HOMB’s Unwavering Discipline, Strong Margins, Great Efficiency, Hard Work and Smart Investments Led to First Quarter Record Revenue and Profits

Conway, Arkansas, UNITED STATES


CONWAY, Ark., April 15, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released record quarterly earnings today.

Highlights of the First Quarter of 2021:

MetricQ1 2021Q4 2020Q3 2020Q2 2020Q1 2020
Net Income$91.6 million$81.8 million$69.3 million$62.8 million$507,000 
Total Revenue (net)$193.4 million$181.9 million$176.1 million$173.7 million$162.7 million
Income (loss) before income taxes$120.5 million$107.7 million$90.4 million$82.1 million($2.4 million)
Pre-tax net income, excluding provision for credit losses (PPNR) (non-GAAP)(1)$120.5 million$107.7 million$104.4 million$102.7 million$92.2 million
Pre-tax net income to total revenue (net) 62.32% 59.19% 51.32% 47.25% -1.49%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 62.32% 59.19% 59.28% 59.15% 56.67%
ROA 2.22% 1.97% 1.66% 1.55% 0.01%
ROA (pre-tax net income, excluding provision for credit losses) (non-GAAP)(1) 2.92% 2.60% 2.50% 2.53% 2.45%
ROA, excluding provision for credit losses 2.22% 1.97% 1.91% 1.92% 1.87%
(non-GAAP)(1)
NIM 4.02% 4.00% 3.92% 4.11% 4.22%
NIM, excluding PPP loans (non-GAAP)(1) 3.87% 3.97% 3.98% 4.16% 4.22%
Purchase Accounting Accretion$5.5 million$5.7 million$7.0 million$7.0 million$7.6 million
ROE 14.15% 12.72% 10.97% 10.27% 0.08%
ROTCE (non-GAAP)(1) 22.90% 20.96% 18.29% 17.40% 0.14%
Diluted Earnings Per Share$0.55 $0.50 $0.42 $0.38 $0.00 
Non-Performing Assets to Total Assets 0.38% 0.48% 0.47% 0.39% 0.44%
Common Equity Tier 1 Capital 14.30% 13.40% 12.60% 12.00% 11.50%
Leverage 11.10% 10.80% 10.40% 10.30% 10.80%
Tier 1 Capital 14.90% 14.00% 13.20% 12.60% 12.10%
Total Risk-Based Capital 18.80% 17.80% 16.90% 16.20% 15.70%
Allowance for Credit Losses to Total Loans 2.25% 2.19% 2.12% 1.99% 2.01%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1) 2.40% 2.33% 2.29% 2.15% 2.01%

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

“Approximately $11 billion in loans at a yield of 5.56% including accretion, PPP income, and event income; a 36.60% efficiency ratio; a ‘never give up’ approach to charge-offs; starting to reap the benefits of investments; along with a record $91.6 million in net income is paying off handsomely for HOMB shareholders,” said John Allison, Chairman.

“Great results come down to customer service and extreme discipline. We communicate with our customers and we helped them through the PPP process and that results in a long-term trusting partnership,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

Net income and earnings per share were quarterly records for the Company. Net income increased $9.8 million, or 11.99%, to $91.6 million for the three-month period ended March 31, 2021, from $81.8 million for the three-month period ended December 31, 2020. Earnings per share increased $0.05 per share, or 10.00%, to $0.55 per share for the three-month period ended March 31, 2021, from $0.50 per share for the three-month period ended December 31, 2020.

During the first quarter of 2021, the Company did not record any credit loss expense. The Company’s provisioning model is closely tied to unemployment rate projections which have continued to improve since the fourth quarter of 2020. The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of March 31, 2021. In addition, the Company determined that the current level of the unfunded commitment reserve was adequate and no additional provision for unfunded commitments was necessary.

Our net interest margin was 4.02% for the three-month period ended March 31, 2021 compared to 4.00% for the three-month period ended December 31, 2020. The yield on loans was 5.56% and 5.33% for the three months ended March 31, 2021 and December 31, 2020, respectively, as average loans decreased from $11.46 billion to $11.02 billion. Additionally, the rate on interest bearing deposits decreased to 0.33% as of March 31, 2021 from 0.44% as of December 31, 2020, with average balances of $9.55 billion and $9.59 billion, respectively.

As of March 31, 2021, we had $667.3 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 March 31, 2021 was 3.87%.(1) The PPP loans had a 12-basis point accretive impact to the yield on loans, and the PPP loans were accretive to the net interest margin by 16 basis points. This was primarily due to approximately $313.8 million of the Company’s PPP loans being forgiven during the first quarter of 2021 as well as the acceleration of deferred fees for the loans that were forgiven. The $313.8 million of PPP loans forgiven during the first quarter of 2021 were partially offset by $289.4 million in new PPP loans originated during the first quarter of 2021. The deferred fee income increased from $6.9 million to $10.4 million for the three-month periods ended December 31, 2020 and March 31, 2021, respectively.

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

The effects of the COVID-19 pandemic continued to create a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $581.4 million of average interest-bearing cash balances in the first quarter of 2021 compared to the fourth quarter of 2020. This excess liquidity diluted the net interest margin by 16 basis points.

Purchase accounting accretion on acquired loans was $5.5 million and $5.7 million and average purchase accounting loan discounts were $43.9 million and $49.6 million for the three-month periods ended March 31, 2021 and December 31, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $115,000 and $146,000 for the three-month periods ended March 31, 2021 and December 31, 2020, respectively.

Net interest income on a fully taxable equivalent basis increased $142,000, or 0.09%, to $149.9 million for the three-month period ended March 31, 2021, from $149.8 million for the three-month period ended December 31, 2020. This increase in net interest income for the three-month period ended March 31, 2021 was the result of a $3.0 million decrease in interest expense, which was partially offset by a $2.8 million decrease in interest income. The $3.0 million decrease in interest expense was primarily the result of a $2.9 million decrease in interest expense on deposits and a $42,000 decrease in interest expense on FHLB borrowings. The $2.8 million decrease in interest income was primarily the result of a $2.5 million decrease in loan interest income, and a $465,000 net decrease in investment income.

The Company reported $45.3 million of non-interest income for the first quarter of 2021. The most important components of the first quarter non-interest income were $8.6 million from dividends from FHLB, FRB, FNBB and other, $8.2 million from mortgage lending income, $7.6 million from other service charges and fees, a $5.8 million adjustment for the increase in fair market value of marketable securities, $5.0 million from service charges on deposit accounts, and $8.0 million from other income. Included in the $8.6 million in dividends from FHLB, FRB, FNBB and other was $8.1 million in special dividends from equity investments. The Company is still currently involved in these investments; however, past performance does not guarantee future performance. The $8.0 million in other income includes a $5.1 million recovery on historic losses.

Mortgage lending income was $8.2 million for the three-month period ended March 31, 2021, compared to $10.1 million for the three-month period ended December 31, 2020. The housing market continues to benefit from the current low interest rate environment; however, the decrease in mortgage lending income from the fourth quarter of 2020 is the result of normal seasonal fluctuations and harsher winter weather in several of our markets.

Non-interest expense for the first quarter of 2021 was $72.9 million. The most important components of the first quarter non-interest expense were $42.1 million from salaries and employee benefits, $15.7 million in other expense and $9.2 million in occupancy and equipment expenses. For the first quarter of 2021, our efficiency ratio was 36.60%.

Financial Condition

Total loans receivable were $10.78 billion at March 31, 2021 compared to $11.22 billion at December 31, 2020. Total deposits were $13.51 billion at March 31, 2021 compared to $12.73 billion at December 31, 2020. Total assets were $17.24 billion at March 31, 2021 compared to $16.40 billion at December 31, 2020.

During the first quarter 2021, the Company experienced approximately $442.2 million in loan decline. Centennial CFG experienced $17.6 million of organic loan decline and had loans of $1.52 billion at March 31, 2021. Our legacy footprint experienced $400.2 million in organic loan decline and $24.4 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.59% as of March 31, 2021 compared to 0.66% as of December 31, 2020. Non-performing assets to total assets decreased from 0.48% as of December 31, 2020 to 0.38% as of March 31, 2021. For the first quarter of 2021, net charge-offs were $2.5 million compared to net charge-offs of $2.8 million for the fourth quarter of 2020.

Non-performing loans at March 31, 2021 were $23.0 million, $35.1 million, $516,000, $2.0 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $63.4 million. Non-performing assets at March 31, 2021 were $24.9 million, $36.1 million, $550,000, $2.0 million and $2.8 million 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 $242.9 million at March 31, 2021, or 2.25% of total loans, compared to the allowance for credit losses of $245.5 million, or 2.19% of total loans, at December 31, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.40%(1) at March 31, 2021. As of March 31, 2021 and December 31, 2020, the Company’s allowance for credit losses on loans was 383.47% and 331.10% of its total non-performing loans, respectively.

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

Stockholders’ equity was $2.65 billion at March 31, 2021 compared to $2.61 billion at December 31, 2020, an increase of approximately $39.4 million. The increase in stockholders’ equity was primarily associated with the $68.4 million increase in retained earnings which was partially offset by a $24.7 million decrease in accumulated other comprehensive income. Book value per common share was $16.02 at March 31, 2021 compared to $15.78 at December 31, 2020. Tangible book value per common share (non-GAAP) was $9.95(1) at March 31, 2021 compared to $9.70(1) at December 31, 2020, an increase of 10.45% on an annualized basis.   

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

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 15, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10153260/e502592c38. 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: 10153260, which will be available until April 22, 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; pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets (pre-tax net income, excluding provision for credit losses); return on average assets, excluding provision for credit losses; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions (including the effect of the PPP loans) that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

General

This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. 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; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

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)

                     
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31, 
(In thousands) 2021  2020  2020  2020  2020 
                     
ASSETS                    
                     
Cash and due from banks $218,814  $242,173  $144,197  $185,047  $147,200 
Interest-bearing deposits with other banks  2,259,734   1,021,615   899,140   1,030,609   424,235 
Cash and cash equivalents  2,478,548   1,263,788   1,043,337   1,215,656   571,435 
Investment securities - available-for-sale, net of
allowance for credit losses
  2,539,123   2,473,781   2,361,900   2,238,005   2,098,000 
Loans receivable  10,778,493   11,220,721   11,691,470   11,955,743   11,384,982 
Allowance for credit losses  (242,932)  (245,473)  (248,224)  (238,340)  (228,923)
Loans receivable, net  10,535,561   10,975,248   11,443,246   11,717,403   11,156,059 
Bank premises and equipment, net  278,620   278,614   280,364   279,498   281,795 
Foreclosed assets held for sale  3,004   4,420   4,322   6,292   8,204 
Cash value of life insurance  103,599   103,519   102,989   102,443   103,120 
Accrued interest receivable  55,495   60,528   72,599   80,274   50,295 
Deferred tax asset, net  77,145   70,249   75,167   74,333   77,110 
Goodwill  973,025   973,025   973,025   973,025   973,025 
Core deposit and other intangibles  29,307   30,728   32,149   33,569   35,055 
Other assets  166,814   164,904   160,660   174,908   177,634 
Total assets $17,240,241  $16,398,804  $16,549,758  $16,895,406  $15,531,732 
                     
LIABILITIES AND STOCKHOLDERS' EQUITY                    
                     
Liabilities                    
Deposits:                    
Demand and non-interest-bearing $3,859,722  $3,266,753  $3,207,967  $3,413,727  $2,425,036 
Savings and interest-bearing transaction accounts  8,477,208   8,212,240   8,011,200   7,970,979   7,149,644 
Time deposits  1,175,664   1,246,797   1,718,299   1,793,230   1,940,234 
Total deposits  13,512,594   12,725,790   12,937,466   13,177,936   11,514,914 
Federal funds purchased  -   -   -   -   - 
Securities sold under agreements to repurchase  162,929   168,931   158,447   162,858   126,884 
FHLB and other borrowed funds  400,000   400,000   403,428   531,432   951,436 
Accrued interest payable and other liabilities  148,999   127,999   139,485   161,095   138,479 
Subordinated debentures  370,515   370,326   370,133   369,939   369,748 
Total liabilities  14,595,037   13,793,046   14,008,959   14,403,260   13,101,461 
                     
Stockholders' equity                    
Common stock  1,651   1,651   1,652   1,652   1,651 
Capital surplus  1,516,286   1,520,617   1,520,103   1,518,631   1,516,151 
Retained earnings  1,107,818   1,039,370   980,699   932,856   891,498 
Accumulated other comprehensive income  19,449   44,120   38,345   39,007   20,971 
Total stockholders' equity  2,645,204   2,605,758   2,540,799   2,492,146   2,430,271 
Total liabilities and stockholders' equity $17,240,241  $16,398,804  $16,549,758  $16,895,406  $15,531,732 


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

  Quarter Ended  Three Months Ended 
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Mar. 31,  Mar. 31, 
(In thousands) 2021  2020  2020  2020  2020  2021  2020 
                             
Interest income                            
Loans $150,917  $153,407  $154,787  $158,996  $158,148  $150,917  $158,148 
Investment securities                            
Taxable  6,253   6,900   7,227   8,693   9,776   6,253   9,776 
Tax-exempt  5,071   4,979   4,367   3,698   3,114   5,071   3,114 
Deposits - other banks  410   270   252   211   1,116   410   1,116 
Federal funds sold  -   -   -   -   21   -   21 
Total interest income  162,651   165,556   166,633   171,598   172,175   162,651   172,175 
                             
Interest expense                            
Interest on deposits  7,705   10,596   13,200   15,116   24,198   7,705   24,198 
Federal funds purchased  -   -   -   -   13   -   13 
FHLB borrowed funds  1,875   1,917   2,235   2,656   2,698   1,875   2,698 
Securities sold under agreements to repurchase  190   208   237   260   462   190   462 
Subordinated debentures  4,793   4,810   4,823   4,899   5,079   4,793   5,079 
Total interest expense  14,563   17,531   20,495   22,931   32,450   14,563   32,450 
                             
Net interest income  148,088   148,025   146,138   148,667   139,725   148,088   139,725 
                             
Provision for credit losses  -   -   14,000   20,655   94,598   -   94,598 
                             
Net interest income after provision for credit
losses
  148,088   148,025   132,138   128,012   45,127   148,088   45,127 
                             
Non-interest income                            
Service charges on deposit accounts  5,002   5,544   4,910   4,296   6,631   5,002   6,631 
Other service charges and fees  7,608   8,425   8,539   7,666   6,056   7,608   6,056 
Trust fees  522   420   378   397   438   522   438 
Mortgage lending income  8,167   10,071   10,177   6,196   2,621   8,167   2,621 
Insurance commissions  492   366   271   533   678   492   678 
Increase in cash value of life insurance  502   534   548   558   560   502   560 
Dividends from FHLB, FRB, FNBB & other  8,609   967   3,433   230   7,842   8,609   7,842 
Gain on SBA loans  -   304   -   -   341   -   341 
(Loss) gain on branches, equipment and
other assets, net
  (29)  217   (27)  54   82   (29)  82 
Gain on OREO, net  401   150   470   235   277   401   277 
Gain on securities, net  219   -   -   -   -   219   - 
Fair value adjustment for marketable securities  5,782   4,271   (1,350)  919   (5,818)  5,782   (5,818)
Other income  8,001   2,616   2,602   3,939   3,219   8,001   3,219 
Total non-interest income  45,276   33,885   29,951   25,023   22,927   45,276   22,927 
                             
Non-interest expense                            
Salaries and employee benefits  42,059   43,022   41,511   40,088   39,329   42,059   39,329 
Occupancy and equipment  9,237   9,801   9,566   10,172   8,873   9,237   8,873 
Data processing expense  5,870   5,171   4,921   4,614   4,326   5,870   4,326 
Other operating expenses  15,700   16,247   15,714   16,084   17,946   15,700   17,946 
Total non-interest expense  72,866   74,241   71,712   70,958   70,474   72,866   70,474 
                             
Income (loss) before income taxes  120,498   107,669   90,377   82,077   (2,420)  120,498   (2,420)
Income tax expense (benefit)  28,896   25,875   21,057   19,250   (2,927)  28,896   (2,927)
Net income $91,602  $81,794  $69,320  $62,827  $507  $91,602  $507 


Home BancShares, Inc.
Selected Financial Information
(Unaudited)

  Quarter Ended  Three Months
Ended
 
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Mar. 31,  Mar. 31, 
(Dollars and shares in thousands, except per share data) 2021  2020  2020  2020  2020  2021  2020 
                             
PER SHARE DATA                            
                             
Diluted earnings per common share $0.55  $0.50  $0.42  $0.38  $-  $0.55  $- 
Diluted earnings per common share, as adjusted, excluding fair
value adjustment for marketable securities, special dividend
from equity investment, gain on securities, recoveries on
historic losses, provision for credit losses, branch write-off
expense, outsourced special project expense & merger and
acquisition expenses (non-GAAP)(1)
  0.47   0.48   0.47   0.47   0.43   0.47   0.43 
Basic earnings per common share  0.55   0.50   0.42   0.38   -   0.55   - 
Dividends per share - common  0.14   0.14   0.13   0.13   0.13   0.14   0.13 
Book value per common share  16.02   15.78   15.38   15.09   14.72   16.02   14.72 
Tangible book value per common share (non-GAAP)(1)  9.95   9.70   9.30   8.99   8.61   9.95   8.61 
                             
STOCK INFORMATION                            
                             
Average common shares outstanding  165,257   165,119   165,200   165,163   166,014   165,257   166,014 
Average diluted shares outstanding  165,446   165,119   165,200   165,163   166,014   165,446   166,014 
End of period common shares outstanding  165,141   165,095   165,163   165,206   165,148   165,141   165,148 
                             
ANNUALIZED PERFORMANCE METRICS                            
                             
Return on average assets  2.22%  1.97%  1.66%  1.55%  0.01%  2.22%  0.01%
Return on average assets excluding fair value adjustment
for marketable securities, special dividend from equity
investment, gain on securities, recoveries on historic
losses, provision for credit losses, branch write-off
expense, outsourced special project expense & merger
and acquisition expenses: (ROA, as adjusted) (non-GAAP)(1)
  1.88%  1.90%  1.88%  1.93%  1.88%  1.88%  1.88%
Return on average assets excluding intangible amortization
(non-GAAP)(1)
  2.39%  2.13%  1.80%  1.68%  0.05%  2.39%  0.05%
Return on average common equity  14.15%  12.72%  10.97%  10.27%  0.08%  14.15%  0.08%
Return on average common equity excluding fair value
adjustment for marketable securities, special dividend
from equity investment, gain on securities, recoveries
on historic losses, provision for credit losses, branch
write-off expense, outsourced special project expense
& merger and acquisition expenses: (ROE, as adjusted)
(non-GAAP)(1)
  11.96%  12.23%  12.39%  12.77%  11.48%  11.96%  11.48%
Return on average tangible common equity (non-GAAP)(1)  22.90%  20.96%  18.29%  17.40%  0.14%  22.90%  0.14%
Return on average tangible common equity excluding
intangible amortization (non-GAAP)(1)
  23.16%  21.22%  18.56%  17.70%  0.44%  23.16%  0.44%
Return on average tangible common equity excluding fair
value adjustment for marketable securities, special
dividend from equity investment, gain on securities,
recoveries on historic losses, provision for credit losses,
branch write-off expense, outsourced special project
expense & merger and acquisition expenses:
(ROTCE, as adjusted) (non-GAAP)(1)
  19.35%  20.15%  20.66%  21.63%  19.22%  19.35%  19.22%

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

  Quarter Ended  Three Months Ended 
(Dollars and shares in thousands, Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Mar. 31,  Mar. 31, 
except per share data) 2021  2020  2020  2020  2020  2021  2020 
                             
                             
Efficiency ratio  36.60%  39.64%  39.56%  39.67%  42.08%  36.60%  42.08%
Efficiency ratio, as adjusted (non-GAAP)(1)  40.67%  40.67%  40.08%  39.38%  41.37%  40.67%  41.37%
Net interest margin - FTE  4.02%  4.00%  3.92%  4.11%  4.22%  4.02%  4.22%
Net interest margin - FTE, excluding PPP loans
(non-GAAP)(1)
  3.87%  3.97%  3.98%  4.16%  4.22%  3.87%  4.22%
Fully taxable equivalent adjustment $1,857  $1,778  $1,576  $1,434  $1,227  $1,857  $1,227 
Total revenue (net)  193,364   181,910   176,089   173,690   162,652   193,364   162,652 
Pre-tax net income, excluding provision for credit
losses (PPNR) (non-GAAP)(1)
  120,498   107,669   104,377   102,732   92,178   120,498   92,178 
Pre-tax net income to total revenue (net)  62.32%  59.19%  51.32%  47.25%  -1.49%  62.32%  -1.49%
P5NR (Pre-tax, pre-provision, profit percentage)
(PPNR to total revenue (net)) (non-GAAP)(1)
  62.32%  59.19%  59.28%  59.15%  56.67%  62.32%  56.67%
Net income, excluding provision for credit losses  91,602   81,794   79,661   78,084   70,382   91,602   70,382 
Return on average assets (pre-tax net income,
excluding provision for credit losses) (non-GAAP)(1)
  2.92%  2.60%  2.50%  2.53%  2.45%  2.92%  2.45%
Return on average assets, excluding provision
for credit losses (non-GAAP)(1)
  2.22%  1.97%  1.91%  1.92%  1.87%  2.22%  1.87%
Total purchase accounting accretion  5,485   5,736   6,957   7,036   7,647   5,485   7,647 
Average purchase accounting loan discounts  43,940   49,563   55,835   62,822   69,365   43,940   69,365 
                             
                             
OTHER OPERATING EXPENSES                            
                             
Advertising $1,046  $1,076  $902  $795  $1,226  $1,046  $1,226 
Merger and acquisition expenses  -   -   -   -   711   -   711 
Amortization of intangibles  1,421   1,421   1,420   1,486   1,517   1,421   1,517 
Electronic banking expense  2,238   2,282   2,426   2,054   1,715   2,238   1,715 
Directors' fees  383   359   429   412   424   383   424 
Due from bank service charges  249   254   259   239   223   249   223 
FDIC and state assessment  1,363   1,493   1,607   1,846   1,548   1,363   1,548 
Insurance  781   795   766   711   746   781   746 
Legal and accounting  846   790   1,235   1,278   919   846   919 
Other professional fees  1,613   1,528   1,661   1,735   3,226   1,613   3,226 
Operating supplies  487   440   460   553   535   487   535 
Postage  338   315   328   313   327   338   327 
Telephone  346   347   321   310   324   346   324 
Other expense  4,589   5,147   3,900   4,352   4,505   4,589   4,505 
                             
Total other operating expenses $15,700  $16,247  $15,714  $16,084  $17,946  $15,700  $17,946 

(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)

  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31, 
(Dollars in thousands) 2021  2020  2020  2020  2020 
                     
BALANCE SHEET RATIOS                    
                     
Total loans to total deposits  79.77%  88.17%  90.37%  90.73%  98.87%
Common equity to assets  15.34%  15.89%  15.35%  14.75%  15.65%
Tangible common equity to tangible assets (non-GAAP)(1)  10.12%  10.41%  9.88%  9.35%  9.79%
                     
LOANS RECEIVABLE                    
                     
Real estate                    
Commercial real estate loans                    
Non-farm/non-residential $4,289,142  $4,429,060  $4,342,141  $4,325,795  $4,357,007 
Construction/land development  1,612,973   1,562,298   1,748,928   1,818,151   1,892,394 
Agricultural  113,382   114,431   89,476   105,554   89,630 
Residential real estate loans                    
Residential 1-4 family  1,437,546   1,536,257   1,665,628   1,730,716   1,775,610 
Multifamily residential  377,661   536,538   491,380   482,635   411,960 
Total real estate  7,830,704   8,178,584   8,337,553   8,462,851   8,526,601 
Consumer  839,819   864,690   883,568   851,344   852,174 
Commercial and industrial  1,794,787   1,896,442   2,161,818   2,228,816   1,759,752 
Agricultural  65,017   66,869   85,365   80,023   64,582 
Other  248,166   214,136   223,166   332,709   181,873 
Loans receivable $10,778,493  $11,220,721  $11,691,470  $11,955,743  $11,384,982 
                     
Paycheck Protection Program (PPP) loans (included in total
loans receivable)
  667,316   691,747   848,745   848,628   - 
                     
ALLOWANCE FOR CREDIT LOSSES                    
                     
Balance, beginning of period $245,473  $248,224  $238,340  $228,923  $102,122 
Impact of adopting ASC 326  -   -   -   -   43,988 
Allowance for credit losses on acquired loans  -   -   -   -   357 
Loans charged off  3,047   3,040   4,599   2,582   4,265 
Recoveries of loans previously charged off  506   289   483   558   740 
Net loans charged off  2,541   2,751   4,116   2,024   3,525 
Provision for credit losses on loans  -   -   14,000   11,441   85,981 
Balance, end of period $242,932  $245,473  $248,224  $238,340  $228,923 
                     
Net charge-offs to average total loans  0.09%  0.10%  0.14%  0.07%  0.13%
Allowance for credit losses to total loans  2.25%  2.19%  2.12%  1.99%  2.01%
Allowance for credit losses to total loans, excluding PPP loans  2.40%  2.33%  2.29%  2.15%  2.01%
                     
NON-PERFORMING ASSETS                    
                     
Non-performing loans                    
Non-accrual loans $59,142  $64,528  $65,148  $52,074  $52,131 
Loans past due 90 days or more  4,209   9,610   8,635   7,824   7,760 
Total non-performing loans  63,351   74,138   73,783   59,898   59,891 
Other non-performing assets                    
Foreclosed assets held for sale, net  3,004   4,420   4,322   6,292   8,204 
Other non-performing assets  -   -   247   247   447 
Total other non-performing assets  3,004   4,420   4,569   6,539   8,651 
Total non-performing assets $66,355  $78,558  $78,352  $66,437  $68,542 
                     
Allowance for credit losses for loans to non-performing loans  383.47%  331.10%  336.42%  397.91%  382.23%
Non-performing loans to total loans  0.59%  0.66%  0.63%  0.50%  0.53%
Non-performing assets to total assets  0.38%  0.48%  0.47%  0.39%  0.44%

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


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

  Three Months Ended 
  March 31, 2021  December 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 $1,610,463  $410   0.10% $1,029,047  $270   0.10%
Federal funds sold  119   -   0.00%  5   -   0.00%
Investment securities - taxable  1,637,061   6,253   1.55%  1,615,214   6,900   1.70%
Investment securities - non-taxable - FTE  848,158   6,732   3.22%  798,402   6,550   3.26%
Loans receivable - FTE  11,023,139   151,113   5.56%  11,457,713   153,614   5.33%
Total interest-earning assets  15,118,940   164,508   4.41%  14,900,381   167,334   4.47%
Non-earning assets  1,599,950           1,592,685         
Total assets $16,718,890          $16,493,066         
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                        
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction
accounts
 $8,338,791  $4,716   0.23% $8,109,111  $5,813   0.29%
Time deposits  1,209,431   2,989   1.00%  1,483,049   4,783   1.28%
Total interest-bearing deposits  9,548,222   7,705   0.33%  9,592,160   10,596   0.44%
Federal funds purchased  -   -   0.00%  -   -   0.00%
Securities sold under agreement to repurchase  159,697   190   0.48%  156,198   208   0.53%
FHLB borrowed funds  400,000   1,875   1.90%  400,001   1,917   1.91%
Subordinated debentures  370,421   4,793   5.25%  370,232   4,810   5.17%
Total interest-bearing liabilities  10,478,340   14,563   0.56%  10,518,591   17,531   0.66%
Non-interest bearing liabilities                        
Non-interest bearing deposits  3,480,050           3,279,708         
Other liabilities  134,882           137,516         
Total liabilities  14,093,272           13,935,815         
Shareholders' equity  2,625,618           2,557,251         
Total liabilities and shareholders' equity $16,718,890          $16,493,066         
Net interest spread          3.85%          3.81%
Net interest income and margin - FTE     $149,945   4.02%     $149,803   4.00%


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

  Three Months Ended 
  March 31, 2021  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 $1,610,463  $410   0.10% $331,038  $1,116   1.36%
Federal funds sold  119   -   0.00%  5,218   21   1.62%
Investment securities - taxable  1,637,061   6,253   1.55%  1,710,288   9,776   2.30%
Investment securities - non-taxable - FTE  848,158   6,732   3.22%  374,198   4,090   4.40%
Loans receivable - FTE  11,023,139   151,113   5.56%  11,007,958   158,399   5.79%
Total interest-earning assets  15,118,940   164,508   4.41%  13,428,700   173,402   5.19%
Non-earning assets  1,599,950           1,704,775         
Total assets $16,718,890          $15,133,475         
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                        
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction
accounts
 $8,338,791  $4,716   0.23% $7,041,303  $15,803   0.90%
Time deposits  1,209,431   2,989   1.00%  1,943,721   8,395   1.74%
Total interest-bearing deposits  9,548,222   7,705   0.33%  8,985,024   24,198   1.08%
Federal funds purchased  -   -   0.00%  6,264   13   0.83%
Securities sold under agreement to repurchase  159,697   190   0.48%  138,180   462   1.34%
FHLB borrowed funds  400,000   1,875   1.90%  623,525   2,698   1.74%
Subordinated debentures  370,421   4,793   5.25%  369,652   5,079   5.53%
Total interest-bearing liabilities  10,478,340   14,563   0.56%  10,122,645   32,450   1.29%
Non-interest bearing liabilities                        
Non-interest bearing deposits  3,480,050           2,410,583         
Other liabilities  134,882           119,143         
Total liabilities  14,093,272           12,652,371         
Shareholders' equity  2,625,618           2,481,104         
Total liabilities and shareholders' equity $16,718,890          $15,133,475         
Net interest spread          3.85%          3.90%
Net interest income and margin - FTE     $149,945   4.02%     $140,952   4.22%


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

  Quarter Ended  Three Months Ended 
(Dollars and shares in thousands, Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Mar. 31,    Mar. 31, 
except per share data) 2021  2020  2020  2020  2020  2021    2020 
                               
EARNINGS, AS ADJUSTED                              
                               
GAAP net income available to common shareholders (A) $91,602  $81,794  $69,320  $62,827  $507  $91,602    $507 
Pre-tax adjustments                              
Fair value adjustment for marketable securities  (5,782)  (4,271)  1,350   (919)  5,818   (5,782)    5,818 
Special dividend from equity investment  (8,073)  -   (3,181)  -   (7,004)  (8,073)    (7,004)
Gain on securities  (219)  -   -   -   -   (219)    - 
Recoveries on historic losses  (5,107)  -   -   -   -   (5,107)    - 
Provision for credit losses  -   -   14,000   20,655   94,598   -     94,598 
Branch write-off expense  -   -   -   981   -   -     - 
Outsourced special project expense  -   -   -   -   1,092   -     1,092 
Merger and acquisition expenses  -   -   -   -   711   -     711 
Total pre-tax adjustments  (19,181)  (4,271)  12,169   20,717   95,215   (19,181)    95,215 
Tax-effect of adjustments  (5,013)  (1,116)  3,181   5,414   24,884   (5,013)    24,884 
Total adjustments after-tax (B)  (14,168)  (3,155)  8,988   15,303   70,331   (14,168)    70,331 
Earnings, as adjusted (C) $77,434  $78,639  $78,308  $78,130  $70,838  $77,434    $70,838 
                               
Average diluted shares outstanding (D)  165,446   165,119   165,200   165,163   166,014   165,446     166,014 
                               
GAAP diluted earnings per share: (A/D) $0.55  $0.50  $0.42  $0.38  $-  $0.55    $- 
Adjustments after-tax: (B/D)  (0.08)  (0.02)  0.05   0.09   0.43   (0.08)    0.43 
Diluted earnings per common share, as adjusted, excluding
fair value adjustment for marketable securities, special
dividend from equity investment, gain on securities,
recoveries on historic losses, provision for credit losses,
branch write-off expense, outsourced special project
expense & merger and acquisition expenses: (C/D)
 $0.47  $0.48  $0.47  $0.47  $0.43  $0.47    $0.43 
                               
ANNUALIZED RETURN ON AVERAGE ASSETS                              
                               
Return on average assets: (A/G)  2.22%  1.97%  1.66%  1.55%  0.01%  2.22%    0.01%
Return on average assets excluding fair value adjustment for
marketable securities, special dividend from equity
investment, gain on securities, recoveries on historic losses,
provision for credit losses, branch write-off expense,
outsourced special project expense & merger and
acquisition expenses: (ROA, as adjusted) ((A+F)/G)
  1.88%  1.90%  1.88%  1.93%  1.88%  1.88%    1.88%
Return on average assets (pre-tax net income, excluding
provision for credit losses): (B/G)
  2.92%  2.60%  2.50%  2.53%  2.45%  2.92%    2.45%
Return on average assets, excluding provision for credit
losses: (C/G)
  2.22%  1.97%  1.91%  1.92%  1.87%  2.22%    1.87%
Return on average assets excluding intangible
amortization: ((A+E)/(G-H))
  2.39%  2.13%  1.80%  1.68%  0.05%  2.39%    0.05%
                               
GAAP net income available to common shareholders (A) $91,602  $81,794  $69,320  $62,827  $507  $91,602    $507 
Pre-tax net income, excluding provision for credit losses (B)  120,498   107,669   104,377   102,732   92,178   120,498     92,178 
Net income, excluding provision for credit losses (C)  91,602   81,794   79,661   78,084   70,382   91,602     70,382 
Amortization of intangibles (D)  1,421   1,421   1,420   1,486   1,517   1,421     1,517 
Amortization of intangibles after-tax (E)  1,049   1,049   1,049   1,098   1,121   1,049     1,121 
Adjustments after-tax (F)  (14,168)  (3,155)  8,988   15,303   70,331   (14,168)    70,331 
Average assets (G)  16,718,890   16,493,066   16,594,495   16,319,206   15,133,475   16,718,890     15,133,475 
Average goodwill, core deposits & other intangible
assets (H)
  1,003,011   1,004,432   1,005,864   1,007,307   999,004   1,003,011     999,004 


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

  Quarter Ended  Three Months Ended 
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Mar. 31,  Mar. 31, 
(Dollars and shares in thousands, except per share data) 2021  2020  2020  2020  2020  2021  2020 
                             
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
                             
Return on average common equity: (A/D)  14.15%  12.72%  10.97%  10.27%  0.08%  14.15%  0.08%
Return on average common equity excluding fair value adjustment for
marketable securities, special dividend from equity investment,
gain on securities, recoveries on historic losses, provision for credit
losses, branch write-off expense, outsourced special project expense
& merger and acquisition expenses: (ROE, as adjusted) ((A+C)/D)
  11.96%  12.23%  12.39%  12.77%  11.48%  11.96%  11.48%
Return on average tangible common equity: (A/(D-E))  22.90%  20.96%  18.29%  17.40%  0.14%  22.90%  0.14%
Return on average tangible common equity excluding intangible
amortization: (B/(D-E))
  23.16%  21.22%  18.56%  17.70%  0.44%  23.16%  0.44%
Return on average tangible common equity excluding fair value
adjustment for marketable securities, special dividend from
equity investment, gain on securities, recoveries on historic
losses, provision for credit losses, branch write-off expense,
outsourced special project expense & merger and acquisition
expenses: (ROTCE, as adjusted) ((A+C)/(D-E))
  19.35%  20.15%  20.66%  21.63%  19.22%  19.35%  19.22%
                             
GAAP net income available to common shareholders (A) $91,602  $81,794  $69,320  $62,827  $507  $91,602  $507 
Earnings excluding intangible amortization (B)  92,651   82,843   70,369   63,925   1,628   92,651   1,628 
Adjustments after-tax (C)  (14,168)  (3,155)  8,988   15,303   70,331   (14,168)  70,331 
Average common equity (D)  2,625,618   2,557,251   2,513,792   2,459,941   2,481,104   2,625,618   2,481,104 
Average goodwill, core deposits & other intangible assets (E)  1,003,011   1,004,432   1,005,864   1,007,307   999,004   1,003,011   999,004 
                             
EFFICIENCY RATIO                            
                             
Efficiency ratio: ((C-E)/(A+B+D))  36.60%  39.64%  39.56%  39.67%  42.08%  36.60%  42.08%
Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F))  40.67%  40.67%  40.08%  39.38%  41.37%  40.67%  41.37%
                             
Net interest income (A) $148,088  $148,025  $146,138  $148,667  $139,725  $148,088  $139,725 
Non-interest income (B)  45,276   33,885   29,951   25,023   22,927   45,276   22,927 
Non-interest expense (C)  72,866   74,241   71,712   70,958   70,474   72,866   70,474 
Fully taxable equivalent adjustment (D)  1,857   1,778   1,576   1,434   1,227   1,857   1,227 
Amortization of intangibles (E)  1,421   1,421   1,420   1,486   1,517   1,421   1,517 
                             
Adjustments:                            
Non-interest income:                            
Fair value adjustment for marketable securities $5,782  $4,271  $(1,350) $919  $(5,818) $5,782  $(5,818)
Gain (loss) on OREO  401   150   470   235   277   401   277 
Gain (loss) on branches, equipment and other assets, net  (29)  217   (27)  54   82   (29)  82 
Special dividend from equity investment  8,073   -   3,181   -   7,004   8,073   7,004 
Gain (loss) on securities  219   -   -   -   -   219   - 
Recoveries on historic losses  5,107   -   -   -   -   5,107   - 
Total non-interest income adjustments (F) $19,553  $4,638  $2,274  $1,208  $1,545  $19,553  $1,545 
                             
Non-interest expense:                            
Branch write-off expense $-  $-  $-  $981  $-  $-  $- 
FDIC Small Bank Assessment Credit  -   -   -   -   -   -   - 
Merger Expenses  -   -   -   -   711   -   711 
Hurricane damage expense  -   -   -   -   -   -   - 
Outsourced special project expense  -   -   -   -   1,092   -   1,092 
Total non-interest expense adjustments (G) $-  $-  $-  $981  $1,803  $-  $1,803 
                             
ANNUALIZED NET INTEREST MARGIN                            
                             
Net interest margin: A/C  4.02%  4.00%  3.92%  4.11%  4.22%  4.02%  4.22%
Net interest margin, excluding PPP loans: B/D  3.87%  3.97%  3.98%  4.16%  4.22%  3.87%  4.22%
                             
Net interest income - FTE (A) $149,945  $149,803  $147,714  $150,101  $140,952  $149,945  $140,952 
PPP loan interest & discount accretion income  11,878   8,841   5,943   4,450   -   11,878   - 
Net interest income - FTE, excluding PPP loans (B) $138,067  $140,962  $141,771  $145,651  $140,952  $138,067  $140,952 
                             
Average interest-earning assets (C) $15,118,940  $14,900,381  $14,975,146  $14,678,465  $13,428,700  $15,118,940  $13,428,700 
Average PPP loans  633,790   775,861   821,977   585,946   -   633,790   - 
Average interest-earning assets, excluding PPP loans (D) $14,485,150  $14,124,520  $14,153,169  $14,092,519  $13,428,700  $14,485,150  $13,428,700 


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

  Quarter Ended  Three Months
Ended
 
(Dollars and shares in thousands, Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Mar. 31,    Mar. 31, 
except per share data) 2021  2020  2020  2020  2020  2021    2020 
                               
Pre-tax net income $120,498  $107,669  $90,377  $82,077  $(2,420) $120,498    $(2,420)
Provision for credit losses  -   -   14,000   20,655   94,598   -     94,598 
Pre-tax net income, excluding provision for credit
losses (PPNR) (A)
 $120,498  $107,669  $104,377  $102,732  $92,178  $120,498    $92,178 
                               
Total revenue (net) (B)  193,364   181,910   176,089   173,690   162,652   193,364     162,652 
                               
Pre-tax net income to total revenue (net)  62.32%  59.19%  51.32%  47.25%  -1.49%  62.32%    -1.49%
P5NR (Pre-tax, pre-provision, profit percentage)
(PPNR to total revenue (net))
  62.32%  59.19%  59.28%  59.15%  56.67%  62.32%    56.67%
                               
                               
  Quarter Ended           
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,           
(Dollars in thousands) 2021  2020  2020  2020  2020           
                               
TANGIBLE BOOK VALUE PER
COMMON SHARE
                              
                               
Book value per common share: (A/B) $16.02  $15.78  $15.38  $15.09  $14.72           
Tangible book value per common share:
((A-C-D)/B)
  9.95   9.70   9.30   8.99   8.61           
                               
Total stockholders' equity (A) $2,645,204  $2,605,758  $2,540,799  $2,492,146  $2,430,271           
End of period common shares outstanding (B)  165,141   165,095   165,163   165,206   165,148           
Goodwill (C)  973,025   973,025   973,025   973,025   973,025           
Core deposit and other intangibles (D)  29,307   30,728   32,149   33,569   35,055           
                               
                               
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
                              
                               
Equity to assets: (B/A)  15.34%  15.89%  15.35%  14.75%  15.65%          
Tangible common equity to tangible assets:
((B-C-D)/(A-C-D))
  10.12%  10.41%  9.88%  9.35%  9.79%          
                               
Total assets (A) $17,240,241  $16,398,804  $16,549,758  $16,895,406  $15,531,732           
Total stockholders' equity (B)  2,645,204   2,605,758   2,540,799   2,492,146   2,430,271           
Goodwill (C)  973,025   973,025   973,025   973,025   973,025           
Core deposit and other intangibles (D)  29,307   30,728   32,149   33,569   35,055