CONWAY, Ark., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE:HOMB) ("Home" or the "Company"), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Third Quarter of 2023:

Metric	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Net income	$98.5 million	$105.3 million	$103.0 million	$115.7 million	$108.7 million
Total revenue (net)	$245.4 million	$257.2 million	$248.8 million	$272.3 million	$256.3 million
Income before income taxes	$129.3 million	$136.9 million	$132.9 million	$148.4 million	$142.0 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$130.6 million	$140.9 million	$134.1 million	$153.4 million	$142.0 million
Pre-tax net income to total revenue (net)	52.70%	53.23%	53.43%	54.50%	55.39%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	53.23%	54.78%	53.91%	56.34%	55.39%
ROA	1.78%	1.90%	1.84%	1.98%	1.81%
NIM	4.19%	4.28%	4.37%	4.21%	4.05%
Purchase accounting accretion	$2.4 million	$2.7 million	$3.2 million	$3.5 million	$4.6 million
ROE	10.65%	11.63%	11.70%	13.29%	12.25%
ROTCE (non-GAAP)⁽¹⁾	17.62%	19.39%	19.75%	22.96%	20.93%
Diluted earnings per share	$0.49	$0.52	$0.51	$0.57	$0.53
Non-performing assets to total assets	0.42%	0.28%	0.33%	0.27%	0.27%
Common equity tier 1 capital	14.0%	13.6%	13.2%	12.9%	13.0%
Leverage	12.4%	11.9%	11.4%	10.9%	10.4%
Tier 1 capital	14.0%	13.6%	13.2%	12.9%	13.0%
Total risk-based capital	17.6%	17.3%	16.8%	16.5%	16.7%
Allowance for credit losses to total loans	2.00%	2.01%	2.00%	2.01%	2.09%
Book value per share	$18.06	$18.04	$17.87	$17.33	$16.94
Tangible book value per share (non-GAAP)⁽¹⁾	10.90	10.87	10.71	10.17	9.82

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

"In the past 12 months, we have paid out $143.3 million in dividends, have repurchased 2,250,900 shares of stock for $51.0 million and have taken an additional mark to the available-for-sale portfolio of $43.1 million and were still able to grow tangible book value⁽¹⁾ by 11.1% from $9.82 per share to $10.90 per share. This feat deserves a shout out to all our people for an outstanding job during a tough economy," said John Allison, Chairman and CEO of HOMB.

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

Liquidity and Funding Sources

At September 30, 2023, the Company held $1.78 billion in net available internal liquidity. This balance consisted of $1.38 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $228.1 million in cash with the Federal Reserve Bank (FRB) and $172.7 million in other liquid cash accounts.

Consistent with the Company's practice of maintaining access to significant external liquidity, the Company had $4.33 billion in net available external liquidity as of September 30, 2023. This included $5.09 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $2.00 billion has been drawn upon in the ordinary course of business, resulting in $3.09 billion in net available liquidity with the FHLB as of September 30, 2023. The $2.00 billion consisted of $750.0 million in outstanding FHLB advances and $1.25 billion used for pledging purposes. The Company also had access to approximately $1.39 billion in liquidity with the FRB as of September 30, 2023, of which $250.0 million has been drawn upon in the ordinary course of business, resulting in $1.14 billion in net available liquidity with the FRB as of September 30, 2023. The $1.14 billion consisted of $80.9 million available from the Discount Window and $1.06 billion available through the Bank Term Funding Program (BTFP). As of September 30, 2023, the Company also had access to $55.0 million from First National Bankers' Bank (FNBB) and $45.0 million from other various external sources.

Overall, the Company had $6.12 billion net available liquidity as of September 30, 2023, which consisted of $1.78 billion of net available internal liquidity and $4.33 billion in net available external liquidity. Details on the Company's available liquidity as of September 30, 2023 is available below.

(in thousands)	Total Available		Amount Used		Net Availability
Internal Sources
Unpledged investment securities (market value)	$	1,382,775	$	—	$	1,382,775
Cash at FRB		228,114		—		228,114
Other liquid cash accounts		172,708		—		172,708
Total Internal Liquidity		1,783,597		—		1,783,597
External Sources
FHLB		5,089,340		1,995,990		3,093,350
FRB Discount Window		80,919		—		80,919
BTFP (par value)		1,309,205		250,000		1,059,205
FNBB		55,000		—		55,000
Other		45,000		—		45,000
Total External Liquidity		6,579,464		2,245,990		4,333,474
Total Available Liquidity	$	8,363,061	$	2,245,990	$	6,117,071

The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of September 30, 2023, the Company held approximately $7.95 billion in uninsured deposits of which $568.5 million were intercompany subsidiary deposit balances and $2.65 billion were collateralized deposits, for a net position of $4.73 billion. This represents approximately 28.7% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.38 billion.

(in thousands)	As of September 30, 2023
Uninsured Deposits	$	7,952,922
Intercompany Subsidiary and Affiliate Balances		568,511
Collateralized Deposits		2,650,369
Net Uninsured Position	$	4,734,042

Total Available Liquidity	$	6,117,071
Net Uninsured Position		4,734,042
Net Available Liquidity in Excess of Uninsured Deposits	$	1,383,029

In the event the Company's $4.73 billion net position of uninsured deposits had been called by depositors on the first day of the third quarter of 2023 and the Company utilized available BTFP funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $65.5 million for the period ended September 30, 2023. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, because of the high profitability levels of HOMB, the Company estimates that it would still have achieved return on average assets (ROA) of 1.20% for the period ended September 30, 2023.

Operating Highlights

Net income for the three-month period ended September 30, 2023 was $98.5 million, or $0.49 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $94.7 million⁽¹⁾, and $0.47 per share⁽¹⁾, respectively, for the three months ended September 30, 2023.

Our net interest margin was 4.19% for the three-month period ended September 30, 2023, compared to 4.28% for the three-month period ended June 30, 2023. The yield on loans was 6.98% and 6.84% for the three months ended September 30, 2023 and June 30, 2023, respectively, as average loans decreased from $14.26 billion to $14.19 billion. Additionally, the rate on interest bearing deposits increased to 2.55% as of September 30, 2023, from 2.27% as of June 30, 2023, while average interest-bearing balances decreased from $12.42 billion to $12.24 billion.

During the third quarter of 2023, there was $521,000 of event interest expense compared to event interest income of $1.3 million for the second quarter of 2023.

Purchase accounting accretion on acquired loans was $2.4 million and $2.7 million and average purchase accounting loan discounts were $29.9 million and $32.5 million for the three-month periods ended September 30, 2023 and June 30, 2023, respectively.

Net interest income on a fully taxable equivalent basis was $203.2 million for the three-month period ended September 30, 2023, and $209.1 million for the three-month period ended June 30, 2023. This reduction in net interest income for the three-month period ended September 30, 2023, was the result of a $10.3 million increase in interest expense, partially offset by a $4.4 million increase in interest income. The $10.3 million increase in interest expense was due to an $8.6 million increase in interest expense on deposits, a $1.6 million increase in interest expense on FHLB and other borrowed funds and a $223,000 increase in interest expense on securities sold under agreement to repurchase. The increase in interest expense is a result of the current high interest rate environment. The $4.4 million increase in interest income was primarily the result of a $6.3 million increase in loan interest income, partially offset by a $1.4 million decrease in income from interest-bearing balances due from banks and a $529,000 decrease in investment income. The increase in interest income is also a result of the current high interest rate environment.

The Company reported $43.4 million of non-interest income for the third quarter of 2023. The most important components of third quarter non-interest income were $10.1 million from other service charges and fees, $10.1 million from service charges on deposit accounts, $6.2 million from other income, $4.7 million from trust fees, $4.5 million from the fair value adjustment for marketable securities, $3.1 million in mortgage lending income, $2.9 million from dividends from FHLB, FRB, FNBB and other and $1.2 million from the increase in cash value of life insurance. The $6.2 million in other income includes $338,000 in non-taxable bank owned life insurance "BOLI" death benefit income.

Non-interest expense for the third quarter of 2023 was $114.8 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $25.7 million in other operating expense, $15.5 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the third quarter of 2023, our efficiency ratio was 45.53%, and our efficiency ratio, as adjusted (non-GAAP), was 46.44%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.27 billion at September 30, 2023, compared to $14.18 billion at June 30, 2023. Total deposits were $16.52 billion at September 30, 2023, compared to $17.00 billion at June 30, 2023. Total assets were $21.95 billion at September 30, 2023, compared to $22.13 billion at June 30, 2023.

During the third quarter of 2023, the Company experienced approximately $90.9 million in loan growth. Centennial CFG experienced $145.3 million of organic loan growth and had loans of $2.01 billion at September 30, 2023. Our remaining markets experienced $54.4 million in organic loan decline during the quarter.

Non-performing loans to total loans was 0.64% and 0.43% at September 30, 2023 and June 30, 2023, respectively. Non-performing assets to total assets was 0.42% and 0.28% at September 30, 2023 and June 30, 2023, respectively. Net charge-offs were $2.9 million and $3.8 million for the three months ended September 30, 2023 and June 30, 2023, respectively.

Non-performing loans at September 30, 2023 were $12.6 million, $17.3 million, $27.2 million, $372,000, $3.0 million and $30.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $90.9 million. Non-performing assets at September 30, 2023 were $12.8 million, $17.5 million, $27.5 million, $372,000, $3.0 million and $30.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $91.6 million.

The Company's allowance for credit losses on loans was $285.6 million at September 30, 2023, or 2.00% of total loans, compared to the allowance for credit losses on loans of $285.7 million, or 2.01% of total loans, at June 30, 2023. As of September 30, 2023 and June 30, 2023, the Company's allowance for credit losses on loans was 314.29% and 472.23% of its total non-performing loans, respectively.

Stockholders' equity was $3.65 billion at September 30, 2023, compared to $3.65 billion at June 30, 2023, an increase of approximately $0.8 million. The increase in stockholders' equity is primarily associated with the $62.0 million increase in retained earnings, partially offset by the $57.9 million increase in accumulated other comprehensive loss and $5.7 million in stock repurchases. Book value per common share was $18.06 at September 30, 2023, compared to $18.04 at June 30, 2023. Tangible book value per common share (non-GAAP) was $10.90⁽¹⁾ at September 30, 2023, compared to $10.87⁽¹⁾ at June 30, 2023.

Branches

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

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, October 19, 2023. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/682811524. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=353e41be&confId=55500. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 488667. A replay of the call will be available by calling 1-866-813-9403, Passcode: 746951, which will be available until October 26, 2023, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

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

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

Non-GAAP Financial Measures

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

General

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

FOR MORE INFORMATION CONTACT:

Donna Townsell

Director of Investor Relations

Home BancShares, Inc.

(501) 328-4625

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022

ASSETS

Cash and due from banks	$	229,474		$	275,656		$	250,841		$	263,893		$	268,929
Interest-bearing deposits with other banks		258,605			335,535			437,213			460,897			1,311,492
Cash and cash equivalents		488,079			611,191			688,054			724,790			1,580,421
Federal funds sold		3,925			1,550			—			—			2,700
Investment securities - available-for-sale, net of allowance for credit losses		3,472,173			3,645,013			3,772,138			4,041,590			4,085,102
Investment securities - held-to-maturity, net of allowance for credit losses		1,283,475			1,285,150			1,286,373			1,287,705			1,251,007
Total investment securities		4,755,648			4,930,163			5,058,511			5,329,295			5,336,109
Loans receivable		14,271,833			14,180,972			14,386,634			14,409,480			13,829,311
Allowance for credit losses		(285,562	)		(285,683	)		(287,169	)		(289,669	)		(289,203	)
Loans receivable, net		13,986,271			13,895,289			14,099,465			14,119,811			13,540,108
Bank premises and equipment, net		397,093			397,315			402,094			405,073			411,479
Foreclosed assets held for sale		691			725			425			546			365
Cash value of life insurance		213,351			213,090			214,792			213,693			212,619
Accrued interest receivable		110,946			101,066			102,740			103,199			88,671
Deferred tax asset, net		222,741			206,430			193,334			209,321			228,979
Goodwill		1,398,253			1,398,253			1,398,253			1,398,253			1,394,353
Core deposit intangible		51,023			53,500			55,978			58,455			60,932
Other assets		322,617			317,857			304,609			321,152			300,634
Total assets	$	21,950,638		$	22,126,429		$	22,518,255		$	22,883,588		$	23,157,370

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Deposits:
Demand and non-interest-bearing	$	4,280,429		$	4,598,593		$	4,945,729		$	5,164,997		$	5,540,539
Savings and interest-bearing transaction accounts		10,786,087			11,169,940			11,392,566			11,730,552			11,968,519
Time deposits		1,452,229			1,228,358			1,107,171			1,043,234			1,033,266
Total deposits		16,518,745			16,996,891			17,445,466			17,938,783			18,542,324
Securities sold under agreements to repurchase		160,120			160,349			138,742			131,146			121,555
FHLB and other borrowed funds		1,001,550			701,550			650,000			650,000			400,000
Accrued interest payable and other liabilities		175,367			173,426			212,887			196,877			192,908
Subordinated debentures		439,982			440,129			440,275			440,420			440,568
Total liabilities		18,295,764			18,472,345			18,887,370			19,357,226			19,697,355

Stockholders' equity
Common stock		2,023			2,026			2,032			2,034			2,042
Capital surplus		2,363,210			2,366,560			2,375,754			2,386,699			2,404,388
Retained earnings		1,640,171			1,578,176			1,509,400			1,443,087			1,361,040
Accumulated other comprehensive loss		(350,530	)		(292,678	)		(256,301	)		(305,458	)		(307,455	)
Total stockholders' equity		3,654,874			3,654,084			3,630,885			3,526,362			3,460,015
Total liabilities and stockholders' equity	$	21,950,638		$	22,126,429		$	22,518,255		$	22,883,588		$	23,157,370

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Nine Months Ended
(Dollars and shares in thousands, except per share data)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Sep. 30, 2023			Sep. 30, 2022
PER SHARE DATA
Diluted earnings per common share	$	0.49		$	0.52		$	0.51		$	0.57		$	0.53		$	1.51		$	0.99
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.47			0.51			0.54			0.53			0.54			1.51			1.40
Basic earnings per common share		0.49			0.52			0.51			0.57			0.53			1.51			0.99
Dividends per share - common		0.18			0.18			0.18			0.165			0.165			0.54			0.495
Book value per common share		18.06			18.04			17.87			17.33			16.94			18.06			16.94
Tangible book value per common share (non-GAAP)⁽¹⁾		10.90			10.87			10.71			10.17			9.82			10.90			9.82

STOCK INFORMATION
Average common shares outstanding		202,526			202,793			203,456			203,924			204,829			202,921			191,584
Average diluted shares outstanding		202,650			202,923			203,625			204,179			205,135			203,068			191,941
End of period common shares outstanding		202,323			202,573			203,168			203,434			204,219			202,323			204,219

ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)		1.78	%		1.90	%		1.84	%		1.98	%		1.81	%		1.84	%		1.13	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		1.72	%		1.85	%		1.95	%		1.84	%		1.83	%		1.84	%		1.61	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		1.95	%		2.07	%		2.00	%		2.15	%		1.97	%		2.01	%		1.23	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		1.87	%		2.02	%		2.12	%		2.00	%		1.99	%		2.00	%		1.74	%
Return on average common equity (ROE)		10.65	%		11.63	%		11.70	%		13.29	%		12.25	%		11.32	%		7.71	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		10.25	%		11.33	%		12.38	%		12.35	%		12.39	%		11.30	%		10.91	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		17.62	%		19.39	%		19.75	%		22.96	%		20.93	%		18.90	%		12.71	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		16.95	%		18.90	%		20.90	%		21.33	%		21.16	%		18.87	%		18.00	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		17.95	%		19.74	%		20.11	%		23.33	%		21.29	%		19.24	%		13.03	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		17.29	%		19.24	%		21.26	%		21.70	%		21.52	%		19.22	%		18.32	%

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Nine Months Ended
(Dollars in thousands)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Sep. 30, 2023			Sep. 30, 2022
Efficiency ratio		45.53	%		44.00	%		44.80	%		42.44	%		43.24	%		44.76	%		52.44	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		46.44	%		44.83	%		43.42	%		43.07	%		42.97	%		44.86	%		45.13	%
Net interest margin - FTE (NIM)		4.19	%		4.28	%		4.37	%		4.21	%		4.05	%		4.28	%		3.67	%
Fully taxable equivalent adjustment	$	1,293		$	1,494		$	1,628		$	2,017		$	2,437		$	4,415		$	6,646
Total revenue (net)		245,350			257,152			248,759			272,326			256,305			751,261			661,461
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		130,588			140,870			134,115			153,423			141,959			405,573			304,737
PPNR, as adjusted (non-GAAP)⁽¹⁾		125,743			137,308			142,062			142,567			143,522			405,113			350,576
Pre-tax net income to total revenue (net)		52.70	%		53.23	%		53.43	%		54.50	%		55.39	%		53.12	%		37.21	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		50.72	%		51.85	%		56.63	%		50.52	%		56.00	%		53.06	%		53.00	%
P5_NR(Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net) (non-GAAP)⁽¹⁾		53.23	%		54.78	%		53.91	%		56.34	%		55.39	%		53.99	%		46.07	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		51.25	%		53.40	%		57.11	%		52.35	%		56.00	%		53.92	%		53.00	%
Total purchase accounting accretion	$	2,431		$	2,660		$	3,172		$	3,497		$	4,578		$	8,263		$	12,844
Average purchase accounting loan discounts		29,915			32,546			35,482			38,552			42,050			32,656			37,889

OTHER OPERATING EXPENSES

Hurricane expense	$	—		$	—		$	—		$	176		$	—		$	—		$	—
Advertising		2,295			2,098			2,231			2,567			2,024			6,624			5,407
Amortization of intangibles		2,477			2,478			2,477			2,478			2,477			7,432			6,376
Electronic banking expense		3,709			3,675			3,330			3,914			3,828			10,714			9,718
Directors' fees		417			538			460			358			354			1,415			1,133
Due from bank service charges		282			286			273			273			316			841			982
FDIC and state assessment		2,794			3,220			3,500			2,224			2,146			9,514			6,204
Insurance		878			927			889			1,003			959			2,694			2,702
Legal and accounting		1,514			1,436			1,088			5,962			1,581			4,038			3,439
Other professional fees		2,117			2,774			2,284			2,552			2,466			7,175			6,329
Operating supplies		860			763			738			690			681			2,361			2,430
Postage		491			586			501			602			614			1,578			1,476
Telephone		544			573			528			576			593			1,645			1,314
Other expense		7,306			8,320			7,935			7,333			7,137			23,561			20,571
Total other operating expenses	$	25,684		$	27,674		$	26,234		$	30,708		$	25,176		$	79,592		$	68,081

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

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

(Dollars in thousands)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022
BALANCE SHEET RATIOS
Total loans to total deposits		86.40	%		83.43	%		82.47	%		80.33	%		74.58	%
Common equity to assets		16.65	%		16.51	%		16.12	%		15.41	%		14.94	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		10.76	%		10.65	%		10.33	%		9.66	%		9.24	%
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,614,259		$	5,480,738		$	5,524,125		$	5,632,063		$	5,156,438
Construction/land development		2,154,030			2,201,514			2,160,514			2,135,266			2,232,906
Agricultural		336,160			340,067			342,814			346,811			330,748
Residential real estate loans
Residential 1-4 family		1,808,248			1,790,218			1,748,231			1,748,551			1,704,850
Multifamily residential		444,239			455,754			637,633			578,052			525,110
Total real estate		10,356,936			10,268,291			10,413,317			10,440,743			9,950,052
Consumer		1,153,461			1,156,273			1,173,325			1,149,896			1,120,250
Commercial and industrial		2,195,678			2,288,646			2,368,428			2,349,263			2,268,750
Agricultural		332,608			297,743			250,851			285,235			313,693
Other		233,150			170,019			180,713			184,343			176,566
Loans receivable	$	14,271,833		$	14,180,972		$	14,386,634		$	14,409,480		$	13,829,311
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	285,683		$	287,169		$	289,669		$	289,203		$	294,267
Loans charged off		3,449			4,726			4,288			5,379			6,313
Recoveries of loans previously charged off		528			940			588			845			1,249
Net loans charged off		2,921			3,786			3,700			4,534			5,064
Provision for credit losses - loans		2,800			2,300			1,200			5,000			—
Balance, end of period	$	285,562		$	285,683		$	287,169		$	289,669		$	289,203
Net charge-offs to average total loans		0.08	%		0.11	%		0.10	%		0.13	%		0.15	%
Allowance for credit losses to total loans		2.00	%		2.01	%		2.00	%		2.01	%		2.09	%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	84,184		$	49,627		$	65,401		$	51,011		$	56,796
Loans past due 90 days or more		6,674			10,869			8,567			9,845			4,898
Total non-performing loans		90,858			60,496			73,968			60,856			61,694
Other non-performing assets
Foreclosed assets held for sale, net		691			725			425			546			365
Other non-performing assets		64			64			74			74			104
Total other non-performing assets		755			789			499			620			469
Total non-performing assets	$	91,613		$	61,285		$	74,467		$	61,476		$	62,163
Allowance for credit losses for loans to non-performing loans		314.29	%		472.23	%		388.23	%		475.99	%		468.77	%
Non-performing loans to total loans		0.64	%		0.43	%		0.51	%		0.42	%		0.45	%
Non-performing assets to total assets		0.42	%		0.28	%		0.33	%		0.27	%		0.27	%

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

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	September 30, 2023							June 30, 2023
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	197,336	$	2,328		4.68	%	$	320,039	$	3,729		4.67	%
Federal funds sold		4,859		82		6.70	%		5,350		68		5.10	%
Investment securities - taxable		3,598,513		34,520		3.81	%		3,718,320		34,751		3.75	%
Investment securities - non-taxable - FTE		1,272,680		9,034		2.82	%		1,280,781		9,332		2.92	%
Loans receivable - FTE		14,191,461		249,591		6.98	%		14,259,647		243,246		6.84	%
Total interest-earning assets		19,264,849		295,555		6.09	%		19,584,137		291,126		5.96	%
Non-earning assets		2,637,585							2,643,267
Total assets	$	21,902,434						$	22,227,404

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	10,923,936	$	68,067		2.47	%	$	11,242,988	$	62,637		2.23	%
Time deposits		1,319,126		10,631		3.20	%		1,174,925		7,510		2.56	%
Total interest-bearing deposits		12,243,062		78,698		2.55	%		12,417,913		70,147		2.27	%
Federal funds purchased		54		1		7.35	%		123		2		6.52	%
Securities sold under agreement to repurchase		154,687		1,344		3.45	%		143,969		1,121		3.12	%
FHLB borrowed funds		773,345		8,161		4.19	%		679,445		6,596		3.89	%
Subordinated debentures		440,054		4,121		3.72	%		440,201		4,123		3.76	%
Total interest-bearing liabilities		13,611,202		92,325		2.69	%		13,681,651		81,989		2.40	%
Non-interest bearing liabilities
Non-interest bearing deposits		4,434,394							4,717,623
Other liabilities		189,499							197,936
Total liabilities		18,235,095							18,597,210
Shareholders' equity		3,667,339							3,630,194
Total liabilities and shareholders' equity	$	21,902,434						$	22,227,404
Net interest spread						3.40	%						3.56	%
Net interest income and margin - FTE			$	203,230		4.19	%			$	209,137		4.28	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Nine Months Ended
	September 30, 2023							September 30, 2022
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	313,637	$	10,742		4.58	%	$	2,899,620	$	19,001		0.88	%
Federal funds sold		3,577		156		5.83	%		1,593		13		1.09	%
Investment securities - taxable		3,726,710		104,559		3.75	%		3,442,854		58,294		2.26	%
Investment securities - non-taxable - FTE		1,280,947		27,848		2.91	%		1,139,628		26,709		3.13	%
Loans receivable - FTE		14,307,358		729,943		6.82	%		12,547,275		507,500		5.41	%
Total interest-earning assets		19,632,229		873,248		5.95	%		20,030,970		611,517		4.08	%
Non-earning assets		2,640,096							2,308,827
Total assets	$	22,272,325						$	22,339,797

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,246,350	$	185,560		2.21	%	$	11,420,566	$	36,031		0.42	%
Time deposits		1,189,620		22,447		2.52	%		1,035,340		2,939		0.38	%
Total interest-bearing deposits		12,435,970		208,007		2.24	%		12,455,906		38,970		0.42	%
Federal funds purchased		59		3		6.80	%		294		2		0.91	%
Securities sold under agreement to repurchase		144,603		3,333		3.08	%		129,076		729		0.76	%
FHLB borrowed funds		701,748		20,947		3.99	%		400,004		5,688		1.90	%
Subordinated debentures		440,199		12,368		3.76	%		540,175		16,472		4.08	%
Total interest-bearing liabilities		13,722,579		244,658		2.38	%		13,525,455		61,861		0.61	%
Non-interest bearing liabilities
Non-interest bearing deposits		4,729,515							5,363,770
Other liabilities		197,498							161,402
Total liabilities		18,649,592							19,050,627
Shareholders' equity		3,622,733							3,289,170
Total liabilities and shareholders' equity	$	22,272,325						$	22,339,797
Net interest spread						3.57	%						3.47	%
Net interest income and margin - FTE			$	628,590		4.28	%			$	549,656		3.67	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Nine Months Ended
(Dollars and shares in thousands, except per share data)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Sep. 30, 2023			Sep. 30, 2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	98,453		$	105,271		$	102,962		$	115,687		$	108,705		$	306,686		$	189,575
Pre-tax adjustments
BOLI death benefits		(338	)		(2,779	)		—			—			—			(3,117	)		—
Merger and acquisition expenses		—			—			—			—			—			—			49,594
Initial provision for credit losses - acquisition		—			—			—			—			—			—			58,585
Fair value adjustment for marketable securities		(4,507	)		(783	)		11,408			(1,032	)		2,628			6,118			2,304
Special dividend from equity investment		—			—			—			—			—			—			(1,434	)
TRUPS redemption fees		—			—			—			—			—			—			2,081
Special lawsuit settlement, net of expense		—			—			—			(10,000	)		—			—			—
Recoveries on historic losses		—			—			(3,461	)		—			(1,065	)		(3,461	)		(6,706	)
Hurricane expense		—			—			—			176			—			—			—
Total pre-tax adjustments		(4,845	)		(3,562	)		7,947			(10,856	)		1,563			(460	)		104,424
Tax-effect of adjustments		(1,112	)		(879	)		1,961			(2,679	)		393			(30	)		25,569
Total adjustments after-tax (B)		(3,733	)		(2,683	)		5,986			(8,177	)		1,170			(430	)		78,855
Earnings, as adjusted (C)	$	94,720		$	102,588		$	108,948		$	107,510		$	109,875		$	306,256		$	268,430

Average diluted shares outstanding (D)		202,650			202,923			203,625			204,179			205,135			203,068			191,941

GAAP diluted earnings per share: (A/D)	$	0.49		$	0.52		$	0.51		$	0.57		$	0.53		$	1.51		$	0.99
Adjustments after-tax: (B/D)		(0.02	)		(0.01	)		0.03			(0.04	)		0.01			0.00			0.41
Diluted earnings per common share, as adjusted: (C/D)	$	0.47		$	0.51		$	0.54		$	0.53		$	0.54		$	1.51		$	1.40

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		1.78	%		1.90	%		1.84	%		1.98	%		1.81	%		1.84	%		1.13	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		1.72	%		1.85	%		1.95	%		1.84	%		1.83	%		1.84	%		1.61	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		1.95	%		2.07	%		2.00	%		2.15	%		1.97	%		2.01	%		1.23	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		1.87	%		2.02	%		2.12	%		2.00	%		1.99	%		2.00	%		1.74	%
Return on average assets excluding excess liquidity: (A/(E-G))		1.78	%		1.98	%		1.99	%		2.28	%		2.10	%		1.87	%		1.29	%
Return on average assets, as adjusted, excluding excess liquidity: ((A+D)/(E-G))		1.71	%		1.93	%		2.11	%		2.12	%		2.13	%		1.86	%		1.83	%

GAAP net income available to common shareholders (A)	$	98,453		$	105,271		$	102,962		$	115,687		$	108,705		$	306,686		$	189,575
Amortization of intangibles (B)		2,477			2,478			2,477			2,478			2,477			7,432			6,376
Amortization of intangibles after-tax (C)		1,866			1,866			1,866			1,866			1,854			5,598			4,757
Adjustments after-tax (D)		(3,733	)		(2,683	)		5,986			(8,177	)		1,170			(430	)		78,855
Average assets (E)		21,902,434			22,227,404			22,695,855			23,187,005			23,778,769			22,272,325			22,339,797
Average goodwill & core deposit intangible (F)		1,450,478			1,452,951			1,455,423			1,454,639			1,459,034			1,452,933			1,294,971

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Nine Months Ended
(Dollars in thousands)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Sep. 30, 2023			Sep. 30, 2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		10.65	%		11.63	%		11.70	%		13.29	%		12.25	%		11.32	%		7.71	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		10.25	%		11.33	%		12.38	%		12.35	%		12.39	%		11.30	%		10.91	%
Return on average tangible common equity: (A/(D-E))		17.62	%		19.39	%		19.75	%		22.96	%		20.93	%		18.90	%		12.71	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		16.95	%		18.90	%		20.90	%		21.33	%		21.16	%		18.87	%		18.00	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		17.95	%		19.74	%		20.11	%		23.33	%		21.29	%		19.24	%		13.03	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		17.29	%		19.24	%		21.26	%		21.70	%		21.52	%		19.22	%		18.32	%

GAAP net income available to common shareholders (A)	$	98,453		$	105,271		$	102,962		$	115,687		$	108,705		$	306,686		$	189,575
Earnings excluding intangible amortization (B)		100,319			107,137			104,828			117,553			110,559			312,284			194,332
Adjustments after-tax (C)		(3,733	)		(2,683	)		5,986			(8,177	)		1,170			(430	)		78,855
Average common equity (D)		3,667,339			3,630,194			3,569,592			3,454,005			3,519,296			3,622,733			3,289,170
Average goodwill & core deposits intangible (E)		1,450,478			1,452,951			1,455,423			1,454,639			1,459,034			1,452,933			1,294,971

EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))		45.53	%		44.00	%		44.80	%		42.44	%		43.24	%		44.76	%		52.44	%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))		46.44	%		44.83	%		43.42	%		43.07	%		42.97	%		44.86	%		45.13	%
Pre-tax net income to total revenue (net) (A/(B+C))		52.70	%		53.23	%		53.43	%		54.50	%		55.39	%		53.12	%		37.21	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		50.72	%		51.85	%		56.63	%		50.52	%		56.00	%		53.06	%		53.00	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	130,588		$	140,870		$	134,115		$	153,423		$	141,959		$	405,573		$	304,737
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)	$	125,743		$	137,308		$	142,062		$	142,567		$	143,522		$	405,113		$	350,576
P5_NR(Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)		53.23	%		54.78	%		53.91	%		56.34	%		55.39	%		53.99	%		46.07	%
P5_NR, as adjusted (B+C-D+F-G)/(B+C)		51.25	%		53.40	%		57.11	%		52.35	%		56.00	%		53.92	%		53.00	%

Pre-tax net income (A)	$	129,288		$	136,887		$	132,915		$	148,423		$	141,959		$	399,090		$	246,152
Net interest income (B)		201,937			207,643			214,595			215,666			213,104			624,175			543,010
Non-interest income (C)		43,413			49,509			34,164			56,660			43,201			127,086			118,451
Non-interest expense (D)		114,762			116,282			114,644			118,903			114,346			345,688			356,724
Fully taxable equivalent adjustment (E)		1,293			1,494			1,628			2,017			2,437			4,415			6,646
Total pre-tax adjustments (F)		(4,845	)		(3,562	)		7,947			(10,856	)		1,563			(460	)		104,424
Initial provision for credit losses - acquisition (G)		—			—			—			—			—			—			58,585
Amortization of intangibles (H)		2,477			2,478			2,477			2,478			2,477			7,432			6,376

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	4,507		$	783		$	(11,408	)	$	1,032		$	(2,628	)	$	(6,118	)	$	(2,304	)
Gain on OREO		—			319			—			13			—			319			487
Gain (loss) on branches, equipment and other assets, net		—			917			7			10			(13	)		924			5
Special dividend from equity investment		—			—			—			—			—			—			1,434
BOLI death benefits		338			2,779			—			—			—			3,117			—
Lawsuit settlement - special lawsuit		—			—			—			15,000			—			—			—
Recoveries on historic losses		—			—			3,461			—			1,065			3,461			6,706
Total non-interest income adjustments (I)	$	4,845		$	4,798		$	(7,940	)	$	16,055		$	(1,576	)	$	1,703		$	6,328

Non-interest expense:
Merger and acquisition expenses		—			—			—			—			—			—			49,594
Hurricane expense		—			—			—			176			—			—			—
Legal expense - special lawsuit		—			—			—			5,000			—			—			—
TRUPS redemption fees		—			—			—			—			—			—			2,081
Total non-interest expense adjustments (J)	$	—		$	—		$	—		$	5,176		$	—		$	—		$	51,675

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended
	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	18.06		$	18.04		$	17.87		$	17.33		$	16.94
Tangible book value per common share: ((A-C-D)/B)		10.90			10.87			10.71			10.17			9.82

Total stockholders' equity (A)	$	3,654,874		$	3,654,084		$	3,630,885		$	3,526,362		$	3,460,015
End of period common shares outstanding (B)		202,323			202,573			203,168			203,434			204,219
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,394,353
Core deposit and other intangibles (D)		51,023			53,500			55,978			58,455			60,932

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		16.65	%		16.51	%		16.12	%		15.41	%		14.94	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		10.76	%		10.65	%		10.33	%		9.66	%		9.24	%

Total assets (A)	$	21,950,638		$	22,126,429		$	22,518,255		$	22,883,588		$	23,157,370
Total stockholders' equity (B)		3,654,874			3,654,084			3,630,885			3,526,362			3,460,015
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,394,353
Core deposit and other intangibles (D)		51,023			53,500			55,978			58,455			60,932

HOMB on Track for $400 Million Year