HOMB Run in ‘24. Company Completes Texas Loan Cleanup and Cleans the Asset Bases for ‘25, While Hitting New Records of $1 Billion in Revenue and $400 Million in Earnings

Rhea-AI Summary

Home BancShares (NYSE: HOMB) reported strong Q4 2024 results with net income of $100.6 million ($0.51 per diluted share). The company achieved significant milestones, including its first $400 million year in earnings and $1 billion in revenue. The quarter showed improvements in key metrics with net interest margin rising to 4.39% from 4.28% in Q3 2024.

The company completed an asset quality cleanup project, primarily focused on legacy loans from Happy Bank, recording $53.4 million in net charge-offs. Additionally, HOMB set aside a total hurricane reserve of $33.4 million due to Hurricanes Helene and Milton, with $110.9 million in loans on deferral. The company's allowance for credit losses stood at $275.9 million (1.87% of total loans) as of December 31, 2024.

Total loans were $14.76 billion and deposits reached $17.15 billion. The company maintains a strong capital position with a common equity tier 1 ratio of 15.1%.

Positive

• Achieved record annual earnings of $400 million and $1 billion in revenue
• Net interest margin improved to 4.39% from 4.28% quarter-over-quarter
• Strong capital position with 15.1% common equity tier 1 ratio
• Deposits increased to $17.15 billion from $16.71 billion in Q3 2024

Negative

• Net charge-offs increased significantly to $53.4 million from $1.5 million in Q3
• $33.4 million hurricane reserve set aside due to Hurricanes Helene and Milton
• $110.9 million in loans on hurricane-related deferral
• Non-performing assets increased to 0.63% of total assets

Insights

Financial Analyst

HOMB delivered impressive Q4 2024 results with net income of $100.6 million, marking a historic milestone of $400 million in annual earnings and $1 billion in revenue. The bank's proactive approach to asset quality cleanup, particularly in Texas, demonstrates strong risk management. The net interest margin expanded to 4.39% from 4.28% quarter-over-quarter, benefiting from the BTFP advance payoff and improved deposit costs. The efficiency ratio of 42.24% showcases excellent operational management.

Key strengths include robust capital levels with CET1 at 15.1% and healthy asset quality metrics post-cleanup. The 1.87% allowance for credit losses provides substantial coverage at 278.99% of non-performing loans. The strategic decision to build a $33.4 million hurricane reserve reflects prudent risk management while maintaining strong earnings performance.

Risk Management Expert

The comprehensive asset quality cleanup, particularly focusing on legacy Happy Bank loans in Texas, represents a strategic move to strengthen the balance sheet. The $53.4 million in net charge-offs, with 89.1% concentrated in Texas, effectively addresses potential problem assets. The hurricane reserve build-up of $33.4 million demonstrates forward-thinking risk management, especially with $110.9 million in hurricane-related loan deferrals.

The bank's strong capital position, evidenced by the 15.1% CET1 ratio and 18.7% total risk-based capital ratio, provides substantial loss-absorption capacity. The reduction in non-performing loans ratio to 0.67% and maintenance of a robust allowance coverage ratio indicates a well-managed risk profile heading into 2025.

CONWAY, Ark., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights
Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Net income	$100.6 million	$100.0 million	$101.5 million	$100.1 million	$86.2 million
Net income, as adjusted (non-GAAP)(1)	$99.8 million	$99.0 million	$103.9 million	$99.2 million	$92.2 million
Total revenue (net)	$258.4 million	$258.0 million	$254.6 million	$246.4 million	$245.6 million
Income before income taxes	$129.5 million	$129.1 million	$133.4 million	$130.4 million	$112.8 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$146.2 million	$148.0 million	$141.4 million	$134.9 million	$118.4 million
PPNR, as adjusted (non-GAAP)(1)	$145.2 million	$146.6 million	$141.9 million	$133.7 million	$126.4 million
Pre-tax net income to total revenue (net)	50.11%	50.03%	52.40%	52.92%	45.92%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	49.74%	49.49%	52.59%	52.45%	49.16%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	56.57%	57.35%	55.54%	54.75%	48.22%
P5NR, as adjusted (non-GAAP)(1)	56.20%	56.81%	55.73%	54.28%	51.46%
ROA	1.77%	1.74%	1.79%	1.78%	1.55%
ROA, as adjusted (non-GAAP)(1)	1.76%	1.72%	1.83%	1.76%	1.66%
NIM	4.39%	4.28%	4.27%	4.13%	4.17%
Purchase accounting accretion	$1.6 million	$1.9 million	$1.9 million	$2.8 million	$2.3 million
ROE	10.13%	10.23%	10.73%	10.64%	9.36%
ROE, as adjusted (non-GAAP)(1)	10.05%	10.12%	10.98%	10.54%	10.00%
ROTCE (non-GAAP)(1)	15.94%	16.26%	17.29%	17.22%	15.49%
ROTCE, as adjusted (non-GAAP)(1)	15.82%	16.09%	17.69%	17.07%	16.56%
Diluted earnings per share	$0.51	$0.50	$0.51	$0.50	$0.43
Diluted earnings per share, as adjusted (non-GAAP)(1)	$0.50	$0.50	$0.52	$0.49	$0.46
Non-performing assets to total assets	0.63%	0.63%	0.56%	0.48%	0.42%
Common equity tier 1 capital	15.1%	14.7%	14.4%	14.3%	14.2%
Leverage	13.0%	12.5%	12.3%	12.3%	12.4%
Tier 1 capital	15.1%	14.7%	14.4%	14.3%	14.2%
Total risk-based capital	18.7%	18.3%	18.0%	17.9%	17.8%
Allowance for credit losses to total loans	1.87%	2.11%	2.00%	2.00%	2.00%
Book value per share	$19.92	$19.91	$19.30	$18.98	$18.81
Tangible book value per share (non-GAAP)(1)	12.68	12.67	12.08	11.79	11.63

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

“The fourth quarter was a strong finish to 2024, pushing us across the finish line to our first $400 million year in earnings. I’m always proud of the strength of our company, but I’m especially proud of a quarter where margin is up, legacy loans are up, deposits are up, revenue is up, earnings are up, and we managed to swallow an asset quality cleanup that began with legacy loans from Happy Bank and led to a company-wide cleanup. Our strong balance sheet, capital and loan loss reserve allowed us to make a proactive cleanup that puts this in the rear-view mirror for HOMB and sets us up for an even greater year in 2025,” said John Allison, Chairman and CEO of HOMB.

Operating Highlights

Net income for the three-month period ended December 31, 2024 was $100.6 million, or $0.51 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.8 million⁽¹⁾ and $0.50 per share⁽¹⁾, respectively, for the three months ended December 31, 2024.

During the quarter ended December 31, 2024, the Company recorded an additional $16.7 million in credit loss expense as a result of Hurricanes Helene and Milton. This provision, along with the $16.7 million provision recorded during the third quarter of 2024, brings our total hurricane reserve to $33.4 million. The two hurricanes spanned across the third and fourth quarters, and the amount of time it takes for customers to settle with insurance will no doubt increase, with two back-to-back events. As of December 31, 2024, the Company had $110.9 million in loans on deferral as a result of the two hurricanes. No additional provision for credit losses on loans was recorded for the quarter ended December 31, 2024, as the current level of reserves was considered adequate for the loan portfolio.

Our net interest margin was 4.39% for the three-month period ended December 31, 2024, compared to 4.28% for the three-month period ended September 30, 2024. The yield on loans was 7.49% and 7.60% for the three months ended December 31, 2024 and September 30, 2024, respectively, as average loans increased from $14.76 billion to $14.80 billion. Additionally, the rate on interest bearing deposits decreased to 2.80% as of December 31, 2024, from 3.02% as of September 30, 2024, while average interest-bearing deposits decreased from $12.87 billion to $12.86 billion.

During the fourth quarter of 2024, the Company paid off its $700.0 million advance from the Federal Reserve’s Bank Term Funding Program (“BTFP”). This improved the net interest margin by six basis points. In addition, during the fourth quarter of 2024, there was $1.5 million of event interest income compared to $573,000 of event interest income for the third quarter of 2024. This was accretive to the margin by two basis points.

Purchase accounting accretion on acquired loans was $1.6 million and $1.9 million for the three-month periods ended December 31, 2024 and September 30, 2024, respectively, and average purchase accounting loan discounts were $19.1 million and $20.8 million for the three-month periods ended December 31, 2024 and September 30, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $219.5 million for the three-month period ended December 31, 2024, and $217.8 million for the three-month period ended September 30, 2024. This increase in net interest income for the three-month period ended December 31, 2024, was the result of a $12.1 million decrease in interest expense, partially offset by a $10.3 million decrease in interest income. The $12.1 million decrease in interest expense was due to a $7.2 million decrease in interest expense on deposits and a $4.8 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance. The $10.3 million decrease in interest income was primarily the result of a $4.5 million decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. In addition loan interest income decreased by $3.6 million and investment income decreased by $2.3 million. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment as well as the reduction in the average interest earning assets and liabilities.

The Company reported $41.2 million of non-interest income for the fourth quarter of 2024. The most important components of fourth quarter non-interest income were $11.7 million from other service charges and fees, $9.9 million from service charges on deposit accounts, $8.4 million from other income, $4.5 million from trust fees, $3.5 million in mortgage lending income, $2.8 million from dividends from FHLB, FRB, FNBB and other, $1.2 million from the increase in cash value of life insurance and $850,000 from the fair value adjustment for marketable securities. This was partially offset by a $2.4 million loss on OREO.

Non-interest expense for the fourth quarter of 2024 was $112.2 million. The most important components of non-interest expense were $60.8 million from salaries and employee benefits, $27.5 million in other operating expense, $14.5 million in occupancy and equipment expenses and $9.3 million in data processing expenses. For the fourth quarter of 2024, our efficiency ratio was 42.24%, and our efficiency ratio, as adjusted (non-GAAP), was 42.00%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.76 billion at December 31, 2024, compared to $14.82 billion at September 30, 2024. Total deposits were $17.15 billion at December 31, 2024, compared to $16.71 billion at September 30, 2024. Total assets were $22.49 billion at December 31, 2024, compared to $22.82 billion at September 30, 2024.

During the fourth quarter of 2024, the Company had a $59.5 million decline in loans. Our community banking footprint experienced $121.1 million in organic loan growth during the quarter ended December 31, 2024, and Centennial CFG experienced $180.4 million of organic loan decline and had loans of $1.82 billion at December 31, 2024.

Non-performing loans to total loans were 0.67% and 0.68% at December 31, 2024 and September 30, 2024, respectively. Non-performing assets to total assets were 0.63% at both December 31, 2024 and September 30, 2024. Net charge-offs were $53.4 million and $1.5 million for the three months ended December 31, 2024 and September 30, 2024, respectively. As previously noted, during the fourth quarter of 2024, the Company completed an asset quality cleanup project. The charge-off detail by region for the fourth quarter of 2024 can be seen below.

(in thousands)	Texas				Arkansas				Centennial CFG				Shore Premier Finance				Florida				Alabama				Total
Charge-off	$	47,774			$	2,108			$	1,973			$	1,457			$	637			$	10			$	53,959
Recovery		174				181				—				15				193				2				565
Net charge-offs	$	47,600			$	1,927			$	1,973			$	1,442			$	444			$	8			$	53,394
Percentage of total		89.1	%			3.6	%			3.7	%			2.7	%			0.8	%			—	%			100.0	%

Non-performing loans at December 31, 2024 were $98.9 million, and non-performing assets at December 31, 2024 were $142.4 million. The detail by region can be seen below.

(in thousands)	Texas				Arkansas				Centennial CFG				Shore Premier Finance				Florida				Alabama				Total
Non-accrual loans		23,494				18,448				7,390				5,537				38,778				206				93,853
Loans 90+ days past due		4,134				538				—				—				362				—				5,034
Total non-performing loans		27,628				18,986				7,390				5,537				39,140				206				98,887
Foreclosed assets held for sale		13,924				757				22,775				—				5,951				—				43,407
Other non-performing assets		63				—				—				—				—				—				63
Total other non-performing assets		13,987				757				22,775				—				5,951				—				43,470
Total non-performing assets		41,615				19,743				30,165				5,537				45,091				206				142,357

The Company’s allowance for credit losses on loans was $275.9 million at December 31, 2024, or 1.87% of total loans, compared to the allowance for credit losses on loans of $312.6 million, or 2.11% of total loans, at September 30, 2024. As of December 31, 2024 and September 30, 2024, the Company’s allowance for credit losses on loans was 278.99% and 309.16% of its total non-performing loans, respectively. The reduction in the allowance for credit losses reflects the net charge-offs during the quarter as a result of the asset quality cleanup project, partially offset by the additional hurricane provision.

Stockholders’ equity was $3.96 billion at December 31, 2024, which increased approximately $1.2 million from September 30, 2024. The net increase in stockholders’ equity is primarily associated with the $61.8 million increase in retained earnings and $694,000 increase in capital surplus, which was partially offset by the $61.2 million increase in accumulated other comprehensive loss. Book value per common share was $19.92 at December 31, 2024, compared to $19.91 at September 30, 2024. Tangible book value per common share (non-GAAP) was $12.68⁽¹⁾ at December 31, 2024, compared to $12.67⁽¹⁾ at September 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, January 16, 2025. 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/494803967. 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://whttps://www.netroadshow.com/events/login?show=17d9ca49&confId=75610. 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: 107042. A replay of the call will be available by calling 1-866-813-9403, Passcode: 637168, which will be available until January 23, 2025, 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.

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.

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying 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” 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)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
ASSETS
Cash and due from banks		$	281,063			$	265,408			$	229,209			$	205,262			$	226,363
Interest-bearing deposits with other banks			629,284				752,269				829,507				969,996				773,850
Cash and cash equivalents			910,347				1,017,677				1,058,716				1,175,258				1,000,213
Federal funds sold			3,725				6,425				—				5,200				5,100
Investment securities - available-for-sale, net of allowance for credit losses			3,072,639				3,270,620				3,344,539				3,400,884				3,507,841
Investment securities - held-to-maturity, net of allowance for credit losses			1,275,204				1,277,090				1,278,853				1,280,586				1,281,982
Total investment securities			4,347,843				4,547,710				4,623,392				4,681,470				4,789,823
Loans receivable			14,764,500				14,823,979				14,781,457				14,513,673				14,424,728
Allowance for credit losses			(275,880	)			(312,574	)			(295,856	)			(290,294	)			(288,234	)
Loans receivable, net			14,488,620				14,511,405				14,485,601				14,223,379				14,136,494
Bank premises and equipment, net			386,322				388,776				383,691				389,618				393,300
Foreclosed assets held for sale			43,407				43,040				41,347				30,650				30,486
Cash value of life insurance			219,786				219,353				218,198				215,424				214,516
Accrued interest receivable			120,129				118,871				120,984				119,029				118,966
Deferred tax asset, net			186,697				176,629				195,041				202,882				197,164
Goodwill			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit intangible			40,327				42,395				44,490				46,630				48,770
Other assets			345,292				352,583				350,192				347,928				323,573
Total assets		$	22,490,748			$	22,823,117			$	22,919,905			$	22,835,721			$	22,656,658
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,006,115			$	3,937,168			$	4,068,302			$	4,115,603			$	4,085,501
Savings and interest-bearing transaction accounts			11,347,850				10,966,426				11,150,516				11,047,258				11,050,347
Time deposits			1,792,332				1,802,116				1,736,985				1,703,269				1,651,863
Total deposits			17,146,297				16,705,710				16,955,803				16,866,130				16,787,711
Securities sold under agreements to repurchase			162,350				179,416				137,996				176,107				142,085
FHLB and other borrowed funds			600,750				1,300,750				1,301,050				1,301,050				1,301,300
Accrued interest payable and other liabilities			181,080				238,058				230,011				241,345				194,653
Subordinated debentures			439,246				439,394				439,542				439,688				439,834
Total liabilities			18,529,723				18,863,328				19,064,402				19,024,320				18,865,583
Stockholders' equity
Common stock			1,989				1,989				1,997				2,008				2,015
Capital surplus			2,272,794				2,272,100				2,295,893				2,326,824				2,348,023
Retained earnings			1,942,350				1,880,562				1,819,412				1,753,994				1,690,112
Accumulated other comprehensive loss			(256,108	)			(194,862	)			(261,799	)			(271,425	)			(249,075	)
Total stockholders' equity			3,961,025				3,959,789				3,855,503				3,811,401				3,791,075
Total liabilities and stockholders' equity		$	22,490,748			$	22,823,117			$	22,919,905			$	22,835,721			$	22,656,658

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																				Year Ended
(In thousands)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Dec. 31, 2024				Dec. 31, 2023
Interest income:
Loans		$	278,409			$	281,977			$	274,324			$	265,294			$	260,003			$	1,100,004			$	989,616
Investment securities
Taxable			28,943				31,006				32,587				33,229				34,016				125,765				138,575
Tax-exempt			7,704				7,704				7,769				7,803				7,855				30,980				31,618
Deposits - other banks			7,585				12,096				12,564				10,528				4,281				42,773				15,023
Federal funds sold			73				62				59				61				65				255				221
Total interest income			322,714				332,845				327,303				316,915				306,220				1,299,777				1,175,053
Interest expense:
Interest on deposits			90,564				97,785				95,741				92,548				87,971				376,638				295,978
Federal funds purchased			—				1				—				—				—				1				3
FHLB and other borrowed funds			9,541				14,383				14,255				14,276				9,878				52,455				30,825
Securities sold under agreements to repurchase			1,346				1,335				1,363				1,404				1,480				5,448				4,813
Subordinated debentures			4,121				4,121				4,122				4,097				4,121				16,461				16,489
Total interest expense			105,572				117,625				115,481				112,325				103,450				451,003				348,108
Net interest income			217,142				215,220				211,822				204,590				202,770				848,774				826,945
Provision for credit losses on loans			16,700				18,200				8,000				5,500				5,650				48,400				11,950
Provision for (recovery of) credit losses on unfunded commitments			—				1,000				—				(1,000	)			—				—				(1,500	)
(Recovery of) provision for credit losses on investment securities			—				(330	)			—				—				—				(330	)			1,683
Total credit loss expense			16,700				18,870				8,000				4,500				5,650				48,070				12,133
Net interest income after credit loss expense			200,442				196,350				203,822				200,090				197,120				800,704				814,812
Non-interest income:
Service charges on deposit accounts			9,935				9,888				9,714				9,686				10,072				39,223				39,207
Other service charges and fees			11,651				10,490				10,679				10,189				10,422				43,009				44,188
Trust fees			4,526				4,403				4,722				5,066				4,316				18,717				17,892
Mortgage lending income			3,518				4,437				4,276				3,558				2,385				15,789				10,738
Insurance commissions			483				595				565				508				480				2,151				2,086
Increase in cash value of life insurance			1,215				1,161				1,279				1,195				1,170				4,850				4,655
Dividends from FHLB, FRB, FNBB & other			2,820				2,637				2,998				3,007				3,010				11,462				11,642
Gain on SBA loans			218				145				56				198				42				617				278
Gain (loss) on branches, equipment and other assets, net			26				32				2,052				(8	)			583				2,102				1,507
(Loss) gain on OREO, net			(2,423	)			85				49				17				13				(2,272	)			332
Fair value adjustment for marketable securities			850				1,392				(274	)			1,003				5,024				2,971				(1,094	)
Other income			8,403				7,514				6,658				7,380				5,331				29,955				38,503
Total non-interest income			41,222				42,779				42,774				41,799				42,848				168,574				169,934
Non-interest expense:
Salaries and employee benefits			60,824				58,861				60,427				60,910				63,430				241,022				256,966
Occupancy and equipment			14,526				14,546				14,408				14,551				14,965				58,031				60,303
Data processing expense			9,324				9,088				8,935				9,147				9,107				36,494				36,329
Other operating expenses			27,536				27,550				29,415				26,888				39,673				111,389				119,265
Total non-interest expense			112,210				110,045				113,185				111,496				127,175				446,936				472,863
Income before income taxes			129,454				129,084				133,411				130,393				112,793				522,342				511,883
Income tax expense			28,890				29,046				31,881				30,284				26,550				120,101				118,954
Net income		$	100,564			$	100,038			$	101,530			$	100,109			$	86,243			$	402,241			$	392,929

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Year Ended
(Dollars and shares in thousands, except per share data)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Dec. 31, 2024				Dec. 31, 2023
PER SHARE DATA
Diluted earnings per common share		$	0.51			$	0.50			$	0.51			$	0.50			$	0.43			$	2.01			$	1.94
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.50				0.50				0.52				0.49				0.46				2.01				1.97
Basic earnings per common share			0.51				0.50				0.51				0.50				0.43				2.01				1.94
Dividends per share - common			0.195				0.195				0.18				0.18				0.18				0.750				0.72
Book value per common share			19.92				19.91				19.30				18.98				18.81				19.92				18.81
Tangible book value per common share (non-GAAP)(1)			12.68				12.67				12.08				11.79				11.63				12.68				11.63
STOCK INFORMATION
Average common shares outstanding			198,863				199,380				200,319				201,210				201,756				199,939				202,627
Average diluted shares outstanding			198,973				199,461				200,465				201,390				201,891				200,069				202,773
End of period common shares outstanding			198,882				198,879				199,746				200,797				201,526				198,882				201,526
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			1.77	%			1.74	%			1.79	%			1.78	%			1.55	%			1.77	%			1.77	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			1.76	%			1.72	%			1.83	%			1.76	%			1.66	%			1.77	%			1.79	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			1.92	%			1.88	%			1.94	%			1.93	%			1.69	%			1.92	%			1.93	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			1.91	%			1.86	%			1.98	%			1.91	%			1.81	%			1.92	%			1.95	%
Return on average common equity (ROE)			10.13	%			10.23	%			10.73	%			10.64	%			9.36	%			10.43	%			10.82	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			10.05	%			10.12	%			10.98	%			10.54	%			10.00	%			10.42	%			10.97	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			15.94	%			16.26	%			17.29	%			17.22	%			15.49	%			16.66	%			18.03	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			15.82	%			16.09	%			17.69	%			17.07	%			16.56	%			16.64	%			18.28	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			16.18	%			16.51	%			17.56	%			17.50	%			15.80	%			16.92	%			18.36	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			16.07	%			16.34	%			17.97	%			17.34	%			16.87	%			16.91	%			18.62	%
(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																				Year Ended
(Dollars in thousands)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Dec. 31, 2024				Dec. 31, 2023
Efficiency ratio			42.24	%			41.42	%			43.17	%			44.22	%			50.64	%			42.74	%			46.21	%
Efficiency ratio, as adjusted (non-GAAP)(1)			42.00	%			41.66	%			42.59	%			44.43	%			46.43	%			42.65	%			45.24	%
Net interest margin - FTE (NIM)			4.39	%			4.28	%			4.27	%			4.13	%			4.17	%			4.27	%			4.25	%
Fully taxable equivalent adjustment		$	2,398			$	2,616			$	2,628			$	892			$	1,091			$	8,534			$	5,506
Total revenue (net)			258,364				257,999				254,596				246,389				245,618				1,017,348				996,879
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			146,154				147,954				141,411				134,893				118,443				570,412				524,016
PPNR, as adjusted (non-GAAP)(1)			145,209				146,562				141,886				133,728				126,402				567,385				531,515
Pre-tax net income to total revenue (net)			50.11	%			50.03	%			52.40	%			52.92	%			45.92	%			51.34	%			51.35	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			49.74	%			49.49	%			52.59	%			52.45	%			49.16	%			51.05	%			52.10	%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			56.57	%			57.35	%			55.54	%			54.75	%			48.22	%			56.07	%			52.57	%
P5NR, as adjusted (non-GAAP)(1)			56.20	%			56.81	%			55.73	%			54.28	%			51.46	%			55.77	%			53.32	%
Total purchase accounting accretion		$	1,610			$	1,878			$	1,873			$	2,772			$	2,324			$	8,133			$	10,587
Average purchase accounting loan discounts			19,090				20,832				22,788				24,820				27,397				21,882				31,334
OTHER OPERATING EXPENSES
Advertising		$	1,941			$	1,810			$	1,692			$	1,654			$	2,226			$	7,097			$	8,850
Amortization of intangibles			2,068				2,095				2,140				2,140				2,253				8,443				9,685
Electronic banking expense			3,307				3,569				3,412				3,156				3,599				13,444				14,313
Directors' fees			356				362				423				498				399				1,639				1,814
Due from bank service charges			271				302				282				276				274				1,131				1,115
FDIC and state assessment			3,216				3,360				5,494				3,318				16,016				15,388				25,530
Insurance			900				926				905				903				873				3,634				3,567
Legal and accounting			2,361				1,902				2,617				2,081				1,192				8,961				5,230
Other professional fees			1,736				2,062				2,108				2,236				1,640				8,142				8,815
Operating supplies			711				673				613				683				777				2,680				3,138
Postage			518				522				497				523				503				2,060				2,081
Telephone			438				455				444				470				515				1,807				2,160
Other expense			9,713				9,512				8,788				8,950				9,406				36,963				32,967
Total other operating expenses		$	27,536			$	27,550			$	29,415			$	26,888			$	39,673			$	111,389			$	119,265
(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)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
BALANCE SHEET RATIOS
Total loans to total deposits			86.11	%			88.74	%			87.18	%			86.05	%			85.92	%
Common equity to assets			17.61	%			17.35	%			16.82	%			16.69	%			16.73	%
Tangible common equity to tangible assets (non-GAAP)(1)			11.98	%			11.78	%			11.23	%			11.06	%			11.05	%
														.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,426,780			$	5,496,536			$	5,599,925			$	5,616,965			$	5,549,954
Construction/land development			2,736,214				2,741,419				2,511,817				2,330,555				2,293,047
Agricultural			336,993				335,965				345,461				337,618				325,156
Residential real estate loans
Residential 1-4 family			1,956,489				1,932,352				1,910,143				1,899,974				1,844,260
Multifamily residential			496,484				482,648				509,091				415,926				435,736
Total real estate			10,952,960				10,988,920				10,876,437				10,601,038				10,448,153
Consumer			1,234,361				1,219,197				1,189,386				1,163,228				1,153,690
Commercial and industrial			2,022,775				2,084,667				2,242,072				2,284,775				2,324,991
Agricultural			367,251				352,963				314,600				278,609				307,327
Other			187,153				178,232				158,962				186,023				190,567
Loans receivable		$	14,764,500			$	14,823,979			$	14,781,457			$	14,513,673			$	14,424,728
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	312,574			$	295,856			$	290,294			$	288,234			$	285,562
Loans charged off			53,959				2,001				3,098				3,978				3,592
Recoveries of loans previously charged off			565				519				660				538				614
Net loans charged off			53,394				1,482				2,438				3,440				2,978
Provision for credit losses - loans			16,700				18,200				8,000				5,500				5,650
Balance, end of period		$	275,880			$	312,574			$	295,856			$	290,294			$	288,234
Net charge-offs to average total loans			1.44	%			0.04	%			0.07	%			0.10	%			0.08	%
Allowance for credit losses to total loans			1.87	%			2.11	%			2.00	%			2.00	%			2.00	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	93,853			$	95,747			$	78,090			$	67,055			$	59,971
Loans past due 90 days or more			5,034				5,356				8,251				12,928				4,130
Total non-performing loans			98,887				101,103				86,341				79,983				64,101
Other non-performing assets
Foreclosed assets held for sale, net			43,407				43,040				41,347				30,650				30,486
Other non-performing assets			63				63				63				63				785
Total other non-performing assets			43,470				43,103				41,410				30,713				31,271
Total non-performing assets		$	142,357			$	144,206			$	127,751			$	110,696			$	95,372
Allowance for credit losses for loans to non-performing loans			278.99	%			309.16	%			342.66	%			362.94	%			449.66	%
Non-performing loans to total loans			0.67	%			0.68	%			0.58	%			0.55	%			0.44	%
Non-performing assets to total assets			0.63	%			0.63	%			0.56	%			0.48	%			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
		December 31, 2024												September 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		$	643,959			$	7,585				4.69	%		$	903,456			$	12,096				5.33	%
Federal funds sold			6,068				73				4.79	%			4,629				62				5.33	%
Investment securities - taxable			3,291,472				28,943				3.50	%			3,391,838				31,006				3.64	%
Investment securities - non-taxable - FTE			1,154,384				9,980				3.44	%			1,163,568				10,181				3.48	%
Loans receivable - FTE			14,798,953				278,531				7.49	%			14,762,667				282,116				7.60	%
Total interest-earning assets			19,894,836				325,112				6.50	%			20,226,158				335,461				6.60	%
Non-earning assets			2,670,241												2,667,626
Total assets		$	22,565,077											$	22,893,784
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,058,959			$	72,220				2.60	%		$	11,095,572			$	79,232				2.84	%
Time deposits			1,800,618				18,344				4.05	%			1,769,952				18,553				4.17	%
Total interest-bearing deposits			12,859,577				90,564				2.80	%			12,865,524				97,785				3.02	%
Federal funds purchased			—				—				—	%			43				1				9.25	%
Securities sold under agreement to repurchase			174,759				1,346				3.06	%			157,178				1,335				3.38	%
FHLB and other borrowed funds			889,880				9,541				4.27	%			1,300,876				14,383				4.40	%
Subordinated debentures			439,319				4,121				3.73	%			439,467				4,121				3.73	%
Total interest-bearing liabilities			14,363,535				105,572				2.92	%			14,763,088				117,625				3.17	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,024,433												3,993,187
Other liabilities			226,933												247,797
Total liabilities			18,614,901												19,004,072
Shareholders' equity			3,950,176												3,889,712
Total liabilities and shareholders' equity		$	22,565,077											$	22,893,784
Net interest spread											3.58	%											3.43	%
Net interest income and margin - FTE						$	219,540				4.39	%						$	217,836				4.28	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Year Ended
		December 31, 2024												December 31, 2023
(Dollars in thousands)		Average Balance				Income/ Expense				Yield/ Rate				Average Balance				Income/ Expense				Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks		$	819,445			$	42,773				5.22	%		$	319,733			$	15,023				4.70	%
Federal funds sold			5,035				255				5.06	%			3,864				221				5.72	%
Investment securities - taxable			3,400,325				125,765				3.70	%			3,655,632				138,575				3.79	%
Investment securities - non-taxable - FTE			1,190,033				39,057				3.28	%			1,276,566				36,727				2.88	%
Loans receivable - FTE			14,675,001				1,100,461				7.50	%			14,314,732				990,013				6.92	%
Total interest-earning assets			20,089,839				1,308,311				6.51	%			19,570,527				1,180,559				6.03	%
Non-earning assets			2,664,541												2,647,383
Total assets		$	22,754,380											$	22,217,910
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,078,003			$	304,976				2.75	%		$	11,162,244			$	258,586				2.32	%
Time deposits			1,747,302				71,662				4.10	%			1,284,156				37,392				2.91	%
Total interest-bearing deposits			12,825,305				376,638				2.94	%			12,446,400				295,978				2.38	%
Federal funds purchased			20				1				5.00	%			44				3				6.82	%
Securities sold under agreement to repurchase			165,965				5,448				3.28	%			149,014				4,813				3.23	%
FHLB and other borrowed funds			1,197,662				52,455				4.38	%			753,152				30,825				4.09	%
Subordinated debentures			439,539				16,461				3.75	%			440,125				16,489				3.75	%
Total interest-bearing liabilities			14,628,491				451,003				3.08	%			13,788,735				348,108				2.52	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,029,684												4,599,241
Other liabilities			238,528												198,634
Total liabilities			18,896,703												18,586,610
Shareholders' equity			3,857,677												3,631,300
Total liabilities and shareholders' equity		$	22,754,380											$	22,217,910
Net interest spread											3.43	%											3.51	%
Net interest income and margin - FTE						$	857,308				4.27	%						$	832,451				4.25	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Year Ended
(Dollars and shares in thousands, except per share data)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Dec. 31, 2024				Dec. 31, 2023
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	100,564			$	100,038			$	101,530			$	100,109			$	86,243			$	402,241			$	392,929
Pre-tax adjustments
FDIC special assessment		—				—				2,260				—				12,983				2,260				12,983
BOLI death benefits		(95		)		—				—				(162		)		—				(257		)		(3,117		)
Gain on sale of building		—				—				(2,059		)		—				—				(2,059		)		—
Fair value adjustment for marketable securities		(850		)		(1,392		)		274				(1,003		)		(5,024		)		(2,971		)		1,094
Recoveries on historic losses		—				—				—				—				—				—				(3,461		)
Total pre-tax adjustments		(945		)		(1,392		)		475				(1,165		)		7,959				(3,027		)		7,499
Tax-effect of adjustments		(208		)		(348		)		119				(251		)		1,989				(688		)		1,959
Deferred tax asset write-down		—				—				2,030				—				—				2,030				—
Total adjustments after-tax (B)		(737		)		(1,044		)		2,386				(914		)		5,970				(309		)		5,540
Earnings, as adjusted (C)		$	99,827			$	98,994			$	103,916			$	99,195			$	92,213			$	401,932			$	398,469
Average diluted shares outstanding (D)		198,973				199,461				200,465				201,390				201,891				200,069				202,773
GAAP diluted earnings per share: (A/D)		$	0.51			$	0.50			$	0.51			$	0.50			$	0.43			$	2.01			$	1.94
Adjustments after-tax: (B/D)		(0.01		)		0.00				0.01				(0.01		)		0.03				0.00				0.03
Diluted earnings per common share, as adjusted: (C/D)		$	0.50			$	0.50			$	0.52			$	0.49			$	0.46			$	2.01			$	1.97
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		1.77		%		1.74		%		1.79		%		1.78		%		1.55		%		1.77		%		1.77		%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		1.76		%		1.72		%		1.83		%		1.76		%		1.66		%		1.77		%		1.79		%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		1.92		%		1.88		%		1.94		%		1.93		%		1.69		%		1.92		%		1.93		%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		1.91		%		1.86		%		1.98		%		1.91		%		1.81		%		1.92		%		1.95		%
GAAP net income available to common shareholders (A)		$	100,564			$	100,038			$	101,530			$	100,109			$	86,243			$	402,241			$	392,929
Amortization of intangibles (B)		2,068				2,095				2,140				2,140				2,253				8,443				9,685
Amortization of intangibles after-tax (C)		1,563				1,572				1,605				1,605				1,690				6,345				7,288
Adjustments after-tax (D)		(737		)		(1,044		)		2,386				(914		)		5,970				(309		)		5,540
Average assets (E)		22,565,077				22,893,784				22,875,949				22,683,259				22,056,440				22,754,380				22,217,910
Average goodwill & core deposit intangible (F)		1,439,566				1,441,654				1,443,778				1,445,902				1,448,061				1,442,713				1,451,705

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Year Ended
(Dollars in thousands)		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Dec. 31, 2024				Dec. 31, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			10.13	%			10.23	%			10.73	%			10.64	%			9.36	%			10.43	%			10.82	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			10.05	%			10.12	%			10.98	%			10.54	%			10.00	%			10.42	%			10.97	%
Return on average tangible common equity: (A/(D-E))			15.94	%			16.26	%			17.29	%			17.22	%			15.49	%			16.66	%			18.03	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			15.82	%			16.09	%			17.69	%			17.07	%			16.56	%			16.64	%			18.28	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			16.18	%			16.51	%			17.56	%			17.50	%			15.80	%			16.92	%			18.36	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			16.07	%			16.34	%			17.97	%			17.34	%			16.87	%			16.91	%			18.62	%
GAAP net income available to common shareholders (A)		$	100,564			$	100,038			$	101,530			$	100,109			$	86,243			$	402,241			$	392,929
Earnings excluding intangible amortization (B)			102,127				101,610				103,135				101,714				87,933				408,586				400,217
Adjustments after-tax (C)			(737	)			(1,044	)			2,386				(914	)			5,970				(309	)			5,540
Average common equity (D)			3,950,176				3,889,712				3,805,800				3,783,652				3,656,720				3,857,677				3,631,300
Average goodwill & core deposits intangible (E)			1,439,566				1,441,654				1,443,778				1,445,902				1,448,061				1,442,713				1,451,705
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))			42.24	%			41.42	%			43.17	%			44.22	%			50.64	%			42.74	%			46.21	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))			42.00	%			41.66	%			42.59	%			44.43	%			46.43	%			42.65	%			45.24	%
Pre-tax net income to total revenue (net) (A/(B+C))			50.11	%			50.03	%			52.40	%			52.92	%			45.92	%			51.34	%			51.35	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			49.74	%			49.49	%			52.59	%			52.45	%			49.16	%			51.05	%			52.10	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	146,154			$	147,954			$	141,411			$	134,893			$	118,443			$	570,412			$	524,016
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)		$	145,209			$	146,562			$	141,886			$	133,728			$	126,402			$	567,385			$	531,515
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)			56.57	%			57.35	%			55.54	%			54.75	%			48.22	%			56.07	%			52.57	%
P5NR, as adjusted (B+C-D+F)/(B+C)			56.20	%			56.81	%			55.73	%			54.28	%			51.46	%			55.77	%			53.32	%
Pre-tax net income (A)		$	129,454			$	129,084			$	133,411			$	130,393			$	112,793			$	522,342			$	511,883
Net interest income (B)			217,142				215,220				211,822				204,590				202,770				848,774				826,945
Non-interest income (C)			41,222				42,779				42,774				41,799				42,848				168,574				169,934
Non-interest expense (D)			112,210				110,045				113,185				111,496				127,175				446,936				472,863
Fully taxable equivalent adjustment (E)			2,398				2,616				2,628				892				1,091				8,534				5,506
Total pre-tax adjustments (F)			(945	)			(1,392	)			475				(1,165	)			7,959				(3,027	)			7,499
Amortization of intangibles (G)			2,068				2,095				2,140				2,140				2,253				8,443				9,685
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	850			$	1,392			$	(274	)		$	1,003			$	5,024			$	2,971			$	(1,094	)
(Loss) gain on OREO			(2,423	)			85				49				17				13				(2,272	)			332
Gain (loss) on branches, equipment and other assets, net			26				32				2,052				(8	)			583				2,102				1,507
BOLI death benefits			95				—				—				162				—				257				3,117
Recoveries on historic losses			—				—				—				—				—				—				3,461
Total non-interest income adjustments (H)		$	(1,452	)		$	1,509			$	1,827			$	1,174			$	5,620			$	3,058			$	7,323
Non-interest expense:
FDIC special assessment			—				—				2,260				—				12,983				2,260				12,983
Total non-interest expense adjustments (I)		$	—			$	—			$	2,260			$	—			$	12,983			$	2,260			$	12,983

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
	Quarter Ended
	Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	19.92			$	19.91			$	19.30			$	18.98			$	18.81
Tangible book value per common share: ((A-C-D)/B)		12.68				12.67				12.08				11.79				11.63
Total stockholders' equity (A)	$	3,961,025			$	3,959,789			$	3,855,503			$	3,811,401			$	3,791,075
End of period common shares outstanding (B)		198,882				198,879				199,746				200,797				201,526
Goodwill (C)		1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)		40,327				42,395				44,490				46,630				48,770
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		17.61	%			17.35	%			16.82	%			16.69	%			16.73	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		11.98	%			11.78	%			11.23	%			11.06	%			11.05	%
Total assets (A)	$	22,490,748			$	22,823,117			$	22,919,905			$	22,835,721			$	22,656,658
Total stockholders' equity (B)		3,961,025				3,959,789				3,855,503				3,811,401				3,791,075
Goodwill (C)		1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)		40,327				42,395				44,490				46,630				48,770

FAQ

What were HOMB's Q4 2024 earnings per share?

HOMB reported Q4 2024 earnings of $0.51 per diluted share, or $0.50 per share on an adjusted basis.

How much did HOMB set aside for hurricane reserves in 2024?

HOMB set aside a total of $33.4 million in hurricane reserves for Hurricanes Helene and Milton, with $16.7 million recorded in both Q3 and Q4 2024.

What was HOMB's net interest margin in Q4 2024?

HOMB's net interest margin was 4.39% in Q4 2024, up from 4.28% in Q3 2024.

How much were HOMB's total deposits at the end of 2024?

HOMB's total deposits were $17.15 billion as of December 31, 2024.

What was the impact of HOMB's asset quality cleanup in Q4 2024?

The asset quality cleanup resulted in $53.4 million in net charge-offs, with 89.1% concentrated in Texas legacy loans.