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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 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 class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share HOMB New 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 Filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Common Stock Issued and Outstanding: 203,971,240 shares as of November 3, 2022.


HOME BANCSHARES, INC.
FORM 10-Q
September 30, 2022
INDEX
Page No.
4
5
6
7-8
9
10-55
100-101


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 our recent acquisition of Happy Bancshares, Inc. and its bank subsidiary, as well as any other businesses that we may 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 apply 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;
changes in governmental monetary and fiscal policies;
the effects of terrorism and efforts to combat it;
political instability, war, military conflicts (including the ongoing military conflict between Russia and Ukraine) and other major domestic or international events;
adverse weather events, including hurricanes, and other natural disasters;
the ability to keep pace with technological changes, including changes regarding cybersecurity;
an increase in the incidence or severity of fraud, illegal payments, cybersecurity breaches or other illegal acts impacting our bank subsidiary, our vendors or our customers;


the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating regionally, nationally and internationally, together with competitors offering banking products and services by mail, telephone and the Internet;
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.


PART I: FINANCIAL INFORMATION
Item 1: Financial Statements
Home BancShares, Inc.
Consolidated Balance Sheets
(In thousands, except share data) September 30, 2022 December 31, 2021
(Unaudited)  
Assets
Cash and due from banks $ 268,929  $ 119,908 
Interest-bearing deposits with other banks 1,311,492  3,530,407 
Cash and cash equivalents 1,580,421  3,650,315 
Fed funds sold 2,700  — 
Investment securities – available-for-sale, net of allowance for credit losses 4,085,102  3,119,807 
Investment securities — held-to-maturity, net of allowance for credit losses 1,251,007  — 
Total investment securities 5,336,109  3,119,807 
Loans receivable 13,829,311  9,836,089 
Allowance for credit losses (289,203) (236,714)
Loans receivable, net 13,540,108  9,599,375 
Bank premises and equipment, net 411,479  275,760 
Foreclosed assets held for sale 365  1,630 
Cash value of life insurance 212,619  105,135 
Accrued interest receivable 88,671  46,736 
Deferred tax asset, net 228,979  78,290 
Goodwill 1,394,353  973,025 
Core deposit intangibles 60,932  25,045 
Other assets 300,634  177,020 
Total assets $ 23,157,370  $ 18,052,138 
Liabilities and Stockholders’ Equity
Deposits:
Demand and non-interest-bearing $ 5,540,539  $ 4,127,878 
Savings and interest-bearing transaction accounts 11,968,519  9,251,805 
Time deposits 1,033,266  880,887 
Total deposits 18,542,324  14,260,570 
Securities sold under agreements to repurchase 121,555  140,886 
FHLB and other borrowed funds 400,000  400,000 
Accrued interest payable and other liabilities 192,908  113,868 
Subordinated debentures 440,568  371,093 
Total liabilities 19,697,355  15,286,417 
Stockholders’ equity:
Common stock, par value $0.01; shares authorized 300,000,000 in 2022 and 2021; shares issued and outstanding 204,219,052 in 2022 and 163,699,282 in 2021
2,042  1,637 
Capital surplus 2,404,388  1,487,373 
Retained earnings 1,361,040  1,266,249 
Accumulated other comprehensive (loss) income (307,455) 10,462 
Total stockholders’ equity 3,460,015  2,765,721 
Total liabilities and stockholders’ equity $ 23,157,370  $ 18,052,138 
See Condensed Notes to Consolidated Financial Statements.
4

Home BancShares, Inc.
Consolidated Statements of Income
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In thousands, except per share data) 2022 2021 2022 2021
(Unaudited)
Interest income:
Loans $ 195,841  $ 142,609  $ 507,062  $ 435,210 
Investment securities
Taxable 28,273  8,495  58,294  21,933 
Tax-exempt 8,069  4,839  20,501  14,815 
Deposits – other banks 10,763  1,117  19,001  2,234 
Federal funds sold —  13  — 
Total interest income 242,955  157,060  604,871  474,192 
Interest expense:
Interest on deposits 23,347  5,642  38,970  19,781 
Federal funds purchased —  —  — 
FHLB and other borrowed funds 1,917  1,917  5,688  5,688 
Securities sold under agreements to repurchase 434  102  729  399 
Subordinated debentures 4,153  4,788  16,472  14,373 
Total interest expense 29,851  12,449  61,861  40,241 
Net interest income 213,104  144,611  543,010  433,951 
Provision for credit losses on acquired loans —  —  45,170  — 
Provision for credit losses on acquired unfunded commitments —  —  11,410  — 
Provision for credit losses on unfunded commitments —  —  —  (4,752)
Provision for credit losses on acquired held-to-maturity investment securities —  —  2,005  — 
Total credit loss expense (benefit) —  —  58,585  (4,752)
Net interest income after credit loss expense (benefit) 213,104  144,611  484,425  438,703 
Non-interest income:
Service charges on deposit accounts 10,756  5,941  26,980  16,059 
Other service charges and fees 13,951  8,051  34,225  25,318 
Trust fees 3,980  479  8,874  1,445 
Mortgage lending income 4,179  5,948  14,091  20,317 
Insurance commissions 601  586  1,739  1,556 
Increase in cash value of life insurance 1,089  509  2,721  1,548 
Dividends from FHLB, FRB, FNBB & other 1,741  2,661  6,384  13,916 
Gain on sale of SBA loans 58  439  153  1,588 
(Loss) gain on sale of branches, equipment and other assets, net (13) (34) (86)
Gain on OREO, net —  246  487  1,266 
Gain on securities, net —  —  —  219 
Fair value adjustment for marketable securities (2,628) 61  (2,304) 7,093 
Other income 9,487  4,322  25,096  15,366 
Total non-interest income 43,201  29,209  118,451  105,605 
Non-interest expense:
Salaries and employee benefits 65,290  42,469  174,636  126,990 
Occupancy and equipment 15,133  9,305  38,533  27,584 
Data processing expense 8,747  6,024  25,880  17,787 
Merger and acquisition expenses —  1,006  49,594  1,006 
Other operating expenses 25,176  16,815  68,081  48,100 
Total non-interest expense 114,346  75,619  356,724  221,467 
Income before income taxes 141,959  98,201  246,152  322,841 
Income tax expense 33,254  23,209  56,577  77,177 
Net income $ 108,705  $ 74,992  $ 189,575  $ 245,664 
Basic earnings per share $ 0.53  $ 0.46  $ 0.99  $ 1.49 
Diluted earnings per share $ 0.53  $ 0.46  $ 0.99  $ 1.49 
See Condensed Notes to Consolidated Financial Statements.
5

Home BancShares, Inc.
Consolidated Statements of Comprehensive (Loss) Income
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In thousands) 2022 2021 2022 2021
(Unaudited)
Net income $ 108,705  $ 74,992  $ 189,575  $ 245,664 
Net unrealized loss on available-for-sale securities (122,307) (4,218) (424,910) (24,527)
Other comprehensive loss before tax effect (122,307) (4,218) (424,910) (24,527)
Tax effect on other comprehensive loss 30,757  1,102  106,993  6,410 
Other comprehensive loss (91,550) (3,116) (317,917) (18,117)
Comprehensive income (loss) $ 17,155  $ 71,876  $ (128,342) $ 227,547 
See Condensed Notes to Consolidated Financial Statements.
6

Home BancShares, Inc.
Consolidated Statements of Stockholders’ Equity
Three and Nine Months Ended September 30, 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
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
2,109  —  —  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 
Comprehensive income:
Net Income —  —  15,978  —  15,978 
Other comprehensive loss —  —  —  (111,348) (111,348)
Net issuance of 1,500 shares of common stock from exercise of stock options
—  26  —  —  26 
Issuance of 42,425,352 shares of common stock including approximately $2.5 million in certain stock award settlements and stock issuance costs -
Happy Bancshares acquisition
424  960,866  —  —  961,290 
Repurchase of 1,032,732 shares of common stock
(10) (22,482) —  —  (22,492)
Share-based compensation net issuance of 138,499 shares of restricted common stock
2,337  —  —  2,338 
Cash dividends – Common Stock, $0.165 per share
—  —  (33,930) —  (33,930)
Balances at June 30, 2022 (unaudited) $ 2,053  $ 2,426,271  $ 1,286,146  $ (215,905) $ 3,498,565 
Comprehensive income:
Net Income —  —  108,705  —  108,705 
Other comprehensive loss —  —  —  (91,550) (91,550)
Net issuance of 1,574 shares of common stock from exercise of stock options
—  —  —  —  — 
Repurchase of 1,045,799 shares of common stock
(10) (24,278) —  —  (24,288)
Share-based compensation net forfeiture of 27,250 shares of restricted stock
(1) 2,395  —  —  2,394 
Cash dividends – Common Stock, $0.165 per share
—  —  (33,811) —  (33,811)
Balances at September 30, 2022 (unaudited) $ 2,042  $ 2,404,388  $ 1,361,040  $ (307,455) $ 3,460,015 
See Condensed Notes to Consolidated Financial Statements.
7

Home BancShares, Inc.
Consolidated Statements of Stockholders’ Equity
For the Three and Nine Months Ended September 30, 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
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
2,115  —  —  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 
Comprehensive income:
Net income —  —  79,070  —  79,070 
Other comprehensive income —  —  —  9,670  9,670 
Net issuance of 3,628 shares of common stock from exercise of stock options
—  —  —  —  — 
Repurchase of 635,000 shares of common stock
(6) (16,947) —  —  (16,953)
Share-based compensation net issuance of 21,500 shares of restricted common stock
—  2,276  —  —  2,276 
Cash dividends – Common Stock, $0.14 per share
—  —  (23,078) —  (23,078)
Balances at June 30, 2021 (unaudited) $ 1,645  $ 1,501,615  $ 1,163,810  $ 29,119  $ 2,696,189 
Comprehensive income:
Net income —  —  74,992  —  74,992 
Other comprehensive loss —  —  —  (3,116) (3,116)
Repurchase of 476,500 shares of common stock
(5) (11,274) —  —  (11,279)
Share-based compensation net forfeiture of 4,000 shares of restricted stock
—  2,247  —  —  2,247 
Cash dividends – Common Stock, $0.14 per share
—  —  (22,971) —  (22,971)
Balances at September 30, 2021 (unaudited) $ 1,640  $ 1,492,588  $ 1,215,831  $ 26,003  $ 2,736,062 
See Condensed Notes to Consolidated Financial Statements.
8

Home BancShares, Inc.
Consolidated Statements of Cash Flows
Nine Months Ended September 30,
(In thousands) 2022 2021
(Unaudited)
Operating Activities
Net income $ 189,575  $ 245,664 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization 23,546  14,457 
Decrease (increase) in value of equity securities 2,304  (7,093)
Amortization of securities, net 17,324  21,018 
Accretion of purchased loans (12,844) (16,150)
Share-based compensation 6,843  6,640 
Gain on assets (645) (2,987)
Provision for credit losses - acquired loans & unfunded commitments 56,580  — 
Provision for credit losses - unfunded commitments —  (4,752)
Provision for credit losses - acquired held-to-maturity investment securities 2,005  — 
Deferred income tax effect (9,671) 6,936 
Increase in cash value of life insurance (2,721) (1,548)
Originations of mortgage loans held for sale (432,589) (599,787)
Proceeds from sales of mortgage loans held for sale 418,576  632,721 
Changes in assets and liabilities:
Accrued interest receivable (9,945) 11,951 
Other assets (2,170) 3,891 
Accrued interest payable and other liabilities 22,999  (9,526)
Net cash provided by operating activities 269,167  301,435 
Investing Activities
Net increase in federal funds sold (2,700) — 
Net (increase) decrease in loans, excluding purchased loans (84,995) 1,278,846 
Purchases of investment securities – available-for-sale (1,200,812) (1,227,507)
Purchases of investment securities - held-to-maturity (636,474) — 
Proceeds from maturities of investment securities – available-for-sale 458,291  487,242 
Proceeds from maturities of investment securities – held-to-maturity 500,479  — 
Proceeds from sales of investment securities – available-for-sale —  18,112 
Purchases of equity securities (49,975) (10,460)
Proceeds from sales of equity securities 13,778  15,354 
Purchase of other investments (38,224) (7,970)
Proceeds from foreclosed assets held for sale 2,231  6,572 
Proceeds from sale of SBA loans 3,745  16,722 
Purchases of premises and equipment, net (4,158) (8,065)
Return of investment on cash value of life insurance 277  418 
Purchase of marine loan portfolio (242,617) — 
Net cash received - market acquisition 858,943  — 
Net cash (used in) provided by investing activities (422,211) 569,264 
Financing Activities
Net (decrease) increase in deposits (1,573,517) 1,277,581 
Net decrease in securities sold under agreements to repurchase (19,331) (27,929)
Net decrease in FHLB and other borrowed funds (78,330) — 
Retirement of subordinated debentures (300,000) — 
Proceeds from issuance of subordinated debentures 296,324  — 
Redemption of trust preferred securities (96,499) — 
Proceeds from exercise of stock options 156  2,322 
Repurchase of common stock (50,869) (37,002)
Dividends paid on common stock (94,784) (69,203)
Net cash (used in) provided by financing activities (1,916,850) 1,145,769 
Net change in cash and cash equivalents (2,069,894) 2,016,468 
Cash and cash equivalents – beginning of year 3,650,315  1,263,788 
Cash and cash equivalents – end of period $ 1,580,421  $ 3,280,256 
See Condensed Notes to Consolidated Financial Statements.
9

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, Texas 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 September 30, 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.

10

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.
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, gross domestic product, national retail sales index, housing price indices and rental vacancy rate 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.
11

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-Factors") 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 or premium 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 Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for impairment. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. 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.
12

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.
Trust fees - The Company enters into contracts with its customers to manage assets for investment, and/or transact on their accounts. The Company generally satisfies its performance obligations as services are rendered. The management fees are percentage based, flat, percentage of income or a fixed percentage calculated upon the average balance of assets depending upon account type. Fees are collected on a monthly or annual basis.
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
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
(In thousands)
Net income $ 108,705  $ 74,992  $ 189,575  $ 245,664 
Average shares outstanding 204,829  164,126  191,584  164,717 
Effect of common stock options 306  477  357  333 
Average diluted shares outstanding 205,135  164,603  191,941  165,050 
Basic earnings per share $ 0.53  $ 0.46  $ 0.99  $ 1.49 
Diluted earnings per share $ 0.53  $ 0.46  $ 0.99  $ 1.49 
2. Business Combinations
Acquisition of Happy Bancshares, Inc.
On April 1, 2022, the Company completed the acquisition of Happy Bancshares, Inc. (“Happy”), and merged Happy State Bank into Centennial Bank. 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 certain Happy stock-based awards received approximately $3.7 million in cash in cancellation of such awards, for a total transaction value of approximately $962.5 million. The acquisition added new markets for expansion and brought complementary businesses together to drive synergies and growth.
13

Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $6.69 billion in total assets, $3.65 billion in loans and $5.86 billion in customer deposits. Happy formerly operated its banking business from 62 locations in Texas.
The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the acquisition. The Company will continue to review the estimated fair values of loans, deposits and intangible assets, and to evaluate the assumed tax positions and contingencies.
The Company has determined that the acquisition of the net assets of Happy constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a preliminary breakdown of the assets acquired and liabilities assumed as of the acquisition date as adjusted during the measurement period:


14

Happy Bancshares, Inc.
Acquired
from Happy
Fair Value Adjustments As Recorded
by HBI
(Dollars in thousands)
Assets
Cash and due from banks $ 112,999  $ (87) $ 112,912 
Interest-bearing deposits with other banks 746,031  —  746,031 
Cash and cash equivalents 859,030  (87) 858,943 
Investment securities - available-for-sale, net of allowance for credit losses 1,773,540  8,485  1,782,025 
Total investment securities 1,773,540  8,485  1,782,025 
Loans receivable 3,657,009  (4,389) 3,652,620 
Allowance for credit losses (42,224) 25,408  (16,816)
Loans receivable, net 3,614,785  21,019  3,635,804 
Bank premises and equipment, net 153,642  (6,977) 146,665 
Foreclosed assets held for sale 193  (77) 116 
Cash value of life insurance 105,049  105,052 
Accrued interest receivable 31,575  —  31,575 
Deferred tax asset, net 32,908  1,117  34,025 
Goodwill 130,428  (130,428) — 
Core deposit and other intangibles 10,672  31,591  42,263 
Other assets 43,330  7,233  50,563 
Total assets acquired $ 6,755,152  $ (68,121) $ 6,687,031 
Liabilities
Deposits
Demand and non-interest-bearing $ 1,932,756  $ 60  $ 1,932,816 
Savings and interest-bearing transaction accounts 3,519,652  —  3,519,652 
Time deposits 401,899  903  402,802 
Total deposits 5,854,307  963  5,855,270 
FHLB and other borrowed funds 74,212  4,118  78,330 
Accrued interest payable and other liabilities 50,889  (6,258) 44,631 
Subordinated debentures 159,965  7,625  167,590 
Total liabilities assumed $ 6,139,373  $ 6,448  $ 6,145,821 
Equity
Total equity assumed 615,779  (615,779) — 
Total liabilities and equity assumed $ 6,755,152  $ (609,331) $ 6,145,821 
Net assets acquired 541,210 
Purchase price 962,538 
Goodwill $ 421,328 

15

The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above:
Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets was deemed a reasonable estimate of fair value based on the short-term nature of these assets.
Investment securities – Investment securities were acquired from Happy with an approximately $8.5 million adjustment to fair value based upon quoted market prices. Otherwise the book value was deemed to approximate fair value.
Loans – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, whether or not the loan was amortizing and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. See Note 5 to the Condensed Notes to Consolidated Financial Statements, for additional information related to purchased financial assets with credit deterioration.
Bank premises and equipment – Bank premises and equipment were acquired from Happy with a $7.0 million adjustment to fair value. This represents the difference between current appraisals completed in connection with the acquisition and book value acquired.
Foreclosed assets held for sale – These assets are presented at the estimated fair values that management expects to receive when the properties are sold, net of related costs of disposal.
Cash value of life insurance – Bank owned life insurance is carried at its current cash surrender value, which is the most reasonable estimate of fair value.
Accrued interest receivable – The carrying amount of these assets was deemed a reasonable estimate of the fair value.
Core deposit intangible and other intangibles – This core deposit intangible asset represents the value of the relationships that Happy had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, and the net maintenance cost attributable to customer deposits.
Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition, equal the amount payable on demand at the acquisition date. The $963,000 fair value adjustment applied for time deposits was because the weighted-average interest rate of Happy’s certificates of deposits were estimated to be below the current market rates.
FHLB borrowed funds – The fair value of FHLB borrowed funds is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities.
Accrued interest payable and other liabilities – The fair value adjustment results from certain liabilities whose value was estimated to be more or less than book value, such as certain accounts payable and other miscellaneous liabilities. The carrying amount of accrued interest and the remainder of other liabilities was deemed to be a reasonable estimate of fair value.
Subordinated debentures – The fair value of subordinated debentures is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities.



16

During the third quarter of 2022, we continued to analyze the valuations assigned to the acquired assets and assumed liabilities and received updated information resulting in the revised fair values displayed below. We updated our estimated fair values of these items within our Consolidated Balance Sheet with a corresponding adjustment to goodwill. The changes are gross of taxes and reflected in the following table:
Acquired Asset or Liability Balance Sheet Line Item Provisional Estimate Revised Estimate Increase (Decrease)
(In thousands)
Cash and due from banks Cash and due from banks 112,867  112,912  45 
Loans receivable Loans receivable 3,652,706  3,652,620  (86)
Bank premises and equipment, net Bank premises and equipment, net 142,067  146,665  4,598 
Deferred tax asset, net Deferred tax asset, net 35,414  34,025  (1,389)
Equity method investments & other receivables Other assets 49,752  50,563  811 
Goodwill Goodwill 425,375  421,328  (4,047)
Demand and non-interest bearing deposits Demand and non-interest bearing deposits 1,932,756  1,932,816  60 
Accrued expense Accrued interest payable and other liabilities 44,759  44,631  (128)
All measurement period adjustments made during third quarter of 2022 have been deemed insignificant individually and in the aggregate. The Company will finalize its valuation of the Happy acquisition within the measurement period (no later than April 1, 2023).
The impact to the income statement resulting from the changes to the estimated fair values was insignificant. We continue to analyze the assumptions and related valuation results associated with the acquired assets and assumed liabilities, and accordingly, the valuations of these assets and liabilities are not final as of September 30, 2022. However, the valuations will be finalized no later than April 1, 2023. As the valuations remain provision and subject to updates, the purchase accounting accretion/amortization are also subject to adjustments.
The unaudited pro-forma combined consolidated financial information presents how the combined financial information of HBI and Happy might have appeared had the businesses actually been combined. The following schedule represents the unaudited pro forma combined financial information as of the three and nine-month periods ended September 30, 2022 and 2021, assuming the acquisition was completed as of January 1, 2021:

Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
(In thousands, except per share data)
Total interest income $ 242,955  $ 211,405  $ 662,273  $ 629,548 
Total non-interest income 43,201  43,792  131,352  145,277 
Net income available to all shareholders 108,705  90,846  291,262  220,499 
Basic earnings per common share $ 0.53  $ 0.44  $ 1.42  $ 1.06 
Diluted earnings per common share $ 0.53  $ 0.44  $ 1.41  $ 1.06 
The unaudited pro-forma consolidated financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined at the beginning of the period presented and had the impact of possible significant revenue enhancements and expense efficiencies from in-market cost savings, among other factors, been considered and, accordingly, does not attempt to predict or suggest future results. Pro-forma results include Happy merger expenses of $49.6 million, provision for credit losses on acquired loans of $45.2 million, provision for credit losses on acquired unfunded commitments of $11.4 million and provision for credit losses on acquired investment securities of $2.0 million for the nine months ended September 30, 2022 and 2021, respectively. The pro-forma financial information also does not necessarily reflect what the historical results of the combined company would have been had the companies been combined during this period.

17

Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans purchased as part of the Happy acquisition with credit deterioration at acquisition:
April 1, 2022
(In thousands)
Purchased Loans with Credit Deterioration:
Par value $ 165,028 
Allowance for credit losses at acquisition (16,816)
Premium on acquired loans 684 
Purchase price $ 148,896 
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:
September 30, 2022
Available-for-Sale
Amortized
Cost
Allowance for Credit Losses Net Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises $ 702,009  $ —  $ 702,009  $ 3,024  $ (23,029) $ 682,004 
Residential mortgage-backed securities 1,805,461  —  1,805,461  299  (207,313) 1,598,447 
Commercial mortgage-backed securities 361,251  —  361,251  —  (21,023) 340,228 
State and political subdivisions 1,033,621  (842) 1,032,779  709  (133,334) 900,154 
Other securities 594,369  —  594,369  —  (30,100) 564,269 
Total $ 4,496,711  $ (842) $ 4,495,869  $ 4,032  $ (414,799) $ 4,085,102 
September 30, 2022
Held-to-Maturity
Amortized
Cost
Allowance for Credit Losses Net Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises $ 42,950  $ —  $ 42,950  $ —  $ (3,092) $ 39,858 
Residential mortgage-backed securities 42,920  —  42,920  —  (612) 42,308 
Commercial mortgage-backed securities 55,610  —  55,610  —  (923) 54,687 
State and political subdivisions 1,111,532  (2,005) 1,109,527  19  (145,241) 964,305 
Total $ 1,253,012  $ (2,005) $ 1,251,007  $ 19  $ (149,868) $ 1,101,158 
18

December 31, 2021
Available-for-Sale
Amortized
Cost
Allowance for Credit Losses Net Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises $ 433,829  $ —  $ 433,829  $ 2,375  $ (3,225) $ 432,979 
Residential mortgage-backed securities 1,175,185  —  1,175,185  4,085  (18,551) 1,160,719 
Commercial mortgage-backed securities 372,702  —  372,702  6,521  (1,968) 377,255 
State and political subdivisions 973,318  (842) 972,476  26,296  (1,794) 996,978 
Other securities 151,449  —  151,449  1,781  (1,354) 151,876 
Total $ 3,106,483  $ (842) $ 3,105,641  $ 41,058  $ (26,892) $ 3,119,807 
On April 1, 2022, the Company completed the acquisition of Happy. Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $1.78 billion in investments, net of purchase accounting adjustments. The Company classified approximately $1.12 billion of investments acquired from Happy as held-to-maturity at the acquisition date.
Assets, principally investment securities, having a carrying value of approximately $2.27 billion and $1.15 billion at September 30, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, as collateral for repurchase agreements, and for other purposes required or permitted by law. Investment securities pledged as collateral for repurchase agreements totaled approximately $121.6 million and $140.9 million at September 30, 2022 and December 31, 2021, respectively.
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at September 30, 2022, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Available-for-Sale Held-to-Maturity
Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
(In thousands)
Due in one year or less $ 267,369  $ 266,669  $ —  $ — 
Due after one year through five years 178,033  166,906  4,770  4,531 
Due after five years through ten years 473,289  434,042  215,931  193,346 
Due after ten years 1,405,700  1,273,224  933,781  806,286 
Mortgage - backed securities: Residential 1,805,461  1,598,447  42,920  42,308 
Mortgage - backed securities: Commercial 361,251  340,228  55,610  54,687 
Other 5,608  5,586    — 
Total $ 4,496,711  $ 4,085,102  $ 1,253,012  $ 1,101,158 
During the three and nine months ended September 30, 2022, no available-for-sale securities were sold.
During the three months ended September 30, 2021, no available-for-sale securities were sold. There were no realized gains or losses recorded on sales for the three months ended September 30, 2021. During the nine months ended September 30, 2021, $17.9 million in available-for-sale securities were sold. The gross realized gains on the sales totaled $219,000 for the nine months ended September 30, 2021.

19

The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of September 30, 2022 and December 31, 2021.
September 30, 2022
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises $ 325,781  $ (5,292) $ 117,320  $ (17,737) $ 443,101  $ (23,029)
Residential mortgage-backed securities 881,787  (60,886) 659,272  (146,427) 1,541,059  (207,313)
Commercial mortgage-backed securities 250,331  (11,866) 74,932  (9,157) 325,263  (21,023)
State and political subdivisions 726,799  (104,506) 109,019  (28,828) 835,818  (133,334)
Other securities 388,583  (24,884) 41,184  (5,216) 429,767  (30,100)
Total $ 2,573,281  $ (207,434) $ 1,001,727  $ (207,365) $ 3,575,008  $ (414,799)
Held-to-maturity:
U.S. government-sponsored enterprises 39,858  (3,092) —  —  39,858  (3,092)
State and political subdivisions 957,918  (145,241) —  —  957,918  (145,241)
Residential mortgage-backed securities 14,973  (612) —  —  14,973  (612)
Commercial mortgage-backed securities 16,513  (923) —  —  16,513  (923)
Total $ 1,029,262  $ (149,868) $ —  $ —  $ 1,029,262  $ (149,868)
December 31, 2021
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
U.S. government-sponsored enterprises $ 120,730  $ (1,356) $ 78,124  $ (1,869) $ 198,854  $ (3,225)
Residential mortgage-backed securities 854,807  (15,246) 104,897  (3,305) 959,704  (18,551)
Commercial mortgage-backed securities 100,702  (1,251) 28,711  (717) 129,413  (1,968)
State and political subdivisions 136,135  (1,282) 18,647  (512) 154,782  (1,794)
Other securities 75,744  (1,316) 2,703  (38) 78,447  (1,354)
Total $ 1,288,118  $ (20,451) $ 233,082  $ (6,441) $ 1,521,200  $ (26,892)
The Company evaluates all securities quarterly to determine if any debt securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. The Company first assesses whether it intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet this criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

20

The Company recorded a $2.0 million provision for credit losses on the held-to-maturity investment securities during the second quarter of 2022 as a result of the investment securities acquired as part of the Happy acquisition. Of the Company's held-to-maturity securities, $1.11 billion, or 88.7% are municipal securities. To estimate the necessary loss provision, the Company utilized historical default and recovery rates of the municipal bond sector and applied these rates using a pooling method. The remainder of investments classified as held-to-maturity are U.S government-sponsored enterprises and mortgage-backed securities all of which are guaranteed by the U.S. government. Due to the inherent low risk in these U.S. government guaranteed securities, no provision for credit loss was established on this portion of the portfolio.
At September 30, 2022, the Company determined that the allowance for credit losses of $842,000, resulting from economic uncertainty, was adequate for the available-for-sale investment portfolio, and the allowance for credit losses for the held-to-maturity portfolio was considered adequate. No additional provision for credit losses was considered necessary for the portfolio.
Available-for-Sale Investment Securities
September 30, 2022 December 31, 2021
(In thousands)
Allowance for credit losses:
Beginning balance $ 842  $ 842 
Provision for credit loss —  — 
Balance, September 30
$ 842  $ 842 
Provision for credit loss — 
Balance, December 31, 2021
$ 842 
Held-to-Maturity Investment Securities
September 30, 2022 December 31, 2021
State and Political Subdivisions Other Securities State and Political Subdivisions Other Securities
Allowance for credit losses: (In thousands)
Beginning balance $ —  $ —  $ —  $ — 
Provision for credit loss - acquired securities (2,005) —  —  — 
Securities charged-off —  —  —  — 
Recoveries —  —  —  — 
Balance, September 30, 2022 $ (2,005) $ —  $ —  $ — 
For the nine months ended September 30, 2022, the Company had available-for-sale investment securities with approximately $207.4 million in unrealized losses, which have been in continuous loss positions for more than twelve months. The Company’s assessments indicated that the cause of the market depreciation was primarily due to the change in interest rates and not the issuer’s financial condition or downgrades by rating agencies. In addition, approximately 31.7% of the principal balance from the Company’s investment portfolio will mature or are expected to pay down within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity.
As of September 30, 2022, the Company's available-for-sale securities portfolio consisted of 1,659 investment securities, 1,439 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $414.8 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $23.0 million on 63 securities. The residential mortgage-backed securities portfolio contained $207.3 million of unrealized losses on 592 securities, and the commercial mortgage-backed securities portfolio contained $21.0 million of unrealized losses on 151 securities. The state and political subdivisions portfolio contained $133.3 million of unrealized losses on 533 securities. In addition, the other securities portfolio contained $30.1 million of unrealized losses on 100 securities. The unrealized losses on the Company's investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company has determined that an additional provision for credit losses is not necessary as of September 30, 2022.

21

As of September 30, 2022, the Company's held-to-maturity securities portfolio consisted of 501 investment securities, 487 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $149.9 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $3.1 million on 5 securities. The state and political subdivisions portfolio contained $145.2 million of unrealized losses on 477 securities. The residential mortgage-backed securities portfolio contained 612,000 of unrealized losses on 3 securities, and the commercial mortgage-backed securities portfolio contained 923,000 of unrealized losses on 2 securities. The unrealized losses on the Company's investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, the Company has determined that an additional provision for credit losses is not necessary as of September 30, 2022.
The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of September 30, 2022:
State and Political Subdivisions Other Securities Total
(In thousands)
Aaa/AAA $ 233,398  $ 42,950  $ 276,348 
Aa/AA 846,155  —  846,155 
A 30,381  —  30,381 
Baa/BBB —  —  — 
Not rated 1,598  —  1,598 
Agency Backed —  98,530  98,530 
Total $ 1,111,532  $ 141,480  $ 1,253,012 
Income earned on securities for the three and nine months ended September 30, 2022 and 2021, is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
(In thousands)
Taxable
Available-for-sale $ 21,873  $ 8,495  $ 45,110  $ 21,933 
Held-to-maturity 6,400  —  13,184  — 
Non-taxable
Available-for-sale 5,002  4,839  14,461  14,815 
Held-to-maturity 3,067  —  6,040  — 
Total $ 36,342  $ 13,334  $ 78,795  $ 36,748 
22

4. Loans Receivable
The various categories of loans receivable are summarized as follows:
  September 30, 2022 December 31, 2021
  (In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential $ 5,156,438  $ 3,889,284 
Construction/land development 2,232,906  1,850,050 
Agricultural 330,748  130,674 
Residential real estate loans
Residential 1-4 family 1,704,850  1,274,953 
Multifamily residential 525,110  280,837 
Total real estate 9,950,052  7,425,798 
Consumer 1,120,250  825,519 
Commercial and industrial 2,268,750  1,386,747 
Agricultural 313,693  43,920 
Other 176,566  154,105 
Total loans receivable 13,829,311  9,836,089 
Allowance for credit losses (289,203) (236,714)
Loans receivable, net $ 13,540,108  $ 9,599,375 
On April 1, 2022, the Company completed the acquisition of Happy. Including the effects of the known purchase accounting adjustments, as of the acquisition date, Happy had approximately $3.65 billion in loans.
During the three months ended September 30, 2022, the Company sold $826,524 of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $58,000. During the nine months ended September 30, 2022, the Company sold $3.6 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $153,000. During the three months ended September 30, 2021, the Company sold $3.9 million guaranteed portions of certain SBA loans, which resulted in a gain of $439,000. During the nine months ended September 30, 2021, the Company sold $15.0 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $1.6 million.
Mortgage loans held for sale of approximately $86.7 million and $72.7 million at September 30, 2022 and December 31, 2021, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. These commitments are derivative instruments and their fair values at September 30, 2022 and December 31, 2021 were not material.
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 Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for impairment. 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. The Company held approximately $146.0 million and $448,000 in PCD loans, as of September 30, 2022 and December 31, 2021, respectively. This balance, as of September 30, 2022, consisted of $145.5 million resulting from the acquisition of Happy and $422,000 from the acquisition of LH-Finance.
23

A description of our accounting policies for loans, impaired loans and non-accrual loans are set forth in our 2021 Form 10-K filed with the SEC on February 24, 2022.
5. Allowance for Credit Losses, Credit Quality and Other
The Company uses the discounted cash flow (“DCF”) method to estimate expected losses for all of the Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers.
Management qualitatively adjusts model results for risk factors ("Q-Factors") that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factors 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.
Each year management evaluates the performance of the selected models used in the CECL calculation through backtesting. Based on the results of the testing, management determines if the various models produced accurate results compared to the actual losses incurred for the current economic environment. Management then determines if changes to the input assumptions and economic factors would produce a stronger overall calculation that is more responsive to changes in economic conditions. The Company continues to use regression analysis to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default for the changes in the economic factors for the loss driver segments. Based on this analysis during the second quarter of 2022, management determined the previously selected economic factors for the various loss driver segments were appropriate and no changes were necessary. The identified loss drivers by segment are included below as of both September 30, 2022 and December 31, 2021.
Loss Driver Segment Call Report Segment(s) Modeled Economic Factors
1-4 Family Construction 1a1 National Unemployment (%) & Housing Price Index (%)
All Other Construction 1a2 National Unemployment (%) & Gross Domestic Product (%)
1-4 Family Revolving HELOC & Junior Liens 1c1 National Unemployment (%) & Housing Price Index – CoreLogic (%)
1-4 Family Revolving HELOC & Junior Liens 1c2b National Unemployment (%) & Gross Domestic Product (%)
1-4 Family Senior Liens 1c2a National Unemployment (%) & Gross Domestic Product (%)
Multifamily 1d Rental Vacancy Rate (%) & Housing Price Index – Case-Schiller (%)
Owner Occupied CRE 1e1 National Unemployment (%) & Gross Domestic Product (%)
Non-Owner Occupied CRE 1e2,1b,8 National Unemployment (%) & Gross Domestic Product (%)
Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other 4a, 3, 9a, 9b1, 9b2, 10, Other National Unemployment (%) & National Retail Sales (%)
Consumer Auto 6c National Unemployment (%) & National Retail Sales (%)
Other Consumer 6b, 6d National Unemployment (%) & National Retail Sales (%)
Other Consumer - SPF 6d National Unemployment (%)
For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.

24

The combination of adjustments for credit expectations (default and loss) and time expectations prepayment, curtailment, and time to recovery produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis.
Construction/Land Development and Other Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30 year period with balloon payments due at the end of one to five years. These loans are generally underwritten by assessing cash flow (debt service coverage), primary and secondary source of repayment, the financial strength of any guarantor, the strength of the tenant (if any), the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. Generally, we will loan up to 85% of the value of improved property, 65% of the value of raw land and 75% of the value of land to be acquired and developed. A first lien on the property and assignment of lease is required if the collateral is rental property, with second lien positions considered on a case-by-case basis.
Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to many factors including the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio.
Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one to seven years Commercial loan applications must be supported by current financial information on the borrower and, where appropriate, by adequate collateral. Commercial loans are generally underwritten by addressing cash flow (debt service coverage), primary and secondary sources of repayment, the financial strength of any guarantor, the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. The loan to value ratio depends on the type of collateral. Generally, accounts receivable are financed at between 50% and 80% of accounts receivable less than 60 days past due. Inventory financing will range between 50% and 80% (with no work in process) depending on the borrower and nature of inventory. We require a first lien position for those loans.
Consumer & Other Loans. Our consumer & other loans are primarily composed of loans to finance USCG registered high-end sail and power boats. The performance of consumer & other loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual-specific characteristics.
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 loss 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. The Company uses the DCF method to estimate expected losses for all of the Company’s off-balance sheet credit exposures through the use of the existing DCF models for the Company’s loan portfolio pools. The off-balance sheet credit exposures exhibit similar risk characteristics as loans currently in the Company’s loan portfolio.
ASC 326 requires that both a discount and an allowance for credit losses be recorded on loans during an acquisition. The Company completed the acquisition of Happy on April 1, 2022. As a result, the Company recorded $4.4 million in net loan discounts and a $16.8 million increase in the allowance for credit losses related to PCD loans. In addition, the Company recorded a $45.2 million provision for credit losses on acquired loans for the CECL "double count" and an $11.4 million provision for credit losses on acquired unfunded commitments.

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The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2022:
Three Months Ended September 30, 2022
Construction/
Land
Development
Other
Commercial
Real Estate
Residential
Real Estate
Commercial
& Industrial
Consumer
& Other
Total
(In thousands)
Allowance for credit losses:
Beginning balance $ 36,689  $ 115,195  $ 51,146  $ 68,309  $ 22,928  $ 294,267 
Loans charged off (11) —  (48) (4,536) (1,718) (6,313)
Recoveries of loans previously charged
   off
778  45  189  229  1,249 
Net loans recovered (charged off)
(3) 778  (3) (4,347) (1,489) (5,064)
Provision for credit losses (1,999) (23,560) (1,322) 25,459  1,422  — 
Balance, September 30
$ 34,687  $ 92,413  $ 49,821  $ 89,421  $ 22,861  $ 289,203 
Nine Months Ended September 30, 2022
Construction/
Land
Development
Other
Commercial
Real Estate
Residential
Real Estate
Commercial
& Industrial
Consumer
& Other
Total
(In thousands)
Allowance for credit losses:
Beginning balance $ 28,415  $ 87,218  $ 48,458  $ 53,062  $ 19,561  $ 236,714 
Allowance for credit losses on PCD
   loans - Happy acquisition
950