Bay Street News

All Operating Metrics Up and Expenses Down, Great Start at HOMB

CONWAY, Ark., April 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 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Net income $100.1 million $86.2 million $98.5 million $105.3 million $103.0 million
Net income, as adjusted (non-GAAP)(1) $99.2 million $92.2 million $94.7 million $102.6 million $108.9 million
Total revenue (net) $246.4 million $245.6 million $245.4 million $257.2 million $248.8 million
Income before income taxes $130.4 million $112.8 million $129.3 million $136.9 million $132.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $134.9 million $118.4 million $130.6 million $140.9 million $134.1 million
PPNR, as adjusted (non-GAAP)(1) $133.7 million $126.4 million $125.7 million $137.3 million $142.1 million
Pre-tax net income to total revenue (net) 52.92% 45.92% 52.70% 53.23% 53.43%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 52.45% 49.16% 50.72% 51.85% 56.63%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 54.75% 48.22% 53.23% 54.78% 53.91%
P5NR, as adjusted (non-GAAP)(1) 54.28% 51.46% 51.25% 53.40% 57.11%
ROA 1.78% 1.55% 1.78% 1.90% 1.84%
ROA, as adjusted (non-GAAP)(1) 1.76% 1.66% 1.72% 1.85% 1.95%
NIM 4.13% 4.17% 4.19% 4.28% 4.37%
Purchase accounting accretion $2.8 million $2.3 million $2.4 million $2.7 million $3.2 million
ROE 10.64% 9.36% 10.65% 11.63% 11.70%
ROE, as adjusted (non-GAAP)(1) 10.54% 10.00% 10.25% 11.33% 12.38%
ROTCE (non-GAAP)(1) 17.22% 15.49% 17.62% 19.39% 19.75%
ROTCE, as adjusted (non-GAAP)(1) 17.07% 16.56% 16.95% 18.90% 20.90%
Diluted earnings per share $0.50 $0.43 $0.49 $0.52 $0.51
Diluted earnings per share, as adjusted
(non-GAAP)(1)
$0.49 $0.46 $0.47 $0.51 $0.54
Non-performing assets to total assets 0.48% 0.42% 0.42% 0.28% 0.33%
Common equity tier 1 capital 14.3% 14.2% 14.0% 13.6% 13.2%
Leverage 12.3% 12.4% 12.4% 11.9% 11.4%
Tier 1 capital 14.3% 14.2% 14.0% 13.6% 13.2%
Total risk-based capital 17.9% 17.8% 17.6% 17.3% 16.8%
Allowance for credit losses to total loans 2.00% 2.00% 2.00% 2.01% 2.00%
Book value per share $18.98 $18.81 $18.06 $18.04 $17.87
Tangible book value per share (non-GAAP)(1) 11.79 11.63 10.90 10.87 10.71

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

“I’m always looking for improvement, but if the next three quarters show positive trends such as this quarter did, I think HOMB is poised for a great year. The period for January to March resulted in increases in net interest income, revenue, EPS, margin (when adjusting for excess liquidity), loans and deposits along with strong liquidity while lowering our efficiency ratio. In addition, we reduced non-interest expense by $3 million, quarter over quarter. Any questions?” said John Allison, Chairman and CEO of HOMB.

Liquidity and Funding Sources

At March 31, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.58 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $924.1 million in cash with the Federal Reserve Bank (FRB) and $160.7 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.11 billion in net available external liquidity as of March 31, 2024. This included $4.75 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 $2.91 billion in net available liquidity with the FHLB as of March 31, 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 $798.3 million in liquidity with the FRB as of March 31, 2024, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $98.3 million in net available liquidity with the FRB as of March 31, 2024. As of March 31, 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 $5.77 billion in net available liquidity as of March 31, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.11 billion in net available external liquidity. Details on the Company’s available liquidity as of March 31, 2024 is available below.

(In thousands) Total Available   Amount Used   Net Availability
Internal Sources          
Unpledged investment securities (market value) $ 1,581,821     $     $ 1,581,821  
Cash at FRB   924,148             924,148  
Other liquid cash accounts   160,738             160,738  
Total Internal Liquidity   2,666,707             2,666,707  
External Sources          
FHLB   4,746,613       1,837,367       2,909,246  
FRB Discount Window   98,307             98,307  
BTFP (par value)   700,000       700,000        
FNBB   55,000             55,000  
Other   45,000             45,000  
Total External Liquidity   5,644,920       2,537,367       3,107,553  
Total Available Liquidity $ 8,311,627     $ 2,537,367     $ 5,774,260  
 

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of March 31, 2024, the Company held approximately $8.42 billion in uninsured deposits of which $602.4 million were intercompany subsidiary deposit balances and $3.03 billion were collateralized deposits, for a net position of $4.79 billion. This represents approximately 28.4% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $987.0 million.

(in thousands) As of
March 31, 2024
Uninsured Deposits $ 8,415,764  
Intercompany Subsidiary and Affiliate Balances   602,351  
Collateralized Deposits   3,026,129  
Net Uninsured Position $ 4,787,284  
   
Total Available Liquidity $ 5,774,260  
Net Uninsured Position   4,787,284  
Net Available Liquidity in Excess of Uninsured Deposits $ 986,976  
 

In the event the Company’s $4.79 billion net position of uninsured deposits had been called by depositors on the first day of the first 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 $71.7 million for the quarter ended March 31, 2024. 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 1.27% for the quarter ended March 31, 2024.

Operating Highlights

Net income for the three-month period ended March 31, 2024 was $100.1 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 $99.2 million(1) and $0.49 per share(1), respectively, for the three months ended March 31, 2024.

Our net interest margin was 4.13% for the three-month period ended March 31, 2024, compared to 4.17% for the three-month period ended December 31, 2023. During the first quarter of 2024, the Company held excess liquidity of approximately $500.0 million which was dilutive to the net interest margin by 10 basis points. The yield on loans was 7.37% and 7.20% for the three months ended March 31, 2024 and December 31, 2023, respectively, as average loans increased from $14.34 billion to $14.49 billion. Additionally, the rate on interest bearing deposits increased to 2.93% as of March 31, 2024, from 2.80% as of December 31, 2023, while average interest-bearing deposits increased from $12.48 billion to $12.72 billion.

During the first quarter of 2024, there was $1.1 million of event interest income compared to $120,000 of event interest expense for the fourth quarter of 2023.

Purchase accounting accretion on acquired loans was $2.8 million and $2.3 million and average purchase accounting loan discounts were $24.8 million and $27.4 million for the three-month periods ended March 31, 2024 and December 31, 2023, respectively.

Net interest income on a fully taxable equivalent basis was $205.5 million for the three-month period ended March 31, 2024, and $203.9 million for the three-month period ended December 31, 2023. This increase in net interest income for the three-month period ended March 31, 2024, was the result of a $10.5 million increase in interest income, partially offset by an $8.9 million increase in interest expense. The $10.5 million increase in interest income was primarily the result of a $6.2 million increase in income from interest-bearing balances due from banks and a $5.3 million increase in loan interest income, partially offset by a $1.0 million decrease in investment income. The increase in interest income is a result of the current high interest rate environment. The $8.9 million increase in interest expense was due to a $4.6 million increase in interest expense on deposits and a $4.4 million increase in interest expense on FHLB and other borrowed funds. The increase in interest expense is also a result of the current high interest rate environment.

The Company reported $41.8 million of non-interest income for the first quarter of 2024. The most important components of first quarter non-interest income were $10.2 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $7.4 million from other income, $5.1 million from trust fees, $3.6 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $1.2 million from the increase in cash value of life insurance and $1.0 million from the fair value adjustment for marketable securities.

Non-interest expense for the first quarter of 2024 was $111.5 million. The most important components of non-interest expense were $60.9 million from salaries and employee benefits, $26.9 million in other operating expense, $14.6 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the first quarter of 2024, our efficiency ratio was 44.22%, and our efficiency ratio, as adjusted (non-GAAP), was 44.43%(1).

Financial Condition

Total loans receivable were $14.51 billion at March 31, 2024, compared to $14.42 billion at December 31, 2023. Total deposits were $16.87 billion at March 31, 2024, compared to $16.79 billion at December 31, 2023. Total assets were $22.84 billion at March 31, 2024, compared to $22.66 billion at December 31, 2023.

During the first quarter of 2024, the Company experienced approximately $88.9 million in loan growth. Centennial CFG experienced $81.5 million of organic loan growth and had loans of $2.03 billion at March 31, 2024. Our remaining markets experienced $7.4 million in organic loan growth during the quarter.

Non-performing loans to total loans was 0.55% and 0.44% at March 31, 2024 and December 31, 2023, respectively. Non-performing assets to total assets were 0.48% and 0.42% at March 31, 2024 and December 31, 2023, respectively. Net charge-offs were $3.4 million and $3.0 million for the three months ended March 31, 2024 and December 31, 2023, respectively.

Non-performing loans at March 31, 2024 were $17.5 million, $10.6 million, $44.7 million, $408,000, $3.9 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $80.0 million. Non-performing assets at March 31, 2024 were $17.9 million, $17.9 million, $45.0 million, $408,000, $3.9 million and $25.5 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $110.7 million.

The Company’s allowance for credit losses on loans was $290.3 million at March 31, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $288.2 million, or 2.00% of total loans, at December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company’s allowance for credit losses on loans was 362.94% and 449.66% of its total non-performing loans, respectively.

Stockholders’ equity was $3.81 billion at March 31, 2024, compared to $3.79 billion at December 31, 2023, an increase of approximately $20.3 million. The increase in stockholders’ equity is primarily associated with the $63.9 million increase in retained earnings, partially offset by the $24.0 million in stock repurchases and $22.4 million reduction in accumulated other comprehensive income. Book value per common share was $18.98 at March 31, 2024, compared to $18.81 at December 31, 2023. Tangible book value per common share (non-GAAP) was $11.79(1) at March 31, 2024, compared to $11.63(1) at December 31, 2023.

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, April 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/645372014. 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=b0ede7ae&confId=62290. 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: 421224. A replay of the call will be available by calling 1-866-813-9403, Passcode: 724868, which will be available until April 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, 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)   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023
ASSETS                    
                     
Cash and due from banks   $ 205,262     $ 226,363     $ 229,474     $ 275,656     $ 250,841  
Interest-bearing deposits with other banks     969,996       773,850       258,605       335,535       437,213  
Cash and cash equivalents     1,175,258       1,000,213       488,079       611,191       688,054  
Federal funds sold     5,200       5,100       3,925       1,550        
Investment securities – available-for-sale, net of allowance for credit losses     3,400,884       3,507,841       3,472,173       3,645,013       3,772,138  
Investment securities – held-to-maturity, net of allowance for credit losses     1,280,586       1,281,982       1,283,475       1,285,150       1,286,373  
Total investment securities     4,681,470       4,789,823       4,755,648       4,930,163       5,058,511  
Loans receivable     14,513,673       14,424,728       14,271,833       14,180,972       14,386,634  
Allowance for credit losses     (290,294 )     (288,234 )     (285,562 )     (285,683 )     (287,169 )
Loans receivable, net     14,223,379       14,136,494       13,986,271       13,895,289       14,099,465  
Bank premises and equipment, net     389,618       393,300       397,093       397,315       402,094  
Foreclosed assets held for sale     30,650       30,486       691       725       425  
Cash value of life insurance     215,424       214,516       213,351       213,090       214,792  
Accrued interest receivable     119,029       118,966       110,946       101,066       102,740  
Deferred tax asset, net     202,882       197,164       222,741       206,430       193,334  
Goodwill     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit intangible     46,630       48,770       51,023       53,500       55,978  
Other assets     347,928       323,573       322,617       317,857       304,609  
Total assets   $ 22,835,721     $ 22,656,658     $ 21,950,638     $ 22,126,429     $ 22,518,255  
                     
LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                     
Liabilities                    
Deposits:                    
Demand and non-interest-bearing   $ 4,115,603     $ 4,085,501     $ 4,280,429     $ 4,598,593     $ 4,945,729  
Savings and interest-bearing transaction accounts     11,047,258       11,050,347       10,786,087       11,169,940       11,392,566  
Time deposits     1,703,269       1,651,863       1,452,229       1,228,358       1,107,171  
Total deposits     16,866,130       16,787,711       16,518,745       16,996,891       17,445,466  
Securities sold under agreements to repurchase     176,107       142,085       160,120       160,349       138,742  
FHLB and other borrowed funds     1,301,050       1,301,300       1,001,550       701,550       650,000  
Accrued interest payable and other liabilities     241,345       194,653       175,367       173,426       212,887  
Subordinated debentures     439,688       439,834       439,982       440,129       440,275  
Total liabilities     19,024,320       18,865,583       18,295,764       18,472,345       18,887,370  
                     
Stockholders’ equity                    
Common stock     2,008       2,015       2,023       2,026       2,032  
Capital surplus     2,326,824       2,348,023       2,363,210       2,366,560       2,375,754  
Retained earnings     1,753,994       1,690,112       1,640,171       1,578,176       1,509,400  
Accumulated other comprehensive loss     (271,425 )     (249,075 )     (350,530 )     (292,678 )     (256,301 )
Total stockholders’ equity     3,811,401       3,791,075       3,654,874       3,654,084       3,630,885  
Total liabilities and stockholders’ equity   $ 22,835,721     $ 22,656,658     $ 21,950,638     $ 22,126,429     $ 22,518,255  
                     
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(In thousands)   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Mar. 31, 2024   Mar. 31, 2023
Interest income:                            
Loans   $ 265,294     $ 260,003     $ 249,464     $ 243,152     $ 236,997     $ 265,294     $ 236,997  
Investment securities                            
Taxable     33,229       34,016       34,520       34,751       35,288       33,229       35,288  
Tax-exempt     7,803       7,855       7,868       7,932       7,963       7,803       7,963  
Deposits – other banks     10,528       4,281       2,328       3,729       4,685       10,528       4,685  
Federal funds sold     61       65       82       68       6       61       6  
Total interest income     316,915       306,220       294,262       289,632       284,939       316,915       284,939  
Interest expense:                            
Interest on deposits     92,548       87,971       78,698       70,147       59,162       92,548       59,162  
Federal funds purchased                 1       2                    
FHLB and other borrowed funds     14,276       9,878       8,161       6,596       6,190       14,276       6,190  
Securities sold under agreements to repurchase     1,404       1,480       1,344       1,121       868       1,404       868  
Subordinated debentures     4,097       4,121       4,121       4,123       4,124       4,097       4,124  
Total interest expense     112,325       103,450       92,325       81,989       70,344       112,325       70,344  
Net interest income     204,590       202,770       201,937       207,643       214,595       204,590       214,595  
Provision for credit losses on loans     5,500       5,650       2,800       2,300       1,200       5,500       1,200  
Recovery of credit losses on unfunded commitments     (1,000 )           (1,500 )                 (1,000 )      
Provision for credit losses on investment securities                       1,683                    
Total credit loss expense     4,500       5,650       1,300       3,983       1,200       4,500       1,200  
Net interest income after credit loss expense     200,090       197,120       200,637       203,660       213,395       200,090       213,395  
Non-interest income:                            
Service charges on deposit accounts     9,686       10,072       10,062       9,231       9,842       9,686       9,842  
Other service charges and fees     10,189       10,422       10,128       11,763       11,875       10,189       11,875  
Trust fees     5,066       4,316       4,660       4,052       4,864       5,066       4,864  
Mortgage lending income     3,558       2,385       3,132       2,650       2,571       3,558       2,571  
Insurance commissions     508       480       562       518       526       508       526  
Increase in cash value of life insurance     1,195       1,170       1,170       1,211       1,104       1,195       1,104  
Dividends from FHLB, FRB, FNBB & other     3,007       3,010       2,916       2,922       2,794       3,007       2,794  
Gain on SBA loans     198       42       97             139       198       139  
(Loss) gain on branches, equipment and other assets, net     (8 )     583             917       7       (8 )     7  
Gain on OREO, net     17       13             319             17        
Fair value adjustment for marketable securities     1,003       5,024       4,507       783       (11,408 )     1,003       (11,408 )
Other income     7,380       5,331       6,179       15,143       11,850       7,380       11,850  
Total non-interest income     41,799       42,848       43,413       49,509       34,164       41,799       34,164  
Non-interest expense:                            
Salaries and employee benefits     60,910       63,430       64,512       64,534       64,490       60,910       64,490  
Occupancy and equipment     14,551       14,965       15,463       14,923       14,952       14,551       14,952  
Data processing expense     9,147       9,107       9,103       9,151       8,968       9,147       8,968  
Other operating expenses     26,888       39,673       25,684       27,674       26,234       26,888       26,234  
Total non-interest expense     111,496       127,175       114,762       116,282       114,644       111,496       114,644  
Income before income taxes     130,393       112,793       129,288       136,887       132,915       130,393       132,915  
Income tax expense     30,284       26,550       30,835       31,616       29,953       30,284       29,953  
Net income   $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 102,962     $ 100,109     $ 102,962  
                             
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars and shares in thousands, except per share data)   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Mar. 31, 2024   Mar. 31, 2023
                             
PER SHARE DATA                            
                             
Diluted earnings per common share   $ 0.50     $ 0.43     $ 0.49     $ 0.52     $ 0.51     $ 0.50     $ 0.51  
Diluted earnings per common share, as adjusted (non-GAAP)(1)     0.49       0.46       0.47       0.51       0.54       0.49       0.54  
Basic earnings per common share     0.50       0.43       0.49       0.52       0.51       0.50       0.51  
Dividends per share – common     0.18       0.18       0.18       0.18       0.18       0.18       0.18  
Book value per common share     18.98       18.81       18.06       18.04       17.87       18.98       17.87  
Tangible book value per common share (non-GAAP)(1)     11.79       11.63       10.90       10.87       10.71       11.79       10.71  
                             
STOCK INFORMATION                            
Average common shares outstanding     201,210       201,756       202,526       202,793       203,456       201,210       203,456  
Average diluted shares outstanding     201,390       201,891       202,650       202,923       203,625       201,390       203,625  
End of period common shares outstanding     200,797       201,526       202,323       202,573       203,168       200,797       203,168  
                             
ANNUALIZED PERFORMANCE METRICS                            
Return on average assets (ROA)     1.78 %     1.55 %     1.78 %     1.90 %     1.84 %     1.78 %     1.84 %
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)     1.76 %     1.66 %     1.72 %     1.85 %     1.95 %     1.76 %     1.95 %
Return on average assets excluding intangible amortization (non-GAAP)(1)     1.93 %     1.69 %     1.95 %     2.07 %     2.00 %     1.93 %     2.00 %
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)     1.91 %     1.81 %     1.87 %     2.02 %     2.12 %     1.91 %     2.12 %
Return on average common equity (ROE)     10.64 %     9.36 %     10.65 %     11.63 %     11.70 %     10.64 %     11.70 %
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)     10.54 %     10.00 %     10.25 %     11.33 %     12.38 %     10.54 %     12.38 %
Return on average tangible common equity (ROTCE) (non-GAAP)(1)     17.22 %     15.49 %     17.62 %     19.39 %     19.75 %     17.22 %     19.75 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)     17.07 %     16.56 %     16.95 %     18.90 %     20.90 %     17.07 %     20.90 %
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     17.50 %     15.80 %     17.95 %     19.74 %     20.11 %     17.50 %     20.11 %
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)     17.34 %     16.87 %     17.29 %     19.24 %     21.26 %     17.34 %     21.26 %
                             
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars in thousands)   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Mar. 31, 2024   Mar. 31, 2023
                             
Efficiency ratio     44.22 %     50.64 %     45.53 %     44.00 %     44.80 %     44.22 %     44.80 %
Efficiency ratio, as adjusted (non-GAAP)(1)     44.43 %     46.43 %     46.44 %     44.83 %     43.42 %     44.43 %     43.42 %
Net interest margin – FTE (NIM)     4.13 %     4.17 %     4.19 %     4.28 %     4.37 %     4.13 %     4.37 %
Fully taxable equivalent adjustment   $ 892     $ 1,091     $ 1,293     $ 1,494     $ 1,628     $ 892     $ 1,628  
Total revenue (net)     246,389       245,618       245,350       257,152       248,759       246,389       248,759  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     134,893       118,443       130,588       140,870       134,115       134,893       134,115  
PPNR, as adjusted (non-GAAP)(1)     133,728       126,402       125,743       137,308       142,062       133,728       142,062  
Pre-tax net income to total revenue (net)     52.92 %     45.92 %     52.70 %     53.23 %     53.43 %     52.92 %     53.43 %
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)     52.45 %     49.16 %     50.72 %     51.85 %     56.63 %     52.45 %     56.63 %
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     54.75 %     48.22 %     53.23 %     54.78 %     53.91 %     54.75 %     53.91 %
P5NR, as adjusted (non-GAAP)(1)     54.28 %     51.46 %     51.25 %     53.40 %     57.11 %     54.28 %     57.11 %
Total purchase accounting accretion   $ 2,772     $ 2,324     $ 2,431     $ 2,660     $ 3,172     $ 2,772     $ 3,172  
Average purchase accounting loan discounts     24,820       27,397       29,915       32,546       35,482       24,820       35,482  
                             
                             
OTHER OPERATING EXPENSES                            
                             
Advertising   $ 1,654     $ 2,226     $ 2,295     $ 2,098     $ 2,231     $ 1,654     $ 2,231  
Amortization of intangibles     2,140       2,253       2,477       2,478       2,477       2,140       2,477  
Electronic banking expense     3,156       3,599       3,709       3,675       3,330       3,156       3,330  
Directors’ fees     498       399       417       538       460       498       460  
Due from bank service charges     276       274       282       286       273       276       273  
FDIC and state assessment     3,318       16,016       2,794       3,220       3,500       3,318       3,500  
Insurance     903       873       878       927       889       903       889  
Legal and accounting     2,081       1,192       1,514       1,436       1,088       2,081       1,088  
Other professional fees     2,236       1,640       2,117       2,774       2,284       2,236       2,284  
Operating supplies     683       777       860       763       738       683       738  
Postage     523       503       491       586       501       523       501  
Telephone     470       515       544       573       528       470       528  
Other expense     8,950       9,406       7,306       8,320       7,935       8,950       7,935  
                             
Total other operating expenses   $ 26,888     $ 39,673     $ 25,684     $ 27,674     $ 26,234     $ 26,888     $ 26,234  
                             
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                     
(Dollars in thousands)   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023
BALANCE SHEET RATIOS                    
Total loans to total deposits     86.05 %     85.92 %     86.40 %     83.43 %     82.47 %
Common equity to assets     16.69 %     16.73 %     16.65 %     16.51 %     16.12 %
Tangible common equity to tangible assets (non-GAAP)(1)     11.06 %     11.05 %     10.76 %     10.65 %     10.33 %
LOANS RECEIVABLE                    
Real estate                    
Commercial real estate loans                    
Non-farm/non-residential   $ 5,616,965     $ 5,549,954     $ 5,614,259     $ 5,480,738     $ 5,524,125  
Construction/land development     2,330,555       2,293,047       2,154,030       2,201,514       2,160,514  
Agricultural     337,618       325,156       336,160       340,067       342,814  
Residential real estate loans                    
Residential 1-4 family     1,899,974       1,844,260       1,808,248       1,790,218       1,748,231  
Multifamily residential     415,926       435,736       444,239       455,754       637,633  
Total real estate     10,601,038       10,448,153       10,356,936       10,268,291       10,413,317  
Consumer     1,163,228       1,153,690       1,153,461       1,156,273       1,173,325  
Commercial and industrial     2,284,775       2,324,991       2,195,678       2,288,646       2,368,428  
Agricultural     278,609       307,327       332,608       297,743       250,851  
Other     186,023       190,567       233,150       170,019       180,713  
Loans receivable   $ 14,513,673     $ 14,424,728     $ 14,271,833     $ 14,180,972     $ 14,386,634  
ALLOWANCE FOR CREDIT LOSSES                    
Balance, beginning of period   $ 288,234     $ 285,562     $ 285,683     $ 287,169     $ 289,669  
Loans charged off     3,978       3,592       3,449       4,726       4,288  
Recoveries of loans previously charged off     538       614       528       940       588  
Net loans charged off     3,440       2,978       2,921       3,786       3,700  
Provision for credit losses – loans     5,500       5,650       2,800       2,300       1,200  
Balance, end of period   $ 290,294     $ 288,234     $ 285,562     $ 285,683     $ 287,169  
Net charge-offs to average total loans     0.10 %     0.08 %     0.08 %     0.11 %     0.10 %
Allowance for credit losses to total loans     2.00 %     2.00 %     2.00 %     2.01 %     2.00 %
NON-PERFORMING ASSETS                    
Non-performing loans                    
Non-accrual loans   $ 67,055     $ 59,971     $ 84,184     $ 49,627     $ 65,401  
Loans past due 90 days or more     12,928       4,130       6,674       10,869       8,567  
Total non-performing loans     79,983       64,101       90,858       60,496       73,968  
Other non-performing assets                    
Foreclosed assets held for sale, net     30,650       30,486       691       725       425  
Other non-performing assets     63       785       64       64       74  
Total other non-performing assets     30,713       31,271       755       789       499  
Total non-performing assets   $ 110,696     $ 95,372     $ 91,613     $ 61,285     $ 74,467  
Allowance for credit losses for loans to non-performing loans     362.94 %     449.66 %     314.29 %     472.23 %     388.23 %
Non-performing loans to total loans     0.55 %     0.44 %     0.64 %     0.43 %     0.51 %
Non-performing assets to total assets     0.48 %     0.42 %     0.42 %     0.28 %     0.33 %
                     
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Three Months Ended
    March 31, 2024   December 31, 2023
(Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 801,456     $ 10,528       5.28 %   $ 337,821     $ 4,281       5.03 %
Federal funds sold     5,012       61       4.90 %     4,716       65       5.47 %
Investment securities – taxable     3,473,511       33,229       3.85 %     3,444,715       34,016       3.92 %
Investment securities – non-taxable – FTE     1,257,861       8,642       2.76 %     1,263,567       8,880       2.79 %
Loans receivable – FTE     14,487,494       265,347       7.37 %     14,336,613       260,069       7.20 %
Total interest-earning assets     20,025,334       317,807       6.38 %     19,387,432       307,311       6.29 %
Non-earning assets     2,657,925               2,669,008          
Total assets   $ 22,683,259             $ 22,056,440          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                        
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,038,910     $ 75,597       2.75 %   $ 10,912,668     $ 73,026       2.65 %
Time deposits     1,685,193       16,951       4.05 %     1,564,682       14,945       3.79 %
Total interest-bearing deposits     12,724,103       92,548       2.93 %     12,477,350       87,971       2.80 %
Securities sold under agreement to repurchase     172,024       1,404       3.28 %     162,102       1,480       3.62 %
FHLB borrowed funds     1,301,091       14,276       4.41 %     905,689       9,878       4.33 %
Subordinated debentures     439,760       4,097       3.75 %     439,906       4,121       3.72 %
Total interest-bearing liabilities     14,636,978       112,325       3.09 %     13,985,047       103,450       2.93 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,017,659               4,212,665          
Other liabilities     244,970               202,008          
Total liabilities     18,899,607               18,399,720          
Shareholders’ equity     3,783,652               3,656,720          
Total liabilities and shareholders’ equity   $ 22,683,259             $ 22,056,440          
Net interest spread             3.29 %             3.36 %
Net interest income and margin – FTE       $ 205,482       4.13 %       $ 203,861       4.17 %
                         
                         
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Three Months Ended
    March 31, 2024   March 31, 2023
(Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 801,456     $ 10,528       5.28 %   $ 426,051     $ 4,685       4.46 %
Federal funds sold     5,012       61       4.90 %     474       6       5.13 %
Investment securities – taxable     3,473,511       33,229       3.85 %     3,867,737       35,288       3.70 %
Investment securities – non-taxable – FTE     1,257,861       8,642       2.76 %     1,289,564       9,482       2.98 %
Loans receivable – FTE     14,487,494       265,347       7.37 %     14,474,072       237,106       6.64 %
Total interest-earning assets     20,025,334       317,807       6.38 %     20,057,898       286,567       5.79 %
Non-earning assets     2,657,925               2,637,957          
Total assets   $ 22,683,259             $ 22,695,855          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,038,910     $ 75,597       2.75 %   $ 11,579,329     $ 54,857       1.92 %
Time deposits     1,685,193       16,951       4.05 %     1,072,094       4,305       1.63 %
Total interest-bearing deposits     12,724,103       92,548       2.93 %     12,651,423       59,162       1.90 %
Securities sold under agreement to repurchase   172,024       1,404       3.28 %     134,934       868       2.61 %
FHLB borrowed funds     1,301,091       14,276       4.41 %     651,111       6,190       3.86 %
Subordinated debentures     439,760       4,097       3.75 %     440,346       4,124       3.80 %
Total interest-bearing liabilities     14,636,978       112,325       3.09 %     13,877,814       70,344       2.06 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,017,659               5,043,219          
Other liabilities     244,970               205,230          
Total liabilities     18,899,607               19,126,263          
Shareholders’ equity     3,783,652               3,569,592          
Total liabilities and shareholders’ equity   $ 22,683,259             $ 22,695,855          
Net interest spread             3.29 %             3.73 %
Net interest income and margin – FTE       $ 205,482       4.13 %       $ 216,223       4.37 %
                         
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars and shares in thousands, except per share data)   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Mar. 31, 2024   Mar. 31, 2023
EARNINGS, AS ADJUSTED                            
GAAP net income available to common shareholders (A)   $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 102,962     $ 100,109     $ 102,962  
Pre-tax adjustments                            
FDIC special assessment           12,983                                
BOLI death benefits     (162 )           (338 )     (2,779 )           (162 )      
Fair value adjustment for marketable securities     (1,003 )     (5,024 )     (4,507 )     (783 )     11,408       (1,003 )     11,408  
Recoveries on historic losses                             (3,461 )           (3,461 )
Total pre-tax adjustments     (1,165 )     7,959       (4,845 )     (3,562 )     7,947       (1,165 )     7,947  
Tax-effect of adjustments     (251 )     1,989       (1,112 )     (879 )     1,961       (251 )     1,961  
Total adjustments after-tax (B)     (914 )     5,970       (3,733 )     (2,683 )     5,986       (914 )     5,986  
Earnings, as adjusted (C)   $ 99,195     $ 92,213     $ 94,720     $ 102,588     $ 108,948     $ 99,195     $ 108,948  
                             
Average diluted shares outstanding (D)     201,390       201,891       202,650       202,923       203,625       201,390       203,625  
                             
GAAP diluted earnings per share: (A/D)   $ 0.50     $ 0.43     $ 0.49     $ 0.52     $ 0.51     $ 0.50     $ 0.51  
Adjustments after-tax: (B/D)     (0.01 )     0.03       (0.02 )     (0.01 )     0.03       (0.01 )     0.03  
Diluted earnings per common share, as adjusted: (C/D)   $ 0.49     $ 0.46     $ 0.47     $ 0.51     $ 0.54     $ 0.49     $ 0.54  
                             
ANNUALIZED RETURN ON AVERAGE ASSETS                            
Return on average assets: (A/E)     1.78 %     1.55 %     1.78 %     1.90 %     1.84 %     1.78 %     1.84 %
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)     1.76 %     1.66 %     1.72 %     1.85 %     1.95 %     1.76 %     1.95 %
Return on average assets excluding intangible amortization: ((A+C)/(E-F))     1.93 %     1.69 %     1.95 %     2.07 %     2.00 %     1.93 %     2.00 %
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))     1.91 %     1.81 %     1.87 %     2.02 %     2.12 %     1.91 %     2.12 %
                             
GAAP net income available to common shareholders (A)   $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 102,962     $ 100,109     $ 102,962  
Amortization of intangibles (B)     2,140       2,253       2,477       2,478       2,477       2,140       2,477  
Amortization of intangibles after-tax (C)     1,605       1,690       1,866       1,866       1,866       1,605       1,866  
Adjustments after-tax (D)     (914 )     5,970       (3,733 )     (2,683 )     5,986       (914 )     5,986  
Average assets (E)     22,683,259       22,056,440       21,902,434       22,227,404       22,695,855       22,683,259       22,695,855  
Average goodwill & core deposit intangible (F)     1,445,902       1,448,061       1,450,478       1,452,951       1,455,423       1,445,902       1,455,423  
                             
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Three Months Ended
(Dollars in thousands)   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Mar. 31, 2024   Mar. 31, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
Return on average common equity: (A/D)     10.64 %     9.36 %     10.65 %     11.63 %     11.70 %     10.64 %     11.70 %
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)     10.54 %     10.00 %     10.25 %     11.33 %     12.38 %     10.54 %     12.38 %
Return on average tangible common equity: (A/(D-E))     17.22 %     15.49 %     17.62 %     19.39 %     19.75 %     17.22 %     19.75 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))     17.07 %     16.56 %     16.95 %     18.90 %     20.90 %     17.07 %     20.90 %
Return on average tangible common equity excluding intangible amortization: (B/(D-E))     17.50 %     15.80 %     17.95 %     19.74 %     20.11 %     17.50 %     20.11 %
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))     17.34 %     16.87 %     17.29 %     19.24 %     21.26 %     17.34 %     21.26 %
                             
GAAP net income available to common shareholders (A)   $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 102,962     $ 100,109     $ 102,962  
Earnings excluding intangible amortization (B)     101,714       87,933       100,319       107,137       104,828       101,714       104,828  
Adjustments after-tax (C)     (914 )     5,970       (3,733 )     (2,683 )     5,986       (914 )     5,986  
Average common equity (D)     3,783,652       3,656,720       3,667,339       3,630,194       3,569,592       3,783,652       3,569,592  
Average goodwill & core deposits intangible (E)     1,445,902       1,448,061       1,450,478       1,452,951       1,455,423       1,445,902       1,455,423  
                             
EFFICIENCY RATIO & P5NR                            
                             
Efficiency ratio: ((D-G)/(B+C+E))     44.22 %     50.64 %     45.53 %     44.00 %     44.80 %     44.22 %     44.80 %
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))     44.43 %     46.43 %     46.44 %     44.83 %     43.42 %     44.43 %     43.42 %
Pre-tax net income to total revenue (net) (A/(B+C))     52.92 %     45.92 %     52.70 %     53.23 %     53.43 %     52.92 %     53.43 %
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))     52.45 %     49.16 %     50.72 %     51.85 %     56.63 %     52.45 %     56.63 %
Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 134,893     $ 118,443     $ 130,588     $ 140,870     $ 134,115     $ 134,893     $ 134,115  
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)   $ 133,728     $ 126,402     $ 125,743     $ 137,308     $ 142,062     $ 133,728     $ 142,062  
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net) (B+C-D)/(B+C)     54.75 %     48.22 %     53.23 %     54.78 %     53.91 %     54.75 %     53.91 %
P5NR, as adjusted (B+C-D+F)/(B+C)     54.28 %     51.46 %     51.25 %     53.40 %     57.11 %     54.28 %     57.11 %
                             
Pre-tax net income (A)   $ 130,393     $ 112,793     $ 129,288     $ 136,887     $ 132,915     $ 130,393     $ 132,915  
Net interest income (B)     204,590       202,770       201,937       207,643       214,595       204,590       214,595  
Non-interest income (C)     41,799       42,848       43,413       49,509       34,164       41,799       34,164  
Non-interest expense (D)     111,496       127,175       114,762       116,282       114,644       111,496       114,644  
Fully taxable equivalent adjustment (E)     892       1,091       1,293       1,494       1,628       892       1,628  
Total pre-tax adjustments (F)     (1,165 )     7,959       (4,845 )     (3,562 )     7,947       (1,165 )     7,947  
Amortization of intangibles (G)     2,140       2,253       2,477       2,478       2,477       2,140       2,477  
                             
Adjustments:                            
Non-interest income:                            
Fair value adjustment for marketable securities   $ 1,003     $ 5,024     $ 4,507     $ 783     $ (11,408 )   $ 1,003     $ (11,408 )
Gain on OREO     17       13             319             17        
(Loss) gain on branches, equipment and other assets, net     (8 )     583             917       7       (8 )     7  
BOLI death benefits     162             338       2,779             162        
Recoveries on historic losses                             3,461             3,461  
Total non-interest income adjustments (H)   $ 1,174     $ 5,620     $ 4,845     $ 4,798     $ (7,940 )   $ 1,174     $ (7,940 )
                             
Non-interest expense:                            
FDIC special assessment           12,983                                
Total non-interest expense adjustments (I)   $     $ 12,983     $     $     $     $     $  
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                     
    Quarter Ended
    Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023
                     
TANGIBLE BOOK VALUE PER COMMON SHARE                    
Book value per common share: (A/B)   $ 18.98     $ 18.81     $ 18.06     $ 18.04     $ 17.87  
Tangible book value per common share: ((A-C-D)/B)     11.79       11.63       10.90       10.87       10.71  
                     
Total stockholders’ equity (A)   $ 3,811,401     $ 3,791,075     $ 3,654,874     $ 3,654,084     $ 3,630,885  
End of period common shares outstanding (B)     200,797       201,526       202,323       202,573       203,168  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit and other intangibles (D)     46,630       48,770       51,023       53,500       55,978  
                     
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
Equity to assets: (B/A)     16.69 %     16.73 %     16.65 %     16.51 %     16.12 %
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     11.06 %     11.05 %     10.76 %     10.65 %     10.33 %
                     
Total assets (A)   $ 22,835,721     $ 22,656,658     $ 21,950,638     $ 22,126,429     $ 22,518,255  
Total stockholders’ equity (B)     3,811,401       3,791,075       3,654,874       3,654,084       3,630,885  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit and other intangibles (D)     46,630       48,770       51,023       53,500       55,978  

 

 


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