 | 2,815 | |||||||||||||||
Deposits - other banks | 308 | 146 | 117 | 106 | 102 | 308 | 102 | |||||||||||||||
Federal funds sold | 2 | 2 | 2 | 1 | 4 | 2 | 4 | |||||||||||||||
Total interest income | 114,494 | 111,388 | 111,375 | 108,490 | 105,284 | 114,494 | 105,284 | |||||||||||||||
Interest expense | ||||||||||||||||||||||
Interest on deposits | 5,486 | 4,398 | 4,040 | 3,854 | 3,634 | 5,486 | 3,634 | |||||||||||||||
Federal funds purchased | - | - | - | 1 | 1 | - | 1 | |||||||||||||||
FHLB borrowed funds | 3,589 | 3,201 | 3,139 | 3,074 | 3,070 | 3,589 | 3,070 | |||||||||||||||
Securities sold under agreements to repurchase | 165 | 153 | 142 | 134 | 145 | 165 | 145 | |||||||||||||||
Subordinated debentures | 439 | 429 | 401 | 386 | 377 | 439 | 377 | |||||||||||||||
Total interest expense | 9,679 | 8,181 | 7,722 | 7,449 | 7,227 | 9,679 | 7,227 | |||||||||||||||
Net interest income | 104,815 | 103,207 | 103,653 | 101,041 | 98,057 | 104,815 | 98,057 | |||||||||||||||
Provision for loan losses | 3,914 | 1,703 | 5,536 | 5,692 | 5,677 | 3,914 | 5,677 | |||||||||||||||
Net interest income after provision for loan losses | 100,901 | 101,504 | 98,117 | 95,349 | 92,380 | 100,901 | 92,380 | |||||||||||||||
Non-interest income | ||||||||||||||||||||||
Service charges on deposit accounts | 5,982 | 6,442 | 6,527 | 6,151 | 5,929 | 5,982 | 5,929 | |||||||||||||||
Other service charges and fees | 8,917 | 7,611 | 7,504 | 7,968 | 7,117 | 8,917 | 7,117 | |||||||||||||||
Trust fees | 456 | 329 | 365 | 359 | 404 | 456 | 404 | |||||||||||||||
Mortgage lending income | 2,791 | 4,123 | 3,932 | 3,481 | 2,863 | 2,791 | 2,863 | |||||||||||||||
Insurance commissions | 545 | 488 | 534 | 617 | 657 | 545 | 657 | |||||||||||||||
Increase in cash value of life insurance | 310 | 320 | 344 | 353 | 395 | 310 | 395 | |||||||||||||||
Dividends from FHLB, FRB, Bankers' Bank & other | 1,149 | 944 | 808 | 719 | 620 | 1,149 | 620 | |||||||||||||||
Gain on acquisitions | 3,807 | - | - | - | - | 3,807 | - | |||||||||||||||
Gain on sale of SBA loans | 188 | 645 | 364 | 79 | - | 188 | - | |||||||||||||||
Gain (loss) on sale of branches, equipment and other assets, net | (56 | ) | (1 | ) | (86 | ) | 840 | (53 | ) | (56 | ) | (53 | ) | |||||||||
Gain (loss) on OREO, net | 121 | 159 | 132 | (941 | ) | 96 | 121 | 96 | ||||||||||||||
Gain (loss) on securities, net | 423 | 644 | - | 15 | 10 | 423 | 10 | |||||||||||||||
FDIC indemnification accretion/(amortization), net | - | - | - | (410 | ) | (362 | ) | - | (362 | ) | ||||||||||||
Other income | 1,837 | 2,124 | 1,590 | 2,541 | 1,761 | 1,837 | 1,761 | |||||||||||||||
Total non-interest income | 26,470 | 23,828 | 22,014 | 21,772 | 19,437 | 26,470 | 19,437 | |||||||||||||||
Non-interest expense | ||||||||||||||||||||||
Salaries and employee benefits | 27,421 | 26,944 | 25,623 | 25,437 | 23,958 | 27,421 | 23,958 | |||||||||||||||
Occupancy and equipment | 6,681 | 6,281 | 6,668 | 6,509 | 6,671 | 6,681 | 6,671 | |||||||||||||||
Data processing expense | 2,723 | 2,278 | 2,791 | 2,766 | 2,664 | 2,723 | 2,664 | |||||||||||||||
Other operating expenses | 18,316 | 11,991 | 15,944 | 12,875 | 12,355 | 18,316 | 12,355 | |||||||||||||||
Total non-interest expense | 55,141 | 47,494 | 51,026 | 47,587 | 45,648 | 55,141 | 45,648 | |||||||||||||||
Income before income taxes | 72,230 | 77,838 | 69,105 | 69,534 | 66,169 | 72,230 | 66,169 | |||||||||||||||
Income tax expense | 25,374 | 29,248 | 25,485 | 26,025 | 24,742 | 25,374 | 24,742 | |||||||||||||||
Net income | $ | 46,856 | $ | 48,590 | $ | 43,620 | $ | 43,509 | $ | 41,427 | $ | 46,856 | $ | 41,427 |
Home BancShares, Inc. | ||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Quarter Ended | Three Months Ended | |||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Mar. 31, | Mar. 31, | ||||||||||||||||
(Dollars and shares in thousands, except per share data) | 2017 | 2016 | 2016 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||
Diluted earnings per common share | $ | 0.33 | $ | 0.35 | $ | 0.31 | $ | 0.31 | $ | 0.29 | $ | 0.33 | $ | 0.29 | ||||||||
Diluted earnings per common share excluding gain on acquisitions, merger expenses, reduced provision for loan losses as a result of a significant loan recovery & FDIC loss share buy-out expense (non-GAAP)(1) | 0.33 | 0.33 | 0.33 | 0.31 | 0.29 | 0.33 | 0.29 | |||||||||||||||
Basic earnings per common share | 0.33 | 0.35 | 0.31 | 0.31 | 0.30 | 0.33 | 0.30 | |||||||||||||||
Dividends per share - common | 0.0900 | 0.0900 | 0.0900 | 0.0875 | 0.0750 | 0.0900 | 0.0750 | |||||||||||||||
Book value per common share | 10.05 | 9.45 | 9.22 | 9.01 | 8.75 | 10.05 | 8.75 | |||||||||||||||
Tangible book value per common share (non-GAAP)(1) | 6.96 | 6.63 | 6.40 | 6.18 | 5.91 | 6.96 | 5.91 | |||||||||||||||
STOCK INFORMATION | ||||||||||||||||||||||
Average common shares outstanding | 141,785 | 140,465 | 140,436 | 140,382 | 140,390 | 141,785 | 140,390 | |||||||||||||||
Average diluted shares outstanding | 142,492 | 140,781 | 140,703 | 140,608 | 140,687 | 142,492 | 140,687 | |||||||||||||||
End of period common shares outstanding | 143,442 | 140,472 | 140,490 | 140,382 | 140,380 | 143,442 | 140,380 | |||||||||||||||
ANNUALIZED PERFORMANCE METRICS | ||||||||||||||||||||||
Return on average assets | 1.86 | % | 1.98 | % | 1.81 | % | 1.83 | % | 1.79 | % | 1.86 | % | 1.79 | % | ||||||||
Return on average assets excluding intangible amortization (non-GAAP)(1) | 1.96 | % | 2.08 | % | 1.91 | % | 1.93 | % | 1.89 | % | 1.96 | % | 1.89 | % | ||||||||
Return on average assets excluding intangible amortization, provision for loan losses, merger expenses, gain on acquisitions, reduced provision for loan losses as a result of a significant loan recovery, loss on FDIC loss share buyout and income taxes (Core ROA) (non-GAAP)(1) | 3.31 | % | 3.23 | % | 3.43 | % | 3.33 | % | 3.27 | % | 3.31 | % | 3.27 | % | ||||||||
Return on average common equity | 13.85 | % | 14.79 | % | 13.62 | % | 14.11 | % | 13.77 | % | 13.85 | % | 13.77 | % | ||||||||
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) | 20.08 | % | 21.45 | % | 20.01 | % | 21.01 | % | 20.79 | % | 20.08 | % | 20.79 | % | ||||||||
Efficiency ratio | 40.76 | % | 36.19 | % | 39.41 | % | 37.52 | % | 37.50 | % | 40.76 | % | 37.50 | % | ||||||||
Core efficiency ratio (non-GAAP)(1) | 36.96 | % | 35.97 | % | 36.51 | % | 36.84 | % | 36.92 | % | 36.96 | % | 36.92 | % | ||||||||
Net interest margin - FTE | 4.70 | % | 4.75 | % | 4.86 | % | 4.83 | % | 4.81 | % | 4.70 | % | 4.81 | % | ||||||||
Fully taxable equivalent adjustment | $ | 2,011 | $ | 2,108 | $ | 1,869 | $ | 1,974 | $ | 1,973 | $ | 2,011 | $ | 1,973 | ||||||||
Total revenue | 140,964 | 135,216 | 133,389 | 130,262 | 124,721 | 140,964 | 124,721 | |||||||||||||||
OTHER OPERATING EXPENSES | ||||||||||||||||||||||
Advertising | $ | 698 | $ | 910 | $ | 866 | $ | 733 | $ | 823 | $ | 698 | $ | 823 | ||||||||
Merger and acquisition expenses | 6,727 | 433 | - | - | - | 6,727 | - | |||||||||||||||
FDIC loss share buy-out expense | - | - | 3,849 | - | - | - | - | |||||||||||||||
Amortization of intangibles | 804 | 762 | 762 | 763 | 845 | 804 | 845 | |||||||||||||||
Electronic banking expense | 1,519 | 1,621 | 1,428 | 1,237 | 1,456 | 1,519 | 1,456 | |||||||||||||||
Directors' fees | 313 | 294 | 292 | 289 | 275 | 313 | 275 | |||||||||||||||
Due from bank service charges | 420 | 393 | 319 | 337 | 305 | 420 | 305 | |||||||||||||||
FDIC and state assessment | 1,288 | 1,097 | 1,502 | 1,446 | 1,446 | 1,288 | 1,446 | |||||||||||||||
Insurance | 578 | 563 | 553 | 544 | 533 | 578 | 533 | |||||||||||||||
Legal and accounting | 627 | 442 | 583 | 658 | 523 | 627 | 523 | |||||||||||||||
Other professional fees | 1,153 | 943 | 1,137 | 1,044 | 925 | 1,153 | 925 | |||||||||||||||
Operating supplies | 467 | 466 | 437 | 419 | 436 | 467 | 436 | |||||||||||||||
Postage | 286 | 269 | 269 | 260 | 286 | 286 | 286 | |||||||||||||||
Telephone | 324 | 360 | 449 | 455 | 487 | 324 | 487 | |||||||||||||||
Other expense | 3,112 | 3,438 | 3,498 | 4,690 | 4,015 | 3,112 | 4,015 | |||||||||||||||
Total other operating expenses | $ | 18,316 | $ | 11,991 | $ | 15,944 | $ | 12,875 | $ | 12,355 | $ | 18,316 | $ | 12,355 | ||||||||
(1) Calculation of this metric and the reconciliation to GAAP is included in the schedules accompanying this release. |
Home BancShares, Inc. | |||||||||||||||
Selected Financial Information | |||||||||||||||
(Unaudited) | |||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | |||||||||||
(Dollars in thousands) | 2017 | 2016 | 2016 | 2016 | 2016 | ||||||||||
BALANCE SHEET RATIOS | |||||||||||||||
Total loans to total deposits | 103.73 | % | 106.41 | % | 103.98 | % | 104.61 | % | 104.18 | % | |||||
Common equity to assets | 13.45 | % | 13.53 | % | 13.27 | % | 13.20 | % | 13.07 | % | |||||
Tangible common equity to tangible assets (non-GAAP)(1) | 9.72 | % | 9.89 | % | 9.60 | % | 9.44 | % | 9.21 | % | |||||
LOANS RECEIVABLE | |||||||||||||||
Real estate | |||||||||||||||
Commercial real estate loans | |||||||||||||||
Non-farm/non-residential | $ | 3,462,773 | $ | 3,153,121 | $ | 2,954,618 | $ | 2,884,162 | $ | 2,889,927 | |||||
Construction/land development | 1,217,519 | 1,135,843 | 1,065,204 | 1,068,544 | 977,800 | ||||||||||
Agricultural | 79,940 | 77,736 | 77,556 | 78,535 | 75,763 | ||||||||||
Residential real estate loans | |||||||||||||||
Residential 1-4 family | 1,493,133 | 1,356,136 | 1,264,384 | 1,262,416 | 1,202,323 | ||||||||||
Multifamily residential | 404,815 | 340,926 | 328,089 | 395,352 | 438,100 | ||||||||||
Total real estate | 6,658,180 | 6,063,762 | 5,689,851 | 5,689,009 | 5,583,913 | ||||||||||
Consumer | 41,893 | 41,745 | 42,487 | 48,933 | 50,090 | ||||||||||
Commercial and industrial | 1,013,403 | 1,123,213 | 1,225,043 | 1,130,776 | 1,070,553 | ||||||||||
Agricultural | 69,307 | 74,673 | 73,413 | 69,666 | 63,482 | ||||||||||
Other | 66,862 | 84,306 | 81,497 | 83,772 | 84,174 | ||||||||||
Loans receivable | $ | 7,849,645 | $ | 7,387,699 | $ | 7,112,291 | $ | 7,022,156 | $ | 6,852,212 | |||||
- | - | - | - | - | |||||||||||
Discount for credit losses on purchased loans | $ | 104,464 | $ | 100,148 | $ | 108,017 | $ | 120,910 | $ | 142,223 | |||||
Purchased loans, net of discount for credit losses on purchased loans | 1,375,210 | 1,125,599 | 1,368,305 | 1,597,903 | 1,991,357 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||
Balance, beginning of period | $ | 80,002 | $ | 76,370 | $ | 74,341 | $ | 72,306 | $ | 69,224 | |||||
Loans charged off | 4,706 | 4,836 | 4,351 | 4,367 | 3,947 | ||||||||||
Recoveries of loans previously charged off | 1,101 | 6,765 | 844 | 710 | 1,352 | ||||||||||
Net loans (recovered)/charged off | 3,605 | (1,929 | ) | 3,507 | 3,657 | 2,595 | |||||||||
Provision for loan losses | 3,914 | 1,703 | 5,536 | 5,692 | 5,677 | ||||||||||
Balance, end of period | $ | 80,311 | $ | 80,002 | $ | 76,370 | $ | 74,341 | $ | 72,306 | |||||
- | - | - | - | - | |||||||||||
Net (recoveries) charge-offs to average total loans | 0.19 | % | -0.11 | % | 0.20 | % | 0.21 | % | 0.16 | % | |||||
Allowance for loan losses to total loans | 1.02 | % | 1.08 | % | 1.07 | % | 1.06 | % | 1.06 | % | |||||
NON-PERFORMING ASSETS | |||||||||||||||
Non-performing loans | |||||||||||||||
Non-accrual loans | $ | 43,810 | $ | 47,182 | $ | 39,353 | $ | 36,660 | $ | 33,409 | |||||
Loans past due 90 days or more | 15,388 | 15,942 | 20,737 | 22,998 | 25,144 | ||||||||||
Total non-performing loans | 59,198 | 63,124 | 60,090 | 59,658 | 58,553 | ||||||||||
Other non-performing assets | |||||||||||||||
Foreclosed assets held for sale, net | 17,315 | 15,951 | 17,053 | 17,778 | 20,202 | ||||||||||
Other non-performing assets | 3 | 3 | - | - | - | ||||||||||
Total other non-performing assets | 17,318 | 15,954 | 17,053 | 17,778 | 20,202 | ||||||||||
Total non-performing assets | $ | 76,516 | $ | 79,078 | $ | 77,143 | $ | 77,436 | $ | 78,755 | |||||
Allowance for loan losses for loans to non-performing loans | 135.67 | % | 126.74 | % | 127.09 | % | 124.61 | % | 123.49 | % | |||||
Non-performing loans to total loans | 0.75 | % | 0.85 | % | 0.84 | % | 0.85 | % | 0.85 | % | |||||
Non-performing assets to total assets | 0.71 | % | 0.81 | % | 0.79 | % | 0.81 | % | 0.84 | % | |||||
(1) Calculation of this metric and the reconciliation to GAAP is included in the schedules accompanying this release. |
Home BancShares, Inc. | |||||||||||||
Consolidated Net Interest Margin | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | |||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||
ASSETS | |||||||||||||
Earning assets | |||||||||||||
Interest-bearing balances due from banks | $ | 170,500 | $ | 308 | 0.73 | % | $ | 135,276 | $ | 146 | 0.43 | % | |
Federal funds sold | 1,182 | 2 | 0.69 | % | 1,374 | 2 | 0.58 | % | |||||
Investment securities - taxable | 1,110,166 | 5,478 | 2.00 | % | 1,121,012 | 5,068 | 1.80 | % | |||||
Investment securities - non-taxable - FTE | 347,085 | 4,786 | 5.59 | % | 349,175 | 4,982 | 5.68 | % | |||||
Loans receivable - FTE | 7,585,565 | 105,931 | 5.66 | % | 7,217,631 | 103,298 | 5.69 | % | |||||
Total interest-earning assets | 9,214,498 | 116,505 | 5.13 | % | 8,824,468 | 113,496 | 5.12 | % | |||||
Non-earning assets | 984,346 | 952,680 | |||||||||||
Total assets | $ | 10,198,844 | $ | 9,777,148 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Liabilities | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Savings and interest-bearing transaction accounts | $ | 4,138,813 | $ | 3,377 | 0.33 | % | $ | 3,877,152 | $ | 2,551 | 0.26 | % | |
Time deposits | 1,357,300 | 2,109 | 0.63 | % | 1,303,182 | 1,847 | 0.56 | % | |||||
Total interest-bearing deposits | 5,496,113 | 5,486 | 0.40 | % | 5,180,334 | 4,398 | 0.34 | % | |||||
Federal funds purchased | - | - | 0.00 | % | 86 | - | 0.00 | % | |||||
Securities sold under agreement to repurchase | 124,094 | 165 | 0.54 | % | 119,413 | 153 | 0.51 | % | |||||
FHLB borrowed funds | 1,373,217 | 3,589 | 1.06 | % | 1,377,017 | 3,201 | 0.92 | % | |||||
Subordinated debentures | 60,819 | 439 | 2.93 | % | 60,826 | 429 | 2.81 | % | |||||
Total interest-bearing liabilities | 7,054,243 | 9,679 | 0.56 | % | 6,737,676 | 8,181 | 0.48 | % | |||||
Non-interest bearing liabilities | |||||||||||||
Non-interest bearing deposits | 1,716,452 | 1,686,214 | |||||||||||
Other liabilities | 56,419 | 46,687 | |||||||||||
Total liabilities | 8,827,114 | 8,470,577 | |||||||||||
Shareholders' equity | 1,371,730 | 1,306,571 | |||||||||||
Total liabilities and shareholders' equity | $ | 10,198,844 | $ | 9,777,148 | |||||||||
Net interest spread | 4.57 | % | 4.64 | % | |||||||||
Net interest income and margin - FTE | $ | 106,826 | 4.70 | % | $ | 105,315 | 4.75 | % |
Home BancShares, Inc. | |||||||||||||
Consolidated Net Interest Margin | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | |||||||||||||
March 31, 2017 | March 31, 2016 | ||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||
ASSETS | |||||||||||||
Earning assets | |||||||||||||
Interest-bearing balances due from banks | $ | 170,500 | $ | 308 | 0.73 | % | $ | 113,831 | $ | 102 | 0.36 | % | |
Federal funds sold | 1,182 | 2 | 0.69 | % | 3,049 | 4 | 0.53 | % | |||||
Investment securities - taxable | 1,110,166 | 5,478 | 2.00 | % | 1,177,595 | 5,450 | 1.86 | % | |||||
Investment securities - non-taxable - FTE | 347,085 | 4,786 | 5.59 | % | 338,988 | 4,598 | 5.46 | % | |||||
Loans receivable - FTE | 7,585,565 | 105,931 | 5.66 | % | 6,729,060 | 97,103 | 5.80 | % | |||||
Total interest-earning assets | 9,214,498 | 116,505 | 5.13 | % | 8,362,523 | 107,257 | 5.16 | % | |||||
Non-earning assets | 984,346 | 968,099 | |||||||||||
Total assets | $ | 10,198,844 | $ | 9,330,622 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Liabilities | |||||||||||||
Interest-bearing liabilities | |||||||||||||
Savings and interest-bearing transaction accounts | $ | 4,138,813 | $ | 3,377 | 0.33 | % | $ | 3,593,914 | $ | 2,018 | 0.23 | % | |
Time deposits | 1,357,300 | 2,109 | 0.63 | % | 1,393,591 | 1,616 | 0.47 | % | |||||
Total interest-bearing deposits | 5,496,113 | 5,486 | 0.40 | % | 4,987,505 | 3,634 | 0.29 | % | |||||
Federal funds purchased | - | - | 0.00 | % | 610 | 1 | 0.66 | % | |||||
Securities sold under agreement to repurchase | 124,094 | 165 | 0.54 | % | 128,897 | 145 | 0.45 | % | |||||
FHLB borrowed funds | 1,373,217 | 3,589 | 1.06 | % | 1,368,457 | 3,070 | 0.90 | % | |||||
Subordinated debentures | 60,819 | 439 | 2.93 | % | 60,826 | 377 | 2.49 | % | |||||
Total interest-bearing liabilities | 7,054,243 | 9,679 | 0.56 | % | 6,546,295 | 7,227 | 0.44 | % | |||||
Non-interest bearing liabilities | |||||||||||||
Non-interest bearing deposits | 1,716,452 | 1,514,169 | |||||||||||
Other liabilities | 56,419 | 59,891 | |||||||||||
Total liabilities | 8,827,114 | 8,120,355 | |||||||||||
Shareholders' equity | 1,371,730 | 1,210,267 | |||||||||||
Total liabilities and shareholders' equity | $ | 10,198,844 | $ | 9,330,622 | |||||||||
Net interest spread | 4.57 | % | 4.72 | % | |||||||||
Net interest income and margin - FTE | $ | 106,826 | 4.70 | % | $ | 100,030 | 4.81 | % |
Home BancShares, Inc. | ||||||||||||||||||||||
Non-GAAP Reconciliations | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Quarter Ended | Three Months Ended | |||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Mar. 31, | Mar. 31, | ||||||||||||||||
(Dollars and shares in thousands, except per share data) | 2017 | 2016 | 2016 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||
EARNINGS EXCLUDING NON-FUNDAMENTAL ITEMS | ||||||||||||||||||||||
GAAP net income available to common shareholders (A) | $ | 46,856 | $ | 48,590 | $ | 43,620 | $ | 43,509 | $ | 41,427 | $ | 46,856 | $ | 41,427 | ||||||||
Non-fundamental items | ||||||||||||||||||||||
Gain on acquisitions | (3,807 | ) | - | - | - | - | (3,807 | ) | - | |||||||||||||
Merger and acquisition expenses | 6,727 | 433 | - | - | - | 6,727 | - | |||||||||||||||
FDIC loss share buy-out expense | - | - | 3,849 | - | - | - | - | |||||||||||||||
Reduced provision for loan losses as a result of a significant loan recovery | - | (4,457 | ) | - | - | - | - | - | ||||||||||||||
Total non-fundamental items | 2,920 | (4,024 | ) | 3,849 | - | - | 2,920 | - | ||||||||||||||
Tax-effect of non-fundamental items(2) | 2,382 | (1,578 | ) | 1,510 | - | - | 2,382 | - | ||||||||||||||
Non-fundamental items after-tax (B) | 538 | (2,446 | ) | 2,339 | - | - | 538 | - | ||||||||||||||
Earnings excluding non-fundamental items (C) | $ | 47,394 | $ | 46,144 | $ | 45,959 | $ | 43,509 | $ | 41,427 | $ | 47,394 | $ | 41,427 | ||||||||
Average diluted shares outstanding (D) | 142,492 | 140,781 | 140,703 | 140,608 | 140,687 | 142,492 | 140,687 | |||||||||||||||
GAAP diluted earnings per share: A/D | $ | 0.33 | $ | 0.35 | $ | 0.31 | $ | 0.31 | $ | 0.29 | $ | 0.33 | $ | 0.29 | ||||||||
Non-fundamental items after-tax: B/D | - | (0.02 | ) | 0.02 | - | - | - | - | ||||||||||||||
Diluted earnings per common share excluding gain on acquisitions, merger expenses, reduced provision for loan losses as a result of a significant loan recovery & FDIC loss share buy-out expense: C/D | $ | 0.33 | $ | 0.33 | $ | 0.33 | $ | 0.31 | $ | 0.29 | $ | 0.33 | $ | 0.29 | ||||||||
- | - | - | - | - | - | - | ||||||||||||||||
ANNUALIZED RETURN ON AVERAGE ASSETS | ||||||||||||||||||||||
Return on average assets: A/G | 1.86 | % | 1.98 | % | 1.81 | % | 1.83 | % | 1.79 | % | 1.86 | % | 1.79 | % | ||||||||
Return on average assets excluding intangible amortization: (A+C)/(G-H) | 1.96 | % | 2.08 | % | 1.91 | % | 1.93 | % | 1.89 | % | 1.96 | % | 1.89 | % | ||||||||
Return on average assets excluding intangible amortization, provision for loan losses, merger expenses, gain on acquisitions, reduced provision for loan losses as a result of a significant loan recovery, loss on FDIC loss share buyout and income taxes (Core ROA): (A+B+D+E+F)/(G-H) | 3.31 | % | 3.23 | % | 3.43 | % | 3.33 | % | 3.27 | % | 3.31 | % | 3.27 | % | ||||||||
GAAP net income available to common shareholders (A) | $ | 46,856 | $ | 48,590 | $ | 43,620 | $ | 43,509 | $ | 41,427 | $ | 46,856 | $ | 41,427 | ||||||||
Amortization of intangibles (B) | 804 | 762 | 762 | 763 | 845 | 804 | 845 | |||||||||||||||
Amortization of intangibles after-tax (C) | 489 | 463 | 463 | 464 | 514 | 489 | 514 | |||||||||||||||
Provision for loan losses (D) | 3,914 | 1,703 | 5,536 | 5,692 | 5,677 | 3,914 | 5,677 | |||||||||||||||
Total non-fundamental items (E) | 2,920 | (4,024 | ) | 3,849 | - | - | 2,920 | - | ||||||||||||||
Income tax expense (F) | 25,374 | 29,248 | 25,485 | 26,025 | 24,742 | 25,374 | 24,742 | |||||||||||||||
Average assets (G) | 10,198,844 | 9,777,148 | 9,602,363 | 9,562,624 | 9,330,622 | 10,198,844 | 9,330,622 | |||||||||||||||
Average goodwill, core deposits & other intangible assets (H) | 415,699 | 396,662 | 397,429 | 398,184 | 398,978 | 415,699 | 398,978 | |||||||||||||||
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY | ||||||||||||||||||||||
Return on average common equity: A/C | 13.85 | % | 14.79 | % | 13.62 | % | 14.11 | % | 13.77 | % | 13.85 | % | 13.77 | % | ||||||||
Return on average tangible common equity excluding intangible amortization: (A+B)/(C-D) | 20.08 | % | 21.45 | % | 20.01 | % | 21.01 | % | 20.79 | % | 20.08 | % | 20.79 | % | ||||||||
GAAP net income available to common shareholders (A) | $ | 46,856 | $ | 48,590 | $ | 43,620 | $ | 43,509 | $ | 41,427 | $ | 46,856 | $ | 41,427 | ||||||||
Amortization of intangibles after-tax (B) | 489 | 463 | 463 | 464 | 514 | 489 | 514 | |||||||||||||||
Average common equity (C) | 1,371,730 | 1,306,571 | 1,274,077 | 1,240,080 | 1,210,267 | 1,371,730 | 1,210,267 | |||||||||||||||
Average goodwill, core deposits & other intangible assets (D) | 415,699 | 396,662 | 397,429 | 398,184 | 398,978 | 415,699 | 398,978 | |||||||||||||||
(2) Effective tax rate of 39.225%, adjusted for non-taxable gain on acquisition and non-deductible merger-related costs. |
Home BancShares, Inc. | ||||||||||||||||||||||
Non-GAAP Reconciliations | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Quarter Ended | Three Months Ended | |||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Mar. 31, | Mar. 31, | ||||||||||||||||
(Dollars and shares in thousands, except per share data) | 2017 | 2016 | 2016 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||
EFFICIENCY RATIO | ||||||||||||||||||||||
Efficiency ratio: ((C-E)/(A+B+D)) | 40.76 | % | 36.19 | % | 39.41 | % | 37.52 | % | 37.50 | % | 40.76 | % | 37.50 | % | ||||||||
Core efficiency ratio: ((C-E-G)/(A+B+D-F)) | 36.96 | % | 35.97 | % | 36.51 | % | 36.84 | % | 36.92 | % | 36.96 | % | 36.92 | % | ||||||||
- | - | - | - | - | - | - | ||||||||||||||||
Net interest income (A) | $ | 104,815 | $ | 103,207 | $ | 103,653 | $ | 101,041 | $ | 98,057 | $ | 104,815 | $ | 98,057 | ||||||||
Non-interest income (B) | 26,470 | 23,828 | 22,014 | 21,772 | 19,437 | 26,470 | 19,437 | |||||||||||||||
Non-interest expense (C) | 55,141 | 47,494 | 51,026 | 47,587 | 45,648 | 55,141 | 45,648 | |||||||||||||||
Fully taxable equivalent adjustment (D) | 2,011 | 2,108 | 1,869 | 1,974 | 1,973 | 2,011 | 1,973 | |||||||||||||||
Amortization of intangibles (E) | 804 | 762 | 762 | 763 | 845 | 804 | 845 | |||||||||||||||
Non-fundamental items: | ||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||
Gain on acquisition | $ | 3,807 | $ | - | $ | - | $ | - | $ | - | $ | 3,807 | $ | - | ||||||||
Gain (loss) on OREO | 121 | 159 | 132 | (941 | ) | 96 | 121 | 96 | ||||||||||||||
Gain (loss) on SBA | 188 | 645 | 364 | 79 | - | 188 | - | |||||||||||||||
Gain on sale of branches, equipment & other assets, net | (56 | ) | (1 | ) | (86 | ) | 840 | (53 | ) | (56 | ) | (53 | ) | |||||||||
Gain (loss) on securities | 423 | 644 | - | 15 | 10 | 423 | 10 | |||||||||||||||
Recoveries on historic losses | - | - | - | 925 | - | - | - | |||||||||||||||
Total non-fundamental non-interest income (F) | $ | 4,483 | $ | 1,447 | $ | 410 | $ | 918 | $ | 53 | $ | 4,483 | $ | 53 | ||||||||
Non-interest expense: | ||||||||||||||||||||||
Merger Expenses | $ | 6,727 | $ | 433 | $ | - | $ | - | $ | - | $ | 6,727 | $ | - | ||||||||
FDIC loss share buy-out | - | - | 3,849 | - | - | - | - | |||||||||||||||
Vacant properties write-downs | - | 369 | - | 1,194 | 720 | - | 720 | |||||||||||||||
Total non-fundamental non-interest expense (G) | $ | 6,727 | $ | 802 | $ | 3,849 | $ | 1,194 | $ | 720 | $ | 6,727 | $ | 720 | ||||||||
ANNUALIZED NET INTEREST MARGIN | ||||||||||||||||||||||
Net interest margin: A/C | 4.70 | % | 4.75 | % | 4.86 | % | 4.83 | % | 4.81 | % | 4.70 | % | 4.81 | % | ||||||||
Net interest margin (non-GAAP): B/D | 4.32 | % | 4.31 | % | 4.25 | % | 4.24 | % | 4.22 | % | 4.32 | % | 4.22 | % | ||||||||
Net interest income - FTE (A) | $ | 106,826 | $ | 105,315 | $ | 105,522 | $ | 103,015 | $ | 100,030 | $ | 106,826 | $ | 100,030 | ||||||||
Total purchase accounting accretion | 7,652 | 8,659 | 11,937 | 11,017 | 10,730 | 7,652 | 10,730 | |||||||||||||||
Net interest income - FTE (non-GAAP) (B) | $ | 99,174 | $ | 96,656 | $ | 93,585 | $ | 91,998 | $ | 89,300 | $ | 99,174 | $ | 89,300 | ||||||||
Average interest-earning assets (C) | $ | 9,214,498 | $ | 8,824,468 | $ | 8,646,026 | $ | 8,585,955 | $ | 8,362,523 | $ | 9,214,498 | $ | 8,362,523 | ||||||||
Average purchase accounting loan discounts | 102,906 | 104,783 | 115,766 | 135,172 | 149,763 | 102,906 | 149,763 | |||||||||||||||
Average interest-earning assets (non-GAAP) (D) | $ | 9,317,404 | $ | 8,929,251 | $ | 8,761,792 | $ | 8,721,127 | $ | 8,512,286 | $ | 9,317,404 | $ | 8,512,286 |
Home BancShares, Inc. | |||||||||||||||
Non-GAAP Reconciliations | |||||||||||||||
(Unaudited) | |||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | |||||||||||
(Dollars in thousands) | 2017 | 2016 | 2016 | 2016 | 2016 | ||||||||||
TANGIBLE BOOK VALUE PER COMMON SHARE | |||||||||||||||
Book value per common share: A/B | $ | 10.05 | $ | 9.45 | $ | 9.22 | $ | 9.01 | $ | 8.75 | |||||
Tangible book value per common share: (A-C-D)/B | 6.96 | 6.63 | 6.40 | 6.18 | 5.91 | ||||||||||
Total stockholders' equity (A) | $ | 1,441,568 | $ | 1,327,490 | $ | 1,296,018 | $ | 1,264,915 | $ | 1,227,782 | |||||
End of period common shares outstanding (B) | 143,442 | 140,472 | 140,490 | 140,382 | 140,380 | ||||||||||
Goodwill (C) | 420,941 | 377,983 | 377,983 | 377,983 | 377,983 | ||||||||||
Core deposit and other intangibles (D) | 21,885 | 18,311 | 19,073 | 19,835 | 20,597 | ||||||||||
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS | |||||||||||||||
Equity to assets: B/A | 13.45 | % | 13.53 | % | 13.27 | % | 13.20 | % | 13.07 | % | |||||
Tangible common equity to tangible assets: (B-C-D)/(A-C-D) | 9.72 | % | 9.89 | % | 9.60 | % | 9.44 | % | 9.21 | % | |||||
- | - | - | - | - | |||||||||||
Total assets (A) | $ | 10,717,468 | $ | 9,808,465 | $ | 9,764,238 | $ | 9,582,126 | $ | 9,397,451 | |||||
Total stockholders' equity (B) | 1,441,568 | 1,327,490 | 1,296,018 | 1,264,915 | 1,227,782 | ||||||||||
Goodwill (C) | 420,941 | 377,983 | 377,983 | 377,983 | 377,983 | ||||||||||
Core deposit and other intangibles (D) | 21,885 | 18,311 | 19,073 | 19,835 | 20,597 |