HOMB on Track for $400 Million Year

Rhea-AI Summary

Home BancShares, Inc. (NYSE: HOMB) released its quarterly earnings report for the Third Quarter of 2023.

Positive

• Net income for Q3 2023 was $98.5 million, a decrease from the previous quarter.
• Total revenue (net) for Q3 2023 was $245.4 million, a decrease from the previous quarter.
• The Company paid out $143.3 million in dividends in the past 12 months.
• The Company's tangible book value per share increased by 11.1% from $9.82 to $10.90 per share.
• The Company held $6.12 billion in net available liquidity as of September 30, 2023.
• Total loans receivable increased to $14.27 billion at September 30, 2023.
• Non-performing loans to total loans increased to 0.64% at September 30, 2023.

Negative

• Net income and total revenue (net) decreased compared to the previous quarter.
• Non-performing loans to total loans increased.

CONWAY, Ark., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Third Quarter of 2023:

Metric	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Net income	$98.5 million	$105.3 million	$103.0 million	$115.7 million	$108.7 million
Total revenue (net)	$245.4 million	$257.2 million	$248.8 million	$272.3 million	$256.3 million
Income before income taxes	$129.3 million	$136.9 million	$132.9 million	$148.4 million	$142.0 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$130.6 million	$140.9 million	$134.1 million	$153.4 million	$142.0 million
Pre-tax net income to total revenue (net)	52.70%	53.23%	53.43%	54.50%	55.39%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	53.23%	54.78%	53.91%	56.34%	55.39%
ROA	1.78%	1.90%	1.84%	1.98%	1.81%
NIM	4.19%	4.28%	4.37%	4.21%	4.05%
Purchase accounting accretion	$2.4 million	$2.7 million	$3.2 million	$3.5 million	$4.6 million
ROE	10.65%	11.63%	11.70%	13.29%	12.25%
ROTCE (non-GAAP)(1)	17.62%	19.39%	19.75%	22.96%	20.93%
Diluted earnings per share	$0.49	$0.52	$0.51	$0.57	$0.53
Non-performing assets to total assets	0.42%	0.28%	0.33%	0.27%	0.27%
Common equity tier 1 capital	14.0%	13.6%	13.2%	12.9%	13.0%
Leverage	12.4%	11.9%	11.4%	10.9%	10.4%
Tier 1 capital	14.0%	13.6%	13.2%	12.9%	13.0%
Total risk-based capital	17.6%	17.3%	16.8%	16.5%	16.7%
Allowance for credit losses to total loans	2.00%	2.01%	2.00%	2.01%	2.09%
Book value per share	$18.06	$18.04	$17.87	$17.33	$16.94
Tangible book value per share (non-GAAP)(1)	10.90	10.87	10.71	10.17	9.82

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

“In the past 12 months, we have paid out $143.3 million in dividends, have repurchased 2,250,900 shares of stock for $51.0 million and have taken an additional mark to the available-for-sale portfolio of $43.1 million and were still able to grow tangible book value⁽¹⁾ by 11.1% from $9.82 per share to $10.90 per share. This feat deserves a shout out to all our people for an outstanding job during a tough economy,” said John Allison, Chairman and CEO of HOMB.

“We are continuing to build on our fortress balance sheet with both peer leading reserves and capital,” said Tracy French, President and CEO of Centennial Bank.

Liquidity and Funding Sources

At September 30, 2023, the Company held $1.78 billion in net available internal liquidity. This balance consisted of $1.38 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $228.1 million in cash with the Federal Reserve Bank (FRB) and $172.7 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $4.33 billion in net available external liquidity as of September 30, 2023. This included $5.09 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $2.00 billion has been drawn upon in the ordinary course of business, resulting in $3.09 billion in net available liquidity with the FHLB as of September 30, 2023. The $2.00 billion consisted of $750.0 million in outstanding FHLB advances and $1.25 billion used for pledging purposes. The Company also had access to approximately $1.39 billion in liquidity with the FRB as of September 30, 2023, of which $250.0 million has been drawn upon in the ordinary course of business, resulting in $1.14 billion in net available liquidity with the FRB as of September 30, 2023. The $1.14 billion consisted of $80.9 million available from the Discount Window and $1.06 billion available through the Bank Term Funding Program (BTFP). As of September 30, 2023, 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 $6.12 billion net available liquidity as of September 30, 2023, which consisted of $1.78 billion of net available internal liquidity and $4.33 billion in net available external liquidity. Details on the Company’s available liquidity as of September 30, 2023 is available below.

(in thousands)	Total Available				Amount Used				Net Availability
Internal Sources
Unpledged investment securities (market value)	$	1,382,775			$	—			$	1,382,775
Cash at FRB		228,114				—				228,114
Other liquid cash accounts		172,708				—				172,708
Total Internal Liquidity		1,783,597				—				1,783,597
External Sources
FHLB		5,089,340				1,995,990				3,093,350
FRB Discount Window		80,919				—				80,919
BTFP (par value)		1,309,205				250,000				1,059,205
FNBB		55,000				—				55,000
Other		45,000				—				45,000
Total External Liquidity		6,579,464				2,245,990				4,333,474
Total Available Liquidity	$	8,363,061			$	2,245,990			$	6,117,071

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of September 30, 2023, the Company held approximately $7.95 billion in uninsured deposits of which $568.5 million were intercompany subsidiary deposit balances and $2.65 billion were collateralized deposits, for a net position of $4.73 billion. This represents approximately 28.7% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.38 billion.

(in thousands)	As of September 30, 2023
Uninsured Deposits	$	7,952,922
Intercompany Subsidiary and Affiliate Balances		568,511
Collateralized Deposits		2,650,369
Net Uninsured Position	$	4,734,042
Total Available Liquidity	$	6,117,071
Net Uninsured Position		4,734,042
Net Available Liquidity in Excess of Uninsured Deposits	$	1,383,029

In the event the Company’s $4.73 billion net position of uninsured deposits had been called by depositors on the first day of the third quarter of 2023 and the Company utilized available BTFP funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $65.5 million for the period ended September 30, 2023. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, because of the high profitability levels of HOMB, the Company estimates that it would still have achieved return on average assets (ROA) of 1.20% for the period ended September 30, 2023.

Operating Highlights

Net income for the three-month period ended September 30, 2023 was $98.5 million, or $0.49 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 $94.7 million⁽¹⁾, and $0.47 per share⁽¹⁾, respectively, for the three months ended September 30, 2023.

Our net interest margin was 4.19% for the three-month period ended September 30, 2023, compared to 4.28% for the three-month period ended June 30, 2023. The yield on loans was 6.98% and 6.84% for the three months ended September 30, 2023 and June 30, 2023, respectively, as average loans decreased from $14.26 billion to $14.19 billion. Additionally, the rate on interest bearing deposits increased to 2.55% as of September 30, 2023, from 2.27% as of June 30, 2023, while average interest-bearing balances decreased from $12.42 billion to $12.24 billion.

During the third quarter of 2023, there was $521,000 of event interest expense compared to event interest income of $1.3 million for the second quarter of 2023.

Purchase accounting accretion on acquired loans was $2.4 million and $2.7 million and average purchase accounting loan discounts were $29.9 million and $32.5 million for the three-month periods ended September 30, 2023 and June 30, 2023, respectively.

Net interest income on a fully taxable equivalent basis was $203.2 million for the three-month period ended September 30, 2023, and $209.1 million for the three-month period ended June 30, 2023. This reduction in net interest income for the three-month period ended September 30, 2023, was the result of a $10.3 million increase in interest expense, partially offset by a $4.4 million increase in interest income. The $10.3 million increase in interest expense was due to an $8.6 million increase in interest expense on deposits, a $1.6 million increase in interest expense on FHLB and other borrowed funds and a $223,000 increase in interest expense on securities sold under agreement to repurchase. The increase in interest expense is a result of the current high interest rate environment. The $4.4 million increase in interest income was primarily the result of a $6.3 million increase in loan interest income, partially offset by a $1.4 million decrease in income from interest-bearing balances due from banks and a $529,000 decrease in investment income. The increase in interest income is also a result of the current high interest rate environment.

The Company reported $43.4 million of non-interest income for the third quarter of 2023. The most important components of third quarter non-interest income were $10.1 million from other service charges and fees, $10.1 million from service charges on deposit accounts, $6.2 million from other income, $4.7 million from trust fees, $4.5 million from the fair value adjustment for marketable securities, $3.1 million in mortgage lending income, $2.9 million from dividends from FHLB, FRB, FNBB and other and $1.2 million from the increase in cash value of life insurance. The $6.2 million in other income includes $338,000 in non-taxable bank owned life insurance “BOLI” death benefit income.

Non-interest expense for the third quarter of 2023 was $114.8 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $25.7 million in other operating expense, $15.5 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the third quarter of 2023, our efficiency ratio was 45.53%, and our efficiency ratio, as adjusted (non-GAAP), was 46.44%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.27 billion at September 30, 2023, compared to $14.18 billion at June 30, 2023. Total deposits were $16.52 billion at September 30, 2023, compared to $17.00 billion at June 30, 2023. Total assets were $21.95 billion at September 30, 2023, compared to $22.13 billion at June 30, 2023.

During the third quarter of 2023, the Company experienced approximately $90.9 million in loan growth. Centennial CFG experienced $145.3 million of organic loan growth and had loans of $2.01 billion at September 30, 2023. Our remaining markets experienced $54.4 million in organic loan decline during the quarter.

Non-performing loans to total loans was 0.64% and 0.43% at September 30, 2023 and June 30, 2023, respectively. Non-performing assets to total assets was 0.42% and 0.28% at September 30, 2023 and June 30, 2023, respectively. Net charge-offs were $2.9 million and $3.8 million for the three months ended September 30, 2023 and June 30, 2023, respectively.

Non-performing loans at September 30, 2023 were $12.6 million, $17.3 million, $27.2 million, $372,000, $3.0 million and $30.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $90.9 million. Non-performing assets at September 30, 2023 were $12.8 million, $17.5 million, $27.5 million, $372,000, $3.0 million and $30.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $91.6 million.

The Company’s allowance for credit losses on loans was $285.6 million at September 30, 2023, or 2.00% of total loans, compared to the allowance for credit losses on loans of $285.7 million, or 2.01% of total loans, at June 30, 2023. As of September 30, 2023 and June 30, 2023, the Company’s allowance for credit losses on loans was 314.29% and 472.23% of its total non-performing loans, respectively.

Stockholders’ equity was $3.65 billion at September 30, 2023, compared to $3.65 billion at June 30, 2023, an increase of approximately $0.8 million. The increase in stockholders’ equity is primarily associated with the $62.0 million increase in retained earnings, partially offset by the $57.9 million increase in accumulated other comprehensive loss and $5.7 million in stock repurchases. Book value per common share was $18.06 at September 30, 2023, compared to $18.04 at June 30, 2023. Tangible book value per common share (non-GAAP) was $10.90⁽¹⁾ at September 30, 2023, compared to $10.87⁽¹⁾ at June 30, 2023.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 63 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 19, 2023. 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/682811524. 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=353e41be&confId=55500. 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: 488667. A replay of the call will be available by calling 1-866-813-9403, Passcode: 746951, which will be available until October 26, 2023, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

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

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

Non-GAAP Financial Measures

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

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “on track” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023.

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, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
ASSETS
Cash and due from banks		$	229,474			$	275,656			$	250,841			$	263,893			$	268,929
Interest-bearing deposits with other banks			258,605				335,535				437,213				460,897				1,311,492
Cash and cash equivalents			488,079				611,191				688,054				724,790				1,580,421
Federal funds sold			3,925				1,550				—				—				2,700
Investment securities - available-for-sale, net of allowance for credit losses			3,472,173				3,645,013				3,772,138				4,041,590				4,085,102
Investment securities - held-to-maturity, net of allowance for credit losses			1,283,475				1,285,150				1,286,373				1,287,705				1,251,007
Total investment securities			4,755,648				4,930,163				5,058,511				5,329,295				5,336,109
Loans receivable			14,271,833				14,180,972				14,386,634				14,409,480				13,829,311
Allowance for credit losses			(285,562	)			(285,683	)			(287,169	)			(289,669	)			(289,203	)
Loans receivable, net			13,986,271				13,895,289				14,099,465				14,119,811				13,540,108
Bank premises and equipment, net			397,093				397,315				402,094				405,073				411,479
Foreclosed assets held for sale			691				725				425				546				365
Cash value of life insurance			213,351				213,090				214,792				213,693				212,619
Accrued interest receivable			110,946				101,066				102,740				103,199				88,671
Deferred tax asset, net			222,741				206,430				193,334				209,321				228,979
Goodwill			1,398,253				1,398,253				1,398,253				1,398,253				1,394,353
Core deposit intangible			51,023				53,500				55,978				58,455				60,932
Other assets			322,617				317,857				304,609				321,152				300,634
Total assets		$	21,950,638			$	22,126,429			$	22,518,255			$	22,883,588			$	23,157,370
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,280,429			$	4,598,593			$	4,945,729			$	5,164,997			$	5,540,539
Savings and interest-bearing transaction accounts			10,786,087				11,169,940				11,392,566				11,730,552				11,968,519
Time deposits			1,452,229				1,228,358				1,107,171				1,043,234				1,033,266
Total deposits			16,518,745				16,996,891				17,445,466				17,938,783				18,542,324
Securities sold under agreements to repurchase			160,120				160,349				138,742				131,146				121,555
FHLB and other borrowed funds			1,001,550				701,550				650,000				650,000				400,000
Accrued interest payable and other liabilities			175,367				173,426				212,887				196,877				192,908
Subordinated debentures			439,982				440,129				440,275				440,420				440,568
Total liabilities			18,295,764				18,472,345				18,887,370				19,357,226				19,697,355
Stockholders' equity
Common stock			2,023				2,026				2,032				2,034				2,042
Capital surplus			2,363,210				2,366,560				2,375,754				2,386,699				2,404,388
Retained earnings			1,640,171				1,578,176				1,509,400				1,443,087				1,361,040
Accumulated other comprehensive loss			(350,530	)			(292,678	)			(256,301	)			(305,458	)			(307,455	)
Total stockholders' equity			3,654,874				3,654,084				3,630,885				3,526,362				3,460,015
Total liabilities and stockholders' equity		$	21,950,638			$	22,126,429			$	22,518,255			$	22,883,588			$	23,157,370

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																				Nine Months Ended
(In thousands)		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Sep. 30, 2023				Sep. 30, 2022
Interest income:
Loans		$	249,464			$	243,152			$	236,997			$	221,280			$	195,841			$	729,613			$	507,062
Investment securities
Taxable			34,520				34,751				35,288				33,639				28,273				104,559				58,294
Tax-exempt			7,868				7,932				7,963				7,855				8,069				23,763				20,501
Deposits - other banks			2,328				3,729				4,685				10,109				10,763				10,742				19,001
Federal funds sold			82				68				6				12				9				156				13
Total interest income			294,262				289,632				284,939				272,895				242,955				868,833				604,871
Interest expense:
Interest on deposits			78,698				70,147				59,162				47,019				23,347				208,007				38,970
Federal funds purchased			1				2				—				—				—				3				2
FHLB and other borrowed funds			8,161				6,596				6,190				5,388				1,917				20,947				5,688
Securities sold under agreements to repurchase			1,344				1,121				868				701				434				3,333				729
Subordinated debentures			4,121				4,123				4,124				4,121				4,153				12,368				16,472
Total interest expense			92,325				81,989				70,344				57,229				29,851				244,658				61,861
Net interest income			201,937				207,643				214,595				215,666				213,104				624,175				543,010
Provision for credit losses on loans			2,800				2,300				1,200				5,000				—				6,300				45,170
(Recovery of) provision for credit losses on unfunded commitments			(1,500	)			—				—				—				—				(1,500	)			11,410
Provision for credit losses on investment securities			—				1,683				—				—				—				1,683				2,005
Total credit loss expense			1,300				3,983				1,200				5,000				—				6,483				58,585
Net interest income after credit loss expense			200,637				203,660				213,395				210,666				213,104				617,692				484,425
Non-interest income:
Service charges on deposit accounts			10,062				9,231				9,842				10,134				10,756				29,135				26,980
Other service charges and fees			10,128				11,763				11,875				10,363				13,951				33,766				34,225
Trust fees			4,660				4,052				4,864				3,981				3,980				13,576				8,874
Mortgage lending income			3,132				2,650				2,571				3,566				4,179				8,353				14,091
Insurance commissions			562				518				526				453				601				1,606				1,739
Increase in cash value of life insurance			1,170				1,211				1,104				1,079				1,089				3,485				2,721
Dividends from FHLB, FRB, FNBB & other			2,916				2,922				2,794				2,814				1,741				8,632				6,384
Gain on SBA loans			97				—				139				30				58				236				153
Gain (loss) on branches, equipment and other assets, net			—				917				7				10				(13	)			924				5
Gain on OREO, net			—				319				—				13				—				319				487
Fair value adjustment for marketable securities			4,507				783				(11,408	)			1,032				(2,628	)			(6,118	)			(2,304	)
Other income			6,179				15,143				11,850				23,185				9,487				33,172				25,096
Total non-interest income			43,413				49,509				34,164				56,660				43,201				127,086				118,451
Non-interest expense:
Salaries and employee benefits			64,512				64,534				64,490				64,249				65,290				193,536				174,636
Occupancy and equipment			15,463				14,923				14,952				14,884				15,133				45,338				38,533
Data processing expense			9,103				9,151				8,968				9,062				8,747				27,222				25,880
Merger and acquisition expenses			—				—				—				—				—				—				49,594
Other operating expenses			25,684				27,674				26,234				30,708				25,176				79,592				68,081
Total non-interest expense			114,762				116,282				114,644				118,903				114,346				345,688				356,724
Income before income taxes			129,288				136,887				132,915				148,423				141,959				399,090				246,152
Income tax expense			30,835				31,616				29,953				32,736				33,254				92,404				56,577
Net income		$	98,453			$	105,271			$	102,962			$	115,687			$	108,705			$	306,686			$	189,575

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Nine Months Ended
(Dollars and shares in thousands, except per share data)		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Sep. 30, 2023				Sep. 30, 2022
PER SHARE DATA
Diluted earnings per common share		$	0.49			$	0.52			$	0.51			$	0.57			$	0.53			$	1.51			$	0.99
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.47				0.51				0.54				0.53				0.54				1.51				1.40
Basic earnings per common share			0.49				0.52				0.51				0.57				0.53				1.51				0.99
Dividends per share - common			0.18				0.18				0.18				0.165				0.165				0.54				0.495
Book value per common share			18.06				18.04				17.87				17.33				16.94				18.06				16.94
Tangible book value per common share (non-GAAP)(1)			10.90				10.87				10.71				10.17				9.82				10.90				9.82
STOCK INFORMATION
Average common shares outstanding			202,526				202,793				203,456				203,924				204,829				202,921				191,584
Average diluted shares outstanding			202,650				202,923				203,625				204,179				205,135				203,068				191,941
End of period common shares outstanding			202,323				202,573				203,168				203,434				204,219				202,323				204,219
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			1.78	%			1.90	%			1.84	%			1.98	%			1.81	%			1.84	%			1.13	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			1.72	%			1.85	%			1.95	%			1.84	%			1.83	%			1.84	%			1.61	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			1.95	%			2.07	%			2.00	%			2.15	%			1.97	%			2.01	%			1.23	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			1.87	%			2.02	%			2.12	%			2.00	%			1.99	%			2.00	%			1.74	%
Return on average common equity (ROE)			10.65	%			11.63	%			11.70	%			13.29	%			12.25	%			11.32	%			7.71	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			10.25	%			11.33	%			12.38	%			12.35	%			12.39	%			11.30	%			10.91	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			17.62	%			19.39	%			19.75	%			22.96	%			20.93	%			18.90	%			12.71	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			16.95	%			18.90	%			20.90	%			21.33	%			21.16	%			18.87	%			18.00	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			17.95	%			19.74	%			20.11	%			23.33	%			21.29	%			19.24	%			13.03	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			17.29	%			19.24	%			21.26	%			21.70	%			21.52	%			19.22	%			18.32	%
(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, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Sep. 30, 2023				Sep. 30, 2022
Efficiency ratio			45.53	%			44.00	%			44.80	%			42.44	%			43.24	%			44.76	%			52.44	%
Efficiency ratio, as adjusted (non-GAAP)(1)			46.44	%			44.83	%			43.42	%			43.07	%			42.97	%			44.86	%			45.13	%
Net interest margin - FTE (NIM)			4.19	%			4.28	%			4.37	%			4.21	%			4.05	%			4.28	%			3.67	%
Fully taxable equivalent adjustment		$	1,293			$	1,494			$	1,628			$	2,017			$	2,437			$	4,415			$	6,646
Total revenue (net)			245,350				257,152				248,759				272,326				256,305				751,261				661,461
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			130,588				140,870				134,115				153,423				141,959				405,573				304,737
PPNR, as adjusted (non-GAAP)(1)			125,743				137,308				142,062				142,567				143,522				405,113				350,576
Pre-tax net income to total revenue (net)			52.70	%			53.23	%			53.43	%			54.50	%			55.39	%			53.12	%			37.21	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			50.72	%			51.85	%			56.63	%			50.52	%			56.00	%			53.06	%			53.00	%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net) (non-GAAP)(1)			53.23	%			54.78	%			53.91	%			56.34	%			55.39	%			53.99	%			46.07	%
P5NR, as adjusted (non-GAAP)(1)			51.25	%			53.40	%			57.11	%			52.35	%			56.00	%			53.92	%			53.00	%
Total purchase accounting accretion		$	2,431			$	2,660			$	3,172			$	3,497			$	4,578			$	8,263			$	12,844
Average purchase accounting loan discounts			29,915				32,546				35,482				38,552				42,050				32,656				37,889
OTHER OPERATING EXPENSES
Hurricane expense		$	—			$	—			$	—			$	176			$	—			$	—			$	—
Advertising			2,295				2,098				2,231				2,567				2,024				6,624				5,407
Amortization of intangibles			2,477				2,478				2,477				2,478				2,477				7,432				6,376
Electronic banking expense			3,709				3,675				3,330				3,914				3,828				10,714				9,718
Directors' fees			417				538				460				358				354				1,415				1,133
Due from bank service charges			282				286				273				273				316				841				982
FDIC and state assessment			2,794				3,220				3,500				2,224				2,146				9,514				6,204
Insurance			878				927				889				1,003				959				2,694				2,702
Legal and accounting			1,514				1,436				1,088				5,962				1,581				4,038				3,439
Other professional fees			2,117				2,774				2,284				2,552				2,466				7,175				6,329
Operating supplies			860				763				738				690				681				2,361				2,430
Postage			491				586				501				602				614				1,578				1,476
Telephone			544				573				528				576				593				1,645				1,314
Other expense			7,306				8,320				7,935				7,333				7,137				23,561				20,571
Total other operating expenses		$	25,684			$	27,674			$	26,234			$	30,708			$	25,176			$	79,592			$	68,081
(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, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
BALANCE SHEET RATIOS
Total loans to total deposits			86.40	%			83.43	%			82.47	%			80.33	%			74.58	%
Common equity to assets			16.65	%			16.51	%			16.12	%			15.41	%			14.94	%
Tangible common equity to tangible assets (non-GAAP)(1)			10.76	%			10.65	%			10.33	%			9.66	%			9.24	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,614,259			$	5,480,738			$	5,524,125			$	5,632,063			$	5,156,438
Construction/land development			2,154,030				2,201,514				2,160,514				2,135,266				2,232,906
Agricultural			336,160				340,067				342,814				346,811				330,748
Residential real estate loans
Residential 1-4 family			1,808,248				1,790,218				1,748,231				1,748,551				1,704,850
Multifamily residential			444,239				455,754				637,633				578,052				525,110
Total real estate			10,356,936				10,268,291				10,413,317				10,440,743				9,950,052
Consumer			1,153,461				1,156,273				1,173,325				1,149,896				1,120,250
Commercial and industrial			2,195,678				2,288,646				2,368,428				2,349,263				2,268,750
Agricultural			332,608				297,743				250,851				285,235				313,693
Other			233,150				170,019				180,713				184,343				176,566
Loans receivable		$	14,271,833			$	14,180,972			$	14,386,634			$	14,409,480			$	13,829,311
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	285,683			$	287,169			$	289,669			$	289,203			$	294,267
Loans charged off			3,449				4,726				4,288				5,379				6,313
Recoveries of loans previously charged off			528				940				588				845				1,249
Net loans charged off			2,921				3,786				3,700				4,534				5,064
Provision for credit losses - loans			2,800				2,300				1,200				5,000				—
Balance, end of period		$	285,562			$	285,683			$	287,169			$	289,669			$	289,203
Net charge-offs to average total loans			0.08	%			0.11	%			0.10	%			0.13	%			0.15	%
Allowance for credit losses to total loans			2.00	%			2.01	%			2.00	%			2.01	%			2.09	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	84,184			$	49,627			$	65,401			$	51,011			$	56,796
Loans past due 90 days or more			6,674				10,869				8,567				9,845				4,898
Total non-performing loans			90,858				60,496				73,968				60,856				61,694
Other non-performing assets
Foreclosed assets held for sale, net			691				725				425				546				365
Other non-performing assets			64				64				74				74				104
Total other non-performing assets			755				789				499				620				469
Total non-performing assets		$	91,613			$	61,285			$	74,467			$	61,476			$	62,163
Allowance for credit losses for loans to non-performing loans			314.29	%			472.23	%			388.23	%			475.99	%			468.77	%
Non-performing loans to total loans			0.64	%			0.43	%			0.51	%			0.42	%			0.45	%
Non-performing assets to total assets			0.42	%			0.28	%			0.33	%			0.27	%			0.27	%
(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, 2023												June 30, 2023
(Dollars in thousands)		Average Balance				Income/ Expense				Yield/ Rate				Average Balance				Income/ Expense				Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	197,336			$	2,328				4.68	%		$	320,039			$	3,729				4.67	%
Federal funds sold			4,859				82				6.70	%			5,350				68				5.10	%
Investment securities - taxable			3,598,513				34,520				3.81	%			3,718,320				34,751				3.75	%
Investment securities - non-taxable - FTE			1,272,680				9,034				2.82	%			1,280,781				9,332				2.92	%
Loans receivable - FTE			14,191,461				249,591				6.98	%			14,259,647				243,246				6.84	%
Total interest-earning assets			19,264,849				295,555				6.09	%			19,584,137				291,126				5.96	%
Non-earning assets			2,637,585												2,643,267
Total assets		$	21,902,434											$	22,227,404
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	10,923,936			$	68,067				2.47	%		$	11,242,988			$	62,637				2.23	%
Time deposits			1,319,126				10,631				3.20	%			1,174,925				7,510				2.56	%
Total interest-bearing deposits			12,243,062				78,698				2.55	%			12,417,913				70,147				2.27	%
Federal funds purchased			54				1				7.35	%			123				2				6.52	%
Securities sold under agreement to repurchase			154,687				1,344				3.45	%			143,969				1,121				3.12	%
FHLB borrowed funds			773,345				8,161				4.19	%			679,445				6,596				3.89	%
Subordinated debentures			440,054				4,121				3.72	%			440,201				4,123				3.76	%
Total interest-bearing liabilities			13,611,202				92,325				2.69	%			13,681,651				81,989				2.40	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,434,394												4,717,623
Other liabilities			189,499												197,936
Total liabilities			18,235,095												18,597,210
Shareholders' equity			3,667,339												3,630,194
Total liabilities and shareholders' equity		$	21,902,434											$	22,227,404
Net interest spread											3.40	%											3.56	%
Net interest income and margin - FTE						$	203,230				4.19	%						$	209,137				4.28	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Nine Months Ended
		September 30, 2023												September 30, 2022
(Dollars in thousands)		Average Balance				Income/ Expense				Yield/ Rate				Average Balance				Income/ Expense				Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	313,637			$	10,742				4.58	%		$	2,899,620			$	19,001				0.88	%
Federal funds sold			3,577				156				5.83	%			1,593				13				1.09	%
Investment securities - taxable			3,726,710				104,559				3.75	%			3,442,854				58,294				2.26	%
Investment securities - non-taxable - FTE			1,280,947				27,848				2.91	%			1,139,628				26,709				3.13	%
Loans receivable - FTE			14,307,358				729,943				6.82	%			12,547,275				507,500				5.41	%
Total interest-earning assets			19,632,229				873,248				5.95	%			20,030,970				611,517				4.08	%
Non-earning assets			2,640,096												2,308,827
Total assets		$	22,272,325											$	22,339,797
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,246,350			$	185,560				2.21	%		$	11,420,566			$	36,031				0.42	%
Time deposits			1,189,620				22,447				2.52	%			1,035,340				2,939				0.38	%
Total interest-bearing deposits			12,435,970				208,007				2.24	%			12,455,906				38,970				0.42	%
Federal funds purchased			59				3				6.80	%			294				2				0.91	%
Securities sold under agreement to repurchase			144,603				3,333				3.08	%			129,076				729				0.76	%
FHLB borrowed funds			701,748				20,947				3.99	%			400,004				5,688				1.90	%
Subordinated debentures			440,199				12,368				3.76	%			540,175				16,472				4.08	%
Total interest-bearing liabilities			13,722,579				244,658				2.38	%			13,525,455				61,861				0.61	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,729,515												5,363,770
Other liabilities			197,498												161,402
Total liabilities			18,649,592												19,050,627
Shareholders' equity			3,622,733												3,289,170
Total liabilities and shareholders' equity		$	22,272,325											$	22,339,797
Net interest spread											3.57	%											3.47	%
Net interest income and margin - FTE						$	628,590				4.28	%						$	549,656				3.67	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Nine Months Ended
(Dollars and shares in thousands, except per share data)		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Sep. 30, 2023				Sep. 30, 2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	98,453			$	105,271			$	102,962			$	115,687			$	108,705			$	306,686			$	189,575
Pre-tax adjustments
BOLI death benefits			(338	)			(2,779	)			—				—				—				(3,117	)			—
Merger and acquisition expenses			—				—				—				—				—				—				49,594
Initial provision for credit losses - acquisition			—				—				—				—				—				—				58,585
Fair value adjustment for marketable securities			(4,507	)			(783	)			11,408				(1,032	)			2,628				6,118				2,304
Special dividend from equity investment			—				—				—				—				—				—				(1,434	)
TRUPS redemption fees			—				—				—				—				—				—				2,081
Special lawsuit settlement, net of expense			—				—				—				(10,000	)			—				—				—
Recoveries on historic losses			—				—				(3,461	)			—				(1,065	)			(3,461	)			(6,706	)
Hurricane expense			—				—				—				176				—				—				—
Total pre-tax adjustments			(4,845	)			(3,562	)			7,947				(10,856	)			1,563				(460	)			104,424
Tax-effect of adjustments			(1,112	)			(879	)			1,961				(2,679	)			393				(30	)			25,569
Total adjustments after-tax (B)			(3,733	)			(2,683	)			5,986				(8,177	)			1,170				(430	)			78,855
Earnings, as adjusted (C)		$	94,720			$	102,588			$	108,948			$	107,510			$	109,875			$	306,256			$	268,430
Average diluted shares outstanding (D)			202,650				202,923				203,625				204,179				205,135				203,068				191,941
GAAP diluted earnings per share: (A/D)		$	0.49			$	0.52			$	0.51			$	0.57			$	0.53			$	1.51			$	0.99
Adjustments after-tax: (B/D)			(0.02	)			(0.01	)			0.03				(0.04	)			0.01				0.00				0.41
Diluted earnings per common share, as adjusted: (C/D)		$	0.47			$	0.51			$	0.54			$	0.53			$	0.54			$	1.51			$	1.40
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)			1.78	%			1.90	%			1.84	%			1.98	%			1.81	%			1.84	%			1.13	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)			1.72	%			1.85	%			1.95	%			1.84	%			1.83	%			1.84	%			1.61	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))			1.95	%			2.07	%			2.00	%			2.15	%			1.97	%			2.01	%			1.23	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))			1.87	%			2.02	%			2.12	%			2.00	%			1.99	%			2.00	%			1.74	%
Return on average assets excluding excess liquidity: (A/(E-G))			1.78	%			1.98	%			1.99	%			2.28	%			2.10	%			1.87	%			1.29	%
Return on average assets, as adjusted, excluding excess liquidity: ((A+D)/(E-G))			1.71	%			1.93	%			2.11	%			2.12	%			2.13	%			1.86	%			1.83	%
GAAP net income available to common shareholders (A)		$	98,453			$	105,271			$	102,962			$	115,687			$	108,705			$	306,686			$	189,575
Amortization of intangibles (B)			2,477				2,478				2,477				2,478				2,477				7,432				6,376
Amortization of intangibles after-tax (C)			1,866				1,866				1,866				1,866				1,854				5,598				4,757
Adjustments after-tax (D)			(3,733	)			(2,683	)			5,986				(8,177	)			1,170				(430	)			78,855
Average assets (E)			21,902,434				22,227,404				22,695,855				23,187,005				23,778,769				22,272,325				22,339,797
Average goodwill & core deposit intangible (F)			1,450,478				1,452,951				1,455,423				1,454,639				1,459,034				1,452,933				1,294,971

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Nine Months Ended
(Dollars in thousands)		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Sep. 30, 2023				Sep. 30, 2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			10.65	%			11.63	%			11.70	%			13.29	%			12.25	%			11.32	%			7.71	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			10.25	%			11.33	%			12.38	%			12.35	%			12.39	%			11.30	%			10.91	%
Return on average tangible common equity: (A/(D-E))			17.62	%			19.39	%			19.75	%			22.96	%			20.93	%			18.90	%			12.71	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			16.95	%			18.90	%			20.90	%			21.33	%			21.16	%			18.87	%			18.00	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			17.95	%			19.74	%			20.11	%			23.33	%			21.29	%			19.24	%			13.03	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			17.29	%			19.24	%			21.26	%			21.70	%			21.52	%			19.22	%			18.32	%
GAAP net income available to common shareholders (A)		$	98,453			$	105,271			$	102,962			$	115,687			$	108,705			$	306,686			$	189,575
Earnings excluding intangible amortization (B)			100,319				107,137				104,828				117,553				110,559				312,284				194,332
Adjustments after-tax (C)			(3,733	)			(2,683	)			5,986				(8,177	)			1,170				(430	)			78,855
Average common equity (D)			3,667,339				3,630,194				3,569,592				3,454,005				3,519,296				3,622,733				3,289,170
Average goodwill & core deposits intangible (E)			1,450,478				1,452,951				1,455,423				1,454,639				1,459,034				1,452,933				1,294,971
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))			45.53	%			44.00	%			44.80	%			42.44	%			43.24	%			44.76	%			52.44	%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))			46.44	%			44.83	%			43.42	%			43.07	%			42.97	%			44.86	%			45.13	%
Pre-tax net income to total revenue (net) (A/(B+C))			52.70	%			53.23	%			53.43	%			54.50	%			55.39	%			53.12	%			37.21	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			50.72	%			51.85	%			56.63	%			50.52	%			56.00	%			53.06	%			53.00	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	130,588			$	140,870			$	134,115			$	153,423			$	141,959			$	405,573			$	304,737
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)		$	125,743			$	137,308			$	142,062			$	142,567			$	143,522			$	405,113			$	350,576
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)			53.23	%			54.78	%			53.91	%			56.34	%			55.39	%			53.99	%			46.07	%
P5NR, as adjusted (B+C-D+F-G)/(B+C)			51.25	%			53.40	%			57.11	%			52.35	%			56.00	%			53.92	%			53.00	%
Pre-tax net income (A)		$	129,288			$	136,887			$	132,915			$	148,423			$	141,959			$	399,090			$	246,152
Net interest income (B)			201,937				207,643				214,595				215,666				213,104				624,175				543,010
Non-interest income (C)			43,413				49,509				34,164				56,660				43,201				127,086				118,451
Non-interest expense (D)			114,762				116,282				114,644				118,903				114,346				345,688				356,724
Fully taxable equivalent adjustment (E)			1,293				1,494				1,628				2,017				2,437				4,415				6,646
Total pre-tax adjustments (F)			(4,845	)			(3,562	)			7,947				(10,856	)			1,563				(460	)			104,424
Initial provision for credit losses - acquisition (G)			—				—				—				—				—				—				58,585
Amortization of intangibles (H)			2,477				2,478				2,477				2,478				2,477				7,432				6,376
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	4,507			$	783			$	(11,408	)		$	1,032			$	(2,628	)		$	(6,118	)		$	(2,304	)
Gain on OREO			—				319				—				13				—				319				487
Gain (loss) on branches, equipment and other assets, net			—				917				7				10				(13	)			924				5
Special dividend from equity investment			—				—				—				—				—				—				1,434
BOLI death benefits			338				2,779				—				—				—				3,117				—
Lawsuit settlement - special lawsuit			—				—				—				15,000				—				—				—
Recoveries on historic losses			—				—				3,461				—				1,065				3,461				6,706
Total non-interest income adjustments (I)		$	4,845			$	4,798			$	(7,940	)		$	16,055			$	(1,576	)		$	1,703			$	6,328
Non-interest expense:
Merger and acquisition expenses			—				—				—				—				—				—				49,594
Hurricane expense			—				—				—				176				—				—				—
Legal expense - special lawsuit			—				—				—				5,000				—				—				—
TRUPS redemption fees			—				—				—				—				—				—				2,081
Total non-interest expense adjustments (J)		$	—			$	—			$	—			$	5,176			$	—			$	—			$	51,675

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)		$	18.06			$	18.04			$	17.87			$	17.33			$	16.94
Tangible book value per common share: ((A-C-D)/B)			10.90				10.87				10.71				10.17				9.82
Total stockholders' equity (A)		$	3,654,874			$	3,654,084			$	3,630,885			$	3,526,362			$	3,460,015
End of period common shares outstanding (B)			202,323				202,573				203,168				203,434				204,219
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,394,353
Core deposit and other intangibles (D)			51,023				53,500				55,978				58,455				60,932
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)			16.65	%			16.51	%			16.12	%			15.41	%			14.94	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))			10.76	%			10.65	%			10.33	%			9.66	%			9.24	%
Total assets (A)		$	21,950,638			$	22,126,429			$	22,518,255			$	22,883,588			$	23,157,370
Total stockholders' equity (B)			3,654,874				3,654,084				3,630,885				3,526,362				3,460,015
Goodwill (C)			1,398,253				1,398,253				1,398,253				1,398,253				1,394,353
Core deposit and other intangibles (D)			51,023				53,500				55,978				58,455				60,932

 

 

FAQ

What was the net income for Q3 2023?

The net income for Q3 2023 was $98.5 million.

What was the total revenue (net) for Q3 2023?

The total revenue (net) for Q3 2023 was $245.4 million.

How much did the Company pay out in dividends in the past 12 months?

The Company paid out $143.3 million in dividends in the past 12 months.

What was the increase in the Company's tangible book value per share?

The Company's tangible book value per share increased by 11.1% from $9.82 to $10.90 per share.

How much net available liquidity did the Company have as of September 30, 2023?

The Company had $6.12 billion in net available liquidity as of September 30, 2023.

What was the total loans receivable at September 30, 2023?

The total loans receivable at September 30, 2023 was $14.27 billion.

What was the non-performing loans to total loans ratio at September 30, 2023?

The non-performing loans to total loans ratio was 0.64% at September 30, 2023.