Consistent Performance, Patient Strategy Yield Solid Q2 Results: There’s No Place Like HOMB

CONWAY, Ark., July 17, 2024 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights

Metric Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Net income $101.5 million $100.1 million $86.2 million $98.5 million $105.3 million
Net income, as adjusted (non-GAAP)(1) $103.9 million $99.2 million $92.2 million $94.7 million $102.6 million
Total revenue (net) $254.6 million $246.4 million $245.6 million $245.4 million $257.2 million
Income before income taxes $133.4 million $130.4 million $112.8 million $129.3 million $136.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $141.4 million $134.9 million $118.4 million $130.6 million $140.9 million
PPNR, as adjusted (non-GAAP)(1) $141.9 million $133.7 million $126.4 million $125.7 million $137.3 million
Pre-tax net income to total revenue (net) 52.40% 52.92% 45.92% 52.70% 53.23%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 52.59% 52.45% 49.16% 50.72% 51.85%
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 55.54% 54.75% 48.22% 53.23% 54.78%
P5NR, as adjusted (non-GAAP)(1) 55.73% 54.28% 51.46% 51.25% 53.40%
ROA 1.79% 1.78% 1.55% 1.78% 1.90%
ROA, as adjusted (non-GAAP)(1) 1.83% 1.76% 1.66% 1.72% 1.85%
NIM 4.27% 4.13% 4.17% 4.19% 4.28%
Purchase accounting accretion $1.9 million $2.8 million $2.3 million $2.4 million $2.7 million
ROE 10.73% 10.64% 9.36% 10.65% 11.63%
ROE, as adjusted (non-GAAP)(1) 10.98% 10.54% 10.00% 10.25% 11.33%
ROTCE (non-GAAP)(1) 17.29% 17.22% 15.49% 17.62% 19.39%
ROTCE, as adjusted (non-GAAP)(1) 17.69% 17.07% 16.56% 16.95% 18.90%
Diluted earnings per share $0.51 $0.50 $0.43 $0.49 $0.52
Diluted earnings per share, as adjusted
(non-GAAP)(1)
$0.52 $0.49 $0.46 $0.47 $0.51
Non-performing assets to total assets 0.56% 0.48% 0.42% 0.42% 0.28%
Common equity tier 1 capital 14.4% 14.3% 14.2% 14.0% 13.6%
Leverage 12.3% 12.3% 12.4% 12.4% 11.9%
Tier 1 capital 14.4% 14.3% 14.2% 14.0% 13.6%
Total risk-based capital 18.0% 17.9% 17.8% 17.6% 17.3%
Allowance for credit losses to total loans 2.00% 2.00% 2.00% 2.00% 2.01%
Book value per share $19.30 $18.98 $18.81 $18.06 $18.04
Tangible book value per share (non-GAAP)(1) 12.08 11.79 11.63 10.90 10.87

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

“Revenue is up and expenses are down. In the second quarter, HOMB saw profitable loan growth and a lower efficiency ratio, while overcoming the additional $2.3 million of FDIC special assessment. We hit record highs for book value per common share of $19.30 and tangible book value per common share of $12.08. It was a great quarter with adjusted earnings, quarter over quarter, exceeding a great year in 2023,” said John Allison, Chairman.

Liquidity and Funding Sources

At June 30, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.63 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $797.3 million in cash with the Federal Reserve Bank (FRB) and $247.8 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.15 billion in net available external liquidity as of June 30, 2024. This included $4.81 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.86 billion has been drawn upon in the ordinary course of business, resulting in $2.95 billion in net available liquidity with the FHLB as of June 30, 2024. The $1.86 billion consisted of $600.0 million in outstanding FHLB advances and $1.26 billion used for pledging purposes. The Company also had access to approximately $797.3 million in liquidity with the FRB as of June 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business from the Bank Term Funding Program (BTFP), resulting in $97.3 million in net available liquidity with the FRB as of June 30, 2024. As of June 30, 2024, 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 $5.82 billion in net available liquidity as of June 30, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.15 billion in net available external liquidity. Details on the Company’s available liquidity as of June 30, 2024 are available below.

(In thousands)   Total Available   Amount Used   Net Availability
Internal Sources            
Unpledged investment securities (market value)   $ 1,627,007   $   $ 1,627,007
Cash at FRB     797,300         797,300
Other liquid cash accounts     247,813         247,813
Total Internal Liquidity     2,672,120         2,672,120
External Sources            
FHLB     4,808,671     1,859,049     2,949,622
FRB Discount Window     97,296         97,296
BTFP (par value)     700,000     700,000    
FNBB     55,000         55,000
Other     45,000         45,000
Total External Liquidity     5,705,967     2,559,049     3,146,918
Total Available Liquidity   $ 8,378,087   $ 2,559,049   $ 5,819,038

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of June 30, 2024, the Company held approximately $8.33 billion in uninsured deposits of which $744.9 million were intercompany subsidiary deposit balances and $2.90 billion were collateralized deposits, for a net position of $4.69 billion. This represents approximately 27.6% of total deposits. As of June 30, 2024, net available liquidity exceeded uninsured and uncollateralized deposits by $1.13 billion.

(in thousands)   As of
June 30, 2024
Uninsured Deposits   $ 8,327,937
Intercompany Subsidiary and Affiliate Balances     744,882
Collateralized Deposits     2,896,015
Net Uninsured Position   $ 4,687,040
     
Total Available Liquidity   $ 5,819,038
Net Uninsured Position     4,687,040
Net Available Liquidity in Excess of Uninsured Deposits   $ 1,131,998

In the event the Company’s $4.69 billion net position of uninsured deposits had been called by depositors on the first day of the second quarter of 2024 and the Company utilized available funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $74.2 million for the quarter ended June 30, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, based on the Company’s profitability level for the quarter ended June 30, 2024, the Company estimates that it would still have achieved return on average assets (ROA) of 1.30% for the quarter ended June 30, 2024.

Operating Highlights

Net income for the three-month period ended June 30, 2024 was $101.5 million, or $0.51 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 $103.9 million(1) and $0.52 per share(1), respectively, for the three months ended June 30, 2024.

Our net interest margin was 4.27% for the three-month period ended June 30, 2024, compared to 4.13% for the three-month period ended March 31, 2024. The yield on loans was 7.54% and 7.37% for the three months ended June 30, 2024 and March 31, 2024, respectively, as average loans increased from $14.49 billion to $14.65 billion. Additionally, the rate on interest bearing deposits increased to 3.00% as of June 30, 2024, from 2.93% as of March 31, 2024, while average interest-bearing deposits increased from $12.72 billion to $12.85 billion.

During the second quarter of 2024, there was $1.7 million of event interest income compared to $1.1 million of event interest expense for the first quarter of 2024.

Purchase accounting accretion on acquired loans was $1.9 million and $2.8 million and average purchase accounting loan discounts were $22.8 million and $24.8 million for the three-month periods ended June 30, 2024 and March 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $214.5 million for the three-month period ended June 30, 2024, and $205.5 million for the three-month period ended March 31, 2024. This increase in net interest income for the three-month period ended June 30, 2024, was the result of a $12.1 million increase in interest income, partially offset by an $3.2 million increase in interest expense. The $12.1 million increase in interest income was primarily the result of a $9.1 million increase in loan interest income, a $2.0 million increase in income from interest-bearing balances due from banks and a $970,000 million increase in investment income. The increase in interest income is primarily the result the growth in interest-earning assets and the current high interest rate environment. The $3.2 million increase in interest expense was due to a $3.2 million increase in interest expense on deposits. The increase in interest expense is also a result of the growth of interest-bearing deposits and the current high interest rate environment.

The Company reported $42.8 million of non-interest income for the second quarter of 2024. The most important components of second quarter non-interest income were $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $6.7 million from other income, $4.7 million from trust fees, $4.3 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $2.1 million gain on branches, equipment and other assets and $1.3 million from the increase in cash value of life insurance. The $2.1 million gain on branches, equipment and other assets is from the sale of a building in our Texas region.

Non-interest expense for the second quarter of 2024 was $113.2 million. The most important components of non-interest expense were $60.4 million from salaries and employee benefits, $29.4 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.9 million in data processing expenses. Included within other operating expenses was $2.3 million in FDIC special assessment expense. This is the remaining portion of the assessment 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 second quarter of 2024, our efficiency ratio was 43.17%, and our efficiency ratio, as adjusted (non-GAAP), was 42.59%(1).

Financial Condition

Total loans receivable were $14.78 billion at June 30, 2024, compared to $14.51 billion at March 31, 2024. Total deposits were $16.96 billion at June 30, 2024, compared to $16.87 billion at March 31, 2024. Total assets were $22.92 billion at June 30, 2024, compared to $22.84 billion at March 31, 2024.

During the second quarter of 2024, the Company experienced approximately $267.8 million in loan growth. Centennial CFG experienced $56.4 million of organic loan growth and had loans of $2.09 billion at June 30, 2024. Our remaining markets experienced $211.4 million in organic loan growth during the quarter.

Non-performing loans to total loans were 0.58% and 0.55% at June 30, 2024 and March 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.48% at June 30, 2024 and March 31, 2024, respectively. Net charge-offs were $2.4 million and $3.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively.

Non-performing loans at June 30, 2024 were $16.2 million, $39.1 million, $24.7 million, $399,000, $3.1 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $86.3 million. Non-performing assets at June 30, 2024 were $16.3 million, $46.6 million, $35.8 million, $399,000, $3.1 million and $25.6 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $127.8 million.

The Company’s allowance for credit losses on loans was $295.9 million at June 30, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $290.3 million, or 2.00% of total loans, at March 31, 2024. As of June 30, 2024 and March 31, 2024, the Company’s allowance for credit losses on loans was 342.66% and 362.94% of its total non-performing loans, respectively.

Stockholders’ equity was $3.86 billion at June 30, 2024, compared to $3.81 billion at March 31, 2024, an increase of approximately $44.1 million. The increase in stockholders’ equity is primarily associated with the $65.4 million increase in retained earnings and $9.6 million reduction in accumulated other comprehensive income, partially offset by the $32.6 million in stock repurchases. Book value per common share was $19.30 at June 30, 2024, compared to $18.98 at March 31, 2024. Tangible book value per common share (non-GAAP) was $12.08(1) at June 30, 2024, compared to $11.79(1) at March 31, 2024.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 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/329781550. 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=c8dcd669&confId=67018. 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: 667067. A replay of the call will be available by calling 1-866-813-9403, Passcode: 180861, which will be available until July 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; 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; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; 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, 2023, filed with the SEC on February 26, 2024.

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

 
Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
                     
(In thousands)   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023
ASSETS                    
                     
Cash and due from banks   $ 229,209     $ 205,262     $ 226,363     $ 229,474     $ 275,656  
Interest-bearing deposits with other banks     829,507     969,996       773,850       258,605       335,535  
Cash and cash equivalents     1,058,716     1,175,258       1,000,213       488,079       611,191  
Federal funds sold         5,200       5,100       3,925       1,550  
Investment securities – available-for-sale, net of allowance for credit losses     3,344,539     3,400,884       3,507,841       3,472,173       3,645,013  
Investment securities – held-to-maturity, net of allowance for credit losses     1,278,853     1,280,586       1,281,982       1,283,475       1,285,150  
Total investment securities     4,623,392     4,681,470       4,789,823       4,755,648       4,930,163  
Loans receivable     14,781,457     14,513,673       14,424,728       14,271,833       14,180,972  
Allowance for credit losses     (295,856 )   (290,294 )     (288,234 )     (285,562 )     (285,683 )
Loans receivable, net     14,485,601     14,223,379       14,136,494       13,986,271       13,895,289  
Bank premises and equipment, net     383,691     389,618       393,300       397,093       397,315  
Foreclosed assets held for sale     41,347     30,650       30,486       691       725  
Cash value of life insurance     218,198     215,424       214,516       213,351       213,090  
Accrued interest receivable     120,984     119,029       118,966       110,946       101,066  
Deferred tax asset, net     195,041     202,882       197,164       222,741       206,430  
Goodwill     1,398,253     1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit intangible     44,490     46,630       48,770       51,023       53,500  
Other assets     350,192     347,928       323,573       322,617       317,857  
Total assets   $ 22,919,905     $ 22,835,721     $ 22,656,658     $ 21,950,638     $ 22,126,429  
                     
LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                     
Liabilities                    
Deposits:                    
Demand and non-interest-bearing   $ 4,068,302     $ 4,115,603     $ 4,085,501     $ 4,280,429     $ 4,598,593  
Savings and interest-bearing transaction accounts     11,150,516     11,047,258       11,050,347       10,786,087       11,169,940  
Time deposits     1,736,985     1,703,269       1,651,863       1,452,229       1,228,358  
Total deposits     16,955,803     16,866,130       16,787,711       16,518,745       16,996,891  
Securities sold under agreements to repurchase     137,996     176,107       142,085       160,120       160,349  
FHLB and other borrowed funds     1,301,050     1,301,050       1,301,300       1,001,550       701,550  
Accrued interest payable and other liabilities     230,011     241,345       194,653       175,367       173,426  
Subordinated debentures     439,542     439,688       439,834       439,982       440,129  
Total liabilities     19,064,402     19,024,320       18,865,583       18,295,764       18,472,345  
                     
Stockholders’ equity                    
Common stock     1,997     2,008       2,015       2,023       2,026  
Capital surplus     2,295,893     2,326,824       2,348,023       2,363,210       2,366,560  
Retained earnings     1,819,412     1,753,994       1,690,112       1,640,171       1,578,176  
Accumulated other comprehensive loss     (261,799 )   (271,425 )     (249,075 )     (350,530 )     (292,678 )
Total stockholders’ equity     3,855,503     3,811,401       3,791,075       3,654,874       3,654,084  
Total liabilities and stockholders’ equity   $ 22,919,905     $ 22,835,721     $ 22,656,658     $ 21,950,638     $ 22,126,429  
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
                             
    Quarter Ended   Six Months Ended
(In thousands)   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Jun. 30, 2024   Jun. 30, 2023
Interest income:                            
Loans   $ 274,324     $ 265,294     $ 260,003     $ 249,464     $ 243,152     $ 539,618     $ 480,149  
Investment securities                            
Taxable     32,587       33,229       34,016       34,520       34,751       65,816       70,039  
Tax-exempt     7,769       7,803       7,855       7,868       7,932       15,572       15,895  
Deposits – other banks     12,564       10,528       4,281       2,328       3,729       23,092       8,414  
Federal funds sold     59       61       65       82       68       120       74  
Total interest income     327,303       316,915       306,220       294,262       289,632       644,218       574,571  
Interest expense:                            
Interest on deposits     95,741       92,548       87,971       78,698       70,147       188,289       129,309  
Federal funds purchased                       1       2             2  
FHLB and other borrowed funds     14,255       14,276       9,878       8,161       6,596       28,531       12,786  
Securities sold under agreements to repurchase     1,363       1,404       1,480       1,344       1,121       2,767       1,989  
Subordinated debentures     4,122       4,097       4,121       4,121       4,123       8,219       8,247  
Total interest expense     115,481       112,325       103,450       92,325       81,989       227,806       152,333  
Net interest income     211,822       204,590       202,770       201,937       207,643       416,412       422,238  
Provision for credit losses on loans     8,000       5,500       5,650       2,800       2,300       13,500       3,500  
Recovery of credit losses on unfunded commitments           (1,000 )           (1,500 )           (1,000 )      
Provision for credit losses on investment securities                             1,683             1,683  
Total credit loss expense     8,000       4,500       5,650       1,300       3,983       12,500       5,183  
Net interest income after credit loss expense     203,822       200,090       197,120       200,637       203,660       403,912       417,055  
Non-interest income:                            
Service charges on deposit accounts     9,714       9,686       10,072       10,062       9,231       19,400       19,073  
Other service charges and fees     10,679       10,189       10,422       10,128       11,763       20,868       23,638  
Trust fees     4,722       5,066       4,316       4,660       4,052       9,788       8,916  
Mortgage lending income     4,276       3,558       2,385       3,132       2,650       7,834       5,221  
Insurance commissions     565       508       480       562       518       1,073       1,044  
Increase in cash value of life insurance     1,279       1,195       1,170       1,170       1,211       2,474       2,315  
Dividends from FHLB, FRB, FNBB & other     2,998       3,007       3,010       2,916       2,922       6,005       5,716  
Gain on SBA loans     56       198       42       97             254       139  
Gain (loss) on branches, equipment and other assets, net     2,052       (8 )     583             917       2,044       924  
Gain on OREO, net     49       17       13             319       66       319  
Fair value adjustment for marketable securities     (274 )     1,003       5,024       4,507       783       729       (10,625 )
Other income     6,658       7,380       5,331       6,179       15,143       14,038       26,993  
Total non-interest income     42,774       41,799       42,848       43,413       49,509       84,573       83,673  
Non-interest expense:                            
Salaries and employee benefits     60,427       60,910       63,430       64,512       64,534       121,337       129,024  
Occupancy and equipment     14,408       14,551       14,965       15,463       14,923       28,959       29,875  
Data processing expense     8,935       9,147       9,107       9,103       9,151       18,082       18,119  
Other operating expenses     29,415       26,888       39,673       25,684       27,674       56,303       53,908  
Total non-interest expense     113,185       111,496       127,175       114,762       116,282       224,681       230,926  
Income before income taxes     133,411       130,393       112,793       129,288       136,887       263,804       269,802  
Income tax expense     31,881       30,284       26,550       30,835       31,616       62,165       61,569  
Net income   $ 101,530     $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 201,639     $ 208,233  
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                             
    Quarter Ended   Six Months Ended
(Dollars and shares in thousands, except per share data)   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Jun. 30, 2024   Jun. 30, 2023
                             
PER SHARE DATA                            
Diluted earnings per common share   $ 0.51     $ 0.50     $ 0.43     $ 0.49     $ 0.52     $ 1.00     $ 1.02  
Diluted earnings per common share, as adjusted (non-GAAP)(1)     0.52       0.49       0.46       0.47       0.51       1.01       1.04  
Basic earnings per common share     0.51       0.50       0.43       0.49       0.52       1.00       1.03  
Dividends per share – common     0.18       0.18       0.18       0.18       0.18       0.36       0.36  
Book value per common share     19.30       18.98       18.81       18.06       18.04       19.30       18.04  
Tangible book value per common share (non-GAAP)(1)     12.08       11.79       11.63       10.90       10.87       12.08       10.87  
                             
STOCK INFORMATION                            
Average common shares outstanding     200,319       201,210       201,756       202,526       202,793       200,765       203,122  
Average diluted shares outstanding     200,465       201,390       201,891       202,650       202,923       200,909       203,274  
End of period common shares outstanding     199,746       200,797       201,526       202,323       202,573       199,746       202,573  
                             
ANNUALIZED PERFORMANCE METRICS                            
Return on average assets (ROA)     1.79 %     1.78 %     1.55 %     1.78 %     1.90 %     1.78 %     1.87 %
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)     1.83 %     1.76 %     1.66 %     1.72 %     1.85 %     1.79 %     1.90 %
Return on average assets excluding intangible amortization (non-GAAP)(1)     1.94 %     1.93 %     1.69 %     1.95 %     2.07 %     1.93 %     2.03 %
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)     1.98 %     1.91 %     1.81 %     1.87 %     2.02 %     1.94 %     2.07 %
Return on average common equity (ROE)     10.73 %     10.64 %     9.36 %     10.65 %     11.63 %     10.69 %     11.66 %
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)     10.98 %     10.54 %     10.00 %     10.25 %     11.33 %     10.76 %     11.85 %
Return on average tangible common equity (ROTCE) (non-GAAP)(1)     17.29 %     17.22 %     15.49 %     17.62 %     19.39 %     17.26 %     19.57 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)     17.69 %     17.07 %     16.56 %     16.95 %     18.90 %     17.38 %     19.88 %
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     17.56 %     17.50 %     15.80 %     17.95 %     19.74 %     17.53 %     19.92 %
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)     17.97 %     17.34 %     16.87 %     17.29 %     19.24 %     17.66 %     20.23 %
                             
(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   Six Months Ended
(Dollars in thousands)   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Jun. 30, 2024   Jun. 30, 2023
                             
Efficiency ratio     43.17 %     44.22 %     50.64 %     45.53 %     44.00 %     43.69 %     44.39 %
Efficiency ratio, as adjusted (non-GAAP)(1)     42.59 %     44.43 %     46.43 %     46.44 %     44.83 %     43.50 %     44.12 %
Net interest margin – FTE (NIM)     4.27 %     4.13 %     4.17 %     4.19 %     4.28 %     4.20 %     4.33 %
Fully taxable equivalent adjustment   $ 2,628     $ 892     $ 1,091     $ 1,293     $ 1,494     $ 3,520     $ 3,122  
Total revenue (net)     254,596       246,389       245,618       245,350       257,152       500,985       505,911  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     141,411       134,893       118,443       130,588       140,870       276,304       274,985  
PPNR, as adjusted (non-GAAP)(1)     141,886       133,728       126,402       125,743       137,308       275,614       279,370  
Pre-tax net income to total revenue (net)     52.40 %     52.92 %     45.92 %     52.70 %     53.23 %     52.66 %     53.33 %
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)     52.59 %     52.45 %     49.16 %     50.72 %     51.85 %     52.52 %     54.20 %
P5NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     55.54 %     54.75 %     48.22 %     53.23 %     54.78 %     55.15 %     54.35 %
P5NR, as adjusted (non-GAAP)(1)     55.73 %     54.28 %     51.46 %     51.25 %     53.40 %     55.01 %     55.22 %
Total purchase accounting accretion   $ 1,873     $ 2,772     $ 2,324     $ 2,431     $ 2,660     $ 4,645     $ 5,832  
Average purchase accounting loan discounts     22,788       24,820       27,397       29,915       32,546       23,813       34,022  
                             
OTHER OPERATING EXPENSES                            
                             
Advertising   $ 1,692     $ 1,654     $ 2,226     $ 2,295     $ 2,098     $ 3,346     $ 4,329  
Amortization of intangibles     2,140       2,140       2,253       2,477       2,478       4,280       4,955  
Electronic banking expense     3,412       3,156       3,599       3,709       3,675       6,568       7,005  
Directors’ fees     423       498       399       417       538       921       998  
Due from bank service charges     282       276       274       282       286       558       559  
FDIC and state assessment     5,494       3,318       16,016       2,794       3,220       8,812       6,720  
Insurance     905       903       873       878       927       1,808       1,816  
Legal and accounting     2,617       2,081       1,192       1,514       1,436       4,698       2,524  
Other professional fees     2,108       2,236       1,640       2,117       2,774       4,344       5,058  
Operating supplies     613       683       777       860       763       1,296       1,501  
Postage     497       523       503       491       586       1,020       1,087  
Telephone     444       470       515       544       573       914       1,101  
Other expense     8,788       8,950       9,406       7,306       8,320       17,738       16,255  
                             
Total other operating expenses   $ 29,415     $ 26,888     $ 39,673     $ 25,684     $ 27,674     $ 56,303     $ 53,908  
                             
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
                     
(Dollars in thousands)   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023
BALANCE SHEET RATIOS                    
Total loans to total deposits     87.18 %     86.05 %     85.92 %     86.40 %     83.43 %
Common equity to assets     16.82 %     16.69 %     16.73 %     16.65 %     16.51 %
Tangible common equity to tangible assets (non-GAAP)(1)     11.23 %     11.06 %     11.05 %     10.76 %     10.65 %
                .    
LOANS RECEIVABLE                    
Real estate                    
Commercial real estate loans                    
Non-farm/non-residential   $ 5,599,925     $ 5,616,965     $ 5,549,954     $ 5,614,259     $ 5,480,738  
Construction/land development     2,511,817       2,330,555       2,293,047       2,154,030       2,201,514  
Agricultural     345,461       337,618       325,156       336,160       340,067  
Residential real estate loans                    
Residential 1-4 family     1,910,143       1,899,974       1,844,260       1,808,248       1,790,218  
Multifamily residential     509,091       415,926       435,736       444,239       455,754  
Total real estate     10,876,437       10,601,038       10,448,153       10,356,936       10,268,291  
Consumer     1,189,386       1,163,228       1,153,690       1,153,461       1,156,273  
Commercial and industrial     2,242,072       2,284,775       2,324,991       2,195,678       2,288,646  
Agricultural     314,600       278,609       307,327       332,608       297,743  
Other     158,962       186,023       190,567       233,150       170,019  
Loans receivable   $ 14,781,457     $ 14,513,673     $ 14,424,728     $ 14,271,833     $ 14,180,972  
                     
ALLOWANCE FOR CREDIT LOSSES                    
Balance, beginning of period   $ 290,294     $ 288,234     $ 285,562     $ 285,683     $ 287,169  
Loans charged off     3,098       3,978       3,592       3,449       4,726  
Recoveries of loans previously charged off     660       538       614       528       940  
Net loans charged off     2,438       3,440       2,978       2,921       3,786  
Provision for credit losses – loans     8,000       5,500       5,650       2,800       2,300  
Balance, end of period   $ 295,856     $ 290,294     $ 288,234     $ 285,562     $ 285,683  
                     
Net charge-offs to average total loans     0.07 %     0.10 %     0.08 %     0.08 %     0.11 %
Allowance for credit losses to total loans     2.00 %     2.00 %     2.00 %     2.00 %     2.01 %
                     
NON-PERFORMING ASSETS                    
Non-performing loans                    
Non-accrual loans   $ 78,090     $ 67,055     $ 59,971     $ 84,184     $ 49,627  
Loans past due 90 days or more     8,251       12,928       4,130       6,674       10,869  
Total non-performing loans     86,341       79,983       64,101       90,858       60,496  
Other non-performing assets                    
Foreclosed assets held for sale, net     41,347       30,650       30,486       691       725  
Other non-performing assets     63       63       785       64       64  
Total other non-performing assets     41,410       30,713       31,271       755       789  
Total non-performing assets   $ 127,751     $ 110,696     $ 95,372     $ 91,613     $ 61,285  
                     
Allowance for credit losses for loans to non-performing loans     342.66 %     362.94 %     449.66 %     314.29 %     472.23 %
Non-performing loans to total loans     0.58 %     0.55 %     0.44 %     0.64 %     0.43 %
Non-performing assets to total assets     0.56 %     0.48 %     0.42 %     0.42 %     0.28 %
                     
(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
    June 30, 2024   March 31, 2024
(Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
                         
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 929,916     $ 12,564     5.43 %   $ 801,456     $ 10,528     5.28 %
Federal funds sold     4,424       59     5.36 %     5,012       61     4.90 %
Investment securities – taxable     3,445,769       32,587     3.80 %     3,473,511       33,229     3.85 %
Investment securities – non-taxable – FTE     1,185,001       10,254     3.48 %     1,257,861       8,642     2.76 %
Loans receivable – FTE     14,648,564       274,467     7.54 %     14,487,494       265,347     7.37 %
Total interest-earning assets     20,213,674       329,931     6.56 %     20,025,334       317,807     6.38 %
Non-earning assets     2,662,275               2,657,925          
Total assets   $ 22,875,949             $ 22,683,259          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                      
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,118,587     $ 77,928     2.82 %   $ 11,038,910     $ 75,597     2.75 %
Time deposits     1,732,610       17,813     4.14 %     1,685,193       16,951     4.05 %
Total interest-bearing deposits     12,851,197       95,741     3.00 %     12,724,103       92,548     2.93 %
Federal funds purchased     33           %               %
Securities sold under agreement to repurchase     159,899       1,363     3.43 %     172,024       1,404     3.28 %
FHLB borrowed funds     1,301,050       14,255     4.41 %     1,301,091       14,276     4.41 %
Subordinated debentures     439,613       4,122     3.77 %     439,760       4,097     3.75 %
Total interest-bearing liabilities     14,751,792       115,481     3.15 %     14,636,978       112,325     3.09 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,083,916               4,017,659          
Other liabilities     234,441               244,970          
Total liabilities     19,070,149               18,899,607          
Shareholders’ equity     3,805,800               3,783,652          
Total liabilities and shareholders’ equity   $ 22,875,949             $ 22,683,259          
Net interest spread           3.41 %           3.29 %
Net interest income and margin – FTE       $ 214,450     4.27 %       $ 205,482     4.13 %
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                         
    Six Months Ended
    June 30, 2024   June 30, 2023
(Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
                         
ASSETS                        
Earning assets                        
Interest-bearing balances due from banks   $ 865,686     $ 23,092     5.36 %   $ 372,752     $ 8,414     4.55 %
Federal funds sold     4,718       120     5.11 %     2,926       74     5.10 %
Investment securities – taxable     3,459,639       65,816     3.83 %     3,791,872       70,039     3.72 %
Investment securities – non-taxable – FTE     1,221,431       18,896     3.11 %     1,285,148       18,814     2.95 %
Loans receivable – FTE     14,568,029       539,814     7.45 %     14,366,267       480,352     6.74 %
Total interest-earning assets     20,119,503       647,738     6.47 %     19,818,965       577,693     5.88 %
Non-earning assets     2,660,101               2,641,370          
Total assets   $ 22,779,604             $ 22,460,335          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                    
Liabilities                        
Interest-bearing liabilities                        
Savings and interest-bearing transaction accounts   $ 11,078,749     $ 153,525     2.79 %   $ 11,410,230     $ 117,493     2.08 %
Time deposits     1,708,902       34,764     4.09 %     1,123,793       11,816     2.12 %
Total interest-bearing deposits     12,787,651       188,289     2.96 %     12,534,023       129,309     2.08 %
Federal funds purchased     17           %     62       2     6.51 %
Securities sold under agreement to repurchase   165,962       2,767     3.35 %     139,477       1,989     2.88 %
FHLB borrowed funds     1,301,071       28,531     4.41 %     665,356       12,786     3.88 %
Subordinated debentures     439,686       8,219     3.76 %     440,273       8,247     3.78 %
Total interest-bearing liabilities     14,694,387       227,806     3.12 %     13,779,191       152,333     2.23 %
Non-interest bearing liabilities                        
Non-interest bearing deposits     4,050,787               4,879,521          
Other liabilities     239,704               201,562          
Total liabilities     18,984,878               18,860,274          
Shareholders’ equity     3,794,726               3,600,061          
Total liabilities and shareholders’ equity   $ 22,779,604             $ 22,460,335          
Net interest spread           3.35 %           3.65 %
Net interest income and margin – FTE       $ 419,932     4.20 %       $ 425,360     4.33 %
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Six Months Ended
(Dollars and shares in thousands, except per share data)   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Jun. 30, 2024   Jun. 30, 2023
EARNINGS, AS ADJUSTED                            
GAAP net income available to common shareholders (A)   $ 101,530     $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 201,639     $ 208,233  
Pre-tax adjustments                            
FDIC special assessment     2,260             12,983                   2,260        
BOLI death benefits           (162 )           (338 )     (2,779 )     (162 )     (2,779 )
Gain on sale of building     (2,059 )                             (2,059 )      
Fair value adjustment for marketable securities     274       (1,003 )     (5,024 )     (4,507 )     (783 )     (729 )     10,625  
Recoveries on historic losses                                         (3,461 )
Total pre-tax adjustments     475       (1,165 )     7,959       (4,845 )     (3,562 )     (690 )     4,385  
Tax-effect of adjustments     119       (251 )     1,989       (1,112 )     (879 )     (132 )     1,082  
Deferred tax asset write-down     2,030                               2,030        
Total adjustments after-tax (B)     2,386       (914 )     5,970       (3,733 )     (2,683 )     1,472       3,303  
Earnings, as adjusted (C)   $ 103,916     $ 99,195     $ 92,213     $ 94,720     $ 102,588     $ 203,111     $ 211,536  
                             
Average diluted shares outstanding (D)     200,465       201,390       201,891       202,650       202,923       200,909       203,274  
                             
GAAP diluted earnings per share: (A/D)   $ 0.51     $ 0.50     $ 0.43     $ 0.49     $ 0.52     $ 1.00     $ 1.02  
Adjustments after-tax: (B/D)     0.01       (0.01 )     0.03       (0.02 )     (0.01 )     0.01       0.02  
Diluted earnings per common share, as adjusted: (C/D)   $ 0.52     $ 0.49     $ 0.46     $ 0.47     $ 0.51     $ 1.01     $ 1.04  
                             
ANNUALIZED RETURN ON AVERAGE ASSETS                            
Return on average assets: (A/E)     1.79 %     1.78 %     1.55 %     1.78 %     1.90 %     1.78 %     1.87 %
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)     1.83 %     1.76 %     1.66 %     1.72 %     1.85 %     1.79 %     1.90 %
Return on average assets excluding intangible amortization: ((A+C)/(E-F))     1.94 %     1.93 %     1.69 %     1.95 %     2.07 %     1.93 %     2.03 %
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))     1.98 %     1.91 %     1.81 %     1.87 %     2.02 %     1.94 %     2.07 %
                             
GAAP net income available to common shareholders (A)   $ 101,530     $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 201,639     $ 208,233  
Amortization of intangibles (B)     2,140       2,140       2,253       2,477       2,478       4,280       4,955  
Amortization of intangibles after-tax (C)     1,605       1,605       1,690       1,866       1,866       3,210       3,732  
Adjustments after-tax (D)     2,386       (914 )     5,970       (3,733 )     (2,683 )     1,472       3,303  
Average assets (E)     22,875,949       22,683,259       22,056,440       21,902,434       22,227,404       22,779,604       22,460,335  
Average goodwill & core deposit intangible (F)     1,443,778       1,445,902       1,448,061       1,450,478       1,452,951       1,444,840       1,454,180  
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                             
    Quarter Ended   Six Months Ended
(Dollars in thousands)   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Jun. 30, 2024   Jun. 30, 2023
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
Return on average common equity: (A/D)     10.73 %     10.64 %     9.36 %     10.65 %     11.63 %     10.69 %     11.66 %
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)     10.98 %     10.54 %     10.00 %     10.25 %     11.33 %     10.76 %     11.85 %
Return on average tangible common equity: (A/(D-E))     17.29 %     17.22 %     15.49 %     17.62 %     19.39 %     17.26 %     19.57 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))     17.69 %     17.07 %     16.56 %     16.95 %     18.90 %     17.38 %     19.88 %
Return on average tangible common equity excluding intangible amortization: (B/(D-E))     17.56 %     17.50 %     15.80 %     17.95 %     19.74 %     17.53 %     19.92 %
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))     17.97 %     17.34 %     16.87 %     17.29 %     19.24 %     17.66 %     20.23 %
                             
GAAP net income available to common shareholders (A)   $ 101,530     $ 100,109     $ 86,243     $ 98,453     $ 105,271     $ 201,639     $ 208,233  
Earnings excluding intangible amortization (B)     103,135       101,714       87,933       100,319       107,137       204,849       211,965  
Adjustments after-tax (C)     2,386       (914 )     5,970       (3,733 )     (2,683 )     1,472       3,303  
Average common equity (D)     3,805,800       3,783,652       3,656,720       3,667,339       3,630,194       3,794,726       3,600,061  
Average goodwill & core deposits intangible (E)     1,443,778       1,445,902       1,448,061       1,450,478       1,452,951       1,444,840       1,454,180  
                             
EFFICIENCY RATIO & P5NR                            
Efficiency ratio: ((D-G)/(B+C+E))     43.17 %     44.22 %     50.64 %     45.53 %     44.00 %     43.69 %     44.39 %
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))     42.59 %     44.43 %     46.43 %     46.44 %     44.83 %     43.50 %     44.12 %
Pre-tax net income to total revenue (net) (A/(B+C))     52.40 %     52.92 %     45.92 %     52.70 %     53.23 %     52.66 %     53.33 %
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))     52.59 %     52.45 %     49.16 %     50.72 %     51.85 %     52.52 %     54.20 %
Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 141,411     $ 134,893     $ 118,443     $ 130,588     $ 140,870     $ 276,304     $ 274,985  
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)   $ 141,886     $ 133,728     $ 126,402     $ 125,743     $ 137,308     $ 275,614     $ 279,370  
P5NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)     55.54 %     54.75 %     48.22 %     53.23 %     54.78 %     55.15 %     54.35 %
P5NR, as adjusted (B+C-D+F)/(B+C)     55.73 %     54.28 %     51.46 %     51.25 %     53.40 %     55.01 %     55.22 %
                             
Pre-tax net income (A)   $ 133,411     $ 130,393     $ 112,793     $ 129,288     $ 136,887     $ 263,804     $ 269,802  
Net interest income (B)     211,822       204,590       202,770       201,937       207,643       416,412       422,238  
Non-interest income (C)     42,774       41,799       42,848       43,413       49,509       84,573       83,673  
Non-interest expense (D)     113,185       111,496       127,175       114,762       116,282       224,681       230,926  
Fully taxable equivalent adjustment (E)     2,628       892       1,091       1,293       1,494       3,520       3,122  
Total pre-tax adjustments (F)     475       (1,165 )     7,959       (4,845 )     (3,562 )     (690 )     4,385  
Amortization of intangibles (G)     2,140       2,140       2,253       2,477       2,478       4,280       4,955  
                             
Adjustments:                            
Non-interest income:                            
Fair value adjustment for marketable securities   $ (274 )   $ 1,003     $ 5,024     $ 4,507     $ 783     $ 729     $ (10,625 )
Gain on OREO     49       17       13             319       66       319  
Gain (loss) on branches, equipment and other assets, net     2,052       (8 )     583             917       2,044       924  
BOLI death benefits           162             338       2,779       162       2,779  
Recoveries on historic losses                                         3,461  
Total non-interest income adjustments (H)   $ 1,827     $ 1,174     $ 5,620     $ 4,845     $ 4,798     $ 3,001     $ (3,142 )
                             
Non-interest expense:                            
FDIC special assessment     2,260             12,983                   2,260        
Total non-interest expense adjustments (I)   $ 2,260     $     $ 12,983     $     $     $ 2,260     $  
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
                     
    Quarter Ended
    Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023
                     
TANGIBLE BOOK VALUE PER COMMON SHARE                    
Book value per common share: (A/B)   $ 19.30     $ 18.98     $ 18.81     $ 18.06     $ 18.04  
Tangible book value per common share: ((A-C-D)/B)     12.08       11.79       11.63       10.90       10.87  
                     
Total stockholders’ equity (A)   $ 3,855,503     $ 3,811,401     $ 3,791,075     $ 3,654,874     $ 3,654,084  
End of period common shares outstanding (B)     199,746       200,797       201,526       202,323       202,573  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit and other intangibles (D)     44,490       46,630       48,770       51,023       53,500  
                     
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
Equity to assets: (B/A)     16.82 %     16.69 %     16.73 %     16.65 %     16.51 %
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     11.23 %     11.06 %     11.05 %     10.76 %     10.65 %
                     
Total assets (A)   $ 22,919,905     $ 22,835,721     $ 22,656,658     $ 21,950,638     $ 22,126,429  
Total stockholders’ equity (B)     3,855,503       3,811,401       3,791,075       3,654,874       3,654,084  
Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
Core deposit and other intangibles (D)     44,490       46,630       48,770       51,023       53,500  


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