Company Quick10K Filing
Quick10K
Home Bancshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$17.44 168 $2,930
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-05 Officers, Regulation FD, Exhibits
8-K 2019-07-18 Earnings, Regulation FD, Exhibits
8-K 2019-04-18 Officers, Shareholder Vote, Exhibits
8-K 2019-04-18 Earnings, Regulation FD, Exhibits
8-K 2019-02-15 Other Events, Exhibits
8-K 2019-02-08 Officers, Regulation FD, Exhibits
8-K 2019-01-17 Earnings, Regulation FD, Exhibits
8-K 2018-10-18 Earnings, Regulation FD, Exhibits
8-K 2018-07-19 Earnings, Regulation FD, Exhibits
8-K 2018-06-29 Regulation FD, Other Events, Exhibits
8-K 2018-04-19 Shareholder Vote, Exhibits
8-K 2018-02-22 Regulation FD, Exhibits
8-K 2018-01-18 Earnings, Regulation FD, Exhibits
8-K 2018-01-08 Earnings, Regulation FD, Exhibits
BAC Bank of America 255,295
FCNCA First Citizens Bancshares 5,058
SFNC Simmons First National 2,307
GWB Great Western Bancorp 1,630
TBBK The Bancorp 515
FISI Financial Institutions 457
BFC Bank First National 364
GNTY Guaranty Bancshares 348
FDBC Fidelity D & D Bancorp 224
BOCH Bank of Commerce Holdings 184
HOMB 2019-09-30
Part I: Financial Information
Item 1: Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4:Controls and Procedures
Part Ii: Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 3: Defaults Upon Senior Securities
Item 4: Mine Safety Disclosures
Item 5: Other Information
Item 6: Exhibits
EX-15 homb-ex15_250.htm
EX-31.1 homb-ex311_8.htm
EX-31.2 homb-ex312_9.htm
EX-32.1 homb-ex321_10.htm
EX-32.2 homb-ex322_11.htm

Home Bancshares Earnings 2019-09-30

HOMB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

homb-10q_20190930.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 September 30, 2019

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 (§ 232.405 of this chapter) 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 practical date.  

Common Stock Issued and Outstanding: 166,837,133 shares as of November 8, 2019.

 


 

HOME BANCSHARES, INC.

FORM 10-Q

September 30, 2019

 

 

 

INDEX

 

 

 

 

 

Page No.

Part I:

Financial Information

 

 

 

 

Item 1:

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets –

 

 

September 30, 2019 (Unaudited) and December 31, 2018

4

 

 

 

 

Consolidated Statements of Income (Unaudited) –

 

 

Three and nine months ended September 30, 2019 and 2018

5

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) –

 

 

Three and nine months ended September 30, 2019 and 2018

6

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited) –

 

 

Three and nine months ended September 30, 2019 and 2018

7-8

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) –

 

 

Nine months ended September 30, 2019 and 2018

9

 

 

 

 

Condensed Notes to Consolidated Financial Statements (Unaudited)

10-44

 

 

 

 

Report of Independent Registered Public Accounting Firm

45

 

 

 

Item 2:

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

46-79

9

 

 

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

79-82

 

 

 

Item 4:

Controls and Procedures

82

 

 

 

Part II:

Other Information

 

 

 

 

Item 1:

Legal Proceedings

83

 

 

 

Item 1A:

Risk Factors

83

 

 

 

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

83

 

 

 

Item 3:

Defaults Upon Senior Securities

83

 

 

 

Item 4:

Mine Safety Disclosures

83

 

 

 

Item 5:

Other Information

83

 

 

 

Item 6:

Exhibits

84-85

 

 

 

Signatures

 

86

 

 

 

 

 


 

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;

 

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 loan losses or changes in our estimate of the adequacy of the allowance for loan 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, 2019.

 

 

 


 

PART I: FINANCIAL INFORMATION

Item 1: Financial Statements

Home BancShares, Inc.

Consolidated Balance Sheets

 

(In thousands, except share data)

 

September 30, 2019

 

 

December 31, 2018

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

171,492

 

 

$

175,024

 

Interest-bearing deposits with other banks

 

 

270,804

 

 

 

482,915

 

Cash and cash equivalents

 

 

442,296

 

 

 

657,939

 

Federal funds sold

 

 

1,650

 

 

 

325

 

Investment securities – available-for-sale

 

 

2,087,508

 

 

 

1,785,862

 

Investment securities – held-to-maturity

 

 

 

 

 

192,776

 

Loans receivable

 

 

10,771,946

 

 

 

11,071,879

 

Allowance for loan losses

 

 

(104,304

)

 

 

(108,791

)

Loans receivable, net

 

 

10,667,642

 

 

 

10,963,088

 

Bank premises and equipment, net

 

 

277,966

 

 

 

233,261

 

Foreclosed assets held for sale

 

 

8,639

 

 

 

13,236

 

Cash value of life insurance

 

 

102,003

 

 

 

148,621

 

Accrued interest receivable

 

 

47,557

 

 

 

48,945

 

Deferred tax asset, net

 

 

53,436

 

 

 

73,275

 

Goodwill

 

 

958,408

 

 

 

958,408

 

Core deposit and other intangibles

 

 

38,136

 

 

 

42,896

 

Other assets

 

 

216,694

 

 

 

183,806

 

Total assets

 

$

14,901,935

 

 

$

15,302,438

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Demand and non-interest-bearing

 

$

2,394,207

 

 

$

2,401,232

 

Savings and interest-bearing transaction accounts

 

 

6,620,616

 

 

 

6,624,407

 

Time deposits

 

 

2,032,547

 

 

 

1,874,139

 

Total deposits

 

 

11,047,370

 

 

 

10,899,778

 

Federal funds purchased

 

 

50,000

 

 

 

 

Securities sold under agreements to repurchase

 

 

157,038

 

 

 

143,679

 

FHLB and other borrowed funds

 

 

691,443

 

 

 

1,472,393

 

Accrued interest payable and other liabilities

 

 

117,332

 

 

 

67,912

 

Subordinated debentures

 

 

369,363

 

 

 

368,790

 

Total liabilities

 

 

12,432,546

 

 

 

12,952,552

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01; shares authorized 300,000,000 in 2019 and

   200,000,000 in 2018; shares issued and outstanding 166,859,789 in 2019 and

   170,720,072 in 2018

 

 

1,669

 

 

 

1,707

 

Capital surplus

 

 

1,542,858

 

 

 

1,609,810

 

Retained earnings

 

 

904,980

 

 

 

752,184

 

Accumulated other comprehensive income (loss)

 

 

19,882

 

 

 

(13,815

)

Total stockholders’ equity

 

 

2,469,389

 

 

 

2,349,886

 

Total liabilities and stockholders’ equity

 

$

14,901,935

 

 

$

15,302,438

 

 

See Condensed Notes to Consolidated Financial Statements.

 

4

 


 

Home BancShares, Inc.

Consolidated Statements of Income

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

(In thousands, except per share data)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

167,470

 

 

$

166,334

 

 

$

497,134

 

 

$

467,395

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

10,343

 

 

 

9,011

 

 

 

31,699

 

 

 

26,960

 

Tax-exempt

 

 

3,193

 

 

 

3,427

 

 

 

9,755

 

 

 

9,801

 

Deposits – other banks

 

 

1,068

 

 

 

1,273

 

 

 

4,239

 

 

 

3,408

 

Federal funds sold

 

 

8

 

 

 

6

 

 

 

29

 

 

 

24

 

Total interest income

 

 

182,082

 

 

 

180,051

 

 

 

542,856

 

 

 

507,588

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

29,566

 

 

 

21,412

 

 

 

87,281

 

 

 

54,382

 

Federal funds purchased

 

 

21

 

 

 

 

 

 

21

 

 

 

1

 

FHLB and other borrowed funds

 

 

3,683

 

 

 

7,055

 

 

 

14,523

 

 

 

15,880

 

Securities sold under agreements to repurchase

 

 

628

 

 

 

472

 

 

 

1,892

 

 

 

1,220

 

Subordinated debentures

 

 

5,207

 

 

 

5,202

 

 

 

15,705

 

 

 

15,374

 

Total interest expense

 

 

39,105

 

 

 

34,141

 

 

 

119,422

 

 

 

86,857

 

Net interest income

 

 

142,977

 

 

 

145,910

 

 

 

423,434

 

 

 

420,731

 

Provision for loan losses

 

 

 

 

 

 

 

 

1,325

 

 

 

4,322

 

Net interest income after provision for loan losses

 

 

142,977

 

 

 

145,910

 

 

 

422,109

 

 

 

416,409

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

6,492

 

 

 

6,992

 

 

 

19,152

 

 

 

19,847

 

Other service charges and fees

 

 

8,710

 

 

 

9,041

 

 

 

23,450

 

 

 

28,993

 

Trust fees