Home BancShares, Inc. Remains Profitable in First Quarter During Unprecedented Times

Company Release - 4/16/2020 8:15 AM ET

CONWAY, Ark., April 16, 2020 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released first quarter earnings today.

Highlights of the First Quarter of 2020:

MetricQ1 2020Q4 2019Q3 2019Q2 2019Q1 2019
Net Income$507,000 $73.3 million$72.8 million$72.2 million$71.4 million
Total Revenue (net)$162.7 million$167.8 million$167.7 million$164.1 million$163.1 million
ROA 0.01%  1.94%  1.93%  1.92%  1.92% 
NIM 4.22%  4.24%  4.32%  4.28%  4.30% 
Purchase Accounting Accretion$7.6 million$9.1 million$8.5 million$9.2 million$9.1 million
ROE 0.08%  11.71%  11.84%  12.18%  12.34% 
ROTCE (non-GAAP)(1) 0.14%  19.55%  20.04%  21.01%  21.53% 
Diluted Earnings Per Share$0.00 $0.44 $0.44 $0.43 $0.42 
Non-Performing Assets to Total Assets 0.44%  0.43%  0.45%  0.51%  0.52% 
Common Equity Tier 1 Capital 11.6%  12.4%  12.2%  11.6%  11.4% 
Leverage 10.8%  11.3%  10.9%  10.5%  10.2% 
Tier 1 Capital 12.1%  13.0%  12.8%  12.2%  12.0% 
Total Risk-Based Capital 15.8%  16.4%  16.2%  15.5%  15.4% 
Allowance for Credit Losses to Total Loans 2.01%  0.94%  0.97%  0.96%  0.97% 

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

“The earnings power of HOMB has really shone through this quarter,” said John Allison, Chairman. “After $95 million of noise, most of which were non-cash expenditures, to still be profitable is remarkable,” continued Allison.

“Banking is an essential business and no doubt a backbone to the American economy,” said Tracy French, Centennial Bank President and Chief Executive Officer. “It’s been amazing to watch our team of bankers push through thousands of loans totaling just under $1 billion dollars in about ten days to assist our customers through the Paycheck Protection Program,” French continued.

Operating Highlights

During the first quarter of 2020, the Coronavirus (“COVID-19”) pandemic has had a significant impact on global markets driven by supply chain and production disruptions, workforce restrictions, travel restrictions, retail closures, and reduced consumer spending and sentiment, amongst other factors.  The potential global and economic impacts of the coronavirus continue to evolve rapidly and HOMB is continuing to closely monitor the situation.

During the quarter, we had a lot of net income noise compared to previous quarters.  The most significant noise is related to COVID-19.  As a result of COVID-19, the Company recorded a $71.7 million provision for credit losses, a $7.8 million expense for the increase in our unfunded commitment reserve, an $842,000 provision for credit losses on investment securities, and a $5.8 million write-down for the fair value adjustment on marketable securities.  This was the first quarter under which the Company began accounting for credit losses under Accounting Standards Codification (ASC) 326, Financial Instruments – Credit Losses, which increased the loan provision by $5.0 million.  We incurred $10.0 million of expense as a result of our LH-Finance acquisition, which we completed on February 29, 2020, including $9.3 million for the provision for credit losses and $711,000 of acquisition expenses.  The acquired loan portfolio is now housed in our Shore Premier Finance division.  The Company also had $1.1 million of expense for outsourced special projects and $7.0 million of special dividend income from one of our equity investments.  The summation of all these items resulted in net additional expense of  $95.2 million, or $70.3 million after tax.  Excluding these items, our net earnings, as adjusted (non-GAAP), for the quarter ended March 31, 2020 were $70.8 million, or $0.43 diluted earnings per share, compared to $73.1 million, or $0.44 diluted earnings per share, for the quarter ended December 31, 2019.(1)

The Company adopted ASC 326 (“CECL”) as of January 1, 2020.  The adoption of this standard increased the opening balance for the allowance for credit losses by $44.0 million.  The new CECL accounting standard requires that both a discount and an allowance for credit losses be recorded on loans during an acquisition.  This is commonly referred to as “double accounting.”  During the first quarter, we completed the acquisition of $406.2 million of loans from LH-Finance.  As a result, we recorded a $6.2 million loan discount and a $9.3 million increase in the allowance for credit losses for the double accounting for this acquisition.
____________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

During the first quarter of 2020, we recorded $86.8 million of total credit loss expense.  This expense is comprised of the following components – investment securities, CECL double accounting for LH-Finance, CECL loan provision and CECL COVID-19 loan provision.   We recorded $842,000 for credit losses on investments related to our sales tax bonds with lower coverage ratios.  The CECL double accounting for LH-Finance was $9.3 million.  The normal CECL loan provision was approximately $5.0 million and the CECL COVID-19 loan provision was approximately $71.7 million.   Our CECL provisioning model is significantly tied to projected unemployment rates.   As a result of COVID-19, the unemployment rate projections significantly increased from January 1 to the end of March 2020, which resulted in the $71.7 million provision related to COVID-19. 

Our net interest margin was 4.22% for the three-month period ended March 31, 2020 compared to 4.24% for the three-month period ended December 31, 2019. The yield on loans was 5.79% and 5.90% for the three months ended March 31, 2020 and December 31, 2019, respectively, as average loans increased from $10.87 billion to $11.01 billion. Additionally, the rate on interest bearing deposits decreased to 1.08% as of  March 31, 2020 from 1.21% as of December 31, 2019, with average balances of $8.99 billion and $8.82 billion, respectively.

From the fourth quarter of 2019 to the first quarter of 2020, we experienced a $672,000 decrease in investment premium amortization as a result of the change in prepayment speeds.  This decreased investment premium amortization positively impacted the net interest margin for the quarter ended March 31, 2020 by 2.0 basis points.

During the first quarter of 2020, event interest income was $558,000 compared to event interest income of $549,000 for the quarter ended December 31, 2019.

For the three months ended March 31, 2020 and December 31, 2019, we recognized $7.6 million and $9.1 million, respectively, in total net accretion for acquired loans and deposits. The $1.5 million reduction in accretion income decreased the net interest margin by 4.5 basis points for the first quarter of 2020.

Purchase accounting accretion on acquired loans was $7.6 million and $9.1 million and average purchase accounting loan discounts were $69.4 million and $91.9 million for the three-month periods ended March 31, 2020 and December 31, 2019, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining CD premiums were $236,000 and $266,000 for the three-month periods ended March 31, 2020 and December 31, 2019, respectively.

Net interest income on a fully taxable equivalent basis decreased $153,000, or 0.11%, to $141.0 million for the three-month period ended March 31, 2020, from $141.1 million for the three-month period ended December 31, 2019. This decrease in net interest income for the three-month period ended March 31, 2020 was the result of a $3.1 million decrease in interest income, which was partially offset by a $2.9 million decrease in interest expense. The $3.1 million decrease in interest income was primarily the result of a $3.1 million decrease in loan interest income and a $126,000 net decrease in investment income partially offset by a $167,000 increase in income on deposits with other banks. The $2.9 million decrease in interest expense was primarily the result of a $2.6 million decrease in interest expense on deposits. This decrease was the result of a $1.6 million decrease in interest expense on savings and interest-bearing transaction accounts and a $1.0 million decrease in interest expense on time deposits. 

Non-performing loans to total loans was 0.53% as of March 31, 2020 compared to 0.50% as of December 31, 2019. Non-performing assets to total assets increased from 0.43% as of December 31, 2019 to 0.44% as of March 31, 2020. For the first quarter of 2020, net charge-offs were $3.5 million compared to net charge-offs of $2.2 million for the fourth quarter of 2019.

The Company reported $22.9 million of non-interest income for the first quarter of 2020, compared to $28.0 million for the fourth quarter of 2019. The most important components of the fourth quarter non-interest income were $7.8 million from dividends from FHLB, FRB, FNBB & other equity investments, $6.6 million from service charges on deposits accounts, $6.1 million from other service charges and fees, $3.2 million from other income and $2.6 million from mortgage lending income. Non-interest income for the first quarter of 2020 includes $7.0 million in dividends related to a special dividend from an equity investment and a $5.8 million adjustment for the decline in fair market value of a marketable securities.

Non-interest expense for the first quarter of 2020 was $78.2 million compared to $71.3 million for the fourth quarter of 2019. The most important components of the fourth quarter non-interest expense were $39.3 million from salaries and employee benefits, $25.7 million in other expense and $8.9 million in occupancy and equipment expenses. For the first quarter of 2020, our efficiency ratio was 46.82%. Non-interest expense for the first quarter of 2020 included $7.8 million in unfunded commitments expense due to the adoption of CECL, $1.1 million in other professional fees related to outsourced special projects, and $711,000 in merger and acquisition expense.  Non-interest expense for the fourth quarter of 2019 included $631,000 in other professional fees related to an outsourced special project.

Financial Condition

Total loans receivable were $11.38 billion at March 31, 2020 compared to $10.87 billion at December 31, 2019. Total deposits were $11.51 billion at March 31, 2020 compared to $11.28 billion at December 31, 2019. Total assets were $15.53 billion at March 31, 2020 compared to $15.03 billion at December 31, 2019.

During the first quarter 2020, the Company experienced approximately $109.0 million in organic loan growth. Centennial CFG experienced $167.9 million of organic loan growth and had loans of $1.76 billion at March 31, 2020. Our legacy footprint experienced $58.9 million in organic loan decline during the quarter.  

Non-performing loans at March 31, 2020 were $16.9 million, $39.5 million, $518,000, $3.0 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $59.9 million. Non-performing assets at March 31, 2020 were $20.6 million, $44.4 million, $552,000, $3.0 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $68.5 million. 

The Company’s allowance for credit losses was $228.9 million at March 31, 2020, or 2.01% of total loans, compared to the allowance for loan losses of $102.1 million, or 0.94% of total loans, at December 31, 2019. As of March 31, 2020, and December 31, 2019, the Company’s allowance for credit losses and allowance for loan losses was 369.7% and 186.2% of its total non-performing loans, respectively.  The increase in the allowance for credit losses at March 31, 2020, is primarily attributable to the Company’s adoption of CECL and the provision for credit losses recorded during the first quarter 2020 for the effects of COVID-19 and the loans acquired from LH-Finance.

Stockholders’ equity was $2.43 billion at March 31, 2020 compared to $2.51 billion at December 31, 2019, a decrease of approximately $81.3 million. The decrease in stockholders’ equity is primarily associated with the $65.1 million decrease in retained earnings and the repurchase of $23.9 million of our common stock during the first quarter of 2020 which were partially offset by the $4.8 million increase in accumulated other comprehensive income.  Book value per common share was $14.72 at March 31, 2020 compared to $15.10 at December 31, 2019.  Tangible book value per common share (non-GAAP) was $8.61 at March 31, 2020 compared to $9.12 at December 31, 2019, a decrease of 5.59%.(1)
____________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

Branches

The Company currently has 77 branches in Arkansas, 78 branches in Florida, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 16, 2020.  We encourage all participants to pre-register for the conference call using the following link:  http://dpregister.com/10140220.  Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call.  Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email.  The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-877-508-9586 and asking for the Home BancShares conference call.  A replay of the call will be available by calling 1-877-344-7529, Passcode: 10140220, which will be available until April 23, 2020 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.

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

General

This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements.  These factors include, but are not limited to, the following:  economic conditions, credit quality, interest rates, loan demand, disruptions and uncertainties in our business and operations as a result of the ongoing coronavirus pandemic, the ability to successfully integrate new acquisitions, legislative and regulatory changes and risks associated with current and future regulations, technological changes and cybersecurity risks, competition from other financial institutions, changes in the assumptions used in making the forward-looking statements, and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 26, 2020.

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama and New York City. The Company’s common stock is traded through the NASDAQ Global Select Market under the symbol “HOMB.”

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

Home BancShares, Inc.
 Consolidated End of Period Balance Sheets
 (Unaudited)
       
   Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
 (In thousands)    2020    2019    2019    2019    2019  
                 
ASSETS                
                 
Cash and due from banks $147,200 $168,914 $171,492 $183,745 $141,027 
Interest-bearing deposits with other banks  424,235  321,687  270,804  373,557  421,443 
Cash and cash equivalents  571,435  490,601  442,296  557,302  562,470 
Federal funds sold  -  -  1,650  1,075  1,700 
Investment securities - available-for-sale, net of allowance for
  credit losses
  2,098,000  2,083,838  2,087,508  2,053,939  2,013,123 
Loans receivable  11,384,982  10,869,710  10,771,946  11,053,129  10,978,935 
Allowance for credit losses  (228,923) (102,122) (104,304) (106,066) (106,357)
Loans receivable, net  11,156,059  10,767,588  10,667,642  10,947,063  10,872,578 
Bank premises and equipment, net  281,795  280,103  277,966  278,821  279,012 
Foreclosed assets held for sale  8,204  9,143  8,639  13,734  14,466 
Cash value of life insurance  103,120  102,562  102,003  149,708  149,353 
Accrued interest receivable  50,295  45,086  47,557  48,992  50,288 
Deferred tax asset, net  77,110  44,301  53,436  58,517  64,061 
Goodwill  973,025  958,408  958,408  958,408  958,408 
Core deposit and other intangibles  35,055  36,572  38,136  39,723  41,310 
Other assets  177,634  213,845  216,694  180,293  172,732 
Total assets  $15,531,732 $15,032,047 $14,901,935 $15,287,575 $15,179,501 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
                 
Liabilities                
Deposits:                
Demand and non-interest-bearing $2,425,036 $2,367,091 $2,394,207 $2,575,696 $2,519,175 
Savings and interest-bearing transaction accounts  7,149,644  6,933,964  6,620,616  6,774,162  6,650,181 
Time deposits  1,940,234  1,977,328  2,032,547  1,997,458  1,898,096 
Total deposits  11,514,914  11,278,383  11,047,370  11,347,316  11,067,452 
Federal funds purchased  -  5,000  50,000  -  - 
Securities sold under agreements to repurchase  126,884  143,727  157,038  142,541  152,239 
FHLB and other borrowed funds  951,436  621,439  691,443  899,447  1,105,175 
Accrued interest payable and other liabilities  138,479  102,410  117,332  107,695  124,172 
Subordinated debentures  369,748  369,557  369,363  369,170  368,979 
Total liabilities   13,101,461  12,520,516  12,432,546  12,866,169  12,818,017 
                 
Stockholders' equity                 
Common stock  1,651  1,664  1,669  1,675  1,682 
Capital surplus  1,516,151  1,537,091  1,542,858  1,550,999  1,560,994 
Retained earnings  891,498  956,555  904,980  853,964  803,629 
Accumulated other comprehensive (loss) income  20,971  16,221  19,882  14,768  (4,821)
Total stockholders' equity  2,430,271  2,511,531  2,469,389  2,421,406  2,361,484 
Total liabilities and stockholders' equity $15,531,732 $15,032,047 $14,901,935 $15,287,575 $15,179,501 
                 


Home BancShares, Inc.
 Consolidated Statements of Income
 (Unaudited)
         
  Quarter Ended   Three Months Ended
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,   Mar. 31,  Mar. 31,
 (In thousands)   2020    2019    2019    2019    2019    2020    2019
                     
 Interest income                     
Loans$158,148 $161,211 $167,470 $165,816 $163,848 $158,148 $163,848
Investment securities                    
Taxable 9,776  9,707  10,343  10,650  10,706  9,776  10,706
Tax-exempt 3,114  3,260  3,193  3,183  3,379  3,114  3,379
Deposits - other banks 1,116  949  1,068  1,628  1,543  1,116  1,543
Federal funds sold 21  5  8  10  11  21  11
                     
Total interest income 172,175  175,132  182,082  181,287  179,487  172,175  179,487
                     
 Interest expense                     
Interest on deposits 24,198  26,823  29,566  29,709  28,006  24,198  28,006
Federal funds purchased 13  33  21  -  -  13  -
FHLB borrowed funds 2,698  2,686  3,683  4,722  6,118  2,698  6,118
Securities sold under agreements to repurchase 462  652  628  630  634  462  634
Subordinated debentures 5,079  5,155  5,207  5,239  5,259  5,079  5,259
                     
Total interest expense 32,450  35,349  39,105  40,300  40,017  32,450  40,017
                     
 Net interest income  139,725  139,783  142,977  140,987  139,470  139,725  139,470
                     
Provision for credit loss - loans 76,672  -  -  1,325  -  76,672  -
Provision for credit loss - acquired loans 9,309  -  -  -  -  9,309  -
Provision for credit loss - investment securities 842  -  -  -  -  842  -
Total credit loss expense 86,823  -  -  1,325  -  86,823  -
 Net interest income after                     
  provision for credit losses  52,902  139,783  142,977  139,662  139,470  52,902  139,470
                     
 Non-interest income                     
Service charges on deposit accounts 6,631  6,778  6,492  6,259  6,401  6,631  6,401
Other service charges and fees 6,056  10,636  8,710  8,177  6,563  6,056  6,563
Trust fees 438  390  382  391  403  438  403
Mortgage lending income 2,621  3,801  4,610  3,457  2,435  2,621  2,435
Insurance commissions 678  551  603  515  609  678  609
Increase in cash value of life insurance 560  562  714  740  736  560  736
Dividends from FHLB, FRB, FNBB & other 7,842  1,952  1,101  1,149  3,505  7,842  3,505
Gain (loss) on SBA loans 341  686  291  355  241  341  241
Gain (loss) on branches, equipment and
  other assets, net
 82  35  12  (129) 79  82  79
Gain (loss) on OREO, net 277  159  334  58  206  277  206
Gain (loss) on securities, net -  (2) -  -  -  -  -
Fair value adjustment for marketable securities (5,818) -  -  -  -  (5,818) -
Other income 3,219  2,481  1,500  2,094  2,494  3,219  2,494
                     
 Total non-interest income 22,927  28,029  24,749  23,066  23,672  22,927  23,672
                     
 Non-interest expense                     
  Salaries and employee benefits 39,329  38,446  39,919  37,976  37,836  39,329  37,836
  Occupancy and equipment 8,873  8,729  9,047  8,853  8,823  8,873  8,823
  Data processing expense 4,326  4,294  4,059  3,838  3,970  4,326  3,970
  Other operating expenses 25,721  19,873  14,739  16,957  18,428  25,721  18,428
                     
 Total non-interest expense 78,249  71,342  67,764  67,624  69,057  78,249  69,057
                     
 (Loss) income before income taxes   (2,420) 96,470  99,962  95,104  94,085  (2,420) 94,085
  Income tax (benefit) expense (2,927) 23,208  27,199  22,940  22,735  (2,927) 22,735
 Net income $507 $73,262 $72,763 $72,164 $71,350 $507 $71,350
                     


Home BancShares, Inc.
 Selected Financial Information
 (Unaudited)
         
  Quarter Ended
   Three Months Ended
 
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,
   Mar. 31,  Mar. 31,
 
 (Dollars and shares in thousands, except per share data)   2020    2019    2019    2019    2019     2020    2019  
                       
PER SHARE DATA                      
                       
Diluted earnings per common share$- $0.44 $0.44 $0.43 $0.42  $- $0.42 
Diluted earnings per common share, as adjusted, excluding
  outsourced special project expense, merger and acquisition
  expense, fair value adjustment for marketable securities,
  unfunded commitment expense, provision for credit losses,
  special dividend from equity investment, FDIC Small Bank
  Assessment Credit, hurricane expense, Florida tax savings
  and BOLI redemption tax (non-GAAP)(1)
 0.43  0.44  0.44  0.44  0.42   0.43  0.42 
Basic earnings per common share -  0.44  0.44  0.43  0.42   -  0.42 
Dividends per share - common 0.1300  0.1300  0.1300  0.1300  0.1200   0.1300  0.1200 
Book value per common share 14.72  15.10  14.80  14.46  14.04   14.72  14.04 
Tangible book value per common share (non-GAAP)(1) 8.61  9.12  8.83  8.50  8.10   8.61  8.10 
                       
                       
STOCK INFORMATION                      
                       
Average common shares outstanding 166,014  166,696  167,178  167,791  169,592   166,014  169,592 
Average diluted shares outstanding 166,014  166,696  167,178  167,791  169,592   166,014  169,592 
End of period common shares outstanding 165,148  166,373  166,860  167,466  168,173   165,148  168,173 
                       
                       
ANNUALIZED PERFORMANCE METRICS                      
                       
Return on average assets 0.01%  1.94%  1.93%  1.92%  1.92%   0.01%  1.92% 
Return on average assets excluding outsourced special
  project expense, merger and acquisition expense, fair value 
  adjustment for marketable securities, unfunded commitment
  expense, provision for credit losses, special dividend from
  equity investment, FDIC Small Bank Assessment Credit,
  hurricane expense, Florida tax savings and BOLI redemption
  tax: (ROA, as adjusted) (non-GAAP)(1)
 1.88%  1.94%  1.96%  1.95%  1.92%   1.88%  1.92% 
Return on average assets excluding intangible
  amortization (non-GAAP)(1)
 0.05%  2.12%  2.10%  2.09%  2.09%   0.05%  2.09% 
Return on average common equity 0.08%  11.71%  11.84%  12.18%  12.34%   0.08%  12.34% 
Return on average common equity excluding outsourced special
  project expense, merger and acquisition expense, fair value 
  adjustment for marketable securities, unfunded commitment
  expense, provision for credit losses, special dividend from
  equity investment, FDIC Small Bank Assessment Credit,
   hurricane expense, Florida tax savings and BOLI redemption
  tax: (ROE, as adjusted) (non-GAAP)(1)
 11.48%  11.68%  12.08%  12.39%  12.34%   11.48%  12.34% 
Return on average tangible common equity (non-GAAP)(1) 0.14%  19.55%  20.04%  21.01%  21.53%   0.14%  21.53% 
Return on average tangible common equity excluding intangible
  amortization (non-GAAP)(1)
 0.44%  19.86%  20.36%  21.35%  21.88%   0.44%  21.88% 
Return on average tangible common equity excluding outsourced
  special project expense, merger and acquisition expense, fair
  value adjustment for marketable securities, unfunded
  commitment expense, provision for credit losses, special
  dividend from equity investment, FDIC Small Bank Assessment
  Credit, hurricane expense, Florida tax savings and BOLI
  redemption tax: (ROTCE, as adjusted) (non-GAAP)(1)
 19.22%  19.51%  20.45%  21.37%  21.53%   19.22%  21.53% 
Efficiency ratio 46.82%  41.26%  39.16%  39.93%  41.01%   46.82%  41.01% 
Efficiency ratio, as adjusted (non-GAAP)(1) 41.37%  41.14%  40.60%  39.92%  40.52%   41.37%  40.52% 
Net interest margin - FTE 4.22%  4.24%  4.32%  4.28%  4.30%   4.22%  4.30% 
Fully taxable equivalent adjustment$1,227 $1,322 $1,247 $1,319 $1,367  $1,227 $1,367 
Total revenue (net) 162,652  167,812  167,726  164,053  163,142   162,652  163,142 
Total purchase accounting accretion 7,647  9,133  8,462  9,240  9,055   7,647  9,055 
Average purchase accounting loan discounts 69,365  91,869  112,623  122,197  131,596   69,365  131,596 
                       
                       
OTHER OPERATING EXPENSES                      
                       
Advertising$1,226 $1,340 $1,201 $1,095 $1,051  $1,226 $1,051 
Merger and acquisition expenses 711  -  -  -  -   711  - 
Amortization of intangibles 1,517  1,565  1,587  1,587  1,586   1,517  1,586 
Electronic banking expense 1,715