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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________
FORM 8-K
_________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 20, 2023
_________________________________
HOME BANCSHARES, INC.
(Exact name of Registrant as Specified in Its Charter)
_________________________________
Arkansas001-4109371-0682831
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
719 Harkrider, Suite 100
ConwayArkansas 72032
(Address of Principal Executive Offices) (Zip Code)
(501339-2929
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHOMBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02    Results of Operations and Financial Condition.
Home BancShares, Inc. (the “Company”) hereby furnishes its July 20, 2023 press release announcing second quarter 2023 earnings, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.01    Regulation FD Disclosure.
See Item 2.02. Results of Operations and Financial Condition.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Home BancShares, Inc.
Date:July 20, 2023By:/s/ Jennifer C. Floyd
Jennifer C. Floyd
Chief Accounting Officer


EXHIBIT 99.1
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For Immediate Release:July 20, 2023
HOMB’s Safe Harbor for Uninsured Deposits, Strong Asset Quality and Profitability
Among Shining Stars in the Second Quarter of 2023
Conway, AR – Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.
Highlights of the Second Quarter of 2023:
MetricQ2 2023Q1 2023Q4 2022Q3 2022Q2 2022
Net income
$105.3 million
$103.0 million
$115.7 million
$108.7 million
$16.0 million
Total revenue (net)
$257.2 million
$248.8 million
$272.3 million
$256.3 million
$243.3 million
Income before income taxes
$136.9 million
$132.9 million
$148.4 million
$142.0 million
$19.3 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)
$140.9 million
$134.1 million
$153.4 million
$142.0 million
$77.9 million
Pre-tax net income to total revenue (net)
53.23%
53.43%
54.50%
55.39%
7.92%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)
54.78%
53.91%
56.34%
55.39%
32.00%
ROA
1.90%
1.84%
1.98%1.81%0.26%
NIM
4.28%
4.37%
4.21%4.05%3.64%
Purchase accounting accretion
$2.7 million
$3.2 million
$3.5 million
$4.6 million
$5.2 million
ROE
11.63%
11.70%
13.29%12.25%1.78%
ROTCE (non-GAAP)(1)
19.39%
19.75%
22.96%20.93%2.96%
Diluted earnings per share
$0.52
$0.51
$0.57$0.53$0.08
Non-performing assets to total assets
0.28%
0.33%
0.27%0.27%0.25%
Common equity tier 1 capital13.6%13.2%12.9%13.0%12.8%
Leverage11.9%11.4%10.9%10.4%9.8%
Tier 1 capital13.6%13.2%12.9%13.0%12.9%
Total risk-based capital17.3%16.8%16.5%16.7%16.6%
Allowance for credit losses to total loans
2.01%
2.00%
2.01%2.09%2.11%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
“The first six months of 2023 have been a challenging time for the banking industry; however, I am proud of the fortitude shown by Home BancShares. Our performance metrics, in the second quarter, were impressive, and I am the most proud of the fact that we can more than cover our uninsured and uncollateralized deposits. We have worked hard to protect all deposits (insured and uninsured), our shareholders, our customers and our employees. It is our committed goal to keep Home BancShares, Centennial Bank and Happy State Bank in this position,” said John Allison, Chairman and CEO of HOMB.
“Our asset quality continues to remain strong with improvements from the first quarter in nonperforming loans to total loans, nonperforming assets to total assets and non-accruals. Our disciplined underwriting is a core focus for Centennial Bank, and the proof is certainly in the pudding,” said Tracy French, President and CEO of Centennial Bank.




Liquidity and Funding Sources

At June 30, 2023, the Company held $1.71 billion in net available internal liquidity. This balance consisted of $1.20 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $307.8 million in cash with the Federal Reserve Bank (FRB) and $205.4 million in other liquid cash accounts.
Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $4.90 billion in net available external liquidity as of June 30, 2023. This included $5.20 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.83 billion has been drawn upon in the ordinary course of business, resulting in $3.37 billion in net available liquidity with the FHLB as of June 30, 2023. The $1.83 billion consisted of $650.0 million in outstanding FHLB advances and $1.18 billion used for pledging purposes. The Company also had access to approximately $1.48 billion in liquidity with the FRB as of June 30, 2023, of which $50.0 million has been drawn upon in the ordinary course of business, resulting in $1.43 billion in net available liquidity with the FRB as of June 30, 2023. The $1.43 billion consisted of $77.4 million available from the Discount Window and $1.35 billion available through the Bank Term Funding Program (BTFP). As of June 30, 2023, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB), and $45.0 million from other various external sources.
Overall, the Company had $6.61 billion net available liquidity as of June 30, 2023, which consisted of $1.71 billion of net available internal liquidity and $4.90 billion in net available external liquidity. Details on the Company’s available liquidity as of June 30, 2023 is available below.
(in thousands)Total AvailableAmount UsedNet Availability
Internal Sources
Unpledged investment securities (market value)$1,196,466 $— $1,196,466 
Cash at FRB307,765 — 307,765 
Other liquid cash accounts205,389 — 205,389 
   Total Internal Liquidity1,709,620 — 1,709,620 
External Sources
FHLB5,201,184 1,827,490 3,373,694 
FRB Discount Window77,440 — 77,440 
BTFP (par value)1,403,388 50,000 1,353,388 
FNBB55,000 — 55,000 
Other45,000 — 45,000 
    Total External Liquidity6,782,012 1,877,490 4,904,522 
         Total Available Liquidity$8,491,632 $1,877,490 $6,614,142 





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 June 30, 2023, the Company held approximately $7.69 billion in uninsured deposits of which $2.76 billion were collateralized deposits, for a net position of $4.93 billion. This represents approximately 29.0% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.69 billion.
(in thousands)As of
June 30, 2023
Uninsured Deposits$7,688,248 
Collateralized Deposits2,761,675 
Net Uninsured Position$4,926,573 
Total Available Liquidity$6,614,142 
Net Uninsured Position4,926,573 
Net Available Liquidity in Excess of Uninsured Deposits$1,687,569 
In the event the Company’s $4.93 billion net position of uninsured deposits had been called by depositors on the first day of the second quarter of 2023 and remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $69.6 million for the period ended June 30, 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 1.26% for the period ended June 30, 2023.
For the first quarter, the Company ranked 8th in the top 200 exchange-traded banks in the country for ROA(2). The Company’s second quarter ROA of 1.90% is an impressive improvement from 1.84% for the first quarter and should retain a ranking in the top 10 for the second quarter.

Operating Highlights
Net income for the three-month period ended June 30, 2023 was $105.3 million, or $0.52 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 $102.6 million(1), and $0.51 per share(1), respectively, for the three months ended June 30, 2023.
Our net interest margin was 4.28% for the three-month period ended June 30, 2023, compared to 4.37% for the three-month period ended March 31, 2023. The yield on loans was 6.84% and 6.64% for the three months ended June 30, 2023 and March 31, 2023, respectively, as average loans decreased from $14.47 billion to $14.26 billion. Additionally, the rate on interest bearing deposits increased to 2.27% as of June 30, 2023, from 1.90% as of March 31, 2023, while average interest-bearing balances decreased from $12.65 billion to $12.42 billion.
During the second quarter of 2023, there was $1.3 million of event interest income compared to event interest income of $2.1 million for the first quarter of 2023.
Purchase accounting accretion on acquired loans was $2.7 million and $3.2 million and average purchase accounting loan discounts were $32.5 million and $35.5 million for the three-month periods ended June 30, 2023 and March 31, 2023, respectively.




Net interest income on a fully taxable equivalent basis was $209.1 million for the three-month period ended June 30, 2023, and $216.2 million for the three-month period ended March 31, 2023. This reduction in net interest income for the three-month period ended June 30, 2023, was the result of an $11.6 million increase in interest expense, partially offset by an $4.6 million increase in interest income. The $11.6 million increase in interest expense was due to an $11.0 million increase in interest expense on deposits, a $406,000 increase in interest expense on FHLB borrowed funds and a $253,000 increase in interest expense on securities sold under agreement to repurchase. The increase in interest expense is a result of the rising interest rate environment. The $4.6 million increase in interest income was primarily the result of a $6.1 million increase in loan interest income, partially offset by a $1.0 million decrease in income from interest-bearing balances due from banks and a $687,000 decrease in investment income. The increase in interest income is also a result of the rising interest rate environment.
The Company reported $49.5 million of non-interest income for the second quarter of 2023. The most important components of second quarter non-interest income were $15.1 million from other income, $11.8 million from other service charges and fees, $9.2 million from service charges on deposit accounts, $4.1 million from trust fees, $2.9 million from dividends from FHLB, FRB, FNBB and other, $2.7 million in mortgage lending income and a $1.2 million increase in cash value of life insurance. The $15.1 million in other income includes $2.8 million in bank owned life insurance “BOLI” death benefit income.
Non-interest expense for the second quarter of 2023 was $116.3 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $27.7 million in other operating expense, $14.9 million in occupancy and equipment expenses and $9.2 million in data processing expenses. For the second quarter of 2023, our efficiency ratio was 44.00%, and our efficiency ratio, as adjusted (non-GAAP), was 44.83%(1).

Financial Condition
Total loans receivable were $14.18 billion at June 30, 2023, compared to $14.39 billion at March 31, 2023. Total deposits were $17.00 billion at June 30, 2023, compared to $17.45 billion at March 31, 2023. Total assets were $22.13 billion at June 30, 2023, compared to $22.52 billion at March 31, 2023.
During the second quarter of 2023, the Company experienced approximately $205.7 million in loan decline. Centennial CFG experienced $314.3 million of organic loan decline and had loans of $1.86 billion at June 30, 2023. Our remaining markets experienced $108.8 million in organic loan growth during the quarter.
Non-performing loans to total loans was 0.43% and 0.51% at June 30, 2023 and March 31, 2023, respectively. Non-performing assets to total assets was 0.28% and 0.33% at June 30, 2023 and March 31, 2023, respectively. Net charge-offs were $3.8 million and $3.7 million for the three months ended June 30, 2023 and March 31, 2023, respectively.
Non-performing loans at June 30, 2023 were $11.2 million, $19.7 million, $22.6 million, $382,000, $3.8 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $60.5 million. Non-performing assets at June 30, 2023 were $11.3 million, $20.0 million, $23.0 million, $382,000, $3.8 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $61.3 million.




The Company’s allowance for credit losses on loans was $285.7 million at June 30, 2023, or 2.01% of total loans, compared to the allowance for credit losses on loans of $287.2 million, or 2.00% of total loans, at March 31, 2023. As of June 30, 2023 and March 31, 2023, the Company’s allowance for credit losses on loans was 472.23% and 388.23% of its total non-performing loans, respectively.
Stockholders’ equity was $3.65 billion at June 30, 2023, compared to $3.63 billion at March 31, 2023, an increase of approximately $23.2 million. The increase in stockholders’ equity is primarily associated with the $68.8 million increase in retained earnings, partially offset by the $36.4 million increase in accumulated other comprehensive loss and $11.8 million in stock repurchases. Book value per common share was $18.04 at June 30, 2023, compared to $17.87 at March 31, 2023. Tangible book value per common share (non-GAAP) was $10.87(1) at June 30, 2023, compared to $10.71(1) at March 31, 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, July 20, 2023. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/803091970. 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=7b6f0651&confId=52560. 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: 094402. A replay of the call will be available by calling 1-866-813-9403, Passcode: 607184, which will be available until July 27, 2023, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.
About Home BancShares
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
(2) The Company estimated this ranking based on available industry data.




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




General
This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023.

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



Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
 (In thousands) Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
ASSETS
 Cash and due from banks $275,656 $250,841 $263,893 $268,929 $287,451 
 Interest-bearing deposits with other banks 335,535 437,213 460,897 1,311,492 2,528,925 
    Cash and cash equivalents 611,191 688,054 724,790 1,580,421 2,816,376 
Federal funds sold1,550 — — 2,700 — 
Investment securities - available-for-sale,
     net of allowance for credit losses
3,645,013 3,772,138 4,041,590 4,085,102 3,791,509 
 Investment securities - held-to-maturity,
     net of allowance for credit losses
1,285,150 1,286,373 1,287,705 1,251,007 1,366,781 
    Total investment securities 4,930,163 5,058,511 5,329,295 5,336,109 5,158,290 
 Loans receivable 14,180,972 14,386,634 14,409,480 13,829,311 13,923,873 
 Allowance for credit losses (285,683)(287,169)(289,669)(289,203)(294,267)
    Loans receivable, net 13,895,289 14,099,465 14,119,811 13,540,108 13,629,606 
 Bank premises and equipment, net 397,315 402,094 405,073 411,479 415,056 
 Foreclosed assets held for sale 725 425 546 365 373 
 Cash value of life insurance 213,090 214,792 213,693 212,619 211,811 
 Accrued interest receivable 101,066 102,740 103,199 88,671 80,274 
 Deferred tax asset, net 206,430 193,334 209,321 228,979 208,585 
 Goodwill 1,398,253 1,398,253 1,398,253 1,394,353 1,398,400 
 Core deposit intangible53,500 55,978 58,455 60,932 63,410 
 Other assets 317,857 304,609 321,152 300,634 270,987 
    Total assets $22,126,429 $22,518,255 $22,883,588 $23,157,370 $24,253,168 
LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits:
    Demand and non-interest-bearing $4,598,593 $4,945,729 $5,164,997 $5,540,539 $6,036,583 
    Savings and interest-bearing transaction
        accounts
11,169,940 11,392,566 11,730,552 11,968,519 12,424,192 
    Time deposits 1,228,358 1,107,171 1,043,234 1,033,266 1,119,297 
       Total deposits 16,996,891 17,445,466 17,938,783 18,542,324 19,580,072 
 Securities sold under agreements to repurchase 160,349 138,742 131,146 121,555 118,573 
 FHLB and other borrowed funds 701,550 650,000 650,000 400,000 400,000 
 Accrued interest payable and other liabilities 173,426 212,887 196,877 192,908 197,503 
 Subordinated debentures 440,129 440,275 440,420 440,568 458,455 
    Total liabilities 18,472,345 18,887,370 19,357,226 19,697,355 20,754,603 
 Stockholders' equity
 Common stock 2,026 2,032 2,034 2,042 2,053 
 Capital surplus 2,366,560 2,375,754 2,386,699 2,404,388 2,426,271 
 Retained earnings 1,578,176 1,509,400 1,443,087 1,361,040 1,286,146 
 Accumulated other comprehensive loss(292,678)(256,301)(305,458)(307,455)(215,905)
    Total stockholders' equity 3,654,084 3,630,885 3,526,362 3,460,015 3,498,565 
     Total liabilities and stockholders' equity $22,126,429 $22,518,255 $22,883,588 $23,157,370 $24,253,168 



Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
 Quarter Ended Six Months Ended
(In thousands)Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
 Interest income:
   Loans $243,152 $236,997 $221,280 $195,841 $181,779 $480,149 $311,221 
   Investment securities
       Taxable 34,751 35,288 33,639 28,273 20,941 70,039 30,021 
       Tax-exempt 7,932 7,963 7,855 8,069 7,725 15,895 12,432 
   Deposits - other banks 3,729 4,685 10,109 10,763 6,565 8,414 8,238 
   Federal funds sold 68 12 74 
 Total interest income 289,632 284,939 272,895 242,955 217,013 574,571 361,916 
 Interest expense:
    Interest on deposits 70,147 59,162 47,019 23,347 10,729 129,309 15,623 
    Federal funds purchased — — — 
    FHLB borrowed funds 6,596 6,190 5,388 1,917 1,896 12,786 3,771 
    Securities sold under agreements to
        repurchase
1,121 868 701 434 187 1,989 295 
    Subordinated debentures 4,123 4,124 4,121 4,153 5,441 8,247 12,319 
 Total interest expense 81,989 70,344 57,229 29,851 18,255 152,333 32,010 
 Net interest income 207,643 214,595 215,666 213,104 198,758 422,238 329,906 
    Provision for credit losses on loans 2,300 1,200 5,000 — 45,170 3,500 45,170 
    Provision for credit losses on unfunded
        commitments
— — — — 11,410 — 11,410 
    Provision for credit losses on investment
        securities
1,683 — — — 2,005 1,683 2,005 
 Total credit loss expense3,983 1,200 5,000 — 58,585 5,183 58,585 
 Net interest income after credit loss expense 203,660 213,395 210,666 213,104 140,173 417,055 271,321 
 Non-interest income:
    Service charges on deposit accounts 9,231 9,842 10,134 10,756 10,084 19,073 16,224 
    Other service charges and fees 11,763 11,875 10,363 13,951 12,541 23,638 20,274 
    Trust fees 4,052 4,864 3,981 3,980 4,320 8,916 4,894 
    Mortgage lending income 2,650 2,571 3,566 4,179 5,996 5,221 9,912 
    Insurance commissions 518 526 453 601 658 1,044 1,138 
    Increase in cash value of life insurance 1,211 1,104 1,079 1,089 1,140 2,315 1,632 
    Dividends from FHLB, FRB, FNBB & other 2,922 2,794 2,814 1,741 3,945 5,716 4,643 
    Gain on SBA loans — 139 30 58 — 139 95 
    Gain (loss) on branches, equipment and other
       assets, net
917 10 (13)924 18 
    Gain on OREO, net 319 — 13 — 319 487 
    Fair value adjustment for marketable
        securities
783 (11,408)1,032 (2,628)(1,801)(10,625)324 
    Other income 15,143 11,850 23,185 9,487 7,687 26,993 15,609 
 Total non-interest income 49,509 34,164 56,660 43,201 44,581 83,673 75,250 
 Non-interest expense:
    Salaries and employee benefits 64,534 64,490 64,249 65,290 65,795 129,024 109,346 
    Occupancy and equipment 14,923 14,952 14,884 15,133 14,256 29,875 23,400 
    Data processing expense 9,151 8,968 9,062 8,747 10,094 18,119 17,133 
    Merger and acquisition expenses — — — — 48,731 — 49,594 
    Other operating expenses 27,674 26,234 30,708 25,176 26,606 53,908 42,905 
 Total non-interest expense 116,282 114,644 118,903 114,346 165,482 230,926 242,378 
 Income before income taxes 136,887 132,915 148,423 141,959 19,272 269,802 104,193 
    Income tax expense31,616 29,953 32,736 33,254 3,294 61,569 23,323 
 Net income $105,271 $102,962 $115,687 $108,705 $15,978 $208,233 $80,870 



Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Quarter EndedSix Months Ended
(Dollars and shares in thousands, except per share data)Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Jun 30, 2023Jun 30, 2022
PER SHARE DATA
Diluted earnings per common share$0.52$0.51$0.57$0.53$0.08$1.02$0.44
Diluted earnings per common share, as adjusted
    (non-GAAP)(1)
0.510.540.530.540.471.040.86
Basic earnings per common share0.520.510.570.530.081.030.44
Dividends per share - common0.1800.1800.1650.1650.1650.360.33
Book value per common share18.0417.8717.3316.9417.0418.0417.04
Tangible book value per common share
     (non-GAAP)(1)
10.8710.7110.179.829.9210.879.92
STOCK INFORMATION
Average common shares outstanding202,793203,456203,924204,829205,683203,122184,851
Average diluted shares outstanding202,923203,625204,179205,135206,015203,274185,223
End of period common shares outstanding202,573203,168203,434204,219205,291202,573205,291
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)1.90 %1.84 %1.98 %1.81 %0.26 %1.87 %0.75 %
Return on average assets, as adjusted:
     (ROA, as adjusted) (non-GAAP)(1)
1.85 1.95 1.84 1.83 1.57 1.90 1.48 
Return on average assets excluding intangible
     amortization (non-GAAP)(1)
2.07 2.00 2.15 1.97 0.31 2.03 0.83 
Return on average assets, as adjusted, excluding
     intangible amortization (non-GAAP)(1)
2.02 2.12 2.00 1.99 1.70 2.07 1.60 
Return on average common equity (ROE)11.63 11.70 13.29 12.25 1.78 11.66 5.14 
Return on average common equity, as adjusted:
     (ROE, as adjusted) (non-GAAP)(1)
11.33 12.38 12.35 12.39 10.83 11.85 10.08 
Return on average tangible common equity
     (ROTCE) (non-GAAP)(1)
19.39 19.75 22.96 20.93 2.96 19.57 8.32 
Return on average tangible common equity, as adjusted:
     (ROTCE, as adjusted) (non-GAAP)(1)
18.90 20.90 21.33 21.16 17.94 19.88 16.31 
Return on average tangible common equity excluding
     intangible amortization (non-GAAP)(1)
19.74 20.11 23.33 21.29 3.30 19.92 8.62 
Return on average tangible common equity, as adjusted,
     excluding intangible amortization (non-GAAP)(1)
19.24 21.26 21.70 21.52 18.29 20.23 16.61 
(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 EndedSix Months Ended
(Dollars in thousands)Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Jun 30, 2023Jun 30, 2022
Efficiency ratio44.00 %44.80 %42.44 %43.24 %66.31 %44.39 %58.26 %
Efficiency ratio, as adjusted (non-GAAP)(1)
44.83 43.42 43.07 42.97 46.02 44.12 46.53 
Net interest margin - FTE (NIM)4.28 4.37 4.21 4.05 3.64 4.33 3.46 
Fully taxable equivalent adjustment$1,494$1,628$2,017$2,437$2,471$3,122$4,209
Total revenue (net)257,152248,759272,326256,305243,339505,911405,156
Pre-tax, pre-provision, net income (PPNR)
     (non-GAAP)(1)
140,870134,115153,423141,95977,857274,985162,778
PPNR, as adjusted (non-GAAP)(1)
137,308142,062142,567143,522126,683279,370207,054
Pre-tax net income to total revenue (net)53.23 %53.43 %54.50 %55.39 %7.92 %53.33 %25.72 %
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)
51.85 56.63 50.52 56.00 52.06 54.20 51.10 
P5NR ((Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)
54.78 53.91 56.34 55.39 32.00 54.35 40.18 
P5NR, as adjusted (non-GAAP)(1)
53.40 57.11 52.35 56.00 52.06 55.22 51.10 
Total purchase accounting accretion$2,660$3,172$3,497$4,578$5,177$5,832$8,266
Average purchase accounting loan discounts32,54635,48238,55242,05046,25834,02235,814
OTHER OPERATING EXPENSES
Hurricane expense$$$176$$$$
Advertising2,0982,2312,5672,0242,1174,3293,383
Amortization of intangibles2,4782,4772,4782,4772,4774,9553,898
Electronic banking expense3,6753,3303,9143,8283,3527,0055,890
Directors' fees538460358354375998779
Due from bank service charges286273273316396559666
FDIC and state assessment3,2203,5002,2242,1462,3906,7204,058
Insurance9278891,0039599731,8161,743
Legal and accounting1,4361,0885,9621,5811,0612,5241,858
Other professional fees2,7742,2842,5522,4662,2545,0583,863
Operating supplies7637386906819951,5011,749
Postage5865016026145561,087862
Telephone5735285765933841,101721
Other expense8,3207,9357,3337,1379,27616,25513,435
        Total other operating expenses $27,674$26,234$30,708$25,176$26,606$53,908$42,905
(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)Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
BALANCE SHEET RATIOS
Total loans to total deposits83.43 %82.47 %80.33 %74.58 %71.11 %
Common equity to assets16.51 16.12 15.41 14.94 14.43 
Tangible common equity to tangible assets
     (non-GAAP)(1)
10.65 10.33 9.66 9.24 8.94 
LOANS RECEIVABLE
Real estate
Commercial real estate loans
     Non-farm/non-residential$5,480,738$5,524,125$5,632,063$5,156,438$5,092,539
Construction/land development2,201,5142,160,5142,135,2662,232,9062,595,384
Agricultural340,067342,814346,811330,748329,106
Residential real estate loans
Residential 1-4 family1,790,2181,748,2311,748,5511,704,8501,708,221
Multifamily residential455,754637,633578,052525,110389,633
Total real estate10,268,29110,413,31710,440,7439,950,05210,114,883
Consumer1,156,2731,173,3251,149,8961,120,2501,106,343
Commercial and industrial2,288,6462,368,4282,349,2632,268,7502,187,771
Agricultural297,743250,851285,235313,693324,630
Other170,019180,713184,343176,566190,246
Loans receivable$14,180,972$14,386,634$14,409,480$13,829,311$13,923,873
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period$287,169$289,669$289,203$294,267$234,768
Allowance for credit losses on PCD loans -
    Happy acquisition
16,816
Loans charged off4,7264,2885,3796,3133,265
Recoveries of loans previously charged off9405888451,249778
Net loans charged off3,7863,7004,5345,0642,487
Provision for credit losses - Happy acquisition45,170
Provision for credit losses - loans 2,3001,2005,000
Balance, end of period$285,683$287,169$289,669$289,203$294,267
Net charge-offs to average total loans0.11 %0.10 %0.13 %0.15 %0.07 %
Allowance for credit losses to total loans2.01 2.00 2.01 2.09 2.11 
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans$49,627$65,401$51,011$56,796$44,170
Loans past due 90 days or more10,8698,5679,8454,89816,432
Total non-performing loans60,49673,96860,85661,69460,602
Other non-performing assets
Foreclosed assets held for sale, net725425546365373
Other non-performing assets647474104104
Total other non-performing assets789499620469477
Total non-performing assets$61,285$74,467$61,476$62,163$61,079
Allowance for credit losses for loans to non-performing loans472.23 %388.23 %475.99 %468.77 %485.57 %
Non-performing loans to total loans0.43 0.51 0.42 0.45 0.44 
Non-performing assets to total assets0.28 0.33 0.27 0.27 0.25 
(1) Calculation of this metric and the reconciliation to GAAP is included in the schedules accompanying this release.



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
June 30, 2023March 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$320,039 $3,729 4.67 %$426,051 $4,685 4.46 %
Federal funds sold5,350 68 5.10 474 5.13 
Investment securities - taxable3,718,320 34,751 3.75 3,867,737 35,288 3.70 
Investment securities - non-taxable - FTE1,280,781 9,332 2.92 1,289,564 9,482 2.98 
Loans receivable - FTE14,259,647 243,246 6.84 14,474,072 237,106 6.64 
Total interest-earning assets19,584,137 291,126 5.96 20,057,898 286,567 5.79 
Non-earning assets2,643,267 2,637,957 
Total assets$22,227,404 $22,695,855 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$11,242,988 $62,637 2.23 %$11,579,329 $54,857 1.92 %
Time deposits1,174,925 7,510 2.56 1,072,094 4,305 1.63 
Total interest-bearing deposits12,417,913 70,147 2.27 12,651,423 59,162 1.90 
     Federal funds purchased123 6.52 — — — 
     Securities sold under agreement to
         repurchase
143,969 1,121 3.12 134,934 868 2.61 
     FHLB borrowed funds679,445 6,596 3.89 651,111 6,190 3.86 
     Subordinated debentures440,201 4,123 3.76 440,346 4,124 3.80 
    Total interest-bearing liabilities13,681,651 81,989 2.40 13,877,814 70,344 2.06 
Non-interest bearing liabilities
Non-interest bearing deposits4,717,623 5,043,219 
Other liabilities197,936 205,230 
Total liabilities18,597,210 19,126,263 
Shareholders' equity3,630,194 3,569,592 
Total liabilities and shareholders' equity$22,227,404 $22,695,855 
Net interest spread3.56 %3.73 %
Net interest income and margin - FTE$209,137 4.28 $216,223 4.37 



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Six Months Ended
June 30, 2023June 30, 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$372,752 $8,414 4.55 %$3,374,606 $8,238 0.49 %
Federal funds sold2,926 74 5.10 1,805 0.45 
Investment securities - taxable3,791,872 70,039 3.72 3,155,481 30,021 1.92 
Investment securities - non-taxable - FTE1,285,148 18,814 2.95 1,061,822 16,339 3.10 
Loans receivable - FTE14,366,267 480,352 6.74 11,899,115 311,523 5.28 
Total interest-earning assets19,818,965 577,693 5.88 19,492,829 366,125 3.79 
Non-earning assets2,641,370 2,115,558 
Total assets$22,460,335 $21,608,387 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$11,410,230 $117,493 2.08 %$11,007,232 $13,643 0.25 %
Time deposits1,123,793 11,816 2.12 1,013,600 1,980 0.39 
Total interest-bearing deposits12,534,023 129,309 2.08 12,020,832 15,623 0.26 
     Federal funds purchased62 6.51 437 0.92 
     Securities sold under agreement to
         repurchase
139,477 1,989 2.88 130,248 295 0.46 
     FHLB borrowed funds665,356 12,786 3.88 400,000 3,771 1.90 
     Subordinated debentures440,273 8,247 3.78 589,917 12,319 4.21 
    Total interest-bearing liabilities13,779,191 152,333 2.23 13,141,434 32,010 0.49 
Non-interest bearing liabilities
Non-interest bearing deposits4,879,521 5,152,673 
Other liabilities201,562 142,080 
Total liabilities18,860,274 18,436,187 
Shareholders' equity3,600,061 3,172,200 
Total liabilities and shareholders' equity$22,460,335 $21,608,387 
Net interest spread3.65 %3.30 %
Net interest income and margin - FTE$425,360 4.33 $334,115 3.46 



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
 Quarter EndedSix Months Ended
(Dollars and shares in thousands,
except per share data)
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)$105,271$102,962$115,687$108,705$15,978$208,233$80,870
Pre-tax adjustments
BOLI death benefits(2,779)(2,779)
Merger and acquisition expenses48,73149,594
Initial provision for credit losses - acquisition58,58558,585
Fair value adjustment for marketable securities(783)11,408(1,032)2,6281,80110,625(324)
Special dividend from equity investment(1,434)(1,434)
TRUPS redemption fees2,0812,081
Special lawsuit settlement, net of expense(10,000)
Recoveries on historic losses(3,461)(1,065)(2,353)(3,461)(5,641)
Hurricane expense176
Total pre-tax adjustments(3,562)7,947(10,856)1,563107,4114,385102,861
Tax-effect of adjustments(879)1,961(2,679)39326,3961,08225,176
Total adjustments after-tax (B)(2,683)5,986(8,177)1,17081,0153,30377,685
Earnings, as adjusted (C)$102,588$108,948$107,510$109,875$96,993$211,536$158,555
Average diluted shares outstanding (D)202,923203,625204,179205,135206,015203,274185,223
GAAP diluted earnings per share: (A/D)$0.52$0.51$0.57$0.53$0.08$1.02$0.44
Adjustments after-tax: (B/D)(0.01)0.03(0.04)0.010.390.020.42
Diluted earnings per common share, as adjusted: (C/D)$0.51$0.54$0.53$0.54$0.47$1.04$0.86
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)1.90 %1.84 %1.98 %1.81 %0.26 %1.87 %0.75 %
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)1.85 1.95 1.84 1.83 1.57 1.90 1.48 
Return on average assets excluding intangible amortization: ((A+C)/(E-F))2.07 2.00 2.15 1.97 0.31 2.03 0.83 
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))2.02 2.12 2.00 1.99 1.70 2.07 1.60 
GAAP net income available to common shareholders (A)$105,271$102,962$115,687$108,705$15,978$208,233$80,870
Amortization of intangibles (B)2,4782,4772,4782,4772,4774,9553,898
Amortization of intangibles after-tax (C)1,8661,8661,8661,8541,8543,7322,903
Adjustments after-tax (D)(2,683)5,986(8,177)1,17081,0153,30377,685
Average assets (E)22,227,40422,695,85523,187,00523,778,76924,788,36522,460,33521,608,387
Average goodwill & core deposit intangible (F)1,452,9511,455,4231,454,6391,459,0341,423,4661,454,1801,211,580



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
 Quarter EndedSix Months Ended
(Dollars in thousands)Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Jun 30,
2023
Jun 30,
2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)11.63 %11.70 %13.29 %12.25 %1.78 %11.66 %5.14 %
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)11.33 12.38 12.35 12.39 10.83 11.85 10.08 
Return on average tangible common equity:
    (A/(D-E))
19.39 19.75 22.96 20.93 2.96 19.57 8.32 
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))18.90 20.90 21.33 21.16 17.94 19.88 16.31 
Return on average tangible common equity excluding intangible amortization: (B/(D-E))19.74 20.11 23.33 21.29 3.30 19.92 8.62 
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))19.24 21.26 21.70 21.52 18.29 20.23 16.61 
GAAP net income available to common shareholders (A)$105,271$102,962$115,687$108,705$15,978$208,233$80,870
Earnings excluding intangible amortization (B)107,137104,828117,553110,55917,832211,96583,773
Adjustments after-tax (C)(2,683)5,986(8,177)1,17081,0153,30377,685
Average common equity (D)3,630,1943,569,5923,454,0053,519,2963,591,7583,600,0613,172,200
Average goodwill & core deposits intangible (E)1,452,9511,455,4231,454,6391,459,0341,423,4661,454,1801,211,580
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))44.00 %44.80 %42.44 %43.24 %66.31 %44.39 %58.26 %
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))44.83 43.42 43.07 42.97 46.02 44.12 46.53 
Pre-tax net income to total revenue (net) (A/(B+C))53.23 53.43 54.50 55.39 7.92 53.33 25.72 
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))51.85 56.63 50.52 56.00 52.06 54.20 51.10 
Pre-tax, pre-provision, net income (PPNR) (B+C-D)$140,870$134,115$153,423$141,959$77,857$274,985$162,778
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)137,308142,062142,567143,522126,683279,370207,054
P5NR ((Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)
54.78 %53.91 %56.34 %55.39 %32.00 %54.35 %40.18 %
P5NR, as adjusted (B+C-D+F-G)/(B+C)
53.40 57.11 52.35 56.00 52.06 55.22 51.10 
Pre-tax net income (A)$136,887$132,915$148,423$141,959$19,272$269,802$104,193
Net interest income (B)207,643214,595215,666213,104198,758422,238329,906
Non-interest income (C)49,50934,16456,66043,20144,58183,67375,250
Non-interest expense (D)116,282114,644118,903114,346165,482230,926242,378
Fully taxable equivalent adjustment (E)1,4941,6282,0172,4372,4713,1224,209
Total pre-tax adjustments (F)(3,562)7,947(10,856)1,563107,4114,385102,861
Initial provision for credit losses - acquisition (G)58,58558,585
Amortization of intangibles (H)2,4782,4772,4782,4772,4774,9553,898
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities$783$(11,408)$1,032$(2,628)$(1,801)$(10,625)$324
Gain on OREO319139319487
Gain (loss) on branches, equipment and other assets, net917710(13)292418
Special dividend from equity investment1,4341,434
Lawsuit settlement - special lawsuit15,000
BOLI death benefits2,7792,779
Recoveries on historic losses3,4611,0652,3533,4615,641
Total non-interest income adjustments (I)$4,798$(7,940)$16,055$(1,576)$1,997$(3,142)$7,904
Non-interest expense:
Merger and acquisition expenses48,73149,594
Hurricane expense176
Legal expense - special lawsuit5,000