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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, 2022
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: 001-41093
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHOMBNew York Stock Exchange
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 FilerAccelerated filer
Non-accelerated filerSmaller 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: 205,639,194 shares as of May 8, 2022.


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HOME BANCSHARES, INC.
FORM 10-Q
March 31, 2022
INDEX
Page No.
7-8
88-89


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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 prospective or 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, uncertainties and related effects on credit quality, liquidity, other aspects of our business and our operations as a result of the ongoing COVID-19 pandemic and measures that have been or may be implemented or imposed in response to the 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, legislation and regulations in response to the COVID-19 pandemic and other future legislative and regulatory changes;
changes in 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 Embassy 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;


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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;
potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions;
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” section of our Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022.


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PART I: FINANCIAL INFORMATION
Item 1: Financial Statements
Home BancShares, Inc.
Consolidated Balance Sheets
(In thousands, except share data)March 31, 2022December 31, 2021
(Unaudited)  
Assets
Cash and due from banks$173,134 $119,908 
Interest-bearing deposits with other banks3,446,324 3,530,407 
Cash and cash equivalents3,619,458 3,650,315 
Investment securities – available-for-sale, net of allowance for credit losses2,957,322 3,119,807 
Investment securities — held-to-maturity, net of allowance for credit losses499,265  
Total investment securities3,456,587 3,119,807 
Loans receivable10,052,714 9,836,089 
Allowance for credit losses(234,768)(236,714)
Loans receivable, net9,817,946 9,599,375 
Bank premises and equipment, net274,503 275,760 
Foreclosed assets held for sale1,144 1,630 
Cash value of life insurance105,623 105,135 
Accrued interest receivable46,934 46,736 
Deferred tax asset, net116,605 78,290 
Goodwill973,025 973,025 
Core deposit and other intangibles23,624 25,045 
Other assets182,546 177,020 
Total assets$18,617,995 $18,052,138 
Liabilities and Stockholders’ Equity
Deposits:
Demand and non-interest-bearing$4,311,400 $4,127,878 
Savings and interest-bearing transaction accounts9,461,393 9,251,805 
Time deposits808,141 880,887 
Total deposits14,580,934 14,260,570 
Securities sold under agreements to repurchase151,151 140,886 
FHLB and other borrowed funds400,000 400,000 
Accrued interest payable and other liabilities131,339 113,868 
Subordinated debentures667,868 371,093 
Total liabilities15,931,292 15,286,417 
Stockholders’ equity:
Common stock, par value $0.01; shares authorized 300,000,000 in 2022 and 2021; shares issued and outstanding 163,757,908 in 2022 and 163,699,282 in 2021
1,638 1,637 
Capital surplus1,485,524 1,487,373 
Retained earnings1,304,098 1,266,249 
Accumulated other comprehensive (loss) income(104,557)10,462 
Total stockholders’ equity2,686,703 2,765,721 
Total liabilities and stockholders’ equity$18,617,995 $18,052,138 
See Condensed Notes to Consolidated Financial Statements.
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Home BancShares, Inc.
Consolidated Statements of Income
Three Months Ended
March 31,
(In thousands, except per share data)20222021
(Unaudited)
Interest income:
Loans$129,442 $150,917 
Investment securities
Taxable9,080 6,253 
Tax-exempt4,707 5,071 
Deposits – other banks1,673 410 
Federal funds sold1  
Total interest income144,903 162,651 
Interest expense:
Interest on deposits4,894 7,705 
FHLB and other borrowed funds1,875 1,875 
Securities sold under agreements to repurchase108 190 
Subordinated debentures6,878 4,793 
Total interest expense13,755 14,563 
Net interest income131,148 148,088 
Provision for credit losses  
Provision for credit losses - unfunded commitments  
Total credit loss (benefit) expense  
Net interest income after provision for credit losses131,148 148,088 
Non-interest income:
Service charges on deposit accounts6,140 5,002 
Other service charges and fees7,733 7,608 
Trust fees574 522 
Mortgage lending income3,916 8,167 
Insurance commissions480 492 
Increase in cash value of life insurance492 502 
Dividends from FHLB, FRB, FNBB & other698 8,609 
Gain on sale of SBA loans95  
Gain (loss) on sale of branches, equipment and other assets, net16 (29)
Gain on OREO, net478 401 
Gain on securities, net 219 
Fair value adjustment for marketable securities2,125 5,782 
Other income7,922 8,001 
Total non-interest income30,669 45,276 
Non-interest expense:
Salaries and employee benefits43,551 42,059 
Occupancy and equipment9,144 9,237 
Data processing expense7,039 5,870 
Merger and acquisition expenses863  
Other operating expenses16,299 15,700 
Total non-interest expense76,896 72,866 
Income before income taxes84,921 120,498 
Income tax expense20,029 28,896 
Net income$64,892 $91,602 
Basic earnings per share$0.40 $0.55 
Diluted earnings per share$0.40 $0.55 
See Condensed Notes to Consolidated Financial Statements.
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Home BancShares, Inc.
Consolidated Statements of Comprehensive (Loss) Income
Three Months Ended
March 31,
(In thousands)20222021
(Unaudited)
Net income$64,892 $91,602 
Net unrealized loss on available-for-sale securities(155,715)(33,400)
Other comprehensive loss before tax effect(155,715)(33,400)
Tax effect on other comprehensive loss40,696 8,729 
Other comprehensive loss(115,019)(24,671)
Comprehensive (loss) income$(50,127)$66,931 
See Condensed Notes to Consolidated Financial Statements.
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Home BancShares, Inc.
Consolidated Statements of Stockholders’ Equity
For the Three Months Ended March 31, 2022
(In thousands, except share data)
Common
Stock
Capital
Surplus
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at January 1, 2022$1,637 $1,487,373 $1,266,249 $10,462 $2,765,721 
Comprehensive income:
Net income— — 64,892 — 64,892 
Other comprehensive loss— — — (115,019)(115,019)
Net issuance of 15,909 shares of common stock from exercise of stock options
1 129 — — 130 
Repurchase of 180,000 shares of common stock
(2)(4,087)— — (4,089)
Share-based compensation net issuance of 222,717 shares of restricted common stock
2 2,109 — — 2,111 
Cash dividends – Common Stock, $0.165 per share
— — (27,043)— (27,043)
Balances at March 31, 2022 (unaudited)
$1,638 $1,485,524 $1,304,098 $(104,557)$2,686,703 
See Condensed Notes to Consolidated Financial Statements.
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Home BancShares, Inc.
Consolidated Statements of Stockholders’ Equity
For the Three Months Ended March 31, 2021
(In thousands, except share data)
Common
Stock
Capital
Surplus
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances at January 1, 2021$1,651 $1,520,617 $1,039,370 $44,120 $2,605,758 
Comprehensive income:
Net income— — 91,602 — 91,602 
Other comprehensive loss— — — (24,671)(24,671)
Net issuance of 161,434 shares of common stock from exercise of stock options
1 2,321 — — 2,322 
Repurchase of 330,000 shares of common stock
(3)(8,767)— — (8,770)
Share-based compensation net issuance of 214,684 shares of restricted common stock
2 2,115 — — 2,117 
Cash dividends – Common Stock, $0.14 per share
— — (23,154)— (23,154)
Balances at March 31, 2021 (unaudited)$1,651 $1,516,286 $1,107,818 $19,449 $2,645,204 
See Condensed Notes to Consolidated Financial Statements.
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Home BancShares, Inc.
Consolidated Statements of Cash Flows
Three Months Ended
March 31,
(In thousands)20222021
(Unaudited)
Operating Activities
Net income$64,892 $91,602 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization5,092 4,728 
Increase in value of equity securities(2,125)(5,782)
Amortization of securities, net6,759 6,618 
Accretion of purchased loans(3,089)(5,485)
Share-based compensation2,111 2,117 
Gain on assets(589)(591)
Provision for credit losses  
Provision for credit losses - unfunded commitments  
Deferred income tax effect2,380 (13,078)
Increase in cash value of life insurance(492)(502)
Originations of mortgage loans held for sale(140,724)(202,455)
Proceeds from sales of mortgage loans held for sale139,101 203,936 
Changes in assets and liabilities:
Accrued interest receivable217 5,033 
Other assets(1,518)13,943 
Accrued interest payable and other liabilities17,471 21,000 
Net cash provided by operating activities89,486 121,084 
Investing Activities
Net decrease in loans, excluding purchased loans25,579 441,905 
Purchases of investment securities – available-for-sale(137,261)(299,058)
Purchases of investment securities - held-to-maturity(498,930) 
Proceeds from maturities of investment securities – available-for-sale136,938 175,805 
Proceeds from sales of investment securities – available-for-sale 18,112 
Purchases of equity securities(3,717)(10,460)
Proceeds from sales of equity securities13,778 15,354 
Purchase of other investments(11,940)(50)
Proceeds from foreclosed assets held for sale964 3,603 
Proceeds from sale of SBA loans2,859  
Purchases of premises and equipment, net(2,067)(3,153)
Return of investment on cash value of life insurance 418 
Purchase of marine loan portfolio(242,617) 
Net cash (used in) provided by investing activities(716,414)342,476 
Financing Activities
Net increase in deposits320,364 786,804 
Net increase (decrease) in securities sold under agreements to repurchase10,265 (6,002)
Proceeds from issuance of subordinated debentures296,444  
Proceeds from exercise of stock options130 2,322 
Repurchase of common stock(4,089)(8,770)
Dividends paid on common stock(27,043)(23,154)
Net cash provided by financing activities596,071 751,200 
Net change in cash and cash equivalents(30,857)1,214,760 
Cash and cash equivalents – beginning of year3,650,315 1,263,788 
Cash and cash equivalents – end of period$3,619,458 $2,478,548 
See Condensed Notes to Consolidated Financial Statements.
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Home BancShares, Inc.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
1. Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Home BancShares, Inc. (the “Company” or “HBI”) is a bank holding company headquartered in Conway, Arkansas. The Company is primarily engaged in providing a full range of banking services to individual and corporate customers through its wholly-owned community bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida, South Alabama and New York City. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities.
A summary of the significant accounting policies of the Company follows:
Operating Segments
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired, and liabilities assumed in business combinations. In connection with the determination of the allowance for credit losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties.
Principles of Consolidation
The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications
Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity.
Interim financial information
The accompanying unaudited consolidated financial statements as of March 31, 2022 and 2021 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Form 10-K, filed with the Securities and Exchange Commission.
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Loans Receivable and Allowance for Credit Losses
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans.
The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, commercial real estate price index, housing price index and national retail sales index.
The allowance for credit losses is measured based on call report segment as these types of loans exhibit similar risk characteristics. The identified loan segments are as follows:
1-4 family construction
All other construction
1-4 family revolving home equity lines of credit (“HELOC”) & junior liens
1-4 family senior liens
Multifamily
Owner occupied commercial real estate
Non-owner occupied commercial real estate
Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other
Consumer auto
Other consumer
Other consumer - SPF
The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. For loans that are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation if a specific reserve is not recorded.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies:
Management has a reasonable expectation at the reporting date that troubled debt restructuring will be executed with an individual borrower.
The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

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Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factor") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions.
Loans considered impaired, according to ASC 326, are loans for which, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for credit losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for credit losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion the collection of interest is doubtful or generally when loans are 90 days or more past due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest.
Acquisition Accounting and Acquired Loans
The Company accounts for its acquisitions under FASB ASC Topic 805, Business Combinations, which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with ASC 326, the Company records both a discount and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows.
Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. An allowance for credit losses is determined using the same methodology as other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses.
For further discussion of the Company’s acquisitions, see Note 2 to the Condensed Notes to Consolidated Financial Statements.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
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Revenue Recognition
Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows:
Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.
Other service charges and fees – These represent credit card interchange fees and Centennial Commercial Finance Group (“Centennial CFG”) loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310.
Earnings per Share
Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the following periods:
Three Months Ended
March 31,
20222021
(In thousands)
Net income$64,892 $91,602 
Average shares outstanding163,787 165,257 
Effect of common stock options409 189 
Average diluted shares outstanding164,196 165,446 
Basic earnings per share$0.40 $0.55 
Diluted earnings per share$0.40 $0.55 






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2. Business Combinations
Acquisition of Happy Bancshares, Inc.
Effective April 1, 2022, pursuant to an Agreement and Plan of Merger, dated as of September 15, 2021, as amended on October 18, 2021 and further amended on November 8, 2021 (the “Merger Agreement”) among the Company, Centennial, the Company’s acquisition subsidiary, HOMB Acquisition Sub III, Inc. (“Acquisition Sub”), Happy Bancshares, Inc. (“Happy”), and its wholly-owned bank subsidiary, Happy State Bank (“HSB”), Acquisition Sub merged with and into Happy and Happy merged with and into the Company, with the Company as the surviving entity (collectively, the “Merger”). HSB also merged with and into Centennial, with Centennial as the surviving entity.
Under the terms of the Merger Agreement, the Company issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. In addition, the holders of stock appreciation rights of Happy received approximately $3.1 million in cash in cancellation of their stock appreciation rights immediately before the merger, for a total transaction value of approximately $961.9 million.
For further discussion of the acquisition, see Note 22 to the Condensed Notes to Consolidated Financial Statements.
3. Investment Securities
The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity are as follows:
March 31, 2022
Available-for-Sale
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Allowance for Credit Losses
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$419,813 $2,096 $(11,134)$ $410,775 
Residential mortgage-backed securities1,155,954 370 (81,230) 1,075,094 
Commercial mortgage-backed securities342,383 624 (7,613) 335,394 
State and political subdivisions967,844 5,771 (43,837)(842)928,936 
Other securities213,719 384 (6,980) 207,123 
Total$3,099,713 $9,245 $(150,794)$(842)$2,957,322 
March 31, 2022
Held-to-Maturity
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Allowance for Credit Losses
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$499,265 $18 $(145)$ $499,138 
Residential mortgage-backed securities     
Commercial mortgage-backed securities     
State and political subdivisions     
Other securities     
Total$499,265 $