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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): October 19, 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 October 19, 2023 press release announcing third 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:October 19, 2023By:/s/ Jennifer C. Floyd
Jennifer C. Floyd
Chief Accounting Officer


EXHIBIT 99.1
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For Immediate Release:October 19, 2023
HOMB on Track for $400 Million Year
Conway, AR – Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.
Highlights of the Third Quarter of 2023:
MetricQ3 2023Q2 2023Q1 2023Q4 2022Q3 2022
Net income
$98.5 million
$105.3 million
$103.0 million
$115.7 million
$108.7 million
Total revenue (net)
$245.4 million
$257.2 million
$248.8 million
$272.3 million
$256.3 million
Income before income taxes
$129.3 million
$136.9 million
$132.9 million
$148.4 million
$142.0 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)
$130.6 million
$140.9 million
$134.1 million
$153.4 million
$142.0 million
Pre-tax net income to total revenue (net)
52.70%
53.23%
53.43%
54.50%
55.39%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)
53.23%
54.78%
53.91%
56.34%
55.39%
ROA
1.78%
1.90%
1.84%1.98%1.81%
NIM
4.19%
4.28%
4.37%4.21%4.05%
Purchase accounting accretion
$2.4 million
$2.7 million
$3.2 million
$3.5 million
$4.6 million
ROE
10.65%
11.63%
11.70%13.29%12.25%
ROTCE (non-GAAP)(1)
17.62%
19.39%
19.75%22.96%20.93%
Diluted earnings per share
$0.49
$0.52
$0.51$0.57$0.53
Non-performing assets to total assets
0.42%
0.28%
0.33%0.27%0.27%
Common equity tier 1 capital14.0%13.6%13.2%12.9%13.0%
Leverage12.4%11.9%11.4%10.9%10.4%
Tier 1 capital14.0%13.6%13.2%12.9%13.0%
Total risk-based capital17.6%17.3%16.8%16.5%16.7%
Allowance for credit losses to total loans
2.00%
2.01%
2.00%2.01%2.09%
Book value per share$18.06$18.04$17.87$17.33$16.94
Tangible book value per share (non-GAAP)(1)
10.9010.8710.7110.179.82
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
“In the past 12 months, we have paid out $143.3 million in dividends, have repurchased 2,250,900 shares of stock for $51.0 million and have taken an additional mark to the available-for-sale portfolio of $43.1 million and were still able to grow tangible book value(1) by 11.1% from $9.82 per share to $10.90 per share. This feat deserves a shout out to all our people for an outstanding job during a tough economy,” said John Allison, Chairman and CEO of HOMB.

“We are continuing to build on our fortress balance sheet with both peer leading reserves and capital,” said Tracy French, President and CEO of Centennial Bank.



Liquidity and Funding Sources

At September 30, 2023, the Company held $1.78 billion in net available internal liquidity. This balance consisted of $1.38 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $228.1 million in cash with the Federal Reserve Bank (FRB) and $172.7 million in other liquid cash accounts.
Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $4.33 billion in net available external liquidity as of September 30, 2023. This included $5.09 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $2.00 billion has been drawn upon in the ordinary course of business, resulting in $3.09 billion in net available liquidity with the FHLB as of September 30, 2023. The $2.00 billion consisted of $750.0 million in outstanding FHLB advances and $1.25 billion used for pledging purposes. The Company also had access to approximately $1.39 billion in liquidity with the FRB as of September 30, 2023, of which $250.0 million has been drawn upon in the ordinary course of business, resulting in $1.14 billion in net available liquidity with the FRB as of September 30, 2023. The $1.14 billion consisted of $80.9 million available from the Discount Window and $1.06 billion available through the Bank Term Funding Program (BTFP). As of September 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 $6.12 billion net available liquidity as of September 30, 2023, which consisted of $1.78 billion of net available internal liquidity and $4.33 billion in net available external liquidity. Details on the Company’s available liquidity as of September 30, 2023 is available below.
(in thousands)Total AvailableAmount UsedNet Availability
Internal Sources
Unpledged investment securities (market value)$1,382,775 $— $1,382,775 
Cash at FRB228,114 — 228,114 
Other liquid cash accounts172,708 — 172,708 
   Total Internal Liquidity1,783,597 — 1,783,597 
External Sources
FHLB5,089,340 1,995,990 3,093,350 
FRB Discount Window80,919 — 80,919 
BTFP (par value)1,309,205 250,000 1,059,205 
FNBB55,000 — 55,000 
Other45,000 — 45,000 
    Total External Liquidity6,579,464 2,245,990 4,333,474 
         Total Available Liquidity$8,363,061 $2,245,990 $6,117,071 





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 September 30, 2023, the Company held approximately $7.95 billion in uninsured deposits of which $568.5 million were intercompany subsidiary deposit balances and $2.65 billion were collateralized deposits, for a net position of $4.73 billion. This represents approximately 28.7% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.38 billion.
(in thousands)As of
September 30, 2023
Uninsured Deposits$7,952,922 
Intercompany Subsidiary and Affiliate Balances568,511 
Collateralized Deposits2,650,369 
Net Uninsured Position$4,734,042 
Total Available Liquidity$6,117,071 
Net Uninsured Position4,734,042 
Net Available Liquidity in Excess of Uninsured Deposits$1,383,029 
In the event the Company’s $4.73 billion net position of uninsured deposits had been called by depositors on the first day of the third quarter of 2023 and the Company utilized available BTFP funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $65.5 million for the period ended September 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 1.20% for the period ended September 30, 2023.
Operating Highlights
Net income for the three-month period ended September 30, 2023 was $98.5 million, or $0.49 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 $94.7 million(1), and $0.47 per share(1), respectively, for the three months ended September 30, 2023.
Our net interest margin was 4.19% for the three-month period ended September 30, 2023, compared to 4.28% for the three-month period ended June 30, 2023. The yield on loans was 6.98% and 6.84% for the three months ended September 30, 2023 and June 30, 2023, respectively, as average loans decreased from $14.26 billion to $14.19 billion. Additionally, the rate on interest bearing deposits increased to 2.55% as of September 30, 2023, from 2.27% as of June 30, 2023, while average interest-bearing balances decreased from $12.42 billion to $12.24 billion.
During the third quarter of 2023, there was $521,000 of event interest expense compared to event interest income of $1.3 million for the second quarter of 2023.
Purchase accounting accretion on acquired loans was $2.4 million and $2.7 million and average purchase accounting loan discounts were $29.9 million and $32.5 million for the three-month periods ended September 30, 2023 and June 30, 2023, respectively.




Net interest income on a fully taxable equivalent basis was $203.2 million for the three-month period ended September 30, 2023, and $209.1 million for the three-month period ended June 30, 2023. This reduction in net interest income for the three-month period ended September 30, 2023, was the result of a $10.3 million increase in interest expense, partially offset by a $4.4 million increase in interest income. The $10.3 million increase in interest expense was due to an $8.6 million increase in interest expense on deposits, a $1.6 million increase in interest expense on FHLB and other borrowed funds and a $223,000 increase in interest expense on securities sold under agreement to repurchase. The increase in interest expense is a result of the current high interest rate environment. The $4.4 million increase in interest income was primarily the result of a $6.3 million increase in loan interest income, partially offset by a $1.4 million decrease in income from interest-bearing balances due from banks and a $529,000 decrease in investment income. The increase in interest income is also a result of the current high interest rate environment.
The Company reported $43.4 million of non-interest income for the third quarter of 2023. The most important components of third quarter non-interest income were $10.1 million from other service charges and fees, $10.1 million from service charges on deposit accounts, $6.2 million from other income, $4.7 million from trust fees, $4.5 million from the fair value adjustment for marketable securities, $3.1 million in mortgage lending income, $2.9 million from dividends from FHLB, FRB, FNBB and other and $1.2 million from the increase in cash value of life insurance. The $6.2 million in other income includes $338,000 in non-taxable bank owned life insurance “BOLI” death benefit income.
Non-interest expense for the third quarter of 2023 was $114.8 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $25.7 million in other operating expense, $15.5 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the third quarter of 2023, our efficiency ratio was 45.53%, and our efficiency ratio, as adjusted (non-GAAP), was 46.44%(1).

Financial Condition
Total loans receivable were $14.27 billion at September 30, 2023, compared to $14.18 billion at June 30, 2023. Total deposits were $16.52 billion at September 30, 2023, compared to $17.00 billion at June 30, 2023. Total assets were $21.95 billion at September 30, 2023, compared to $22.13 billion at June 30, 2023.
During the third quarter of 2023, the Company experienced approximately $90.9 million in loan growth. Centennial CFG experienced $145.3 million of organic loan growth and had loans of $2.01 billion at September 30, 2023. Our remaining markets experienced $54.4 million in organic loan decline during the quarter.
Non-performing loans to total loans was 0.64% and 0.43% at September 30, 2023 and June 30, 2023, respectively. Non-performing assets to total assets was 0.42% and 0.28% at September 30, 2023 and June 30, 2023, respectively. Net charge-offs were $2.9 million and $3.8 million for the three months ended September 30, 2023 and June 30, 2023, respectively.
Non-performing loans at September 30, 2023 were $12.6 million, $17.3 million, $27.2 million, $372,000, $3.0 million and $30.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $90.9 million. Non-performing assets at September 30, 2023 were $12.8 million, $17.5 million, $27.5 million, $372,000, $3.0 million and $30.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $91.6 million.



The Company’s allowance for credit losses on loans was $285.6 million at September 30, 2023, or 2.00% of total loans, compared to the allowance for credit losses on loans of $285.7 million, or 2.01% of total loans, at June 30, 2023. As of September 30, 2023 and June 30, 2023, the Company’s allowance for credit losses on loans was 314.29% and 472.23% of its total non-performing loans, respectively.
Stockholders’ equity was $3.65 billion at September 30, 2023, compared to $3.65 billion at June 30, 2023, an increase of approximately $0.8 million. The increase in stockholders’ equity is primarily associated with the $62.0 million increase in retained earnings, partially offset by the $57.9 million increase in accumulated other comprehensive loss and $5.7 million in stock repurchases. Book value per common share was $18.06 at September 30, 2023, compared to $18.04 at June 30, 2023. Tangible book value per common share (non-GAAP) was $10.90(1) at September 30, 2023, compared to $10.87(1) at June 30, 2023.
Branches
The Company currently has 76 branches in Arkansas, 78 branches in Florida, 63 branches in Texas, 5 branches in Alabama and one branch in New York City.
Conference Call
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, October 19, 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/682811524. 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=353e41be&confId=55500. 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: 488667. A replay of the call will be available by calling 1-866-813-9403, Passcode: 746951, which will be available until October 26, 2023, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.
About Home BancShares
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.





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




General
This release 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, 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) Sep 30,
2023
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
ASSETS
 Cash and due from banks $229,474 $275,656 $250,841 $263,893 $268,929 
 Interest-bearing deposits with other banks 258,605 335,535 437,213 460,897 1,311,492 
    Cash and cash equivalents 488,079 611,191 688,054 724,790 1,580,421 
Federal funds sold3,925 1,550 — — 2,700 
Investment securities - available-for-sale,
     net of allowance for credit losses
3,472,173 3,645,013 3,772,138 4,041,590 4,085,102 
 Investment securities - held-to-maturity,
     net of allowance for credit losses
1,283,475 1,285,150 1,286,373 1,287,705 1,251,007 
    Total investment securities 4,755,648 4,930,163 5,058,511 5,329,295 5,336,109 
 Loans receivable 14,271,833 14,180,972 14,386,634 14,409,480 13,829,311 
 Allowance for credit losses (285,562)(285,683)(287,169)(289,669)(289,203)
    Loans receivable, net 13,986,271 13,895,289 14,099,465 14,119,811 13,540,108 
 Bank premises and equipment, net 397,093 397,315 402,094 405,073 411,479 
 Foreclosed assets held for sale 691 725 425 546 365 
 Cash value of life insurance 213,351 213,090 214,792 213,693 212,619 
 Accrued interest receivable 110,946 101,066 102,740 103,199 88,671 
 Deferred tax asset, net 222,741 206,430 193,334 209,321 228,979 
 Goodwill 1,398,253 1,398,253 1,398,253 1,398,253 1,394,353 
 Core deposit intangible51,023 53,500 55,978 58,455 60,932 
 Other assets 322,617 317,857 304,609 321,152 300,634 
    Total assets $21,950,638 $22,126,429 $22,518,255 $22,883,588 $23,157,370 
LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits:
    Demand and non-interest-bearing $4,280,429 $4,598,593 $4,945,729 $5,164,997 $5,540,539 
    Savings and interest-bearing transaction
        accounts
10,786,087 11,169,940 11,392,566 11,730,552 11,968,519 
    Time deposits 1,452,229 1,228,358 1,107,171 1,043,234 1,033,266 
       Total deposits 16,518,745 16,996,891 17,445,466 17,938,783 18,542,324 
 Securities sold under agreements to repurchase 160,120 160,349 138,742 131,146 121,555 
 FHLB and other borrowed funds 1,001,550 701,550 650,000 650,000 400,000 
 Accrued interest payable and other liabilities 175,367 173,426 212,887 196,877 192,908 
 Subordinated debentures 439,982 440,129 440,275 440,420 440,568 
    Total liabilities 18,295,764 18,472,345 18,887,370 19,357,226 19,697,355 
 Stockholders' equity
 Common stock 2,023 2,026 2,032 2,034 2,042 
 Capital surplus 2,363,210 2,366,560 2,375,754 2,386,699 2,404,388 
 Retained earnings 1,640,171 1,578,176 1,509,400 1,443,087 1,361,040 
 Accumulated other comprehensive loss(350,530)(292,678)(256,301)(305,458)(307,455)
    Total stockholders' equity 3,654,874 3,654,084 3,630,885 3,526,362 3,460,015 
     Total liabilities and stockholders' equity $21,950,638 $22,126,429 $22,518,255 $22,883,588 $23,157,370 



Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
 Quarter Ended Nine Months Ended
(In thousands)Sep 30,
2023
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
 Interest income:
   Loans $249,464 $243,152 $236,997 $221,280 $195,841 $729,613 $507,062 
   Investment securities
       Taxable 34,520 34,751 35,288 33,639 28,273 104,559 58,294 
       Tax-exempt 7,868 7,932 7,963 7,855 8,069 23,763 20,501 
   Deposits - other banks 2,328 3,729 4,685 10,109 10,763 10,742 19,001 
   Federal funds sold 82 68 12 156 13 
 Total interest income 294,262 289,632 284,939 272,895 242,955 868,833 604,871 
 Interest expense:
    Interest on deposits 78,698 70,147 59,162 47,019 23,347 208,007 38,970 
    Federal funds purchased — — — 
    FHLB and other borrowed funds 8,161 6,596 6,190 5,388 1,917 20,947 5,688 
    Securities sold under agreements to
        repurchase
1,344 1,121 868 701 434 3,333 729 
    Subordinated debentures 4,121 4,123 4,124 4,121 4,153 12,368 16,472 
 Total interest expense 92,325 81,989 70,344 57,229 29,851 244,658 61,861 
 Net interest income 201,937 207,643 214,595 215,666 213,104 624,175 543,010 
    Provision for credit losses on loans 2,800 2,300 1,200 5,000 — 6,300 45,170 
    (Recovery of) provision for credit losses on
        unfunded commitments
(1,500)— — — — (1,500)11,410 
    Provision for credit losses on investment
        securities
— 1,683 — — — 1,683 2,005 
 Total credit loss expense1,300 3,983 1,200 5,000 — 6,483 58,585 
 Net interest income after credit loss expense 200,637 203,660 213,395 210,666 213,104 617,692 484,425 
 Non-interest income:
    Service charges on deposit accounts 10,062 9,231 9,842 10,134 10,756 29,135 26,980 
    Other service charges and fees 10,128 11,763 11,875 10,363 13,951 33,766 34,225 
    Trust fees 4,660 4,052 4,864 3,981 3,980 13,576 8,874 
    Mortgage lending income 3,132 2,650 2,571 3,566 4,179 8,353 14,091 
    Insurance commissions 562 518 526 453 601 1,606 1,739 
    Increase in cash value of life insurance 1,170 1,211 1,104 1,079 1,089 3,485 2,721 
    Dividends from FHLB, FRB, FNBB & other 2,916 2,922 2,794 2,814 1,741 8,632 6,384 
    Gain on SBA loans 97 — 139 30 58 236 153 
    Gain (loss) on branches, equipment and other
       assets, net
— 917 10 (13)924 
    Gain on OREO, net — 319 — 13 — 319 487 
    Fair value adjustment for marketable
        securities
4,507 783 (11,408)1,032 (2,628)(6,118)(2,304)
    Other income 6,179 15,143 11,850 23,185 9,487 33,172 25,096 
 Total non-interest income 43,413 49,509 34,164 56,660 43,201 127,086 118,451 
 Non-interest expense:
    Salaries and employee benefits 64,512 64,534 64,490 64,249 65,290 193,536 174,636 
    Occupancy and equipment 15,463 14,923 14,952 14,884 15,133 45,338 38,533 
    Data processing expense 9,103 9,151 8,968 9,062 8,747 27,222 25,880 
    Merger and acquisition expenses — — — — — — 49,594 
    Other operating expenses 25,684 27,674 26,234 30,708 25,176 79,592 68,081 
 Total non-interest expense 114,762 116,282 114,644 118,903 114,346 345,688 356,724 
 Income before income taxes 129,288 136,887 132,915 148,423 141,959 399,090 246,152 
    Income tax expense30,835 31,616 29,953 32,736 33,254 92,404 56,577 
 Net income $98,453 $105,271 $102,962 $115,687 $108,705 $306,686 $189,575 



Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Quarter EndedNine Months Ended
(Dollars and shares in thousands, except per share data)Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Sep 30, 2023Sep 30, 2022
PER SHARE DATA
Diluted earnings per common share$0.49$0.52$0.51$0.57$0.53$1.51$0.99
Diluted earnings per common share, as adjusted
    (non-GAAP)(1)
0.470.510.540.530.541.511.40
Basic earnings per common share0.490.520.510.570.531.510.99
Dividends per share - common0.180.180.180.1650.1650.540.495
Book value per common share18.0618.0417.8717.3316.9418.0616.94
Tangible book value per common share
     (non-GAAP)(1)
10.9010.8710.7110.179.8210.909.82
STOCK INFORMATION
Average common shares outstanding202,526202,793203,456203,924204,829202,921191,584
Average diluted shares outstanding202,650202,923203,625204,179205,135203,068191,941
End of period common shares outstanding202,323202,573203,168203,434204,219202,323204,219
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)1.78 %1.90 %1.84 %1.98 %1.81 %1.84 %1.13 %
Return on average assets, as adjusted:
     (ROA, as adjusted) (non-GAAP)(1)
1.72 1.85 1.95 1.84 1.83 1.84 1.61 
Return on average assets excluding intangible
     amortization (non-GAAP)(1)
1.95 2.07 2.00 2.15 1.97 2.01 1.23 
Return on average assets, as adjusted, excluding
     intangible amortization (non-GAAP)(1)
1.87 2.02 2.12 2.00 1.99 2.00 1.74 
Return on average common equity (ROE)10.65 11.63 11.70 13.29 12.25 11.32 7.71 
Return on average common equity, as adjusted:
     (ROE, as adjusted) (non-GAAP)(1)
10.25 11.33 12.38 12.35 12.39 11.30 10.91 
Return on average tangible common equity
     (ROTCE) (non-GAAP)(1)
17.62 19.39 19.75 22.96 20.93 18.90 12.71 
Return on average tangible common equity, as adjusted:
     (ROTCE, as adjusted) (non-GAAP)(1)
16.95 18.90 20.90 21.33 21.16 18.87 18.00 
Return on average tangible common equity excluding
     intangible amortization (non-GAAP)(1)
17.95 19.74 20.11 23.33 21.29 19.24 13.03 
Return on average tangible common equity, as adjusted,
     excluding intangible amortization (non-GAAP)(1)
17.29 19.24 21.26 21.70 21.52 19.22 18.32 
(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 EndedNine Months Ended
(Dollars in thousands)Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Sep 30, 2023Sep 30, 2022
Efficiency ratio45.53 %44.00 %44.80 %42.44 %43.24 %44.76 %52.44 %
Efficiency ratio, as adjusted (non-GAAP)(1)
46.44 44.83 43.42 43.07 42.97 44.86 45.13 
Net interest margin - FTE (NIM)4.19 4.28 4.37 4.21 4.05 4.28 3.67 
Fully taxable equivalent adjustment$1,293$1,494$1,628$2,017$2,437$4,415$6,646
Total revenue (net)245,350257,152248,759272,326256,305751,261661,461
Pre-tax, pre-provision, net income (PPNR)
     (non-GAAP)(1)
130,588140,870134,115153,423141,959405,573304,737
PPNR, as adjusted (non-GAAP)(1)
125,743137,308142,062142,567143,522405,113350,576
Pre-tax net income to total revenue (net)52.70 %53.23 %53.43 %54.50 %55.39 %53.12 %37.21 %
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)
50.72 51.85 56.63 50.52 56.00 53.06 53.00 
P5NR ((Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)
53.23 54.78 53.91 56.34 55.39 53.99 46.07 
P5NR, as adjusted (non-GAAP)(1)
51.25 53.40 57.11 52.35 56.00 53.92 53.00 
Total purchase accounting accretion$2,431$2,660$3,172$3,497$4,578$8,263$12,844
Average purchase accounting loan discounts29,91532,54635,48238,55242,05032,65637,889
OTHER OPERATING EXPENSES
Hurricane expense$$$$176$$$
Advertising2,2952,0982,2312,5672,0246,6245,407
Amortization of intangibles2,4772,4782,4772,4782,4777,4326,376
Electronic banking expense3,7093,6753,3303,9143,82810,7149,718
Directors' fees4175384603583541,4151,133
Due from bank service charges282286273273316841982
FDIC and state assessment2,7943,2203,5002,2242,1469,5146,204
Insurance8789278891,0039592,6942,702
Legal and accounting1,5141,4361,0885,9621,5814,0383,439
Other professional fees2,1172,7742,2842,5522,4667,1756,329
Operating supplies8607637386906812,3612,430
Postage4915865016026141,5781,476
Telephone5445735285765931,6451,314
Other expense7,3068,3207,9357,3337,13723,56120,571
        Total other operating expenses $25,684$27,674$26,234$30,708$25,176$79,592$68,081
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.



Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars in thousands)Sep 30,
2023
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
BALANCE SHEET RATIOS
Total loans to total deposits86.40 %83.43 %82.47 %80.33 %74.58 %
Common equity to assets16.65 16.51 16.12 15.41 14.94 
Tangible common equity to tangible assets
     (non-GAAP)(1)
10.76 10.65 10.33 9.66 9.24 
LOANS RECEIVABLE
Real estate
Commercial real estate loans
     Non-farm/non-residential$5,614,259$5,480,738$5,524,125$5,632,063$5,156,438
Construction/land development2,154,0302,201,5142,160,5142,135,2662,232,906
Agricultural336,160340,067342,814346,811330,748
Residential real estate loans
Residential 1-4 family1,808,2481,790,2181,748,2311,748,5511,704,850
Multifamily residential444,239455,754637,633578,052525,110
Total real estate10,356,93610,268,29110,413,31710,440,7439,950,052
Consumer1,153,4611,156,2731,173,3251,149,8961,120,250
Commercial and industrial2,195,6782,288,6462,368,4282,349,2632,268,750
Agricultural332,608297,743250,851285,235313,693
Other233,150170,019180,713184,343176,566
Loans receivable$14,271,833$14,180,972$14,386,634$14,409,480$13,829,311
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period$285,683$287,169$289,669$289,203$294,267
Loans charged off3,4494,7264,2885,3796,313
Recoveries of loans previously charged off5289405888451,249
Net loans charged off2,9213,7863,7004,5345,064
Provision for credit losses - loans 2,8002,3001,2005,000
Balance, end of period$285,562$285,683$287,169$289,669$289,203
Net charge-offs to average total loans0.08 %0.11 %0.10 %0.13 %0.15 %
Allowance for credit losses to total loans2.00 2.01 2.00 2.01 2.09 
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans$84,184$49,627$65,401$51,011$56,796
Loans past due 90 days or more6,67410,8698,5679,8454,898
Total non-performing loans90,85860,49673,96860,85661,694
Other non-performing assets
Foreclosed assets held for sale, net691725425546365
Other non-performing assets64647474104
Total other non-performing assets755789499620469
Total non-performing assets$91,613$61,285$74,467$61,476$62,163
Allowance for credit losses for loans to non-performing loans314.29 %472.23 %388.23 %475.99 %468.77 %
Non-performing loans to total loans0.64 0.43 0.51 0.42 0.45 
Non-performing assets to total assets0.42 0.28 0.33 0.27 0.27 
(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
September 30, 2023June 30, 2023
(Dollars in thousands)Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
ASSETS
Earning assets
Interest-bearing balances due from banks$197,336 $2,328 4.68 %$320,039 $3,729 4.67 %
Federal funds sold4,859 82 6.70 5,350 68 5.10 
Investment securities - taxable3,598,513 34,520 3.81 3,718,320 34,751 3.75 
Investment securities - non-taxable - FTE1,272,680 9,034 2.82 1,280,781 9,332 2.92 
Loans receivable - FTE14,191,461 249,591 6.98 14,259,647 243,246 6.84 
Total interest-earning assets19,264,849 295,555 6.09 19,584,137 291,126 5.96 
Non-earning assets2,637,585 2,643,267 
Total assets$21,902,434 $22,227,404 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$10,923,936 $68,067 2.47 %$11,242,988 $62,637 2.23 %
Time deposits1,319,126 10,631 3.20 1,174,925 7,510 2.56 
Total interest-bearing deposits12,243,062 78,698 2.55 12,417,913 70,147 2.27 
     Federal funds purchased54 7.35 123 6.52 
     Securities sold under agreement to
         repurchase
154,687 1,344 3.45 143,969 1,121 3.12 
     FHLB borrowed funds773,345 8,161 4.19 679,445 6,596 3.89 
     Subordinated debentures440,054 4,121 3.72 440,201 4,123 3.76 
    Total interest-bearing liabilities13,611,202 92,325 2.69 13,681,651 81,989 2.40 
Non-interest bearing liabilities
Non-interest bearing deposits4,434,394 4,717,623 
Other liabilities189,499 197,936 
Total liabilities18,235,095 18,597,210 
Shareholders' equity3,667,339 3,630,194 
Total liabilities and shareholders' equity$21,902,434 $22,227,404 
Net interest spread3.40 %3.56 %
Net interest income and margin - FTE$203,230 4.19 $209,137 4.28 



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Nine Months Ended
September 30, 2023September 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$313,637 $10,742 4.58 %$2,899,620 $19,001 0.88 %
Federal funds sold3,577 156 5.83 1,593 13 1.09 
Investment securities - taxable3,726,710 104,559 3.75 3,442,854 58,294 2.26 
Investment securities - non-taxable - FTE1,280,947 27,848 2.91 1,139,628 26,709 3.13 
Loans receivable - FTE14,307,358 729,943 6.82 12,547,275 507,500 5.41 
Total interest-earning assets19,632,229 873,248 5.95 20,030,970 611,517 4.08 
Non-earning assets2,640,096 2,308,827 
Total assets$22,272,325 $22,339,797 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$11,246,350 $185,560 2.21 %$11,420,566 $36,031 0.42 %
Time deposits1,189,620 22,447 2.52 1,035,340 2,939 0.38 
Total interest-bearing deposits12,435,970 208,007 2.24 12,455,906 38,970 0.42 
     Federal funds purchased59 6.80 294 0.91 
     Securities sold under agreement to
         repurchase
144,603 3,333 3.08 129,076 729 0.76 
     FHLB and other borrowed funds701,748 20,947 3.99 400,004 5,688 1.90 
     Subordinated debentures440,199 12,368 3.76 540,175 16,472 4.08 
    Total interest-bearing liabilities13,722,579 244,658 2.38 13,525,455 61,861 0.61 
Non-interest bearing liabilities
Non-interest bearing deposits4,729,515 5,363,770 
Other liabilities197,498 161,402 
Total liabilities18,649,592 19,050,627 
Shareholders' equity3,622,733 3,289,170 
Total liabilities and shareholders' equity$22,272,325 $22,339,797 
Net interest spread3.57 %3.47 %
Net interest income and margin - FTE$628,590 4.28 $549,656 3.67 



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
 Quarter EndedNine Months Ended
(Dollars and shares in thousands,
except per share data)
Sep 30,
2023
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)$98,453$105,271$102,962$115,687$108,705$306,686$189,575
Pre-tax adjustments
BOLI death benefits(338)(2,779)(3,117)
Merger and acquisition expenses49,594
Initial provision for credit losses - acquisition58,585
Fair value adjustment for marketable securities(4,507)(783)11,408(1,032)2,6286,1182,304
Special dividend from equity investment(1,434)
TRUPS redemption fees2,081
Special lawsuit settlement, net of expense(10,000)
Recoveries on historic losses(3,461)(1,065)(3,461)(6,706)
Hurricane expense176
Total pre-tax adjustments(4,845)(3,562)7,947(10,856)1,563(460)104,424
Tax-effect of adjustments(1,112)(879)1,961(2,679)393(30)25,569
Total adjustments after-tax (B)(3,733)(2,683)5,986(8,177)1,170(430)78,855
Earnings, as adjusted (C)$94,720$102,588$108,948$107,510$109,875$306,256$268,430
Average diluted shares outstanding (D)202,650202,923203,625204,179205,135203,068191,941
GAAP diluted earnings per share: (A/D)$0.49$0.52$0.51$0.57$0.53$1.51$0.99
Adjustments after-tax: (B/D)(0.02)(0.01)0.03(0.04)0.010.41
Diluted earnings per common share, as adjusted: (C/D)$0.47$0.51$0.54$0.53$0.54$1.51$1.40
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)1.78 %1.90 %1.84 %1.98 %1.81 %1.84 %1.13 %
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)1.72 1.85 1.95 1.84 1.83 1.84 1.61 
Return on average assets excluding intangible amortization: ((A+C)/(E-F))1.95 2.07 2.00 2.15 1.97 2.01 1.23 
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))1.87 2.02 2.12 2.00 1.99 2.00 1.74 
GAAP net income available to common shareholders (A)$98,453$105,271$102,962$115,687$108,705$306,686$189,575
Amortization of intangibles (B)2,4772,4782,4772,4782,4777,4326,376
Amortization of intangibles after-tax (C)1,8661,8661,8661,8661,8545,5984,757
Adjustments after-tax (D)(3,733)(2,683)5,986(8,177)1,170(430)78,855
Average assets (E)21,902,43422,227,40422,695,85523,187,00523,778,76922,272,32522,339,797
Average goodwill & core deposit intangible (F)1,450,4781,452,9511,455,4231,454,6391,459,0341,452,9331,294,971



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
 Quarter EndedNine Months Ended
(Dollars in thousands)Sep 30,
2023
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)10.65 %11.63 %11.70 %13.29 %12.25 %11.32 %7.71 %
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)10.25 11.33 12.38 12.35 12.39 11.30 10.91 
Return on average tangible common equity:
    (A/(D-E))
17.62 19.39 19.75 22.96 20.93 18.90 12.71 
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))16.95 18.90 20.90 21.33 21.16 18.87 18.00 
Return on average tangible common equity excluding intangible amortization: (B/(D-E))17.95 19.74 20.11 23.33 21.29 19.24 13.03 
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))17.29 19.24 21.26 21.70 21.52 19.22 18.32 
GAAP net income available to common shareholders (A)$98,453$105,271$102,962$115,687$108,705$306,686$189,575
Earnings excluding intangible amortization (B)100,319107,137104,828117,553110,559312,284194,332
Adjustments after-tax (C)(3,733)(2,683)5,986(8,177)1,170(430)78,855
Average common equity (D)3,667,3393,630,1943,569,5923,454,0053,519,2963,622,7333,289,170
Average goodwill & core deposits intangible (E)1,450,4781,452,9511,455,4231,454,6391,459,0341,452,9331,294,971
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))45.53 %44.00 %44.80 %42.44 %43.24 %44.76 %52.44 %
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))46.44 44.83 43.42 43.07 42.97 44.86 45.13 
Pre-tax net income to total revenue (net) (A/(B+C))52.70 53.23 53.43 54.50 55.39 53.12 37.21 
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))50.72 51.85 56.63 50.52 56.00 53.06 53.00 
Pre-tax, pre-provision, net income (PPNR) (B+C-D)$130,588$140,870$134,115$153,423$141,959$405,573$304,737
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)125,743137,308142,062142,567143,522405,113350,576
P5NR ((Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)
53.23 %54.78 %53.91 %56.34 %55.39 %53.99 %46.07 %
P5NR, as adjusted (B+C-D+F-G)/(B+C)
51.25 53.40 57.11 52.35 56.00 53.92 53.00 
Pre-tax net income (A)$129,288$136,887$132,915$148,423$141,959$399,090$246,152
Net interest income (B)201,937207,643214,595215,666213,104624,175543,010
Non-interest income (C)43,41349,50934,16456,66043,201127,086118,451
Non-interest expense (D)114,762116,282114,644118,903114,346345,688356,724
Fully taxable equivalent adjustment (E)1,2931,4941,6282,0172,4374,4156,646
Total pre-tax adjustments (F)(4,845)(3,562)7,947(10,856)1,563(460)104,424
Initial provision for credit losses - acquisition (G)58,585
Amortization of intangibles (H)2,4772,4782,4772,4782,4777,4326,376
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities$4,507$783$(11,408)$1,032$(2,628)$(6,118)$(2,304)
Gain on OREO31913319487
Gain (loss) on branches, equipment and other assets, net917710(13)9245
Special dividend from equity investment1,434
Lawsuit settlement - special lawsuit15,000
BOLI death benefits3382,7793,117
Recoveries on historic losses3,4611,0653,4616,706
Total non-interest income adjustments (I)$4,845$4,798$(7,940)$16,055$(1,576)$1,703$6,328
Non-interest expense:
Merger and acquisition expenses49,594
Hurricane expense176
Legal expense - special lawsuit