HOMB’s Balance Sheet Continues to Weather the Storm

Rhea-AI Summary

Home BancShares reported its Q1 2023 financial results, with a net income of $103.0 million, or $0.51 per diluted share, down from $115.7 million in Q4 2022. Total revenue was $248.8 million, a decline from $272.3 million in the previous quarter. The company's return on assets (ROA) fell slightly to 1.84% from 1.98%. Despite challenges in the banking sector, Home BancShares emphasized its strong liquidity, boasting $6.92 billion in net available liquidity, significantly covering uninsured deposits. The total loans receivable were $14.39 billion as of March 31, 2023. Non-performing assets to total assets rose to 0.33% from 0.27% in Q4 2022, indicating a slight increase in asset quality concerns. The company continues to monitor its deposit exposure actively.

Positive

• Strong liquidity position with $6.92 billion in net available liquidity.
• ROA at 1.84%, demonstrating continued profitability.
• Stockholders’ equity increased by $104.5 million to $3.63 billion.

Negative

• Net income decreased to $103.0 million from $115.7 million in Q4 2022.
• Total revenue declined to $248.8 million from $272.3 million in Q4 2022.
• Non-performing assets to total assets rose to 0.33% from 0.27%.

CONWAY, Ark., April 20, 2023 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the First Quarter of 2023:

Metric	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Net income	$103.0 million	$115.7 million	$108.7 million	$16.0 million	$64.9 million
Total revenue (net)	$248.8 million	$272.3 million	$256.3 million	$243.3 million	$161.8 million
Income before income taxes	$132.9 million	$148.4 million	$142.0 million	$19.3 million	$84.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$134.1 million	$153.4 million	$142.0 million	$77.9 million	$84.9 million
Pre-tax net income to total revenue (net)	53.43%	54.50%	55.39%	7.92%	52.48%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	53.91%	56.34%	55.39%	32.00%	52.48%
ROA	1.84%	1.98%	1.81%	0.26%	1.43%
NIM	4.37%	4.21%	4.05%	3.64%	3.21%
Purchase accounting accretion	$3.2 million	$3.5 million	$4.6 million	$5.2 million	$3.1 million
ROE	11.70%	13.29%	12.25%	1.78%	9.58%
ROTCE (non-GAAP)(1)	19.75%	22.96%	20.93%	2.96%	15.03%
Diluted earnings per share	$0.51	$0.57	$0.53	$0.08	$0.40
Non-performing assets to total assets	0.33%	0.27%	0.27%	0.25%	0.25%
Common equity tier 1 capital	13.2%	12.9%	13.0%	12.8%	14.9%
Leverage	11.4%	10.9%	10.4%	9.8%	10.8%
Tier 1 capital	13.2%	12.9%	13.0%	12.9%	15.5%
Total risk-based capital	16.8%	16.5%	16.7%	16.6%	21.6%
Allowance for credit losses to total loans	2.00%	2.01%	2.09%	2.11%	2.34%

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

“The strength of Home BancShares’ liquidity and availability provides more than 100% coverage for all uninsured and uncollateralized depositors as of March 31, 2023,” stated John Allison, Chairman and CEO of HOMB. “The strong liquidity of HOMB would have allowed HOMB to pay all uninsured and uncollateralized deposits in excess of the FDIC limits of $250,000 and still have $1.7 billion remaining,” Allison continued.

“We are very proud of the fortress balance sheet we have built at Home BancShares. Home BancShares with its wholly-owned subsidiary Centennial Bank is one of the strongest financial institutions in America. There are only a handful of banks in the country that can make that statement. Our strength and liquidity have put HOMB in an enviable position,” Allison added.

“As the banking environment continues to be volatile, our ability to pay uninsured and uncollateralized deposits at Centennial Bank and deliver strong earnings for our shareholders is nothing less than remarkable,” said Tracy French, President and CEO of Centennial Bank.

Liquidity and Funding Sources

At March 31, 2023, the Company held $2.74 billion in net available internal liquidity. This balance consisted of $2.15 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $407.2 million in cash with the Federal Reserve Bank (FRB) and $185.9 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $4.18 billion in net available external liquidity as of March 31, 2023. This included $5.20 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.80 billion has been drawn upon in the ordinary course of business, resulting in $3.40 billion in net available liquidity with the FHLB as of March 31, 2023. The $1.80 billion consisted of $650.0 million in outstanding FHLB advances and $1.15 billion used for pledging purposes. The Company also had access to approximately $677.7 million in liquidity with the FRB as of March 31, 2023. This consisted of $71.8 million available from the Discount Window and $605.9 million available through the Bank Term Funding Program (BTFP). As of March 31, 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 $6.92 billion net available liquidity as of March 31, 2023, which consisted of $2.74 billion of net available internal liquidity and $4.18 billion in net available external liquidity. Details on the Company’s available liquidity as of March 31, 2023 is available below.

(in thousands)		Total Available			Amount Used			Net Availability
Internal Sources
Unpledged investment securities (market value)		$	2,150,186		$	—		$	2,150,186
Cash at FRB			407,210			—			407,210
Other liquid cash accounts			185,943			—			185,943
Total Internal Liquidity			2,743,339			—			2,743,339
External Sources
FHLB			5,201,603			1,798,490			3,403,113
FRB Discount Window			71,755			—			71,755
BTFP (par value)			605,896			—			605,896
FNBB			55,000			—			55,000
Other			45,000			—			45,000
Total External Liquidity			5,979,254			1,798,490			4,180,764
Total Available Liquidity		$	8,722,593		$	1,798,490		$	6,924,103

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 March 31, 2023, the Company held approximately $7.89 billion in uninsured deposits of which $2.68 billion were collateralized deposits, for a net position of $5.21 billion. This represents approximately 29.9% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.71 billion.

(in thousands)	As of March 31, 2023
Uninsured Deposits	$	7,892,121
Collateralized Deposits		2,683,804
Net Uninsured Position	$	5,208,317
Total Available Liquidity	$	6,924,103
Net Uninsured Position		5,208,317
Net Available Liquidity in Excess of Uninsured Deposits	$	1,715,786

In the event the Company’s $5.21 billion net position of uninsured deposits had been called by depositors during the first quarter of 2023, the Company estimates that interest expense would have increased by approximately $64.2 million for the period ended March 31, 2023, assuming the event occurred on January 1, 2023. The outflow of deposits could have been funded through available sources of liquidity. In this event, the Company estimates that it would still have achieved return on average assets (ROA) of 1.21% for the period ended March 31, 2023.

Subsequent to the end of the quarter, the Company made the decision to pledge additional investment securities with a market value of $761.5 million in order to increase the Company’s BTFP borrowing capacity by $825.5 million, which represents the par value of the pledged investment securities. This increased the net available liquidity exceeding uninsured deposits by $64.0 million.

Operating Highlights

Net income for the three-month period ended March 31, 2023 was $103.0 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), was $108.9 million⁽¹⁾, or $0.54 per share⁽¹⁾ for the three months ended March 31, 2023.

Our net interest margin was 4.37% for the three-month period ended March 31, 2023, compared to 4.21% for the three-month period ended December 31, 2022. The yield on loans was 6.64% and 6.23% for the three months ended March 31, 2023 and December 31, 2022, respectively, as average loans increased from $14.11 billion to $14.47 billion. Additionally, the rate on interest bearing deposits increased to 1.90% as of March 31, 2023, from 1.45% as of December 31, 2022, while average interest-bearing balances decreased from $12.85 billion to $12.65 billion.

During the first quarter of 2023, there was $2.1 million of event interest income compared to event interest income of $871,000 for the fourth quarter of 2022.

Purchase accounting accretion on acquired loans was $3.2 million and $3.5 million and average purchase accounting loan discounts were $35.5 million and $38.6 million for the three-month periods ended March 31, 2023 and December 31, 2022, respectively.

Net interest income on a fully taxable equivalent basis was $216.2 million for the three-month period ended March 31, 2023, and $217.7 million for the three-month period ended December 31, 2022. This reduction in net interest income for the three-month period ended March 31, 2023, was the result of a $13.1 million increase in interest expense, partially offset by an $11.7 million increase in interest income. The $13.1 million increase in interest expense was due to a $12.1 million increase in interest expense on deposits and an $802,000 increase in interest expense on FHLB borrowed funds. The increase in interest expense on deposits and FHLB borrowed funds is a result of the rising interest rate environment. The $11.7 million increase in interest income was primarily the result of a $15.6 million increase in loan interest income and a $1.5 million increase in investment income, partially offset by a $5.4 million decrease in income from interest-bearing balances due from banks. The increase in interest income is a result of the rising interest rate environment as well as an increase in average loan balances during the quarter.

The Company reported $34.2 million of non-interest income for the first quarter of 2023. The most important components of first quarter non-interest income were $11.9 million from other income, $11.9 million from other service charges and fees, $9.8 million from service charges on deposit accounts, $4.9 million from trust fees, $2.8 million from dividends from FHLB, FRB, FNBB and other, $2.6 million in mortgage lending income and a $1.1 million increase in cash value of life insurance, partially offset by an $11.4 million fair value adjustment for marketable securities. The $11.9 million in other income includes $3.5 million in recoveries on historic losses.

Non-interest expense for the first quarter of 2023 was $114.6 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $26.2 million in other operating expense, $15.0 million in occupancy and equipment expenses and $9.0 million in data processing expenses. For the first quarter of 2023, our efficiency ratio was 44.80%; and our efficiency ratio, as adjusted (non-GAAP), was 43.42%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.39 billion at March 31, 2023, compared to $14.41 billion at December 31, 2022. Total deposits were $17.45 billion at March 31, 2023, compared to $17.94 billion at December 31, 2022. Total assets were $22.52 billion at March 31, 2023, compared to $22.88 billion at December 31, 2022.

During the first quarter of 2023, the Company experienced approximately $22.8 million in loan decline. Centennial CFG experienced $94.6 million of organic loan decline and had loans of $2.18 billion at March 31, 2023. Our remaining footprint experienced $73.9 million in organic loan growth and $2.1 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.51% and 0.42% at March 31, 2023 and December 31, 2022, respectively. Non-performing assets to total assets was 0.33% and 0.27% at March 31, 2023 and December 31, 2022, respectively. Net charge-offs were $3.7 million and $4.5 million for the three months ended March 31, 2023 and December 31, 2022, respectively.

Non-performing loans at March 31, 2023 were $11.2 million, $20.0 million, $26.9 million, $390,000, $2.1 million and $13.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.0 million. Non-performing assets at March 31, 2023 were $11.2 million, $20.2 million, $27.2 million, $390,000, $2.1 million and $13.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.5 million.

The Company’s allowance for credit losses on loans was $287.2 million at March 31, 2023, or 2.00% of total loans, compared to the allowance for credit losses on loans of $289.7 million, or 2.01% of total loans, at December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company’s allowance for credit losses on loans was 388.23% and 475.99% of its total non-performing loans, respectively.

Stockholders’ equity was $3.63 billion at March 31, 2023, compared to $3.53 billion at December 31, 2022, an increase of approximately $104.5 million. The increase in stockholders’ equity is primarily associated with the $66.3 million increase in retained earnings and the $49.2 million decrease in accumulated other comprehensive loss, which were partially offset by $13.5 million in stock repurchases. Book value per common share was $17.87 at March 31, 2023, compared to $17.33 at December 31, 2022. Tangible book value per common share (non-GAAP) was $10.71⁽¹⁾ at March 31, 2023, compared to $10.17⁽¹⁾ at December 31, 2022.

Office Loan Portfolio Detail

The following charts and graphs provide additional information related to our loan portfolio secured by commercial office space, which represents an aggregate outstanding principal balance of $1.03 billion, or 7.1% of our total loans receivable as of December 31, 2022.

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, April 20, 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/775702912. 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=a2c2eedd&confId=48539. 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: 716837. A replay of the call will be available by calling 1-866-813-9403, Passcode: 964704, which will be available until April 27, 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 may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. 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 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; 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)		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
ASSETS
Cash and due from banks		$	250,841			$	263,893			$	268,929			$	287,451			$	173,134
Interest-bearing deposits with other banks			437,213				460,897				1,311,492				2,528,925				3,446,324
Cash and cash equivalents			688,054				724,790				1,580,421				2,816,376				3,619,458
Federal funds sold			—				—				2,700				—				—
Investment securities - available-for sale, net of allowance for credit losses			3,772,138				4,041,590				4,085,102				3,791,509				2,957,322
Investment securities - held-to-maturity, net of allowance for credit losses			1,286,373				1,287,705				1,251,007				1,366,781				499,265
Total investment securities			5,058,511				5,329,295				5,336,109				5,158,290				3,456,587
Loans receivable			14,386,634				14,409,480				13,829,311				13,923,873				10,052,714
Allowance for credit losses			(287,169	)			(289,669	)			(289,203	)			(294,267	)			(234,768	)
Loans receivable, net			14,099,465				14,119,811				13,540,108				13,629,606				9,817,946
Bank premises and equipment, net			402,094				405,073				411,479				415,056				274,503
Foreclosed assets held for sale			425				546				365				373				1,144
Cash value of life insurance			214,792				213,693				212,619				211,811				105,623
Accrued interest receivable			102,740				103,199				88,671				80,274				46,934
Deferred tax asset, net			193,334				209,321				228,979				208,585				116,605
Goodwill			1,398,253				1,398,253				1,394,353				1,398,400				973,025
Core deposit intangible			55,978				58,455				60,932				63,410				23,624
Other assets			304,609				321,152				300,634				270,987				182,546
Total assets		$	22,518,255			$	22,883,588			$	23,157,370			$	24,253,168			$	18,617,995
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,945,729			$	5,164,997			$	5,540,539			$	6,036,583			$	4,311,400
Savings and interest-bearing transaction accounts			11,392,566				11,730,552				11,968,519				12,424,192				9,461,393
Time deposits			1,107,171				1,043,234				1,033,266				1,119,297				808,141
Total deposits			17,445,466				17,938,783				18,542,324				19,580,072				14,580,934
Securities sold under agreements to repurchase			138,742				131,146				121,555				118,573				151,151
FHLB and other borrowed funds			650,000				650,000				400,000				400,000				400,000
Accrued interest payable and other liabilities			212,887				196,877				192,908				197,503				131,339
Subordinated debentures			440,275				440,420				440,568				458,455				667,868
Total liabilities			18,887,370				19,357,226				19,697,355				20,754,603				15,931,292
Stockholders' equity
Common stock			2,032				2,034				2,042				2,053				1,638
Capital surplus			2,375,754				2,386,699				2,404,388				2,426,271				1,485,524
Retained earnings			1,509,400				1,443,087				1,361,040				1,286,146				1,304,098
Accumulated other comprehensive loss			(256,301	)			(305,458	)			(307,455	)			(215,905	)			(104,557	)
Total stockholders' equity			3,630,885				3,526,362				3,460,015				3,498,565				2,686,703
Total liabilities and stockholders' equity		$	22,518,255			$	22,883,588			$	23,157,370			$	24,253,168			$	18,617,995

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																		Three Months Ended
(In thousands)		Mar. 31, 2023				Dec. 31, 2022			Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022			Mar. 31, 2023				Mar. 31, 2022
Interest income:
Loans		$	236,997			$	221,280		$	195,841			$	181,779			$	129,442		$	236,997			$	129,442
Investment securities
Taxable			35,288				33,639			28,273				20,941				9,080			35,288				9,080
Tax-exempt			7,963				7,855			8,069				7,725				4,707			7,963				4,707
Deposits - other banks			4,685				10,109			10,763				6,565				1,673			4,685				1,673
Federal funds sold			6				12			9				3				1			6				1
Total interest income			284,939				272,895			242,955				217,013				144,903			284,939				144,903
Interest expense:
Interest on deposits			59,162				47,019			23,347				10,729				4,894			59,162				4,894
Federal funds purchased			—				—			—				2				—			—				—
FHLB borrowed funds			6,190				5,388			1,917				1,896				1,875			6,190				1,875
Securities sold under agreements to repurchase			868				701			434				187				108			868				108
Subordinated debentures			4,124				4,121			4,153				5,441				6,878			4,124				6,878
Total interest expense			70,344				57,229			29,851				18,255				13,755			70,344				13,755
Net interest income			214,595				215,666			213,104				198,758				131,148			214,595				131,148
Provision for credit losses on loans			1,200				5,000			—				45,170				—			1,200				—
Provision for credit losses on unfunded commitments			—				—			—				11,410				—			—				—
Provision for credit losses on investment securities			—				—			—				2,005				—			—				—
Total credit loss expense			1,200				5,000			—				58,585				—			1,200				—
Net interest income after credit loss expense			213,395				210,666			213,104				140,173				131,148			213,395				131,148
Non-interest income:
Service charges on deposit accounts			9,842				10,134			10,756				10,084				6,140			9,842				6,140
Other service charges and fees			11,875				10,363			13,951				12,541				7,733			11,875				7,733
Trust fees			4,864				3,981			3,980				4,320				574			4,864				574
Mortgage lending income			2,571				3,566			4,179				5,996				3,916			2,571				3,916
Insurance commissions			526				453			601				658				480			526				480
Increase in cash value of life insurance			1,104				1,079			1,089				1,140				492			1,104				492
Dividends from FHLB, FRB, FNBB & other			2,794				2,814			1,741				3,945				698			2,794				698
Gain on SBA loans			139				30			58				—				95			139				95
Gain (loss) on branches, equipment and other assets, net			7				10			(13	)			2				16			7				16
Gain on OREO, net			—				13			—				9				478			—				478
Fair value adjustment for marketable securities			(11,408	)			1,032			(2,628	)			(1,801	)			2,125			(11,408	)			2,125
Other income			11,850				23,185			9,487				7,687				7,922			11,850				7,922
Total non-interest income			34,164				56,660			43,201				44,581				30,669			34,164				30,669
Non-interest expense:
Salaries and employee benefits			64,490				64,249			65,290				65,795				43,551			64,490				43,551
Occupancy and equipment			14,952				14,884			15,133				14,256				9,144			14,952				9,144
Data processing expense			8,968				9,062			8,747				10,094				7,039			8,968				7,039
Merger and acquisition expenses			—				—			—				48,731				863			—				863
Other operating expenses			26,234				30,708			25,176				26,606				16,299			26,234				16,299
Total non-interest expense			114,644				118,903			114,346				165,482				76,896			114,644				76,896
Income before income taxes			132,915				148,423			141,959				19,272				84,921			132,915				84,921
Income tax expense			29,953				32,736			33,254				3,294				20,029			29,953				20,029
Net income		$	102,962			$	115,687		$	108,705			$	15,978			$	64,892		$	102,962			$	64,892

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars and shares in thousands, except per share data)		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Mar. 31, 2023				Mar. 31, 2022
PER SHARE DATA
Diluted earnings per common share		$	0.51			$	0.57			$	0.53			$	0.08			$	0.40			$	0.51			$	0.40
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.54				0.53				0.54				0.47				0.37				0.54				0.37
Basic earnings per common share			0.51				0.57				0.53				0.08				0.40				0.51				0.40
Dividends per share - common			0.180				0.165				0.165				0.165				0.165				0.18				0.165
Book value per common share			17.87				17.33				16.94				17.04				16.41				17.87				16.41
Tangible book value per common share (non-GAAP)(1)			10.71				10.17				9.82				9.92				10.32				10.71				10.32
STOCK INFORMATION
Average common shares outstanding			203,456				203,924				204,829				205,683				163,787				203,456				163,787
Average diluted shares outstanding			203,625				204,179				205,135				206,015				164,196				203,625				164,196
End of period common shares outstanding			203,168				203,434				204,219				205,291				163,758				203,168				163,758
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			1.84	%			1.98	%			1.81	%			0.26	%			1.43	%			1.84	%			1.43	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			1.95	%			1.84	%			1.83	%			1.57	%			1.36	%			1.95	%			1.36	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			2.00	%			2.15	%			1.97	%			0.31	%			1.54	%			2.00	%			1.54	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			2.12	%			2.00	%			1.99	%			1.70	%			1.46	%			2.12	%			1.46	%
Return on average common equity (ROE)			11.70	%			13.29	%			12.25	%			1.78	%			9.58	%			11.70	%			9.58	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			12.38	%			12.35	%			12.39	%			10.83	%			9.09	%			12.38	%			9.09	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			19.75	%			22.96	%			20.93	%			2.96	%			15.03	%			19.75	%			15.03	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			20.90	%			21.33	%			21.16	%			17.94	%			14.26	%			20.90	%			14.26	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			20.11	%			23.33	%			21.29	%			3.30	%			15.28	%			20.11	%			15.28	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			21.26	%			21.70	%			21.52	%			18.29	%			14.50	%			21.26	%			14.50	%
(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																				Three Months Ended
(Dollars in thousands)		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Mar. 31, 2023				Mar. 31, 2022
Efficiency ratio			44.80	%			42.44	%			43.24	%			66.31	%			46.15	%			44.80	%			46.15	%
Efficiency ratio, as adjusted (non-GAAP)(1)			43.42	%			43.07	%			42.97	%			46.02	%			47.33	%			43.42	%			47.33	%
Net interest margin - FTE (NIM)			4.37	%			4.21	%			4.05	%			3.64	%			3.21	%			4.37	%			3.21	%
Fully taxable equivalent adjustment		$	1,628			$	2,017			$	2,437			$	2,471			$	1,738			$	1,628			$	1,738
Total revenue (net)			248,759				272,326				256,305				243,339				161,817				248,759				161,817
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			134,115				153,423				141,959				77,857				84,921				134,115				84,921
PPNR, as adjusted (non-GAAP)(1)			142,062				142,567				143,522				126,683				80,371				142,062				80,371
Pre-tax net income to total revenue (net)			53.43	%			54.50	%			55.39	%			7.92	%			52.48	%			53.43	%			52.48	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			56.63	%			50.52	%			56.00	%			52.06	%			49.67	%			56.63	%			49.67	%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			53.91	%			56.34	%			55.39	%			32.00	%			52.48	%			53.91	%			52.48	%
P5NR, as adjusted (non-GAAP)(1)			57.11	%			52.35	%			56.00	%			52.06	%			49.67	%			57.11	%			49.67	%
Total purchase accounting accretion		$	3,172			$	3,497			$	4,578			$	5,177			$	3,089			$	3,172			$	3,089
Average purchase accounting loan discounts			35,482				38,552				42,050				46,258				25,359				35,482				25,359
OTHER OPERATING EXPENSES
Hurricane expense		$	—			$	176			$	—			$	—			$	—			$	—			$	—
Advertising			2,231				2,567				2,024				2,117				1,266				2,231				1,266
Amortization of intangibles			2,477				2,478				2,477				2,477				1,421				2,477				1,421
Electronic banking expense			3,330				3,914				3,828				3,352				2,538				3,330				2,538
Directors' fees			460				358				354				375				404				460				404
Due from bank service charges			273				273				316				396				270				273				270
FDIC and state assessment			3,500				2,224				2,146				2,390				1,668				3,500				1,668
Insurance			889				1,003				959				973				770				889				770
Legal and accounting			1,088				5,962				1,581				1,061				797				1,088				797
Other professional fees			2,284				2,552				2,466				2,254				1,609				2,284				1,609
Operating supplies			738				690				681				995				754				738				754
Postage			501				602				614				556				306				501				306
Telephone			528				576				593				384				337				528				337
Other expense			7,935				7,333				7,137				9,276				4,159				7,935				4,159
Total other operating expenses		$	26,234			$	30,708			$	25,176			$	26,606			$	16,299			$	26,234			$	16,299
(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)		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
BALANCE SHEET RATIOS
Total loans to total deposits			82.47	%			80.33	%			74.58	%			71.11	%			68.94	%
Common equity to assets			16.12	%			15.41	%			14.94	%			14.43	%			14.43	%
Tangible common equity to tangible assets (non-GAAP)(1)			10.33	%			9.66	%			9.24	%			8.94	%			9.59	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,524,125			$	5,632,063			$	5,156,438			$	5,092,539			$	3,810,383
Construction/land development			2,160,514				2,135,266				2,232,906				2,595,384				1,856,096
Agricultural			342,814				346,811				330,748				329,106				142,920
Residential real estate loans
Residential 1-4 family			1,748,231				1,748,551				1,704,850				1,708,221				1,223,890
Multifamily residential			637,633				578,052				525,110				389,633				248,650
Total real estate			10,413,317				10,440,743				9,950,052				10,114,883				7,281,939
Consumer			1,173,325				1,149,896				1,120,250				1,106,343				1,059,342
Commercial and industrial			2,368,428				2,349,263				2,268,750				2,187,771				1,510,205
Agricultural			250,851				285,235				313,693				324,630				48,095
Other			180,713				184,343				176,566				190,246				153,133
Loans receivable		$	14,386,634			$	14,409,480			$	13,829,311			$	13,923,873			$	10,052,714
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	289,669			$	289,203			$	294,267			$	234,768			$	236,714
Allowance for credit losses on PCD loans - Happy acquisition			—				—				—				16,816				—
Loans charged off			4,288				5,379				6,313				3,265				2,310
Recoveries of loans previously charged off			588				845				1,249				778				364
Net loans charged off			3,700				4,534				5,064				2,487				1,946
Provision for credit losses - Happy acquisition			—				—				—				45,170				—
Provision for credit losses - loans			1,200				5,000				—				—				—
Balance, end of period		$	287,169			$	289,669			$	289,203			$	294,267			$	234,768
Net charge-offs to average total loans			0.10	%			0.13	%			0.15	%			0.07	%			0.08	%
Allowance for credit losses to total loans			2.00	%			2.01	%			2.09	%			2.11	%			2.34	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	65,401			$	51,011			$	56,796			$	44,170			$	44,629
Loans past due 90 days or more			8,567				9,845				4,898				16,432				46
Total non-performing loans			73,968				60,856				61,694				60,602				44,675
Other non-performing assets
Foreclosed assets held for sale, net			425				546				365				373				1,144
Other non-performing assets			74				74				104				104				—
Total other non-performing assets			499				620				469				477				1,144
Total non-performing assets		$	74,467			$	61,476			$	62,163			$	61,079			$	45,819
Allowance for credit losses for loans to non-performing loans			388.23	%			475.99	%			468.77	%			485.57	%			525.50	%
Non-performing loans to total loans			0.51	%			0.42	%			0.45	%			0.44	%			0.44	%
Non-performing assets to total assets			0.33	%			0.27	%			0.27	%			0.25	%			0.25	%
(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
		March 31, 2023									December 31, 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		$	426,051		$	4,685		4.46	%		$	1,094,144		$	10,109		3.67	%
Federal funds sold			474			6		5.13	%			1,300			12		3.66	%
Investment securities - taxable			3,867,737			35,288		3.70	%			4,002,678			33,639		3.33	%
Investment securities - non-taxable - FTE			1,289,564			9,482		2.98	%			1,294,096			9,653		2.96	%
Loans receivable - FTE			14,474,072			237,106		6.64	%			14,109,329			221,499		6.23	%
Total interest-earning assets			20,057,898			286,567		5.79	%			20,501,547			274,912		5.32	%
Non-earning assets			2,637,957									2,685,458
Total assets		$	22,695,855								$	23,187,005
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,579,329		$	54,857		1.92	%		$	11,818,158		$	45,029		1.51	%
Time deposits			1,072,094			4,305		1.63	%			1,027,765			1,990		0.77	%
Total interest-bearing deposits			12,651,423			59,162		1.90	%			12,845,923			47,019		1.45	%
Federal funds purchased			—			—		—	%			—			—		—	%
Securities sold under agreement to repurchase			134,934			868		2.61	%			128,798			701		2.16	%
FHLB borrowed funds			651,111			6,190		3.86	%			692,935			5,388		3.08	%
Subordinated debentures			440,346			4,124		3.80	%			440,492			4,121		3.71	%
Total interest-bearing liabilities			13,877,814			70,344		2.06	%			14,108,148			57,229		1.61	%
Non-interest bearing liabilities
Non-interest bearing deposits			5,043,219									5,423,821
Other liabilities			205,230									201,031
Total liabilities			19,126,263									19,733,000
Shareholders' equity			3,569,592									3,454,005
Total liabilities and shareholders' equity		$	22,695,855								$	23,187,005
Net interest spread								3.73	%								3.71	%
Net interest income and margin - FTE					$	216,223		4.37	%					$	217,683		4.21	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Three Months Ended
		March 31, 2023									March 31, 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		$	426,051		$	4,685		4.46	%		$	3,497,894		$	1,673		0.19	%
Federal funds sold			474			6		5.13	%			1,751			1		0.23	%
Investment securities - taxable			3,867,737			35,288		3.70	%			2,486,401			9,080		1.48	%
Investment securities - non-taxable - FTE			1,289,564			9,482		2.98	%			850,722			6,284		3.00	%
Loans receivable - FTE			14,474,072			237,106		6.64	%			9,937,993			129,603		5.29	%
Total interest-earning assets			20,057,898			286,567		5.79	%			16,774,761			146,641		3.55	%
Non-earning assets			2,637,957									1,618,314
Total assets		$	22,695,855								$	18,393,075
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,579,329		$	54,857		1.92	%		$	9,363,793		$	3,873		0.17	%
Time deposits			1,072,094			4,305		1.63	%			854,593			1,021		0.48	%
Total interest-bearing deposits			12,651,423			59,162		1.90	%			10,218,386			4,894		0.19	%
Federal funds purchased			—			—		—	%			—			—		—	%
Securities sold under agreement to repurchase			134,934			868		2.61	%			137,565			108		0.32	%
FHLB borrowed funds			651,111			6,190		3.86	%			400,000			1,875		1.90	%
Subordinated debentures			440,346			4,124		3.80	%			611,888			6,878		4.56	%
Total interest-bearing liabilities			13,877,814			70,344		2.06	%			11,367,839			13,755		0.49	%
Non-interest bearing liabilities
Non-interest bearing deposits			5,043,219									4,155,894
Other liabilities			205,230									121,362
Total liabilities			19,126,263									15,645,095
Shareholders' equity			3,569,592									2,747,980
Total liabilities and shareholders' equity		$	22,695,855								$	18,393,075
Net interest spread								3.73	%								3.06	%
Net interest income and margin - FTE					$	216,223		4.37	%					$	132,886		3.21	%

Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars and shares in thousands, except per share data)		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Mar. 31, 2023				Mar. 31, 2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	102,962			$	115,687			$	108,705			$	15,978			$	64,892			$	102,962			$	64,892
Pre-tax adjustments
Merger and acquisition expenses			—				—				—				48,731				863				—				863
Initial provision for credit losses - acquisition			—				—				—				58,585				—				—				—
Fair value adjustment for marketable securities			11,408				(1,032	)			2,628				1,801				(2,125	)			11,408				(2,125	)
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	)			(2,353	)			(3,288	)			(3,461	)			(3,288	)
Hurricane expense			—				176				—				—				—				—				—
Total pre-tax adjustments			7,947				(10,856	)			1,563				107,411				(4,550	)			7,947				(4,550	)
Tax-effect of adjustments			1,961				(2,679	)			393				26,396				(1,220	)			1,961				(1,220	)
Total adjustments after-tax (B)			5,986				(8,177	)			1,170				81,015				(3,330	)			5,986				(3,330	)
Earnings, as adjusted (C)		$	108,948			$	107,510			$	109,875			$	96,993			$	61,562			$	108,948			$	61,562
Average diluted shares outstanding (D)			203,625				204,179				205,135				206,015				164,196				203,625				164,196
GAAP diluted earnings per share: (A/D)		$	0.51			$	0.57			$	0.53			$	0.08			$	0.40			$	0.51			$	0.40
Adjustments after-tax: (B/D)			0.03				(0.04	)			0.01				0.39				(0.03	)			0.03				(0.03	)
Diluted earnings per common share, as adjusted: (C/D)		$	0.54			$	0.53			$	0.54			$	0.47			$	0.37			$	0.54			$	0.37
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)			1.84	%			1.98	%			1.81	%			0.26	%			1.43	%			1.84	%			1.43	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)			1.95	%			1.84	%			1.83	%			1.57	%			1.36	%			1.95	%			1.36	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))			2.00	%			2.15	%			1.97	%			0.31	%			1.54	%			2.00	%			1.54	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))			2.12	%			2.00	%			1.99	%			1.70	%			1.46	%			2.12	%			1.46	%
GAAP net income available to common shareholders (A)		$	102,962			$	115,687			$	108,705			$	15,978			$	64,892			$	102,962			$	64,892
Amortization of intangibles (B)			2,477				2,478				2,477				2,477				1,421				2,477				1,421
Amortization of intangibles after-tax (C)			1,866				1,867				1,854				1,854				1,049				1,866				1,049
Adjustments after-tax (D)			5,986				(8,177	)			1,170				81,015				(3,330	)			5,986				(3,330	)
Average assets (E)			22,695,855				23,187,005				23,778,769				24,788,365				18,393,075				22,695,855				18,393,075
Average goodwill & core deposit intangible (F)			1,455,423				1,454,639				1,459,034				1,423,466				997,338				1,455,423				997,338

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Three Months Ended
(Dollars in thousands)		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Mar. 31, 2023				Mar. 31, 2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			11.70	%			13.29	%			12.25	%			1.78	%			9.58	%			11.70	%			9.58	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			12.38	%			12.35	%			12.39	%			10.83	%			9.09	%			12.38	%			9.09	%
Return on average tangible common equity: (A/(D-E))			19.75	%			22.96	%			20.93	%			2.96	%			15.03	%			19.75	%			15.03	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			20.90	%			21.33	%			21.16	%			17.94	%			14.26	%			20.90	%			14.26	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			20.11	%			23.33	%			21.29	%			3.30	%			15.28	%			20.11	%			15.28	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			21.26	%			21.70	%			21.52	%			18.29	%			14.50	%			21.26	%			14.50	%
GAAP net income available to common shareholders (A)		$	102,962			$	115,687			$	108,705			$	15,978			$	64,892			$	102,962			$	64,892
Earnings excluding intangible amortization (B)			104,828				117,554				110,559				17,832				65,941				104,828				65,941
Adjustments after-tax (C)			5,986				(8,177	)			1,170				81,015				(3,330	)			5,986				(3,330	)
Average common equity (D)			3,569,592				3,454,005				3,519,296				3,591,758				2,747,980				3,569,592				2,747,980
Average goodwill & core deposits intangible (E)			1,455,423				1,454,639				1,459,034				1,423,466				997,338				1,455,423				997,338
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))			44.80	%			42.44	%			43.24	%			66.31	%			46.15	%			44.80	%			46.15	%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))			43.42	%			43.07	%			42.97	%			46.02	%			47.33	%			43.42	%			47.33	%
Pre-tax net income to total revenue (net) (A/(B+C))			53.43	%			54.50	%			55.39	%			7.92	%			52.48	%			53.43	%			52.48	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			56.63	%			50.52	%			56.00	%			52.06	%			49.67	%			56.63	%			49.67	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	134,115			$	153,423			$	141,959			$	77,857			$	84,921			$	134,115			$	84,921
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)		$	142,062			$	142,567			$	143,522			$	126,683			$	80,371			$	142,062			$	80,371
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)			53.91	%			56.34	%			55.39	%			32.00	%			52.48	%			53.91	%			52.48	%
P5NR, as adjusted (B+C-D+F-G)/(B+C)			57.11	%			52.35	%			56.00	%			52.06	%			49.67	%			57.11	%			49.67	%
Pre-tax net income (A)		$	132,915			$	148,423			$	141,959			$	19,272			$	84,921			$	132,915			$	84,921
Net interest income (B)			214,595				215,666				213,104				198,758				131,148				214,595				131,148
Non-interest income (C)			34,164				56,660				43,201				44,581				30,669				34,164				30,669
Non-interest expense (D)			114,644				118,903				114,346				165,482				76,896				114,644				76,896
Fully taxable equivalent adjustment (E)			1,628				2,017				2,437				2,471				1,738				1,628				1,738
Total pre-tax adjustments (F)			7,947				(10,856	)			1,563				107,411				(4,550	)			7,947				(4,550	)
Initial provision for credit losses - acquisition (G)			—				—				—				58,585				—				—				—
Amortization of intangibles (H)			2,477				2,478				2,477				2,477				1,421				2,477				1,421
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	(11,408	)		$	1,032			$	(2,628	)		$	(1,801	)		$	2,125			$	(11,408	)		$	2,125
Gain on OREO			—				13				—				9				478				—				478
Gain (loss) on branches, equipment and other assets, net			7				10				(13	)			2				16				7				16
Special dividend from equity investment			—				—				—				1,434				—				—				—
Lawsuit settlement - special lawsuit			—				15,000				—				—				—				—				—
Recoveries on historic losses			3,461				—				1,065				2,353				3,288				3,461				3,288
Total non-interest income adjustments (I)		$	(7,940	)		$	16,055			$	(1,576	)		$	1,997			$	5,907			$	(7,940	)		$	5,907
Non-interest expense:
Merger and acquisition expenses			—				—				—				48,731				863				—				863
Hurricane expense			—				176				—				—				—				—				—
Legal expense - special lawsuit			—				5,000				—				—				—				—				—
TRUPS redemption fees			—				—				—				2,081				—				—				—
Total non-interest expense adjustments (J)		$	—			$	5,176			$	—			$	50,812			$	863			$	—			$	863

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)		$	17.87			$	17.33			$	16.94			$	17.04			$	16.41
Tangible book value per common share: ((A-C-D)/B)			10.71				10.17				9.82				9.92				10.32
Total stockholders' equity (A)		$	3,630,885			$	3,526,362			$	3,460,015			$	3,498,565			$	2,686,703
End of period common shares outstanding (B)			203,168				203,434				204,219				205,291				163,758
Goodwill (C)			1,398,253				1,398,253				1,394,353				1,398,400				973,025
Core deposit and other intangibles (D)			55,978				58,455				60,932				63,410				23,624
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)			16.12	%			15.41	%			14.94	%			14.43	%			14.43	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))			10.33	%			9.66	%			9.24	%			8.94	%			9.59	%
Total assets (A)		$	22,518,255			$	22,883,588			$	23,157,370			$	24,253,168			$	18,617,995
Total stockholders' equity (B)			3,630,885				3,526,362				3,460,015				3,498,565				2,686,703
Goodwill (C)			1,398,253				1,398,253				1,394,353				1,398,400				973,025
Core deposit and other intangibles (D)			55,978				58,455				60,932				63,410				23,624

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/86c8a78c-9af1-4dba-a738-1fb994ca2bfb

https://www.globenewswire.com/NewsRoom/AttachmentNg/cdbfd6bb-6e7e-4a2b-9431-f2807c2d1414

https://www.globenewswire.com/NewsRoom/AttachmentNg/e4611681-223d-4b99-ad25-232e2356c6a9

FAQ

What were Home BancShares' earnings for Q1 2023?

Home BancShares reported a net income of $103.0 million or $0.51 per diluted share for Q1 2023.

How much total revenue did Home BancShares generate in Q1 2023?

The total revenue for Home BancShares in Q1 2023 was $248.8 million.

What is the liquidity position of Home BancShares as of March 31, 2023?

Home BancShares reported a strong liquidity position with $6.92 billion in net available liquidity.

What is the status of non-performing assets at Home BancShares?

Non-performing assets to total assets rose to 0.33% as of March 31, 2023, up from 0.27% at the end of 2022.