HOMB Delivers Strong Q3 Results, While Shifting Into Hurricane Mode

  • October 16, 2024
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  • HOMB Delivers Strong Q3 Results, While Shifting Into Hurricane Mode

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

Quarterly Highlights

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

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

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

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

Liquidity and Funding Sources

At September 30, 2024, the Company held $2.50 billion in net available internal liquidity. This balance consisted of $1.51 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $718.9 million in cash with the Federal Reserve Bank (FRB) and $270.4 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.15 billion in net available external liquidity as of September 30, 2024. This included $4.80 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.84 billion has been drawn upon in the ordinary course of business, resulting in $2.97 billion in net available liquidity with the FHLB as of September 30, 2024. The $1.84 billion consisted of $600.0 million in outstanding FHLB advances and $1.24 billion used for pledging purposes. The Company also had access to approximately $785.6 million in liquidity with the FRB as of September 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business from the Bank Term Funding Program (BTFP), resulting in $85.6 million in net available liquidity with the FRB as of September 30, 2024.  As of September 30, 2024, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB) and $45.0 million from other various external sources.

Overall, the Company had $5.65 billion in net available liquidity as of September 30, 2024, which consisted of $2.50 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of September 30, 2024 are included below.

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

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

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

In the event the Company’s $4.61 billion net position of uninsured deposits had been called by depositors on the first day of the third quarter of 2024 and the Company utilized available funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $72.3 million for the quarter ended September 30, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, based on the Company’s profitability level for the quarter ended September 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.26% for the quarter ended  September 30, 2024.

Operating Highlights

Net income for the three-month period ended September 30, 2024 was $100.0 million, or $0.50 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.0 million(1) and $0.50 per share(1), respectively, for the three months ended September 30, 2024.

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

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

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

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

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

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

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

Financial Condition

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

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

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

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

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

Stockholders’ equity was $3.96 billion at September 30, 2024, compared to $3.86 billion at June 30, 2024, an increase of approximately $104.3 million. The net increase in stockholders’ equity is primarily associated with the $61.2 million increase in retained earnings and $66.9 million reduction in accumulated other comprehensive loss, partially offset by the $26.9 million in stock repurchases. Book value per common share was $19.91 at September 30, 2024, compared to $19.30 at June 30, 2024. Tangible book value per common share (non-GAAP) was $12.67(1) at September 30, 2024, compared to $12.08(1) at June 30, 2024.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, October 17, 2024. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/608252755. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=96a4b06e&confId=71177. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 892187.  A replay of the call will be available by calling 1-866-813-9403, Passcode: 629464, which will be available until October 24, 2024, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

About Home BancShares

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

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

Non-GAAP Financial Measures

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

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “on track” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

 Home BancShares, Inc.
 Consolidated End of Period Balance Sheets
 (Unaudited)
                     
(In thousands)   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023
ASSETS                    
                     
Cash and due from banks   $ 265,408     $ 229,209     $ 205,262     $ 226,363     $ 229,474  
Interest-bearing deposits with other banks     752,269       829,507       969,996       773,850       258,605  
Cash and cash equivalents     1,017,677       1,058,716       1,175,258       1,000,213       488,079  
Federal funds sold     6,425             5,200       5,100       3,925  
Investment securities – available-for-sale, net of allowance for credit losses     3,270,620       3,344,539       3,400,884       3,507,841       3,472,173  
Investment securities – held-to-maturity, net of allowance for credit losses     1,277,090       1,278,853       1,280,586       1,281,982       1,283,475  
Total investment securities     4,547,710       4,623,392       4,681,470       4,789,823       4,755,648  
Loans receivable     14,823,979       14,781,457       14,513,673       14,424,728       14,271,833  
Allowance for credit losses     (312,574 )     (295,856 )     (290,294 )     (288,234 )     (285,562 )
Loans receivable, net     14,511,405       14,485,601       14,223,379       14,136,494       13,986,271  
Bank premises and equipment, net     388,776       383,691       389,618       393,300       397,093  
Foreclosed assets held for sale     43,040       41,347       30,650       30,486       691  
Cash value of life insurance     219,353       218,198       215,424       214,516       213,351  
Accrued interest receivable     118,871       120,984       119,029       118,966       110,946  
Deferred tax asset, net     176,629       195,041       202,882       197,164       222,741  
Goodwill     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit intangible     42,395       44,490       46,630       48,770       51,023  
Other assets     352,583       350,192       347,928       323,573       322,617  
Total assets   $ 22,823,117     $ 22,919,905     $ 22,835,721     $ 22,656,658     $ 21,950,638  
                     
LIABILITIES AND STOCKHOLDERS’ EQUITY                        
                     
Liabilities                    
Deposits:                    
Demand and non-interest-bearing   $ 3,937,168     $ 4,068,302     $ 4,115,603     $ 4,085,501     $ 4,280,429  
Savings and interest-bearing transaction accounts     10,966,426       11,150,516       11,047,258       11,050,347       10,786,087  
Time deposits     1,802,116       1,736,985       1,703,269       1,651,863       1,452,229  
Total deposits     16,705,710       16,955,803       16,866,130       16,787,711       16,518,745  
Securities sold under agreements to repurchase     179,416       137,996       176,107       142,085       160,120  
FHLB and other borrowed funds     1,300,750       1,301,050       1,301,050       1,301,300       1,001,550  
Accrued interest payable and other liabilities     238,058       230,011       241,345       194,653       175,367  
Subordinated debentures     439,394       439,542       439,688       439,834       439,982  
Total liabilities     18,863,328       19,064,402       19,024,320       18,865,583       18,295,764  
                     
Stockholders’ equity                    
Common stock     1,989       1,997       2,008       2,015       2,023  
Capital surplus     2,272,100       2,295,893       2,326,824       2,348,023       2,363,210  
Retained earnings     1,880,562       1,819,412       1,753,994       1,690,112       1,640,171  
Accumulated other comprehensive loss     (194,862 )     (261,799 )     (271,425 )     (249,075 )     (350,530 )
Total stockholders’ equity     3,959,789       3,855,503       3,811,401       3,791,075       3,654,874  
Total liabilities and stockholders’ equity   $ 22,823,117     $ 22,919,905     $ 22,835,721     $ 22,656,658     $ 21,950,638  
                     
 Home BancShares, Inc.
 Consolidated Statements of Income
 (Unaudited)
                             
     Quarter Ended   Nine Months Ended
(In thousands)   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
Interest income:                            
Loans   $ 281,977     $ 274,324     $ 265,294     $ 260,003   $ 249,464     $ 821,595     $ 729,613  
Investment securities                            
Taxable     31,006       32,587       33,229       34,016     34,520       96,822       104,559  
Tax-exempt     7,704       7,769       7,803       7,855     7,868       23,276       23,763  
Deposits – other banks     12,096       12,564       10,528       4,281     2,328       35,188       10,742  
Federal funds sold     62       59       61       65     82       182       156  
Total interest income     332,845       327,303       316,915       306,220     294,262       977,063       868,833  
Interest expense:                            
Interest on deposits     97,785       95,741       92,548       87,971     78,698       286,074       208,007  
Federal funds purchased     1                       1       1       3  
FHLB and other borrowed funds     14,383       14,255       14,276       9,878     8,161       42,914       20,947  
Securities sold under agreements to repurchase     1,335       1,363       1,404       1,480     1,344       4,102       3,333  
Subordinated debentures     4,121       4,122       4,097       4,121     4,121       12,340       12,368  
Total interest expense     117,625       115,481       112,325       103,450     92,325       345,431       244,658  
Net interest income     215,220       211,822       204,590       202,770     201,937       631,632       624,175  
Provision for credit losses on loans     18,200       8,000       5,500       5,650     2,800       31,700       6,300  
Provision for (recovery of) credit losses on unfunded commitments     1,000             (1,000 )         (1,500 )           (1,500 )
(Recovery of) provision for credit losses on investment securities     (330 )                           (330 )     1,683  
Total credit loss expense     18,870       8,000       4,500       5,650     1,300       31,370       6,483  
Net interest income after credit loss expense     196,350       203,822       200,090       197,120     200,637       600,262       617,692  
Non-interest income:                            
Service charges on deposit accounts     9,888       9,714       9,686       10,072     10,062       29,288       29,135  
Other service charges and fees     10,490       10,679       10,189       10,422     10,128       31,358       33,766  
Trust fees     4,403       4,722       5,066       4,316     4,660       14,191       13,576  
Mortgage lending income     4,437       4,276       3,558       2,385     3,132       12,271       8,353  
Insurance commissions     595       565       508       480     562       1,668       1,606  
Increase in cash value of life insurance     1,161       1,279       1,195       1,170     1,170       3,635       3,485  
Dividends from FHLB, FRB, FNBB & other     2,637       2,998       3,007       3,010     2,916       8,642       8,632  
Gain on SBA loans     145       56       198       42     97       399       236  
Gain (loss) on branches, equipment and other assets, net     32       2,052       (8 )     583           2,076       924  
Gain on OREO, net     85       49       17       13           151       319  
Fair value adjustment for marketable securities     1,392       (274 )     1,003       5,024     4,507       2,121       (6,118 )
Other income     7,514       6,658       7,380       5,331     6,179       21,552       33,172  
Total non-interest income     42,779       42,774       41,799       42,848     43,413       127,352       127,086  
Non-interest expense:                            
Salaries and employee benefits     58,861       60,427       60,910       63,430     64,512       180,198       193,536  
Occupancy and equipment     14,546       14,408       14,551       14,965     15,463       43,505       45,338  
Data processing expense     9,088       8,935       9,147       9,107     9,103       27,170       27,222  
Other operating expenses     27,550       29,415       26,888       39,673     25,684       83,853       79,592  
Total non-interest expense     110,045       113,185       111,496       127,175     114,762       334,726       345,688  
Income before income taxes     129,084       133,411       130,393       112,793     129,288       392,888       399,090  
Income tax expense     29,046       31,881       30,284       26,550     30,835       91,211       92,404  
Net income   $ 100,038     $ 101,530     $ 100,109     $ 86,243   $ 98,453     $ 301,677     $ 306,686  
                             
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars and shares in thousands, except per share data)   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
PER SHARE DATA                            
Diluted earnings per common share   $ 0.50     $ 0.51     $ 0.50     $ 0.43     $ 0.49     $ 1.51     $ 1.51  
Diluted earnings per common share, as adjusted (non-GAAP)(1)     0.50       0.52       0.49       0.46       0.47       1.51       1.51  
Basic earnings per common share     0.50       0.51       0.50       0.43       0.49       1.51       1.51  
Dividends per share – common     0.195       0.18       0.18       0.18       0.18       0.555       0.54  
Book value per common share     19.91       19.30       18.98       18.81       18.06       19.91       18.06  
Tangible book value per common share (non-GAAP)(1)     12.67       12.08       11.79       11.63       10.90       12.67       10.90  
                             
STOCK INFORMATION                            
Average common shares outstanding     199,380       200,319       201,210       201,756       202,526       200,300       202,921  
Average diluted shares outstanding     199,461       200,465       201,390       201,891       202,650       200,430       203,068  
End of period common shares outstanding     198,879       199,746       200,797       201,526       202,323       198,879       202,323  
                             
ANNUALIZED PERFORMANCE METRICS                            
Return on average assets (ROA)     1.74 %     1.79 %     1.78 %     1.55 %     1.78 %     1.77 %     1.84 %
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)     1.72 %     1.83 %     1.76 %     1.66 %     1.72 %     1.77 %     1.84 %
Return on average assets excluding intangible amortization (non-GAAP)(1)     1.88 %     1.94 %     1.93 %     1.69 %     1.95 %     1.92 %     2.01 %
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)     1.86 %     1.98 %     1.91 %     1.81 %     1.87 %     1.92 %     2.00 %
Return on average common equity (ROE)     10.23 %     10.73 %     10.64 %     9.36 %     10.65 %     10.53 %     11.32 %
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)     10.12 %     10.98 %     10.54 %     10.00 %     10.25 %     10.55 %     11.30 %
Return on average tangible common equity (ROTCE) (non-GAAP)(1)     16.26 %     17.29 %     17.22 %     15.49 %     17.62 %     16.91 %     18.90 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)     16.09 %     17.69 %     17.07 %     16.56 %     16.95 %     16.94 %     18.87 %
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     16.51 %     17.56 %     17.50 %     15.80 %     17.95 %     17.18 %     19.24 %
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)     16.34 %     17.97 %     17.34 %     16.87 %     17.29 %     17.20 %     19.22 %
                             

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars in thousands)   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
                             
Efficiency ratio     41.42 %     43.17 %     44.22 %     50.64 %     45.53 %     42.91 %     44.76 %
Efficiency ratio, as adjusted (non-GAAP)(1)     41.66 %     42.59 %     44.43 %     46.43 %     46.44 %     42.87 %     44.86 %
Net interest margin – FTE (NIM)     4.28 %     4.27 %     4.13 %     4.17 %     4.19 %     4.23 %     4.28 %
Fully taxable equivalent adjustment   $ 2,616     $ 2,628     $ 892     $ 1,091     $ 1,293     $ 6,136     $ 4,415  
Total revenue (net)     257,999       254,596       246,389       245,618       245,350       758,984       751,261  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     147,954       141,411       134,893       118,443       130,588       424,258       405,573  
PPNR, as adjusted (non-GAAP)(1)     146,562       141,886       133,728       126,402       125,743       422,176       405,113  
Pre-tax net income to total revenue (net)     50.03 %     52.40 %     52.92 %     45.92 %     52.70 %     51.76 %     53.12 %
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)     49.49 %     52.59 %     52.45 %     49.16 %     50.72 %     51.49 %     53.06 %
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     57.35 %     55.54 %     54.75 %     48.22 %     53.23 %     55.90 %     53.99 %
P5NR, as adjusted (non-GAAP)(1)     56.81 %     55.73 %     54.28 %     51.46 %     51.25 %     55.62 %     53.92 %
Total purchase accounting accretion   $ 1,878     $ 1,873     $ 2,772     $ 2,324     $ 2,431     $ 6,523     $ 8,263  
Average purchase accounting loan discounts     20,832       22,788       24,820       27,397       29,915       22,813       32,656  
                             
OTHER OPERATING EXPENSES                            
Advertising   $ 1,810     $ 1,692     $ 1,654     $ 2,226     $ 2,295     $ 5,156     $ 6,624  
Amortization of intangibles     2,095       2,140       2,140       2,253       2,477       6,375       7,432  
Electronic banking expense     3,569       3,412       3,156       3,599       3,709       10,137       10,714  
Directors’ fees     362       423       498       399       417       1,283       1,415  
Due from bank service charges     302       282       276       274       282       860       841  
FDIC and state assessment     3,360       5,494       3,318       16,016       2,794       12,172       9,514  
Insurance     926       905       903       873       878       2,734       2,694  
Legal and accounting     1,902       2,617       2,081       1,192       1,514       6,600       4,038  
Other professional fees     2,062       2,108       2,236       1,640       2,117       6,406       7,175  
Operating supplies     673       613       683       777       860       1,969       2,361  
Postage     522       497       523       503       491       1,542       1,578  
Telephone     455       444       470       515       544       1,369       1,645  
Other expense     9,512       8,788       8,950       9,406       7,306       27,250       23,561  
Total other operating expenses   $ 27,550     $ 29,415     $ 26,888     $ 39,673     $ 25,684     $ 83,853     $ 79,592  
                             
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
 
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                     
(Dollars in thousands)   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023
BALANCE SHEET RATIOS                    
Total loans to total deposits     88.74 %     87.18 %     86.05 %     85.92 %     86.40 %
Common equity to assets     17.35 %     16.82 %     16.69 %     16.73 %     16.65 %
Tangible common equity to tangible assets (non-GAAP)(1)     11.78 %     11.23 %     11.06 %     11.05 %     10.76 %
                .    
LOANS RECEIVABLE                    
Real estate                    
Commercial real estate loans                    
Non-farm/non-residential   $ 5,496,536     $ 5,599,925     $ 5,616,965     $ 5,549,954     $ 5,614,259  
Construction/land development     2,741,419       2,511,817       2,330,555       2,293,047       2,154,030  
Agricultural     335,965       345,461       337,618       325,156       336,160  
Residential real estate loans                    
Residential 1-4 family     1,932,352       1,910,143       1,899,974       1,844,260       1,808,248  
Multifamily residential     482,648       509,091       415,926       435,736       444,239  
Total real estate     10,988,920       10,876,437       10,601,038       10,448,153       10,356,936  
Consumer     1,219,197       1,189,386       1,163,228       1,153,690       1,153,461  
Commercial and industrial     2,084,667       2,242,072       2,284,775       2,324,991       2,195,678  
Agricultural     352,963       314,600       278,609       307,327       332,608  
Other     178,232       158,962       186,023       190,567       233,150  
Loans receivable   $ 14,823,979     $ 14,781,457     $ 14,513,673     $ 14,424,728     $ 14,271,833  
                     
ALLOWANCE FOR CREDIT LOSSES                    
Balance, beginning of period   $ 295,856     $ 290,294     $ 288,234     $ 285,562     $ 285,683  
Loans charged off     2,001       3,098       3,978       3,592       3,449  
Recoveries of loans previously charged off     519       660       538       614       528  
Net loans charged off     1,482       2,438       3,440       2,978       2,921  
Provision for credit losses – loans     18,200       8,000       5,500       5,650       2,800  
Balance, end of period   $ 312,574     $ 295,856     $ 290,294     $ 288,234     $ 285,562  
                     
Net charge-offs to average total loans     0.04 %     0.07 %     0.10 %     0.08 %     0.08 %
Allowance for credit losses to total loans     2.11 %     2.00 %     2.00 %     2.00 %     2.00 %
                     
NON-PERFORMING ASSETS                    
Non-performing loans                    
Non-accrual loans   $ 95,747     $ 78,090     $ 67,055     $ 59,971     $ 84,184  
Loans past due 90 days or more     5,356       8,251       12,928       4,130       6,674  
Total non-performing loans     101,103       86,341       79,983       64,101       90,858  
Other non-performing assets                    
Foreclosed assets held for sale, net     43,040       41,347       30,650       30,486       691  
Other non-performing assets     63       63       63       785       64  
Total other non-performing assets     43,103       41,410       30,713       31,271       755  
Total non-performing assets   $ 144,206     $ 127,751     $ 110,696     $ 95,372     $ 91,613  
                     
Allowance for credit losses for loans to non-performing loans     309.16 %     342.66 %     362.94 %     449.66 %     314.29 %
Non-performing loans to total loans     0.68 %     0.58 %     0.55 %     0.44 %     0.64 %
Non-performing assets to total assets     0.63 %     0.56 %     0.48 %     0.42 %     0.42 %
                     
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
                     
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Three Months Ended
    September 30, 2024   June 30, 2024
(Dollars in thousands)   Average
Balance
  Income/
Expense
  Yield/
Rate
  Average
Balance
  Income/
Expense
  Yield/
Rate
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 903,456     $ 12,096       5.33 %   $ 929,916     $ 12,564       5.43 %
Federal funds sold     4,629       62       5.33 %     4,424       59       5.36 %
Investment securities – taxable     3,391,838       31,006       3.64 %     3,445,769       32,587       3.80 %
Investment securities – non-taxable – FTE     1,163,568       10,181       3.48 %     1,185,001       10,254       3.48 %
Loans receivable – FTE     14,762,667       282,116       7.60 %     14,648,564       274,467       7.54 %
Total interest-earning assets     20,226,158       335,461       6.60 %     20,213,674       329,931       6.56 %
Non-earning assets     2,667,626               2,662,275          
Total assets   $ 22,893,784             $ 22,875,949          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                      
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,095,572     $ 79,232       2.84 %   $ 11,118,587     $ 77,928       2.82 %
Time deposits     1,769,952       18,553       4.17 %     1,732,610       17,813       4.14 %
Total interest-bearing deposits     12,865,524       97,785       3.02 %     12,851,197       95,741       3.00 %
Federal funds purchased     43       1       9.25 %     33             %
Securities sold under agreement to repurchase     157,178       1,335       3.38 %     159,899       1,363       3.43 %
FHLB and other borrowed funds     1,300,876       14,383       4.40 %     1,301,050       14,255       4.41 %
Subordinated debentures     439,467       4,121       3.73 %     439,613       4,122       3.77 %
Total interest-bearing liabilities     14,763,088       117,625       3.17 %     14,751,792       115,481       3.15 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     3,993,187               4,083,916          
Other liabilities     247,797               234,441          
Total liabilities     19,004,072               19,070,149          
Shareholders’ equity     3,889,712               3,805,800          
Total liabilities and shareholders’ equity   $ 22,893,784             $ 22,875,949          
Net interest spread             3.43 %             3.41 %
Net interest income and margin – FTE       $ 217,836       4.28 %       $ 214,450       4.27 %
                         
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Nine Months Ended
    September 30, 2024   September 30, 2023
(Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 878,368     $ 35,188       5.35 %   $ 313,637     $ 10,742       4.58 %
Federal funds sold     4,688       182       5.19 %     3,577       156       5.83 %
Investment securities – taxable     3,436,874       96,822       3.76 %     3,726,710       104,559       3.75 %
Investment securities – non-taxable – FTE     1,202,003       29,077       3.23 %     1,280,947       27,848       2.91 %
Loans receivable – FTE     14,633,382       821,930       7.50 %     14,307,358       729,943       6.82 %
Total interest-earning assets     20,155,315       983,199       6.52 %     19,632,229       873,248       5.95 %
Non-earning assets     2,662,627               2,640,096          
Total assets   $ 22,817,942             $ 22,272,325          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,084,397     $ 232,757       2.80 %   $ 11,246,350     $ 185,560       2.21 %
Time deposits     1,729,400       53,317       4.12 %     1,189,620       22,447       2.52 %
Total interest-bearing deposits     12,813,797       286,074       2.98 %     12,435,970       208,007       2.24 %
Federal funds purchased     26       1       5.14 %     59       3       6.80 %
Securities sold under agreement to repurchase   163,013       4,102       3.36 %     144,603       3,333       3.08 %
FHLB borrowed funds     1,301,005       42,914       4.41 %     701,748       20,947       3.99 %
Subordinated debentures     439,613       12,340       3.75 %     440,199       12,368       3.76 %
Total interest-bearing liabilities     14,717,454       345,431       3.14 %     13,722,579       244,658       2.38 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,031,447               4,729,515          
Other liabilities     242,422               197,498          
Total liabilities     18,991,323               18,649,592          
Shareholders’ equity     3,826,619               3,622,733          
Total liabilities and shareholders’ equity   $ 22,817,942             $ 22,272,325          
Net interest spread             3.38 %             3.57 %
Net interest income and margin – FTE       $ 637,768       4.23 %       $ 628,590       4.28 %
                         
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars and shares in thousands, except per share data)   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
EARNINGS, AS ADJUSTED                            
GAAP net income available to common shareholders (A)   $ 100,038     $ 101,530     $ 100,109     $ 86,243     $ 98,453     $ 301,677     $ 306,686  
Pre-tax adjustments                            
FDIC special assessment           2,260             12,983             2,260        
BOLI death benefits                 (162 )           (338 )     (162 )     (3,117 )
Gain on sale of building           (2,059 )                       (2,059 )      
Fair value adjustment for marketable securities     (1,392 )     274       (1,003 )     (5,024 )     (4,507 )     (2,121 )     6,118  
Recoveries on historic losses                                         (3,461 )
Total pre-tax adjustments     (1,392 )     475       (1,165 )     7,959       (4,845 )     (2,082 )     (460 )
Tax-effect of adjustments     (348 )     119       (251 )     1,989       (1,112 )     (480 )     (30 )
Deferred tax asset write-down           2,030                         2,030        
Total adjustments after-tax (B)     (1,044 )     2,386       (914 )     5,970       (3,733 )     428       (430 )
Earnings, as adjusted (C)   $ 98,994     $ 103,916     $ 99,195     $ 92,213     $ 94,720     $ 302,105     $ 306,256  
                             
Average diluted shares outstanding (D)     199,461       200,465       201,390       201,891       202,650       200,430       203,068  
                             
GAAP diluted earnings per share: (A/D)   $ 0.50     $ 0.51     $ 0.50     $ 0.43     $ 0.49     $ 1.51     $ 1.51  
Adjustments after-tax: (B/D)     0.00       0.01       (0.01 )     0.03       (0.02 )     0.00       0.00  
Diluted earnings per common share, as adjusted: (C/D)   $ 0.50     $ 0.52     $ 0.49     $ 0.46     $ 0.47     $ 1.51     $ 1.51  
                             
ANNUALIZED RETURN ON AVERAGE ASSETS                            
Return on average assets: (A/E)     1.74 %     1.79 %     1.78 %     1.55 %     1.78 %     1.77 %     1.84 %
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)     1.72 %     1.83 %     1.76 %     1.66 %     1.72 %     1.77 %     1.84 %
Return on average assets excluding intangible amortization: ((A+C)/(E-F))     1.88 %     1.94 %     1.93 %     1.69 %     1.95 %     1.92 %     2.01 %
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))     1.86 %     1.98 %     1.91 %     1.81 %     1.87 %     1.92 %     2.00 %
                             
GAAP net income available to common shareholders (A)   $ 100,038     $ 101,530     $ 100,109     $ 86,243     $ 98,453     $ 301,677     $ 306,686  
Amortization of intangibles (B)     2,095       2,140       2,140       2,253       2,477       6,375       7,432  
Amortization of intangibles after-tax (C)     1,572       1,605       1,605       1,690       1,866       4,782       5,598  
Adjustments after-tax (D)     (1,044 )     2,386       (914 )     5,970       (3,733 )     428       (430 )
Average assets (E)     22,893,784       22,875,949       22,683,259       22,056,440       21,902,434       22,817,942       22,272,325  
Average goodwill & core deposit intangible (F)     1,441,654       1,443,778       1,445,902       1,448,061       1,450,478       1,443,770       1,452,933  
                             
 Home BancShares, Inc.
 Non-GAAP Reconciliations
 (Unaudited)
                             
    Quarter Ended   Nine Months Ended
(Dollars in thousands)   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
Return on average common equity: (A/D)     10.23 %     10.73 %     10.64 %     9.36 %     10.65 %     10.53 %     11.32 %
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)     10.12 %     10.98 %     10.54 %     10.00 %     10.25 %     10.55 %     11.30 %
Return on average tangible common equity: (A/(D-E))     16.26 %     17.29 %     17.22 %     15.49 %     17.62 %     16.91 %     18.90 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))     16.09 %     17.69 %     17.07 %     16.56 %     16.95 %     16.94 %     18.87 %
Return on average tangible common equity excluding intangible amortization: (B/(D-E))     16.51 %     17.56 %     17.50 %     15.80 %     17.95 %     17.18 %     19.24 %
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))     16.34 %     17.97 %     17.34 %     16.87 %     17.29 %     17.20 %     19.22 %
                             
GAAP net income available to common shareholders (A)   $ 100,038     $ 101,530     $ 100,109     $ 86,243     $ 98,453     $ 301,677     $ 306,686  
Earnings excluding intangible amortization (B)     101,610       103,135       101,714       87,933       100,319       306,459       312,284  
Adjustments after-tax (C)     (1,044 )     2,386       (914 )     5,970       (3,733 )     428       (430 )
Average common equity (D)     3,889,712       3,805,800       3,783,652       3,656,720       3,667,339       3,826,619       3,622,733  
Average goodwill & core deposits intangible (E)     1,441,654       1,443,778       1,445,902       1,448,061       1,450,478       1,443,770       1,452,933  
                             
EFFICIENCY RATIO & P5NR                            
Efficiency ratio: ((D-G)/(B+C+E))     41.42 %     43.17 %     44.22 %     50.64 %     45.53 %     42.91 %     44.76 %
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))     41.66 %     42.59 %     44.43 %     46.43 %     46.44 %     42.87 %     44.86 %
Pre-tax net income to total revenue (net) (A/(B+C))     50.03 %     52.40 %     52.92 %     45.92 %     52.70 %     51.76 %     53.12 %
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))     49.49 %     52.59 %     52.45 %     49.16 %     50.72 %     51.49 %     53.06 %
Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 147,954     $ 141,411     $ 134,893     $ 118,443     $ 130,588     $ 424,258     $ 405,573  
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)   $ 146,562     $ 141,886     $ 133,728     $ 126,402     $ 125,743     $ 422,176     $ 405,113  
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)     57.35 %     55.54 %     54.75 %     48.22 %     53.23 %     55.90 %     53.99 %
P5NR, as adjusted (B+C-D+F)/(B+C)     56.81 %     55.73 %     54.28 %     51.46 %     51.25 %     55.62 %     53.92 %
                             
Pre-tax net income (A)   $ 129,084     $ 133,411     $ 130,393     $ 112,793     $ 129,288     $ 392,888     $ 399,090  
Net interest income (B)     215,220       211,822       204,590       202,770       201,937       631,632       624,175  
Non-interest income (C)     42,779       42,774       41,799       42,848       43,413       127,352       127,086  
Non-interest expense (D)     110,045       113,185       111,496       127,175       114,762       334,726       345,688  
Fully taxable equivalent adjustment (E)     2,616       2,628       892       1,091       1,293       6,136       4,415  
Total pre-tax adjustments (F)     (1,392 )     475       (1,165 )     7,959       (4,845 )     (2,082 )     (460 )
Amortization of intangibles (G)     2,095       2,140       2,140       2,253       2,477       6,375       7,432  
                             
Adjustments:                            
Non-interest income:                            
Fair value adjustment for marketable securities   $ 1,392     $ (274 )   $ 1,003     $ 5,024     $ 4,507     $ 2,121     $ (6,118 )
Gain on OREO     85       49       17       13             151       319  
Gain (loss) on branches, equipment and other assets, net     32       2,052       (8 )     583             2,076       924  
BOLI death benefits                 162             338       162       3,117  
Recoveries on historic losses                                         3,461  
Total non-interest income adjustments (H)   $ 1,509     $ 1,827     $ 1,174     $ 5,620     $ 4,845     $ 4,510     $ 1,703  
                             
Non-interest expense:                            
FDIC special assessment           2,260             12,983             2,260        
Total non-interest expense adjustments (I)   $     $ 2,260     $     $ 12,983     $     $ 2,260     $  
                             
 Home BancShares, Inc.
 Non-GAAP Reconciliations
 (Unaudited)
                     
    Quarter Ended
    Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023
                     
TANGIBLE BOOK VALUE PER COMMON SHARE                    
Book value per common share: (A/B)   $ 19.91     $ 19.30     $ 18.98     $ 18.81     $ 18.06  
Tangible book value per common share: ((A-C-D)/B)   $ 12.67     $ 12.08     $ 11.79     $ 11.63     $ 10.90  
                     
Total stockholders’ equity (A)   $ 3,959,789     $ 3,855,503     $ 3,811,401     $ 3,791,075     $ 3,654,874  
End of period common shares outstanding (B)     198,879       199,746       200,797       201,526       202,323  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit and other intangibles (D)     42,395       44,490       46,630       48,770       51,023  
                     
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
Equity to assets: (B/A)     17.35 %     16.82 %     16.69 %     16.73 %     16.65 %
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     11.78 %     11.23 %     11.06 %     11.05 %     10.76 %
                     
Total assets (A)   $ 22,823,117     $ 22,919,905     $ 22,835,721     $ 22,656,658     $ 21,950,638  
Total stockholders’ equity (B)     3,959,789       3,855,503       3,811,401       3,791,075       3,654,874  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit and other intangibles (D)     42,395       44,490       46,630       48,770       51,023  
                     


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