GlobeNewswire Inc | Apr 15, 2021 08:15AM EDT

April 15, 2021

CONWAY, Ark., April 15, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released record quarterly earnings today.

Highlights of the First Quarter of 2021:

Metric Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020Net Income $91.6 $81.8 $69.3 $62.8 $ 507,000 million million million millionTotal Revenue $193.4 $181.9 $176.1 $173.7 $162.7(net) million million million million millionIncome (loss) $120.5 $107.7 $90.4 $82.1 ($2.4before income million million million million million)taxesPre-tax netincome, excludingprovision for $120.5 $107.7 $104.4 $102.7 $92.2 millioncredit losses million million million million(PPNR) (non-GAAP)^(1)Pre-tax netincome to total 62.32 % 59.19 % 51.32 % 47.25 % -1.49 %revenue (net)P5[NR] (Pre-tax,pre-provision,profitpercentage) (PPNR 62.32 % 59.19 % 59.28 % 59.15 % 56.67 %to total revenue(net)) (non-GAAP)^(1)ROA 2.22 % 1.97 % 1.66 % 1.55 % 0.01 %ROA (pre-tax netincome, excludingprovision for 2.92 % 2.60 % 2.50 % 2.53 % 2.45 %credit losses)(non-GAAP)^(1)ROA, excludingprovision for 2.22 % 1.97 % 1.91 % 1.92 % 1.87 %credit losses(non-GAAP)^(1)NIM 4.02 % 4.00 % 3.92 % 4.11 % 4.22 %NIM, excludingPPP loans 3.87 % 3.97 % 3.98 % 4.16 % 4.22 %(non-GAAP)^(1)Purchase $5.5 $5.7 $7.0 $7.0Accounting million million million million $7.6 millionAccretionROE 14.15 % 12.72 % 10.97 % 10.27 % 0.08 %ROTCE (non-GAAP)^ 22.90 % 20.96 % 18.29 % 17.40 % 0.14 %(1)Diluted Earnings $ 0.55 $ 0.50 $ 0.42 $ 0.38 $ 0.00 Per ShareNon-PerformingAssets to Total 0.38 % 0.48 % 0.47 % 0.39 % 0.44 %AssetsCommon Equity 14.30 % 13.40 % 12.60 % 12.00 % 11.50 %Tier 1 CapitalLeverage 11.10 % 10.80 % 10.40 % 10.30 % 10.80 %Tier 1 Capital 14.90 % 14.00 % 13.20 % 12.60 % 12.10 %Total Risk-Based 18.80 % 17.80 % 16.90 % 16.20 % 15.70 %CapitalAllowance forCredit Losses to 2.25 % 2.19 % 2.12 % 1.99 % 2.01 %Total LoansAllowance forCredit Losses toTotal Loans, 2.40 % 2.33 % 2.29 % 2.15 % 2.01 %excluding PPPloans (non-GAAP)^(1)

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

Approximately $11 billion in loans at a yield of 5.56% including accretion, PPP income, and event income; a 36.60% efficiency ratio; a never give up approach to charge-offs; starting to reap the benefits of investments; along with a record $91.6 million in net income is paying off handsomely for HOMB shareholders, said John Allison, Chairman.

Great results come down to customer service and extreme discipline. We communicate with our customers and we helped them through the PPP process and that results in a long-term trusting partnership, said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

Net income and earnings per share were quarterly records for the Company. Net income increased $9.8 million, or 11.99%, to $91.6 million for the three-month period ended March31, 2021, from $81.8 million for the three-month period ended December31, 2020. Earnings per share increased $0.05 per share, or 10.00%, to $0.55 per share for the three-month period ended March31, 2021, from $0.50 per share for the three-month period ended December31, 2020.

During the first quarter of 2021, the Company did not record any credit loss expense. The Companys provisioning model is closely tied to unemployment rate projections which have continued to improve since the fourth quarter of 2020. The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of March 31, 2021. In addition, the Company determined that the current level of the unfunded commitment reserve was adequate and no additional provision for unfunded commitments was necessary.

Our net interest margin was 4.02% for the three-month period ended March31, 2021 compared to 4.00% for the three-month period ended December31, 2020. The yield on loans was 5.56% and 5.33% for the three months ended March31, 2021 and December31, 2020, respectively, as average loans decreased from $11.46 billion to $11.02 billion. Additionally, the rate on interest bearing deposits decreased to 0.33% as of March31, 2021 from 0.44% as of December31, 2020, with average balances of $9.55 billion and $9.59 billion, respectively.

As of March31, 2021, we had $667.3 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended March 31, 2021 was 3.87%.(1) The PPP loans had a 12-basis point accretive impact to the yield on loans, and the PPP loans were accretive to the net interest margin by 16 basis points. This was primarily due to approximately $313.8 million of the Companys PPP loans being forgiven during the first quarter of 2021 as well as the acceleration of deferred fees for the loans that were forgiven. The $313.8 million of PPP loans forgiven during the first quarter of 2021 were partially offset by $289.4 million in new PPP loans originated during the first quarter of 2021. The deferred fee income increased from $6.9 million to $10.4 million for the three-month periods ended December 31, 2020 and March 31, 2021, respectively.

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

The effects of the COVID-19 pandemic continued to create a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $581.4 million of average interest-bearing cash balances in the first quarter of 2021 compared to the fourth quarter of 2020. This excess liquidity diluted the net interest margin by 16 basis points.

Purchase accounting accretion on acquired loans was $5.5 million and $5.7 million and average purchase accounting loan discounts were $43.9 million and $49.6 million for the three-month periods ended March31, 2021 and December31, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $115,000 and $146,000 for the three-month periods ended March31, 2021 and December31, 2020, respectively.

Net interest income on a fully taxable equivalent basis increased $142,000, or 0.09%, to $149.9 million for the three-month period ended March31, 2021, from $149.8 million for the three-month period ended December31, 2020. This increase in net interest income for the three-month period ended March31, 2021 was the result of a $3.0 million decrease in interest expense, which was partially offset by a $2.8 million decrease in interest income. The $3.0 million decrease in interest expense was primarily the result of a $2.9 million decrease in interest expense on deposits and a $42,000 decrease in interest expense on FHLB borrowings. The $2.8 million decrease in interest income was primarily the result of a $2.5 million decrease in loan interest income, and a $465,000 net decrease in investment income.

The Company reported $45.3 million of non-interest income for the first quarter of 2021. The most important components of the first quarter non-interest income were $8.6 million from dividends from FHLB, FRB, FNBB and other, $8.2 million from mortgage lending income, $7.6 million from other service charges and fees, a $5.8 million adjustment for the increase in fair market value of marketable securities, $5.0 million from service charges on deposit accounts, and $8.0 million from other income. Included in the $8.6 million in dividends from FHLB, FRB, FNBB and other was $8.1 million in special dividends from equity investments. The Company is still currently involved in these investments; however, past performance does not guarantee future performance. The $8.0 million in other income includes a $5.1 million recovery on historic losses.

Mortgage lending income was $8.2 million for the three-month period ended March31, 2021, compared to $10.1 million for the three-month period ended December31, 2020. The housing market continues to benefit from the current low interest rate environment; however, the decrease in mortgage lending income from the fourth quarter of 2020 is the result of normal seasonal fluctuations and harsher winter weather in several of our markets.

Non-interest expense for the first quarter of 2021 was $72.9 million. The most important components of the first quarter non-interest expense were $42.1 million from salaries and employee benefits, $15.7 million in other expense and $9.2 million in occupancy and equipment expenses. For the first quarter of 2021, our efficiency ratio was 36.60%.

Financial Condition

Total loans receivable were $10.78 billion at March31, 2021 compared to $11.22 billion at December31, 2020. Total deposits were $13.51 billion at March31, 2021 compared to $12.73 billion at December31, 2020. Total assets were $17.24 billion at March31, 2021 compared to $16.40 billion at December31, 2020.

During the first quarter 2021, the Company experienced approximately $442.2 million in loan decline. Centennial CFG experienced $17.6 million of organic loan decline and had loans of $1.52 billion at March31, 2021. Our legacy footprint experienced $400.2 million in organic loan decline and $24.4 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.59% as of March31, 2021 compared to 0.66% as of December31, 2020. Non-performing assets to total assets decreased from 0.48% as of December31, 2020 to 0.38% as of March31, 2021. For the first quarter of 2021, net charge-offs were $2.5 million compared to net charge-offs of $2.8 million for the fourth quarter of 2020.

Non-performing loans at March31, 2021 were $23.0 million, $35.1 million, $516,000, $2.0 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $63.4 million. Non-performing assets at March31, 2021 were $24.9 million, $36.1 million, $550,000, $2.0 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $66.4 million.

The Companys allowance for credit losses on loans was $242.9 million at March31, 2021, or 2.25% of total loans, compared to the allowance for credit losses of $245.5 million, or 2.19% of total loans, at December31, 2020. The Companys allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.40%(1) at March31, 2021. As of March31, 2021 and December31, 2020, the Companys allowance for credit losses on loans was 383.47% and 331.10% of its total non-performing loans, respectively.

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

Stockholders equity was $2.65 billion at March31, 2021 compared to $2.61 billion at December31, 2020, an increase of approximately $39.4 million. The increase in stockholders equity was primarily associated with the $68.4 million increase in retained earnings which was partially offset by a $24.7 million decrease in accumulated other comprehensive income. Book value per common share was $16.02 at March31, 2021 compared to $15.78 at December31, 2020. Tangible book value per common share (non-GAAP) was $9.95(1) at March31, 2021 compared to $9.70(1) at December31, 2020, an increase of 10.45% 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 76 branches in Arkansas, 78 branches in Florida, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 15, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10153260/e502592c38. 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: 10153260, which will be available until April 22, 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 Companys management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax net income, excluding provision for credit losses; pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets (pre-tax net income, excluding provision for credit losses); return on average assets, excluding provision for credit losses; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions (including the effect of the PPP loans) that management believes are not indicative of the Companys 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 Companys 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 Companys 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; 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, 2020, filed with the SEC on February 26, 2021.

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 Companys common stock is traded through the NASDAQ Global Select Market under the symbol HOMB.

FOR MORE INFORMATION CONTACT:Donna TownsellDirector of Investor RelationsHome BancShares, Inc.(501) 328-4625

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

Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, (In thousands) 2021 2020 2020 2020 2020 ASSETS Cash and due from $ 218,814 $ 242,173 $ 144,197 $ 185,047 $ 147,200 banksInterest-bearingdeposits with other 2,259,734 1,021,615 899,140 1,030,609 424,235 banksCash and cash 2,478,548 1,263,788 1,043,337 1,215,656 571,435 equivalentsInvestmentsecurities -available-for-sale, 2,539,123 2,473,781 2,361,900 2,238,005 2,098,000 net ofallowance for creditlossesLoans receivable 10,778,493 11,220,721 11,691,470 11,955,743 11,384,982 Allowance for credit (242,932 ) (245,473 ) (248,224 ) (238,340 ) (228,923 )lossesLoans receivable, 10,535,561 10,975,248 11,443,246 11,717,403 11,156,059 netBank premises and 278,620 278,614 280,364 279,498 281,795 equipment, netForeclosed assets 3,004 4,420 4,322 6,292 8,204 held for saleCash value of life 103,599 103,519 102,989 102,443 103,120 insuranceAccrued interest 55,495 60,528 72,599 80,274 50,295 receivableDeferred tax asset, 77,145 70,249 75,167 74,333 77,110 netGoodwill 973,025 973,025 973,025 973,025 973,025 Core deposit and 29,307 30,728 32,149 33,569 35,055 other intangiblesOther assets 166,814 164,904 160,660 174,908 177,634 Total assets $ 17,240,241 $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and $ 3,859,722 $ 3,266,753 $ 3,207,967 $ 3,413,727 $ 2,425,036 non-interest-bearingSavings andinterest-bearing 8,477,208 8,212,240 8,011,200 7,970,979 7,149,644 transaction accountsTime deposits 1,175,664 1,246,797 1,718,299 1,793,230 1,940,234 Total deposits 13,512,594 12,725,790 12,937,466 13,177,936 11,514,914 Federal funds - - - - - purchasedSecurities soldunder agreements to 162,929 168,931 158,447 162,858 126,884 repurchaseFHLB and other 400,000 400,000 403,428 531,432 951,436 borrowed fundsAccrued interestpayable and other 148,999 127,999 139,485 161,095 138,479 liabilitiesSubordinated 370,515 370,326 370,133 369,939 369,748 debenturesTotal liabilities 14,595,037 13,793,046 14,008,959 14,403,260 13,101,461 Stockholders' equity Common stock 1,651 1,651 1,652 1,652 1,651 Capital surplus 1,516,286 1,520,617 1,520,103 1,518,631 1,516,151 Retained earnings 1,107,818 1,039,370 980,699 932,856 891,498 Accumulated other 19,449 44,120 38,345 39,007 20,971 comprehensive incomeTotal stockholders' 2,645,204 2,605,758 2,540,799 2,492,146 2,430,271 equityTotal liabilitiesand stockholders' $ 17,240,241 $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 equity

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

Quarter Ended Three Months Ended Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Mar. 31, Mar. 31, (In 2021 2020 2020 2020 2020 2021 2020 thousands) Interest incomeLoans $ 150,917 $ 153,407 $ 154,787 $ 158,996 $ 158,148 $ 150,917 $ 158,148 Investment securitiesTaxable 6,253 6,900 7,227 8,693 9,776 6,253 9,776 Tax-exempt 5,071 4,979 4,367 3,698 3,114 5,071 3,114 Deposits - 410 270 252 211 1,116 410 1,116 other banksFederal - - - - 21 - 21 funds soldTotalinterest 162,651 165,556 166,633 171,598 172,175 162,651 172,175 income Interest expenseInterest on 7,705 10,596 13,200 15,116 24,198 7,705 24,198 depositsFederalfunds - - - - 13 - 13 purchasedFHLBborrowed 1,875 1,917 2,235 2,656 2,698 1,875 2,698 fundsSecuritiessold underagreements 190 208 237 260 462 190 462 torepurchaseSubordinated 4,793 4,810 4,823 4,899 5,079 4,793 5,079 debenturesTotalinterest 14,563 17,531 20,495 22,931 32,450 14,563 32,450 expense Net interest 148,088 148,025 146,138 148,667 139,725 148,088 139,725 income Provisionfor credit - - 14,000 20,655 94,598 - 94,598 losses Net interestincome afterprovision 148,088 148,025 132,138 128,012 45,127 148,088 45,127 for creditlosses Non-interest incomeServicecharges on 5,002 5,544 4,910 4,296 6,631 5,002 6,631 depositaccountsOtherservice 7,608 8,425 8,539 7,666 6,056 7,608 6,056 charges andfeesTrust fees 522 420 378 397 438 522 438 Mortgagelending 8,167 10,071 10,177 6,196 2,621 8,167 2,621 incomeInsurance 492 366 271 533 678 492 678 commissionsIncrease incash value 502 534 548 558 560 502 560 of lifeinsuranceDividendsfrom FHLB, 8,609 967 3,433 230 7,842 8,609 7,842 FRB, FNBB &otherGain on SBA - 304 - - 341 - 341 loans(Loss) gainon branches,equipment (29 ) 217 (27 ) 54 82 (29 ) 82 andotherassets, netGain on 401 150 470 235 277 401 277 OREO, netGain onsecurities, 219 - - - - 219 - netFair valueadjustmentfor 5,782 4,271 (1,350 ) 919 (5,818 ) 5,782 (5,818 )marketablesecuritiesOther income 8,001 2,616 2,602 3,939 3,219 8,001 3,219 Totalnon-interest 45,276 33,885 29,951 25,023 22,927 45,276 22,927 income Non-interest expenseSalaries andemployee 42,059 43,022 41,511 40,088 39,329 42,059 39,329 benefitsOccupancyand 9,237 9,801 9,566 10,172 8,873 9,237 8,873 equipmentDataprocessing 5,870 5,171 4,921 4,614 4,326 5,870 4,326 expenseOtheroperating 15,700 16,247 15,714 16,084 17,946 15,700 17,946 expensesTotalnon-interest 72,866 74,241 71,712 70,958 70,474 72,866 70,474 expense Income(loss) 120,498 107,669 90,377 82,077 (2,420 ) 120,498 (2,420 )beforeincome taxesIncome taxexpense 28,896 25,875 21,057 19,250 (2,927 ) 28,896 (2,927 )(benefit)Net income $ 91,602 $ 81,794 $ 69,320 $ 62,827 $ 507 $ 91,602 $ 507

Home BancShares, Inc.Selected Financial Information(Unaudited)

Quarter Ended Three Months Ended Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Mar. 31, Mar. 31, (Dollars andshares inthousands, 2021 2020 2020 2020 2020 2021 2020 except pershare data) PER SHARE DATA Dilutedearnings per $ 0.55 $ 0.50 $ 0.42 $ 0.38 $ - $ 0.55 $ - common shareDilutedearnings percommonshare, asadjusted,excludingfairvalueadjustmentformarketablesecurities,specialdividendfrom equityinvestment,gain onsecurities,recoveries 0.47 0.48 0.47 0.47 0.43 0.47 0.43 onhistoriclosses,provisionfor creditlosses,branchwrite-offexpense,outsourcedspecialprojectexpense &merger andacquisitionexpenses(non-GAAP)^(1)Basicearnings per 0.55 0.50 0.42 0.38 - 0.55 - common shareDividendsper share - 0.14 0.14 0.13 0.13 0.13 0.14 0.13 commonBook valueper common 16.02 15.78 15.38 15.09 14.72 16.02 14.72 shareTangiblebook valueper common 9.95 9.70 9.30 8.99 8.61 9.95 8.61 share(non-GAAP)^(1) STOCK INFORMATION Averagecommon 165,257 165,119 165,200 165,163 166,014 165,257 166,014 sharesoutstandingAveragediluted 165,446 165,119 165,200 165,163 166,014 165,446 166,014 sharesoutstandingEnd ofperiodcommon 165,141 165,095 165,163 165,206 165,148 165,141 165,148 sharesoutstanding ANNUALIZEDPERFORMANCE METRICS Return onaverage 2.22 % 1.97 % 1.66 % 1.55 % 0.01 % 2.22 % 0.01 %assetsReturn onaverageassetsexcludingfair valueadjustmentformarketablesecurities,specialdividendfrom equityinvestment,gain onsecurities,recoverieson historiclosses, 1.88 % 1.90 % 1.88 % 1.93 % 1.88 % 1.88 % 1.88 %provisionfor creditlosses,branchwrite-offexpense,outsourcedspecialprojectexpense &mergerandacquisitionexpenses:(ROA, asadjusted)(non-GAAP)^(1)Return onaverageassetsexcluding 2.39 % 2.13 % 1.80 % 1.68 % 0.05 % 2.39 % 0.05 %intangibleamortization(non-GAAP)^(1)Return onaverage 14.15 % 12.72 % 10.97 % 10.27 % 0.08 % 14.15 % 0.08 %commonequityReturn onaveragecommonequityexcludingfair valueadjustmentformarketablesecurities,specialdividendfrom equityinvestment,gain onsecurities,recoverieson historic 11.96 % 12.23 % 12.39 % 12.77 % 11.48 % 11.96 % 11.48 %losses,provisionfor creditlosses,branchwrite-offexpense,outsourcedspecialprojectexpense& merger andacquisitionexpenses:(ROE, asadjusted)(non-GAAP)^(1)Return onaveragetangiblecommon 22.90 % 20.96 % 18.29 % 17.40 % 0.14 % 22.90 % 0.14 %equity(non-GAAP)^(1)Return onaveragetangiblecommonequity 23.16 % 21.22 % 18.56 % 17.70 % 0.44 % 23.16 % 0.44 %excludingintangibleamortization(non-GAAP)^(1)Return onaveragetangiblecommonequityexcludingfairvalueadjustmentformarketablesecurities,specialdividendfrom equityinvestment,gain onsecurities,recoveries 19.35 % 20.15 % 20.66 % 21.63 % 19.22 % 19.35 % 19.22 %on historiclosses,provisionfor creditlosses,branchwrite-offexpense,outsourcedspecialprojectexpense &merger andacquisitionexpenses:(ROTCE, asadjusted)(non-GAAP)^(1)

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

Home BancShares, Inc.Selected Financial Information(Unaudited)

Quarter Ended Three Months Ended (Dollars andshares in Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Mar. 31, Mar. 31, thousands,except per 2021 2020 2020 2020 2020 2021 2020 share data) Efficiency 36.60 % 39.64 % 39.56 % 39.67 % 42.08 % 36.60 % 42.08 %ratioEfficiencyratio, as 40.67 % 40.67 % 40.08 % 39.38 % 41.37 % 40.67 % 41.37 %adjusted(non-GAAP)^(1)Net interest 4.02 % 4.00 % 3.92 % 4.11 % 4.22 % 4.02 % 4.22 %margin - FTENet interestmargin - FTE,excluding PPP 3.87 % 3.97 % 3.98 % 4.16 % 4.22 % 3.87 % 4.22 %loans(non-GAAP)^(1)Fully taxableequivalent $ 1,857 $ 1,778 $ 1,576 $ 1,434 $ 1,227 $ 1,857 $ 1,227 adjustmentTotal revenue 193,364 181,910 176,089 173,690 162,652 193,364 162,652 (net)Pre-tax netincome,excludingprovision for 120,498 107,669 104,377 102,732 92,178 120,498 92,178 creditlosses (PPNR)(non-GAAP)^(1)Pre-tax netincome to 62.32 % 59.19 % 51.32 % 47.25 % -1.49 % 62.32 % -1.49 %total revenue(net)P5[NR](Pre-tax,pre-provision,profit 62.32 % 59.19 % 59.28 % 59.15 % 56.67 % 62.32 % 56.67 %percentage)(PPNR to totalrevenue (net))(non-GAAP)^(1)Net income,excluding 91,602 81,794 79,661 78,084 70,382 91,602 70,382 provision forcredit lossesReturn onaverage assets(pre-tax netincome, 2.92 % 2.60 % 2.50 % 2.53 % 2.45 % 2.92 % 2.45 %excludingprovision forcredit losses)(non-GAAP)^(1)Return onaverageassets,excluding 2.22 % 1.97 % 1.91 % 1.92 % 1.87 % 2.22 % 1.87 %provisionfor creditlosses(non-GAAP)^(1)Total purchaseaccounting 5,485 5,736 6,957 7,036 7,647 5,485 7,647 accretionAveragepurchase 43,940 49,563 55,835 62,822 69,365 43,940 69,365 accountingloan discounts OTHEROPERATING EXPENSES Advertising $ 1,046 $ 1,076 $ 902 $ 795 $ 1,226 $ 1,046 $ 1,226 Merger andacquisition - - - - 711 - 711 expensesAmortization 1,421 1,421 1,420 1,486 1,517 1,421 1,517 of intangiblesElectronicbanking 2,238 2,282 2,426 2,054 1,715 2,238 1,715 expenseDirectors' 383 359 429 412 424 383 424 feesDue from bankservice 249 254 259 239 223 249 223 chargesFDIC and state 1,363 1,493 1,607 1,846 1,548 1,363 1,548 assessmentInsurance 781 795 766 711 746 781 746 Legal and 846 790 1,235 1,278 919 846 919 accountingOtherprofessional 1,613 1,528 1,661 1,735 3,226 1,613 3,226 feesOperating 487 440 460 553 535 487 535 suppliesPostage 338 315 328 313 327 338 327 Telephone 346 347 321 310 324 346 324 Other expense 4,589 5,147 3,900 4,352 4,505 4,589 4,505 Total otheroperating $ 15,700 $ 16,247 $ 15,714 $ 16,084 $ 17,946 $ 15,700 $ 17,946 expenses

(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)

Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, (Dollars in 2021 2020 2020 2020 2020 thousands) BALANCE SHEET RATIOS Total loans to 79.77 % 88.17 % 90.37 % 90.73 % 98.87 %total depositsCommon equity 15.34 % 15.89 % 15.35 % 14.75 % 15.65 %to assetsTangible commonequity to 10.12 % 10.41 % 9.88 % 9.35 % 9.79 %tangible assets(non-GAAP)^(1) LOANS RECEIVABLE Real estate Commercial real estate loansNon-farm/ $ 4,289,142 $ 4,429,060 $ 4,342,141 $ 4,325,795 $ 4,357,007 non-residentialConstruction/land 1,612,973 1,562,298 1,748,928 1,818,151 1,892,394 developmentAgricultural 113,382 114,431 89,476 105,554 89,630 Residentialreal estate loansResidential 1-4 1,437,546 1,536,257 1,665,628 1,730,716 1,775,610 familyMultifamily 377,661 536,538 491,380 482,635 411,960 residentialTotal real 7,830,704 8,178,584 8,337,553 8,462,851 8,526,601 estateConsumer 839,819 864,690 883,568 851,344 852,174 Commercial and 1,794,787 1,896,442 2,161,818 2,228,816 1,759,752 industrialAgricultural 65,017 66,869 85,365 80,023 64,582 Other 248,166 214,136 223,166 332,709 181,873 Loans $ 10,778,493 $ 11,220,721 $ 11,691,470 $ 11,955,743 $ 11,384,982 receivable PaycheckProtectionProgram (PPP)loans (included 667,316 691,747 848,745 848,628 - in totalloansreceivable) ALLOWANCE FOR CREDIT LOSSES Balance,beginning of $ 245,473 $ 248,224 $ 238,340 $ 228,923 $ 102,122 periodImpact ofadopting ASC - - - - 43,988 326Allowance forcredit losses - - - - 357 on acquiredloansLoans charged 3,047 3,040 4,599 2,582 4,265 offRecoveries ofloans 506 289 483 558 740 previouslycharged offNet loans 2,541 2,751 4,116 2,024 3,525 charged offProvision forcredit losses - - 14,000 11,441 85,981 on loansBalance, end of $ 242,932 $ 245,473 $ 248,224 $ 238,340 $ 228,923 period Net charge-offsto average 0.09 % 0.10 % 0.14 % 0.07 % 0.13 %total loansAllowance forcredit losses 2.25 % 2.19 % 2.12 % 1.99 % 2.01 %to total loansAllowance forcredit lossesto total loans, 2.40 % 2.33 % 2.29 % 2.15 % 2.01 %excluding PPPloans NON-PERFORMING ASSETS Non-performing loansNon-accrual $ 59,142 $ 64,528 $ 65,148 $ 52,074 $ 52,131 loansLoans past due 4,209 9,610 8,635 7,824 7,760 90 days or moreTotalnon-performing 63,351 74,138 73,783 59,898 59,891 loansOthernon-performing assetsForeclosedassets held for 3,004 4,420 4,322 6,292 8,204 sale, netOthernon-performing - - 247 247 447 assetsTotal othernon-performing 3,004 4,420 4,569 6,539 8,651 assetsTotalnon-performing $ 66,355 $ 78,558 $ 78,352 $ 66,437 $ 68,542 assets Allowance forcredit lossesfor loans to 383.47 % 331.10 % 336.42 % 397.91 % 382.23 %non-performingloansNon-performingloans to total 0.59 % 0.66 % 0.63 % 0.50 % 0.53 %loansNon-performingassets to total 0.38 % 0.48 % 0.47 % 0.39 % 0.44 %assets

(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 March31, 2021 December 31, 2020 Average Income/ Yield/ Average Income/ Yield/ (Dollars in Balance Expense Rate Balance Expense Rate thousands) ASSETS Earning assets Interest-bearingbalances due from $ 1,610,463 $ 410 0.10 % $ 1,029,047 $ 270 0.10 %banksFederal funds sold 119 - 0.00 % 5 - 0.00 %Investmentsecurities - 1,637,061 6,253 1.55 % 1,615,214 6,900 1.70 %taxableInvestmentsecurities - 848,158 6,732 3.22 % 798,402 6,550 3.26 %non-taxable - FTELoans receivable - 11,023,139 151,113 5.56 % 11,457,713 153,614 5.33 %FTETotalinterest-earning 15,118,940 164,508 4.41 % 14,900,381 167,334 4.47 %assetsNon-earning assets 1,599,950 1,592,685 Total assets $ 16,718,890 $ 16,493,066 LIABILITIES ANDSHAREHOLDERS' EQUITYLiabilities Interest-bearing liabilitiesSavings andinterest-bearing $ 8,338,791 $ 4,716 0.23 % $ 8,109,111 $ 5,813 0.29 %transactionaccountsTime deposits 1,209,431 2,989 1.00 % 1,483,049 4,783 1.28 %Totalinterest-bearing 9,548,222 7,705 0.33 % 9,592,160 10,596 0.44 %depositsFederal funds - - 0.00 % - - 0.00 %purchasedSecurities soldunder agreement to 159,697 190 0.48 % 156,198 208 0.53 %repurchaseFHLB borrowed funds 400,000 1,875 1.90 % 400,001 1,917 1.91 %Subordinated 370,421 4,793 5.25 % 370,232 4,810 5.17 %debenturesTotalinterest-bearing 10,478,340 14,563 0.56 % 10,518,591 17,531 0.66 %liabilitiesNon-interest bearing liabilitiesNon-interest 3,480,050 3,279,708 bearing depositsOther liabilities 134,882 137,516 Total liabilities 14,093,272 13,935,815 Shareholders' 2,625,618 2,557,251 equityTotal liabilitiesand shareholders' $ 16,718,890 $ 16,493,066 equityNet interest spread 3.85 % 3.81 %Net interest income $ 149,945 4.02 % $ 149,803 4.00 %and margin - FTE

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

Three Months Ended March31, 2021 March31, 2020 Average Income/ Yield/ Average Income/ Yield/ (Dollars in Balance Expense Rate Balance Expense Rate thousands) ASSETS Earning assets Interest-bearingbalances due from $ 1,610,463 $ 410 0.10 % $ 331,038 $ 1,116 1.36 %banksFederal funds sold 119 - 0.00 % 5,218 21 1.62 %Investmentsecurities - 1,637,061 6,253 1.55 % 1,710,288 9,776 2.30 %taxableInvestmentsecurities - 848,158 6,732 3.22 % 374,198 4,090 4.40 %non-taxable - FTELoans receivable - 11,023,139 151,113 5.56 % 11,007,958 158,399 5.79 %FTETotalinterest-earning 15,118,940 164,508 4.41 % 13,428,700 173,402 5.19 %assetsNon-earning assets 1,599,950 1,704,775 Total assets $ 16,718,890 $ 15,133,475 LIABILITIES ANDSHAREHOLDERS' EQUITYLiabilities Interest-bearing liabilitiesSavings andinterest-bearing $ 8,338,791 $ 4,716 0.23 % $ 7,041,303 $ 15,803 0.90 %transactionaccountsTime deposits 1,209,431 2,989 1.00 % 1,943,721 8,395 1.74 %Totalinterest-bearing 9,548,222 7,705 0.33 % 8,985,024 24,198 1.08 %depositsFederal funds - - 0.00 % 6,264 13 0.83 %purchasedSecurities soldunder agreement to 159,697 190 0.48 % 138,180 462 1.34 %repurchaseFHLB borrowed funds 400,000 1,875 1.90 % 623,525 2,698 1.74 %Subordinated 370,421 4,793 5.25 % 369,652 5,079 5.53 %debenturesTotalinterest-bearing 10,478,340 14,563 0.56 % 10,122,645 32,450 1.29 %liabilitiesNon-interest bearing liabilitiesNon-interest 3,480,050 2,410,583 bearing depositsOther liabilities 134,882 119,143 Total liabilities 14,093,272 12,652,371 Shareholders' 2,625,618 2,481,104 equityTotal liabilitiesand shareholders' $ 16,718,890 $ 15,133,475 equityNet interest spread 3.85 % 3.90 %Net interest income $ 149,945 4.02 % $ 140,952 4.22 %and margin - FTE

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

Quarter Ended Three Months Ended (Dollars andshares in Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Mar. 31, Mar. 31, thousands,except per share 2021 2020 2020 2020 2020 2021 2020 data) EARNINGS, AS ADJUSTED GAAP net incomeavailable to $ 91,602 $ 81,794 $ 69,320 $ 62,827 $ 507 $ 91,602 $ 507 commonshareholders (A)Pre-tax adjustmentsFair valueadjustment for (5,782 ) (4,271 ) 1,350 (919 ) 5,818 (5,782 ) 5,818 marketablesecuritiesSpecial dividendfrom equity (8,073 ) - (3,181 ) - (7,004 ) (8,073 ) (7,004 )investmentGain on (219 ) - - - - (219 ) - securitiesRecoveries on (5,107 ) - - - - (5,107 ) - historic lossesProvision for - - 14,000 20,655 94,598 - 94,598 credit lossesBranch write-off - - - 981 - - - expenseOutsourcedspecial project - - - - 1,092 - 1,092 expenseMerger andacquisition - - - - 711 - 711 expensesTotal pre-tax (19,181 ) (4,271 ) 12,169 20,717 95,215 (19,181 ) 95,215 adjustmentsTax-effect of (5,013 ) (1,116 ) 3,181 5,414 24,884 (5,013 ) 24,884 adjustmentsTotaladjustments (14,168 ) (3,155 ) 8,988 15,303 70,331 (14,168 ) 70,331 after-tax (B)Earnings, as $ 77,434 $ 78,639 $ 78,308 $ 78,130 $ 70,838 $ 77,434 $ 70,838 adjusted (C) Average dilutedshares 165,446 165,119 165,200 165,163 166,014 165,446 166,014 outstanding (D) GAAP dilutedearnings per $ 0.55 $ 0.50 $ 0.42 $ 0.38 $ - $ 0.55 $ - share: (A/D)Adjustments (0.08 ) (0.02 ) 0.05 0.09 0.43 (0.08 ) 0.43 after-tax: (B/D)Diluted earningsper commonshare, asadjusted,excludingfair valueadjustment formarketablesecurities,specialdividend fromequityinvestment, gain $ 0.47 $ 0.48 $ 0.47 $ 0.47 $ 0.43 $ 0.47 $ 0.43 on securities,recoveries onhistoric losses,provision forcredit losses,branch write-offexpense,outsourcedspecial projectexpense & mergerand acquisitionexpenses: (C/D) ANNUALIZEDRETURN ON AVERAGE ASSETS Return onaverage assets: 2.22 % 1.97 % 1.66 % 1.55 % 0.01 % 2.22 % 0.01 %(A/G)Return onaverage assetsexcluding fairvalue adjustmentformarketablesecurities,special dividendfrom equityinvestment, gainon securities,recoveries onhistoric losses, 1.88 % 1.90 % 1.88 % 1.93 % 1.88 % 1.88 % 1.88 %provision forcredit losses,branch write-offexpense,outsourcedspecial projectexpense & mergerandacquisitionexpenses: (ROA,as adjusted)((A+F)/G)Return onaverage assets(pre-tax netincome, 2.92 % 2.60 % 2.50 % 2.53 % 2.45 % 2.92 % 2.45 %excludingprovision forcredit losses):(B/G)Return onaverage assets,excluding 2.22 % 1.97 % 1.91 % 1.92 % 1.87 % 2.22 % 1.87 %provision forcreditlosses: (C/G)Return onaverage assetsexcluding 2.39 % 2.13 % 1.80 % 1.68 % 0.05 % 2.39 % 0.05 %intangibleamortization:((A+E)/(G-H)) GAAP net incomeavailable to $ 91,602 $ 81,794 $ 69,320 $ 62,827 $ 507 $ 91,602 $ 507 commonshareholders (A)Pre-tax netincome,excluding 120,498 107,669 104,377 102,732 92,178 120,498 92,178 provision forcredit losses(B)Net income,excludingprovision for 91,602 81,794 79,661 78,084 70,382 91,602 70,382 credit losses(C)Amortization of 1,421 1,421 1,420 1,486 1,517 1,421 1,517 intangibles (D)Amortization ofintangibles 1,049 1,049 1,049 1,098 1,121 1,049 1,121 after-tax (E)Adjustments (14,168 ) (3,155 ) 8,988 15,303 70,331 (14,168 ) 70,331 after-tax (F)Average assets 16,718,890 16,493,066 16,594,495 16,319,206 15,133,475 16,718,890 15,133,475 (G)Averagegoodwill, coredeposits & other 1,003,011 1,004,432 1,005,864 1,007,307 999,004 1,003,011 999,004 intangibleassets (H)

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

Quarter Ended Three Months Ended Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Mar. 31, Mar. 31, (Dollars and sharesin thousands, 2021 2020 2020 2020 2020 2021 2020 except per sharedata) ANNUALIZED RETURNON AVERAGE COMMON EQUITY Return on averagecommon equity: (A/ 14.15 % 12.72 % 10.97 % 10.27 % 0.08 % 14.15 % 0.08 %D)Return on averagecommon equityexcluding fairvalue adjustmentformarketablesecurities, specialdividend fromequity investment,gain on securities,recoveries on 11.96 % 12.23 % 12.39 % 12.77 % 11.48 % 11.96 % 11.48 %historic losses,provision forcreditlosses, branchwrite-off expense,outsourced specialproject expense& merger andacquisitionexpenses: (ROE, asadjusted) ((A+C)/D)Return on averagetangible common 22.90 % 20.96 % 18.29 % 17.40 % 0.14 % 22.90 % 0.14 %equity: (A/(D-E))Return on averagetangible commonequity excluding 23.16 % 21.22 % 18.56 % 17.70 % 0.44 % 23.16 % 0.44 %intangibleamortization: (B/(D-E))Return on averagetangible commonequity excludingfair valueadjustment formarketablesecurities, specialdividend fromequity investment,gain on securities,recoveries onhistoric 19.35 % 20.15 % 20.66 % 21.63 % 19.22 % 19.35 % 19.22 %losses, provisionfor credit losses,branch write-offexpense,outsourced specialproject expense &merger andacquisitionexpenses: (ROTCE,as adjusted) ((A+C)/(D-E)) GAAP net incomeavailable to common $ 91,602 $ 81,794 $ 69,320 $ 62,827 $ 507 $ 91,602 $ 507 shareholders (A)Earnings excludingintangible 92,651 82,843 70,369 63,925 1,628 92,651 1,628 amortization (B)Adjustments (14,168 ) (3,155 ) 8,988 15,303 70,331 (14,168 ) 70,331 after-tax (C)Average common 2,625,618 2,557,251 2,513,792 2,459,941 2,481,104 2,625,618 2,481,104 equity (D)Average goodwill,core deposits & 1,003,011 1,004,432 1,005,864 1,007,307 999,004 1,003,011 999,004 other intangibleassets (E) EFFICIENCY RATIO Efficiency ratio: 36.60 % 39.64 % 39.56 % 39.67 % 42.08 % 36.60 % 42.08 %((C-E)/(A+B+D))Efficiency ratio,as adjusted: 40.67 % 40.67 % 40.08 % 39.38 % 41.37 % 40.67 % 41.37 %((C-E-G)/(A+B+D-F)) Net interest income $ 148,088 $ 148,025 $ 146,138 $ 148,667 $ 139,725 $ 148,088 $ 139,725 (A)Non-interest income 45,276 33,885 29,951 25,023 22,927 45,276 22,927 (B)Non-interest 72,866 74,241 71,712 70,958 70,474 72,866 70,474 expense (C)Fully taxableequivalent 1,857 1,778 1,576 1,434 1,227 1,857 1,227 adjustment (D)Amortization of 1,421 1,421 1,420 1,486 1,517 1,421 1,517 intangibles (E) Adjustments: Non-interest income:Fair valueadjustment for $ 5,782 $ 4,271 $ (1,350 ) $ 919 $ (5,818 ) $ 5,782 $ (5,818 )marketablesecuritiesGain (loss) on OREO 401 150 470 235 277 401 277 Gain (loss) onbranches, equipment (29 ) 217 (27 ) 54 82 (29 ) 82 and other assets,netSpecial dividendfrom equity 8,073 - 3,181 - 7,004 8,073 7,004 investmentGain (loss) on 219 - - - - 219 - securitiesRecoveries on 5,107 - - - - 5,107 - historic lossesTotal non-interestincome adjustments $ 19,553 $ 4,638 $ 2,274 $ 1,208 $ 1,545 $ 19,553 $ 1,545 (F) Non-interest expense:Branch write-off $ - $ - $ - $ 981 $ - $ - $ - expenseFDIC Small Bank - - - - - - - Assessment CreditMerger Expenses - - - - 711 - 711 Hurricane damage - - - - - - - expenseOutsourced special - - - - 1,092 - 1,092 project expenseTotal non-interestexpense adjustments $ - $ - $ - $ 981 $ 1,803 $ - $ 1,803 (G) ANNUALIZED NET INTEREST MARGIN Net interest 4.02 % 4.00 % 3.92 % 4.11 % 4.22 % 4.02 % 4.22 %margin: A/CNet interestmargin, excluding 3.87 % 3.97 % 3.98 % 4.16 % 4.22 % 3.87 % 4.22 %PPP loans: B/D Net interest income $ 149,945 $ 149,803 $ 147,714 $ 150,101 $ 140,952 $ 149,945 $ 140,952 - FTE (A)PPP loan interest &discount accretion 11,878 8,841 5,943 4,450 - 11,878 - incomeNet interest income- FTE, excluding $ 138,067 $ 140,962 $ 141,771 $ 145,651 $ 140,952 $ 138,067 $ 140,952 PPP loans (B) Averageinterest-earning $ 15,118,940 $ 14,900,381 $ 14,975,146 $ 14,678,465 $ 13,428,700 $ 15,118,940 $ 13,428,700 assets (C)Average PPP loans 633,790 775,861 821,977 585,946 - 633,790 - Averageinterest-earning $ 14,485,150 $ 14,124,520 $ 14,153,169 $ 14,092,519 $ 13,428,700 $ 14,485,150 $ 13,428,700 assets, excludingPPP loans (D)

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

Quarter Ended Three Months Ended(Dollars andshares in Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, Mar. 31, Mar. 31, thousands,except per share 2021 2020 2020 2020 2020 2021 2020 data) Pre-tax net $ 120,498 $ 107,669 $ 90,377 $ 82,077 $ (2,420 ) $ 120,498 $ (2,420 )incomeProvision for - - 14,000 20,655 94,598 - 94,598 credit lossesPre-tax netincome,excludingprovision for $ 120,498 $ 107,669 $ 104,377 $ 102,732 $ 92,178 $ 120,498 $ 92,178 creditlosses (PPNR)(A) Total revenue 193,364 181,910 176,089 173,690 162,652 193,364 162,652 (net) (B) Pre-tax netincome to total 62.32 % 59.19 % 51.32 % 47.25 % -1.49 % 62.32 % -1.49 %revenue (net)P5[NR] (Pre-tax,pre-provision,profit 62.32 % 59.19 % 59.28 % 59.15 % 56.67 % 62.32 % 56.67 %percentage)(PPNR to totalrevenue (net)) Quarter Ended Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, (Dollars in 2021 2020 2020 2020 2020 thousands) TANGIBLE BOOKVALUE PER COMMON SHARE Book value percommon share: (A $ 16.02 $ 15.78 $ 15.38 $ 15.09 $ 14.72 /B)Tangible bookvalue per common 9.95 9.70 9.30 8.99 8.61 share:((A-C-D)/B) Totalstockholders' $ 2,645,204 $ 2,605,758 $ 2,540,799 $ 2,492,146 $ 2,430,271 equity (A)End of periodcommon shares 165,141 165,095 165,163 165,206 165,148 outstanding (B)Goodwill (C) 973,025 973,025 973,025 973,025 973,025 Core deposit andother 29,307 30,728 32,149 33,569 35,055 intangibles (D) TANGIBLE COMMONEQUITY TO TANGIBLEASSETS Equity to 15.34 % 15.89 % 15.35 % 14.75 % 15.65 % assets: (B/A)Tangible commonequity totangible assets: 10.12 % 10.41 % 9.88 % 9.35 % 9.79 % ((B-C-D)/(A-C-D)) Total assets (A) $ 17,240,241 $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 Totalstockholders' 2,645,204 2,605,758 2,540,799 2,492,146 2,430,271 equity (B)Goodwill (C) 973,025 973,025 973,025 973,025 973,025 Core deposit andother 29,307 30,728 32,149 33,569 35,055 intangibles (D)