Consistent Performance, Patient Strategy Yield Solid Q2 Results: There’s No Place Like HOMB

Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights

Metric	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Net income	$101.5 million	$100.1 million	$86.2 million	$98.5 million	$105.3 million
Net income, as adjusted (non-GAAP)(1)	$103.9 million	$99.2 million	$92.2 million	$94.7 million	$102.6 million
Total revenue (net)	$254.6 million	$246.4 million	$245.6 million	$245.4 million	$257.2 million
Income before income taxes	$133.4 million	$130.4 million	$112.8 million	$129.3 million	$136.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$141.4 million	$134.9 million	$118.4 million	$130.6 million	$140.9 million
PPNR, as adjusted (non-GAAP)(1)	$141.9 million	$133.7 million	$126.4 million	$125.7 million	$137.3 million
Pre-tax net income to total revenue (net)	52.40%	52.92%	45.92%	52.70%	53.23%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	52.59%	52.45%	49.16%	50.72%	51.85%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	55.54%	54.75%	48.22%	53.23%	54.78%
P5NR, as adjusted (non-GAAP)(1)	55.73%	54.28%	51.46%	51.25%	53.40%
ROA	1.79%	1.78%	1.55%	1.78%	1.90%
ROA, as adjusted (non-GAAP)(1)	1.83%	1.76%	1.66%	1.72%	1.85%
NIM	4.27%	4.13%	4.17%	4.19%	4.28%
Purchase accounting accretion	$1.9 million	$2.8 million	$2.3 million	$2.4 million	$2.7 million
ROE	10.73%	10.64%	9.36%	10.65%	11.63%
ROE, as adjusted (non-GAAP)(1)	10.98%	10.54%	10.00%	10.25%	11.33%
ROTCE (non-GAAP)(1)	17.29%	17.22%	15.49%	17.62%	19.39%
ROTCE, as adjusted (non-GAAP)(1)	17.69%	17.07%	16.56%	16.95%	18.90%
Diluted earnings per share	$0.51	$0.50	$0.43	$0.49	$0.52
Diluted earnings per share, as adjusted(non-GAAP)(1)	$0.52	$0.49	$0.46	$0.47	$0.51
Non-performing assets to total assets	0.56%	0.48%	0.42%	0.42%	0.28%
Common equity tier 1 capital	14.4%	14.3%	14.2%	14.0%	13.6%
Leverage	12.3%	12.3%	12.4%	12.4%	11.9%
Tier 1 capital	14.4%	14.3%	14.2%	14.0%	13.6%
Total risk-based capital	18.0%	17.9%	17.8%	17.6%	17.3%
Allowance for credit losses to total loans	2.00%	2.00%	2.00%	2.00%	2.01%
Book value per share	$19.30	$18.98	$18.81	$18.06	$18.04
Tangible book value per share (non-GAAP)(1)	12.08	11.79	11.63	10.90	10.87

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

“Revenue is up and expenses are down. In the second quarter, HOMB saw profitable loan growth and a lower efficiency ratio, while overcoming the additional $2.3 million of FDIC special assessment. We hit record highs for book value per common share of $19.30 and tangible book value per common share of $12.08. It was a great quarter with adjusted earnings, quarter over quarter, exceeding a great year in 2023,” said John Allison, Chairman.

Liquidity and Funding Sources

At June 30, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.63 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $797.3 million in cash with the Federal Reserve Bank (FRB) and $247.8 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.15 billion in net available external liquidity as of June 30, 2024. This included $4.81 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.86 billion has been drawn upon in the ordinary course of business, resulting in $2.95 billion in net available liquidity with the FHLB as of June 30, 2024. The $1.86 billion consisted of $600.0 million in outstanding FHLB advances and $1.26 billion used for pledging purposes. The Company also had access to approximately $797.3 million in liquidity with the FRB as of June 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business from the Bank Term Funding Program (BTFP), resulting in $97.3 million in net available liquidity with the FRB as of June 30, 2024. As of June 30, 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 $5.82 billion in net available liquidity as of June 30, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of June 30, 2024 are available below.

(In thousands)		Total Available			Amount Used			Net Availability
Internal Sources
Unpledged investment securities (market value)		$	1,627,007		$	—		$	1,627,007
Cash at FRB			797,300			—			797,300
Other liquid cash accounts			247,813			—			247,813
Total Internal Liquidity			2,672,120			—			2,672,120
External Sources
FHLB			4,808,671			1,859,049			2,949,622
FRB Discount Window			97,296			—			97,296
BTFP (par value)			700,000			700,000			—
FNBB			55,000			—			55,000
Other			45,000			—			45,000
Total External Liquidity			5,705,967			2,559,049			3,146,918
Total Available Liquidity		$	8,378,087		$	2,559,049		$	5,819,038

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 June 30, 2024, the Company held approximately $8.33 billion in uninsured deposits of which $744.9 million were intercompany subsidiary deposit balances and $2.90 billion were collateralized deposits, for a net position of $4.69 billion. This represents approximately 27.6% of total deposits. As of June 30, 2024, net available liquidity exceeded uninsured and uncollateralized deposits by $1.13 billion.

(in thousands)		As ofJune 30, 2024
Uninsured Deposits		$	8,327,937
Intercompany Subsidiary and Affiliate Balances			744,882
Collateralized Deposits			2,896,015
Net Uninsured Position		$	4,687,040
Total Available Liquidity		$	5,819,038
Net Uninsured Position			4,687,040
Net Available Liquidity in Excess of Uninsured Deposits		$	1,131,998

In the event the Company’s $4.69 billion net position of uninsured deposits had been called by depositors on the first day of the second 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 $74.2 million for the quarter ended June 30, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, based on the Company’s profitability level for the quarter ended June 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.30% for the quarter ended June 30, 2024.

Operating Highlights

Net income for the three-month period ended June 30, 2024 was $101.5 million, or $0.51 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 $103.9 million(1) and $0.52 per share(1), respectively, for the three months ended June 30, 2024.

Our net interest margin was 4.27% for the three-month period ended June 30, 2024, compared to 4.13% for the three-month period ended March 31, 2024. The yield on loans was 7.54% and 7.37% for the three months ended June 30, 2024 and March 31, 2024, respectively, as average loans increased from $14.49 billion to $14.65 billion. Additionally, the rate on interest bearing deposits increased to 3.00% as of June 30, 2024, from 2.93% as of March 31, 2024, while average interest-bearing deposits increased from $12.72 billion to $12.85 billion.

During the second quarter of 2024, there was $1.7 million of event interest income compared to $1.1 million of event interest expense for the first quarter of 2024.

Purchase accounting accretion on acquired loans was $1.9 million and $2.8 million and average purchase accounting loan discounts were $22.8 million and $24.8 million for the three-month periods ended June 30, 2024 and March 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $214.5 million for the three-month period ended June 30, 2024, and $205.5 million for the three-month period ended March 31, 2024. This increase in net interest income for the three-month period ended June 30, 2024, was the result of a $12.1 million increase in interest income, partially offset by an $3.2 million increase in interest expense. The $12.1 million increase in interest income was primarily the result of a $9.1 million increase in loan interest income, a $2.0 million increase in income from interest-bearing balances due from banks and a $970,000 million increase in investment income. The increase in interest income is primarily the result the growth in interest-earning assets and the current high interest rate environment. The $3.2 million increase in interest expense was due to a $3.2 million increase in interest expense on deposits. The increase in interest expense is also a result of the growth of interest-bearing deposits and the current high interest rate environment.

The Company reported $42.8 million of non-interest income for the second quarter of 2024. The most important components of second quarter non-interest income were $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $6.7 million from other income, $4.7 million from trust fees, $4.3 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $2.1 million gain on branches, equipment and other assets and $1.3 million from the increase in cash value of life insurance. The $2.1 million gain on branches, equipment and other assets is from the sale of a building in our Texas region.

Non-interest expense for the second quarter of 2024 was $113.2 million. The most important components of non-interest expense were $60.4 million from salaries and employee benefits, $29.4 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.9 million in data processing expenses. Included within other operating expenses was $2.3 million in FDIC special assessment expense. This is the remaining portion of the assessment which was levied in order to recover the losses to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. For the second quarter of 2024, our efficiency ratio was 43.17%, and our efficiency ratio, as adjusted (non-GAAP), was 42.59%(1).

Financial Condition

Total loans receivable were $14.78 billion at June 30, 2024, compared to $14.51 billion at March 31, 2024. Total deposits were $16.96 billion at June 30, 2024, compared to $16.87 billion at March 31, 2024. Total assets were $22.92 billion at June 30, 2024, compared to $22.84 billion at March 31, 2024.

During the second quarter of 2024, the Company experienced approximately $267.8 million in loan growth. Centennial CFG experienced $56.4 million of organic loan growth and had loans of $2.09 billion at June 30, 2024. Our remaining markets experienced $211.4 million in organic loan growth during the quarter.

Non-performing loans to total loans were 0.58% and 0.55% at June 30, 2024 and March 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.48% at June 30, 2024 and March 31, 2024, respectively. Net charge-offs were $2.4 million and $3.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively.

Non-performing loans at June 30, 2024 were $16.2 million, $39.1 million, $24.7 million, $399,000, $3.1 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $86.3 million. Non-performing assets at June 30, 2024 were $16.3 million, $46.6 million, $35.8 million, $399,000, $3.1 million and $25.6 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $127.8 million.

The Company’s allowance for credit losses on loans was $295.9 million at June 30, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $290.3 million, or 2.00% of total loans, at March 31, 2024. As of June 30, 2024 and March 31, 2024, the Company’s allowance for credit losses on loans was 342.66% and 362.94% of its total non-performing loans, respectively.

Stockholders’ equity was $3.86 billion at June 30, 2024, compared to $3.81 billion at March 31, 2024, an increase of approximately $44.1 million. The increase in stockholders’ equity is primarily associated with the $65.4 million increase in retained earnings and $9.6 million reduction in accumulated other comprehensive income, partially offset by the $32.6 million in stock repurchases. Book value per common share was $19.30 at June 30, 2024, compared to $18.98 at March 31, 2024. Tangible book value per common share (non-GAAP) was $12.08(1) at June 30, 2024, compared to $11.79(1) at March 31, 2024.

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, July 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/329781550. 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=c8dcd669&confId=67018. 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: 667067. A replay of the call will be available by calling 1-866-813-9403, Passcode: 180861, which will be available until July 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; 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; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; 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 TownsellDirector of Investor RelationsHome BancShares, Inc.[phone]

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
(In thousands)		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
ASSETS
Cash and due from banks		$	229,209			$	205,262			$	226,363			$	229,474			$	275,656
Interest-bearing deposits with other banks			829,507			969,996					773,850				258,605				335,535
Cash and cash equivalents			1,058,716			1,175,258					1,000,213				488,079				611,191
Federal funds sold			—			5,200					5,100				3,925				1,550
Investment securities - available-for-sale, net of allowance for credit losses			3,344,539			3,400,884					3,507,841				3,472,173				3,645,013
Investment securities - held-to-maturity, net of allowance for credit losses			1,278,853			1,280,586					1,281,982				1,283,475				1,285,150
Total investment securities			4,623,392			4,681,470					4,789,823				4,755,648				4,930,163
Loans receivable			14,781,457			14,513,673					14,424,728				14,271,833				14,180,972
Allowance for credit losses			(295,856	)		(290,294		)			(288,234	)			(285,562	)			(285,683	)
Loans receivable, net			14,485,601			14,223,379					14,136,494				13,986,271				13,895,289
Bank premises and equipment, net			383,691			389,618					393,300				397,093				397,315
Foreclosed assets held for sale			41,347			30,650					30,486				691				725
Cash value of life insurance			218,198			215,424					214,516				213,351				213,090
Accrued interest receivable			120,984			119,029					118,966				110,946				101,066
Deferred tax asset, net			195,041			202,882					197,164				222,741				206,430
Goodwill			1,398,253			1,398,253					1,398,253				1,398,253				1,398,253
Core deposit intangible			44,490			46,630					48,770				51,023				53,500
Other assets			350,192			347,928					323,573				322,617				317,857
Total assets		$	22,919,905			$	22,835,721			$	22,656,658			$	21,950,638			$	22,126,429
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,068,302			$	4,115,603			$	4,085,501			$	4,280,429			$	4,598,593
Savings and interest-bearing transaction accounts			11,150,516			11,047,258					11,050,347				10,786,087				11,169,940
Time deposits			1,736,985			1,703,269					1,651,863				1,452,229				1,228,358
Total deposits			16,955,803			16,866,130					16,787,711				16,518,745				16,996,891
Securities sold under agreements to repurchase			137,996			176,107					142,085				160,120				160,349
FHLB and other borrowed funds			1,301,050			1,301,050					1,301,300				1,001,550				701,550
Accrued interest payable and other liabilities			230,011			241,345					194,653				175,367				173,426
Subordinated debentures			439,542			439,688					439,834				439,982				440,129
Total liabilities			19,064,402			19,024,320					18,865,583				18,295,764				18,472,345
Stockholders' equity
Common stock			1,997			2,008					2,015				2,023				2,026
Capital surplus			2,295,893			2,326,824					2,348,023				2,363,210				2,366,560
Retained earnings			1,819,412			1,753,994					1,690,112				1,640,171				1,578,176
Accumulated other comprehensive loss			(261,799	)		(271,425		)			(249,075	)			(350,530	)			(292,678	)
Total stockholders' equity			3,855,503			3,811,401					3,791,075				3,654,874				3,654,084
Total liabilities and stockholders' equity		$	22,919,905			$	22,835,721			$	22,656,658			$	21,950,638			$	22,126,429

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																				Six Months Ended
(In thousands)		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Jun. 30, 2024				Jun. 30, 2023
Interest income:
Loans		$	274,324			$	265,294			$	260,003			$	249,464			$	243,152			$	539,618			$	480,149
Investment securities
Taxable			32,587				33,229				34,016				34,520				34,751				65,816				70,039
Tax-exempt			7,769				7,803				7,855				7,868				7,932				15,572				15,895
Deposits - other banks			12,564				10,528				4,281				2,328				3,729				23,092				8,414
Federal funds sold			59				61				65				82				68				120				74
Total interest income			327,303				316,915				306,220				294,262				289,632				644,218				574,571
Interest expense:
Interest on deposits			95,741				92,548				87,971				78,698				70,147				188,289				129,309
Federal funds purchased			—				—				—				1				2				—				2
FHLB and other borrowed funds			14,255				14,276				9,878				8,161				6,596				28,531				12,786
Securities sold under agreements to repurchase			1,363				1,404				1,480				1,344				1,121				2,767				1,989
Subordinated debentures			4,122				4,097				4,121				4,121				4,123				8,219				8,247
Total interest expense			115,481				112,325				103,450				92,325				81,989				227,806				152,333
Net interest income			211,822				204,590				202,770				201,937				207,643				416,412				422,238
Provision for credit losses on loans			8,000				5,500				5,650				2,800				2,300				13,500				3,500
Recovery of credit losses on unfunded commitments			—				(1,000	)			—				(1,500	)			—				(1,000	)			—
Provision for credit losses on investment securities			—				—				—				—				1,683				—				1,683
Total credit loss expense			8,000				4,500				5,650				1,300				3,983				12,500				5,183
Net interest income after credit loss expense			203,822				200,090				197,120				200,637				203,660				403,912				417,055
Non-interest income:
Service charges on deposit accounts			9,714				9,686				10,072				10,062				9,231				19,400				19,073
Other service charges and fees			10,679				10,189				10,422				10,128				11,763				20,868				23,638
Trust fees			4,722				5,066				4,316				4,660				4,052				9,788				8,916
Mortgage lending income			4,276				3,558				2,385				3,132				2,650				7,834				5,221
Insurance commissions			565				508				480				562				518				1,073				1,044
Increase in cash value of life insurance			1,279				1,195				1,170				1,170				1,211				2,474				2,315
Dividends from FHLB, FRB, FNBB & other			2,998				3,007				3,010				2,916				2,922				6,005				5,716
Gain on SBA loans			56				198				42				97				—				254				139
Gain (loss) on branches, equipment and other assets, net			2,052				(8	)			583				—				917				2,044				924
Gain on OREO, net			49				17				13				—				319				66				319
Fair value adjustment for marketable securities			(274	)			1,003				5,024				4,507				783				729				(10,625	)
Other income			6,658				7,380				5,331				6,179				15,143				14,038				26,993
Total non-interest income			42,774				41,799				42,848				43,413				49,509				84,573				83,673
Non-interest expense:
Salaries and employee benefits			60,427				60,910				63,430				64,512				64,534				121,337				129,024
Occupancy and equipment			14,408				14,551				14,965				15,463				14,923				28,959				29,875
Data processing expense			8,935				9,147				9,107				9,103				9,151				18,082				18,119
Other operating expenses			29,415				26,888				39,673				25,684				27,674				56,303				53,908
Total non-interest expense			113,185				111,496				127,175				114,762				116,282				224,681				230,926
Income before income taxes			133,411				130,393				112,793				129,288				136,887				263,804				269,802
Income tax expense			31,881				30,284				26,550				30,835				31,616				62,165				61,569
Net income		$	101,530			$	100,109			$	86,243			$	98,453			$	105,271			$	201,639			$	208,233

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Six Months Ended
(Dollars and shares in thousands, except per share data)		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Jun. 30, 2024				Jun. 30, 2023
PER SHARE DATA
Diluted earnings per common share		$	0.51			$	0.50			$	0.43			$	0.49			$	0.52			$	1.00			$	1.02
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.52				0.49				0.46				0.47				0.51				1.01				1.04
Basic earnings per common share			0.51				0.50				0.43				0.49				0.52				1.00				1.03
Dividends per share - common			0.18				0.18				0.18				0.18				0.18				0.36				0.36
Book value per common share			19.30				18.98				18.81				18.06				18.04				19.30				18.04
Tangible book value per common share (non-GAAP)(1)			12.08				11.79				11.63				10.90				10.87				12.08				10.87
STOCK INFORMATION
Average common shares outstanding			200,319				201,210				201,756				202,526				202,793				200,765				203,122
Average diluted shares outstanding			200,465				201,390				201,891				202,650				202,923				200,909				203,274
End of period common shares outstanding			199,746				200,797				201,526				202,323				202,573				199,746				202,573
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			1.79	%			1.78	%			1.55	%			1.78	%			1.90	%			1.78	%			1.87	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			1.83	%			1.76	%			1.66	%			1.72	%			1.85	%			1.79	%			1.90	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			1.94	%			1.93	%			1.69	%			1.95	%			2.07	%			1.93	%			2.03	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			1.98	%			1.91	%			1.81	%			1.87	%			2.02	%			1.94	%			2.07	%
Return on average common equity (ROE)			10.73	%			10.64	%			9.36	%			10.65	%			11.63	%			10.69	%			11.66	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			10.98	%			10.54	%			10.00	%			10.25	%			11.33	%			10.76	%			11.85	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			17.29	%			17.22	%			15.49	%			17.62	%			19.39	%			17.26	%			19.57	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			17.69	%			17.07	%			16.56	%			16.95	%			18.90	%			17.38	%			19.88	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			17.56	%			17.50	%			15.80	%			17.95	%			19.74	%			17.53	%			19.92	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			17.97	%			17.34	%			16.87	%			17.29	%			19.24	%			17.66	%			20.23	%
(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																				Six Months Ended
(Dollars in thousands)		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Jun. 30, 2024				Jun. 30, 2023
Efficiency ratio			43.17	%			44.22	%			50.64	%			45.53	%			44.00	%			43.69	%			44.39	%
Efficiency ratio, as adjusted (non-GAAP)(1)			42.59	%			44.43	%			46.43	%			46.44	%			44.83	%			43.50	%			44.12	%
Net interest margin - FTE (NIM)			4.27	%			4.13	%			4.17	%			4.19	%			4.28	%			4.20	%			4.33	%
Fully taxable equivalent adjustment		$	2,628			$	892			$	1,091			$	1,293			$	1,494			$	3,520			$	3,122
Total revenue (net)			254,596				246,389				245,618				245,350				257,152				500,985				505,911
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			141,411				134,893				118,443				130,588				140,870				276,304				274,985
PPNR, as adjusted (non-GAAP)(1)			141,886				133,728				126,402				125,743				137,308				275,614				279,370
Pre-tax net income to total revenue (net)			52.40	%			52.92	%			45.92	%			52.70	%			53.23	%			52.66	%			53.33	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			52.59	%			52.45	%			49.16	%			50.72	%			51.85	%			52.52	%			54.20	%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			55.54	%			54.75	%			48.22	%			53.23	%			54.78	%			55.15	%			54.35	%
P5NR, as adjusted (non-GAAP)(1)			55.73	%			54.28	%			51.46	%			51.25	%			53.40	%			55.01	%			55.22	%
Total purchase accounting accretion		$	1,873			$	2,772			$	2,324			$	2,431			$	2,660			$	4,645			$	5,832
Average purchase accounting loan discounts			22,788				24,820				27,397				29,915				32,546				23,813				34,022
OTHER OPERATING EXPENSES
Advertising		$	1,692			$	1,654			$	2,226			$	2,295			$	2,098			$	3,346			$	4,329
Amortization of intangibles			2,140				2,140				2,253				2,477				2,478				4,280				4,955
Electronic banking expense			3,412				3,156				3,599				3,709				3,675				6,568				7,005
Directors' fees			423				498				399				417				538				921				998
Due from bank service charges			282				276				274				282				286				558				559
FDIC and state assessment			5,494				3,318				16,016				2,794				3,220				8,812				6,720
Insurance			905				903				873				878				927				1,808				1,816
Legal and accounting			2,617				2,081				1,192				1,514				1,436				4,698				2,524
Other professional fees			2,108				2,236				1,640				2,117				2,774				4,344				5,058
Operating supplies			613				683				777				860				763				1,296				1,501
Postage			497				523				503				491				586				1,020				1,087
Telephone			444				470				515				544				573				914				1,101
Other expense			8,788				8,950				9,406				7,306				8,320				17,738				16,255
Total other operating expenses		$	29,415			$	26,888			$	39,673			$	25,684			$	27,674			$	56,303			$	53,908
(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)		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
BALANCE SHEET RATIOS
Total loans to total deposits			87.18	%			86.05	%			85.92	%			86.40	%			83.43	%
Common equity to assets			16.82	%			16.69	%			16.73	%			16.65	%			16.51	%
Tangible common equity to tangible assets (non-GAAP)(1)			11.23	%			11.06	%			11.05	%			10.76	%			10.65	%
														.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,599,925			$	5,616,965			$	5,549,954			$	5,614,259			$	5,480,738
Construction/land development			2,511,817				2,330,555				2,293,047				2,154,030				2,201,514
Agricultural			345,461				337,618				325,156				336,160				340,067
Residential real estate loans
Residential 1-4 family			1,910,143				1,899,974				1,844,260				1,808,248				1,790,218
Multifamily residential			509,091				415,926				435,736				444,239				455,754
Total real estate			10,876,437				10,601,038				10,448,153				10,356,936				10,268,291
Consumer			1,189,386				1,163,228				1,153,690				1,153,461				1,156,273
Commercial and industrial			2,242,072				2,284,775				2,324,991				2,195,678				2,288,646
Agricultural			314,600				278,609				307,327				332,608				297,743
Other			158,962				186,023				190,567				233,150				170,019
Loans receivable		$	14,781,457			$	14,513,673			$	14,424,728			$	14,271,833			$	14,180,972
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	290,294			$	288,234			$	285,562			$	285,683			$	287,169
Loans charged off			3,098				3,978				3,592				3,449				4,726
Recoveries of loans previously charged off			660				538				614				528				940
Net loans charged off			2,438				3,440				2,978				2,921				3,786
Provision for credit losses - loans			8,000				5,500				5,650				2,800				2,300
Balance, end of period		$	295,856			$	290,294			$	288,234			$	285,562			$	285,683
Net charge-offs to average total loans			0.07	%			0.10	%			0.08	%			0.08	%			0.11	%
Allowance for credit losses to total loans			2.00	%			2.00	%			2.00	%			2.00	%			2.01	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	78,090			$	67,055			$	59,971			$	84,184			$	49,627
Loans past due 90 days or more			8,251				12,928				4,130				6,674				10,869
Total non-performing loans			86,341				79,983				64,101				90,858				60,496
Other non-performing assets
Foreclosed assets held for sale, net			41,347				30,650				30,486				691				725
Other non-performing assets			63				63				785				64				64
Total other non-performing assets			41,410				30,713				31,271				755				789
Total non-performing assets		$	127,751			$	110,696			$	95,372			$	91,613			$	61,285
Allowance for credit losses for loans to non-performing loans			342.66	%			362.94	%			449.66	%			314.29	%			472.23	%
Non-performing loans to total loans			0.58	%			0.55	%			0.44	%			0.64	%			0.43	%
Non-performing assets to total assets			0.56	%			0.48	%			0.42	%			0.42	%			0.28	%
(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
		June 30, 2024											March 31, 2024
(Dollars in thousands)		Average Balance				Income/ Expense				Yield/ Rate			Average Balance				Income/ Expense				Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	929,916			$	12,564			5.43	%		$	801,456			$	10,528			5.28	%
Federal funds sold			4,424				59			5.36	%			5,012				61			4.90	%
Investment securities - taxable			3,445,769				32,587			3.80	%			3,473,511				33,229			3.85	%
Investment securities - non-taxable - FTE			1,185,001				10,254			3.48	%			1,257,861				8,642			2.76	%
Loans receivable - FTE			14,648,564				274,467			7.54	%			14,487,494				265,347			7.37	%
Total interest-earning assets			20,213,674				329,931			6.56	%			20,025,334				317,807			6.38	%
Non-earning assets			2,662,275											2,657,925
Total assets		$	22,875,949										$	22,683,259
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,118,587			$	77,928			2.82	%		$	11,038,910			$	75,597			2.75	%
Time deposits			1,732,610				17,813			4.14	%			1,685,193				16,951			4.05	%
Total interest-bearing deposits			12,851,197				95,741			3.00	%			12,724,103				92,548			2.93	%
Federal funds purchased			33				—			—	%			—				—			—	%
Securities sold under agreement to repurchase			159,899				1,363			3.43	%			172,024				1,404			3.28	%
FHLB borrowed funds			1,301,050				14,255			4.41	%			1,301,091				14,276			4.41	%
Subordinated debentures			439,613				4,122			3.77	%			439,760				4,097			3.75	%
Total interest-bearing liabilities			14,751,792				115,481			3.15	%			14,636,978				112,325			3.09	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,083,916											4,017,659
Other liabilities			234,441											244,970
Total liabilities			19,070,149											18,899,607
Shareholders' equity			3,805,800											3,783,652
Total liabilities and shareholders' equity		$	22,875,949										$	22,683,259
Net interest spread										3.41	%										3.29	%
Net interest income and margin - FTE						$	214,450			4.27	%						$	205,482			4.13	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Six Months Ended
		June 30, 2024											June 30, 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		$	865,686			$	23,092			5.36	%		$	372,752			$	8,414			4.55	%
Federal funds sold			4,718				120			5.11	%			2,926				74			5.10	%
Investment securities - taxable			3,459,639				65,816			3.83	%			3,791,872				70,039			3.72	%
Investment securities - non-taxable - FTE			1,221,431				18,896			3.11	%			1,285,148				18,814			2.95	%
Loans receivable - FTE			14,568,029				539,814			7.45	%			14,366,267				480,352			6.74	%
Total interest-earning assets			20,119,503				647,738			6.47	%			19,818,965				577,693			5.88	%
Non-earning assets			2,660,101											2,641,370
Total assets		$	22,779,604										$	22,460,335
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,078,749			$	153,525			2.79	%		$	11,410,230			$	117,493			2.08	%
Time deposits			1,708,902				34,764			4.09	%			1,123,793				11,816			2.12	%
Total interest-bearing deposits			12,787,651				188,289			2.96	%			12,534,023				129,309			2.08	%
Federal funds purchased			17				—			—	%			62				2			6.51	%
Securities sold under agreement to repurchase			165,962				2,767			3.35	%			139,477				1,989			2.88	%
FHLB borrowed funds			1,301,071				28,531			4.41	%			665,356				12,786			3.88	%
Subordinated debentures			439,686				8,219			3.76	%			440,273				8,247			3.78	%
Total interest-bearing liabilities			14,694,387				227,806			3.12	%			13,779,191				152,333			2.23	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,050,787											4,879,521
Other liabilities			239,704											201,562
Total liabilities			18,984,878											18,860,274
Shareholders' equity			3,794,726											3,600,061
Total liabilities and shareholders' equity		$	22,779,604										$	22,460,335
Net interest spread										3.35	%										3.65	%
Net interest income and margin - FTE						$	419,932			4.20	%						$	425,360			4.33	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Six Months Ended
(Dollars and shares in thousands, except per share data)		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Jun. 30, 2024				Jun. 30, 2023
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	101,530			$	100,109			$	86,243			$	98,453			$	105,271			$	201,639			$	208,233
Pre-tax adjustments
FDIC special assessment			2,260				—				12,983				—				—				2,260				—
BOLI death benefits			—				(162	)			—				(338	)			(2,779	)			(162	)			(2,779	)
Gain on sale of building			(2,059	)			—				—				—				—				(2,059	)			—
Fair value adjustment for marketable securities			274				(1,003	)			(5,024	)			(4,507	)			(783	)			(729	)			10,625
Recoveries on historic losses			—				—				—				—				—				—				(3,461	)
Total pre-tax adjustments			475				(1,165	)			7,959				(4,845	)			(3,562	)			(690	)			4,385
Tax-effect of adjustments			119				(251	)			1,989				(1,112	)			(879	)			(132	)			1,082
Deferred tax asset write-down			2,030				—				—				—				—				2,030				—
Total adjustments after-tax (B)			2,386				(914	)			5,970				(3,733	)			(2,683	)			1,472				3,303
Earnings, as adjusted (C)		$	103,916			$	99,195			$	92,213			$	94,720			$	102,588			$	203,111			$	211,536
Average diluted shares outstanding (D)			200,465				201,390				201,891				202,650				202,923				200,909				203,274
GAAP diluted earnings per share: (A/D)		$	0.51			$	0.50			$	0.43			$	0.49			$	0.52			$	1.00			$	1.02
Adjustments after-tax: (B/D)			0.01				(0.01	)			0.03				(0.02	)			(0.01	)			0.01				0.02
Diluted earnings per common share, as adjusted: (C/D)		$	0.52			$	0.49			$	0.46			$	0.47			$	0.51			$	1.01			$	1.04
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)			1.79	%			1.78	%			1.55	%			1.78	%			1.90	%			1.78	%			1.87	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)			1.83	%			1.76	%			1.66	%			1.72	%			1.85	%			1.79	%			1.90	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))			1.94	%			1.93	%			1.69	%			1.95	%			2.07	%			1.93	%			2.03	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))			1.98	%			1.91	%			1.81	%			1.87	%			2.02	%			1.94	%			2.07	%
GAAP net income available to common shareholders (A)		$	101,530			$	100,109			$	86,243			$	98,453			$	105,271			$	201,639			$	208,233
Amortization of intangibles (B)			2,140				2,140				2,253				2,477				2,478				4,280				4,955
Amortization of intangibles after-tax (C)			1,605				1,605				1,690				1,866				1,866				3,210				3,732
Adjustments after-tax (D)			2,386				(914	)			5,970				(3,733	)			(2,683	)			1,472				3,303
Average assets (E)			22,875,949				22,683,259				22,056,440				21,902,434				22,227,404				22,779,604				22,460,335
Average goodwill & core deposit intangible (F)			1,443,778				1,445,902				1,448,061				1,450,478				1,452,951				1,444,840				1,454,180

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Six Months Ended
(Dollars in thousands)		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Jun. 30, 2024				Jun. 30, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			10.73	%			10.64	%			9.36	%			10.65	%			11.63	%			10.69	%			11.66	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			10.98	%			10.54	%			10.00	%			10.25	%			11.33	%			10.76	%			11.85	%
Return on average tangible common equity: (A/(D-E))			17.29	%			17.22	%			15.49	%			17.62	%			19.39	%			17.26	%			19.57	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			17.69	%			17.07	%			16.56	%			16.95	%			18.90	%			17.38	%			19.88	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			17.56	%			17.50	%			15.80	%			17.95	%			19.74	%			17.53	%			19.92	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			17.97	%			17.34	%			16.87	%			17.29	%			19.24	%			17.66	%			20.23	%
GAAP net income available to common shareholders (A)		$	101,530			$	100,109			$	86,243			$	98,453			$	105,271			$	201,639			$	208,233
Earnings excluding intangible amortization (B)			103,135				101,714				87,933				100,319				107,137				204,849				211,965
Adjustments after-tax (C)			2,386				(914	)			5,970				(3,733	)			(2,683	)			1,472				3,303
Average common equity (D)			3,805,800				3,783,652				3,656,720				3,667,339				3,630,194				3,794,726				3,600,061
Average goodwill & core deposits intangible (E)			1,443,778				1,445,902				1,448,061				1,450,478				1,452,951				1,444,840				1,454,180
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))			43.17	%			44.22	%			50.64	%			45.53	%			44.00	%			43.69	%			44.39	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))			42.59	%			44.43	%			46.43	%			46.44	%			44.83	%			43.50	%			44.12	%
Pre-tax net income to total revenue (net) (A/(B+C))			52.40	%			52.92	%			45.92	%			52.70	%			53.23	%			52.66	%			53.33	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			52.59	%			52.45	%			49.16	%			50.72	%			51.85	%			52.52	%			54.20	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	141,411			$	134,893			$	118,443			$	130,588			$	140,870			$	276,304			$	274,985
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)		$	141,886			$	133,728			$	126,402			$	125,743			$	137,308			$	275,614			$	279,370
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)			55.54	%			54.75	%			48.22	%			53.23	%			54.78	%			55.15	%			54.35	%
P5NR, as adjusted (B+C-D+F)/(B+C)			55.73	%			54.28	%			51.46	%			51.25	%			53.40	%			55.01	%			55.22	%
Pre-tax net income (A)		$	133,411			$	130,393			$	112,793			$	129,288			$	136,887			$	263,804			$	269,802
Net interest income (B)			211,822				204,590				202,770				201,937				207,643				416,412				422,238
Non-interest income (C)			42,774				41,799				42,848				43,413				49,509				84,573				83,673
Non-interest expense (D)			113,185				111,496				127,175				114,762				116,282				224,681				230,926
Fully taxable equivalent adjustment (E)			2,628				892				1,091				1,293				1,494				3,520				3,122
Total pre-tax adjustments (F)			475				(1,165	)			7,959				(4,845	)			(3,562	)			(690	)			4,385
Amortization of intangibles (G)			2,140				2,140				2,253				2,477				2,478				4,280				4,955
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	(274	)		$	1,003			$	5,024			$	4,507			$	783			$	729			$	(10,625	)
Gain on OREO			49				17				13				—				319				66				319
Gain (loss) on branches, equipment and other assets, net			2,052				(8	)			583				—				917				2,044				924
BOLI death benefits			—				162				—				338				2,779				162				2,779
Recoveries on historic losses			—				—				—				—				—				—				3,461
Total non-interest income adjustments (H)		$	1,827			$	1,174			$	5,620			$	4,845			$	4,798			$	3,001			$	(3,142	)
Non-interest expense:
FDIC special assessment			2,260				—				12,983				—				—				2,260				—
Total non-interest expense adjustments (I)		$	2,260			$	—			$	12,983			$	—			$	—			$	2,260			$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)		$	19.30			$	18.98			$	18.81			$	18.06			$	18.04
Tangible book value per common share: ((A-C-D)/B)			12.08				11.79				11.63				10.90				10.87
Total stockholders' equity (A)		$	3,855,503			$	3,811,401			$	3,791,075			$	3,654,874			$	3,654,084
End of period common shares outstanding (B)			199,746				200,797				201,526				202,323				202,573
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)			44,490				46,630				48,770				51,023				53,500
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)			16.82	%			16.69	%			16.73	%			16.65	%			16.51	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))			11.23	%			11.06	%			11.05	%			10.76	%			10.65	%
Total assets (A)		$	22,919,905			$	22,835,721			$	22,656,658			$	21,950,638			$	22,126,429
Total stockholders' equity (B)			3,855,503				3,811,401				3,791,075				3,654,874				3,654,084
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)			44,490				46,630				48,770				51,023				53,500