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:

Metric Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 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 capital 14.0% 13.6% 13.2% 12.9% 13.0%
Leverage 12.4% 11.9% 11.4% 10.9% 10.4%
Tier 1 capital 14.0% 13.6% 13.2% 12.9% 13.0%
Total risk-based capital 17.6% 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) 10.90 10.87 10.71 10.17 9.82

(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 Available   Amount Used   Net Availability
Internal Sources          
Unpledged investment securities (market value) $ 1,382,775     $     $ 1,382,775  
Cash at FRB   228,114             228,114  
Other liquid cash accounts   172,708             172,708  
Total Internal Liquidity   1,783,597             1,783,597  
External Sources          
FHLB   5,089,340       1,995,990       3,093,350  
FRB Discount Window   80,919             80,919  
BTFP (par value)   1,309,205       250,000       1,059,205  
FNBB   55,000             55,000  
Other   45,000             45,000  
Total External Liquidity   6,579,464       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 ofSeptember 30, 2023
Uninsured Deposits $ 7,952,922  
Intercompany Subsidiary and Affiliate Balances   568,511  
Collateralized Deposits   2,650,369  
Net Uninsured Position $ 4,734,042  
   
Total Available Liquidity $ 6,117,071  
Net Uninsured Position   4,734,042  
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 TownsellDirector of Investor RelationsHome 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 sold     3,925       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 intangible     51,023       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                    
                     
Liabilities                    
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       6       12       9       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     1       2                         3       2  
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 expense     1,300       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       7       10       (13 )     924       5  
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 expense     30,835       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 Ended   Nine 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
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)     0.47       0.51       0.54       0.53       0.54       1.51       1.40  
Basic earnings per common share     0.49       0.52       0.51       0.57       0.53       1.51       0.99  
Dividends per share - common     0.18       0.18       0.18       0.165       0.165       0.54       0.495  
Book value per common share     18.06       18.04       17.87       17.33       16.94       18.06       16.94  
Tangible book value per common share (non-GAAP)(1)     10.90       10.87       10.71       10.17       9.82       10.90       9.82  
                             
STOCK INFORMATION                            
Average common shares outstanding     202,526       202,793       203,456       203,924       204,829       202,921       191,584  
Average diluted shares outstanding     202,650       202,923       203,625       204,179       205,135       203,068       191,941  
End of period common shares outstanding     202,323       202,573       203,168       203,434       204,219       202,323       204,219  
                             
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 Ended   Nine 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
Efficiency ratio     45.53 %     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)     245,350       257,152       248,759       272,326       256,305       751,261       661,461  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     130,588       140,870       134,115       153,423       141,959       405,573       304,737  
PPNR, as adjusted (non-GAAP)(1)     125,743       137,308       142,062       142,567       143,522       405,113       350,576  
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 discounts     29,915       32,546       35,482       38,552       42,050       32,656       37,889  
                             
OTHER OPERATING EXPENSES                            
                             
Hurricane expense   $     $     $     $ 176     $     $     $  
Advertising     2,295       2,098       2,231       2,567       2,024       6,624       5,407  
Amortization of intangibles     2,477       2,478       2,477       2,478       2,477       7,432       6,376  
Electronic banking expense     3,709       3,675       3,330       3,914       3,828       10,714       9,718  
Directors' fees     417       538       460       358       354       1,415       1,133  
Due from bank service charges     282       286       273       273       316       841       982  
FDIC and state assessment     2,794       3,220       3,500       2,224       2,146       9,514       6,204  
Insurance     878       927       889       1,003       959       2,694       2,702  
Legal and accounting     1,514       1,436       1,088       5,962       1,581       4,038       3,439  
Other professional fees     2,117       2,774       2,284       2,552       2,466       7,175       6,329  
Operating supplies     860       763       738       690       681       2,361       2,430  
Postage     491       586       501       602       614       1,578       1,476  
Telephone     544       573       528       576       593       1,645       1,314  
Other expense     7,306       8,320       7,935       7,333       7,137       23,561       20,571  
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 deposits     86.40 %     83.43 %     82.47 %     80.33 %     74.58 %
Common equity to assets     16.65 %     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 development     2,154,030       2,201,514       2,160,514       2,135,266       2,232,906  
Agricultural     336,160       340,067       342,814       346,811       330,748  
Residential real estate loans                    
Residential 1-4 family     1,808,248       1,790,218       1,748,231       1,748,551       1,704,850  
Multifamily residential     444,239       455,754       637,633       578,052       525,110  
Total real estate     10,356,936       10,268,291       10,413,317       10,440,743       9,950,052  
Consumer     1,153,461       1,156,273       1,173,325       1,149,896       1,120,250  
Commercial and industrial     2,195,678       2,288,646       2,368,428       2,349,263       2,268,750  
Agricultural     332,608       297,743       250,851       285,235       313,693  
Other     233,150       170,019       180,713       184,343       176,566  
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 off     3,449       4,726       4,288       5,379       6,313  
Recoveries of loans previously charged off     528       940       588       845       1,249  
Net loans charged off     2,921       3,786       3,700       4,534       5,064  
Provision for credit losses - loans     2,800       2,300       1,200       5,000        
Balance, end of period   $ 285,562     $ 285,683     $ 287,169     $ 289,669     $ 289,203  
Net charge-offs to average total loans     0.08 %     0.11 %     0.10 %     0.13 %     0.15 %
Allowance for credit losses to total loans     2.00 %     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 more     6,674       10,869       8,567       9,845       4,898  
Total non-performing loans     90,858       60,496       73,968       60,856       61,694  
Other non-performing assets                    
Foreclosed assets held for sale, net     691       725       425       546       365  
Other non-performing assets     64       64       74       74       104  
Total other non-performing assets     755       789       499       620       469  
Total non-performing assets   $ 91,613     $ 61,285     $ 74,467     $ 61,476     $ 62,163  
Allowance for credit losses for loans to non-performing loans     314.29 %     472.23 %     388.23 %     475.99 %     468.77 %
Non-performing loans to total loans     0.64 %     0.43 %     0.51 %     0.42 %     0.45 %
Non-performing assets to total assets     0.42 %     0.28 %     0.33 %     0.27 %     0.27 %
                     
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Three Months Ended
    September 30, 2023   June 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 sold     4,859       82       6.70 %     5,350       68       5.10 %
Investment securities - taxable     3,598,513       34,520       3.81 %     3,718,320       34,751       3.75 %
Investment securities - non-taxable - FTE     1,272,680       9,034       2.82 %     1,280,781       9,332       2.92 %
Loans receivable - FTE     14,191,461       249,591       6.98 %     14,259,647       243,246       6.84 %
Total interest-earning assets     19,264,849       295,555       6.09 %     19,584,137       291,126       5.96 %
Non-earning assets     2,637,585               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 deposits     1,319,126       10,631       3.20 %     1,174,925       7,510       2.56 %
Total interest-bearing deposits     12,243,062       78,698       2.55 %     12,417,913       70,147       2.27 %
Federal funds purchased     54       1       7.35 %     123       2       6.52 %
Securities sold under agreement to repurchase     154,687       1,344       3.45 %     143,969       1,121       3.12 %
FHLB borrowed funds     773,345       8,161       4.19 %     679,445       6,596       3.89 %
Subordinated debentures     440,054       4,121       3.72 %     440,201       4,123       3.76 %
Total interest-bearing liabilities     13,611,202       92,325       2.69 %     13,681,651       81,989       2.40 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,434,394               4,717,623          
Other liabilities     189,499               197,936          
Total liabilities     18,235,095               18,597,210          
Shareholders' equity     3,667,339               3,630,194          
Total liabilities and shareholders' equity   $ 21,902,434             $ 22,227,404          
Net interest spread             3.40 %             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, 2023   September 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 sold     3,577       156       5.83 %     1,593       13       1.09 %
Investment securities - taxable     3,726,710       104,559       3.75 %     3,442,854       58,294       2.26 %
Investment securities - non-taxable - FTE     1,280,947       27,848       2.91 %     1,139,628       26,709       3.13 %
Loans receivable - FTE     14,307,358       729,943       6.82 %     12,547,275       507,500       5.41 %
Total interest-earning assets     19,632,229       873,248       5.95 %     20,030,970       611,517       4.08 %
Non-earning assets     2,640,096               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 deposits     1,189,620       22,447       2.52 %     1,035,340       2,939       0.38 %
Total interest-bearing deposits     12,435,970       208,007       2.24 %     12,455,906       38,970       0.42 %
Federal funds purchased     59       3       6.80 %     294       2       0.91 %
Securities sold under agreement to repurchase     144,603       3,333       3.08 %     129,076       729       0.76 %
FHLB borrowed funds     701,748       20,947       3.99 %     400,004       5,688       1.90 %
Subordinated debentures     440,199       12,368       3.76 %     540,175       16,472       4.08 %
Total interest-bearing liabilities     13,722,579       244,658       2.38 %     13,525,455       61,861       0.61 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,729,515               5,363,770          
Other liabilities     197,498               161,402          
Total liabilities     18,649,592               19,050,627          
Shareholders' equity     3,622,733               3,289,170          
Total liabilities and shareholders' equity   $ 22,272,325             $ 22,339,797          
Net interest spread             3.57 %             3.47 %
Net interest income and margin - FTE       $ 628,590       4.28 %       $ 549,656       3.67 %
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Nine 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 expenses                                         49,594  
Initial provision for credit losses - acquisition                                         58,585  
Fair value adjustment for marketable securities     (4,507 )     (783 )     11,408       (1,032 )     2,628       6,118       2,304  
Special dividend from equity investment                                         (1,434 )
TRUPS redemption fees                                         2,081  
Special lawsuit settlement, net of expense                       (10,000 )                  
Recoveries on historic losses                 (3,461 )           (1,065 )     (3,461 )     (6,706 )
Hurricane expense                       176                    
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)     202,650       202,923       203,625       204,179       205,135       203,068       191,941  
                             
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 )     0.01       0.00       0.41  
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 %
Return on average assets excluding excess liquidity: (A/(E-G))     1.78 %     1.98 %     1.99 %     2.28 %     2.10 %     1.87 %     1.29 %
Return on average assets, as adjusted, excluding excess liquidity: ((A+D)/(E-G))     1.71 %     1.93 %     2.11 %     2.12 %     2.13 %     1.86 %     1.83 %
                             
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)     2,477       2,478       2,477       2,478       2,477       7,432       6,376  
Amortization of intangibles after-tax (C)     1,866       1,866       1,866       1,866       1,854       5,598       4,757  
Adjustments after-tax (D)     (3,733 )     (2,683 )     5,986       (8,177 )     1,170       (430 )     78,855  
Average assets (E)     21,902,434       22,227,404       22,695,855       23,187,005       23,778,769       22,272,325       22,339,797  
Average goodwill & core deposit intangible (F)     1,450,478       1,452,951       1,455,423       1,454,639       1,459,034       1,452,933       1,294,971  
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Nine 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)     100,319       107,137       104,828       117,553       110,559       312,284       194,332  
Adjustments after-tax (C)     (3,733 )     (2,683 )     5,986       (8,177 )     1,170       (430 )     78,855  
Average common equity (D)     3,667,339       3,630,194       3,569,592       3,454,005       3,519,296       3,622,733       3,289,170  
Average goodwill & core deposits intangible (E)     1,450,478       1,452,951       1,455,423       1,454,639       1,459,034       1,452,933       1,294,971  
                             
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)   $ 125,743     $ 137,308     $ 142,062     $ 142,567     $ 143,522     $ 405,113     $ 350,576  
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)     201,937       207,643       214,595       215,666       213,104       624,175       543,010  
Non-interest income (C)     43,413       49,509       34,164       56,660       43,201       127,086       118,451  
Non-interest expense (D)     114,762       116,282       114,644       118,903       114,346       345,688       356,724  
Fully taxable equivalent adjustment (E)     1,293       1,494       1,628       2,017       2,437       4,415       6,646  
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)     2,477       2,478       2,477       2,478       2,477       7,432       6,376  
                             
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 OREO           319             13             319       487  
Gain (loss) on branches, equipment and other assets, net           917       7       10       (13 )     924       5  
Special dividend from equity investment                                         1,434  
BOLI death benefits     338       2,779                         3,117        
Lawsuit settlement - special lawsuit                       15,000                    
Recoveries on historic losses                 3,461             1,065       3,461       6,706  
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 expenses                                         49,594  
Hurricane expense                       176                    
Legal expense - special lawsuit                       5,000                    
TRUPS redemption fees                                         2,081  
Total non-interest expense adjustments (J)   $     $     $     $ 5,176     $     $     $ 51,675  
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                     
    Quarter Ended
    Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Dec. 31, 2022   Sep. 30, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE                    
Book value per common share: (A/B)   $ 18.06     $ 18.04     $ 17.87     $ 17.33     $ 16.94  
Tangible book value per common share: ((A-C-D)/B)     10.90       10.87       10.71       10.17       9.82  
                     
Total stockholders' equity (A)   $ 3,654,874     $ 3,654,084     $ 3,630,885     $ 3,526,362     $ 3,460,015  
End of period common shares outstanding (B)     202,323       202,573       203,168       203,434       204,219  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,394,353  
Core deposit and other intangibles (D)     51,023       53,500       55,978       58,455       60,932  
                     
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
Equity to assets: (B/A)     16.65 %     16.51 %     16.12 %     15.41 %     14.94 %
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     10.76 %     10.65 %     10.33 %     9.66 %     9.24 %
                     
Total assets (A)   $ 21,950,638     $ 22,126,429     $ 22,518,255     $ 22,883,588     $ 23,157,370  
Total stockholders' equity (B)     3,654,874       3,654,084       3,630,885       3,526,362       3,460,015  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,394,353  
Core deposit and other intangibles (D)     51,023       53,500       55,978       58,455       60,932  

 

 

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