Results of West Texas Headwinds and FDIC Surprise 4th Quarter Assessment Only Things Standing Between HOMB and Expected 2023 Goal of $400 Million Plus

CONWAY, Ark., Jan. 18, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights

Metric	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Net income	$86.2 million	$98.5 million	$105.3 million	$103.0 million	$115.7 million
Total revenue (net)	$245.6 million	$245.4 million	$257.2 million	$248.8 million	$272.3 million
Income before income taxes	$112.8 million	$129.3 million	$136.9 million	$132.9 million	$148.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$118.4 million	$130.6 million	$140.9 million	$134.1 million	$153.4 million
Pre-tax net income to total revenue (net)	45.92%	52.70%	53.23%	53.43%	54.50%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	48.22%	53.23%	54.78%	53.91%	56.34%
ROA	1.55%	1.78%	1.90%	1.84%	1.98%
NIM	4.17%	4.19%	4.28%	4.37%	4.21%
Purchase accounting accretion	$2.3 million	$2.4 million	$2.7 million	$3.2 million	$3.5 million
ROE	9.36%	10.65%	11.63%	11.70%	13.29%
ROTCE (non-GAAP)(1)	15.49%	17.62%	19.39%	19.75%	22.96%
Diluted earnings per share	$0.43	$0.49	$0.52	$0.51	$0.57
Diluted earnings per shares, excluding FDIC special assessment (non-GAAP)(1)	0.48	0.49	0.52	0.51	0.57
Non-performing assets to total assets	0.42%	0.42%	0.28%	0.33%	0.27%
Common equity tier 1 capital	14.2%	14.0%	13.6%	13.2%	12.9%
Leverage	12.4%	12.4%	11.9%	11.4%	10.9%
Tier 1 capital	14.2%	14.0%	13.6%	13.2%	12.9%
Total risk-based capital	17.8%	17.6%	17.3%	16.8%	16.5%
Allowance for credit losses to total loans	2.00%	2.00%	2.01%	2.00%	2.01%
Book value per share	$18.81	$18.06	$18.04	$17.87	$17.33
Tangible book value per share (non-GAAP)(1)	11.63	10.90	10.87	10.71	10.17

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

“2023 was a tough year for the banking sector. For HOMB, the biggest obstacles came in the form of the loss of income as a result of the actions from some individuals in West Texas that may prove to be unethical and potentially criminal. In addition, the FDIC 4th quarter surprise assessment to financial institutions to recover losses from failed banks, resulted in $13 million ($0.05 per share) expense for Home BancShares. Both of these events were out of HOMB’s control, and the first event is a matter for the court, so we won’t speculate on the damage. The second one we know is $0.05 per share. Excluding these events, I’m proud to say that we would have beat our goal of $400 million plus and earned over $2.00 per share,” said John Allison, Chairman and CEO of HOMB.

Liquidity and Funding Sources

At December 31, 2023, the Company held $2.12 billion in net available internal liquidity. This balance consisted of $1.21 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $732.4 million in cash with the Federal Reserve Bank (FRB) and $177.2 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.47 billion in net available external liquidity as of December 31, 2023. This included $4.63 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.93 billion has been drawn upon in the ordinary course of business, resulting in $2.69 billion in net available liquidity with the FHLB as of December 31, 2023. The $1.93 billion consisted of $600.0 million in outstanding FHLB advances and $1.33 billion used for pledging purposes. The Company also had access to approximately $1.37 billion in liquidity with the FRB as of December 31, 2023, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $674.3 million in net available liquidity with the FRB as of December 31, 2023. The $674.3 million consisted of $89.8 million available from the Discount Window and $584.5 million available through the Bank Term Funding Program (BTFP). As of December 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 $5.59 billion in net available liquidity as of December 31, 2023, which consisted of $2.12 billion of net available internal liquidity and $3.47 billion in net available external liquidity. Details on the Company’s available liquidity as of December 31, 2023 is available below.

(In thousands)	Total Available			Amount Used			Net Availability
Internal Sources
Unpledged investment securities (market value)	$	1,214,352		$	—		$	1,214,352
Cash at FRB		732,412			—			732,412
Other liquid cash accounts		177,191			—			177,191
Total Internal Liquidity		2,123,955			—			2,123,955
External Sources
FHLB		4,625,496			1,932,490			2,693,006
FRB Discount Window		89,823			—			89,823
BTFP (par value)		1,284,507			700,000			584,507
FNBB		55,000			—			55,000
Other		45,000			—			45,000
Total External Liquidity		6,099,826			2,632,490			3,467,336
Total Available Liquidity	$	8,223,781		$	2,632,490		$	5,591,291

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 December 31, 2023, the Company held approximately $8.34 billion in uninsured deposits of which $595.5 million were intercompany subsidiary deposit balances and $3.03 billion were collateralized deposits, for a net position of $4.72 billion. This represents approximately 28.1% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $867.6 million.

(in thousands)	As of December 31, 2023
Uninsured Deposits	$	8,344,570
Intercompany Subsidiary and Affiliate Balances		595,539
Collateralized Deposits		3,025,358
Net Uninsured Position	$	4,723,673
Total Available Liquidity	$	5,591,291
Net Uninsured Position		4,723,673
Net Available Liquidity in Excess of Uninsured Deposits	$	867,618

In the event the Company’s $4.72 billion net position of uninsured deposits had been called by depositors on the first day of the fourth quarter of 2023 and the Company utilized available BTFP funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $57.6 million for the quarter ended December 31, 2023. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, because of the high profitability levels of HOMB, the Company estimates that it would still have achieved return on average assets (ROA) of 1.05% for the quarter ended December 31, 2023.

Operating Highlights

Net income for the three-month period ended December 31, 2023 was $86.2 million, or $0.43 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 $92.2 million⁽¹⁾, and $0.46 per share⁽¹⁾, respectively, for the three months ended December 31, 2023. The $13.0 million Federal Deposit Insurance Corporation (FDIC) assessment resulted in a $0.05 reduction to earnings per share. When adjusting solely for the FDIC assessment, net income (non-GAAP) would have been $96.0 million⁽¹⁾, or $0.48 diluted earnings per share⁽¹⁾.

Our net interest margin was 4.17% for the three-month period ended December 31, 2023, compared to 4.19% for the three-month period ended September 30, 2023. The yield on loans was 7.20% and 6.98% for the three months ended December 31, 2023 and September 30, 2023, respectively, as average loans increased from $14.19 billion to $14.34 billion. Additionally, the rate on interest bearing deposits increased to 2.80% as of December 31, 2023, from 2.55% as of September 30, 2023, while average interest-bearing deposits increased from $12.24 billion to $12.48 billion.

During the fourth quarter of 2023, there was $120,000 of event interest income compared to $521,000 of event interest expense for the third quarter of 2023.

Purchase accounting accretion on acquired loans was $2.3 million and $2.4 million and average purchase accounting loan discounts were $27.4 million and $29.9 million for the three-month periods ended December 31, 2023 and September 30, 2023, respectively.

Net interest income on a fully taxable equivalent basis was $203.9 million for the three-month period ended December 31, 2023, and $203.2 million for the three-month period ended September 30, 2023. This increase in net interest income for the three-month period ended December 31, 2023, was the result of an $11.8 million increase in interest income, partially offset by an $11.1 million increase in interest expense. The $11.8 million increase in interest income was primarily the result of a $10.5 million increase in loan interest income and a $2.0 million increase in income from interest-bearing balances due from banks, partially offset by a $658,000 decrease in investment income. The increase in interest income is a result of the current high interest rate environment. The $11.1 million increase in interest expense was due to a $9.3 million increase in interest expense on deposits, a $1.7 million increase in interest expense on FHLB and other borrowed funds and a $136,000 increase in interest expense on securities sold under agreement to repurchase. The increase in interest expense is also a result of the current high interest rate environment.

The Company reported $42.8 million of non-interest income for the fourth quarter of 2023. The most important components of fourth quarter non-interest income were $10.4 million from other service charges and fees, $10.1 million from service charges on deposit accounts, $5.3 million from other income, $5.0 million from the fair value adjustment for marketable securities, $4.3 million from trust fees, $3.0 million from dividends from FHLB, FRB, FNBB and other, $2.4 million in mortgage lending income and $1.2 million from the increase in cash value of life insurance.

Non-interest expense for the fourth quarter of 2023 was $127.2 million. The most important components of non-interest expense were $63.4 million from salaries and employee benefits, $39.7 million in other operating expense, $15.0 million in occupancy and equipment expenses and $9.1 million in data processing expenses. Included within other operating expenses was $13.0 million in FDIC special assessment expense which was levied in order to recover the losses to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. For the fourth quarter of 2023, our efficiency ratio was 50.64%, and our efficiency ratio, as adjusted (non-GAAP), was 46.43%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.42 billion at December 31, 2023, compared to $14.27 billion at September 30, 2023. Total deposits were $16.79 billion at December 31, 2023, compared to $16.52 billion at September 30, 2023. Total assets were $22.66 billion at December 31, 2023, compared to $21.95 billion at September 30, 2023.

During the fourth quarter of 2023, the Company experienced approximately $152.9 million in loan growth. Centennial CFG experienced $61.5 million of organic loan decline and had loans of $1.95 billion at December 31, 2023. Our remaining markets experienced $214.4 million in organic loan growth during the quarter.

Non-performing loans to total loans was 0.44% and 0.64% at December 31, 2023 and September 30, 2023, respectively. Non-performing assets to total assets was 0.42% at both December 31, 2023 and September 30, 2023. Net charge-offs were $3.0 million and $2.9 million for the three months ended December 31, 2023 and September 30, 2023, respectively.

Non-performing loans at December 31, 2023 were $15.4 million, $9.3 million, $33.5 million, $413,000, $2.8 million and $2.7 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $64.1 million. Non-performing assets at December 31, 2023 were $15.5 million, $17.3 million, $33.8 million, $413,000, $2.8 million and $25.6 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $95.4 million.

The Company’s allowance for credit losses on loans was $288.2 million at December 31, 2023, or 2.00% of total loans, compared to the allowance for credit losses on loans of $285.6 million, or 2.00% of total loans, at September 30, 2023. As of December 31, 2023 and September 30, 2023, the Company’s allowance for credit losses on loans was 449.66% and 314.29% of its total non-performing loans, respectively.

Stockholders’ equity was $3.79 billion at December 31, 2023, compared to $3.65 billion at September 30, 2023, an increase of approximately $136.2 million. The increase in stockholders’ equity is primarily associated with the $101.5 million improvement in accumulated other comprehensive loss and the $49.9 million increase in retained earnings, partially offset by the $17.8 million in stock repurchases. Book value per common share was $18.81 at December 31, 2023, compared to $18.06 at September 30, 2023. Tangible book value per common share (non-GAAP) was $11.63⁽¹⁾ at December 31, 2023, compared to $10.90⁽¹⁾ at September 30, 2023.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 63 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, January 18, 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/569988317. 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=d3aae28a&confId=59075. 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: 335279. A replay of the call will be available by calling 1-866-813-9403, Passcode: 758279, which will be available until January 25, 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; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic or other public health crises, 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 and our Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, filed with the SEC on May 5, 2023, August 4, 2023 and November 6, 2023, respectively.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
[phone]

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
(In thousands)		Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
ASSETS
Cash and due from banks		$	226,363			$	229,474			$	275,656			$	250,841			$	263,893
Interest-bearing deposits with other banks			773,850				258,605				335,535				437,213				460,897
Cash and cash equivalents			1,000,213				488,079				611,191				688,054				724,790
Federal funds sold			5,100				3,925				1,550				—				—
Investment securities - available-for-sale, net of allowance for credit losses			3,507,841				3,472,173				3,645,013				3,772,138				4,041,590
Investment securities - held-to-maturity, net of allowance for credit losses			1,281,982				1,283,475				1,285,150				1,286,373				1,287,705
Total investment securities			4,789,823				4,755,648				4,930,163				5,058,511				5,329,295
Loans receivable			14,424,728				14,271,833				14,180,972				14,386,634				14,409,480
Allowance for credit losses			(288,234	)			(285,562	)			(285,683	)			(287,169	)			(289,669	)
Loans receivable, net			14,136,494				13,986,271				13,895,289				14,099,465				14,119,811
Bank premises and equipment, net			393,300				397,093				397,315				402,094				405,073
Foreclosed assets held for sale			30,486				691				725				425				546
Cash value of life insurance			214,516				213,351				213,090				214,792				213,693
Accrued interest receivable			118,966				110,946				101,066				102,740				103,199
Deferred tax asset, net			197,164				222,741				206,430				193,334				209,321
Goodwill			1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit intangible			48,770				51,023				53,500				55,978				58,455
Other assets			323,573				322,617				317,857				304,609				321,152
Total assets		$	22,656,658			$	21,950,638			$	22,126,429			$	22,518,255			$	22,883,588
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing		$	4,085,501			$	4,280,429			$	4,598,593			$	4,945,729			$	5,164,997
Savings and interest-bearing transaction accounts			11,050,347				10,786,087				11,169,940				11,392,566				11,730,552
Time deposits			1,651,863				1,452,229				1,228,358				1,107,171				1,043,234
Total deposits			16,787,711				16,518,745				16,996,891				17,445,466				17,938,783
Securities sold under agreements to repurchase			142,085				160,120				160,349				138,742				131,146
FHLB and other borrowed funds			1,301,300				1,001,550				701,550				650,000				650,000
Accrued interest payable and other liabilities			194,653				175,367				173,426				212,887				196,877
Subordinated debentures			439,834				439,982				440,129				440,275				440,420
Total liabilities			18,865,583				18,295,764				18,472,345				18,887,370				19,357,226
Stockholders' equity
Common stock			2,015				2,023				2,026				2,032				2,034
Capital surplus			2,348,023				2,363,210				2,366,560				2,375,754				2,386,699
Retained earnings			1,690,112				1,640,171				1,578,176				1,509,400				1,443,087
Accumulated other comprehensive loss			(249,075	)			(350,530	)			(292,678	)			(256,301	)			(305,458	)
Total stockholders' equity			3,791,075				3,654,874				3,654,084				3,630,885				3,526,362
Total liabilities and stockholders' equity		$	22,656,658			$	21,950,638			$	22,126,429			$	22,518,255			$	22,883,588

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
		Quarter Ended																	Year Ended
(In thousands)		Dec. 31, 2023			Sep. 30, 2023				Jun. 30, 2023			Mar. 31, 2023				Dec. 31, 2022			Dec. 31, 2023				Dec. 31, 2022
Interest income:
Loans		$	260,003		$	249,464			$	243,152		$	236,997			$	221,280		$	989,616			$	728,342
Investment securities
Taxable			34,016			34,520				34,751			35,288				33,639			138,575				91,933
Tax-exempt			7,855			7,868				7,932			7,963				7,855			31,618				28,356
Deposits - other banks			4,281			2,328				3,729			4,685				10,109			15,023				29,110
Federal funds sold			65			82				68			6				12			221				25
Total interest income			306,220			294,262				289,632			284,939				272,895			1,175,053				877,766
Interest expense:
Interest on deposits			87,971			78,698				70,147			59,162				47,019			295,978				85,989
Federal funds purchased			—			1				2			—				—			3				2
FHLB and other borrowed funds			9,878			8,161				6,596			6,190				5,388			30,825				11,076
Securities sold under agreements to repurchase			1,480			1,344				1,121			868				701			4,813				1,430
Subordinated debentures			4,121			4,121				4,123			4,124				4,121			16,489				20,593
Total interest expense			103,450			92,325				81,989			70,344				57,229			348,108				119,090
Net interest income			202,770			201,937				207,643			214,595				215,666			826,945				758,676
Provision for credit losses on loans			5,650			2,800				2,300			1,200				5,000			11,950				50,170
(Recovery of) provision for credit losses on unfunded commitments			—			(1,500	)			—			—				—			(1,500	)			11,410
Provision for credit losses on investment securities			—			—				1,683			—				—			1,683				2,005
Total credit loss expense			5,650			1,300				3,983			1,200				5,000			12,133				63,585
Net interest income after credit loss expense			197,120			200,637				203,660			213,395				210,666			814,812				695,091
Non-interest income:
Service charges on deposit accounts			10,072			10,062				9,231			9,842				10,134			39,207				37,114
Other service charges and fees			10,422			10,128				11,763			11,875				10,363			44,188				44,588
Trust fees			4,316			4,660				4,052			4,864				3,981			17,892				12,855
Mortgage lending income			2,385			3,132				2,650			2,571				3,566			10,738				17,657
Insurance commissions			480			562				518			526				453			2,086				2,192
Increase in cash value of life insurance			1,170			1,170				1,211			1,104				1,079			4,655				3,800
Dividends from FHLB, FRB, FNBB & other			3,010			2,916				2,922			2,794				2,814			11,642				9,198
Gain on SBA loans			42			97				—			139				30			278				183
Gain on branches, equipment and other assets, net			583			—				917			7				10			1,507				15
Gain on OREO, net			13			—				319			—				13			332				500
Gain on securities, net			—			—				—			—				—			—				—
Fair value adjustment for marketable securities			5,024			4,507				783			(11,408	)			1,032			(1,094	)			(1,272	)
Other income			5,331			6,179				15,143			11,850				23,185			38,503				48,281
Total non-interest income			42,848			43,413				49,509			34,164				56,660			169,934				175,111
Non-interest expense:
Salaries and employee benefits			63,430			64,512				64,534			64,490				64,249			256,966				238,885
Occupancy and equipment			14,965			15,463				14,923			14,952				14,884			60,303				53,417
Data processing expense			9,107			9,103				9,151			8,968				9,062			36,329				34,942
Merger and acquisition expenses			—			—				—			—				—			—				49,594
Other operating expenses			39,673			25,684				27,674			26,234				30,708			119,265				98,789
Total non-interest expense			127,175			114,762				116,282			114,644				118,903			472,863				475,627
Income before income taxes			112,793			129,288				136,887			132,915				148,423			511,883				394,575
Income tax expense			26,550			30,835				31,616			29,953				32,736			118,954				89,313
Net income		$	86,243		$	98,453			$	105,271		$	102,962			$	115,687		$	392,929			$	305,262

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Year Ended
(Dollars and shares in thousands, except per share data)		Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Dec. 31, 2023				Dec. 31, 2022
PER SHARE DATA
Diluted earnings per common share		$	0.43			$	0.49			$	0.52			$	0.51			$	0.57			$	1.94			$	1.57
Diluted earnings per common share, as adjusted (non-GAAP)(1)			0.46				0.47				0.51				0.54				0.53				1.97				1.93
Diluted earnings per common share, excluding FDIC special assessment (non-GAAP)(1)			0.48				0.49				0.52				0.51				0.57				1.99				1.57
Basic earnings per common share			0.43				0.49				0.52				0.51				0.57				1.94				1.57
Dividends per share - common			0.18				0.18				0.18				0.18				0.165				0.72				0.66
Book value per common share			18.81				18.06				18.04				17.87				17.33				18.81				17.33
Tangible book value per common share (non-GAAP)(1)			11.63				10.90				10.87				10.71				10.17				11.63				10.17
STOCK INFORMATION
Average common shares outstanding			201,756				202,526				202,793				203,456				203,924				202,627				194,694
Average diluted shares outstanding			201,891				202,650				202,923				203,625				204,179				202,773				195,019
End of period common shares outstanding			201,526				202,323				202,573				203,168				203,434				201,526				203,434
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)			1.55	%			1.78	%			1.90	%			1.84	%			1.98	%			1.77	%			1.35	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)			1.66	%			1.72	%			1.85	%			1.95	%			1.84	%			1.79	%			1.67	%
Return on average assets excluding intangible amortization (non-GAAP)(1)			1.69	%			1.95	%			2.07	%			2.00	%			2.15	%			1.93	%			1.47	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)			1.81	%			1.87	%			2.02	%			2.12	%			2.00	%			1.95	%			1.80	%
Return on average common equity (ROE)			9.36	%			10.65	%			11.63	%			11.70	%			13.29	%			10.82	%			9.17	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)			10.00	%			10.25	%			11.33	%			12.38	%			12.35	%			10.97	%			11.29	%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)			15.49	%			17.62	%			19.39	%			19.75	%			22.96	%			18.03	%			15.30	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)			16.56	%			16.95	%			18.90	%			20.90	%			21.33	%			18.28	%			18.84	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)			15.80	%			17.95	%			19.74	%			20.11	%			23.33	%			18.36	%			15.63	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)			16.87	%			17.29	%			19.24	%			21.26	%			21.70	%			18.62	%			19.17	%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
		Quarter Ended																				Year Ended
(Dollars in thousands)		Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Dec. 31, 2023				Dec. 31, 2022
Efficiency ratio			50.64	%			45.53	%			44.00	%			44.80	%			42.44	%			46.21	%			49.53	%
Efficiency ratio, as adjusted (non-GAAP)(1)			46.43	%			46.44	%			44.83	%			43.42	%			43.07	%			45.24	%			44.55	%
Net interest margin - FTE (NIM)			4.17	%			4.19	%			4.28	%			4.37	%			4.21	%			4.25	%			3.81	%
Fully taxable equivalent adjustment		$	1,091			$	1,293			$	1,494			$	1,628			$	2,017			$	5,506			$	8,663
Total revenue (net)			245,618				245,350				257,152				248,759				272,326				996,879				933,787
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			118,443				130,588				140,870				134,115				153,423				524,016				458,160
PPNR, as adjusted (non-GAAP)(1)			126,402				125,743				137,308				142,062				142,567				531,515				493,143
Pre-tax net income to total revenue (net)			45.92	%			52.70	%			53.23	%			53.43	%			54.50	%			51.35	%			42.26	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			49.16	%			50.72	%			51.85	%			56.63	%			50.52	%			52.10	%			52.28	%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			48.22	%			53.23	%			54.78	%			53.91	%			56.34	%			52.57	%			49.06	%
P5NR, as adjusted (non-GAAP)(1)			51.46	%			51.25	%			53.40	%			57.11	%			52.35	%			53.32	%			52.81	%
Total purchase accounting accretion		$	2,324			$	2,431			$	2,660			$	3,172			$	3,497			$	10,587			$	16,341
Average purchase accounting loan discounts			27,397				29,915				32,546				35,482				38,552				31,334				38,055
OTHER OPERATING EXPENSES
Hurricane expense		$	—			$	—			$	—			$	—			$	176			$	—			$	176
Advertising			2,226				2,295				2,098				2,231				2,567				8,850				7,974
Amortization of intangibles			2,253				2,477				2,478				2,477				2,478				9,685				8,853
Electronic banking expense			3,599				3,709				3,675				3,330				3,914				14,313				13,632
Directors' fees			399				417				538				460				358				1,814				1,491
Due from bank service charges			274				282				286				273				273				1,115				1,255
FDIC and state assessment			16,016				2,794				3,220				3,500				2,224				25,530				8,428
Insurance			873				878				927				889				1,003				3,567				3,705
Legal and accounting			1,192				1,514				1,436				1,088				5,962				5,230				9,401
Other professional fees			1,640				2,117				2,774				2,284				2,552				8,815				8,881
Operating supplies			777				860				763				738				690				3,138				3,120
Postage			503				491				586				501				602				2,081				2,078
Telephone			515				544				573				528				576				2,160				1,890
Other expense			9,406				7,306				8,320				7,935				7,333				32,967				27,905
Total other operating expenses		$	39,673			$	25,684			$	27,674			$	26,234			$	30,708			$	119,265			$	98,789
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars in thousands)		Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
BALANCE SHEET RATIOS
Total loans to total deposits			85.92	%			86.40	%			83.43	%			82.47	%			80.33	%
Common equity to assets			16.73	%			16.65	%			16.51	%			16.12	%			15.41	%
Tangible common equity to tangible assets (non-GAAP)(1)			11.05	%			10.76	%			10.65	%			10.33	%			9.66	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential		$	5,549,954			$	5,614,259			$	5,480,738			$	5,524,125			$	5,632,063
Construction/land development			2,293,047				2,154,030				2,201,514				2,160,514				2,135,266
Agricultural			325,156				336,160				340,067				342,814				346,811
Residential real estate loans
Residential 1-4 family			1,844,260				1,808,248				1,790,218				1,748,231				1,748,551
Multifamily residential			435,736				444,239				455,754				637,633				578,052
Total real estate			10,448,153				10,356,936				10,268,291				10,413,317				10,440,743
Consumer			1,153,690				1,153,461				1,156,273				1,173,325				1,149,896
Commercial and industrial			2,324,991				2,195,678				2,288,646				2,368,428				2,349,263
Agricultural			307,327				332,608				297,743				250,851				285,235
Other			190,567				233,150				170,019				180,713				184,343
Loans receivable		$	14,424,728			$	14,271,833			$	14,180,972			$	14,386,634			$	14,409,480
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	285,562			$	285,683			$	287,169			$	289,669			$	289,203
Loans charged off			3,592				3,449				4,726				4,288				5,379
Recoveries of loans previously charged off			614				528				940				588				845
Net loans charged off			2,978				2,921				3,786				3,700				4,534
Provision for credit losses - loans			5,650				2,800				2,300				1,200				5,000
Balance, end of period		$	288,234			$	285,562			$	285,683			$	287,169			$	289,669
Net charge-offs to average total loans			0.08	%			0.08	%			0.11	%			0.10	%			0.13	%
Allowance for credit losses to total loans			2.00	%			2.00	%			2.01	%			2.00	%			2.01	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans		$	59,971			$	84,184			$	49,627			$	65,401			$	51,011
Loans past due 90 days or more			4,130				6,674				10,869				8,567				9,845
Total non-performing loans			64,101				90,858				60,496				73,968				60,856
Other non-performing assets
Foreclosed assets held for sale, net			30,486				691				725				425				546
Other non-performing assets			785				64				64				74				74
Total other non-performing assets			31,271				755				789				499				620
Total non-performing assets		$	95,372			$	91,613			$	61,285			$	74,467			$	61,476
Allowance for credit losses for loans to non-performing loans			449.66	%			314.29	%			472.23	%			388.23	%			475.99	%
Non-performing loans to total loans			0.44	%			0.64	%			0.43	%			0.51	%			0.42	%
Non-performing assets to total assets			0.42	%			0.42	%			0.28	%			0.33	%			0.27	%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Three Months Ended
		December 31, 2023									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		$	337,821		$	4,281		5.03	%		$	197,336		$	2,328		4.68	%
Federal funds sold			4,716			65		5.47	%			4,859			82		6.70	%
Investment securities - taxable			3,444,715			34,016		3.92	%			3,598,513			34,520		3.81	%
Investment securities - non-taxable - FTE			1,263,567			8,880		2.79	%			1,272,680			9,034		2.82	%
Loans receivable - FTE			14,336,613			260,069		7.20	%			14,191,461			249,591		6.98	%
Total interest-earning assets			19,387,432			307,311		6.29	%			19,264,849			295,555		6.09	%
Non-earning assets			2,669,008									2,637,585
Total assets		$	22,056,440								$	21,902,434
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	10,912,668		$	73,026		2.65	%		$	10,923,936		$	68,067		2.47	%
Time deposits			1,564,682			14,945		3.79	%			1,319,126			10,631		3.20	%
Total interest-bearing deposits			12,477,350			87,971		2.80	%			12,243,062			78,698		2.55	%
Federal funds purchased			—			—		—	%			54			1		7.35	%
Securities sold under agreement to repurchase			162,102			1,480		3.62	%			154,687			1,344		3.45	%
FHLB borrowed funds			905,689			9,878		4.33	%			773,345			8,161		4.19	%
Subordinated debentures			439,906			4,121		3.72	%			440,054			4,121		3.72	%
Total interest-bearing liabilities			13,985,047			103,450		2.93	%			13,611,202			92,325		2.69	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,212,665									4,434,394
Other liabilities			202,008									189,499
Total liabilities			18,399,720									18,235,095
Shareholders' equity			3,656,720									3,667,339
Total liabilities and shareholders' equity		$	22,056,440								$	21,902,434
Net interest spread								3.36	%								3.40	%
Net interest income and margin - FTE					$	203,861		4.17	%					$	203,230		4.19	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
		Year Ended
		December 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		$	319,733		$	15,023		4.70	%		$	2,444,541		$	29,110		1.19	%
Federal funds sold			3,864			221		5.72	%			1,519			25		1.65	%
Investment securities - taxable			3,655,632			138,575		3.79	%			3,582,664			91,933		2.57	%
Investment securities - non-taxable - FTE			1,276,566			36,727		2.88	%			1,178,561			36,363		3.09	%
Loans receivable - FTE			14,314,732			990,013		6.92	%			12,940,998			728,998		5.63	%
Total interest-earning assets			19,570,527			1,180,559		6.03	%			20,148,283			886,429		4.40	%
Non-earning assets			2,647,383									2,405,057
Total assets		$	22,217,910								$	22,553,340
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts		$	11,162,244		$	258,586		2.32	%		$	11,520,781		$	81,061		0.70	%
Time deposits			1,284,156			37,392		2.91	%			1,033,431			4,928		0.48	%
Total interest-bearing deposits			12,446,400			295,978		2.38	%			12,554,212			85,989		0.68	%
Federal funds purchased			44			3		6.82	%			220			2		0.91	%
Securities sold under agreement to repurchase			149,014			4,813		3.23	%			129,006			1,430		1.11	%
FHLB borrowed funds			753,152			30,825		4.09	%			473,839			11,076		2.34	%
Subordinated debentures			440,125			16,489		3.75	%			515,049			20,593		4.00	%
Total interest-bearing liabilities			13,788,735			348,108		2.52	%			13,672,326			119,090		0.87	%
Non-interest bearing liabilities
Non-interest bearing deposits			4,599,241									5,378,906
Other liabilities			198,634									171,390
Total liabilities			18,586,610									19,222,622
Shareholders' equity			3,631,300									3,330,718
Total liabilities and shareholders' equity		$	22,217,910								$	22,553,340
Net interest spread								3.51	%								3.53	%
Net interest income and margin - FTE					$	832,451		4.25	%					$	767,339		3.81	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Year Ended
(Dollars and shares in thousands, except per share data)		Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Dec. 31, 2023				Dec. 31, 2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)		$	86,243			$	98,453			$	105,271			$	102,962			$	115,687			$	392,929			$	305,262
Pre-tax adjustments
FDIC special assessment			12,983				—				—				—				—				12,983				—
BOLI death benefits			—				(338	)			(2,779	)			—				—				(3,117	)			—
Merger and acquisition expenses			—				—				—				—				—				—				49,594
Initial provision for credit losses - acquisition			—				—				—				—				—				—				58,585
Fair value adjustment for marketable securities			(5,024	)			(4,507	)			(783	)			11,408				(1,032	)			1,094				1,272
Special dividend from equity investment			—				—				—				—				—				—				(1,434	)
TRUPS redemption fees			—				—				—				—				—				—				2,081
Special lawsuit settlement, net of expense			—				—				—				—				(10,000	)			—				(10,000	)
Recoveries on historic losses			—				—				—				(3,461	)			—				(3,461	)			(6,706	)
Hurricane expense			—				—				—				—				176				—				176
Total pre-tax adjustments			7,959				(4,845	)			(3,562	)			7,947				(10,856	)			7,499				93,568
Tax-effect of adjustments			1,989				(1,112	)			(879	)			1,961				(2,679	)			1,959				22,890
Total adjustments after-tax (B)			5,970				(3,733	)			(2,683	)			5,986				(8,177	)			5,540				70,678
Earnings, as adjusted (C)		$	92,213			$	94,720			$	102,588			$	108,948			$	107,510			$	398,469			$	375,940
Average diluted shares outstanding (D)			201,891				202,650				202,923				203,625				204,179				202,773				195,019
GAAP diluted earnings per share: (A/D)		$	0.43			$	0.49			$	0.52			$	0.51			$	0.57			$	1.94			$	1.57
Adjustments after-tax: (B/D)			0.03				(0.02	)			(0.01	)			0.03				(0.04	)			0.03				0.36
Diluted earnings per common share, as adjusted: (C/D)		$	0.46			$	0.47			$	0.51			$	0.54			$	0.53			$	1.97			$	1.93
EARNINGS, EXCLUDING FDIC SPECIAL ASSESSMENT
GAAP net income available to common shareholders		$	86,243			$	98,453			$	105,271			$	102,962			$	115,687			$	392,929			$	305,262
FDIC special assessment			12,983				—				—				—				—				12,983				—
Tax-effect of FDIC special assessment			3,244				—				—				—				—				3,244				—
Adjustment after-tax			9,739				—				—				—				—				9,739				—
Earnings, excluding FDIC special assessment (A)		$	95,982			$	98,453			$	105,271			$	102,962			$	115,687			$	402,668			$	305,262
Average diluted shares outstanding (B)			201,891				202,650				202,923				203,625				204,179				202,773				195,019
Diluted earnings per common share, as adjusted: (A/B)		$	0.48			$	0.49			$	0.52			$	0.51			$	0.57			$	1.99			$	1.57
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)			1.55	%			1.78	%			1.90	%			1.84	%			1.98	%			1.77	%			1.35	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)			1.66	%			1.72	%			1.85	%			1.95	%			1.84	%			1.79	%			1.67	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))			1.69	%			1.95	%			2.07	%			2.00	%			2.15	%			1.93	%			1.47	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))			1.81	%			1.87	%			2.02	%			2.12	%			2.00	%			1.95	%			1.80	%
GAAP net income available to common shareholders (A)		$	86,243			$	98,453			$	105,271			$	102,962			$	115,687			$	392,929			$	305,262
Amortization of intangibles (B)			2,253				2,477				2,478				2,477				2,478				9,685				8,853
Amortization of intangibles after-tax (C)			1,690				1,866				1,866				1,866				1,866				7,288				6,624
Adjustments after-tax (D)			5,970				(3,733	)			(2,683	)			5,986				(8,177	)			5,540				70,678
Average assets (E)			22,056,440				21,902,434				22,227,404				22,695,855				23,187,005				22,217,910				22,553,340
Average goodwill & core deposit intangible (F)			1,448,061				1,450,478				1,452,951				1,455,423				1,454,639				1,451,705				1,335,216

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
		Quarter Ended																				Year Ended
(Dollars in thousands)		Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Dec. 31, 2023				Dec. 31, 2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)			9.36	%			10.65	%			11.63	%			11.70	%			13.29	%			10.82	%			9.17	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)			10.00	%			10.25	%			11.33	%			12.38	%			12.35	%			10.97	%			11.29	%
Return on average tangible common equity: (A/(D-E))			15.49	%			17.62	%			19.39	%			19.75	%			22.96	%			18.03	%			15.30	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))			16.56	%			16.95	%			18.90	%			20.90	%			21.33	%			18.28	%			18.84	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))			15.80	%			17.95	%			19.74	%			20.11	%			23.33	%			18.36	%			15.63	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))			16.87	%			17.29	%			19.24	%			21.26	%			21.70	%			18.62	%			19.17	%
GAAP net income available to common shareholders (A)		$	86,243			$	98,453			$	105,271			$	102,962			$	115,687			$	392,929			$	305,262
Earnings excluding intangible amortization (B)			87,933				100,319				107,137				104,828				117,553				400,217				311,886
Adjustments after-tax (C)			5,970				(3,733	)			(2,683	)			5,986				(8,177	)			5,540				70,678
Average common equity (D)			3,656,720				3,667,339				3,630,194				3,569,592				3,454,005				3,631,300				3,330,718
Average goodwill & core deposits intangible (E)			1,448,061				1,450,478				1,452,951				1,455,423				1,454,639				1,451,705				1,335,216
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))			50.64	%			45.53	%			44.00	%			44.80	%			42.44	%			46.21	%			49.53	%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))			46.43	%			46.44	%			44.83	%			43.42	%			43.07	%			45.24	%			44.55	%
Pre-tax net income to total revenue (net) (A/(B+C))			45.92	%			52.70	%			53.23	%			53.43	%			54.50	%			51.35	%			42.26	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))			49.16	%			50.72	%			51.85	%			56.63	%			50.52	%			52.10	%			52.28	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)		$	118,443			$	130,588			$	140,870			$	134,115			$	153,423			$	524,016			$	458,160
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)			126,402				125,743				137,308				142,062				142,567				531,515				493,143
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)			48.22	%			53.23	%			54.78	%			53.91	%			56.34	%			52.57	%			49.06	%
P5NR, as adjusted (B+C-D+F-G)/(B+C)			51.46	%			51.25	%			53.40	%			57.11	%			52.35	%			53.32	%			52.81	%
Pre-tax net income (A)		$	112,793			$	129,288			$	136,887			$	132,915			$	148,423			$	511,883			$	394,575
Net interest income (B)			202,770				201,937				207,643				214,595				215,666				826,945				758,676
Non-interest income (C)			42,848				43,413				49,509				34,164				56,660				169,934				175,111
Non-interest expense (D)			127,175				114,762				116,282				114,644				118,903				472,863				475,627
Fully taxable equivalent adjustment (E)			1,091				1,293				1,494				1,628				2,017				5,506				8,663
Total pre-tax adjustments (F)			7,959				(4,845	)			(3,562	)			7,947				(10,856	)			7,499				93,568
Initial provision for credit losses - acquisition (G)			—				—				—				—				—				—				58,585
Amortization of intangibles (H)			2,253				2,477				2,478				2,477				2,478				9,685				8,853
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities		$	5,024			$	4,507			$	783			$	(11,408	)		$	1,032			$	(1,094	)		$	(1,272	)
Gain on OREO			13				—				319				—				13				332				500
Gain (loss) on branches, equipment and other assets, net			583				—				917				7				10				1,507				15
Special dividend from equity investment			—				—				—				—				—				—				1,434
BOLI death benefits			—				338				2,779				—				—				3,117				—
Lawsuit settlement - special lawsuit			—				—				—				—				15,000				—				15,000
Recoveries on historic losses			—				—				—				3,461				—				3,461				6,706
Total non-interest income adjustments (I)		$	5,620			$	4,845			$	4,798			$	(7,940	)		$	16,055			$	7,323			$	22,383
Non-interest expense:
FDIC special assessment			12,983				—				—				—				—				12,983				—
Merger and acquisition expenses			—				—				—				—				—				—				49,594
Hurricane expense			—				—				—				—				176				—				176
Legal expense - special lawsuit			—				—				—				—				5,000				—				5,000
TRUPS redemption fees			—				—				—				—				—				—				2,081
Total non-interest expense adjustments (J)		$	12,983			$	—			$	—			$	—			$	5,176			$	12,983			$	56,851

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
	Quarter Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	18.81			$	18.06			$	18.04			$	17.87			$	17.33
Tangible book value per common share: ((A-C-D)/B)		11.63				10.90				10.87				10.71				10.17
Total stockholders' equity (A)	$	3,791,075			$	3,654,874			$	3,654,084			$	3,630,885			$	3,526,362
End of period common shares outstanding (B)		201,526				202,323				202,573				203,168				203,434
Goodwill (C)		1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)		48,770				51,023				53,500				55,978				58,455
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		16.73	%			16.65	%			16.51	%			16.12	%			15.41	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		11.05	%			10.76	%			10.65	%			10.33	%			9.66	%
Total assets (A)	$	22,656,658			$	21,950,638			$	22,126,429			$	22,518,255			$	22,883,588
Total stockholders' equity (B)		3,791,075				3,654,874				3,654,084				3,630,885				3,526,362
Goodwill (C)		1,398,253				1,398,253				1,398,253				1,398,253				1,398,253
Core deposit and other intangibles (D)		48,770				51,023				53,500				55,978				58,455