CONWAY, Ark., July 16, 2020 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released second quarter earnings today, that reveal a solid foundation of earnings and asset quality during the first full quarter of the pandemic.

Highlights of the Second Quarter of 2020:

MetricQ2 2020Q1 2020Q4 2019Q3 2019Q2 2019
Net Income$62.8 million$507,000$73.3 million$72.8 million$72.2 million
Total Revenue (net)$173.7 million$162.7 million$167.8 million$167.7 million$164.1 million
Income (loss) before income taxes$82.1 million($2.4 million)$96.5 million$100.0 million$95.1 million
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (non-GAAP)(1)$102.7 million$92.2 million$96.5 million$100.0 million$96.4 million
ROA1.55%0.01%1.94%1.93%1.92%
ROA (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1)2.53%2.45%2.56%2.65%2.56%
ROA, excluding provision for credit losses and unfunded commitment expense
(non-GAAP) (1)
1.92%1.87%1.94%1.93%1.94%
NIM4.11%4.22%4.24%4.32%4.28%
NIM, excluding PPP loans (non-GAAP) (1)4.16%4.22%4.24%4.32%4.28%
Purchase Accounting Accretion$7.0 million$7.6 million$9.1 million$8.5 million$9.2 million
ROE10.27%0.08%11.71%11.84%12.18%
ROTCE (non-GAAP)(1)17.40%0.14%19.55%20.04%21.01%
Diluted Earnings Per Share$0.38$0.00$0.44$0.44$0.43
Non-Performing Assets to Total Assets0.39%0.44%0.43%0.45%0.51%
Common Equity Tier 1 Capital12.0%11.5%12.4%12.2%11.6%
Leverage10.3%10.8%11.3%10.9%10.5%
Tier 1 Capital12.6%12.1%13.0%12.8%12.2%
Total Risk-Based Capital16.2%15.7%16.4%16.2%15.5%
Allowance for Credit Losses to Total Loans1.99%2.01%0.94%0.97%0.96%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP) (1)2.15%2.01%0.94%0.97%0.96%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“To say that during a full quarter of a pandemic that HOMB was able to meet EPS targets, set a record for revenue and maintain a solid net interest margin brings about an enormous sense of pride that I have in this team of bankers,” said John Allison, Chairman. “Our outlook for future dividends remains strong, which is also an important component to our solid performance,” Allison continued.

“While we realize this is a marathon and not a sprint, to have best in class asset quality and loan reserves, excluding PPP loans, of 2.15% brings about a strong sense of comfort,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

During the second quarter of 2020, we recorded $11.4 million of total credit loss expense which was primarily due to the COVID-19 pandemic. Our CECL provisioning model is significantly tied to projected unemployment rates which have remained elevated during the second quarter of 2020.

Our net interest margin was 4.11% for the three-month period ended June 30, 2020 compared to 4.22% for the three-month period ended March 31, 2020. The yield on loans was 5.43% and 5.79% for the three months ended June 30, 2020 and March 31, 2020, respectively, as average loans increased from $11.01 billion to $11.79 billion. Additionally, the rate on interest bearing deposits decreased to 0.64% as of June 30, 2020 from 1.08% as of March 31, 2020, with average balances of $9.51 billion and $8.99 billion, respectively.

The Company participated in the Paycheck Protection Program (PPP) during the second quarter of 2020. As of June 30, 2020, we had $848.6 million of PPP loans. 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 June 30, 2020 was 4.16%(1). The PPP loans had a 13-basis point dilutive impact to the yield on loans. The PPP loans were dilutive to the net interest margin by 5 basis points.

The COVID-19 pandemic has created a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $416.8 million of average interest-bearing cash balances in the second quarter of 2020 compared to the first quarter of 2020. This excess liquidity diluted the net interest margin by 12 basis points.

During the second quarter of 2020, event interest income was $1.5 million compared to event interest income of $558,000 for the quarter ended March 31, 2020. The higher event income during Q2 increased the net interest margin by 3 basis points.

Purchase accounting accretion on acquired loans was $7.0 million and $7.6 million and average purchase accounting loan discounts were $62.8 million and $69.4 million for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $206,000 and $236,000 for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. The $600,000 reduction in accretion income decreased the net interest margin by 2 basis points for the second quarter of 2020.

The net interest margin experienced 16 basis points of noise for the three-months ended June 30, 2020, compared to the three months ended March 31, 2020 resulting from a 5 basis point decline for PPP loans, a 12 basis point decline for excess liquidity, a 2 basis point decline for less accretion income and an offsetting 3 basis point improvement from event interest income. When adjusting for these items, our net interest margin was actually 5 basis points higher for the second quarter of 2020 compared to the first quarter of 2020.

Net interest income for the second quarter of 2020 was a record for the Company. Net interest income on a fully taxable equivalent basis increased $9.1 million, or 6.5%, to $150.1 million for the three-month period ended June 30, 2020, from $141.0 million for the three-month period ended March 31, 2020. This increase in net interest income for the three-month period ended June 30, 2020 was the result of a $9.5 million decrease in interest expense, which was partially offset by a $370,000 decrease in interest income. The $9.5 million decrease in interest expense was primarily the result of a $9.1 million decrease in interest expense on deposits. This decrease was the result of an $8.0 million decrease in interest expense on savings and interest-bearing transaction accounts and a $1.1 million decrease in interest expense on time deposits. The $370,000 decrease in interest income was primarily the result of a $905,000 decrease in income on deposits with other banks and a $283,000 net decrease in investment income which were partially offset by an $839,000 increase in loan interest income.

Non-performing loans to total loans was 0.50% as of June 30, 2020 compared to 0.53% as of March 31, 2020. Non-performing assets to total assets decreased from 0.44% as of March 31, 2020 to 0.39% as of June 30, 2020. For the second quarter of 2020, net charge-offs were $2.0 million compared to net charge-offs of $3.5 million for the first quarter of 2020.

The Company reported $25.0 million of non-interest income for the second quarter of 2020. The most important components of the second quarter non-interest income were $7.7 million from other service charges and fees, $6.2 million from mortgage lending income, $4.3 million from service charges on deposits accounts and $3.9 million from other income. Non-interest income for the second quarter of 2020 included a $919,000 adjustment for the increase in fair market value of marketable securities.

Non-interest expense for the second quarter of 2020 was $80.2 million. The most important components of the second quarter non-interest expense were $40.1 million from salaries and employee benefits, $25.3 million in other expense and $10.2 million in occupancy and equipment expenses. For the second quarter of 2020, our efficiency ratio was 44.93% compared to 46.82% for the first quarter of 2020. Non-interest expense for the second quarter of 2020 also included $9.2 million unfunded commitments expense.
____________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

Financial Condition

Total loans receivable were $11.96 billion at June 30, 2020 compared to $11.38 billion at March 31, 2020. Total deposits were $13.18 billion at June 30, 2020 compared to $11.51 billion at March 31, 2020. Total assets were $16.90 billion at June 30, 2020 compared to $15.53 billion at March 31, 2020.

During the second quarter 2020, the Company experienced approximately $570.8 million in organic loan growth. Centennial CFG experienced $6.6 million of organic loan decline and had loans of $1.76 billion at June 30, 2020. Our legacy footprint experienced $577.2 million in organic loan growth during the quarter, driven by the origination of $848.6 million in PPP loans. 
Non-performing loans at June 30, 2020 were $16.3 million, $38.3 million, $499,000, $4.8 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $59.9 million. Non-performing assets at June 30, 2020 were $18.9 million, $42.2 million, $533,000, $4.8 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $66.4 million.

The Company’s allowance for credit losses on loans was $238.3 million at June 30, 2020, or 1.99% of total loans, compared to the allowance for loan losses of $228.9 million, or 2.01% of total loans, at March 31, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.15% at June 30, 2020(1). As of June 30, 2020 and March 31, 2020, the Company’s allowance for credit losses on loans and allowance for loan losses was 397.9% and 382.2% of its total non-performing loans, respectively. The increase in the allowance for credit losses at June 30, 2020 is primarily attributable to the ongoing effects of the COVID-19 pandemic.

Stockholders’ equity was $2.49 billion at June 30, 2020 compared to $2.43 billion at March 31, 2020, an increase of approximately $61.9 million. The increase in stockholders’ equity is primarily associated with the $41.4 million increase in retained earnings and the $18.0 million increase in accumulated other comprehensive income. Book value per common share was $15.09 at June 30, 2020 compared to $14.72 at March 31, 2020. Tangible book value per common share (non-GAAP) was $8.99(1) at June 30, 2020 compared to $8.61 at March 31, 2020, an increase of 17.75% 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 77 branches in Arkansas, 78 branches in Florida, 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 ET) on Thursday, July 16, 2020. We encourage all participants to pre-register for the conference call using the following link:  http://dpregister.com/10145186. 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: 10145186, which will be available until July 23, 2020 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 net income (earnings), as adjusted; pre-tax net income, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense); return on average assets, excluding provision for credit losses and unfunded commitment expense;  return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; yield on loans, 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. 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, disruptions and uncertainties in our business and operations as a result of the ongoing coronavirus pandemic, the ability to successfully integrate new acquisitions, legislative and regulatory changes and risks associated with current and future regulations, technological changes and cybersecurity risks, competition from other financial institutions, 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, 2019, filed with the SEC on February 26, 2020, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 8, 2020.

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.”

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
      
  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30, 
(In thousands) 2020  2020  2019  2019  2019 
                
ASSETS     
      
Cash and due from banks$185,047 $147,200 $168,914 $171,492 $183,745 
Interest-bearing deposits with other banks 1,030,609  424,235  321,687  270,804  373,557 
Cash and cash equivalents 1,215,656  571,435  490,601  442,296  557,302 
Federal funds sold -  -  -  1,650  1,075 
Investment securities - available-for-sale, net of allowance for credit losses 2,238,005  2,098,000  2,083,838  2,087,508  2,053,939 
Loans receivable 11,955,743  11,384,982  10,869,710  10,771,946  11,053,129 
Allowance for credit losses (238,340) (228,923) (102,122) (104,304) (106,066)
Loans receivable, net 11,717,403  11,156,059  10,767,588  10,667,642  10,947,063 
Bank premises and equipment, net 279,498  281,795  280,103  277,966  278,821 
Foreclosed assets held for sale 6,292  8,204  9,143  8,639  13,734 
Cash value of life insurance 102,443  103,120  102,562  102,003  149,708 
Accrued interest receivable 80,274  50,295  45,086  47,557  48,992 
Deferred tax asset, net 74,333  77,110  44,301  53,436  58,517 
Goodwill 973,025  973,025  958,408  958,408  958,408 
Core deposit and other intangibles 33,569  35,055  36,572  38,136  39,723 
Other assets 174,908  177,634  213,845  216,694  180,293 
  Total assets$16,895,406 $15,531,732 $15,032,047 $14,901,935 $15,287,575 
                
LIABILITIES AND STOCKHOLDERS' EQUITY     
      
Liabilities     
Deposits:     
Demand and non-interest-bearing$3,413,727 $2,425,036 $2,367,091 $2,394,207 $2,575,696 
Savings and interest-bearing transaction accounts 7,970,979  7,149,644  6,933,964  6,620,616  6,774,162 
Time deposits 1,793,230  1,940,234  1,977,328  2,032,547  1,997,458 
Total deposits 13,177,936  11,514,914  11,278,383  11,047,370  11,347,316 
Federal funds purchased -  -  5,000  50,000  - 
Securities sold under agreements to repurchase 162,858  126,884  143,727  157,038  142,541 
FHLB and other borrowed funds 531,432  951,436  621,439  691,443  899,447 
Accrued interest payable and other liabilities 161,095  138,479  102,410  117,332  107,695 
Subordinated debentures 369,939  369,748  369,557  369,363  369,170 
  Total liabilities 14,403,260  13,101,461  12,520,516  12,432,546  12,866,169 
                
Stockholders' equity               
Common stock 1,652  1,651  1,664  1,669  1,675 
Capital surplus 1,518,631  1,516,151  1,537,091  1,542,858  1,550,999 
Retained earnings 932,856  891,498  956,555  904,980  853,964 
Accumulated other comprehensive (loss) income 39,007  20,971  16,221  19,882  14,768 
  Total stockholders' equity 2,492,146  2,430,271  2,511,531  2,469,389  2,421,406 
  Total liabilities and stockholders' equity$16,895,406 $15,531,732 $15,032,047 $14,901,935 $15,287,575 
                



Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
         
 Quarter Ended Six Months Ended
  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,   Jun. 30,  Jun. 30, 
(In thousands) 2020  2020  2019  2019  2019   2020  2019 
                       
Interest income                      
Loans$158,996 $158,148 $161,211 $167,470 $165,816  $317,144 $329,664 
Investment securities                      
Taxable 8,693  9,776  9,707  10,343  10,650   18,469  21,356 
Tax-exempt 3,698  3,114  3,260  3,193  3,183   6,812  6,562 
Deposits - other banks 211  1,116  949  1,068  1,628   1,327  3,171 
Federal funds sold -  21  5  8  10   21  21 
                       
Total interest income 171,598  172,175  175,132  182,082  181,287   343,773  360,774 
                       
Interest expense                      
Interest on deposits 15,116  24,198  26,823  29,566  29,709   39,314  57,715 
Federal funds purchased -  13  33  21  -   13  - 
FHLB borrowed funds 2,656  2,698  2,686  3,683  4,722   5,354  10,840 
Securities sold under agreements to repurchase 260  462  652  628  630   722  1,264 
Subordinated debentures 4,899  5,079  5,155  5,207  5,239   9,978  10,498 
                       
Total interest expense 22,931  32,450  35,349  39,105  40,300   55,381  80,317 
                       
Net interest income 148,667  139,725  139,783  142,977  140,987   288,392  280,457 
                       
Provision for credit loss - loans 11,441  76,672  -  -  1,325   88,113  1,325 
Provision for credit loss - acquired loans -  9,309  -  -  -   9,309  - 
Provision for credit loss - investment securities -  842  -  -  -   842  - 
Total credit loss expense 11,441  86,823  -  -  1,325   98,264  1,325 
Net interest income after                      
  provision for credit losses 137,226  52,902  139,783  142,977  139,662   190,128  279,132 
                       
Non-interest income                      
Service charges on deposit accounts 4,296  6,631  6,778  6,492  6,259   10,927  12,660 
Other service charges and fees 7,666  6,056  10,636  8,710  8,177   13,722  14,740 
Trust fees 397  438  390  382  391   835  794 
Mortgage lending income 6,196  2,621  3,801  4,610  3,457   8,817  5,892 
Insurance commissions 533  678  551  603  515   1,211  1,124 
Increase in cash value of life insurance 558  560  562  714  740   1,118  1,476 
Dividends from FHLB, FRB, FNBB & other 230  7,842  1,952  1,101  1,149   8,072  4,654 
Gain (loss) on SBA loans -  341  686  291  355   341  596 
Gain (loss) on branches, equipment and other assets, net 54  82  35  12  (129)  136  (50)
Gain (loss) on OREO, net 235  277  159  334  58   512  264 
Gain (loss) on securities, net -  -  (2) -  -   -  - 
Fair value adjustment for marketable securities 919  (5,818) -  -  -   (4,899) - 
Other income 3,939  3,219  2,481  1,500  2,094   7,158  4,588 
                       
Total non-interest income 25,023  22,927  28,029  24,749  23,066   47,950  46,738 
                       
Non-interest expense                      
Salaries and employee benefits 40,088  39,329  38,446  39,919  37,976   79,417  75,812 
Occupancy and equipment 10,172  8,873  8,729  9,047  8,853   19,045  17,676 
Data processing expense 4,614  4,326  4,294  4,059  3,838   8,940  7,808 
Other operating expenses 25,298  25,721  19,873  14,739  16,957   51,019  35,385 
                       
Total non-interest expense 80,172  78,249  71,342  67,764  67,624   158,421  136,681 
                       
Income (loss) before income taxes  82,077  (2,420) 96,470  99,962  95,104   79,657  189,189 
Income tax expense (benefit) 19,250  (2,927) 23,208  27,199  22,940   16,323  45,675 
Net income$62,827 $507 $73,262 $72,763 $72,164  $63,334 $143,514 
                       



Home BancShares, Inc.
Selected Financial Information
(Unaudited)
        
 Quarter Ended
 Six Months Ended
 
  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Jun. 30,  Jun. 30, 
(Dollars and shares in thousands, except per share data) 2020  2020  2019  2019  2019  2020  2019 
                      
PER SHARE DATA                     
                      
Diluted earnings per common share$0.38 $- $0.44 $0.44 $0.43 $0.38 $0.85 
Diluted earnings per common share, as adjusted, excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax (non-GAAP)(1) 0.47  0.43  0.44  0.44  0.44  0.90  0.86 
Basic earnings per common share 0.38  -  0.44  0.44  0.43  0.38  0.85 
Dividends per share - common 0.1300  0.1300  0.1300  0.1300  0.1300  0.2600  0.2500 
Book value per common share 15.09  14.72  15.10  14.80  14.46  15.09  14.46 
Tangible book value per common share (non-GAAP)(1) 8.99  8.61  9.12  8.83  8.50  8.99  8.50 
                      
                      
STOCK INFORMATION                     
                      
Average common shares outstanding 165,163  166,014  166,696  167,178  167,791  165,588  168,686 
Average diluted shares outstanding 165,163  166,014  166,696  167,178  167,791  165,588  168,686 
End of period common shares outstanding 165,206  165,148  166,373  166,860  167,466  165,206  167,466 
                      
                      
ANNUALIZED PERFORMANCE METRICS                     
                      
Return on average assets 1.55% 0.01% 1.94% 1.93% 1.92% 0.81% 1.92%
Return on average assets excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROA, as adjusted) (non-GAAP)(1) 1.93% 1.88% 1.94% 1.96% 1.95% 1.90% 1.93%
Return on average assets excluding intangible amortization (non-GAAP)(1) 1.68% 0.05% 2.12% 2.10% 2.09% 0.90% 2.09%
Return on average common equity 10.27% 0.08% 11.71% 11.84% 12.18% 5.16% 12.26%
Return on average common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROE, as adjusted) (non-GAAP)(1) 12.77% 11.48% 11.68% 12.08% 12.39% 12.13% 12.36%
Return on average tangible common equity (non-GAAP)(1) 17.40% 0.14% 19.55% 20.04% 21.01% 8.68% 21.26%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) 17.70% 0.44% 19.86% 20.36% 21.35% 8.98% 21.61%
Return on average tangible common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROTCE, as adjusted) (non-GAAP)(1) 21.63% 19.22% 19.51% 20.45% 21.37% 20.42% 21.45%
                      
                      
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
        



Home BancShares, Inc.
Selected Financial Information
(Unaudited)
         
 Quarter Ended
  Six Months Ended
 
 Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
 Jun. 30,
Jun. 30,
(Dollars and shares in thousands, except per share data) 2020  2020  2019  2019  2019   2020  2019 
         
                       
         
Efficiency ratio 44.93% 46.82% 41.26% 39.16% 39.93%  45.85% 40.47%
Efficiency ratio, as adjusted (non-GAAP)(1) 39.38% 41.37% 41.14% 40.60% 39.92%  40.34% 40.21%
Net interest margin - FTE 4.11% 4.22% 4.24% 4.32% 4.28%  4.17% 4.29%
Net interest margin - FTE, excluding PPP loans (non-GAAP)(1) 4.16% 4.22% 4.24% 4.32% 4.28%  4.19% 4.29%
Fully taxable equivalent adjustment 1,434 $1,227 $1,322 $1,247 $1,319  $2,661 $2,686 
Total revenue (net) 173,690  162,652  167,812  167,726  164,053   336,342  327,195 
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense 102,732  92,178  96,470  99,962  96,429   194,910  190,514 
Net income, excluding provision for credit losses and unfunded commitment expense 78,084  70,382  73,262  72,763  73,147   148,466  144,497 
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1) 2.53% 2.45% 2.56% 2.65% 2.56%  2.49% 2.55%
Return on average assets, excluding provision for credit losses and unfunded commitment expense (non-GAAP)(1) 1.92% 1.87% 1.94% 1.93% 1.94%  1.90% 1.93%
Total purchase accounting accretion 7,036  7,647  9,133  8,462  9,240   14,683  18,295 
Average purchase accounting loan discounts 62,822  69,365  91,869  112,623  122,197   66,105  126,871 
         
         
OTHER OPERATING EXPENSES        
         
Advertising 795 $1,226 $1,340 $1,201 $1,095  $2,021 $2,146 
Merger and acquisition expenses -  711  -  -  -   711  - 
Amortization of intangibles 1,486  1,517  1,565  1,587  1,587   3,003  3,173 
Electronic banking expense 2,054  1,715  1,870  1,901  1,851   3,769  3,754 
Directors' fees 412  424  396  380  392   836  826 
Due from bank service charges 239  223  289  272  282   462  520 
FDIC and state assessment 1,846  1,548  1,635  (532) 1,655   3,394  3,365 
Hurricane expense -  -  -  -  -   -  897 
Insurance 711  746  790  698  661   1,457  1,358 
Legal and accounting 1,278  919  1,633  1,414  989   2,197  1,970 
Other professional fees 1,735  3,226  3,189  1,906  2,306   4,961  5,118 
Operating supplies 553  535  469  511  505   1,088  1,041 
Postage 313  327  327  320  293   640  619 
Telephone 310  324  312  289  306   634  609 
Unfunded commitments 9,214  7,775  -  -  -   16,989  - 
Other expense 4,352  4,505  6,058  4,792  5,035   8,857  9,989 
                       
Total other operating expenses$25,298 $25,721 $19,873 $14,739 $16,957  $51,019 $35,385 
                       
         
(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)
                
  Jun. 30,  Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,  
(Dollars in thousands) 2020  2020  2019  2019  2019 
                
BALANCE SHEET RATIOS               
                
Total loans to total deposits 90.73% 98.87% 96.38% 97.51% 97.41%
Common equity to assets 14.75% 15.65% 16.71% 16.57% 15.84%
Tangible common equity to tangible assets (non-GAAP)(1) 9.35% 9.79% 10.80% 10.59% 9.96%
                
                
LOANS RECEIVABLE               
                
Real estate               
Commercial real estate loans               
Non-farm/non-residential$4,325,795 $4,357,007 $4,412,769 $4,375,970 $4,495,558 
Construction/land development 1,818,151  1,892,394  1,776,689  1,827,454  1,930,838 
Agricultural 105,554  89,630  88,400  87,087  85,045 
Residential real estate loans               
Residential 1-4 family 1,730,716  1,775,610  1,819,221  1,808,099  1,852,784 
Multifamily residential 482,635  411,960  488,278  498,079  523,789 
Total real estate 8,462,851  8,526,601  8,585,357  8,596,689  8,888,014 
Consumer 851,344  852,174  511,909  469,741  455,554 
Commercial and industrial 2,228,816  1,759,752  1,528,003  1,479,724  1,515,357 
Agricultural 80,023  64,582  63,644  90,343  80,621 
Other 332,709  181,873  180,797  135,449  113,583 
Loans receivable$11,955,743 $11,384,982 $10,869,710 $10,771,946 $11,053,129 
                
Paycheck Protection Program (PPP) loans (included in total loans receivable) 848,628  -  -  -  - 
                
ALLOWANCE FOR CREDIT LOSSES               
                
Balance, beginning of period$228,923 $102,122 $104,304 $106,066 $106,357 
Impact of adopting ASC 326 -  43,988  -  -  - 
Allowance for credit losses on acquired loans -  357  -  -  - 
Loans charged off 2,582  4,265  2,631  2,302  2,279 
Recoveries of loans previously charged off 558  740  449  540  663 
Net loans (recovered)/charged off 2,024  3,525  2,182  1,762  1,616 
Provision for credit loss - loans 11,441  76,672  -  -  1,325 
Provision for credit loss - acquired loans -  9,309  -  -  - 
Total credit loss expense excluding provision for credit loss - investment securities 11,441  85,981  -  -  1,325 
Balance, end of period$238,340 $228,923 $102,122 $104,304 $106,066 
                
Net (recoveries) charge-offs to average total loans 0.07% 0.13% 0.08% 0.06% 0.06%
Allowance for credit losses to total loans 1.99% 2.01% 0.94% 0.97% 0.96%
Allowance for credit losses to total loans, excluding PPP loans 2.15% 2.01% 0.94% 0.97% 0.96%
                
NON-PERFORMING ASSETS               
                
Non-performing loans               
Non-accrual loans$52,074 $52,131 $47,607 $48,640 $52,841 
Loans past due 90 days or more 7,824  7,760  7,238  9,964  9,961 
Total non-performing loans 59,898  59,891  54,845  58,604  62,802 
Other non-performing assets               
Foreclosed assets held for sale, net 6,292  8,204  9,143  8,639  13,734 
Other non-performing assets 247  447  447  447  947 
Total other non-performing assets 6,539  8,651  9,590  9,086  14,681 
Total non-performing assets$66,437 $68,542 $64,435 $67,690 $77,483 
                
Allowance for credit losses for loans to non-performing loans 397.91% 382.23% 186.20% 177.98% 168.89%
Non-performing loans to total loans 0.50% 0.53% 0.50% 0.54% 0.57%
Non-performing assets to total assets 0.39% 0.44% 0.43% 0.45% 0.51%
                
                
(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
 June 30, 2020
  March 31, 2020
  Average  Income/ Yield/
   Average  Income/ Yield/
(Dollars in thousands) Balance  Expense Rate
   Balance  Expense Rate
                   
ASSETS                  
Earning assets                  
Interest-bearing balances due from banks$753,093 $211 0.11%  $331,038 $1,116 1.36%
Federal funds sold -  - 0.00%   5,218  21 1.62%
Investment securities - taxable 1,673,334  8,693 2.09%   1,710,288  9,776 2.30%
Investment securities - non-taxable - FTE 461,640  4,890 4.26%   374,198  4,090 4.40%
Loans receivable - FTE 11,790,398  159,238 5.43%   11,007,958  158,399 5.79%
Total interest-earning assets 14,678,465  173,032 4.74%   13,428,700  173,402 5.19%
Non-earning assets 1,640,741         1,704,775      
Total assets$16,319,206        $15,133,475      
                   
LIABILITIES AND SHAREHOLDERS' EQUITY                  
Liabilities                  
Interest-bearing liabilities                  
Savings and interest-bearing transaction accounts$7,651,259 $7,818 0.41%  $7,041,303 $15,803 0.90%
Time deposits 1,855,626  7,298 1.58%   1,943,721  8,395 1.74%
Total interest-bearing deposits 9,506,885  15,116 0.64%   8,985,024  24,198 1.08%
Federal funds purchased -  - 0.00%   6,264  13 0.83%
Securities sold under agreement to repurchase 154,628  260 0.68%   138,180  462 1.34%
FHLB borrowed funds 652,354  2,656 1.64%   623,525  2,698 1.74%
Subordinated debentures 369,846  4,899 5.33%   369,652  5,079 5.53%
Total interest-bearing liabilities 10,683,713  22,931 0.86%   10,122,645  32,450 1.29%
Non-interest bearing liabilities                  
Non-interest bearing deposits 3,038,490         2,410,583      
Other liabilities 137,062         119,143      
Total liabilities 13,859,265         12,652,371      
Shareholders' equity 2,459,941         2,481,104      
Total liabilities and shareholders' equity$16,319,206        $15,133,475      
Net interest spread      3.88%        3.90%
Net interest income and margin - FTE   $150,101 4.11%     $140,952 4.22%
                   


Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
         
 Six Months Ended
 June 30, 2020
  June 30, 2019
 Average Income/ Yield/
  Average
 Income/
 Yield/
(Dollars in thousands)Balance Expense Rate
  Balance
 Expense
 Rate
                   
ASSETS                  
Earning assets                  
Interest-bearing balances due from banks$542,066 $1,327 0.49%  $285,688 $3,171 2.24%
Federal funds sold 2,609  21 1.62%   1,544  21 2.74%
Investment securities - taxable 1,690,083  18,469 2.20%   1,618,369  21,356 2.66%
Investment securities - non-taxable - FTE 417,919  8,981 4.32%   385,064  8,602 4.50%
Loans receivable - FTE 11,399,178  317,636 5.60%   11,018,616  330,310 6.05%
Total interest-earning assets 14,051,855  346,434 4.96%   13,309,281  363,460 5.51%
Non-earning assets 1,674,486         1,779,908      
Total assets$15,726,341        $15,089,189      
                   
LIABILITIES AND SHAREHOLDERS' EQUITY                  
Liabilities                  
Interest-bearing liabilities                  
Savings and interest-bearing transaction accounts$7,346,281 $23,621 0.65%  $6,637,512 $40,174 1.22%
Time deposits 1,899,673  15,693 1.66%   1,923,457  17,541 1.84%
Total interest-bearing deposits 9,245,954  39,314 0.86%   8,560,969  57,715 1.36%
Federal funds purchased 3,132  13 0.83%   -  - 0.00%
Securities sold under agreement to repurchase 146,404  722 0.99%   147,623  1,264 1.73%
FHLB borrowed funds 637,940  5,354 1.69%   1,045,370  10,840 2.09%
Subordinated debentures 369,749  9,978 5.43%   368,981  10,498 5.74%
Total interest-bearing liabilities 10,403,179  55,381 1.07%   10,122,943  80,317 1.60%
Non-interest bearing liabilities                  
Non-interest bearing deposits 2,724,537         2,496,604      
Other liabilities 128,102         108,866      
Total liabilities 13,255,818         12,728,413      
Shareholders' equity 2,470,523         2,360,776      
Total liabilities and shareholders' equity$15,726,341        $15,089,189      
Net interest spread      3.89%        3.91%
Net interest income and margin - FTE   $291,053 4.17%     $283,143 4.29%
                   



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                       
 Quarter Ended
  Six Months Ended
 
(Dollars and shares in thousands, Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,   Jun. 30,  Jun. 30, 
except per share data) 2020  2020  2019  2019  2019   2020  2019 
                       
EARNINGS, AS ADJUSTED                      
                       
GAAP net income available to common shareholders (A)$62,827 $507 $73,262 $72,763 $72,164  $63,334 $143,514 
Pre-tax adjustments                      
Branch write-off expense 981  -  -  -  -   981  - 
Unfunded commitment expense 9,214  7,775  -  -  -   16,989  - 
Provision for credit losses 11,441  86,823  -  -  1,325   98,264  1,325 
Fair value adjustment for marketable securities (919) 5,818  -  -  -   4,899  - 
Outsourced special project expense -  1,092  631  -  -   1,092  900 
Merger and acquisition expenses -  711  -  -  -   711  - 
Special dividend from equity investment -  (7,004) (861) -  -   (7,004) (2,134)
FDIC Small Bank Assessment Credit -  -  -  (2,291) -   -  - 
Hurricane expenses -  -  -  -  -   -  897 
Total pre-tax adjustments 20,717  95,215  (230) (2,291) 1,325   115,932  988 
Tax-effect of adjustments 5,414  24,884  (59) (592) 342   30,299  249 
Adjustments after-tax 15,303  70,331  (171) (1,699) 983   85,633  739 
Florida tax savings -  -  -  (497) 252   -  497 
BOLI redemption tax -  -  -  3,667  -   -  - 
Total adjustments after-tax (B) 15,303  70,331  (171) 1,471  1,235   85,633  1,236 
Earnings, as adjusted (C)$78,130 $70,838 $73,091 $74,234 $73,399  $148,967 $144,750 
                       
Average diluted shares outstanding (D) 165,163  166,014  166,696  167,178  167,791   165,588  168,686 
                       
GAAP diluted earnings per share: (A/D)$0.38 $- $0.44 $0.44 $0.43  $0.38 $0.85 
Adjustments after-tax: (B/D) 0.09  0.43  -  -  0.01   0.52  0.01 
Diluted earnings per common share, as adjusted, excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (C/D)$0.47 $0.43 $0.44 $0.44 $0.44  $0.90 $0.86 
                       
ANNUALIZED RETURN ON AVERAGE ASSETS                      
                       
Return on average assets: (A/G) 1.55% 0.01% 1.94% 1.93% 1.92%  0.81% 1.92%
Return on average assets excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROA, as adjusted) ((A+F)/G) 1.93% 1.88% 1.94% 1.96% 1.95%  1.90% 1.93%
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense): (B/G) 2.53% 2.45% 2.56% 2.65% 2.56%  2.49% 2.55%
Return on average assets, excluding provision for credit losses and unfunded commitment expense: (C/G) 1.92% 1.87% 1.94% 1.93% 1.94%  1.90% 1.93%
Return on average assets excluding intangible amortization: ((A+E)/(G-H)) 1.68% 0.05% 2.12% 2.10% 2.09%  0.90% 2.09%
                       
GAAP net income available to common shareholders (A)$62,827 $507 $73,262 $72,763 $72,164  $63,334 $143,514 
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (B)$102,732 $92,178 $96,470 $99,962 $96,429  $194,910 $190,514 
Net income, excluding provision for credit losses and unfunded commitment expense (C)$78,084 $70,382 $73,262 $72,763 $73,147  $148,466 $144,497 
Amortization of intangibles (D) 1,486  1,517  1,565  1,587  1,587   3,003  3,173 
Amortization of intangibles after-tax (E) 1,098  1,121  1,161  1,177  1,177   2,218  2,354 
Adjustments after-tax (F) 15,303  70,331  (171) 1,471  1,235   85,633  1,236 
Average assets (G) 16,319,206  15,133,475  14,944,368  14,993,232  15,098,600   15,726,341  15,089,189 
Average goodwill, core deposits & other intangible assets (H) 1,007,307  999,004  995,721  997,309  998,898   1,003,156  999,692 
                       


Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                       
 Quarter Ended
  Six Months Ended
 
(Dollars and shares in thousands, Jun. 30,  Mar. 31,  Dec. 31  Sep. 30,  Jun. 30,   Jun. 30,  Jun. 30, 
except per share data) 2020  2020  2019  2019  2019   2020  2019 
                       
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                      
                       
Return on average common equity: (A/D) 10.27% 0.08% 11.71% 11.84% 12.18%  5.16% 12.26%
Return on average common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROE, as adjusted) ((A+C)/D) 12.77% 11.48% 11.68% 12.08% 12.39%  12.13% 12.36%
Return on average tangible common equity: (A/(D-E)) 17.40% 0.14% 19.55% 20.04% 21.01%  8.68% 21.26%
Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 17.70% 0.44% 19.86% 20.36% 21.35%  8.98% 21.61%
Return on average tangible common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROTCE, as adjusted) ((A+C)/(D-E)) 21.63% 19.22% 19.51% 20.45% 21.37%  20.42% 21.45%
                       
GAAP net income available to common shareholders (A)$62,827 $507 $73,262 $72,763 $72,164  $63,334 $143,514 
Earnings excluding intangible amortization (B) 63,925  1,628  74,423  73,940  73,341   65,553  145,868 
Adjustments after-tax (C) 15,303  70,331  (171) 1,471  1,235   85,633  1,236 
Average common equity (D) 2,459,941  2,481,104  2,482,406  2,437,820  2,376,718   2,470,523  2,360,776 
Average goodwill, core deposits & other intangible assets (E) 1,007,307  999,004  995,721  997,309  998,898   1,003,156  999,692 
                       
                       
EFFICIENCY RATIO                      
                       
Efficiency ratio: ((C-E)/(A+B+D)) 44.93% 46.82% 41.26% 39.16% 39.93%  45.85% 40.47%
Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F)) 39.38% 41.37% 41.14% 40.60% 39.92%  40.34% 40.21%
                       
Net interest income (A)$148,667 $139,725 $139,783 $142,977 $140,987  $288,392 $280,457 
Non-interest income (B) 25,023  22,927  28,029  24,749  23,066   47,950  46,738 
Non-interest expense (C) 80,172  78,249  71,342  67,764  67,624   158,421  136,681 
Fully taxable equivalent adjustment (D) 1,434  1,227  1,322  1,247  1,319   2,661  2,686 
Amortization of intangibles (E) 1,486  1,517  1,565  1,587  1,587   3,003  3,173 
                       
Adjustments:                      
Non-interest income:                      
Special dividend from equity investment$- $7,004 $861 $- $-  $7,004 $2,134 
Fair value adjustment for marketable securities 919  (5,818) -  -  -   (4,899) - 
Gain (loss) on OREO 235  277  159  334  58   512  264 
Gain (loss) on branches, equipment and other assets, net 54  82  35  12  (129)  136  (50)
Gain (loss) on securities -  -  (2) -  -   -  - 
Total non-interest income adjustments (F)$1,208 $1,545 $1,053 $346 $(71) $2,753 $2,348 
                       
Non-interest expense:                      
Branch write-off expense$981 $- $- $- $-  $981 $- 
Unfunded commitment expense 9,214  7,775  -  -  -   16,989  - 
FDIC Small Bank Assessment Credit -  -  -  (2,291) -   -  - 
Merger Expenses -  711  -  -  -   711  - 
Hurricane damage expense -  -  -  -  -   -  897 
Outsourced special project expense -  1,092  631  -  -   1,092  900 
Total non-interest expense adjustments (G)$10,195 $9,578 $631 $(2,291)$-  $19,773 $1,797 
                       
                       
ANNUALIZED NET INTEREST MARGIN                      
                       
Net interest margin: A/C 4.11% 4.22% 4.24% 4.32% 4.28%  4.17% 4.29%
Net interest margin, excluding PPP loans (non-GAAP): B/D 4.16% 4.22% 4.24% 4.32% 4.28%  4.19% 4.29%
                       
Net interest income - FTE (A)$150,101 $140,952 $141,105 $144,224 $142,306  $291,053 $283,143 
PPP loan interest & discount accretion income 4,450  -  -  -  -   4,450  - 
Net interest income - FTE, excluding PPP loans (non-GAAP) (B)$145,651 $140,952 $141,105 $144,224 $142,306  $286,603 $283,143 
                       
Average interest-earning assets (C)$14,678,465 $13,428,700 $13,188,508 $13,235,774 $13,321,663  $14,051,855 $13,309,281 
Average PPP loans 585,946  -  -  -  -   292,973  - 
Average interest-earning assets, excluding PPP loans (non-GAAP) (D)$14,092,519 $13,428,700 $13,188,508 $13,235,774 $13,321,663  $13,758,882 $13,309,281 
                       


Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
        
 Quarter Ended
 Six Months Ended
(Dollars and shares in thousands, Jun. 30,  Mar. 31,  Dec. 31  Sep. 30,  Jun. 30,  Jun. 30,  Jun. 30,
except per share data) 2020  2020  2019  2019  2019  2020  2019
                     
Pre-tax net income$82,077 $(2,420)$96,470 $99,962 $95,104 $79,657 $189,189
Provision for credit losses 11,441  86,823  -  -  1,325  98,264  1,325
Unfunded commitment expense 9,214  7,775  -  -  -  16,989  -
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense$102,732 $92,178 $96,470 $99,962 $96,429 $194,910 $190,514
                     
                     
 Quarter Ended
      
                     
  Jun. 30,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,      
(Dollars in thousands) 2020  2020  2019  2019  2019      
                     
TANGIBLE BOOK VALUE PER COMMON SHARE                    
                     
Book value per common share: (A/B)$15.09 $14.72 $15.10 $14.80 $14.46      
Tangible book value per common share: ((A-C-D)/B) 8.99  8.61  9.12  8.83  8.50      
                     
Total stockholders' equity (A)$2,492,146 $2,430,271 $2,511,531 $2,469,389 $2,421,406      
End of period common shares outstanding (B) 165,206  165,148  166,373  166,860  167,466      
Goodwill (C) 973,025  973,025  958,408  958,408  958,408      
Core deposit and other intangibles (D) 33,569  35,055  36,572  38,136  39,723      
                     
                     
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
                     
Equity to assets: (B/A) 14.75% 15.65% 16.71% 16.57% 15.84%     
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 9.35% 9.79% 10.80% 10.59% 9.96%     
                     
Total assets (A)$16,895,406 $15,531,732 $15,032,047 $14,901,935 $15,287,575      
Total stockholders' equity (B) 2,492,146  2,430,271  2,511,531  2,469,389  2,421,406      
Goodwill (C) 973,025  973,025  958,408  958,408  958,408      
Core deposit and other intangibles (D) 33,569  35,055  36,572  38,136  39,723