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

来源: Nasdaq GlobeNewswire / 17 7月 2024 17:15:01 America/New_York

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

Quarterly Highlights

Metric	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Net income	$101.5 million	$100.1 million	$86.2 million	$98.5 million	$105.3 million
Net income, as adjusted (non-GAAP)⁽¹⁾	$103.9 million	$99.2 million	$92.2 million	$94.7 million	$102.6 million
Total revenue (net)	$254.6 million	$246.4 million	$245.6 million	$245.4 million	$257.2 million
Income before income taxes	$133.4 million	$130.4 million	$112.8 million	$129.3 million	$136.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$141.4 million	$134.9 million	$118.4 million	$130.6 million	$140.9 million
PPNR, as adjusted (non-GAAP)⁽¹⁾	$141.9 million	$133.7 million	$126.4 million	$125.7 million	$137.3 million
Pre-tax net income to total revenue (net)	52.40%	52.92%	45.92%	52.70%	53.23%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾	52.59%	52.45%	49.16%	50.72%	51.85%
P5_NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	55.54%	54.75%	48.22%	53.23%	54.78%
P5_NR, as adjusted (non-GAAP)⁽¹⁾	55.73%	54.28%	51.46%	51.25%	53.40%
ROA	1.79%	1.78%	1.55%	1.78%	1.90%
ROA, as adjusted (non-GAAP)⁽¹⁾	1.83%	1.76%	1.66%	1.72%	1.85%
NIM	4.27%	4.13%	4.17%	4.19%	4.28%
Purchase accounting accretion	$1.9 million	$2.8 million	$2.3 million	$2.4 million	$2.7 million
ROE	10.73%	10.64%	9.36%	10.65%	11.63%
ROE, as adjusted (non-GAAP)⁽¹⁾	10.98%	10.54%	10.00%	10.25%	11.33%
ROTCE (non-GAAP)⁽¹⁾	17.29%	17.22%	15.49%	17.62%	19.39%
ROTCE, as adjusted (non-GAAP)⁽¹⁾	17.69%	17.07%	16.56%	16.95%	18.90%
Diluted earnings per share	$0.51	$0.50	$0.43	$0.49	$0.52
Diluted earnings per share, as adjusted (non-GAAP)⁽¹⁾	$0.52	$0.49	$0.46	$0.47	$0.51
Non-performing assets to total assets	0.56%	0.48%	0.42%	0.42%	0.28%
Common equity tier 1 capital	14.4%	14.3%	14.2%	14.0%	13.6%
Leverage	12.3%	12.3%	12.4%	12.4%	11.9%
Tier 1 capital	14.4%	14.3%	14.2%	14.0%	13.6%
Total risk-based capital	18.0%	17.9%	17.8%	17.6%	17.3%
Allowance for credit losses to total loans	2.00%	2.00%	2.00%	2.00%	2.01%
Book value per share	$19.30	$18.98	$18.81	$18.06	$18.04
Tangible book value per share (non-GAAP)⁽¹⁾	12.08	11.79	11.63	10.90	10.87

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

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

Liquidity and Funding Sources

At June 30, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.63 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $797.3 million in cash with the Federal Reserve Bank (FRB) and $247.8 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.15 billion in net available external liquidity as of June 30, 2024. This included $4.81 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.86 billion has been drawn upon in the ordinary course of business, resulting in $2.95 billion in net available liquidity with the FHLB as of June 30, 2024. The $1.86 billion consisted of $600.0 million in outstanding FHLB advances and $1.26 billion used for pledging purposes. The Company also had access to approximately $797.3 million in liquidity with the FRB as of June 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business from the Bank Term Funding Program (BTFP), resulting in $97.3 million in net available liquidity with the FRB as of June 30, 2024. As of June 30, 2024, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB) and $45.0 million from other various external sources.

Overall, the Company had $5.82 billion in net available liquidity as of June 30, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of June 30, 2024 are available below.

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

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

(in thousands)	As of June 30, 2024
Uninsured Deposits	$	8,327,937
Intercompany Subsidiary and Affiliate Balances		744,882
Collateralized Deposits		2,896,015
Net Uninsured Position	$	4,687,040

Total Available Liquidity	$	5,819,038
Net Uninsured Position		4,687,040
Net Available Liquidity in Excess of Uninsured Deposits	$	1,131,998

In the event the Company’s $4.69 billion net position of uninsured deposits had been called by depositors on the first day of the second quarter of 2024 and the Company utilized available funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $74.2 million for the quarter ended June 30, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, based on the Company’s profitability level for the quarter ended June 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.30% for the quarter ended June 30, 2024.

Operating Highlights

Net income for the three-month period ended June 30, 2024 was $101.5 million, or $0.51 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $103.9 million⁽¹⁾ and $0.52 per share⁽¹⁾, respectively, for the three months ended June 30, 2024.

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

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

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

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

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

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

Financial Condition

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

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

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

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

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

Stockholders’ equity was $3.86 billion at June 30, 2024, compared to $3.81 billion at March 31, 2024, an increase of approximately $44.1 million. The increase in stockholders’ equity is primarily associated with the $65.4 million increase in retained earnings and $9.6 million reduction in accumulated other comprehensive income, partially offset by the $32.6 million in stock repurchases. Book value per common share was $19.30 at June 30, 2024, compared to $18.98 at March 31, 2024. Tangible book value per common share (non-GAAP) was $12.08⁽¹⁾ at June 30, 2024, compared to $11.79⁽¹⁾ at March 31, 2024.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 18, 2024. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/329781550. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=c8dcd669&confId=67018. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 667067. A replay of the call will be available by calling 1-866-813-9403, Passcode: 180861, which will be available until July 25, 2024, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

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

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “on track” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625


Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
ASSETS

Cash and due from banks	$	229,209		$	205,262		$	226,363		$	229,474		$	275,656
Interest-bearing deposits with other banks		829,507		969,996				773,850			258,605			335,535
Cash and cash equivalents		1,058,716		1,175,258				1,000,213			488,079			611,191
Federal funds sold		—		5,200				5,100			3,925			1,550
Investment securities - available-for-sale, net of allowance for credit losses		3,344,539		3,400,884				3,507,841			3,472,173			3,645,013
Investment securities - held-to-maturity, net of allowance for credit losses		1,278,853		1,280,586				1,281,982			1,283,475			1,285,150
Total investment securities		4,623,392		4,681,470				4,789,823			4,755,648			4,930,163
Loans receivable		14,781,457		14,513,673				14,424,728			14,271,833			14,180,972
Allowance for credit losses		(295,856	)	(290,294		)		(288,234	)		(285,562	)		(285,683	)
Loans receivable, net		14,485,601		14,223,379				14,136,494			13,986,271			13,895,289
Bank premises and equipment, net		383,691		389,618				393,300			397,093			397,315
Foreclosed assets held for sale		41,347		30,650				30,486			691			725
Cash value of life insurance		218,198		215,424				214,516			213,351			213,090
Accrued interest receivable		120,984		119,029				118,966			110,946			101,066
Deferred tax asset, net		195,041		202,882				197,164			222,741			206,430
Goodwill		1,398,253		1,398,253				1,398,253			1,398,253			1,398,253
Core deposit intangible		44,490		46,630				48,770			51,023			53,500
Other assets		350,192		347,928				323,573			322,617			317,857
Total assets	$	22,919,905		$	22,835,721		$	22,656,658		$	21,950,638		$	22,126,429

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Deposits:
Demand and non-interest-bearing	$	4,068,302		$	4,115,603		$	4,085,501		$	4,280,429		$	4,598,593
Savings and interest-bearing transaction accounts		11,150,516		11,047,258				11,050,347			10,786,087			11,169,940
Time deposits		1,736,985		1,703,269				1,651,863			1,452,229			1,228,358
Total deposits		16,955,803		16,866,130				16,787,711			16,518,745			16,996,891
Securities sold under agreements to repurchase		137,996		176,107				142,085			160,120			160,349
FHLB and other borrowed funds		1,301,050		1,301,050				1,301,300			1,001,550			701,550
Accrued interest payable and other liabilities		230,011		241,345				194,653			175,367			173,426
Subordinated debentures		439,542		439,688				439,834			439,982			440,129
Total liabilities		19,064,402		19,024,320				18,865,583			18,295,764			18,472,345

Stockholders' equity
Common stock		1,997		2,008				2,015			2,023			2,026
Capital surplus		2,295,893		2,326,824				2,348,023			2,363,210			2,366,560
Retained earnings		1,819,412		1,753,994				1,690,112			1,640,171			1,578,176
Accumulated other comprehensive loss		(261,799	)	(271,425		)		(249,075	)		(350,530	)		(292,678	)
Total stockholders' equity		3,855,503		3,811,401				3,791,075			3,654,874			3,654,084
Total liabilities and stockholders' equity	$	22,919,905		$	22,835,721		$	22,656,658		$	21,950,638		$	22,126,429

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

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

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

PER SHARE DATA
Diluted earnings per common share	$	0.51		$	0.50		$	0.43		$	0.49		$	0.52		$	1.00		$	1.02
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.52			0.49			0.46			0.47			0.51			1.01			1.04
Basic earnings per common share		0.51			0.50			0.43			0.49			0.52			1.00			1.03
Dividends per share - common		0.18			0.18			0.18			0.18			0.18			0.36			0.36
Book value per common share		19.30			18.98			18.81			18.06			18.04			19.30			18.04
Tangible book value per common share (non-GAAP)⁽¹⁾		12.08			11.79			11.63			10.90			10.87			12.08			10.87

STOCK INFORMATION
Average common shares outstanding		200,319			201,210			201,756			202,526			202,793			200,765			203,122
Average diluted shares outstanding		200,465			201,390			201,891			202,650			202,923			200,909			203,274
End of period common shares outstanding		199,746			200,797			201,526			202,323			202,573			199,746			202,573

ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)		1.79	%		1.78	%		1.55	%		1.78	%		1.90	%		1.78	%		1.87	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		1.83	%		1.76	%		1.66	%		1.72	%		1.85	%		1.79	%		1.90	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		1.94	%		1.93	%		1.69	%		1.95	%		2.07	%		1.93	%		2.03	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		1.98	%		1.91	%		1.81	%		1.87	%		2.02	%		1.94	%		2.07	%
Return on average common equity (ROE)		10.73	%		10.64	%		9.36	%		10.65	%		11.63	%		10.69	%		11.66	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		10.98	%		10.54	%		10.00	%		10.25	%		11.33	%		10.76	%		11.85	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		17.29	%		17.22	%		15.49	%		17.62	%		19.39	%		17.26	%		19.57	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		17.69	%		17.07	%		16.56	%		16.95	%		18.90	%		17.38	%		19.88	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		17.56	%		17.50	%		15.80	%		17.95	%		19.74	%		17.53	%		19.92	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		17.97	%		17.34	%		16.87	%		17.29	%		19.24	%		17.66	%		20.23	%

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

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

Efficiency ratio		43.17	%		44.22	%		50.64	%		45.53	%		44.00	%		43.69	%		44.39	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		42.59	%		44.43	%		46.43	%		46.44	%		44.83	%		43.50	%		44.12	%
Net interest margin - FTE (NIM)		4.27	%		4.13	%		4.17	%		4.19	%		4.28	%		4.20	%		4.33	%
Fully taxable equivalent adjustment	$	2,628		$	892		$	1,091		$	1,293		$	1,494		$	3,520		$	3,122
Total revenue (net)		254,596			246,389			245,618			245,350			257,152			500,985			505,911
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		141,411			134,893			118,443			130,588			140,870			276,304			274,985
PPNR, as adjusted (non-GAAP)⁽¹⁾		141,886			133,728			126,402			125,743			137,308			275,614			279,370
Pre-tax net income to total revenue (net)		52.40	%		52.92	%		45.92	%		52.70	%		53.23	%		52.66	%		53.33	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		52.59	%		52.45	%		49.16	%		50.72	%		51.85	%		52.52	%		54.20	%
P5_NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		55.54	%		54.75	%		48.22	%		53.23	%		54.78	%		55.15	%		54.35	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		55.73	%		54.28	%		51.46	%		51.25	%		53.40	%		55.01	%		55.22	%
Total purchase accounting accretion	$	1,873		$	2,772		$	2,324		$	2,431		$	2,660		$	4,645		$	5,832
Average purchase accounting loan discounts		22,788			24,820			27,397			29,915			32,546			23,813			34,022

OTHER OPERATING EXPENSES

Advertising	$	1,692		$	1,654		$	2,226		$	2,295		$	2,098		$	3,346		$	4,329
Amortization of intangibles		2,140			2,140			2,253			2,477			2,478			4,280			4,955
Electronic banking expense		3,412			3,156			3,599			3,709			3,675			6,568			7,005
Directors' fees		423			498			399			417			538			921			998
Due from bank service charges		282			276			274			282			286			558			559
FDIC and state assessment		5,494			3,318			16,016			2,794			3,220			8,812			6,720
Insurance		905			903			873			878			927			1,808			1,816
Legal and accounting		2,617			2,081			1,192			1,514			1,436			4,698			2,524
Other professional fees		2,108			2,236			1,640			2,117			2,774			4,344			5,058
Operating supplies		613			683			777			860			763			1,296			1,501
Postage		497			523			503			491			586			1,020			1,087
Telephone		444			470			515			544			573			914			1,101
Other expense		8,788			8,950			9,406			7,306			8,320			17,738			16,255

Total other operating expenses	$	29,415		$	26,888		$	39,673		$	25,684		$	27,674		$	56,303		$	53,908

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

(Dollars in thousands)	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
BALANCE SHEET RATIOS
Total loans to total deposits		87.18	%		86.05	%		85.92	%		86.40	%		83.43	%
Common equity to assets		16.82	%		16.69	%		16.73	%		16.65	%		16.51	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		11.23	%		11.06	%		11.05	%		10.76	%		10.65	%
										.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,599,925		$	5,616,965		$	5,549,954		$	5,614,259		$	5,480,738
Construction/land development		2,511,817			2,330,555			2,293,047			2,154,030			2,201,514
Agricultural		345,461			337,618			325,156			336,160			340,067
Residential real estate loans
Residential 1-4 family		1,910,143			1,899,974			1,844,260			1,808,248			1,790,218
Multifamily residential		509,091			415,926			435,736			444,239			455,754
Total real estate		10,876,437			10,601,038			10,448,153			10,356,936			10,268,291
Consumer		1,189,386			1,163,228			1,153,690			1,153,461			1,156,273
Commercial and industrial		2,242,072			2,284,775			2,324,991			2,195,678			2,288,646
Agricultural		314,600			278,609			307,327			332,608			297,743
Other		158,962			186,023			190,567			233,150			170,019
Loans receivable	$	14,781,457		$	14,513,673		$	14,424,728		$	14,271,833		$	14,180,972

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	290,294		$	288,234		$	285,562		$	285,683		$	287,169
Loans charged off		3,098			3,978			3,592			3,449			4,726
Recoveries of loans previously charged off		660			538			614			528			940
Net loans charged off		2,438			3,440			2,978			2,921			3,786
Provision for credit losses - loans		8,000			5,500			5,650			2,800			2,300
Balance, end of period	$	295,856		$	290,294		$	288,234		$	285,562		$	285,683

Net charge-offs to average total loans		0.07	%		0.10	%		0.08	%		0.08	%		0.11	%
Allowance for credit losses to total loans		2.00	%		2.00	%		2.00	%		2.00	%		2.01	%

NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	78,090		$	67,055		$	59,971		$	84,184		$	49,627
Loans past due 90 days or more		8,251			12,928			4,130			6,674			10,869
Total non-performing loans		86,341			79,983			64,101			90,858			60,496
Other non-performing assets
Foreclosed assets held for sale, net		41,347			30,650			30,486			691			725
Other non-performing assets		63			63			785			64			64
Total other non-performing assets		41,410			30,713			31,271			755			789
Total non-performing assets	$	127,751		$	110,696		$	95,372		$	91,613		$	61,285

Allowance for credit losses for loans to non-performing loans		342.66	%		362.94	%		449.66	%		314.29	%		472.23	%
Non-performing loans to total loans		0.58	%		0.55	%		0.44	%		0.64	%		0.43	%
Non-performing assets to total assets		0.56	%		0.48	%		0.42	%		0.42	%		0.28	%

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

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

	Three Months Ended
	June 30, 2024						March 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate

ASSETS
Earning assets
Interest-bearing balances due from banks	$	929,916	$	12,564	5.43	%	$	801,456	$	10,528	5.28	%
Federal funds sold		4,424		59	5.36	%		5,012		61	4.90	%
Investment securities - taxable		3,445,769		32,587	3.80	%		3,473,511		33,229	3.85	%
Investment securities - non-taxable - FTE		1,185,001		10,254	3.48	%		1,257,861		8,642	2.76	%
Loans receivable - FTE		14,648,564		274,467	7.54	%		14,487,494		265,347	7.37	%
Total interest-earning assets		20,213,674		329,931	6.56	%		20,025,334		317,807	6.38	%
Non-earning assets		2,662,275						2,657,925
Total assets	$	22,875,949					$	22,683,259

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,118,587	$	77,928	2.82	%	$	11,038,910	$	75,597	2.75	%
Time deposits		1,732,610		17,813	4.14	%		1,685,193		16,951	4.05	%
Total interest-bearing deposits		12,851,197		95,741	3.00	%		12,724,103		92,548	2.93	%
Federal funds purchased		33		—	—	%		—		—	—	%
Securities sold under agreement to repurchase		159,899		1,363	3.43	%		172,024		1,404	3.28	%
FHLB borrowed funds		1,301,050		14,255	4.41	%		1,301,091		14,276	4.41	%
Subordinated debentures		439,613		4,122	3.77	%		439,760		4,097	3.75	%
Total interest-bearing liabilities		14,751,792		115,481	3.15	%		14,636,978		112,325	3.09	%
Non-interest bearing liabilities
Non-interest bearing deposits		4,083,916						4,017,659
Other liabilities		234,441						244,970
Total liabilities		19,070,149						18,899,607
Shareholders' equity		3,805,800						3,783,652
Total liabilities and shareholders' equity	$	22,875,949					$	22,683,259
Net interest spread					3.41	%					3.29	%
Net interest income and margin - FTE			$	214,450	4.27	%			$	205,482	4.13	%

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

	Six Months Ended
	June 30, 2024						June 30, 2023
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate

ASSETS
Earning assets
Interest-bearing balances due from banks	$	865,686	$	23,092	5.36	%	$	372,752	$	8,414	4.55	%
Federal funds sold		4,718		120	5.11	%		2,926		74	5.10	%
Investment securities - taxable		3,459,639		65,816	3.83	%		3,791,872		70,039	3.72	%
Investment securities - non-taxable - FTE		1,221,431		18,896	3.11	%		1,285,148		18,814	2.95	%
Loans receivable - FTE		14,568,029		539,814	7.45	%		14,366,267		480,352	6.74	%
Total interest-earning assets		20,119,503		647,738	6.47	%		19,818,965		577,693	5.88	%
Non-earning assets		2,660,101						2,641,370
Total assets	$	22,779,604					$	22,460,335

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,078,749	$	153,525	2.79	%	$	11,410,230	$	117,493	2.08	%
Time deposits		1,708,902		34,764	4.09	%		1,123,793		11,816	2.12	%
Total interest-bearing deposits		12,787,651		188,289	2.96	%		12,534,023		129,309	2.08	%
Federal funds purchased		17		—	—	%		62		2	6.51	%
Securities sold under agreement to repurchase		165,962		2,767	3.35	%		139,477		1,989	2.88	%
FHLB borrowed funds		1,301,071		28,531	4.41	%		665,356		12,786	3.88	%
Subordinated debentures		439,686		8,219	3.76	%		440,273		8,247	3.78	%
Total interest-bearing liabilities		14,694,387		227,806	3.12	%		13,779,191		152,333	2.23	%
Non-interest bearing liabilities
Non-interest bearing deposits		4,050,787						4,879,521
Other liabilities		239,704						201,562
Total liabilities		18,984,878						18,860,274
Shareholders' equity		3,794,726						3,600,061
Total liabilities and shareholders' equity	$	22,779,604					$	22,460,335
Net interest spread					3.35	%					3.65	%
Net interest income and margin - FTE			$	419,932	4.20	%			$	425,360	4.33	%

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

	Quarter Ended															Six Months Ended
(Dollars and shares in thousands, except per share data)	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Jun. 30, 2024			Jun. 30, 2023
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	101,530		$	100,109		$	86,243		$	98,453		$	105,271		$	201,639		$	208,233
Pre-tax adjustments
FDIC special assessment		2,260			—			12,983			—			—			2,260			—
BOLI death benefits		—			(162	)		—			(338	)		(2,779	)		(162	)		(2,779	)
Gain on sale of building		(2,059	)		—			—			—			—			(2,059	)		—
Fair value adjustment for marketable securities		274			(1,003	)		(5,024	)		(4,507	)		(783	)		(729	)		10,625
Recoveries on historic losses		—			—			—			—			—			—			(3,461	)
Total pre-tax adjustments		475			(1,165	)		7,959			(4,845	)		(3,562	)		(690	)		4,385
Tax-effect of adjustments		119			(251	)		1,989			(1,112	)		(879	)		(132	)		1,082
Deferred tax asset write-down		2,030			—			—			—			—			2,030			—
Total adjustments after-tax (B)		2,386			(914	)		5,970			(3,733	)		(2,683	)		1,472			3,303
Earnings, as adjusted (C)	$	103,916		$	99,195		$	92,213		$	94,720		$	102,588		$	203,111		$	211,536

Average diluted shares outstanding (D)		200,465			201,390			201,891			202,650			202,923			200,909			203,274

GAAP diluted earnings per share: (A/D)	$	0.51		$	0.50		$	0.43		$	0.49		$	0.52		$	1.00		$	1.02
Adjustments after-tax: (B/D)		0.01			(0.01	)		0.03			(0.02	)		(0.01	)		0.01			0.02
Diluted earnings per common share, as adjusted: (C/D)	$	0.52		$	0.49		$	0.46		$	0.47		$	0.51		$	1.01		$	1.04

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		1.79	%		1.78	%		1.55	%		1.78	%		1.90	%		1.78	%		1.87	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		1.83	%		1.76	%		1.66	%		1.72	%		1.85	%		1.79	%		1.90	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		1.94	%		1.93	%		1.69	%		1.95	%		2.07	%		1.93	%		2.03	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		1.98	%		1.91	%		1.81	%		1.87	%		2.02	%		1.94	%		2.07	%

GAAP net income available to common shareholders (A)	$	101,530		$	100,109		$	86,243		$	98,453		$	105,271		$	201,639		$	208,233
Amortization of intangibles (B)		2,140			2,140			2,253			2,477			2,478			4,280			4,955
Amortization of intangibles after-tax (C)		1,605			1,605			1,690			1,866			1,866			3,210			3,732
Adjustments after-tax (D)		2,386			(914	)		5,970			(3,733	)		(2,683	)		1,472			3,303
Average assets (E)		22,875,949			22,683,259			22,056,440			21,902,434			22,227,404			22,779,604			22,460,335
Average goodwill & core deposit intangible (F)		1,443,778			1,445,902			1,448,061			1,450,478			1,452,951			1,444,840			1,454,180

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

	Quarter Ended															Six Months Ended
(Dollars in thousands)	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Jun. 30, 2024			Jun. 30, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		10.73	%		10.64	%		9.36	%		10.65	%		11.63	%		10.69	%		11.66	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		10.98	%		10.54	%		10.00	%		10.25	%		11.33	%		10.76	%		11.85	%
Return on average tangible common equity: (A/(D-E))		17.29	%		17.22	%		15.49	%		17.62	%		19.39	%		17.26	%		19.57	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		17.69	%		17.07	%		16.56	%		16.95	%		18.90	%		17.38	%		19.88	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		17.56	%		17.50	%		15.80	%		17.95	%		19.74	%		17.53	%		19.92	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		17.97	%		17.34	%		16.87	%		17.29	%		19.24	%		17.66	%		20.23	%

GAAP net income available to common shareholders (A)	$	101,530		$	100,109		$	86,243		$	98,453		$	105,271		$	201,639		$	208,233
Earnings excluding intangible amortization (B)		103,135			101,714			87,933			100,319			107,137			204,849			211,965
Adjustments after-tax (C)		2,386			(914	)		5,970			(3,733	)		(2,683	)		1,472			3,303
Average common equity (D)		3,805,800			3,783,652			3,656,720			3,667,339			3,630,194			3,794,726			3,600,061
Average goodwill & core deposits intangible (E)		1,443,778			1,445,902			1,448,061			1,450,478			1,452,951			1,444,840			1,454,180

EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))		43.17	%		44.22	%		50.64	%		45.53	%		44.00	%		43.69	%		44.39	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))		42.59	%		44.43	%		46.43	%		46.44	%		44.83	%		43.50	%		44.12	%
Pre-tax net income to total revenue (net) (A/(B+C))		52.40	%		52.92	%		45.92	%		52.70	%		53.23	%		52.66	%		53.33	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		52.59	%		52.45	%		49.16	%		50.72	%		51.85	%		52.52	%		54.20	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	141,411		$	134,893		$	118,443		$	130,588		$	140,870		$	276,304		$	274,985
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	$	141,886		$	133,728		$	126,402		$	125,743		$	137,308		$	275,614		$	279,370
P5_NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)		55.54	%		54.75	%		48.22	%		53.23	%		54.78	%		55.15	%		54.35	%
P5_NR, as adjusted (B+C-D+F)/(B+C)		55.73	%		54.28	%		51.46	%		51.25	%		53.40	%		55.01	%		55.22	%

Pre-tax net income (A)	$	133,411		$	130,393		$	112,793		$	129,288		$	136,887		$	263,804		$	269,802
Net interest income (B)		211,822			204,590			202,770			201,937			207,643			416,412			422,238
Non-interest income (C)		42,774			41,799			42,848			43,413			49,509			84,573			83,673
Non-interest expense (D)		113,185			111,496			127,175			114,762			116,282			224,681			230,926
Fully taxable equivalent adjustment (E)		2,628			892			1,091			1,293			1,494			3,520			3,122
Total pre-tax adjustments (F)		475			(1,165	)		7,959			(4,845	)		(3,562	)		(690	)		4,385
Amortization of intangibles (G)		2,140			2,140			2,253			2,477			2,478			4,280			4,955

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	(274	)	$	1,003		$	5,024		$	4,507		$	783		$	729		$	(10,625	)
Gain on OREO		49			17			13			—			319			66			319
Gain (loss) on branches, equipment and other assets, net		2,052			(8	)		583			—			917			2,044			924
BOLI death benefits		—			162			—			338			2,779			162			2,779
Recoveries on historic losses		—			—			—			—			—			—			3,461
Total non-interest income adjustments (H)	$	1,827		$	1,174		$	5,620		$	4,845		$	4,798		$	3,001		$	(3,142	)

Non-interest expense:
FDIC special assessment		2,260			—			12,983			—			—			2,260			—
Total non-interest expense adjustments (I)	$	2,260		$	—		$	12,983		$	—		$	—		$	2,260		$	—

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

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

TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	19.30		$	18.98		$	18.81		$	18.06		$	18.04
Tangible book value per common share: ((A-C-D)/B)		12.08			11.79			11.63			10.90			10.87

Total stockholders' equity (A)	$	3,855,503		$	3,811,401		$	3,791,075		$	3,654,874		$	3,654,084
End of period common shares outstanding (B)		199,746			200,797			201,526			202,323			202,573
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		44,490			46,630			48,770			51,023			53,500

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		16.82	%		16.69	%		16.73	%		16.65	%		16.51	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		11.23	%		11.06	%		11.05	%		10.76	%		10.65	%

Total assets (A)	$	22,919,905		$	22,835,721		$	22,656,658		$	21,950,638		$	22,126,429
Total stockholders' equity (B)		3,855,503			3,811,401			3,791,075			3,654,874			3,654,084
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		44,490			46,630			48,770			51,023			53,500

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

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