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

Quarterly Highlights

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

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

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

Liquidity and Funding Sources

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

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.47 billion in net available external liquidity as of December 31, 2023. This included $4.63 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.93 billion has been drawn upon in the ordinary course of business, resulting in $2.69 billion in net available liquidity with the FHLB as of December 31, 2023. The $1.93 billion consisted of $600.0 million in outstanding FHLB advances and $1.33 billion used for pledging purposes. The Company also had access to approximately $1.37 billion in liquidity with the FRB as of December 31, 2023, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $674.3 million in net available liquidity with the FRB as of December 31, 2023. The $674.3 million consisted of $89.8 million available from the Discount Window and $584.5 million available through the Bank Term Funding Program (BTFP). As of December 31, 2023, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB) and $45.0 million from other various external sources.

Overall, the Company had $5.59 billion in net available liquidity as of December 31, 2023, which consisted of $2.12 billion of net available internal liquidity and $3.47 billion in net available external liquidity. Details on the Company’s available liquidity as of December 31, 2023 is available below.

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

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of December 31, 2023, the Company held approximately $8.34 billion in uninsured deposits of which $595.5 million were intercompany subsidiary deposit balances and $3.03 billion were collateralized deposits, for a net position of $4.72 billion. This represents approximately 28.1% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $867.6 million.

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

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

Operating Highlights

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

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

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

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

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

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

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

Financial Condition

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

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

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

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

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

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

Branches

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

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, January 18, 2024. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/569988317. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=d3aae28a&confId=59075. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 335279. A replay of the call will be available by calling 1-866-813-9403, Passcode: 758279, which will be available until January 25, 2024, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

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

Non-GAAP Financial Measures

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

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “on track” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic or other public health crises, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023 and our Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, filed with the SEC on May 5, 2023, August 4, 2023 and November 6, 2023, respectively.

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

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


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


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


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


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


Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Three Months Ended
    December 31, 2023   September 30, 2023
(Dollars in thousands)   Average
Balance
  Income/
Expense
  Yield/
Rate
  Average
Balance
  Income/
Expense
  Yield/
Rate
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 337,821   $ 4,281   5.03 %   $ 197,336   $ 2,328   4.68 %
Federal funds sold     4,716     65   5.47 %     4,859     82   6.70 %
Investment securities - taxable     3,444,715     34,016   3.92 %     3,598,513     34,520   3.81 %
Investment securities - non-taxable - FTE     1,263,567     8,880   2.79 %     1,272,680     9,034   2.82 %
Loans receivable - FTE     14,336,613     260,069   7.20 %     14,191,461     249,591   6.98 %
Total interest-earning assets     19,387,432     307,311   6.29 %     19,264,849     295,555   6.09 %
Non-earning assets     2,669,008             2,637,585        
Total assets   $ 22,056,440           $ 21,902,434        
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Liabilities                        
Interest-bearing liabilities                        
     Savings and interest-bearing transaction accounts   $ 10,912,668   $ 73,026   2.65 %   $ 10,923,936   $ 68,067   2.47 %
         Time deposits     1,564,682     14,945   3.79 %     1,319,126     10,631   3.20 %
             Total interest-bearing deposits     12,477,350     87,971   2.80 %     12,243,062     78,698   2.55 %
     Federal funds purchased           %     54     1   7.35 %
     Securities sold under agreement to repurchase     162,102     1,480   3.62 %     154,687     1,344   3.45 %
     FHLB borrowed funds     905,689     9,878   4.33 %     773,345     8,161   4.19 %
     Subordinated debentures     439,906     4,121   3.72 %     440,054     4,121   3.72 %
             Total interest-bearing liabilities     13,985,047     103,450   2.93 %     13,611,202     92,325   2.69 %
Non-interest bearing liabilities                        
     Non-interest bearing deposits     4,212,665             4,434,394        
     Other liabilities     202,008             189,499        
Total liabilities     18,399,720             18,235,095        
Shareholders' equity     3,656,720             3,667,339        
Total liabilities and shareholders' equity   $ 22,056,440           $ 21,902,434        
Net interest spread           3.36 %           3.40 %
Net interest income and margin - FTE       $ 203,861   4.17 %       $ 203,230   4.19 %
                         


Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Year Ended
    December 31, 2023   December 31, 2022
(Dollars in thousands)   Average
Balance
  Income/
Expense
  Yield/
Rate
  Average
Balance
  Income/
Expense
  Yield/
Rate
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 319,733   $ 15,023   4.70 %   $ 2,444,541   $ 29,110   1.19 %
Federal funds sold     3,864     221   5.72 %     1,519     25   1.65 %
Investment securities - taxable     3,655,632     138,575   3.79 %     3,582,664     91,933   2.57 %
Investment securities - non-taxable - FTE     1,276,566     36,727   2.88 %     1,178,561     36,363   3.09 %
Loans receivable - FTE     14,314,732     990,013   6.92 %     12,940,998     728,998   5.63 %
Total interest-earning assets     19,570,527     1,180,559   6.03 %     20,148,283     886,429   4.40 %
Non-earning assets     2,647,383             2,405,057        
Total assets   $ 22,217,910           $ 22,553,340        
                         
LIABILITIES AND SHAREHOLDERS' EQUITY                          
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,162,244   $ 258,586   2.32 %   $ 11,520,781   $ 81,061   0.70 %
Time deposits     1,284,156     37,392   2.91 %     1,033,431     4,928   0.48 %
Total interest-bearing deposits     12,446,400     295,978   2.38 %     12,554,212     85,989   0.68 %
Federal funds purchased     44     3   6.82 %     220     2   0.91 %
Securities sold under agreement to repurchase   149,014     4,813   3.23 %     129,006     1,430   1.11 %
FHLB borrowed funds     753,152     30,825   4.09 %     473,839     11,076   2.34 %
Subordinated debentures     440,125     16,489   3.75 %     515,049     20,593   4.00 %
Total interest-bearing liabilities     13,788,735     348,108   2.52 %     13,672,326     119,090   0.87 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,599,241             5,378,906        
Other liabilities     198,634             171,390        
Total liabilities     18,586,610             19,222,622        
Shareholders' equity     3,631,300             3,330,718        
Total liabilities and shareholders' equity   $ 22,217,910           $ 22,553,340        
Net interest spread           3.51 %           3.53 %
Net interest income and margin - FTE       $ 832,451   4.25 %       $ 767,339   3.81 %
                         


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


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


 Home BancShares, Inc.
 Non-GAAP Reconciliations
 (Unaudited)
                   
  Quarter Ended
  Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Dec. 31, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE                  
Book value per common share: (A/B) $ 18.81     $ 18.06     $ 18.04     $ 17.87     $ 17.33  
Tangible book value per common share: ((A-C-D)/B)   11.63       10.90       10.87       10.71       10.17