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Section 1: 10-Q (10-Q)

homb-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 10-Q

(Mark One)

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Quarterly Period Ended March 31, 2020

or

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Transition period from            to           

Commission File Number:  000-51904

HOME BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Arkansas

 

71-0682831

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

719 Harkrider, Suite 100, Conway, Arkansas

 

72032

(Address of principal executive offices)

 

(Zip Code)

 

 

 

(501) 339-2929

(Registrant's telephone number, including area code)

 

Not Applicable

Former name, former address and former fiscal year, if changed since last report

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

HOMB

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

Yes      No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes     No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:  

 

Large accelerated filer

Accelerated filer  

Non-accelerated filer

Smaller reporting company  

 

 

Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.  

Common Stock Issued and Outstanding: 165,147,899 shares as of May 8, 2020.


HOME BANCSHARES, INC.

FORM 10-Q

March 31, 2020

 

 

 

INDEX

 

 

 

 

 

Page No.

Part I:

Financial Information

 

 

 

 

Item 1:

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets –

 

 

March 31, 2020 (Unaudited) and December 31, 2019

4

 

 

 

 

Consolidated Statements of Income (Unaudited) –

 

 

Three months ended March 31, 2020 and 2019

5

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) –

 

 

Three months ended March 31, 2020 and 2019

6

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited) –

 

 

Three months ended March 31, 2020 and 2019

7-8

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) –

 

 

Three months ended March 31, 2020 and 2019

9

 

 

 

 

Condensed Notes to Consolidated Financial Statements (Unaudited)

10-47

 

 

 

 

Report of Independent Registered Public Accounting Firm

48

 

 

 

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

49-83

 

 

 

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

84-86

 

 

 

Item 4:

Controls and Procedures

86

 

 

 

Part II:

Other Information

 

 

 

 

Item 1:

Legal Proceedings

87

 

 

 

Item 1A:

Risk Factors

87

 

 

 

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

88

 

 

 

Item 3:

Defaults Upon Senior Securities

88

 

 

 

Item 4:

Mine Safety Disclosures

88

 

 

 

Item 5:

Other Information

88

 

 

 

Item 6:

Exhibits

89

 

 

 

Signatures

 

90

 

 

 

 

 


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of our statements contained in this document, including matters discussed under the caption “Management's Discussion and Analysis of Financial Condition and Results of Operation,” are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to future events or our future financial performance and include statements about the competitiveness of the banking industry, potential regulatory obligations, our entrance and expansion into other markets, including through potential acquisitions, our other business strategies and other statements that are not historical facts. Forward-looking statements are not guarantees of performance or results. When we use words like “may,” “plan,” “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. These forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. These forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors, including, but not limited to, the following:

 

the effects of future local, regional, national and international economic conditions, including inflation or a decrease in commercial real estate and residential housing values;

 

changes in the level of nonperforming assets and charge-offs, and credit risk generally; 

 

the risks of changes in interest rates or the level and composition of deposits, loan demand and the values of loan collateral, securities and interest-sensitive assets and liabilities;

 

disruptions and uncertainties in our business and operations as a result of the ongoing COVID-19 pandemic;

 

the effect of any mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including our ability to successfully integrate any businesses that we acquire;

 

the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected;

 

the possibility that an acquisition does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all;

 

the reaction to a proposed acquisition transaction of the respective companies’ customers, employees and counterparties;

 

diversion of management time on acquisition-related issues;

 

the ability to enter into and/or close additional acquisitions;

 

the availability of and access to capital on terms acceptable to us;

 

increased regulatory requirements and supervision that applies as a result of our exceeding $10 billion in total assets;

 

legislation and regulation affecting the financial services industry as a whole, and the Company and its subsidiaries in particular, including the effects resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), recent reforms to the Dodd-Frank Act and other future legislative and regulatory changes;

 

governmental monetary and fiscal policies;

 

the effects of terrorism and efforts to combat it;

 

political instability;

 

risks associated with our customer relationship with the Cuban government and our correspondent banking relationship with Banco Internacional de Comercio, S.A. (BICSA), a Cuban commercial bank;

 

adverse weather events, including hurricanes, and other natural disasters;

 

the ability to keep pace with technological changes, including changes regarding cybersecurity;

 

an increase in the incidence or severity of fraud, illegal payments, cybersecurity breaches or other illegal acts impacting our bank subsidiary, our vendors or our customers;

 

the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating regionally, nationally and internationally, together with competitors offering banking products and services by mail, telephone and the Internet;

 

the effect of changes in accounting policies and practices and auditing requirements, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters;

 


 

higher defaults on our loan portfolio than we expect; and

 

the failure of assumptions underlying the establishment of our allowance for credit losses or changes in our estimate of the adequacy of the allowance for credit losses.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this Cautionary Note. Our actual results may differ significantly from those we discuss in these forward-looking statements. For other factors, risks and uncertainties that could cause our actual results to differ materially from estimates and projections contained in these forward-looking statements, see the “Risk Factors” sections of our Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2020 and this Form 10-Q.

 

 

 


 

PART I: FINANCIAL INFORMATION

Item 1: Financial Statements

Home BancShares, Inc.

Consolidated Balance Sheets

 

(In thousands, except share data)

 

March 31, 2020

 

 

December 31, 2019

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

147,200

 

 

$

168,914

 

Interest-bearing deposits with other banks

 

 

424,235

 

 

 

321,687

 

Cash and cash equivalents

 

 

571,435

 

 

 

490,601

 

Investment securities – available-for-sale, net of allowance for credit losses

 

 

2,098,000

 

 

 

2,083,838

 

Loans receivable

 

 

11,384,982

 

 

 

10,869,710

 

Allowance for credit losses

 

 

(228,923

)

 

 

(102,122

)

Loans receivable, net

 

 

11,156,059

 

 

 

10,767,588

 

Bank premises and equipment, net

 

 

281,795

 

 

 

280,103

 

Foreclosed assets held for sale

 

 

8,204

 

 

 

9,143

 

Cash value of life insurance

 

 

103,120

 

 

 

102,562

 

Accrued interest receivable

 

 

50,295

 

 

 

45,086

 

Deferred tax asset, net

 

 

77,110

 

 

 

44,301

 

Goodwill

 

 

973,025

 

 

 

958,408

 

Core deposit and other intangibles

 

 

35,055

 

 

 

36,572

 

Other assets

 

 

177,634

 

 

 

213,845

 

Total assets

 

$

15,531,732

 

 

$

15,032,047

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Demand and non-interest-bearing

 

$

2,425,036

 

 

$

2,367,091

 

Savings and interest-bearing transaction accounts

 

 

7,149,644

 

 

 

6,933,964

 

Time deposits

 

 

1,940,234

 

 

 

1,977,328

 

Total deposits

 

 

11,514,914

 

 

 

11,278,383

 

Federal funds purchased

 

 

 

 

 

5,000

 

Securities sold under agreements to repurchase

 

 

126,884

 

 

 

143,727

 

FHLB and other borrowed funds

 

 

951,436

 

 

 

621,439

 

Accrued interest payable and other liabilities

 

 

138,479

 

 

 

102,410

 

Subordinated debentures

 

 

369,748

 

 

 

369,557

 

Total liabilities

 

 

13,101,461

 

 

 

12,520,516

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01; shares authorized 300,000,000 in 2020 and

   2019; shares issued and outstanding 165,147,899 in 2020 and 166,373,346 in 2019

 

 

1,651

 

 

 

1,664

 

Capital surplus

 

 

1,516,151

 

 

 

1,537,091

 

Retained earnings

 

 

891,498

 

 

 

956,555

 

Accumulated other comprehensive income (loss)

 

 

20,971

 

 

 

16,221

 

Total stockholders’ equity

 

 

2,430,271

 

 

 

2,511,531

 

Total liabilities and stockholders’ equity

 

$

15,531,732

 

 

$

15,032,047

 

 

See Condensed Notes to Consolidated Financial Statements.

 

4

 


 

Home BancShares, Inc.

Consolidated Statements of Income

 

 

 

Three Months Ended

March 31,

 

(In thousands, except per share data)

 

2020

 

 

2019

 

 

 

(Unaudited)

 

Interest income:

 

 

 

 

 

 

 

 

Loans

 

$

158,148

 

 

$

163,848

 

Investment securities

 

 

 

 

 

 

 

 

Taxable

 

 

9,776

 

 

 

10,706

 

Tax-exempt

 

 

3,114

 

 

 

3,379

 

Deposits – other banks

 

 

1,116

 

 

 

1,543

 

Federal funds sold

 

 

21

 

 

 

11

 

Total interest income

 

 

172,175

 

 

 

179,487

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on deposits

 

 

24,198

 

 

 

28,006

 

Federal funds purchased

 

 

13

 

 

 

 

FHLB and other borrowed funds

 

 

2,698

 

 

 

6,118

 

Securities sold under agreements to repurchase

 

 

462

 

 

 

634

 

Subordinated debentures

 

 

5,079

 

 

 

5,259

 

Total interest expense

 

 

32,450

 

 

 

40,017

 

Net interest income

 

 

139,725

 

 

 

139,470

 

Provision for credit loss - loans

 

 

76,672

 

 

 

 

Provision for credit loss - acquired loans

 

 

9,309

 

 

 

 

Provision for credit loss - investment securities

 

 

842

 

 

 

 

Total credit loss expense

 

 

86,823

 

 

 

 

Net interest income after provision for credit losses

 

 

52,902

 

 

 

139,470

 

Non-interest income:

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

6,631

 

 

 

6,401

 

Other service charges and fees

 

 

6,056

 

 

 

6,563

 

Trust fees

 

 

438

 

 

 

403

 

Mortgage lending income

 

 

2,621

 

 

 

2,435

 

Insurance commissions

 

 

678

 

 

 

609

 

Increase in cash value of life insurance

 

 

560

 

 

 

736

 

Dividends from FHLB, FRB, FNBB & other

 

 

7,842

 

 

 

3,505

 

Gain on sale of SBA loans

 

 

341

 

 

 

241

 

Gain on sale of branches, equipment and other assets, net

 

 

82

 

 

 

79

 

Gain on OREO, net

 

 

277

 

 

 

206

 

Fair value adjustment for marketable securities

 

 

(5,818

)

 

 

 

Other income

 

 

3,219

 

 

 

2,494

 

Total non-interest income

 

 

22,927

 

 

 

23,672

 

Non-interest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

39,329

 

 

 

37,836

 

Occupancy and equipment

 

 

8,873

 

 

 

8,823

 

Data processing expense

 

 

4,326

 

 

 

3,970

 

Other operating expenses

 

 

25,721

 

 

 

18,428

 

Total non-interest expense

 

 

78,249

 

 

 

69,057

 

(Loss) income before income taxes

 

 

(2,420

)

 

 

94,085

 

Income tax (benefit) expense

 

 

(2,927

)

 

 

22,735

 

Net income

 

$

507

 

 

$

71,350

 

Basic earnings per share

 

$

0.00

 

 

$

0.42

 

Diluted earnings per share

 

$

0.00

 

 

$

0.42

 

 

See Condensed Notes to Consolidated Financial Statements.

 

5

 


 

Home BancShares, Inc.

Consolidated Statements of Comprehensive Income

 

 

 

Three Months Ended

March 31,

 

(In thousands)

 

2020

 

 

2019

 

 

 

(Unaudited)

 

Net income

 

$

507

 

 

$

71,350

 

Net unrealized gain (loss) on available-for-sale securities

 

 

6,430

 

 

 

12,797

 

Other comprehensive income (loss), before tax effect

 

 

6,430

 

 

 

12,797

 

Tax effect on other comprehensive (loss) income

 

 

(1,680

)

 

 

(3,344

)

Other comprehensive income (loss)

 

 

4,750

 

 

 

9,453

 

Comprehensive income

 

$

5,257

 

 

$

80,803

 

 

See Condensed Notes to Consolidated Financial Statements.

 

 

 

 

 

 

6

 


 

Home BancShares, Inc.

Consolidated Statements of Stockholders’ Equity

Three Months Ended March 31, 2020 and 2019

 

For the Three Months Ended March 31, 2020

 

(In thousands, except share data)

 

Common

Stock

 

 

Capital

Surplus

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

 

Balances at January 1, 2020

 

$

1,664

 

 

$

1,537,091

 

 

$

956,555

 

 

$

16,221

 

 

$

2,511,531

 

Cumulative change in accounting principle (adoption of ASC 326)

 

 

 

 

 

 

 

 

(43,956

)

 

 

 

 

 

(43,956

)

Balance at January 1, 2020 (as adjusted for change in accounting principle)

 

$

1,664

 

 

$

1,537,091

 

 

$

912,599

 

 

$

16,221

 

 

$

2,467,575

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

507

 

 

 

 

 

 

507

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

4,750

 

 

 

4,750

 

Net issuance of 22,864 shares of common stock from exercise of stock options

 

 

 

 

 

422

 

 

 

 

 

 

 

 

 

422

 

Repurchase of 1,423,560 shares of common stock

 

 

(14

)

 

 

(23,843

)

 

 

 

 

 

 

 

 

(23,857

)

Share-based compensation net issuance of 175,249

   shares of restricted common stock

 

 

1

 

 

 

2,481

 

 

 

 

 

 

 

 

 

2,482

 

Cash dividends – Common Stock, $0.13 per share

 

 

 

 

 

 

 

 

(21,608

)

 

 

 

 

 

(21,608

)

Balances at March 31, 2020 (unaudited)

 

$

1,651

 

 

$

1,516,151

 

 

$

891,498

 

 

$

20,971

 

 

$

2,430,271

 

 

See Condensed Notes to Consolidated Financial Statements.

 

7

 


 

Home BancShares, Inc.

Consolidated Statements of Stockholders’ Equity

Three Months Ended March 31, 2020 and 2019

 

For the Three Months Ended March 31, 2019

 

(In thousands, except share data)

 

Common

Stock

 

 

Capital

Surplus

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

 

Balances at January 1, 2019

 

$

1,707

 

 

$

1,609,810

 

 

$

752,184

 

 

$

(13,815

)

 

$

2,349,886

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

71,350

 

 

 

 

 

 

71,350

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

9,453

 

 

 

9,453

 

Impact of adoption of new accounting standards(1)

 

 

 

 

 

 

 

 

459

 

 

 

(459

)

 

 

 

Repurchase of 2,716,359 shares of common stock

 

 

(27

)

 

 

(51,658

)

 

 

 

 

 

 

 

 

(51,685

)

Share-based compensation net issuance of 169,125

   shares of restricted common stock

 

 

2

 

 

 

2,842

 

 

 

 

 

 

 

 

 

2,844

 

Cash dividends – Common Stock, $0.12 per share