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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________
FORM 8-K
_________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 18, 2024
_________________________________
HOME BANCSHARES, INC.
(Exact name of Registrant as Specified in Its Charter)
_________________________________
Arkansas001-4109371-0682831
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
719 Harkrider, Suite 100
ConwayArkansas 72032
(Address of Principal Executive Offices) (Zip Code)
(501339-2929
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHOMBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02    Results of Operations and Financial Condition.
Home BancShares, Inc. (the “Company”) hereby furnishes its January 18, 2024 press release announcing fourth quarter 2023 earnings, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 7.01    Regulation FD Disclosure.
See Item 2.02. Results of Operations and Financial Condition.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Home BancShares, Inc.
Date:January 18, 2024By:/s/ Jennifer C. Floyd
Jennifer C. Floyd
Chief Accounting Officer


EXHIBIT 99.1
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For Immediate Release:January 18, 2024
Results of West Texas Headwinds and FDIC Surprise 4th Quarter Assessment Only Things
Standing Between HOMB and Expected 2023 Goal of $400 Million Plus
Conway, AR – Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.
Quarterly Highlights
MetricQ4 2023Q3 2023Q2 2023Q1 2023Q4 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)
0.480.490.520.510.57
Non-performing assets to total assets
0.42%
0.42%
0.28%0.33%0.27%
Common equity tier 1 capital14.2%14.0%13.6%13.2%12.9%
Leverage12.4%12.4%11.9%11.4%10.9%
Tier 1 capital14.2%14.0%13.6%13.2%12.9%
Total risk-based capital17.8%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)
11.6310.9010.8710.7110.17
(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 AvailableAmount UsedNet Availability
Internal Sources
Unpledged investment securities (market value)$1,214,352 $— $1,214,352 
Cash at FRB732,412 — 732,412 
Other liquid cash accounts177,191 — 177,191 
   Total Internal Liquidity2,123,955 — 2,123,955 
External Sources
FHLB4,625,496 1,932,490 2,693,006 
FRB Discount Window89,823 — 89,823 
BTFP (par value)1,284,507 700,000 584,507 
FNBB55,000 — 55,000 
Other45,000 — 45,000 
    Total External Liquidity6,099,826 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 Balances595,539 
Collateralized Deposits3,025,358 
Net Uninsured Position$4,723,673 
Total Available Liquidity$5,591,291 
Net Uninsured Position4,723,673 
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 sold5,100 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 intangible48,770 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
 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 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 — — — 
    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 expense5,650 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 10 1,507 15 
    Gain on OREO, net 13 — 319 — 13 332 500 
    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 expense26,550 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 EndedYear Ended
(Dollars and shares in thousands, except per share data)Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Dec 31, 2023Dec 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)
0.460.470.510.540.531.971.93
Diluted earnings per common share, excluding FDIC special assessment (non-GAAP)(1)
0.480.490.520.510.571.991.57
Basic earnings per common share0.430.490.520.510.571.941.57
Dividends per share - common0.180.180.180.180.1650.720.66
Book value per common share18.8118.0618.0417.8717.3318.8117.33
Tangible book value per common share
     (non-GAAP)(1)
11.6310.9010.8710.7110.1711.6310.17
STOCK INFORMATION
Average common shares outstanding201,756202,526202,793203,456203,924202,627194,694
Average diluted shares outstanding201,891202,650202,923203,625204,179202,773195,019
End of period common shares outstanding201,526202,323202,573203,168203,434201,526203,434
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 EndedYear Ended
(Dollars in thousands)Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Dec 31, 2023Dec 31, 2022
Efficiency ratio50.64 %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)245,618245,350257,152248,759272,326996,879933,787
Pre-tax, pre-provision, net income (PPNR)
     (non-GAAP)(1)
118,443130,588140,870134,115153,423524,016458,160
PPNR, as adjusted (non-GAAP)(1)
126,402125,743137,308142,062142,567531,515493,143
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 discounts27,39729,91532,54635,48238,55231,33438,055
OTHER OPERATING EXPENSES
Hurricane expense$$$$$176$$176
Advertising2,2262,2952,0982,2312,5678,8507,974
Amortization of intangibles2,2532,4772,4782,4772,4789,6858,853
Electronic banking expense3,5993,7093,6753,3303,91414,31313,632
Directors' fees3994175384603581,8141,491
Due from bank service charges2742822862732731,1151,255
FDIC and state assessment16,0162,7943,2203,5002,22425,5308,428
Insurance8738789278891,0033,5673,705
Legal and accounting1,1921,5141,4361,0885,9625,2309,401
Other professional fees1,6402,1172,7742,2842,5528,8158,881
Operating supplies7778607637386903,1383,120
Postage5034915865016022,0812,078
Telephone5155445735285762,1601,890
Other expense9,4067,3068,3207,9357,33332,96727,905
        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 deposits85.92 %86.40 %83.43 %82.47 %80.33 %
Common equity to assets16.73 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 development2,293,0472,154,0302,201,5142,160,5142,135,266
Agricultural325,156336,160340,067342,814346,811
Residential real estate loans
Residential 1-4 family1,844,2601,808,2481,790,2181,748,2311,748,551
Multifamily residential435,736444,239455,754637,633578,052
Total real estate10,448,15310,356,93610,268,29110,413,31710,440,743
Consumer1,153,6901,153,4611,156,2731,173,3251,149,896
Commercial and industrial2,324,9912,195,6782,288,6462,368,4282,349,263
Agricultural307,327332,608297,743250,851285,235
Other190,567233,150170,019180,713184,343
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 off3,5923,4494,7264,2885,379
Recoveries of loans previously charged off614528940588845
Net loans charged off2,9782,9213,7863,7004,534
Provision for credit losses - loans 5,6502,8002,3001,2005,000
Balance, end of period$288,234$285,562$285,683$287,169$289,669
Net charge-offs to average total loans0.08 %0.08 %0.11 %0.10 %0.13 %
Allowance for credit losses to total loans2.00 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 more4,1306,67410,8698,5679,845
Total non-performing loans64,10190,85860,49673,96860,856
Other non-performing assets
Foreclosed assets held for sale, net30,486691725425546
Other non-performing assets78564647474
Total other non-performing assets31,271755789499620
Total non-performing assets$95,372$91,613$61,285$74,467$61,476
Allowance for credit losses for loans to non-performing loans449.66 %314.29 %472.23 %388.23 %475.99 %
Non-performing loans to total loans0.44 0.64 0.43 0.51 0.42 
Non-performing assets to total assets0.42 0.42 0.28 0.33 0.27 
(1) Calculation of this metric and the reconciliation to GAAP is included in the schedules accompanying this release.



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
December 31, 2023September 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 sold4,716 65 5.47 4,859 82 6.70 
Investment securities - taxable3,444,715 34,016 3.92 3,598,513 34,520 3.81 
Investment securities - non-taxable - FTE1,263,567 8,880 2.79 1,272,680 9,034 2.82 
Loans receivable - FTE14,336,613 260,069 7.20 14,191,461 249,591 6.98 
Total interest-earning assets19,387,432 307,311 6.29 19,264,849 295,555 6.09 
Non-earning assets2,669,008 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 deposits1,564,682 14,945 3.79 1,319,126 10,631 3.20 
Total interest-bearing deposits12,477,350 87,971 2.80 12,243,062 78,698 2.55 
     Federal funds purchased— — — 54 7.35 
     Securities sold under agreement to
         repurchase
162,102 1,480 3.62 154,687 1,344 3.45 
     FHLB and other borrowed funds905,689 9,878 4.33 773,345 8,161 4.19 
     Subordinated debentures439,906 4,121 3.72 440,054 4,121 3.72 
    Total interest-bearing liabilities13,985,047 103,450 2.93 13,611,202 92,325 2.69 
Non-interest bearing liabilities
Non-interest bearing deposits4,212,665 4,434,394 
Other liabilities202,008 189,499 
Total liabilities18,399,720 18,235,095 
Shareholders' equity3,656,720 3,667,339 
Total liabilities and shareholders' equity$22,056,440 $21,902,434 
Net interest spread3.36 %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, 2023December 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 sold3,864 221 5.72 1,519 25 1.65 
Investment securities - taxable3,655,632 138,575 3.79 3,582,664 91,933 2.57 
Investment securities - non-taxable - FTE1,276,566 36,727 2.88 1,178,561 36,363 3.09 
Loans receivable - FTE14,314,732 990,013 6.92 12,940,998 728,998 5.63 
Total interest-earning assets19,570,527 1,180,559 6.03 20,148,283 886,429 4.40 
Non-earning assets2,647,383 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 deposits1,284,156 37,392 2.91 1,033,431 4,928 0.48 
Total interest-bearing deposits12,446,400 295,978 2.38 12,554,212 85,989 0.68 
     Federal funds purchased44 6.82 220 0.91 
     Securities sold under agreement to
         repurchase
149,014 4,813 3.23 129,006 1,430 1.11 
     FHLB and other borrowed funds753,152 30,825 4.09 473,839 11,076 2.34 
     Subordinated debentures440,125 16,489 3.75 515,049 20,593 4.00 
    Total interest-bearing liabilities13,788,735 348,108 2.52 13,672,326 119,090 0.87 
Non-interest bearing liabilities
Non-interest bearing deposits4,599,241 5,378,906 
Other liabilities198,634 171,390 
Total liabilities18,586,610 19,222,622 
Shareholders' equity3,631,300 3,330,718 
Total liabilities and shareholders' equity$22,217,910 $22,553,340 
Net interest spread3.51 %3.53 %
Net interest income and margin - FTE$832,451 4.25 $767,339 3.81 



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
 Quarter EndedYear 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 assessment12,98312,983
BOLI death benefits(338)(2,779)(3,117)
Merger and acquisition expenses49,594
Initial provision for credit losses - acquisition58,585
Fair value adjustment for marketable securities(5,024)(4,507)(783)11,408(1,032)1,0941,272
Special dividend from equity investment(1,434)
TRUPS redemption fees2,081
Special lawsuit settlement, net of expense(10,000)(10,000)
Recoveries on historic losses(3,461)(3,461)(6,706)
Hurricane expense176176
Total pre-tax adjustments7,959(4,845)(3,562)7,947(10,856)7,49993,568
Tax-effect of adjustments1,989(1,112)(879)1,961(2,679)1,95922,890
Total adjustments after-tax (B)5,970(3,733)(2,683)5,986(8,177)5,54070,678
Earnings, as adjusted (C)$92,213$94,720$102,588$108,948$107,510$398,469$375,940
Average diluted shares outstanding (D)201,891202,650202,923203,625204,179202,773195,019
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)0.030.36
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 assessment12,98312,983
Tax-effect of FDIC special assessment3,2443,244
Adjustment after-tax9,7399,739
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)201,891202,650202,923203,625204,179202,773195,019
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)2,2532,4772,4782,4772,4789,6858,853
Amortization of intangibles after-tax (C)1,6901,8661,8661,8661,8667,2886,624
Adjustments after-tax (D)5,970(3,733)(2,683)5,986(8,177)5,54070,678
Average assets (E)22,056,44021,902,43422,227,40422,695,85523,187,00522,217,91022,553,340
Average goodwill & core deposit intangible (F)1,448,0611,450,4781,452,9511,455,4231,454,6391,451,7051,335,216



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
 Quarter EndedYear 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)87,933100,319107,137104,828117,553400,217311,886
Adjustments after-tax (C)5,970(3,733)(2,683)5,986(8,177)5,54070,678
Average common equity (D)3,656,7203,667,3393,630,1943,569,5923,454,0053,631,3003,330,718
Average goodwill & core deposits intangible (E)1,448,0611,450,4781,452,9511,455,4231,454,6391,451,7051,335,216
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)126,402125,743137,308142,062142,567531,515493,143
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)202,770201,937207,643214,595215,666826,945758,676
Non-interest income (C)42,84843,41349,50934,16456,660169,934175,111
Non-interest expense (D)127,175114,762116,282114,644118,903472,863475,627
Fully taxable equivalent adjustment (E)1,0911,2931,4941,6282,0175,5068,663
Total pre-tax adjustments (F)7,959(4,845)(3,562)7,947(10,856)7,49993,568
Initial provision for credit losses - acquisition (G)58,585
Amortization of intangibles (H)2,253