HOMB - HOMB's Second Quarter of 2020 is BEST in 20 Year History: Beats on Margin EPS and PPNR; Dividend Remains Solid

July, 16 2020 08:15 AM Home BancShares Inc.

CONWAY, Ark., July 16, 2020 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released second quarter earnings today, that reveal a solid foundation of earnings and asset quality during the first full quarter of the pandemic.

Highlights of the Second Quarter of 2020:

Metric
Q2 2020
Q1 2020
Q4 2019
Q3 2019
Q2 2019
Net Income
$62.8 million
$507,000
$73.3 million
$72.8 million
$72.2 million
Total Revenue (net)
$173.7 million
$162.7 million
$167.8 million
$167.7 million
$164.1 million
Income (loss) before income taxes
$82.1 million
($2.4 million)
$96.5 million
$100.0 million
$95.1 million
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (PPNR) (non-GAAP)⁽¹⁾
$102.7 million
$92.2 million
$96.5 million
$100.0 million
$96.4 million
ROA
1.55%
0.01%
1.94%
1.93%
1.92%
ROA (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)⁽¹⁾
2.53%
2.45%
2.56%
2.65%
2.56%
ROA, excluding provision for credit losses and unfunded commitment expense (non-GAAP)⁽¹⁾
1.92%
1.87%
1.94%
1.93%
1.94%
NIM
4.11%
4.22%
4.24%
4.32%
4.28%
NIM, excluding PPP loans (non-GAAP)⁽¹⁾
4.16%
4.22%
4.24%
4.32%
4.28%
Purchase Accounting Accretion
$7.0 million
$7.6 million
$9.1 million
$8.5 million
$9.2 million
ROE
10.27%
0.08%
11.71%
11.84%
12.18%
ROTCE (non-GAAP)⁽¹⁾
17.40%
0.14%
19.55%
20.04%
21.01%
Diluted Earnings Per Share
$0.38
$0.00
$0.44
$0.44
$0.43
Non-Performing Assets to Total Assets
0.39%
0.44%
0.43%
0.45%
0.51%
Common Equity Tier 1 Capital
12.0%
11.5%
12.4%
12.2%
11.6%
Leverage
10.3%
10.8%
11.3%
10.9%
10.5%
Tier 1 Capital
12.6%
12.1%
13.0%
12.8%
12.2%
Total Risk-Based Capital
16.2%
15.7%
16.4%
16.2%
15.5%
Allowance for Credit Losses to Total Loans
1.99%
2.01%
0.94%
0.97%
0.96%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)⁽¹⁾
2.15%
2.01%
0.94%
0.97%
0.96%

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

“To say that during a full quarter of a pandemic that HOMB was able to meet EPS targets, set a record for revenue and maintain a solid net interest margin brings about an enormous sense of pride that I have in this team of bankers,” said John Allison, Chairman. “Our outlook for future dividends remains strong, which is also an important component to our solid performance,” Allison continued.

“While we realize this is a marathon and not a sprint, to have best in class asset quality and loan reserves, excluding PPP loans, of 2.15% brings about a strong sense of comfort,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

During the second quarter of 2020, we recorded $11.4 million of total credit loss expense which was primarily due to the COVID-19 pandemic. Our CECL provisioning model is significantly tied to projected unemployment rates which have remained elevated during the second quarter of 2020.

Our net interest margin was 4.11% for the three-month period ended June 30, 2020 compared to 4.22% for the three-month period ended March 31, 2020. The yield on loans was 5.43% and 5.79% for the three months ended June 30, 2020 and March 31, 2020, respectively, as average loans increased from $11.01 billion to $11.79 billion. Additionally, the rate on interest bearing deposits decreased to 0.64% as of June 30, 2020 from 1.08% as of March 31, 2020, with average balances of $9.51 billion and $8.99 billion, respectively.

The Company participated in the Paycheck Protection Program (PPP) during the second quarter of 2020. As of June 30, 2020, we had $848.6 million of PPP loans. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended June 30, 2020 was 4.16%⁽¹⁾. The PPP loans had a 13-basis point dilutive impact to the yield on loans. The PPP loans were dilutive to the net interest margin by 5 basis points.

The COVID-19 pandemic has created a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $416.8 million of average interest-bearing cash balances in the second quarter of 2020 compared to the first quarter of 2020. This excess liquidity diluted the net interest margin by 12 basis points.

During the second quarter of 2020, event interest income was $1.5 million compared to event interest income of $558,000 for the quarter ended March 31, 2020. The higher event income during Q2 increased the net interest margin by 3 basis points.

Purchase accounting accretion on acquired loans was $7.0 million and $7.6 million and average purchase accounting loan discounts were $62.8 million and $69.4 million for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $206,000 and $236,000 for the three-month periods ended June 30, 2020 and March 31, 2020, respectively. The $600,000 reduction in accretion income decreased the net interest margin by 2 basis points for the second quarter of 2020.

The net interest margin experienced 16 basis points of noise for the three-months ended June 30, 2020, compared to the three months ended March 31, 2020 resulting from a 5 basis point decline for PPP loans, a 12 basis point decline for excess liquidity, a 2 basis point decline for less accretion income and an offsetting 3 basis point improvement from event interest income. When adjusting for these items, our net interest margin was actually 5 basis points higher for the second quarter of 2020 compared to the first quarter of 2020.

Net interest income for the second quarter of 2020 was a record for the Company. Net interest income on a fully taxable equivalent basis increased $9.1 million, or 6.5%, to $150.1 million for the three-month period ended June 30, 2020, from $141.0 million for the three-month period ended March 31, 2020. This increase in net interest income for the three-month period ended June 30, 2020 was the result of a $9.5 million decrease in interest expense, which was partially offset by a $370,000 decrease in interest income. The $9.5 million decrease in interest expense was primarily the result of a $9.1 million decrease in interest expense on deposits. This decrease was the result of an $8.0 million decrease in interest expense on savings and interest-bearing transaction accounts and a $1.1 million decrease in interest expense on time deposits. The $370,000 decrease in interest income was primarily the result of a $905,000 decrease in income on deposits with other banks and a $283,000 net decrease in investment income which were partially offset by an $839,000 increase in loan interest income.

Non-performing loans to total loans was 0.50% as of June 30, 2020 compared to 0.53% as of March 31, 2020. Non-performing assets to total assets decreased from 0.44% as of March 31, 2020 to 0.39% as of June 30, 2020. For the second quarter of 2020, net charge-offs were $2.0 million compared to net charge-offs of $3.5 million for the first quarter of 2020.

The Company reported $25.0 million of non-interest income for the second quarter of 2020. The most important components of the second quarter non-interest income were $7.7 million from other service charges and fees, $6.2 million from mortgage lending income, $4.3 million from service charges on deposits accounts and $3.9 million from other income. Non-interest income for the second quarter of 2020 included a $919,000 adjustment for the increase in fair market value of marketable securities.

Non-interest expense for the second quarter of 2020 was $80.2 million. The most important components of the second quarter non-interest expense were $40.1 million from salaries and employee benefits, $25.3 million in other expense and $10.2 million in occupancy and equipment expenses. For the second quarter of 2020, our efficiency ratio was 44.93% compared to 46.82% for the first quarter of 2020. Non-interest expense for the second quarter of 2020 also included $9.2 million unfunded commitments expense.
____________________
⁽¹⁾ Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

Financial Condition

Total loans receivable were $11.96 billion at June 30, 2020 compared to $11.38 billion at March 31, 2020. Total deposits were $13.18 billion at June 30, 2020 compared to $11.51 billion at March 31, 2020. Total assets were $16.90 billion at June 30, 2020 compared to $15.53 billion at March 31, 2020.

During the second quarter 2020, the Company experienced approximately $570.8 million in organic loan growth. Centennial CFG experienced $6.6 million of organic loan decline and had loans of $1.76 billion at June 30, 2020. Our legacy footprint experienced $577.2 million in organic loan growth during the quarter, driven by the origination of $848.6 million in PPP loans.
Non-performing loans at June 30, 2020 were $16.3 million, $38.3 million, $499,000, $4.8 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $59.9 million. Non-performing assets at June 30, 2020 were $18.9 million, $42.2 million, $533,000, $4.8 million and zero in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $66.4 million.

The Company’s allowance for credit losses on loans was $238.3 million at June 30, 2020, or 1.99% of total loans, compared to the allowance for loan losses of $228.9 million, or 2.01% of total loans, at March 31, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.15% at June 30, 2020⁽¹⁾. As of June 30, 2020 and March 31, 2020, the Company’s allowance for credit losses on loans and allowance for loan losses was 397.9% and 382.2% of its total non-performing loans, respectively. The increase in the allowance for credit losses at June 30, 2020 is primarily attributable to the ongoing effects of the COVID-19 pandemic.

Stockholders’ equity was $2.49 billion at June 30, 2020 compared to $2.43 billion at March 31, 2020, an increase of approximately $61.9 million. The increase in stockholders’ equity is primarily associated with the $41.4 million increase in retained earnings and the $18.0 million increase in accumulated other comprehensive income. Book value per common share was $15.09 at June 30, 2020 compared to $14.72 at March 31, 2020. Tangible book value per common share (non-GAAP) was $8.99⁽¹⁾ at June 30, 2020 compared to $8.61 at March 31, 2020, an increase of 17.75% on an annualized basis.
____________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release

Branches

The Company currently has 77 branches in Arkansas, 78 branches in Florida, 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 ET) on Thursday, July 16, 2020. We encourage all participants to pre-register for the conference call using the following link: http://dpregister.com/10145186. Callers who pre-register will be given dial-in instructions and a unique PIN 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 automatically 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 1-877-508-9586 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10145186, which will be available until July 23, 2020 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under “Investor Relations” for 12 months.

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 net income, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense); return on average assets, excluding provision for credit losses and unfunded commitment expense; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; yield on loans, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; 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 (including the effect of the PPP loans) 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 may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. 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 of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk 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, disruptions and uncertainties in our business and operations as a result of the ongoing coronavirus pandemic, the ability to successfully integrate new acquisitions, legislative and regulatory changes and risks associated with current and future regulations, technological changes and cybersecurity risks, competition from other financial institutions, 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, 2019, filed with the SEC on February 26, 2020, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 8, 2020.

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, South Alabama and New York City. The Company’s common stock is traded through the NASDAQ Global Select Market under the symbol “HOMB.”

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)








Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,

(In thousands)

2020


2020


2019


2019


2019

















ASSETS











Cash and due from banks
$
185,047

$
147,200

$
168,914

$
171,492

$
183,745

Interest-bearing deposits with other banks

1,030,609


424,235


321,687


270,804


373,557

Cash and cash equivalents

1,215,656


571,435


490,601


442,296


557,302

Federal funds sold

-


-


-


1,650


1,075

Investment securities - available-for-sale, net of allowance for credit losses

2,238,005


2,098,000


2,083,838


2,087,508


2,053,939

Loans receivable

11,955,743


11,384,982


10,869,710


10,771,946


11,053,129

Allowance for credit losses

(238,340
)

(228,923
)

(102,122
)

(104,304
)

(106,066
)
Loans receivable, net

11,717,403


11,156,059


10,767,588


10,667,642


10,947,063

Bank premises and equipment, net

279,498


281,795


280,103


277,966


278,821

Foreclosed assets held for sale

6,292


8,204


9,143


8,639


13,734

Cash value of life insurance

102,443


103,120


102,562


102,003


149,708

Accrued interest receivable

80,274


50,295


45,086


47,557


48,992

Deferred tax asset, net

74,333


77,110


44,301


53,436


58,517

Goodwill

973,025


973,025


958,408


958,408


958,408

Core deposit and other intangibles

33,569


35,055


36,572


38,136


39,723

Other assets

174,908


177,634


213,845


216,694


180,293

Total assets
$
16,895,406

$
15,531,732

$
15,032,047

$
14,901,935

$
15,287,575

















LIABILITIES AND STOCKHOLDERS' EQUITY











Liabilities





Deposits:





Demand and non-interest-bearing
$
3,413,727

$
2,425,036

$
2,367,091

$
2,394,207

$
2,575,696

Savings and interest-bearing transaction accounts

7,970,979


7,149,644


6,933,964


6,620,616


6,774,162

Time deposits

1,793,230


1,940,234


1,977,328


2,032,547


1,997,458

Total deposits

13,177,936


11,514,914


11,278,383


11,047,370


11,347,316

Federal funds purchased

-


-


5,000


50,000


-

Securities sold under agreements to repurchase

162,858


126,884


143,727


157,038


142,541

FHLB and other borrowed funds

531,432


951,436


621,439


691,443


899,447

Accrued interest payable and other liabilities

161,095


138,479


102,410


117,332


107,695

Subordinated debentures

369,939


369,748


369,557


369,363


369,170

Total liabilities

14,403,260


13,101,461


12,520,516


12,432,546


12,866,169

















Stockholders' equity















Common stock

1,652


1,651


1,664


1,669


1,675

Capital surplus

1,518,631


1,516,151


1,537,091


1,542,858


1,550,999

Retained earnings

932,856


891,498


956,555


904,980


853,964

Accumulated other comprehensive (loss) income

39,007


20,971


16,221


19,882


14,768

Total stockholders' equity

2,492,146


2,430,271


2,511,531


2,469,389


2,421,406

Total liabilities and stockholders' equity
$
16,895,406

$
15,531,732

$
15,032,047

$
14,901,935

$
15,287,575

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










Quarter Ended

Six Months Ended


Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,



Jun. 30,


Jun. 30,

(In thousands)

2020


2020


2019


2019


2019



2020


2019
























Interest income






















Loans
$
158,996

$
158,148

$
161,211

$
167,470

$
165,816


$
317,144

$
329,664

Investment securities






















Taxable

8,693


9,776


9,707


10,343


10,650



18,469


21,356

Tax-exempt

3,698


3,114


3,260


3,193


3,183



6,812


6,562

Deposits - other banks

211


1,116


949


1,068


1,628



1,327


3,171

Federal funds sold

-


21


5


8


10



21


21
























Total interest income

171,598


172,175


175,132


182,082


181,287



343,773


360,774
























Interest expense






















Interest on deposits

15,116


24,198


26,823


29,566


29,709



39,314


57,715

Federal funds purchased

-


13


33


21


-



13


-

FHLB borrowed funds

2,656


2,698


2,686


3,683


4,722



5,354


10,840

Securities sold under agreements to repurchase

260


462


652


628


630



722


1,264

Subordinated debentures

4,899


5,079


5,155


5,207


5,239



9,978


10,498
























Total interest expense

22,931


32,450


35,349


39,105


40,300



55,381


80,317
























Net interest income

148,667


139,725


139,783


142,977


140,987



288,392


280,457
























Provision for credit loss - loans

11,441


76,672


-


-


1,325



88,113


1,325

Provision for credit loss - acquired loans

-


9,309


-


-


-



9,309


-

Provision for credit loss - investment securities

-


842


-


-


-



842


-

Total credit loss expense

11,441


86,823


-


-


1,325



98,264


1,325

Net interest income after






















provision for credit losses

137,226


52,902


139,783


142,977


139,662



190,128


279,132
























Non-interest income






















Service charges on deposit accounts

4,296


6,631


6,778


6,492


6,259



10,927


12,660

Other service charges and fees

7,666


6,056


10,636


8,710


8,177



13,722


14,740

Trust fees

397


438


390


382


391



835


794

Mortgage lending income

6,196


2,621


3,801


4,610


3,457



8,817


5,892

Insurance commissions

533


678


551


603


515



1,211


1,124

Increase in cash value of life insurance

558


560


562


714


740



1,118


1,476

Dividends from FHLB, FRB, FNBB & other

230


7,842


1,952


1,101


1,149



8,072


4,654

Gain (loss) on SBA loans

-


341


686


291


355



341


596

Gain (loss) on branches, equipment and other assets, net

54


82


35


12


(129
)


136


(50
)
Gain (loss) on OREO, net

235


277


159


334


58



512


264

Gain (loss) on securities, net

-


-


(2
)

-


-



-


-

Fair value adjustment for marketable securities

919


(5,818
)

-


-


-



(4,899
)

-

Other income

3,939


3,219


2,481


1,500


2,094



7,158


4,588
























Total non-interest income

25,023


22,927


28,029


24,749


23,066



47,950


46,738
























Non-interest expense






















Salaries and employee benefits

40,088


39,329


38,446


39,919


37,976



79,417


75,812

Occupancy and equipment

10,172


8,873


8,729


9,047


8,853



19,045


17,676

Data processing expense

4,614


4,326


4,294


4,059


3,838



8,940


7,808

Other operating expenses

25,298


25,721


19,873


14,739


16,957



51,019


35,385
























Total non-interest expense

80,172


78,249


71,342


67,764


67,624



158,421


136,681
























Income (loss) before income taxes

82,077


(2,420
)

96,470


99,962


95,104



79,657


189,189

Income tax expense (benefit)

19,250


(2,927
)

23,208


27,199


22,940



16,323


45,675

Net income
$
62,827

$
507

$
73,262

$
72,763

$
72,164


$
63,334

$
143,514

Home BancShares, Inc.
Selected Financial Information
(Unaudited)









Quarter Ended

Six Months Ended



Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Jun. 30,


Jun. 30,

(Dollars and shares in thousands, except per share data)

2020


2020


2019


2019


2019


2020


2019























PER SHARE DATA











































Diluted earnings per common share
$
0.38

$
-

$
0.44

$
0.44

$
0.43

$
0.38

$
0.85

Diluted earnings per common share, as adjusted, excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax (non-GAAP)⁽¹⁾

0.47


0.43


0.44


0.44


0.44


0.90


0.86

Basic earnings per common share

0.38


-


0.44


0.44


0.43


0.38


0.85

Dividends per share - common

0.1300


0.1300


0.1300


0.1300


0.1300


0.2600


0.2500

Book value per common share

15.09


14.72


15.10


14.80


14.46


15.09


14.46

Tangible book value per common share (non-GAAP)⁽¹⁾

8.99


8.61


9.12


8.83


8.50


8.99


8.50













































STOCK INFORMATION











































Average common shares outstanding

165,163


166,014


166,696


167,178


167,791


165,588


168,686

Average diluted shares outstanding

165,163


166,014


166,696


167,178


167,791


165,588


168,686

End of period common shares outstanding

165,206


165,148


166,373


166,860


167,466


165,206


167,466













































ANNUALIZED PERFORMANCE METRICS











































Return on average assets

1.55
%

0.01
%

1.94
%

1.93
%

1.92
%

0.81
%

1.92
%
Return on average assets excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROA, as adjusted) (non-GAAP)⁽¹⁾

1.93
%

1.88
%

1.94
%

1.96
%

1.95
%

1.90
%

1.93
%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾

1.68
%

0.05
%

2.12
%

2.10
%

2.09
%

0.90
%

2.09
%
Return on average common equity

10.27
%

0.08
%

11.71
%

11.84
%

12.18
%

5.16
%

12.26
%
Return on average common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROE, as adjusted) (non-GAAP)⁽¹⁾

12.77
%

11.48
%

11.68
%

12.08
%

12.39
%

12.13
%

12.36
%
Return on average tangible common equity (non-GAAP)⁽¹⁾

17.40
%

0.14
%

19.55
%

20.04
%

21.01
%

8.68
%

21.26
%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾

17.70
%

0.44
%

19.86
%

20.36
%

21.35
%

8.98
%

21.61
%
Return on average tangible common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾

21.63
%

19.22
%

19.51
%

20.45
%

21.37
%

20.42
%

21.45
%












































(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


Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,

Jun. 30,
Jun. 30,
(Dollars and shares in thousands, except per share data)
2020

2020

2019

2019

2019


2020

2019










































Efficiency ratio

44.93
%

46.82
%

41.26
%

39.16
%

39.93
%


45.85
%

40.47
%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾

39.38
%

41.37
%

41.14
%

40.60
%

39.92
%


40.34
%

40.21
%
Net interest margin - FTE

4.11
%

4.22
%

4.24
%

4.32
%

4.28
%


4.17
%

4.29
%
Net interest margin - FTE, excluding PPP loans (non-GAAP)⁽¹⁾

4.16
%

4.22
%

4.24
%

4.32
%

4.28
%


4.19
%

4.29
%
Fully taxable equivalent adjustment

1,434

$
1,227

$
1,322

$
1,247

$
1,319


$
2,661

$
2,686

Total revenue (net)

173,690


162,652


167,812


167,726


164,053



336,342


327,195

Pre-tax net income, excluding provision for credit losses and unfunded commitment expense

102,732


92,178


96,470


99,962


96,429



194,910


190,514

Net income, excluding provision for credit losses and unfunded commitment expense

78,084


70,382


73,262


72,763


73,147



148,466


144,497

Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense) (non-GAAP)⁽¹⁾

2.53
%

2.45
%

2.56
%

2.65
%

2.56
%


2.49
%

2.55
%
Return on average assets, excluding provision for credit losses and unfunded commitment expense (non-GAAP)⁽¹⁾

1.92
%

1.87
%

1.94
%

1.93
%

1.94
%


1.90
%

1.93
%
Total purchase accounting accretion

7,036


7,647


9,133


8,462


9,240



14,683


18,295

Average purchase accounting loan discounts

62,822


69,365


91,869


112,623


122,197



66,105


126,871



















OTHER OPERATING EXPENSES

















Advertising

795

$
1,226

$
1,340

$
1,201

$
1,095


$
2,021

$
2,146

Merger and acquisition expenses

-


711


-


-


-



711


-

Amortization of intangibles

1,486


1,517


1,565


1,587


1,587



3,003


3,173

Electronic banking expense

2,054


1,715


1,870


1,901


1,851



3,769


3,754

Directors' fees

412


424


396


380


392



836


826

Due from bank service charges

239


223


289


272


282



462


520

FDIC and state assessment

1,846


1,548


1,635


(532
)

1,655



3,394


3,365

Hurricane expense

-


-


-


-


-



-


897

Insurance

711


746


790


698


661



1,457


1,358

Legal and accounting

1,278


919


1,633


1,414


989



2,197


1,970

Other professional fees

1,735


3,226


3,189


1,906


2,306



4,961


5,118

Operating supplies

553


535


469


511


505



1,088


1,041

Postage

313


327


327


320


293



640


619

Telephone

310


324


312


289


306



634


609

Unfunded commitments

9,214


7,775


-


-


-



16,989


-

Other expense

4,352


4,505


6,058


4,792


5,035



8,857


9,989
























Total other operating expenses
$
25,298

$
25,721

$
19,873

$
14,739

$
16,957


$
51,019

$
35,385

































(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)


















Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,

(Dollars in thousands)

2020


2020


2019


2019


2019

















BALANCE SHEET RATIOS































Total loans to total deposits

90.73
%

98.87
%

96.38
%

97.51
%

97.41
%
Common equity to assets

14.75
%

15.65
%

16.71
%

16.57
%

15.84
%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾

9.35
%

9.79
%

10.80
%

10.59
%

9.96
%
































LOANS RECEIVABLE































Real estate















Commercial real estate loans















Non-farm/non-residential
$
4,325,795

$
4,357,007

$
4,412,769

$
4,375,970

$
4,495,558

Construction/land development

1,818,151


1,892,394


1,776,689


1,827,454


1,930,838

Agricultural

105,554


89,630


88,400


87,087


85,045

Residential real estate loans















Residential 1-4 family

1,730,716


1,775,610


1,819,221


1,808,099


1,852,784

Multifamily residential

482,635


411,960


488,278


498,079


523,789

Total real estate

8,462,851


8,526,601


8,585,357


8,596,689


8,888,014

Consumer

851,344


852,174


511,909


469,741


455,554

Commercial and industrial

2,228,816


1,759,752


1,528,003


1,479,724


1,515,357

Agricultural

80,023


64,582


63,644


90,343


80,621

Other

332,709


181,873


180,797


135,449


113,583

Loans receivable
$
11,955,743

$
11,384,982

$
10,869,710

$
10,771,946

$
11,053,129

















Paycheck Protection Program (PPP) loans (included in total loans receivable)

848,628


-


-


-


-

















ALLOWANCE FOR CREDIT LOSSES































Balance, beginning of period
$
228,923

$
102,122

$
104,304

$
106,066

$
106,357

Impact of adopting ASC 326

-


43,988


-


-


-

Allowance for credit losses on acquired loans

-


357


-


-


-

Loans charged off

2,582


4,265


2,631


2,302


2,279

Recoveries of loans previously charged off

558


740


449


540


663

Net loans (recovered)/charged off

2,024


3,525


2,182


1,762


1,616

Provision for credit loss - loans

11,441


76,672


-


-


1,325

Provision for credit loss - acquired loans

-


9,309


-


-


-

Total credit loss expense excluding provision for credit loss - investment securities

11,441


85,981


-


-


1,325

Balance, end of period
$
238,340

$
228,923

$
102,122

$
104,304

$
106,066

















Net (recoveries) charge-offs to average total loans

0.07
%

0.13
%

0.08
%

0.06
%

0.06
%
Allowance for credit losses to total loans

1.99
%

2.01
%

0.94
%

0.97
%

0.96
%
Allowance for credit losses to total loans, excluding PPP loans

2.15
%

2.01
%

0.94
%

0.97
%

0.96
%
















NON-PERFORMING ASSETS































Non-performing loans















Non-accrual loans
$
52,074

$
52,131

$
47,607

$
48,640

$
52,841

Loans past due 90 days or more

7,824


7,760


7,238


9,964


9,961

Total non-performing loans

59,898


59,891


54,845


58,604


62,802

Other non-performing assets















Foreclosed assets held for sale, net

6,292


8,204


9,143


8,639


13,734

Other non-performing assets

247


447


447


447


947

Total other non-performing assets

6,539


8,651


9,590


9,086


14,681

Total non-performing assets
$
66,437

$
68,542

$
64,435

$
67,690

$
77,483

















Allowance for credit losses for loans to non-performing loans

397.91
%

382.23
%

186.20
%

177.98
%

168.89
%
Non-performing loans to total loans

0.50
%

0.53
%

0.50
%

0.54
%

0.57
%
Non-performing assets to total assets

0.39
%

0.44
%

0.43
%

0.45
%

0.51
%
































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

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




















Three Months Ended

June 30, 2020


March 31, 2020

Average

Income/

Yield/


Average

Income/

Yield/
(Dollars in thousands)
Balance

Expense

Rate


Balance

Expense

Rate



















ASSETS


















Earning assets


















Interest-bearing balances due from banks
$
753,093

$
211

0.11
%


$
331,038

$
1,116

1.36
%
Federal funds sold

-


-

0.00
%



5,218


21

1.62
%
Investment securities - taxable

1,673,334


8,693

2.09
%



1,710,288


9,776

2.30
%
Investment securities - non-taxable - FTE

461,640


4,890

4.26
%



374,198


4,090

4.40
%
Loans receivable - FTE

11,790,398


159,238

5.43
%



11,007,958


158,399

5.79
%
Total interest-earning assets

14,678,465


173,032

4.74
%



13,428,700


173,402

5.19
%
Non-earning assets

1,640,741









1,704,775






Total assets
$
16,319,206








$
15,133,475

























LIABILITIES AND SHAREHOLDERS' EQUITY


















Liabilities


















Interest-bearing liabilities


















Savings and interest-bearing transaction accounts
$
7,651,259

$
7,818

0.41
%


$
7,041,303

$
15,803

0.90
%
Time deposits

1,855,626


7,298

1.58
%



1,943,721


8,395

1.74
%
Total interest-bearing deposits

9,506,885


15,116

0.64
%



8,985,024


24,198

1.08
%
Federal funds purchased

-


-

0.00
%



6,264


13

0.83
%
Securities sold under agreement to repurchase

154,628


260

0.68
%



138,180


462

1.34
%
FHLB borrowed funds

652,354


2,656

1.64
%



623,525


2,698

1.74
%
Subordinated debentures

369,846


4,899

5.33
%



369,652


5,079

5.53
%
Total interest-bearing liabilities

10,683,713


22,931

0.86
%



10,122,645


32,450

1.29
%
Non-interest bearing liabilities


















Non-interest bearing deposits

3,038,490









2,410,583






Other liabilities

137,062









119,143






Total liabilities

13,859,265









12,652,371






Shareholders' equity

2,459,941









2,481,104






Total liabilities and shareholders' equity
$
16,319,206








$
15,133,475






Net interest spread






3.88
%








3.90
%
Net interest income and margin - FTE



$
150,101

4.11
%





$
140,952

4.22
%

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










Six Months Ended

June 30, 2020


June 30, 2019

Average

Income/

Yield/


Average

Income/

Yield/
(Dollars in thousands)
Balance

Expense

Rate


Balance

Expense

Rate



















ASSETS


















Earning assets


















Interest-bearing balances due from banks
$
542,066

$
1,327

0.49
%


$
285,688

$
3,171

2.24
%
Federal funds sold

2,609


21

1.62
%



1,544


21

2.74
%
Investment securities - taxable

1,690,083


18,469

2.20
%



1,618,369


21,356

2.66
%
Investment securities - non-taxable - FTE

417,919


8,981

4.32
%



385,064


8,602

4.50
%
Loans receivable - FTE

11,399,178


317,636

5.60
%



11,018,616


330,310

6.05
%
Total interest-earning assets

14,051,855


346,434

4.96
%



13,309,281


363,460

5.51
%
Non-earning assets

1,674,486









1,779,908






Total assets
$
15,726,341








$
15,089,189

























LIABILITIES AND SHAREHOLDERS' EQUITY


















Liabilities


















Interest-bearing liabilities


















Savings and interest-bearing transaction accounts
$
7,346,281

$
23,621

0.65
%


$
6,637,512

$
40,174

1.22
%
Time deposits

1,899,673


15,693

1.66
%



1,923,457


17,541

1.84
%
Total interest-bearing deposits

9,245,954


39,314

0.86
%



8,560,969


57,715

1.36
%
Federal funds purchased

3,132


13

0.83
%



-


-

0.00
%
Securities sold under agreement to repurchase

146,404


722

0.99
%



147,623


1,264

1.73
%
FHLB borrowed funds

637,940


5,354

1.69
%



1,045,370


10,840

2.09
%
Subordinated debentures

369,749


9,978

5.43
%



368,981


10,498

5.74
%
Total interest-bearing liabilities

10,403,179


55,381

1.07
%



10,122,943


80,317

1.60
%
Non-interest bearing liabilities


















Non-interest bearing deposits

2,724,537









2,496,604






Other liabilities

128,102









108,866






Total liabilities

13,255,818









12,728,413






Shareholders' equity

2,470,523









2,360,776






Total liabilities and shareholders' equity
$
15,726,341








$
15,089,189






Net interest spread






3.89
%








3.91
%
Net interest income and margin - FTE



$
291,053

4.17
%





$
283,143

4.29
%

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
























Quarter Ended


Six Months Ended

(Dollars and shares in thousands,

Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,



Jun. 30,


Jun. 30,

except per share data)

2020


2020


2019


2019


2019



2020


2019
























EARNINGS, AS ADJUSTED













































GAAP net income available to common shareholders (A)
$
62,827

$
507

$
73,262

$
72,763

$
72,164


$
63,334

$
143,514

Pre-tax adjustments






















Branch write-off expense

981


-


-


-


-



981


-

Unfunded commitment expense

9,214


7,775


-


-


-



16,989


-

Provision for credit losses

11,441


86,823


-


-


1,325



98,264


1,325

Fair value adjustment for marketable securities

(919
)

5,818


-


-


-



4,899


-

Outsourced special project expense

-


1,092


631


-


-



1,092


900

Merger and acquisition expenses

-


711


-


-


-



711


-

Special dividend from equity investment

-


(7,004
)

(861
)

-


-



(7,004
)

(2,134
)
FDIC Small Bank Assessment Credit

-


-


-


(2,291
)

-



-


-

Hurricane expenses

-


-


-


-


-



-


897

Total pre-tax adjustments

20,717


95,215


(230
)

(2,291
)

1,325



115,932


988

Tax-effect of adjustments

5,414


24,884


(59
)

(592
)

342



30,299


249

Adjustments after-tax

15,303


70,331


(171
)

(1,699
)

983



85,633


739

Florida tax savings

-


-


-


(497
)

252



-


497

BOLI redemption tax

-


-


-


3,667


-



-


-

Total adjustments after-tax (B)

15,303


70,331


(171
)

1,471


1,235



85,633


1,236

Earnings, as adjusted (C)
$
78,130

$
70,838

$
73,091

$
74,234

$
73,399


$
148,967

$
144,750
























Average diluted shares outstanding (D)

165,163


166,014


166,696


167,178


167,791



165,588


168,686
























GAAP diluted earnings per share: (A/D)
$
0.38

$
-

$
0.44

$
0.44

$
0.43


$
0.38

$
0.85

Adjustments after-tax: (B/D)

0.09


0.43


-


-


0.01



0.52


0.01

Diluted earnings per common share, as adjusted, excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (C/D)
$
0.47

$
0.43

$
0.44

$
0.44

$
0.44


$
0.90

$
0.86
























ANNUALIZED RETURN ON AVERAGE ASSETS













































Return on average assets: (A/G)

1.55
%

0.01
%

1.94
%

1.93
%

1.92
%


0.81
%

1.92
%
Return on average assets excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROA, as adjusted) ((A+F)/G)

1.93
%

1.88
%

1.94
%

1.96
%

1.95
%


1.90
%

1.93
%
Return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense): (B/G)

2.53
%

2.45
%

2.56
%

2.65
%

2.56
%


2.49
%

2.55
%
Return on average assets, excluding provision for credit losses and unfunded commitment expense: (C/G)

1.92
%

1.87
%

1.94
%

1.93
%

1.94
%


1.90
%

1.93
%
Return on average assets excluding intangible amortization: ((A+E)/(G-H))

1.68
%

0.05
%

2.12
%

2.10
%

2.09
%


0.90
%

2.09
%























GAAP net income available to common shareholders (A)
$
62,827

$
507

$
73,262

$
72,763

$
72,164


$
63,334

$
143,514

Pre-tax net income, excluding provision for credit losses and unfunded commitment expense (B)
$
102,732

$
92,178

$
96,470

$
99,962

$
96,429


$
194,910

$
190,514

Net income, excluding provision for credit losses and unfunded commitment expense (C)
$
78,084

$
70,382

$
73,262

$
72,763

$
73,147


$
148,466

$
144,497

Amortization of intangibles (D)

1,486


1,517


1,565


1,587


1,587



3,003


3,173

Amortization of intangibles after-tax (E)

1,098


1,121


1,161


1,177


1,177



2,218


2,354

Adjustments after-tax (F)

15,303


70,331


(171
)

1,471


1,235



85,633


1,236

Average assets (G)

16,319,206


15,133,475


14,944,368


14,993,232


15,098,600



15,726,341


15,089,189

Average goodwill, core deposits & other intangible assets (H)

1,007,307


999,004


995,721


997,309


998,898



1,003,156


999,692

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
























Quarter Ended


Six Months Ended

(Dollars and shares in thousands,

Jun. 30,


Mar. 31,


Dec. 31


Sep. 30,


Jun. 30,



Jun. 30,


Jun. 30,

except per share data)

2020


2020


2019


2019


2019



2020


2019
























ANNUALIZED RETURN ON AVERAGE COMMON EQUITY













































Return on average common equity: (A/D)

10.27
%

0.08
%

11.71
%

11.84
%

12.18
%


5.16
%

12.26
%
Return on average common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROE, as adjusted) ((A+C)/D)

12.77
%

11.48
%

11.68
%

12.08
%

12.39
%


12.13
%

12.36
%
Return on average tangible common equity: (A/(D-E))

17.40
%

0.14
%

19.55
%

20.04
%

21.01
%


8.68
%

21.26
%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))

17.70
%

0.44
%

19.86
%

20.36
%

21.35
%


8.98
%

21.61
%
Return on average tangible common equity excluding branch write-off expense, unfunded commitment expense, provision for credit losses, fair value adjustment for marketable securities, outsourced special project expense, merger and acquisition expenses, special dividend from equity investment, FDIC Small Bank Assessment Credit, hurricane expense, Florida tax savings and BOLI redemption tax: (ROTCE, as adjusted) ((A+C)/(D-E))

21.63
%

19.22
%

19.51
%

20.45
%

21.37
%


20.42
%

21.45
%























GAAP net income available to common shareholders (A)
$
62,827

$
507

$
73,262

$
72,763

$
72,164


$
63,334

$
143,514

Earnings excluding intangible amortization (B)

63,925


1,628


74,423


73,940


73,341



65,553


145,868

Adjustments after-tax (C)

15,303


70,331


(171
)

1,471


1,235



85,633


1,236

Average common equity (D)

2,459,941


2,481,104


2,482,406


2,437,820


2,376,718



2,470,523


2,360,776

Average goodwill, core deposits & other intangible assets (E)

1,007,307


999,004


995,721


997,309


998,898



1,003,156


999,692















































EFFICIENCY RATIO













































Efficiency ratio: ((C-E)/(A+B+D))

44.93
%

46.82
%

41.26
%

39.16
%

39.93
%


45.85
%

40.47
%
Efficiency ratio, as adjusted: ((C-E-G)/(A+B+D-F))

39.38
%

41.37
%

41.14
%

40.60
%

39.92
%


40.34
%

40.21
%























Net interest income (A)
$
148,667

$
139,725

$
139,783

$
142,977

$
140,987


$
288,392

$
280,457

Non-interest income (B)

25,023


22,927


28,029


24,749


23,066



47,950


46,738

Non-interest expense (C)

80,172


78,249


71,342


67,764


67,624



158,421


136,681

Fully taxable equivalent adjustment (D)

1,434


1,227


1,322


1,247


1,319



2,661


2,686

Amortization of intangibles (E)

1,486


1,517


1,565


1,587


1,587



3,003


3,173
























Adjustments:






















Non-interest income:






















Special dividend from equity investment
$
-

$
7,004

$
861

$
-

$
-


$
7,004

$
2,134

Fair value adjustment for marketable securities

919


(5,818
)

-


-


-



(4,899
)

-

Gain (loss) on OREO

235


277


159


334


58



512


264

Gain (loss) on branches, equipment and other assets, net

54


82


35


12


(129
)


136


(50
)
Gain (loss) on securities

-


-


(2
)

-


-



-


-

Total non-interest income adjustments (F)
$
1,208

$
1,545

$
1,053

$
346

$
(71
)

$
2,753

$
2,348
























Non-interest expense:






















Branch write-off expense
$
981

$
-

$
-

$
-

$
-


$
981

$
-

Unfunded commitment expense

9,214


7,775


-


-


-



16,989


-

FDIC Small Bank Assessment Credit

-


-


-


(2,291
)

-



-


-

Merger Expenses

-


711


-


-


-



711


-

Hurricane damage expense

-


-


-


-


-



-


897

Outsourced special project expense

-


1,092


631


-


-



1,092


900

Total non-interest expense adjustments (G)
$
10,195

$
9,578

$
631

$
(2,291
)
$
-


$
19,773

$
1,797















































ANNUALIZED NET INTEREST MARGIN













































Net interest margin: A/C

4.11
%

4.22
%

4.24
%

4.32
%

4.28
%


4.17
%

4.29
%
Net interest margin, excluding PPP loans (non-GAAP): B/D

4.16
%

4.22
%

4.24
%

4.32
%

4.28
%


4.19
%

4.29
%























Net interest income - FTE (A)
$
150,101

$
140,952

$
141,105

$
144,224

$
142,306


$
291,053

$
283,143

PPP loan interest & discount accretion income

4,450


-


-


-


-



4,450


-

Net interest income - FTE, excluding PPP loans (non-GAAP) (B)
$
145,651

$
140,952

$
141,105

$
144,224

$
142,306


$
286,603

$
283,143
























Average interest-earning assets (C)
$
14,678,465

$
13,428,700

$
13,188,508

$
13,235,774

$
13,321,663


$
14,051,855

$
13,309,281

Average PPP loans

585,946


-


-


-


-



292,973


-

Average interest-earning assets, excluding PPP loans (non-GAAP) (D)
$
14,092,519

$
13,428,700

$
13,188,508

$
13,235,774

$
13,321,663


$
13,758,882

$
13,309,281

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









Quarter Ended

Six Months Ended
(Dollars and shares in thousands,

Jun. 30,


Mar. 31,


Dec. 31


Sep. 30,


Jun. 30,


Jun. 30,


Jun. 30,
except per share data)

2020


2020


2019


2019


2019


2020


2019





















Pre-tax net income
$
82,077

$
(2,420
)
$
96,470

$
99,962

$
95,104

$
79,657

$
189,189
Provision for credit losses

11,441


86,823


-


-


1,325


98,264


1,325
Unfunded commitment expense

9,214


7,775


-


-


-


16,989


-
Pre-tax net income, excluding provision for credit losses and unfunded commitment expense
$
102,732

$
92,178

$
96,470

$
99,962

$
96,429

$
194,910

$
190,514











































Quarter Ended





























Jun. 30,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,






(Dollars in thousands)

2020


2020


2019


2019


2019



























TANGIBLE BOOK VALUE PER COMMON SHARE









































Book value per common share: (A/B)
$
15.09

$
14.72

$
15.10

$
14.80

$
14.46






Tangible book value per common share: ((A-C-D)/B)

8.99


8.61


9.12


8.83


8.50



























Total stockholders' equity (A)
$
2,492,146

$
2,430,271

$
2,511,531

$
2,469,389

$
2,421,406






End of period common shares outstanding (B)

165,206


165,148


166,373


166,860


167,466






Goodwill (C)

973,025


973,025


958,408


958,408


958,408






Core deposit and other intangibles (D)

33,569


35,055


36,572


38,136


39,723
















































TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS









































Equity to assets: (B/A)

14.75
%

15.65
%

16.71
%

16.57
%

15.84
%





Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))

9.35
%

9.79
%

10.80
%

10.59
%

9.96
%


























Total assets (A)
$
16,895,406

$
15,531,732

$
15,032,047

$
14,901,935

$
15,287,575






Total stockholders' equity (B)

2,492,146


2,430,271


2,511,531


2,469,389


2,421,406






Goodwill (C)

973,025


973,025


958,408


958,408


958,408






Core deposit and other intangibles (D)

33,569


35,055


36,572


38,136


39,723

Company Name:	Home BancShares Inc.
Stock Symbol:	HOMB
Market:	NASDAQ
Website:	homebancshares.com

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