Skip to main content

Consistent Performance, Patient Strategy Yield Solid Q2 Results: There’s No Place Like HOMB

CONWAY, Ark., July 17, 2024 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights

MetricQ2 2024Q1 2024Q4 2023Q3 2023Q2 2023
Net income$101.5 million$100.1 million$86.2 million$98.5 million$105.3 million
Net income, as adjusted (non-GAAP)(1)$103.9 million$99.2 million$92.2 million$94.7 million$102.6 million
Total revenue (net)$254.6 million$246.4 million$245.6 million$245.4 million$257.2 million
Income before income taxes$133.4 million$130.4 million$112.8 million$129.3 million$136.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)$141.4 million$134.9 million$118.4 million$130.6 million$140.9 million
PPNR, as adjusted (non-GAAP)(1)$141.9 million$133.7 million$126.4 million$125.7 million$137.3 million
Pre-tax net income to total revenue (net)52.40%52.92%45.92%52.70%53.23%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)52.59%52.45%49.16%50.72%51.85%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)55.54%54.75%48.22%53.23%54.78%
P5NR, as adjusted (non-GAAP)(1)55.73%54.28%51.46%51.25%53.40%
ROA1.79%1.78%1.55%1.78%1.90%
ROA, as adjusted (non-GAAP)(1)1.83%1.76%1.66%1.72%1.85%
NIM4.27%4.13%4.17%4.19%4.28%
Purchase accounting accretion$1.9 million$2.8 million$2.3 million$2.4 million$2.7 million
ROE10.73%10.64%9.36%10.65%11.63%
ROE, as adjusted (non-GAAP)(1)10.98%10.54%10.00%10.25%11.33%
ROTCE (non-GAAP)(1)17.29%17.22%15.49%17.62%19.39%
ROTCE, as adjusted (non-GAAP)(1)17.69%17.07%16.56%16.95%18.90%
Diluted earnings per share$0.51$0.50$0.43$0.49$0.52
Diluted earnings per share, as adjusted
(non-GAAP)(1)
$0.52$0.49$0.46$0.47$0.51
Non-performing assets to total assets0.56%0.48%0.42%0.42%0.28%
Common equity tier 1 capital14.4%14.3%14.2%14.0%13.6%
Leverage12.3%12.3%12.4%12.4%11.9%
Tier 1 capital14.4%14.3%14.2%14.0%13.6%
Total risk-based capital18.0%17.9%17.8%17.6%17.3%
Allowance for credit losses to total loans2.00%2.00%2.00%2.00%2.01%
Book value per share$19.30$18.98$18.81$18.06$18.04
Tangible book value per share (non-GAAP)(1)12.0811.7911.6310.9010.87

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

“Revenue is up and expenses are down. In the second quarter, HOMB saw profitable loan growth and a lower efficiency ratio, while overcoming the additional $2.3 million of FDIC special assessment. We hit record highs for book value per common share of $19.30 and tangible book value per common share of $12.08. It was a great quarter with adjusted earnings, quarter over quarter, exceeding a great year in 2023,” said John Allison, Chairman.

Liquidity and Funding Sources

At June 30, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.63 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $797.3 million in cash with the Federal Reserve Bank (FRB) and $247.8 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 June 30, 2024. This included $4.81 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.86 billion has been drawn upon in the ordinary course of business, resulting in $2.95 billion in net available liquidity with the FHLB as of June 30, 2024. The $1.86 billion consisted of $600.0 million in outstanding FHLB advances and $1.26 billion used for pledging purposes. The Company also had access to approximately $797.3 million in liquidity with the FRB as of June 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 $97.3 million in net available liquidity with the FRB as of June 30, 2024. As of June 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 $5.82 billion in net available liquidity as of June 30, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of June 30, 2024 are available below.

(In thousands) Total Available Amount Used Net Availability
Internal Sources      
Unpledged investment securities (market value) $1,627,007 $ $1,627,007
Cash at FRB  797,300    797,300
Other liquid cash accounts  247,813    247,813
Total Internal Liquidity  2,672,120    2,672,120
External Sources      
FHLB  4,808,671  1,859,049  2,949,622
FRB Discount Window  97,296    97,296
BTFP (par value)  700,000  700,000  
FNBB  55,000    55,000
Other  45,000    45,000
Total External Liquidity  5,705,967  2,559,049  3,146,918
Total Available Liquidity $8,378,087 $2,559,049 $5,819,038

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of June 30, 2024, the Company held approximately $8.33 billion in uninsured deposits of which $744.9 million were intercompany subsidiary deposit balances and $2.90 billion were collateralized deposits, for a net position of $4.69 billion. This represents approximately 27.6% of total deposits. As of June 30, 2024, net available liquidity exceeded uninsured and uncollateralized deposits by $1.13 billion.

(in thousands) As of
June 30, 2024
Uninsured Deposits $8,327,937
Intercompany Subsidiary and Affiliate Balances  744,882
Collateralized Deposits  2,896,015
Net Uninsured Position $4,687,040
   
Total Available Liquidity $5,819,038
Net Uninsured Position  4,687,040
Net Available Liquidity in Excess of Uninsured Deposits $1,131,998

In the event the Company’s $4.69 billion net position of uninsured deposits had been called by depositors on the first day of the second 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 $74.2 million for the quarter ended June 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 June 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.30% for the quarter ended June 30, 2024.

Operating Highlights

Net income for the three-month period ended June 30, 2024 was $101.5 million, or $0.51 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 $103.9 million(1) and $0.52 per share(1), respectively, for the three months ended June 30, 2024.

Our net interest margin was 4.27% for the three-month period ended June 30, 2024, compared to 4.13% for the three-month period ended March 31, 2024. The yield on loans was 7.54% and 7.37% for the three months ended June 30, 2024 and March 31, 2024, respectively, as average loans increased from $14.49 billion to $14.65 billion. Additionally, the rate on interest bearing deposits increased to 3.00% as of June 30, 2024, from 2.93% as of March 31, 2024, while average interest-bearing deposits increased from $12.72 billion to $12.85 billion.

During the second quarter of 2024, there was $1.7 million of event interest income compared to $1.1 million of event interest expense for the first quarter of 2024.

Purchase accounting accretion on acquired loans was $1.9 million and $2.8 million and average purchase accounting loan discounts were $22.8 million and $24.8 million for the three-month periods ended June 30, 2024 and March 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $214.5 million for the three-month period ended June 30, 2024, and $205.5 million for the three-month period ended March 31, 2024. This increase in net interest income for the three-month period ended June 30, 2024, was the result of a $12.1 million increase in interest income, partially offset by an $3.2 million increase in interest expense. The $12.1 million increase in interest income was primarily the result of a $9.1 million increase in loan interest income, a $2.0 million increase in income from interest-bearing balances due from banks and a $970,000 million increase in investment income. The increase in interest income is primarily the result the growth in interest-earning assets and the current high interest rate environment. The $3.2 million increase in interest expense was due to a $3.2 million increase in interest expense on deposits. The increase in interest expense is also a result of the growth of interest-bearing deposits and the current high interest rate environment.

The Company reported $42.8 million of non-interest income for the second quarter of 2024. The most important components of second quarter non-interest income were $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $6.7 million from other income, $4.7 million from trust fees, $4.3 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $2.1 million gain on branches, equipment and other assets and $1.3 million from the increase in cash value of life insurance. The $2.1 million gain on branches, equipment and other assets is from the sale of a building in our Texas region.

Non-interest expense for the second quarter of 2024 was $113.2 million. The most important components of non-interest expense were $60.4 million from salaries and employee benefits, $29.4 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.9 million in data processing expenses. Included within other operating expenses was $2.3 million in FDIC special assessment expense. This is the remaining portion of the assessment which was levied in order to recover the losses to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. For the second quarter of 2024, our efficiency ratio was 43.17%, and our efficiency ratio, as adjusted (non-GAAP), was 42.59%(1).

Financial Condition

Total loans receivable were $14.78 billion at June 30, 2024, compared to $14.51 billion at March 31, 2024. Total deposits were $16.96 billion at June 30, 2024, compared to $16.87 billion at March 31, 2024. Total assets were $22.92 billion at June 30, 2024, compared to $22.84 billion at March 31, 2024.

During the second quarter of 2024, the Company experienced approximately $267.8 million in loan growth. Centennial CFG experienced $56.4 million of organic loan growth and had loans of $2.09 billion at June 30, 2024. Our remaining markets experienced $211.4 million in organic loan growth during the quarter.

Non-performing loans to total loans were 0.58% and 0.55% at June 30, 2024 and March 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.48% at June 30, 2024 and March 31, 2024, respectively. Net charge-offs were $2.4 million and $3.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively.

Non-performing loans at June 30, 2024 were $16.2 million, $39.1 million, $24.7 million, $399,000, $3.1 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $86.3 million. Non-performing assets at June 30, 2024 were $16.3 million, $46.6 million, $35.8 million, $399,000, $3.1 million and $25.6 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $127.8 million.

The Company’s allowance for credit losses on loans was $295.9 million at June 30, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $290.3 million, or 2.00% of total loans, at March 31, 2024. As of June 30, 2024 and March 31, 2024, the Company’s allowance for credit losses on loans was 342.66% and 362.94% of its total non-performing loans, respectively.

Stockholders’ equity was $3.86 billion at June 30, 2024, compared to $3.81 billion at March 31, 2024, an increase of approximately $44.1 million. The increase in stockholders’ equity is primarily associated with the $65.4 million increase in retained earnings and $9.6 million reduction in accumulated other comprehensive income, partially offset by the $32.6 million in stock repurchases. Book value per common share was $19.30 at June 30, 2024, compared to $18.98 at March 31, 2024. Tangible book value per common share (non-GAAP) was $12.08(1) at June 30, 2024, compared to $11.79(1) at March 31, 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, July 18, 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/329781550. 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=c8dcd669&confId=67018. 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: 667067. A replay of the call will be available by calling 1-866-813-9403, Passcode: 180861, which will be available until July 25, 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; 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 Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

 
Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
           
(In thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023
ASSETS          
           
Cash and due from banks $229,209  $205,262  $226,363  $229,474  $275,656 
Interest-bearing deposits with other banks  829,507  969,996   773,850   258,605   335,535 
Cash and cash equivalents  1,058,716  1,175,258   1,000,213   488,079   611,191 
Federal funds sold    5,200   5,100   3,925   1,550 
Investment securities – available-for-sale, net of allowance for credit losses  3,344,539  3,400,884   3,507,841   3,472,173   3,645,013 
Investment securities – held-to-maturity, net of allowance for credit losses  1,278,853  1,280,586   1,281,982   1,283,475   1,285,150 
Total investment securities  4,623,392  4,681,470   4,789,823   4,755,648   4,930,163 
Loans receivable  14,781,457  14,513,673   14,424,728   14,271,833   14,180,972 
Allowance for credit losses  (295,856) (290,294)  (288,234)  (285,562)  (285,683)
Loans receivable, net  14,485,601  14,223,379   14,136,494   13,986,271   13,895,289 
Bank premises and equipment, net  383,691  389,618   393,300   397,093   397,315 
Foreclosed assets held for sale  41,347  30,650   30,486   691   725 
Cash value of life insurance  218,198  215,424   214,516   213,351   213,090 
Accrued interest receivable  120,984  119,029   118,966   110,946   101,066 
Deferred tax asset, net  195,041  202,882   197,164   222,741   206,430 
Goodwill  1,398,253  1,398,253   1,398,253   1,398,253   1,398,253 
Core deposit intangible  44,490  46,630   48,770   51,023   53,500 
Other assets  350,192  347,928   323,573   322,617   317,857 
Total assets $22,919,905  $22,835,721  $22,656,658  $21,950,638  $22,126,429 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Liabilities          
Deposits:          
Demand and non-interest-bearing $4,068,302  $4,115,603  $4,085,501  $4,280,429  $4,598,593 
Savings and interest-bearing transaction accounts  11,150,516  11,047,258   11,050,347   10,786,087   11,169,940 
Time deposits  1,736,985  1,703,269   1,651,863   1,452,229   1,228,358 
Total deposits  16,955,803  16,866,130   16,787,711   16,518,745   16,996,891 
Securities sold under agreements to repurchase  137,996  176,107   142,085   160,120   160,349 
FHLB and other borrowed funds  1,301,050  1,301,050   1,301,300   1,001,550   701,550 
Accrued interest payable and other liabilities  230,011  241,345   194,653   175,367   173,426 
Subordinated debentures  439,542  439,688   439,834   439,982   440,129 
Total liabilities  19,064,402  19,024,320   18,865,583   18,295,764   18,472,345 
           
Stockholders’ equity          
Common stock  1,997  2,008   2,015   2,023   2,026 
Capital surplus  2,295,893  2,326,824   2,348,023   2,363,210   2,366,560 
Retained earnings  1,819,412  1,753,994   1,690,112   1,640,171   1,578,176 
Accumulated other comprehensive loss  (261,799) (271,425)  (249,075)  (350,530)  (292,678)
Total stockholders’ equity  3,855,503  3,811,401   3,791,075   3,654,874   3,654,084 
Total liabilities and stockholders’ equity $22,919,905  $22,835,721  $22,656,658  $21,950,638  $22,126,429 

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
               
  Quarter Ended Six Months Ended
(In thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023
Interest income:              
Loans $274,324  $265,294  $260,003  $249,464  $243,152  $539,618  $480,149 
Investment securities              
Taxable  32,587   33,229   34,016   34,520   34,751   65,816   70,039 
Tax-exempt  7,769   7,803   7,855   7,868   7,932   15,572   15,895 
Deposits – other banks  12,564   10,528   4,281   2,328   3,729   23,092   8,414 
Federal funds sold  59   61   65   82   68   120   74 
Total interest income  327,303   316,915   306,220   294,262   289,632   644,218   574,571 
Interest expense:              
Interest on deposits  95,741   92,548   87,971   78,698   70,147   188,289   129,309 
Federal funds purchased           1   2      2 
FHLB and other borrowed funds  14,255   14,276   9,878   8,161   6,596   28,531   12,786 
Securities sold under agreements to repurchase  1,363   1,404   1,480   1,344   1,121   2,767   1,989 
Subordinated debentures  4,122   4,097   4,121   4,121   4,123   8,219   8,247 
Total interest expense  115,481   112,325   103,450   92,325   81,989   227,806   152,333 
Net interest income  211,822   204,590   202,770   201,937   207,643   416,412   422,238 
Provision for credit losses on loans  8,000   5,500   5,650   2,800   2,300   13,500   3,500 
Recovery of credit losses on unfunded commitments     (1,000)     (1,500)     (1,000)   
Provision for credit losses on investment securities              1,683      1,683 
Total credit loss expense  8,000   4,500   5,650   1,300   3,983   12,500   5,183 
Net interest income after credit loss expense  203,822   200,090   197,120   200,637   203,660   403,912   417,055 
Non-interest income:              
Service charges on deposit accounts  9,714   9,686   10,072   10,062   9,231   19,400   19,073 
Other service charges and fees  10,679   10,189   10,422   10,128   11,763   20,868   23,638 
Trust fees  4,722   5,066   4,316   4,660   4,052   9,788   8,916 
Mortgage lending income  4,276   3,558   2,385   3,132   2,650   7,834   5,221 
Insurance commissions  565   508   480   562   518   1,073   1,044 
Increase in cash value of life insurance  1,279   1,195   1,170   1,170   1,211   2,474   2,315 
Dividends from FHLB, FRB, FNBB & other  2,998   3,007   3,010   2,916   2,922   6,005   5,716 
Gain on SBA loans  56   198   42   97      254   139 
Gain (loss) on branches, equipment and other assets, net  2,052   (8)  583      917   2,044   924 
Gain on OREO, net  49   17   13      319   66   319 
Fair value adjustment for marketable securities  (274)  1,003   5,024   4,507   783   729   (10,625)
Other income  6,658   7,380   5,331   6,179   15,143   14,038   26,993 
Total non-interest income  42,774   41,799   42,848   43,413   49,509   84,573   83,673 
Non-interest expense:              
Salaries and employee benefits  60,427   60,910   63,430   64,512   64,534   121,337   129,024 
Occupancy and equipment  14,408   14,551   14,965   15,463   14,923   28,959   29,875 
Data processing expense  8,935   9,147   9,107   9,103   9,151   18,082   18,119 
Other operating expenses  29,415   26,888   39,673   25,684   27,674   56,303   53,908 
Total non-interest expense  113,185   111,496   127,175   114,762   116,282   224,681   230,926 
Income before income taxes  133,411   130,393   112,793   129,288   136,887   263,804   269,802 
Income tax expense  31,881   30,284   26,550   30,835   31,616   62,165   61,569 
Net income $101,530  $100,109  $86,243  $98,453  $105,271  $201,639  $208,233 

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
               
  Quarter Ended Six Months Ended
(Dollars and shares in thousands, except per share data) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023
               
PER SHARE DATA              
Diluted earnings per common share $0.51  $0.50  $0.43  $0.49  $0.52  $1.00  $1.02 
Diluted earnings per common share, as adjusted (non-GAAP)(1)  0.52   0.49   0.46   0.47   0.51   1.01   1.04 
Basic earnings per common share  0.51   0.50   0.43   0.49   0.52   1.00   1.03 
Dividends per share – common  0.18   0.18   0.18   0.18   0.18   0.36   0.36 
Book value per common share  19.30   18.98   18.81   18.06   18.04   19.30   18.04 
Tangible book value per common share (non-GAAP)(1)  12.08   11.79   11.63   10.90   10.87   12.08   10.87 
               
STOCK INFORMATION              
Average common shares outstanding  200,319   201,210   201,756   202,526   202,793   200,765   203,122 
Average diluted shares outstanding  200,465   201,390   201,891   202,650   202,923   200,909   203,274 
End of period common shares outstanding  199,746   200,797   201,526   202,323   202,573   199,746   202,573 
               
ANNUALIZED PERFORMANCE METRICS              
Return on average assets (ROA)  1.79%  1.78%  1.55%  1.78%  1.90%  1.78%  1.87%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)  1.83%  1.76%  1.66%  1.72%  1.85%  1.79%  1.90%
Return on average assets excluding intangible amortization (non-GAAP)(1)  1.94%  1.93%  1.69%  1.95%  2.07%  1.93%  2.03%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)  1.98%  1.91%  1.81%  1.87%  2.02%  1.94%  2.07%
Return on average common equity (ROE)  10.73%  10.64%  9.36%  10.65%  11.63%  10.69%  11.66%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)  10.98%  10.54%  10.00%  10.25%  11.33%  10.76%  11.85%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)  17.29%  17.22%  15.49%  17.62%  19.39%  17.26%  19.57%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)  17.69%  17.07%  16.56%  16.95%  18.90%  17.38%  19.88%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  17.56%  17.50%  15.80%  17.95%  19.74%  17.53%  19.92%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)  17.97%  17.34%  16.87%  17.29%  19.24%  17.66%  20.23%
               
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
               
  Quarter Ended Six Months Ended
(Dollars in thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023
               
Efficiency ratio  43.17%  44.22%  50.64%  45.53%  44.00%  43.69%  44.39%
Efficiency ratio, as adjusted (non-GAAP)(1)  42.59%  44.43%  46.43%  46.44%  44.83%  43.50%  44.12%
Net interest margin – FTE (NIM)  4.27%  4.13%  4.17%  4.19%  4.28%  4.20%  4.33%
Fully taxable equivalent adjustment $2,628  $892  $1,091  $1,293  $1,494  $3,520  $3,122 
Total revenue (net)  254,596   246,389   245,618   245,350   257,152   500,985   505,911 
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  141,411   134,893   118,443   130,588   140,870   276,304   274,985 
PPNR, as adjusted (non-GAAP)(1)  141,886   133,728   126,402   125,743   137,308   275,614   279,370 
Pre-tax net income to total revenue (net)  52.40%  52.92%  45.92%  52.70%  53.23%  52.66%  53.33%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)  52.59%  52.45%  49.16%  50.72%  51.85%  52.52%  54.20%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)  55.54%  54.75%  48.22%  53.23%  54.78%  55.15%  54.35%
P5NR, as adjusted (non-GAAP)(1)  55.73%  54.28%  51.46%  51.25%  53.40%  55.01%  55.22%
Total purchase accounting accretion $1,873  $2,772  $2,324  $2,431  $2,660  $4,645  $5,832 
Average purchase accounting loan discounts  22,788   24,820   27,397   29,915   32,546   23,813   34,022 
               
OTHER OPERATING EXPENSES              
               
Advertising $1,692  $1,654  $2,226  $2,295  $2,098  $3,346  $4,329 
Amortization of intangibles  2,140   2,140   2,253   2,477   2,478   4,280   4,955 
Electronic banking expense  3,412   3,156   3,599   3,709   3,675   6,568   7,005 
Directors’ fees  423   498   399   417   538   921   998 
Due from bank service charges  282   276   274   282   286   558   559 
FDIC and state assessment  5,494   3,318   16,016   2,794   3,220   8,812   6,720 
Insurance  905   903   873   878   927   1,808   1,816 
Legal and accounting  2,617   2,081   1,192   1,514   1,436   4,698   2,524 
Other professional fees  2,108   2,236   1,640   2,117   2,774   4,344   5,058 
Operating supplies  613   683   777   860   763   1,296   1,501 
Postage  497   523   503   491   586   1,020   1,087 
Telephone  444   470   515   544   573   914   1,101 
Other expense  8,788   8,950   9,406   7,306   8,320   17,738   16,255 
               
Total other operating expenses $29,415  $26,888  $39,673  $25,684  $27,674  $56,303  $53,908 
               
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
           
(Dollars in thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023
BALANCE SHEET RATIOS          
Total loans to total deposits  87.18%  86.05%  85.92%  86.40%  83.43%
Common equity to assets  16.82%  16.69%  16.73%  16.65%  16.51%
Tangible common equity to tangible assets (non-GAAP)(1)  11.23%  11.06%  11.05%  10.76%  10.65%
        .  
LOANS RECEIVABLE          
Real estate          
Commercial real estate loans          
Non-farm/non-residential $5,599,925  $5,616,965  $5,549,954  $5,614,259  $5,480,738 
Construction/land development  2,511,817   2,330,555   2,293,047   2,154,030   2,201,514 
Agricultural  345,461   337,618   325,156   336,160   340,067 
Residential real estate loans          
Residential 1-4 family  1,910,143   1,899,974   1,844,260   1,808,248   1,790,218 
Multifamily residential  509,091   415,926   435,736   444,239   455,754 
Total real estate  10,876,437   10,601,038   10,448,153   10,356,936   10,268,291 
Consumer  1,189,386   1,163,228   1,153,690   1,153,461   1,156,273 
Commercial and industrial  2,242,072   2,284,775   2,324,991   2,195,678   2,288,646 
Agricultural  314,600   278,609   307,327   332,608   297,743 
Other  158,962   186,023   190,567   233,150   170,019 
Loans receivable $14,781,457  $14,513,673  $14,424,728  $14,271,833  $14,180,972 
           
ALLOWANCE FOR CREDIT LOSSES          
Balance, beginning of period $290,294  $288,234  $285,562  $285,683  $287,169 
Loans charged off  3,098   3,978   3,592   3,449   4,726 
Recoveries of loans previously charged off  660   538   614   528   940 
Net loans charged off  2,438   3,440   2,978   2,921   3,786 
Provision for credit losses – loans  8,000   5,500   5,650   2,800   2,300 
Balance, end of period $295,856  $290,294  $288,234  $285,562  $285,683 
           
Net charge-offs to average total loans  0.07%  0.10%  0.08%  0.08%  0.11%
Allowance for credit losses to total loans  2.00%  2.00%  2.00%  2.00%  2.01%
           
NON-PERFORMING ASSETS          
Non-performing loans          
Non-accrual loans $78,090  $67,055  $59,971  $84,184  $49,627 
Loans past due 90 days or more  8,251   12,928   4,130   6,674   10,869 
Total non-performing loans  86,341   79,983   64,101   90,858   60,496 
Other non-performing assets          
Foreclosed assets held for sale, net  41,347   30,650   30,486   691   725 
Other non-performing assets  63   63   785   64   64 
Total other non-performing assets  41,410   30,713   31,271   755   789 
Total non-performing assets $127,751  $110,696  $95,372  $91,613  $61,285 
           
Allowance for credit losses for loans to non-performing loans  342.66%  362.94%  449.66%  314.29%  472.23%
Non-performing loans to total loans  0.58%  0.55%  0.44%  0.64%  0.43%
Non-performing assets to total assets  0.56%  0.48%  0.42%  0.42%  0.28%
           
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
             
  Three Months Ended
  June 30, 2024 March 31, 2024
(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate
             
ASSETS            
Earning assets            
Interest-bearing balances due from banks $929,916  $12,564  5.43% $801,456  $10,528  5.28%
Federal funds sold  4,424   59  5.36%  5,012   61  4.90%
Investment securities – taxable  3,445,769   32,587  3.80%  3,473,511   33,229  3.85%
Investment securities – non-taxable – FTE  1,185,001   10,254  3.48%  1,257,861   8,642  2.76%
Loans receivable – FTE  14,648,564   274,467  7.54%  14,487,494   265,347  7.37%
Total interest-earning assets  20,213,674   329,931  6.56%  20,025,334   317,807  6.38%
Non-earning assets  2,662,275       2,657,925     
Total assets $22,875,949      $22,683,259     
             
LIABILITIES AND SHAREHOLDERS’ EQUITY           
Liabilities            
Interest-bearing liabilities            
Savings and interest-bearing transaction accounts $11,118,587  $77,928  2.82% $11,038,910  $75,597  2.75%
Time deposits  1,732,610   17,813  4.14%  1,685,193   16,951  4.05%
Total interest-bearing deposits  12,851,197   95,741  3.00%  12,724,103   92,548  2.93%
Federal funds purchased  33     %       %
Securities sold under agreement to repurchase  159,899   1,363  3.43%  172,024   1,404  3.28%
FHLB borrowed funds  1,301,050   14,255  4.41%  1,301,091   14,276  4.41%
Subordinated debentures  439,613   4,122  3.77%  439,760   4,097  3.75%
Total interest-bearing liabilities  14,751,792   115,481  3.15%  14,636,978   112,325  3.09%
Non-interest bearing liabilities            
Non-interest bearing deposits  4,083,916       4,017,659     
Other liabilities  234,441       244,970     
Total liabilities  19,070,149       18,899,607     
Shareholders’ equity  3,805,800       3,783,652     
Total liabilities and shareholders’ equity $22,875,949      $22,683,259     
Net interest spread     3.41%     3.29%
Net interest income and margin – FTE   $214,450  4.27%   $205,482  4.13%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
             
  Six Months Ended
  June 30, 2024 June 30, 2023
(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate
             
ASSETS            
Earning assets            
Interest-bearing balances due from banks $865,686  $23,092  5.36% $372,752  $8,414  4.55%
Federal funds sold  4,718   120  5.11%  2,926   74  5.10%
Investment securities – taxable  3,459,639   65,816  3.83%  3,791,872   70,039  3.72%
Investment securities – non-taxable – FTE  1,221,431   18,896  3.11%  1,285,148   18,814  2.95%
Loans receivable – FTE  14,568,029   539,814  7.45%  14,366,267   480,352  6.74%
Total interest-earning assets  20,119,503   647,738  6.47%  19,818,965   577,693  5.88%
Non-earning assets  2,660,101       2,641,370     
Total assets $22,779,604      $22,460,335     
             
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Liabilities            
Interest-bearing liabilities            
Savings and interest-bearing transaction accounts $11,078,749  $153,525  2.79% $11,410,230  $117,493  2.08%
Time deposits  1,708,902   34,764  4.09%  1,123,793   11,816  2.12%
Total interest-bearing deposits  12,787,651   188,289  2.96%  12,534,023   129,309  2.08%
Federal funds purchased  17     %  62   2  6.51%
Securities sold under agreement to repurchase 165,962   2,767  3.35%  139,477   1,989  2.88%
FHLB borrowed funds  1,301,071   28,531  4.41%  665,356   12,786  3.88%
Subordinated debentures  439,686   8,219  3.76%  440,273   8,247  3.78%
Total interest-bearing liabilities  14,694,387   227,806  3.12%  13,779,191   152,333  2.23%
Non-interest bearing liabilities            
Non-interest bearing deposits  4,050,787       4,879,521     
Other liabilities  239,704       201,562     
Total liabilities  18,984,878       18,860,274     
Shareholders’ equity  3,794,726       3,600,061     
Total liabilities and shareholders’ equity $22,779,604      $22,460,335     
Net interest spread     3.35%     3.65%
Net interest income and margin – FTE   $419,932  4.20%   $425,360  4.33%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
               
  Quarter Ended Six Months Ended
(Dollars and shares in thousands, except per share data) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023
EARNINGS, AS ADJUSTED              
GAAP net income available to common shareholders (A) $101,530  $100,109  $86,243  $98,453  $105,271  $201,639  $208,233 
Pre-tax adjustments              
FDIC special assessment  2,260      12,983         2,260    
BOLI death benefits     (162)     (338)  (2,779)  (162)  (2,779)
Gain on sale of building  (2,059)              (2,059)   
Fair value adjustment for marketable securities  274   (1,003)  (5,024)  (4,507)  (783)  (729)  10,625 
Recoveries on historic losses                    (3,461)
Total pre-tax adjustments  475   (1,165)  7,959   (4,845)  (3,562)  (690)  4,385 
Tax-effect of adjustments  119   (251)  1,989   (1,112)  (879)  (132)  1,082 
Deferred tax asset write-down  2,030               2,030    
Total adjustments after-tax (B)  2,386   (914)  5,970   (3,733)  (2,683)  1,472   3,303 
Earnings, as adjusted (C) $103,916  $99,195  $92,213  $94,720  $102,588  $203,111  $211,536 
               
Average diluted shares outstanding (D)  200,465   201,390   201,891   202,650   202,923   200,909   203,274 
               
GAAP diluted earnings per share: (A/D) $0.51  $0.50  $0.43  $0.49  $0.52  $1.00  $1.02 
Adjustments after-tax: (B/D)  0.01   (0.01)  0.03   (0.02)  (0.01)  0.01   0.02 
Diluted earnings per common share, as adjusted: (C/D) $0.52  $0.49  $0.46  $0.47  $0.51  $1.01  $1.04 
               
ANNUALIZED RETURN ON AVERAGE ASSETS              
Return on average assets: (A/E)  1.79%  1.78%  1.55%  1.78%  1.90%  1.78%  1.87%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)  1.83%  1.76%  1.66%  1.72%  1.85%  1.79%  1.90%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))  1.94%  1.93%  1.69%  1.95%  2.07%  1.93%  2.03%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))  1.98%  1.91%  1.81%  1.87%  2.02%  1.94%  2.07%
               
GAAP net income available to common shareholders (A) $101,530  $100,109  $86,243  $98,453  $105,271  $201,639  $208,233 
Amortization of intangibles (B)  2,140   2,140   2,253   2,477   2,478   4,280   4,955 
Amortization of intangibles after-tax (C)  1,605   1,605   1,690   1,866   1,866   3,210   3,732 
Adjustments after-tax (D)  2,386   (914)  5,970   (3,733)  (2,683)  1,472   3,303 
Average assets (E)  22,875,949   22,683,259   22,056,440   21,902,434   22,227,404   22,779,604   22,460,335 
Average goodwill & core deposit intangible (F)  1,443,778   1,445,902   1,448,061   1,450,478   1,452,951   1,444,840   1,454,180 

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
               
  Quarter Ended Six Months Ended
(Dollars in thousands) Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Jun. 30, 2024 Jun. 30, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY              
Return on average common equity: (A/D)  10.73%  10.64%  9.36%  10.65%  11.63%  10.69%  11.66%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)  10.98%  10.54%  10.00%  10.25%  11.33%  10.76%  11.85%
Return on average tangible common equity: (A/(D-E))  17.29%  17.22%  15.49%  17.62%  19.39%  17.26%  19.57%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))  17.69%  17.07%  16.56%  16.95%  18.90%  17.38%  19.88%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))  17.56%  17.50%  15.80%  17.95%  19.74%  17.53%  19.92%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))  17.97%  17.34%  16.87%  17.29%  19.24%  17.66%  20.23%
               
GAAP net income available to common shareholders (A) $101,530  $100,109  $86,243  $98,453  $105,271  $201,639  $208,233 
Earnings excluding intangible amortization (B)  103,135   101,714   87,933   100,319   107,137   204,849   211,965 
Adjustments after-tax (C)  2,386   (914)  5,970   (3,733)  (2,683)  1,472   3,303 
Average common equity (D)  3,805,800   3,783,652   3,656,720   3,667,339   3,630,194   3,794,726   3,600,061 
Average goodwill & core deposits intangible (E)  1,443,778   1,445,902   1,448,061   1,450,478   1,452,951   1,444,840   1,454,180 
               
EFFICIENCY RATIO & P5NR              
Efficiency ratio: ((D-G)/(B+C+E))  43.17%  44.22%  50.64%  45.53%  44.00%  43.69%  44.39%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))  42.59%  44.43%  46.43%  46.44%  44.83%  43.50%  44.12%
Pre-tax net income to total revenue (net) (A/(B+C))  52.40%  52.92%  45.92%  52.70%  53.23%  52.66%  53.33%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))  52.59%  52.45%  49.16%  50.72%  51.85%  52.52%  54.20%
Pre-tax, pre-provision, net income (PPNR) (B+C-D) $141,411  $134,893  $118,443  $130,588  $140,870  $276,304  $274,985 
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $141,886  $133,728  $126,402  $125,743  $137,308  $275,614  $279,370 
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)  55.54%  54.75%  48.22%  53.23%  54.78%  55.15%  54.35%
P5NR, as adjusted (B+C-D+F)/(B+C)  55.73%  54.28%  51.46%  51.25%  53.40%  55.01%  55.22%
               
Pre-tax net income (A) $133,411  $130,393  $112,793  $129,288  $136,887  $263,804  $269,802 
Net interest income (B)  211,822   204,590   202,770   201,937   207,643   416,412   422,238 
Non-interest income (C)  42,774   41,799   42,848   43,413   49,509   84,573   83,673 
Non-interest expense (D)  113,185   111,496   127,175   114,762   116,282   224,681   230,926 
Fully taxable equivalent adjustment (E)  2,628   892   1,091   1,293   1,494   3,520   3,122 
Total pre-tax adjustments (F)  475   (1,165)  7,959   (4,845)  (3,562)  (690)  4,385 
Amortization of intangibles (G)  2,140   2,140   2,253   2,477   2,478   4,280   4,955 
               
Adjustments:              
Non-interest income:              
Fair value adjustment for marketable securities $(274) $1,003  $5,024  $4,507  $783  $729  $(10,625)
Gain on OREO  49   17   13      319   66   319 
Gain (loss) on branches, equipment and other assets, net  2,052   (8)  583      917   2,044   924 
BOLI death benefits     162      338   2,779   162   2,779 
Recoveries on historic losses                    3,461 
Total non-interest income adjustments (H) $1,827  $1,174  $5,620  $4,845  $4,798  $3,001  $(3,142)
               
Non-interest expense:              
FDIC special assessment  2,260      12,983         2,260    
Total non-interest expense adjustments (I) $2,260  $  $12,983  $  $  $2,260  $ 

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
           
  Quarter Ended
  Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023
           
TANGIBLE BOOK VALUE PER COMMON SHARE          
Book value per common share: (A/B) $19.30  $18.98  $18.81  $18.06  $18.04 
Tangible book value per common share: ((A-C-D)/B)  12.08   11.79   11.63   10.90   10.87 
           
Total stockholders’ equity (A) $3,855,503  $3,811,401  $3,791,075  $3,654,874  $3,654,084 
End of period common shares outstanding (B)  199,746   200,797   201,526   202,323   202,573 
Goodwill (C)  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 
Core deposit and other intangibles (D)  44,490   46,630   48,770   51,023   53,500 
           
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS          
Equity to assets: (B/A)  16.82%  16.69%  16.73%  16.65%  16.51%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))  11.23%  11.06%  11.05%  10.76%  10.65%
           
Total assets (A) $22,919,905  $22,835,721  $22,656,658  $21,950,638  $22,126,429 
Total stockholders’ equity (B)  3,855,503   3,811,401   3,791,075   3,654,874   3,654,084 
Goodwill (C)  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 
Core deposit and other intangibles (D)  44,490   46,630   48,770   51,023   53,500 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.