CONWAY, Ark., Jan. 21, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released record quarterly earnings today.

Highlights of the Fourth Quarter of 2020:

MetricQ4 2020Q3 2020Q2 2020Q1 2020Q4 2019
Net Income$81.8 million$69.3 million$62.8 million$507,000$73.3 million
Total Revenue (net)$181.9 million$176.1 million$173.7 million$162.7 million$167.8 million
Income (loss) before income taxes$107.7 million$90.4 million$82.1 million($2.4 million)$96.5 million
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (non-GAAP)(1)$107.7 million$104.4 million$102.7 million$92.2 million$96.5 million
Pre-tax net income to total revenue (net)59.19%51.32%47.25%-1.4957.49%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)59.19%59.28%59.15%56.67%57.49%
ROA1.97%1.66%1.55%0.01%1.94%
ROA (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1)2.60%2.50%2.53%2.45%2.56%
ROA, excluding provision for credit losses and unfunded commitment expense (non-GAAP)(1)1.97%1.91%1.92%1.87%1.94%
NIM4.00%3.92%4.11%4.22%4.24%
NIM, excluding PPP loans (non-GAAP)(1)3.97%3.98%4.16%4.22%4.24%
Purchase Accounting Accretion$5.7 million$7.0 million$7.0 million$7.6 million$9.1 million
ROE12.72%10.97%10.27%0.08%11.71%
ROTCE (non-GAAP)(1)20.96%18.29%17.40%0.14%19.55%
Diluted Earnings Per Share$0.50$0.42$0.38$0.00$0.44
Non-Performing Assets to Total Assets0.48%0.47%0.39%0.44%0.43%
Common Equity Tier 1 Capital13.4%12.6%12.0%11.5%12.4%
Leverage10.8%10.4%10.3%10.8%11.3%
Tier 1 Capital14.0%13.2%12.6%12.1%13.0%
Total Risk-Based Capital17.8%16.9%16.2%15.7%16.4%
Allowance for Credit Losses to Total Loans2.19%2.12%1.99%2.01%0.94%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1)2.33%2.29%2.15%2.01%0.94%
      

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

“While 2020 was dark in many ways, the lights were definitely on at Home BancShares,” stated John Allison. “Q1 was an anomaly with the implementation of CECL, but it was followed up with record numbers in quarters two, three and four, and for that, I couldn’t be more pleased,” Allison continued. “Fifty cents earnings per share is a record I’m particularly proud of,” added Allison.

“Our talented team of bankers delivered record net income for the quarter of $81.8 million and our income before income taxes came in strong at $107.7 million,” said Tracy French. “During one of the hardest years for business and the economy, I’m proud of how our bankers worked to assist their customers in their time of need while still churning out impressive best in class numbers throughout the year,” continued French.

Operating Highlights

Net income and earnings per share were quarterly records for the Company. Net income increased $12.5 million, or 17.99%, to $81.8 million for the three-month period ended December 31, 2020, from $69.3 million for the three-month period ended September 30, 2020. Earnings per share increased $0.08 per share, or 19.05%, to $0.50 per share for the three-month period ended December 31, 2020, from $0.42 per share for the three-month period ended September 30, 2020.

During the fourth quarter of 2020, the Company did not record any credit loss expense. The Company’s provisioning model is closely tied to unemployment rate projections which continued to improve through the end of 2020.

Our net interest margin was 4.00% for the three-month period ended December 31, 2020 compared to 3.92% for the three-month period ended September 30, 2020. The yield on loans was 5.33% and 5.24% for the three months ended December 31, 2020 and September 30, 2020, respectively, as average loans decreased from $11.76 billion to $11.46 billion. Additionally, the rate on interest bearing deposits decreased to 0.44% as of December 31, 2020 from 0.54% as of September 30, 2020, with average balances of $9.59 billion and $9.68 billion, respectively.

As of December 31, 2020, we had $691.7 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended December 31, 2020 was 3.97%(1). The PPP loans had a 6-basis point accretive impact to the yield on loans, and the PPP loans were accretive to the net interest margin by 3 basis points. This was primarily due to approximately $157.0 million of the Company’s PPP loans being forgiven during the fourth quarter of 2020 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income increased from $3.8 million to $6.9 million for the three-month periods ended September 30, 2020 and December 31, 2020, respectively.
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(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

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 $102.3 million of average interest-bearing cash balances in the fourth quarter of 2020 compared to the third quarter of 2020. This excess liquidity diluted the net interest margin by 3 basis points.

Purchase accounting accretion on acquired loans was $5.7 million and $7.0 million and average purchase accounting loan discounts were $49.6 million and $55.8 million for the three-month periods ended December 31, 2020 and September 30, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $146,000 and $176,000 for the three-month periods ended December 31, 2020 and September 30, 2020, respectively.

Net interest income on a fully taxable equivalent basis increased $2.1 million, or 1.4%, to $149.8 million for the three-month period ended December 31, 2020, from $147.7 million for the three-month period ended September 30, 2020. This increase in net interest income for the three-month period ended December 31, 2020 was the result of a $3.0 million decrease in interest expense, which was partially offset by a $875,000 decrease in interest income. The $3.0 million decrease in interest expense was primarily the result of a $2.6 million decrease in interest expense on deposits and a $318,000 decrease in interest expense on FHLB borrowings. The $875,000 decrease in interest income was primarily the result of a $1.4 million decrease in loan interest income, which was partially offset by a $492,000 net increase in investment income.

The Company reported $33.9 million of non-interest income for the fourth quarter of 2020. The most important components of the fourth quarter non-interest income were $10.1 million from mortgage lending income, $8.4 million from other service charges and fees, $5.5 million from service charges on deposit accounts, and $2.6 million from other income. Non-interest income for the fourth quarter of 2020 included a $4.3 million adjustment for the increase in fair market value of marketable securities.

Mortgage lending income was $10.1 million for the three-month period ended December 31, 2020, compared to $10.2 million for the three-month period ended September 30, 2020, as the Company experienced a significant increase in secondary market loan sales in 2020. The housing market continues to benefit from the current low interest rate environment.

Non-interest expense for the fourth quarter of 2020 was $74.2 million. The most important components of the fourth quarter non-interest expense were $43.0 million from salaries and employee benefits, $16.2 million in other expense and $9.8 million in occupancy and equipment expenses. For the fourth quarter of 2020, our efficiency ratio was 39.64%.
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(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Financial Condition

Total loans receivable were $11.22 billion at December 31, 2020 compared to $11.69 billion at September 30, 2020. Total deposits were $12.73 billion at December 31, 2020 compared to $12.94 billion at September 30, 2020. Total assets were $16.40 billion at December 31, 2020 compared to $16.55 billion at September 30, 2020.

During the fourth quarter 2020, the Company experienced approximately $470.7 million in organic loan decline. Centennial CFG experienced $149.0 million of organic loan decline and had loans of $1.54 billion at December 31, 2020. Our legacy footprint experienced $157.0 million in PPP loan decline and $164.7 million in organic loan decline during the quarter.

Non-performing loans to total loans was 0.66% as of December 31, 2020 compared to 0.63% as of September 30, 2020. Non-performing assets to total assets increased slightly from 0.47% as of September 30, 2020 to 0.48% as of December 31, 2020. For the fourth quarter of 2020, net charge-offs were $2.8 million compared to net charge-offs of $4.1 million for the third quarter of 2020.

Non-performing loans at December 31, 2020 were $24.1 million, $43.1 million, $530,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.1 million. Non-performing assets at December 31, 2020 were $25.6 million, $46.0 million, $564,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $78.6 million.

The Company’s allowance for credit losses on loans was $245.5 million at December 31, 2020, or 2.19% of total loans, compared to the allowance for loan losses of $248.2 million, or 2.12% of total loans, at September 30, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.33%(1) at December 31, 2020. As of December 31, 2020 and September 30, 2020, the Company’s allowance for credit losses on loans and allowance for loan losses was 331.10% and 336.42% of its total non-performing loans, respectively.

Stockholders’ equity was $2.61 billion at December 31, 2020 compared to $2.54 billion at September 30, 2020, an increase of approximately $65.0 million. The increase in stockholders’ equity is primarily associated with the $58.7 million increase in retained earnings. Book value per common share was $15.78 at December 31, 2020 compared to $15.38 at September 30, 2020. Tangible book value per common share (non-GAAP) was $9.70(1) at December 31, 2020 compared to $9.30(1) at September 30, 2020, an increase of 17.11% on an annualized basis.   
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(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, January 21, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10150658/df97bab01e. 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: 10150658, which will be available until January 28, 2021 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, excluding provision for credit losses and unfunded commitment expense; pre-tax, pre-provision, profit percentage; 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; 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, real estate values and unemployment; disruptions, uncertainties and related effects on our business and operations as a result of the ongoing coronavirus (COVID-19) pandemic and measures that have been or may be implemented or imposed in response to the pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices, including from the adoption of the current expected credit loss (CECL) model on January 1, 2020; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 5, 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)

  Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 
(In thousands) 2020 2020 2020 2020 2019 
                 
ASSETS                
                 
Cash and due from banks $242,173 $144,197 $185,047 $147,200 $168,914 
Interest-bearing deposits with other banks  1,021,615  899,140  1,030,609  424,235  321,687 
Cash and cash equivalents  1,263,788  1,043,337  1,215,656  571,435  490,601 
Investment securities - available-for-sale, net of allowance for credit losses  2,473,781  2,361,900  2,238,005  2,098,000  2,083,838 
Loans receivable  11,220,721  11,691,470  11,955,743  11,384,982  10,869,710 
Allowance for credit losses  (245,473) (248,224) (238,340) (228,923) (102,122)
Loans receivable, net  10,975,248  11,443,246  11,717,403  11,156,059  10,767,588 
Bank premises and equipment, net  278,614  280,364  279,498  281,795  280,103 
Foreclosed assets held for sale  4,420  4,322  6,292  8,204  9,143 
Cash value of life insurance  103,519  102,989  102,443  103,120  102,562 
Accrued interest receivable  60,528  72,599  80,274  50,295  45,086 
Deferred tax asset, net  70,249  75,167  74,333  77,110  44,301 
Goodwill  973,025  973,025  973,025  973,025  958,408 
Core deposit and other intangibles  30,728  32,149  33,569  35,055  36,572 
Other assets  164,904  160,660  174,908  177,634  213,845 
Total assets $16,398,804 $16,549,758 $16,895,406 $15,531,732 $15,032,047 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
                 
Liabilities                
Deposits:                
Demand and non-interest-bearing $3,266,753 $3,207,967 $3,413,727 $2,425,036 $2,367,091 
Savings and interest-bearing transaction accounts  8,212,240  8,011,200  7,970,979  7,149,644  6,933,964 
Time deposits  1,246,797  1,718,299  1,793,230  1,940,234  1,977,328 
Total deposits  12,725,790  12,937,466  13,177,936  11,514,914  11,278,383 
Federal funds purchased  -  -  -  -  5,000 
Securities sold under agreements to repurchase  168,931  158,447  162,858  126,884  143,727 
FHLB and other borrowed funds  400,000  403,428  531,432  951,436  621,439 
Accrued interest payable and other liabilities  127,999  139,485  161,095  138,479  102,410 
Subordinated debentures  370,326  370,133  369,939  369,748  369,557 
Total liabilities  13,793,046  14,008,959  14,403,260  13,101,461  12,520,516 
                 
Stockholders' equity                
Common stock  1,651  1,652  1,652  1,651  1,664 
Capital surplus  1,520,617  1,520,103  1,518,631  1,516,151  1,537,091 
Retained earnings  1,039,370  980,699  932,856  891,498  956,555 
Accumulated other comprehensive (loss) income  44,120  38,345  39,007  20,971  16,221 
Total stockholders' equity  2,605,758  2,540,799  2,492,146  2,430,271  2,511,531 
Total liabilities and stockholders' equity $16,398,804 $16,549,758 $16,895,406 $15,531,732 $15,032,047 
                 

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

  Quarter Ended Year Ended 
  Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 
(In thousands) 2020 2020 2020 2020 2019 2020 2019 
                       
Interest income                      
Loans $153,407 $154,787 $158,996 $158,148 $161,211 $625,338 $658,345 
Investment securities                      
Taxable  6,900  7,227  8,693  9,776  9,707  32,596  41,406 
Tax-exempt  4,979  4,367  3,698  3,114  3,260  16,158  13,015 
Deposits - other banks  270  252  211  1,116  949  1,849  5,188 
Federal funds sold  -  -  -  21  5  21  34 
Total interest income  165,556  166,633  171,598  172,175  175,132  675,962  717,988 
                       
Interest expense                      
Interest on deposits  10,596  13,200  15,116  24,198  26,823  63,110  114,104 
Federal funds purchased  -  -  -  13  33  13  54 
FHLB borrowed funds  1,917  2,235  2,656  2,698  2,686  9,506  17,209 
Securities sold under agreements to repurchase  208  237  260  462  652  1,167  2,544 
Subordinated debentures  4,810  4,823  4,899  5,079  5,155  19,611  20,860 
Total interest expense  17,531  20,495  22,931  32,450  35,349  93,407  154,771 
                       
Net interest income  148,025  146,138  148,667  139,725  139,783  582,555  563,217 
                       
Provision for credit loss - loans  -  14,000  11,441  76,672  -  102,113  1,325 
Provision for credit loss - acquired loans  -  -  -  9,309  -  9,309  - 
Provision for credit loss - investment securities  -  -  -  842  -  842  - 
Total credit loss expense  -  14,000  11,441  86,823  -  112,264  1,325 
                       
Net interest income after provision for credit
losses
  148,025  132,138  137,226  52,902  139,783  470,291  561,892 
                       
Non-interest income                      
Service charges on deposit accounts  5,544  4,910  4,296  6,631  6,778  21,381  25,930 
Other service charges and fees  8,425  8,539  7,666  6,056  10,636  30,686  34,086 
Trust fees  420  378  397  438  390  1,633  1,566 
Mortgage lending income  10,071  10,177  6,196  2,621  3,801  29,065  14,303 
Insurance commissions  366  271  533  678  551  1,848  2,278 
Increase in cash value of life insurance  534  548  558  560  562  2,200  2,752 
Dividends from FHLB, FRB, FNBB & other  967  3,433  230  7,842  1,952  12,472  7,707 
Gain on SBA loans  304  -  -  341  686  645  1,573 
Gain (loss) on branches, equipment and other assets, net  217  (27) 54  82  35  326  (3)
Gain on OREO, net  150  470  235  277  159  1,132  757 
Loss on securities, net  -  -  -  -  (2) -  (2)
Fair value adjustment for marketable securities  4,271  (1,350) 919  (5,818) -  (1,978) - 
Other income  2,616  2,602  3,939  3,219  2,481  12,376  8,569 
Total non-interest income  33,885  29,951  25,023  22,927  28,029  111,786  99,516 
                       
Non-interest expense                      
Salaries and employee benefits  43,022  41,511  40,088  39,329  38,446  163,950  154,177 
Occupancy and equipment  9,801  9,566  10,172  8,873  8,729  38,412  35,452 
Data processing expense  5,171  4,921  4,614  4,326  4,294  19,032  16,161 
Other operating expenses  16,247  15,714  25,298  25,721  19,873  82,980  69,997 
Total non-interest expense  74,241  71,712  80,172  78,249  71,342  304,374  275,787 
                       
Income (loss) before income taxes  107,669  90,377  82,077  (2,420) 96,470  277,703  385,621 
Income tax expense (benefit)  25,875  21,057  19,250  (2,927) 23,208  63,255  96,082 
Net income $81,794 $69,320 $62,827 $507 $73,262 $214,448 $289,539 
                       

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

  Quarter Ended Year Ended 
  Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 
(Dollars and shares in thousands, except per share data) 2020 2020 2020 2020 2019 2020 2019 
                       
PER SHARE DATA                      
                       
Diluted earnings per common share $0.50 $0.42 $0.38 $- $0.44 $1.30 $1.73 
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax (non-GAAP)(1)  0.48  0.47  0.47  0.43  0.44  1.85  1.74 
Basic earnings per common share  0.50  0.42  0.38  -  0.44  1.30  1.73 
Dividends per share - common  0.1400  0.1300  0.1300  0.1300  0.1300  0.5300  0.5100 
Book value per common share  15.78  15.38  15.09  14.72  15.10  15.78  15.10 
Tangible book value per common share (non-GAAP)(1)  9.70  9.30  8.99  8.61  9.12  9.70  9.12 
                       
STOCK INFORMATION                      
                       
Average common shares outstanding  165,119  165,200  165,163  166,014  166,696  165,373  167,804 
Average diluted shares outstanding  165,119  165,200  165,163  166,014  166,696  165,373  167,804 
End of period common shares outstanding  165,095  165,163  165,206  165,148  166,373  165,095  166,373 
                       
ANNUALIZED PERFORMANCE METRICS                      
                       
Return on average assets  1.97% 1.66% 1.55% 0.01% 1.94% 1.33% 1.93%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROA, as adjusted) (non-GAAP)(1)  1.90% 1.88% 1.93% 1.88% 1.94% 1.90% 1.94%
Return on average assets excluding intangible amortization
(non-GAAP)(1)
  2.13% 1.80% 1.68% 0.05% 2.12% 1.45% 2.10%
Return on average common equity  12.72% 10.97% 10.27% 0.08% 11.71% 8.57% 12.01%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROE, as adjusted)
(non-GAAP)(1)
  12.23% 12.39% 12.77% 11.48% 11.68% 12.22% 12.11%
Return on average tangible common equity (non-GAAP)(1)  20.96% 18.29% 17.40% 0.14% 19.55% 14.31% 20.49%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  21.22% 18.56% 17.70% 0.44% 19.86% 14.59% 20.83%
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROTCE, as adjusted)
(non-GAAP)(1)
  20.15% 20.66% 21.63% 19.22% 19.51% 20.41% 20.67%
                       

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

  Quarter Ended Year Ended 
(Dollars and shares in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 
except per share data) 2020 2020 2020 2020 2019 2020 2019 
                       
                       
Efficiency ratio  39.64% 39.56% 44.93% 46.82% 41.26% 42.63% 40.34%
Efficiency ratio, as adjusted (non-GAAP)(1)  40.67% 40.08% 39.38% 41.37% 41.14% 40.36% 40.55%
Net interest margin - FTE  4.00% 3.92% 4.11% 4.22% 4.24% 4.02% 4.29%
Net interest margin - FTE, excluding PPP loans
(non-GAAP)(1)
  3.97% 3.98% 4.16% 4.22% 4.24% 4.04% 4.29%
Fully taxable equivalent adjustment $1,778 $1,576 $1,434 $1,227 $1,322 $6,015 $5,255 
Total revenue (net)  181,910  176,089  173,690  162,652  167,812  694,341  662,733 
Pre-tax net income, excluding provision for credit
losses and unfunded commitment expense (PPNR)
(non-GAAP)(1)
  107,669  104,377  102,732  92,178  96,470  406,956  386,946 
Pre-tax net income to total revenue (net)  59.19% 51.32% 47.25% -1.49% 57.49% 40.00% 58.19%
P5NR (Pre-tax, pre-provision, profit percentage)
(PPNR to total revenue (net)) (non-GAAP)(1)
  59.19% 59.28% 59.15% 56.67% 57.49% 58.61% 58.39%
Net income, excluding provision for credit losses and unfunded commitment expense  81,794  79,661  78,084  70,382  73,262  309,921  290,522 
Return on average assets (pre-tax net income,
excluding provision for credit losses and unfunded
commitment expense) (non-GAAP)(1)
  2.60% 2.50% 2.53% 2.45% 2.56% 2.52% 2.57%
Return on average assets, excluding provision
for credit losses and unfunded commitment expense
(non-GAAP)(1)
  1.97% 1.91% 1.92% 1.87% 1.94% 1.92% 1.93%
Total purchase accounting accretion  5,736  6,957  7,036  7,647  9,133  27,376  35,890 
Average purchase accounting loan discounts  49,563  55,835  62,822  69,365  91,869  59,406  114,521 
                       
                       
OTHER OPERATING EXPENSES                      
                       
Advertising $1,076 $902 $795 $1,226 $1,340 $3,999 $4,687 
Merger and acquisition expenses  -  -  -  711  -  711  - 
Amortization of intangibles  1,421  1,420  1,486  1,517  1,565  5,844  6,324 
Electronic banking expense  2,282  2,426  2,054  1,715  1,870  8,477  7,525 
Directors' fees  359  429  412  424  396  1,624  1,602 
Due from bank service charges  254  259  239  223  289  975  1,081 
FDIC and state assessment  1,493  1,607  1,846  1,548  1,635  6,494  4,468 
Hurricane expense  -  -  -  -  -  -  897 
Insurance  795  766  711  746  790  3,018  2,846 
Legal and accounting  790  1,235  1,278  919  1,633  4,222  5,017 
Other professional fees  1,528  1,661  1,735  3,226  3,189  8,150  10,213 
Operating supplies  440  460  553  535  469  1,988  2,021 
Postage  315  328  313  327  327  1,283  1,266 
Telephone  347  321  310  324  312  1,302  1,210 
Unfunded commitments  -  -  9,214  7,775  -  16,989  - 
Other expense  5,147  3,900  4,352  4,505  6,058  17,904  20,840 
                       
Total other operating expenses $16,247 $15,714 $25,298 $25,721 $19,873 $82,980 $69,997 
                       

(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)

  Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 
(Dollars in thousands) 2020 2020 2020 2020 2019 
                 
BALANCE SHEET RATIOS                
                 
Total loans to total deposits  88.17% 90.37% 90.73% 98.87% 96.38%
Common equity to assets  15.89% 15.35% 14.75% 15.65% 16.71%
Tangible common equity to tangible assets (non-GAAP)(1)  10.41% 9.88% 9.35% 9.79% 10.80%
                 
LOANS RECEIVABLE                
                 
Real estate                
Commercial real estate loans                
Non-farm/non-residential $4,429,060 $4,342,141 $4,325,795 $4,357,007 $4,412,769 
Construction/land development  1,562,298  1,748,928  1,818,151  1,892,394  1,776,689 
Agricultural  114,431  89,476  105,554  89,630  88,400 
Residential real estate loans                
Residential 1-4 family  1,536,257  1,665,628  1,730,716  1,775,610  1,819,221 
Multifamily residential  536,538  491,380  482,635  411,960  488,278 
Total real estate  8,178,584  8,337,553  8,462,851  8,526,601  8,585,357 
Consumer  864,690  883,568  851,344  852,174  511,909 
Commercial and industrial  1,896,442  2,161,818  2,228,816  1,759,752  1,528,003 
Agricultural  66,869  85,365  80,023  64,582  63,644 
Other  214,136  223,166  332,709  181,873  180,797 
Loans receivable $11,220,721 $11,691,470 $11,955,743 $11,384,982 $10,869,710 
                 
Paycheck Protection Program (PPP) loans (included in total
loans receivable)
  691,747  848,745  848,628  -  - 
                 
ALLOWANCE FOR CREDIT LOSSES                
                 
Balance, beginning of period $248,224 $238,340 $228,923 $102,122 $104,304 
Impact of adopting ASC 326  -  -  -  43,988  - 
Allowance for credit losses on acquired loans  -  -  -  357  - 
Loans charged off  3,040  4,599  2,582  4,265  2,631 
Recoveries of loans previously charged off  289  483  558  740  449 
Net loans (recovered)/charged off  2,751  4,116  2,024  3,525  2,182 
Provision for credit loss - loans  -  14,000  11,441  76,672  - 
Provision for credit loss - acquired loans  -  -  -  9,309  - 
Total credit loss expense excluding provision for
credit loss - investment securities
  -  14,000  11,441  85,981  - 
Balance, end of period $245,473 $248,224 $238,340 $228,923 $102,122 
                 
Net (recoveries) charge-offs to average total loans  0.10% 0.14% 0.07% 0.13% 0.08%
Allowance for credit losses to total loans  2.19% 2.12% 1.99% 2.01% 0.94%
Allowance for credit losses to total loans, excluding PPP loans  2.33% 2.29% 2.15% 2.01% 0.94%
                 
NON-PERFORMING ASSETS                
                 
Non-performing loans                
Non-accrual loans $64,528 $65,148 $52,074 $52,131 $47,607 
Loans past due 90 days or more  9,610  8,635  7,824  7,760  7,238 
Total non-performing loans  74,138  73,783  59,898  59,891  54,845 
Other non-performing assets                
Foreclosed assets held for sale, net  4,420  4,322  6,292  8,204  9,143 
Other non-performing assets  -  247  247  447  447 
Total other non-performing assets  4,420  4,569  6,539  8,651  9,590 
Total non-performing assets $78,558 $78,352 $66,437 $68,542 $64,435 
                 
Allowance for credit losses for loans to non-performing loans  331.10% 336.42% 397.91% 382.23% 186.20%
Non-performing loans to total loans  0.66% 0.63% 0.50% 0.53% 0.50%
Non-performing assets to total assets  0.48% 0.47% 0.39% 0.44% 0.43%
                 

(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 
  December 31, 2020  September 30, 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 $1,029,047 $270 0.10% $926,754 $252 0.11%
Federal funds sold  5  - 0.00%  124  - 0.00%
Investment securities - taxable  1,615,214  6,900 1.70%  1,618,058  7,227 1.78%
Investment securities - non-taxable - FTE  798,402  6,550 3.26%  672,067  5,731 3.39%
Loans receivable - FTE  11,457,713  153,614 5.33%  11,758,143  154,999 5.24%
Total interest-earning assets  14,900,381  167,334 4.47%  14,975,146  168,209 4.47%
Non-earning assets  1,592,685        1,619,349      
Total assets $16,493,066       $16,594,495      
                   
LIABILITIES AND SHAREHOLDERS' EQUITY                  
Liabilities                  
Interest-bearing liabilities                  
Savings and interest-bearing transaction
accounts
 $8,109,111 $5,813 0.29% $7,937,412 $6,651 0.33%
Time deposits  1,483,049  4,783 1.28%  1,745,279  6,549 1.49%
Total interest-bearing deposits  9,592,160  10,596 0.44%  9,682,691  13,200 0.54%
Federal funds purchased  -  - 0.00%  -  - 0.00%
Securities sold under agreement to repurchase  156,198  208 0.53%  157,172  237 0.60%
FHLB borrowed funds  400,001  1,917 1.91%  464,799  2,235 1.91%
Subordinated debentures  370,232  4,810 5.17%  370,038  4,823 5.19%
Total interest-bearing liabilities  10,518,591  17,531 0.66%  10,674,700  20,495 0.76%
Non-interest bearing liabilities                  
Non-interest bearing deposits  3,279,708        3,259,501      
Other liabilities  137,516        146,502      
Total liabilities  13,935,815        14,080,703      
Shareholders' equity  2,557,251        2,513,792      
Total liabilities and shareholders' equity $16,493,066       $16,594,495      
Net interest spread       3.81%       3.71%
Net interest income and margin - FTE    $149,803 4.00%    $147,714 3.92%
                   

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

  Year Ended 
  December 31, 2020  December 31, 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 $921,189 $1,849 0.20% $254,548 $5,188 2.04%
Federal funds sold  1,330  21 1.58%  1,421  34 2.39%
Investment securities - taxable  1,653,159  32,596 1.97%  1,663,512  41,406 2.49%
Investment securities - non-taxable - FTE  577,444  21,263 3.68%  379,232  17,026 4.49%
Loans receivable - FTE  11,504,123  626,249 5.44%  10,961,599  659,589 6.02%
Total interest-earning assets  14,657,245  681,978 4.65%  13,260,312  723,243 5.45%
Non-earning assets  1,480,049        1,768,188      
Total assets $16,137,294       $15,028,500      
                   
LIABILITIES AND SHAREHOLDERS' EQUITY                  
Liabilities                  
Interest-bearing liabilities                  
Savings and interest-bearing transaction
accounts
 $7,686,621 $36,085 0.47% $6,674,493 $77,194 1.16%
Time deposits  1,756,138  27,026 1.54%  1,972,040  36,910 1.87%
Total interest-bearing deposits  9,442,759  63,111 0.67%  8,646,533  114,104 1.32%
Federal funds purchased  1,557  13 0.83%  2,895  54 1.87%
Securities sold under agreement to repurchase  151,573  1,167 0.77%  149,665  2,544 1.70%
FHLB borrowed funds  534,608  9,506 1.78%  848,969  17,209 2.03%
Subordinated debentures  369,943  19,611 5.30%  369,175  20,860 5.65%
Total interest-bearing liabilities  10,500,440  93,408 0.89%  10,017,237  154,771 1.55%
Non-interest bearing liabilities                  
Non-interest bearing deposits  2,998,560        2,489,254      
Other liabilities  135,094        111,156      
Total liabilities  13,634,094        12,617,647      
Shareholders' equity  2,503,200        2,410,853      
Total liabilities and shareholders' equity $16,137,294       $15,028,500      
Net interest spread       3.76%       3.90%
Net interest income and margin - FTE    $588,570 4.02%    $568,472 4.29%
                   

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

  Quarter Ended Year Ended 
(Dollars and shares in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, 
except per share data) 2020 2020 2020 2020 2019 2020 2019 
                       
EARNINGS, AS ADJUSTED                      
                       
GAAP net income available to common shareholders (A) $81,794 $69,320 $62,827 $507 $73,262 $214,448 $289,539 
Pre-tax adjustments                      
Fair value adjustment for marketable securities  (4,271) 1,350  (919) 5,818  -  1,978  - 
Special dividend from equity investment  -  (3,181) -  (7,004) (861) (10,185) (2,995)
Provision for credit losses  -  14,000  11,441  86,823  -  112,264  1,325 
Branch write-off expense  -  -  981  -  -  981  - 
Unfunded commitment expense  -  -  9,214  7,775  -  16,989  - 
Outsourced special project expense  -  -  -  1,092  631  1,092  1,531 
Merger and acquisition expenses  -  -  -  711  -  711  - 
FDIC Small Bank Assessment Credit  -  -  -  -  -  -  (2,291)
Hurricane expenses  -  -  -  -  -  -  897 
Total pre-tax adjustments  (4,271) 12,169  20,717  95,215  (230) 123,830  (1,533)
Tax-effect of adjustments  (1,116) 3,181  5,414  24,884  (59) 32,363  (396)
Adjustments after-tax  (3,155) 8,988  15,303  70,331  (171) 91,467  (1,137)
BOLI redemption tax  -  -  -  -  -  -  3,667 
Total adjustments after-tax (B)  (3,155) 8,988  15,303  70,331  (171) 91,467  2,530 
Earnings, as adjusted (C) $78,639 $78,308 $78,130 $70,838 $73,091 $305,915 $292,069 
                       
Average diluted shares outstanding (D)  165,119  165,200  165,163  166,014  166,696  165,373  167,804 
                       
GAAP diluted earnings per share: (A/D) $0.50 $0.42 $0.38 $- $0.44 $1.30 $1.73 
Adjustments after-tax: (B/D)  (0.02) 0.05  0.09  0.43  -  0.55  0.01 
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (C/D) $0.48 $0.47 $0.47 $0.43 $0.44 $1.85 $1.74 
                       
ANNUALIZED RETURN ON AVERAGE ASSETS                      
                       
Return on average assets: (A/G)  1.97% 1.66% 1.55% 0.01% 1.94% 1.33% 1.93%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROA, as adjusted) ((A+F)/G)  1.90% 1.88% 1.93% 1.88% 1.94% 1.90% 1.94%
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense): (B/G)  2.60% 2.50% 2.53% 2.45% 2.56% 2.52% 2.57%
Return on average assets, excluding provision for credit losses and unfunded commitment expense: (C/G)  1.97% 1.91% 1.92% 1.87% 1.94% 1.92% 1.93%
Return on average assets excluding intangible
amortization: ((A+E)/(G-H))
  2.13% 1.80% 1.68% 0.05% 2.12% 1.45% 2.10%
                       
GAAP net income available to common shareholders (A) $81,794 $69,320 $62,827 $507 $73,262 $214,448 $289,539 
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (B) $107,669 $104,377 $102,732 $92,178 $96,470 $406,956 $386,946 
Net income, excluding provision for credit losses and unfunded commitment expense (C) $81,794 $79,661 $78,084 $70,382 $73,262 $309,921 $290,522 
Amortization of intangibles (D)  1,421  1,420  1,486  1,517  1,565  5,844  6,324 
Amortization of intangibles after-tax (E)  1,049  1,049  1,098  1,121  1,161  4,317  4,691 
Adjustments after-tax (F)  (3,155) 8,988  15,303  70,331  (171) 91,467  2,530 
Average assets (G)  16,493,066  16,594,495  16,319,206  15,133,475  14,944,368  16,137,294  15,028,500 
Average goodwill, core deposits & other intangible assets (H)  1,004,432  1,005,864  1,007,307  999,004  995,721  1,004,157  998,090 
                       

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

  Quarter Ended Year Ended 
  Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31  Dec. 31, Dec. 31, 
(Dollars and shares in thousands, except per share data) 2020 2020 2020 2020 2019  2020 2019 
                        
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                       
                        
Return on average common equity: (A/D)  12.72% 10.97% 10.27% 0.08% 11.71%  8.57% 12.01%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROE, as adjusted)
((A+C)/D)
  12.23% 12.39% 12.77% 11.48% 11.68%  12.22% 12.11%
Return on average tangible common equity: (A/(D-E))  20.96% 18.29% 17.40% 0.14% 19.55%  14.31% 20.49%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))  21.22% 18.56% 17.70% 0.44% 19.86%  14.59% 20.83%
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small
Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROTCE, as adjusted) ((A+C)/(D-E))
  20.15% 20.66% 21.63% 19.22% 19.51%  20.41% 20.67%
                        
GAAP net income available to common shareholders (A) $81,794 $69,320 $62,827 $507 $73,262  $214,448 $289,539 
Earnings excluding intangible amortization (B)  82,843  70,369  63,925  1,628  74,423   218,765  294,230 
Adjustments after-tax (C)  (3,155) 8,988  15,303  70,331  (171)  91,467  2,530 
Average common equity (D)  2,557,251  2,513,792  2,459,941  2,481,104  2,482,406   2,503,200  2,410,853 
Average goodwill, core deposits & other intangible assets (E)  1,004,432  1,005,864  1,007,307  999,004  995,721   1,004,157  998,090 
                        
EFFICIENCY RATIO                       
                        
Efficiency ratio: ((C-E)/(A+B+D))  39.64% 39.56% 44.93% 46.82% 41.26%  42.63% 40.34%
Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F))  40.67% 40.08% 39.38% 41.37% 41.14%  40.36% 40.55%
                        
Net interest income (A) $148,025 $146,138 $148,667 $139,725 $139,783  $582,555 $563,217 
Non-interest income (B)  33,885  29,951  25,023  22,927  28,029   111,786  99,516 
Non-interest expense (C)  74,241  71,712  80,172  78,249  71,342   304,374  275,787 
Fully taxable equivalent adjustment (D)  1,778  1,576  1,434  1,227  1,322   6,015  5,255 
Amortization of intangibles (E)  1,421  1,420  1,486  1,517  1,565   5,844  6,324 
                        
Adjustments:                       
Non-interest income:                       
Fair value adjustment for marketable securities $4,271 $(1,350)$919 $(5,818)$-  $(1,978)$- 
Gain (loss) on OREO  150  470  235  277  159   1,132  757 
Gain (loss) on branches, equipment and other assets, net  217  (27) 54  82  35   326  (3)
Special dividend from equity investment  -  3,181  -  7,004  861   10,185  2,995 
Gain (loss) on securities  -  -  -  -  (2)  -  (2)
Total non-interest income adjustments (F) $4,638 $2,274 $1,208 $1,545 $1,053  $9,665 $3,747 
                        
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  1,531 
Total non-interest expense adjustments (G) $- $- $10,195 $9,578 $631  $19,773 $137 
                        
ANNUALIZED NET INTEREST MARGIN                       
                        
Net interest margin: A/C  4.00% 3.92% 4.11% 4.22% 4.24%  4.02% 4.29%
Net interest margin, excluding PPP loans (non-GAAP): B/D  3.97% 3.98% 4.16% 4.22% 4.24%  4.04% 4.29%
                        
Net interest income - FTE (A) $149,803 $147,714 $150,101 $140,952 $141,105  $588,570 $568,472 
PPP loan interest & discount accretion income  8,841  5,943  4,450  -  -   19,234  - 
Net interest income - FTE, excluding PPP loans (non-GAAP) (B) $140,962 $141,771 $145,651 $140,952 $141,105  $569,336 $568,472 
                        
Average interest-earning assets (C) $14,900,381 $14,975,146 $14,678,465 $13,428,700 $13,188,508  $14,657,245 $13,260,312 
Average PPP loans  775,861  821,977  585,946  -  -   547,328  - 
Average interest-earning assets, excluding PPP loans (non-GAAP) (D) $14,124,520 $14,153,169 $14,092,519 $13,428,700 $13,188,508  $14,109,917 $13,260,312 
                        

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

  Quarter Ended Year Ended 
(Dollars and shares in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31 Dec. 31, Dec. 31, 
except per share data) 2020 2020 2020 2020 2019 2020 2019 
                       
Pre-tax net income $107,669 $90,377 $82,077 $(2,420)$96,470 $277,703 $385,621 
Provision for credit losses  -  14,000  11,441  86,823  -  112,264  1,325 
Unfunded commitment expense  -  -  9,214  7,775  -  16,989  - 
Pre-tax net income, excluding provision for credit
losses and unfunded commitment expense
(PPNR) (A)
 $107,669 $104,377 $102,732 $92,178 $96,470 $406,956 $386,946 
                       
Total revenue (net) (B)  181,910  176,089  173,690  162,652  167,812  694,341  662,733 
                       
Pre-tax net income to total revenue (net)  59.19% 51.32% 47.25% -1.49% 57.49% 40.00% 58.19%
P5NR (Pre-tax, pre-provision, profit percentage)
(PPNR to total revenue (net))
  59.19% 59.28% 59.15% 56.67% 57.49% 58.61% 58.39%
                       
  Quarter Ended       
                       
  Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,       
(Dollars in thousands) 2020 2020 2020 2020 2019       
                       
TANGIBLE BOOK VALUE PER
COMMON SHARE
                      
                       
Book value per common share: (A/B) $15.78 $15.38 $15.09 $14.72 $15.10       
Tangible book value per common share:
((A-C-D)/B)
  9.70  9.30  8.99  8.61  9.12       
                       
Total stockholders' equity (A) $2,605,758 $2,540,799 $2,492,146 $2,430,271 $2,511,531       
End of period common shares outstanding (B)  165,095  165,163  165,206  165,148  166,373       
Goodwill (C)  973,025  973,025  973,025  973,025  958,408       
Core deposit and other intangibles (D)  30,728  32,149  33,569  35,055  36,572       
                       
                       
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
                      
                       
Equity to assets: (B/A)  15.89% 15.35% 14.75% 15.65% 16.71%      
Tangible common equity to tangible assets:
((B-C-D)/(A-C-D))
  10.41% 9.88% 9.35% 9.79% 10.80%      
                       
Total assets (A) $16,398,804 $16,549,758 $16,895,406 $15,531,732 $15,032,047       
Total stockholders' equity (B)  2,605,758  2,540,799  2,492,146  2,430,271  2,511,531       
Goodwill (C)  973,025  973,025  973,025  973,025  958,408       
Core deposit and other intangibles (D)  30,728  32,149  33,569  35,055  36,572