Home BancShares Beats EPS Estimates for First Quarter

Company Release - 4/21/2022

CONWAY, Ark., April 21, 2022 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the First Quarter of 2022:

Metric Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021
Net Income $64.9 million $73.4 million $75.0 million $79.1 million $91.6 million
Total Revenue (net) $161.8 million $171.0 million $173.8 million $172.4 million $193.4 million
Income before income taxes $84.9 million $93.9 million $98.2 million $104.1 million $120.5 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $84.9 million $93.9 million $98.2 million $99.4 million $120.5 million
Pre-tax net income to total revenue (net) 52.48% 54.94% 56.50% 60.42% 62.32%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 52.48% 54.94% 56.50% 57.66% 62.32%
ROA 1.43% 1.62% 1.68% 1.81% 2.22%
NIM 3.21% 3.42% 3.60% 3.61% 4.02%
NIM, excluding PPP loans (non-GAAP)(1) 3.17% 3.32% 3.43% 3.54% 3.86%
Purchase Accounting Accretion $3.1 million $4.0 million $4.9 million $5.8 million $5.5 million
ROE 9.58% 10.63% 10.97% 11.92% 14.15%
ROTCE (non-GAAP)(1) 15.03% 16.73% 17.39% 19.12% 22.90%
Diluted Earnings Per Share $0.40 $0.45 $0.46 $0.48 $0.55
Non-Performing Assets to Total Assets 0.25% 0.29% 0.29% 0.35% 0.38%
Common Equity Tier 1 Capital 14.9% 15.4% 15.2% 15.0% 14.3%
Leverage 10.8% 11.1% 11.0% 10.9% 11.1%
Tier 1 Capital 15.4% 16.0% 15.8% 15.6% 14.9%
Total Risk-Based Capital 21.6% 19.8% 19.6% 19.5% 18.8%
Allowance for Credit Losses to Total Loans 2.34% 2.41% 2.41% 2.36% 2.25%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1) 2.35% 2.43% 2.47% 2.47% 2.40%

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

“The first quarter brought about record high wholesale prices, rising interest rates, future recession fears and global unrest, thus creating one of the most volatile quarters on record during my business career,” said John Allison, Chairman. “During this time, HOMB has stayed true to our discipline and still delivered solid performance during the quarter. We like how we have positioned ourselves in the market with over $3.5 billion in excess cash, and with rising interest rates, it seems as though we have played the chess game very well so far. We believe the Fed will be forced to continue raising rates at a faster pace in the near term. As a result, we could be poised to start deploying some of the cash in the remainder of the year,” continued Allison.

Operating Highlights

Net income for the three-month period ended March 31, 2022 was $64.9 million, or $0.40 earnings per share.

During the first quarter of 2022, 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 March 31, 2022. 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 3.21% for the three-month period ended March 31, 2022 compared to 3.42% for the three-month period ended December 31, 2021. The yield on loans was 5.29% and 5.48% for the three months ended March 31, 2022 and December 31, 2021, respectively, as average loans increased from $9.91 billion to $9.94 billion. Additionally, the rate on interest bearing deposits decreased to 0.19% as of March 31, 2022 from 0.20% as of December 31, 2021, as average balances increased from $10.00 billion to $10.22 billion.

As of March 31, 2022, we had $59.6 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 March 31, 2022 was 3.17%(1). The PPP loans were accretive to the net interest margin by 4 basis points for the three-month period ended March 31, 2022 compared to 10 basis points for the three-month period ended December 31, 2021. This was primarily due to approximately $53.2 million of the Company’s PPP loans being forgiven during the first quarter of 2022 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income decreased from $5.4 million to $2.0 million for the three-month periods ended December 31, 2021 and March 31, 2022, respectively.

As a result of excess liquidity, we had an increase of $236.0 million of average interest-bearing cash balances in the first quarter of 2022 compared to the fourth quarter of 2021. This excess liquidity diluted the net interest margin by 5 basis points for the three-month period ended March 31, 2022.

During the first quarter of 2022, there was $1.4 million of event interest income compared to event interest income of $1.2 million for the fourth quarter of 2021. The increase in event income led to a 0.6 basis point increase to the net interest margin.

Purchase accounting accretion on acquired loans was $3.1 million and $4.0 million and average purchase accounting loan discounts were $25.4 million and $28.9 million for the three-month periods ended March 31, 2022 and December 31, 2021, respectively. The reduction in accretion income reduced the net interest margin by 2 basis points for the three-month period ended March 31, 2022.

Net interest income on a fully taxable equivalent basis was $132.9 million for the three-month period ended March 31, 2022 and $140.8 million for the three-month period ended December 31, 2021. This decrease in net interest income for the three-month period ended March 31, 2022 was the result of a $6.1 million decrease in interest income and a $1.8 million increase in interest expense. The $6.1 million decrease in interest income was primarily the result of a $7.3 million decrease in loan interest income, partially offset by an $835,000 increase in investment income. The $1.8 million increase in interest expense was due to a $2.1 million increase in interest expense on subordinated debentures, which was partially offset by a $261,000 decrease in interest expense on deposits. The increase in interest expense on subordinated debentures was the result of the Company completing an underwritten public offering of $300.0 million in aggregate principal of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 during the first quarter of 2022. The new subordinated debt was dilutive to the net interest margin by 5 basis points.

The Company reported $30.7 million of non-interest income for the first quarter of 2022. The most important components of the first quarter non-interest income were $7.7 million from other service charges and fees, $6.1 million from service charges on deposit accounts, $3.9 million in mortgage lending income, $7.9 million from other income, $2.1 million income from the fair value adjustment for marketable securities, $698,000 million from dividends from FHLB, FRB, FNBB and other, $574,000 from trust fees, $492,000 increase in cash value of life insurance, $480,000 from insurance commissions and $478,000 from gain on OREO. The $7.9 million in other income includes $3.3 million in recoveries on historic losses for a single borrower.

Non-interest expense for the first quarter of 2022 was $76.9 million. The most important components of the first quarter non-interest expense were $43.6 million from salaries and employee benefits, $16.3 million in other expense, $9.1 million in occupancy and equipment expenses and $7.0 million in data processing expenses. Also included within non-interest expense was $863,000 in merger and acquisition expenses. For the first quarter of 2022, our efficiency ratio was 46.15%.

Financial Condition

Total loans receivable were $10.05 billion at March 31, 2022 compared to $9.84 billion at December 31, 2021. Total deposits were $14.58 billion at March 31, 2022 compared to $14.26 billion at December 31, 2021. Total assets were $18.62 billion at March 31, 2022 compared to $18.05 billion at December 31, 2021.

During the first quarter of 2022, the Company experienced approximately $216.6 million in loan growth. On February 7, 2022, the Company completed the acquisition of $242.2 million of marine loans, from LendingClub Bank. Centennial CFG experienced $225.6 million of organic loan growth and had loans of $2.15 billion at March 31, 2022. Our legacy footprint experienced $198.0 million in organic loan decline and $53.2 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.44% and 0.51% as of March 31, 2022 and December 31, 2021, respectively. Non-performing assets to total assets was 0.25% and 0.29% as of March 31, 2022 and December 31, 2021, respectively. Net charge-offs were $1.9 million and $2.0 million for the three months ended March 31, 2022 and December 31, 2021, respectively.

Non-performing loans at March 31, 2022 were $13.2 million, $24.8 million, $480,000, $1.4 million and $4.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $44.7 million. Non-performing assets at March 31, 2022 were $13.2 million, $25.9 million, $480,000, $1.4 million and $4.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $45.8 million.

The Company’s allowance for credit losses on loans was $234.8 million at March 31, 2022, or 2.34% of total loans, compared to the allowance for credit losses of $236.7 million, or 2.41% of total loans, at December 31, 2021. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.35%(1) and 2.43%(1) for the three months ended March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, the Company’s allowance for credit losses on loans was 525.50% and 471.61% of its total non-performing loans, respectively.

Stockholders’ equity was $2.69 billion at March 31, 2022 compared to $2.77 billion at December 31, 2021, a decrease of approximately $79.0 million. The decrease in stockholders’ equity was associated with a $115.0 million decrease in accumulated other comprehensive income as well as net stock repurchases and share-based compensation activity of $1.8 million, which was partially offset by a $37.8 million increase in retained earnings. Book value per common share was $16.41 at March 31, 2022 compared to $16.90 at December 31, 2021. Tangible book value per common share (non-GAAP) was $10.32(1) at March 31, 2022 compared to $10.80(1) at December 31, 2021, a decrease of 17.94% on an annualized basis. 

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 62 branches in Texas, 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, was completed on April 1, 2022. As of March 31, 2022, Happy had approximately $6.76 billion in total assets, $3.60 billion in loans, and $5.85 billion in deposits. With the completion of the acquisition, the Company now operates 62 branches in Texas.

Subordinated Debt Payoff

On April 15, 2022, the Company completed the payoff of its $300.0 million in aggregate principal amount of 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027. Each 2027 Note was redeemed pursuant to the terms of the Subordinated Indenture, as supplemented by the First Supplemental Indenture, each dated as of April 3, 2017, between the Company and U.S. Bank Trust Company, National Association, the Trustee for the 2027 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date.

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

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 21, 2022. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/468089456. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.incommglobalevents.com/registration/q4inc/10378/home-bancshares-inc-1st-quarter-earnings-call/. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be 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: 064337. A replay of the call will be available by calling 1-866-813-9403, Passcode: 129968, which will be available until April 28, 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.

About Home BancShares

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

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. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent 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 acquisition of Happy 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, 2021, filed with the SEC on February 24, 2022.

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)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
                     
ASSETS                    
                     
Cash and due from banks   $ 173,134     $ 119,908     $ 146,378     $ 182,226     $ 218,814  
Interest-bearing deposits with other banks     3,446,324       3,530,407       3,133,878       2,759,027       2,259,734  
Cash and cash equivalents     3,619,458       3,650,315       3,280,256       2,941,253       2,478,548  
Investment securities - available-for sale, net of allowance for credit losses     2,957,322       3,119,807       3,150,608       3,053,712       2,539,123  
Investment securities - held-to-maturity     499,265       -       -       -       -  
Loans receivable     10,052,714       9,836,089       9,901,100       10,199,175       10,778,493  
Allowance for credit losses     (234,768 )     (236,714 )     (238,673 )     (240,451 )     (242,932 )
Loans receivable, net     9,817,946       9,599,375       9,662,427       9,958,724       10,535,561  
Bank premises and equipment, net     274,503       275,760       276,972       278,502       278,620  
Foreclosed assets held for sale     1,144       1,630       1,171       1,969       3,004  
Cash value of life insurance     105,623       105,135       104,638       104,132       103,599  
Accrued interest receivable     46,934       46,736       48,577       48,725       55,495  
Deferred tax asset, net     116,605       78,290       69,724       72,273       77,145  
Goodwill     973,025       973,025       973,025       973,025       973,025  
Core deposit and other intangibles     23,624       25,045       26,466       27,886       29,307  
Other assets     182,546       177,020       171,192       166,991       166,814  
Total assets   $ 18,617,995     $ 18,052,138     $ 17,765,056     $ 17,627,192     $ 17,240,241  
                     
LIABILITIES AND STOCKHOLDERS' EQUITY                    
                     
Liabilities                    
Deposits:                    
Demand and non-interest-bearing   $ 4,311,400     $ 4,127,878     $ 4,139,149     $ 4,076,570     $ 3,859,722  
Savings and interest-bearing transaction accounts     9,461,393       9,251,805       8,813,326       8,744,900       8,477,208  
Time deposits     808,141       880,887       1,050,896       1,069,871       1,175,664  
Total deposits     14,580,934       14,260,570       14,003,371       13,891,341       13,512,594  
Securities sold under agreements to repurchase     151,151       140,886       141,002       150,540       162,929  
FHLB and other borrowed funds     400,000       400,000       400,000       400,000       400,000  
Accrued interest payable and other liabilities     131,339       113,868       113,721       118,415       148,999  
Subordinated debentures     667,868       371,093       370,900       370,707       370,515  
Total liabilities     15,931,292       15,286,417       15,028,994       14,931,003       14,595,037  
                     
Stockholders' equity                    
Common stock     1,638       1,637       1,640       1,645       1,651  
Capital surplus     1,485,524       1,487,373       1,492,588       1,501,615       1,516,286  
Retained earnings     1,304,098       1,266,249       1,215,831       1,163,810       1,107,818  
Accumulated other comprehensive (loss) income     (104,557 )     10,462       26,003       29,119       19,449  
Total stockholders' equity     2,686,703       2,765,721       2,736,062       2,696,189       2,645,204  
Total liabilities and stockholders' equity   $ 18,617,995     $ 18,052,138     $ 17,765,056     $ 17,627,192     $ 17,240,241  
                     

 

 
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(In thousands)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
  Mar. 31,
2022
  Mar. 31,
2021
                             
Interest income                            
Loans   $ 129,442   $ 136,750     $ 142,609     $ 141,684     $ 150,917     $ 129,442   $ 150,917  
Investment securities                            
Taxable     9,080     8,121       8,495       7,185       6,253       9,080     6,253  
Tax-exempt     4,707     4,827       4,839       4,905       5,071       4,707     5,071  
Deposits - other banks     1,673     1,281       1,117       707       410       1,673     410  
Federal funds sold     1     -       -       -       -       1     -  
Total interest income     144,903     150,979       157,060       154,481       162,651       144,903     162,651  
                             
Interest expense                            
Interest on deposits     4,894     5,155       5,642       6,434       7,705       4,894     7,705  
FHLB borrowed funds     1,875     1,916       1,917       1,896       1,875       1,875     1,875  
Securities sold under agreements to repurchase     108     98       102       107       190       108     190  
Subordinated debentures     6,878     4,790       4,788       4,792       4,793       6,878     4,793  
Total interest expense     13,755     11,959       12,449       13,229       14,563       13,755     14,563  
                             
Net interest income     131,148     139,020       144,611       141,252       148,088       131,148     148,088  
                             
Provision for credit losses     -     -       -       -       -       -     -  
Provision for credit loss - unfunded commitments     -     -       -       (4,752 )     -       -     -  
Total credit loss expense     -     -       -       (4,752 )     -       -     -  
                             
Net interest income after provision for credit losses     131,148     139,020       144,611       146,004       148,088       131,148     148,088  
                             
Non-interest income                            
Service charges on deposit accounts     6,140     6,217       5,941       5,116       5,002       6,140     5,002  
Other service charges and fees     7,733     11,133       8,051       9,659       7,608       7,733     7,608  
Trust fees     574     515       479       444       522       574     522  
Mortgage lending income     3,916     5,359       5,948       6,202       8,167       3,916     8,167  
Insurance commissions     480     387       586       478       492       480     492  
Increase in cash value of life insurance     492     501       509       537       502       492     502  
Dividends from FHLB, FRB, FNBB & other     698     919       2,661       2,646       8,609       698     8,609  
Gain on SBA loans     95     792       439       1,149       -       95     -  
Gain (loss) on branches, equipment and other assets, net     16     (19 )     (34 )     (23 )     (29 )     16     (29 )
Gain on OREO, net     478     737       246       619       401       478     401  
Gain on securities, net     -     -       -       -       219       -     219  
Fair value adjustment for marketable securities     2,125     85       61       1,250       5,782       2,125     5,782  
Other income     7,922     5,338       4,322       3,043       8,001       7,922     8,001  
Total non-interest income     30,669     31,964       29,209       31,120       45,276       30,669     45,276  
                             
Non-interest expense                            
Salaries and employee benefits     43,551     43,765       42,469       42,462       42,059       43,551     42,059  
Occupancy and equipment     9,144     9,047       9,305       9,042       9,237       9,144     9,237  
Data processing expense     7,039     6,493       6,024       5,893       5,870       7,039     5,870  
Merger and acquisition expenses     863     880       1,006       -       -       863     -  
Other operating expenses     16,299     16,865       16,815       15,585       15,700       16,299     15,700  
Total non-interest expense     76,896     77,050       75,619       72,982       72,866       76,896     72,866  
                             
Income before income taxes     84,921     93,934       98,201       104,142       120,498       84,921     120,498  
Income tax expense     20,029     20,577       23,209       25,072       28,896       20,029     28,896  
Net income   $ 64,892   $ 73,357     $ 74,992     $ 79,070     $ 91,602     $ 64,892   $ 91,602  
                             

 

 
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars and shares in thousands, except per share data)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
  Mar. 31,
2022
  Mar. 31,
2021
                             
PER SHARE DATA                            
                             
Diluted earnings per common share   $ 0.40     $ 0.45     $ 0.46     $ 0.48     $ 0.55     $ 0.40     $ 0.55  
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 & merger and acquisition expenses (non-GAAP)(1)     0.37       0.45       0.45       0.46       0.47       0.37       0.47  
Basic earnings per common share     0.40       0.45       0.46       0.48       0.55       0.40       0.55  
Dividends per share - common     0.165       0.14       0.14       0.14       0.14       0.165       0.14  
Book value per common share     16.41       16.90       16.68       16.39       16.02       16.41       16.02  
Tangible book value per common share (non-GAAP)(1)     10.32       10.80       10.59       10.31       9.95       10.32       9.95  
                             
STOCK INFORMATION                            
                             
Average common shares outstanding     163,787       163,859       164,126       164,781       165,257       163,787       165,257  
Average diluted shares outstanding     164,196       164,306       164,603       165,226       165,446       164,196       165,446  
End of period common shares outstanding     163,758       163,699       164,008       164,488       165,141       163,758       165,141  
                             
ANNUALIZED PERFORMANCE METRICS                            
                             
Return on average assets (ROA)     1.43 %     1.62 %     1.68 %     1.81 %     2.22 %     1.43 %     2.22 %
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (ROA, as adjusted) (non-GAAP)(1)     1.36       1.64       1.67       1.75       1.88       1.36       1.88  
Return on average assets excluding intangible amortization (non-GAAP)(1)     1.54       1.75       1.81       1.95       2.39       1.54       2.39  
Return on average assets excluding excess liquidity (non-GAAP)(1)     1.74       1.96       1.98       2.09       2.42       1.74       2.42  
Return on average common equity (ROE)     9.58       10.63       10.97       11.92       14.15       9.58       14.15  
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (ROE, as adjusted) (non-GAAP)(1)     9.09       10.72       10.87       11.54       11.95       9.09       11.95  
Return on average tangible common equity (ROTCE) (non-GAAP)(1)     15.03       16.73       17.39       19.12       22.90       15.03       22.90  
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     15.28       16.97       17.64       19.38       23.16       15.28       23.16  
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 & merger and acquisition expenses: (ROTCE, as adjusted) (non-GAAP)(1)     14.26       16.87       17.23       18.50       19.33       14.26       19.33  
                             
(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   Three Months Ended
(Dollars in thousands)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
  Mar. 31,
2022
  Mar. 31,
2021
                             
Efficiency ratio     46.15 %     43.79 %     42.26 %     41.09 %     36.60 %     46.15 %     36.60 %
Efficiency ratio, as adjusted (non-GAAP)(1)     47.33       43.48       42.29       42.07       40.68       47.33       40.68  
Net interest margin - FTE (NIM)     3.21       3.42       3.60       3.61       4.02       3.21       4.02  
Net interest margin - FTE, excluding PPP loans (non-GAAP)(1)     3.17       3.32       3.43       3.54       3.86       3.17       3.86  
Fully taxable equivalent adjustment   $ 1,738     $ 1,736     $ 1,748     $ 1,774     $ 1,821     $ 1,738     $ 1,821  
Total revenue (net)     161,817       170,984       173,820       172,372       193,364       161,817       193,364  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     84,921       93,934       98,201       99,390       120,498       84,921       120,498  
Pre-tax net income to total revenue (net)     52.48 %     54.94 %     56.50 %     60.42 %     62.32 %     52.48 %     62.32 %
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     52.48       54.94       56.50       57.66       62.32       52.48       62.32  
Total purchase accounting accretion   $ 3,089     $ 4,001     $ 4,868     $ 5,797     $ 5,485     $ 3,089     $ 5,485  
Average purchase accounting loan discounts     25,359       28,882       33,320       38,568       43,940       25,359       43,940  
                             
                             
OTHER OPERATING EXPENSES                            
                             
Advertising   $ 1,266     $ 1,411     $ 1,204     $ 1,194     $ 1,046     $ 1,266     $ 1,046  
Amortization of intangibles     1,421       1,420       1,421       1,421       1,421       1,421       1,421  
Electronic banking expense     2,538       2,442       2,521       2,616       2,238       2,538       2,238  
Directors' fees     404       422       395       414       383       404       383  
Due from bank service charges     270       257       265       273       249       270       249  
FDIC and state assessment     1,668       1,353       1,648       1,108       1,363       1,668       1,363  
Insurance     770       801       749       787       781       770       781  
Legal and accounting     797       749       1,050       1,058       846       797       846  
Other professional fees     1,609       1,754       1,787       1,796       1,613       1,609       1,613  
Operating supplies     754       489       474       465       487       754       487  
Postage     306       352       301       292       338       306       338  
Telephone     337       343       371       365       346       337       346  
Other expense     4,159       5,072       4,629       3,796       4,589       4,159       4,589  
                             
Total other operating expenses   $ 16,299     $ 16,865     $ 16,815     $ 15,585     $ 15,700     $ 16,299     $ 15,700  
                             
(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)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
                     
BALANCE SHEET RATIOS                    
                     
Total loans to total deposits     68.94 %     68.97 %     70.71 %     73.42 %     79.77 %
Common equity to assets     14.43       15.32       15.40       15.30       15.34  
Tangible common equity to tangible assets (non-GAAP)(1)     9.59       10.36       10.36       10.20       10.12  
            .        
LOANS RECEIVABLE                    
                     
Real estate                    
Commercial real estate loans                    
Non-farm/non-residential   $ 3,810,383     $ 3,889,284     $ 4,005,841     $ 4,144,375     $ 4,289,142  
Construction/land development     1,856,096       1,850,050       1,742,687       1,541,482       1,612,973  
Agricultural     142,920       130,674       138,881       126,293       113,382  
Residential real estate loans                    
Residential 1-4 family     1,223,890       1,274,953       1,273,988       1,316,485       1,437,546  
Multifamily residential     248,650       280,837       274,131       332,256       377,661  
Total real estate     7,281,939       7,425,798       7,435,528       7,460,891       7,830,704  
Consumer     1,059,342       825,519       814,732       824,938       839,819  
Commercial and industrial     1,510,205       1,386,747       1,414,079       1,612,826       1,794,787  
Agricultural     48,095       43,920       68,272       69,152       65,017  
Other     153,133       154,105       168,489       231,368       248,166  
Loans receivable   $ 10,052,714     $ 9,836,089     $ 9,901,100     $ 10,199,175     $ 10,778,493  
                     
Paycheck Protection Program (PPP) loans (net of discounts) (included in total loans receivable)     59,609       112,814       241,476       473,894       646,382  
                     
ALLOWANCE FOR CREDIT LOSSES                    
                     
Balance, beginning of period   $ 236,714     $ 238,673     $ 240,451     $ 242,932     $ 245,473  
Loans charged off     2,310       3,125       2,469       3,023       3,047  
Recoveries of loans previously charged off     364       1,166       691       542       506  
Net loans charged off     1,946       1,959       1,778       2,481       2,541  
Provision for credit losses - loans     -       -       -       -       -  
Balance, end of period   $ 234,768     $ 236,714     $ 238,673     $ 240,451     $ 242,932  
                     
Net charge-offs to average total loans     0.08 %     0.08 %     0.07 %     0.09 %     0.09 %
Allowance for credit losses to total loans     2.34       2.41       2.41       2.36       2.25  
Allowance for credit losses to total loans, excluding PPP loans     2.35       2.43       2.47       2.47       2.40  
                     
NON-PERFORMING ASSETS                    
                     
Non-performing loans                    
Non-accrual loans   $ 44,629     $ 47,158     $ 47,604     $ 55,269     $ 59,142  
Loans past due 90 days or more     46       3,035       3,311       3,667       4,209  
Total non-performing loans     44,675       50,193       50,915       58,936       63,351  
Other non-performing assets                    
Foreclosed assets held for sale, net     1,144       1,630       1,171       1,969       3,004  
Other non-performing assets     -       -       -       -       -  
Total other non-performing assets     1,144       1,630       1,171       1,969       3,004  
Total non-performing assets   $ 45,819     $ 51,823     $ 52,086     $ 60,905     $ 66,355  
                     
Allowance for credit losses for loans to non-performing loans     525.50 %     471.61 %     468.77 %     407.99 %     383.47 %
Non-performing loans to total loans     0.44       0.51       0.51       0.58       0.59  
Non-performing assets to total assets     0.25       0.29       0.29       0.35       0.38  
                     
(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
    March 31, 2022   December 31, 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   $ 3,497,894   $ 1,673   0.19 %   $ 3,261,846   $ 1,281   0.16 %
Federal funds sold     1,751     1   0.23       33     -   -  
Investment securities - taxable     2,486,401     9,080   1.48       2,278,440     8,121   1.41  
Investment securities - non-taxable - FTE     850,722     6,284   3.00       858,692     6,408   2.96  
Loans receivable - FTE     9,937,993     129,603   5.29       9,909,711     136,905   5.48  
Total interest-earning assets     16,774,761     146,641   3.55       16,308,722     152,715   3.72  
Non-earning assets     1,618,314             1,606,005        
Total assets   $ 18,393,075           $ 17,914,727        
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                        
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 9,363,793   $ 3,873   0.17 %   $ 9,037,302   $ 3,667   0.16 %
Time deposits     854,593     1,021   0.48       958,309     1,488   0.62  
Total interest-bearing deposits     10,218,386     4,894   0.19       9,995,611     5,155   0.20  
Securities sold under agreement to repurchase     137,565     108   0.32       143,811     98   0.27  
FHLB borrowed funds     400,000     1,875   1.90       400,000     1,916   1.90  
Subordinated debentures     611,888     6,878   4.56       370,999     4,790   5.12  
Total interest-bearing liabilities     11,367,839     13,755   0.49       10,910,421     11,959   0.43  
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,155,894             4,149,978        
Other liabilities     121,362             116,023        
Total liabilities     15,645,095             15,176,422        
Shareholders' equity     2,747,980             2,738,305        
Total liabilities and shareholders' equity   $ 18,393,075           $ 17,914,727        
Net interest spread           3.06 %           3.29 %
Net interest income and margin - FTE       $ 132,886   3.21         $ 140,756   3.42  
                         

 

 
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Three Months Ended
    March 31, 2022   March 31, 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   $ 3,497,894   $ 1,673   0.19 %   $ 1,610,463   $ 410   0.10 %
Federal funds sold     1,751     1   0.23       119     -   -  
Investment securities - taxable     2,486,401     9,080   1.48       1,637,061     6,253   1.55  
Investment securities - non-taxable - FTE     850,722     6,284   3.00       848,158     6,700   3.20  
Loans receivable - FTE     9,937,993     129,603   5.29       11,023,139     151,109   5.56  
Total interest-earning assets     16,774,761     146,641   3.55       15,118,940     164,472   4.41  
Non-earning assets     1,618,314             1,599,950        
Total assets   $ 18,393,075           $ 16,718,890        
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                        
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 9,363,793   $ 3,873   0.17 %   $ 8,338,791   $ 4,716   0.23 %
Time deposits     854,593     1,021   0.48       1,209,431     2,989   1.00  
Total interest-bearing deposits     10,218,386     4,894   0.19       9,548,222     7,705   0.33  
Securities sold under agreement to repurchase     137,565     108   0.32       159,697     190   0.48  
FHLB borrowed funds     400,000     1,875   1.90       400,000     1,875   1.90  
Subordinated debentures     611,888     6,878   4.56       370,421     4,793   5.25  
Total interest-bearing liabilities     11,367,839     13,755   0.49       10,478,340     14,563   0.56  
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,155,894             3,480,050        
Other liabilities     121,362             134,882        
Total liabilities     15,645,095             14,093,272        
Shareholders' equity     2,747,980             2,625,618        
Total liabilities and shareholders' equity   $ 18,393,075           $ 16,718,890        
Net interest spread           3.06 %           3.85 %
Net interest income and margin - FTE       $ 132,886   3.21         $ 149,909   4.02  
                         

 

 
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars and shares in thousands, except per share data)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
  Mar. 31,
2022
  Mar. 31,
2021
                             
EARNINGS, AS ADJUSTED                            
                             
GAAP net income available to common shareholders (A)   $ 64,892     $ 73,357     $ 74,992     $ 79,070     $ 91,602     $ 64,892     $ 91,602  
Pre-tax adjustments                            
Fair value adjustment for marketable securities     (2,125 )     (85 )     (61 )     (1,250 )     (5,782 )     (2,125 )     (5,782 )
Special dividend from equity investment     -       -       (2,227 )     (2,200 )     (8,073 )     -       (8,073 )
Gain on securities     -       -       -       -       (219 )     -       (219 )
Recoveries on historic losses     (3,288 )     -       -       -       (5,107 )     (3,288 )     (5,107 )
Merger and acquisition expenses     863       880       1,006       -       -       863       -  
Total pre-tax adjustments     (4,550 )     795       (1,282 )     (3,450 )     (19,181 )     (4,550 )     (19,181 )
Tax-effect of adjustments     (1,220 )     188       (587 )     (888 )     (4,937 )     (1,220 )     (4,937 )
Total adjustments after-tax (B)     (3,330 )     607       (695 )     (2,562 )     (14,244 )     (3,330 )     (14,244 )
Earnings, as adjusted (C)   $ 61,562     $ 73,964     $ 74,297     $ 76,508     $ 77,358     $ 61,562     $ 77,358  
                             
Average diluted shares outstanding (D)     164,196       164,306       164,603       165,226       165,446       164,196       165,446  
                             
GAAP diluted earnings per share: (A/D)   $ 0.40     $ 0.45     $ 0.46     $ 0.48     $ 0.55     $ 0.40     $ 0.55  
Adjustments after-tax: (B/D)     (0.03 )     0.00       (0.01 )     (0.02 )     (0.08 )     (0.03 )     (0.08 )
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 & merger and acquisition expenses: (C/D)   $ 0.37     $ 0.45     $ 0.45     $ 0.46     $ 0.47     $ 0.37     $ 0.47  
                             
ANNUALIZED RETURN ON AVERAGE ASSETS                            
                             
Return on average assets: (A/G)     1.43 %     1.62 %     1.68 %     1.81 %     2.22 %     1.43 %     2.22 %
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (ROA, as adjusted) ((A+F)/G)     1.36       1.64       1.67       1.75       1.88       1.36       1.88  
Return on average assets excluding intangible amortization: ((A+E)/(G-H))     1.54       1.75       1.81       1.95       2.39       1.54       2.39  
Return on average assets excluding excess liquidity: (A/(G-I))     1.74       1.96       1.98       2.09       2.42       1.74       2.42  
                             
GAAP net income available to common shareholders (A)   $ 64,892     $ 73,357     $ 74,992     $ 79,070     $ 91,602     $ 64,892     $ 91,602  
Amortization of intangibles (D)     1,421       1,420       1,421       1,421       1,421       1,421       1,421  
Amortization of intangibles after-tax (E)     1,049       1,054       1,055       1,055       1,055       1,049       1,055  
Adjustments after-tax (F)     (3,330 )     607       (695 )     (2,562 )     (14,244 )     (3,330 )     (14,244 )
Average assets (G)     18,393,075       17,914,727       17,695,226       17,491,359       16,718,890       18,393,075       16,718,890  
Average goodwill, core deposits & other intangible assets (H)     997,338       998,760       1,000,175       1,001,598       1,003,011       997,338       1,003,011  
                             
Average interest bearing cash balance     3,497,894       3,261,846       2,914,785       2,577,101       1,610,463       3,497,894       1,610,463  
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)     3,272,894       3,036,846       2,689,785       2,352,101       1,385,463       3,272,894       1,385,463  
                             

 

 
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars in thousands)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
  Mar. 31,
2022
  Mar. 31,
2021
                             
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
                             
Return on average common equity: (A/D)     9.58 %     10.63 %     10.97 %     11.92 %     14.15 %     9.58 %     14.15 %
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (ROE, as adjusted) ((A+C)/D)     9.09       10.72       10.87       11.54       11.95       9.09       11.95  
Return on average tangible common equity: (A/(D-E))     15.03       16.73       17.39       19.12       22.90       15.03       22.90  
Return on average tangible common equity excluding intangible amortization: (B/(D-E))     15.28       16.97       17.64       19.38       23.16       15.28       23.16  
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 & merger and acquisition expenses: (ROTCE, as adjusted) ((A+C)/(D-E))     14.26       16.87       17.23       18.50       19.33       14.26       19.33  
                             
GAAP net income available to common shareholders (A)   $ 64,892     $ 73,357     $ 74,992     $ 79,070     $ 91,602     $ 64,892     $ 91,602  
Earnings excluding intangible amortization (B)     65,941       74,411       76,047       80,125       92,657       65,941       92,657  
Adjustments after-tax (C)     (3,330 )     607       (695 )     (2,562 )     (14,244 )     (3,330 )     (14,244 )
Average common equity (D)     2,747,980       2,738,305       2,710,953       2,660,147       2,625,618       2,747,980       2,625,618  
Average goodwill, core deposits & other intangible assets (E)     997,338       998,760       1,000,175       1,001,598       1,003,011       997,338       1,003,011  
                             
EFFICIENCY RATIO & P5NR                            
                             
Efficiency ratio: ((D-F)/(B+C+E))     46.15 %     43.79 %     42.26 %     41.09 %     36.60 %     46.15 %     36.60 %
Efficiency ratio, as adjusted: ((D-F-H)/(B+C+E-G))     47.33 %     43.48 %     42.29 %     42.07 %     40.68 %     47.33 %     40.68 %
Pre-tax net income to total revenue (net) (A/(B+C))     52.48 %     54.94 %     56.50 %     60.42 %     62.32 %     52.48 %     62.32 %
Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 84,921     $ 93,934     $ 98,201     $ 99,390     $ 120,498     $ 84,921     $ 120,498  
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)     52.48 %     54.94 %     56.50 %     57.66 %     62.32 %     52.48 %     62.32 %
                             
Pre-tax net income (A)   $ 84,921     $ 93,934     $ 98,201     $ 104,142     $ 120,498     $ 84,921     $ 120,498  
Net interest income (B)     131,148       139,020       144,611       141,252       148,088       131,148       148,088  
Non-interest income (C)     30,669       31,964       29,209       31,120       45,276       30,669       45,276  
Non-interest expense (D)     76,896       77,050       75,619       72,982       72,866       76,896       72,866  
Fully taxable equivalent adjustment (E)     1,738       1,736       1,748       1,774       1,821       1,738       1,821  
Amortization of intangibles (F)     1,421       1,420       1,421       1,421       1,421       1,421       1,421  
                             
Adjustments:                            
Non-interest income:                            
Fair value adjustment for marketable securities   $ 2,125     $ 85     $ 61     $ 1,250     $ 5,782     $ 2,125     $ 5,782  
Gain on OREO     478       737       246       619       401       478       401  
Gain (loss) on branches, equipment and other assets, net     16       (19 )     (34 )     (23 )     (29 )     16       (29 )
Special dividend from equity investment     -       -       2,227       2,200       8,073       -       8,073  
Gain on securities     -       -       -       -       219       -       219  
Recoveries on historic losses     3,288       -       -       -       5,107       3,288       5,107  
Total non-interest income adjustments (G)   $ 5,907     $ 803     $ 2,500     $ 4,046     $ 19,553     $ 5,907     $ 19,553  
                             
Non-interest expense:                            
Merger and acquisition expenses     863       880       1,006       -       -       863       -  
Total non-interest expense adjustments (H)   $ 863     $ 880     $ 1,006     $ -     $ -     $ 863     $ -  
                             

 

 
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars in thousands)   Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
  Mar. 31,
2022
  Mar. 31,
2021
                             
ANNUALIZED NET INTEREST MARGIN                            
                             
Net interest margin: (A/C)     3.21 %     3.42 %     3.60 %     3.61 %     4.02 %     3.21 %     4.02 %
Net interest margin, excluding PPP loans:(B/D)     3.17       3.32       3.43       3.54       3.86       3.17       3.86  
                             
Net interest income - FTE (A)   $ 132,886     $ 140,756     $ 146,359     $ 143,026     $ 149,909     $ 132,886     $ 149,909  
PPP loan interest & discount accretion income     2,196       5,786       10,162       7,802       11,878       2,196       11,878  
Net interest income - FTE, excluding PPP loans (B)   $ 130,690     $ 134,970     $ 136,197     $ 135,224     $ 138,031     $ 130,690     $ 138,031  
                             
Average interest-earning assets (C)   $ 16,774,761     $ 16,308,722     $ 16,110,526     $ 15,892,519     $ 15,118,940     $ 16,774,761     $ 15,118,940  
Average PPP loans     78,008       162,969       371,523       581,371       633,790       78,008       633,790  
Average interest-earning assets, excluding PPP loans (D)   $ 16,696,753     $ 16,145,753     $ 15,739,003     $ 15,311,148     $ 14,485,150     $ 16,696,753     $ 14,485,150  
                             
                             
    Quarter Ended        
    Mar. 31,
2022
  Dec. 31,
2021
  Sep. 30,
2021
  Jun. 30,
2021
  Mar. 31,
2021
       
                             
TANGIBLE BOOK VALUE PER COMMON SHARE                            
                             
Book value per common share: (A/B)   $ 16.41     $ 16.90     $ 16.68     $ 16.39     $ 16.02          
Tangible book value per common share: ((A-C-D)/B)     10.32       10.80       10.59       10.31       9.95          
                             
Total stockholders' equity (A)   $ 2,686,703     $ 2,765,721     $ 2,736,062     $ 2,696,189     $ 2,645,204          
End of period common shares outstanding (B)     163,758       163,699       164,008       164,488       165,141          
Goodwill (C)     973,025       973,025