HOMB Delivers Strong Q3 Results, While Shifting Into Hurricane Mode
CONWAY, Ark., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE:HOMB) ("Home" or the "Company"), parent company of Centennial Bank, released quarterly earnings today.
Quarterly Highlights
Metric
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Net income
$100.0 million
$101.5 million
$100.1 million
$86.2 million
$98.5 million
Net income, as adjusted (non-GAAP)(1)
$99.0 million
$103.9 million
$99.2 million
$92.2 million
$94.7 million
Total revenue (net)
$258.0 million
$254.6 million
$246.4 million
$245.6 million
$245.4 million
Income before income taxes
$129.1 million
$133.4 million
$130.4 million
$112.8 million
$129.3 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)
$148.0 million
$141.4 million
$134.9 million
$118.4 million
$130.6 million
PPNR, as adjusted (non-GAAP)(1)
$146.6 million
$141.9 million
$133.7 million
$126.4 million
$125.7 million
Pre-tax net income to total revenue (net)
50.03
%
52.40
%
52.92
%
45.92
%
52.70
%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)
49.49
%
52.59
%
52.45
%
49.16
%
50.72
%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)
57.35
%
55.54
%
54.75
%
48.22
%
53.23
%
P5NR, as adjusted (non-GAAP)(1)
56.81
%
55.73
%
54.28
%
51.46
%
51.25
%
ROA
1.74
%
1.79
%
1.78
%
1.55
%
1.78
%
ROA, as adjusted (non-GAAP)(1)
1.72
%
1.83
%
1.76
%
1.66
%
1.72
%
NIM
4.28
%
4.27
%
4.13
%
4.17
%
4.19
%
Purchase accounting accretion
$1.9 million
$1.9 million
$2.8 million
$2.3 million
$2.4 million
ROE
10.23
%
10.73
%
10.64
%
9.36
%
10.65
%
ROE, as adjusted (non-GAAP)(1)
10.12
%
10.98
%
10.54
%
10.00
%
10.25
%
ROTCE (non-GAAP)(1)
16.26
%
17.29
%
17.22
%
15.49
%
17.62
%
ROTCE, as adjusted (non-GAAP)(1)
16.09
%
17.69
%
17.07
%
16.56
%
16.95
%
Diluted earnings per share
$
0.50
$
0.51
$
0.50
$
0.43
$
0.49
Diluted earnings per share, as adjusted (non-GAAP)(1)
$
0.50
$
0.52
$
0.49
$
0.46
$
0.47
Non-performing assets to total assets
0.63
%
0.56
%
0.48
%
0.42
%
0.42
%
Common equity tier 1 capital
14.7
%
14.4
%
14.3
%
14.2
%
14.0
%
Leverage
12.5
%
12.3
%
12.3
%
12.4
%
12.4
%
Tier 1 capital
14.7
%
14.4
%
14.3
%
14.2
%
14.0
%
Total risk-based capital
18.3
%
18.0
%
17.9
%
17.8
%
17.6
%
Allowance for credit losses to total loans
2.11
%
2.00
%
2.00
%
2.00
%
2.00
%
Book value per share
$
19.91
$
19.30
$
18.98
$
18.81
$
18.06
Tangible book value per share (non-GAAP)(1)
12.67
12.08
11.79
11.63
10.90
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
"HOMB was on track to meet or beat expectations in the third quarter when Hurricane Helene hit with three business days left in the quarter. I'm proud of the strength of our balance sheet which allowed us to increase our already strong loan loss reserve amount in order to prepare for what is to come as a result of recent hurricanes in the southeast," said John Allison, Chairman and CEO of HOMB.
"Our quarter was shaping up very nicely, and I was looking for $0.55 to $0.56 diluted earnings per share and an ROA of 1.96%. But that all changed almost overnight due to circumstances beyond our control. Despite this event, we still had a very strong quarter with strong revenue and PPNR, $0.50 diluted earnings per share and a 1.74% return on average assets," Allison continued.
Liquidity and Funding Sources
At September 30, 2024, the Company held $2.50 billion in net available internal liquidity. This balance consisted of $1.51 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $718.9 million in cash with the Federal Reserve Bank (FRB) and $270.4 million in other liquid cash accounts.
Consistent with the Company's practice of maintaining access to significant external liquidity, the Company had $3.15 billion in net available external liquidity as of September 30, 2024. This included $4.80 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.84 billion has been drawn upon in the ordinary course of business, resulting in $2.97 billion in net available liquidity with the FHLB as of September 30, 2024. The $1.84 billion consisted of $600.0 million in outstanding FHLB advances and $1.24 billion used for pledging purposes. The Company also had access to approximately $785.6 million in liquidity with the FRB as of September 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business from the Bank Term Funding Program (BTFP), resulting in $85.6 million in net available liquidity with the FRB as of September 30, 2024. As of September 30, 2024, the Company also had access to $55.0 million from First National Bankers' Bank (FNBB) and $45.0 million from other various external sources.
Overall, the Company had $5.65 billion in net available liquidity as of September 30, 2024, which consisted of $2.50 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company's available liquidity as of September 30, 2024 are included below.
(In thousands)
Total Available
Amount Used
Net Availability
Internal Sources
Unpledged investment securities (market value)
$
1,509,661
$
—
$
1,509,661
Cash at FRB
718,881
—
718,881
Other liquid cash accounts
270,411
—
270,411
Total Internal Liquidity
2,498,953
—
2,498,953
External Sources
FHLB
4,804,845
1,838,171
2,966,674
FRB Discount Window
85,624
—
85,624
BTFP (par value)
700,000
700,000
—
FNBB
55,000
—
55,000
Other
45,000
—
45,000
Total External Liquidity
5,690,469
2,538,171
3,152,298
Total Available Liquidity
$
8,189,422
$
2,538,171
$
5,651,251
The Company has continued to limit its exposure to uninsured deposits. As of September 30, 2024, the Company held approximately $8.18 billion in uninsured deposits of which $766.2 million were intercompany subsidiary deposit balances and $2.81 billion were collateralized deposits, for a net position of $4.61 billion. This represents approximately 27.6% of total deposits. As of September 30, 2024, net available liquidity exceeded uninsured and uncollateralized deposits by $1.04 billion.
(in thousands)
As ofSeptember 30, 2024
Uninsured Deposits
$
8,179,825
Intercompany Subsidiary and Affiliate Balances
766,247
Collateralized Deposits
2,806,436
Net Uninsured Position
$
4,607,142
Total Available Liquidity
$
5,651,251
Net Uninsured Position
4,607,142
Net Available Liquidity in Excess of Uninsured Deposits
$
1,044,109
In the event the Company's $4.61 billion net position of uninsured deposits had been called by depositors on the first day of the third quarter of 2024 and the Company utilized available funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $72.3 million for the quarter ended September 30, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, based on the Company's profitability level for the quarter ended September 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.26% for the quarter ended September 30, 2024.
Operating Highlights
Net income for the three-month period ended September 30, 2024 was $100.0 million, or $0.50 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.0 million(1) and $0.50 per share(1), respectively, for the three months ended September 30, 2024.
During the quarter ended September 30, 2024, the Company recorded $18.9 million in credit loss expense. The $18.9 million of credit loss expense includes $18.2 million in provision for credit losses on loans. Of the $18.2 million provision for credit losses on loans recorded, $16.7 million was an additional hurricane reserve for loans located in the FEMA disaster areas impacted by Hurricane Helene, which made landfall during the quarter. The additional hurricane reserve had a six cent impact to diluted earnings per share for the quarter. The remaining portion of the provision was related to loan growth. The Company also recorded a $1.0 million provision for credit losses on unfunded commitments due to an increase in the balance of unfunded commitments. In addition, we recorded a $330,000 recovery of credit losses on available for sale investments due to an improvement in the unrealized losses for one of our subordinated debt investments.
Our net interest margin was 4.28% for the three-month period ended September 30, 2024, compared to 4.27% for the three-month period ended June 30, 2024. The yield on loans was 7.60% and 7.54% for the three months ended September 30, 2024 and June 30, 2024, respectively, as average loans increased from $14.65 billion to $14.76 billion. Additionally, the rate on interest bearing deposits increased to 3.02% as of September 30, 2024, from 3.00% as of June 30, 2024, while average interest-bearing deposits increased from $12.85 billion to $12.87 billion.
During the third quarter of 2024, there was $573,000 of event interest income compared to $1.7 million of event interest income for the second quarter of 2024.
Purchase accounting accretion on acquired loans was $1.9 million for both three-month periods ended September 30, 2024 and June 30, 2024, and average purchase accounting loan discounts were $20.8 million and $22.8 million for the three-month periods ended September 30, 2024 and June 30, 2024, respectively.
Net interest income on a fully taxable equivalent basis was $217.8 million for the three-month period ended September 30, 2024, and $214.5 million for the three-month period ended June 30, 2024. This increase in net interest income for the three-month period ended September 30, 2024, was the result of a $5.5 million increase in interest income, partially offset by a $2.1 million increase in interest expense. The $5.5 million increase in interest income was primarily the result of a $7.6 million increase in loan interest income, which was partially offset by a $1.7 million decrease in investment income and a $468,000 decrease in income from interest-bearing balances due from banks. The increase in interest income is primarily the result the growth in interest-earning assets and the current high interest rate environment. The $2.1 million increase in interest expense was due to a $2.0 million increase in interest expense on deposits. The increase in interest expense is also a result of the growth of average interest-bearing deposits and the current high interest rate environment.
The Company reported $42.8 million of non-interest income for the third quarter of 2024. The most important components of third quarter non-interest income were $10.5 million from other service charges and fees, $9.9 million from service charges on deposit accounts, $7.5 million from other income, $4.4 million from trust fees, $4.4 million in mortgage lending income, $2.6 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the fair value adjustment for marketable securities and $1.2 million from the increase in cash value of life insurance.
Non-interest expense for the third quarter of 2024 was $110.0 million. The most important components of non-interest expense were $58.9 million from salaries and employee benefits, $27.6 million in other operating expense, $14.5 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the third quarter of 2024, our efficiency ratio was 41.42%, and our efficiency ratio, as adjusted (non-GAAP), was 41.66%(1).
Financial Condition
Total loans receivable were $14.82 billion at September 30, 2024, compared to $14.78 billion at June 30, 2024. Total deposits were $16.71 billion at September 30, 2024, compared to $16.96 billion at June 30, 2024. Total assets were $22.82 billion at September 30, 2024, compared to $22.92 billion at June 30, 2024.
During the third quarter of 2024, the Company experienced approximately $42.5 million in loan growth. Our community banking footprint experienced $131.6 million in organic loan growth during the quarter ended September 30, 2024, and Centennial CFG experienced $89.1 million of organic loan decline and had loans of $2.00 billion at September 30, 2024.
Non-performing loans to total loans were 0.68% and 0.58% at September 30, 2024 and June 30, 2024, respectively. Non-performing assets to total assets were 0.63% and 0.56% at September 30, 2024 and June 30, 2024, respectively. Net charge-offs were $1.5 million and $2.4 million for the three months ended September 30, 2024 and June 30, 2024, respectively.
Non-performing loans at September 30, 2024 were $30.3 million, $40.8 million, $20.0 million, $391,000, $6.8 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $101.1 million. Non-performing assets at September 30, 2024 were $30.4 million, $48.1 million, $33.0 million, $391,000, $6.8 million and $25.5 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $144.2 million.
The Company's allowance for credit losses on loans was $312.6 million at September 30, 2024, or 2.11% of total loans, compared to the allowance for credit losses on loans of $295.9 million, or 2.00% of total loans, at June 30, 2024. As of September 30, 2024 and June 30, 2024, the Company's allowance for credit losses on loans was 309.16% and 342.66% of its total non-performing loans, respectively.
Stockholders' equity was $3.96 billion at September 30, 2024, compared to $3.86 billion at June 30, 2024, an increase of approximately $104.3 million. The net increase in stockholders' equity is primarily associated with the $61.2 million increase in retained earnings and $66.9 million reduction in accumulated other comprehensive loss, partially offset by the $26.9 million in stock repurchases. Book value per common share was $19.91 at September 30, 2024, compared to $19.30 at June 30, 2024. Tangible book value per common share (non-GAAP) was $12.67(1) at September 30, 2024, compared to $12.08(1) at June 30, 2024.
Branches
The Company currently has 76 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, October 17, 2024. 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/608252755. 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=96a4b06e&confId=71177. 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: 892187. A replay of the call will be available by calling 1-866-813-9403, Passcode: 629464, which will be available until October 24, 2024, at 10:59 p.m. CT (11:59 p.m. ET). 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.
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
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.
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," "on track" 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 the ongoing impacts of inflation; 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, 2023, filed with the SEC on February 26, 2024.
FOR MORE INFORMATION CONTACT:Donna TownsellDirector of Investor RelationsHome BancShares, Inc.(501) 328-4625
Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
(In thousands)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
ASSETS
Cash and due from banks
$
265,408
$
229,209
$
205,262
$
226,363
$
229,474
Interest-bearing deposits with other banks
752,269
829,507
969,996
773,850
258,605
Cash and cash equivalents
1,017,677
1,058,716
1,175,258
1,000,213
488,079
Federal funds sold
6,425
—
5,200
5,100
3,925
Investment securities - available-for-sale, net of allowance for credit losses
3,270,620
3,344,539
3,400,884
3,507,841
3,472,173
Investment securities - held-to-maturity, net of allowance for credit losses
1,277,090
1,278,853
1,280,586
1,281,982
1,283,475
Total investment securities
4,547,710
4,623,392
4,681,470
4,789,823
4,755,648
Loans receivable
14,823,979
14,781,457
14,513,673
14,424,728
14,271,833
Allowance for credit losses
(312,574
)
(295,856
)
(290,294
)
(288,234
)
(285,562
)
Loans receivable, net
14,511,405
14,485,601
14,223,379
14,136,494
13,986,271
Bank premises and equipment, net
388,776
383,691
389,618
393,300
397,093
Foreclosed assets held for sale
43,040
41,347
30,650
30,486
691
Cash value of life insurance
219,353
218,198
215,424
214,516
213,351
Accrued interest receivable
118,871
120,984
119,029
118,966
110,946
Deferred tax asset, net
176,629
195,041
202,882
197,164
222,741
Goodwill
1,398,253
1,398,253
1,398,253
1,398,253
1,398,253
Core deposit intangible
42,395
44,490
46,630
48,770
51,023
Other assets
352,583
350,192
347,928
323,573
322,617
Total assets
$
22,823,117
$
22,919,905
$
22,835,721
$
22,656,658
$
21,950,638
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing
$
3,937,168
$
4,068,302
$
4,115,603
$
4,085,501
$
4,280,429
Savings and interest-bearing transaction accounts
10,966,426
11,150,516
11,047,258
11,050,347
10,786,087
Time deposits
1,802,116
1,736,985
1,703,269
1,651,863
1,452,229
Total deposits
16,705,710
16,955,803
16,866,130
16,787,711
16,518,745
Securities sold under agreements to repurchase
179,416
137,996
176,107
142,085
160,120
FHLB and other borrowed funds
1,300,750
1,301,050
1,301,050
1,301,300
1,001,550
Accrued interest payable and other liabilities
238,058
230,011
241,345
194,653
175,367
Subordinated debentures
439,394
439,542
439,688
439,834
439,982
Total liabilities
18,863,328
19,064,402
19,024,320
18,865,583
18,295,764
Stockholders' equity
Common stock
1,989
1,997
2,008
2,015
2,023
Capital surplus
2,272,100
2,295,893
2,326,824
2,348,023
2,363,210
Retained earnings
1,880,562
1,819,412
1,753,994
1,690,112
1,640,171
Accumulated other comprehensive loss
(194,862
)
(261,799
)
(271,425
)
(249,075
)
(350,530
)
Total stockholders' equity
3,959,789
3,855,503
3,811,401
3,791,075
3,654,874
Total liabilities and stockholders' equity
$
22,823,117
$
22,919,905
$
22,835,721
$
22,656,658
$
21,950,638
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended
Nine Months Ended
(In thousands)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:
Loans
$
281,977
$
274,324
$
265,294
$
260,003
$
249,464
$
821,595
$
729,613
Investment securities
Taxable
31,006
32,587
33,229
34,016
34,520
96,822
104,559
Tax-exempt
7,704
7,769
7,803
7,855
7,868
23,276
23,763
Deposits - other banks
12,096
12,564
10,528
4,281
2,328
35,188
10,742
Federal funds sold
62
59
61
65
82
182
156
Total interest income
332,845
327,303
316,915
306,220
294,262
977,063
868,833
Interest expense:
Interest on deposits
97,785
95,741
92,548
87,971
78,698
286,074
208,007
Federal funds purchased
1
—
—
—
1
1
3
FHLB and other borrowed funds
14,383
14,255
14,276
9,878
8,161
42,914
20,947
Securities sold under agreements to repurchase
1,335
1,363
1,404
1,480
1,344
4,102
3,333
Subordinated debentures
4,121
4,122
4,097
4,121
4,121
12,340
12,368
Total interest expense
117,625
115,481
112,325
103,450
92,325
345,431
244,658
Net interest income
215,220
211,822
204,590
202,770
201,937
631,632
624,175
Provision for credit losses on loans
18,200
8,000
5,500
5,650
2,800
31,700
6,300
Provision for (recovery of) credit losses on unfunded commitments
1,000
—
(1,000
)
—
(1,500
)
—
(1,500
)
(Recovery of) provision for credit losses on investment securities
(330
)
—
—
—
—
(330
)
1,683
Total credit loss expense
18,870
8,000
4,500
5,650
1,300
31,370
6,483
Net interest income after credit loss expense
196,350
203,822
200,090
197,120
200,637
600,262
617,692
Non-interest income:
Service charges on deposit accounts
9,888
9,714
9,686
10,072
10,062
29,288
29,135
Other service charges and fees
10,490
10,679
10,189
10,422
10,128
31,358
33,766
Trust fees
4,403
4,722
5,066
4,316
4,660
14,191
13,576
Mortgage lending income
4,437
4,276
3,558
2,385
3,132
12,271
8,353
Insurance commissions
595
565
508
480
562
1,668
1,606
Increase in cash value of life insurance
1,161
1,279
1,195
1,170
1,170
3,635
3,485
Dividends from FHLB, FRB, FNBB & other
2,637
2,998
3,007
3,010
2,916
8,642
8,632
Gain on SBA loans
145
56
198
42
97
399
236
Gain (loss) on branches, equipment and other assets, net
32
2,052
(8
)
583
