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Home BancShares Ends 2021 with Record Annual Profits and a Fortress Balance Sheet

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Home BancShares (NYSE: HOMB) reported a net income of $73.4 million for Q4 2021, slightly down from $75.0 million in Q3 2021. Total revenue also decreased to $171.0 million from $173.8 million. Despite this, the company achieved record net income and earnings per share of $319.0 million and $1.94 for the entire year, respectively. The net interest margin fell to 3.42%, influenced by decreased loan balances. The company's asset quality remained strong, with non-performing assets at 0.29%. Home BancShares anticipates closing its acquisition of Happy Bancshares in Q1 2022, pending regulatory approval.

Positive
  • Record annual net income of $319.0 million, or $1.94 per share.
  • Strong asset quality, with non-performing assets at 0.29%.
  • Increased stockholders' equity to $2.77 billion, up from $2.74 billion.
  • Completed acquisition of Happy Bancshares expected in Q1 2022.
Negative
  • Net income for Q4 2021 decreased by 2.1% from Q3 2021.
  • Total revenue declined by $2.8 million quarter over quarter.
  • Net interest margin decreased to 3.42%, down from 3.60% in Q3 2021.
  • Loan balances decreased from $10.04 billion to $9.91 billion.

CONWAY, Ark., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Fourth Quarter of 2021:

MetricQ4 2021Q3 2021Q2 2021Q1 2021Q4 2020
Net Income$73.4 million$75.0 million$79.1 million$91.6 million$81.8 million
Total Revenue (net)$171.0 million$173.8 million$172.4 million$193.4 million$181.9 million
Income before income taxes$93.9 million$98.2 million$104.1 million$120.5 million$107.7 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)$93.9 million$98.2 million$99.4 million$120.5 million$107.7 million
Pre-tax net income to total revenue (net) 54.94% 56.50% 60.42% 62.32% 59.19%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 54.94% 56.50% 57.66% 62.32% 59.19%
ROA 1.62% 1.68% 1.81% 2.22% 1.97%
NIM 3.42% 3.60% 3.61% 4.02% 4.00%
NIM, excluding PPP loans (non-GAAP)(1) 3.32% 3.43% 3.54% 3.86% 3.97%
Purchase Accounting Accretion$4.0 million$4.9 million$5.8 million$5.5 million$5.7 million
ROE 10.63% 10.97% 11.92% 14.15% 12.72%
ROTCE (non-GAAP)(1) 16.73% 17.39% 19.12% 22.90% 20.96%
Diluted Earnings Per Share$0.45 $0.46 $0.48 $0.55 $0.50 
Non-Performing Assets to Total Assets 0.29% 0.29% 0.35% 0.38% 0.48%
Common Equity Tier 1 Capital 15.4% 15.2% 15.0% 14.3% 13.4%
Leverage 11.1% 11.0% 10.9% 11.1% 10.8%
Tier 1 Capital 16.0% 15.8% 15.6% 14.9% 14.0%
Total Risk-Based Capital 19.8% 19.6% 19.5% 18.8% 17.8%
Allowance for Credit Losses to Total Loans 2.41% 2.41% 2.36% 2.25% 2.19%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1) 2.43% 2.47% 2.47% 2.40% 2.33%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“The year 2021 delivered numerous exceptional results for HOMB including several record setting metrics. As we end 2021 with record profits and peer leading asset quality, combined with our recent sub-debt note issuance, HOMB is starting out 2022 with a fortress balance sheet and poised to pivot in any direction where opportunities arise,” said John Allison, Chairman.

“A strong fourth quarter assisted HOMB in reaching records for both net income and earnings per share for the year ended December 31, 2021. The fourth quarter also saw continued strong asset quality as the Company determined an additional provision for credit loss was not necessary. Another year where our solid offense and defense have played well for us,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

Net income for the three-month period ended December 31, 2021 was $73.4 million, or $0.45 earnings per share. Net income for the year ended December 31, 2021 was $319.0 million, or $1.94 earnings per share. Net income and earnings per share for the year ended December 31, 2021 were both records for the Company.

During the fourth quarter of 2021, the Company did not record any credit loss expense.  The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of December 31, 2021. In addition, the Company determined that the current level of the unfunded commitment reserve was adequate and no additional provision for unfunded commitments was necessary.

Our net interest margin was 3.42% for the three-month period ended December 31, 2021 compared to 3.60% for the three-month period ended September 30, 2021. The yield on loans was 5.48% and 5.64% for the three months ended December 31, 2021 and September 30, 2021, respectively, as average loans decreased from $10.04 billion to $9.91 billion. Additionally, the rate on interest bearing deposits decreased to 0.20% as of December 31, 2021 from 0.23% as of September 30, 2021, with average balances of $10.00 billion and $9.86 billion, respectively.

As of December 31, 2021, we had $112.8 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, 2021 was 3.32%(1). The PPP loans were accretive to the net interest margin by 10 basis points for the three-month period ended December 31, 2021 compared to 17 basis points for the three-month period ended September 30, 2021. This was primarily due to approximately $128.7 million of the Company’s PPP loans being forgiven during the fourth quarter of 2021 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income decreased from $9.3 million to $5.4 million for the three-month periods ended September 30, 2021 and December 31, 2021, respectively.

The effects of the COVID-19 pandemic continued to create a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $347.1 million of average interest-bearing cash balances in the fourth quarter of 2021 compared to the third quarter of 2021. This excess liquidity diluted the net interest margin by 7 basis points for the three-month period ended December 31, 2021.

During the fourth quarter of 2021, there was $1.2 million of event interest income compared to event interest income of $3.5 million for the third quarter of 2021. The reduction in event income led to a 6 basis point decrease to the net interest margin.

Purchase accounting accretion on acquired loans was $4.0 million and $4.9 million and average purchase accounting loan discounts were $34.6 million and $36.5 million for the three-month periods ended December 31, 2021 and September 30, 2021, respectively. The reduction in accretion income reduced the net interest margin by 2 basis points for the three-month period ended December 31, 2021.

Net interest income on a fully taxable equivalent basis was $140.8 million for the three-month period ended December 31, 2021 and $146.4 million for the three-month period ended September 30, 2021. This decrease in net interest income for the three-month period ended December 31, 2021 was the result of a $6.1 million decrease in interest income which was partially offset by a $490,000 decrease in interest expense. The $6.1 million decrease in interest income was primarily the result of  a $5.9 million decrease in loan interest income and a $382,000 net decrease in investment income, which was partially offset by a $164,000 increase in interest-bearing balances due from banks. The $490,000 decrease in interest expense was primarily the result of a decrease in interest expense on deposits.

The Company reported $32.0 million of non-interest income for the fourth quarter of 2021. The most important components of the fourth quarter non-interest income were $11.1 million from other service charges and fees, $6.2 million from service charges on deposit accounts, $5.4 million in mortgage lending income, $5.3 million from other income, $919,000 million from dividends from FHLB, FRB, FNBB and other, $792,000 from gain on sales of SBA loans and $737,000 from gain on OREO. 

Non-interest expense for the fourth quarter of 2021 was $77.1 million. The most important components of the fourth quarter non-interest expense were $43.8 million from salaries and employee benefits, $16.9 million in other expense, $9.0 million in occupancy and equipment expenses and $6.5 million in data processing expenses. Also included within non-interest expense was $880,000 in merger and acquisition expenses. For the fourth quarter of 2021, our efficiency ratio was 43.79%.

Financial Condition

Total loans receivable were $9.84 billion at December 31, 2021 compared to $9.90 billion at September 30, 2021. Total deposits were $14.26 billion at December 31, 2021 compared to $14.00 billion at September 30, 2021. Total assets were $18.05 billion at December 31, 2021 compared to $17.77 billion at September 30, 2021.

During the fourth quarter 2021, the Company experienced approximately $65.0 million in loan decline. Centennial CFG experienced $285.7 million of organic loan growth and had loans of $1.92 billion at December 31, 2021. Our legacy footprint experienced $222.0 million in organic loan decline and $128.7 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.51% as of September 30, 2021 and December 31, 2021. Non-performing assets to total assets was 0.29% as of September 30, 2021 and December 31, 2021. Net charge-offs were $2.0 million and $1.8 million for the three months ended December 31, 2021 and September 30, 2021, respectively.

Non-performing loans at December 31, 2021 were $13.9 million, $26.8 million, $470,000, $1.5 million and $7.5 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $50.2 million. Non-performing assets at December 31, 2021 were $14.4 million, $27.9 million, $470,000, $1.5 million and $7.5 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $51.8 million.

The Company’s allowance for credit losses on loans was $236.7 million at December 31, 2021, or 2.41% of total loans, compared to the allowance for credit losses of $238.7 million, or 2.41% of total loans, at September 30, 2021. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.43%(1) and 2.47%(1) for the three months ended  December 31, 2021 and September 30, 2021, respectively. As of December 31, 2021 and September 30, 2021, the Company’s allowance for credit losses on loans was 471.61% and 468.77% of its total non-performing loans, respectively.

Stockholders’ equity was $2.77 billion at December 31, 2021 compared to $2.74 billion at September 30, 2021, an increase of approximately $29.7 million. The increase in stockholders’ equity was primarily associated with the $50.4 million increase in retained earnings, which was partially offset by a $15.5 million decrease in accumulated other comprehensive income and net stock repurchases and share-based compensation activity of $5.2 million. Book value per common share was $16.90 at December 31, 2021 compared to $16.68 at September 30, 2021. Tangible book value per common share (non-GAAP) was $10.80(1) at December 31, 2021 compared to $10.59(1) at September 30, 2021, an increase of 7.86% on an annualized basis. 
__________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Branches

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

Acquisition

The Company’s previously announced acquisition of Happy Bancshares, Inc. (“Happy”) and its bank subsidiary, Happy State Bank, is currently expected to close during the first quarter of 2022, subject to Federal Reserve Board approval. The Company received approval for the merger from the Arkansas State Banking Board and the Arkansas State Bank Commissioner as well as the approval of the shareholders of each company in December of 2021.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 20, 2022. We encourage all participants to pre-register for the conference call using the following link: https://events.q4inc.com/attendee/357760552. 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 1-844-200-6205, Passcode: 865838.  A replay of the call will be available by calling 1-866-813-9403, Passcode: 153312, which will be available until February 3, 2022 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 under “Investor Relations” for 12 months.

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, 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.

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); pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets excluding excess liquidity; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions (including the effect of the PPP loans) that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

General

This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, as well as statements about the benefits of the business combination transaction involving Home and Happy. 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 possibility that the proposed acquisition of Happy does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the possibility that such transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, ongoing or future effects of the COVID-19 pandemic, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Home and Happy operate; the ability to promptly and effectively integrate the businesses of Home and Happy; the reaction to the transaction of the companies’ customers, employees and counterparties; diversion of management time on acquisition-related issues; the effect of any future mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including as a result of one or more of the factors described above as they would relate to such transaction; the ability to identify, enter into and/or close additional acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

Additional Important Information and Where to Find It

In connection with the proposed acquisition of Happy, the Company has filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the shares of the Company’s common stock to be issued to shareholders of Happy in connection with the transaction. The Registration Statement includes a Joint Proxy Statement of the Company and Happy and a Prospectus of the Company, as well as other relevant materials regarding the proposed merger transaction involving the Company and Happy. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND HAPPY ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER TRANSACTION. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC on the SEC’s website at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by the Company at the Company’s website at http://www.homebancshares.com, Investor Relations, or by contacting Donna Townsell, by telephone at (501) 328-4625.


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)  Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
           
ASSETS          
           
 Cash and due from banks $119,908  $146,378  $182,226  $218,814  $242,173 
 Interest-bearing deposits with other banks  3,530,407   3,133,878   2,759,027   2,259,734   1,021,615 
    Cash and cash equivalents  3,650,315   3,280,256   2,941,253   2,478,548   1,263,788 
Investment securities - available-for sale, net of allowance for credit losses  3,119,807   3,150,608   3,053,712   2,539,123   2,473,781 
 Loans receivable  9,836,089   9,901,100   10,199,175   10,778,493   11,220,721 
 Allowance for credit losses  (236,714)  (238,673)  (240,451)  (242,932)  (245,473)
    Loans receivable, net  9,599,375   9,662,427   9,958,724   10,535,561   10,975,248 
 Bank premises and equipment, net  275,760   276,972   278,502   278,620   278,614 
 Foreclosed assets held for sale  1,630   1,171   1,969   3,004   4,420 
 Cash value of life insurance  105,135   104,638   104,132   103,599   103,519 
 Accrued interest receivable  46,736   48,577   48,725   55,495   60,528 
 Deferred tax asset, net  78,290   69,724   72,273   77,145   70,249 
 Goodwill  973,025   973,025   973,025   973,025   973,025 
 Core deposit and other intangibles  25,045   26,466   27,886   29,307   30,728 
 Other assets  177,020   171,192   166,991   166,814   164,904 
    Total assets $18,052,138  $17,765,056  $17,627,192  $17,240,241  $16,398,804 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Liabilities          
 Deposits:          
    Demand and non-interest-bearing $4,127,878  $4,139,149  $4,076,570  $3,859,722  $3,266,753 
    Savings and interest-bearing transaction accounts  9,251,805   8,813,326   8,744,900   8,477,208   8,212,240 
    Time deposits  880,887   1,050,896   1,069,871   1,175,664   1,246,797 
       Total deposits  14,260,570   14,003,371   13,891,341   13,512,594   12,725,790 
 Securities sold under agreements to repurchase  140,886   141,002   150,540   162,929   168,931 
 FHLB and other borrowed funds  400,000   400,000   400,000   400,000   400,000 
 Accrued interest payable and other liabilities  113,868   113,721   118,415   148,999   127,999 
 Subordinated debentures  371,093   370,900   370,707   370,515   370,326 
    Total liabilities  15,286,417   15,028,994   14,931,003   14,595,037   13,793,046 
           
 Stockholders' equity          
 Common stock  1,637   1,640   1,645   1,651   1,651 
 Capital surplus  1,487,373   1,492,588   1,501,615   1,516,286   1,520,617 
 Retained earnings  1,266,249   1,215,831   1,163,810   1,107,818   1,039,370 
 Accumulated other comprehensive income  10,462   26,003   29,119   19,449   44,120 
    Total stockholders' equity  2,765,721   2,736,062   2,696,189   2,645,204   2,605,758 
    Total liabilities and stockholders' equity $18,052,138  $17,765,056  $17,627,192  $17,240,241  $16,398,804 
           



 Home BancShares, Inc.  
 Consolidated Statements of Income  
 (Unaudited)  
                
   Quarter Ended  Year Ended  
(In thousands) Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2020 
                
 Interest income                
   Loans $136,750  $142,609  $141,684  $150,917  $153,407 $571,960  $625,338  
   Investment securities               
       Taxable  8,121   8,495   7,185   6,253   6,900  30,054   32,596  
       Tax-exempt  4,827   4,839   4,905   5,071   4,979  19,642   16,158  
   Deposits - other banks  1,281   1,117   707   410   270  3,515   1,849  
   Federal funds sold  -   -   -   -   -  -   21  
 Total interest income  150,979   157,060   154,481   162,651   165,556  625,171   675,962  
                
 Interest expense                
    Interest on deposits  5,155   5,642   6,434   7,705   10,596  24,936   63,110  
    Federal funds purchased  -   -   -   -   -  -   13  
    FHLB borrowed funds  1,916   1,917   1,896   1,875   1,917  7,604   9,506  
    Securities sold under agreements to repurchase  98   102   107   190   208  497   1,167  
    Subordinated debentures  4,790   4,788   4,792   4,793   4,810  19,163   19,611  
 Total interest expense  11,959   12,449   13,229   14,563   17,531  52,200   93,407  
                
 Net interest income   139,020   144,611   141,252   148,088   148,025  572,971   582,555  
                
    Provision for credit losses  -   -   -   -   -  -   112,264  
    Provision for credit loss - unfunded commitments  -   -   (4,752)  -   -  (4,752)  16,989  
 Total credit loss expense  -   -   (4,752)  -   -  (4,752)  129,253  
                
 Net interest income after provision for credit losses   139,020   144,611   146,004   148,088   148,025  577,723   453,302  
                
 Non-interest income                
    Service charges on deposit accounts  6,217   5,941   5,116   5,002   5,544  22,276   21,381  
    Other service charges and fees  11,133   8,051   9,659   7,608   8,425  36,451   30,686  
    Trust fees  515   479   444   522   420  1,960   1,633  
    Mortgage lending income  5,359   5,948   6,202   8,167   10,071  25,676   29,065  
    Insurance commissions  387   586   478   492   366  1,943   1,848  
    Increase in cash value of life insurance  501   509   537   502   534  2,049   2,200  
    Dividends from FHLB, FRB, FNBB & other  919   2,661   2,646   8,609   967  14,835   12,472  
    Gain on SBA loans  792   439   1,149   -   304  2,380   645  
    (Loss) gain on branches, equipment and other assets, net  (19)  (34)  (23)  (29)  217  (105)  326  
    Gain on OREO, net  737   246   619   401   150  2,003   1,132  
    Gain on securities, net  -   -   -   219   -  219   -  
    Fair value adjustment for marketable securities  85   61   1,250   5,782   4,271  7,178   (1,978) 
    Other income  5,338   4,322   3,043   8,001   2,616  20,704   12,376  
 Total non-interest income  31,964   29,209   31,120   45,276   33,885  137,569   111,786  
                
 Non-interest expense                
    Salaries and employee benefits  43,765   42,469   42,462   42,059   43,022  170,755   163,950  
    Occupancy and equipment  9,047   9,305   9,042   9,237   9,801  36,631   38,412  
    Data processing expense  6,493   6,024   5,893   5,870   5,171  24,280   19,032  
    Merger and acquisition expenses  880   1,006   -   -   -  1,886   711  
    Other operating expenses  16,865   16,815   15,585   15,700   16,247  64,965   65,280  
 Total non-interest expense  77,050   75,619   72,982   72,866   74,241  298,517   287,385  
                
 Income before income taxes   93,934   98,201   104,142   120,498   107,669  416,775   277,703  
    Income tax expense  20,577   23,209   25,072   28,896   25,875  97,754   63,255  
 Net income  $73,357  $74,992  $79,070  $91,602  $81,794 $319,021  $214,448  
                



Home BancShares, Inc.
Selected Financial Information
(Unaudited)
               
  Quarter Ended Year Ended
(Dollars and shares in thousands, except per share data) Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
 Dec. 31,
2021
 Dec. 31,
2020
               
PER SHARE DATA              
               
Diluted earnings per common share $0.45  $0.46  $0.48  $0.55  $0.50  $1.94  $1.30 
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses (non-GAAP)(1)  0.45   0.45   0.46   0.47   0.48   1.83   1.27 
Basic earnings per common share  0.45   0.46   0.48   0.55   0.50   1.94   1.30 
Dividends per share - common  0.14   0.14   0.14   0.14   0.14   0.56   0.53 
Book value per common share  16.90   16.68   16.39   16.02   15.78   16.90   15.78 
Tangible book value per common share (non-GAAP)(1)  10.80   10.59   10.31   9.95   9.70   10.80   9.70 
               
STOCK INFORMATION              
               
Average common shares outstanding  163,859   164,126   164,781   165,257   165,119   164,501   165,373 
Average diluted shares outstanding  164,306   164,603   165,226   165,446   165,119   164,858   165,373 
End of period common shares outstanding  163,699   164,008   164,488   165,141   165,095   163,699   165,095 
               
ANNUALIZED PERFORMANCE METRICS              
               
Return on average assets (ROA)  1.62%  1.68%  1.81%  2.22%  1.97%  1.83%  1.33%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROA, as adjusted) (non-GAAP)(1)  1.64%  1.67%  1.75%  1.88%  1.90%  1.73%  1.30%
Return on average assets excluding intangible amortization (non-GAAP)(1)  1.75%  1.81%  1.95%  2.39%  2.13%  1.96%  1.45%
Return on average assets excluding excess liquidity (non-GAAP)(1)  1.96%  1.98%  2.09%  2.42%  2.07%  2.11%  1.37%
Return on average common equity (ROE)  10.63%  10.97%  11.92%  14.15%  12.72%  11.89%  8.57%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROE, as adjusted) (non-GAAP)(1)  10.72%  10.87%  11.54%  11.95%  12.23%  11.26%  8.41%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)  16.73%  17.39%  19.12%  22.90%  20.96%  18.95%  14.31%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  16.97%  17.64%  19.38%  23.16%  21.22%  19.20%  14.59%
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted) (non-GAAP)(1)  16.87%  17.23%  18.50%  19.33%  20.15%  17.95%  14.04%
               
(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 in thousands) Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
 Dec. 31,
2021
 Dec. 31,
2020
 
                
Efficiency ratio  43.79%  42.26%  41.09%  36.60%  39.64%  40.81%  40.20% 
Efficiency ratio, as adjusted (non-GAAP)(1)  43.48%  42.29%  42.07%  40.68%  40.67%  42.12%  40.36% 
Net interest margin - FTE (NIM)  3.42%  3.60%  3.61%  4.02%  4.00%  3.66%  4.06% 
Net interest margin - FTE, excluding PPP loans (non-GAAP)(1)  3.32%  3.43%  3.54%  3.86%  3.97%  3.53%  4.08% 
Fully taxable equivalent adjustment $1,736  $1,748  $1,774  $1,821  $1,778  $7,079  $6,015  
Total revenue (net)  170,984   173,820   172,372   193,364   181,910   710,540   694,341  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  93,934   98,201   99,390   120,498   107,669   412,023   406,956  
Pre-tax net income to total revenue (net)  54.94%  56.50%  60.42%  62.32%  59.19%  58.66%  40.00% 
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)  54.94%  56.50%  57.66%  62.32%  59.19%  57.99%  58.61% 
Total purchase accounting accretion $4,001  $4,868  $5,797  $5,485  $5,736  $20,151  $27,376  
Average purchase accounting loan discounts  34,641   36,456   38,568   43,940   49,563   36,178   59,406  
                
                
OTHER OPERATING EXPENSES               
                
Advertising $1,411  $1,204  $1,194  $1,046  $1,076  $4,855  $3,999  
Amortization of intangibles  1,420   1,421   1,421   1,421   1,421   5,683   5,844  
Electronic banking expense  2,442   2,521   2,616   2,238   2,282   9,817   8,477  
Directors' fees  422   395   414   383   359   1,614   1,624  
Due from bank service charges  257   265   273   249   254   1,044   975  
FDIC and state assessment  1,353   1,648   1,108   1,363   1,493   5,472   6,494  
Insurance  801   749   787   781   795   3,118   3,018  
Legal and accounting  749   1,050   1,058   846   790   3,703   4,222  
Other professional fees  1,754   1,787   1,796   1,613   1,528   6,950   8,150  
Operating supplies  489   474   465   487   440   1,915   1,988  
Postage  352   301   292   338   315   1,283   1,283  
Telephone  343   371   365   346   347   1,425   1,302  
Other expense  5,072   4,629   3,796   4,589   5,147   18,086   17,904  
                
Total other operating expenses $16,865  $16,815  $15,585  $15,700  $16,247  $64,965  $65,280  
                
(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) Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
           
BALANCE SHEET RATIOS          
           
Total loans to total deposits  68.97%  70.71%  73.42%  79.77%  88.17%
Common equity to assets  15.32%  15.40%  15.30%  15.34%  15.89%
Tangible common equity to tangible assets (non-GAAP)(1)  10.36%  10.36%  10.20%  10.12%  10.41%
      .    
LOANS RECEIVABLE          
           
Real estate          
    Commercial real estate loans          
        Non-farm/non-residential $3,889,284  $4,005,841  $4,144,375  $4,289,142  $4,429,060 
        Construction/land development  1,850,050   1,742,687   1,541,482   1,612,973   1,562,298 
        Agricultural  130,674   138,881   126,293   113,382   114,431 
    Residential real estate loans          
        Residential 1-4 family  1,274,953   1,273,988   1,316,485   1,437,546   1,536,257 
        Multifamily residential  280,837   274,131   332,256   377,661   536,538 
Total real estate  7,425,798   7,435,528   7,460,891   7,830,704   8,178,584 
Consumer  825,519   814,732   824,938   839,819   864,690 
Commercial and industrial  1,386,747   1,414,079   1,612,826   1,794,787   1,896,442 
Agricultural  43,920   68,272   69,152   65,017   66,869 
Other  154,105   168,489   231,368   248,166   214,136 
Loans receivable $9,836,089  $9,901,100  $10,199,175  $10,778,493  $11,220,721 
           
Paycheck Protection Program (PPP) loans (net of discounts) (included in total loans receivable)  112,814   241,476   473,894   646,382   675,225 
           
ALLOWANCE FOR CREDIT LOSSES          
           
Balance, beginning of period $238,673  $240,451  $242,932  $245,473  $248,224 
Loans charged off  3,125   2,469   3,023   3,047   3,040 
Recoveries of loans previously charged off  1,166   691   542   506   289 
Net loans charged off  1,959   1,778   2,481   2,541   2,751 
Provision for credit losses - loans  -   -   -   -   - 
Balance, end of period $236,714  $238,673  $240,451  $242,932  $245,473 
           
Net charge-offs to average total loans  0.08%  0.07%  0.09%  0.09%  0.10%
Allowance for credit losses to total loans  2.41%  2.41%  2.36%  2.25%  2.19%
Allowance for credit losses to total loans, excluding PPP loans  2.43%  2.47%  2.47%  2.40%  2.33%
           
NON-PERFORMING ASSETS          
           
Non-performing loans          
Non-accrual loans $47,158  $47,604  $55,269  $59,142  $64,528 
Loans past due 90 days or more  3,035   3,311   3,667   4,209   9,610 
Total non-performing loans  50,193   50,915   58,936   63,351   74,138 
Other non-performing assets          
Foreclosed assets held for sale, net  1,630   1,171   1,969   3,004   4,420 
Other non-performing assets  -   -   -   -   - 
Total other non-performing assets  1,630   1,171   1,969   3,004   4,420 
Total non-performing assets $51,823  $52,086  $60,905  $66,355  $78,558 
           
Allowance for credit losses for loans to non-performing loans  471.61%  468.77%  407.99%  383.47%  331.10%
Non-performing loans to total loans  0.51%  0.51%  0.58%  0.59%  0.66%
Non-performing assets to total assets  0.29%  0.29%  0.35%  0.38%  0.48%
           
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
             
  Three Months Ended
  December 31, 2021 September 30, 2021
(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate
             
ASSETS            
Earning assets            
Interest-bearing balances due from banks $3,261,846 $1,281 0.16% $2,914,785 $1,117 0.15%
Federal funds sold  33  - 0.00%  82  - 0.00%
Investment securities - taxable  2,278,440  8,121 1.41%  2,289,680  8,495 1.47%
Investment securities - non-taxable - FTE  858,692  6,408 2.96%  862,586  6,416 2.95%
Loans receivable - FTE  9,909,711  136,905 5.48%  10,043,393  142,780 5.64%
Total interest-earning assets  16,308,722  152,715 3.72%  16,110,526  158,808 3.91%
Non-earning assets  1,606,005      1,584,700    
Total assets $17,914,727     $17,695,226    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Liabilities            
Interest-bearing liabilities            
Savings and interest-bearing transaction accounts $9,037,302 $3,667 0.16% $8,794,657 $3,613 0.16%
Time deposits  958,309  1,488 0.62%  1,063,500  2,029 0.76%
Total interest-bearing deposits  9,995,611  5,155 0.20%  9,858,157  5,642 0.23%
Securities sold under agreement to repurchase  143,811  98 0.27%  143,937  102 0.28%
FHLB borrowed funds  400,000  1,916 1.90%  400,000  1,917 1.90%
Subordinated debentures  370,999  4,790 5.12%  370,805  4,788 5.12%
Total interest-bearing liabilities  10,910,421  11,959 0.43%  10,772,899  12,449 0.46%
Non-interest bearing liabilities            
Non-interest bearing deposits  4,149,978      4,091,174    
Other liabilities  116,023      120,200    
Total liabilities  15,176,422      14,984,273    
Shareholders' equity  2,738,305      2,710,953    
Total liabilities and shareholders' equity $17,914,727     $17,695,226    
Net interest spread     3.29%     3.45%
Net interest income and margin - FTE   $140,756 3.42%   $146,359 3.60%
             



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
             
  Year Ended
  December 31, 2021 December 31, 2020
(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate
             
ASSETS            
Earning assets            
Interest-bearing balances due from banks $2,596,460 $3,515 0.14% $761,174 $1,849 0.24%
Federal funds sold  71  - 0.00%  1,330  21 1.58%
Investment securities - taxable  2,031,139  30,054 1.48%  1,653,159  32,596 1.97%
Investment securities - non-taxable - FTE  858,503  26,017 3.03%  577,444  21,262 3.68%
Loans receivable - FTE  10,375,457  572,664 5.52%  11,504,123  626,249 5.44%
Total interest-earning assets  15,861,630  632,250 3.99%  14,497,230  681,977 4.70%
Non-earning assets  1,597,355      1,640,064    
Total assets $17,458,985     $16,137,294    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Liabilities            
Interest-bearing liabilities            
Savings and interest-bearing transaction accounts $8,716,004 $15,956 0.18% $7,686,621 $36,084 0.47%
Time deposits  1,087,875  8,980 0.83%  1,756,138  27,026 1.54%
    Total interest-bearing deposits  9,803,879  24,936 0.25%  9,442,759  63,110 0.67%
Federal funds purchased  -  - 0.00%  1,557  13 0.83%
Securities sold under agreement to repurchase  151,190  497 0.33%  151,573  1,167 0.77%
FHLB borrowed funds  400,000  7,604 1.90%  534,608  9,506 1.78%
Subordinated debentures  370,712  19,163 5.17%  369,943  19,611 5.30%
Total interest-bearing liabilities  10,725,781  52,200 0.49%  10,500,440  93,407 0.89%
Non-interest bearing liabilities            
Non-interest bearing deposits  3,924,341      2,998,560    
Other liabilities  124,724      135,094    
Total liabilities  14,774,846      13,634,094    
Shareholders' equity  2,684,139      2,503,200    
Total liabilities and shareholders' equity $17,458,985     $16,137,294    
Net interest spread     3.50%     3.81%
Net interest income and margin - FTE   $580,050 3.66%   $588,570 4.06%
             



Home BancShares, Inc. 
Non-GAAP Reconciliations 
(Unaudited) 
                
  Quarter Ended Year Ended  
(Dollars and shares in thousands, except per share data) Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
 Dec. 31,
2021
 Dec. 31,
2020
 
                
EARNINGS, AS ADJUSTED               
                
GAAP net income available to common shareholders (A) $73,357  $74,992  $79,070  $91,602  $81,794  $319,021  $214,448  
Pre-tax adjustments               
Fair value adjustment for marketable securities  (85)  (61)  (1,250)  (5,782)  (4,271)  (7,178)  1,978  
Special dividend from equity investment  -   (2,227)  (2,200)  (8,073)  -   (12,500)  (10,185) 
Gain on securities  -   -   -   (219)  -   (219)  -  
Recoveries on historic losses  -   -   -   (5,107)  -   (5,107)  -  
Branch write-off expense  -   -   -   -   -   -   981  
Outsourced special project expense  -   -   -   -   -   -   1,092  
Merger and acquisition expenses  880   1,006   -   -   -   1,886   711  
Total pre-tax adjustments  795   (1,282)  (3,450)  (19,181)  (4,271)  (23,118)  (5,423) 
Tax-effect of adjustments  188   (587)  (888)  (4,937)  (1,116)  (6,225)  (1,417) 
Total adjustments after-tax (B)  607   (695)  (2,562)  (14,244)  (3,155)  (16,893)  (4,006) 
Earnings, as adjusted (C) $73,964  $74,297  $76,508  $77,358  $78,639  $302,128  $210,442  
                
Average diluted shares outstanding (D)  164,306   164,603   165,226   165,446   165,119   164,858   165,373  
                
GAAP diluted earnings per share: (A/D) $0.45  $0.46  $0.48  $0.55  $0.50  $1.94  $1.30  
Adjustments after-tax: (B/D)  0.00   (0.01)  (0.02)  (0.08)  (0.02)  (0.11)  (0.03) 
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (C/D) $0.45  $0.45  $0.46  $0.47  $0.48  $1.83  $1.27  
                
ANNUALIZED RETURN ON AVERAGE ASSETS               
                
Return on average assets: (A/G)  1.62%  1.68%  1.81%  2.22%  1.97%  1.83%  1.33% 
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROA, as adjusted) ((A+F)/G)  1.64%  1.67%  1.75%  1.88%  1.90%  1.73%  1.30% 
Return on average assets excluding intangible amortization: ((A+E)/(G-H))  1.75%  1.81%  1.95%  2.39%  2.13%  1.96%  1.45% 
Return on average assets excluding excess liquidity: (A/(G-I))  1.96%  1.98%  2.09%  2.42%  2.07%  2.11%  1.37% 
                
GAAP net income available to common shareholders (A) $73,357  $74,992  $79,070  $91,602  $81,794  $319,021  $214,448  
Amortization of intangibles (D)  1,420   1,421   1,421   1,421   1,421   5,683   5,844  
Amortization of intangibles after-tax (E)  1,054   1,055   1,055   1,055   1,049   4,220   4,317  
Adjustments after-tax (F)  607   (695)  (2,562)  (14,244)  (3,155)  (16,893)  (4,006) 
Average assets (G)  17,914,727   17,695,226   17,491,359   16,718,890   16,493,066   17,458,985   16,137,294  
Average goodwill, core deposits & other intangible assets (H)  998,760   1,000,175   1,001,598   1,003,011   1,004,432   1,000,872   1,004,157  
                
Average interest bearing cash balance  3,261,846   2,914,785   2,577,101   1,610,463   1,029,047   2,596,460   761,174  
Average historical interest bearing cash balance  225,000   225,000   225,000   225,000   225,000   225,000   225,000  
Average excess cash balance (I)  3,036,846   2,689,785   2,352,101   1,385,463   804,047   2,371,460   536,174  
                



 Home BancShares, Inc.  
 Non-GAAP Reconciliations  
 (Unaudited)  
                
  Quarter Ended Year Ended  
(Dollars in thousands) Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
 Dec. 31,
2021
 Dec. 31,
2020
 
                
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY               
                
Return on average common equity: (A/D)  10.63%  10.97%  11.92%  14.15%  12.72%  11.89%  8.57% 
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROE, as adjusted) ((A+C)/D)  10.72%  10.87%  11.54%  11.95%  12.23%  11.26%  8.41% 
Return on average tangible common equity: (A/(D-E))  16.73%  17.39%  19.12%  22.90%  20.96%  18.95%  14.31% 
Return on average tangible common equity excluding intangible amortization: (B/(D-E))  16.97%  17.64%  19.38%  23.16%  21.22%  19.20%  14.59% 
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on  historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted) ((A+C)/(D-E))  16.87%  17.23%  18.50%  19.33%  20.15%  17.95%  14.04% 
                
GAAP net income available to common shareholders (A) $73,357  $74,992  $79,070  $91,602  $81,794  $319,021  $214,448  
Earnings excluding intangible amortization (B)  74,411   76,047   80,125   92,657   82,843   323,241   218,765  
Adjustments after-tax (C)  607   (695)  (2,562)  (14,244)  (3,155)  (16,893)  (4,006) 
Average common equity (D)  2,738,305   2,710,953   2,660,147   2,625,618   2,557,251   2,684,139   2,503,200  
Average goodwill, core deposits & other intangible assets (E)  998,760   1,000,175   1,001,598   1,003,011   1,004,432   1,000,872   1,004,157  
                
EFFICIENCY RATIO & P5NR               
                
Efficiency ratio: ((D-F)/(B+C+E))  43.79%  42.26%  41.09%  36.60%  39.64%  40.81%  40.20% 
Efficiency ratio, as adjusted: ((D-F-H)/(B+C+E-G))  43.48%  42.29%  42.07%  40.68%  40.67%  42.12%  40.36% 
Pre-tax net income to total revenue (net) (A/(B+C))  54.94%  56.50%  60.42%  62.32%  59.19%  58.66%  40.00% 
Pre-tax, pre-provision, net income (PPNR) (B+C-D) $93,934  $98,201  $99,390  $120,498  $107,669  $412,023  $406,956  
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)  54.94%  56.50%  57.66%  62.32%  59.19%  57.99%  58.61% 
                
Pre-tax net income (A) $93,934  $98,201  $104,142  $120,498  $107,669  $416,775  $277,703  
Net interest income (B)  139,020   144,611   141,252   148,088   148,025   572,971   582,555  
Non-interest income (C)  31,964   29,209   31,120   45,276   33,885   137,569   111,786  
Non-interest expense (D)  77,050   75,619   72,982   72,866   74,241   298,517   287,385  
Fully taxable equivalent adjustment (E)  1,736   1,748   1,774   1,821   1,778   7,079   6,015  
Amortization of intangibles (F)  1,420   1,421   1,421   1,421   1,421   5,683   5,844  
                
Adjustments:               
Non-interest income:               
Fair value adjustment for marketable securities $85  $61  $1,250  $5,782  $4,271  $7,178  $(1,978) 
Gain on OREO  737   246   619   401   150   2,003   1,132  
(Loss) gain on branches, equipment and other assets, net  (19)  (34)  (23)  (29)  217   (105)  326  
Special dividend from equity investment  -   2,227   2,200   8,073   -   12,500   10,185  
Gain on securities  -   -   -   219   -   219   -  
Recoveries on historic losses  -   -   -   5,107   -   5,107   -  
Total non-interest income adjustments (G) $803  $2,500  $4,046  $19,553  $4,638  $26,902  $9,665  
                
Non-interest expense:               
Branch write-off expense $-  $-  $-  $-  $-  $-  $981  
Merger and acquisition expenses  880   1,006   -   -   -   1,886   711  
Outsourced special project expense  -   -   -   -   -   -   1,092  
Total non-interest expense adjustments (H) $880  $1,006  $-  $-  $-  $1,886  $2,784  
                



 Home BancShares, Inc.
 Non-GAAP Reconciliations
 (Unaudited)
               
  Quarter Ended Year Ended
(Dollars in thousands) Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
 Dec. 31,
2021
 Dec. 31,
2020
               
ANNUALIZED NET INTEREST MARGIN              
               
Net interest margin: (A/C)  3.42%  3.60%  3.61%  4.02%  4.00%  3.66%  4.06%
Net interest margin, excluding PPP loans:(B/D)  3.32%  3.43%  3.54%  3.86%  3.97%  3.53%  4.08%
               
Net interest income - FTE (A) $140,756  $146,359  $143,026  $149,909  $149,803  $580,050  $588,570 
PPP loan interest & discount accretion income  5,786   10,162   7,802   11,878   8,841   35,628   19,234 
Net interest income - FTE, excluding PPP loans (B) $134,970  $136,197  $135,224  $138,031  $140,962  $544,422  $569,336 
               
Average interest-earning assets (C) $16,308,722  $16,110,526  $15,892,519  $15,118,940  $14,900,381  $15,861,630  $14,497,230 
Average PPP loans  162,969   371,523   581,371   633,790   775,861   434,710   547,328 
Average interest-earning assets, excluding PPP loans (D) $16,145,753  $15,739,003  $15,311,148  $14,485,150  $14,124,520  $15,426,920  $13,949,902 
               
               
  Quarter Ended    
  Dec. 31,
2021
 Sep. 30,
2021
 Jun. 30,
2021
 Mar. 31,
2021
 Dec. 31,
2020
    
               
TANGIBLE BOOK VALUE PER COMMON SHARE              
               
Book value per common share: (A/B) $16.90  $16.68  $16.39  $16.02  $15.78     
Tangible book value per common share: ((A-C-D)/B)  10.80   10.59   10.31   9.95   9.70     
               
Total stockholders' equity (A) $2,765,721  $2,736,062  $2,696,189  $2,645,204  $2,605,758     
End of period common shares outstanding (B)  163,699   164,008   164,488   165,141   165,095     
Goodwill (C)  973,025   973,025   973,025   973,025   973,025     
Core deposit and other intangibles (D)  25,045   26,466   27,886   29,307   30,728     
               
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS              
               
Equity to assets: (B/A)  15.32%  15.40%  15.30%  15.34%  15.89%    
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))  10.36%  10.36%  10.20%  10.12%  10.41%    
               
Total assets (A) $18,052,138  $17,765,056  $17,627,192  $17,240,241  $16,398,804     
Total stockholders' equity (B)  2,765,721   2,736,062   2,696,189   2,645,204   2,605,758     
Goodwill (C)  973,025   973,025   973,025   973,025   973,025     
Core deposit and other intangibles (D)  25,045   26,466   27,886   29,307   30,728     
               

FAQ

What were Home BancShares' earnings for Q4 2021?

Home BancShares reported earnings of $73.4 million for Q4 2021.

How did Home BancShares perform financially in 2021?

Home BancShares achieved record net income of $319.0 million for the year 2021.

What was Home BancShares' net interest margin in Q4 2021?

The net interest margin for Home BancShares in Q4 2021 was 3.42%.

When is Home BancShares' acquisition of Happy Bancshares expected to close?

The acquisition of Happy Bancshares is expected to close in Q1 2022, pending regulatory approval.

Home BancShares, Inc.

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