Record First Quarter Highlights the Stability of HOMB; Strength Is No Accident

/EIN News/ -- CONWAY, Ark., April 16, 2025 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights
Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net income	$115.2 million	$100.6 million	$100.0 million	$101.5 million	$100.1 million
Net income, as adjusted (non-GAAP)(1)	$111.9 million	$99.8 million	$99.0 million	$103.9 million	$99.2 million
Total revenue (net)	$260.1 million	$258.4 million	$258.0 million	$254.6 million	$246.4 million
Income before income taxes	$147.2 million	$129.5 million	$129.1 million	$133.4 million	$130.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$147.2 million	$146.2 million	$148.0 million	$141.4 million	$134.9 million
PPNR, as adjusted (non-GAAP)(1)	$142.8 million	$145.2 million	$146.6 million	$141.9 million	$133.7 million
Pre-tax net income to total revenue (net)	56.58%	50.11%	50.03%	52.40%	52.92%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	54.91%	49.74%	49.49%	52.59%	52.45%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	56.58%	56.57%	57.35%	55.54%	54.75%
P5NR, as adjusted (non-GAAP)(1)	54.91%	56.20%	56.81%	55.73%	54.28%
ROA	2.07%	1.77%	1.74%	1.79%	1.78%
ROA, as adjusted (non-GAAP)(1)	2.01%	1.76%	1.72%	1.83%	1.76%
NIM	4.44%	4.39%	4.28%	4.27%	4.13%
Purchase accounting accretion	$1.4 million	$1.6 million	$1.9 million	$1.9 million	$2.8 million
ROE	11.75%	10.13%	10.23%	10.73%	10.64%
ROE, as adjusted (non-GAAP)(1)	11.41%	10.05%	10.12%	10.98%	10.54%
ROTCE (non-GAAP)(1)	18.39%	15.94%	16.26%	17.29%	17.22%
ROTCE, as adjusted (non-GAAP)(1)	17.87%	15.82%	16.09%	17.69%	17.07%
Diluted earnings per share	$0.58	$0.51	$0.50	$0.51	$0.50
Diluted earnings per share, as adjusted (non-GAAP)(1)	$0.56	$0.50	$0.50	$0.52	$0.49
Non-performing assets to total assets	0.56%	0.63%	0.63%	0.56%	0.48%
Common equity tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Leverage	13.3%	13.0%	12.5%	12.3%	12.3%
Tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Total risk-based capital	19.1%	18.7%	18.3%	18.0%	17.9%
Allowance for credit losses to total loans	1.87%	1.87%	2.11%	2.00%	2.00%
Book value per share	$20.40	$19.92	$19.91	$19.30	$18.98
Tangible book value per share (non-GAAP)(1)	13.15	12.68	12.67	12.08	11.79

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

“This industry boils down to revenue and expenses. The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year,” said John Allison, Chairman and CEO of HOMB.

Operating Highlights

Net income for the three-month period ended March 31, 2025 was $115.2 million, or $0.58 diluted earnings per share. Diluted earnings per share of $0.58 was a record for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $111.9 million⁽¹⁾ and $0.56 per share⁽¹⁾, respectively, for the three months ended March 31, 2025.

Our net interest margin was 4.44% for the three-month period ended March 31, 2025, compared to 4.39% for the three-month period ended December 31, 2024. The yield on loans was 7.38% and 7.49% for the three months ended March 31, 2025 and December 31, 2024, respectively, as average loans increased from $14.80 billion to $14.89 billion. Additionally, the rate on interest bearing deposits decreased to 2.67% as of March 31, 2025, from 2.80% as of December 31, 2024, while average interest-bearing deposits increased from $12.86 billion to $13.20 billion.

During the first quarter of 2025, there was $1.3 million of event interest income compared to $1.5 million of event interest income for the fourth quarter of 2024. Purchase accounting accretion on acquired loans was $1.4 million and $1.6 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, and average purchase accounting loan discounts were $17.5 million and $19.1 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $217.2 million for the three-month period ended March 31, 2025, and $219.5 million for the three-month period ended December 31, 2024. This decrease in net interest income for the three-month period ended March 31, 2025, was the result of a $10.0 million decrease in interest income, partially offset by a $7.7 million decrease in interest expense. The $7.7 million decrease in interest expense was due to a $3.8 million decrease in interest expense on deposits and a $3.6 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance during the fourth quarter of 2024 and the declining interest rate environment. The $10.0 million decrease in interest income was primarily the result of a $7.6 million decrease in loan income, a $1.4 million decrease in investment income and a $965,000 decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment.

The Company reported $45.4 million of non-interest income for the first quarter of 2025. The most important components of non-interest income were $11.4 million from other income, $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $4.8 million from trust fees, $3.6 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.8 million from the increase in cash value of life insurance and $442,000 from the fair value adjustment for marketable securities. Included within other income was $3.9 million in special income from equity investments.

Non-interest expense for the first quarter of 2025 was $112.9 million. The most important components of non-interest expense were $61.9 million from salaries and employee benefits, $28.1 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.6 million in data processing expenses. For the first quarter of 2025, our efficiency ratio was 42.22%, and our efficiency ratio, as adjusted (non-GAAP), was 42.84%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.95 billion at March 31, 2025, compared to $14.76 billion at December 31, 2024. Total loans receivable of $14.95 billion were a record for the Company. Total deposits were $17.54 billion at March 31, 2025, compared to $17.15 billion at December 31, 2024. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.

During the first quarter of 2025, the Company had a $187.6 million increase in loans. Our community banking footprint experienced $291.5 million in organic loan growth during the quarter ended March 31, 2025, and Centennial CFG experienced $103.9 million of organic loan decline and had loans of $1.71 billion at March 31, 2025.

Non-performing loans to total loans were 0.60% and 0.67% at March 31, 2025 and December 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.63% at March 31, 2025 and December 31, 2024, respectively. Net loans recovered were $4.1 million for the three months ended March 31, 2025, and net loans charged-off were $53.4 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Company completed an asset quality cleanup project which resulted in the significant level of charge-offs. The charge-off detail by region for the quarters ended March 31, 2025 and December 31, 2024 can be seen below.

For the Three Months Ended March 31, 2025
(in thousands)		Texas				Arkansas				Centennial CFG				Shore Premier Finance				Florida				Alabama				Total
Charge-offs		$	444			$	474			$	—			$	53			$	2,479			$	8			$	3,458
Recoveries			(6,514	)			(228	)			(658	)			(3	)			(117	)			(2	)			(7,522	)
Net (recoveries) charge-offs		$	(6,070	)		$	246			$	(658	)		$	50			$	2,362			$	6			$	(4,064	)

For the Three Months Ended December 31, 2024
(in thousands)		Texas				Arkansas				Centennial CFG			Shore Premier Finance				Florida				Alabama				Total
Charge-offs		$	47,774			$	2,108			$	1,973		$	1,457			$	637			$	10			$	53,959
Recoveries			(174	)			(181	)			—			(15	)			(193	)			(2	)			(565	)
Net charge-offs		$	47,600			$	1,927			$	1,973		$	1,442			$	444			$	8			$	53,394

At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. At December 31, 2024, non-performing loans were $98.9 million, and non-performing assets were $142.4 million.

The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

(in thousands)		Texas		Arkansas		Centennial CFG		Shore Premier Finance		Florida		Alabama		Total
Non-accrual loans		23,694		15,214		2,766		5,444		39,108		157		86,383
Loans 90+ days past due		3,264		—		—		—		—		—		3,264
Total non-performing loans		26,958		15,214		2,766		5,444		39,108		157		89,647
Foreclosed assets held for sale		15,357		1,052		22,820		—		451		—		39,680
Other non-performing assets		63		—		—		—		—		—		63
Total other non-performing assets		15,420		1,052		22,820		—		451		—		39,743
Total non-performing assets		42,378		16,266		25,586		5,444		39,559		157		129,390

The table below shows the non-performing loans and non-performing assets by region as December 31, 2024:

(in thousands)		Texas		Arkansas		Centennial CFG		Shore Premier Finance		Florida		Alabama		Total
Non-accrual loans		23,494		18,448		7,390		5,537		38,778		206		93,853
Loans 90+ days past due		4,134		538		—		—		362		—		5,034
Total non-performing loans		27,628		18,986		7,390		5,537		39,140		206		98,887
Foreclosed assets held for sale		13,924		757		22,775		—		5,951		—		43,407
Other non-performing assets		63		—		—		—		—		—		63
Total other non-performing assets		13,987		757		22,775		—		5,951		—		43,470
Total non-performing assets		41,615		19,743		30,165		5,537		45,091		206		142,357

The Company’s allowance for credit losses on loans was $279.9 million at March 31, 2025, or 1.87% of total loans, compared to the allowance for credit losses on loans of $275.9 million, or 1.87% of total loans, at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company’s allowance for credit losses on loans was 312.27% and 278.99% of its total non-performing loans, respectively. The increase in the allowance for credit losses reflects the net recoveries during the quarter.

Stockholders’ equity was $4.04 billion at March 31, 2025, which increased approximately $81.5 million from December 31, 2024. The net increase in stockholders’ equity is primarily associated with the $76.5 million increase in retained earnings and the $31.6 million decrease in accumulated other comprehensive loss, which was partially offset by the $29.7 million in stock repurchases for the quarter. Book value per common share was $20.40 at March 31, 2025, compared to $19.92 at December 31, 2024. Tangible book value per common share (non-GAAP) was $13.15⁽¹⁾ at March 31, 2025, compared to $12.68⁽¹⁾ at December 31, 2024. Book value per common share and tangible book value per common share, as of March 31, 2025, were both records for the Company.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/447517977. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=a44e9900&confId=79637. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

Non-GAAP Financial Measures

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

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

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
(In thousands)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
ASSETS
Cash and due from banks		$	319,747			$	281,063			$	265,408			$	229,209			$	205,262
Interest-bearing deposits with other banks			975,983				629,284				752,269				829,507				969,996
Cash and cash equivalents			1,295,730				910,347				1,017,677				1,058,716				1,175,258
Federal funds sold			6,275				3,725				6,425				—				5,200
Investment securities - available-for-sale, net of allowance for credit losses			3,003,320				3,072,639				3,270,620				3,344,539				3,400,884
Investment securities - held-to-maturity, net of allowance for credit losses			1,269,896				1,275,204				1,277,090				1,278,853				1,280,586
Total investment securities			4,273,216				4,347,843				4,547,710				4,623,392				4,681,470
Loans receivable			14,952,116				14,764,500				14,823,979				14,781,457				14,513,673
Allowance for credit losses			(279,944	)			(275,880	)			(312,574	)			(295,856	)			(290,294	)
Loans receivable, net			14,672,172				14,488,620				14,511,405				14,485,601				14,223,379
Bank premises and equipment, net			384,843				386,322				388,776				383,691				389,618
Foreclosed assets held for sale			39,680				43,407				43,040				41,347				30,650
Cash value of life insurance			221,621				219,786				219,353				218,198				215,424
Accrued interest receivable			115,983				120,129				118,871				120,984				119,029
Deferred tax asset, net			170,120				186,697				176,629				195,041				202,882
Goodwill			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit intangible			38,280				40,327				42,395				44,490				46,630
Other assets			376,030				345,292				352,583				350,192				347,928
Total assets		$	22,992,203			$	22,490,748			$	22,823,117			$	22,919,905			$	22,835,721
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,079,289			$	4,006,115			$	3,937,168			$	4,068,302			$	4,115,603
Savings and interest-bearing transaction accounts			11,586,106				11,347,850				10,966,426				11,150,516				11,047,258
Time deposits			1,876,096				1,792,332				1,802,116				1,736,985				1,703,269
Total deposits			17,541,491				17,146,297				16,705,710				16,955,803				16,866,130
Securities sold under agreements to repurchase			161,401				162,350				179,416				137,996				176,107
FHLB and other borrowed funds			600,500				600,750				1,300,750				1,301,050				1,301,050
Accrued interest payable and other liabilities			207,154				181,080				238,058				230,011				241,345
Subordinated debentures			439,102				439,246				439,394				439,542				439,688
Total liabilities			18,949,648				18,529,723				18,863,328				19,064,402				19,024,320
Stockholders' equity
Common stock			1,982				1,989				1,989				1,997				2,008
Capital surplus			2,246,312				2,272,794				2,272,100				2,295,893				2,326,824
Retained earnings			2,018,801				1,942,350				1,880,562				1,819,412				1,753,994
Accumulated other comprehensive loss			(224,540	)			(256,108	)			(194,862	)			(261,799	)			(271,425	)
Total stockholders' equity			4,042,555				3,961,025				3,959,789				3,855,503				3,811,401
Total liabilities and stockholders' equity		$	22,992,203			$	22,490,748			$	22,823,117			$	22,919,905			$	22,835,721

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																				Three Months Ended
(In thousands)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Mar. 31, 2025				Mar. 31, 2024
Interest income:
Loans		$	270,784			$	278,409			$	281,977			$	274,324			$	265,294			$	270,784			$	265,294
Investment securities
Taxable			27,433				28,943				31,006				32,587				33,229				27,433				33,229
Tax-exempt			7,650				7,704				7,704				7,769				7,803				7,650				7,803
Deposits - other banks			6,620				7,585				12,096				12,564				10,528				6,620				10,528
Federal funds sold			55				73				62				59				61				55				61
Total interest income			312,542				322,714				332,845				327,303				316,915				312,542				316,915
Interest expense:
Interest on deposits			86,786				90,564				97,785				95,741				92,548				86,786				92,548
Federal funds purchased			—				—				1				—				—				—				—
FHLB and other borrowed funds			5,902				9,541				14,383				14,255				14,276				5,902				14,276
Securities sold under agreements to repurchase			1,074				1,346				1,335				1,363				1,404				1,074				1,404
Subordinated debentures			4,124				4,121				4,121				4,122				4,097				4,124				4,097
Total interest expense			97,886				105,572				117,625				115,481				112,325				97,886				112,325
Net interest income			214,656				217,142				215,220				211,822				204,590				214,656				204,590
Provision for credit losses on loans			—				16,700				18,200				8,000				5,500				—				5,500
Provision for (recovery of) credit losses on unfunded commitments			—				—				1,000				—				(1,000	)			—				(1,000	)
(Recovery of) provision for credit losses on investment securities			—				—				(330	)			—				—				—				—
Total credit loss expense			—				16,700				18,870				8,000				4,500				—				4,500
Net interest income after credit loss expense			214,656				200,442				196,350				203,822				200,090				214,656				200,090
Non-interest income:
Service charges on deposit accounts			9,650				9,935				9,888				9,714				9,686				9,650				9,686
Other service charges and fees			10,689				11,651				10,490				10,679				10,189				10,689				10,189
Trust fees			4,760				4,526				4,403				4,722				5,066				4,760				5,066
Mortgage lending income			3,599				3,518				4,437				4,276				3,558				3,599				3,558
Insurance commissions			535				483				595				565				508				535				508
Increase in cash value of life insurance			1,842				1,215				1,161				1,279				1,195				1,842				1,195
Dividends from FHLB, FRB, FNBB & other			2,718				2,820				2,637				2,998				3,007				2,718				3,007
Gain on SBA loans			288				218				145				56				198				288				198
(Loss) gain on branches, equipment and other assets, net			(163	)			26				32				2,052				(8	)			(163	)			(8	)
(Loss) gain on OREO, net			(376	)			(2,423	)			85				49				17				(376	)			17
Fair value adjustment for marketable securities			442				850				1,392				(274	)			1,003				442				1,003
Other income			11,442				8,403				7,514				6,658				7,380				11,442				7,380
Total non-interest income			45,426				41,222				42,779				42,774				41,799				45,426				41,799
Non-interest expense:
Salaries and employee benefits			61,855				60,824				58,861				60,427				60,910				61,855				60,910
Occupancy and equipment			14,425				14,526				14,546				14,408				14,551				14,425				14,551
Data processing expense			8,558				9,324				9,088				8,935				9,147				8,558				9,147
Other operating expenses			28,090				27,536				27,550				29,415				26,888				28,090				26,888
Total non-interest expense			112,928				112,210				110,045				113,185				111,496				112,928				111,496
Income before income taxes			147,154				129,454				129,084				133,411				130,393				147,154				130,393
Income tax expense			31,945				28,890				29,046				31,881				30,284				31,945				30,284
Net income		$	115,209			$	100,564			$	100,038			$	101,530			$	100,109			$	115,209			$	100,109

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars and shares in thousands, except per share data)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Mar. 31, 2025				Mar. 31, 2024
PER SHARE DATA
Diluted earnings per common share		$	0.58			$	0.51			$	0.50			$	0.51			$	0.50			$	0.58			$	0.50
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.56				0.50				0.50				0.52				0.49				0.56				0.49
Basic earnings per common share			0.58				0.51				0.50				0.51				0.50				0.58				0.50
Dividends per share - common			0.195				0.195				0.195				0.18				0.18				0.195				0.18
Book value per common share			20.40				19.92				19.91				19.30				18.98				20.40				18.98
Tangible book value per common share (non-GAAP)(1)			13.15				12.68				12.67				12.08				11.79				13.15				11.79
STOCK INFORMATION
Average common shares outstanding			198,657				198,863				199,380				200,319				201,210				198,657				201,210
Average diluted shares outstanding			198,852				198,973				199,461				200,465				201,390				198,852				201,390
End of period common shares outstanding			198,206				198,882				198,879				199,746				200,797				198,206				200,797
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			2.07	%			1.77	%			1.74	%			1.79	%			1.78	%			2.07	%			1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			2.01	%			1.76	%			1.72	%			1.83	%			1.76	%			2.01	%			1.76	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			2.24	%			1.92	%			1.88	%			1.94	%			1.93	%			2.24	%			1.93	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			2.18	%			1.91	%			1.86	%			1.98	%			1.91	%			2.18	%			1.91	%
Return on average common equity (ROE)			11.75	%			10.13	%			10.23	%			10.73	%			10.64	%			11.75	%			10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			11.41	%			10.05	%			10.12	%			10.98	%			10.54	%			11.41	%			10.54	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			18.39	%			15.94	%			16.26	%			17.29	%			17.22	%			18.39	%			17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			17.87	%			15.82	%			16.09	%			17.69	%			17.07	%			17.87	%			17.07	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			18.64	%			16.18	%			16.51	%			17.56	%			17.50	%			18.64	%			17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			18.12	%			16.07	%			16.34	%			17.97	%			17.34	%			18.12	%			17.34	%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars in thousands)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Mar. 31, 2025				Mar. 31, 2024
Efficiency ratio			42.22	%			42.24	%			41.42	%			43.17	%			44.22	%			42.22	%			44.22	%
Efficiency ratio, as adjusted (non-GAAP)(1)			42.84	%			42.00	%			41.66	%			42.59	%			44.43	%			42.84	%			44.43	%
Net interest margin - FTE (NIM)			4.44	%			4.39	%			4.28	%			4.27	%			4.13	%			4.44	%			4.13	%
Fully taxable equivalent adjustment		$	2,534			$	2,398			$	2,616			$	2,628			$	892			$	2,534			$	892
Total revenue (net)			260,082				258,364				257,999				254,596				246,389				260,082				246,389
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			147,154				146,154				147,954				141,411				134,893				147,154				134,893
PPNR, as adjusted (non-GAAP)(1)			142,821				145,209				146,562				141,886				133,728				142,821				133,728
Pre-tax net income to total revenue (net)			56.58	%			50.11	%			50.03	%			52.40	%			52.92	%			56.58	%			52.92	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			54.91	%			49.74	%			49.49	%			52.59	%			52.45	%			54.91	%			52.45	%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			56.58	%			56.57	%			57.35	%			55.54	%			54.75	%			56.58	%			54.75	%
P5NR, as adjusted (non-GAAP)(1)			54.91	%			56.20	%			56.81	%			55.73	%			54.28	%			54.91	%			54.28	%
Total purchase accounting accretion		$	1,378			$	1,610			$	1,878			$	1,873			$	2,772			$	1,378			$	2,772
Average purchase accounting loan discounts			17,493				19,090				20,832				22,788				24,820				17,493				24,820
OTHER OPERATING EXPENSES
Advertising		$	1,928			$	1,941			$	1,810			$	1,692			$	1,654			$	1,928			$	1,654
Amortization of intangibles			2,047				2,068				2,095				2,140				2,140				2,047				2,140
Electronic banking expense			3,055				3,307				3,569				3,412				3,156				3,055				3,156
Directors' fees			452				356				362				423				498				452				498
Due from bank service charges			281				271				302				282				276				281				276
FDIC and state assessment			3,387				3,216				3,360				5,494				3,318				3,387				3,318
Insurance			999				900				926				905				903				999				903
Legal and accounting			3,641				2,361				1,902				2,617				2,081				3,641				2,081
Other professional fees			1,947				1,736				2,062				2,108				2,236				1,947				2,236
Operating supplies			711				711				673				613				683				711				683
Postage			503				518				522				497				523				503				523
Telephone			436				438				455				444				470				436				470
Other expense			8,703				9,713				9,512				8,788				8,950				8,703				8,950
Total other operating expenses		$	28,090			$	27,536			$	27,550			$	29,415			$	26,888			$	28,090			$	26,888
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars in thousands)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
BALANCE SHEET RATIOS
Total loans to total deposits			85.24	%			86.11	%			88.74	%			87.18	%			86.05	%
Common equity to assets			17.58	%			17.61	%			17.35	%			16.82	%			16.69	%
Tangible common equity to tangible assets (non-GAAP)(1)			12.09	%			11.98	%			11.78	%			11.23	%			11.06	%
														.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,588,681			$	5,426,780			$	5,496,536			$	5,599,925			$	5,616,965
Construction/land development			2,735,760				2,736,214				2,741,419				2,511,817				2,330,555
Agricultural			335,437				336,993				335,965				345,461				337,618
Residential real estate loans
Residential 1-4 family			1,947,872				1,956,489				1,932,352				1,910,143				1,899,974
Multifamily residential			576,089				496,484				482,648				509,091				415,926
Total real estate			11,183,839				10,952,960				10,988,920				10,876,437				10,601,038
Consumer			1,227,745				1,234,361				1,219,197				1,189,386				1,163,228
Commercial and industrial			2,045,036				2,022,775				2,084,667				2,242,072				2,284,775
Agricultural			314,323				367,251				352,963				314,600				278,609
Other			181,173				187,153				178,232				158,962				186,023
Loans receivable		$	14,952,116			$	14,764,500			$	14,823,979			$	14,781,457			$	14,513,673
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	275,880			$	312,574			$	295,856			$	290,294			$	288,234
Loans charged off			3,458				53,959				2,001				3,098				3,978
Recoveries of loans previously charged off			7,522				565				519				660				538
Net loans (recovered) charged off			(4,064	)			53,394				1,482				2,438				3,440
Provision for credit losses - loans			—				16,700				18,200				8,000				5,500
Balance, end of period		$	279,944			$	275,880			$	312,574			$	295,856			$	290,294
Net (recoveries) charge-offs to average total loans			(0.11	)%			1.44	%			0.04	%			0.07	%			0.10	%
Allowance for credit losses to total loans			1.87	%			1.87	%			2.11	%			2.00	%			2.00	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	86,383			$	93,853			$	95,747			$	78,090			$	67,055
Loans past due 90 days or more			3,264				5,034				5,356				8,251				12,928
Total non-performing loans			89,647				98,887				101,103				86,341				79,983
Other non-performing assets
Foreclosed assets held for sale, net			39,680				43,407				43,040				41,347				30,650
Other non-performing assets			63				63				63				63				63
Total other non-performing assets			39,743				43,470				43,103				41,410				30,713
Total non-performing assets		$	129,390			$	142,357			$	144,206			$	127,751			$	110,696
Allowance for credit losses for loans to non-performing loans			312.27	%			278.99	%			309.16	%			342.66	%			362.94	%
Non-performing loans to total loans			0.60	%			0.67	%			0.68	%			0.58	%			0.55	%
Non-performing assets to total assets			0.56	%			0.63	%			0.63	%			0.56	%			0.48	%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Three Months Ended
		March 31, 2025									December 31, 2024
(Dollars in thousands)		Average Balance			Income/ Expense			Yield/ Rate			Average Balance			Income/ Expense			Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	611,962		$	6,620		4.39	%		$	643,959		$	7,585		4.69	%
Federal funds sold			5,091			55		4.38	%			6,068			73		4.79	%
Investment securities - taxable			3,179,290			27,433		3.50	%			3,291,472			28,943		3.50	%
Investment securities - non-taxable - FTE			1,135,783			10,061		3.59	%			1,154,384			9,980		3.44	%
Loans receivable - FTE			14,893,912			270,907		7.38	%			14,798,953			278,531		7.49	%
Total interest-earning assets			19,826,038			315,076		6.45	%			19,894,836			325,112		6.50	%
Non-earning assets			2,722,797									2,670,241
Total assets		$	22,548,835								$	22,565,077
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,402,688		$	69,672		2.48	%		$	11,058,959		$	72,220		2.60	%
Time deposits			1,801,503			17,114		3.85	%			1,800,618			18,344		4.05	%
Total interest-bearing deposits			13,204,191			86,786		2.67	%			12,859,577			90,564		2.80	%
Securities sold under agreement to repurchase			155,861			1,074		2.79	%			174,759			1,346		3.06	%
FHLB and other borrowed funds			600,681			5,902		3.98	%			889,880			9,541		4.27	%
Subordinated debentures			439,173			4,124		3.81	%			439,319			4,121		3.73	%
Total interest-bearing liabilities			14,399,906			97,886		2.76	%			14,363,535			105,572		2.92	%
Non-interest bearing liabilities
Non-interest bearing deposits			3,980,944									4,024,433
Other liabilities			190,314									226,933
Total liabilities			18,571,164									18,614,901
Shareholders' equity			3,977,671									3,950,176
Total liabilities and shareholders' equity		$	22,548,835								$	22,565,077
Net interest spread								3.69	%								3.58	%
Net interest income and margin - FTE					$	217,190		4.44	%					$	219,540		4.39	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Three Months Ended
		March 31, 2025									March 31, 2024
(Dollars in thousands)		Average Balance			Income/ Expense			Yield/ Rate			Average Balance			Income/ Expense			Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	611,962		$	6,620		4.39	%		$	801,456		$	10,528		5.28	%
Federal funds sold			5,091			55		4.38	%			5,012			61		4.90	%
Investment securities - taxable			3,179,290			27,433		3.50	%			3,473,511			33,229		3.85	%
Investment securities - non-taxable - FTE			1,135,783			10,061		3.59	%			1,257,861			8,642		2.76	%
Loans receivable - FTE			14,893,912			270,907		7.38	%			14,487,494			265,347		7.37	%
Total interest-earning assets			19,826,038			315,076		6.45	%			20,025,334			317,807		6.38	%
Non-earning assets			2,722,797									2,657,925
Total assets		$	22,548,835								$	22,683,259
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,402,688		$	69,672		2.48	%		$	11,038,910		$	75,597		2.75	%
Time deposits			1,801,503			17,114		3.85	%			1,685,193			16,951		4.05	%
Total interest-bearing deposits			13,204,191			86,786		2.67	%			12,724,103			92,548		2.93	%
Securities sold under agreement to repurchase			155,861			1,074		2.79	%			172,024			1,404		3.28	%
FHLB and other borrowed funds			600,681			5,902		3.98	%			1,301,091			14,276		4.41	%
Subordinated debentures			439,173			4,124		3.81	%			439,760			4,097		3.75	%
Total interest-bearing liabilities			14,399,906			97,886		2.76	%			14,636,978			112,325		3.09	%
Non-interest bearing liabilities
Non-interest bearing deposits			3,980,944									4,017,659
Other liabilities			190,314									244,970
Total liabilities			18,571,164									18,899,607
Shareholders' equity			3,977,671									3,783,652
Total liabilities and shareholders' equity		$	22,548,835								$	22,683,259
Net interest spread								3.69	%								3.29	%
Net interest income and margin - FTE					$	217,190		4.44	%					$	205,482		4.13	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars and shares in thousands, except per share data)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Mar. 31, 2025				Mar. 31, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	115,209			$	100,564			$	100,038			$	101,530			$	100,109			$	115,209			$	100,109
Pre-tax adjustments
FDIC special assessment			—				—				—				2,260				—				—				—
BOLI death benefits			—				(95	)			—				—				(162	)			—				(162	)
Gain on sale of building			—				—				—				(2,059	)			—				—				—
Fair value adjustment for marketable securities			(442	)			(850	)			(1,392	)			274				(1,003	)			(442	)			(1,003	)
Special income from equity investment			(3,891	)			—				—				—				—				(3,891	)			—
Total pre-tax adjustments			(4,333	)			(945	)			(1,392	)			475				(1,165	)			(4,333	)			(1,165	)
Tax-effect of adjustments			(1,059	)			(208	)			(348	)			119				(251	)			(1,059	)			(251	)
Deferred tax asset write-down			—				—				—				2,030				—				—				—
Total adjustments after-tax (B)			(3,274	)			(737	)			(1,044	)			2,386				(914	)			(3,274	)			(914	)
Earnings, as adjusted (C)		$	111,935			$	99,827			$	98,994			$	103,916			$	99,195			$	111,935			$	99,195
Average diluted shares outstanding (D)			198,852				198,973				199,461				200,465				201,390				198,852				201,390
GAAP diluted earnings per share: (A/D)		$	0.58			$	0.51			$	0.50			$	0.51			$	0.50			$	0.58			$	0.50
Adjustments after-tax: (B/D)			(0.02	)			(0.01	)			0.00				0.01				(0.01	)			(0.02	)			(0.01	)
Diluted earnings per common share, as adjusted: (C/D)		$	0.56			$	0.50			$	0.50			$	0.52			$	0.49			$	0.56			$	0.49
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)			2.07	%			1.77	%			1.74	%			1.79	%			1.78	%			2.07	%			1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)			2.01	%			1.76	%			1.72	%			1.83	%			1.76	%			2.01	%			1.76	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))			2.24	%			1.92	%			1.88	%			1.94	%			1.93	%			2.24	%			1.93	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))			2.18	%			1.91	%			1.86	%			1.98	%			1.91	%			2.18	%			1.91	%
GAAP net income available to common shareholders (A)		$	115,209			$	100,564			$	100,038			$	101,530			$	100,109			$	115,209			$	100,109
Amortization of intangibles (B)			2,047				2,068				2,095				2,140				2,140				2,047				2,140
Amortization of intangibles after-tax (C)			1,547				1,563				1,572				1,605				1,605				1,547				1,605
Adjustments after-tax (D)			(3,274	)			(737	)			(1,044	)			2,386				(914	)			(3,274	)			(914	)
Average assets (E)		22,548,835				22,565,077				22,893,784				22,875,949				22,683,259				22,548,835				22,683,259
Average goodwill & core deposit intangible (F)			1,437,515				1,439,566				1,441,654				1,443,778				1,445,902				1,437,515				1,445,902

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars in thousands)		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Mar. 31, 2025				Mar. 31, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			11.75	%			10.13	%			10.23	%			10.73	%			10.64	%			11.75	%			10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			11.41	%			10.05	%			10.12	%			10.98	%			10.54	%			11.41	%			10.54	%
Return on average tangible common equity: (A/(D-E))			18.39	%			15.94	%			16.26	%			17.29	%			17.22	%			18.39	%			17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			17.87	%			15.82	%			16.09	%			17.69	%			17.07	%			17.87	%			17.07	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			18.64	%			16.18	%			16.51	%			17.56	%			17.50	%			18.64	%			17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			18.12	%			16.07	%			16.34	%			17.97	%			17.34	%			18.12	%			17.34	%
GAAP net income available to common shareholders (A)		$	115,209			$	100,564			$	100,038			$	101,530			$	100,109			$	115,209			$	100,109
Earnings excluding intangible amortization (B)			116,756				102,127				101,610				103,135				101,714				116,756				101,714
Adjustments after-tax (C)			(3,274	)			(737	)			(1,044	)			2,386				(914	)			(3,274	)			(914	)
Average common equity (D)		3,977,671				3,950,176				3,889,712				3,805,800				3,783,652				3,977,671				3,783,652
Average goodwill & core deposits intangible (E)		1,437,515				1,439,566				1,441,654				1,443,778				1,445,902				1,437,515				1,445,902
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))			42.22	%			42.24	%			41.42	%			43.17	%			44.22	%			42.22	%			44.22	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))			42.84	%			42.00	%			41.66	%			42.59	%			44.43	%			42.84	%			44.43	%
Pre-tax net income to total revenue (net) (A/(B+C))			56.58	%			50.11	%			50.03	%			52.40	%			52.92	%			56.58	%			52.92	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			54.91	%			49.74	%			49.49	%			52.59	%			52.45	%			54.91	%			52.45	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	147,154			$	146,154			$	147,954			$	141,411			$	134,893			$	147,154			$	134,893
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)		$	142,821			$	145,209			$	146,562			$	141,886			$	133,728			$	142,821			$	133,728
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)			56.58	%			56.57	%			57.35	%			55.54	%			54.75	%			56.58	%			54.75	%
P5NR, as adjusted (B+C-D+F)/(B+C)			54.91	%			56.20	%			56.81	%			55.73	%			54.28	%			54.91	%			54.28	%
Pre-tax net income (A)		$	147,154			$	129,454			$	129,084			$	133,411			$	130,393			$	147,154			$	130,393
Net interest income (B)			214,656				217,142				215,220				211,822				204,590				214,656				204,590
Non-interest income (C)			45,426				41,222				42,779				42,774				41,799				45,426				41,799
Non-interest expense (D)			112,928				112,210				110,045				113,185				111,496				112,928				111,496
Fully taxable equivalent adjustment (E)			2,534				2,398				2,616				2,628				892				2,534				892
Total pre-tax adjustments (F)			(4,333	)			(945	)			(1,392	)			475				(1,165	)			(4,333	)			(1,165	)
Amortization of intangibles (G)			2,047				2,068				2,095				2,140				2,140				2,047				2,140
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	442			$	850			$	1,392			$	(274	)		$	1,003			$	442			$	1,003
(Loss) gain on OREO			(376	)			(2,423	)			85				49				17				(376	)			17
(Loss) gain on branches, equipment and other assets, net			(163	)			26				32				2,052				(8	)			(163	)			(8	)
Special income from equity investment			3,891				—				—				—				—				3,891				—
BOLI death benefits			—				95				—				—				162				—				162
Total non-interest income adjustments (H)		$	3,794			$	(1,452	)		$	1,509			$	1,827			$	1,174			$	3,794			$	1,174
Non-interest expense:
FDIC special assessment			—				—				—				2,260				—				—				—
Total non-interest expense adjustments (I)		$	—			$	—			$	—			$	2,260			$	—			$	—			$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended
		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)		$	20.40			$	19.92			$	19.91			$	19.30			$	18.98
Tangible book value per common share: ((A-C-D)/B)			13.15				12.68				12.67				12.08				11.79
Total stockholders' equity (A)		$	4,042,555			$	3,961,025			$	3,959,789			$	3,855,503			$	3,811,401
End of period common shares outstanding (B)			198,206				198,882				198,879				199,746				200,797
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)			38,280				40,327				42,395				44,490				46,630
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)			17.58	%			17.61	%			17.35	%			16.82	%			16.69	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))			12.09	%			11.98	%			11.78	%			11.23	%			11.06	%
Total assets (A)		$	22,992,203			$	22,490,748			$	22,823,117			$	22,919,905			$	22,835,721
Total stockholders' equity (B)			4,042,555				3,961,025				3,959,789				3,855,503				3,811,401
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)			38,280				40,327				42,395				44,490				46,630