HOMB Delivers Strong Q3 Results, While Shifting Into Hurricane Mode

Rhea-AI Summary

Home BancShares, Inc. (NYSE: HOMB) reported strong Q3 2024 results despite Hurricane Helene's impact. Key highlights include:

- Net income: $100.0 million
- Diluted earnings per share: $0.50
- Net interest margin: 4.28%
- Return on average assets (ROA): 1.74%
- Total loans: $14.82 billion
- Total deposits: $16.71 billion
- Total assets: $22.82 billion

The company recorded $18.9 million in credit loss expense, including a $16.7 million hurricane reserve. HOMB maintained strong liquidity with $5.65 billion in net available liquidity. The allowance for credit losses on loans increased to 2.11% of total loans. Despite challenges, HOMB demonstrated resilience with solid financial performance and strong balance sheet metrics.

Positive

• Net income of $100.0 million for Q3 2024
• Strong net interest margin of 4.28%
• Return on average assets (ROA) of 1.74%
• Increase in total loans to $14.82 billion
• Robust liquidity position with $5.65 billion in net available liquidity
• Increased allowance for credit losses on loans to 2.11% of total loans
• Efficiency ratio of 41.42% for Q3 2024

Negative

• Credit loss expense of $18.9 million, including $16.7 million hurricane reserve
• Slight decrease in total deposits from $16.96 billion to $16.71 billion
• Increase in non-performing loans to total loans from 0.58% to 0.68%
• Increase in non-performing assets to total assets from 0.56% to 0.63%

Insights

Financial Analyst

Home BancShares (HOMB) delivered a solid Q3 2024 performance despite the impact of Hurricane Helene. Key highlights include:

• Net income of $100.0 million, or $0.50 diluted EPS
• Net interest margin improved slightly to 4.28% from 4.27% in Q2
• Strong liquidity position with $5.65 billion in net available liquidity
• Loan growth of $42.5 million during the quarter
• Increased allowance for credit losses to 2.11% of total loans, up from 2.00% in Q2

The $16.7 million additional hurricane reserve impacted earnings by $0.06 per share. Despite this, HOMB maintained a solid 1.74% ROA. The bank's strong capital position (CET1 at 14.7%) and liquidity provide a buffer against potential economic headwinds. The slight increase in non-performing assets (0.63% of total assets) warrants monitoring but remains manageable given the robust allowance coverage.

Risk Management Expert

HOMB's proactive approach to risk management is evident in its Q3 results:

• Increased loan loss reserves by $16.7 million for potential hurricane impacts
• Maintained a high allowance for credit losses at 309.16% of non-performing loans
• exposure to uninsured deposits, with net uninsured position at 27.6% of total deposits
• Strong liquidity position exceeding uninsured deposits by $1.04 billion

The bank's stress test scenario, assuming a full withdrawal of uninsured deposits, demonstrates resilience with an estimated ROA of 1.26%. This conservative approach, coupled with diversified funding sources and a robust capital base, positions HOMB well to navigate potential economic uncertainties. However, the slight uptick in non-performing assets from 0.56% to 0.63% quarter-over-quarter requires ongoing vigilance.

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

Metric	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 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

FAQ

What was HOMB's net income for Q3 2024?

Home BancShares, Inc. (HOMB) reported a net income of $100.0 million for Q3 2024.

How did Hurricane Helene impact HOMB's Q3 2024 results?

Hurricane Helene led HOMB to record an additional $16.7 million hurricane reserve, which impacted the company's credit loss expense and earnings per share for Q3 2024.

What was HOMB's net interest margin in Q3 2024?

HOMB's net interest margin for Q3 2024 was 4.28%, slightly up from 4.27% in the previous quarter.

How much liquidity did HOMB have as of September 30, 2024?

As of September 30, 2024, HOMB had $5.65 billion in net available liquidity, consisting of $2.50 billion in internal liquidity and $3.15 billion in external liquidity.

What was HOMB's efficiency ratio for Q3 2024?

HOMB's efficiency ratio for Q3 2024 was 41.42%, indicating strong operational efficiency.