Document

EX-99.1 2 homb033125earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1


For Immediate Release:			April 16, 2025

Record First Quarter Highlights the Stability of HOMB; Strength Is No Accident

Conway, AR – Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights


Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net income	$115.2 million	$100.6 million	$100.0 million	$101.5 million	$100.1 million
Net income, as adjusted (non-GAAP)(1)	$111.9 million	$99.8 million	$99.0 million	$103.9 million	$99.2 million
Total revenue (net)	$260.1 million	$258.4 million	$258.0 million	$254.6 million	$246.4 million
Income before income taxes	$147.2 million	$129.5 million	$129.1 million	$133.4 million	$130.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	$147.2 million	$146.2 million	$148.0 million	$141.4 million	$134.9 million
PPNR, as adjusted (non-GAAP)(1)	$142.8 million	$145.2 million	$146.6 million	$141.9 million	$133.7 million
Pre-tax net income to total revenue (net)	56.58%	50.11%	50.03%	52.40%	52.92%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	54.91%	49.74%	49.49%	52.59%	52.45%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	56.58%	56.57%	57.35%	55.54%	54.75%
P5NR, as adjusted (non-GAAP)(1)	54.91%	56.20%	56.81%	55.73%	54.28%
ROA	2.07%	1.77%	1.74%	1.79%	1.78%
ROA, as adjusted (non-GAAP)(1)	2.01%	1.76%	1.72%	1.83%	1.76%
NIM	4.44%	4.39%	4.28%	4.27%	4.13%
Purchase accounting accretion	$1.4 million	$1.6 million	$1.9 million	$1.9 million	$2.8 million
ROE	11.75%	10.13%	10.23%	10.73%	10.64%
ROE, as adjusted (non-GAAP)(1)	11.41%	10.05%	10.12%	10.98%	10.54%
ROTCE (non-GAAP)(1)	18.39%	15.94%	16.26%	17.29%	17.22%
ROTCE, as adjusted (non-GAAP)(1)	17.87%	15.82%	16.09%	17.69%	17.07%
Diluted earnings per share	$0.58	$0.51	$0.50	$0.51	$0.50
Diluted earnings per share, as adjusted (non-GAAP)(1)	$0.56	$0.50	$0.50	$0.52	$0.49

Non-performing assets to total assets	0.56%	0.63%	0.63%	0.56%	0.48%
Common equity tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Leverage	13.3%	13.0%	12.5%	12.3%	12.3%
Tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Total risk-based capital	19.1%	18.7%	18.3%	18.0%	17.9%
Allowance for credit losses to total loans	1.87%	1.87%	2.11%	2.00%	2.00%
Book value per share	$20.40	$19.92	$19.91	$19.30	$18.98
Tangible book value per share (non-GAAP)(1)	13.15	12.68	12.67	12.08	11.79

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

“This industry boils down to revenue and expenses. The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year,” said John Allison, Chairman and CEO of HOMB.

Operating Highlights

Net income for the three-month period ended March 31, 2025 was $115.2 million, or $0.58 diluted earnings per share. Diluted earnings per share of $0.58 was a record for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $111.9 million(1) and $0.56 per share(1), respectively, for the three months ended March 31, 2025.

Our net interest margin was 4.44% for the three-month period ended March 31, 2025, compared to 4.39% for the three-month period ended December 31, 2024. The yield on loans was 7.38% and 7.49% for the three months ended March 31, 2025 and December 31, 2024, respectively, as average loans increased from $14.80 billion to $14.89 billion. Additionally, the rate on interest bearing deposits decreased to 2.67% as of March 31, 2025, from 2.80% as of December 31, 2024, while average interest-bearing deposits increased from $12.86 billion to $13.20 billion.

During the first quarter of 2025, there was $1.3 million of event interest income compared to $1.5 million of event interest income for the fourth quarter of 2024. Purchase accounting accretion on acquired loans was $1.4 million and $1.6 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, and average purchase accounting loan discounts were $17.5 million and $19.1 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $217.2 million for the three-month period ended March 31, 2025, and $219.5 million for the three-month period ended December 31, 2024. This decrease in net interest income for the three-month period ended March 31, 2025, was the result of a $10.0 million decrease in interest income, partially offset by a $7.7 million decrease in interest expense. The $7.7 million decrease in interest expense was due to a $3.8 million decrease in interest expense on deposits and a $3.6 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance during the fourth quarter of 2024 and the declining interest rate environment. The $10.0 million decrease in interest income was primarily the result of a $7.6 million decrease in loan income, a $1.4 million decrease in investment income and a $965,000 decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment.

The Company reported $45.4 million of non-interest income for the first quarter of 2025. The most important components of non-interest income were $11.4 million from other income, $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $4.8 million from trust fees, $3.6 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.8 million from the increase in cash value of life insurance and $442,000 from the fair value adjustment for marketable securities. Included within other income was $3.9 million in special income from equity investments.

Non-interest expense for the first quarter of 2025 was $112.9 million. The most important components of non-interest expense were $61.9 million from salaries and employee benefits, $28.1 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.6 million in data processing expenses. For the first quarter of 2025, our efficiency ratio was 42.22%, and our efficiency ratio, as adjusted (non-GAAP), was 42.84%(1).

Financial Condition

Total loans receivable were $14.95 billion at March 31, 2025, compared to $14.76 billion at December 31, 2024. Total loans receivable of $14.95 billion were a record for the Company. Total deposits were $17.54 billion at March 31, 2025, compared to $17.15 billion at December 31, 2024. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.

During the first quarter of 2025, the Company had a $187.6 million increase in loans. Our community banking footprint experienced $291.5 million in organic loan growth during the quarter ended March 31, 2025, and Centennial CFG experienced $103.9 million of organic loan decline and had loans of $1.71 billion at March 31, 2025.

Non-performing loans to total loans were 0.60% and 0.67% at March 31, 2025 and December 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.63% at March 31, 2025 and December 31, 2024, respectively. Net loans recovered were $4.1 million for the three months ended March 31, 2025, and net loans charged-off were $53.4 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Company completed an asset quality cleanup project which resulted in the significant level of charge-offs. The charge-off detail by region for the quarters ended March 31, 2025 and December 31, 2024 can be seen below.


For the Three Months Ended March 31, 2025
(in thousands)	Texas		Arkansas		Centennial CFG		Shore Premier Finance		Florida		Alabama		Total
Charge-offs	$	444	$	474	$	—	$	53	$	2,479	$	8	$	3,458
Recoveries	(6,514)		(228)		(658)		(3)		(117)		(2)		(7,522)
Net (recoveries) charge-offs	$	(6,070)	$	246	$	(658)	$	50	$	2,362	$	6	$	(4,064)


For the Three Months Ended December 31, 2024
(in thousands)	Texas		Arkansas		Centennial CFG		Shore Premier Finance		Florida		Alabama		Total
Charge-offs	$	47,774	$	2,108	$	1,973	$	1,457	$	637	$	10	$	53,959
Recoveries	(174)		(181)		—		(15)		(193)		(2)		(565)
Net charge-offs	$	47,600	$	1,927	$	1,973	$	1,442	$	444	$	8	$	53,394

At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. At December 31, 2024, non-performing loans were $98.9 million, and non-performing assets were $142.4 million.

The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:


(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,694	15,214	2,766	5,444	39,108	157	86,383
Loans 90+ days past due	3,264	—	—	—	—	—	3,264
Total non-performing loans	26,958	15,214	2,766	5,444	39,108	157	89,647

Foreclosed assets held for sale	15,357	1,052	22,820	—	451	—	39,680
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	15,420	1,052	22,820	—	451	—	39,743
Total non-performing assets	42,378	16,266	25,586	5,444	39,559	157	129,390

The table below shows the non-performing loans and non-performing assets by region as December 31, 2024:


(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,494	18,448	7,390	5,537	38,778	206	93,853
Loans 90+ days past due	4,134	538	—	—	362	—	5,034
Total non-performing loans	27,628	18,986	7,390	5,537	39,140	206	98,887

Foreclosed assets held for sale	13,924	757	22,775	—	5,951	—	43,407
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	13,987	757	22,775	—	5,951	—	43,470
Total non-performing assets	41,615	19,743	30,165	5,537	45,091	206	142,357

The Company’s allowance for credit losses on loans was $279.9 million at March 31, 2025, or 1.87% of total loans, compared to the allowance for credit losses on loans of $275.9 million, or 1.87% of total loans, at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company’s allowance for credit losses on loans was 312.27% and 278.99% of its total non-performing loans, respectively. The increase in the allowance for credit losses reflects the net recoveries during the quarter.

Stockholders’ equity was $4.04 billion at March 31, 2025, which increased approximately $81.5 million from December 31, 2024. The net increase in stockholders’ equity is primarily associated with the $76.5 million increase in retained earnings and the $31.6 million decrease in accumulated other comprehensive loss, which was partially offset by the $29.7 million in stock repurchases for the quarter. Book value per common share was $20.40 at March 31, 2025, compared to $19.92 at December 31, 2024. Tangible book value per common share (non-GAAP) was $13.15(1) at March 31, 2025, compared to $12.68(1) at December 31, 2024. Book value per common share and tangible book value per common share, as of March 31, 2025, were both records for the Company.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025. 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/447517977. 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=a44e9900&confId=79637. 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: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. 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.

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.

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying 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” 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 any future impacts from inflation or changes in tariffs or trade policies; 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; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

####

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)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
ASSETS
Cash and due from banks	$	319,747	$	281,063	$	265,408	$	229,209	$	205,262
Interest-bearing deposits with other banks	975,983		629,284		752,269		829,507		969,996
Cash and cash equivalents	1,295,730		910,347		1,017,677		1,058,716		1,175,258
Federal funds sold	6,275		3,725		6,425		—		5,200
Investment securities - available-for-sale, net of allowance for credit losses	3,003,320		3,072,639		3,270,620		3,344,539		3,400,884
Investment securities - held-to-maturity, net of allowance for credit losses	1,269,896		1,275,204		1,277,090		1,278,853		1,280,586
Total investment securities	4,273,216		4,347,843		4,547,710		4,623,392		4,681,470
Loans receivable	14,952,116		14,764,500		14,823,979		14,781,457		14,513,673
Allowance for credit losses	(279,944)		(275,880)		(312,574)		(295,856)		(290,294)
Loans receivable, net	14,672,172		14,488,620		14,511,405		14,485,601		14,223,379
Bank premises and equipment, net	384,843		386,322		388,776		383,691		389,618
Foreclosed assets held for sale	39,680		43,407		43,040		41,347		30,650
Cash value of life insurance	221,621		219,786		219,353		218,198		215,424
Accrued interest receivable	115,983		120,129		118,871		120,984		119,029
Deferred tax asset, net	170,120		186,697		176,629		195,041		202,882
Goodwill	1,398,253		1,398,253		1,398,253		1,398,253		1,398,253
Core deposit intangible	38,280		40,327		42,395		44,490		46,630
Other assets	376,030		345,292		352,583		350,192		347,928
Total assets	$	22,992,203	$	22,490,748	$	22,823,117	$	22,919,905	$	22,835,721
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing	$	4,079,289	$	4,006,115	$	3,937,168	$	4,068,302	$	4,115,603
Savings and interest-bearing transaction accounts	11,586,106		11,347,850		10,966,426		11,150,516		11,047,258
Time deposits	1,876,096		1,792,332		1,802,116		1,736,985		1,703,269
Total deposits	17,541,491		17,146,297		16,705,710		16,955,803		16,866,130
Securities sold under agreements to repurchase	161,401		162,350		179,416		137,996		176,107
FHLB and other borrowed funds	600,500		600,750		1,300,750		1,301,050		1,301,050
Accrued interest payable and other liabilities	207,154		181,080		238,058		230,011		241,345
Subordinated debentures	439,102		439,246		439,394		439,542		439,688
Total liabilities	18,949,648		18,529,723		18,863,328		19,064,402		19,024,320
Stockholders' equity
Common stock	1,982		1,989		1,989		1,997		2,008
Capital surplus	2,246,312		2,272,794		2,272,100		2,295,893		2,326,824
Retained earnings	2,018,801		1,942,350		1,880,562		1,819,412		1,753,994
Accumulated other comprehensive loss	(224,540)		(256,108)		(194,862)		(261,799)		(271,425)
Total stockholders' equity	4,042,555		3,961,025		3,959,789		3,855,503		3,811,401
Total liabilities and stockholders' equity	$	22,992,203	$	22,490,748	$	22,823,117	$	22,919,905	$	22,835,721

Home BancShares, Inc.

Consolidated Statements of Income

(Unaudited)


	Quarter Ended										Three Months Ended
(In thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Mar 31, 2025		Mar 31, 2024
Interest income:
Loans	$	270,784	$	278,409	$	281,977	$	274,324	$	265,294	$	270,784	$	265,294
Investment securities
Taxable	27,433		28,943		31,006		32,587		33,229		27,433		33,229
Tax-exempt	7,650		7,704		7,704		7,769		7,803		7,650		7,803
Deposits - other banks	6,620		7,585		12,096		12,564		10,528		6,620		10,528
Federal funds sold	55		73		62		59		61		55		61
Total interest income	312,542		322,714		332,845		327,303		316,915		312,542		316,915
Interest expense:
Interest on deposits	86,786		90,564		97,785		95,741		92,548		86,786		92,548
Federal funds purchased	—		—		1		—		—		—		—
FHLB and other borrowed funds	5,902		9,541		14,383		14,255		14,276		5,902		14,276
Securities sold under agreements to repurchase	1,074		1,346		1,335		1,363		1,404		1,074		1,404
Subordinated debentures	4,124		4,121		4,121		4,122		4,097		4,124		4,097
Total interest expense	97,886		105,572		117,625		115,481		112,325		97,886		112,325
Net interest income	214,656		217,142		215,220		211,822		204,590		214,656		204,590
Provision for credit losses on loans	—		16,700		18,200		8,000		5,500		—		5,500
Provision for (recovery of) credit losses on unfunded commitments	—		—		1,000		—		(1,000)		—		(1,000)
(Recovery of) provision for credit losses on investment securities	—		—		(330)		—		—		—		—
Total credit loss expense	—		16,700		18,870		8,000		4,500		—		4,500
Net interest income after credit loss expense	214,656		200,442		196,350		203,822		200,090		214,656		200,090
Non-interest income:
Service charges on deposit accounts	9,650		9,935		9,888		9,714		9,686		9,650		9,686
Other service charges and fees	10,689		11,651		10,490		10,679		10,189		10,689		10,189
Trust fees	4,760		4,526		4,403		4,722		5,066		4,760		5,066
Mortgage lending income	3,599		3,518		4,437		4,276		3,558		3,599		3,558
Insurance commissions	535		483		595		565		508		535		508
Increase in cash value of life insurance	1,842		1,215		1,161		1,279		1,195		1,842		1,195
Dividends from FHLB, FRB, FNBB & other	2,718		2,820		2,637		2,998		3,007		2,718		3,007
Gain on SBA loans	288		218		145		56		198		288		198
(Loss) gain on branches, equipment and other assets, net	(163)		26		32		2,052		(8)		(163)		(8)
(Loss) gain on OREO, net	(376)		(2,423)		85		49		17		(376)		17

Fair value adjustment for marketable securities	442		850		1,392		(274)		1,003		442		1,003
Other income	11,442		8,403		7,514		6,658		7,380		11,442		7,380
Total non-interest income	45,426		41,222		42,779		42,774		41,799		45,426		41,799
Non-interest expense:
Salaries and employee benefits	61,855		60,824		58,861		60,427		60,910		61,855		60,910
Occupancy and equipment	14,425		14,526		14,546		14,408		14,551		14,425		14,551
Data processing expense	8,558		9,324		9,088		8,935		9,147		8,558		9,147

Other operating expenses	28,090		27,536		27,550		29,415		26,888		28,090		26,888
Total non-interest expense	112,928		112,210		110,045		113,185		111,496		112,928		111,496
Income before income taxes	147,154		129,454		129,084		133,411		130,393		147,154		130,393
Income tax expense	31,945		28,890		29,046		31,881		30,284		31,945		30,284
Net income	$	115,209	$	100,564	$	100,038	$	101,530	$	100,109	$	115,209	$	100,109

Home BancShares, Inc.

Selected Financial Information

(Unaudited)


	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024
PER SHARE DATA

Diluted earnings per common share	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Diluted earnings per common share, as adjusted (non-GAAP)(1)	0.56			0.50			0.50			0.52			0.49			0.56			0.49

Basic earnings per common share	0.58			0.51			0.50			0.51			0.50			0.58			0.50
Dividends per share - common	0.195			0.195			0.195			0.18			0.18			0.195			0.18
Book value per common share	20.40			19.92			19.91			19.30			18.98			20.40			18.98
Tangible book value per common share (non-GAAP)(1)	13.15			12.68			12.67			12.08			11.79			13.15			11.79

STOCK INFORMATION

Average common shares outstanding	198,657			198,863			199,380			200,319			201,210			198,657			201,210
Average diluted shares outstanding	198,852			198,973			199,461			200,465			201,390			198,852			201,390
End of period common shares outstanding	198,206			198,882			198,879			199,746			200,797			198,206			200,797

ANNUALIZED PERFORMANCE METRICS

Return on average assets (ROA)	2.07		%	1.77		%	1.74		%	1.79		%	1.78		%	2.07		%	1.78		%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)	2.01			1.76			1.72			1.83			1.76			2.01			1.76
Return on average assets excluding intangible amortization (non-GAAP)(1)	2.24			1.92			1.88			1.94			1.93			2.24			1.93
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)	2.18			1.91			1.86			1.98			1.91			2.18			1.91
Return on average common equity (ROE)	11.75			10.13			10.23			10.73			10.64			11.75			10.64
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)	11.41			10.05			10.12			10.98			10.54			11.41			10.54
Return on average tangible common equity (ROTCE) (non-GAAP)(1)	18.39			15.94			16.26			17.29			17.22			18.39			17.22
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)	17.87			15.82			16.09			17.69			17.07			17.87			17.07
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)	18.64			16.18			16.51			17.56			17.50			18.64			17.50
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)	18.12			16.07			16.34			17.97			17.34			18.12			17.34

(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															Three Months Ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024
Efficiency ratio	42.22		%	42.24		%	41.42		%	43.17		%	44.22		%	42.22		%	44.22		%
Efficiency ratio, as adjusted (non-GAAP)(1)	42.84			42.00			41.66			42.59			44.43			42.84			44.43
Net interest margin - FTE (NIM)	4.44			4.39			4.28			4.27			4.13			4.44			4.13

Fully taxable equivalent adjustment	$	2,534		$	2,398		$	2,616		$	2,628		$	892		$	2,534		$	892
Total revenue (net)	260,082			258,364			257,999			254,596			246,389			260,082			246,389
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)	147,154			146,154			147,954			141,411			134,893			147,154			134,893
PPNR, as adjusted (non-GAAP)(1)	142,821			145,209			146,562			141,886			133,728			142,821			133,728
Pre-tax net income to total revenue (net)	56.58		%	50.11		%	50.03		%	52.40		%	52.92		%	56.58		%	52.92		%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)	54.91			49.74			49.49			52.59			52.45			54.91			52.45
P5NR ((Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)	56.58			56.57			57.35			55.54			54.75			56.58			54.75
P5NR, as adjusted (non-GAAP)(1)	54.91			56.20			56.81			55.73			54.28			54.91			54.28
Total purchase accounting accretion	$	1,378		$	1,610		$	1,878		$	1,873		$	2,772		$	1,378		$	2,772
Average purchase accounting loan discounts	17,493			19,090			20,832			22,788			24,820			17,493			24,820

OTHER OPERATING EXPENSES


Advertising	$	1,928		$	1,941		$	1,810		$	1,692		$	1,654		$	1,928		$	1,654
Amortization of intangibles	2,047			2,068			2,095			2,140			2,140			2,047			2,140
Electronic banking expense	3,055			3,307			3,569			3,412			3,156			3,055			3,156
Directors' fees	452			356			362			423			498			452			498
Due from bank service charges	281			271			302			282			276			281			276
FDIC and state assessment	3,387			3,216			3,360			5,494			3,318			3,387			3,318
Insurance	999			900			926			905			903			999			903
Legal and accounting	3,641			2,361			1,902			2,617			2,081			3,641			2,081
Other professional fees	1,947			1,736			2,062			2,108			2,236			1,947			2,236
Operating supplies	711			711			673			613			683			711			683
Postage	503			518			522			497			523			503			523
Telephone	436			438			455			444			470			436			470
Other expense	8,703			9,713			9,512			8,788			8,950			8,703			8,950
Total other operating expenses	$	28,090		$	27,536		$	27,550		$	29,415		$	26,888		$	28,090		$	26,888

(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)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
BALANCE SHEET RATIOS
Total loans to total deposits	85.24		%	86.11		%	88.74		%	87.18		%	86.05		%
Common equity to assets	17.58			17.61			17.35			16.82			16.69
Tangible common equity to tangible assets (non-GAAP)(1)	12.09			11.98			11.78			11.23			11.06
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,588,681		$	5,426,780		$	5,496,536		$	5,599,925		$	5,616,965
Construction/land development	2,735,760			2,736,214			2,741,419			2,511,817			2,330,555
Agricultural	335,437			336,993			335,965			345,461			337,618
Residential real estate loans
Residential 1-4 family	1,947,872			1,956,489			1,932,352			1,910,143			1,899,974
Multifamily residential	576,089			496,484			482,648			509,091			415,926
Total real estate	11,183,839			10,952,960			10,988,920			10,876,437			10,601,038
Consumer	1,227,745			1,234,361			1,219,197			1,189,386			1,163,228
Commercial and industrial	2,045,036			2,022,775			2,084,667			2,242,072			2,284,775
Agricultural	314,323			367,251			352,963			314,600			278,609
Other	181,173			187,153			178,232			158,962			186,023
Loans receivable	$	14,952,116		$	14,764,500		$	14,823,979		$	14,781,457		$	14,513,673

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	275,880		$	312,574		$	295,856		$	290,294		$	288,234

Loans charged off	3,458			53,959			2,001			3,098			3,978
Recoveries of loans previously charged off	7,522			565			519			660			538
Net loans (recovered) charged off	(4,064)			53,394			1,482			2,438			3,440

Provision for credit losses - loans	—			16,700			18,200			8,000			5,500
Balance, end of period	$	279,944		$	275,880		$	312,574		$	295,856		$	290,294
Net (recoveries) charge-offs to average total loans	(0.11)		%	1.44		%	0.04		%	0.07		%	0.10		%
Allowance for credit losses to total loans	1.87			1.87			2.11			2.00			2.00
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	86,383		$	93,853		$	95,747		$	78,090		$	67,055
Loans past due 90 days or more	3,264			5,034			5,356			8,251			12,928
Total non-performing loans	89,647			98,887			101,103			86,341			79,983
Other non-performing assets
Foreclosed assets held for sale, net	39,680			43,407			43,040			41,347			30,650
Other non-performing assets	63			63			63			63			63
Total other non-performing assets	39,743			43,470			43,103			41,410			30,713
Total non-performing assets	$	129,390		$	142,357		$	144,206		$	127,751		$	110,696
Allowance for credit losses for loans to non-performing loans	312.27		%	278.99		%	309.16		%	342.66		%	362.94		%
Non-performing loans to total loans	0.60			0.67			0.68			0.58			0.55
Non-performing assets to total assets	0.56			0.63			0.63			0.56			0.48

(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
	March 31, 2025						December 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	643,959	$	7,585	4.69	%
Federal funds sold	5,091		55		4.38		6,068		73		4.79
Investment securities - taxable	3,179,290		27,433		3.50		3,291,472		28,943		3.50
Investment securities - non-taxable - FTE	1,135,783		10,061		3.59		1,154,384		9,980		3.44
Loans receivable - FTE	14,893,912		270,907		7.38		14,798,953		278,531		7.49
Total interest-earning assets	19,826,038		315,076		6.45		19,894,836		325,112		6.50
Non-earning assets	2,722,797						2,670,241
Total assets	$	22,548,835					$	22,565,077
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,058,959	$	72,220	2.60	%
Time deposits	1,801,503		17,114		3.85		1,800,618		18,344		4.05
Total interest-bearing deposits	13,204,191		86,786		2.67		12,859,577		90,564		2.80

Securities sold under agreement to repurchase	155,861		1,074		2.79		174,759		1,346		3.06
FHLB and other borrowed funds	600,681		5,902		3.98		889,880		9,541		4.27
Subordinated debentures	439,173		4,124		3.81		439,319		4,121		3.73
Total interest-bearing liabilities	14,399,906		97,886		2.76		14,363,535		105,572		2.92
Non-interest bearing liabilities
Non-interest bearing deposits	3,980,944						4,024,433
Other liabilities	190,314						226,933
Total liabilities	18,571,164						18,614,901
Shareholders' equity	3,977,671						3,950,176
Total liabilities and shareholders' equity	$	22,548,835					$	22,565,077
Net interest spread					3.69	%					3.58	%
Net interest income and margin - FTE			$	217,190	4.44				$	219,540	4.39

Home BancShares, Inc.

Consolidated Net Interest Margin

(Unaudited)


	Three Months Ended
	March 31, 2025						March 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	801,456	$	10,528	5.28	%
Federal funds sold	5,091		55		4.38		5,012		61		4.90
Investment securities - taxable	3,179,290		27,433		3.50		3,473,511		33,229		3.85
Investment securities - non-taxable - FTE	1,135,783		10,061		3.59		1,257,861		8,642		2.76
Loans receivable - FTE	14,893,912		270,907		7.38		14,487,494		265,347		7.37
Total interest-earning assets	19,826,038		315,076		6.45		20,025,334		317,807		6.38
Non-earning assets	2,722,797						2,657,925
Total assets	$	22,548,835					$	22,683,259
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,038,910	$	75,597	2.75	%
Time deposits	1,801,503		17,114		3.85		1,685,193		16,951		4.05
Total interest-bearing deposits	13,204,191		86,786		2.67		12,724,103		92,548		2.93

Securities sold under agreement to repurchase	155,861		1,074		2.79		172,024		1,404		3.28
FHLB and other borrowed funds	600,681		5,902		3.98		1,301,091		14,276		4.41
Subordinated debentures	439,173		4,124		3.81		439,760		4,097		3.75
Total interest-bearing liabilities	14,399,906		97,886		2.76		14,636,978		112,325		3.09
Non-interest bearing liabilities
Non-interest bearing deposits	3,980,944						4,017,659
Other liabilities	190,314						244,970
Total liabilities	18,571,164						18,899,607
Shareholders' equity	3,977,671						3,783,652
Total liabilities and shareholders' equity	$	22,548,835					$	22,683,259
Net interest spread					3.69	%					3.29	%
Net interest income and margin - FTE			$	217,190	4.44				$	205,482	4.13

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)


	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Pre-tax adjustments
FDIC special assessment	—			—			—			2,260			—			—			—
BOLI death benefits	—			(95)			—			—			(162)			—			(162)
Gain on sale of building	—			—			—			(2,059)			—			—			—

Fair value adjustment for marketable securities	(442)			(850)			(1,392)			274			(1,003)			(442)			(1,003)
Special income from equity investment	(3,891)			—			—			—			—			(3,891)			—




Total pre-tax adjustments	(4,333)			(945)			(1,392)			475			(1,165)			(4,333)			(1,165)
Tax-effect of adjustments	(1,059)			(208)			(348)			119			(251)			(1,059)			(251)
Deferred tax asset write-down	—			—			—			2,030			—			—			—
Total adjustments after-tax (B)	(3,274)			(737)			(1,044)			2,386			(914)			(3,274)			(914)
Earnings, as adjusted (C)	$	111,935		$	99,827		$	98,994		$	103,916		$	99,195		$	111,935		$	99,195

Average diluted shares outstanding (D)	198,852			198,973			199,461			200,465			201,390			198,852			201,390

GAAP diluted earnings per share: (A/D)	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Adjustments after-tax: (B/D)	(0.02)			(0.01)			—			0.01			(0.01)			(0.02)			(0.01)
Diluted earnings per common share, as adjusted: (C/D)	$	0.56		$	0.50		$	0.50		$	0.52		$	0.49		$	0.56		$	0.49











ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)	2.07		%	1.77		%	1.74		%	1.79		%	1.78		%	2.07		%	1.78		%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)	2.01			1.76			1.72			1.83			1.76			2.01			1.76
Return on average assets excluding intangible amortization: ((A+C)/(E-F))	2.24			1.92			1.88			1.94			1.93			2.24			1.93
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))	2.18			1.91			1.86			1.98			1.91			2.18			1.91

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Amortization of intangibles (B)	2,047			2,068			2,095			2,140			2,140			2,047			2,140
Amortization of intangibles after-tax (C)	1,547			1,563			1,572			1,605			1,605			1,547			1,605
Adjustments after-tax (D)	(3,274)			(737)			(1,044)			2,386			(914)			(3,274)			(914)
Average assets (E)	22,548,835			22,565,077			22,893,784			22,875,949			22,683,259			22,548,835			22,683,259
Average goodwill & core deposit intangible (F)	1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)


	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)	11.75		%	10.13		%	10.23		%	10.73		%	10.64		%	11.75		%	10.64		%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)	11.41			10.05			10.12			10.98			10.54			11.41			10.54
Return on average tangible common equity: (ROTCE) (A/(D-E))	18.39			15.94			16.26			17.29			17.22			18.39			17.22
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))	17.87			15.82			16.09			17.69			17.07			17.87			17.07
Return on average tangible common equity excluding intangible amortization: (B/(D-E))	18.64			16.18			16.51			17.56			17.50			18.64			17.50
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))	18.12			16.07			16.34			17.97			17.34			18.12			17.34

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Earnings excluding intangible amortization (B)	116,756			102,127			101,610			103,135			101,714			116,756			101,714
Adjustments after-tax (C)	(3,274)			(737)			(1,044)			2,386			(914)			(3,274)			(914)
Average common equity (D)	3,977,671			3,950,176			3,889,712			3,805,800			3,783,652			3,977,671			3,783,652
Average goodwill & core deposits intangible (E)	1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))	42.22		%	42.24		%	41.42		%	43.17		%	44.22		%	42.22		%	44.22		%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))	42.84			42.00			41.66			42.59			44.43			42.84			44.43
Pre-tax net income to total revenue (net) (A/(B+C))	56.58			50.11			50.03			52.40			52.92			56.58			52.92
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))	54.91			49.74			49.49			52.59			52.45			54.91			52.45
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	147,154		$	146,154		$	147,954		$	141,411		$	134,893		$	147,154		$	134,893
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	142,821			145,209			146,562			141,886			133,728			142,821			133,728
P5NR ((Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)	56.58		%	56.57		%	57.35		%	55.54		%	54.75		%	56.58		%	54.75		%
P5NR, as adjusted (B+C-D+F-G)/(B+C)	54.91			56.20			56.81			55.73			54.28			54.91			54.28

Pre-tax net income (A)	$	147,154		$	129,454		$	129,084		$	133,411		$	130,393		$	147,154		$	130,393
Net interest income (B)	214,656			217,142			215,220			211,822			204,590			214,656			204,590
Non-interest income (C)	45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense (D)	112,928			112,210			110,045			113,185			111,496			112,928			111,496
Fully taxable equivalent adjustment (E)	2,534			2,398			2,616			2,628			892			2,534			892
Total pre-tax adjustments (F)	(4,333)			(945)			(1,392)			475			(1,165)			(4,333)			(1,165)

Amortization of intangibles (G)	2,047			2,068			2,095			2,140			2,140			2,047			2,140
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	442		$	850		$	1,392		$	(274)		$	1,003		$	442		$	1,003
(Loss) gain on OREO	(376)			(2,423)			85			49			17			(376)			17
(Loss) gain on branches, equipment and other assets, net	(163)			26			32			2,052			(8)			(163)			(8)
Special income from equity investment	3,891			—			—			—			—			3,891			—

BOLI death benefits	—			95			—			—			162			—			162
Recoveries on historic losses	—			—			—			—			—			—			—
Total non-interest income adjustments (H)	$	3,794		$	(1,452)		$	1,509		$	1,827		$	1,174		$	3,794		$	1,174
Non-interest expense:
FDIC special assessment	—			—			—			2,260			—			—			—




Total non-interest expense adjustments (I)	$	—		$	—		$	—		$	2,260		$	—		$	—		$	—

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)


	Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	20.40		$	19.92		$	19.91		$	19.30		$	18.98
Tangible book value per common share: ((A-C-D)/B)	13.15			12.68			12.67			12.08			11.79

Total stockholders' equity (A)	$	4,042,555		$	3,961,025		$	3,959,789		$	3,855,503		$	3,811,401
End of period common shares outstanding (B)	198,206			198,882			198,879			199,746			200,797
Goodwill (C)	1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)	38,280			40,327			42,395			44,490			46,630
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)	17.58		%	17.61		%	17.35		%	16.82		%	16.69		%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))	12.09			11.98			11.78			11.23			11.06

Total assets (A)	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721
Total stockholders' equity (B)	4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Goodwill (C)	1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)	38,280			40,327			42,395			44,490			46,630