HOMB Raises the Bar with Best in Class Performance Metrics

CONWAY, Ark., Jan. 21, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released record quarterly earnings today.

Highlights of the Fourth Quarter of 2020:

Metric	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019
Net Income	$81.8 million	$69.3 million	$62.8 million	$507,000	$73.3 million
Total Revenue (net)	$181.9 million	$176.1 million	$173.7 million	$162.7 million	$167.8 million
Income (loss) before income taxes	$107.7 million	$90.4 million	$82.1 million	($2.4 million)	$96.5 million
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (non-GAAP)(1)	$107.7 million	$104.4 million	$102.7 million	$92.2 million	$96.5 million
Pre-tax net income to total revenue (net)	59.19%	51.32%	47.25%	-1.49	57.49%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	59.19%	59.28%	59.15%	56.67%	57.49%
ROA	1.97%	1.66%	1.55%	0.01%	1.94%
ROA (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1)	2.60%	2.50%	2.53%	2.45%	2.56%
ROA, excluding provision for credit losses and unfunded commitment expense (non-GAAP)(1)	1.97%	1.91%	1.92%	1.87%	1.94%
NIM	4.00%	3.92%	4.11%	4.22%	4.24%
NIM, excluding PPP loans (non-GAAP)(1)	3.97%	3.98%	4.16%	4.22%	4.24%
Purchase Accounting Accretion	$5.7 million	$7.0 million	$7.0 million	$7.6 million	$9.1 million
ROE	12.72%	10.97%	10.27%	0.08%	11.71%
ROTCE (non-GAAP)(1)	20.96%	18.29%	17.40%	0.14%	19.55%
Diluted Earnings Per Share	$0.50	$0.42	$0.38	$0.00	$0.44
Non-Performing Assets to Total Assets	0.48%	0.47%	0.39%	0.44%	0.43%
Common Equity Tier 1 Capital	13.4%	12.6%	12.0%	11.5%	12.4%
Leverage	10.8%	10.4%	10.3%	10.8%	11.3%
Tier 1 Capital	14.0%	13.2%	12.6%	12.1%	13.0%
Total Risk-Based Capital	17.8%	16.9%	16.2%	15.7%	16.4%
Allowance for Credit Losses to Total Loans	2.19%	2.12%	1.99%	2.01%	0.94%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1)	2.33%	2.29%	2.15%	2.01%	0.94%

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

“While 2020 was dark in many ways, the lights were definitely on at Home BancShares,” stated John Allison. “Q1 was an anomaly with the implementation of CECL, but it was followed up with record numbers in quarters two, three and four, and for that, I couldn’t be more pleased,” Allison continued. “Fifty cents earnings per share is a record I’m particularly proud of,” added Allison.

“Our talented team of bankers delivered record net income for the quarter of $81.8 million and our income before income taxes came in strong at $107.7 million,” said Tracy French. “During one of the hardest years for business and the economy, I’m proud of how our bankers worked to assist their customers in their time of need while still churning out impressive best in class numbers throughout the year,” continued French.

Operating Highlights

Net income and earnings per share were quarterly records for the Company. Net income increased $12.5 million, or 17.99%, to $81.8 million for the three-month period ended December 31, 2020, from $69.3 million for the three-month period ended September 30, 2020. Earnings per share increased $0.08 per share, or 19.05%, to $0.50 per share for the three-month period ended December 31, 2020, from $0.42 per share for the three-month period ended September 30, 2020.

During the fourth quarter of 2020, the Company did not record any credit loss expense. The Company’s provisioning model is closely tied to unemployment rate projections which continued to improve through the end of 2020.

Our net interest margin was 4.00% for the three-month period ended December 31, 2020 compared to 3.92% for the three-month period ended September 30, 2020. The yield on loans was 5.33% and 5.24% for the three months ended December 31, 2020 and September 30, 2020, respectively, as average loans decreased from $11.76 billion to $11.46 billion. Additionally, the rate on interest bearing deposits decreased to 0.44% as of December 31, 2020 from 0.54% as of September 30, 2020, with average balances of $9.59 billion and $9.68 billion, respectively.

As of December 31, 2020, we had $691.7 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended December 31, 2020 was 3.97%⁽¹⁾. The PPP loans had a 6-basis point accretive impact to the yield on loans, and the PPP loans were accretive to the net interest margin by 3 basis points. This was primarily due to approximately $157.0 million of the Company’s PPP loans being forgiven during the fourth quarter of 2020 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income increased from $3.8 million to $6.9 million for the three-month periods ended September 30, 2020 and December 31, 2020, respectively.
______________________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

The COVID-19 pandemic has created a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $102.3 million of average interest-bearing cash balances in the fourth quarter of 2020 compared to the third quarter of 2020. This excess liquidity diluted the net interest margin by 3 basis points.

Purchase accounting accretion on acquired loans was $5.7 million and $7.0 million and average purchase accounting loan discounts were $49.6 million and $55.8 million for the three-month periods ended December 31, 2020 and September 30, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $146,000 and $176,000 for the three-month periods ended December 31, 2020 and September 30, 2020, respectively.

Net interest income on a fully taxable equivalent basis increased $2.1 million, or 1.4%, to $149.8 million for the three-month period ended December 31, 2020, from $147.7 million for the three-month period ended September 30, 2020. This increase in net interest income for the three-month period ended December 31, 2020 was the result of a $3.0 million decrease in interest expense, which was partially offset by a $875,000 decrease in interest income. The $3.0 million decrease in interest expense was primarily the result of a $2.6 million decrease in interest expense on deposits and a $318,000 decrease in interest expense on FHLB borrowings. The $875,000 decrease in interest income was primarily the result of a $1.4 million decrease in loan interest income, which was partially offset by a $492,000 net increase in investment income.

The Company reported $33.9 million of non-interest income for the fourth quarter of 2020. The most important components of the fourth quarter non-interest income were $10.1 million from mortgage lending income, $8.4 million from other service charges and fees, $5.5 million from service charges on deposit accounts, and $2.6 million from other income. Non-interest income for the fourth quarter of 2020 included a $4.3 million adjustment for the increase in fair market value of marketable securities.

Mortgage lending income was $10.1 million for the three-month period ended December 31, 2020, compared to $10.2 million for the three-month period ended September 30, 2020, as the Company experienced a significant increase in secondary market loan sales in 2020. The housing market continues to benefit from the current low interest rate environment.

Non-interest expense for the fourth quarter of 2020 was $74.2 million. The most important components of the fourth quarter non-interest expense were $43.0 million from salaries and employee benefits, $16.2 million in other expense and $9.8 million in occupancy and equipment expenses. For the fourth quarter of 2020, our efficiency ratio was 39.64%.
______________________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Financial Condition

Total loans receivable were $11.22 billion at December 31, 2020 compared to $11.69 billion at September 30, 2020. Total deposits were $12.73 billion at December 31, 2020 compared to $12.94 billion at September 30, 2020. Total assets were $16.40 billion at December 31, 2020 compared to $16.55 billion at September 30, 2020.

During the fourth quarter 2020, the Company experienced approximately $470.7 million in organic loan decline. Centennial CFG experienced $149.0 million of organic loan decline and had loans of $1.54 billion at December 31, 2020. Our legacy footprint experienced $157.0 million in PPP loan decline and $164.7 million in organic loan decline during the quarter.

Non-performing loans to total loans was 0.66% as of December 31, 2020 compared to 0.63% as of September 30, 2020. Non-performing assets to total assets increased slightly from 0.47% as of September 30, 2020 to 0.48% as of December 31, 2020. For the fourth quarter of 2020, net charge-offs were $2.8 million compared to net charge-offs of $4.1 million for the third quarter of 2020.

Non-performing loans at December 31, 2020 were $24.1 million, $43.1 million, $530,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.1 million. Non-performing assets at December 31, 2020 were $25.6 million, $46.0 million, $564,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $78.6 million.

The Company’s allowance for credit losses on loans was $245.5 million at December 31, 2020, or 2.19% of total loans, compared to the allowance for loan losses of $248.2 million, or 2.12% of total loans, at September 30, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.33%⁽¹⁾ at December 31, 2020. As of December 31, 2020 and September 30, 2020, the Company’s allowance for credit losses on loans and allowance for loan losses was 331.10% and 336.42% of its total non-performing loans, respectively.

Stockholders’ equity was $2.61 billion at December 31, 2020 compared to $2.54 billion at September 30, 2020, an increase of approximately $65.0 million. The increase in stockholders’ equity is primarily associated with the $58.7 million increase in retained earnings. Book value per common share was $15.78 at December 31, 2020 compared to $15.38 at September 30, 2020. Tangible book value per common share (non-GAAP) was $9.70⁽¹⁾ at December 31, 2020 compared to $9.30⁽¹⁾ at September 30, 2020, an increase of 17.11% on an annualized basis.   
______________________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Branches

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

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 21, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10150658/df97bab01e. Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-877-508-9586 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10150658, which will be available until January 28, 2021 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under “Investor Relations” for 12 months.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax net income, excluding provision for credit losses and unfunded commitment expense; pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense); return on average assets, excluding provision for credit losses and unfunded commitment expense; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions (including the effect of the PPP loans) that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

General

This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following:  economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment; disruptions, uncertainties and related effects on our business and operations as a result of the ongoing coronavirus (COVID-19) pandemic and measures that have been or may be implemented or imposed in response to the pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices, including from the adoption of the current expected credit loss (CECL) model on January 1, 2020; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 5, 2020.

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

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
[phone]

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(In thousands)		2020			2020			2020			2020			2019
ASSETS
Cash and due from banks		$	242,173		$	144,197		$	185,047		$	147,200		$	168,914
Interest-bearing deposits with other banks			1,021,615			899,140			1,030,609			424,235			321,687
Cash and cash equivalents			1,263,788			1,043,337			1,215,656			571,435			490,601
Investment securities - available-for-sale, net of allowance for credit losses			2,473,781			2,361,900			2,238,005			2,098,000			2,083,838
Loans receivable			11,220,721			11,691,470			11,955,743			11,384,982			10,869,710
Allowance for credit losses			(245,473	)		(248,224	)		(238,340	)		(228,923	)		(102,122	)
Loans receivable, net			10,975,248			11,443,246			11,717,403			11,156,059			10,767,588
Bank premises and equipment, net			278,614			280,364			279,498			281,795			280,103
Foreclosed assets held for sale			4,420			4,322			6,292			8,204			9,143
Cash value of life insurance			103,519			102,989			102,443			103,120			102,562
Accrued interest receivable			60,528			72,599			80,274			50,295			45,086
Deferred tax asset, net			70,249			75,167			74,333			77,110			44,301
Goodwill			973,025			973,025			973,025			973,025			958,408
Core deposit and other intangibles			30,728			32,149			33,569			35,055			36,572
Other assets			164,904			160,660			174,908			177,634			213,845
Total assets		$	16,398,804		$	16,549,758		$	16,895,406		$	15,531,732		$	15,032,047
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	3,266,753		$	3,207,967		$	3,413,727		$	2,425,036		$	2,367,091
Savings and interest-bearing transaction accounts			8,212,240			8,011,200			7,970,979			7,149,644			6,933,964
Time deposits			1,246,797			1,718,299			1,793,230			1,940,234			1,977,328
Total deposits			12,725,790			12,937,466			13,177,936			11,514,914			11,278,383
Federal funds purchased			-			-			-			-			5,000
Securities sold under agreements to repurchase			168,931			158,447			162,858			126,884			143,727
FHLB and other borrowed funds			400,000			403,428			531,432			951,436			621,439
Accrued interest payable and other liabilities			127,999			139,485			161,095			138,479			102,410
Subordinated debentures			370,326			370,133			369,939			369,748			369,557
Total liabilities			13,793,046			14,008,959			14,403,260			13,101,461			12,520,516
Stockholders' equity
Common stock			1,651			1,652			1,652			1,651			1,664
Capital surplus			1,520,617			1,520,103			1,518,631			1,516,151			1,537,091
Retained earnings			1,039,370			980,699			932,856			891,498			956,555
Accumulated other comprehensive (loss) income			44,120			38,345			39,007			20,971			16,221
Total stockholders' equity			2,605,758			2,540,799			2,492,146			2,430,271			2,511,531
Total liabilities and stockholders' equity		$	16,398,804		$	16,549,758		$	16,895,406		$	15,531,732		$	15,032,047

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

		Quarter Ended															Year Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
(In thousands)		2020			2020			2020			2020			2019			2020			2019
Interest income
Loans		$	153,407		$	154,787		$	158,996		$	158,148		$	161,211		$	625,338		$	658,345
Investment securities
Taxable			6,900			7,227			8,693			9,776			9,707			32,596			41,406
Tax-exempt			4,979			4,367			3,698			3,114			3,260			16,158			13,015
Deposits - other banks			270			252			211			1,116			949			1,849			5,188
Federal funds sold			-			-			-			21			5			21			34
Total interest income			165,556			166,633			171,598			172,175			175,132			675,962			717,988
Interest expense
Interest on deposits			10,596			13,200			15,116			24,198			26,823			63,110			114,104
Federal funds purchased			-			-			-			13			33			13			54
FHLB borrowed funds			1,917			2,235			2,656			2,698			2,686			9,506			17,209
Securities sold under agreements to repurchase			208			237			260			462			652			1,167			2,544
Subordinated debentures			4,810			4,823			4,899			5,079			5,155			19,611			20,860
Total interest expense			17,531			20,495			22,931			32,450			35,349			93,407			154,771
Net interest income			148,025			146,138			148,667			139,725			139,783			582,555			563,217
Provision for credit loss - loans			-			14,000			11,441			76,672			-			102,113			1,325
Provision for credit loss - acquired loans			-			-			-			9,309			-			9,309			-
Provision for credit loss - investment securities			-			-			-			842			-			842			-
Total credit loss expense			-			14,000			11,441			86,823			-			112,264			1,325
Net interest income after provision for credit losses			148,025			132,138			137,226			52,902			139,783			470,291			561,892
Non-interest income
Service charges on deposit accounts			5,544			4,910			4,296			6,631			6,778			21,381			25,930
Other service charges and fees			8,425			8,539			7,666			6,056			10,636			30,686			34,086
Trust fees			420			378			397			438			390			1,633			1,566
Mortgage lending income			10,071			10,177			6,196			2,621			3,801			29,065			14,303
Insurance commissions			366			271			533			678			551			1,848			2,278
Increase in cash value of life insurance			534			548			558			560			562			2,200			2,752
Dividends from FHLB, FRB, FNBB & other			967			3,433			230			7,842			1,952			12,472			7,707
Gain on SBA loans			304			-			-			341			686			645			1,573
Gain (loss) on branches, equipment and other assets, net			217			(27	)		54			82			35			326			(3	)
Gain on OREO, net			150			470			235			277			159			1,132			757
Loss on securities, net			-			-			-			-			(2	)		-			(2	)
Fair value adjustment for marketable securities			4,271			(1,350	)		919			(5,818	)		-			(1,978	)		-
Other income			2,616			2,602			3,939			3,219			2,481			12,376			8,569
Total non-interest income			33,885			29,951			25,023			22,927			28,029			111,786			99,516
Non-interest expense
Salaries and employee benefits			43,022			41,511			40,088			39,329			38,446			163,950			154,177
Occupancy and equipment			9,801			9,566			10,172			8,873			8,729			38,412			35,452
Data processing expense			5,171			4,921			4,614			4,326			4,294			19,032			16,161
Other operating expenses			16,247			15,714			25,298			25,721			19,873			82,980			69,997
Total non-interest expense			74,241			71,712			80,172			78,249			71,342			304,374			275,787
Income (loss) before income taxes			107,669			90,377			82,077			(2,420	)		96,470			277,703			385,621
Income tax expense (benefit)			25,875			21,057			19,250			(2,927	)		23,208			63,255			96,082
Net income		$	81,794		$	69,320		$	62,827		$	507		$	73,262		$	214,448		$	289,539

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

		Quarter Ended															Year Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
(Dollars and shares in thousands, except per share data)		2020			2020			2020			2020			2019			2020			2019
PER SHARE DATA
Diluted earnings per common share		$	0.50		$	0.42		$	0.38		$	-		$	0.44		$	1.30		$	1.73
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax (non-GAAP)(1)			0.48			0.47			0.47			0.43			0.44			1.85			1.74
Basic earnings per common share			0.50			0.42			0.38			-			0.44			1.30			1.73
Dividends per share - common			0.1400			0.1300			0.1300			0.1300			0.1300			0.5300			0.5100
Book value per common share			15.78			15.38			15.09			14.72			15.10			15.78			15.10
Tangible book value per common share (non-GAAP)(1)			9.70			9.30			8.99			8.61			9.12			9.70			9.12
STOCK INFORMATION
Average common shares outstanding			165,119			165,200			165,163			166,014			166,696			165,373			167,804
Average diluted shares outstanding			165,119			165,200			165,163			166,014			166,696			165,373			167,804
End of period common shares outstanding			165,095			165,163			165,206			165,148			166,373			165,095			166,373
ANNUALIZED PERFORMANCE METRICS
Return on average assets			1.97	%		1.66	%		1.55	%		0.01	%		1.94	%		1.33	%		1.93	%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROA, as adjusted) (non-GAAP)(1)			1.90	%		1.88	%		1.93	%		1.88	%		1.94	%		1.90	%		1.94	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			2.13	%		1.80	%		1.68	%		0.05	%		2.12	%		1.45	%		2.10	%
Return on average common equity			12.72	%		10.97	%		10.27	%		0.08	%		11.71	%		8.57	%		12.01	%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROE, as adjusted) (non-GAAP)(1)			12.23	%		12.39	%		12.77	%		11.48	%		11.68	%		12.22	%		12.11	%
Return on average tangible common equity (non-GAAP)(1)			20.96	%		18.29	%		17.40	%		0.14	%		19.55	%		14.31	%		20.49	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			21.22	%		18.56	%		17.70	%		0.44	%		19.86	%		14.59	%		20.83	%
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROTCE, as adjusted) (non-GAAP)(1)			20.15	%		20.66	%		21.63	%		19.22	%		19.51	%		20.41	%		20.67	%

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

		Quarter Ended															Year Ended
(Dollars and shares in thousands,		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
except per share data)		2020			2020			2020			2020			2019			2020			2019
Efficiency ratio			39.64	%		39.56	%		44.93	%		46.82	%		41.26	%		42.63	%		40.34	%
Efficiency ratio, as adjusted (non-GAAP)(1)			40.67	%		40.08	%		39.38	%		41.37	%		41.14	%		40.36	%		40.55	%
Net interest margin - FTE			4.00	%		3.92	%		4.11	%		4.22	%		4.24	%		4.02	%		4.29	%
Net interest margin - FTE, excluding PPP loans (non-GAAP)(1)			3.97	%		3.98	%		4.16	%		4.22	%		4.24	%		4.04	%		4.29	%
Fully taxable equivalent adjustment		$	1,778		$	1,576		$	1,434		$	1,227		$	1,322		$	6,015		$	5,255
Total revenue (net)			181,910			176,089			173,690			162,652			167,812			694,341			662,733
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (non-GAAP)(1)			107,669			104,377			102,732			92,178			96,470			406,956			386,946
Pre-tax net income to total revenue (net)			59.19	%		51.32	%		47.25	%		-1.49	%		57.49	%		40.00	%		58.19	%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			59.19	%		59.28	%		59.15	%		56.67	%		57.49	%		58.61	%		58.39	%
Net income, excluding provision for credit losses and unfunded commitment expense			81,794			79,661			78,084			70,382			73,262			309,921			290,522
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)(1)			2.60	%		2.50	%		2.53	%		2.45	%		2.56	%		2.52	%		2.57	%
Return on average assets, excluding provision for credit losses and unfunded commitment expense (non-GAAP)(1)			1.97	%		1.91	%		1.92	%		1.87	%		1.94	%		1.92	%		1.93	%
Total purchase accounting accretion			5,736			6,957			7,036			7,647			9,133			27,376			35,890
Average purchase accounting loan discounts			49,563			55,835			62,822			69,365			91,869			59,406			114,521
OTHER OPERATING EXPENSES
Advertising		$	1,076		$	902		$	795		$	1,226		$	1,340		$	3,999		$	4,687
Merger and acquisition expenses			-			-			-			711			-			711			-
Amortization of intangibles			1,421			1,420			1,486			1,517			1,565			5,844			6,324
Electronic banking expense			2,282			2,426			2,054			1,715			1,870			8,477			7,525
Directors' fees			359			429			412			424			396			1,624			1,602
Due from bank service charges			254			259			239			223			289			975			1,081
FDIC and state assessment			1,493			1,607			1,846			1,548			1,635			6,494			4,468
Hurricane expense			-			-			-			-			-			-			897
Insurance			795			766			711			746			790			3,018			2,846
Legal and accounting			790			1,235			1,278			919			1,633			4,222			5,017
Other professional fees			1,528			1,661			1,735			3,226			3,189			8,150			10,213
Operating supplies			440			460			553			535			469			1,988			2,021
Postage			315			328			313			327			327			1,283			1,266
Telephone			347			321			310			324			312			1,302			1,210
Unfunded commitments			-			-			9,214			7,775			-			16,989			-
Other expense			5,147			3,900			4,352			4,505			6,058			17,904			20,840
Total other operating expenses		$	16,247		$	15,714		$	25,298		$	25,721		$	19,873		$	82,980		$	69,997

(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)

		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands)		2020			2020			2020			2020			2019
BALANCE SHEET RATIOS
Total loans to total deposits			88.17	%		90.37	%		90.73	%		98.87	%		96.38	%
Common equity to assets			15.89	%		15.35	%		14.75	%		15.65	%		16.71	%
Tangible common equity to tangible assets (non-GAAP)(1)			10.41	%		9.88	%		9.35	%		9.79	%		10.80	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	4,429,060		$	4,342,141		$	4,325,795		$	4,357,007		$	4,412,769
Construction/land development			1,562,298			1,748,928			1,818,151			1,892,394			1,776,689
Agricultural			114,431			89,476			105,554			89,630			88,400
Residential real estate loans
Residential 1-4 family			1,536,257			1,665,628			1,730,716			1,775,610			1,819,221
Multifamily residential			536,538			491,380			482,635			411,960			488,278
Total real estate			8,178,584			8,337,553			8,462,851			8,526,601			8,585,357
Consumer			864,690			883,568			851,344			852,174			511,909
Commercial and industrial			1,896,442			2,161,818			2,228,816			1,759,752			1,528,003
Agricultural			66,869			85,365			80,023			64,582			63,644
Other			214,136			223,166			332,709			181,873			180,797
Loans receivable		$	11,220,721		$	11,691,470		$	11,955,743		$	11,384,982		$	10,869,710
Paycheck Protection Program (PPP) loans (included in total loans receivable)			691,747			848,745			848,628			-			-
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	248,224		$	238,340		$	228,923		$	102,122		$	104,304
Impact of adopting ASC 326			-			-			-			43,988			-
Allowance for credit losses on acquired loans			-			-			-			357			-
Loans charged off			3,040			4,599			2,582			4,265			2,631
Recoveries of loans previously charged off			289			483			558			740			449
Net loans (recovered)/charged off			2,751			4,116			2,024			3,525			2,182
Provision for credit loss - loans			-			14,000			11,441			76,672			-
Provision for credit loss - acquired loans			-			-			-			9,309			-
Total credit loss expense excluding provision for credit loss - investment securities			-			14,000			11,441			85,981			-
Balance, end of period		$	245,473		$	248,224		$	238,340		$	228,923		$	102,122
Net (recoveries) charge-offs to average total loans			0.10	%		0.14	%		0.07	%		0.13	%		0.08	%
Allowance for credit losses to total loans			2.19	%		2.12	%		1.99	%		2.01	%		0.94	%
Allowance for credit losses to total loans, excluding PPP loans			2.33	%		2.29	%		2.15	%		2.01	%		0.94	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	64,528		$	65,148		$	52,074		$	52,131		$	47,607
Loans past due 90 days or more			9,610			8,635			7,824			7,760			7,238
Total non-performing loans			74,138			73,783			59,898			59,891			54,845
Other non-performing assets
Foreclosed assets held for sale, net			4,420			4,322			6,292			8,204			9,143
Other non-performing assets			-			247			247			447			447
Total other non-performing assets			4,420			4,569			6,539			8,651			9,590
Total non-performing assets		$	78,558		$	78,352		$	66,437		$	68,542		$	64,435
Allowance for credit losses for loans to non-performing loans			331.10	%		336.42	%		397.91	%		382.23	%		186.20	%
Non-performing loans to total loans			0.66	%		0.63	%		0.50	%		0.53	%		0.50	%
Non-performing assets to total assets			0.48	%		0.47	%		0.39	%		0.44	%		0.43	%

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

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

		Three Months Ended
		December 31, 2020									September 30, 2020
		Average			Income/			Yield/			Average			Income/			Yield/
(Dollars in thousands)		Balance			Expense			Rate			Balance			Expense			Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	1,029,047		$	270		0.10	%		$	926,754		$	252		0.11	%
Federal funds sold			5			-		0.00	%			124			-		0.00	%
Investment securities - taxable			1,615,214			6,900		1.70	%			1,618,058			7,227		1.78	%
Investment securities - non-taxable - FTE			798,402			6,550		3.26	%			672,067			5,731		3.39	%
Loans receivable - FTE			11,457,713			153,614		5.33	%			11,758,143			154,999		5.24	%
Total interest-earning assets			14,900,381			167,334		4.47	%			14,975,146			168,209		4.47	%
Non-earning assets			1,592,685									1,619,349
Total assets		$	16,493,066								$	16,594,495
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	8,109,111		$	5,813		0.29	%		$	7,937,412		$	6,651		0.33	%
Time deposits			1,483,049			4,783		1.28	%			1,745,279			6,549		1.49	%
Total interest-bearing deposits			9,592,160			10,596		0.44	%			9,682,691			13,200		0.54	%
Federal funds purchased			-			-		0.00	%			-			-		0.00	%
Securities sold under agreement to repurchase			156,198			208		0.53	%			157,172			237		0.60	%
FHLB borrowed funds			400,001			1,917		1.91	%			464,799			2,235		1.91	%
Subordinated debentures			370,232			4,810		5.17	%			370,038			4,823		5.19	%
Total interest-bearing liabilities			10,518,591			17,531		0.66	%			10,674,700			20,495		0.76	%
Non-interest bearing liabilities
Non-interest bearing deposits			3,279,708									3,259,501
Other liabilities			137,516									146,502
Total liabilities			13,935,815									14,080,703
Shareholders' equity			2,557,251									2,513,792
Total liabilities and shareholders' equity		$	16,493,066								$	16,594,495
Net interest spread								3.81	%								3.71	%
Net interest income and margin - FTE					$	149,803		4.00	%					$	147,714		3.92	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

		Year Ended
		December 31, 2020									December 31, 2019
		Average			Income/			Yield/			Average			Income/			Yield/
(Dollars in thousands)		Balance			Expense			Rate			Balance			Expense			Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	921,189		$	1,849		0.20	%		$	254,548		$	5,188		2.04	%
Federal funds sold			1,330			21		1.58	%			1,421			34		2.39	%
Investment securities - taxable			1,653,159			32,596		1.97	%			1,663,512			41,406		2.49	%
Investment securities - non-taxable - FTE			577,444			21,263		3.68	%			379,232			17,026		4.49	%
Loans receivable - FTE			11,504,123			626,249		5.44	%			10,961,599			659,589		6.02	%
Total interest-earning assets			14,657,245			681,978		4.65	%			13,260,312			723,243		5.45	%
Non-earning assets			1,480,049									1,768,188
Total assets		$	16,137,294								$	15,028,500
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	7,686,621		$	36,085		0.47	%		$	6,674,493		$	77,194		1.16	%
Time deposits			1,756,138			27,026		1.54	%			1,972,040			36,910		1.87	%
Total interest-bearing deposits			9,442,759			63,111		0.67	%			8,646,533			114,104		1.32	%
Federal funds purchased			1,557			13		0.83	%			2,895			54		1.87	%
Securities sold under agreement to repurchase			151,573			1,167		0.77	%			149,665			2,544		1.70	%
FHLB borrowed funds			534,608			9,506		1.78	%			848,969			17,209		2.03	%
Subordinated debentures			369,943			19,611		5.30	%			369,175			20,860		5.65	%
Total interest-bearing liabilities			10,500,440			93,408		0.89	%			10,017,237			154,771		1.55	%
Non-interest bearing liabilities
Non-interest bearing deposits			2,998,560									2,489,254
Other liabilities			135,094									111,156
Total liabilities			13,634,094									12,617,647
Shareholders' equity			2,503,200									2,410,853
Total liabilities and shareholders' equity		$	16,137,294								$	15,028,500
Net interest spread								3.76	%								3.90	%
Net interest income and margin - FTE					$	588,570		4.02	%					$	568,472		4.29	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

		Quarter Ended															Year Ended
(Dollars and shares in thousands,		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
except per share data)		2020			2020			2020			2020			2019			2020			2019
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	81,794		$	69,320		$	62,827		$	507		$	73,262		$	214,448		$	289,539
Pre-tax adjustments
Fair value adjustment for marketable securities			(4,271	)		1,350			(919	)		5,818			-			1,978			-
Special dividend from equity investment			-			(3,181	)		-			(7,004	)		(861	)		(10,185	)		(2,995	)
Provision for credit losses			-			14,000			11,441			86,823			-			112,264			1,325
Branch write-off expense			-			-			981			-			-			981			-
Unfunded commitment expense			-			-			9,214			7,775			-			16,989			-
Outsourced special project expense			-			-			-			1,092			631			1,092			1,531
Merger and acquisition expenses			-			-			-			711			-			711			-
FDIC Small Bank Assessment Credit			-			-			-			-			-			-			(2,291	)
Hurricane expenses			-			-			-			-			-			-			897
Total pre-tax adjustments			(4,271	)		12,169			20,717			95,215			(230	)		123,830			(1,533	)
Tax-effect of adjustments			(1,116	)		3,181			5,414			24,884			(59	)		32,363			(396	)
Adjustments after-tax			(3,155	)		8,988			15,303			70,331			(171	)		91,467			(1,137	)
BOLI redemption tax			-			-			-			-			-			-			3,667
Total adjustments after-tax (B)			(3,155	)		8,988			15,303			70,331			(171	)		91,467			2,530
Earnings, as adjusted (C)		$	78,639		$	78,308		$	78,130		$	70,838		$	73,091		$	305,915		$	292,069
Average diluted shares outstanding (D)			165,119			165,200			165,163			166,014			166,696			165,373			167,804
GAAP diluted earnings per share: (A/D)		$	0.50		$	0.42		$	0.38		$	-		$	0.44		$	1.30		$	1.73
Adjustments after-tax: (B/D)			(0.02	)		0.05			0.09			0.43			-			0.55			0.01
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (C/D)		$	0.48		$	0.47		$	0.47		$	0.43		$	0.44		$	1.85		$	1.74
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/G)			1.97	%		1.66	%		1.55	%		0.01	%		1.94	%		1.33	%		1.93	%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROA, as adjusted) ((A+F)/G)			1.90	%		1.88	%		1.93	%		1.88	%		1.94	%		1.90	%		1.94	%
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense): (B/G)			2.60	%		2.50	%		2.53	%		2.45	%		2.56	%		2.52	%		2.57	%
Return on average assets, excluding provision for credit losses and unfunded commitment expense: (C/G)			1.97	%		1.91	%		1.92	%		1.87	%		1.94	%		1.92	%		1.93	%
Return on average assets excluding intangible amortization: ((A+E)/(G-H))			2.13	%		1.80	%		1.68	%		0.05	%		2.12	%		1.45	%		2.10	%
GAAP net income available to common shareholders (A)		$	81,794		$	69,320		$	62,827		$	507		$	73,262		$	214,448		$	289,539
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (B)		$	107,669		$	104,377		$	102,732		$	92,178		$	96,470		$	406,956		$	386,946
Net income, excluding provision for credit losses and unfunded commitment expense (C)		$	81,794		$	79,661		$	78,084		$	70,382		$	73,262		$	309,921		$	290,522
Amortization of intangibles (D)			1,421			1,420			1,486			1,517			1,565			5,844			6,324
Amortization of intangibles after-tax (E)			1,049			1,049			1,098			1,121			1,161			4,317			4,691
Adjustments after-tax (F)			(3,155	)		8,988			15,303			70,331			(171	)		91,467			2,530
Average assets (G)			16,493,066			16,594,495			16,319,206			15,133,475			14,944,368			16,137,294			15,028,500
Average goodwill, core deposits & other intangible assets (H)			1,004,432			1,005,864			1,007,307			999,004			995,721			1,004,157			998,090

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

		Quarter Ended																Year Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31				Dec. 31,			Dec. 31,
(Dollars and shares in thousands, except per share data)		2020			2020			2020			2020			2019				2020			2019
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			12.72	%		10.97	%		10.27	%		0.08	%		11.71	%			8.57	%		12.01	%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROE, as adjusted) ((A+C)/D)			12.23	%		12.39	%		12.77	%		11.48	%		11.68	%			12.22	%		12.11	%
Return on average tangible common equity: (A/(D-E))			20.96	%		18.29	%		17.40	%		0.14	%		19.55	%			14.31	%		20.49	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			21.22	%		18.56	%		17.70	%		0.44	%		19.86	%			14.59	%		20.83	%
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, provision for credit losses, branch write-off expense, unfunded commitment expense, outsourced special project expense, merger and acquisition expenses, FDIC Small Bank Assessment Credit, hurricane expense and BOLI redemption tax: (ROTCE, as adjusted) ((A+C)/(D-E))			20.15	%		20.66	%		21.63	%		19.22	%		19.51	%			20.41	%		20.67	%
GAAP net income available to common shareholders (A)		$	81,794		$	69,320		$	62,827		$	507		$	73,262			$	214,448		$	289,539
Earnings excluding intangible amortization (B)			82,843			70,369			63,925			1,628			74,423				218,765			294,230
Adjustments after-tax (C)			(3,155	)		8,988			15,303			70,331			(171	)			91,467			2,530
Average common equity (D)			2,557,251			2,513,792			2,459,941			2,481,104			2,482,406				2,503,200			2,410,853
Average goodwill, core deposits & other intangible assets (E)			1,004,432			1,005,864			1,007,307			999,004			995,721				1,004,157			998,090
EFFICIENCY RATIO
Efficiency ratio: ((C-E)/(A+B+D))			39.64	%		39.56	%		44.93	%		46.82	%		41.26	%			42.63	%		40.34	%
Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F))			40.67	%		40.08	%		39.38	%		41.37	%		41.14	%			40.36	%		40.55	%
Net interest income (A)		$	148,025		$	146,138		$	148,667		$	139,725		$	139,783			$	582,555		$	563,217
Non-interest income (B)			33,885			29,951			25,023			22,927			28,029				111,786			99,516
Non-interest expense (C)			74,241			71,712			80,172			78,249			71,342				304,374			275,787
Fully taxable equivalent adjustment (D)			1,778			1,576			1,434			1,227			1,322				6,015			5,255
Amortization of intangibles (E)			1,421			1,420			1,486			1,517			1,565				5,844			6,324
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	4,271		$	(1,350	)	$	919		$	(5,818	)	$	-			$	(1,978	)	$	-
Gain (loss) on OREO			150			470			235			277			159				1,132			757
Gain (loss) on branches, equipment and other assets, net			217			(27	)		54			82			35				326			(3	)
Special dividend from equity investment			-			3,181			-			7,004			861				10,185			2,995
Gain (loss) on securities			-			-			-			-			(2	)			-			(2	)
Total non-interest income adjustments (F)		$	4,638		$	2,274		$	1,208		$	1,545		$	1,053			$	9,665		$	3,747
Non-interest expense:
Branch write-off expense		$	-		$	-		$	981		$	-		$	-			$	981		$	-
Unfunded commitment expense			-			-			9,214			7,775			-				16,989			-
FDIC Small Bank Assessment Credit			-			-			-			-			-				-			(2,291	)
Merger Expenses			-			-			-			711			-				711			-
Hurricane damage expense			-			-			-			-			-				-			897
Outsourced special project expense			-			-			-			1,092			631				1,092			1,531
Total non-interest expense adjustments (G)		$	-		$	-		$	10,195		$	9,578		$	631			$	19,773		$	137
ANNUALIZED NET INTEREST MARGIN
Net interest margin: A/C			4.00	%		3.92	%		4.11	%		4.22	%		4.24	%			4.02	%		4.29	%
Net interest margin, excluding PPP loans (non-GAAP): B/D			3.97	%		3.98	%		4.16	%		4.22	%		4.24	%			4.04	%		4.29	%
Net interest income - FTE (A)		$	149,803		$	147,714		$	150,101		$	140,952		$	141,105			$	588,570		$	568,472
PPP loan interest & discount accretion income			8,841			5,943			4,450			-			-				19,234			-
Net interest income - FTE, excluding PPP loans (non-GAAP) (B)		$	140,962		$	141,771		$	145,651		$	140,952		$	141,105			$	569,336		$	568,472
Average interest-earning assets (C)		$	14,900,381		$	14,975,146		$	14,678,465		$	13,428,700		$	13,188,508			$	14,657,245		$	13,260,312
Average PPP loans			775,861			821,977			585,946			-			-				547,328			-
Average interest-earning assets, excluding PPP loans (non-GAAP) (D)		$	14,124,520		$	14,153,169		$	14,092,519		$	13,428,700		$	13,188,508			$	14,109,917		$	13,260,312

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

		Quarter Ended															Year Ended
(Dollars and shares in thousands,		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31			Dec. 31,			Dec. 31,
except per share data)		2020			2020			2020			2020			2019			2020			2019
Pre-tax net income		$	107,669		$	90,377		$	82,077		$	(2,420	)	$	96,470		$	277,703		$	385,621
Provision for credit losses			-			14,000			11,441			86,823			-			112,264			1,325
Unfunded commitment expense			-			-			9,214			7,775			-			16,989			-
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (A)		$	107,669		$	104,377		$	102,732		$	92,178		$	96,470		$	406,956		$	386,946
Total revenue (net) (B)			181,910			176,089			173,690			162,652			167,812			694,341			662,733
Pre-tax net income to total revenue (net)			59.19	%		51.32	%		47.25	%		-1.49	%		57.49	%		40.00	%		58.19	%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net))			59.19	%		59.28	%		59.15	%		56.67	%		57.49	%		58.61	%		58.39	%
		Quarter Ended
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
(Dollars in thousands)		2020			2020			2020			2020			2019
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)		$	15.78		$	15.38		$	15.09		$	14.72		$	15.10
Tangible book value per common share: ((A-C-D)/B)			9.70			9.30			8.99			8.61			9.12
Total stockholders' equity (A)		$	2,605,758		$	2,540,799		$	2,492,146		$	2,430,271		$	2,511,531
End of period common shares outstanding (B)			165,095			165,163			165,206			165,148			166,373
Goodwill (C)			973,025			973,025			973,025			973,025			958,408
Core deposit and other intangibles (D)			30,728			32,149			33,569			35,055			36,572
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)			15.89	%		15.35	%		14.75	%		15.65	%		16.71	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))			10.41	%		9.88	%		9.35	%		9.79	%		10.80	%
Total assets (A)		$	16,398,804		$	16,549,758		$	16,895,406		$	15,531,732		$	15,032,047
Total stockholders' equity (B)			2,605,758			2,540,799			2,492,146			2,430,271			2,511,531
Goodwill (C)			973,025			973,025			973,025			973,025			958,408
Core deposit and other intangibles (D)			30,728			32,149			33,569			35,055			36,572