All Operating Metrics Up and Expenses Down, Great Start at HOMB

来源: Nasdaq GlobeNewswire / 18 4月 2024 07:15:01 America/Chicago

CONWAY, Ark., April 18, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights

Metric	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Net income	$100.1 million	$86.2 million	$98.5 million	$105.3 million	$103.0 million
Net income, as adjusted (non-GAAP)⁽¹⁾	$99.2 million	$92.2 million	$94.7 million	$102.6 million	$108.9 million
Total revenue (net)	$246.4 million	$245.6 million	$245.4 million	$257.2 million	$248.8 million
Income before income taxes	$130.4 million	$112.8 million	$129.3 million	$136.9 million	$132.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$134.9 million	$118.4 million	$130.6 million	$140.9 million	$134.1 million
PPNR, as adjusted (non-GAAP)⁽¹⁾	$133.7 million	$126.4 million	$125.7 million	$137.3 million	$142.1 million
Pre-tax net income to total revenue (net)	52.92%	45.92%	52.70%	53.23%	53.43%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾	52.45%	49.16%	50.72%	51.85%	56.63%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	54.75%	48.22%	53.23%	54.78%	53.91%
P5_NR, as adjusted (non-GAAP)⁽¹⁾	54.28%	51.46%	51.25%	53.40%	57.11%
ROA	1.78%	1.55%	1.78%	1.90%	1.84%
ROA, as adjusted (non-GAAP)⁽¹⁾	1.76%	1.66%	1.72%	1.85%	1.95%
NIM	4.13%	4.17%	4.19%	4.28%	4.37%
Purchase accounting accretion	$2.8 million	$2.3 million	$2.4 million	$2.7 million	$3.2 million
ROE	10.64%	9.36%	10.65%	11.63%	11.70%
ROE, as adjusted (non-GAAP)⁽¹⁾	10.54%	10.00%	10.25%	11.33%	12.38%
ROTCE (non-GAAP)⁽¹⁾	17.22%	15.49%	17.62%	19.39%	19.75%
ROTCE, as adjusted (non-GAAP)⁽¹⁾	17.07%	16.56%	16.95%	18.90%	20.90%
Diluted earnings per share	$0.50	$0.43	$0.49	$0.52	$0.51
Diluted earnings per share, as adjusted (non-GAAP)⁽¹⁾	$0.49	$0.46	$0.47	$0.51	$0.54
Non-performing assets to total assets	0.48%	0.42%	0.42%	0.28%	0.33%
Common equity tier 1 capital	14.3%	14.2%	14.0%	13.6%	13.2%
Leverage	12.3%	12.4%	12.4%	11.9%	11.4%
Tier 1 capital	14.3%	14.2%	14.0%	13.6%	13.2%
Total risk-based capital	17.9%	17.8%	17.6%	17.3%	16.8%
Allowance for credit losses to total loans	2.00%	2.00%	2.00%	2.01%	2.00%
Book value per share	$18.98	$18.81	$18.06	$18.04	$17.87
Tangible book value per share (non-GAAP)⁽¹⁾	11.79	11.63	10.90	10.87	10.71

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

“I’m always looking for improvement, but if the next three quarters show positive trends such as this quarter did, I think HOMB is poised for a great year. The period for January to March resulted in increases in net interest income, revenue, EPS, margin (when adjusting for excess liquidity), loans and deposits along with strong liquidity while lowering our efficiency ratio. In addition, we reduced non-interest expense by $3 million, quarter over quarter. Any questions?” said John Allison, Chairman and CEO of HOMB.

Liquidity and Funding Sources

At March 31, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.58 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $924.1 million in cash with the Federal Reserve Bank (FRB) and $160.7 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.11 billion in net available external liquidity as of March 31, 2024. This included $4.75 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.84 billion has been drawn upon in the ordinary course of business, resulting in $2.91 billion in net available liquidity with the FHLB as of March 31, 2024. The $1.84 billion consisted of $600.0 million in outstanding FHLB advances and $1.24 billion used for pledging purposes. The Company also had access to approximately $798.3 million in liquidity with the FRB as of March 31, 2024, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $98.3 million in net available liquidity with the FRB as of March 31, 2024. As of March 31, 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 $5.77 billion in net available liquidity as of March 31, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.11 billion in net available external liquidity. Details on the Company’s available liquidity as of March 31, 2024 is available below.

(In thousands)	Total Available		Amount Used		Net Availability
Internal Sources
Unpledged investment securities (market value)	$	1,581,821	$	—	$	1,581,821
Cash at FRB		924,148		—		924,148
Other liquid cash accounts		160,738		—		160,738
Total Internal Liquidity		2,666,707		—		2,666,707
External Sources
FHLB		4,746,613		1,837,367		2,909,246
FRB Discount Window		98,307		—		98,307
BTFP (par value)		700,000		700,000		—
FNBB		55,000		—		55,000
Other		45,000		—		45,000
Total External Liquidity		5,644,920		2,537,367		3,107,553
Total Available Liquidity	$	8,311,627	$	2,537,367	$	5,774,260

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 March 31, 2024, the Company held approximately $8.42 billion in uninsured deposits of which $602.4 million were intercompany subsidiary deposit balances and $3.03 billion were collateralized deposits, for a net position of $4.79 billion. This represents approximately 28.4% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $987.0 million.

(in thousands)	As of March 31, 2024
Uninsured Deposits	$	8,415,764
Intercompany Subsidiary and Affiliate Balances		602,351
Collateralized Deposits		3,026,129
Net Uninsured Position	$	4,787,284

Total Available Liquidity	$	5,774,260
Net Uninsured Position		4,787,284
Net Available Liquidity in Excess of Uninsured Deposits	$	986,976

In the event the Company’s $4.79 billion net position of uninsured deposits had been called by depositors on the first day of the first 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 $71.7 million for the quarter ended March 31, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, because of the high profitability levels of HOMB, the Company estimates that it would still have achieved return on average assets (ROA) of 1.27% for the quarter ended March 31, 2024.

Operating Highlights

Net income for the three-month period ended March 31, 2024 was $100.1 million, or $0.50 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.2 million⁽¹⁾ and $0.49 per share⁽¹⁾, respectively, for the three months ended March 31, 2024.

Our net interest margin was 4.13% for the three-month period ended March 31, 2024, compared to 4.17% for the three-month period ended December 31, 2023. During the first quarter of 2024, the Company held excess liquidity of approximately $500.0 million which was dilutive to the net interest margin by 10 basis points. The yield on loans was 7.37% and 7.20% for the three months ended March 31, 2024 and December 31, 2023, respectively, as average loans increased from $14.34 billion to $14.49 billion. Additionally, the rate on interest bearing deposits increased to 2.93% as of March 31, 2024, from 2.80% as of December 31, 2023, while average interest-bearing deposits increased from $12.48 billion to $12.72 billion.

During the first quarter of 2024, there was $1.1 million of event interest income compared to $120,000 of event interest expense for the fourth quarter of 2023.

Purchase accounting accretion on acquired loans was $2.8 million and $2.3 million and average purchase accounting loan discounts were $24.8 million and $27.4 million for the three-month periods ended March 31, 2024 and December 31, 2023, respectively.

Net interest income on a fully taxable equivalent basis was $205.5 million for the three-month period ended March 31, 2024, and $203.9 million for the three-month period ended December 31, 2023. This increase in net interest income for the three-month period ended March 31, 2024, was the result of a $10.5 million increase in interest income, partially offset by an $8.9 million increase in interest expense. The $10.5 million increase in interest income was primarily the result of a $6.2 million increase in income from interest-bearing balances due from banks and a $5.3 million increase in loan interest income, partially offset by a $1.0 million decrease in investment income. The increase in interest income is a result of the current high interest rate environment. The $8.9 million increase in interest expense was due to a $4.6 million increase in interest expense on deposits and a $4.4 million increase in interest expense on FHLB and other borrowed funds. The increase in interest expense is also a result of the current high interest rate environment.

The Company reported $41.8 million of non-interest income for the first quarter of 2024. The most important components of first quarter non-interest income were $10.2 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $7.4 million from other income, $5.1 million from trust fees, $3.6 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $1.2 million from the increase in cash value of life insurance and $1.0 million from the fair value adjustment for marketable securities.

Non-interest expense for the first quarter of 2024 was $111.5 million. The most important components of non-interest expense were $60.9 million from salaries and employee benefits, $26.9 million in other operating expense, $14.6 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the first quarter of 2024, our efficiency ratio was 44.22%, and our efficiency ratio, as adjusted (non-GAAP), was 44.43%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.51 billion at March 31, 2024, compared to $14.42 billion at December 31, 2023. Total deposits were $16.87 billion at March 31, 2024, compared to $16.79 billion at December 31, 2023. Total assets were $22.84 billion at March 31, 2024, compared to $22.66 billion at December 31, 2023.

During the first quarter of 2024, the Company experienced approximately $88.9 million in loan growth. Centennial CFG experienced $81.5 million of organic loan growth and had loans of $2.03 billion at March 31, 2024. Our remaining markets experienced $7.4 million in organic loan growth during the quarter.

Non-performing loans to total loans was 0.55% and 0.44% at March 31, 2024 and December 31, 2023, respectively. Non-performing assets to total assets were 0.48% and 0.42% at March 31, 2024 and December 31, 2023, respectively. Net charge-offs were $3.4 million and $3.0 million for the three months ended March 31, 2024 and December 31, 2023, respectively.

Non-performing loans at March 31, 2024 were $17.5 million, $10.6 million, $44.7 million, $408,000, $3.9 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $80.0 million. Non-performing assets at March 31, 2024 were $17.9 million, $17.9 million, $45.0 million, $408,000, $3.9 million and $25.5 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $110.7 million.

The Company’s allowance for credit losses on loans was $290.3 million at March 31, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $288.2 million, or 2.00% of total loans, at December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company’s allowance for credit losses on loans was 362.94% and 449.66% of its total non-performing loans, respectively.

Stockholders’ equity was $3.81 billion at March 31, 2024, compared to $3.79 billion at December 31, 2023, an increase of approximately $20.3 million. The increase in stockholders’ equity is primarily associated with the $63.9 million increase in retained earnings, partially offset by the $24.0 million in stock repurchases and $22.4 million reduction in accumulated other comprehensive income. Book value per common share was $18.98 at March 31, 2024, compared to $18.81 at December 31, 2023. Tangible book value per common share (non-GAAP) was $11.79⁽¹⁾ at March 31, 2024, compared to $11.63⁽¹⁾ at December 31, 2023.

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, April 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/645372014. 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=b0ede7ae&confId=62290. 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: 421224. A replay of the call will be available by calling 1-866-813-9403, Passcode: 724868, which will be available until April 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; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic or other public health crises, including the impact on, among other things, credit quality and liquidity; 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; 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)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
ASSETS

Cash and due from banks	$	205,262		$	226,363		$	229,474		$	275,656		$	250,841
Interest-bearing deposits with other banks		969,996			773,850			258,605			335,535			437,213
Cash and cash equivalents		1,175,258			1,000,213			488,079			611,191			688,054
Federal funds sold		5,200			5,100			3,925			1,550			—
Investment securities - available-for-sale, net of allowance for credit losses		3,400,884			3,507,841			3,472,173			3,645,013			3,772,138
Investment securities - held-to-maturity, net of allowance for credit losses		1,280,586			1,281,982			1,283,475			1,285,150			1,286,373
Total investment securities		4,681,470			4,789,823			4,755,648			4,930,163			5,058,511
Loans receivable		14,513,673			14,424,728			14,271,833			14,180,972			14,386,634
Allowance for credit losses		(290,294	)		(288,234	)		(285,562	)		(285,683	)		(287,169	)
Loans receivable, net		14,223,379			14,136,494			13,986,271			13,895,289			14,099,465
Bank premises and equipment, net		389,618			393,300			397,093			397,315			402,094
Foreclosed assets held for sale		30,650			30,486			691			725			425
Cash value of life insurance		215,424			214,516			213,351			213,090			214,792
Accrued interest receivable		119,029			118,966			110,946			101,066			102,740
Deferred tax asset, net		202,882			197,164			222,741			206,430			193,334
Goodwill		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit intangible		46,630			48,770			51,023			53,500			55,978
Other assets		347,928			323,573			322,617			317,857			304,609
Total assets	$	22,835,721		$	22,656,658		$	21,950,638		$	22,126,429		$	22,518,255

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Deposits:
Demand and non-interest-bearing	$	4,115,603		$	4,085,501		$	4,280,429		$	4,598,593		$	4,945,729
Savings and interest-bearing transaction accounts		11,047,258			11,050,347			10,786,087			11,169,940			11,392,566
Time deposits		1,703,269			1,651,863			1,452,229			1,228,358			1,107,171
Total deposits		16,866,130			16,787,711			16,518,745			16,996,891			17,445,466
Securities sold under agreements to repurchase		176,107			142,085			160,120			160,349			138,742
FHLB and other borrowed funds		1,301,050			1,301,300			1,001,550			701,550			650,000
Accrued interest payable and other liabilities		241,345			194,653			175,367			173,426			212,887
Subordinated debentures		439,688			439,834			439,982			440,129			440,275
Total liabilities		19,024,320			18,865,583			18,295,764			18,472,345			18,887,370

Stockholders' equity
Common stock		2,008			2,015			2,023			2,026			2,032
Capital surplus		2,326,824			2,348,023			2,363,210			2,366,560			2,375,754
Retained earnings		1,753,994			1,690,112			1,640,171			1,578,176			1,509,400
Accumulated other comprehensive loss		(271,425	)		(249,075	)		(350,530	)		(292,678	)		(256,301	)
Total stockholders' equity		3,811,401			3,791,075			3,654,874			3,654,084			3,630,885
Total liabilities and stockholders' equity	$	22,835,721		$	22,656,658		$	21,950,638		$	22,126,429		$	22,518,255

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

	Quarter Ended													Three Months Ended
(In thousands)	Mar. 31, 2024			Dec. 31, 2023		Sep. 30, 2023			Jun. 30, 2023		Mar. 31, 2023			Mar. 31, 2024			Mar. 31, 2023
Interest income:
Loans	$	265,294		$	260,003	$	249,464		$	243,152	$	236,997		$	265,294		$	236,997
Investment securities
Taxable		33,229			34,016		34,520			34,751		35,288			33,229			35,288
Tax-exempt		7,803			7,855		7,868			7,932		7,963			7,803			7,963
Deposits - other banks		10,528			4,281		2,328			3,729		4,685			10,528			4,685
Federal funds sold		61			65		82			68		6			61			6
Total interest income		316,915			306,220		294,262			289,632		284,939			316,915			284,939
Interest expense:
Interest on deposits		92,548			87,971		78,698			70,147		59,162			92,548			59,162
Federal funds purchased		—			—		1			2		—			—			—
FHLB and other borrowed funds		14,276			9,878		8,161			6,596		6,190			14,276			6,190
Securities sold under agreements to repurchase		1,404			1,480		1,344			1,121		868			1,404			868
Subordinated debentures		4,097			4,121		4,121			4,123		4,124			4,097			4,124
Total interest expense		112,325			103,450		92,325			81,989		70,344			112,325			70,344
Net interest income		204,590			202,770		201,937			207,643		214,595			204,590			214,595
Provision for credit losses on loans		5,500			5,650		2,800			2,300		1,200			5,500			1,200
Recovery of credit losses on unfunded commitments		(1,000	)		—		(1,500	)		—		—			(1,000	)		—
Provision for credit losses on investment securities		—			—		—			1,683		—			—			—
Total credit loss expense		4,500			5,650		1,300			3,983		1,200			4,500			1,200
Net interest income after credit loss expense		200,090			197,120		200,637			203,660		213,395			200,090			213,395
Non-interest income:
Service charges on deposit accounts		9,686			10,072		10,062			9,231		9,842			9,686			9,842
Other service charges and fees		10,189			10,422		10,128			11,763		11,875			10,189			11,875
Trust fees		5,066			4,316		4,660			4,052		4,864			5,066			4,864
Mortgage lending income		3,558			2,385		3,132			2,650		2,571			3,558			2,571
Insurance commissions		508			480		562			518		526			508			526
Increase in cash value of life insurance		1,195			1,170		1,170			1,211		1,104			1,195			1,104
Dividends from FHLB, FRB, FNBB & other		3,007			3,010		2,916			2,922		2,794			3,007			2,794
Gain on SBA loans		198			42		97			—		139			198			139
(Loss) gain on branches, equipment and other assets, net		(8	)		583		—			917		7			(8	)		7
Gain on OREO, net		17			13		—			319		—			17			—
Fair value adjustment for marketable securities		1,003			5,024		4,507			783		(11,408	)		1,003			(11,408	)
Other income		7,380			5,331		6,179			15,143		11,850			7,380			11,850
Total non-interest income		41,799			42,848		43,413			49,509		34,164			41,799			34,164
Non-interest expense:
Salaries and employee benefits		60,910			63,430		64,512			64,534		64,490			60,910			64,490
Occupancy and equipment		14,551			14,965		15,463			14,923		14,952			14,551			14,952
Data processing expense		9,147			9,107		9,103			9,151		8,968			9,147			8,968
Other operating expenses		26,888			39,673		25,684			27,674		26,234			26,888			26,234
Total non-interest expense		111,496			127,175		114,762			116,282		114,644			111,496			114,644
Income before income taxes		130,393			112,793		129,288			136,887		132,915			130,393			132,915
Income tax expense		30,284			26,550		30,835			31,616		29,953			30,284			29,953
Net income	$	100,109		$	86,243	$	98,453		$	105,271	$	102,962		$	100,109		$	102,962

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Mar. 31, 2024			Mar. 31, 2023

PER SHARE DATA

Diluted earnings per common share	$	0.50		$	0.43		$	0.49		$	0.52		$	0.51		$	0.50		$	0.51
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.49			0.46			0.47			0.51			0.54			0.49			0.54
Basic earnings per common share		0.50			0.43			0.49			0.52			0.51			0.50			0.51
Dividends per share - common		0.18			0.18			0.18			0.18			0.18			0.18			0.18
Book value per common share		18.98			18.81			18.06			18.04			17.87			18.98			17.87
Tangible book value per common share (non-GAAP)⁽¹⁾		11.79			11.63			10.90			10.87			10.71			11.79			10.71

STOCK INFORMATION
Average common shares outstanding		201,210			201,756			202,526			202,793			203,456			201,210			203,456
Average diluted shares outstanding		201,390			201,891			202,650			202,923			203,625			201,390			203,625
End of period common shares outstanding		200,797			201,526			202,323			202,573			203,168			200,797			203,168

ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)		1.78	%		1.55	%		1.78	%		1.90	%		1.84	%		1.78	%		1.84	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		1.76	%		1.66	%		1.72	%		1.85	%		1.95	%		1.76	%		1.95	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		1.93	%		1.69	%		1.95	%		2.07	%		2.00	%		1.93	%		2.00	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		1.91	%		1.81	%		1.87	%		2.02	%		2.12	%		1.91	%		2.12	%
Return on average common equity (ROE)		10.64	%		9.36	%		10.65	%		11.63	%		11.70	%		10.64	%		11.70	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		10.54	%		10.00	%		10.25	%		11.33	%		12.38	%		10.54	%		12.38	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		17.22	%		15.49	%		17.62	%		19.39	%		19.75	%		17.22	%		19.75	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		17.07	%		16.56	%		16.95	%		18.90	%		20.90	%		17.07	%		20.90	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		17.50	%		15.80	%		17.95	%		19.74	%		20.11	%		17.50	%		20.11	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		17.34	%		16.87	%		17.29	%		19.24	%		21.26	%		17.34	%		21.26	%

(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															Three Months Ended
(Dollars in thousands)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Mar. 31, 2024			Mar. 31, 2023

Efficiency ratio		44.22	%		50.64	%		45.53	%		44.00	%		44.80	%		44.22	%		44.80	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		44.43	%		46.43	%		46.44	%		44.83	%		43.42	%		44.43	%		43.42	%
Net interest margin - FTE (NIM)		4.13	%		4.17	%		4.19	%		4.28	%		4.37	%		4.13	%		4.37	%
Fully taxable equivalent adjustment	$	892		$	1,091		$	1,293		$	1,494		$	1,628		$	892		$	1,628
Total revenue (net)		246,389			245,618			245,350			257,152			248,759			246,389			248,759
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		134,893			118,443			130,588			140,870			134,115			134,893			134,115
PPNR, as adjusted (non-GAAP)⁽¹⁾		133,728			126,402			125,743			137,308			142,062			133,728			142,062
Pre-tax net income to total revenue (net)		52.92	%		45.92	%		52.70	%		53.23	%		53.43	%		52.92	%		53.43	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		52.45	%		49.16	%		50.72	%		51.85	%		56.63	%		52.45	%		56.63	%
P5_NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		54.75	%		48.22	%		53.23	%		54.78	%		53.91	%		54.75	%		53.91	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		54.28	%		51.46	%		51.25	%		53.40	%		57.11	%		54.28	%		57.11	%
Total purchase accounting accretion	$	2,772		$	2,324		$	2,431		$	2,660		$	3,172		$	2,772		$	3,172
Average purchase accounting loan discounts		24,820			27,397			29,915			32,546			35,482			24,820			35,482


OTHER OPERATING EXPENSES

Advertising	$	1,654		$	2,226		$	2,295		$	2,098		$	2,231		$	1,654		$	2,231
Amortization of intangibles		2,140			2,253			2,477			2,478			2,477			2,140			2,477
Electronic banking expense		3,156			3,599			3,709			3,675			3,330			3,156			3,330
Directors' fees		498			399			417			538			460			498			460
Due from bank service charges		276			274			282			286			273			276			273
FDIC and state assessment		3,318			16,016			2,794			3,220			3,500			3,318			3,500
Insurance		903			873			878			927			889			903			889
Legal and accounting		2,081			1,192			1,514			1,436			1,088			2,081			1,088
Other professional fees		2,236			1,640			2,117			2,774			2,284			2,236			2,284
Operating supplies		683			777			860			763			738			683			738
Postage		523			503			491			586			501			523			501
Telephone		470			515			544			573			528			470			528
Other expense		8,950			9,406			7,306			8,320			7,935			8,950			7,935

Total other operating expenses	$	26,888		$	39,673		$	25,684		$	27,674		$	26,234		$	26,888		$	26,234

(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)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
BALANCE SHEET RATIOS
Total loans to total deposits		86.05	%		85.92	%		86.40	%		83.43	%		82.47	%
Common equity to assets		16.69	%		16.73	%		16.65	%		16.51	%		16.12	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		11.06	%		11.05	%		10.76	%		10.65	%		10.33	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,616,965		$	5,549,954		$	5,614,259		$	5,480,738		$	5,524,125
Construction/land development		2,330,555			2,293,047			2,154,030			2,201,514			2,160,514
Agricultural		337,618			325,156			336,160			340,067			342,814
Residential real estate loans
Residential 1-4 family		1,899,974			1,844,260			1,808,248			1,790,218			1,748,231
Multifamily residential		415,926			435,736			444,239			455,754			637,633
Total real estate		10,601,038			10,448,153			10,356,936			10,268,291			10,413,317
Consumer		1,163,228			1,153,690			1,153,461			1,156,273			1,173,325
Commercial and industrial		2,284,775			2,324,991			2,195,678			2,288,646			2,368,428
Agricultural		278,609			307,327			332,608			297,743			250,851
Other		186,023			190,567			233,150			170,019			180,713
Loans receivable	$	14,513,673		$	14,424,728		$	14,271,833		$	14,180,972		$	14,386,634
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	288,234		$	285,562		$	285,683		$	287,169		$	289,669
Loans charged off		3,978			3,592			3,449			4,726			4,288
Recoveries of loans previously charged off		538			614			528			940			588
Net loans charged off		3,440			2,978			2,921			3,786			3,700
Provision for credit losses - loans		5,500			5,650			2,800			2,300			1,200
Balance, end of period	$	290,294		$	288,234		$	285,562		$	285,683		$	287,169
Net charge-offs to average total loans		0.10	%		0.08	%		0.08	%		0.11	%		0.10	%
Allowance for credit losses to total loans		2.00	%		2.00	%		2.00	%		2.01	%		2.00	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	67,055		$	59,971		$	84,184		$	49,627		$	65,401
Loans past due 90 days or more		12,928			4,130			6,674			10,869			8,567
Total non-performing loans		79,983			64,101			90,858			60,496			73,968
Other non-performing assets
Foreclosed assets held for sale, net		30,650			30,486			691			725			425
Other non-performing assets		63			785			64			64			74
Total other non-performing assets		30,713			31,271			755			789			499
Total non-performing assets	$	110,696		$	95,372		$	91,613		$	61,285		$	74,467
Allowance for credit losses for loans to non-performing loans		362.94	%		449.66	%		314.29	%		472.23	%		388.23	%
Non-performing loans to total loans		0.55	%		0.44	%		0.64	%		0.43	%		0.51	%
Non-performing assets to total assets		0.48	%		0.42	%		0.42	%		0.28	%		0.33	%

(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
	March 31, 2024							December 31, 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	$	801,456	$	10,528		5.28	%	$	337,821	$	4,281		5.03	%
Federal funds sold		5,012		61		4.90	%		4,716		65		5.47	%
Investment securities - taxable		3,473,511		33,229		3.85	%		3,444,715		34,016		3.92	%
Investment securities - non-taxable - FTE		1,257,861		8,642		2.76	%		1,263,567		8,880		2.79	%
Loans receivable - FTE		14,487,494		265,347		7.37	%		14,336,613		260,069		7.20	%
Total interest-earning assets		20,025,334		317,807		6.38	%		19,387,432		307,311		6.29	%
Non-earning assets		2,657,925							2,669,008
Total assets	$	22,683,259						$	22,056,440

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,038,910	$	75,597		2.75	%	$	10,912,668	$	73,026		2.65	%
Time deposits		1,685,193		16,951		4.05	%		1,564,682		14,945		3.79	%
Total interest-bearing deposits		12,724,103		92,548		2.93	%		12,477,350		87,971		2.80	%
Securities sold under agreement to repurchase		172,024		1,404		3.28	%		162,102		1,480		3.62	%
FHLB borrowed funds		1,301,091		14,276		4.41	%		905,689		9,878		4.33	%
Subordinated debentures		439,760		4,097		3.75	%		439,906		4,121		3.72	%
Total interest-bearing liabilities		14,636,978		112,325		3.09	%		13,985,047		103,450		2.93	%
Non-interest bearing liabilities
Non-interest bearing deposits		4,017,659							4,212,665
Other liabilities		244,970							202,008
Total liabilities		18,899,607							18,399,720
Shareholders' equity		3,783,652							3,656,720
Total liabilities and shareholders' equity	$	22,683,259						$	22,056,440
Net interest spread						3.29	%						3.36	%
Net interest income and margin - FTE			$	205,482		4.13	%			$	203,861		4.17	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2024							March 31, 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	$	801,456	$	10,528		5.28	%	$	426,051	$	4,685		4.46	%
Federal funds sold		5,012		61		4.90	%		474		6		5.13	%
Investment securities - taxable		3,473,511		33,229		3.85	%		3,867,737		35,288		3.70	%
Investment securities - non-taxable - FTE		1,257,861		8,642		2.76	%		1,289,564		9,482		2.98	%
Loans receivable - FTE		14,487,494		265,347		7.37	%		14,474,072		237,106		6.64	%
Total interest-earning assets		20,025,334		317,807		6.38	%		20,057,898		286,567		5.79	%
Non-earning assets		2,657,925							2,637,957
Total assets	$	22,683,259						$	22,695,855

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,038,910	$	75,597		2.75	%	$	11,579,329	$	54,857		1.92	%
Time deposits		1,685,193		16,951		4.05	%		1,072,094		4,305		1.63	%
Total interest-bearing deposits		12,724,103		92,548		2.93	%		12,651,423		59,162		1.90	%
Securities sold under agreement to repurchase		172,024		1,404		3.28	%		134,934		868		2.61	%
FHLB borrowed funds		1,301,091		14,276		4.41	%		651,111		6,190		3.86	%
Subordinated debentures		439,760		4,097		3.75	%		440,346		4,124		3.80	%
Total interest-bearing liabilities		14,636,978		112,325		3.09	%		13,877,814		70,344		2.06	%
Non-interest bearing liabilities
Non-interest bearing deposits		4,017,659							5,043,219
Other liabilities		244,970							205,230
Total liabilities		18,899,607							19,126,263
Shareholders' equity		3,783,652							3,569,592
Total liabilities and shareholders' equity	$	22,683,259						$	22,695,855
Net interest spread						3.29	%						3.73	%
Net interest income and margin - FTE			$	205,482		4.13	%			$	216,223		4.37	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Mar. 31, 2024			Mar. 31, 2023
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	100,109		$	86,243		$	98,453		$	105,271		$	102,962		$	100,109		$	102,962
Pre-tax adjustments
FDIC special assessment		—			12,983			—			—			—			—			—
BOLI death benefits		(162	)		—			(338	)		(2,779	)		—			(162	)		—
Fair value adjustment for marketable securities		(1,003	)		(5,024	)		(4,507	)		(783	)		11,408			(1,003	)		11,408
Recoveries on historic losses		—			—			—			—			(3,461	)		—			(3,461	)
Total pre-tax adjustments		(1,165	)		7,959			(4,845	)		(3,562	)		7,947			(1,165	)		7,947
Tax-effect of adjustments		(251	)		1,989			(1,112	)		(879	)		1,961			(251	)		1,961
Total adjustments after-tax (B)		(914	)		5,970			(3,733	)		(2,683	)		5,986			(914	)		5,986
Earnings, as adjusted (C)	$	99,195		$	92,213		$	94,720		$	102,588		$	108,948		$	99,195		$	108,948

Average diluted shares outstanding (D)		201,390			201,891			202,650			202,923			203,625			201,390			203,625

GAAP diluted earnings per share: (A/D)	$	0.50		$	0.43		$	0.49		$	0.52		$	0.51		$	0.50		$	0.51
Adjustments after-tax: (B/D)		(0.01	)		0.03			(0.02	)		(0.01	)		0.03			(0.01	)		0.03
Diluted earnings per common share, as adjusted: (C/D)	$	0.49		$	0.46		$	0.47		$	0.51		$	0.54		$	0.49		$	0.54

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		1.78	%		1.55	%		1.78	%		1.90	%		1.84	%		1.78	%		1.84	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		1.76	%		1.66	%		1.72	%		1.85	%		1.95	%		1.76	%		1.95	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		1.93	%		1.69	%		1.95	%		2.07	%		2.00	%		1.93	%		2.00	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		1.91	%		1.81	%		1.87	%		2.02	%		2.12	%		1.91	%		2.12	%

GAAP net income available to common shareholders (A)	$	100,109		$	86,243		$	98,453		$	105,271		$	102,962		$	100,109		$	102,962
Amortization of intangibles (B)		2,140			2,253			2,477			2,478			2,477			2,140			2,477
Amortization of intangibles after-tax (C)		1,605			1,690			1,866			1,866			1,866			1,605			1,866
Adjustments after-tax (D)		(914	)		5,970			(3,733	)		(2,683	)		5,986			(914	)		5,986
Average assets (E)		22,683,259			22,056,440			21,902,434			22,227,404			22,695,855			22,683,259			22,695,855
Average goodwill & core deposit intangible (F)		1,445,902			1,448,061			1,450,478			1,452,951			1,455,423			1,445,902			1,455,423

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Mar. 31, 2024			Mar. 31, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		10.64	%		9.36	%		10.65	%		11.63	%		11.70	%		10.64	%		11.70	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		10.54	%		10.00	%		10.25	%		11.33	%		12.38	%		10.54	%		12.38	%
Return on average tangible common equity: (A/(D-E))		17.22	%		15.49	%		17.62	%		19.39	%		19.75	%		17.22	%		19.75	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		17.07	%		16.56	%		16.95	%		18.90	%		20.90	%		17.07	%		20.90	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		17.50	%		15.80	%		17.95	%		19.74	%		20.11	%		17.50	%		20.11	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		17.34	%		16.87	%		17.29	%		19.24	%		21.26	%		17.34	%		21.26	%

GAAP net income available to common shareholders (A)	$	100,109		$	86,243		$	98,453		$	105,271		$	102,962		$	100,109		$	102,962
Earnings excluding intangible amortization (B)		101,714			87,933			100,319			107,137			104,828			101,714			104,828
Adjustments after-tax (C)		(914	)		5,970			(3,733	)		(2,683	)		5,986			(914	)		5,986
Average common equity (D)		3,783,652			3,656,720			3,667,339			3,630,194			3,569,592			3,783,652			3,569,592
Average goodwill & core deposits intangible (E)		1,445,902			1,448,061			1,450,478			1,452,951			1,455,423			1,445,902			1,455,423

EFFICIENCY RATIO & P5NR

Efficiency ratio: ((D-G)/(B+C+E))		44.22	%		50.64	%		45.53	%		44.00	%		44.80	%		44.22	%		44.80	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))		44.43	%		46.43	%		46.44	%		44.83	%		43.42	%		44.43	%		43.42	%
Pre-tax net income to total revenue (net) (A/(B+C))		52.92	%		45.92	%		52.70	%		53.23	%		53.43	%		52.92	%		53.43	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		52.45	%		49.16	%		50.72	%		51.85	%		56.63	%		52.45	%		56.63	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	134,893		$	118,443		$	130,588		$	140,870		$	134,115		$	134,893		$	134,115
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	$	133,728		$	126,402		$	125,743		$	137,308		$	142,062		$	133,728		$	142,062
P5_NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net) (B+C-D)/(B+C)		54.75	%		48.22	%		53.23	%		54.78	%		53.91	%		54.75	%		53.91	%
P5_NR, as adjusted (B+C-D+F)/(B+C)		54.28	%		51.46	%		51.25	%		53.40	%		57.11	%		54.28	%		57.11	%

Pre-tax net income (A)	$	130,393		$	112,793		$	129,288		$	136,887		$	132,915		$	130,393		$	132,915
Net interest income (B)		204,590			202,770			201,937			207,643			214,595			204,590			214,595
Non-interest income (C)		41,799			42,848			43,413			49,509			34,164			41,799			34,164
Non-interest expense (D)		111,496			127,175			114,762			116,282			114,644			111,496			114,644
Fully taxable equivalent adjustment (E)		892			1,091			1,293			1,494			1,628			892			1,628
Total pre-tax adjustments (F)		(1,165	)		7,959			(4,845	)		(3,562	)		7,947			(1,165	)		7,947
Amortization of intangibles (G)		2,140			2,253			2,477			2,478			2,477			2,140			2,477

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	1,003		$	5,024		$	4,507		$	783		$	(11,408	)	$	1,003		$	(11,408	)
Gain on OREO		17			13			—			319			—			17			—
(Loss) gain on branches, equipment and other assets, net		(8	)		583			—			917			7			(8	)		7
BOLI death benefits		162			—			338			2,779			—			162			—
Recoveries on historic losses		—			—			—			—			3,461			—			3,461
Total non-interest income adjustments (H)	$	1,174		$	5,620		$	4,845		$	4,798		$	(7,940	)	$	1,174		$	(7,940	)

Non-interest expense:
FDIC special assessment		—			12,983			—			—			—			—			—
Total non-interest expense adjustments (I)	$	—		$	12,983		$	—		$	—		$	—		$	—		$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023

TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	18.98		$	18.81		$	18.06		$	18.04		$	17.87
Tangible book value per common share: ((A-C-D)/B)		11.79			11.63			10.90			10.87			10.71

Total stockholders' equity (A)	$	3,811,401		$	3,791,075		$	3,654,874		$	3,654,084		$	3,630,885
End of period common shares outstanding (B)		200,797			201,526			202,323			202,573			203,168
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		46,630			48,770			51,023			53,500			55,978

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		16.69	%		16.73	%		16.65	%		16.51	%		16.12	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		11.06	%		11.05	%		10.76	%		10.65	%		10.33	%

Total assets (A)	$	22,835,721		$	22,656,658		$	21,950,638		$	22,126,429		$	22,518,255
Total stockholders' equity (B)		3,811,401			3,791,075			3,654,874			3,654,084			3,630,885
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		46,630			48,770			51,023			53,500			55,978

All Operating Metrics Up and Expenses Down, Great Start at HOMB

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