Document

EX-99.1 2 homb093024earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1


For Immediate Release:			October 16, 2024

HOMB Delivers Strong Q3 Results, While Shifting Into Hurricane Mode

Conway, AR – Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights


Metric	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Net income	$100.0 million	$101.5 million	$100.1 million	$86.2 million	$98.5 million
Net income, as adjusted (non-GAAP)(1)	$99.0 million	$103.9 million	$99.2 million	$92.2 million	$94.7 million
Total revenue (net)	$258.0 million	$254.6 million	$246.4 million	$245.6 million	$245.4 million
Income before income taxes	$129.1 million	$133.4 million	$130.4 million	$112.8 million	$129.3 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$148.0 million	$141.4 million	$134.9 million	$118.4 million	$130.6 million
PPNR, as adjusted (non-GAAP)(1)	$146.6 million	$141.9 million	$133.7 million	$126.4 million	$125.7 million
Pre-tax net income to total revenue (net)	50.03%	52.40%	52.92%	45.92%	52.70%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	49.49%	52.59%	52.45%	49.16%	50.72%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	57.35%	55.54%	54.75%	48.22%	53.23%
P5NR, as adjusted (non-GAAP)(1)	56.81%	55.73%	54.28%	51.46%	51.25%
ROA	1.74%	1.79%	1.78%	1.55%	1.78%
ROA, as adjusted (non-GAAP)(1)	1.72%	1.83%	1.76%	1.66%	1.72%
NIM	4.28%	4.27%	4.13%	4.17%	4.19%
Purchase accounting accretion	$1.9 million	$1.9 million	$2.8 million	$2.3 million	$2.4 million
ROE	10.23%	10.73%	10.64%	9.36%	10.65%
ROE, as adjusted (non-GAAP)(1)	10.12%	10.98%	10.54%	10.00%	10.25%
ROTCE (non-GAAP)(1)	16.26%	17.29%	17.22%	15.49%	17.62%
ROTCE, as adjusted (non-GAAP)(1)	16.09%	17.69%	17.07%	16.56%	16.95%
Diluted earnings per share	$0.50	$0.51	$0.50	$0.43	$0.49
Diluted earnings per share, as adjusted (non-GAAP)(1)	$0.50	$0.52	$0.49	$0.46	$0.47

Non-performing assets to total assets	0.63%	0.56%	0.48%	0.42%	0.42%
Common equity tier 1 capital	14.7%	14.4%	14.3%	14.2%	14.0%
Leverage	12.5%	12.3%	12.3%	12.4%	12.4%
Tier 1 capital	14.7%	14.4%	14.3%	14.2%	14.0%
Total risk-based capital	18.3%	18.0%	17.9%	17.8%	17.6%
Allowance for credit losses to total loans	2.11%	2.00%	2.00%	2.00%	2.00%
Book value per share	$19.91	$19.30	$18.98	$18.81	$18.06
Tangible book value per share (non-GAAP)(1)	12.67	12.08	11.79	11.63	10.90

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

“HOMB was on track to meet or beat expectations in the third quarter when Hurricane Helene hit with three business days left in the quarter. I’m proud of the strength of our balance sheet which allowed us to increase our already strong loan loss reserve amount in order to prepare for what is to come as a result of recent hurricanes in the southeast,” said John Allison, Chairman and CEO of HOMB.

“Our quarter was shaping up very nicely, and I was looking for $0.55 to $0.56 diluted earnings per share and an ROA of 1.96%. But that all changed almost overnight due to circumstances beyond our control. Despite this event, we still had a very strong quarter with strong revenue and PPNR, $0.50 diluted earnings per share and a 1.74% return on average assets,” Allison continued.

Liquidity and Funding Sources

At September 30, 2024, the Company held $2.50 billion in net available internal liquidity. This balance consisted of $1.51 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $718.9 million in cash with the Federal Reserve Bank (FRB) and $270.4 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.15 billion in net available external liquidity as of September 30, 2024. This included $4.80 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.84 billion has been drawn upon in the ordinary course of business, resulting in $2.97 billion in net available liquidity with the FHLB as of September 30, 2024. The $1.84 billion consisted of $600.0 million in outstanding FHLB advances and $1.24 billion used for pledging purposes. The Company also had access to approximately $785.6 million in liquidity with the FRB as of September 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business from the Bank Term Funding Program (BTFP), resulting in $85.6 million in net available liquidity with the FRB as of September 30, 2024. As of September 30, 2024, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB) and $45.0 million from other various external sources.

Overall, the Company had $5.65 billion in net available liquidity as of September 30, 2024, which consisted of $2.50 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of September 30, 2024 are included below.


(In thousands)	Total Available		Amount Used		Net Availability
Internal Sources
Unpledged investment securities (market value)	$	1,509,661	$	—	$	1,509,661
Cash at FRB	718,881		—		718,881
Other liquid cash accounts	270,411		—		270,411
Total Internal Liquidity	2,498,953		—		2,498,953
External Sources
FHLB	4,804,845		1,838,171		2,966,674
FRB Discount Window	85,624		—		85,624
BTFP (par value)	700,000		700,000		—
FNBB	55,000		—		55,000
Other	45,000		—		45,000
Total External Liquidity	5,690,469		2,538,171		3,152,298
Total Available Liquidity	$	8,189,422	$	2,538,171	$	5,651,251

The Company has continued to limit its exposure to uninsured deposits. As of September 30, 2024, the Company held approximately $8.18 billion in uninsured deposits of which $766.2 million were intercompany subsidiary deposit balances and $2.81 billion were collateralized deposits, for a net position of $4.61 billion. This represents approximately 27.6% of total deposits. As of September 30, 2024, net available liquidity exceeded uninsured and uncollateralized deposits by $1.04 billion.


(in thousands)	As of September 30, 2024
Uninsured Deposits	$	8,179,825
Intercompany Subsidiary and Affiliate Balances	766,247
Collateralized Deposits	2,806,436
Net Uninsured Position	$	4,607,142

Total Available Liquidity	$	5,651,251
Net Uninsured Position	4,607,142
Net Available Liquidity in Excess of Uninsured Deposits	$	1,044,109

In the event the Company’s $4.61 billion net position of uninsured deposits had been called by depositors on the first day of the third quarter of 2024 and the Company utilized available funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $72.3 million for the quarter ended September 30, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, based on the Company’s profitability level for the quarter ended September 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.26% for the quarter ended September 30, 2024.

Operating Highlights

Net income for the three-month period ended September 30, 2024 was $100.0 million, or $0.50 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.0 million(1) and $0.50 per share(1), respectively, for the three months ended September 30, 2024.

During the quarter ended September 30, 2024, the Company recorded $18.9 million in credit loss expense. The $18.9 million of credit loss expense includes $18.2 million in provision for credit losses on loans. Of the $18.2 million provision for credit losses on loans recorded, $16.7 million was an additional hurricane reserve for loans located in the FEMA disaster areas impacted by Hurricane Helene, which made landfall during the quarter. The additional hurricane reserve had a six cent impact to diluted earnings per share for the quarter. The remaining portion of the provision was related to loan growth. The Company also recorded a $1.0 million provision for credit losses on unfunded commitments due to an increase in the balance of unfunded commitments. In addition, we recorded a $330,000 recovery of credit losses on available for sale investments due to an improvement in the unrealized losses for one of our subordinated debt investments.

Our net interest margin was 4.28% for the three-month period ended September 30, 2024, compared to 4.27% for the three-month period ended June 30, 2024. The yield on loans was 7.60% and 7.54% for the three months ended September 30, 2024 and June 30, 2024, respectively, as average loans increased from $14.65 billion to $14.76 billion. Additionally, the rate on interest bearing deposits increased to 3.02% as of September 30, 2024, from 3.00% as of June 30, 2024, while average interest-bearing deposits increased from $12.85 billion to $12.87 billion.

During the third quarter of 2024, there was $573,000 of event interest income compared to $1.7 million of event interest income for the second quarter of 2024.

Purchase accounting accretion on acquired loans was $1.9 million for both three-month periods ended September 30, 2024 and June 30, 2024, and average purchase accounting loan discounts were $20.8 million and $22.8 million for the three-month periods ended September 30, 2024 and June 30, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $217.8 million for the three-month period ended September 30, 2024, and $214.5 million for the three-month period ended June 30, 2024. This increase in net interest income for the three-month period ended September 30, 2024, was the result of a $5.5 million increase in interest income, partially offset by a $2.1 million increase in interest expense. The $5.5 million increase in interest income was primarily the result of a $7.6 million increase in loan interest income, which was partially offset by a $1.7 million decrease in investment income and a $468,000 decrease in income from interest-bearing balances due from banks. The increase in interest income is primarily the result the growth in interest-earning assets and the current high interest rate environment. The $2.1 million increase in interest expense was due to a $2.0 million increase in interest expense on deposits. The increase in interest expense is also a result of the growth of average interest-bearing deposits and the current high interest rate environment.

The Company reported $42.8 million of non-interest income for the third quarter of 2024. The most important components of third quarter non-interest income were $10.5 million from other service charges and fees, $9.9 million from service charges on deposit accounts, $7.5 million from other income, $4.4 million from trust fees, $4.4 million in mortgage lending income, $2.6 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the fair value adjustment for marketable securities and $1.2 million from the increase in cash value of life insurance.

Non-interest expense for the third quarter of 2024 was $110.0 million. The most important components of non-interest expense were $58.9 million from salaries and employee benefits, $27.6 million in other operating expense, $14.5 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the third quarter of 2024, our efficiency ratio was 41.42%, and our efficiency ratio, as adjusted (non-GAAP), was 41.66%(1).

Financial Condition

Total loans receivable were $14.82 billion at September 30, 2024, compared to $14.78 billion at June 30, 2024. Total deposits were $16.71 billion at September 30, 2024, compared to $16.96 billion at June 30, 2024. Total assets were $22.82 billion at September 30, 2024, compared to $22.92 billion at June 30, 2024.

During the third quarter of 2024, the Company experienced approximately $42.5 million in loan growth. Our community banking footprint experienced $131.6 million in organic loan growth during the quarter ended September 30, 2024, and Centennial CFG experienced $89.1 million of organic loan decline and had loans of $2.00 billion at September 30, 2024.

Non-performing loans to total loans were 0.68% and 0.58% at September 30, 2024 and June 30, 2024, respectively. Non-performing assets to total assets were 0.63% and 0.56% at September 30, 2024 and June 30, 2024, respectively. Net charge-offs were $1.5 million and $2.4 million for the three months ended September 30, 2024 and June 30, 2024, respectively.

Non-performing loans at September 30, 2024 were $30.3 million, $40.8 million, $20.0 million, $391,000, $6.8 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $101.1 million. Non-performing assets at September 30, 2024 were $30.4 million, $48.1 million, $33.0 million, $391,000, $6.8 million and $25.5

million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $144.2 million.

The Company’s allowance for credit losses on loans was $312.6 million at September 30, 2024, or 2.11% of total loans, compared to the allowance for credit losses on loans of $295.9 million, or 2.00% of total loans, at June 30, 2024. As of September 30, 2024 and June 30, 2024, the Company’s allowance for credit losses on loans was 309.16% and 342.66% of its total non-performing loans, respectively.

Stockholders’ equity was $3.96 billion at September 30, 2024, compared to $3.86 billion at June 30, 2024, an increase of approximately $104.3 million. The net increase in stockholders’ equity is primarily associated with the $61.2 million increase in retained earnings and $66.9 million reduction in accumulated other comprehensive loss, partially offset by the $26.9 million in stock repurchases. Book value per common share was $19.91 at September 30, 2024, compared to $19.30 at June 30, 2024. Tangible book value per common share (non-GAAP) was $12.67(1) at September 30, 2024, compared to $12.08(1) at June 30, 2024.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 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 p.m. ET) on Thursday, October 17, 2024. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/608252755. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=96a4b06e&confId=71177. Participants who pre-register will be given the phone number and unique access codes 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 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 1-833-470-1428, Passcode: 892187. A replay of the call will be available by calling 1-866-813-9403, Passcode: 629464, which will be available until October 24, 2024, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

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

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; 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 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 contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. 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 are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “on track” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks 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, including the ongoing impacts of inflation; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; 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, 2023, filed with the SEC on February 26, 2024.

####

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)


(In thousands)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
ASSETS
Cash and due from banks	$	265,408	$	229,209	$	205,262	$	226,363	$	229,474
Interest-bearing deposits with other banks	752,269		829,507		969,996		773,850		258,605
Cash and cash equivalents	1,017,677		1,058,716		1,175,258		1,000,213		488,079
Federal funds sold	6,425		—		5,200		5,100		3,925
Investment securities - available-for-sale, net of allowance for credit losses	3,270,620		3,344,539		3,400,884		3,507,841		3,472,173
Investment securities - held-to-maturity, net of allowance for credit losses	1,277,090		1,278,853		1,280,586		1,281,982		1,283,475
Total investment securities	4,547,710		4,623,392		4,681,470		4,789,823		4,755,648
Loans receivable	14,823,979		14,781,457		14,513,673		14,424,728		14,271,833
Allowance for credit losses	(312,574)		(295,856)		(290,294)		(288,234)		(285,562)
Loans receivable, net	14,511,405		14,485,601		14,223,379		14,136,494		13,986,271
Bank premises and equipment, net	388,776		383,691		389,618		393,300		397,093
Foreclosed assets held for sale	43,040		41,347		30,650		30,486		691
Cash value of life insurance	219,353		218,198		215,424		214,516		213,351
Accrued interest receivable	118,871		120,984		119,029		118,966		110,946
Deferred tax asset, net	176,629		195,041		202,882		197,164		222,741
Goodwill	1,398,253		1,398,253		1,398,253		1,398,253		1,398,253
Core deposit intangible	42,395		44,490		46,630		48,770		51,023
Other assets	352,583		350,192		347,928		323,573		322,617
Total assets	$	22,823,117	$	22,919,905	$	22,835,721	$	22,656,658	$	21,950,638
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing	$	3,937,168	$	4,068,302	$	4,115,603	$	4,085,501	$	4,280,429
Savings and interest-bearing transaction accounts	10,966,426		11,150,516		11,047,258		11,050,347		10,786,087
Time deposits	1,802,116		1,736,985		1,703,269		1,651,863		1,452,229
Total deposits	16,705,710		16,955,803		16,866,130		16,787,711		16,518,745
Securities sold under agreements to repurchase	179,416		137,996		176,107		142,085		160,120
FHLB and other borrowed funds	1,300,750		1,301,050		1,301,050		1,301,300		1,001,550
Accrued interest payable and other liabilities	238,058		230,011		241,345		194,653		175,367
Subordinated debentures	439,394		439,542		439,688		439,834		439,982
Total liabilities	18,863,328		19,064,402		19,024,320		18,865,583		18,295,764
Stockholders' equity
Common stock	1,989		1,997		2,008		2,015		2,023
Capital surplus	2,272,100		2,295,893		2,326,824		2,348,023		2,363,210
Retained earnings	1,880,562		1,819,412		1,753,994		1,690,112		1,640,171
Accumulated other comprehensive loss	(194,862)		(261,799)		(271,425)		(249,075)		(350,530)
Total stockholders' equity	3,959,789		3,855,503		3,811,401		3,791,075		3,654,874
Total liabilities and stockholders' equity	$	22,823,117	$	22,919,905	$	22,835,721	$	22,656,658	$	21,950,638

Home BancShares, Inc.

Consolidated Statements of Income

(Unaudited)


	Quarter Ended										Nine Months Ended
(In thousands)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Interest income:
Loans	$	281,977	$	274,324	$	265,294	$	260,003	$	249,464	$	821,595	$	729,613
Investment securities
Taxable	31,006		32,587		33,229		34,016		34,520		96,822		104,559
Tax-exempt	7,704		7,769		7,803		7,855		7,868		23,276		23,763
Deposits - other banks	12,096		12,564		10,528		4,281		2,328		35,188		10,742
Federal funds sold	62		59		61		65		82		182		156
Total interest income	332,845		327,303		316,915		306,220		294,262		977,063		868,833
Interest expense:
Interest on deposits	97,785		95,741		92,548		87,971		78,698		286,074		208,007
Federal funds purchased	1		—		—		—		1		1		3
FHLB and other borrowed funds	14,383		14,255		14,276		9,878		8,161		42,914		20,947
Securities sold under agreements to repurchase	1,335		1,363		1,404		1,480		1,344		4,102		3,333
Subordinated debentures	4,121		4,122		4,097		4,121		4,121		12,340		12,368
Total interest expense	117,625		115,481		112,325		103,450		92,325		345,431		244,658
Net interest income	215,220		211,822		204,590		202,770		201,937		631,632		624,175
Provision for credit losses on loans	18,200		8,000		5,500		5,650		2,800		31,700		6,300
Provision for (recovery of) credit losses on unfunded commitments	1,000		—		(1,000)		—		(1,500)		—		(1,500)
(Recovery of) provision for credit losses on investment securities	(330)		—		—		—		—		(330)		1,683
Total credit loss expense	18,870		8,000		4,500		5,650		1,300		31,370		6,483
Net interest income after credit loss expense	196,350		203,822		200,090		197,120		200,637		600,262		617,692
Non-interest income:
Service charges on deposit accounts	9,888		9,714		9,686		10,072		10,062		29,288		29,135
Other service charges and fees	10,490		10,679		10,189		10,422		10,128		31,358		33,766
Trust fees	4,403		4,722		5,066		4,316		4,660		14,191		13,576
Mortgage lending income	4,437		4,276		3,558		2,385		3,132		12,271		8,353
Insurance commissions	595		565		508		480		562		1,668		1,606
Increase in cash value of life insurance	1,161		1,279		1,195		1,170		1,170		3,635		3,485
Dividends from FHLB, FRB, FNBB & other	2,637		2,998		3,007		3,010		2,916		8,642		8,632
Gain on SBA loans	145		56		198		42		97		399		236
Gain (loss) on branches, equipment and other assets, net	32		2,052		(8)		583		—		2,076		924
Gain on OREO, net	85		49		17		13		—		151		319

Fair value adjustment for marketable securities	1,392		(274)		1,003		5,024		4,507		2,121		(6,118)
Other income	7,514		6,658		7,380		5,331		6,179		21,552		33,172
Total non-interest income	42,779		42,774		41,799		42,848		43,413		127,352		127,086
Non-interest expense:
Salaries and employee benefits	58,861		60,427		60,910		63,430		64,512		180,198		193,536
Occupancy and equipment	14,546		14,408		14,551		14,965		15,463		43,505		45,338
Data processing expense	9,088		8,935		9,147		9,107		9,103		27,170		27,222

Other operating expenses	27,550		29,415		26,888		39,673		25,684		83,853		79,592
Total non-interest expense	110,045		113,185		111,496		127,175		114,762		334,726		345,688
Income before income taxes	129,084		133,411		130,393		112,793		129,288		392,888		399,090
Income tax expense	29,046		31,881		30,284		26,550		30,835		91,211		92,404
Net income	$	100,038	$	101,530	$	100,109	$	86,243	$	98,453	$	301,677	$	306,686

Home BancShares, Inc.

Selected Financial Information

(Unaudited)


	Quarter Ended															Nine Months Ended
(Dollars and shares in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
PER SHARE DATA

Diluted earnings per common share	$	0.50		$	0.51		$	0.50		$	0.43		$	0.49		$	1.51		$	1.51
Diluted earnings per common share, as adjusted (non-GAAP)(1)	0.50			0.52			0.49			0.46			0.47			1.51			1.51

Basic earnings per common share	0.50			0.51			0.50			0.43			0.49			1.51			1.51
Dividends per share - common	0.195			0.18			0.18			0.18			0.18			0.555			0.54
Book value per common share	19.91			19.30			18.98			18.81			18.06			19.91			18.06
Tangible book value per common share (non-GAAP)(1)	12.67			12.08			11.79			11.63			10.90			12.67			10.90

STOCK INFORMATION

Average common shares outstanding	199,380			200,319			201,210			201,756			202,526			200,300			202,921
Average diluted shares outstanding	199,461			200,465			201,390			201,891			202,650			200,430			203,068
End of period common shares outstanding	198,879			199,746			200,797			201,526			202,323			198,879			202,323

ANNUALIZED PERFORMANCE METRICS

Return on average assets (ROA)	1.74		%	1.79		%	1.78		%	1.55		%	1.78		%	1.77		%	1.84		%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)	1.72			1.83			1.76			1.66			1.72			1.77			1.84
Return on average assets excluding intangible amortization (non-GAAP)(1)	1.88			1.94			1.93			1.69			1.95			1.92			2.01
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)	1.86			1.98			1.91			1.81			1.87			1.92			2.00
Return on average common equity (ROE)	10.23			10.73			10.64			9.36			10.65			10.53			11.32
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)	10.12			10.98			10.54			10.00			10.25			10.55			11.30
Return on average tangible common equity (ROTCE) (non-GAAP)(1)	16.26			17.29			17.22			15.49			17.62			16.91			18.90
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)	16.09			17.69			17.07			16.56			16.95			16.94			18.87
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)	16.51			17.56			17.50			15.80			17.95			17.18			19.24
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)	16.34			17.97			17.34			16.87			17.29			17.20			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															Nine Months Ended
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
Efficiency ratio	41.42		%	43.17		%	44.22		%	50.64		%	45.53		%	42.91		%	44.76		%
Efficiency ratio, as adjusted (non-GAAP)(1)	41.66			42.59			44.43			46.43			46.44			42.87			44.86
Net interest margin - FTE (NIM)	4.28			4.27			4.13			4.17			4.19			4.23			4.28

Fully taxable equivalent adjustment	$	2,616		$	2,628		$	892		$	1,091		$	1,293		$	6,136		$	4,415
Total revenue (net)	257,999			254,596			246,389			245,618			245,350			758,984			751,261
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	147,954			141,411			134,893			118,443			130,588			424,258			405,573
PPNR, as adjusted (non-GAAP)(1)	146,562			141,886			133,728			126,402			125,743			422,176			405,113
Pre-tax net income to total revenue (net)	50.03		%	52.40		%	52.92		%	45.92		%	52.70		%	51.76		%	53.12		%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	49.49			52.59			52.45			49.16			50.72			51.49			53.06
P5NR ((Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	57.35			55.54			54.75			48.22			53.23			55.90			53.99
P5NR, as adjusted (non-GAAP)(1)	56.81			55.73			54.28			51.46			51.25			55.62			53.92
Total purchase accounting accretion	$	1,878		$	1,873		$	2,772		$	2,324		$	2,431		$	6,523		$	8,263
Average purchase accounting loan discounts	20,832			22,788			24,820			27,397			29,915			22,813			32,656

OTHER OPERATING EXPENSES


Advertising	$	1,810		$	1,692		$	1,654		$	2,226		$	2,295		$	5,156		$	6,624
Amortization of intangibles	2,095			2,140			2,140			2,253			2,477			6,375			7,432
Electronic banking expense	3,569			3,412			3,156			3,599			3,709			10,137			10,714
Directors' fees	362			423			498			399			417			1,283			1,415
Due from bank service charges	302			282			276			274			282			860			841
FDIC and state assessment	3,360			5,494			3,318			16,016			2,794			12,172			9,514
Insurance	926			905			903			873			878			2,734			2,694
Legal and accounting	1,902			2,617			2,081			1,192			1,514			6,600			4,038
Other professional fees	2,062			2,108			2,236			1,640			2,117			6,406			7,175
Operating supplies	673			613			683			777			860			1,969			2,361
Postage	522			497			523			503			491			1,542			1,578
Telephone	455			444			470			515			544			1,369			1,645
Other expense	9,512			8,788			8,950			9,406			7,306			27,250			23,561
Total other operating expenses	$	27,550		$	29,415		$	26,888		$	39,673		$	25,684		$	83,853		$	79,592

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

Home BancShares, Inc.

Selected Financial Information

(Unaudited)


(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
BALANCE SHEET RATIOS
Total loans to total deposits	88.74		%	87.18		%	86.05		%	85.92		%	86.40		%
Common equity to assets	17.35			16.82			16.69			16.73			16.65
Tangible common equity to tangible assets (non-GAAP)(1)	11.78			11.23			11.06			11.05			10.76
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,496,536		$	5,599,925		$	5,616,965		$	5,549,954		$	5,614,259
Construction/land development	2,741,419			2,511,817			2,330,555			2,293,047			2,154,030
Agricultural	335,965			345,461			337,618			325,156			336,160
Residential real estate loans
Residential 1-4 family	1,932,352			1,910,143			1,899,974			1,844,260			1,808,248
Multifamily residential	482,648			509,091			415,926			435,736			444,239
Total real estate	10,988,920			10,876,437			10,601,038			10,448,153			10,356,936
Consumer	1,219,197			1,189,386			1,163,228			1,153,690			1,153,461
Commercial and industrial	2,084,667			2,242,072			2,284,775			2,324,991			2,195,678
Agricultural	352,963			314,600			278,609			307,327			332,608
Other	178,232			158,962			186,023			190,567			233,150
Loans receivable	$	14,823,979		$	14,781,457		$	14,513,673		$	14,424,728		$	14,271,833

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	295,856		$	290,294		$	288,234		$	285,562		$	285,683

Loans charged off	2,001			3,098			3,978			3,592			3,449
Recoveries of loans previously charged off	519			660			538			614			528
Net loans charged off	1,482			2,438			3,440			2,978			2,921

Provision for credit losses - loans	18,200			8,000			5,500			5,650			2,800
Balance, end of period	$	312,574		$	295,856		$	290,294		$	288,234		$	285,562
Net charge-offs to average total loans	0.04		%	0.07		%	0.10		%	0.08		%	0.08		%
Allowance for credit losses to total loans	2.11			2.00			2.00			2.00			2.00
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	95,747		$	78,090		$	67,055		$	59,971		$	84,184
Loans past due 90 days or more	5,356			8,251			12,928			4,130			6,674
Total non-performing loans	101,103			86,341			79,983			64,101			90,858
Other non-performing assets
Foreclosed assets held for sale, net	43,040			41,347			30,650			30,486			691
Other non-performing assets	63			63			63			785			64
Total other non-performing assets	43,103			41,410			30,713			31,271			755
Total non-performing assets	$	144,206		$	127,751		$	110,696		$	95,372		$	91,613
Allowance for credit losses for loans to non-performing loans	309.16		%	342.66		%	362.94		%	449.66		%	314.29		%
Non-performing loans to total loans	0.68			0.58			0.55			0.44			0.64
Non-performing assets to total assets	0.63			0.56			0.48			0.42			0.42

(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
	September 30, 2024						June 30, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	903,456	$	12,096	5.33	%	$	929,916	$	12,564	5.43	%
Federal funds sold	4,629		62		5.33		4,424		59		5.36
Investment securities - taxable	3,391,838		31,006		3.64		3,445,769		32,587		3.80
Investment securities - non-taxable - FTE	1,163,568		10,181		3.48		1,185,001		10,254		3.48
Loans receivable - FTE	14,762,667		282,116		7.60		14,648,564		274,467		7.54
Total interest-earning assets	20,226,158		335,461		6.60		20,213,674		329,931		6.56
Non-earning assets	2,667,626						2,662,275
Total assets	$	22,893,784					$	22,875,949
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,095,572	$	79,232	2.84	%	$	11,118,587	$	77,928	2.82	%
Time deposits	1,769,952		18,553		4.17		1,732,610		17,813		4.14
Total interest-bearing deposits	12,865,524		97,785		3.02		12,851,197		95,741		3.00
Federal funds purchased	43		1		9.25		33		—		—
Securities sold under agreement to repurchase	157,178		1,335		3.38		159,899		1,363		3.43
FHLB and other borrowed funds	1,300,876		14,383		4.40		1,301,050		14,255		4.41
Subordinated debentures	439,467		4,121		3.73		439,613		4,122		3.77
Total interest-bearing liabilities	14,763,088		117,625		3.17		14,751,792		115,481		3.15
Non-interest bearing liabilities
Non-interest bearing deposits	3,993,187						4,083,916
Other liabilities	247,797						234,441
Total liabilities	19,004,072						19,070,149
Shareholders' equity	3,889,712						3,805,800
Total liabilities and shareholders' equity	$	22,893,784					$	22,875,949
Net interest spread					3.43	%					3.41	%
Net interest income and margin - FTE			$	217,836	4.28				$	214,450	4.27

Home BancShares, Inc.

Consolidated Net Interest Margin

(Unaudited)


	Nine Months Ended
	September 30, 2024						September 30, 2023
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	878,368	$	35,188	5.35	%	$	313,637	$	10,742	4.58	%
Federal funds sold	4,688		182		5.19		3,577		156		5.83
Investment securities - taxable	3,436,874		96,822		3.76		3,726,710		104,559		3.75
Investment securities - non-taxable - FTE	1,202,003		29,077		3.23		1,280,947		27,848		2.91
Loans receivable - FTE	14,633,382		821,930		7.50		14,307,358		729,943		6.82
Total interest-earning assets	20,155,315		983,199		6.52		19,632,229		873,248		5.95
Non-earning assets	2,662,627						2,640,096
Total assets	$	22,817,942					$	22,272,325
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,084,397	$	232,757	2.80	%	$	11,246,350	$	185,560	2.21	%
Time deposits	1,729,400		53,317		4.12		1,189,620		22,447		2.52
Total interest-bearing deposits	12,813,797		286,074		2.98		12,435,970		208,007		2.24
Federal funds purchased	26		1		5.14		59		3		6.80
Securities sold under agreement to repurchase	163,013		4,102		3.36		144,603		3,333		3.08
FHLB and other borrowed funds	1,301,005		42,914		4.41		701,748		20,947		3.99
Subordinated debentures	439,613		12,340		3.75		440,199		12,368		3.76
Total interest-bearing liabilities	14,717,454		345,431		3.14		13,722,579		244,658		2.38
Non-interest bearing liabilities
Non-interest bearing deposits	4,031,447						4,729,515
Other liabilities	242,422						197,498
Total liabilities	18,991,323						18,649,592
Shareholders' equity	3,826,619						3,622,733
Total liabilities and shareholders' equity	$	22,817,942					$	22,272,325
Net interest spread					3.38	%					3.57	%
Net interest income and margin - FTE			$	637,768	4.23				$	628,590	4.28

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)


	Quarter Ended															Nine Months Ended
(Dollars and shares in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	100,038		$	101,530		$	100,109		$	86,243		$	98,453		$	301,677		$	306,686
Pre-tax adjustments
FDIC special assessment	—			2,260			—			12,983			—			2,260			—
BOLI death benefits	—			—			(162)			—			(338)			(162)			(3,117)
Gain on sale of building	—			(2,059)			—			—			—			(2,059)			—

Fair value adjustment for marketable securities	(1,392)			274			(1,003)			(5,024)			(4,507)			(2,121)			6,118



Recoveries on historic losses	—			—			—			—			—			—			(3,461)

Total pre-tax adjustments	(1,392)			475			(1,165)			7,959			(4,845)			(2,082)			(460)
Tax-effect of adjustments	(348)			119			(251)			1,989			(1,112)			(480)			(30)
Deferred tax asset write-down	—			2,030			—			—			—			2,030			—
Total adjustments after-tax (B)	(1,044)			2,386			(914)			5,970			(3,733)			428			(430)
Earnings, as adjusted (C)	$	98,994		$	103,916		$	99,195		$	92,213		$	94,720		$	302,105		$	306,256

Average diluted shares outstanding (D)	199,461			200,465			201,390			201,891			202,650			200,430			203,068

GAAP diluted earnings per share: (A/D)	$	0.50		$	0.51		$	0.50		$	0.43		$	0.49		$	1.51		$	1.51
Adjustments after-tax: (B/D)	—			0.01			(0.01)			0.03			(0.02)			—			—
Diluted earnings per common share, as adjusted: (C/D)	$	0.50		$	0.52		$	0.49		$	0.46		$	0.47		$	1.51		$	1.51











ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)	1.74		%	1.79		%	1.78		%	1.55		%	1.78		%	1.77		%	1.84		%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)	1.72			1.83			1.76			1.66			1.72			1.77			1.84
Return on average assets excluding intangible amortization: ((A+C)/(E-F))	1.88			1.94			1.93			1.69			1.95			1.92			2.01
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))	1.86			1.98			1.91			1.81			1.87			1.92			2.00

GAAP net income available to common shareholders (A)	$	100,038		$	101,530		$	100,109		$	86,243		$	98,453		$	301,677		$	306,686
Amortization of intangibles (B)	2,095			2,140			2,140			2,253			2,477			6,375			7,432
Amortization of intangibles after-tax (C)	1,572			1,605			1,605			1,690			1,866			4,782			5,598
Adjustments after-tax (D)	(1,044)			2,386			(914)			5,970			(3,733)			428			(430)
Average assets (E)	22,893,784			22,875,949			22,683,259			22,056,440			21,902,434			22,817,942			22,272,325
Average goodwill & core deposit intangible (F)	1,441,654			1,443,778			1,445,902			1,448,061			1,450,478			1,443,770			1,452,933

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)


	Quarter Ended															Nine Months Ended
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)	10.23		%	10.73		%	10.64		%	9.36		%	10.65		%	10.53		%	11.32		%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)	10.12			10.98			10.54			10.00			10.25			10.55			11.30
Return on average tangible common equity: (A/(D-E))	16.26			17.29			17.22			15.49			17.62			16.91			18.90
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))	16.09			17.69			17.07			16.56			16.95			16.94			18.87
Return on average tangible common equity excluding intangible amortization: (B/(D-E))	16.51			17.56			17.50			15.80			17.95			17.18			19.24
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))	16.34			17.97			17.34			16.87			17.29			17.20			19.22

GAAP net income available to common shareholders (A)	$	100,038		$	101,530		$	100,109		$	86,243		$	98,453		$	301,677		$	306,686
Earnings excluding intangible amortization (B)	101,610			103,135			101,714			87,933			100,319			306,459			312,284
Adjustments after-tax (C)	(1,044)			2,386			(914)			5,970			(3,733)			428			(430)
Average common equity (D)	3,889,712			3,805,800			3,783,652			3,656,720			3,667,339			3,826,619			3,622,733
Average goodwill & core deposits intangible (E)	1,441,654			1,443,778			1,445,902			1,448,061			1,450,478			1,443,770			1,452,933
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))	41.42		%	43.17		%	44.22		%	50.64		%	45.53		%	42.91		%	44.76		%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))	41.66			42.59			44.43			46.43			46.44			42.87			44.86
Pre-tax net income to total revenue (net) (A/(B+C))	50.03			52.40			52.92			45.92			52.70			51.76			53.12
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))	49.49			52.59			52.45			49.16			50.72			51.49			53.06
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	147,954		$	141,411		$	134,893		$	118,443		$	130,588		$	424,258		$	405,573
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	146,562			141,886			133,728			126,402			125,743			422,176			405,113
P5NR ((Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)	57.35		%	55.54		%	54.75		%	48.22		%	53.23		%	55.90		%	53.99		%
P5NR, as adjusted (B+C-D+F-G)/(B+C)	56.81			55.73			54.28			51.46			51.25			55.62			53.92

Pre-tax net income (A)	$	129,084		$	133,411		$	130,393		$	112,793		$	129,288		$	392,888		$	399,090
Net interest income (B)	215,220			211,822			204,590			202,770			201,937			631,632			624,175
Non-interest income (C)	42,779			42,774			41,799			42,848			43,413			127,352			127,086
Non-interest expense (D)	110,045			113,185			111,496			127,175			114,762			334,726			345,688
Fully taxable equivalent adjustment (E)	2,616			2,628			892			1,091			1,293			6,136			4,415
Total pre-tax adjustments (F)	(1,392)			475			(1,165)			7,959			(4,845)			(2,082)			(460)

Amortization of intangibles (G)	2,095			2,140			2,140			2,253			2,477			6,375			7,432
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	1,392		$	(274)		$	1,003		$	5,024		$	4,507		$	2,121		$	(6,118)
Gain on OREO	85			49			17			13			—			151			319
Gain (loss) on branches, equipment and other assets, net	32			2,052			(8)			583			—			2,076			924


BOLI death benefits	—			—			162			—			338			162			3,117
Recoveries on historic losses	—			—			—			—			—			—			3,461
Total non-interest income adjustments (H)	$	1,509		$	1,827		$	1,174		$	5,620		$	4,845		$	4,510		$	1,703
Non-interest expense:
FDIC special assessment	—			2,260			—			12,983			—			2,260			—




Total non-interest expense adjustments (I)	$	—		$	2,260		$	—		$	12,983		$	—		$	2,260		$	—

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)


	Quarter Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	19.91		$	19.30		$	18.98		$	18.81		$	18.06
Tangible book value per common share: ((A-C-D)/B)	12.67			12.08			11.79			11.63			10.90

Total stockholders' equity (A)	$	3,959,789		$	3,855,503		$	3,811,401		$	3,791,075		$	3,654,874
End of period common shares outstanding (B)	198,879			199,746			200,797			201,526			202,323
Goodwill (C)	1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)	42,395			44,490			46,630			48,770			51,023
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)	17.35		%	16.82		%	16.69		%	16.73		%	16.65		%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))	11.78			11.23			11.06			11.05			10.76

Total assets (A)	$	22,823,117		$	22,919,905		$	22,835,721		$	22,656,658		$	21,950,638
Total stockholders' equity (B)	3,959,789			3,855,503			3,811,401			3,791,075			3,654,874
Goodwill (C)	1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)	42,395			44,490			46,630			48,770			51,023