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Published: 2022-01-20 08:16:22 ET

EX-99.1 2 homb-20210120xexx9911.htm EX-99.1 Document

EXHIBIT 99.1


For Immediate Release:			January 20, 2022

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

Conway, AR – 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:


Metric	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 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 is 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)	—			(0.01)			(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