All Operating Metrics Up and Expenses Down, Great Start at HOMB

Home BancShares, Inc.

CONWAY, Ark., April 18, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights

Metric	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Net income	$100.1 million	$86.2 million	$98.5 million	$105.3 million	$103.0 million
Net income, as adjusted (non-GAAP)(1)	$99.2 million	$92.2 million	$94.7 million	$102.6 million	$108.9 million
Total revenue (net)	$246.4 million	$245.6 million	$245.4 million	$257.2 million	$248.8 million
Income before income taxes	$130.4 million	$112.8 million	$129.3 million	$136.9 million	$132.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$134.9 million	$118.4 million	$130.6 million	$140.9 million	$134.1 million
PPNR, as adjusted (non-GAAP)(1)	$133.7 million	$126.4 million	$125.7 million	$137.3 million	$142.1 million
Pre-tax net income to total revenue (net)	52.92%	45.92%	52.70%	53.23%	53.43%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	52.45%	49.16%	50.72%	51.85%	56.63%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	54.75%	48.22%	53.23%	54.78%	53.91%
P5NR, as adjusted (non-GAAP)(1)	54.28%	51.46%	51.25%	53.40%	57.11%
ROA	1.78%	1.55%	1.78%	1.90%	1.84%
ROA, as adjusted (non-GAAP)(1)	1.76%	1.66%	1.72%	1.85%	1.95%
NIM	4.13%	4.17%	4.19%	4.28%	4.37%
Purchase accounting accretion	$2.8 million	$2.3 million	$2.4 million	$2.7 million	$3.2 million
ROE	10.64%	9.36%	10.65%	11.63%	11.70%
ROE, as adjusted (non-GAAP)(1)	10.54%	10.00%	10.25%	11.33%	12.38%
ROTCE (non-GAAP)(1)	17.22%	15.49%	17.62%	19.39%	19.75%
ROTCE, as adjusted (non-GAAP)(1)	17.07%	16.56%	16.95%	18.90%	20.90%
Diluted earnings per share	$0.50	$0.43	$0.49	$0.52	$0.51
Diluted earnings per share, as adjusted (non-GAAP)(1)	$0.49	$0.46	$0.47	$0.51	$0.54
Non-performing assets to total assets	0.48%	0.42%	0.42%	0.28%	0.33%
Common equity tier 1 capital	14.3%	14.2%	14.0%	13.6%	13.2%
Leverage	12.3%	12.4%	12.4%	11.9%	11.4%
Tier 1 capital	14.3%	14.2%	14.0%	13.6%	13.2%
Total risk-based capital	17.9%	17.8%	17.6%	17.3%	16.8%
Allowance for credit losses to total loans	2.00%	2.00%	2.00%	2.01%	2.00%
Book value per share	$18.98	$18.81	$18.06	$18.04	$17.87
Tangible book value per share (non-GAAP)(1)	11.79	11.63	10.90	10.87	10.71

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

“I’m always looking for improvement, but if the next three quarters show positive trends such as this quarter did, I think HOMB is poised for a great year. The period for January to March resulted in increases in net interest income, revenue, EPS, margin (when adjusting for excess liquidity), loans and deposits along with strong liquidity while lowering our efficiency ratio. In addition, we reduced non-interest expense by $3 million, quarter over quarter. Any questions?” said John Allison, Chairman and CEO of HOMB.

Liquidity and Funding Sources

At March 31, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.58 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $924.1 million in cash with the Federal Reserve Bank (FRB) and $160.7 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.11 billion in net available external liquidity as of March 31, 2024. This included $4.75 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.84 billion has been drawn upon in the ordinary course of business, resulting in $2.91 billion in net available liquidity with the FHLB as of March 31, 2024. The $1.84 billion consisted of $600.0 million in outstanding FHLB advances and $1.24 billion used for pledging purposes. The Company also had access to approximately $798.3 million in liquidity with the FRB as of March 31, 2024, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $98.3 million in net available liquidity with the FRB as of March 31, 2024. As of March 31, 2024, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB) and $45.0 million from other various external sources.

Overall, the Company had $5.77 billion in net available liquidity as of March 31, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.11 billion in net available external liquidity. Details on the Company’s available liquidity as of March 31, 2024 is available below.

(In thousands)	Total Available				Amount Used				Net Availability
Internal Sources
Unpledged investment securities (market value)	$	1,581,821			$	—			$	1,581,821
Cash at FRB		924,148				—				924,148
Other liquid cash accounts		160,738				—				160,738
Total Internal Liquidity		2,666,707				—				2,666,707
External Sources
FHLB		4,746,613				1,837,367				2,909,246
FRB Discount Window		98,307				—				98,307
BTFP (par value)		700,000				700,000				—
FNBB		55,000				—				55,000
Other		45,000				—				45,000
Total External Liquidity		5,644,920				2,537,367				3,107,553
Total Available Liquidity	$	8,311,627			$	2,537,367			$	5,774,260

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of March 31, 2024, the Company held approximately $8.42 billion in uninsured deposits of which $602.4 million were intercompany subsidiary deposit balances and $3.03 billion were collateralized deposits, for a net position of $4.79 billion. This represents approximately 28.4% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $987.0 million.

(in thousands)	As of March 31, 2024
Uninsured Deposits	$	8,415,764
Intercompany Subsidiary and Affiliate Balances		602,351
Collateralized Deposits		3,026,129
Net Uninsured Position	$	4,787,284
Total Available Liquidity	$	5,774,260
Net Uninsured Position		4,787,284
Net Available Liquidity in Excess of Uninsured Deposits	$	986,976

In the event the Company’s $4.79 billion net position of uninsured deposits had been called by depositors on the first day of the first quarter of 2024 and the Company utilized available funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $71.7 million for the quarter ended March 31, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, because of the high profitability levels of HOMB, the Company estimates that it would still have achieved return on average assets (ROA) of 1.27% for the quarter ended March 31, 2024.

Operating Highlights

Net income for the three-month period ended March 31, 2024 was $100.1 million, or $0.50 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.2 million⁽¹⁾ and $0.49 per share⁽¹⁾, respectively, for the three months ended March 31, 2024.

Our net interest margin was 4.13% for the three-month period ended March 31, 2024, compared to 4.17% for the three-month period ended December 31, 2023. During the first quarter of 2024, the Company held excess liquidity of approximately $500.0 million which was dilutive to the net interest margin by 10 basis points. The yield on loans was 7.37% and 7.20% for the three months ended March 31, 2024 and December 31, 2023, respectively, as average loans increased from $14.34 billion to $14.49 billion. Additionally, the rate on interest bearing deposits increased to 2.93% as of March 31, 2024, from 2.80% as of December 31, 2023, while average interest-bearing deposits increased from $12.48 billion to $12.72 billion.

During the first quarter of 2024, there was $1.1 million of event interest income compared to $120,000 of event interest expense for the fourth quarter of 2023.

Purchase accounting accretion on acquired loans was $2.8 million and $2.3 million and average purchase accounting loan discounts were $24.8 million and $27.4 million for the three-month periods ended March 31, 2024 and December 31, 2023, respectively.

Net interest income on a fully taxable equivalent basis was $205.5 million for the three-month period ended March 31, 2024, and $203.9 million for the three-month period ended December 31, 2023. This increase in net interest income for the three-month period ended March 31, 2024, was the result of a $10.5 million increase in interest income, partially offset by an $8.9 million increase in interest expense. The $10.5 million increase in interest income was primarily the result of a $6.2 million increase in income from interest-bearing balances due from banks and a $5.3 million increase in loan interest income, partially offset by a $1.0 million decrease in investment income. The increase in interest income is a result of the current high interest rate environment. The $8.9 million increase in interest expense was due to a $4.6 million increase in interest expense on deposits and a $4.4 million increase in interest expense on FHLB and other borrowed funds. The increase in interest expense is also a result of the current high interest rate environment.

The Company reported $41.8 million of non-interest income for the first quarter of 2024. The most important components of first quarter non-interest income were $10.2 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $7.4 million from other income, $5.1 million from trust fees, $3.6 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $1.2 million from the increase in cash value of life insurance and $1.0 million from the fair value adjustment for marketable securities.

Non-interest expense for the first quarter of 2024 was $111.5 million. The most important components of non-interest expense were $60.9 million from salaries and employee benefits, $26.9 million in other operating expense, $14.6 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the first quarter of 2024, our efficiency ratio was 44.22%, and our efficiency ratio, as adjusted (non-GAAP), was 44.43%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.51 billion at March 31, 2024, compared to $14.42 billion at December 31, 2023. Total deposits were $16.87 billion at March 31, 2024, compared to $16.79 billion at December 31, 2023. Total assets were $22.84 billion at March 31, 2024, compared to $22.66 billion at December 31, 2023.

During the first quarter of 2024, the Company experienced approximately $88.9 million in loan growth. Centennial CFG experienced $81.5 million of organic loan growth and had loans of $2.03 billion at March 31, 2024. Our remaining markets experienced $7.4 million in organic loan growth during the quarter.

Non-performing loans to total loans was 0.55% and 0.44% at March 31, 2024 and December 31, 2023, respectively. Non-performing assets to total assets were 0.48% and 0.42% at March 31, 2024 and December 31, 2023, respectively. Net charge-offs were $3.4 million and $3.0 million for the three months ended March 31, 2024 and December 31, 2023, respectively.

Non-performing loans at March 31, 2024 were $17.5 million, $10.6 million, $44.7 million, $408,000, $3.9 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $80.0 million. Non-performing assets at March 31, 2024 were $17.9 million, $17.9 million, $45.0 million, $408,000, $3.9 million and $25.5 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $110.7 million.

The Company’s allowance for credit losses on loans was $290.3 million at March 31, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $288.2 million, or 2.00% of total loans, at December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company’s allowance for credit losses on loans was 362.94% and 449.66% of its total non-performing loans, respectively.

Stockholders’ equity was $3.81 billion at March 31, 2024, compared to $3.79 billion at December 31, 2023, an increase of approximately $20.3 million. The increase in stockholders’ equity is primarily associated with the $63.9 million increase in retained earnings, partially offset by the $24.0 million in stock repurchases and $22.4 million reduction in accumulated other comprehensive income. Book value per common share was $18.98 at March 31, 2024, compared to $18.81 at December 31, 2023. Tangible book value per common share (non-GAAP) was $11.79⁽¹⁾ at March 31, 2024, compared to $11.63⁽¹⁾ at December 31, 2023.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 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 p.m. ET) on Thursday, April 18, 2024. 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/645372014. 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.netroadshow.com/events/login?show=b0ede7ae&confId=62290. 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 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 1-833-470-1428, Passcode: 421224. A replay of the call will be available by calling 1-866-813-9403, Passcode: 724868, which will be available until April 25, 2024, 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.

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

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); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; 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 contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. 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 or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “on track” 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 risks 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, including the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic or other public health crises, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; 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, 2023, filed with the SEC on February 26, 2024.

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, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
ASSETS
Cash and due from banks		$	205,262			$	226,363			$	229,474			$	275,656			$	250,841
Interest-bearing deposits with other banks			969,996				773,850				258,605				335,535				437,213
Cash and cash equivalents			1,175,258				1,000,213				488,079				611,191				688,054
Federal funds sold			5,200				5,100				3,925				1,550				—
Investment securities - available-for-sale, net of allowance for credit losses			3,400,884				3,507,841				3,472,173				3,645,013				3,772,138
Investment securities - held-to-maturity, net of allowance for credit losses			1,280,586				1,281,982				1,283,475				1,285,150				1,286,373
Total investment securities			4,681,470				4,789,823				4,755,648				4,930,163				5,058,511
Loans receivable			14,513,673				14,424,728				14,271,833				14,180,972				14,386,634
Allowance for credit losses			(290,294	)			(288,234	)			(285,562	)			(285,683	)			(287,169	)
Loans receivable, net			14,223,379				14,136,494				13,986,271				13,895,289				14,099,465
Bank premises and equipment, net			389,618				393,300				397,093				397,315				402,094
Foreclosed assets held for sale			30,650				30,486				691				725				425
Cash value of life insurance			215,424				214,516				213,351				213,090				214,792
Accrued interest receivable			119,029				118,966				110,946				101,066				102,740
Deferred tax asset, net			202,882				197,164				222,741				206,430				193,334
Goodwill			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit intangible			46,630				48,770				51,023				53,500				55,978
Other assets			347,928				323,573				322,617				317,857				304,609
Total assets		$	22,835,721			$	22,656,658			$	21,950,638			$	22,126,429			$	22,518,255
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,115,603			$	4,085,501			$	4,280,429			$	4,598,593			$	4,945,729
Savings and interest-bearing transaction accounts			11,047,258				11,050,347				10,786,087				11,169,940				11,392,566
Time deposits			1,703,269				1,651,863				1,452,229				1,228,358				1,107,171
Total deposits			16,866,130				16,787,711				16,518,745				16,996,891				17,445,466
Securities sold under agreements to repurchase			176,107				142,085				160,120				160,349				138,742
FHLB and other borrowed funds			1,301,050				1,301,300				1,001,550				701,550				650,000
Accrued interest payable and other liabilities			241,345				194,653				175,367				173,426				212,887
Subordinated debentures			439,688				439,834				439,982				440,129				440,275
Total liabilities			19,024,320				18,865,583				18,295,764				18,472,345				18,887,370
Stockholders' equity
Common stock			2,008				2,015				2,023				2,026				2,032
Capital surplus			2,326,824				2,348,023				2,363,210				2,366,560				2,375,754
Retained earnings			1,753,994				1,690,112				1,640,171				1,578,176				1,509,400
Accumulated other comprehensive loss			(271,425	)			(249,075	)			(350,530	)			(292,678	)			(256,301	)
Total stockholders' equity			3,811,401				3,791,075				3,654,874				3,654,084				3,630,885
Total liabilities and stockholders' equity		$	22,835,721			$	22,656,658			$	21,950,638			$	22,126,429			$	22,518,255

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																				Three Months Ended
(In thousands)		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Mar. 31, 2024				Mar. 31, 2023
Interest income:
Loans		$	265,294			$	260,003			$	249,464			$	243,152			$	236,997			$	265,294			$	236,997
Investment securities
Taxable			33,229				34,016				34,520				34,751				35,288				33,229				35,288
Tax-exempt			7,803				7,855				7,868				7,932				7,963				7,803				7,963
Deposits - other banks			10,528				4,281				2,328				3,729				4,685				10,528				4,685
Federal funds sold			61				65				82				68				6				61				6
Total interest income			316,915				306,220				294,262				289,632				284,939				316,915				284,939
Interest expense:
Interest on deposits			92,548				87,971				78,698				70,147				59,162				92,548				59,162
Federal funds purchased			—				—				1				2				—				—				—
FHLB and other borrowed funds			14,276				9,878				8,161				6,596				6,190				14,276				6,190
Securities sold under agreements to repurchase			1,404				1,480				1,344				1,121				868				1,404				868
Subordinated debentures			4,097				4,121				4,121				4,123				4,124				4,097				4,124
Total interest expense			112,325				103,450				92,325				81,989				70,344				112,325				70,344
Net interest income			204,590				202,770				201,937				207,643				214,595				204,590				214,595
Provision for credit losses on loans			5,500				5,650				2,800				2,300				1,200				5,500				1,200
Recovery of credit losses on unfunded commitments			(1,000	)			—				(1,500	)			—				—				(1,000	)			—
Provision for credit losses on investment securities			—				—				—				1,683				—				—				—
Total credit loss expense			4,500				5,650				1,300				3,983				1,200				4,500				1,200
Net interest income after credit loss expense			200,090				197,120				200,637				203,660				213,395				200,090				213,395
Non-interest income:
Service charges on deposit accounts			9,686				10,072				10,062				9,231				9,842				9,686				9,842
Other service charges and fees			10,189				10,422				10,128				11,763				11,875				10,189				11,875
Trust fees			5,066				4,316				4,660				4,052				4,864				5,066				4,864
Mortgage lending income			3,558				2,385				3,132				2,650				2,571				3,558				2,571
Insurance commissions			508				480				562				518				526				508				526
Increase in cash value of life insurance			1,195				1,170				1,170				1,211				1,104				1,195				1,104
Dividends from FHLB, FRB, FNBB & other			3,007				3,010				2,916				2,922				2,794				3,007				2,794
Gain on SBA loans			198				42				97				—				139				198				139
(Loss) gain on branches, equipment and other assets, net			(8	)			583				—				917				7				(8	)			7
Gain on OREO, net			17				13				—				319				—				17				—
Fair value adjustment for marketable securities			1,003				5,024				4,507				783				(11,408	)			1,003				(11,408	)
Other income			7,380				5,331				6,179				15,143				11,850				7,380				11,850
Total non-interest income			41,799				42,848				43,413				49,509				34,164				41,799				34,164
Non-interest expense:
Salaries and employee benefits			60,910				63,430				64,512				64,534				64,490				60,910				64,490
Occupancy and equipment			14,551				14,965				15,463				14,923				14,952				14,551				14,952
Data processing expense			9,147				9,107				9,103				9,151				8,968				9,147				8,968
Other operating expenses			26,888				39,673				25,684				27,674				26,234				26,888				26,234
Total non-interest expense			111,496				127,175				114,762				116,282				114,644				111,496				114,644
Income before income taxes			130,393				112,793				129,288				136,887				132,915				130,393				132,915
Income tax expense			30,284				26,550				30,835				31,616				29,953				30,284				29,953
Net income		$	100,109			$	86,243			$	98,453			$	105,271			$	102,962			$	100,109			$	102,962

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars and shares in thousands, except per share data)		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Mar. 31, 2024				Mar. 31, 2023
PER SHARE DATA
Diluted earnings per common share		$	0.50			$	0.43			$	0.49			$	0.52			$	0.51			$	0.50			$	0.51
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.49				0.46				0.47				0.51				0.54				0.49				0.54
Basic earnings per common share			0.50				0.43				0.49				0.52				0.51				0.50				0.51
Dividends per share - common			0.18				0.18				0.18				0.18				0.18				0.18				0.18
Book value per common share			18.98				18.81				18.06				18.04				17.87				18.98				17.87
Tangible book value per common share (non-GAAP)(1)			11.79				11.63				10.90				10.87				10.71				11.79				10.71
STOCK INFORMATION
Average common shares outstanding			201,210				201,756				202,526				202,793				203,456				201,210				203,456
Average diluted shares outstanding			201,390				201,891				202,650				202,923				203,625				201,390				203,625
End of period common shares outstanding			200,797				201,526				202,323				202,573				203,168				200,797				203,168
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			1.78	%			1.55	%			1.78	%			1.90	%			1.84	%			1.78	%			1.84	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			1.76	%			1.66	%			1.72	%			1.85	%			1.95	%			1.76	%			1.95	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			1.93	%			1.69	%			1.95	%			2.07	%			2.00	%			1.93	%			2.00	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			1.91	%			1.81	%			1.87	%			2.02	%			2.12	%			1.91	%			2.12	%
Return on average common equity (ROE)			10.64	%			9.36	%			10.65	%			11.63	%			11.70	%			10.64	%			11.70	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			10.54	%			10.00	%			10.25	%			11.33	%			12.38	%			10.54	%			12.38	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			17.22	%			15.49	%			17.62	%			19.39	%			19.75	%			17.22	%			19.75	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			17.07	%			16.56	%			16.95	%			18.90	%			20.90	%			17.07	%			20.90	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			17.50	%			15.80	%			17.95	%			19.74	%			20.11	%			17.50	%			20.11	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			17.34	%			16.87	%			17.29	%			19.24	%			21.26	%			17.34	%			21.26	%
(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, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Mar. 31, 2024				Mar. 31, 2023
Efficiency ratio			44.22	%			50.64	%			45.53	%			44.00	%			44.80	%			44.22	%			44.80	%
Efficiency ratio, as adjusted (non-GAAP)(1)			44.43	%			46.43	%			46.44	%			44.83	%			43.42	%			44.43	%			43.42	%
Net interest margin - FTE (NIM)			4.13	%			4.17	%			4.19	%			4.28	%			4.37	%			4.13	%			4.37	%
Fully taxable equivalent adjustment		$	892			$	1,091			$	1,293			$	1,494			$	1,628			$	892			$	1,628
Total revenue (net)			246,389				245,618				245,350				257,152				248,759				246,389				248,759
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			134,893				118,443				130,588				140,870				134,115				134,893				134,115
PPNR, as adjusted (non-GAAP)(1)			133,728				126,402				125,743				137,308				142,062				133,728				142,062
Pre-tax net income to total revenue (net)			52.92	%			45.92	%			52.70	%			53.23	%			53.43	%			52.92	%			53.43	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			52.45	%			49.16	%			50.72	%			51.85	%			56.63	%			52.45	%			56.63	%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			54.75	%			48.22	%			53.23	%			54.78	%			53.91	%			54.75	%			53.91	%
P5NR, as adjusted (non-GAAP)(1)			54.28	%			51.46	%			51.25	%			53.40	%			57.11	%			54.28	%			57.11	%
Total purchase accounting accretion		$	2,772			$	2,324			$	2,431			$	2,660			$	3,172			$	2,772			$	3,172
Average purchase accounting loan discounts			24,820				27,397				29,915				32,546				35,482				24,820				35,482
OTHER OPERATING EXPENSES
Advertising		$	1,654			$	2,226			$	2,295			$	2,098			$	2,231			$	1,654			$	2,231
Amortization of intangibles			2,140				2,253				2,477				2,478				2,477				2,140				2,477
Electronic banking expense			3,156				3,599				3,709				3,675				3,330				3,156				3,330
Directors' fees			498				399				417				538				460				498				460
Due from bank service charges			276				274				282				286				273				276				273
FDIC and state assessment			3,318				16,016				2,794				3,220				3,500				3,318				3,500
Insurance			903				873				878				927				889				903				889
Legal and accounting			2,081				1,192				1,514				1,436				1,088				2,081				1,088
Other professional fees			2,236				1,640				2,117				2,774				2,284				2,236				2,284
Operating supplies			683				777				860				763				738				683				738
Postage			523				503				491				586				501				523				501
Telephone			470				515				544				573				528				470				528
Other expense			8,950				9,406				7,306				8,320				7,935				8,950				7,935
Total other operating expenses		$	26,888			$	39,673			$	25,684			$	27,674			$	26,234			$	26,888			$	26,234
(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, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
BALANCE SHEET RATIOS
Total loans to total deposits			86.05	%			85.92	%			86.40	%			83.43	%			82.47	%
Common equity to assets			16.69	%			16.73	%			16.65	%			16.51	%			16.12	%
Tangible common equity to tangible assets (non-GAAP)(1)			11.06	%			11.05	%			10.76	%			10.65	%			10.33	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,616,965			$	5,549,954			$	5,614,259			$	5,480,738			$	5,524,125
Construction/land development			2,330,555				2,293,047				2,154,030				2,201,514				2,160,514
Agricultural			337,618				325,156				336,160				340,067				342,814
Residential real estate loans
Residential 1-4 family			1,899,974				1,844,260				1,808,248				1,790,218				1,748,231
Multifamily residential			415,926				435,736				444,239				455,754				637,633
Total real estate			10,601,038				10,448,153				10,356,936				10,268,291				10,413,317
Consumer			1,163,228				1,153,690				1,153,461				1,156,273				1,173,325
Commercial and industrial			2,284,775				2,324,991				2,195,678				2,288,646				2,368,428
Agricultural			278,609				307,327				332,608				297,743				250,851
Other			186,023				190,567				233,150				170,019				180,713
Loans receivable		$	14,513,673			$	14,424,728			$	14,271,833			$	14,180,972			$	14,386,634
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	288,234			$	285,562			$	285,683			$	287,169			$	289,669
Loans charged off			3,978				3,592				3,449				4,726				4,288
Recoveries of loans previously charged off			538				614				528				940				588
Net loans charged off			3,440				2,978				2,921				3,786				3,700
Provision for credit losses - loans			5,500				5,650				2,800				2,300				1,200
Balance, end of period		$	290,294			$	288,234			$	285,562			$	285,683			$	287,169
Net charge-offs to average total loans			0.10	%			0.08	%			0.08	%			0.11	%			0.10	%
Allowance for credit losses to total loans			2.00	%			2.00	%			2.00	%			2.01	%			2.00	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	67,055			$	59,971			$	84,184			$	49,627			$	65,401
Loans past due 90 days or more			12,928				4,130				6,674				10,869				8,567
Total non-performing loans			79,983				64,101				90,858				60,496				73,968
Other non-performing assets
Foreclosed assets held for sale, net			30,650				30,486				691				725				425
Other non-performing assets			63				785				64				64				74
Total other non-performing assets			30,713				31,271				755				789				499
Total non-performing assets		$	110,696			$	95,372			$	91,613			$	61,285			$	74,467
Allowance for credit losses for loans to non-performing loans			362.94	%			449.66	%			314.29	%			472.23	%			388.23	%
Non-performing loans to total loans			0.55	%			0.44	%			0.64	%			0.43	%			0.51	%
Non-performing assets to total assets			0.48	%			0.42	%			0.42	%			0.28	%			0.33	%
(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, 2024												December 31, 2023
(Dollars in thousands)		Average Balance				Income/ Expense				Yield/ Rate				Average Balance				Income/ Expense				Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	801,456			$	10,528				5.28	%		$	337,821			$	4,281				5.03	%
Federal funds sold			5,012				61				4.90	%			4,716				65				5.47	%
Investment securities - taxable			3,473,511				33,229				3.85	%			3,444,715				34,016				3.92	%
Investment securities - non-taxable - FTE			1,257,861				8,642				2.76	%			1,263,567				8,880				2.79	%
Loans receivable - FTE			14,487,494				265,347				7.37	%			14,336,613				260,069				7.20	%
Total interest-earning assets			20,025,334				317,807				6.38	%			19,387,432				307,311				6.29	%
Non-earning assets			2,657,925												2,669,008
Total assets		$	22,683,259											$	22,056,440
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,038,910			$	75,597				2.75	%		$	10,912,668			$	73,026				2.65	%
Time deposits			1,685,193				16,951				4.05	%			1,564,682				14,945				3.79	%
Total interest-bearing deposits			12,724,103				92,548				2.93	%			12,477,350				87,971				2.80	%
Securities sold under agreement to repurchase			172,024				1,404				3.28	%			162,102				1,480				3.62	%
FHLB borrowed funds			1,301,091				14,276				4.41	%			905,689				9,878				4.33	%
Subordinated debentures			439,760				4,097				3.75	%			439,906				4,121				3.72	%
Total interest-bearing liabilities			14,636,978				112,325				3.09	%			13,985,047				103,450				2.93	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,017,659												4,212,665
Other liabilities			244,970												202,008
Total liabilities			18,899,607												18,399,720
Shareholders' equity			3,783,652												3,656,720
Total liabilities and shareholders' equity		$	22,683,259											$	22,056,440
Net interest spread											3.29	%											3.36	%
Net interest income and margin - FTE						$	205,482				4.13	%						$	203,861				4.17	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Three Months Ended
		March 31, 2024												March 31, 2023
(Dollars in thousands)		Average Balance				Income/ Expense				Yield/ Rate				Average Balance				Income/ Expense				Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	801,456			$	10,528				5.28	%		$	426,051			$	4,685				4.46	%
Federal funds sold			5,012				61				4.90	%			474				6				5.13	%
Investment securities - taxable			3,473,511				33,229				3.85	%			3,867,737				35,288				3.70	%
Investment securities - non-taxable - FTE			1,257,861				8,642				2.76	%			1,289,564				9,482				2.98	%
Loans receivable - FTE			14,487,494				265,347				7.37	%			14,474,072				237,106				6.64	%
Total interest-earning assets			20,025,334				317,807				6.38	%			20,057,898				286,567				5.79	%
Non-earning assets			2,657,925												2,637,957
Total assets		$	22,683,259											$	22,695,855
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,038,910			$	75,597				2.75	%		$	11,579,329			$	54,857				1.92	%
Time deposits			1,685,193				16,951				4.05	%			1,072,094				4,305				1.63	%
Total interest-bearing deposits			12,724,103				92,548				2.93	%			12,651,423				59,162				1.90	%
Securities sold under agreement to repurchase			172,024				1,404				3.28	%			134,934				868				2.61	%
FHLB borrowed funds			1,301,091				14,276				4.41	%			651,111				6,190				3.86	%
Subordinated debentures			439,760				4,097				3.75	%			440,346				4,124				3.80	%
Total interest-bearing liabilities			14,636,978				112,325				3.09	%			13,877,814				70,344				2.06	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,017,659												5,043,219
Other liabilities			244,970												205,230
Total liabilities			18,899,607												19,126,263
Shareholders' equity			3,783,652												3,569,592
Total liabilities and shareholders' equity		$	22,683,259											$	22,695,855
Net interest spread											3.29	%											3.73	%
Net interest income and margin - FTE						$	205,482				4.13	%						$	216,223				4.37	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars and shares in thousands, except per share data)		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Mar. 31, 2024				Mar. 31, 2023
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	100,109			$	86,243			$	98,453			$	105,271			$	102,962			$	100,109			$	102,962
Pre-tax adjustments
FDIC special assessment			—				12,983				—				—				—				—				—
BOLI death benefits			(162	)			—				(338	)			(2,779	)			—				(162	)			—
Fair value adjustment for marketable securities			(1,003	)			(5,024	)			(4,507	)			(783	)			11,408				(1,003	)			11,408
Recoveries on historic losses			—				—				—				—				(3,461	)			—				(3,461	)
Total pre-tax adjustments			(1,165	)			7,959				(4,845	)			(3,562	)			7,947				(1,165	)			7,947
Tax-effect of adjustments			(251	)			1,989				(1,112	)			(879	)			1,961				(251	)			1,961
Total adjustments after-tax (B)			(914	)			5,970				(3,733	)			(2,683	)			5,986				(914	)			5,986
Earnings, as adjusted (C)		$	99,195			$	92,213			$	94,720			$	102,588			$	108,948			$	99,195			$	108,948
Average diluted shares outstanding (D)			201,390				201,891				202,650				202,923				203,625				201,390				203,625
GAAP diluted earnings per share: (A/D)		$	0.50			$	0.43			$	0.49			$	0.52			$	0.51			$	0.50			$	0.51
Adjustments after-tax: (B/D)			(0.01	)			0.03				(0.02	)			(0.01	)			0.03				(0.01	)			0.03
Diluted earnings per common share, as adjusted: (C/D)		$	0.49			$	0.46			$	0.47			$	0.51			$	0.54			$	0.49			$	0.54
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)			1.78	%			1.55	%			1.78	%			1.90	%			1.84	%			1.78	%			1.84	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)			1.76	%			1.66	%			1.72	%			1.85	%			1.95	%			1.76	%			1.95	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))			1.93	%			1.69	%			1.95	%			2.07	%			2.00	%			1.93	%			2.00	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))			1.91	%			1.81	%			1.87	%			2.02	%			2.12	%			1.91	%			2.12	%
GAAP net income available to common shareholders (A)		$	100,109			$	86,243			$	98,453			$	105,271			$	102,962			$	100,109			$	102,962
Amortization of intangibles (B)			2,140				2,253				2,477				2,478				2,477				2,140				2,477
Amortization of intangibles after-tax (C)			1,605				1,690				1,866				1,866				1,866				1,605				1,866
Adjustments after-tax (D)			(914	)			5,970				(3,733	)			(2,683	)			5,986				(914	)			5,986
Average assets (E)			22,683,259				22,056,440				21,902,434				22,227,404				22,695,855				22,683,259				22,695,855
Average goodwill & core deposit intangible (F)			1,445,902				1,448,061				1,450,478				1,452,951				1,455,423				1,445,902				1,455,423

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars in thousands)		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Mar. 31, 2024				Mar. 31, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			10.64	%			9.36	%			10.65	%			11.63	%			11.70	%			10.64	%			11.70	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			10.54	%			10.00	%			10.25	%			11.33	%			12.38	%			10.54	%			12.38	%
Return on average tangible common equity: (A/(D-E))			17.22	%			15.49	%			17.62	%			19.39	%			19.75	%			17.22	%			19.75	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			17.07	%			16.56	%			16.95	%			18.90	%			20.90	%			17.07	%			20.90	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			17.50	%			15.80	%			17.95	%			19.74	%			20.11	%			17.50	%			20.11	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			17.34	%			16.87	%			17.29	%			19.24	%			21.26	%			17.34	%			21.26	%
GAAP net income available to common shareholders (A)		$	100,109			$	86,243			$	98,453			$	105,271			$	102,962			$	100,109			$	102,962
Earnings excluding intangible amortization (B)			101,714				87,933				100,319				107,137				104,828				101,714				104,828
Adjustments after-tax (C)			(914	)			5,970				(3,733	)			(2,683	)			5,986				(914	)			5,986
Average common equity (D)			3,783,652				3,656,720				3,667,339				3,630,194				3,569,592				3,783,652				3,569,592
Average goodwill & core deposits intangible (E)			1,445,902				1,448,061				1,450,478				1,452,951				1,455,423				1,445,902				1,455,423
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))			44.22	%			50.64	%			45.53	%			44.00	%			44.80	%			44.22	%			44.80	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))			44.43	%			46.43	%			46.44	%			44.83	%			43.42	%			44.43	%			43.42	%
Pre-tax net income to total revenue (net) (A/(B+C))			52.92	%			45.92	%			52.70	%			53.23	%			53.43	%			52.92	%			53.43	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			52.45	%			49.16	%			50.72	%			51.85	%			56.63	%			52.45	%			56.63	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	134,893			$	118,443			$	130,588			$	140,870			$	134,115			$	134,893			$	134,115
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)		$	133,728			$	126,402			$	125,743			$	137,308			$	142,062			$	133,728			$	142,062
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net) (B+C-D)/(B+C)			54.75	%			48.22	%			53.23	%			54.78	%			53.91	%			54.75	%			53.91	%
P5NR, as adjusted (B+C-D+F)/(B+C)			54.28	%			51.46	%			51.25	%			53.40	%			57.11	%			54.28	%			57.11	%
Pre-tax net income (A)		$	130,393			$	112,793			$	129,288			$	136,887			$	132,915			$	130,393			$	132,915
Net interest income (B)			204,590				202,770				201,937				207,643				214,595				204,590				214,595
Non-interest income (C)			41,799				42,848				43,413				49,509				34,164				41,799				34,164
Non-interest expense (D)			111,496				127,175				114,762				116,282				114,644				111,496				114,644
Fully taxable equivalent adjustment (E)			892				1,091				1,293				1,494				1,628				892				1,628
Total pre-tax adjustments (F)			(1,165	)			7,959				(4,845	)			(3,562	)			7,947				(1,165	)			7,947
Amortization of intangibles (G)			2,140				2,253				2,477				2,478				2,477				2,140				2,477
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	1,003			$	5,024			$	4,507			$	783			$	(11,408	)		$	1,003			$	(11,408	)
Gain on OREO			17				13				—				319				—				17				—
(Loss) gain on branches, equipment and other assets, net			(8	)			583				—				917				7				(8	)			7
BOLI death benefits			162				—				338				2,779				—				162				—
Recoveries on historic losses			—				—				—				—				3,461				—				3,461
Total non-interest income adjustments (H)		$	1,174			$	5,620			$	4,845			$	4,798			$	(7,940	)		$	1,174			$	(7,940	)
Non-interest expense:
FDIC special assessment			—				12,983				—				—				—				—				—
Total non-interest expense adjustments (I)		$	—			$	12,983			$	—			$	—			$	—			$	—			$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)		$	18.98			$	18.81			$	18.06			$	18.04			$	17.87
Tangible book value per common share: ((A-C-D)/B)			11.79				11.63				10.90				10.87				10.71
Total stockholders' equity (A)		$	3,811,401			$	3,791,075			$	3,654,874			$	3,654,084			$	3,630,885
End of period common shares outstanding (B)			200,797				201,526				202,323				202,573				203,168
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)			46,630				48,770				51,023				53,500				55,978
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)			16.69	%			16.73	%			16.65	%			16.51	%			16.12	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))			11.06	%			11.05	%			10.76	%			10.65	%			10.33	%
Total assets (A)		$	22,835,721			$	22,656,658			$	21,950,638			$	22,126,429			$	22,518,255
Total stockholders' equity (B)			3,811,401				3,791,075				3,654,874				3,654,084				3,630,885
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)			46,630				48,770				51,023				53,500				55,978