• HOMB Delivers Strong Q3 Results, While Shifting Into Hurricane Mode

    来源: Nasdaq GlobeNewswire / 16 10月 2024 16:15:01   America/Chicago

    CONWAY, Ark., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

    Quarterly Highlights

    MetricQ3 2024Q2 2024Q1 2024Q4 2023Q3 2023
    Net income $100.0 million  $101.5 million  $100.1 million  $86.2 million  $98.5 million 
    Net income, as adjusted (non-GAAP)(1) $99.0 million  $103.9 million  $99.2 million  $92.2 million  $94.7 million 
    Total revenue (net) $258.0 million  $254.6 million  $246.4 million  $245.6 million  $245.4 million 
    Income before income taxes $129.1 million  $133.4 million  $130.4 million  $112.8 million  $129.3 million 
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $148.0 million  $141.4 million  $134.9 million  $118.4 million  $130.6 million 
    PPNR, as adjusted (non-GAAP)(1) $146.6 million  $141.9 million  $133.7 million  $126.4 million  $125.7 million 
    Pre-tax net income to total revenue (net) 50.03% 52.40% 52.92% 45.92% 52.70%
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 49.49% 52.59% 52.45% 49.16% 50.72%
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 57.35% 55.54% 54.75% 48.22% 53.23%
    P5NR, as adjusted (non-GAAP)(1) 56.81% 55.73% 54.28% 51.46% 51.25%
    ROA 1.74% 1.79% 1.78% 1.55% 1.78%
    ROA, as adjusted (non-GAAP)(1) 1.72% 1.83% 1.76% 1.66% 1.72%
    NIM 4.28% 4.27% 4.13% 4.17% 4.19%
    Purchase accounting accretion $1.9 million  $1.9 million  $2.8 million  $2.3 million  $2.4 million 
    ROE 10.23% 10.73% 10.64% 9.36% 10.65%
    ROE, as adjusted (non-GAAP)(1) 10.12% 10.98% 10.54% 10.00% 10.25%
    ROTCE (non-GAAP)(1) 16.26% 17.29% 17.22% 15.49% 17.62%
    ROTCE, as adjusted (non-GAAP)(1) 16.09% 17.69% 17.07% 16.56% 16.95%
    Diluted earnings per share$0.50 $0.51 $0.50 $0.43 $0.49 
    Diluted earnings per share, as adjusted (non-GAAP)(1)$0.50 $0.52 $0.49 $0.46 $0.47 
    Non-performing assets to total assets 0.63% 0.56% 0.48% 0.42% 0.42%
    Common equity tier 1 capital 14.7% 14.4% 14.3% 14.2% 14.0%
    Leverage 12.5% 12.3% 12.3% 12.4% 12.4%
    Tier 1 capital 14.7% 14.4% 14.3% 14.2% 14.0%
    Total risk-based capital 18.3% 18.0% 17.9% 17.8% 17.6%
    Allowance for credit losses to total loans 2.11% 2.00% 2.00% 2.00% 2.00%
    Book value per share$19.91 $19.30 $18.98 $18.81 $18.06 
    Tangible book value per share (non-GAAP)(1) 12.67  12.08  11.79  11.63  10.90 

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

    “HOMB was on track to meet or beat expectations in the third quarter when Hurricane Helene hit with three business days left in the quarter. I’m proud of the strength of our balance sheet which allowed us to increase our already strong loan loss reserve amount in order to prepare for what is to come as a result of recent hurricanes in the southeast,” said John Allison, Chairman and CEO of HOMB.

    “Our quarter was shaping up very nicely, and I was looking for $0.55 to $0.56 diluted earnings per share and an ROA of 1.96%. But that all changed almost overnight due to circumstances beyond our control. Despite this event, we still had a very strong quarter with strong revenue and PPNR, $0.50 diluted earnings per share and a 1.74% return on average assets,” Allison continued.

    Liquidity and Funding Sources

    At September 30, 2024, the Company held $2.50 billion in net available internal liquidity. This balance consisted of $1.51 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $718.9 million in cash with the Federal Reserve Bank (FRB) and $270.4 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 September 30, 2024. This included $4.80 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 $2.97 billion in net available liquidity with the FHLB as of September 30, 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 $785.6 million in liquidity with the FRB as of September 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 $85.6 million in net available liquidity with the FRB as of September 30, 2024.  As of September 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 $5.65 billion in net available liquidity as of September 30, 2024, which consisted of $2.50 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of September 30, 2024 are included below.

    (In thousands)Total Available Amount Used Net Availability
    Internal Sources     
    Unpledged investment securities (market value)$1,509,661  $  $1,509,661 
    Cash at FRB 718,881      718,881 
    Other liquid cash accounts 270,411      270,411 
    Total Internal Liquidity 2,498,953      2,498,953 
    External Sources     
    FHLB 4,804,845   1,838,171   2,966,674 
    FRB Discount Window 85,624      85,624 
    BTFP (par value) 700,000   700,000    
    FNBB 55,000      55,000 
    Other 45,000      45,000 
    Total External Liquidity 5,690,469   2,538,171   3,152,298 
    Total Available Liquidity$8,189,422  $2,538,171  $5,651,251 
                

    The Company has continued to limit its exposure to uninsured deposits. As of September 30, 2024, the Company held approximately $8.18 billion in uninsured deposits of which $766.2 million were intercompany subsidiary deposit balances and $2.81 billion were collateralized deposits, for a net position of $4.61 billion. This represents approximately 27.6% of total deposits. As of September 30, 2024, net available liquidity exceeded uninsured and uncollateralized deposits by $1.04 billion.

    (in thousands)As of
    September 30, 2024
    Uninsured Deposits$8,179,825 
    Intercompany Subsidiary and Affiliate Balances 766,247 
    Collateralized Deposits 2,806,436 
    Net Uninsured Position$4,607,142 
      
    Total Available Liquidity$5,651,251 
    Net Uninsured Position 4,607,142 
    Net Available Liquidity in Excess of Uninsured Deposits$1,044,109 
        

    In the event the Company’s $4.61 billion net position of uninsured deposits had been called by depositors on the first day of the third 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 $72.3 million for the quarter ended September 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 September 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.26% for the quarter ended  September 30, 2024.

    Operating Highlights

    Net income for the three-month period ended September 30, 2024 was $100.0 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 $99.0 million(1) and $0.50 per share(1), respectively, for the three months ended September 30, 2024.

    During the quarter ended September 30, 2024, the Company recorded $18.9 million in credit loss expense. The $18.9 million of credit loss expense includes $18.2 million in provision for credit losses on loans. Of the $18.2 million provision for credit losses on loans recorded, $16.7 million was an additional hurricane reserve for loans located in the FEMA disaster areas impacted by Hurricane Helene, which made landfall during the quarter. The additional hurricane reserve had a six cent impact to diluted earnings per share for the quarter. The remaining portion of the provision was related to loan growth. The Company also recorded a $1.0 million provision for credit losses on unfunded commitments due to an increase in the balance of unfunded commitments. In addition, we recorded a $330,000 recovery of credit losses on available for sale investments due to an improvement in the unrealized losses for one of our subordinated debt investments. 

    Our net interest margin was 4.28% for the three-month period ended September 30, 2024, compared to 4.27% for the three-month period ended June 30, 2024.  The yield on loans was 7.60% and 7.54% for the three months ended September 30, 2024 and June 30, 2024, respectively, as average loans increased from $14.65 billion to $14.76 billion. Additionally, the rate on interest bearing deposits increased to 3.02% as of September 30, 2024, from 3.00% as of June 30, 2024, while average interest-bearing deposits increased from $12.85 billion to $12.87 billion.

    During the third quarter of 2024, there was $573,000 of event interest income compared to $1.7 million of event interest income for the second quarter of 2024.

    Purchase accounting accretion on acquired loans was $1.9 million for both three-month periods ended September 30, 2024 and June 30, 2024, and average purchase accounting loan discounts were $20.8 million and $22.8 million for the three-month periods ended September 30, 2024 and June 30, 2024, respectively.

    Net interest income on a fully taxable equivalent basis was $217.8 million for the three-month period ended September 30, 2024, and $214.5 million for the three-month period ended June 30, 2024. This increase in net interest income for the three-month period ended September 30, 2024, was the result of a $5.5 million increase in interest income, partially offset by a $2.1 million increase in interest expense. The $5.5 million increase in interest income was primarily the result of a $7.6 million increase in loan interest income, which was partially offset by a $1.7 million decrease in investment income and a $468,000  decrease in income from interest-bearing balances due from banks. The increase in interest income is primarily the result the growth in interest-earning assets and the current high interest rate environment. The $2.1 million increase in interest expense was due to a $2.0 million increase in interest expense on deposits. The increase in interest expense is also a result of the growth of average interest-bearing deposits and the current high interest rate environment.

    The Company reported $42.8 million of non-interest income for the third quarter of 2024. The most important components of third quarter non-interest income were $10.5 million from other service charges and fees, $9.9 million from service charges on deposit accounts, $7.5 million from other income, $4.4 million from trust fees, $4.4 million in mortgage lending income, $2.6 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the fair value adjustment for marketable securities and $1.2 million from the increase in cash value of life insurance.

    Non-interest expense for the third quarter of 2024 was $110.0 million. The most important components of non-interest expense were $58.9 million from salaries and employee benefits, $27.6 million in other operating expense, $14.5 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the third quarter of 2024, our efficiency ratio was 41.42%, and our efficiency ratio, as adjusted (non-GAAP), was 41.66%(1).

    Financial Condition

    Total loans receivable were $14.82 billion at September 30, 2024, compared to $14.78 billion at June 30, 2024. Total deposits were $16.71 billion at September 30, 2024, compared to $16.96 billion at June 30, 2024. Total assets were $22.82 billion at September 30, 2024, compared to $22.92 billion at June 30, 2024.

    During the third quarter of 2024, the Company experienced approximately $42.5 million in loan growth. Our community banking footprint experienced $131.6 million in organic loan growth during the quarter ended September 30, 2024, and Centennial CFG experienced $89.1 million of organic loan decline and had loans of $2.00 billion at September 30, 2024.

    Non-performing loans to total loans were 0.68% and 0.58% at September 30, 2024 and June 30, 2024, respectively. Non-performing assets to total assets were 0.63% and 0.56% at September 30, 2024 and June 30, 2024, respectively. Net charge-offs were $1.5 million and $2.4 million for the three months ended September 30, 2024 and June 30, 2024, respectively.

    Non-performing loans at September 30, 2024 were $30.3 million, $40.8 million, $20.0 million, $391,000, $6.8 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $101.1 million. Non-performing assets at September 30, 2024 were $30.4 million, $48.1 million, $33.0 million, $391,000, $6.8 million and $25.5 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $144.2 million.

    The Company’s allowance for credit losses on loans was $312.6 million at September 30, 2024, or 2.11% of total loans, compared to the allowance for credit losses on loans of $295.9 million, or 2.00% of total loans, at June 30, 2024. As of September 30, 2024 and June 30, 2024, the Company’s allowance for credit losses on loans was 309.16% and 342.66% of its total non-performing loans, respectively.

    Stockholders’ equity was $3.96 billion at September 30, 2024, compared to $3.86 billion at June 30, 2024, an increase of approximately $104.3 million. The net increase in stockholders’ equity is primarily associated with the $61.2 million increase in retained earnings and $66.9 million reduction in accumulated other comprehensive loss, partially offset by the $26.9 million in stock repurchases. Book value per common share was $19.91 at September 30, 2024, compared to $19.30 at June 30, 2024. Tangible book value per common share (non-GAAP) was $12.67(1) at September 30, 2024, compared to $12.08(1) at June 30, 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, October 17, 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/608252755. 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=96a4b06e&confId=71177. 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: 892187.  A replay of the call will be available by calling 1-866-813-9403, Passcode: 629464, which will be available until October 24, 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; the impacts of recent or future 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) Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
    ASSETS          
               
    Cash and due from banks $265,408  $229,209  $205,262  $226,363  $229,474 
    Interest-bearing deposits with other banks  752,269   829,507   969,996   773,850   258,605 
    Cash and cash equivalents  1,017,677   1,058,716   1,175,258   1,000,213   488,079 
    Federal funds sold  6,425      5,200   5,100   3,925 
    Investment securities - available-for-sale, net of allowance for credit losses  3,270,620   3,344,539   3,400,884   3,507,841   3,472,173 
    Investment securities - held-to-maturity, net of allowance for credit losses  1,277,090   1,278,853   1,280,586   1,281,982   1,283,475 
    Total investment securities  4,547,710   4,623,392   4,681,470   4,789,823   4,755,648 
    Loans receivable  14,823,979   14,781,457   14,513,673   14,424,728   14,271,833 
    Allowance for credit losses  (312,574)  (295,856)  (290,294)  (288,234)  (285,562)
    Loans receivable, net  14,511,405   14,485,601   14,223,379   14,136,494   13,986,271 
    Bank premises and equipment, net  388,776   383,691   389,618   393,300   397,093 
    Foreclosed assets held for sale  43,040   41,347   30,650   30,486   691 
    Cash value of life insurance  219,353   218,198   215,424   214,516   213,351 
    Accrued interest receivable  118,871   120,984   119,029   118,966   110,946 
    Deferred tax asset, net  176,629   195,041   202,882   197,164   222,741 
    Goodwill  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 
    Core deposit intangible  42,395   44,490   46,630   48,770   51,023 
    Other assets  352,583   350,192   347,928   323,573   322,617 
    Total assets $22,823,117  $22,919,905  $22,835,721  $22,656,658  $21,950,638 
               
    LIABILITIES AND STOCKHOLDERS' EQUITY            
               
    Liabilities          
    Deposits:          
    Demand and non-interest-bearing $3,937,168  $4,068,302  $4,115,603  $4,085,501  $4,280,429 
    Savings and interest-bearing transaction accounts  10,966,426   11,150,516   11,047,258   11,050,347   10,786,087 
    Time deposits  1,802,116   1,736,985   1,703,269   1,651,863   1,452,229 
    Total deposits  16,705,710   16,955,803   16,866,130   16,787,711   16,518,745 
    Securities sold under agreements to repurchase  179,416   137,996   176,107   142,085   160,120 
    FHLB and other borrowed funds  1,300,750   1,301,050   1,301,050   1,301,300   1,001,550 
    Accrued interest payable and other liabilities  238,058   230,011   241,345   194,653   175,367 
    Subordinated debentures  439,394   439,542   439,688   439,834   439,982 
    Total liabilities  18,863,328   19,064,402   19,024,320   18,865,583   18,295,764 
               
    Stockholders' equity          
    Common stock  1,989   1,997   2,008   2,015   2,023 
    Capital surplus  2,272,100   2,295,893   2,326,824   2,348,023   2,363,210 
    Retained earnings  1,880,562   1,819,412   1,753,994   1,690,112   1,640,171 
    Accumulated other comprehensive loss  (194,862)  (261,799)  (271,425)  (249,075)  (350,530)
    Total stockholders' equity  3,959,789   3,855,503   3,811,401   3,791,075   3,654,874 
    Total liabilities and stockholders' equity $22,823,117  $22,919,905  $22,835,721  $22,656,658  $21,950,638 
               


     Home BancShares, Inc.
     Consolidated Statements of Income
     (Unaudited)
                   
       Quarter Ended  Nine Months Ended
    (In thousands) Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Sep. 30, 2024 Sep. 30, 2023
    Interest income:              
    Loans $281,977  $274,324  $265,294  $260,003 $249,464  $821,595  $729,613 
    Investment securities              
    Taxable  31,006   32,587   33,229   34,016  34,520   96,822   104,559 
    Tax-exempt  7,704   7,769   7,803   7,855  7,868   23,276   23,763 
    Deposits - other banks  12,096   12,564   10,528   4,281  2,328   35,188   10,742 
    Federal funds sold  62   59   61   65  82   182   156 
    Total interest income  332,845   327,303   316,915   306,220  294,262   977,063   868,833 
    Interest expense:              
    Interest on deposits  97,785   95,741   92,548   87,971  78,698   286,074   208,007 
    Federal funds purchased  1           1   1   3 
    FHLB and other borrowed funds  14,383   14,255   14,276   9,878  8,161   42,914   20,947 
    Securities sold under agreements to repurchase  1,335   1,363   1,404   1,480  1,344   4,102   3,333 
    Subordinated debentures  4,121   4,122   4,097   4,121  4,121   12,340   12,368 
    Total interest expense  117,625   115,481   112,325   103,450  92,325   345,431   244,658 
    Net interest income  215,220   211,822   204,590   202,770  201,937   631,632   624,175 
    Provision for credit losses on loans  18,200   8,000   5,500   5,650  2,800   31,700   6,300 
    Provision for (recovery of) credit losses on unfunded commitments  1,000      (1,000)    (1,500)     (1,500)
    (Recovery of) provision for credit losses on investment securities  (330)             (330)  1,683 
    Total credit loss expense  18,870   8,000   4,500   5,650  1,300   31,370   6,483 
    Net interest income after credit loss expense  196,350   203,822   200,090   197,120  200,637   600,262   617,692 
    Non-interest income:              
    Service charges on deposit accounts  9,888   9,714   9,686   10,072  10,062   29,288   29,135 
    Other service charges and fees  10,490   10,679   10,189   10,422  10,128   31,358   33,766 
    Trust fees  4,403   4,722   5,066   4,316  4,660   14,191   13,576 
    Mortgage lending income  4,437   4,276   3,558   2,385  3,132   12,271   8,353 
    Insurance commissions  595   565   508   480  562   1,668   1,606 
    Increase in cash value of life insurance  1,161   1,279   1,195   1,170  1,170   3,635   3,485 
    Dividends from FHLB, FRB, FNBB & other  2,637   2,998   3,007   3,010  2,916   8,642   8,632 
    Gain on SBA loans  145   56   198   42  97   399   236 
    Gain (loss) on branches, equipment and other assets, net  32   2,052   (8)  583     2,076   924 
    Gain on OREO, net  85   49   17   13     151   319 
    Fair value adjustment for marketable securities  1,392   (274)  1,003   5,024  4,507   2,121   (6,118)
    Other income  7,514   6,658   7,380   5,331  6,179   21,552   33,172 
    Total non-interest income  42,779   42,774   41,799   42,848  43,413   127,352   127,086 
    Non-interest expense:              
    Salaries and employee benefits  58,861   60,427   60,910   63,430  64,512   180,198   193,536 
    Occupancy and equipment  14,546   14,408   14,551   14,965  15,463   43,505   45,338 
    Data processing expense  9,088   8,935   9,147   9,107  9,103   27,170   27,222 
    Other operating expenses  27,550   29,415   26,888   39,673  25,684   83,853   79,592 
    Total non-interest expense  110,045   113,185   111,496   127,175  114,762   334,726   345,688 
    Income before income taxes  129,084   133,411   130,393   112,793  129,288   392,888   399,090 
    Income tax expense  29,046   31,881   30,284   26,550  30,835   91,211   92,404 
    Net income $100,038  $101,530  $100,109  $86,243 $98,453  $301,677  $306,686 
                   


    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                   
      Quarter Ended Nine Months Ended
    (Dollars and shares in thousands, except per share data) Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Sep. 30, 2024 Sep. 30, 2023
    PER SHARE DATA              
    Diluted earnings per common share $0.50  $0.51  $0.50  $0.43  $0.49  $1.51  $1.51 
    Diluted earnings per common share, as adjusted (non-GAAP)(1)   0.50   0.52   0.49   0.46   0.47   1.51   1.51 
    Basic earnings per common share  0.50   0.51   0.50   0.43   0.49   1.51   1.51 
    Dividends per share - common  0.195   0.18   0.18   0.18   0.18   0.555   0.54 
    Book value per common share  19.91   19.30   18.98   18.81   18.06   19.91   18.06 
    Tangible book value per common share (non-GAAP)(1)  12.67   12.08   11.79   11.63   10.90   12.67   10.90 
                   
    STOCK INFORMATION              
    Average common shares outstanding  199,380   200,319   201,210   201,756   202,526   200,300   202,921 
    Average diluted shares outstanding  199,461   200,465   201,390   201,891   202,650   200,430   203,068 
    End of period common shares outstanding  198,879   199,746   200,797   201,526   202,323   198,879   202,323 
                   
    ANNUALIZED PERFORMANCE METRICS              
    Return on average assets (ROA)  1.74%  1.79%  1.78%  1.55%  1.78%  1.77%  1.84%
    Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)  1.72%  1.83%  1.76%  1.66%  1.72%  1.77%  1.84%
    Return on average assets excluding intangible amortization (non-GAAP)(1)  1.88%  1.94%  1.93%  1.69%  1.95%  1.92%  2.01%
    Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)  1.86%  1.98%  1.91%  1.81%  1.87%  1.92%  2.00%
    Return on average common equity (ROE)  10.23%  10.73%  10.64%  9.36%  10.65%  10.53%  11.32%
    Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)  10.12%  10.98%  10.54%  10.00%  10.25%  10.55%  11.30%
    Return on average tangible common equity (ROTCE) (non-GAAP)(1)  16.26%  17.29%  17.22%  15.49%  17.62%  16.91%  18.90%
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)  16.09%  17.69%  17.07%  16.56%  16.95%  16.94%  18.87%
    Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  16.51%  17.56%  17.50%  15.80%  17.95%  17.18%  19.24%
    Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)  16.34%  17.97%  17.34%  16.87%  17.29%  17.20%  19.22%
                   

    (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 Nine Months Ended
    (Dollars in thousands) Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Sep. 30, 2024 Sep. 30, 2023
                   
    Efficiency ratio  41.42%  43.17%  44.22%  50.64%  45.53%  42.91%  44.76%
    Efficiency ratio, as adjusted (non-GAAP)(1)  41.66%  42.59%  44.43%  46.43%  46.44%  42.87%  44.86%
    Net interest margin - FTE (NIM)  4.28%  4.27%  4.13%  4.17%  4.19%  4.23%  4.28%
    Fully taxable equivalent adjustment $2,616  $2,628  $892  $1,091  $1,293  $6,136  $4,415 
    Total revenue (net)  257,999   254,596   246,389   245,618   245,350   758,984   751,261 
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  147,954   141,411   134,893   118,443   130,588   424,258   405,573 
    PPNR, as adjusted (non-GAAP)(1)  146,562   141,886   133,728   126,402   125,743   422,176   405,113 
    Pre-tax net income to total revenue (net)  50.03%  52.40%  52.92%  45.92%  52.70%  51.76%  53.12%
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)  49.49%  52.59%  52.45%  49.16%  50.72%  51.49%  53.06%
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)  57.35%  55.54%  54.75%  48.22%  53.23%  55.90%  53.99%
    P5NR, as adjusted (non-GAAP)(1)  56.81%  55.73%  54.28%  51.46%  51.25%  55.62%  53.92%
    Total purchase accounting accretion $1,878  $1,873  $2,772  $2,324  $2,431  $6,523  $8,263 
    Average purchase accounting loan discounts  20,832   22,788   24,820   27,397   29,915   22,813   32,656 
                   
    OTHER OPERATING EXPENSES              
    Advertising $1,810  $1,692  $1,654  $2,226  $2,295  $5,156  $6,624 
    Amortization of intangibles  2,095   2,140   2,140   2,253   2,477   6,375   7,432 
    Electronic banking expense  3,569   3,412   3,156   3,599   3,709   10,137   10,714 
    Directors' fees  362   423   498   399   417   1,283   1,415 
    Due from bank service charges  302   282   276   274   282   860   841 
    FDIC and state assessment  3,360   5,494   3,318   16,016   2,794   12,172   9,514 
    Insurance  926   905   903   873   878   2,734   2,694 
    Legal and accounting  1,902   2,617   2,081   1,192   1,514   6,600   4,038 
    Other professional fees  2,062   2,108   2,236   1,640   2,117   6,406   7,175 
    Operating supplies  673   613   683   777   860   1,969   2,361 
    Postage  522   497   523   503   491   1,542   1,578 
    Telephone  455   444   470   515   544   1,369   1,645 
    Other expense  9,512   8,788   8,950   9,406   7,306   27,250   23,561 
    Total other operating expenses $27,550  $29,415  $26,888  $39,673  $25,684  $83,853  $79,592 
                   
    (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) Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
    BALANCE SHEET RATIOS          
    Total loans to total deposits  88.74%  87.18%  86.05%  85.92%  86.40%
    Common equity to assets  17.35%  16.82%  16.69%  16.73%  16.65%
    Tangible common equity to tangible assets (non-GAAP)(1)  11.78%  11.23%  11.06%  11.05%  10.76%
            .  
    LOANS RECEIVABLE          
    Real estate          
    Commercial real estate loans          
    Non-farm/non-residential $5,496,536  $5,599,925  $5,616,965  $5,549,954  $5,614,259 
    Construction/land development  2,741,419   2,511,817   2,330,555   2,293,047   2,154,030 
    Agricultural  335,965   345,461   337,618   325,156   336,160 
    Residential real estate loans          
    Residential 1-4 family  1,932,352   1,910,143   1,899,974   1,844,260   1,808,248 
    Multifamily residential  482,648   509,091   415,926   435,736   444,239 
    Total real estate  10,988,920   10,876,437   10,601,038   10,448,153   10,356,936 
    Consumer  1,219,197   1,189,386   1,163,228   1,153,690   1,153,461 
    Commercial and industrial  2,084,667   2,242,072   2,284,775   2,324,991   2,195,678 
    Agricultural  352,963   314,600   278,609   307,327   332,608 
    Other  178,232   158,962   186,023   190,567   233,150 
    Loans receivable $14,823,979  $14,781,457  $14,513,673  $14,424,728  $14,271,833 
               
    ALLOWANCE FOR CREDIT LOSSES          
    Balance, beginning of period $295,856  $290,294  $288,234  $285,562  $285,683 
    Loans charged off  2,001   3,098   3,978   3,592   3,449 
    Recoveries of loans previously charged off  519   660   538   614   528 
    Net loans charged off  1,482   2,438   3,440   2,978   2,921 
    Provision for credit losses - loans  18,200   8,000   5,500   5,650   2,800 
    Balance, end of period $312,574  $295,856  $290,294  $288,234  $285,562 
               
    Net charge-offs to average total loans  0.04%  0.07%  0.10%  0.08%  0.08%
    Allowance for credit losses to total loans  2.11%  2.00%  2.00%  2.00%  2.00%
               
    NON-PERFORMING ASSETS          
    Non-performing loans          
    Non-accrual loans $95,747  $78,090  $67,055  $59,971  $84,184 
    Loans past due 90 days or more  5,356   8,251   12,928   4,130   6,674 
    Total non-performing loans  101,103   86,341   79,983   64,101   90,858 
    Other non-performing assets          
    Foreclosed assets held for sale, net  43,040   41,347   30,650   30,486   691 
    Other non-performing assets  63   63   63   785   64 
    Total other non-performing assets  43,103   41,410   30,713   31,271   755 
    Total non-performing assets $144,206  $127,751  $110,696  $95,372  $91,613 
               
    Allowance for credit losses for loans to non-performing loans  309.16%  342.66%  362.94%  449.66%  314.29%
    Non-performing loans to total loans  0.68%  0.58%  0.55%  0.44%  0.64%
    Non-performing assets to total assets  0.63%  0.56%  0.48%  0.42%  0.42%
               
    (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
      September 30, 2024 June 30, 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 $903,456  $12,096   5.33% $929,916  $12,564   5.43%
    Federal funds sold  4,629   62   5.33%  4,424   59   5.36%
    Investment securities - taxable  3,391,838   31,006   3.64%  3,445,769   32,587   3.80%
    Investment securities - non-taxable - FTE  1,163,568   10,181   3.48%  1,185,001   10,254   3.48%
    Loans receivable - FTE  14,762,667   282,116   7.60%  14,648,564   274,467   7.54%
    Total interest-earning assets  20,226,158   335,461   6.60%  20,213,674   329,931   6.56%
    Non-earning assets  2,667,626       2,662,275     
    Total assets $22,893,784      $22,875,949     
                 
    LIABILITIES AND SHAREHOLDERS' EQUITY           
    Liabilities            
    Interest-bearing liabilities            
    Savings and interest-bearing transaction accounts $11,095,572  $79,232   2.84% $11,118,587  $77,928   2.82%
    Time deposits  1,769,952   18,553   4.17%  1,732,610   17,813   4.14%
    Total interest-bearing deposits  12,865,524   97,785   3.02%  12,851,197   95,741   3.00%
    Federal funds purchased  43   1   9.25%  33      %
    Securities sold under agreement to repurchase  157,178   1,335   3.38%  159,899   1,363   3.43%
    FHLB and other borrowed funds  1,300,876   14,383   4.40%  1,301,050   14,255   4.41%
    Subordinated debentures  439,467   4,121   3.73%  439,613   4,122   3.77%
    Total interest-bearing liabilities  14,763,088   117,625   3.17%  14,751,792   115,481   3.15%
    Non-interest bearing liabilities            
    Non-interest bearing deposits  3,993,187       4,083,916     
    Other liabilities  247,797       234,441     
    Total liabilities  19,004,072       19,070,149     
    Shareholders' equity  3,889,712       3,805,800     
    Total liabilities and shareholders' equity $22,893,784      $22,875,949     
    Net interest spread      3.43%      3.41%
    Net interest income and margin - FTE   $217,836   4.28%   $214,450   4.27%
                 


    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                 
      Nine Months Ended
      September 30, 2024 September 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 $878,368  $35,188   5.35% $313,637  $10,742   4.58%
    Federal funds sold  4,688   182   5.19%  3,577   156   5.83%
    Investment securities - taxable  3,436,874   96,822   3.76%  3,726,710   104,559   3.75%
    Investment securities - non-taxable - FTE  1,202,003   29,077   3.23%  1,280,947   27,848   2.91%
    Loans receivable - FTE  14,633,382   821,930   7.50%  14,307,358   729,943   6.82%
    Total interest-earning assets  20,155,315   983,199   6.52%  19,632,229   873,248   5.95%
    Non-earning assets  2,662,627       2,640,096     
    Total assets $22,817,942      $22,272,325     
                 
    LIABILITIES AND SHAREHOLDERS' EQUITY          
    Liabilities            
    Interest-bearing liabilities            
    Savings and interest-bearing transaction accounts $11,084,397  $232,757   2.80% $11,246,350  $185,560   2.21%
    Time deposits  1,729,400   53,317   4.12%  1,189,620   22,447   2.52%
    Total interest-bearing deposits  12,813,797   286,074   2.98%  12,435,970   208,007   2.24%
    Federal funds purchased  26   1   5.14%  59   3   6.80%
    Securities sold under agreement to repurchase 163,013   4,102   3.36%  144,603   3,333   3.08%
    FHLB borrowed funds  1,301,005   42,914   4.41%  701,748   20,947   3.99%
    Subordinated debentures  439,613   12,340   3.75%  440,199   12,368   3.76%
    Total interest-bearing liabilities  14,717,454   345,431   3.14%  13,722,579   244,658   2.38%
    Non-interest bearing liabilities            
    Non-interest bearing deposits  4,031,447       4,729,515     
    Other liabilities  242,422       197,498     
    Total liabilities  18,991,323       18,649,592     
    Shareholders' equity  3,826,619       3,622,733     
    Total liabilities and shareholders' equity $22,817,942      $22,272,325     
    Net interest spread      3.38%      3.57%
    Net interest income and margin - FTE   $637,768   4.23%   $628,590   4.28%
                 


    Home BancShares, Inc.
    Non-GAAP Reconciliations
    (Unaudited)
                   
      Quarter Ended Nine Months Ended
    (Dollars and shares in thousands, except per share data) Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Sep. 30, 2024 Sep. 30, 2023
    EARNINGS, AS ADJUSTED              
    GAAP net income available to common shareholders (A) $100,038  $101,530  $100,109  $86,243  $98,453  $301,677  $306,686 
    Pre-tax adjustments              
    FDIC special assessment     2,260      12,983      2,260    
    BOLI death benefits        (162)     (338)  (162)  (3,117)
    Gain on sale of building     (2,059)           (2,059)   
    Fair value adjustment for marketable securities  (1,392)  274   (1,003)  (5,024)  (4,507)  (2,121)  6,118 
    Recoveries on historic losses                    (3,461)
    Total pre-tax adjustments  (1,392)  475   (1,165)  7,959   (4,845)  (2,082)  (460)
    Tax-effect of adjustments  (348)  119   (251)  1,989   (1,112)  (480)  (30)
    Deferred tax asset write-down     2,030            2,030    
    Total adjustments after-tax (B)  (1,044)  2,386   (914)  5,970   (3,733)  428   (430)
    Earnings, as adjusted (C) $98,994  $103,916  $99,195  $92,213  $94,720  $302,105  $306,256 
                   
    Average diluted shares outstanding (D)  199,461   200,465   201,390   201,891   202,650   200,430   203,068 
                   
    GAAP diluted earnings per share: (A/D) $0.50  $0.51  $0.50  $0.43  $0.49  $1.51  $1.51 
    Adjustments after-tax: (B/D)  0.00   0.01   (0.01)  0.03   (0.02)  0.00   0.00 
    Diluted earnings per common share, as adjusted: (C/D) $0.50  $0.52  $0.49  $0.46  $0.47  $1.51  $1.51 
                   
    ANNUALIZED RETURN ON AVERAGE ASSETS              
    Return on average assets: (A/E)  1.74%  1.79%  1.78%  1.55%  1.78%  1.77%  1.84%
    Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)  1.72%  1.83%  1.76%  1.66%  1.72%  1.77%  1.84%
    Return on average assets excluding intangible amortization: ((A+C)/(E-F))  1.88%  1.94%  1.93%  1.69%  1.95%  1.92%  2.01%
    Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))  1.86%  1.98%  1.91%  1.81%  1.87%  1.92%  2.00%
                   
    GAAP net income available to common shareholders (A) $100,038  $101,530  $100,109  $86,243  $98,453  $301,677  $306,686 
    Amortization of intangibles (B)  2,095   2,140   2,140   2,253   2,477   6,375   7,432 
    Amortization of intangibles after-tax (C)  1,572   1,605   1,605   1,690   1,866   4,782   5,598 
    Adjustments after-tax (D)  (1,044)  2,386   (914)  5,970   (3,733)  428   (430)
    Average assets (E)  22,893,784   22,875,949   22,683,259   22,056,440   21,902,434   22,817,942   22,272,325 
    Average goodwill & core deposit intangible (F)  1,441,654   1,443,778   1,445,902   1,448,061   1,450,478   1,443,770   1,452,933 
                   


     Home BancShares, Inc.
     Non-GAAP Reconciliations
     (Unaudited)
                   
      Quarter Ended Nine Months Ended
    (Dollars in thousands) Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Sep. 30, 2024 Sep. 30, 2023
    ANNUALIZED RETURN ON AVERAGE COMMON EQUITY              
    Return on average common equity: (A/D)  10.23%  10.73%  10.64%  9.36%  10.65%  10.53%  11.32%
    Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)  10.12%  10.98%  10.54%  10.00%  10.25%  10.55%  11.30%
    Return on average tangible common equity: (A/(D-E))  16.26%  17.29%  17.22%  15.49%  17.62%  16.91%  18.90%
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))  16.09%  17.69%  17.07%  16.56%  16.95%  16.94%  18.87%
    Return on average tangible common equity excluding intangible amortization: (B/(D-E))  16.51%  17.56%  17.50%  15.80%  17.95%  17.18%  19.24%
    Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))  16.34%  17.97%  17.34%  16.87%  17.29%  17.20%  19.22%
                   
    GAAP net income available to common shareholders (A) $100,038  $101,530  $100,109  $86,243  $98,453  $301,677  $306,686 
    Earnings excluding intangible amortization (B)  101,610   103,135   101,714   87,933   100,319   306,459   312,284 
    Adjustments after-tax (C)  (1,044)  2,386   (914)  5,970   (3,733)  428   (430)
    Average common equity (D)  3,889,712   3,805,800   3,783,652   3,656,720   3,667,339   3,826,619   3,622,733 
    Average goodwill & core deposits intangible (E)  1,441,654   1,443,778   1,445,902   1,448,061   1,450,478   1,443,770   1,452,933 
                   
    EFFICIENCY RATIO & P5NR              
    Efficiency ratio: ((D-G)/(B+C+E))  41.42%  43.17%  44.22%  50.64%  45.53%  42.91%  44.76%
    Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))  41.66%  42.59%  44.43%  46.43%  46.44%  42.87%  44.86%
    Pre-tax net income to total revenue (net) (A/(B+C))  50.03%  52.40%  52.92%  45.92%  52.70%  51.76%  53.12%
    Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))  49.49%  52.59%  52.45%  49.16%  50.72%  51.49%  53.06%
    Pre-tax, pre-provision, net income (PPNR) (B+C-D) $147,954  $141,411  $134,893  $118,443  $130,588  $424,258  $405,573 
    Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $146,562  $141,886  $133,728  $126,402  $125,743  $422,176  $405,113 
    P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)  57.35%  55.54%  54.75%  48.22%  53.23%  55.90%  53.99%
    P5NR, as adjusted (B+C-D+F)/(B+C)  56.81%  55.73%  54.28%  51.46%  51.25%  55.62%  53.92%
                   
    Pre-tax net income (A) $129,084  $133,411  $130,393  $112,793  $129,288  $392,888  $399,090 
    Net interest income (B)  215,220   211,822   204,590   202,770   201,937   631,632   624,175 
    Non-interest income (C)  42,779   42,774   41,799   42,848   43,413   127,352   127,086 
    Non-interest expense (D)  110,045   113,185   111,496   127,175   114,762   334,726   345,688 
    Fully taxable equivalent adjustment (E)  2,616   2,628   892   1,091   1,293   6,136   4,415 
    Total pre-tax adjustments (F)  (1,392)  475   (1,165)  7,959   (4,845)  (2,082)  (460)
    Amortization of intangibles (G)  2,095   2,140   2,140   2,253   2,477   6,375   7,432 
                   
    Adjustments:              
    Non-interest income:              
    Fair value adjustment for marketable securities $1,392  $(274) $1,003  $5,024  $4,507  $2,121  $(6,118)
    Gain on OREO  85   49   17   13      151   319 
    Gain (loss) on branches, equipment and other assets, net  32   2,052   (8)  583      2,076   924 
    BOLI death benefits        162      338   162   3,117 
    Recoveries on historic losses                    3,461 
    Total non-interest income adjustments (H) $1,509  $1,827  $1,174  $5,620  $4,845  $4,510  $1,703 
                   
    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
      Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023
               
    TANGIBLE BOOK VALUE PER COMMON SHARE          
    Book value per common share: (A/B) $19.91  $19.30  $18.98  $18.81  $18.06 
    Tangible book value per common share: ((A-C-D)/B) $12.67  $12.08  $11.79  $11.63  $10.90 
               
    Total stockholders' equity (A) $3,959,789  $3,855,503  $3,811,401  $3,791,075  $3,654,874 
    End of period common shares outstanding (B)  198,879   199,746   200,797   201,526   202,323 
    Goodwill (C)  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 
    Core deposit and other intangibles (D)  42,395   44,490   46,630   48,770   51,023 
               
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS          
    Equity to assets: (B/A)  17.35%  16.82%  16.69%  16.73%  16.65%
    Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))  11.78%  11.23%  11.06%  11.05%  10.76%
               
    Total assets (A) $22,823,117  $22,919,905  $22,835,721  $22,656,658  $21,950,638 
    Total stockholders' equity (B)  3,959,789   3,855,503   3,811,401   3,791,075   3,654,874 
    Goodwill (C)  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 
    Core deposit and other intangibles (D)  42,395   44,490   46,630   48,770   51,023 
               

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