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HOMB Raises the Bar with Best in Class Performance Metrics
المصدر: Nasdaq GlobeNewswire / 21 يناير 2021 07:15:01 America/Chicago
CONWAY, Ark., Jan. 21, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released record quarterly earnings today.
Highlights of the Fourth Quarter of 2020:
Metric Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Net Income $81.8 million $69.3 million $62.8 million $507,000 $73.3 million Total Revenue (net) $181.9 million $176.1 million $173.7 million $162.7 million $167.8 million Income (loss) before income taxes $107.7 million $90.4 million $82.1 million ($2.4 million) $96.5 million Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (non-GAAP)(1) $107.7 million $104.4 million $102.7 million $92.2 million $96.5 million Pre-tax net income to total revenue (net) 59.19% 51.32% 47.25% -1.49 57.49% P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 59.19% 59.28% 59.15% 56.67% 57.49% ROA 1.97% 1.66% 1.55% 0.01% 1.94% ROA (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1) 2.60% 2.50% 2.53% 2.45% 2.56% ROA, excluding provision for credit losses and unfunded commitment expense (non-GAAP)(1) 1.97% 1.91% 1.92% 1.87% 1.94% NIM 4.00% 3.92% 4.11% 4.22% 4.24% NIM, excluding PPP loans (non-GAAP)(1) 3.97% 3.98% 4.16% 4.22% 4.24% Purchase Accounting Accretion $5.7 million $7.0 million $7.0 million $7.6 million $9.1 million ROE 12.72% 10.97% 10.27% 0.08% 11.71% ROTCE (non-GAAP)(1) 20.96% 18.29% 17.40% 0.14% 19.55% Diluted Earnings Per Share $0.50 $0.42 $0.38 $0.00 $0.44 Non-Performing Assets to Total Assets 0.48% 0.47% 0.39% 0.44% 0.43% Common Equity Tier 1 Capital 13.4% 12.6% 12.0% 11.5% 12.4% Leverage 10.8% 10.4% 10.3% 10.8% 11.3% Tier 1 Capital 14.0% 13.2% 12.6% 12.1% 13.0% Total Risk-Based Capital 17.8% 16.9% 16.2% 15.7% 16.4% Allowance for Credit Losses to Total Loans 2.19% 2.12% 1.99% 2.01% 0.94% Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1) 2.33% 2.29% 2.15% 2.01% 0.94% (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
“While 2020 was dark in many ways, the lights were definitely on at Home BancShares,” stated John Allison. “Q1 was an anomaly with the implementation of CECL, but it was followed up with record numbers in quarters two, three and four, and for that, I couldn’t be more pleased,” Allison continued. “Fifty cents earnings per share is a record I’m particularly proud of,” added Allison.
“Our talented team of bankers delivered record net income for the quarter of $81.8 million and our income before income taxes came in strong at $107.7 million,” said Tracy French. “During one of the hardest years for business and the economy, I’m proud of how our bankers worked to assist their customers in their time of need while still churning out impressive best in class numbers throughout the year,” continued French.
Operating Highlights
Net income and earnings per share were quarterly records for the Company. Net income increased $12.5 million, or 17.99%, to $81.8 million for the three-month period ended December 31, 2020, from $69.3 million for the three-month period ended September 30, 2020. Earnings per share increased $0.08 per share, or 19.05%, to $0.50 per share for the three-month period ended December 31, 2020, from $0.42 per share for the three-month period ended September 30, 2020.
During the fourth quarter of 2020, the Company did not record any credit loss expense. The Company’s provisioning model is closely tied to unemployment rate projections which continued to improve through the end of 2020.
Our net interest margin was 4.00% for the three-month period ended December 31, 2020 compared to 3.92% for the three-month period ended September 30, 2020. The yield on loans was 5.33% and 5.24% for the three months ended December 31, 2020 and September 30, 2020, respectively, as average loans decreased from $11.76 billion to $11.46 billion. Additionally, the rate on interest bearing deposits decreased to 0.44% as of December 31, 2020 from 0.54% as of September 30, 2020, with average balances of $9.59 billion and $9.68 billion, respectively.
As of December 31, 2020, we had $691.7 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended December 31, 2020 was 3.97%(1). The PPP loans had a 6-basis point accretive impact to the yield on loans, and the PPP loans were accretive to the net interest margin by 3 basis points. This was primarily due to approximately $157.0 million of the Company’s PPP loans being forgiven during the fourth quarter of 2020 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income increased from $3.8 million to $6.9 million for the three-month periods ended September 30, 2020 and December 31, 2020, respectively.
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(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.The COVID-19 pandemic has created a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $102.3 million of average interest-bearing cash balances in the fourth quarter of 2020 compared to the third quarter of 2020. This excess liquidity diluted the net interest margin by 3 basis points.
Purchase accounting accretion on acquired loans was $5.7 million and $7.0 million and average purchase accounting loan discounts were $49.6 million and $55.8 million for the three-month periods ended December 31, 2020 and September 30, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $146,000 and $176,000 for the three-month periods ended December 31, 2020 and September 30, 2020, respectively.
Net interest income on a fully taxable equivalent basis increased $2.1 million, or 1.4%, to $149.8 million for the three-month period ended December 31, 2020, from $147.7 million for the three-month period ended September 30, 2020. This increase in net interest income for the three-month period ended December 31, 2020 was the result of a $3.0 million decrease in interest expense, which was partially offset by a $875,000 decrease in interest income. The $3.0 million decrease in interest expense was primarily the result of a $2.6 million decrease in interest expense on deposits and a $318,000 decrease in interest expense on FHLB borrowings. The $875,000 decrease in interest income was primarily the result of a $1.4 million decrease in loan interest income, which was partially offset by a $492,000 net increase in investment income.
The Company reported $33.9 million of non-interest income for the fourth quarter of 2020. The most important components of the fourth quarter non-interest income were $10.1 million from mortgage lending income, $8.4 million from other service charges and fees, $5.5 million from service charges on deposit accounts, and $2.6 million from other income. Non-interest income for the fourth quarter of 2020 included a $4.3 million adjustment for the increase in fair market value of marketable securities.
Mortgage lending income was $10.1 million for the three-month period ended December 31, 2020, compared to $10.2 million for the three-month period ended September 30, 2020, as the Company experienced a significant increase in secondary market loan sales in 2020. The housing market continues to benefit from the current low interest rate environment.
Non-interest expense for the fourth quarter of 2020 was $74.2 million. The most important components of the fourth quarter non-interest expense were $43.0 million from salaries and employee benefits, $16.2 million in other expense and $9.8 million in occupancy and equipment expenses. For the fourth quarter of 2020, our efficiency ratio was 39.64%.
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(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.Financial Condition
Total loans receivable were $11.22 billion at December 31, 2020 compared to $11.69 billion at September 30, 2020. Total deposits were $12.73 billion at December 31, 2020 compared to $12.94 billion at September 30, 2020. Total assets were $16.40 billion at December 31, 2020 compared to $16.55 billion at September 30, 2020.
During the fourth quarter 2020, the Company experienced approximately $470.7 million in organic loan decline. Centennial CFG experienced $149.0 million of organic loan decline and had loans of $1.54 billion at December 31, 2020. Our legacy footprint experienced $157.0 million in PPP loan decline and $164.7 million in organic loan decline during the quarter.
Non-performing loans to total loans was 0.66% as of December 31, 2020 compared to 0.63% as of September 30, 2020. Non-performing assets to total assets increased slightly from 0.47% as of September 30, 2020 to 0.48% as of December 31, 2020. For the fourth quarter of 2020, net charge-offs were $2.8 million compared to net charge-offs of $4.1 million for the third quarter of 2020.
Non-performing loans at December 31, 2020 were $24.1 million, $43.1 million, $530,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.1 million. Non-performing assets at December 31, 2020 were $25.6 million, $46.0 million, $564,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $78.6 million.
The Company’s allowance for credit losses on loans was $245.5 million at December 31, 2020, or 2.19% of total loans, compared to the allowance for loan losses of $248.2 million, or 2.12% of total loans, at September 30, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.33%(1) at December 31, 2020. As of December 31, 2020 and September 30, 2020, the Company’s allowance for credit losses on loans and allowance for loan losses was 331.10% and 336.42% of its total non-performing loans, respectively.
Stockholders’ equity was $2.61 billion at December 31, 2020 compared to $2.54 billion at September 30, 2020, an increase of approximately $65.0 million. The increase in stockholders’ equity is primarily associated with the $58.7 million increase in retained earnings. Book value per common share was $15.78 at December 31, 2020 compared to $15.38 at September 30, 2020. Tangible book value per common share (non-GAAP) was $9.70(1) at December 31, 2020 compared to $9.30(1) at September 30, 2020, an increase of 17.11% on an annualized basis.
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(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.Branches
The Company currently has 77 branches in Arkansas, 78 branches in Florida, 5 branches in Alabama and one branch in New York City.
Conference Call
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 21, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10150658/df97bab01e. Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.
Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-877-508-9586 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10150658, which will be available until January 28, 2021 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under “Investor Relations” for 12 months.
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax net income, excluding provision for credit losses and unfunded commitment expense; pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense); return on average assets, excluding provision for credit losses and unfunded commitment expense; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions (including the effect of the PPP loans) that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
General
This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment; disruptions, uncertainties and related effects on our business and operations as a result of the ongoing coronavirus (COVID-19) pandemic and measures that have been or may be implemented or imposed in response to the pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices, including from the adoption of the current expected credit loss (CECL) model on January 1, 2020; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 5, 2020.
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama and New York City. The Company’s common stock is traded through the NASDAQ Global Select Market under the symbol “HOMB.”
FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, (In thousands) 2020 2020 2020 2020 2019 ASSETS Cash and due from banks $ 242,173 $ 144,197 $ 185,047 $ 147,200 $ 168,914 Interest-bearing deposits with other banks 1,021,615 899,140 1,030,609 424,235 321,687 Cash and cash equivalents 1,263,788 1,043,337 1,215,656 571,435 490,601 Investment securities - available-for-sale, net of allowance for credit losses 2,473,781 2,361,900 2,238,005 2,098,000 2,083,838 Loans receivable 11,220,721 11,691,470 11,955,743 11,384,982 10,869,710 Allowance for credit losses (245,473 ) (248,224 ) (238,340 ) (228,923 ) (102,122 ) Loans receivable, net 10,975,248 11,443,246 11,717,403 11,156,059 10,767,588 Bank premises and equipment, net 278,614 280,364 279,498 281,795 280,103 Foreclosed assets held for sale 4,420 4,322 6,292 8,204 9,143 Cash value of life insurance 103,519 102,989 102,443 103,120 102,562 Accrued interest receivable 60,528 72,599 80,274 50,295 45,086 Deferred tax asset, net 70,249 75,167 74,333 77,110 44,301 Goodwill 973,025 973,025 973,025 973,025 958,408 Core deposit and other intangibles 30,728 32,149 33,569 35,055 36,572 Other assets 164,904 160,660 174,908 177,634 213,845 Total assets $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 $ 15,032,047 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and non-interest-bearing $ 3,266,753 $ 3,207,967 $ 3,413,727 $ 2,425,036 $ 2,367,091 Savings and interest-bearing transaction accounts 8,212,240 8,011,200 7,970,979 7,149,644 6,933,964 Time deposits 1,246,797 1,718,299 1,793,230 1,940,234 1,977,328 Total deposits 12,725,790 12,937,466 13,177,936 11,514,914 11,278,383 Federal funds purchased - - - - 5,000 Securities sold under agreements to repurchase 168,931 158,447 162,858 126,884 143,727 FHLB and other borrowed funds 400,000 403,428 531,432 951,436 621,439 Accrued interest payable and other liabilities 127,999 139,485 161,095 138,479 102,410 Subordinated debentures 370,326 370,133 369,939 369,748 369,557 Total liabilities 13,793,046 14,008,959 14,403,260 13,101,461 12,520,516 Stockholders' equity Common stock 1,651 1,652 1,652 1,651 1,664 Capital surplus 1,520,617 1,520,103 1,518,631 1,516,151 1,537,091 Retained earnings 1,039,370 980,699 932,856 891,498 956,555 Accumulated other comprehensive (loss) income 44,120 38,345 39,007 20,971 16,221 Total stockholders' equity 2,605,758 2,540,799 2,492,146 2,430,271 2,511,531 Total liabilities and stockholders' equity $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 $ 15,032,047 Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)Quarter Ended Year Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, (In thousands) 2020 2020 2020 2020 2019 2020 2019 Interest income Loans $ 153,407 $ 154,787 $ 158,996 $ 158,148 $ 161,211 $ 625,338 $ 658,345 Investment securities Taxable 6,900 7,227 8,693 9,776 9,707 32,596 41,406 Tax-exempt 4,979 4,367 3,698 3,114 3,260 16,158 13,015 Deposits - other banks 270 252 211 1,116 949 1,849 5,188 Federal funds sold - - - 21 5 21 34 Total interest income 165,556 166,633 171,598 172,175 175,132 675,962 717,988 Interest expense Interest on deposits 10,596 13,200 15,116 24,198 26,823 63,110 114,104 Federal funds purchased - - - 13 33 13 54 FHLB borrowed funds 1,917 2,235 2,656 2,698 2,686 9,506 17,209 Securities sold under agreements to repurchase 208 237 260 462 652 1,167 2,544 Subordinated debentures 4,810 4,823 4,899 5,079 5,155 19,611 20,860 Total interest expense 17,531 20,495 22,931 32,450 35,349 93,407 154,771 Net interest income 148,025 146,138 148,667 139,725 139,783 582,555 563,217 Provision for credit loss - loans - 14,000 11,441 76,672 - 102,113 1,325 Provision for credit loss - acquired loans - - - 9,309 - 9,309 - Provision for credit loss - investment securities - - - 842 - 842 - Total credit loss expense - 14,000 11,441 86,823 - 112,264 1,325 Net interest income after provision for credit
losses148,025 132,138 137,226 52,902 139,783 470,291 561,892 Non-interest income Service charges on deposit accounts 5,544 4,910 4,296 6,631 6,778 21,381 25,930 Other service charges and fees 8,425 8,539 7,666 6,056 10,636 30,686 34,086 Trust fees 420 378 397 438 390 1,633 1,566 Mortgage lending income 10,071 10,177 6,196 2,621 3,801 29,065 14,303 Insurance commissions 366 271 533 678 551 1,848 2,278 Increase in cash value of life insurance 534 548 558 560 562 2,200 2,752 Dividends from FHLB, FRB, FNBB & other 967 3,433 230 7,842 1,952 12,472 7,707 Gain on SBA loans 304 - - 341 686 645 1,573 Gain (loss) on branches, equipment and other assets, net 217 (27 ) 54 82 35 326 (3 ) Gain on OREO, net 150 470 235 277 159 1,132 757 Loss on securities, net - - - - (2 ) - (2 ) Fair value adjustment for marketable securities 4,271 (1,350 ) 919 (5,818 ) - (1,978 ) - Other income 2,616 2,602 3,939 3,219 2,481 12,376 8,569 Total non-interest income 33,885 29,951 25,023 22,927 28,029 111,786 99,516 Non-interest expense Salaries and employee benefits 43,022 41,511 40,088 39,329 38,446 163,950 154,177 Occupancy and equipment 9,801 9,566 10,172 8,873 8,729 38,412 35,452 Data processing expense 5,171 4,921 4,614 4,326 4,294 19,032 16,161 Other operating expenses 16,247 15,714 25,298 25,721 19,873 82,980 69,997 Total non-interest expense 74,241 71,712 80,172 78,249 71,342 304,374 275,787 Income (loss) before income taxes 107,669 90,377 82,077 (2,420 ) 96,470 277,703 385,621 Income tax expense (benefit) 25,875 21,057 19,250 (2,927 ) 23,208 63,255 96,082 Net income $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539 Home BancShares, Inc.
Selected Financial Information
(Unaudited)Quarter Ended Year Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, (Dollars and shares in thousands, except per share data) 2020 2020 2020 2020 2019 2020 2019 PER SHARE DATA Diluted earnings per common share $ 0.50 $ 0.42 $ 0.38 $ - $ 0.44 $ 1.30 $ 1.73 Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax (non-GAAP)(1) 0.48 0.47 0.47 0.43 0.44 1.85 1.74 Basic earnings per common share 0.50 0.42 0.38 - 0.44 1.30 1.73 Dividends per share - common 0.1400 0.1300 0.1300 0.1300 0.1300 0.5300 0.5100 Book value per common share 15.78 15.38 15.09 14.72 15.10 15.78 15.10 Tangible book value per common share (non-GAAP)(1) 9.70 9.30 8.99 8.61 9.12 9.70 9.12 STOCK INFORMATION Average common shares outstanding 165,119 165,200 165,163 166,014 166,696 165,373 167,804 Average diluted shares outstanding 165,119 165,200 165,163 166,014 166,696 165,373 167,804 End of period common shares outstanding 165,095 165,163 165,206 165,148 166,373 165,095 166,373 ANNUALIZED PERFORMANCE METRICS Return on average assets 1.97 % 1.66 % 1.55 % 0.01 % 1.94 % 1.33 % 1.93 % Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROA, as adjusted) (non-GAAP)(1) 1.90 % 1.88 % 1.93 % 1.88 % 1.94 % 1.90 % 1.94 % Return on average assets excluding intangible amortization
(non-GAAP)(1)2.13 % 1.80 % 1.68 % 0.05 % 2.12 % 1.45 % 2.10 % Return on average common equity 12.72 % 10.97 % 10.27 % 0.08 % 11.71 % 8.57 % 12.01 % Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROE, as adjusted)
(non-GAAP)(1)12.23 % 12.39 % 12.77 % 11.48 % 11.68 % 12.22 % 12.11 % Return on average tangible common equity (non-GAAP)(1) 20.96 % 18.29 % 17.40 % 0.14 % 19.55 % 14.31 % 20.49 % Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) 21.22 % 18.56 % 17.70 % 0.44 % 19.86 % 14.59 % 20.83 % Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROTCE, as adjusted)
(non-GAAP)(1)20.15 % 20.66 % 21.63 % 19.22 % 19.51 % 20.41 % 20.67 % (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)Quarter Ended Year Ended (Dollars and shares in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, except per share data) 2020 2020 2020 2020 2019 2020 2019 Efficiency ratio 39.64 % 39.56 % 44.93 % 46.82 % 41.26 % 42.63 % 40.34 % Efficiency ratio, as adjusted (non-GAAP)(1) 40.67 % 40.08 % 39.38 % 41.37 % 41.14 % 40.36 % 40.55 % Net interest margin - FTE 4.00 % 3.92 % 4.11 % 4.22 % 4.24 % 4.02 % 4.29 % Net interest margin - FTE, excluding PPP loans
(non-GAAP)(1)3.97 % 3.98 % 4.16 % 4.22 % 4.24 % 4.04 % 4.29 % Fully taxable equivalent adjustment $ 1,778 $ 1,576 $ 1,434 $ 1,227 $ 1,322 $ 6,015 $ 5,255 Total revenue (net) 181,910 176,089 173,690 162,652 167,812 694,341 662,733 Pre-tax net income, excluding provision for credit
losses and unfunded commitment expense (PPNR)
(non-GAAP)(1)107,669 104,377 102,732 92,178 96,470 406,956 386,946 Pre-tax net income to total revenue (net) 59.19 % 51.32 % 47.25 % -1.49 % 57.49 % 40.00 % 58.19 % P5NR (Pre-tax, pre-provision, profit percentage)
(PPNR to total revenue (net)) (non-GAAP)(1)59.19 % 59.28 % 59.15 % 56.67 % 57.49 % 58.61 % 58.39 % Net income, excluding provision for credit losses and unfunded commitment expense 81,794 79,661 78,084 70,382 73,262 309,921 290,522 Return on average assets (pre-tax net income,
excluding provision for credit losses and unfunded
commitment expense) (non-GAAP)(1)2.60 % 2.50 % 2.53 % 2.45 % 2.56 % 2.52 % 2.57 % Return on average assets, excluding provision
for credit losses and unfunded commitment expense
(non-GAAP)(1)1.97 % 1.91 % 1.92 % 1.87 % 1.94 % 1.92 % 1.93 % Total purchase accounting accretion 5,736 6,957 7,036 7,647 9,133 27,376 35,890 Average purchase accounting loan discounts 49,563 55,835 62,822 69,365 91,869 59,406 114,521 OTHER OPERATING EXPENSES Advertising $ 1,076 $ 902 $ 795 $ 1,226 $ 1,340 $ 3,999 $ 4,687 Merger and acquisition expenses - - - 711 - 711 - Amortization of intangibles 1,421 1,420 1,486 1,517 1,565 5,844 6,324 Electronic banking expense 2,282 2,426 2,054 1,715 1,870 8,477 7,525 Directors' fees 359 429 412 424 396 1,624 1,602 Due from bank service charges 254 259 239 223 289 975 1,081 FDIC and state assessment 1,493 1,607 1,846 1,548 1,635 6,494 4,468 Hurricane expense - - - - - - 897 Insurance 795 766 711 746 790 3,018 2,846 Legal and accounting 790 1,235 1,278 919 1,633 4,222 5,017 Other professional fees 1,528 1,661 1,735 3,226 3,189 8,150 10,213 Operating supplies 440 460 553 535 469 1,988 2,021 Postage 315 328 313 327 327 1,283 1,266 Telephone 347 321 310 324 312 1,302 1,210 Unfunded commitments - - 9,214 7,775 - 16,989 - Other expense 5,147 3,900 4,352 4,505 6,058 17,904 20,840 Total other operating expenses $ 16,247 $ 15,714 $ 25,298 $ 25,721 $ 19,873 $ 82,980 $ 69,997 (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, (Dollars in thousands) 2020 2020 2020 2020 2019 BALANCE SHEET RATIOS Total loans to total deposits 88.17 % 90.37 % 90.73 % 98.87 % 96.38 % Common equity to assets 15.89 % 15.35 % 14.75 % 15.65 % 16.71 % Tangible common equity to tangible assets (non-GAAP)(1) 10.41 % 9.88 % 9.35 % 9.79 % 10.80 % LOANS RECEIVABLE Real estate Commercial real estate loans Non-farm/non-residential $ 4,429,060 $ 4,342,141 $ 4,325,795 $ 4,357,007 $ 4,412,769 Construction/land development 1,562,298 1,748,928 1,818,151 1,892,394 1,776,689 Agricultural 114,431 89,476 105,554 89,630 88,400 Residential real estate loans Residential 1-4 family 1,536,257 1,665,628 1,730,716 1,775,610 1,819,221 Multifamily residential 536,538 491,380 482,635 411,960 488,278 Total real estate 8,178,584 8,337,553 8,462,851 8,526,601 8,585,357 Consumer 864,690 883,568 851,344 852,174 511,909 Commercial and industrial 1,896,442 2,161,818 2,228,816 1,759,752 1,528,003 Agricultural 66,869 85,365 80,023 64,582 63,644 Other 214,136 223,166 332,709 181,873 180,797 Loans receivable $ 11,220,721 $ 11,691,470 $ 11,955,743 $ 11,384,982 $ 10,869,710 Paycheck Protection Program (PPP) loans (included in total
loans receivable)691,747 848,745 848,628 - - ALLOWANCE FOR CREDIT LOSSES Balance, beginning of period $ 248,224 $ 238,340 $ 228,923 $ 102,122 $ 104,304 Impact of adopting ASC 326 - - - 43,988 - Allowance for credit losses on acquired loans - - - 357 - Loans charged off 3,040 4,599 2,582 4,265 2,631 Recoveries of loans previously charged off 289 483 558 740 449 Net loans (recovered)/charged off 2,751 4,116 2,024 3,525 2,182 Provision for credit loss - loans - 14,000 11,441 76,672 - Provision for credit loss - acquired loans - - - 9,309 - Total credit loss expense excluding provision for
credit loss - investment securities- 14,000 11,441 85,981 - Balance, end of period $ 245,473 $ 248,224 $ 238,340 $ 228,923 $ 102,122 Net (recoveries) charge-offs to average total loans 0.10 % 0.14 % 0.07 % 0.13 % 0.08 % Allowance for credit losses to total loans 2.19 % 2.12 % 1.99 % 2.01 % 0.94 % Allowance for credit losses to total loans, excluding PPP loans 2.33 % 2.29 % 2.15 % 2.01 % 0.94 % NON-PERFORMING ASSETS Non-performing loans Non-accrual loans $ 64,528 $ 65,148 $ 52,074 $ 52,131 $ 47,607 Loans past due 90 days or more 9,610 8,635 7,824 7,760 7,238 Total non-performing loans 74,138 73,783 59,898 59,891 54,845 Other non-performing assets Foreclosed assets held for sale, net 4,420 4,322 6,292 8,204 9,143 Other non-performing assets - 247 247 447 447 Total other non-performing assets 4,420 4,569 6,539 8,651 9,590 Total non-performing assets $ 78,558 $ 78,352 $ 66,437 $ 68,542 $ 64,435 Allowance for credit losses for loans to non-performing loans 331.10 % 336.42 % 397.91 % 382.23 % 186.20 % Non-performing loans to total loans 0.66 % 0.63 % 0.50 % 0.53 % 0.50 % Non-performing assets to total assets 0.48 % 0.47 % 0.39 % 0.44 % 0.43 % (1) Calculation of this metric and the reconciliation to GAAP is included in the schedules accompanying this release.
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)Three Months Ended December 31, 2020 September 30, 2020 Average Income/ Yield/ Average Income/ Yield/ (Dollars in thousands) Balance Expense Rate Balance Expense Rate ASSETS Earning assets Interest-bearing balances due from banks $ 1,029,047 $ 270 0.10 % $ 926,754 $ 252 0.11 % Federal funds sold 5 - 0.00 % 124 - 0.00 % Investment securities - taxable 1,615,214 6,900 1.70 % 1,618,058 7,227 1.78 % Investment securities - non-taxable - FTE 798,402 6,550 3.26 % 672,067 5,731 3.39 % Loans receivable - FTE 11,457,713 153,614 5.33 % 11,758,143 154,999 5.24 % Total interest-earning assets 14,900,381 167,334 4.47 % 14,975,146 168,209 4.47 % Non-earning assets 1,592,685 1,619,349 Total assets $ 16,493,066 $ 16,594,495 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction
accounts$ 8,109,111 $ 5,813 0.29 % $ 7,937,412 $ 6,651 0.33 % Time deposits 1,483,049 4,783 1.28 % 1,745,279 6,549 1.49 % Total interest-bearing deposits 9,592,160 10,596 0.44 % 9,682,691 13,200 0.54 % Federal funds purchased - - 0.00 % - - 0.00 % Securities sold under agreement to repurchase 156,198 208 0.53 % 157,172 237 0.60 % FHLB borrowed funds 400,001 1,917 1.91 % 464,799 2,235 1.91 % Subordinated debentures 370,232 4,810 5.17 % 370,038 4,823 5.19 % Total interest-bearing liabilities 10,518,591 17,531 0.66 % 10,674,700 20,495 0.76 % Non-interest bearing liabilities Non-interest bearing deposits 3,279,708 3,259,501 Other liabilities 137,516 146,502 Total liabilities 13,935,815 14,080,703 Shareholders' equity 2,557,251 2,513,792 Total liabilities and shareholders' equity $ 16,493,066 $ 16,594,495 Net interest spread 3.81 % 3.71 % Net interest income and margin - FTE $ 149,803 4.00 % $ 147,714 3.92 % Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)Year Ended December 31, 2020 December 31, 2019 Average Income/ Yield/ Average Income/ Yield/ (Dollars in thousands) Balance Expense Rate Balance Expense Rate ASSETS Earning assets Interest-bearing balances due from banks $ 921,189 $ 1,849 0.20 % $ 254,548 $ 5,188 2.04 % Federal funds sold 1,330 21 1.58 % 1,421 34 2.39 % Investment securities - taxable 1,653,159 32,596 1.97 % 1,663,512 41,406 2.49 % Investment securities - non-taxable - FTE 577,444 21,263 3.68 % 379,232 17,026 4.49 % Loans receivable - FTE 11,504,123 626,249 5.44 % 10,961,599 659,589 6.02 % Total interest-earning assets 14,657,245 681,978 4.65 % 13,260,312 723,243 5.45 % Non-earning assets 1,480,049 1,768,188 Total assets $ 16,137,294 $ 15,028,500 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction
accounts$ 7,686,621 $ 36,085 0.47 % $ 6,674,493 $ 77,194 1.16 % Time deposits 1,756,138 27,026 1.54 % 1,972,040 36,910 1.87 % Total interest-bearing deposits 9,442,759 63,111 0.67 % 8,646,533 114,104 1.32 % Federal funds purchased 1,557 13 0.83 % 2,895 54 1.87 % Securities sold under agreement to repurchase 151,573 1,167 0.77 % 149,665 2,544 1.70 % FHLB borrowed funds 534,608 9,506 1.78 % 848,969 17,209 2.03 % Subordinated debentures 369,943 19,611 5.30 % 369,175 20,860 5.65 % Total interest-bearing liabilities 10,500,440 93,408 0.89 % 10,017,237 154,771 1.55 % Non-interest bearing liabilities Non-interest bearing deposits 2,998,560 2,489,254 Other liabilities 135,094 111,156 Total liabilities 13,634,094 12,617,647 Shareholders' equity 2,503,200 2,410,853 Total liabilities and shareholders' equity $ 16,137,294 $ 15,028,500 Net interest spread 3.76 % 3.90 % Net interest income and margin - FTE $ 588,570 4.02 % $ 568,472 4.29 % Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)Quarter Ended Year Ended (Dollars and shares in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, except per share data) 2020 2020 2020 2020 2019 2020 2019 EARNINGS, AS ADJUSTED GAAP net income available to common shareholders (A) $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539 Pre-tax adjustments Fair value adjustment for marketable securities (4,271 ) 1,350 (919 ) 5,818 - 1,978 - Special dividend from equity investment - (3,181 ) - (7,004 ) (861 ) (10,185 ) (2,995 ) Provision for credit losses - 14,000 11,441 86,823 - 112,264 1,325 Branch write-off expense - - 981 - - 981 - Unfunded commitment expense - - 9,214 7,775 - 16,989 - Outsourced special project expense - - - 1,092 631 1,092 1,531 Merger and acquisition expenses - - - 711 - 711 - FDIC Small Bank Assessment Credit - - - - - - (2,291 ) Hurricane expenses - - - - - - 897 Total pre-tax adjustments (4,271 ) 12,169 20,717 95,215 (230 ) 123,830 (1,533 ) Tax-effect of adjustments (1,116 ) 3,181 5,414 24,884 (59 ) 32,363 (396 ) Adjustments after-tax (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 (1,137 ) BOLI redemption tax - - - - - - 3,667 Total adjustments after-tax (B) (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 2,530 Earnings, as adjusted (C) $ 78,639 $ 78,308 $ 78,130 $ 70,838 $ 73,091 $ 305,915 $ 292,069 Average diluted shares outstanding (D) 165,119 165,200 165,163 166,014 166,696 165,373 167,804 GAAP diluted earnings per share: (A/D) $ 0.50 $ 0.42 $ 0.38 $ - $ 0.44 $ 1.30 $ 1.73 Adjustments after-tax: (B/D) (0.02 ) 0.05 0.09 0.43 - 0.55 0.01 Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (C/D) $ 0.48 $ 0.47 $ 0.47 $ 0.43 $ 0.44 $ 1.85 $ 1.74 ANNUALIZED RETURN ON AVERAGE ASSETS Return on average assets: (A/G) 1.97 % 1.66 % 1.55 % 0.01 % 1.94 % 1.33 % 1.93 % Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROA, as adjusted) ((A+F)/G) 1.90 % 1.88 % 1.93 % 1.88 % 1.94 % 1.90 % 1.94 % Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense): (B/G) 2.60 % 2.50 % 2.53 % 2.45 % 2.56 % 2.52 % 2.57 % Return on average assets, excluding provision for credit losses and unfunded commitment expense: (C/G) 1.97 % 1.91 % 1.92 % 1.87 % 1.94 % 1.92 % 1.93 % Return on average assets excluding intangible
amortization: ((A+E)/(G-H))2.13 % 1.80 % 1.68 % 0.05 % 2.12 % 1.45 % 2.10 % GAAP net income available to common shareholders (A) $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539 Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (B) $ 107,669 $ 104,377 $ 102,732 $ 92,178 $ 96,470 $ 406,956 $ 386,946 Net income, excluding provision for credit losses and unfunded commitment expense (C) $ 81,794 $ 79,661 $ 78,084 $ 70,382 $ 73,262 $ 309,921 $ 290,522 Amortization of intangibles (D) 1,421 1,420 1,486 1,517 1,565 5,844 6,324 Amortization of intangibles after-tax (E) 1,049 1,049 1,098 1,121 1,161 4,317 4,691 Adjustments after-tax (F) (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 2,530 Average assets (G) 16,493,066 16,594,495 16,319,206 15,133,475 14,944,368 16,137,294 15,028,500 Average goodwill, core deposits & other intangible assets (H) 1,004,432 1,005,864 1,007,307 999,004 995,721 1,004,157 998,090 Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)Quarter Ended Year Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31 Dec. 31, Dec. 31, (Dollars and shares in thousands, except per share data) 2020 2020 2020 2020 2019 2020 2019 ANNUALIZED RETURN ON AVERAGE COMMON EQUITY Return on average common equity: (A/D) 12.72 % 10.97 % 10.27 % 0.08 % 11.71 % 8.57 % 12.01 % Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROE, as adjusted)
((A+C)/D)12.23 % 12.39 % 12.77 % 11.48 % 11.68 % 12.22 % 12.11 % Return on average tangible common equity: (A/(D-E)) 20.96 % 18.29 % 17.40 % 0.14 % 19.55 % 14.31 % 20.49 % Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 21.22 % 18.56 % 17.70 % 0.44 % 19.86 % 14.59 % 20.83 % Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small
Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROTCE, as adjusted) ((A+C)/(D-E))20.15 % 20.66 % 21.63 % 19.22 % 19.51 % 20.41 % 20.67 % GAAP net income available to common shareholders (A) $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539 Earnings excluding intangible amortization (B) 82,843 70,369 63,925 1,628 74,423 218,765 294,230 Adjustments after-tax (C) (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 2,530 Average common equity (D) 2,557,251 2,513,792 2,459,941 2,481,104 2,482,406 2,503,200 2,410,853 Average goodwill, core deposits & other intangible assets (E) 1,004,432 1,005,864 1,007,307 999,004 995,721 1,004,157 998,090 EFFICIENCY RATIO Efficiency ratio: ((C-E)/(A+B+D)) 39.64 % 39.56 % 44.93 % 46.82 % 41.26 % 42.63 % 40.34 % Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F)) 40.67 % 40.08 % 39.38 % 41.37 % 41.14 % 40.36 % 40.55 % Net interest income (A) $ 148,025 $ 146,138 $ 148,667 $ 139,725 $ 139,783 $ 582,555 $ 563,217 Non-interest income (B) 33,885 29,951 25,023 22,927 28,029 111,786 99,516 Non-interest expense (C) 74,241 71,712 80,172 78,249 71,342 304,374 275,787 Fully taxable equivalent adjustment (D) 1,778 1,576 1,434 1,227 1,322 6,015 5,255 Amortization of intangibles (E) 1,421 1,420 1,486 1,517 1,565 5,844 6,324 Adjustments: Non-interest income: Fair value adjustment for marketable securities $ 4,271 $ (1,350 ) $ 919 $ (5,818 ) $ - $ (1,978 ) $ - Gain (loss) on OREO 150 470 235 277 159 1,132 757 Gain (loss) on branches, equipment and other assets, net 217 (27 ) 54 82 35 326 (3 ) Special dividend from equity investment - 3,181 - 7,004 861 10,185 2,995 Gain (loss) on securities - - - - (2 ) - (2 ) Total non-interest income adjustments (F) $ 4,638 $ 2,274 $ 1,208 $ 1,545 $ 1,053 $ 9,665 $ 3,747 Non-interest expense: Branch write-off expense $ - $ - $ 981 $ - $ - $ 981 $ - Unfunded commitment expense - - 9,214 7,775 - 16,989 - FDIC Small Bank Assessment Credit - - - - - - (2,291 ) Merger Expenses - - - 711 - 711 - Hurricane damage expense - - - - - - 897 Outsourced special project expense - - - 1,092 631 1,092 1,531 Total non-interest expense adjustments (G) $ - $ - $ 10,195 $ 9,578 $ 631 $ 19,773 $ 137 ANNUALIZED NET INTEREST MARGIN Net interest margin: A/C 4.00 % 3.92 % 4.11 % 4.22 % 4.24 % 4.02 % 4.29 % Net interest margin, excluding PPP loans (non-GAAP): B/D 3.97 % 3.98 % 4.16 % 4.22 % 4.24 % 4.04 % 4.29 % Net interest income - FTE (A) $ 149,803 $ 147,714 $ 150,101 $ 140,952 $ 141,105 $ 588,570 $ 568,472 PPP loan interest & discount accretion income 8,841 5,943 4,450 - - 19,234 - Net interest income - FTE, excluding PPP loans (non-GAAP) (B) $ 140,962 $ 141,771 $ 145,651 $ 140,952 $ 141,105 $ 569,336 $ 568,472 Average interest-earning assets (C) $ 14,900,381 $ 14,975,146 $ 14,678,465 $ 13,428,700 $ 13,188,508 $ 14,657,245 $ 13,260,312 Average PPP loans 775,861 821,977 585,946 - - 547,328 - Average interest-earning assets, excluding PPP loans (non-GAAP) (D) $ 14,124,520 $ 14,153,169 $ 14,092,519 $ 13,428,700 $ 13,188,508 $ 14,109,917 $ 13,260,312 Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)Quarter Ended Year Ended (Dollars and shares in thousands, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31 Dec. 31, Dec. 31, except per share data) 2020 2020 2020 2020 2019 2020 2019 Pre-tax net income $ 107,669 $ 90,377 $ 82,077 $ (2,420 ) $ 96,470 $ 277,703 $ 385,621 Provision for credit losses - 14,000 11,441 86,823 - 112,264 1,325 Unfunded commitment expense - - 9,214 7,775 - 16,989 - Pre-tax net income, excluding provision for credit
losses and unfunded commitment expense
(PPNR) (A)$ 107,669 $ 104,377 $ 102,732 $ 92,178 $ 96,470 $ 406,956 $ 386,946 Total revenue (net) (B) 181,910 176,089 173,690 162,652 167,812 694,341 662,733 Pre-tax net income to total revenue (net) 59.19 % 51.32 % 47.25 % -1.49 % 57.49 % 40.00 % 58.19 % P5NR (Pre-tax, pre-provision, profit percentage)
(PPNR to total revenue (net))59.19 % 59.28 % 59.15 % 56.67 % 57.49 % 58.61 % 58.39 % Quarter Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, (Dollars in thousands) 2020 2020 2020 2020 2019 TANGIBLE BOOK VALUE PER
COMMON SHAREBook value per common share: (A/B) $ 15.78 $ 15.38 $ 15.09 $ 14.72 $ 15.10 Tangible book value per common share:
((A-C-D)/B)9.70 9.30 8.99 8.61 9.12 Total stockholders' equity (A) $ 2,605,758 $ 2,540,799 $ 2,492,146 $ 2,430,271 $ 2,511,531 End of period common shares outstanding (B) 165,095 165,163 165,206 165,148 166,373 Goodwill (C) 973,025 973,025 973,025 973,025 958,408 Core deposit and other intangibles (D) 30,728 32,149 33,569 35,055 36,572 TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETSEquity to assets: (B/A) 15.89 % 15.35 % 14.75 % 15.65 % 16.71 % Tangible common equity to tangible assets:
((B-C-D)/(A-C-D))10.41 % 9.88 % 9.35 % 9.79 % 10.80 % Total assets (A) $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 $ 15,032,047 Total stockholders' equity (B) 2,605,758 2,540,799 2,492,146 2,430,271 2,511,531 Goodwill (C) 973,025 973,025 973,025 973,025 958,408 Core deposit and other intangibles (D) 30,728 32,149 33,569 35,055 36,572 