GlobeNewswire Inc | Jul 16, 2020 08:15AM EDT

July 16, 2020

CONWAY, Ark., July 16, 2020 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released second quarter earnings today, that reveal a solid foundation of earnings and asset quality during the first full quarter of the pandemic.

Highlights of the Second Quarter of 2020:

Metric Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019Net Income $62.8 $507,000 $73.3 $72.8 $72.2 million million million millionTotal Revenue (net) $173.7 $162.7 $167.8 $167.7 $164.1 million million million million millionIncome (loss) before income taxes $82.1 ($2.4 $96.5 $100.0 $95.1 million million) million million millionPre-tax net income, excludingprovision for credit losses and $102.7 $92.2 $96.5 $100.0 $96.4unfunded commitment expense (PPNR) million million million million million(non-GAAP)^(1)ROA 1.55% 0.01% 1.94% 1.93% 1.92%ROA (pre-tax net income, excludingprovision for credit losses and 2.53% 2.45% 2.56% 2.65% 2.56%unfunded commitment expense)(non-GAAP)^(1)ROA, excluding provision for creditlosses and unfunded commitment expense 1.92% 1.87% 1.94% 1.93% 1.94%(non-GAAP)^ (1)NIM 4.11% 4.22% 4.24% 4.32% 4.28%NIM, excluding PPP loans (non-GAAP)^ 4.16% 4.22% 4.24% 4.32% 4.28%(1)Purchase Accounting Accretion $7.0 $7.6 $9.1 $8.5 $9.2 million million million million millionROE 10.27% 0.08% 11.71% 11.84% 12.18%ROTCE (non-GAAP)^(1) 17.40% 0.14% 19.55% 20.04% 21.01%Diluted Earnings Per Share $0.38 $0.00 $0.44 $0.44 $0.43Non-Performing Assets to Total Assets 0.39% 0.44% 0.43% 0.45% 0.51%Common Equity Tier 1 Capital 12.0% 11.5% 12.4% 12.2% 11.6%Leverage 10.3% 10.8% 11.3% 10.9% 10.5%Tier 1 Capital 12.6% 12.1% 13.0% 12.8% 12.2%Total Risk-Based Capital 16.2% 15.7% 16.4% 16.2% 15.5%Allowance for Credit Losses to Total 1.99% 2.01% 0.94% 0.97% 0.96%LoansAllowance for Credit Losses to TotalLoans, excluding PPP loans (non-GAAP)^ 2.15% 2.01% 0.94% 0.97% 0.96%(1)

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

To say that during a full quarter of a pandemic that HOMB was able to meet EPS targets, set a record for revenue and maintain a solid net interest margin brings about an enormous sense of pride that I have in this team of bankers, said John Allison, Chairman. Our outlook for future dividends remains strong, which is also an important component to our solid performance, Allison continued.

While we realize this is a marathon and not a sprint, to have best in class asset quality and loan reserves, excluding PPP loans, of 2.15% brings about a strong sense of comfort, said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

During the second quarter of 2020, we recorded $11.4 million of total credit loss expense which was primarily due to the COVID-19 pandemic. Our CECL provisioning model is significantly tied to projected unemployment rates which have remained elevated during the second quarter of 2020.

Our net interest margin was 4.11% for the three-month period ended June 30, 2020 compared to 4.22% for the three-month period ended March 31, 2020. The yield on loans was 5.43% and 5.79% for the three months ended June 30, 2020 and March 31, 2020, respectively, as average loans increased from $11.01 billion to $11.79 billion. Additionally, the rate on interest bearing deposits decreased to 0.64% as of June 30, 2020 from 1.08% as of March 31, 2020, with average balances of $9.51 billion and $8.99 billion, respectively.

The Company participated in the Paycheck Protection Program (PPP) during the second quarter of 2020. As of June 30, 2020, we had $848.6 million of PPP loans. 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 June 30, 2020 was 4.16%(1). The PPP loans had a 13-basis point dilutive impact to the yield on loans. The PPP loans were dilutive to the net interest margin by 5 basis points.

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 $416.8 million of average interest-bearing cash balances in the second quarter of 2020 compared to the first quarter of 2020. This excess liquidity diluted the net interest margin by 12 basis points.

During the second quarter of 2020, event interest income was $1.5 million compared to event interest income of $558,000 for the quarter ended March 31, 2020. The higher event income during Q2 increased the net interest margin by 3 basis points.

Purchase accounting accretion on acquired loans was $7.0 million and $7.6 million and average purchase accounting loan discounts were $62.8 million and $69.4 million for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $206,000 and $236,000 for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. The $600,000 reduction in accretion income decreased the net interest margin by 2 basis points for the second quarter of 2020.

The net interest margin experienced 16 basis points of noise for the three-months ended June 30, 2020, compared to the three months ended March 31, 2020 resulting from a 5 basis point decline for PPP loans, a 12 basis point decline for excess liquidity, a 2 basis point decline for less accretion income and an offsetting 3 basis point improvement from event interest income. When adjusting for these items, our net interest margin was actually 5 basis points higher for the second quarter of 2020 compared to the first quarter of 2020.

Net interest income for the second quarter of 2020 was a record for the Company. Net interest income on a fully taxable equivalent basis increased $9.1 million, or 6.5%, to $150.1 million for the three-month period ended June 30, 2020, from $141.0 million for the three-month period ended March 31, 2020. This increase in net interest income for the three-month period ended June 30, 2020 was the result of a $9.5 million decrease in interest expense, which was partially offset by a $370,000 decrease in interest income. The $9.5 million decrease in interest expense was primarily the result of a $9.1 million decrease in interest expense on deposits. This decrease was the result of an $8.0 million decrease in interest expense on savings and interest-bearing transaction accounts and a $1.1 million decrease in interest expense on time deposits. The $370,000 decrease in interest income was primarily the result of a $905,000 decrease in income on deposits with other banks and a $283,000 net decrease in investment income which were partially offset by an $839,000 increase in loan interest income.

Non-performing loans to total loans was 0.50% as of June 30, 2020 compared to 0.53% as of March 31, 2020. Non-performing assets to total assets decreased from 0.44% as of March 31, 2020 to 0.39% as of June 30, 2020. For the second quarter of 2020, net charge-offs were $2.0 million compared to net charge-offs of $3.5 million for the first quarter of 2020.

The Company reported $25.0 million of non-interest income for the second quarter of 2020. The most important components of the second quarter non-interest income were $7.7 million from other service charges and fees, $6.2 million from mortgage lending income, $4.3 million from service charges on deposits accounts and $3.9 million from other income. Non-interest income for the second quarter of 2020 included a $919,000 adjustment for the increase in fair market value of marketable securities.

Non-interest expense for the second quarter of 2020 was $80.2 million. The most important components of the second quarter non-interest expense were $40.1 million from salaries and employee benefits, $25.3 million in other expense and $10.2 million in occupancy and equipment expenses. For the second quarter of 2020, our efficiency ratio was 44.93% compared to 46.82% for the first quarter of 2020. Non-interest expense for the second quarter of 2020 also included $9.2 million unfunded commitments expense.____________________(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

Financial Condition

Total loans receivable were $11.96 billion at June 30, 2020 compared to $11.38 billion at March 31, 2020. Total deposits were $13.18 billion at June 30, 2020 compared to $11.51 billion at March 31, 2020. Total assets were $16.90 billion at June 30, 2020 compared to $15.53 billion at March 31, 2020.

During the second quarter 2020, the Company experienced approximately $570.8 million in organic loan growth. Centennial CFG experienced $6.6 million of organic loan decline and had loans of $1.76 billion at June 30, 2020. Our legacy footprint experienced $577.2 million in organic loan growth during the quarter, driven by the origination of $848.6 million in PPP loans. Non-performing loans at June 30, 2020 were $16.3 million, $38.3 million, $499,000, $4.8 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $59.9 million. Non-performing assets at June 30, 2020 were $18.9 million, $42.2 million, $533,000, $4.8 million and zero 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 $238.3 million at June 30, 2020, or 1.99% of total loans, compared to the allowance for loan losses of $228.9 million, or 2.01% of total loans, at March 31, 2020. The Companys allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.15% at June 30, 2020(1). As of June 30, 2020 and March 31, 2020, the Companys allowance for credit losses on loans and allowance for loan losses was 397.9% and 382.2% of its total non-performing loans, respectively. The increase in the allowance for credit losses at June 30, 2020 is primarily attributable to the ongoing effects of the COVID-19 pandemic.

Stockholders equity was $2.49 billion at June 30, 2020 compared to $2.43 billion at March 31, 2020, an increase of approximately $61.9 million. The increase in stockholders equity is primarily associated with the $41.4 million increase in retained earnings and the $18.0 million increase in accumulated other comprehensive income. Book value per common share was $15.09 at June 30, 2020 compared to $14.72 at March 31, 2020. Tangible book value per common share (non-GAAP) was $8.99(1) at June 30, 2020 compared to $8.61 at March 31, 2020, an increase of 17.75% 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, July 16, 2020. We encourage all participants to pre-register for the conference call using the following link: http://dpregister.com/10145186. 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: 10145186, which will be available until July 23, 2020 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, as adjusted; 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; yield on loans, 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, disruptions and uncertainties in our business and operations as a result of the ongoing coronavirus pandemic, the ability to successfully integrate new acquisitions, legislative and regulatory changes and risks associated with current and future regulations, technological changes and cybersecurity risks, competition from other financial institutions, 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 March 31, 2020, filed with the SEC on May 8, 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 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) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, (In thousands) 2020 2020 2019 2019 2019 ASSETS Cash and due from $ 185,047 $ 147,200 $ 168,914 $ 171,492 $ 183,745 banksInterest-bearingdeposits with other 1,030,609 424,235 321,687 270,804 373,557 banksCash and cash 1,215,656 571,435 490,601 442,296 557,302 equivalentsFederal funds sold - - - 1,650 1,075 Investmentsecurities -available-for-sale, 2,238,005 2,098,000 2,083,838 2,087,508 2,053,939 net of allowance forcredit lossesLoans receivable 11,955,743 11,384,982 10,869,710 10,771,946 11,053,129 Allowance for credit (238,340 ) (228,923 ) (102,122 ) (104,304 ) (106,066 )lossesLoans receivable, 11,717,403 11,156,059 10,767,588 10,667,642 10,947,063 netBank premises and 279,498 281,795 280,103 277,966 278,821 equipment, netForeclosed assets 6,292 8,204 9,143 8,639 13,734 held for saleCash value of life 102,443 103,120 102,562 102,003 149,708 insuranceAccrued interest 80,274 50,295 45,086 47,557 48,992 receivableDeferred tax asset, 74,333 77,110 44,301 53,436 58,517 netGoodwill 973,025 973,025 958,408 958,408 958,408 Core deposit and 33,569 35,055 36,572 38,136 39,723 other intangiblesOther assets 174,908 177,634 213,845 216,694 180,293 Total assets $ 16,895,406 $ 15,531,732 $ 15,032,047 $ 14,901,935 $ 15,287,575 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and $ 3,413,727 $ 2,425,036 $ 2,367,091 $ 2,394,207 $ 2,575,696 non-interest-bearingSavings andinterest-bearing 7,970,979 7,149,644 6,933,964 6,620,616 6,774,162 transaction accountsTime deposits 1,793,230 1,940,234 1,977,328 2,032,547 1,997,458 Total deposits 13,177,936 11,514,914 11,278,383 11,047,370 11,347,316 Federal funds - - 5,000 50,000 - purchasedSecurities soldunder agreements to 162,858 126,884 143,727 157,038 142,541 repurchaseFHLB and other 531,432 951,436 621,439 691,443 899,447 borrowed fundsAccrued interestpayable and other 161,095 138,479 102,410 117,332 107,695 liabilitiesSubordinated 369,939 369,748 369,557 369,363 369,170 debentures Total liabilities 14,403,260 13,101,461 12,520,516 12,432,546 12,866,169 Stockholders' equity Common stock 1,652 1,651 1,664 1,669 1,675 Capital surplus 1,518,631 1,516,151 1,537,091 1,542,858 1,550,999 Retained earnings 932,856 891,498 956,555 904,980 853,964 Accumulated othercomprehensive (loss) 39,007 20,971 16,221 19,882 14,768 income Total 2,492,146 2,430,271 2,511,531 2,469,389 2,421,406 stockholders' equity Total liabilitiesand stockholders' $ 16,895,406 $ 15,531,732 $ 15,032,047 $ 14,901,935 $ 15,287,575 equity

Home BancShares, Inc.Consolidated Statements of Income(Unaudited) Quarter Ended Six Months Ended Jun. Mar. Dec. Sep. Jun. Jun. Jun. 30, 31, 31, 30, 30, 30, 30,(In thousands) 2020 2020 2019 2019 2019 2020 2019 Interest incomeLoans $ 158,996 $ 158,148 $ 161,211 $ 167,470 $ 165,816 $ 317,144 $ 329,664 Investment securitiesTaxable 8,693 9,776 9,707 10,343 10,650 18,469 21,356 Tax-exempt 3,698 3,114 3,260 3,193 3,183 6,812 6,562 Deposits - 211 1,116 949 1,068 1,628 1,327 3,171 other banksFederal funds - 21 5 8 10 21 21 sold Total interest 171,598 172,175 175,132 182,082 181,287 343,773 360,774 income Interest expenseInterest on 15,116 24,198 26,823 29,566 29,709 39,314 57,715 depositsFederal funds - 13 33 21 - 13 - purchasedFHLB borrowed 2,656 2,698 2,686 3,683 4,722 5,354 10,840 fundsSecuritiessold under 260 462 652 628 630 722 1,264 agreements torepurchaseSubordinated 4,899 5,079 5,155 5,207 5,239 9,978 10,498 debentures Total interest 22,931 32,450 35,349 39,105 40,300 55,381 80,317 expense Net interest 148,667 139,725 139,783 142,977 140,987 288,392 280,457 income Provision forcredit loss - 11,441 76,672 - - 1,325 88,113 1,325 loansProvision forcredit loss - - 9,309 - - - 9,309 - acquired loansProvision forcredit loss - - 842 - - - 842 - investmentsecuritiesTotal credit 11,441 86,823 - - 1,325 98,264 1,325 loss expenseNet interest income after provisionfor credit 137,226 52,902 139,783 142,977 139,662 190,128 279,132 losses Non-interest incomeServicecharges on 4,296 6,631 6,778 6,492 6,259 10,927 12,660 depositaccountsOther servicecharges and 7,666 6,056 10,636 8,710 8,177 13,722 14,740 feesTrust fees 397 438 390 382 391 835 794 Mortgage 6,196 2,621 3,801 4,610 3,457 8,817 5,892 lending incomeInsurance 533 678 551 603 515 1,211 1,124 commissionsIncrease incash value of 558 560 562 714 740 1,118 1,476 life insuranceDividends fromFHLB, FRB, 230 7,842 1,952 1,101 1,149 8,072 4,654 FNBB & otherGain (loss) on - 341 686 291 355 341 596 SBA loansGain (loss) onbranches,equipment and 54 82 35 12 (129 ) 136 (50 )other assets,netGain (loss) on 235 277 159 334 58 512 264 OREO, netGain (loss) onsecurities, - - (2 ) - - - - netFair valueadjustment for 919 (5,818 ) - - - (4,899 ) - marketablesecuritiesOther income 3,939 3,219 2,481 1,500 2,094 7,158 4,588 Totalnon-interest 25,023 22,927 28,029 24,749 23,066 47,950 46,738 income Non-interest expenseSalaries andemployee 40,088 39,329 38,446 39,919 37,976 79,417 75,812 benefitsOccupancy and 10,172 8,873 8,729 9,047 8,853 19,045 17,676 equipmentDataprocessing 4,614 4,326 4,294 4,059 3,838 8,940 7,808 expenseOtheroperating 25,298 25,721 19,873 14,739 16,957 51,019 35,385 expenses Totalnon-interest 80,172 78,249 71,342 67,764 67,624 158,421 136,681 expense Income (loss)before income 82,077 (2,420 ) 96,470 99,962 95,104 79,657 189,189 taxesIncome taxexpense 19,250 (2,927 ) 23,208 27,199 22,940 16,323 45,675 (benefit)Net income $ 62,827 $ 507 $ 73,262 $ 72,763 $ 72,164 $ 63,334 $ 143,514

Home BancShares, Inc.Selected Financial Information(Unaudited) Quarter Ended Six Months Ended Jun. Mar. Dec. Sep. Jun. Jun. Jun. 30, 31, 31, 30, 30, 30, 30,(Dollars andshares inthousands, 2020 2020 2019 2019 2019 2020 2019 except per sharedata) PER SHARE DATA Diluted earnings $ 0.38 $ - $ 0.44 $ 0.44 $ 0.43 $ 0.38 $ 0.85 per common shareDiluted earningsper commonshare, asadjusted,excluding branchwrite-offexpense,unfundedcommitmentexpense,provision forcredit losses,fair valueadjustment formarketablesecurities,outsourced 0.47 0.43 0.44 0.44 0.44 0.90 0.86 special projectexpense, mergerand acquisitionexpenses,special dividendfrom equityinvestment, FDICSmall BankAssessmentCredit,hurricaneexpense, Floridatax savings andBOLI redemptiontax (non-GAAP)^(1)Basic earnings 0.38 - 0.44 0.44 0.43 0.38 0.85 per common shareDividends per 0.1300 0.1300 0.1300 0.1300 0.1300 0.2600 0.2500 share - commonBook value per 15.09 14.72 15.10 14.80 14.46 15.09 14.46 common shareTangible bookvalue per common 8.99 8.61 9.12 8.83 8.50 8.99 8.50 share (non-GAAP)^(1) STOCK INFORMATION Average commonshares 165,163 166,014 166,696 167,178 167,791 165,588 168,686 outstandingAverage dilutedshares 165,163 166,014 166,696 167,178 167,791 165,588 168,686 outstandingEnd of periodcommon shares 165,206 165,148 166,373 166,860 167,466 165,206 167,466 outstanding ANNUALIZEDPERFORMANCE METRICS Return on 1.55 % 0.01 % 1.94 % 1.93 % 1.92 % 0.81 % 1.92 %average assetsReturn onaverage assetsexcluding branchwrite-offexpense,unfundedcommitmentexpense,provision forcredit losses,fair valueadjustment formarketablesecurities,outsourcedspecial project 1.93 % 1.88 % 1.94 % 1.96 % 1.95 % 1.90 % 1.93 %expense, mergerand acquisitionexpenses,special dividendfrom equityinvestment, FDICSmall BankAssessmentCredit,hurricaneexpense, Floridatax savings andBOLI redemptiontax: (ROA, asadjusted)(non-GAAP)^(1)Return onaverage assetsexcluding 1.68 % 0.05 % 2.12 % 2.10 % 2.09 % 0.90 % 2.09 %intangibleamortization(non-GAAP)^(1)Return onaverage common 10.27 % 0.08 % 11.71 % 11.84 % 12.18 % 5.16 % 12.26 %equityReturn onaverage commonequity excludingbranch write-offexpense,unfundedcommitmentexpense,provision forcredit losses,fair valueadjustment formarketablesecurities,outsourcedspecial project 12.77 % 11.48 % 11.68 % 12.08 % 12.39 % 12.13 % 12.36 %expense, mergerand acquisitionexpenses,special dividendfrom equityinvestment, FDICSmall BankAssessmentCredit,hurricaneexpense, Floridatax savings andBOLI redemptiontax: (ROE, asadjusted)(non-GAAP)^(1)Return onaverage tangible 17.40 % 0.14 % 19.55 % 20.04 % 21.01 % 8.68 % 21.26 %common equity(non-GAAP)^(1)Return onaverage tangiblecommon equityexcluding 17.70 % 0.44 % 19.86 % 20.36 % 21.35 % 8.98 % 21.61 %intangibleamortization(non-GAAP)^(1)Return onaverage tangiblecommon equityexcluding branchwrite-offexpense,unfundedcommitmentexpense,provision forcredit losses,fair valueadjustment formarketablesecurities,outsourcedspecial project 21.63 % 19.22 % 19.51 % 20.45 % 21.37 % 20.42 % 21.45 %expense, mergerand acquisitionexpenses,special dividendfrom equityinvestment, FDICSmall BankAssessmentCredit,hurricaneexpense, Floridatax savings andBOLI redemptiontax: (ROTCE, asadjusted)(non-GAAP)^(1) (1) Calculation of this metric and the reconciliation to GAAP are included inthe schedules accompanying this release.

Home BancShares, Inc.Selected Financial Information(Unaudited) Quarter Ended Six Months Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30,(Dollars andshares inthousands, 2020 2020 2019 2019 2019 2020 2019 except pershare data) Efficiency 44.93 % 46.82 % 41.26 % 39.16 % 39.93 % 45.85 % 40.47 %ratioEfficiencyratio, asadjusted 39.38 % 41.37 % 41.14 % 40.60 % 39.92 % 40.34 % 40.21 %(non-GAAP)^(1)Net interest 4.11 % 4.22 % 4.24 % 4.32 % 4.28 % 4.17 % 4.29 %margin - FTENet interestmargin -FTE,excluding 4.16 % 4.22 % 4.24 % 4.32 % 4.28 % 4.19 % 4.29 %PPP loans(non-GAAP)^(1)Fullytaxable 1,434 $ 1,227 $ 1,322 $ 1,247 $ 1,319 $ 2,661 $ 2,686 equivalentadjustmentTotalrevenue 173,690 162,652 167,812 167,726 164,053 336,342 327,195 (net)Pre-tax netincome,excludingprovisionfor credit 102,732 92,178 96,470 99,962 96,429 194,910 190,514 losses andunfundedcommitmentexpenseNet income,excludingprovisionfor credit 78,084 70,382 73,262 72,763 73,147 148,466 144,497 losses andunfundedcommitmentexpenseReturn onaverageassets(pre-tax netincome,excludingprovision 2.53 % 2.45 % 2.56 % 2.65 % 2.56 % 2.49 % 2.55 %for creditlosses andunfundedcommitmentexpense)(non-GAAP)^(1)Return onaverageassets,excludingprovisionfor credit 1.92 % 1.87 % 1.94 % 1.93 % 1.94 % 1.90 % 1.93 %losses andunfundedcommitmentexpense(non-GAAP)^(1)Totalpurchase 7,036 7,647 9,133 8,462 9,240 14,683 18,295 accountingaccretionAveragepurchaseaccounting 62,822 69,365 91,869 112,623 122,197 66,105 126,871 loandiscounts OTHEROPERATING EXPENSES Advertising 795 $ 1,226 $ 1,340 $ 1,201 $ 1,095 $ 2,021 $ 2,146 Merger andacquisition - 711 - - - 711 - expensesAmortizationof 1,486 1,517 1,565 1,587 1,587 3,003 3,173 intangiblesElectronicbanking 2,054 1,715 1,870 1,901 1,851 3,769 3,754 expenseDirectors' 412 424 396 380 392 836 826 feesDue frombank service 239 223 289 272 282 462 520 chargesFDIC andstate 1,846 1,548 1,635 (532 ) 1,655 3,394 3,365 assessmentHurricane - - - - - - 897 expenseInsurance 711 746 790 698 661 1,457 1,358 Legal and 1,278 919 1,633 1,414 989 2,197 1,970 accountingOtherprofessional 1,735 3,226 3,189 1,906 2,306 4,961 5,118 feesOperating 553 535 469 511 505 1,088 1,041 suppliesPostage 313 327 327 320 293 640 619 Telephone 310 324 312 289 306 634 609 Unfunded 9,214 7,775 - - - 16,989 - commitmentsOther 4,352 4,505 6,058 4,792 5,035 8,857 9,989 expense Total otheroperating $ 25,298 $ 25,721 $ 19,873 $ 14,739 $ 16,957 $ 51,019 $ 35,385 expenses (1) Calculation of this metric and the reconciliation to GAAP are included inthe schedules accompanying this release.

Home BancShares, Inc.Selected Financial Information(Unaudited) Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, (Dollars in 2020 2020 2019 2019 2019 thousands) BALANCE SHEET RATIOS Total loans to 90.73 % 98.87 % 96.38 % 97.51 % 97.41 %total depositsCommon equity 14.75 % 15.65 % 16.71 % 16.57 % 15.84 %to assetsTangible commonequity to 9.35 % 9.79 % 10.80 % 10.59 % 9.96 %tangible assets(non-GAAP)^(1) LOANS RECEIVABLE Real estate Commercial real estate loansNon-farm/ $ 4,325,795 $ 4,357,007 $ 4,412,769 $ 4,375,970 $ 4,495,558 non-residentialConstruction/land 1,818,151 1,892,394 1,776,689 1,827,454 1,930,838 developmentAgricultural 105,554 89,630 88,400 87,087 85,045 Residentialreal estate loansResidential 1-4 1,730,716 1,775,610 1,819,221 1,808,099 1,852,784 familyMultifamily 482,635 411,960 488,278 498,079 523,789 residentialTotal real 8,462,851 8,526,601 8,585,357 8,596,689 8,888,014 estateConsumer 851,344 852,174 511,909 469,741 455,554 Commercial and 2,228,816 1,759,752 1,528,003 1,479,724 1,515,357 industrialAgricultural 80,023 64,582 63,644 90,343 80,621 Other 332,709 181,873 180,797 135,449 113,583 Loans $ 11,955,743 $ 11,384,982 $ 10,869,710 $ 10,771,946 $ 11,053,129 receivable PaycheckProtectionProgram (PPP) 848,628 - - - - loans (includedin total loansreceivable) ALLOWANCE FOR CREDIT LOSSES Balance,beginning of $ 228,923 $ 102,122 $ 104,304 $ 106,066 $ 106,357 periodImpact ofadopting ASC - 43,988 - - - 326Allowance forcredit losses - 357 - - - on acquiredloansLoans charged 2,582 4,265 2,631 2,302 2,279 offRecoveries ofloans 558 740 449 540 663 previouslycharged offNet loans(recovered)/ 2,024 3,525 2,182 1,762 1,616 charged offProvision forcredit loss - 11,441 76,672 - - 1,325 loansProvision forcredit loss - - 9,309 - - - acquired loansTotal creditloss expenseexcludingprovision for 11,441 85,981 - - 1,325 credit loss -investmentsecuritiesBalance, end of $ 238,340 $ 228,923 $ 102,122 $ 104,304 $ 106,066 period Net(recoveries)charge-offs to 0.07 % 0.13 % 0.08 % 0.06 % 0.06 %average totalloansAllowance forcredit losses 1.99 % 2.01 % 0.94 % 0.97 % 0.96 %to total loansAllowance forcredit lossesto total loans, 2.15 % 2.01 % 0.94 % 0.97 % 0.96 %excluding PPPloans NON-PERFORMING ASSETS Non-performing loansNon-accrual $ 52,074 $ 52,131 $ 47,607 $ 48,640 $ 52,841 loansLoans past due 7,824 7,760 7,238 9,964 9,961 90 days or moreTotalnon-performing 59,898 59,891 54,845 58,604 62,802 loansOthernon-performing assetsForeclosedassets held for 6,292 8,204 9,143 8,639 13,734 sale, netOthernon-performing 247 447 447 447 947 assetsTotal othernon-performing 6,539 8,651 9,590 9,086 14,681 assetsTotalnon-performing $ 66,437 $ 68,542 $ 64,435 $ 67,690 $ 77,483 assets Allowance forcredit lossesfor loans to 397.91 % 382.23 % 186.20 % 177.98 % 168.89 %non-performingloansNon-performingloans to total 0.50 % 0.53 % 0.50 % 0.54 % 0.57 %loansNon-performingassets to total 0.39 % 0.44 % 0.43 % 0.45 % 0.51 %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 June 30, 2020 March 31, 2020 Average Income/ Yield/ Average Income/ Yield/(Dollars in Balance Expense Rate Balance Expense Ratethousands) ASSETS Earning assets Interest-bearingbalances due $ 753,093 $ 211 0.11 % $ 331,038 $ 1,116 1.36 %from banksFederal funds - - 0.00 % 5,218 21 1.62 %soldInvestmentsecurities - 1,673,334 8,693 2.09 % 1,710,288 9,776 2.30 %taxableInvestmentsecurities - 461,640 4,890 4.26 % 374,198 4,090 4.40 %non-taxable -FTELoans receivable 11,790,398 159,238 5.43 % 11,007,958 158,399 5.79 %- FTETotalinterest-earning 14,678,465 173,032 4.74 % 13,428,700 173,402 5.19 %assetsNon-earning 1,640,741 1,704,775 assetsTotal assets $ 16,319,206 $ 15,133,475 LIABILITIES ANDSHAREHOLDERS' EQUITYLiabilities Interest-bearing liabilitiesSavings andinterest-bearing $ 7,651,259 $ 7,818 0.41 % $ 7,041,303 $ 15,803 0.90 %transactionaccountsTime deposits 1,855,626 7,298 1.58 % 1,943,721 8,395 1.74 %Totalinterest-bearing 9,506,885 15,116 0.64 % 8,985,024 24,198 1.08 %depositsFederal funds - - 0.00 % 6,264 13 0.83 %purchasedSecurities soldunder agreement 154,628 260 0.68 % 138,180 462 1.34 %to repurchaseFHLB borrowed 652,354 2,656 1.64 % 623,525 2,698 1.74 %fundsSubordinated 369,846 4,899 5.33 % 369,652 5,079 5.53 %debenturesTotalinterest-bearing 10,683,713 22,931 0.86 % 10,122,645 32,450 1.29 %liabilitiesNon-interestbearing liabilitiesNon-interest 3,038,490 2,410,583 bearing depositsOther 137,062 119,143 liabilitiesTotal 13,859,265 12,652,371 liabilitiesShareholders' 2,459,941 2,481,104 equityTotalliabilities and $ 16,319,206 $ 15,133,475 shareholders'equityNet interest 3.88 % 3.90 %spreadNet interestincome and $ 150,101 4.11 % $ 140,952 4.22 %margin - FTE

Home BancShares, Inc.Consolidated Net Interest Margin(Unaudited) Six Months Ended June 30, 2020 June 30, 2019 Average Income/ Yield/ Average Income/ Yield/(Dollars in Balance Expense Rate Balance Expense Ratethousands) ASSETS Earning assets Interest-bearingbalances due $ 542,066 $ 1,327 0.49 % $ 285,688 $ 3,171 2.24 %from banksFederal funds 2,609 21 1.62 % 1,544 21 2.74 %soldInvestmentsecurities - 1,690,083 18,469 2.20 % 1,618,369 21,356 2.66 %taxableInvestmentsecurities - 417,919 8,981 4.32 % 385,064 8,602 4.50 %non-taxable -FTELoans receivable 11,399,178 317,636 5.60 % 11,018,616 330,310 6.05 %- FTETotalinterest-earning 14,051,855 346,434 4.96 % 13,309,281 363,460 5.51 %assetsNon-earning 1,674,486 1,779,908 assetsTotal assets $ 15,726,341 $ 15,089,189 LIABILITIES ANDSHAREHOLDERS' EQUITYLiabilities Interest-bearing liabilitiesSavings andinterest-bearing $ 7,346,281 $ 23,621 0.65 % $ 6,637,512 $ 40,174 1.22 %transactionaccountsTime deposits 1,899,673 15,693 1.66 % 1,923,457 17,541 1.84 %Totalinterest-bearing 9,245,954 39,314 0.86 % 8,560,969 57,715 1.36 %depositsFederal funds 3,132 13 0.83 % - - 0.00 %purchasedSecurities soldunder agreement 146,404 722 0.99 % 147,623 1,264 1.73 %to repurchaseFHLB borrowed 637,940 5,354 1.69 % 1,045,370 10,840 2.09 %fundsSubordinated 369,749 9,978 5.43 % 368,981 10,498 5.74 %debenturesTotalinterest-bearing 10,403,179 55,381 1.07 % 10,122,943 80,317 1.60 %liabilitiesNon-interestbearing liabilitiesNon-interest 2,724,537 2,496,604 bearing depositsOther 128,102 108,866 liabilitiesTotal 13,255,818 12,728,413 liabilitiesShareholders' 2,470,523 2,360,776 equityTotalliabilities and $ 15,726,341 $ 15,089,189 shareholders'equityNet interest 3.89 % 3.91 %spreadNet interestincome and $ 291,053 4.17 % $ 283,143 4.29 %margin - FTE

Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited) Quarter Ended Six Months Ended (Dollars andshares in Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Jun. 30, Jun. 30, thousands,except per share 2020 2020 2019 2019 2019 2020 2019 data) EARNINGS, AS ADJUSTED GAAP net incomeavailable to $ 62,827 $ 507 $ 73,262 $ 72,763 $ 72,164 $ 63,334 $ 143,514 commonshareholders (A)Pre-tax adjustmentsBranch write-off 981 - - - - 981 - expenseUnfundedcommitment 9,214 7,775 - - - 16,989 - expenseProvision for 11,441 86,823 - - 1,325 98,264 1,325 credit lossesFair valueadjustment for (919 ) 5,818 - - - 4,899 - marketablesecuritiesOutsourcedspecial project - 1,092 631 - - 1,092 900 expenseMerger andacquisition - 711 - - - 711 - expensesSpecial dividendfrom equity - (7,004 ) (861 ) - - (7,004 ) (2,134 )investmentFDIC Small Bank - - - (2,291 ) - - - Assessment CreditHurricane - - - - - - 897 expensesTotal pre-tax 20,717 95,215 (230 ) (2,291 ) 1,325 115,932 988 adjustmentsTax-effect of 5,414 24,884 (59 ) (592 ) 342 30,299 249 adjustmentsAdjustments 15,303 70,331 (171 ) (1,699 ) 983 85,633 739 after-taxFlorida tax - - - (497 ) 252 - 497 savingsBOLI redemption - - - 3,667 - - - taxTotal adjustments 15,303 70,331 (171 ) 1,471 1,235 85,633 1,236 after-tax (B)Earnings, as $ 78,130 $ 70,838 $ 73,091 $ 74,234 $ 73,399 $ 148,967 $ 144,750 adjusted (C) Average dilutedshares 165,163 166,014 166,696 167,178 167,791 165,588 168,686 outstanding (D) GAAP dilutedearnings per $ 0.38 $ - $ 0.44 $ 0.44 $ 0.43 $ 0.38 $ 0.85 share: (A/D)Adjustments 0.09 0.43 - - 0.01 0.52 0.01 after-tax: (B/D)Diluted earningsper common share,as adjusted,excluding branchwrite-offexpense, unfundedcommitmentexpense,provision forcredit losses,fair valueadjustment formarketablesecurities,outsourced $ 0.47 $ 0.43 $ 0.44 $ 0.44 $ 0.44 $ 0.90 $ 0.86 special projectexpense, mergerand acquisitionexpenses, specialdividend fromequityinvestment, FDICSmall BankAssessmentCredit, hurricaneexpense, Floridatax savings andBOLI redemptiontax: (C/D) ANNUALIZED RETURN ON AVERAGE ASSETS Return on average 1.55 % 0.01 % 1.94 % 1.93 % 1.92 % 0.81 % 1.92 %assets: (A/G)Return on averageassets excludingbranch write-offexpense, unfundedcommitmentexpense,provision forcredit losses,fair valueadjustment formarketablesecurities,outsourcedspecial projectexpense, merger 1.93 % 1.88 % 1.94 % 1.96 % 1.95 % 1.90 % 1.93 %and acquisitionexpenses, specialdividend fromequityinvestment, FDICSmall BankAssessmentCredit, hurricaneexpense, Floridatax savings andBOLI redemptiontax: (ROA, asadjusted) ((A+F)/G)Return on averageassets (pre-taxnet income,excludingprovision for 2.53 % 2.45 % 2.56 % 2.65 % 2.56 % 2.49 % 2.55 %credit losses andunfundedcommitmentexpense): (B/G)Return on averageassets, excludingprovision forcredit losses and 1.92 % 1.87 % 1.94 % 1.93 % 1.94 % 1.90 % 1.93 %unfundedcommitmentexpense: (C/G)Return on averageassets excludingintangible 1.68 % 0.05 % 2.12 % 2.10 % 2.09 % 0.90 % 2.09 %amortization:((A+E)/(G-H)) GAAP net incomeavailable to $ 62,827 $ 507 $ 73,262 $ 72,763 $ 72,164 $ 63,334 $ 143,514 commonshareholders (A)Pre-tax netincome, excludingprovision forcredit losses and $ 102,732 $ 92,178 $ 96,470 $ 99,962 $ 96,429 $ 194,910 $ 190,514 unfundedcommitmentexpense (B)Net income,excludingprovision forcredit losses and $ 78,084 $ 70,382 $ 73,262 $ 72,763 $ 73,147 $ 148,466 $ 144,497 unfundedcommitmentexpense (C)Amortization of 1,486 1,517 1,565 1,587 1,587 3,003 3,173 intangibles (D)Amortization ofintangibles 1,098 1,121 1,161 1,177 1,177 2,218 2,354 after-tax (E)Adjustments 15,303 70,331 (171 ) 1,471 1,235 85,633 1,236 after-tax (F)Average assets 16,319,206 15,133,475 14,944,368 14,993,232 15,098,600 15,726,341 15,089,189 (G)Average goodwill,core deposits & 1,007,307 999,004 995,721 997,309 998,898 1,003,156 999,692 other intangibleassets (H)

Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited) Quarter Ended Six Months Ended (Dollars and shares Jun. 30, Mar. 31, Dec. 31 Sep. 30, Jun. 30, Jun. 30, Jun. 30, in thousands,except per share 2020 2020 2019 2019 2019 2020 2019 data) ANNUALIZED RETURN ONAVERAGE COMMON EQUITY Return on average 10.27 % 0.08 % 11.71 % 11.84 % 12.18 % 5.16 % 12.26 %common equity: (A/D)Return on averagecommon equityexcluding branchwrite-off expense,unfunded commitmentexpense, provisionfor credit losses,fair valueadjustment formarketablesecurities,outsourced specialproject expense, 12.77 % 11.48 % 11.68 % 12.08 % 12.39 % 12.13 % 12.36 %merger andacquisitionexpenses, specialdividend from equityinvestment, FDICSmall BankAssessment Credit,hurricane expense,Florida tax savingsand BOLI redemptiontax: (ROE, asadjusted) ((A+C)/D)Return on averagetangible common 17.40 % 0.14 % 19.55 % 20.04 % 21.01 % 8.68 % 21.26 %equity: (A/(D-E))Return on averagetangible commonequity excluding 17.70 % 0.44 % 19.86 % 20.36 % 21.35 % 8.98 % 21.61 %intangibleamortization: (B/(D-E))Return on averagetangible commonequity excludingbranch write-offexpense, unfundedcommitment expense,provision for creditlosses, fair valueadjustment formarketablesecurities,outsourced specialproject expense, 21.63 % 19.22 % 19.51 % 20.45 % 21.37 % 20.42 % 21.45 %merger andacquisitionexpenses, specialdividend from equityinvestment, FDICSmall BankAssessment Credit,hurricane expense,Florida tax savingsand BOLI redemptiontax: (ROTCE, asadjusted) ((A+C)/(D-E)) GAAP net incomeavailable to common $ 62,827 $ 507 $ 73,262 $ 72,763 $ 72,164 $ 63,334 $ 143,514 shareholders (A)Earnings excludingintangible 63,925 1,628 74,423 73,940 73,341 65,553 145,868 amortization (B)Adjustments 15,303 70,331 (171 ) 1,471 1,235 85,633 1,236 after-tax (C)Average common 2,459,941 2,481,104 2,482,406 2,437,820 2,376,718 2,470,523 2,360,776 equity (D)Average goodwill,core deposits & 1,007,307 999,004 995,721 997,309 998,898 1,003,156 999,692 other intangibleassets (E) EFFICIENCY RATIO Efficiency ratio: 44.93 % 46.82 % 41.26 % 39.16 % 39.93 % 45.85 % 40.47 %((C-E)/(A+B+D))Efficiency ratio, asadjusted: ((C-E-G)/ 39.38 % 41.37 % 41.14 % 40.60 % 39.92 % 40.34 % 40.21 %(A+B+D-F)) Net interest income $ 148,667 $ 139,725 $ 139,783 $ 142,977 $ 140,987 $ 288,392 $ 280,457 (A)Non-interest income 25,023 22,927 28,029 24,749 23,066 47,950 46,738 (B)Non-interest expense 80,172 78,249 71,342 67,764 67,624 158,421 136,681 (C)Fully taxableequivalent 1,434 1,227 1,322 1,247 1,319 2,661 2,686 adjustment (D)Amortization of 1,486 1,517 1,565 1,587 1,587 3,003 3,173 intangibles (E) Adjustments: Non-interest income: Special dividendfrom equity $ - $ 7,004 $ 861 $ - $ - $ 7,004 $ 2,134 investmentFair valueadjustment for 919 (5,818 ) - - - (4,899 ) - marketablesecuritiesGain (loss) on OREO 235 277 159 334 58 512 264 Gain (loss) onbranches, equipment 54 82 35 12 (129 ) 136 (50 )and other assets,netGain (loss) on - - (2 ) - - - - securitiesTotal non-interestincome adjustments $ 1,208 $ 1,545 $ 1,053 $ 346 $ (71 ) $ 2,753 $ 2,348 (F) Non-interest expense:Branch write-off $ 981 $ - $ - $ - $ - $ 981 $ - expenseUnfunded commitment 9,214 7,775 - - - 16,989 - expenseFDIC Small Bank - - - (2,291 ) - - - Assessment CreditMerger Expenses - 711 - - - 711 - Hurricane damage - - - - - - 897 expenseOutsourced special - 1,092 631 - - 1,092 900 project expenseTotal non-interestexpense adjustments $ 10,195 $ 9,578 $ 631 $ (2,291 ) $ - $ 19,773 $ 1,797 (G) ANNUALIZED NET INTEREST MARGIN Net interest margin: 4.11 % 4.22 % 4.24 % 4.32 % 4.28 % 4.17 % 4.29 %A/CNet interest margin,excluding PPP loans 4.16 % 4.22 % 4.24 % 4.32 % 4.28 % 4.19 % 4.29 %(non-GAAP): B/D Net interest income $ 150,101 $ 140,952 $ 141,105 $ 144,224 $ 142,306 $ 291,053 $ 283,143 - FTE (A)PPP loan interest &discount accretion 4,450 - - - - 4,450 - incomeNet interest income- FTE, excluding PPP $ 145,651 $ 140,952 $ 141,105 $ 144,224 $ 142,306 $ 286,603 $ 283,143 loans (non-GAAP) (B) Averageinterest-earning $ 14,678,465 $ 13,428,700 $ 13,188,508 $ 13,235,774 $ 13,321,663 $ 14,051,855 $ 13,309,281 assets (C)Average PPP loans 585,946 - - - - 292,973 - Averageinterest-earningassets, excluding $ 14,092,519 $ 13,428,700 $ 13,188,508 $ 13,235,774 $ 13,321,663 $ 13,758,882 $ 13,309,281 PPP loans (non-GAAP)(D)

Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited) Quarter Ended Six Months Ended(Dollars and Jun. Jun.shares in Jun. 30, Mar. 31, Dec. 31 Sep. 30, Jun. 30, 30, 30,thousands,except per share 2020 2020 2019 2019 2019 2020 2019data) Pre-tax net $ 82,077 $ (2,420 ) $ 96,470 $ 99,962 $ 95,104 $ 79,657 $ 189,189incomeProvision for 11,441 86,823 - - 1,325 98,264 1,325credit lossesUnfundedcommitment 9,214 7,775 - - - 16,989 -expensePre-tax netincome,excludingprovision for $ 102,732 $ 92,178 $ 96,470 $ 99,962 $ 96,429 $ 194,910 $ 190,514credit lossesand unfundedcommitmentexpense Quarter Ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, (Dollars in 2020 2020 2019 2019 2019 thousands) TANGIBLE BOOKVALUE PER COMMON SHARE Book value percommon share: (A $ 15.09 $ 14.72 $ 15.10 $ 14.80 $ 14.46 /B)Tangible bookvalue per common 8.99 8.61 9.12 8.83 8.50 share: ((A-C-D)/B) Totalstockholders' $ 2,492,146 $ 2,430,271 $ 2,511,531 $ 2,469,389 $ 2,421,406 equity (A)End of periodcommon shares 165,206 165,148 166,373 166,860 167,466 outstanding (B)Goodwill (C) 973,025 973,025 958,408 958,408 958,408 Core deposit andother 33,569 35,055 36,572 38,136 39,723 intangibles (D) TANGIBLE COMMONEQUITY TO TANGIBLE ASSETS Equity to 14.75 % 15.65 % 16.71 % 16.57 % 15.84 % assets: (B/A)Tangible commonequity totangible assets: 9.35 % 9.79 % 10.80 % 10.59 % 9.96 % ((B-C-D)/(A-C-D)) Total assets (A) $ 16,895,406 $ 15,531,732 $ 15,032,047 $ 14,901,935 $ 15,287,575 Totalstockholders' 2,492,146 2,430,271 2,511,531 2,469,389 2,421,406 equity (B)Goodwill (C) 973,025 973,025 958,408 958,408 958,408 Core deposit andother 33,569 35,055 36,572 38,136 39,723 intangibles (D)