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For the period ended Dec 31, 2023. Filed Feb 26, 2024.

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FY2023 · Filed Feb 26, 2024

HOMB$30.40+1.8%Stored close · as of Nov 9, 2026

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Contents

Item 6. Selected Financial Data

Summary Consolidated Financial Data

	As of or for the Years Ended December 31,
	2023	2022	2021
(Dollars and shares in thousands, except per share data)
Income statement data:
Total interest income	$1,175,053	$877,766	$625,171
Total interest expense	348,108	119,090	52,200
Net interest income	826,945	758,676	572,971
Provision for (recovery of) credit losses	12,133	63,585	(4,752)
Net interest income after provision for credit losses	814,812	695,091	577,723
Non-interest income	169,934	175,111	137,569
Non-interest expense	472,863	475,627	298,517
Income before income taxes	511,883	394,575	416,775
Income tax expense	118,954	89,313	97,754
Net income	$392,929	$305,262	$319,021
Per share data:
Basic earnings per common share	$1.94	$1.57	$1.94
Diluted earnings per common share	1.94	1.57	1.94
Book value per common share	18.81	17.33	16.90
Tangible book value per common share (non-GAAP)(1)(2)	11.63	10.17	10.80
Dividends – common	0.72	0.66	0.56
Average common shares outstanding	202,627	194,694	164,501
Average diluted shares outstanding	202,773	195,019	164,858
Performance ratios:
Return on average assets	1.77%	1.35%	1.83%
Return on average assets excluding intangible Amortization (non-GAAP)(3)	1.93	1.47	1.96
Return on average common equity	10.82	9.17	11.89
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)(4)	18.36	15.63	19.20
Net interest margin(5)	4.25	3.81	3.66
Efficiency ratio	46.21	49.53	40.81
Efficiency ratio, as adjusted (non-GAAP)(6)	45.24	44.55	42.12
Asset quality:
Non-performing assets to total assets	0.42	0.27	0.29
Non-performing loans to total loans	0.44	0.42	0.51
Allowance for credit losses to non-performing loans	449.66	475.99	471.61
Allowance for credit losses to total loans	2.00	2.01	2.41
Net charge-offs to average total loans	0.09	0.11	0.08

Summary Consolidated Financial Data – Continued

	As of the Years Ended December 31,
	2023	2022
(Dollars and shares in thousands, except per share data)
Balance sheet data (period end):
Total assets	$22,656,658	$22,883,588
Investment securities – available-for-sale	3,507,841	4,041,590
Investment securities – held-to-maturity	1,281,982	1,287,705
Loans receivable	14,424,728	14,409,480
Allowance for credit losses	(288,234)	(289,669)
Intangible assets	1,447,023	1,456,708
Non-interest-bearing deposits	4,085,501	5,164,997
Total deposits	16,787,711	17,938,783
Subordinated debentures	439,834	440,420
Stockholders' equity	3,791,075	3,526,362
Capital ratios:
Common equity to assets	16.73%	15.41%
Tangible common equity to tangible assets (non-GAAP)(1)(7)	11.05	9.66
Common equity Tier 1 capital	14.15	12.91
Tier 1 leverage ratio(8)	12.44	10.86
Tier 1 risk-based capital ratio	14.15	12.91
Total risk-based capital ratio	17.79	16.54
Dividend payout - common	37.13	42.07

(1)Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis.

(2)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 25,” for the non-GAAP tabular reconciliation.

(3)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 26,” for the non-GAAP tabular reconciliation.

(4)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 27,” for the non-GAAP tabular reconciliation.

(5)Fully taxable equivalent (assuming an income tax rate of 25.740% for 2021, 24.6735% for 2022 and 24.989% for 2023).

(6)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 29,” for the non-GAAP tabular reconciliation.

(7)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 28,” for the non-GAAP tabular reconciliation.

(8)Leverage ratio is Tier 1 capital to quarterly average total assets less intangible assets and gross unrealized gains/losses on available-for-sale investment securities.

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